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São Martinho
São Martinho (SMTO3) investor relations material
São Martinho Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Feb, 2026
Executive summary
Third quarter results were impacted by lower sugarcane productivity and TRS due to adverse weather, reducing sugar and ethanol output and raising unit costs.
Net income surged 169%–168.5% year-over-year, reaching BRL 424.1 million in 3Q26, driven by subsidy credits, tax credits, and mark-to-market derivative adjustments.
Adjusted EBITDA margin for 3Q26 was 49.4%, down from 57.4% in the prior year quarter.
Ethanol sales volume dropped nearly 40% sequentially, with inventories shifted to 4Q for improved pricing.
Corn ethanol production and processing increased 3%–3.2% year-over-year, supporting segment performance.
Financial highlights
Net revenue for 3Q26 was BRL 1.59 billion, down 13.6% year-over-year, mainly due to lower ethanol sales and prices.
Adjusted EBITDA for 3Q26 was BRL 787.1 million, a 25.6% decrease year-over-year, with a margin of 49.4%.
9M26 net income totaled BRL 663.3 million, up 46.9% year-over-year.
Net debt at December-end was BRL 5.8 billion, with Net Debt/LTM EBITDA at 1.82x, mainly due to higher working capital and CapEx.
Cash position at year-end was BRL 3.4 billion, with a comfortable debt amortization schedule and minimal short-term refinancing needs.
Outlook and guidance
Expectation of improved productivity and cost dilution in the next crop year, with potential cost reductions of 10%-15% if 24 million tons of cane are crushed.
Cost reductions and margin improvements are expected by the end of the 2025/26 crop season.
Corn operations and processing volumes remain in line with guidance.
Ethanol sales were strategically shifted to 4Q to capitalize on better prices.
Maintenance CapEx is projected to remain stable at BRL 1.9 billion, with productivity gains driving further cost efficiency.
Ethanol strategy's 3Q26 revenue impact?
What drove the 35.7% leverage increase?
Prioritize 9M26 expansion capex projects
What enables 10-15% unit cost reduction?
Sugar hedge triggers given low prices & mix shift?
Industry adjustment to low sugar prices: mechanisms?
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Next São Martinho earnings date
Q4 202626 May, 2026
São Martinho
Next São Martinho earnings date
Q4 202626 May, 2026
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Frequently asked questions
São Martinho S.A. is an agribusiness company engaged in the production of sugar, ethanol, and bioenergy. The company operates large-scale sugarcane plantations and industrial facilities, focusing on integrated and sustainable production processes. São Martinho supplies sugar for food and beverage industries, ethanol for fuel and industrial applications, and generates bioelectricity from biomass. The company is headquartered in São Paulo, Brazil, and its shares are listed on the B3.
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