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Minerva (BEEF3) investor relations material
Minerva Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2/2Q25 gross revenue of $14.7B (R$14.7B), net revenue of $13.9B, and EBITDA of $1.3B with a 9.4% margin, driven by exports and new asset integration.
Net income reached a record $458.3M (R$458M) in Q2/2Q25, reversing prior losses.
Exports accounted for 60% of Q2/2Q25 revenue, with strong performance in North America and Asia.
Maintained a strong cash position of $12.5B (R$12.5B) and completed a $2B (R$2B) capital increase.
Reinforced ESG leadership with 100% renewable energy use in Brazil and top ESG index inclusion.
Financial highlights
Net revenue reached $900M (R$13.9B) in Q2/2Q25, up 82% year-over-year and 24% sequentially.
EBITDA increased 75% year-over-year to $1.3B (R$1,302M), margin at 9.4%.
LTM gross revenue totaled $47.1B, EBITDA $4B (R$4,478M), both record highs.
Free cash flow for the year was $1.1B (R$1.1B), with consistent generation since 2018.
Net debt/Adj. EBITDA LTM at 3.16x; cash position of $12.5B (R$12.5B), debt duration 4.2 years.
Outlook and guidance
Expect continued deleveraging and improved profitability in H2/2H25 due to seasonality and further asset integration.
Anticipate inventory normalization and potential working capital release of $600M–$1.7B in H2.
Project annualized EBITDA of $5.2B if Q2 performance is sustained.
Strategy emphasizes geographic diversification to mitigate new U.S. tariff risks, with estimated impact up to 5% of net revenue.
Ongoing investments in sustainability, traceability, and carbon markets to support long-term competitiveness.
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