Sao Martinho SA (BSP:SMTO3)

Q3 2026 Sao Martinho SA Earnings Call (English, Portuguese) Transcript

Feb 10, 2026 / 06:00 PM GMT

Release Date Price: R$15.1 (-2.14%)

Transcript

Key Points

Positve

Sao Martinho SA (BSP:SMTO3) reported a 3% increase in corn ethanol production compared to last year, with expectations to compensate for losses in the sugar business.
The company has shifted its production mix towards ethanol due to favorable pricing, resulting in significant ethanol inventory for sale in the fourth quarter.
Ethanol market demand has been strong, with a 9% growth in the past 12 months, providing a positive outlook for future sales.
The company anticipates a 10-15% reduction in costs if productivity resumes, with potential for better yield and TRS (Total Recoverable Sugar).
Sao Martinho SA (BSP:SMTO3) maintains a comfortable debt position with a net debt to EBITDA ratio of 1.8 times, and plans to reduce debt levels by March 2026.

Negative

Sugarcane processed volume was slightly below last year, with productivity down by almost 4%, impacting cost dilution and increasing unit costs.
The company experienced a significant drop in TRS, particularly in the Boa Vista unit, due to climate impacts, leading to lower available products.
Ethanol sales were down by almost 40% compared to the previous quarter, affecting quarterly results.
Average sugar prices were 7% lower, impacting margins despite higher volumes sold.
The company's net debt increased due to higher working capital and investments, although it remains at a controlled level.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SMTO3.SA - Sao Martinho SA
Q3 2026 Sao Martinho SA Earnings Call (English, Portuguese)
Feb 10, 2026 / 06:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon, ladies and gentlemen, and thank you for waiting. Welcome to the San Martinno SCA conference call to discuss the results for the third quarter of the 25, 26 crop year. With us today are Mr. Felipe Vicato, CFO and head of IR.

John Graham, IR manager, and the investor relations team of So Martino. The audio and slides of this conference call are being broadcast simultaneously over the web at www.selmartino.com.brr/IR. Participants will be able to choose which language they want to view the presentation in. Two tabs will appear at the top of the screen with the options.

Please note that all participants will be on listen-only mode during the company's presentation.

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