Minerva Foods Achieves Record Free Cash Flow of R$2.5 Billion in Q3 2025
In a significant announcement on November 5, 2025, Minerva Foods, a leading global food company and South America’s largest beef exporter, revealed its impressive financial figures for the third quarter of 2025 (Q3 2025). The highlight of the report is the astonishing free cash flow of R$2.5 billion, setting a new record for the company in a single quarter. This feat reflects Minerva's robust operational performance and establishes it as a leader in the industry.
Continuing its upward trajectory, Minerva Foods has accomplished a cumulative free cash flow of R$10.9 billion since 2018, underscoring its long-term profitability and stability. Furthermore, the company reported a significant decrease in net leverage, with the Net Debt/Adjusted EBITDA ratio falling to 2.5x, the lowest level recorded since 2022, indicating an improvement in financial health and risk management.
The net revenue achieved during this quarter was R$15.5 billion, representing not only a record for any single quarter but also an impressive year-over-year increase of 82.5%. Compared to the previous quarter, revenue was up by 11.5%. Over the last 12 months, consolidated net revenue has soared to R$51.3 billion, a remarkable rise of 73.9% compared to the same period last year.
Minerva Foods also reported an EBITDA of R$1.4 billion for Q3 2025, another record result for the company, with an EBITDA margin of 8.9%. This figure signifies a year-over-year growth of 70.8% and a sequential increase of 6.6% from the previous quarter. In totality, the adjusted EBITDA for the prior 12 months, which includes one month of pro-forma results from new assets, reached R$4.7 billion.
In terms of gross revenue, the company saw a total of R$16.3 billion for the quarter, marking an 80.1% increase compared to Q3 2024 and a 10.7% rise over the prior quarter. Notably, exports constituted 61% of this total, highlighting Minerva’s strong international presence. The company's gross revenue over the past year amounted to R$54.4 billion, reflecting an annual increase of 73.1%, with exports making up 58% of this total.
Net income for the quarter stood at R$120 million, contributing to a year-to-date total net income of R$763.3 million. The successful integration of new assets, which has now entered its final phase, played a pivotal role in enhancing operational efficiency and financial outcomes. Sales volume increased by 10%, while total revenue saw an 11% rise compared to the preceding quarter. These improvements in financial metrics reduced the selling, general and administrative (SGA) expenses to the lowest ratio relative to revenue since early 2021 at 9.3%.
Additionally, 5,847,096 subscription bonuses linked to a recent capital increase were exercised in the quarter, cumulatively amounting to R$30.2 million. Approximately R$969.3 million remains in subscription bonuses, expected to bolster the company's capital structure further as they are exercised by the middle of 2028.
On the same day, the company announced the repurchase and cancellation of USD 75.7 million related to its 2031 bond, approximately translating to R$402.6 million. Since January 2025, Minerva has successfully repurchased and canceled external bonds totaling USD 384.8 million, equating to about R$2.3 billion, across both the 2028 and 2031 bonds.
Minerva Foods is widely recognized for its commitment to quality, offering premium products under popular brands such as Pul, Estância 92, and Cabaña Las Lilas. With a strategic foothold in countries including Brazil, Argentina, Uruguay, Colombia, Paraguay, Chile, and Australia, the company employs over 30,000 individuals across 46 industrial units, 18 international offices, and 23 distribution centers. As it stands, Minerva Foods continues to solidify its role as a key player in the global food market, delivering value-added meat products across five continents.
Continuing its upward trajectory, Minerva Foods has accomplished a cumulative free cash flow of R$10.9 billion since 2018, underscoring its long-term profitability and stability. Furthermore, the company reported a significant decrease in net leverage, with the Net Debt/Adjusted EBITDA ratio falling to 2.5x, the lowest level recorded since 2022, indicating an improvement in financial health and risk management.
The net revenue achieved during this quarter was R$15.5 billion, representing not only a record for any single quarter but also an impressive year-over-year increase of 82.5%. Compared to the previous quarter, revenue was up by 11.5%. Over the last 12 months, consolidated net revenue has soared to R$51.3 billion, a remarkable rise of 73.9% compared to the same period last year.
Minerva Foods also reported an EBITDA of R$1.4 billion for Q3 2025, another record result for the company, with an EBITDA margin of 8.9%. This figure signifies a year-over-year growth of 70.8% and a sequential increase of 6.6% from the previous quarter. In totality, the adjusted EBITDA for the prior 12 months, which includes one month of pro-forma results from new assets, reached R$4.7 billion.
In terms of gross revenue, the company saw a total of R$16.3 billion for the quarter, marking an 80.1% increase compared to Q3 2024 and a 10.7% rise over the prior quarter. Notably, exports constituted 61% of this total, highlighting Minerva’s strong international presence. The company's gross revenue over the past year amounted to R$54.4 billion, reflecting an annual increase of 73.1%, with exports making up 58% of this total.
Net income for the quarter stood at R$120 million, contributing to a year-to-date total net income of R$763.3 million. The successful integration of new assets, which has now entered its final phase, played a pivotal role in enhancing operational efficiency and financial outcomes. Sales volume increased by 10%, while total revenue saw an 11% rise compared to the preceding quarter. These improvements in financial metrics reduced the selling, general and administrative (SGA) expenses to the lowest ratio relative to revenue since early 2021 at 9.3%.
Additionally, 5,847,096 subscription bonuses linked to a recent capital increase were exercised in the quarter, cumulatively amounting to R$30.2 million. Approximately R$969.3 million remains in subscription bonuses, expected to bolster the company's capital structure further as they are exercised by the middle of 2028.
On the same day, the company announced the repurchase and cancellation of USD 75.7 million related to its 2031 bond, approximately translating to R$402.6 million. Since January 2025, Minerva has successfully repurchased and canceled external bonds totaling USD 384.8 million, equating to about R$2.3 billion, across both the 2028 and 2031 bonds.
Minerva Foods is widely recognized for its commitment to quality, offering premium products under popular brands such as Pul, Estância 92, and Cabaña Las Lilas. With a strategic foothold in countries including Brazil, Argentina, Uruguay, Colombia, Paraguay, Chile, and Australia, the company employs over 30,000 individuals across 46 industrial units, 18 international offices, and 23 distribution centers. As it stands, Minerva Foods continues to solidify its role as a key player in the global food market, delivering value-added meat products across five continents.
Topics Consumer Products & Retail）
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