MBRF Global Foods Company (MBRF3) investor relations material

Executive summary

• Q3 net revenue was R$41.424bn, down 0.8% YoY; adjusted EBITDA was R$3.558bn, up 1.6%, at an 8.6% margin. Net income attributable to controlling shareholders rose 123.5% to R$210m.

• Integration and diversification advanced one year after the merger; MBRF+ generated R$500m in Q3 efficiency gains and merger synergies contributed R$179m.

Financial highlights

• Net revenue was R$41.424bn, down 0.8% YoY; gross profit was R$5.137bn, with a 12.4% gross margin.

• Adjusted EBITDA was R$3.558bn, up 1.6% YoY; margin was 8.6%, up 20 bps.

• Net income attributable to controlling shareholders was R$210m versus R$94m in Q3 2025; net financial expense rose 47.1% to R$2.078bn.

• Operating cash flow was R$3.199bn and free cash flow was R$295m after R$1.497bn of capex and R$1.407bn of financial expenses.

Outlook and guidance

• Beef North America expected Q4 to outperform Q3 and saw potential for better industry margins in 2027 than in 2026.

• 2027 capex was expected near R$1.1bn per quarter, alongside a commitment to reduce annual capex by at least R$1bn; Q3 included roughly R$350m in expansion projects.

• Working capital was neutral in Q3; positive variation was expected in Q4, subject to external factors including the Middle East conflict.

• Sadia Halal margins were expected to normalize from 13.1% to 10%–11%; volume was expected to remain at similar levels in coming quarters.

• Long-term growth and profitability plans cited market and portfolio diversification, integration and efficiency gains; Q4 preparations included Sadia and Perdigão holiday demand.