#Brazil #São Paulo #Minerva Foods #Beef Exporter #R$2.5 billion

Minerva Foods Reports Record Free Cash Flow in Q3 2025

In an impressive financial performance, Minerva Foods (Minerva S.A – B3: BEEF3 | OTC – Nasdaq International: MRVSY), widely recognized as the largest beef exporter in South America, announced that its free cash flow reached R$2.5 billion in the third quarter of 2025. This achievement not only marks the highest quarterly free cash flow the company has ever recorded, but it also underscores a robust performance amidst challenging market conditions.

The free cash flow, which has amassed a total of R$10.9 billion since 2018, signals Minerva Foods’ effective management strategies and robust operational execution over the years. As of the end of September 2025, the company’s net leverage dropped to 2.5 times, its lowest since 2022, reflecting improved financial health and operational efficiency.

During the same quarter, Minerva Foods reported net revenue of R$15.5 billion, showcasing a remarkable year-on-year increase of 82.5% and an 11.5% rise compared to the previous quarter. In the last 12 months, consolidated net revenue reached R$51.3 billion, representing a 73.9% improvement over the same timeframe last year. This continuation of growth highlights the company’s strong market positioning and its commitment to delivering value to its stakeholders and customers.

Minerva Foods recorded an EBITDA of R$1.4 billion in Q3 2025, which mirrors another quarterly record, driven by increased sales and efficiency in operations. This resulted in an 8.9% EBITDA margin—a significant improvement of 70.8% year on year and a 6.6% increment since the second quarter of 2025. Furthermore, the adjusted EBITDA for the last 12 months, with the inclusion of pro forma results from recent asset acquisitions, stood at R$4.7 billion.

The consolidated gross revenue in the third quarter hit R$16.3 billion, marking an increase of 80.1% compared to the same quarter in 2024 and a 10.7% rise over the preceding quarter. Exports constituted 61% of the total gross revenue, further solidifying the company’s status as a key player in the international beef market. For the past year, gross revenue summed up to R$54.4 billion, up 73.1% annually, with exports comprising about 58% of the revenue.

Adding to these impressive figures, Minerva Foods also reported a net income of R$120 million for the third quarter, while the cumulative net income for the year reached R$763.3 million. The growth in sales volume by 10% and a revenue increase of 11% compared to the previous quarter show a steady upward trend that benefits overall profitability.

In Q3 2025, the company's operational metrics also reflected improvements, with the Selling, General and Administrative (SGA) expenses to revenue ratio dropping to 9.3%, the lowest since the first quarter of 2021. This indicates a more optimized expense structure and a concentrated effort on maintaining efficiency throughout the organization.

As part of its capital structure management, Minerva Foods exercised 5,847,096 subscription bonuses resulting from a capital increase, bringing a total of R$30.2 million in additional resources. The company anticipates an additional R$969.3 million in remaining subscription bonuses, which will further strengthen its capital base by mid-2028.

Moreover, on November 5, 2025, Minerva Foods announced the repurchase of USD 75.7 million linked to its 2031 Bond, equivalent to roughly R$402.6 million. Since the beginning of 2025, the company has successfully repurchased and cancelled a total of USD 384.8 million in external bonds, amounting to about R$2.3 billion, specifically targeting bonds maturing in 2028 and 2031.

Founded on a mission to provide high-quality beef products on a global scale, Minerva Foods operates under recognizable brands such as Pul, Estancia 92, and Cabaña Las Lilas, known for their exceptional quality and flavor. Present in over 100 countries, the company continues to strive for excellence in every sector of its operations, impacting markets across five continents as it reinforces its commitment to delivering value-added food items around the world.

In conclusion, Minerva Foods' financial achievements in the third quarter of 2025 highlight its strategic initiatives and operational capabilities, setting a solid foundation for future growth while contributing significantly to the global food supply chain.