Minerva Foods Reports Net Revenue of R$56.2 Billion in 12 Months

Quarterly gross margin improved despite approximately 24% higher cattle costs year over year, while net results swung to a loss.

Rhea-AI Summary

Minerva Foods (MRVSY) reported third-quarter 2026 net revenue of R$14.5 billion, rising from the preceding quarter despite supply and shipment constraints. Revenue increased 3.0% quarter over quarter; twelve-month revenue reached R$56.2 billion, up 9.5% year over year. Gross margin rose to 17.1%, but quarterly EBITDA, earnings before interest, taxes, depreciation and amortization, fell 13.6% year over year to R$1.2 billion.

The quarterly net loss was R$717.3 million, versus R$120.0 million net income a year earlier, with a negative financial result of R$1.6 billion. Twelve-month net loss narrowed 56.7% to R$348.2 million. Cash totaled R$13.9 billion, covering debt amortization through 2029, and net leverage ended September at 3.2x. Brazilian gross revenue fell 19.0% year over year amid lower cattle availability and reduced China shipments, while Paraguay, Argentina, Australia and Colombia recorded growth.

12 points · 1 major

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1 major · 7 points

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Positive

• Major pointApproximately US$234.6 million (R$1.2 billion) international bonds repurchased and cancelled year to date, including 2028 Bond redemption. 45% of market cap
• Moderate pointTwelve-month net revenue reached R$56.2 billion, up 9.5% year over year.
• Moderate point3Q26 net revenue rose 3.0% from 2Q26 to R$14.5 billion.
• Moderate pointTwelve-month EBITDA rose 2.7% to R$4.7 billion, with an 8.4% margin.
• Moderate pointR$13.9 billion cash and cash equivalents covered the debt amortization schedule through 2029.
• Moderate pointTwelve-month net loss narrowed 56.7% to R$348.2 million from R$803.9 million in the prior-year period.

6 minor points

• Minor point3Q26 gross margin reached 17.1%, versus 16.5% in 3Q25 and 16.6% in 2Q26; gross profit totaled R$2.5 billion.
• Minor pointR$66.2 million local debt securities repurchased and cancelled year to date.
• Minor pointParaguay 3Q26 gross revenue reached R$2.5 billion, up 50.5% year over year and 43.7% quarter over quarter.
• Minor pointArgentina 3Q26 gross revenue reached R$1.7 billion, up 44.0% year over year and 36.6% quarter over quarter.
• Minor pointAustralia 3Q26 gross revenue increased 25.0% year over year.
• Minor pointColombia 3Q26 gross revenue increased 27.0% year over year.

Negative

• Major point3Q26 net loss of R$717.3 million compared with net income of R$120.0 million in 3Q25.
• Moderate point3Q26 EBITDA of R$1.2 billion fell 13.6% versus 3Q25 and 2.6% versus 2Q26; margin was 8.3%.
• Moderate pointBrazilian 3Q26 gross revenue declined 19.0% year over year to R$8.1 billion.
• Moderate pointCattle ready for slaughter costs rose approximately 24% year over year.
• Minor pointNegative financial result of R$1.6 billion affected the quarterly result.

2 minor points

• Minor pointLower cattle availability, mainly in Brazil, constrained the quarter.
• Minor pointChina shipments declined following exhaustion of Brazil's quota under China's safeguard measure.

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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.

View original content:https://www.prnewswire.com/news-releases/minerva-foods-reports-net-revenue-of-r56-2-billion-in-12-months-302937037.html

SOURCE Minerva Foods

FAQ

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How much revenue did Minerva Foods report for the third quarter of 2026?

Minerva Foods reported R$14.5 billion in third-quarter 2026 net revenue, up 3.0% from 2Q26. Twelve-month net revenue totaled R$56.2 billion, increasing 9.5% year over year.

How much international debt has Minerva Foods repurchased since the beginning of 2025?

International bond repurchases totaled approximately US$619.5 million (approximately R$3.4 billion) since the beginning of 2025. Year-to-date repurchases and cancellations included approximately US$234.6 million (R$1.2 billion), including redemption of the 2028 Bond.