Brazil · Delayed Price · Currency is BRL Minerva Earnings Call Transcripts
Fiscal Year 2025
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Record revenue and EBITDA in 2025 driven by geographic diversification, strong exports, and successful asset integration. 2026 outlook anticipates top-line growth of 6%-10% with margin pressure from cost inflation, but EBITDA expected to remain resilient.
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Record Q3 results driven by successful integration of new assets, strong export performance, and robust free cash flow. Net leverage improved to 2.5x, with 2025 guidance reaffirmed and continued optimism for South American beef exports amid global supply constraints.
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Record Q2 results with $14.7B gross revenue and $1.3B EBITDA, driven by exports and new asset integration. Net leverage improved to 3.16x, with strong cash flow and ongoing deleveraging. Geographic diversification and operational efficiency mitigate risks in a volatile global market.
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Record Q1 revenue and EBITDA were driven by strong exports and integration of new assets, with guidance for 2025 net revenue at BRL 50–58 billion and EBITDA margin of 8.5–9.5%. Leverage remains stable, and capital structure is being strengthened through new financing and a capital increase.
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A BRL 2 billion capital increase will accelerate deleveraging, reduce net debt/EBITDA below 3x, and is expected to boost EPS by 12% despite dilution. Proceeds will mainly repurchase bonds and reduce expensive debt, with no changes to shareholder control or asset sales planned.
Fiscal Year 2024
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Record revenue and EBITDA were achieved in 2024, driven by geographic diversification and successful integration of new assets. Strong free cash flow and a robust cash position support ongoing deleveraging, while favorable global beef market dynamics and operational ramp-up of new plants underpin optimism for 2025.
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Q3 2024 saw record revenue, EBITDA, and strong free cash generation, driven by robust exports and the integration of 13 new plants. Net leverage improved to 2.6x, and management remains optimistic about global demand and the ramp-up of new assets.
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Q2 2024 saw strong revenue and EBITDA growth, robust free cash flow, and stable leverage, driven by geographic diversification and export strength. Regulatory approval for major acquisitions is expected by year-end, with continued optimism for margins and market opportunities.