On Thursday, August 13, 2026, Marfrig Global Foods (MBRF3) reported that its consolidated net revenue in the second quarter of 2026 (2Q26) was R$ 40.720 billion, up 4.9% compared to 2Q25, with growth across all operations. Net income attributable to controlling shareholders totaled R$ 69 million in the period. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 3.203 billion, an increase of 5.4% year over year, with an adjusted EBITDA margin of 7.9%, versus 7.8% a year earlier.
In 2Q26, the consolidated volume sold by Marfrig was 1.969 million tons, 1.5% above that recorded in 2Q25, with a 3.1% drop in the domestic market and a 10.8% increase in international sales. Revenue in the domestic market was practically stable at R$ 28.010 billion, while export revenue rose 16.5% to R$ 12.711 billion. Gross profit totaled R$ 4.868 billion, with a gross margin of 12.0%, slightly below the 12.4% recorded in the same quarter of 2025.
Consolidated net financial result was an expense of R$ 1.776 billion in 2Q26, an increase of 23.0% compared to 2Q25, mainly due to higher interest expenses. Operating cash flow totaled R$ 2.168 billion, while consolidated investments (capex) reached R$ 1.410,6 billion and financial expenses came to R$ 1.622 billion, resulting in cash consumption of R$ 864 million in the quarter.
The company’s consolidated gross debt closed 2Q26 at R$ 68.121 billion, of which 49.1% was in local currency and 50.9% in foreign currency. After cash and investments of R$ 23.113 billion, consolidated managerial net debt was R$ 45.008 billion, up 2.4% versus 1Q26 and 19.7% compared to 2Q25. The leverage ratio, measured by net debt to adjusted EBITDA for the last 12 months, stood at 3.41 times in reais and 3.48 times in dollars.
By segment, the North America Beef operation accounted for 46% of consolidated net revenue in 2Q26, with revenue of R$ 18.904 billion (US$ 3.748 billion) and adjusted EBITDA of US$ 26 million, a margin of 0.7%. The South America Beef operation represented 16% of revenue, with R$ 6.389 billion and adjusted EBITDA of R$ 570 million, a margin of 8.9%. BRF contributed 38% of revenue, totaling R$ 15.428 billion and adjusted EBITDA of R$ 2.596 billion, a margin of 16.8%, which meant that 79% of the consolidated adjusted EBITDA for the quarter came from BRF, 17% from South America and 4% from North America.
