Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 2Q24 Earnings Presentation
11 slides from Sao Martinho's earnings presentation, Nov 10, 2023
Slide 1: 2nd Quarter Results 2023/2024 Harvest
2nd Quarter Results 2023/2024 Harvest NOVEMBER 10th,2023
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 th
Slide 3: Agenda
AGENDA 1 Operational Highlights 2 Financial Highlights 3 Cash Cost 4 Ethanol Market 5 Sugar Market 6 Capex Guidance 3
Slide 4: Operational Highlights
OPERATIONAL HIGHLIGHTS Productivity Recovery: ∆ • TCH 18.7% higher on 6M24 6M24 6M23 6M24/6M23 Operational Data Agricultural - Sugarcane Crushed Sugarcane (‘000 tons) 17,489.0 16,726.6 4.6% Sugar Cane Processed: Own 11,197.3 11,030.7 1.5% Third Parties 6,291.7 5,695.9 10.5% • Crushing (6M24) in line
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS ∆ 2Q24 2Q23 2Q24/2Q23 Net Revenue¹ 1,536,691 1,584,671 -3.0% Adjusted EBITDA 654,958 787,714 -16.9% Adjusted EBITDA Margin 42.6% 49.7% -7.1 p.p Adjusted EBIT 297,894 420,037 -29.1% Adjusted EBIT Margin 19.4% 26.5% -7.1 p.p Adjustments on EBIT (377,944) (449,877) -16.0% Net Incom
Slide 6: Evolution Cash Cost: Sugar and Ethanol
Evolution CASH COST: SUGAR AND ETHANOL 2023/2024 First Semester (6M) Full Year (12M) (R$/ton) Sugar 1.942 1.973 1.958 1.885 2.052 1.732 1T24 1Q24 2T24 2Q24 6M23 6M24 12M23 12M24e Ethanol (R$/m3) 2.845 2.713 2.686 2.484 2.382 2.073 1Q24 2Q24 6M23 6M24 12M23 12M24e 6
Slide 7: Ethanol Market
ETHANOL MARKET HYDROUS ETHANOL PRICE– CEPEA/ESALQ SP (R$/L) Not including selling expenses, ICMS or PIS/Cofins Δ -21.43% PIS/COFINS Returns PIS/COFINS & Crop Delay PPI & PB ICMS ICMS-SP Increases* PB Price PB Price PB Price cut 23/24 Price Cut (Ad rem) PB Price Cut Increase Cut 3.092 2.809 2.802 2.6
Slide 8: Ethanol Market: Demand
ETHANOL MARKET: DEMAND Pump Parity (ANP; SP) – Hydrous/Gasoline in % Hydrous Ethanol Output (UNICA; Center-South) – Bi Liters 77% 78% 77% 74% 76% 76% 73% 69% 70% 71% 1.9 72% 69% 69% 67% 67% 69% 70% 68% 66% 66% 65% 68% 64% 64% 64% 65% 65% 64% 64% 66% 62% 2.1 62% 2.0 1.8 1.8 1.7 59% 1.7 1.6 1.6 1.5 1.
Slide 9: Supply and Demand, Sugar Hedge Position
SUGAR HEDGE SUGAR – 6M24 (ACTUAL - R$/TON) SUPPLY AND DEMAND (MM TON; DATAGRO 11/23) PRODUCTION ESTIMATES 23/24 Price 2,400 1.52 (MM TON | YOY%) 0.28 BRAZIL 43.10 | +18% Own Cane 2,335 -0.68 -1.03 INDIA 29.5 | -12% -3.06 -4.66 TAILAND 8.1 | -26% Consecana 2,602 -6.22 18/19 19/20 20/21 21/22 22/23 23
Slide 10: Capex Guidance
CAPEX GUIDANCE Updated 23/24: • ~R$ 2.7 bi (vs. ~2.5 bi) Increasing of~R$ 260 MM: Modernization: • Biomethane Project • Two-line harvesters Improvements: • Replacement of fleet and machinery In R$ MM 10
Slide 11: Investor Relations
INVESTOR RELATIONS +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br