MINERVA FOODS FILES FREE CASH FLOW OF R$ 990 MILLION IN THE FOURTH QUARTER OF 2024

Rhea-AI Summary

Minerva Foods (MRVSY) reported strong financial results for Q4 2024, with free cash flow of R$ 990 million and a record quarterly EBITDA of R$ 943.7 million. The company achieved an EBITDA margin of 8.8%, marking a 56% increase from Q4 2023.

Consolidated gross revenue reached R$ 11.4 billion in Q4 2024, up 76% year-over-year, with exports representing 53%. For the full year 2024, gross revenue totaled R$ 36.3 billion, a 27% increase from 2023. The United States (33%) and China (20%) were key export markets.

The company expanded its operations by acquiring ten facilities across South America, now operating 46 industrial units with a daily processing capacity of 41,789 cattle and 25,716 sheep. Net leverage stood at 3.7x following this acquisition. Additionally, Minerva completed a buyback of US$ 69 million in 2031 Bonds.

Positive

• Record quarterly EBITDA of R$ 943.7 million in Q4 2024, up 56% YoY
• Strong free cash flow of R$ 990 million in Q4 2024, totaling R$ 2.4 billion for 2024
• Gross revenue increased 76% YoY to R$ 11.4 billion in Q4 2024
• Significant operational expansion with acquisition of 10 new facilities
• Leading 20% market share in South American beef exports

Negative

• Net leverage increased to 3.7x following acquisition of Marfrig's assets

In 2024, free cash flow totals R$ 2.4 billion, which means a free cash flow yield (annualized) of approximately 85% p.a. The company has accumulated around R$ 9 billion in free cash generation since 2018.

SAO PAULO, March 19, 2025 /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), a leader in the export of fresh beef and its derivatives in South America, which also operates in the processed products segment, presents its results for the fourth quarter of 2024 (4Q24) to the market. The financial and operational information is presented in BRGAAP, in Reais (R$), in accordance with International Financial Reporting Standards (IFRS).

The free cash flow for the fourth quarter of 2024, after Financial Expenses, Capex, and Working Capital, was R$ 990 million. In 2024, total free cash flow amounted to R$ 2.4 billion, representing an annualized free cash flow yield of approximately 85% per year.* Since 2018, the Company has accumulated around R$ 9 billion in free cash flow generation.

The EBITDA for the fourth quarter of 2024 was R$ 943.7 million, a record for a single quarter, with an EBITDA margin of 8.8%, up by 56% on the same period of 2023 (4Q23), and 16% on the previous quarter (3Q24). Year-to-date, the EBITDA reached R$3.1 billion, with an EBITDA margin of 9.2%. Adjusted EBITDA, considering the pro forma performance of new assets over 10 months, totaled R$ 4.3 billion.

Consolidated gross revenue for the fourth quarter of 2024 was R$ 11.4 billion, up by 76% on the same period in 2023, and 27% over the previous quarter, with exports accounting for 53% of the total. In 2024, gross revenue totaled R$ 36.3 billion, an increase of 27% over 2023, with exports reaching 58%, reinforcing our leadership in beef exports in South America, with a market share of approximately 20%.

It is worth noting that the United States accounted for 33% and China for 20% of Minerva Foods's exports from South America in the fourth quarter, reaffirming the benefits of the geographic diversification strategy and the Company's ability to arbitrate the global animal protein market.

Net revenue totaled R$ 10.7 billion in the fourth quarter of 2024, a record level for a single quarter, up 74% compared to the same period in 2023, and 26% on a quarterly basis. In 2024, consolidated net revenue totaled R$ 34.1 billion, up 27% compared to 2023.

Net leverage at the end of December, measured through the Net Debt/Adjusted EBITDA indicator for the last 12 months, ended the quarter at 3.7x, after the disbursement related to the acquisition of Marfrig's assets in South America.

At the end of October, the Company completed the acquisition of ten industrial and commercial facilities located in Brazil, Argentina, and Chile, expanding its operational footprint with 13 additional production plants and 1 distribution center. As a result, the Company now operates a total of 46 industrial units, with a daily processing capacity of 41,789 cattle and 25,716 sheep.

At the end of 2024, Minerva Foods completed the buyback of a portion of 2031 Bonds, totaling US$ 69 million, with a coupon of 4.375%. The effective cancellation of these bonds occurred in early 2025.

*Based on the closing price BEEF3 on 03/11/2025.

About Minerva Foods

Minerva Foods is a leader in beef exports in South America and also operates in the processed segment, selling its products to more than 100 countries. In addition to Brazil, Minerva Foods is present in Paraguay, Argentina, Uruguay, and Colombia, and has specialized sheep plants in Australia, totaling more than 40,000 employees. The company serves five continents with beef, lamb, and their derivatives, and currently operates 46 industrial units, 17 international offices, and 23 distribution centers.

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SOURCE Minerva Foods

FAQ

What was Minerva Foods (MRVSY) free cash flow in Q4 2024?

Minerva Foods generated R$ 990 million in free cash flow during Q4 2024, contributing to a total of R$ 2.4 billion for the full year 2024.

How much did Minerva Foods (MRVSY) EBITDA grow in Q4 2024 compared to Q4 2023?

EBITDA grew 56% compared to Q4 2023, reaching R$ 943.7 million with an 8.8% margin.

What is Minerva Foods (MRVSY) market share in South American beef exports?

Minerva Foods holds approximately 20% market share in South American beef exports.

How many industrial facilities does Minerva Foods (MRVSY) operate after recent acquisitions?

Following recent acquisitions, Minerva Foods operates 46 industrial units with a daily processing capacity of 41,789 cattle and 25,716 sheep.

What was Minerva Foods (MRVSY) export percentage in 2024?

Exports accounted for 58% of Minerva Foods' total gross revenue in 2024.