MBRF Global Foods Company (MBRF3) Q3 2026 earnings summary

Executive summary

• Q3 net income attributable to controlling shareholders rose 123.5% YoY to R$210 million; adjusted EBITDA increased 1.6% to R$3.558 billion, with an 8.6% margin.

• One year after the merger, integration and diversification advanced; Q3 savings reached R$500 million through MBRF+ and R$179 million through merger synergies.

Financial highlights

• Net revenue was R$41.424 billion, down 0.8% YoY; gross profit was R$5.137 billion, with a 12.4% gross margin.

• Adjusted EBITDA was R$3.558 billion, up 1.6% YoY; adjusted EBITDA margin was 8.6%, up 20 bps.

• Net income attributable to controlling shareholders was R$210 million versus R$94 million in Q3 2025; net financial expense rose 47.1% to R$2.078 billion.

• Operating cash flow was R$3.199 billion and free cash flow was R$295 million after R$1.497 billion of capex and R$1.407 billion of financial expenses.

Outlook and guidance

• Management expressed confidence in long-term growth and profitability, citing market and portfolio diversification and continued integration and efficiency gains.

• Q4 was identified as a key seasonal period, with Sadia and Perdigão preparing for Brazil’s Christmas demand; investments were described as supporting future growth.

• Jeddah’s greenfield processed-food facility was in its final delivery phase; record processed-food production was reached at Kezad and Dammam.