Marfrig Global Foods (MBRF3) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of BRL 164 billion in 2025, up 12% year-over-year, with over 8.2 million tons sold (+4%), driven by the Marfrig-BRF merger and a diversified multi-protein platform.

• Solid business momentum in both domestic and international markets, with notable gains in processed products and market share.

• Continued progress in operational efficiency, commercial integration, and supply chain optimization, capturing R$1bn in savings through the Efficiency Program in 2025.

• Resilient operating model amid avian influenza, U.S. cattle cycle challenges, and successful integration and synergy capture.

• ESG milestones included 100% traceability of cattle supply, CDP Triple A rating, 80% renewable energy, and 100% cage-free eggs.

Financial highlights

• Net revenue reached BRL 163.963 billion in 2025, up 11.9% year-over-year; adjusted EBITDA was BRL 13.2 billion (8% margin), and net income was BRL 358 million.

• Operating cash flow was BRL 13.1 billion; free cash flow at BRL 985 million.

• CapEx totaled BRL 6.4 billion, including BRL 1.1 billion in M&A investments; financial expenses were BRL 5.7 billion.

• Net debt at year-end was BRL 43.4 billion, up from BRL 41.3 billion at 3Q25, with leverage at 3.3x LTM EBITDA.

• Gross margin was 12.3% for 2025, down from 13.5% in 2024; SG&A as % of revenue was 8.9%.

Outlook and guidance

• Positioned to meet growing global protein demand through ongoing investments in capacity expansion, product innovation, and synergy capture.

• South America beef volumes projected to grow 7-8% in 2026, with Brazil targeting 20% capacity growth.

• BRF to add 160,000 tons of processed food capacity over 2025-2026, supporting nearly 10% volume growth.

• CapEx expected to decrease in 2026, with flexibility to adjust based on market conditions.

• Resumption of exports to the EU and China, and new export authorizations, expected to support future growth.