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São Martinho (SMTO3) investor relations material
São Martinho Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Nov, 2025
Executive summary
CapEx guidance was reduced by 5.3%-5%, focusing on maintenance, operational improvements, and modernization, totaling BRL 2.8 billion for the next crop year.
Net income for 2Q26 was BRL 176.4 million, down 5.9% year-over-year but up 180.8% sequentially, with net revenue at BRL 1.74 billion, reflecting lower sugar and ethanol prices and volumes.
Adjusted EBITDA for 2Q26 was BRL 816.9 million, with a margin of 47.0%, down year-over-year due to weaker sugar results.
Production mix shifted to 49%-51% ethanol and sugar, prioritizing ethanol due to better pricing and liquidity.
Sugarcane crushing guidance was revised down by 2.7% due to adverse weather, with TRS production also below expectations.
Financial highlights
Adjusted EBIT margin declined year-over-year, with cash income for the year at BRL 1,019 million, 13% lower than the previous year, mainly due to lower prices and Consecana's effect.
Corn processing generated BRL 146 million EBIT (31% margin) in the half-year, with corn segment EBITDA margin rising to 34.4% in 6M26.
Cash COGS in 2Q26 was BRL 761.0 million, down 11.9% year-over-year, reflecting improved industrial efficiency.
Financial result (cash) was an expense of BRL 67.3 million in 2Q26, 17.6% lower year-over-year.
Net income for 6M26 was BRL 239.2 million, down 18.6% year-over-year.
Outlook and guidance
Cane processing guidance for 12M26 was revised down by 2.7% due to adverse weather and lower productivity.
Ethanol margins are expected to improve in the second half, with robust demand and higher prices anticipated.
Maintenance CapEx for next year projected below BRL 1.9 billion, with further optimization targeted.
Yield recovery targeted for next crop year, aiming for 37 tons per hectare, contingent on favorable climate.
No changes in corn ethanol production estimates.
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Next São Martinho earnings date
Q3 202610 Feb, 2026
Next São Martinho earnings date
Q3 202610 Feb, 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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