CAML3

Camil Alimentos S.A. is a Brazilian-origin multinational operating in the food sector, with common shares traded on B3 under the ticker CAML3, listed on the Novo Mercado segment. With more than 60 years of history, it has established itself as one of the main food platforms in Latin America, focusing on high-turnover categories such as grains and sugar, and on higher value-added categories such as canned fish, pasta, coffee and cookies. The company does not operate in primary agricultural production, concentrating its business model on the industrial processing, refining, packaging, storage and commercialization of food products under traditional and well-known brands in different South American markets.

The history of Camil Alimentos dates back to 1963, when it was founded in Rio Grande do Sul as a cooperative of rice producers, in a context of migration of rice cultivation from Brazil’s Center-West to the South. From its early years, the company stood out for innovation in the distribution of rice packaged in 5 kg bags, helping to standardize the product in Brazilian retail. Over the following decades, it expanded its logistics structure with storage and distribution centers in São Paulo, broadened its portfolio by entering the beans category, and moved its headquarters to the state capital, a move accompanied by the entry of private equity funds into its capital. In 2017, it carried out its IPO on B3, reinforcing corporate governance standards and enabling resources to continue its organic growth and acquisition strategy.

Camil’s business model is based on two main operating fronts: the Brazil Food segment and the International Food segment. In Brazil, the portfolio is concentrated on recurring-consumption products such as rice, beans and sugar, as well as higher value-added lines such as canned fish, pasta, coffee and cookies. Internationally, the company operates in the industrial processing and commercialization of rice and other grains in South American countries, combining strong local brands with its own industrial and logistics platforms. The value chain covers the stages of grain reception, drying, classification, processing, packaging and distribution, as well as complementary services such as grain storage and drying for third parties and energy generation from biomass, by using rice husks in its own thermal power plants.

In the Brazilian market, Camil operates with a broad portfolio of brands and categories. In grains, it has ten processing plants across the country, concentrated in Rio Grande do Sul, the main rice-producing region. The Camil brand leads rice sales in important regions, including the São Paulo metropolitan area, and is complemented by regional brands such as Namorado, Pop, Carreteiro, Butuí, Tche, Pai João and others. In sugar, the company operates mainly with the União brand, a historic reference in sweets and confectionery, in addition to Da Barra, Duçula and Neve, handling packaging based on a long-term supply of refined sugar from a strategic partner. In canned fish, the Coqueiro and Pescador brands position the company among the main sardine and canned tuna players, with an industrial unit in Navegantes (SC). Camil has also expanded into dry pasta with the Santa Amália, Speciale and Don Sapore brands and, more recently, its own Camil brand, as well as entering the roasted and ground coffee, gourmet coffee and capsule segments with the União, Seleto and Café Bom Dia brands, and the cookie market with Mabel and Toddy-branded licensed cookies.

In the international segment, Camil has built a significant presence in rice and grains in South America through acquisitions and organic expansion. In Uruguay, it controls Saman, the leading company in the production and export of Uruguayan rice, with several industrial units and a portfolio that includes rice, rice crackers, vegetable oil and by-products of processing. In Chile, it operates through Tucapel, the leading rice brand, with an offering that extends to dried pulses, semi-prepared risottos, rice flour, olive oils and plant-based beverages made from rice. In Peru, Costeño Alimentos is one of the main packaged rice companies, with plants in different regions and operations also in cereals and vegetable oil. In Ecuador, Dajahu operates under the Rico Arroz brand and others, focusing on aged rice. In 2024, the corporate structure linked to the controlling shareholders enabled its entry into the Paraguayan rice market through the acquisition of Rice Paraguay and Villa Oliva Rice, a transaction that, once fully completed, will increase rice origination and processing capacity in the region.

From an operational standpoint, Camil Alimentos structures its production processes with a focus on standardized quality, industrial efficiency and input control. For rice and beans, the company purchases grains from farmers and cooperatives, offers drying, classification and storage infrastructure, and carries out processing in stages that include cleaning, drying, dehusking (for rice), polishing, electronic sorting by color and size, and packaging. In sugar, it is limited to sifting, mixing (for versions with sweeteners) and packaging the already refined product. In fish, the stages are concentrated on cleaning, preparation, canning, autoclave cooking and storage. For pasta, the process involves receiving flour, mixing, extrusion, drying and packaging. In coffee, operations include cleaning, roasting, grinding and packaging in different formats. In cookies, the industrial plants handle everything from flour analysis, dough preparation and lamination to baking, cooling, application of fillings or coatings and final packaging.

The company operates 33 industrial processing units and 25 distribution centers in South America, employing thousands of workers and serving mainly food retailers, cash-and-carry wholesalers and large distribution chains. Net revenue is concentrated in the food segment, with emphasis on operations in Brazil, while the international segment shows higher margins, reflecting its competitive positioning in rice and grain markets outside the country. The customer base is diversified, although there is one large retail client accounting for slightly more than 10% of net revenue, with purchases spread across the main food product lines in Brazil. This diversification of channels and geographies helps dilute specific market risks, although the company remains highly exposed to basic food consumption patterns and price competition on retail shelves.

From a regulatory perspective, Camil is subject to a broad framework of health, environmental and labeling regulations both in Brazil and in the other countries where it operates. In Brazil, its activities are monitored by health surveillance agencies at the federal, state and municipal levels, with the Brazilian Health Regulatory Agency (ANVISA) setting guidelines for registration, notification of start of production, good manufacturing practices and standards for foods, sugars, ready-to-eat products and cereal derivatives. For animal-origin products such as canned fish, operations follow specific industrial and sanitary inspection regulations. On environmental matters, activities are classified as potentially polluting and require a federal technical registration with IBAMA, submission of annual reports and compliance with environmental license conditions issued by state and municipal environmental agencies. The company also seeks to use industrial residues such as rice husks for thermal energy generation, reducing waste and dependence on fossil sources, in line with resource-efficiency practices and mitigation of environmental impacts.

Camil Alimentos’ corporate governance is strengthened by its listing on B3’s Novo Mercado, which requires capital composed exclusively of voting common shares and higher levels of transparency. The company’s trajectory has been marked by the participation of private equity funds, which have contributed to the professionalization of management and the strengthening of board of directors and committee structures. In social and environmental terms, in addition to strict compliance with health surveillance and environmental licensing standards, the company maintains policies and processes aimed at hygienic and sanitary production conditions, good manufacturing practices and quality control throughout the chain—factors that are relevant for food safety, regulatory compliance and keeping its brands among the main references in processed foods in Latin America.