Hello, and welcome to the presentation and comments on the results for the third quarter ended November 2025. On slide two, we present the categories of activities and the main indicators for the quarter. The third quarter was marked by increased profitability even in a more challenging revenue scenario. Net revenues totaled $2.9 billion, down 5% year on year, mostly driven by prices. On the other hand, volumes totaled 616,000 tons, growing year on year. We ended the period with EBITDA of $239 million, up 39% year on year, and an EBITDA margin of 8.1%. This represents a 2.6 percentage points growth compared to the third quarter of 2024. This result reflects operating discipline, improved mix, and consistent growth in the high value-added and international categories. We will now look at performance by category.
In the high turnover category, which includes sugar and grains in Brazil, we saw an 8% decline in volumes compared to the previous year. This movement was mainly explained by lower sugar export volumes, partially offset by growth in grain volumes compared to the third quarter of 2024. As for sugar, it is worth reinforcing an important point. We continue to see a gradual improvement in profitability, which has contributed to more favorable margins in the category. In sequential comparison, high turnover showed a 12% drop in volume, again explained by sugar. Grains remained at a stable level in sequential volumes, but with lower prices that put pressure on its profitability. In the high growth category, which includes fish, pasta, coffee, and cookies, we recorded volume growth, both in annual and sequential comparison on all fronts. Coffee and fish were the main highlights of the quarter.
In pasta, the Camil brand continues to expand its share in the São Paulo metropolitan area. In cookies, we proceeded with our efforts to revitalize the Mabel brand with a clear focus on improving profitability, and as for coffee, we continue to strengthen União's presence with high visibility initiatives and a focus on positioning the higher growth segment. The high growth category remains a structural pillar of growth and margin for the company. We continue to execute our growth strategy with a focus on mix and added value, supported by investments in innovation and brand strengthening. In the international market, we recorded volume growth both year on year and sequentially. In the annual comparison, the advance was driven by the higher pace of exports in Uruguay and increased volumes from Paraguay after the completion of the acquisition on September 1st, 2025.
In the sequential comparison, the growth mainly reflects Paraguay's incremental contribution to the consolidated results. This stems from the implementation of our regional expansion strategy in South America. While we accelerate operating efficiency initiatives in other countries, our commitment remains the same: quality, discipline, and sustainable value creation. The combination of strong brands, regional presence, and strategic projects supports our growth trajectory. I now turn the floor to Flávio, who will comment on the financial highlights for the quarter. Well, thank you, Luciano. Good morning, everyone, and thank you for joining us for another earnings release presentation. Compared to the third quarter of 2024, net revenue is due at $2.9 billion, down 5% year on year. Cost of goods sold fell 11%, mainly reflecting the reduction in raw material prices, both in Brazil and internationally, with emphasis on the fast turnover category.
The lower reduction in revenue compared to cost of goods sold boosted gross profit for the period, which reached BRL 669 million with a gross margin of 22.7%. General and administrative expenses represented 17.3% of net revenue. On the international side, the increase reflects higher volumes in Uruguay and the inclusion of expenses from Paraguay in the consolidated numbers. In Brazil, we posted growth in sales, expenses, and commissions, and in G&A associated with increased commercial activity and investments in personnel and consulting services. As a result, we ended the quarter with EBITDA at BRL 239 million in a margin of 8.1%, reinforcing the trend of increased profitability. In the sequential comparison, net revenue was down by 1%, accompanied by a 1% reduction in COGS. Gross profit fell 1% with a margin that remained virtually flat at 23%. EBITDA was down 5%, mainly reflecting the seasonal impact on volumes and operating dilution.
As for our debt position, we ended the quarter with net debt of $3.8 billion and leverage of 4.2 times net debt over EBITDA of the last 12 months. It is important to emphasize that our working capital is structurally seasonal, especially due to rice. The beginning of the fiscal year requires greater cash consumption, while the final quarter tends to generate capital release, especially in the fourth quarter. For this reason, the net debt to EBITDA covenants currently set in our main issuance are at four times and are only tested at the end of the fourth quarter when we historically notice a reduction in leverage. It is worth noting that in November of 2025, we concluded the 15th issuance of the debentures in the amount of $1.25 billion, with a focus on extending maturities and strengthening liquidity.
CapEx for the quarter totaled BRL 95 million, mainly directed to the construction of the new grain and thermoelectric plant in Cambaí in the state of Rio Grande do Sul. This is a very strategic project for medium and long-term efficiency and competitiveness. In conclusion, we remain focused on strengthening our brands, gaining operating efficiency, and executing our growth with financial discipline. We are confident that the company's strategy supports a new cycle of evolution with consistent margin improvement and value creation for shareholders. We now are available for the question and answers session. Thank you very much.