Minerva (BEEF3) Q2 2026 earnings summary

Executive summary

• Achieved record LTM gross revenue of R$60.9 billion and LTM net revenue of R$57.2 billion, with 2Q26 net revenue at R$14.1 billion and gross revenue at R$15.1 billion.

• EBITDA for 2Q26 was R$1.2 billion (8.7% margin); LTM EBITDA reached R$4.9 billion, up 22% YoY.

• Net income for 2Q26 was R$196.9 million; LTM net income totaled R$489.2 million.

• Exports accounted for 56.6%-62.4% of gross revenue in 2Q26, with Asia and North America as leading destinations.

• Maintained operational resilience and advanced ESG initiatives, including 100% compliance in external audits and inclusion in B3's Sustainability Index.

Financial highlights

• LTM EBITDA margin was 8.6%; Q2 EBITDA up 10% sequentially; net leverage stable at 2.9x.

• Free cash flow for 2Q26 was negative at R$-611.4 million; LTM free cash flow was R$635.9 million.

• Cash position at quarter-end was R$14.9 billion; average debt duration 4.3 years.

• Gross margin in 2Q26 was 16.6%; selling expenses 5.8% and G&A expenses 4.3% of net revenue.

• Net debt at quarter-end was R$14.4 billion; 70% of debt FX-indexed, with at least 50% hedged.

Outlook and guidance

• Working capital investments in Q2 expected to positively impact Q3 and Q4, with inventory realization of about R$3 billion in Q3.

• Full-year 2026 EBITDA forecast above R$5 billion, following historical seasonality and margin trends.

• 2027 outlook similar to 2026, with potential for tighter global beef supply and increased Chinese quota.

• Management focused on operational resilience, market diversification, and disciplined capital structure.

• Continued pursuit of global animal protein market opportunities, emphasizing sustainability and traceability.