Earnings release
Page 1
Earnings Re lease 2 Q 26 The audio recording of management ´ s comments is now available on the Investor Relations website. Q& A Time : 11 : 00 am (BRT) 10 : 00 am (EDT) In Portuguese, with simultaneous translation into English. To connect : Webcast access available on the IR website. Participants Luciano Quartiero CEO Flavio Vargas CFO Investor Relations Jenifer Nicolini Fl á vio Rios Rodrigo Perrone Conta ct : ri@camil.com.br
Page 2
1 CAMIL ANNOUNCES 2Q26 RESULTS Camil reports Net Revenue of R$2.8 billion with EBITDA of R$225.3 million and 8.2% margin in 2Q26 São Paulo, October 8, 2026 – Camil Alimentos S.A. (“Camil” or “Company”) (B3: CAML3) announces its results for the second quarter of 2026 (2Q26 – Jun/2026 to Aug/2026). In this release, information is presented in accordance with IFRS and represents the Company’s consolidated results in millions of Brazilian Reais (R$), with YoY comparisons referring to the second quarter of 2025 (2Q25 – Jun/2025 to Aug/2025) and QoQ comparisons (1Q26 – Mar/2026 to May/2026), except where otherwise indicated. Highlights Highlights 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Gross Revenues 3,430.6 3,138.9 3,222.5 -6.1% 2.7% Net Revenues 2,979.7 2,668.0 2,764.8 -7.2% 3.6% Gross Profit 673.8 651.8 681.9 1.2% 4.6% Gross Margin (%) 22.6% 24.4% 24.7% 2.1pp 0.2pp EBITDA 250.6 210.0 225.3 -10.1% 7.3% EBITDA Margin (%) 8.4% 7.9% 8.2% -0.3pp 0.3pp Net Income/Loss 78.7 28.0 41.3 -47.5% 47.7% Capex 155.3 77.5 52.6 -66.1% -32.2% Net Debt/LTM EBITDA (x) 4.1x 4.7x 4.7x 0.6x 0.0x Highlights 2Q25 1Q26 2Q26 2Q26 2Q26 Volumes ('000 ton) 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Volume - Consolidated 634.2 593.6 604.7 -4.6% 1.9% Brazil 397.4 382.2 387.5 -2.5% 1.4% High Turnover 352.1 333.1 335.9 -4.6% 0.8% High Growth 45.2 49.0 51.6 14.1% 5.2% International 236.8 211.4 217.1 -8.3% 2.7% Net Prices (R$/kg) Brazil High Turnover 3.54 3.82 3.89 10.0% 1.8% High Growth 15.62 17.52 18.75 20.0% 7.0% International 3.86 3.04 3.15 -18.3% 3.8% The consolidated volume in 2Q26 retracted 4.6% YoY, reaching 604.7 thousand tons, driven by a decrease in High Turnover (-4.6% YoY) and international (-8.3% YoY), partially offset by high- growth increase (+14.1% YoY). In the sequential analysis, consolidated volume grew +1.9% QoQ. Volumes Revenue Gross Profit Gross Revenue of R$3.2 billion (-6.1% YoY and +2.7% QoQ) in 2Q26 and Net Revenue of R$2.8 billion (-7.2% YoY and +3.6% QoQ) in 2Q26. Gross Profit of R$681.9 million ( +1.2% YoY and +4.6% QoQ) with margin of 24.7% (2.1pp YoY and +0.2pp QoQ) in 2Q26. Capex EBITDA of R$225.3 million (-10.1% YoY and +7.3% QoQ) with margin of 8.2% (-0.3pp YoY and +0.3pp QoQ). Capex of R$52.6 million (-66.1% YoY and -32.2% QoQ) in the quarter. EBITDA Net Income/Loss Net Income of R$41.3 million ( -47.5% YoY and +47.7 QoQ), with net margin of 1.5% (-1.1pp YoY). Debt Net Debt/EBITDA LTM of 4.7x in 2Q26 (+0.6x vs. 2Q25 and stable vs. 1Q26).
Page 3
2 Table of Contents Highlights _________________________________________________________________________________________ 1 Message from Management __________________________________________________________________________ 3 Main Events _______________________________________________________________________________________ 4 ESG ______________________________________________________________________________________________ 4 Awards and Recognitions _____________________________________________________________________________ 4 Operating Performance _____________________________________________________________________________ 6 Consolidated Income Statement _______________________________________________________________________ 8 Income Statement by Segment ________________________________________________________________________ 8 Financial Performance _______________________________________________________________________________ 9 Shareholding Structure and Stock Performance __________________________________________________________ 13 Market Agenda ____________________________________________________________________________________ 13 Disclaimer ________________________________________________________________________________________ 14 Appendix – Quarterly Financial Information _____________________________________________________________ 15
Page 4
3 Message from Management Camil ended 2Q26 with a consolidated volume of 605 thousand tons, R$2.8 billion in net revenue, and an EBITDA of R$225 million, with an 8.2% margin. A highlight was the 2.1 p.p. expansion in gross margin, which reached 24.7% in the quarter. From an operational standpoin t, the high growth segment continued as the main growth driver, with a 14% year -over- year increase in volume. The second quarter was also marked by reduced raw material price levels in Brazil, with early signs of price recovery - particularly in rice - toward the end of the period, both in the domestic market and across Latin America. Consolidated volume declined 4.6% year over year, primarily impacted by the normalization of sugar volumes against an elevated base in the prior year, which included one-off exports, and by a decline in the international segment. Nevertheless, the quarter brought meaningful progress on the strategic agenda: high growth in Brazil grew, and grains, within the high turnover segment, also posted growth. This effect reinforces the results of the new commercial strategy, which has been delivering results over recent quarters. High turnover in Brazil (grains and sugar) totaled 336 thousand tons in the quarter, down 4.6% year over year. The dynamics mainly reflect the normalization of sugar volumes relative to a comparison base that included one -off export volumes in 2Q25. In grains, performance was positive, with growth in the period supported by the capture of expansion plans structured since last year. In high growth, volume grew 14% year over year, reaching 52 thousand tons, with gains across all categories in the period. The standouts continue to be coffee and canned fish, which keep delivering volume growth with profitability. The coffee category has been developing consistently quarter after quarter, with portfolio expansion, innovations, and broader brand presence and channel reach. In canned fish, growth reflects brand strengthening and distribution expansion in a category that benefits from the healthy eating trend. The quarter's performance consolidates high growth as the Company's main diversification and value-creation driver, with a sustained trajectory of scale increase. In the international market, volumes totaled 217 thousand tons, down 8.3% year over year, with a contraction in Uruguay. The segment was also affected by lower rice prices across Latin America, with an 18.3% decline in the segment's average net price — a market-wide movement impacting the entire sector value chain. This effect was partially offset by volume gains in Chile, Peru, and Ecuador. On a sequential basis, the segment showed a 2.7% volume recovery. With over 60 years of history, we continue to advance the consolidation of our market position, supported by the expansion of high growth, the strength of our brands, the efficiency of our operations, and a strategic agenda focused on value creation. We remain confident that discipline in execution and closeness to customers, consumers, and partners will continue to support the Company's gr owth, reinforcing Camil's position among the leading food brand companies in Latin America. Luciano Quartiero Chief Executive Officer Flavio Vargas Chief Financial and Investor Relations Officer
Page 5
4 Main Events August 2026: Dividend Payment In August 2026, the Company paid the third of twelve installments of the dividends approved in December 2025, in the gross amount of R$25.0 million, equivalent to R$0.073 per common share. The distribution totals R$420.0 million and will be completed in December 2028. July 2026: Publication of the Sustainability Report In July 2026, Camil publishe d its Sustainability Report for the 2025 fiscal year, describing environmental, social and governance practices, performance and impacts across its value chain. June 2026: Annual and Extraordinary Shareholders’ Meeting In June 2026, the Company held its Annual and Extraordinary Shareholders’ Meeting. The Meeting materials are available on the Company’s Investor Relations website. ESG In 2Q26, Camil continued to implement its ESG strategy, with consistent progress across the environmental, social and governance pillars, always connected to sustainable value creation and business growth. In the environmental pillar, we started the pilot phase of the new Cambaí (RS) plant, where we will also have the new thermoelectric plant, which will use 100% of the rice husk produced in our operations in the region to generate renewable energy. The initiative strengthens our circular economy strategy by converting industrial waste into a source of energy. On the social front, we continue to evolve with our own community impact programs. Grãos da Base, from the Camil brand, certified dozens of small local businesses in sustainable practices and entrepreneurial management. Doce Futuro, from the União brand, trained students in communities near our operations. In governance, we expanded the ESG risk structure to 22 monitored indicators and extended the activities of the Risk and Integrity Committees to operations outside Brazil. We also published the Brazilian Corporate Governance Report, under the CBGC’s "practice or explain" model, with a high degree of adherence to best practices. We thank all employees, partners, customers and communities for their shared commitment to building a more sustainable future. We remain firm in our purpose of expanding our positive impact, valuing the people who walk alongside us, ensuring the excellence of our products and conducting our operations responsibly, with a fo cus on reducing the environmental impacts of our activities. Awards and Recognitions June – 2026 | 31st Top of Mind Successful Brands Award – Minas Gerais 2026: Santa Amália: Leadership Category – Interior. June – 2026 | Most Valuable Brands in Brazil 2026 – Brand Finance Brazil: Camil: ranked 44th. July – 2026 | Super Varejo Magazine – Ranking of the 5 largest manufacturers by absolute revenue in food retail: Camil: Leadership (#1) in Sugar and Rice in Total Brazil and in São Paulo (Metro), as well as #1 in Rice in the Northeast. Runner-up (#2) in Beans (Brazil and São Paulo Metro) and Canned Sardines (Brazil and 6 regions). August – 2026 | O Melhor de São Paulo – Folha de S.Paulo: Camil: highlighted in the Rice and Beans categories, and União: highlighted in the Sugar category. August – 2026 | Datafolha Survey 2026: União: dessert brand categories; and Camil: lunch and dinner brand categories. August – 2026 | Super Hiper Magazine – Meu Fornecedor Official Guide 2026: Camil holds prominent market positions, ranking 1st and 2nd in 8 categories across several markets: Leadership (#1) in Sugar, White Rice, Parboiled Rice and Pasta, and runner-up (#2) in Beans, Seafood (tuna/sardines) and Organic Sugar, with presence in all major regions of Brazil. August – 2026 | Melhor RH Brasil Award (Best HR Brazil): Erika Magalhães: Executive Director of Human Resources at Camil.
Page 6
5 Brands and Launches União - Sandy invites consumers to take a break with Café União: Café União presented its new campaign starring singer Sandy. The film “O sabor de cada pausa” (The Flavor of Every Break) encourages consumers to value the pauses in their routine. Casting Sandy as the lead reinforces the campaign’s proposition of presenting coffee as an invitation to interrupt the fast pace of daily life and live in the present moment. Building on the project, the interview videocast “Me dá 5 minutos?” (Can You Give Me 5 Minutes?) turns the brand’s advertising concept into an evergreen content experience, using the daily coffee break as the backdrop for the conversations. In the first episode, the host welcomes singer and director Manu Gavassi. The conversation addresses themes that are central to the creative universe of both, such as t he challenges of professional reinvention, the search for one’s own pace and the personal transformations that accompany the different cycles of their careers in entertainment. União - Doce Futuro Project: In Sweeteners, União advanced on two strategic fronts: social responsibility and the strengthening of its emotional bond with consumers. The brand continued the Doce Futuro Project, a free professional training initiative focused on confectionery. The pro gram is conducted in partnership with 6 institutions responsible for delivering the course and aims to train 240 professionals by the end of the harvest year. In addition to technical training, the initiative seeks to foster a professional and entrepreneurial view of confectionery, encouraging participants to pursue it as a path to income generation and to building their own business. On the digital front, the brand stepped up its presence on social media with a strategy centered on reviving the traditional União recipe books, a historical asset of strong symbolic value for Brazilian consumers. The initiative includes partnerships with digital influencers, broadening the reach and the relevance of the content among diverse audiences. The central objective is to preserve the affective bond and the memories associated with the brand while connecting new generations to a legacy consolidated over decades, reinforcing União’s positioning as a timeless brand. Coqueiro - “Pense Fora da Lata” campaign: Coqueiro introduced Ítalo Ferreira as its new brand ambassador, marking the brand’s entry into the surfing territory and reinforcing its connection with sport and protein. The “Pense fora da lata” (Think Outside the Can) campaign highlights Coqueiro products as a protein source, positioning them as an option for consumers looking to add protein to their routine. The strategy encompasses media and PR initiatives, as well as social media content. Camil - “Patrimônio do Brasil” (Brazil’s Heritage): The “Arroz e Feijão: Patrimônio do Brasil” (Rice and Beans, Brazil’s Heritage) campaign remained the brand’s focus in the quarter, with the structuring of a squad of 27 regional influencers, representing all Brazilian states, to broaden mobilization around the initiative, which has already surpassed 120 thousand signatures. Camil - O Melhor de São Paulo for the 8th consecutive year: Camil was recognized as the favorite rice and beans brand in São Paulo in the “O Melhor de São Paulo” (Best of São Paulo) survey, conducted by Datafolha and published by Folha de S.Paulo. Camil - Camil Seleções: Camil launched “Camil Seleções”, a new rice line, with Camil Seleções Fronteira Oeste rice, produced exclusively with grains grown in the western border region of Rio Grande do Sul. The launch expands the brand’s portfolio and reinforces its presence in the grains market with innovation in the category, initially distributed in São Paulo, Minas Gerais and the South region.
Page 7
6 Operating Performance 1 Volume Evolution (k ton) Consolidated volume declined 4.6% YoY, reflecting declines in both Brazil (−2.5% YoY) and the international segment (−8.3% YoY). In Brazil, performance was impacted by a 4.6% YoY contraction in the high turnover category, partially offset by a 14.1% YoY advance in the high-value category. Sequentially, consolidated volume grew 1.9% QoQ, driven primarily by the international segment (+2.7% QoQ), accompanied by growth in Brazil (+1.4% QoQ). In Brazil, performance was supported by the high growth category (+5.2% QoQ) and the high turnover category (+0.8% QoQ). High Turnover - Evolution of Historical Quarterly Volume (k tons) and Net Price (R$/kg) High Turnover - Evolution of Historical Annual Volume (k tons) and Net Price (R$/kg) Volume: 335.9 k tons, -4.6% YoY and +0.8% QoQ in 2Q26 Net price: R$3.89/kg, +10.0% YoY and +1.8% QoQ in 2Q26 Sales mix: On a year-over-year basis, the decline was driven by a reduction in sugar, due to a comparative base in 2Q25 that included one-off exports in the category, which boosted volumes in the period , partially offset by growth in grains. Market²: Rice: R$65.92/bag (-2.9% YoY and +8.5% QoQ) in 2Q26; Beans: R$362.74/bag (+69.9% YoY and +3.6% QoQ) in 2Q26; Sugar: R$95.14/bag (-21.6% YoY and -3.7% QoQ) in 2Q26. Volumes 2Q26 vs. 2Q25 (k ton) Breakdown (%) Net Revenue (%) -4.6% YoY +1.9% QoQ Volume (%) Source: Company Source: Company Rice High Turnover HHI 1,210 1,236 1,351 1,401 1,480 1,335 1,342 1,302 1,248 2.10 1.96 2.23 2.98 3.45 3.72 4.20 4.47 3.56 -4.00 -3.00 -2.00 -1.00 0.0 0 1.0 0 2.0 0 3.0 0 4.0 0 5.0 0 0 500 1,0 00 1,5 00 2,0 00 2,5 00 12M17 12M18 12M19 12M20 12M21 12M22 12M23 12M24 12M25 Volume Price/KG Classification by category: High Turnover: categories in Brazil comprising grains (rice, beans and other grains) and sugar; High growth: categories in Brazil comprising canned fish, pasta, cookies and coffee; International: Uruguay, Chile, Peru, Ecuador and Paraguay. 352,137 333,118 335,936 45,222 49,046 51,603 236,798 211,409 217.144 634,158 593,573 604.683 2Q25 1Q26 2Q26 56% 8% 36% 44% 33% 23% 356 351 275 338 381 360 264 339 358 338 267 293 352 311 293 333 336 3.63 3.64 4.01 3.89 3.88 4.26 5.04 4.53 4.59 4.26 4.48 3.96 3.54 3.45 3.29 3.82 3.89 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 Volume Price/kg ²Fonte: CEPEA; indicador do arroz em Casca Esalq/Senar-RS 50kg; Agrolink: indicador do feijão carioca Sc 60kg; CEPEA – indicador do Açucar Cristal Esalq-SP 50kg
Page 8
7 High Growth - Evolution of Historical Quarterly Volume (k tons) and Net Price (R$/kg) High Growth - Evolution of Historical Annual Volume (k tons) and Net Price (R$/kg) 1 Source: Company Source: Company In the international segment, sales volume reached 217.1 thousand tons in 2Q26 (-8.3% YoY and +2.7% QoQ). The annual decline in volumes was driven by lower volumes in Uruguay, partially offset by growth in Chile, Peru and Ecuador, as well as the inclusion of Paraguay´s results as of 3Q25. In the sequential comparison, the increase is mainly explained by volume growth in Uruguay, Peru and Ecuador, partially offset by lower volumes in Chile and Paraguay. International - Evolution of Historical Quarterly Volume (k tons) International - Evolution of Annual Volume (k tons) Source: Company Source: Company 3 CEPEA; Esalq/Senar-PR Wheat indicator; CEPEA Esalq; Arabica Coffee Indicator Volume: 51.6 k tons, +14.1% YoY and +5.2% QoQ in 2Q26 Net price: R$18.75/kg, +20.0% YoY and +7.0% QoQ in 2Q26 Sales mix: Year-over-year growth was driven by all categories: canned fish, coffee, biscuits, and pasta. Sequentially, growth was driven by canned fish, pasta, and coffee, partially offset by biscuits. Market³: Wheat: R$1,396.73/ton (-5,2% YoY and +7.5% QoQ) in 2Q26 and Coffee: R$1,660.71/bag (-15.5% YoY and -7.7% QoQ) in 2Q26. International Rice High Growth 732 630 634 678 627 703 675 620 810 2.12 2.62 2.63 3.64 4.04 4.11 4.71 5.61 3.92 -5.00 -3.00 -1.00 1.00 3.00 5.00 0 200 400 600 800 1,000 1,200 1,400 12M17 12M18 12M19 12M20 12M21 12M22 12M23 12M24 12M25 Volume Price/kg 39 37 60 140 174 193 194 15.60 18.33 14.29 12.94 13.05 14.04 16.13 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 12M19 12M20 12M21 12M22 12M23 12M24 12M25 Volume Price/KG 34 33 40 46 44 41 43 49 48 46 51 43 45 56 50 49 52 13.0 13.3 14.9 11.8 12.2 12.7 15.1 11.8 13.1 12.6 18.4 15.3 15.6 16.5 16.9 17.5 18.7 Volume Price/kg 241 137 153 164 205 179 128 135 188 156 141 168 237 249 156 211 217 3.67 5.42 4.47 4.24 3.95 5.40 5.56 5.54 4.81 5.82 6.50 4.49 3.86 3.51 4.02 3.04 3.15 -10.00 -5.00 0.00 5.00 10.00 0 50 100 150 200 250 300 350 400 450 500 Volume Preço/kg
Page 9
8 Consolidated Income Statement Income Statement by Segment Statements (in R$ millions) 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Gross Revenues 3,430.6 3,138.9 3,222.5 -6.1% 2.7% (-) Sales Deductions (451.0) (470.9) (457.7) 1.5% -2.8% Net Revenues 2,979.7 2,668.0 2,764.8 -7.2% 3.6% (-) Cost of Sales and Services (2,305.9) (2,016.2) (2,082.9) -9.7% 3.3% Gross Profit 673.8 651.8 681.9 1.2% 4.6% (-) SG&A (497.9) (543.9) (542.1) 8.9% -0.3% (+/-) Other operating income (expenses) and Equity 7.8 31.6 12.9 64.0% -59.3% EBIT 183.7 139.5 152.7 -16.9% 9.4% (+/-) Finacial Result (141.6) (142.0) (127.6) -9.9% -10.1% Pre-Tax Income 42.1 (2.4) 25.0 -40.5% n.a. (-) Total Income Taxes 36.6 30.4 16.3 -55.5% -46.5% Net Income/Loss 78.7 28.0 41.3 -47.5% 47.7% EBITDA Reconciliation Net Income/Loss 78.7 28.0 41.3 -47.5% 47.7% (-) Net Finacial Result 141.6 142.0 127.6 -9.9% -10.1% (-) Income Taxes (36.6) (30.4) (16.3) -55.5% -46.5% (-) Depreciation and Amortization 66.9 70.5 72.7 8.6% 3.1% (=) EBITDA 250.6 210.0 225.3 -10.1% 7.3% Margins Gross Margin 22.6% 24.4% 24.7% 2.1pp 0.2pp EBITDA Margin 8.4% 7.9% 8.2% -0.3pp 0.3pp Net Margin 2.6% 1.0% 1.5% -1.1pp 0.4pp Brazil 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Net Revenues 2,065.7 2,025.9 2,079.9 0.7% 2.7% (-) Cost of Sales and Services (1,600.2) (1,530.1) (1,574.6) -1.6% 2.9% Gross Profit 465.4 495.8 505.3 8.6% 1.9% (-) SG&A Expenses (329.8) (401.7) (394.3) 19.5% -1.9%G&A Expenses n.a. n.a. (+/-) Other operating income (expenses) and Equity. 2.6 31.5 12.5 378.5% -60.3% EBIT 138.2 125.6 123.6 -10.6% -1.6% (+/-) Financial Result (127.8) (128.0) (117.5) -8.1% -8.2% Pre-Tax Income 10.4 (2.4) 6.1 -41.0% n.a. Total Income Taxes 33.7 28.7 23.5 -30.4% -18.3% Net Income/Loss 44.1 26.4 29.6 -32.9% 12.3% EBITDA Reconciliation Net Income/Loss 44.1 26.4 29.6 -32.9% 12.3% (+) Net Finacial Result 127.8 128.0 117.5 -8.1% -8.2% (+) Income Taxes (33.7) (28.7) (23.5) -30.4% -18.3% (+) Depreciation and Amortization 45.3 48.0 50.2 10.9% 4.6% (=) EBITDA 183.5 173.6 173.8 -5.3% 0.1% Margins Gross Margin 22.5% 24.5% 24.3% 1.8pp -0.2pp EBITDA Margin 8.9% 8.6% 8.4% -0.5pp -0.2pp Net Margin 2.1% 1.3% 1.4% -0.7pp 0.1pp International 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Net Revenues 914.0 642.1 684.9 -25.1% 6.7% (-) Cost of Sales and Services (705.7) (486.1) (508.3) -28.0% 4.6% Gross Profit 208.3 156.0 176.5 -15.3% 13.2% (-) SG&A Expenses (168.1) (142.2) (147.8) -12.1% 3.9% (+/-) Other operating income (expenses) and Equity. 5.2 0.1 0.3 n.a. 157.0% EBIT 45.5 13.9 29.1 -36.0% 109.1% (+/-) Finacial Result (13.7) (14.0) (10.2) -25.9% -27.3% Pre-Tax Income 31.7 (0.1) 18.9 -40.4% n.a. (+/-) Total Income Taxes 2.9 1.7 (7.2) n.a. n.a. Net Income/Loss 34.6 1.6 11.7 -66.1% 625.8% EBITDA Reconciliation Net Income/Loss 34.6 1.6 11.7 -66.1% 625.8% (+) Net Finacial Result 13.7 14.0 10.2 -25.9% -27.3% (+) Income Taxes (2.9) (1.7) 7.2 n.a. n.a. (+) Depreciation and Amortization 21.6 22.5 22.4 3.8% -0.1% (=) EBITDA 67.1 36.4 51.5 -23.2% 41.7% Margins Gross Margin 22.8% 24.3% 25.8% 3.0pp 1.5pp EBITDA Margin 7.3% 5.7% 7.5% 0.2pp 1.9pp Net Margin 3.8% 0.3% 1.7% -2.1pp 1.5pp
Page 10
9 Financial Performance Revenue Consolidated 2Q26: Gross Revenue Breakdown (R$mn) Gross Revenue reached R$3.2 billion in the quarter ( -6.1% YoY), due to the compres sion in average realized prices, mainly driven by the international segment, partially offset by a positive mix effect, with growth in volumes of high growth category in the period. Net Revenue reached R$2.8 billion in the quarter ( -7.2% YoY). Costs and Expenses Cost of Sales and Services Cost of Sales and Services in the quarter reached R$2.1 billion (-9.7% YoY), or 75.3% of net revenue. The annual reduction mainly reflects the decline in consolidated volume (-4.6% YoY), driven by the high turnover segment in Brazil and by the international segment, in addition to lower prices in the International segment. This affect was partially offset by volume increase in the high growth segment and by higher net prices in the high turnover and high growth segments. In the sequential comparison, costs increased 3.3% QoQ, below net revenue growth (3.6% QoQ), contributing to the improvement in gross profitability in the period. Taking these factors into account, Gross Profit reached R$681.9 million (1.2% YoY), with gross margin of 24.7% (2.1pp YoY) in 2Q26. Quarterly Evolution of Net Revenue vs. Costs (R$mn) Annual Evolution of Net Revenue vs. Costs Source: Company Expenses 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Expenses by Function (2,803.8) (2,560.1) (2,625.0) -6.4% 2.5% Cost of Products Sold (2,305.9) (2,016.2) (2,082.9) -9.7% 3.3% Sales Expenses (331.8) (353.6) (369.7) 11.4% 4.6% G&A Expenses (166.2) (190.3) (172.4) 3.7% -9.4% Expenses by Nature 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Expenses by Nature (2,803.8) (2,560.1) (2,625.0) -6.4% 2.5% Depreciation and Amortization (66.9) (70.5) (72.7) 8.6% 3.1% Employee Expenses (237.8) (286.3) (273.6) 15.1% -4.4% Raw Materials (1,992.2) (1,614.8) (1,703.8) -14.5% 5.5% Shipping (251.6) (290.2) (298.8) 18.8% 3.0% Sales Comission (17.6) (13.5) (12.2) -30.9% -9.8% Maintenance Expenses (65.6) (69.8) (58.6) -10.7% -16.1% Energy Expenses (22.3) (37.0) (33.0) 48.3% -10.8% Third Party Services Expenses (63.5) (75.8) (88.1) 38.8% 16.3% Rental (11.2) (12.2) (13.8) 23.3% 13.3% Exports (34.2) (26.3) (28.6) -16.5% 8.4% Other Expenses (41.0) (63.6) (41.9) 2.2% -34.2% Source: Company Source: Company 4,663 4,749 5,396 7,466 9,016 10,205 11,250 12,263 11,115 3,513 3,527 4,145 5,805 7,238 8,086 8,974 9,873 8,623 25% 26% 23% 22% 20% 21% 20% 19% 22% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 12M17 12M18 12M19 12M20 12M21 12M22 12M23 12M24 12M25 Net Revenue COGS Gross Margin 21% 20% 19% 21% 20% 19% 21% 22% 21% 17% 18% 23% 23% 23% 22% 24% 25% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Net Revenue COGS Gross Margin
Page 11
10 Selling, General and Administrative Expenses Quarterly Evolution of SG&A/Net Revenue (%) Annual Evolution of SG&A/Net Revenue (%) Source: Company SG&A (selling, general and administrative expenses) in the quarter reached R$5 42.1 million (8.9% YoY) , equivalent to 19.6% of net revenue ( +2.9pp YoY) . The increase occurred mainly in SG&A in Brazil, which totaled R$394.3 million (+19.5% YoY), impacted by higher selling expenses and general and administrative expenses, as described below. In the International, SG&A reached R$147.8 million (-12.1% YoY), reflecting the reduction in selling expenses and in general and administrative expenses, as described below. Selling Expenses Selling expenses in the quarter reached R$396.7 million (11.4% YoY), or 13.4% of net revenue for the quarter, due mainly to: Selling expenses in Brazil increased 27.9% YoY, representing 12.5% of Brazil’s net revenue. The variation was mainly driven by higher freight expenses in the period, reflecting route mix effects and the ANTT freight rate table adjustment, as well as higher expenses with promoters and promotional materials, in line with the commercial initiatives of the period. International selling expenses decreased 14.9% YoY, representing 15.9% of international net revenue. This result reflected the reduction in sales volume and exports during the period . General and Administrative Expenses General and administrative expenses in the quarter reached R$172.4 million (3.7% YoY), or 6.2% of net revenue for the quarter. Brazil's general and administrative expenses increased 5.9% YoY, representing 6.4% of Brazil's net revenue, primarily due to personnel expenses, in line with the levels reported in Q1 FY26 - as well as legal and technology expenses. International general and administrative expenses decreased 3.2% YoY, or 5.7% of international net revenue . Other operating income (expenses) Other operating income/expenses and equity income totaled a positive R$12.9 million in the quarter (vs. a positive R$7.8 million in Q2 FY25). In the quarter, the result was mainly impacted by the recognition of non -recurring effects totaling a positive R$10.5 million, related to the sale of a property in the period. 17% 19% 18% 14% 14% 16% 15% 15% 17% 12% 13% 12% 9% 9% 10% 10% 10% 11% 5% 6% 6% 5% 5% 6% 5% 5% 6% 12M17 12M18 12M19 12M20 12M21 12M22 12M23 12M24 12M25 SG&A Selling Expenses General and Administrative Expenses Source: Company 11% 11% 10% 11% 10% 9% 9% 10% 10% 9% 10% 11% 11% 11% 12% 13% 13% 5% 7% 6% 6% 5% 5% 5% 5% 5% 5% 5% 6% 6% 6% 8% 7% 6% 16% 17% 17% 17% 15% 14% 14% 15% 15% 14% 15% 16% 17% 17% 19% 20% 20% Selling Expenses G&A Expenses SG&A
Page 12
11 490 404 442 787 810 920 914 907 915 25% 26% 23% 22% 20% 21% 20% 19% 22% 11% 10% 8% 11% 9% 9% 8% 7% 8% -70% -50% -30% -10% 10% 30% -100 100 300 500 700 900 110 0 130 0 150 0 170 0 12M17 12M18 12M19 12M20 12M21 12M22 12M23 12M24 12M25 EBITDA Gross Margin EBITDA Margin EBITDA The EBITDA for the quarter reached R$225.3 million (-10.1% YoY and 7.3% QoQ) with margin of 8.2% (-0.3pp YoY and 0.3pp QoQ). EBITDA - Historical Quarterly Evolution (R$mn) EBITDA – Historical Annual Evolution (R$mn) Source: Company Source: Company Net Financial Result Net Financial Result reached an expense of R$127.6 million (-9.9% YoY and -10.1% QoQ) in the quarter. In the annual comparison, the improvement was mainly driven by the non-recurring positive effect of R$ 21 million from the settlement of sugar derivatives in the period. This effect was partially offset by higher interest expenses of financing, monetary restament of legal proceedings and a lower foreign exchange gain compared to the previous year. Income Tax and Social Contribution Income Tax and Social Contribution posted a positive result of R$16.3 million in 2Q26 (-55.5% YoY and -46.5% QoQ), mainly reflecting the exclusions related to ICMS grants (a positive R$ 23.2 million in the period) and current income tax/social contribution benefits in the international operations arising from a benefit in Uruguay (a positive R$ 3.6 million in the quarter). Net Income/Loss and Earnings per Share Net Income reached R$41.3 million (-47.5% YoY and 47.7% QoQ), with net margin of 1.5% (-1.1 pp YoY) or R$0.12 per share in the quarter. Quarterly Profitability Evolution (R$mn) Annual Profitability Evolution (R$mn) Source: Company Source: Company 490 483 442 787 810 920 914 907 915 251 362 240 463 479 354 360 217 148 11% 10% 8% 11% 9% 9% 8% 7% 8% 5% 8% 4% 6% 5% 3% 3% 2% 1% 25% 26% 23% 22% 20% 21% 20% 19% 22% -50% -40% -30% -20% -10% 0% 10% 20% 30% 0.0 500 .0 100 0.0 150 0.0 200 0.0 250 0.0 12M17 12M18 12M19 12M20 12M21 12M22 12M23 12M24 12M25 EBITDA Net Income EBITDA Margin Net Margin Gross Margin 208 310 157 199 212 249 254 255 288 171 194 233 251 239 193 210 225 21% 20% 19% 21% 20% 19% 21% 22% 21% 17% 18% 23% 23% 23% 22% 24% 25% 8% 12% 6% 7% 7% 8% 9% 9% 9% 6% 6%9% 8% 8% 8% 8% 8% EBITDA Gross Margin EBITDA Margin 8% 12% 6% 7% 7% 8% 9% 9% 9% 6% 6% 9% 8% 8% 8% 8% 8% 3% 6% 1% 2% 2% 5% 4% 3% 4% 1% -1% 2% 3% 1% -2% 1% 1% 21% 20% 19% 21% 20% 19% 21% 22% 21% 17% 18% 23% 23% 23% 22% 24% 25% 2T22 3T22 4T22 1T23 2T23 3T23 4T23 1T24 2T24 3T24 4T24 1T25 2T25 3T25 4T25 1T26 2T26 EBITDA Net Income EBITDA Margin Net Margin Gross Margin
Page 13
12 Debt and Cash The total debt reached R$ 5.9 billion (+10.4% YoY and +4.7% QoQ). Total liquidity (cash and cash equivalents and short - and long -term financial investments) reached R$1.9 billion (-3.0% YoY and +27.3% QoQ). The net debt totaled R$4.1 billion ( +17.8% YoY and -3.1% QoQ) and net debt/EBITDA LTM of 4.7x (+0.5x YoY). Amortization Schedule (R$mn) Source: Company Capex Capex reached R$52.6 million (-66.1% YoY and -32.2% QoQ) in the quarter. The reduction in investments in the period reflects the completion of the works in Cambaí (RS) at the new grains plant and the new thermoelectric plant in 4Q25, and the normalization of Capex to maintenance levels. Quarterly Capex Evolution (R$mn) Annual Capex Evolution (R$mn) Source: Company Source: Company Debt (in R$mn) 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Total Debt 5,376.1 5,670.2 5,936.3 10.4% 4.7% Loans and Financing 2,509.2 2,407.9 2,599.3 3.6% 7.9% Debêntures 2,866.9 3,262.3 3,337.0 16.4% 2.3% Short Term 2,427.3 1,229.8 1,511.6 -37.7% 22.9% Long Term 2,948.8 4,440.4 4,424.7 50.1% -0.4% Leverage Gross Debt 5,376.1 5,670.2 5,936.3 10.4% 4.7% Cash and Equivalents 1,910.6 1,455.8 1,853.7 -3.0% 27.3% Net Debt 3,465.5 4,214.4 4,082.6 17.8% -3.1% Net Debt/EBITDA LTM 4.1x 4.7x 4.7x 0.6x 0.0x 206 42.3 230.8 98.6 95.5 28.9 79.7 86.3 62.9 66.5 282.7 121.9119.9153.3 95.4 92.9 77.5 52.6 2% 2% 4% 4% 1% 3% 3% 2% 2% 3% 4% 4% 5% 4% 3% 3% 2% -R$ 100 R$ 100 R$ 300 R$ 500 R$ 700 R$ 900 R$ 1,100 R$ 1,300 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 CAPEX M&A 100.0 397.2 135.5 196.8 1,092.3 391.7 290.4 534.0 2% 4% 3% 3% 3% 2% 3% 4% 4% -R$ 100 R$ 100 R$ 300 R$ 500 R$ 700 R$ 900 R$ 1,100 R$ 1,300 R$ 1,500 R$ 1,700 R$ 1,900 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAPEX M&A Capex (% Revenue ex M&A) 462 1,512 1,038 1,399 361 983 704 ago-27 ago-28 ago-29 ago-30 ago-31 Após ago/31
Page 14
13 Working Capital The working capital reached R$2.9 billion (+5.1% YoY), mainly impacted by: Inventories ( +0.6% YoY): recovery in grain prices during the period, partially offset by the international segment. Advances to suppliers ( +11.3% YoY): increase in advances to suppliers in Brazil. Accounts Receivable (+2.2% YoY): increase driven by Brazil, partially offset by the international segment. Suppliers ( -8.8% YoY): decrease driven by the international segment, especially Uruguay and Chile. Quarterly Working Capital Seasonality (R$mn) Source: Company It is worth noting that working capital seasonality is relevant throughout the quarters, as shown in the chart above, particularly in inventories and receivables. As a result, the first quarters of the year typically present higher working capital needs and cash consumption, while the fourth quarter presents a release. Shareholding Structure and Stock Performance In 2Q26, the Company’s total capital stock consisted of 350 million shares, of which 95.8 million shares were outstanding in the market (free float)[1], representing approximately 27% of total capital. On August 31, 2026, Camil’s shares (B3: CAML3) closed at R$5.06/share, with a market cap of R$ 1.78 billion. Average daily trading volume in the quarter was R$4.7 million/day. Shareholding Structure August/2026 Source: Company Market Agenda The calendar of upcoming IR events is available on the Company’s Investor Relations website. Contact requests can be made through our investor relations channel on the website (http://ri.camilalimentos.com.br/) or by e-mail (ri@camil.com.br). [1] Free float excludes the stake held by Camil Investimentos S.A., individual stakes of the controlling shareholders, other management memb ers/related parties and treasury shares. The Camil Investimentos balance includes individual stakes of the controlling shareholder s. Working Capital 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Inventory 2,261.3 2,445.2 2,274.8 0.6% -7.0% Days Inventory 87.6 104.3 99.6 12 d -5 d Advance to Suppliers 414.0 643.2 460.8 11.3% -28.4% Days Advance to suppliers 16.0 27.4 20.2 4 d -7 d Receivable 1,444.5 1,881.6 1,476.9 2.2% -21.5% Days Receivable 44.8 61.9 49.5 5 d -12 d Suppliers 1,370.0 1,870.1 1,250.1 -8.8% -33.2% Days Suppliers 53.1 79.8 54.7 2 d -25 d Other Current Assets 400.3 443.1 441.6 10.3% -0.3% Other Current Liabilities 421.2 530.3 536.7 27.4% 1.2% Working Capital 2,728.9 3,012.8 2,867.3 5.1% -4.8% Days Working Capital 85 d 99 d 96 d 12 d -3 d Breakdown of Free Float: Camil Investimento s 69.9% Management 0.1% Treasury 2.6% Free Float 27.5% Shareholding Structure: 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Receivable Inventory Advance to Suppliers Suppliers Working Capital Foreign 22% Local 39% Individual 39%
Page 15
14 About Camil Alimentos S.A. Camil (B3: CAML3) is one of the largest branded food platforms in Brazil and Latin America, with a diversified brand portfoli o in the grains, sugar, canned fish, pasta, coffee and cookies categories, and leading positions in the countries where it operates. Listed in 2017 on the Novo Mercado, B3’s highest corporate governance level, Camil has operations in Brazil, Uruguay, Chile, Peru, Ecuador a nd Paraguay. For more information, visit www.camil.com.br/ri. Disclaimer Certain percentages and other amounts included in this document have been rounded to facilitate presentation. Accordingly, fi gures presented as totals in some tables may not represent the arithmetic sum of the figures that precede them and may differ from those presented in the financial statements. Non -financial and non-accounting data in this document are unaudited. This release contains the Company’s projections and future expectations, which are based exclusively on the expectations of Camil’s management regarding the current and known reality of its operations and are, therefore, subject to risks and uncertainties.
Page 16
15 Appendix – Quarterly Financial Information Consolidated Balance Sheet Balance Sheet In R$ Millions 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Total Current Assets 6,364.5 6,793.6 6,454.0 1.4% -5.0% Cash & Equivalents 1,907.2 1,430.7 1,853.7 -2.8% 29.6% Short Term Investments - 25.1 - n.a. n.a. Accounts Receivable 1,444.5 1,881.6 1,476.9 2.2% -21.5% Financial Instruments - Derivatives 0.4 0.2 0.2 -44.6% -8.1% Inventories 2,251.7 2,437.1 2,266.9 0.7% -7.0% Payments in Advance (Producers) 360.7 576.0 415.0 15.0% -28.0% Recoverable Taxes 224.7 337.6 316.7 41.0% -6.2% Related Party 93.1 26.2 30.5 -67.2% 16.5% Other Current Assets 82.1 79.1 94.1 14.6% 19.0% Total non Current Assets 4,975.7 5,228.2 5,202.9 4.6% -0.5% Total Long-Term Assets 922.7 923.0 885.6 -4.0% -4.1% Long-Term Investments 3.4 - - n.a. n.a. Recoverable Taxes 108.6 242.7 114.2 5.1% -53.0% Deferred Income Taxes 205.5 188.1 336.4 63.7% 78.8% Payments in Advance (Producers) 53.3 67.3 45.8 -14.0% -31.8% Related Party 183.9 57.7 59.9 -67.4% 3.8% Inventory 9.5 8.2 7.9 -16.6% -2.7% Court Deposits 45.5 48.9 45.8 0.8% -6.2% Indemnity Assets 302.5 303.0 246.4 -18.5% -18.7% Other Long-Term Assets 10.5 7.2 29.1 176.6% 305.6% Total Permanent Assets 4,053.0 4,305.2 4,317.4 6.5% 0.3% Investments 90.6 83.2 85.4 -5.7% 2.6% Plant, Property & Equipment 2,570.7 2,801.4 2,798.5 8.9% -0.1% Intangible Assets 1,132.8 1,139.4 1,145.1 1.1% 0.5% Right of Use Assets 231.0 253.3 260.4 12.7% 2.8% Properties for Investment 27.9 28.0 28.0 0.4% 0.0% n.a. n.a. Total Assets 11,340.2 12,021.8 11,656.9 2.8% -3.0% Total Current Liabilities 4,218.5 3,630.3 3,298.4 -21.8% -9.1% Accounts Payable 1,370.0 1,870.1 1,250.1 -8.8% -33.2% Short-Term Debt 1,529.1 1,177.9 1,355.7 -11.3% 15.1% Derivatives 3.63 14.34 10.9 201.0% -23.9% Debentures 898.2 51.9 155.8 -82.6% 200.3% Leasing liability 50.7 67.4 74.4 46.7% 10.4% Client Advances 55.1 30.7 32.2 -41.6% 4.7% Related Party 30.2 3.5 7.7 -74.4% 122.5% Salaries and Social Contributions 80.1 81.0 84.9 6.0% 4.9% Dividends and Interest on Equity Payable 7.1 133.1 134.3 1803.4% 0.9% Taxes Payables 44.7 60.7 55.4 23.8% -8.8% Vacation accrual and related charges 72.2 66.1 77.1 6.8% 16.6% Accounts Payable from Investments Acquired 9.4 10.8 12.1 29.5% 12.1% Other Current Liabilities 68.2 62.6 47.7 -30.1% -23.8% Total Long Term Liabilities 3,691.6 5,402.5 5,306.3 43.7% -1.8% Long-Term Debt 980.1 1,230.0 1,243.6 26.9% 1.1% Leasing liability 201.3 209.4 214.4 6.5% 2.4% Debentures 1,968.7 3,210.4 3,181.1 61.6% -0.9% Deferred Income Taxes 42.9 47.8 50.1 16.7% 5.0% Provision for contingencies 381.9 395.9 329.9 -13.6% -16.7% Accounts Payable from Investments Acquired 82.9 67.6 65.9 -20.6% -2.5% Dividends Payable - 205.5 188.8 n.a. -8.1% Other Long-Term Liabilities 33.6 36.0 32.5 -3.3% -9.7% Total Liabilites 7,910.1 9,032.7 8,604.7 8.8% -4.7% n.a n.a Paid-in Capital 950.4 950.4 2,342.5 146.5% 146.5% (-) Expenses with Issuance of Shares (12.4) (12.4) (12.4) 0.0% 0.0% (-) Treasury Shares (68.5) (68.5) (68.5) 0.0% 0.0% Income Reserves 1,821.8 1,588.2 186.6 -89.8% -88.3% Capital Reserve 25.2 23.9 24.6 -2.1% 3.2% Accumulated Net Income 144.7 27.9 69.0 -52.3% 147.2% Equity adjustments (21.1) (21.1) (21.1) 0.0% 0.0% Other comprehensive Income 589.6 500.3 530.9 -10.0% 6.1% Participation of non-controlling shareholdes 0.3 0.4 0.6 128.2% 46.9% Shareholders' Equity 3,430.0 2,989.1 3,052.3 -11.0% 2.1% Total Liabilities & Equity 11,340.2 12,021.8 11,656.9 2.8% -3.0%
Page 17
16 Consolidated Income Statement Income Statement by Segment Statements (in R$ millions) 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Gross Revenues 3,430.6 3,138.9 3,222.5 -6.1% 2.7% (-) Sales Deductions (451.0) (470.9) (457.7) 1.5% -2.8% Net Revenues 2,979.7 2,668.0 2,764.8 -7.2% 3.6% (-) Cost of Sales and Services (2,305.9) (2,016.2) (2,082.9) -9.7% 3.3% Gross Profit 673.8 651.8 681.9 1.2% 4.6% (-) SG&A (497.9) (543.9) (542.1) 8.9% -0.3% (+/-) Other operating income (expenses) and Equity 7.8 31.6 12.9 64.0% -59.3% EBIT 183.7 139.5 152.7 -16.9% 9.4% (+/-) Finacial Result (141.6) (142.0) (127.6) -9.9% -10.1% Pre-Tax Income 42.1 (2.4) 25.0 -40.5% n.a. (-) Total Income Taxes 36.6 30.4 16.3 -55.5% -46.5% Net Income/Loss 78.7 28.0 41.3 -47.5% 47.7% EBITDA Reconciliation Net Income/Loss 78.7 28.0 41.3 -47.5% 47.7% (-) Net Finacial Result 141.6 142.0 127.6 -9.9% -10.1% (-) Income Taxes (36.6) (30.4) (16.3) -55.5% -46.5% (-) Depreciation and Amortization 66.9 70.5 72.7 8.6% 3.1% (=) EBITDA 250.6 210.0 225.3 -10.1% 7.3% Margins Gross Margin 22.6% 24.4% 24.7% 2.1pp 0.2pp EBITDA Margin 8.4% 7.9% 8.2% -0.3pp 0.3pp Net Margin 2.6% 1.0% 1.5% -1.1pp 0.4pp Brazil 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Net Revenues 2,065.7 2,025.9 2,079.9 0.7% 2.7% (-) Cost of Sales and Services (1,600.2) (1,530.1) (1,574.6) -1.6% 2.9% Gross Profit 465.4 495.8 505.3 8.6% 1.9% (-) SG&A Expenses (329.8) (401.7) (394.3) 19.5% -1.9%G&A Expenses n.a. n.a. (+/-) Other operating income (expenses) and Equity. 2.6 31.5 12.5 378.5% -60.3% EBIT 138.2 125.6 123.6 -10.6% -1.6% (+/-) Financial Result (127.8) (128.0) (117.5) -8.1% -8.2% Pre-Tax Income 10.4 (2.4) 6.1 -41.0% n.a. Total Income Taxes 33.7 28.7 23.5 -30.4% -18.3% Net Income/Loss 44.1 26.4 29.6 -32.9% 12.3% EBITDA Reconciliation Net Income/Loss 44.1 26.4 29.6 -32.9% 12.3% (+) Net Finacial Result 127.8 128.0 117.5 -8.1% -8.2% (+) Income Taxes (33.7) (28.7) (23.5) -30.4% -18.3% (+) Depreciation and Amortization 45.3 48.0 50.2 10.9% 4.6% (=) EBITDA 183.5 173.6 173.8 -5.3% 0.1% Margins Gross Margin 22.5% 24.5% 24.3% 1.8pp -0.2pp EBITDA Margin 8.9% 8.6% 8.4% -0.5pp -0.2pp Net Margin 2.1% 1.3% 1.4% -0.7pp 0.1pp International 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Net Revenues 914.0 642.1 684.9 -25.1% 6.7% (-) Cost of Sales and Services (705.7) (486.1) (508.3) -28.0% 4.6% Gross Profit 208.3 156.0 176.5 -15.3% 13.2% (-) SG&A Expenses (168.1) (142.2) (147.8) -12.1% 3.9% (+/-) Other operating income (expenses) and Equity. 5.2 0.1 0.3 n.a. 157.0% EBIT 45.5 13.9 29.1 -36.0% 109.1% (+/-) Finacial Result (13.7) (14.0) (10.2) -25.9% -27.3% Pre-Tax Income 31.7 (0.1) 18.9 -40.4% n.a. (+/-) Total Income Taxes 2.9 1.7 (7.2) n.a. n.a. Net Income/Loss 34.6 1.6 11.7 -66.1% 625.8% EBITDA Reconciliation Net Income/Loss 34.6 1.6 11.7 -66.1% 625.8% (+) Net Finacial Result 13.7 14.0 10.2 -25.9% -27.3% (+) Income Taxes (2.9) (1.7) 7.2 n.a. n.a. (+) Depreciation and Amortization 21.6 22.5 22.4 3.8% -0.1% (=) EBITDA 67.1 36.4 51.5 -23.2% 41.7% Margins Gross Margin 22.8% 24.3% 25.8% 3.0pp 1.5pp EBITDA Margin 7.3% 5.7% 7.5% 0.2pp 1.9pp Net Margin 3.8% 0.3% 1.7% -2.1pp 1.5pp
Page 18
17 Cash Flow Cash Flow In R$ Millions 2Q25 1Q26 2Q26 2Q26 2Q26 Closing Date 31-Aug-25 31-May-26 31-Aug-26 VS 2Q25 VS 1Q26 Pre-Tax Income 42.1 (2.5) 25.0 -40.5% n.a. Net Result in Uncons. Subs. (6.2) 0.0 (0.2) -97.3% n.a. Accrued Financial Charges 177.6 169.0 166.0 -6.5% -1.8% Interest Provision - Liability Lease 4.0 4.7 4.8 21.8% 2.9% Allowance for Doubtful Accounts (0.4) (3.9) 0.2 n.a. n.a. Provision for Discounts (2.3) 7.8 (2.4) 5.1% n.a. Provision for Contigencies 8.8 39.1 (4.3) n.a. n.a. Provision for Advances (8.1) (0.2) (1.9) -76.3% 1006.3% Depreciation 66.9 70.5 72.7 8.6% 3.1% Write-off Plant, Property & Equipment (16.6) 9.7 (16.8) 1.3% n.a. Write-off Right of Use Assets - 0.2 (0.1) n.a. n.a. Stock Options 1.3 1.0 1.2 -12.8% 20.3% Funds From Operations 267.1 295.5 244.2 -8.6% -17.4% (Inc.) / Dec. In: - - - n.a. n.a. Current Assets 1,055.4 (1,902.7) 794.8 -24.7% n.a. Trade Accounts Receivable 384.7 (873.3) 411.4 6.9% n.a. Inventories 707.2 (924.8) 367.5 -48.0% n.a. Recoverable Taxes (12.1) (89.6) 46.0 n.a. n.a. Related Party (7.7) (12.8) (2.1) -72.6% -83.5% Other Current Assets (16.7) (2.2) (27.9) 67.4% 1199.8% Current Liabilities (972.9) 411.7 (728.3) -25.1% n.a. Accounts Payable (826.3) 685.9 (620.4) -24.9% n.a. Other Current Liabilities 11.3 (8.1) 13.9 23.4% n.a. Taxes Payables (1.7) (8.4) 2.8 n.a. n.a. Other Current Liabilities (14.4) (21.1) (66.5) 361.6% 215.2% Interest Paid (144.0) (229.6) (42.0) -70.8% -81.7% Net Income Taxes (Income Tax & Social Contribution 2.3 (6.9) (16.1) n.a. 132.1% Cash Flow from Operations 349.6 (1,195.4) 310.8 -11.1% n.a. Short-Term Investments (2.2) - 27.4 n.a. n.a. Disposal of Property, Plant and Equipment 0.6 0.0 26.8 n.a n.a. Business combination consideration - - - n.a. n.a. Capital Expenditures (155.3) (77.5) (52.6) -66.1% -32.2% Investment Activities Cash Flow (156.3) (77.5) 1.6 n.a. n.a. Debt Issuance 494.3 2,046.1 598.3 21.1% -70.8% Debt Repayment (335.6) (1,285.1) (478.5) 42.6% -62.8% Lease Liability Payments (17.1) (19.7) (18.5) 7.7% -6.5% Dividends and Interest on Equity Paid (25.0) (25.0) (25.0) 0.0% 0.0% Derivatives Settlement (12.9) (3.7) 15.8 n.a. n.a. Financing Cash Flow 103.7 712.5 92.2 -11.1% -87.1% Foreign Exchange Variaton on Cash and Equivalents (14.1) (6.4) 18.4 n.a. n.a. Change in Cash and Equivalents 282.8 (566.9) 423.0 49.6% n.a. Beginning Cash and Equivalents 1,624.3 1,997.6 1,430.7 -11.9% -28.4% Ending Cash and Equivalents 1,907.2 1,430.8 1,853.7 -2.8% 29.6%