MNPR3: quote, dividends and indicators for Minupar Participações

Minupar Participações S.A. is a holding company with common shares traded on B3 under the ticker MNPR3. The company was incorporated in 1984 in Lajeado (RS), originally as Minuano – Exportação, Participação e Administração Ltda., initially focusing on export trading, equity interests in other companies and the provision of management services to group companies. In 1990, it was converted into a corporation and renamed Minupar Participações S.A., a move that allowed the issuance of convertible debentures and the public offering of shares to new shareholders. In this context, the shareholders of Companhia Minuano de Alimentos, founded in 1946, migrated their ownership to shares of the newly created holding company, consolidating the current corporate structure. Since then, Minupar has operated primarily as a holding company, with its operations concentrated in the indirect subsidiary Companhia Minuano de Alimentos, which is responsible for the group’s industrial and commercial activities.

Minupar’s business model is essentially that of a holding company, focused on equity interests in other companies, such as direct subsidiaries Valepar S.A. and Sulaves S.A., and, indirectly, Companhia Minuano de Alimentos. The latter organizes its activities along two main lines: the production and sale of processed meat products and the provision of poultry slaughtering and processing services for third parties. The company also sells products developed by third parties, a strategy that allows it to expand its portfolio and diversify revenue sources. In 2025, the financial statements show two main operating segments: Processed Products and Services and Processing, with net revenue relatively balanced between them. The Processed Products segment generated R$ 217.0 million in net revenue, equivalent to 49.7% of the consolidated total, while the Services and Processing segment accounted for R$ 219.3 million, or 50.3% of the consolidated net revenue of R$ 436.3 million for the year.

In the industrial and services sphere, subsidiary Companhia Minuano de Alimentos operates a vertically integrated poultry agribusiness complex with breeder and production farms, a hatchery, a feed mill, a poultry slaughterhouse and a processed products plant. In the Processed Products segment, with a facility in Arroio do Meio (RS), it produces and markets sausages, mortadella, ham, smoked chicken breast, smoked sausages, chicken tidbits, fried skin and pâtés. These products are sold in the domestic market under the Minu brand and in foreign markets under the Minu, Royal, Minal and Saran brands. The Services and Processing segment, in turn, focuses on slaughtering, deboning and processing poultry meat for third parties, with operations in Lajeado (slaughterhouse), Arroio do Meio (feed), Estrela (hatchery and production of hatching eggs) and Bom Retiro do Sul (breeder rearing). A significant portion of these operations is tied to a contract for poultry slaughtering and processing services for another company in the sector, which uses the installed capacity and export accreditations of the Lajeado unit.

The distribution of Companhia Minuano de Alimentos’ products has distinct characteristics in the domestic and foreign markets. In the domestic market, sales of products under the Minu brand are concentrated mainly in Rio Grande do Sul, with complementary presence in other Brazilian states, through a combination of direct sales via commercial representatives and in-house sales staff, and indirect sales via local distributors. In the international market, exports play a relevant role in the company’s own processed products operations, especially chicken sausages and mortadella. In 2025, net revenue from foreign customers reached R$ 154.5 million, about 35.4% of consolidated revenue, with sales to countries such as Nigeria, France, United Arab Emirates, Denmark, Netherlands, Uruguay, Guyana, United States, Spain, Italy, United Kingdom, Ireland, Switzerland, Oman, Turkey, Maldives and Canada. Revenue generated in Brazil totaled R$ 281.8 million, equivalent to 64.6% of consolidated net revenue for the period. Serving foreign markets requires maintaining sanitary approvals and specific certifications, in addition to compliance with religious requirements for Halal slaughter in majority-Muslim countries.

From a commercial and client perspective, Minupar shows a diversified profile in its own processed products output, with no customer concentration above 10% of net revenue in this segment. In contrast, in services provided to third parties, there is high dependence on a single strategic partner: BRF S.A. In 2025, revenue linked to this contract reached R$ 219.3 million, representing 50.3% of the group’s total net revenue, concentrated in the Services and Processing segment. This contract covers poultry slaughtering and processing, feed manufacturing, hatchery operations, production of hatching eggs and breeder rearing, integrating the entire poultry chain vertically. Renewal of this agreement for another 10 years, extending its term to 2035, was a key milestone for operational stability, reducing the risk of discontinuity in the main source of service revenue. At the same time, the company is exposed to intense competition in the meat and processed meats sector, with the presence of major players such as BRF and JBS and several regional producers, as well as the influence of fresh chicken meat prices on demand for processed products.

Companhia Minuano de Alimentos’ production structure depends on animal-based inputs, especially chicken meat, seasonings and spices. Most of the meat used at the processed products plant is purchased from the partner responsible for the slaughterhouse, which constitutes a significant dependence on a single supplier, mitigated by the renewal of the service contract. The remainder of the raw material is acquired in the open market, seeking a balance between cost and quality. This dynamic exposes the company to price volatility in chicken meat, which can affect costs and margins. In addition, the business is subject to extensive government regulation, requiring registration and oversight by the Ministry of Agriculture and Livestock, certifications from the Federal Inspection Service, compliance with ANVISA regulations, environmental licensing from FEPAM/SEMA and, when applicable, from IBAMA, as well as water-use permits, authorizations for controlled chemical products, licenses to operate biomass boilers and fire prevention permits. In the labor sphere, there is ongoing oversight by the Ministry of Labor and Employment and the Labor Prosecutor’s Office, with requirements to comply with Regulatory Standards for occupational health and safety.

Minupar’s recent trajectory has been marked by a significant financial restructuring process, particularly due to the negotiation of historical tax liabilities of subsidiary Companhia Minuano de Alimentos. In 2025, the company entered into a tax settlement agreement with the Office of the Attorney General of the National Treasury, under a specific program aimed at the Rio Grande do Sul region, fully regularizing debts registered as federal overdue tax liabilities. Implementation of the agreement resulted in a substantial reduction of tax liabilities, which previously amounted to approximately R$ 516.1 million, and allowed the reversal to a positive equity position of R$ 189.7 million at the end of fiscal year 2025. Tax regularization enabled the issuance of a Positive Tax Clearance Certificate with Negative Effects and reopened access to conventional credit lines, making possible the start of a new investment cycle estimated at R$ 74 million, focused on modernizing and expanding slaughter capacity at the Lajeado unit, with a projected increase from 175,000 to 200,000 birds per day. The period was also affected by severe flooding in the Vale do Taquari region in 2020, 2023 and 2024, impacting production, physical infrastructure and the need for recovery investments.

In the environmental, social and corporate governance sphere, Minupar has been structuring a more formal ESG agenda. In 2025, the company contracted a technology solution for ESG data measurement, reporting and monitoring, focusing on preparing for IFRS S1 and S2 standards, which become mandatory as of 2026. The greenhouse gas emissions inventory for 2024 and 2025 is being finalized, accompanied by a materiality assessment and the definition of sustainability metrics that will underpin the 2026 cycle. The company formalized a Sustainability Objectives Policy aligned with the UN Sustainable Development Goals and developed an Environmental Policy aimed at environmental protection and impact mitigation. The subsidiary operates a water and wastewater treatment plant and holds a metrological competence certificate (NBR ISO/IEC 17025:2017) for treated effluent parameters, in addition to international food safety certifications BRCGS (grade AA) and IFS Foods (Higher Level), recognized by the Global Food Safety Initiative. On the social pillar, the company holds Great Place to Work certification, adheres to the Empresa Cidadã (Citizen Company) Program, supports professional training initiatives with SENAI and APAE and has a workforce with diverse origins and nationalities. In governance, highlights include the Women on Board certification, which recognizes gender diversity practices in leadership, signing the Brazil Pact for Corporate Integrity, the existence of an Ethics Committee and a Disciplinary Committee and a policy that prohibits political donations, allowing only charitable and social donations with no party affiliation. All these elements compose the operational, regulatory and governance context in which Minupar Participações and its MNPR3 shares are positioned in the Brazilian capital market.