Minerva (BEEF3) investor relations material

Executive summary

• 3Q26 net revenue was R$14,521m and EBITDA was R$1,198.9m at an 8.3% margin; net loss was R$717.3m, with recurring net income of R$120m after specified adjustments.

• LTM revenue reached R$56.2bn, up 9.5% YoY, and EBITDA was R$4.7bn, up 2.7%; net leverage ended September at 3.2x.

• Geographic diversification and operational flexibility supported sales redirection amid trade-flow shifts and reduced Brazilian shipments to China.

Financial highlights

• Net revenue rose 3.0% QoQ and fell 6.4% YoY; gross revenue was R$15.8bn, down 3.1% YoY and up 4.7% QoQ.

• Gross profit was R$2.5bn; gross margin expanded to 17.1% from 16.5% in 3Q25 and 16.6% in 2Q26.

• EBITDA was R$1,198.9m, down 13.6% YoY; its 8.3% margin declined 0.7 percentage points YoY.

• Net loss was R$717.3m versus net income of R$120m in 3Q25; recurring net income, adjusted for FX and commodity hedge effects and FX variation, was R$120m.

• Operating cash flow was R$518.1m; free cash flow after capex, interest and working capital was negative R$402.7m in 3Q26 and negative R$2.2bn LTM.

Outlook and guidance

• Inventory reduction over the next 2–3 quarters could release R$2.2bn–R$4.5bn or more; China shipments begin in Q4, with revenue recognized on arrival, mainly in Q1 2027.

• If inventory falls mostly in Q4, free cash flow could reach breakeven for the year and leverage could return to 2.8x; outcomes depend on inventory sales pace.

• Priorities include operational efficiency, capturing market opportunities, financial discipline, risk reduction and balance-sheet strengthening; bond buybacks remain subject to market conditions.

• 2027 cattle supply is expected to remain in a negative cycle, with margins similar to or tighter than 2026; cattle price increases may be less pronounced.