3 Key Points
—Camil Alimentos (CAML3) opened Brazil's Q2 earnings season with a fiscal first-quarter (March–May) net profit of R$28 million ($5.5M), down 57.6% from R$66 million ($13M) a year earlier; the stock answered with an 18.18% collapse to R$4.41 — its low of the day — and slid further to R$4.30 the following session, within 7% of its 52-week floor.
—The damage is a price story, not a demand story: international volumes jumped 26% while realized prices fell 32%, dragging the segment's adjusted EBITDA down 48% to R$36 million ($7M); Brazil adjusted EBITDA fell 48% to R$36 million ($7M) on revenue of R$2.7 billion, with international volumes up 26% and realized prices down 32%.
—Bradesco BBI calls 2026 harder than expected and Camil the most rate-sensitive profit in its coverage; Itaú BBA still sees long-term value with El Niño rice prices as the catalyst — and at 0.50x book value with a consensus target of R$7.50, some 74% above the price, the stock now trades as a deep-value rate-cut option.
Camil Results Fiscal 1Q26: What Happened
