Marfrig Global Foods (MBRF3) Q2 2026 earnings summary

Executive summary

• Achieved record sales volume for Q2 2026, with net revenue of R$40.7 billion, up 4.9% year-over-year, and adjusted EBITDA of R$3.2 billion, up 5.4% year-over-year, driven by strong performance in all business segments.

• Net income reached R$69 million, demonstrating resilience amid high interest rates and currency appreciation.

• Integration with BRF advanced, capturing R$158 million in synergies and R$328 million in operational efficiency gains.

• BRF and South America Beef operations were key EBITDA contributors, while North America Beef faced margin pressure from higher cattle costs.

• Sadia Halal achieved record profitability and reinforced brand leadership in core markets.

Financial highlights

• Consolidated net revenue: R$40.7 billion in Q2 2026 (+4.9% YoY); adjusted EBITDA: R$3.2 billion (+5.4% YoY); net income: R$69 million.

• Gross margin: 12.0% (down 45 bps YoY); adjusted EBITDA margin: 7.9% (up 3 bps YoY).

• Operational cash flow: R$2.17 billion; capex: R$1.41 billion; free cash flow: -R$864 million; net debt: R$45.0 billion; leverage: 3.41x net debt/EBITDA.

• 72% of revenue in USD; US accounted for 45% of sales, Brazil 23%.

• Financial expenses increased 23% YoY due to higher interest costs.

Outlook and guidance

• Management remains confident in the company's ability to deliver sustainable growth, supported by a diversified portfolio, strong brands, and operational excellence.

• Ongoing focus on integration, efficiency, and capturing synergies, with 47% of targeted annual synergies already achieved.

• Strategic expansion in international markets and continued investment in value-added products, especially in halal and premium segments.

• Ongoing investments to support future growth and maintain competitiveness.