GRANJA FARIA S.A. is an egg production company that has built, over roughly two decades, a relevant position in Brazil’s poultry protein chain. The economic group began in 2006 in Nova Mutum (MT), based on the activities of rural producer Ricardo Faria, initially structured to meet BRF S.A.’s demand for hatching eggs under an integration system. In 2008, it expanded its hatching egg production to Videira (SC) and, in 2009, to Fazenda Vila Nova (RS), strengthening its presence in the South region. An important milestone occurred in 2013 with the acquisition of Avícola Catarinense, which at the time had more than 24 years in the poultry market and was later renamed Granja Faria S.A. The entry of the current controlling shareholder enabled the company to double the scale of its operations and expand to new units, including in Erval Velho (SC), focused on producing hatching eggs for the export market.

Over the following years, the company adopted a growth strategy based on acquisitions and partnerships, seeking production scale and commercial reach. In 2012, the group also began operating in broiler chicken production in Campo Mourão (PR), in partnership with then Tyson (now JBS). Starting in 2018, it began diversifying into table eggs with the creation of the Ares do Campo brand in Palhoça (SC) and the purchase of production facilities in Darcinópolis (TO), Arapongas (PR), and Farroupilha (RS). In 2019, the acquisitions of ASA and IANA in Minas Gerais tripled the size of the table egg operations. In 2020 and 2021, the company acquired Avimor in Nova Prata (RS) and Alexaves in Alexânia (GO). In 2023, the company absorbed BL Ovos and acquired a stake in Katayama Alimentos in São Paulo, expanding its presence in important consumer markets. In 2024, it came to control 90% of Vitagema in Rio Grande do Norte, and in 2025, it completed the purchase of 100% of Tamago in Pernambuco, reinforcing its position in the Northeast.

The corporate structure has been gradually adapted to the capital markets. In 2020, the company began its relationship with institutional investors through a debenture issuance. In 2023, it obtained registration as a category A publicly held company and listed its shares on B3’s traditional segment under ticker EGGY3, with the aim of financing organic expansion and new acquisitions. EGGY3 shares thus became a capitalization vehicle for a group already operationally consolidated, with a track record of integrating regional poultry assets and building a national egg production platform. Listing on B3 placed GRANJA FARIA S.A. among the animal protein companies with direct access to the Brazilian capital market.

GRANJA FARIA S.A.’s business model is based on a vertically integrated operation along the egg chain, combining production of table eggs, hatching eggs, day-old chicks, processed products, and incubation services. In 2024, the company reported net revenue of R$ 2,059 million and EBITDA of R$ 645 million, with 85.2% of revenue coming from the table egg segment and 14.8% from hatching eggs. Operations include 14 table egg production units, 10 hatching egg units, and 1 hatchery, as well as 3 processed egg plants, supported by a network of around 60 integrated producers. The company also produces organomineral fertilizers from poultry activity waste, adding value to by-products of the production cycle.

In the table egg segment, which predominates in revenue generation, GRANJA FARIA S.A. produces more than 10 million boxes of eggs per year, with around 16.5 million laying hens housed. The birds are raised in cage systems and cage-free systems, as in the case of the Ares do Campo brand, and collection is mostly mechanized. The portfolio covers regular, free-range, specialty and quail eggs, sold both in-shell and in processed forms (liquid and dehydrated, whole, whites or yolks). The company operates 14 production units distributed across nine states and has 16 distribution bases, serving more than 4,000 direct customers, such as supermarket chains, cash-and-carry wholesalers, regional retailers, and restaurants. The company has its own fleet of more than 300 trucks, making around 650 deliveries per day and 15,000 deliveries per month, which provides high logistical capillarity in 20 states and the Federal District.

The hatching egg and day-old chick segment is structured in 11 production units (10 farms and 1 hatchery) in five Brazilian states: Mato Grosso, Goiás, Paraná, Santa Catarina, and Rio Grande do Sul. Annual production exceeds 150 million hatching eggs, with incubation capacity of more than 11 million eggs and approximately 1.2 million breeder hens. At this scale, the company holds an estimated share of around 6% of Brazil’s production of broiler hatching eggs, supplying mainly large poultry processors such as JBS, BRF, Aurora, and other food companies. In the table egg market, the company competes with groups such as Granja Mantiqueira, Yabuta, Kerovos, and Granja Almeida, seeking scale, supply chain integration, and geographic reach as key competitive factors.

GRANJA FARIA S.A. has a nationwide geographic footprint, with production and logistics operations spread from the North to the South of Brazil and commercial activity in 20 states plus the Federal District. The company also records revenue abroad, especially from sales of hatching eggs and derivatives, with 9% of 2024 net revenue coming from customers based outside Brazil. Top international destinations include Mexico, Taiwan, South Africa, the United Arab Emirates, Senegal, and Chile, among other markets, which diversifies revenue sources and exposes the company to international trade dynamics for poultry protein and reproductive inputs.

From a regulatory standpoint, GRANJA FARIA S.A. operates in an environment that is heavily supervised by federal, state, and municipal authorities. Egg production, incubation, and marketing of animal-origin products require registration and inspection by the Ministry of Agriculture and Livestock, through DIPOA, in accordance with industrial and sanitary inspection legislation. The units must comply with requirements on labeling, packaging, transport, and sanitary control, including certifications for breeder poultry establishments regarding agents such as Salmonella and Mycoplasma. The production and sale of organomineral fertilizers require registration of establishments and products with MAPA, via the SIPEAGRO system. The manufacture of feed and products intended for animal nutrition is also regulated, with periodic registration requirements. In addition, the foodservice operations under the Eggy brand, a restaurant chain focused on egg-based dishes, are subject to ANVISA’s sanitary rules and local health surveillance agencies.

In terms of environmental, social, and governance practices, the company states that it adopts ESG principles in its culture, although it does not yet publish formal sustainability reports. The strategy includes a focus on animal welfare, life-cycle management of the birds, and the use of technologies to monitor production and operating indicators. The Ares do Campo brand, dedicated to free-range eggs from hens fed on natural diets, holds certifications such as Certified Humane – Raised & Handled, organic certification from IBD, and the WQS seal, all associated with specific handling and sustainability criteria. The company predominantly uses biodegradable and recycled egg packaging, seeks to reduce water waste and optimize energy consumption, and markets chicken manure as a natural fertilizer. In governance, it has maintained a professional board of directors since 2017, with independent members, and an executive structure with sector experience, reinforcing management standards aligned with its new status as a listed company traded on B3.

In sourcing, GRANJA FARIA S.A. faces strong dependence on corn and soybean meal, inputs that represent more than 60% of the total cost of raising poultry. To mitigate price volatility, the company maintains a specialized grain purchasing team, adopts hedging strategies, and has storage capacity exceeding 140 thousand tons. Its close corporate relationship with Terrus S.A., one of the country’s major grain producers under the same controlling shareholder, contributes to access to market information and greater supply predictability, albeit without creating exclusive dependence. This combination of partial verticalization of inputs, production scale in table eggs, a significant presence in hatching eggs, and logistical capillarity defines the operating profile of the company represented by EGGY3 shares on B3.

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