São Martinho S.A. (SMTO3) Earnings Call Transcripts
São Martinho S.A.'s Latest Earnings Call - Q4 FY2026
In the fourth quarter of the '25-'26 crop year, São Martinho S.A. reported a significant increase in sales volume, with sugar volumes up 32% and ethanol sales up 37%. The company achieved an EBITDA of BRL 338 million, reflecting a 41% growth compared to the previous half-year, and an EBITDA margin of 49%. Management maintained a cautious outlook for the '26-'27 crop year, indicating potential challenges due to lower sugar prices and anticipated production impacts from El Niño, while also signaling a commitment to operational efficiency and cost management.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | BRL 1.8B (beat) |
| EBITDA | BRL 338M (beat) |
| EBITDA Margin | 49% (beat) |
| Cash Cost of Sugar | BRL 1,750/ton (positive) |
| CapEx Guidance | BRL 2B (neutral) |
| Corn Ethanol Production | 521,000 tons (inline) |
Guidance from management
Management expects a 10.7% growth in sugarcane volumes for the '26-'27 crop year, with a focus on operational efficiency. They maintained a cautious outlook on sugar and ethanol pricing, indicating potential challenges ahead.
What analysts pressed on
Analysts expressed concerns regarding the impact of El Niño on production and the disconnect between ethanol prices and oil prices. There were also questions about the company's capital allocation strategy in a challenging market environment.
Main topics on the call
- Sales Volume Growth — São Martinho reported a 32% increase in sugar volumes and a 37% increase in ethanol sales volumes compared to the previous year. CFO Felipe Vicchiato noted, "We had a very strong year in terms of sales volume."
- EBITDA Performance — The company achieved an EBITDA of BRL 338 million in Q4, representing a 41% growth from the previous half-year. The EBITDA margin was reported at 49%, indicating strong operational performance.
- Cost Management and Guidance — Management expects a 7% reduction in cash costs for the next crop year, with sugar costs projected around BRL 1,750 per ton. The guidance for maintenance CapEx is set at BRL 2 billion, reflecting inflationary pressures a...
- Market Challenges — Management highlighted concerns about the sugar market, with prices under pressure due to increased production expectations. Vicchiato stated, "This price doesn't match the supply and demand of sugar for the '26, '27 cro...
Read the full São Martinho S.A. transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About São Martinho S.A.
São Martinho S.A. (SMTO3) is a publicly listed company in the Food Products industry, within the Consumer Staples sector. It trades on BOVESPA and is based in BR. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 27 calls on record spanning February 11, 2020 to August 11, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 27 São Martinho S.A. earnings call transcripts on record, spanning February 11, 2020 to August 11, 2026. Based on this history, São Martinho S.A. reports quarterly. The most recent call on file is dated August 11, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- SMTO3
- Exchange
- BOVESPA
- Country
- BR
- Sector
- Consumer Staples
- Industry
- Food Products
- Calls on record
- 27
- First call
- February 11, 2020
- Most recent
- August 11, 2026
- Reporting cadence
- quarterly