Minerva Foods Reports Net Revenue of R$56.2 Billion in 12 Months

Detailed summary

Net revenue grew approximately 9.5% year over year; 12-month EBITDA reached R$4.7 billion, up 2.7% SÃO PAULO, Nov. 11, 2026 /PRNewswire/ -- Minerva S.A. (BM&FBOVESPA: BEEF3 | OTC…

Net revenue grew approximately 9.5% year over year; 12-month EBITDA reached R$4.7 billion, up 2.7%

SÃO PAULO, Nov. 11, 2026 /PRNewswire/ -- Minerva S.A. (BM&FBOVESPA: BEEF3 | OTC - Nasdaq International: MRVSY), a global food company that owns the brands Cabaña Las Lilas, Estância 92 and Pul, and a leader in beef exports in South America, announces its results for the third quarter of 2026 (3Q26). The financial and operating information below is presented in BRGAAP, in Brazilian reais (R$), in accordance with IFRS (International Financial Reporting Standards).

Minerva Foods reported net revenue of R$14.5 billion in 3Q26, up 3.0% from 2Q26, amid lower cattle availability, mainly in Brazil, and lower shipments to China following the exhaustion of Brazil's quota under China's safeguard measure. In the last twelve months, net revenue totaled R$56.2 billion, growth of 9.5%.

Gross margin reached 17.1% in 3Q26, compared with 16.5% in the same period of 2025 and 16.6% in 2Q26, and gross profit totaled R$2.5 billion. The improvement reflects higher beef prices, both in exports and in domestic distribution, in a scenario in which the cost of cattle ready for slaughter rose approximately 24% year over year.

EBITDA for the quarter was R$1.2 billion, with an 8.3% margin, a decrease of 13.6% compared with 3Q25 and of 2.6% compared with 2Q26. In the last twelve months, EBITDA reached R$4.7 billion, up 2.7%, with an 8.4% margin.

Net leverage ended September 2026 at 3.2x. The Company ended the quarter with R$13.9 billion in cash and cash equivalents, sufficient to cover the debt amortization schedule through 2029. Year to date, the Company repurchased and cancelled approximately US$234.6 million (R$1.2 billion) of bonds in the international market, including the redemption of the 2028 Bond, and R$66.2 million of debt securities in the local market. Since the beginning of 2025, international bond repurchases total approximately US$619.5 million (approximately R$3.4 billion).

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