Minerva (BEEF3) Q2 2025 earnings summary

Executive summary

• Achieved record gross revenue of R$14.7 billion and EBITDA of R$1.3 billion in 2Q25, with an EBITDA margin of 9.4% and net income reaching R$458.3 million, the highest quarterly result in company history.

• Exports accounted for 60% of gross revenue, with strong performance in North America and Asia amid global supply-demand imbalances.

• Integration of newly acquired assets progressed ahead of plan, delivering operational synergies, cost efficiencies, and SG&A at 10.1% of revenue.

• Maintained robust cash position of R$12.5 billion at quarter-end, supported by a R$2 billion private capital increase.

• Reinforced ESG leadership with continued inclusion in sustainability indexes and 100% renewable energy use in Brazil.

Financial highlights

• Net revenue in 2Q25 rose 81.6% year-over-year and 24.3% sequentially to R$13.9 billion; LTM net revenue totaled R$44.3 billion.

• EBITDA for 2Q25 was R$1,302.5 million, up 74.9% year-over-year, with a margin of 9.4%.

• Net income for 2Q25 was R$458.3 million, a 380% increase year-over-year.

• Free cash flow for LTM2Q25 was R$1.1 billion; 2Q25 was neutral to slightly negative due to working capital investments.

• Net leverage (Net Debt/LTM Adjusted EBITDA) ended 2Q25 at 3.16x.

Outlook and guidance

• Confident in continued growth for 2H25, with focus on maximizing benefits from asset integration, operational synergies, and increased utilization rates.

• Anticipate inventory normalization and potential working capital release of R$600 million to R$1.7 billion in H2 2025.

• Strategy emphasizes geographic diversification and risk mitigation amid volatile global markets and new U.S. tariff policy, with estimated maximum impact of 5% of net revenue.

• Ongoing investments in sustainability, traceability, and carbon markets to support long-term competitiveness.