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Under pressure from biodiesel, Caramuru Alimentos recorded a net profit of R$ 35.6 million between January and March 2026, a 69.2% drop compared to 2025. The company also had lower revenue, reduced adjusted Ebitda, and the impact of the appreciated real on prices, sales, exports, and margins in the quarter in a challenging scenario.
The pressure on biodiesel brought down Caramuru Alimentos’ results in the first quarter of 2026, in Brazil, amid lower sales, a drop in average prices, and the impact of the appreciated real against the dollar. The company recorded a net profit of R$ 35.6 million between January and March.
According to the portal CNN Brasil, the balance sheet was released in May 2026 and showed a decline in important areas of the company, one of the largest soybean and corn crushers with national capital. In addition to biodiesel, agricultural commodities, exports, and operational margins also felt the effect of a less favorable scenario for the company.
Caramuru’s profit fell 69% in the quarter
Caramuru ended the first quarter of 2026 with a net profit of R$ 35.6 million, a decrease of 69.2% compared to the same period in 2025. The decline shows how the combination of lower demand, lower prices, and exchange rates pressured the company’s results.
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Net revenue also fell by 7.5%, to R$ 1.6 billion. The adjusted Ebitda, an indicator that measures operational performance before interest, taxes, depreciation, and amortization, fell by 98.6%, reaching R$ 2.2 million.
The result indicates a significant deterioration in profitability in the quarter. Even maintaining operations in different segments, the company faced a difficult environment to convert sales into margin.
The drop did not come from a single factor. The performance was affected by a lower volume of sales, a decline in average prices, pressure on biodiesel, and exchange rate impact on products linked to the international market.
Biodiesel was the main point of pressure
The biofuels segment experienced a 24.3% drop in net revenue, which amounted to R$ 488.1 million. According to the disclosed data, performance was affected by 16.5% lower sales and an 8.6% decline in the average price of biodiesel sold.
The division also recorded a significant loss in margin. The gross profit of the segment fell by 73.1%, while the gross margin dropped from 32.1% to 11.4%, highlighting the pressure faced by the biodiesel market during the period.
Another point mentioned by the company was the non-implementation of B16, maintaining the mandate at B15. In practice, this limited additional demand for the product, reducing the room for growth in the quarter.
This data is relevant because biodiesel depends on mandatory blending rules with diesel. When the increase in percentage does not advance, the expected demand for the sector may fall below companies’ projections.
Appreciated Real affected exports and prices
The appreciation of the real against the dollar also weighed on Caramuru’s results. As part of the biofuels and agricultural commodities market is influenced by international quotations, the exchange rate can directly affect revenues and average prices.
When the real appreciates, export revenues converted to Brazilian currency tend to lose strength. This movement can reduce margins, especially in companies with strong exposure to foreign trade.
The company reported that the exchange rate affected both export revenues and biodiesel prices. This effect added to the drop in demand and the reduction in average prices, increasing the pressure in the quarter.
For industrial agribusiness companies, the relationship between exchange rates, commodities, and the domestic market is constant. Small variations can alter competitiveness, margin, and profitability of entire segments.
Commodities had weaker performance in margins
In the commodities area, net revenue fell by 0.5% to R$ 546.1 million. The volume sold grew by 2.8%, but the gross margin decreased from 2.8% to 0.8%, showing that selling more does not always mean earning more.
The drop in margin reveals a tighter pricing environment. Even with a higher volume, the company faced pressure on average values and lower profitability per operation.
The differentiated commodities segment, which includes glycerin, had net revenue of R$ 387.5 million, a growth of 4.7% compared to the same period in 2025. The increase was mainly driven by a 26.2% rise in sales volume.
Still, the gross margin in this area also fell, dropping from 20.7% to 9%. The result reinforces that exchange rate pressure and pricing dynamics affected different fronts of the company.
Consumer products grew, but did not offset the pressure
The consumer products and other segment recorded net revenue of R$ 210.9 million in the first quarter. The amount represents an increase of 4.8% compared to the same period of the previous year.
This performance was supported by a 9.3% increase in average selling prices, which offset a 6.6% drop in sales volume. The product mix helped, with a notable increase in the share of soybean, corn, and sunflower oils in the sold portfolio.
Despite the progress in this area, the growth was not enough to neutralize the pressure on biofuels and commodities. The weight of biodiesel and exports in the consolidated result ended up prevailing.
The quarterly reading shows a company with segments at different paces. While consumer products saw revenue improvement, areas linked to the international market and biofuels faced lower margins.
Net debt fell and the company issued a Green CRA
Even with lower profit, Caramuru ended the quarter with a 12.9% reduction in net debt, which stood at R$ 1.58 billion. This movement indicates an effort of financial control amid a more pressured operational result.
The company also highlighted the issuance of a Green CRA of R$ 600 million. The instrument was used to extend the debt profile, which can provide more financial breathing room for the company in a scenario of lower margins.
The reduction of debt helps to soften the negative reading of the quarter, although it does not eliminate the challenges faced in the biodiesel, commodities, and export segments.
In periods of operational pressure, debt management gains importance. Companies with more balanced financial costs tend to navigate difficult cycles with greater reaction capacity.
What the result shows about the sector
Caramuru’s balance sheet shows how the biofuels sector can be sensitive to three factors at the same time: regulatory demand, international prices, and exchange rates. When these vectors move against the company, the impact quickly appears on profit.
Biodiesel, which could be a growth engine in a scenario of greater blending with diesel, ended up being pressured by the maintenance of B15 and lower average prices. The drop in margins shows that the market went through a more difficult quarter than expected.
At the same time, the result also highlights the exposure of Brazilian food and commodity companies to the global environment. Exports, the dollar, average price, and external demand continue to determine a significant part of profitability.
Caramuru starts 2026 with a warning: selling, exporting, and maintaining a presence in various segments is not enough when margins, exchange rates, and demand move in an unfavorable direction.
Pressure on biodiesel leaves a warning for the coming quarters
The 69.2% drop in Caramuru’s profit in the first quarter of 2026 puts biodiesel at the center of attention for investors, the market, and the productive sector. The company remains relevant in soy, corn, commodities, and consumer products, but faced a quarter of strong operational compression.
The challenge now will be to recover margins without relying solely on volume. For this, the company will have to deal with exchange rates, international prices, demand for biofuels, and the pace of exports.
The question that remains is whether the pressure on biodiesel was a problem concentrated at the beginning of 2026 or if it anticipates a more difficult period for companies related to biofuels and agricultural commodities in Brazil.
Do you think biodiesel will still be a strong bet for Brazilian agribusiness companies, or does the dependence on regulations, exchange rates, and international prices make the sector too unstable? Leave your opinion in the comments.
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