Good evening everyone. Welcome to this conference of results in the third trimester of 2025. My name is Marcelo, I'm the CFO of the company, alongside with Kleber Gomes, our CEO, we're going to do this conference here to bring you the main highlights of the company in the first nine months of the year, and the third trimester. Talk a little bit about the results, the financial part of it, what was the performances and the businesses, the cash flow, how's our financial structure now. By the end of this section, we're going to have a space for questions and answers. For this first part in our conference here, I'm going to let Kleber talk. He's going to start talking about the main events and releases in this trimester that supported the investments in the company. Kleber, good morning.
Hello, everybody. Good morning, everyone. Can you hear me well? All good then. While we're approaching the end of the year, we are disclosing our results here from the third trimester, third quarter. It's been a very profitable year. We had growth, we had product releases, we had recognitions. A lot of hard work that we have been doing in this management. The quarter itself, we had a growth that is significant. It was 26% in the revenue and a growth of 30% also in the quarter. The improvement in the expenditures and the accumulated growth in both revenue and EBITDA around 20%. We understand that the year has been a recognition of all the hard work that has been done, as I said before. Also we have been boosted this year for the long-term work that we have been doing, especially on research and development.
Last year, as you know very well, we released seven products that were very important. This year, actually, we're in the fourth release, and we still have two minor releases in the end of the year. We see that it's a very important moment that we are getting the results from the work we have been doing since last year. We have here a presentation. Very important product, the first one we released this year, which is the vaccine shot. It's the second one in the world, as we say, a technology that was the single player for decades, and we managed to do this with the scientists in Brazil. This option for immunocastration in Brazil, it has been very important. We had the market share for just one year, very considerable with this vaccine here. After that, we had a strategic alliance.
It is within our proposal to connect to the animals in the world. We had Boostin, which is a product that considerably increases the production of milk in the country. It's a big product. Unfortunately, we had a setback in the production of this product in Korea. There was an incident going on, you know about it. From next year on, we should have a significant volume for this product, and it's a very big product, and it opens many doors for this milk market for us. Now more recently, in the second quarter of the year, we released Nexlaner. Nexlaner. It is a pesticide for all of the external parasites like flies and bugs. It's the second product within its category in the market, so it's a major success, and we have been getting good results from it.
Following in the same pattern with the internal development, there is a product that is not exactly like the products that are in the market. It has a different formulation. We are very satisfied with the results that our researchers developed for the market. Now more recently, we had the release of WellPet. It gives us the ability to access the greater veterinary market in general, which is a market that in the animal market is one-third of the total market. Also for parasites based in fluralaner, a molecule that is very well known in the market. It's been proved, the efficiency of this molecule, but also the product is very different from what we have in the market already. It's also our own development with our researchers. It is a tablet that has more protection than its competitors in the market.
It protects the animals for 45 days. It is a pellet. It's different, but it is tasty. The dogs love it. There's not much effort to give them to the dogs. They enjoy it. Dogs can play around, go to the field, go to the street, and they will be protected. There's a very high efficiency during 45 days. The mechanism is super quick. In two hours, the protection is going on already, and all the bugs that maybe any animal will start dying within two hours. This product has been released at the end of September, so we still have a lot to do along the year. It's a great start already. It's been penetrating the market already, even though it's been released, a very good release.
This product has everything to be a best seller by Ourof ino, and it's going to set Ourof ino pet at a new level. This is a recognition of this work that we have been doing in research and development with over 100 researchers, masters, and doctors who have been doing these new products that are very specific. They are not direct copies from the other products in the market. Those medicines we develop thinking about how to better solve the problems for our clients. We're happy with this product. We're going to raise a very aggressive marketing campaign for this product. We've been working a lot with this product on the media because it's targeted for the end consumers. The box, as you can see, it looks good. It's different from what we have in the market.
There are some protection mechanisms that our competitors don't have. As you can see, there's the margin of the real size tablet on the box, showing you that it's easy to give to the dogs. As a recognition of this work that we've been doing in research and development, we have the honor and the pride to mention the FINEP, the agency of the government that deals with this. They resumed the award program again for the best companies that are more innovative in the country. We had won this award last year again in the company category, now there's the region phase to elect the companies that are more innovative in the country. We have been recognized by the FINEP Award for the Southeast region category.
It really shows that our R&D is very robust, and we appreciate FINEP, which is a great supporter of the company in this sense. The data is shown here. If we sum up the products in the past few months, we are talking about eight products. If we look into the past two years, we're talking about 12, 13 products already released in the market in two years. It's really good to see that. The company is still very healthy in the financial point of view. It's been robust. The debts are long-term with good quality. The results speak for themselves. In the fourth quarter, it's very important for us. We want to continue growing and getting good results from these releases. We are just in the beginning. We see a strategic risk horizon, which is very important.
Also to position the company, we wrapped up our study for strategic positioning for the next five years, and we have bold goals for more penetration and more deepness in the South America and also portfolio expansion. I'm going to leave it for discussion in another call, another moment. I don't use all the time here. I'm going to say that all the work that we have been doing is based on a good structure for planning and a view for growth that is always sustainable.
The financial aspect of the company is very healthy. In general terms, we understand that the mission is being accomplished, but we want more. We need to make Ourof ino one of the leaders on the market, in fact, and we have these plannings into the future. I'm going to give the word back to Marcelo. He's going to explain the financial part of the company, and I'll be available for questions and answers. For now, thank you, everyone.
[Non-English content]. Thank you, Kleber. I'm going to share some details about our financial results, show you the main highlights. This quarter is characterized by a great growth in the revenue. A growth that is followed by margin expansion, which is good liquidity, cash generation. I'm going to bring you the accumulated result. I'm going to take you. It's quite a summary, just an overview of how we wrapped up the quarter in comparison to 2024. Also the growth of the company, 26.2%. All of the business units grew in this period is significant. We had an margin expansion around 30.6%.
We had a little pressure in the margin in the first quarter. Kleber said it is because of the leveraging partnerships and the distribution of products. Distribution has a little margin comparison to the line products. On the other side, this leverage in sales brings us a spread in sales that brings in more operational profits. We grew 26% in the revenue and 30% in EBITDA as a result of this leverage that reduces the fixed, also very relevant. Nine months accumulated growth of 18%, growth considerable in EBITDA as well in 21%, with net growth also being above the net revenue. It's been great now these years. They have been paying the dividends in terms of capital with our stockholders. The company maintains the margins around 10% over the revenue.
Bringing this vision to the business units, looking into more details, both for the margins and the profit of the units. The consolidated result, the vision in this long term is 26.2% of growth in the quarter. You see that the company has been growing constantly in the past few quarters, and we have been delivering in the nine months of 2025 in the best scenario with a great profit. It shows that the company has been able to grow with a healthy portfolio of products, getting growth but also prioritizing the added value to the product. The beef unit is the one that grew the most, has had more impact in this period for the product releases, and we have the reflex here of the release of Boostin and Nexlaner also the expansion of sales for the beef products.
Besides the immunocastration, we also had the first vaccine for this disease in the world. It's a different product, very innovative. The line has been growing 29.1% in the quarter and the accumulated growth at 21% in the past nine months. We have 49% of margin in this line, the biggest margin in this trimester. This little pressure in the quarter, it's because of the greater importance of the growth of the sales with the products with partnerships. This growth brings a great decrease in many other aspects, as I'm going to explain later. In the companionship animals, the growth has been a little slower in the first six months of the year. I see that in their market is a little bit more under pressure, especially in the retail.
We understand that it's a combination of factors that slow down, like the interest rate, which is high, families without the money. We have been working a lot to do the sell-out, both for distribution and also resales. The impact for the fourth quarter, we see accumulated growth of 4.9%. We are accumulating the quarter, even though it's just one month of revenue, with the release of the product with a lot of details. We have bonus and high speculative because this is a new product, new market entry. Company was not participating in the market. Now, it's a new segment for us, and we have the opportunity of growing significantly, both in the fourth quarter and the next few years. The margin is extremely healthy, nine months at 68% and 69% in the quarter. International operations.
We're talking about the local operations with Mexico and Colombia, direct exportation to the other countries in Latin America. This is a great growth avenue for us. Our purpose is to become the company that is mostly admired in Latin America. The growth for this unit has been relevant with the margin expansion also that is very important, 63.9% of margin in the year and 63% in the quarter. Besides getting this growth in the revenue, they have a very important component naturally in the company, because a great part of our sales is from imported inputs. The strategic value for growth and profitability, but also the protection for the international transactions. The company has been doing for a long time this job of growing but preserving the efficiency.
The efficiency itself is a leverage for growth, there's a significant decrease in the expenses for the first trimester and also accumulated for the first six months. We have been investing the resources in these commercial structures that are very important to support the growth in sales and keep the expenses alongside with the inflation, consequently, the margin expansion. Preserving, as Kleber mentioned, preserving the investments in research and innovation. Those are responsible for creating value in the long term. We have around BRL 75.8 million invested in 2024. This year, we are in BRL 56 million already of our revenue being invested in research and development. We have been doing this constantly, and you see, on average, the company invests 7%-8.5% of its revenue into research and development. [Non-English content ]
The adjusted EBITDA of the company, as I said, we're growing in revenue, expanding EBITDA is superior to the sales. 30.6% was the growth in EBITDA of the third quarter, 20% in the accumulated one. We're growing in revenue, expanding margin. We have the best margin in EBITDA, 20.6% in accumulated, 27.4% in the accumulated in three months. Just to wrap up this topic, that's the result of growth, preservation of margin and growth that allows expansion of EBITDA. Generation of cash. It's been robust and consistent. We generated BRL 32 million in cash, liquid, for paying interest and taxes, income taxes. That's net value, over BRL 200 million by the end of September. A good level of liquidity, it's worth mentioning that to say that there's a higher investment this year in stock.
As Kleber mentioned, many product releases in 2025 that were not in the base of 2024. We have additional investments in the formation of stocks, the sales are being done now. This has a greater impact on the operational cash flow that is still very positive. In 2025, this variation is already good the management of the debt. We're very comfortable with this cash management because with also the concept of having very low debt and a leverage of 1.16x, lower than it was in 2021, for example. With the cost composition, which is adequate to our investment profile. As you can see, the numbers of the investments in September with the Selic index in 15%.
What allows the company to remain competitive, we have a composition that is very comfortable with 89% of our debt is in the long run, from 89%, 40% is for five years. We don't have the need of a lot of negotiation, renegotiation for this generation of cash with a proper debt of profile investment in the long run. It gives us comfort to keep going on with the business, doing the investments for our products. I wrap up this financial part here, I give the microphone back to Kleber, he's going to conduct the question and answers section.
As I'm seeing here, I think we don't have any questions here. As a reminder, our team is at your disposal if you have any questions in the future. I say goodbye, and thanks to the participation of everybody who was here, and thank you for the trust of our investors and our management sectors, and most especially our teams who is working night and day.