Minerva (BEEF3) investor relations material

Executive summary

• Achieved record net revenue of R$54.8 billion in 2025, up 61% year-over-year, with exports accounting for 60% of gross revenue; EBITDA reached an all-time high of R$4.8 billion (8.8% margin), driven by disciplined execution and successful integration of new assets.

• Net income for 2025 was R$848.3 million, the highest in company history and a 196% increase over consensus expectations.

• Free cash flow for 2025 totaled R$1.5 billion, significantly above market expectations, with cumulative free cash flow of R$8.9 billion since 2020.

• Geographic diversification across South America and Australia enhanced risk mitigation and operational flexibility, supporting strong export performance and margin resilience.

• Achieved 100% compliance in environmental audits and advanced sustainability initiatives, including renewable energy investments and ESG certifications.

Financial highlights

• Gross revenue for 2025 was R$58.0 billion; Q4 2025 gross revenue was R$15.1 billion and net revenue R$14.2 billion, up 33% year-over-year.

• EBITDA for Q4 2025 was R$1,171.5 million (8.2% margin); full-year EBITDA was R$4,824.8 million (8.8% margin).

• Net profit for Q4 2025 was R$85.0 million; for 2025, R$848.3 million.

• Free cash flow for 2025: R$1.5 billion; operating cash flow: R$4.7 billion.

• Cash position at year-end was R$15.0 billion, covering debt amortization until 2029.

Outlook and guidance

• No formal EBITDA guidance for 2026 due to market skepticism, but expect top-line growth of 6%-10% with EBITDA at least matching 2025 levels.

• Margin pressure anticipated in 2026 from cost inflation (cattle, freight, energy), but geographic diversification and pricing power expected to support resilience.

• Management expects continued opportunities in global animal protein markets, with a focus on operational efficiency, sustainability, and risk mitigation.

• Further efficiency gains and profitability improvements anticipated from ongoing synergy capture.

• Continued focus on deleveraging, free cash flow generation, and disciplined capital allocation.