Hello, welcome to the management's comments on the first quarter 2026 results for the period ended May 2026. On the second slide, we present a consolidated overview of our business segments and the key indicators for the quarter. Q1 2026 was marked by an acceleration in volumes in Brazil and in our international operations. We reached 594,000 metric tons for the period, an 18% increase when compared to the first quarter of 2025. In Brazil, volume grew by 14%, while the international segment grew by more than 25%. Despite deflationary pressure on rice prices, both in the domestic market and in Latin America, net revenue remained virtually stable at BRL 2.7 billion when compared to the first quarter of 2025. This result demonstrates the economies of scale largely offset the impact of lower prices during the period. EBITDA totaled BRL 210 million, with a margin of 7.9%.
We now turn to the highlights of each segment. In the high-turnover segment, comprising grains and sugar in Brazil, volume hit 333,000 metric tons, up 14% over Q1 2025, with positive contributions from both grains and sugar. This performance reflects all the work we have been doing in recent quarters. Our brands continue to gain relevance, commercial execution has improved consistently, and the growth plans we previously structured are yielding concrete results in terms of volume. As a result, the high-turnover segment continues to consolidate its position through its scale and market reach. Net price reached BRL 3.82 kg, a 3.5% year-over-year decline in line with lower rice and sugar prices. On a quarter-over-quarter basis, however, we saw a recovery. Net price was up 16% from Q4 2025, and volume grew 14%.
In the high-growth segment, which includes pasta, biscuits, coffee, and fish volume reached 49,000 metric tons, a 15% increase year-over-year. The main drivers of growth were fish, coffee, and biscuits, offsetting the decline in pasta. Coffee remains a standout category for the company. The initiative has been gaining momentum quarter by quarter. We continue to innovate in our portfolio, expand distribution, strengthen brand presence, and consistently gain market share. In biscuits, revitalization efforts continue to yield results with year-over-year volume growth. The net price reached BRL 17.52 / kg, a 15% increase over Q1 2025, reflecting the product mix and positioning in higher value-added categories. This trend towards higher value reinforces the consistency of our value-added growth strategy.
The international segment recorded a total volume of 211,000 metric tons, up 26% from Q1 2025, driven by performance in Uruguay, Paraguay, and Chile, and partially offset by a decline in volume in Ecuador and Peru. The international segment establishing itself as one of the company's strategic pillars for diversification and growth. The average net price fell by 32% year-over-year, in line with the trend of declining rice prices affecting the entire supply chain in the region. To conclude my remarks, we believe that our portfolio of leading brands, our operating discipline, and a clear value creation strategy position us to sustain consistent growth over time, as evidenced by the volumes reported for the period. I will now turn the floor over to Flavio, who will present the financial highlights for the quarter.
Thank you, Luciano, and thank you all for joining us for this earnings release presentation. Starting with the year-over-year comparison, net revenue stood at BRL 2.7 billion, remaining virtually flat for the period. The cost of goods sold declined by 3% due to lower input prices both in Brazil and abroad. As a result, gross profit rose to BRL 652 million with a gross margin of 24%, up by 1.9 percentage points year-over-year. Regarding operating expenses, SG&A accounted for 20% of net revenue, an increase of 3.9 percentage points compared to the first quarter of 2025. Sales expenses were 13% of revenue. This increase reflects higher transport volumes and freight rate adjustments during the period, including effects from route mix and the adjustment to ANTT's freight rate schedule, as well as the ongoing commercial restructuring, which includes expanding the sales force and adopting more efficient operating models for sales reps.
General and admin expenses, which accounted for 7% of revenue, were driven by non-recurring legal provisions totaling approximately BRL 22 million, related to a settlement reached in a road toll voucher lawsuit, other provisions, and expenses associated with personnel and technology. It is important to note that the SG&A ratio to net revenue is impacted not only by the growth in expenses, but also by revenue dynamics. During the period, revenue was pressured by a cycle of low rice prices, but it may benefit from a potential return to more normalized price levels, contributing to the natural dilution of these expenses as a proportion of net revenue. EBITDA for the quarter totaled BRL 210 million, with a margin of 7.9%. Compared to the fourth quarter of 2025, net revenue increased by 6.6%, while cost of goods sold, or COGS, rose by 3%.
Gross profit grew by 20%, with the gross margin increasing by 2.7 percentage points. EBITDA grew 8.9% from the previous quarter, with a 0.2 percentage point increase in the margin. Regarding the capital structure, Net Debt ended the quarter at BRL 4.2 billion, with a leverage ratio of 4.7x Net Debt to EBITDA for the last 12 months. It is worth noting that Camil's working capital profile is structurally seasonal. The first quarter is historically the period of highest cash burn due to the buildup of inventory for the rice harvest. Over the course of the fiscal year, this capital is gradually released. For this reason, financial covenants are assessed at the end of the fiscal year, a time when leverage ratios historically decline.
In addition, we raised funds in Brazil to meet our obligations for the next 12 to 14 months under our amortization schedule, totaling approximately BRL 600 million net. CapEx stood at BRL 78 million in the quarter, down 35% year-over-year and 16% quarter-over-quarter, reflecting the completion of construction of the new grains plant and the biomass-fired power plant in Cambaí in Q4 2025, and the resulting normalization of investments to maintenance levels. In closing, and to reinforce Luciano's message, we are confident that our close relationships with our customers, investors, consumers, and partners, combined with the quality of our execution, will continue to drive solid results and strengthen our position as one of the leading food companies in Latin America. With that, we will open the floor for the Q&A session. Thank you very much.