Minerva (BEEF3) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of R$54.8 billion in 2025, up 60.9% year-over-year, with exports accounting for 60% of gross revenue; EBITDA reached R$4.8 billion (8.8% margin), and net income was R$848.3 million, all all-time highs.

• Free cash flow for 2025 totaled R$1.5 billion, supporting a solid capital structure and net leverage of 2.6x at year-end.

• Completed integration of new South American assets ahead of schedule, driving operational synergies and improved profitability.

• Geographic diversification across South America and Australia enhanced risk mitigation, operational flexibility, and export performance.

• Advanced ESG initiatives, including 100% compliance in environmental audits, renewable energy investments, and leadership in sustainability indices.

Financial highlights

• Gross revenue for 2025 was R$58.0 billion, up 59.7% year-over-year; Q4 2025 gross revenue was R$15.1 billion.

• Net revenue for 2025 was R$54.8 billion; Q4 net revenue was R$14.2 billion, up 32.6% year-over-year.

• EBITDA for 2025 was R$4.8 billion (8.8% margin); Q4 EBITDA was R$1.2 billion (8.2% margin).

• Net income for 2025 was R$848.3 million; Q4 net income was R$85.0 million.

• Cash position at year-end was R$15.0 billion, covering debt amortization until 2029.

Outlook and guidance

• No formal EBITDA guidance for 2026, but top-line growth of 6%-10% is expected, with EBITDA at least matching 2025 levels.

• Margin pressure anticipated in 2026 from cost inflation, but geographic diversification and pricing power expected to support resilience.

• Management expects continued strong demand for beef exports, especially to Asia and NAFTA, and ongoing focus on operational efficiency and sustainability.

• Integration of new assets positions the company for further efficiency gains and profitability improvements.

• Continued focus on deleveraging, free cash flow generation, and disciplined capital allocation.