Minerva (BEEF3) posted a net loss of R$ 717.3 mn in 3Q26, compared with a net profit of R$ 120.0 mn in 3Q25. The result was affected by a negative net financial result of R$ 1.6 bn, due to the "Others" line, which includes R$ 254.7 mn from commodity hedging and R$ 471.5 mn from FX hedging and mark-to-market of swaps. Excluding the effects of FX hedging, commodity hedging and FX variation, recurring net income was R$ 120.0 mn.
Net revenue totaled R$ 14.5 bn (R$ 14,520.6 mn), down 6.4% from 3Q25 and up 3.0% from 2Q26. Gross revenue was R$ 15.8 bn, with exports accounting for 54.8% of the total. Gross profit was R$ 2.5 bn, with a gross margin of 17.1%, compared with 16.5% in 3Q25.
EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 1.2 bn, with a margin of 8.3%, compared with R$ 1.4 bn and 8.9% in 3Q25. Over the last 12 months, EBITDA totaled R$ 4.7 bn, with a margin of 8.4%.
Net debt reached R$ 15.2 bn at the end of September, and leverage (net debt to last-12-month EBITDA) stood at 3.2x, compared with 2.5x a year earlier. Cash was R$ 13.9 bn. Operating cash flow was positive at R$ 518.1 mn, and free cash flow was negative at R$ 402.7 mn.
From January to September 2026, the company repurchased and canceled US$ 234.6 mn (R$ 1.2 bn) in bonds, including the redemption of the 2028 Bond. It also repurchased R$ 66.2 mn in securities in the local market.
Is BEEF3 worth investing in?
- Price
- R$ 2.80
- as of 11/10/2026
- Dividend yield
- 6.99 %
- P/L
- 6.11
- P/VPA
- 1.77
