MBRF (MBRF3), the name of Marfrig Global Foods, reported net income attributable to controlling shareholders of R$ 210 mn in 3Q26, up 123.5% from the same quarter of 2025, when it was R$ 94 mn. Net revenue was R$ 41,424 mn (R$ 41.4 bn), down 0.8% year over year. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 3,558 mn (R$ 3.6 bn), up 1.6%, with a margin of 8.6%, compared with 8.4% in 3Q25.
Gross profit was R$ 5,137 mn, with a gross margin of 12.4%. Selling, general and administrative expenses totaled R$ 3,583 mn, up 1.5%. Net financial result was an expense of R$ 2,078 mn, an increase of 47.1%, due to higher spending on interest and market operations. Consolidated sales volume was 2,051 thousand tons, down 2.4%.
By segment, North America had revenue of US$ 3,724 mn and adjusted EBITDA of US$ 77 mn, with a margin of 2.1%. South America recorded revenue of R$ 6,169 mn and adjusted EBITDA of R$ 647 mn, with a margin of 10.5%. BRF had revenue of R$ 16,118 mn and adjusted EBITDA of R$ 2,568 mn, with a margin of 15.9%. Sadia Halal reached record revenue of US$ 621 mn.
Operating cash flow was R$ 3,199 mn, investments totaled R$ 1,497 mn and free cash flow was R$ 295 mn. Net debt closed at R$ 45,737 mn, up 1.6% from 2Q26, and leverage (net debt over adjusted EBITDA for the last 12 months) stood at 3.45 times. During the quarter, R$ 234 mn in shares were repurchased.
The MBRF+ efficiency program captured R$ 500 mn in the period, and merger synergies totaled R$ 179 mn, equivalent to 76% of the total forecast for 2026.
Is MBRF3 worth investing in?
- Price
- R$ 17.76
- as of 11/11/2026
- Dividend yield
- 0.00 %
- P/L
- 68.24
- P/VPA
- 2.19
