Minerva (BEEF3) Q3 2025 earnings summary

Executive summary

• Achieved record net revenue of R$15.5 billion and EBITDA of R$1.4 billion in 3Q25, with net income of R$120 million and free cash flow of R$2.5 billion, reflecting strong operational execution and successful integration of new assets ahead of schedule.

• Export markets contributed 61% of gross revenue, with Asia and NAFTA as key destinations; global beef supply constraints and strong demand supported higher prices.

• Geographic diversification, market arbitrage, and sustainability initiatives—including 100% traceability in Paraguay and progress in carbon-neutral protocols—supported resilience and ESG advancement.

• Integration of new South American assets completed ahead of schedule, driving operational synergies, cost dilution, and improved profitability.

Financial highlights

• Net revenue rose 82.5% year-over-year and 11.5% sequentially to R$15.5 billion in 3Q25; LTM net revenue reached R$51.3 billion, up 73.9% year-over-year.

• EBITDA for 3Q25 was R$1.4 billion, a 70.8% increase year-over-year, with an 8.9% margin; LTM adjusted EBITDA reached R$4.7 billion.

• Net income for the quarter was R$120 million; LTM net income at R$763.3 million.

• Free cash flow hit a record R$2.5 billion in 3Q25 and R$2.9 billion over the last 12 months.

• Gross revenue reached R$16.3 billion, up 80.1% year-over-year; gross margin was 16.5% in 3Q25, down from 20.9% in 3Q24.

Outlook and guidance

• 2025 net revenue guidance of R$50–58 billion reaffirmed, with current results already within range; management remains optimistic about year-end outlook and global demand.

• EBITDA for 2025 expected to exceed R$5 billion, with leverage projected below 2.5x.

• Free cash flow for 2025 forecasted at R$1.5 billion, surpassing initial expectations.

• Integration of new assets concluded in September, with 4Q25 expected to be the first normalized quarter post-integration.

• Continued focus on operational efficiency, deleveraging, and disciplined capital allocation.