Minerva (BEEF3) investor relations material

Executive summary

• Q1 2026 delivered record gross revenue of R$14.5 billion and net revenue of R$13.4 billion, with LTM gross revenue at R$60.6 billion and net revenue at R$57.0 billion, driven by geographic diversification and disciplined execution.

• LTM EBITDA reached R$5.0 billion (8.7% margin), with Q1 2026 EBITDA at R$1.1 billion (8.3% margin); net income for Q1 was R$87.3 million, LTM net income R$750.6 million.

• Exports accounted for 55% of Q1 and 59% of LTM gross revenue, with Brazil as the main operational hub and Asia as the largest export destination.

• Operational efficiency, integration of new assets, and geographic diversification supported resilience amid global volatility.

Financial highlights

• Q1 2026 gross revenue: R$14.5 billion (+21.3% YoY); net revenue: R$13.4 billion (+19.8% YoY); EBITDA: R$1.1 billion (8.3% margin, +16.2% YoY).

• LTM gross revenue: R$60.6 billion (+49.2% YoY); net revenue: R$57.0 billion (+49.8% YoY); EBITDA: R$5.0 billion (+43.8% YoY, 8.7% margin); net income: R$750.6 million.

• Q1 net income: R$87.3 million; operating cash flow for Q1 negative R$324 million, but positive R$4.3 billion LTM.

• Q1 free cash flow: negative R$806 million; LTM: positive R$1.2 billion; cash position at quarter-end: R$10.9 billion.

• Net leverage stable at 2.7x net debt/EBITDA; gross debt R$24.6 billion; 64% of debt FX-indexed, with at least 50% hedged.

Outlook and guidance

• Management expects 2026 margins to be lower than 2025 due to higher cattle prices, but top-line growth and international demand should offset margin compression.

• Export volumes to China expected to remain stable YoY with higher prices; working capital needs to rise due to input cost inflation.

• CapEx for 2026 projected to be lower than 2025, supporting positive cash flow; focus on reducing indebtedness and optimizing capital structure.