Minerva (BEEF3) Q1 2026 earnings summary

Executive summary

• Consolidated gross revenue reached R$14.5 billion in 1Q26, up 21.3% year-over-year, with exports accounting for 55% of total revenue.

• Net revenue was R$13.4 billion in 1Q26, a 19.8% increase over 1Q25; LTM net revenue hit a record R$57.0 billion, up 49.8% year-over-year.

• EBITDA for 1Q26 was R$1.1 billion (margin 8.3%), up 16.2% year-over-year; LTM EBITDA reached R$5.0 billion (margin 8.7%), a record for the period.

• Net income for 1Q26 was R$87.3 million; LTM net income totaled R$750.6 million.

• Operational efficiency, geographic diversification, and disciplined execution supported resilience amid global volatility.

Financial highlights

• Gross revenue in 1Q26: R$14.5 billion (+21.3% YoY); LTM: R$60.6 billion (+49.2% YoY).

• Net revenue in 1Q26: R$13.4 billion (+19.8% YoY); LTM: R$57.0 billion (+49.8% YoY).

• EBITDA in 1Q26: R$1.1 billion (margin 8.3%, +16.2% YoY); LTM: R$5.0 billion (margin 8.7%, +43.8% YoY).

• Net income in 1Q26: R$87.3 million; LTM: R$750.6 million.

• Free cash flow for 1Q26 was negative R$806.3 million, but positive R$1.2 billion LTM; cash position at 1Q26: R$10.9 billion.

• Net leverage stable at 2.7x Net Debt/LTM EBITDA.

Outlook and guidance

• Margins expected to compress in 2026 due to higher cattle prices, but top-line growth and operational efficiency should support results.

• Focus remains on reducing indebtedness, optimizing capital structure, and benefiting from robust international demand.

• Working capital investment projected at R$300–400 million for 2026 due to higher input costs.

• CapEx expected to be lower than last year, supporting positive cash flow.