Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — Q4 2024 Earnings Presentation
11 slides from Sao Martinho's earnings presentation, June 2024
Slide 1: São Martinho 4th Quarter Results
São Martinho 4th Quarter Results June 2024
Slide 2: Disclaimer
DISCLAIMER ▪ This presentation contains forward-looking statements relating to the business outlook, operating and financial projections, and the growth prospects of São Martinho S.A. These statements merely represent projections and as such are based exclusively on management’s expectations about t
Slide 3: Agenda
AGENDA 1 Production Guidance 2 Capex Guidance 3 Financial Highlights 4 Cash Cost 5 Corn Operations 6 Price Evolution 7 Ethanol Market 3
Slide 4: Production Guidance
PRODUCTION GUIDANCE Production: Guidance Actual Var. (%) 12M25 12M24 • Stable TRS Produced Operational Data • Higher mix of own cane TRS Produced ('000 tons) 3,504.0 3,423.0 2.4% Agricultural - Sugarcane • Corn Operation at Full Capacity Crushed Sugarcane (‘000 tons) 22,400.0 23,067.0 -2.9% Av erage
Slide 5: Capex Guidance
CAPEX GUIDANCE Total Capex 24/25: • ~R$ 2.5 bi -R$ 247 MM +R$ 13 MM • Flat vs. 12M24 Variation of Capex 23/24: • Carry-over of Operational Improvements (R$ 180 mi) Expansion Capex 24/25: • 2 Line Harvesters (USM) • Biomethane (USC) • Crystalization (SP) (1) Crop 24/25 considering only Cane Operation
Slide 6: Financial Highlights
FINACIAL HIGHLIGHTS ∆ 4Q24 4Q23 4Q24/4Q23 Net Revenue¹ 2,423,011 1,816,720 33.4% Adjusted EBITDA 1,154,082 917,140 25.8% Adjusted EBITDA Margin 47.6% 50.5% -2.9 p.p Adjusted EBIT 466,053 462,819 0.7% Adjusted EBIT Margin 19.2% 25.5% -6.2 p.p Net Income 627,282 151,877 n.m Cash Income 504,747 340,586
Slide 7: Cash Cost: Sugar & Ethanol
CASH COST: SUGAR & ETHANOL Sugar Ethanol R$/ton R$/m3 2,475.5 Price 5,000.0 2,168.3 2,500.0 6,000.0 3,433.7 2,433.6 4,500.0 2,000.0 5,000.0 4,000.0 3,500.0 1,500.0 -10.6% +4.0% 4,000.0 3,000.0 2,719.6 1,000.0 2,431.4 Cash Cost 1,960.5 2,500.0 3,000.0 2,000.0 1,884.5 500.0 2,000.0 1,500.0 - 1,000.0 1
Slide 8: Corn Operations
CORN OPERATIONS Harvest 2023/24: 12M24 Crushing: 390.7 thousand tons Net Revenue 515,156 Actual 23/24 Ethanol 392,064 Corn Cost: R$ 69.6/Sc DDGS 103,129 Corn Oil 19,963 Price: Cost of Goods Sold (COGS) (558,076) Corn Purchases (482,552) • Ethanol: R$ 2,433.6/m3 I ndustrial (75,524) • DDGS: R$ 998.6/
Slide 9: Price Evolution
PRICE EVOLUTION Sugar – 12M24 Actual - R$/TON SUPPLY AND DEMAND2 Price 2,476 MM TON; DATAGRO 06/24 1.7 1.0 0.3 2023/24 2024/25E Cana Própria 2,409 -0.2 BRAZIL (CS) 42,4 | +26% 40,8 | -4% -2.2 -3.1 INDIA 32,1 | -2% 31,5 | -2% Consecana 2,657 -6.2 18/19 19/20 20/21 21/22 22/23 R$ 1,0 24/25E THAILAND 8
Slide 10: Ethanol Market
ETHANOL MARKET Ethanol Consumption Behavior Ethanol x Gasoline 77% 76% 78% Parity (%) 73% 76% 70% 66% 69% 65% 66% 64% 62% 53 54 53 54 52 54 54 57 50 49 51 Ethanol Participation in 29% 27% 26% 26% 23% 23% Otto Cycle 19% 18% 20% 20% 17% 17% (%) 19 * Otto Cycle consumption (million m³ gas. eq.) Recover
Slide 11: Relação com Investidores
RELAÇÃO COM INVESTIDORES +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br