Minerva Foods Reports Net Revenue of R$56.2 Billion in 12 Months
Net revenue grew approximately 9.5% year over year; 12-month EBITDA reached R$4.7 billion, up 2.7%
SÃO PAULO, Nov. 11, 2026 /PRNewswire/ -- Minerva S.A. (BM&FBOVESPA: BEEF3 | OTC - Nasdaq International: MRVSY), a global food company that owns the brands Cabaña Las Lilas, Estância 92 and Pul, and a leader in beef exports in South America, announces its results for the third quarter of 2026 (3Q26). The financial and operating information below is presented in BRGAAP, in Brazilian reais (R$), in accordance with IFRS (International Financial Reporting Standards).
Minerva Foods reported net revenue of R$14.5 billion in 3Q26, up 3.0% from 2Q26, amid lower cattle availability, mainly in Brazil, and lower shipments to China following the exhaustion of Brazil's quota under China's safeguard measure. In the last twelve months, net revenue totaled R$56.2 billion, growth of 9.5%.
Gross margin reached 17.1% in 3Q26, compared with 16.5% in the same period of 2025 and 16.6% in 2Q26, and gross profit totaled R$2.5 billion. The improvement reflects higher beef prices, both in exports and in domestic distribution, in a scenario in which the cost of cattle ready for slaughter rose approximately 24% year over year.
EBITDA for the quarter was R$1.2 billion, with an 8.3% margin, a decrease of 13.6% compared with 3Q25 and of 2.6% compared with 2Q26. In the last twelve months, EBITDA reached R$4.7 billion, up 2.7%, with an 8.4% margin.
Net leverage ended September 2026 at 3.2x. The Company ended the quarter with R$13.9 billion in cash and cash equivalents, sufficient to cover the debt amortization schedule through 2029. Year to date, the Company repurchased and cancelled approximately US$234.6 million (R$1.2 billion) of bonds in the international market, including the redemption of the 2028 Bond, and R$66.2 million of debt securities in the local market. Since the beginning of 2025, international bond repurchases total approximately US$619.5 million (approximately R$3.4 billion).
The Company posted a net loss of R$717.3 million in 3Q26, compared with net income of R$120.0 million in 3Q25. The result was impacted by a negative financial result of R$1.6 billion. In the last twelve months, the net loss narrowed by 56.7%, to R$348.2 million, from R$803.9 million in the prior-year period.
By origin, gross revenue in 3Q26 was driven by Paraguay (R$2.5 billion, up 50.5% year over year), Argentina (R$1.7 billion, up 44.0%), Australia (up 25.0%) and Colombia (up 27.0%). Quarter over quarter, Paraguay (up 43.7%) and Argentina (up 36.6%) also grew. Brazilian operations, with gross revenue of R$8.1 billion, declined 19.0% compared with 3Q25, reflecting lower cattle availability and reduced shipments to China.
Fernando Galletti de Queiroz, Chief Executive Officer of Minerva Foods, said: "We closed the first nine months of 2026 in a challenging market environment, marked by changes in international trade flows and by different stages of the global cattle cycle. In this context, Minerva Foods' geographic diversification and operational flexibility were essential to adapt our activities to supply and demand conditions and to preserve the competitiveness of the business."
About Minerva Foods
Minerva Foods is a leader in beef exports in South America and one of the largest global food companies, present in more than 100 countries. Focused on the production and marketing of beef, lamb and their derivatives, the Company combines scale, geographic diversification and operational excellence to serve markets with different profiles and requirements around the world.
The company is part of the Minerva S.A. group, which also includes the businesses Minerva Biodiesel, Minerva Casings, Minerva Energy, Minerva Ingredients, Minerva Leather and MyCarbon. Its portfolio includes internationally recognized brands such as Cabaña Las Lilas, Estância 92, Pul, and the lamb brands Sovereign and Ambassador.
With a strategic presence in Argentina, Australia, Brazil, Chile, Colombia, Paraguay and Uruguay, Minerva Foods has more than 40,000 employees, 46 industrial units, 18 international offices and 23 distribution centers. The Company continuously invests in traceability, socio-environmental monitoring and operational efficiency, reinforcing its commitment to responsible food production and to generating value across the chain for customers, partners and communities.
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