Marfrig Global Foods (MBRF3) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of R$ 164 billion in 2025, up 12% year-over-year, with volume growth of 4%, following the Marfrig-BRF merger and the creation of a global multi-protein leader.

• Solid business momentum in both domestic and international markets, with notable gains in processed products and market share.

• Adjusted EBITDA reached R$ 13.2 billion (8% margin), and net income was R$ 358 million, highlighting operational resilience amid challenging market conditions.

• Operational improvements and efficiency programs delivered R$ 1 billion in gains.

• Major investments included capacity expansion, international presence, and acquisitions in gelatin, collagen, and poultry.

Financial highlights

• Net revenue: R$ 163,963 million in 2025, up 11.9% year-over-year.

• Adjusted EBITDA: R$ 13,151 million (8% margin); net income: R$ 358 million for the year.

• Operating cash flow: R$ 13,078 million; free cash flow: R$ 985 million.

• CapEx: R$ 6.4 billion, including R$ 1.1 billion in M&A investments.

• Net debt: R$ 43,446 million at year-end; leverage at 3.3x LTM EBITDA.

Outlook and guidance

• Entering 2026 with a clear plan to capture synergies from the merger and drive a new cycle of value creation.

• South America beef volumes projected to grow 7-8% in 2026, with Brazil targeting 20% growth due to plant ramp-ups.

• BRF expects to maintain growth in processed foods, with new capacity coming online and international market expansion.

• BRL 600 million in synergies targeted for 2026, with half realized in H1 and the remainder in H2.

• CapEx expected to decrease in 2026, with flexibility to adjust based on market conditions.