Metalfrio Solutions S.A. is a Brazilian company founded in 1960, originally focused on producing components for refrigeration systems, and quickly migrating to the development of complete solutions for beverage and ice cream manufacturers. Over the following decades, the company went through different cycles of shareholder control, including the period when it was part of Continental 2001 and, later, the German group Bosch Siemens Hausgeräte (BSH), when it received significant investments in industrial modernization and environmental practices, becoming one of the pioneers in Latin America in industrial projects focused on environmentally oriented refrigeration. In 2001, the operation was carved out into a new corporate structure, Metalfrio Solutions Ltda., laying the groundwork for its phase as an independent company. In 2007, after its transformation into a corporation, the company carried out its initial public offering, and its common shares, under the ticker FRIO3, began trading on B3 – Brasil, Bolsa, Balcão.

Metalfrio Solutions’ recent trajectory has been marked by a process of internationalization and consolidation in the plug-in commercial refrigeration segment for points of sale. The company has made acquisitions and established subsidiaries in strategic markets such as Turkey, Russia, Mexico, Bolivia, Nigeria and Argentina, in addition to having acquired assets in Denmark and the United States to reinforce its global presence. Among the relevant operations, the highlights include its entry into the Mexican market through Refrigeración Nieto and Enerfreezer, the acquisition of the Senocak/Klimasan group in Turkey, which also operates in Ukraine and Russia, and the formation of its own logistics structure through Begur Transporte Rodoviário e Logístico Ltda., later expanded by the acquisition of 3L Locações e Serviços S.A. More recently, the company has adjusted its international portfolio, shutting down operations in Denmark and Nigeria while strengthening its presence in Central Asia through a production partnership with Artel Electronics in Uzbekistan, involving the creation of LLC Klimasan Coolers Manufacturing for sales and distribution in the region.

Metalfrio Solutions’ business model is focused on technological refrigeration solutions for point-of-sale (POS) locations of large global consumer brands, especially in the segments of beverages, ice cream, and frozen or chilled foods. The company is one of the main global players in plug-in commercial refrigerators, focusing on equipment classified as Ice Cold Merchandiser (ICM), which includes vertical and horizontal refrigerators and freezers used directly at points of display to the end consumer. Its operations are organized into two major segments: products and services. The products segment encompasses the development, manufacturing, distribution, and sale of plug-in refrigerators and chest freezers, often customized in terms of design, logo, and visual identity to integrate with customers’ marketing strategies. The services segment brings together a set of value-added solutions that includes maintenance, technical assistance, sale of spare parts, asset management, equipment refurbishment, logistics services, and equipment rental, increasing the share of recurring revenue in the company’s structure.

From a revenue standpoint, the products segment accounts for most of Metalfrio Solutions’ consolidated revenue. In 2024, products accounted for about 80.7% of net revenue, while services represented 19.3%. Still, profitability dynamics differ between segments: the gross margin on services is substantially higher than on products, reflecting the more knowledge-intensive nature of technical expertise, asset management, and specialized support. Over the years, the company has developed a services platform under the Life Cycle brand, dedicated to the comprehensive management of approximately 1.5 million units in South America and a significant additional volume in Central America, North America, and the EMEA region. This platform coordinates more than 75,000 service orders per month through around one thousand technicians and hundreds of authorized service centers, supported by centralized systems, a proprietary app, and a call center, which reinforces the value proposition of offering complete refrigeration solutions from manufacturing through the full life cycle of equipment in the field.

Metalfrio Solutions’ customer base is composed mainly of large global manufacturers of chilled or frozen beverages and foods, which use commercial refrigerators both to preserve products and to display and advertise their brands at the point of sale. The company supplies multinational groups in the beer, soft drink, ice cream, and frozen foods sectors, with widely diversified revenue and, in 2024, did not record any individual customers accounting for more than 10% of total net revenue. Metalfrio equipment is installed in supermarkets, bars, restaurants, convenience stores, bakeries, and other retail establishments that sell chilled or frozen products, creating a high degree of correlation with the global dynamics of the food and beverage industry, the expansion of retail channels, and the renewal of equipment fleets. The offer of asset management and refurbishment services also meets the needs of these large corporations in optimizing the useful life and standardization of their equipment bases distributed across multiple geographies.

Metalfrio Solutions’ geographic footprint is widely diversified. The company operates four main industrial plants: one unit in Brazil, located in Três Lagoas (Mato Grosso do Sul); one in Turkey, in Manisa; one in Russia, in Kaliningrad; and another in Mexico, in Celaya. In addition to these production hubs, it maintains sales offices in Poland, Nigeria, Ukraine and the United States, and a dedicated services office in Brazil. This structure enables coordinated operations in three major regions: North and Central America, Latin America, and EMEA, with the capacity to serve more than 100 countries. The international expansion strategy seeks to align industrial and service locations with the markets showing the highest growth in consumption of chilled beverages and foods, reducing exposure to country-specific cycles and enabling scale gains, production flexibility, and logistical proximity to global customers.

Metalfrio Solutions operates in a sector that is sensitive to regulatory standards of safety, energy efficiency, occupational health, and the environment. Its operations are subject to zoning requirements, municipal operating licenses, fire department approvals, and environmental licensing in the different jurisdictions in which it operates, with periodic renewal requirements and exposure to sanctions in case of noncompliance. The company adopts management systems aligned with ISO 14001 to monitor compliance with environmental and occupational health and safety legislation, relying on periodic independent audits. In its production process, it uses internal laboratories for quality control of polyurethane foam, thermal insulation, and energy efficiency, conducting performance, resistance, and electrical safety tests on 100% of the equipment produced, with additional sampling subjected to extreme temperature and humidity conditions to ensure compliance with international standards.

In the environmental and sustainability field, Metalfrio Solutions has developed structural initiatives to reduce environmental impacts throughout its history. In 1998, it completely eliminated the use of CFCs in its products and facilities, anticipating the transition to gases less harmful to the ozone layer. Starting in 2008, it incorporated LED lighting into its equipment, reducing energy consumption and the need to dispose of mercury-containing fluorescent lamps, and expanded the use of this technology to work environments as well. In 2010, it launched the Metalfrio Next line, focused on significantly reducing direct greenhouse gas emissions and energy consumption in its equipment. The Três Lagoas plant obtained ISO 14001 certification in 2019 and has been recognized with the “Selo Verde – Ecoeficiência” (Green Seal – Eco-efficiency) in the State of Mato Grosso do Sul since 2015, evidencing the integration of eco-efficiency practices into operational management. The company is also frequently subjected to social responsibility questionnaires and audits by its main customers, which contributes to continuous alignment with international socio-environmental governance standards.

In the capital markets, Metalfrio Solutions has followed a path of financial adjustments and capital reinforcement to support its global operational structure. In 2024, it completed a significant capital increase, approved at an extraordinary general meeting at the end of 2023 and ratified by the board of directors, with the stated objective of pursuing a more balanced capital structure. The capital injection, carried out through the issuance of new FRIO3 common shares at a set issue price, significantly strengthened the company’s equity. The corporate strategy combines rationalization of the subsidiary portfolio, investments in operational efficiency, and expansion of the offering of recurring services, while seeking to position the company to capture the structural growth in consumption of chilled beverages and foods in developed and emerging markets, keeping its focus on commercial refrigeration for points of sale as its core value driver.