Q2 2026 International Meal Company Alimentacao SA Earnings Call Transcript
Key Points
- Pro forma net revenue grew 3% in Q1 2026, indicating operational stability and successful implementation of strategic initiatives.
- Adjusted EBITDA increased 27% year-over-year, excluding extraordinary effects, reflecting a gradual business recovery.
- Corporate G&A expenses were reduced by 37%, demonstrating strong cost discipline and structural efficiency gains.
- Cash flow improved significantly to R$28 million, up R$14 million from Q1 2025, highlighting enhanced working capital management.
- Net debt decreased by 51% year-over-year to R$193 million, with leverage at 2.5 times, showing improved financial health.
- Pizza Hut delivered robust results with 6.7% revenue growth, 8% same-store sales increase, and a positive EBITDA margin of 9.3%.
- The sale of RA Catering for R$20 million aligns with portfolio simplification and capital allocation discipline.
- National brands achieved 2.5% growth and 9.0% adjusted EBITDA margin expansion, driven by hospital segment and Vienna brand campaigns.
- Gross margin in the US operations expanded by 232 basis points due to efficient labor management and strict cost control.
- The company maintains a disciplined CapEx agenda, focusing on maintenance investments, particularly for Frango Asado.
- Net revenue declined 8% year-over-year to R$357 million, impacted by contract terminations and challenging US conditions.
- Adjusted EBITDA fell by R$18 million year-over-year, partly due to the recognition of R$30 million in non-recurring credits in Q1 2025.
- Frango Asado revenue decreased 4.4% due to the expiration of two gas station contracts, with same-store sales remaining stable but not growing.
- US operations faced a 10% revenue decline and negative same-store sales of 8%, impacted by adverse weather and ongoing challenges.
- The company continues to face a challenging environment in the US, with EBITDA R$5 million lower than the previous year.
- Same-store sales in Frango Asado were flat, reflecting high competition and consumer demand for convenience and lower prices.
- The sale of RA Catering and other divestitures may lead to short-term revenue disruptions and require ongoing integration efforts.
- CapEx is expected to be higher in Q2 and Q3, which could pressure cash flow in the near term.
- The company has no current M&A negotiations, limiting immediate growth opportunities through acquisitions.
- The US turnaround remains uncertain, with no clear timeline for recovery, despite management's focus on cost rationalization.
Good morning, ladies and gentlemen. Welcome to IMC's conference call to discuss the results for the first quarter of 2026. This conference call is being recorded and the presentation is available on the company's website. (Operator Instructions)
Before proceeding, I take this opportunity to reinforce that forecasts about future events are subject to risks and uncertainties that may cause such expectations not to materialize or to be different from what was expected. These forecasts are issued only on the date in which they are made, and the company is not obliged to update them.
This conference is attended by Mr. Fernando Calamita, CEO of IMC, and Mrs. Natalia Lacava, CFO of IMC.
I would like to give now the floor to Mr. Fernando, who will begin the presentation. Please, Fernando, you can go ahead.
Good morning to everyone and thank you so much for being here. We started 2026 with strategic clarity and consistency in execution. In this first quarter, we kept our focus on
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