Minerva (BEEF3) investor relations material

Industry overview

• Global beef production is concentrated in South America, the USA, and Asia, with Brazil representing about 30% of global beef exports and accessing 85% of world beef demand.

• South America is the only region with an expanding cattle herd, while other major regions show herd declines.

• Beef consumption and imports are growing rapidly in Asia, especially China and Indonesia, driven by rising incomes and urbanization.

• South American beef enjoys natural advantages: grass-fed cattle, competitive costs, and strong animal health standards.

• Opening of new markets and increased competitiveness are driving export growth from South America.

Company profile and strategy

• Operates 38 industrial units with a daily slaughter capacity of 43,640 heads, diversified across Brazil, Australia, Paraguay, Argentina, Uruguay, and Colombia.

• Gross revenue for 1Q26 reached R$14.5 billion, with Brazil contributing 51% and significant revenues from Paraguay, Uruguay, Argentina, and Australia.

• Export markets account for over 63% of consolidated gross revenue, with a focus on emerging markets and niche products like organic, kosher, and halal beef.

• Maintains a broad international presence with 18 offices and access to nearly all major beef-importing countries.

• Strategic growth through acquisitions, innovation, and joint ventures to expand market access and value chain integration.

Operating and financial highlights

• Net revenue for 1Q26 was R$13.4 billion, with LTM net revenue at an all-time high of R$57.0 billion.

• LTM EBITDA reached R$4.98 billion, with EBITDA margin consistently around 9%.

• Net debt at 1Q26 was R$13.7 billion, with a leverage ratio of 2.7x net debt/EBITDA.

• Free cash flow since 2020 totals R$8.2 billion, with positive cash generation in 1Q26.

• 2025 dividends totaled R$192.9 million, with a 25% payout ratio.