Minerva Balance Sheet

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	9,258	14,461	12,679	7,071	6,076	4,788
Trading Asset Securities	5,635	-	-	-	1,226	1,603
Cash & Short-Term Investments	14,893	14,461	12,679	7,071	7,302	6,391
Cash Growth	-11.44%	14.06%	79.29%	-3.16%	14.25%	42.99%
Accounts Receivable	6,749	4,184	2,402	2,488	2,599	2,144
Other Receivables	2,499	1,678	981.92	1,334	1,283	1,402
Receivables	9,247	5,862	3,384	3,822	3,882	3,546
Inventory	4,257	4,134	2,073	2,093	2,583	1,349
Total Current Assets	28,397	24,457	18,136	12,987	13,767	11,286
Property, Plant & Equipment	8,433	8,787	5,693	5,235	4,581	4,123
Long-Term Investments	290	256.2	197.46	242.1	-	-
Goodwill	6,023	6,185	1,105	1,060	659.39	-
Other Intangible Assets	883.44	1,110	620.65	799.22	168.81	776.22
Long-Term Deferred Tax Assets	906.09	907.53	910.18	792.81	415.67	448.83
Other Long-Term Assets	413.34	439.55	1,932	284.33	477.15	289.38
Total Assets	45,346	42,142	28,594	21,400	20,069	16,923
Accounts Payable	9,592	6,149	3,728	3,520	3,724	2,345
Accrued Expenses	793.54	628.54	377.39	321.35	332.52	264.5
Current Portion of Long-Term Debt	4,576	5,109	3,795	2,078	1,488	2,200
Current Portion of Leases	-	11.81	10.48	9.68	10.44	10.28
Current Income Taxes Payable	17.26	80.06	25.44	51.67	68.21	60.49
Other Current Liabilities	6,049	4,594	1,811	2,150	1,615	1,516
Total Current Liabilities	21,028	16,573	9,747	8,130	7,238	6,396
Long-Term Debt	22,114	24,973	17,762	11,689	11,916	9,372
Long-Term Leases	28.99	24.12	17.5	28.69	29.27	36.61
Long-Term Deferred Tax Liabilities	220.61	383.33	234.5	380.24	116.32	147.36
Other Long-Term Liabilities	99.74	101.32	173.78	110.43	115.08	131.08
Total Liabilities	43,491	42,055	27,935	20,338	19,415	16,083
Common Stock	3,072	1,619	1,619	1,619	1,616	1,304
Retained Earnings	718.38	-557.3	979.87	852.58	553.87	529.53
Treasury Stock	-156.77	-199.64	-215.7	-235.4	-242.77	-242.77
Comprehensive Income & Other	-2,342	-1,341	-2,209	-1,729	-1,273	-750.67
Total Common Equity	1,292	-478.64	174.38	506.83	654.13	840.07
Minority Interest	562.82	565.86	485.17	555.67	-	-
Shareholders' Equity	1,855	87.22	659.55	1,062	654.13	840.07
Total Liabilities & Equity	45,346	42,142	28,594	21,400	20,069	16,923
Total Debt	26,719	30,118	21,585	13,805	13,444	11,619
Net Cash (Debt)	-11,826	-15,657	-8,906	-6,733	-6,142	-5,228
Net Cash Per Share	-13.35	-26.61	-15.18	-11.53	-10.52	-9.95
Filing Date Shares Outstanding	985.18	588.33	586.8	584.93	584.23	526.56
Total Common Shares Outstanding	985.09	588.33	586.8	584.93	583.65	525.37
Working Capital	7,370	7,884	8,389	4,857	6,529	4,891
Book Value Per Share	1.31	-0.81	0.30	0.87	1.12	1.60
Tangible Book Value	-5,614	-7,774	-1,551	-1,353	-174.06	63.85
Tangible Book Value Per Share	-5.70	-13.21	-2.64	-2.31	-0.30	0.12
Land	535.45	574.04	-	-	-	-
Buildings	5,043	5,310	-	-	-	-
Machinery	6,183	6,030	-	-	-	-
Construction In Progress	463.1	470.64	-	-	-	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.