Minerva Balance Sheet

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	10,882	15,031	14,461	12,679	7,071	6,076
Trading Asset Securities	-	-	-	-	-	1,226
Cash & Short-Term Investments	10,882	15,031	14,461	12,679	7,071	7,302
Cash Growth	-8.35%	3.94%	14.06%	79.29%	-3.16%	14.25%
Accounts Receivable	6,107	6,042	4,184	2,402	2,488	2,599
Other Receivables	2,566	2,896	1,678	981.92	1,334	1,283
Receivables	8,673	8,938	5,862	3,384	3,822	3,882
Inventory	4,698	4,536	4,134	2,073	2,093	2,583
Total Current Assets	24,253	28,504	24,457	18,136	12,987	13,767
Property, Plant & Equipment	8,864	8,755	8,787	5,693	5,235	4,581
Long-Term Investments	307.03	319.41	256.2	197.46	242.1	-
Goodwill	6,027	6,056	6,185	1,105	1,060	659.39
Other Intangible Assets	789.03	845.16	1,110	620.65	799.22	168.81
Long-Term Deferred Tax Assets	970.67	974.03	907.53	910.18	792.81	415.67
Other Long-Term Assets	432.91	422.74	439.55	1,932	284.33	477.15
Total Assets	41,644	45,877	42,142	28,594	21,400	20,069
Accounts Payable	8,764	9,900	6,149	3,728	3,520	3,724
Accrued Expenses	663.35	668.12	628.54	377.39	321.35	332.52
Current Portion of Long-Term Debt	3,508	5,306	5,109	3,795	2,078	1,488
Current Portion of Leases	17.16	12.63	11.81	10.48	9.68	10.44
Current Income Taxes Payable	29.97	22.32	80.06	25.44	51.67	68.21
Other Current Liabilities	5,412	5,326	4,594	1,811	2,150	1,615
Total Current Liabilities	18,395	21,235	16,573	9,747	8,130	7,238
Long-Term Debt	21,064	22,481	24,973	17,762	11,689	11,916
Long-Term Leases	74.26	26.12	24.12	17.5	28.69	29.27
Long-Term Deferred Tax Liabilities	186.2	171.14	383.33	234.5	380.24	116.32
Other Long-Term Liabilities	68.21	69.84	101.32	173.78	110.43	115.08
Total Liabilities	39,788	43,983	42,055	27,935	20,338	19,415
Common Stock	3,058	3,056	1,619	1,619	1,619	1,616
Retained Earnings	677.2	619.16	-557.3	979.87	852.58	553.87
Treasury Stock	-137.97	-156.77	-199.64	-215.7	-235.4	-242.77
Comprehensive Income & Other	-2,337	-2,209	-1,341	-2,209	-1,729	-1,273
Total Common Equity	1,260	1,310	-478.64	174.38	506.83	654.13
Minority Interest	595.59	583.01	565.86	485.17	555.67	-
Shareholders' Equity	1,856	1,893	87.22	659.55	1,062	654.13
Total Liabilities & Equity	41,644	45,877	42,142	28,594	21,400	20,069
Total Debt	24,664	27,826	30,118	21,585	13,805	13,444
Net Cash (Debt)	-13,782	-12,794	-15,657	-8,906	-6,733	-6,142
Net Cash Per Share	-10.45	-10.91	-26.61	-15.18	-11.53	-10.52
Filing Date Shares Outstanding	987.44	985.65	588.33	586.8	584.93	584.23
Total Common Shares Outstanding	987.43	985.41	588.33	586.8	584.93	583.65
Working Capital	5,858	7,269	7,884	8,389	4,857	6,529
Book Value Per Share	1.28	1.33	-0.81	0.30	0.87	1.12
Tangible Book Value	-5,556	-5,590	-7,774	-1,551	-1,353	-174.06
Tangible Book Value Per Share	-5.63	-5.67	-13.21	-2.64	-2.31	-0.30
Land	543.01	544.28	-	-	-	-
Buildings	5,217	5,204	-	-	-	-
Machinery	6,938	6,643	-	-	-	-
Construction In Progress	399.58	538.72	-	-	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.