Conservas Oderich S.A., whose shares ODER3 and ODER4 trade on B3, is a Brazilian food company founded in 1908 by Adolfo Oderich and his son Carlos Henrique in the city of São Sebastião do Caí, in the state of Rio Grande do Sul. Initially named Carlos H. Oderich & Cia, the company stood out as a pioneer in mastering techniques for preserving canned meats and vegetables. More than a century later, the company remains under family control, now in the 4th generation, preparing the 5th generation to continue the business. The main headquarters is still located at the same address where it was founded, maintaining a strong connection to its origins and to the industrial tradition of Rio Grande do Sul.

Oderich’s business model is centered on the industrialization of processed foods, focusing on animal proteins, vegetables, fruit in syrup, tomato-based products, pickles, and seasonings. The company operates five factories, four of them in Rio Grande do Sul, in the cities of São Sebastião do Caí, Pelotas, and Eldorado do Sul, and one in Orizona, in the state of Goiás. In addition, it has an industrial plant in Luziânia (GO), operated by its subsidiary Oderich Alimentos Ltda., and a distribution center in Bahia. The company structures its operations based on the development of the entire production chain for its main items, working with fruit and vegetable growers to ensure the supply of raw materials with defined health and quality standards, including technical support and, in some cases, financial support.

The main unit in São Sebastião do Caí is the principal operational hub, accounting for the largest share of the company’s net revenue, and concentrates the production of canned meats, mayonnaise, ketchup, mustard, canned and frozen sausages, as well as ready-to-eat canned dishes such as feijoada, tripe stew, meatballs, and meats in sauce, with or without vegetables. This production supplies the Brazilian domestic market through different channels, including retail, wholesale, distribution, industrial kitchens, food service, and public tenders aimed at school meal programs and the Armed Forces, in addition to the foreign market. The Pelotas factory specializes in preserved vegetables, pickles, seasonings, compotes, and fruit in syrup, producing items such as peas, mixed vegetables, canned peaches and figs, sliced fruit sweets, olives, beets, onions, mushrooms, asparagus, powdered seasonings, and pickles in glass jars, with sales centralized by the main unit.

In Eldorado do Sul, Oderich vertically integrates a significant part of its supply chain through its own metalworking plant responsible for manufacturing cans, lids, bottoms, and keys for metal packaging. This unit supplies approximately 90% of the group’s internal demand for metal packaging and also sells about 10% of its production to third parties, with installed capacity sufficient for a significant increase in output. The manufacturing of cans in different thicknesses, conical and rectangular formats, as well as cans for pâtés and enameling and lithography services, allows the company to reduce costs, increase competitiveness, and speed up canning processes, which is relevant in a processed foods business.

In the Midwest, the Orizona plant plays a strategic role in the tomato-based and preserved vegetable lines, producing concentrated tomato pulp in aseptic bags and drums, tomato paste, tomato sauces, canned or chilled sweet corn, peas, mixed vegetables, concentrated guava pulp, and pineapple in syrup. The subsidiary Oderich Alimentos Ltda., in Luziânia, complements this portfolio by mainly producing tomato pulp, as well as sauces, pastes, vegetables, and condiments. Together, these operations strengthen the company’s presence in high-turnover everyday food categories such as tomato-based products, corn, and preserved vegetables, and help distribute its production base between the South and Midwest, taking advantage of different agroclimatic and logistics conditions.

Oderich’s commercial operations cover both the domestic and foreign markets, with a presence in more than 60 countries across Africa, Latin America, Asia, Oceania, and Europe. In 2024, sales in Brazil represented about two-thirds of gross revenue, while the foreign market accounted for approximately one-third of revenue, with no single foreign country having an individually significant share of revenue. The company has no customers that account for 10% or more of its net revenue, indicating a diversified buyer base in terms of channels and geographies. By trading on B3, ODER3 and ODER4 shares provide access to a processed foods business with combined exposure to domestic consumption and exports.

From a regulatory standpoint, the company is subject to a strict framework of sanitary, environmental, and food safety rules in Brazil and in the countries to which it exports, covering industrialization, packaging, storage, distribution, and product labeling. The company states that it complies with these requirements in order to meet relevant standards and reports that it has not faced, up to the date of the reference form, significant issues with regulatory authorities. In parallel, it invests in industrial infrastructure that includes water intake and treatment, electrical substations, generator sets to reduce costs during peak hours, boilers suited to regional biomass sources, and cold storage rooms with capacity to store up to 6,000 tons, which allows it to manage raw material seasonality and strategic inventories.

In the environmental, social, and governance (ESG) dimensions, Oderich maintains wastewater treatment plants at its food facilities and uses closed-loop processes for treating effluents. Solid animal waste is autoclaved and converted into tallow, grease, and meat meal, while other waste is separated by type for recycling of metals, plastics, paper, and cardboard, with toxic waste sent to controlled landfills in accordance with legislation. Environmental management is audited by a third party, as required by the environmental license, through a Compulsory Audit Report. The company develops projects aligned with various UN Sustainable Development Goals, such as zero hunger, health, education, clean water, clean energy, decent work, innovation, sustainable cities, responsible consumption, and climate action, and states that it is in the project phase to adopt sustainability reporting under the GRI standard, as well as to improve its disclosure of ESG indicators, materiality matrix, and emissions inventories.

From an operational and governance standpoint, the business is supported by a production park with a high degree of mechanization and intensive use of technology in processes such as cooking, sterilization, freezing, and filling, requiring a specialized technical staff in mechanics, electrical, electronics, pneumatics, and hydraulics. The company highlights corporate values related to learning, personal development, relationships, honesty, transparency, environmental and social responsibility, and a focus on teamwork. For investors analyzing ODER3 and ODER4 shares on B3, Oderich presents itself, according to its reference form, as a processed foods company with strong production integration, geographic diversification of plants, and a relevant presence in domestic and foreign markets, operating across multiple categories of preserves, tomato-based products, canned proteins, and condiments.