MDIA3: quote, dividends and indicators for M. Dias Branco

M. Dias Branco S.A. Indústria e Comércio de Alimentos is a Brazilian food company whose history began in the 1940s, with bakery and artisanal biscuit production activities led by Manuel Dias Branco in the state of Ceará. In 1951, the partnership M. Dias Branco & Cia. Ltda. was incorporated, marking the formalization of the business. The entry of Francisco Ivens de Sá Dias Branco into the partnership in 1953 drove the transition to large-scale industrial production of biscuits and pasta. Over the following decades, the company structured its own distribution model, focused on fragmented service to micro, small and medium-sized retailers, supported by door-to-door sales and frequent visits to points of sale. In 1980, the industrial and commercial complex was transferred from Fortaleza to Eusébio, consolidating a more robust operating base. In 2006, the company adopted its current name and went public, with its shares traded on B3’s Novo Mercado segment under the ticker MDIA3.

M. Dias Branco’s business model is strongly based on production verticalization and portfolio diversification within the food segment. The deregulation of the wheat sector in Brazil in 1990 marked the beginning of an expansion cycle supported by the internalization of key stages of the supply chain. In 1992, the company inaugurated its first wheat milling unit in Ceará, increasing control over the main raw material for biscuits and pasta and also entering the flour and wheat bran markets. Subsequently, vertical integration was deepened with the installation of new mills in different states and with the entry into the production of fats, margarines and vegetable creams, enabling internal supply of a significant portion of the second main raw material for biscuits, vegetable fat. This industrial design allows the company to reduce logistics costs, optimize factory supply and capture efficiency gains from scale.

M. Dias Branco’s activities comprise the processing and sale of a wide range of food products. The portfolio includes biscuits in multiple subcategories, such as cream cracker, água e sal, maria, maisena, sandwich biscuits, wafers, ring-shaped biscuits, cookies, tartlets, sweet and savory products; pasta, including regular pasta, durum wheat pasta, semolina, semolina with eggs, lasagna, microwave-ready pasta and instant noodles; margarines and vegetable fats for household and industrial use; wheat flour and bran; packaged cakes and cake mixes; snacks and savory snacks; toasts; granola; gluten-free bread; sauces, seasonings and condiments; breakfast cereals; chocolates and cereal bars; nut- and seed-based products, chocolate-covered rice biscuits, chips and other adjacent items. The company also produces hydrogenated fats, vegetable oils, powdered soft drinks, packaged bread, tomato sauces, powdered chocolate drinks, peanut butter, syrups and related products, in addition to engaging in ancillary activities related to packaging production, logistics, energy and waste management, all directly connected to its core food operations.

M. Dias Branco’s brand portfolio is one of the core elements of its strategy, with presence across various income brackets and regions of the country. Leading brands in biscuits, pasta, margarines and related products include Vitarella, Piraquê, Richester, Fortaleza, Adria, Isabela, Pilar, Finna, Estrela, Zabet, Basilar, Bonsabor, Puro Sabor, Medalha de Ouro, Predilleto, Adorita, Amorela, Delicitos, Salsitos and others. Internally, products are grouped into three major categories: Main Products, which include biscuits, pasta and margarines; Wheat Mills and Vegetable Oil Refining, which encompass flour, bran and industrial fats; and Adjacencies, which include cakes, snacks, cake mixes, toasts, healthy foods, sauces and seasonings. In wheat flour, Finna is positioned with a focus on end consumers, while Medalha de Ouro is directed mainly at the bakery segment. Acquisitions such as Adria, Vitarella, Piraquê, Jasmine and Latinex expanded the brand portfolio, strengthening exposure to biscuits and pasta, snacks, healthy foods and new categories such as sauces, seasonings and condiments, in line with the diversification strategy within the food sector.

The company’s production structure consists of an industrial park distributed across different Brazilian states and abroad, with integrated units for wheat milling and the manufacture of biscuits, pasta, margarines and other items. In Brazil, M. Dias Branco maintains plants in Eusébio, Fortaleza and Maracanaú, in Ceará; Natal, in Rio Grande do Norte; Salvador, in Bahia; Cabedelo, in Paraíba; Jaboatão dos Guararapes, in Pernambuco; São Caetano do Sul and Lençóis Paulista, in São Paulo; Rolândia, in Paraná; Bento Gonçalves, in Rio Grande do Sul; Rio de Janeiro and Queimados, in the state of Rio de Janeiro; in addition to facilities dedicated to the production of granola, cookies, gluten-free products and grain processing in Paraná. Abroad, it has a pasta factory in Montevideo, Uruguay, through the company Las Acacias. Total installed capacity is well above the volume actually produced, allowing flexibility for expansion. In 2025, the utilization rate of global capacity was slightly above 60%, showing room for growth without an immediate need for major investments in new plants.

In addition to its own industrial operations, M. Dias Branco participates in logistics and corporate structures that complement its core business. The company holds stakes in port terminals specialized in grains and wheat, such as Terminal de Grãos de Fortaleza Ltda. (Tergran), focused on unloading and storing wheat at the Port of Fortaleza, and Terminal de Trigo do Rio de Janeiro – Logística S.A., a joint venture with Bunge Alimentos S.A. This participation in port infrastructure contributes to productivity gains and lower wheat supply costs. The company also maintains subsidiaries in Brazil and abroad, including Jasmine Indústria e Comércio de Alimentos Ltda., focused on healthy foods, and the Uruguayan companies Darcel S.A. and Cacama S.A., which operate in the production and sale of pasta, flour, cake mixes and sauces. International structures such as M. Dias Branco International Trading LLC and M. Dias Branco Argentina S.A. were established to intermediate raw material purchases, although they are currently in the process of being wound down.

In terms of markets and revenues, all of M. Dias Branco’s net revenue and profit are derived from the food products segment. In 2025, net revenue reached just over R$ 10.4 billion, growing compared to the previous year, while profit associated with the food segment totaled around R$ 659.8 million. Most revenue is generated in Brazil, which accounts for a percentage close to the totality of net sales, although there is commercial presence in other countries. The customer base is diversified, with different sales channels, but there is relative concentration in large retail chains. In 2025, the largest customer accounted for 7.1% of net revenue, with purchases covering all product lines. The multi-brand and broad-distribution strategy enables penetration across different income classes and retail formats, reinforcing commercial capillarity.

M. Dias Branco’s operations are subject to a broad set of regulations, especially regarding sanitary surveillance and environmental legislation. In the production, storage, distribution and sale of food, the company is supervised by bodies such as the Ministry of Health, through Anvisa, and the Ministry of Agriculture and Livestock, in addition to rules on labeling, consumer protection and state and municipal sanitary licensing. The company secures the registrations, notifications and licenses required for its plants and products, including quality management and food safety certifications such as NBR ISO 9001:2015 and FSSC 22000 v6.0 at some relevant facilities in the Northeast, Southeast and South regions. On the environmental front, its activities are classified as potentially polluting and depend on licensing at the federal, state and municipal levels, with monitoring of the conditions imposed by the competent agencies. The company states that it operates with valid or renewing environmental licenses at its units and adopts control systems for environmental legislation, as well as complying with additional requirements related to the use of controlled products, such as sodium hydroxide in effluent treatment plants, with the respective authorizations.

From an environmental, social and governance perspective, M. Dias Branco has been incorporating structured elements into its management. The ESG agenda was formally strengthened as of 2018, with initiatives such as the first greenhouse gas emissions inventory, nutritional mapping of the portfolio and social actions with institutions located around its industrial units. In terms of governance, the creation of the Corporate Governance Committee and the Governance Office in 2019 represented a step towards institutionalizing processes to support the Board of Directors and the Statutory Executive Board, in line with the standards required by B3’s Novo Mercado, where MDIA3 shares are traded. These initiatives are combined with internal programs for operational efficiency and productivity, such as the Multiplique Project, implemented in a context of greater macroeconomic volatility, consolidating a growth trajectory supported by production integration, portfolio expansion and improvement of management processes.