Hello, and welcome to the comments on the results for the Q4 and full year 2024, ended February 2025. On slide two, we highlight our operating categories and key indicators for the quarter and the year. Our operations resulted in net revenue of BRL 3 billion in Q4 2024 and a record annual revenue of BRL 12.3 billion, up 11% and 9% respectively year on year. We achieved EBITDA of BRL 193 million in the quarter, with a margin of 6.5% and BRL 907 million for the year, with a margin of 7.4%. In terms of volumes, we reached 458,000 tons in the quarter and 2.1 million tons in the year, with a highlight being the growth of high-value operations in Brazil. We will discuss this result in greater detail during the presentation.
Now, on slide three, in High Turnover, comprising of grains and sugar in Brazil, we saw a 1% increase in volumes in the quarter and a 3% increase in the year. In grains, the growth in volumes in the period was partially offset in the quarter and year by the decline in sugar volumes. We continue to face a challenging scenario in terms of profitability and sugar volume in the domestic retail market, given the high competitiveness in the sector. It is also worth noting that in grains, we managed to maintain the category's profitability for the year, with high rice prices driving revenue in the High Turnover segment. Moving on to the High-Value category, which includes fish, pasta, coffee, and cookies, we recorded volume growth of 18% on Q4 2024 and 11% for the year.
This growth was driven by increased volumes in all categories, reflecting the strengthening of our portfolio. Looking at each category in detail, in fish, we saw sales growth due to the seasonality of the pre-Lent period. In pasta, we posted good profitability for the year, driven by the launch of Camil brand pasta in the São Paulo metropolitan area. This step reinforces the growth strategy for one of the most profitable categories of the year and highlights the strength of our brand in the region. We remain the number one player in market share in the state of Minas Gerais, with the Santa Amália brand, and one of the leading players in Brazil. In recent years, we have been working to expand our pasta production capacity and to optimize the use of our factory.
We are focused on expanding volumes to new regions, leveraging the strength of our Camil and Santa Amália brands. As for coffee, we also completed our capacity expansion and are moving forward with our sales growth strategy for the União brand, which currently has more than 4% market share in São Paulo and Rio de Janeiro regions. We have identified significant opportunities in the portfolio and are focused on implementing innovations and operational improvements to accelerate our growth. For example, last year, União Coffee expanded its portfolio with new packaging versions tailored to consumer preferences and launched gourmet coffees, positioning us as the fourth largest player in the segment in our three years of operation. As for cookies, we saw volume growth in both the quarterly and annual comparisons and the strengthening of the Mabel brand.
At the same time, we continue to focus on our plan to improve sales profitability. With the expansion of pasta, coffee, and cookies, which together have the production capacity to double in sales, we believe we are well positioned to drive our opportunities for expansion and high-value categories, both in volume and profitability. The expansion of these categories reinforces our position as a food platform with leading brands and high consumer preference. Our brands and portfolio variety strengthen our position in serving our customers' needs in the best way possible. Internationally, we posted 10% volume growth in Q4 2024 and an 8% decline in annual volume, mainly due to lower exports from Uruguay and volume growth in Ecuador. Despite this decline in the year, we saw price increases, which boosted the segment's revenue and increased our profitability.
As part of our regional growth and consolidation plan, we announced our entry into Paraguay, pending the closing of the transaction. With our geographic presence in South America and a diversified portfolio of products with leading brands recognized by consumers, we are increasingly stronger to overcome challenges in challenging scenarios and reinforce our efficiency. We continue to work on enhancing our brands and preparing to increasingly capture opportunities to expand the operations acquired in recent years in terms of volume and profitability through cross-selling brand straightening and commercial execution. I will now hand over to Flávio to comment on the financial results for the period. Flávio, please, you may proceed.
Hello, and thank you for joining us for this quarter's and year's comments. Starting the financial analysis with the quarter's indicators on slide six, we achieved net revenue of BRL 3 billion, a 12% increase over the previous year.
Cost of Goods Sold grew 17%, mainly due to the impact of cost of goods sold in Brazil. This result was driven by the High-Value segment in all categories, mainly coffee, which saw a significant price increase in the period. As a result, our Gross Profit totaled BRL 531 million, with a margin of 18% in the quarter. SG&A as a percentage of Net Revenue was 14.6%, keeping us at competitive levels compared to the industry. In other operating revenues and expenses, we totaled BRL 36 million in positive results for the quarter due to non-recurring revenues of BRL 33 million from the recovery of tax credits. These credits refer to Social Security contributions on labor costs, tax credits related to the exclusion, meaning the exclusion of ICMS from the PIS and COFINS calculated base, and contractual indemnities related to Mabel's tax liabilities.
EBITDA is stood at BRL 194 million, down 24% compared to EBITDA in Q4 2023, with a margin of 6.5%. Moving on to the financial highlights of the year, as Luciano mentioned, we achieved Net Revenue of BRL 12.3 billion, a 9% increase in a record level for the company. Cost of Goods Sold grew 10%, mainly due to growth in Brazil in the High Turnover segment, in grains, and in High-Value in all categories, especially coffee. As a result, our Gross Profit was BRL 2.4 billion, with a margin close to 20% for the year. SG&A expenses as a percentage of Net Revenue decreased by 0.3 percentage points to 14.7%. It is worth noting that over the last year, the company implemented plans to optimize and review expenses, aiming at greater efficiency and the identification of new synergies in the acquisitions made. Other operating revenues totaled BRL 58 million in 2024.
This result was mainly due to the non-recurring balance of BRL 44 million, of which BRL 33 million was recorded in Q4 2024, as already explained, and BRL 10 million, which, after discussion regarding the right to repeat the amounts of corporate income tax, social contribution, PIS, and COFINS calculated based on the SELIC rate, applied to undue taxes and judicial deposits, this amount was recorded as monetary restatement on taxes paid. In addition, this revenue of BRL 10 million also includes the recognition of the right to offset amounts unduly collected in recent years. Regarding EBITDA for the year, it totaled BRL 907 million, down 1%, with a margin of 7.4%. Moving on to our debt position, the company's net debt stood at BRL 2.7 billion, with net debt to EBITDA for the last 12 months at three times in the quarter.
This amount is within the limits of our financial covenants for the debentures and certificates of agribusiness receivables, or CRAs. We always review our covenants on an annual basis. We have significant working capital seasonality throughout the quarters, more specifically in rice and fish. Usually, our Q1 s of the year show higher cash consumption, while the Q4 shows a release in working capital, as you can see in the results for the period, and consequently, this leads to improved leverage. CAPEX, excluding M&A, amounted to BRL 122 million in the quarter and BRL 335 million in 2024. In Brazil, the main CAPEX investments were directed to our new grain plant located in Camaquã, the state of Rio Grande do Sul, and to the new thermoelectric project.
In addition to this amount, it's worth noting, as disclosed in November 2024, that the company made an advance payment for the acquisition in Paraguay in the amount of BRL 199 million disclosed in Q3 2024. As mentioned by Luciano, the closing of the transaction is still pending. With regard to ESG, we are consistently following up on the actions taken by the company. Last year, we conducted a cross-sectional assessment of initiatives to strengthen our practices. As a result, one of the areas of focus was to reinforce Camil's position to join B3's ISE. We are once again included in the current ISE portfolio, which began on May 5th. This move, in addition to our other environmental and social actions, reinforces the company's commitment to acting in the sustainable development of our business in a consistent manner and in line with our strategic objectives.
For more details on our actions and indicators, I invite everyone to access our annual sustainability report and contact our IR and ESG team with any questions or suggestions. To conclude, as Luciano has already pointed out, we are working hard to boost our efficiency and strengthen our brands and commercial execution. We are confident that we are on the right track to take the company to a new level of scale and profitability. We are now available for Q&A if you have any questions. Thank you all.