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Marfrig Global Foods (MBRF3) investor relations material

Marfrig Global Foods Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary11 Nov, 2025

Executive summary

  • Achieved record consolidated EBITDA of R$ 3.5 billion and net income of R$ 94 million in 3Q25, with highest sales volumes since 2022 and strong execution of value-creation and efficiency strategies.

  • Expanded market presence, notably in the Middle East, through the launch of Sadia Halal, now the world's largest halal chicken company, and partnerships with HPDC.

  • Distributed R$ 3.8 billion in dividends and completed the acquisition of Gelprime to boost value-added product share.

  • Maintained focus on innovation, operational excellence, and sustainability, with significant investments and new export licenses.

  • Advanced integration and synergy capture post-merger, with mapped synergies and efficiency programs delivering additional value.

Financial highlights

  • Net revenue reached R$ 41.8 billion, up 9.2% year-over-year; operating cash flow was R$ 3.3 billion.

  • Adjusted EBITDA totaled R$ 3.5 billion (8.4% margin); net income was R$ 94 million, down from R$ 248 million in 3Q24.

  • Free cash flow was R$ 555 million after capex and financial expenses.

  • Leverage ratio at 3.09x EBITDA (LTM); net debt at R$ 41.3 billion, up 10% from Q2.

  • Distributed R$ 3.8 billion in dividends during the quarter.

Outlook and guidance

  • Expect to capture R$ 1 billion in synergies from the merger, with R$ 600 million in 2026 and the rest by 2028.

  • Sadia Halal IPO targeted for 2026/2027 in Riyadh to unlock further value.

  • Lower interest rates projected to reduce debt service by over R$ 500 million in 2026.

  • Positive demand outlook for beef and poultry, with balanced global supply and demand expected for 2026.

  • Continued focus on innovation, operational excellence, and ESG initiatives.

US Beef: What drives outperformance vs. peers?
Poultry genetics: Industry's plan for bottlenecks?
Sadia Halal: IPO timeline and growth drivers?
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Frequently asked questions

Marfrig Global Foods S.A. is a food processing company specializing in the production and distribution of beef products. The company operates across South America, North America, and international markets, supplying fresh and processed beef to retailers, foodservice operators, and industrial clients. Marfrig focuses on sustainable sourcing, meat processing, and value-added protein products, including ready-to-eat meals and plant-based alternatives. The company is headquartered in São Paulo, Brazil, and its shares are listed on the B3.

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