Hello and welcome to the comments on the results of the first quarter and in May 2025. On slide two, we highlight the operating categories and key indicators for the quarter and the year. We posted net revenue of BRL 2.7 billion and EBITDA of BRL 233 million, with a margin of 8.7%. This margin is up 2.2 percentage points compared to Q4 of 2024. In terms of volumes, our total was 508,000 tons, with notable growth in international operations. We will go into more details in the next few slides. In the high turnover segment, which includes grains and sugar in Brazil, we saw a 14% drop in volume compared to Q1 2024. This decline was mainly driven by the Sugar category, which continues to face strong competitive pressure in the domestic retail market, both in terms of profitability and volume.
In Grains, the lower volume reflects a strong comparative base in the same period of the previous year and a lower price scenario. At times like these, when rice prices continue to fall, retailers tend to adopt a more cautious stance on restocking, waiting for a stabilization. In the high value categories of Fish, Pasta, Coffee, and Cookies, we saw a 4% decline in volumes during the quarter. This decline was mainly seen in Pasta and Coffee. In sequential comparison, the decline also reflects the seasonality of Fish. To boost results in these categories, we continued to invest in new project launches and strengthening our brands.
In pasta, we launched the Camil brand line in the São Paulo metropolitan area, a move in line with our strategy to strengthen one of our most profitable categories in recent years, as well as expanding our presence in a key market in terms of brand recognition and cross-selling potential. In Coffee, after launching new packaging and a gourmet line in the last few years, we are now introducing União brand capsules, compatible with Ne spresso system and available in five different versions, strengthening the portfolio and presence of the União brand in food retail. In Cookies, our campaigns remain focused on revitalizing the Mabel brand and on actions to increase profitability. These three categories, Pasta, Coffee, and Cookies, are still operating at around half of their installed capacity. We therefore have significant room to expand volumes, dilute costs, and improve margins.
In the International segment, we saw volume growth driven by exports from Uruguay. Even with the drop in prices, we managed to maintain the segment's profitability, which has shown good results, and we are moving forward with its expansion. We have already announced to the market the deal to enter the Paraguayan rice market. We are finalizing discussions to complete the acquisition. We will keep the market informed about the next steps. With a solid track record and a portfolio of strong and recognized brands, we continue to strengthen our presence in the markets where we operate and expand our operating efficiency. Our more than 60 years of history reflect Camil's commitment to offering quality food and creating value in a consistent and sustainable manner.
We are confident that with our brands, internal adjustments, and strategic initiatives, we will continue to drive our growth and consolidate our leadership in the sector. I will now hand over to Flávio to comment on the financial highlights for the period. Okay, Fl á vio, you have the floor now.
Thank you, Luciano, and hello everyone. Starting with financial performance, in Q1 2025, we had net revenue of BRL 2.7 billion, down 7% year on year. Cost of goods sold fell 8.5%, mainly reflecting lower prices in Brazil, particularly rice, which had been trading at higher levels in the previous year. As a result, gross profit was BRL 606 million, with a margin of 22.6%. SG&A expenses accounted for 16.5% of net revenue, keeping us at competitive levels compared to the industry. We reduced sales expenses due to lower volumes, partially offset by an increase in general and admin expenses, especially personnel expenses.
Our EBITDA was BRL 233 million, with a margin of 8.7%, a margin that remained virtually stable compared to the same period last year. On slide seven, when we compare the results sequentially, we see a more pronounced reduction in net revenue and COGS, mainly due to lower prices in the period. However, it is worth noting that 14% increase in gross margin and 20% increase in EBITDA, with our EBITDA margin raising from 6.5% to 8.7% in the sequential results. This result is due to seasonality of the period and the improved performance of international operations in Q1 2025. Now moving on to debt, the company's net debt stood at BRL 3.6 billion, with net debt to EBITDA for the last 12 months at four times in the quarter. It is also worth noting that we have significant working capital seasonality throughout the quarters, more specifically in rice and fish.
The first quarter traditionally shows higher cash consumption, while the fourth quarter shows a release in working capital, with our debt covenants in relation to this indicator only being read in the fourth quarter. CapEx totaled BRL 120 million in the quarter, with highlights including investments in Brazil in the new grain plant in Cambaí, Rio Grande do Sul and the continuation of construction of a new biomass-fired power plant using rice husks, our main waste product, which will enable us to use 100% of the husks from our processing in the region. Speaking of the new thermoelectric plant as part of our ESG agenda, we published our 2024 sustainability report detailing the company's various initiatives and progress indicators. These initiatives reaffirm our commitment to the sustainable development of our business and the planet while promoting the creation of shared value and enhancing our growth as a company.
With this in mind, the company was once again included in B3's Corporate Sustainability Index, or ISE, portfolio effective as of May 2025. If you're interested in learning more about our actions and indicators, please access our annual sustainability report and contact our IR and ESG team if you have any questions or suggestions. To conclude, as Luciano has already pointed out, we are working hard to strengthen our brands and commercial execution. We are confident that we are on the right track to take the company to a whole new level of scale and profitability. With that, we are now available for Q&A if you have questions. Thank you all very much.