This article first appeared on GuruFocus .
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Gross Revenue (Q4 2025):BRL15.1 billion
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Gross Revenue (Full Year 2025):BRL58 billion
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Net Revenue (Q4 2025):BRL14.2 billion
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Net Revenue (Full Year 2025):Approximately BRL55 billion
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EBITDA (Q4 2025):BRL1.2 billion
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EBITDA Margin (Q4 2025):8.2%
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EBITDA (Full Year 2025):BRL4.8 billion
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EBITDA Margin (Full Year 2025):8.8%
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Net Income (Q4 2025):BRL85 million
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Net Income (Full Year 2025):Approximately BRL848 million
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Free Cash Flow (Full Year 2025):BRL1.5 billion
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Net Leverage (End of Q4 2025):2.6 times net debt over EBITDA
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Cash Position (End of Q4 2025):BRL15 billion
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Dividend Payout (December 2025):BRL162 million
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Total Shareholder Distributions (Fiscal Year 2025):Approximately BRL193 million
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Bond Repurchase and Cancellation (2025):Approximately USD587 million or BRL3.2 billion
Release Date: March 19, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Minerva SA ( MRVSY ) achieved record gross revenue of BRL58 billion and EBITDA of BRL4.8 billion for 2025, marking the highest levels ever recorded by the company.
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The company successfully integrated new assets ahead of schedule, enhancing its geographic diversification and ability to capture market opportunities.
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Exports accounted for 60% of Minerva's consolidated gross revenue, highlighting the company's strong international market presence.
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Minerva SA ( MRVSY ) maintained a solid cash position of BRL15 billion, providing financial security and flexibility.
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The company achieved 100% compliance in social and environmental audits, reinforcing its commitment to sustainability and ESG practices.
Negative Points
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Minerva SA ( MRVSY ) anticipates cost pressures in 2026 due to inflation, energy, and freight costs, which may impact margins.
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The company expects EBITDA margins to be lower in 2026 compared to 2025, reflecting ongoing cost challenges.
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There is uncertainty regarding China's quota system, which could affect export dynamics and market access.
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The Brazilian domestic market is experiencing consumer caution due to inflation, potentially impacting local sales.
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Minerva SA ( MRVSY ) faces geopolitical uncertainties and volatile global market conditions, which could affect operational stability.
Q & A Highlights
Q: What are your expectations for cost inflation in Brazil and your ability to pass on prices in the international market for 2026? A: Edison Ticle de Andrade Melo e Souza, CFO, explained that Brazil is experiencing a negative cattle cycle, leading to increased arroba prices above inflation. There is an opportunity to pass on these costs through exports due to a rebalancing of supply and demand, as production is expected to drop in the US, China, Australia, and Brazil. However, cost pressures from freight, diesel, and energy are anticipated, potentially reducing margins in 2026 compared to 2025. Despite this, the company expects a 6% to 10% increase in top-line revenue for 2026.
Q: How is Minerva handling the Chinese quotas and what impact do they have on your operations? A: Fernando Galletti De Queiroz, CEO, stated that logistics between Argentina, Uruguay, and Brazil are similar, and the quota system imposed by China is based on an average of exports from 2022 to 2024. Brazil's exports were speeding up in 2025, affecting the average. The company is waiting for official criteria from China regarding quotas. Minerva's geographic diversification allows it to mitigate risks and take advantage of opportunities in other countries.
Q: What is your strategy for capital allocation and inventory management in 2026? A: Edison Ticle de Andrade Melo e Souza, CFO, emphasized the focus on deleveraging and generating free cash flow. The company aims to reduce debt by the end of 2026, potentially achieving a leverage closer to 2 times. Inventory management is based on a formula considering quota systems and potential savings versus carrying costs. The company plans to continue its strategy of holding inventory to face quota systems, particularly in the US.
Q: How are you addressing the margin pressures and shipping costs in the current environment? A: Edison Ticle de Andrade Melo e Souza, CFO, noted that the drop in EBITDA margin was due to cost pressures, including shipping costs. The company has long-term contracts that mitigate short-term impacts, but the situation depends on the duration of the ongoing conflict affecting costs. Minerva is cautious about cost inflation from energy and fuel prices, which may lead to lower margins in 2026 compared to 2025.
Q: Can you provide an update on the US quota dynamics and the impact on your strategy? A: Fernando Galletti De Queiroz, CEO, mentioned that the company learned from last year's changes and is better prepared to extract value from the US quota system in 2026. The Middle East remains a relevant destination, with price increases due to supply shortages. Minerva's strategy involves leveraging its geographic diversification to navigate quota systems and maintain resilience in a volatile environment.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
