In the release of results for the second quarter of 2026 (2Q26), Minerva (BEEF3) reported net income of R$ 196.9 million, with net revenue of R$ 14.1 billion and EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 1.2306 billion, corresponding to an EBITDA margin of 8.7%. In the 12 months ended 2Q26, net revenue totaled R$ 57.2 billion, EBITDA came to R$ 4.9 billion and net income reached R$ 489.2 million.
Compared to 2Q25, net revenue grew 1.3%, while net income fell 57.0% and EBITDA declined 5.5%. Versus 1Q26, net revenue advanced 5.2% and EBITDA increased 10.0%, with EBITDA margin rising 0.4 percentage point. In the first half of 2026, accumulated net income was R$ 284.2 million and net revenue reached R$ 27.5 billion, 9.5% above the same period in 2025.
The company reported that net financial result in 2Q26 was a negative R$ 756.8 million, influenced by the non-cash effect of exchange rate variation, which had generated a positive result of R$ 128.6 million in 2Q25 and was negative by R$ 35.2 million in 2Q26. Cash flow from operating activities was negative R$ 54.6 million in the quarter, impacted by changes in working capital requirements, which were negative by R$ 1.0711 billion, mainly due to a R$ 609.7 million increase in accounts receivable, in addition to higher inventories and biological assets.
In terms of capital structure, at the end of June 2026 Minerva had R$ 14.9 billion in cash and cash equivalents and total gross debt of R$ 29.3 billion, resulting in net debt of R$ 14.3626 billion. Financial leverage, measured by Net Debt/EBITDA for the last 12 months, closed 2Q26 at 2.9x. In the period, the company completed the issuance of the 2036 Notes in the amount of US$ 600 million, with a 7.50% annual coupon, and repurchased and canceled roughly US$ 232.9 million in bonds in the international market in 1H26, in addition to approximately R$ 66.2 million in debt securities in the local market.
In 2Q26, 4,030 warrants were exercised, raising R$ 20.1 thousand. The company highlights that there are still 187.0 million warrants outstanding, representing potential cash inflow of R$ 930.3 million if exercised by the end of the first half of 2028. Operationally, consolidated gross revenue for the quarter reached R$ 15.1 billion, with 56.6% coming from exports, while free cash flow for the last 12 months totaled R$ 635.9 million.
