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Minerva (BEEF3) investor relations material
Minerva Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record net revenue of R$15.5 billion and EBITDA of R$1.4 billion in 3Q25, with net income of R$120 million and free cash flow of R$2.5 billion, reflecting strong operational performance and successful integration of new assets ahead of schedule.
Export markets contributed 61% of gross revenue in 3Q25, with Asia and NAFTA as key destinations, supported by global beef supply constraints and strong demand.
Maintained strong global market positioning, leveraging geographic diversification and market arbitrage.
Continued focus on sustainability, publishing the 14th sustainability report and advancing ESG initiatives, including 100% compliance in Paraguay's socioenvironmental audit and expansion of carbon-neutral protocols.
Integration of new South American assets completed ahead of schedule, driving operational synergies, cost dilution, and improved profitability.
Financial highlights
Net revenue reached R$15.5 billion in 3Q25, up 82.5% year-over-year and 11.5% sequentially, with LTM net revenue at R$51.3 billion.
EBITDA for 3Q25 was R$1.4 billion, a 70.8% increase year-over-year, with an 8.9% margin; LTM adjusted EBITDA reached R$4.7 billion.
Net income for the quarter was R$120 million; LTM net income at R$763.3 million.
Free cash flow in 3Q25 was R$2.5 billion, with LTM free cash generation at R$2.9 billion.
Net debt reduced to R$11.8 billion, with net leverage/EBITDA at 2.5x, the lowest since 2022.
Outlook and guidance
2025 net revenue guidance of R$50–58 billion reaffirmed, with current results already within range.
EBITDA for 2025 expected to exceed R$5 billion, with leverage projected below 2.5x.
Free cash flow for 2025 forecasted at R$1.5 billion, surpassing initial expectations.
Integration of new assets concluded in September, with 4Q25 expected to be the first normalized quarter post-integration.
Continued optimism for South American beef exporters due to global supply constraints and strong demand in Asia and the U.S.
New assets: how to maximize market arbitrage
Plan for outstanding subscription warrants
MyCarbon projects: value generation strategy
Dividend payout strategy given early deleveraging?
New assets' Q4 normalized performance outlook?
China demand outlook considering safeguard risks?
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Q4 202513 Mar, 2026
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Frequently asked questions
Minerva S.A. is a company specializing in the production and sale of beef. The company's operations are broadly divided into two segments: Meat and Livestock. In the Meat division, Minerva is engaged in the production and sale of fresh beef, including beef, pork, and poultry processing, as well as the production and sale of cattle byproducts like hides or giblets. The Livestock division focuses on the export of live cattle. Minerva S.A. is headquartered in Barretos, Brazil, and its shares are listed on the São Paulo Stock Exchange.
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