Minerva (BEEF3) posted a net loss of R$ 717.3 million in 3Q26, compared with a profit of R$ 120.0 million in 3Q25. The result was hit by a negative net financial result of R$ 1.6 billion, due to the "Others" line, which includes R$ 254.7 million in commodity hedges and R$ 471.5 million in FX hedges and mark-to-market of swaps. Excluding the effects of FX hedges, commodity hedges and foreign exchange variation, recurring net income was R$ 120.0 million. Over the last 12 months, the company had a net loss of R$ 348.2 million.
Net revenue totaled R$ 14.5 billion (R$ 14,520.6 million), down 6.4% from 3Q25 and up 3.0% from 2Q26. Gross revenue was R$ 15.8 billion, with exports accounting for 54.8% of the total. Gross profit was R$ 2.5 billion, 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 billion, with a margin of 8.3%, compared with R$ 1.4 billion and 8.9% in 3Q25. In 2Q26, EBITDA was R$ 1,231 million. Over the last 12 months, EBITDA totaled R$ 4.7 billion, with a margin of 8.4%.
Net debt reached R$ 15.2 billion at the end of September, compared with R$ 14,363 million in 2Q26, and leverage (net debt to last-12-month EBITDA) stood at 3.2x, compared with 2.5x a year earlier and 2.9x in 2Q26. Cash was R$ 13.9 billion. The debt's duration (average term) is about 4.0 years, and 65% of it is in foreign currency. Operating cash flow was positive at R$ 518.1 million, and free cash flow was negative at R$ 402.7 million, and positive at R$ 2.2 billion over the last 12 months.
From January to September 2026, the company repurchased and canceled US$ 234.6 million (R$ 1.2 billion) in bonds, including the redemption of the 2028 Bond. It also repurchased R$ 66.2 million in securities in the local market.
Is BEEF3 worth investing in?
- Price
- R$ 3.01
- as of 11/11/2026
- Dividend yield
- 6.50 %
- P/L
- 6.57
- P/VPA
- 1.91
