Minerva (BEEF3) investor relations material

Executive summary

• Consolidated gross revenue in 2Q26 reached R$15.1 billion, up 2.4% year-over-year, with exports accounting for 56.6%–65% of the total and strong contributions from Asia, North America, and South America.

• Net revenue for 2Q26 was R$14.1 billion, a record, with LTM net revenue at R$57.2 billion, up 29.1% year-over-year.

• EBITDA for 2Q26 was R$1.2 billion (8.7% margin); LTM EBITDA was R$4.9 billion (8.6% margin), up 22% year-over-year.

• Net income for 2Q26 was R$196.9 million; LTM net income was R$489.2 million.

• Operational resilience and geographic diversification enabled agile execution amid volatile macroeconomic and geopolitical conditions.

Financial highlights

• LTM gross revenue totaled R$60.9 billion, up 29.3% year-over-year.

• Free cash flow for 2Q26 was negative at R$-611.4 million, but positive R$635.9 million LTM.

• Cash and cash equivalents at quarter-end were R$14.9–15 billion.

• Net leverage (Net Debt/LTM EBITDA) stood at 2.9x at the end of 2Q26.

• Gross margin in 2Q26 was 16.6%, down 0.9 p.p. year-over-year.

Outlook and guidance

• Working capital investments in Q2 are expected to positively impact Q3 and Q4, with inventory realization of about R$3 billion in the short term.

• Projected year-end net leverage of 2.2x–2.3x, with full-year EBITDA expected to exceed R$5 billion.

• 2027 outlook similar to 2026, with potential for tighter global beef supply and increased Chinese quota.

• Focus on capital structure optimization, financial discipline, and leveraging global platform to mitigate risks.

• Continued emphasis on ESG initiatives, supply chain traceability, and operational flexibility.