Minerva (BEEF3) investor relations material

Executive summary

• Achieved record gross revenue and EBITDA for the last 12 months, with 1Q26 gross revenue at R$14.5 billion and net revenue at R$13.4 billion, driven by geographic diversification and disciplined execution.

• LTM EBITDA reached R$5.0 billion (8.7% margin), with 1Q26 EBITDA at R$1.1 billion (8.3% margin); LTM net income was R$750.6 million, and 1Q26 net income was R$87.3 million.

• Exports accounted for 55% of Q1 and 59% of LTM gross revenue, highlighting strong international presence.

• Operational efficiency and geographic diversification supported resilience amid global volatility, including tariff, geopolitical, logistical, and weather challenges.

• Domestic market supports margin optimization and operational stability, leveraging a diversified South American footprint.

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); net income: R$87.3 million.

• LTM gross revenue: R$61 billion; net revenue: R$57 billion (+49.8% YoY); EBITDA: R$5 billion (8.7% margin, +43.8% YoY); net income: R$751 million.

• Q1 net leverage stable at 2.7x net debt/EBITDA; cash position at R$10.9 billion.

• Operating cash flow for Q1 negative R$324 million due to working capital seasonality; LTM positive at R$4.3 billion.

• Q1 free cash flow negative R$806 million; LTM positive R$1.2 billion.

Outlook and guidance

• Margins expected to be lower in 2026 than 2025 due to higher cattle prices, but top-line growth should offset margin compression.

• EBITDA for the last 12 months seen as a floor for the remainder of the year.

• Working capital investment projected at R$300–400 million for 2026 due to higher input costs.

• CapEx expected to be lower than last year, supporting positive cash flow.

• Management notes forward-looking statements are subject to market, regulatory, and economic risks.