OFSA3: quote, dividends and indicators for Ourofino Saúde Animal

Ourofino Saúde Animal, currently named Ourofino S.A., is a Brazilian company in the animal health sector, with common shares traded on B3 under the ticker OFSA3, in the Novo Mercado segment. The economic group originated in 1987, founded by Norival Bonamichi and Jardel Massari, with an initial focus on manufacturing veterinary products for production animals, especially cattle, horses, poultry and swine. Throughout the 1990s, expansion occurred organically, concentrated on this target audience. In 2000, the company moved to diversify by entering the market for products for companion animals, such as dogs and cats, which led to a multi-species portfolio. Between 2001 and 2004, the construction of a modern industrial and technological park in Cravinhos (SP) marked a phase of investment in production capacity and in research and development, replacing earlier facilities that no longer supported the company’s growth pace.

From 2007 onward, Ourofino Saúde Animal reinforced its biotechnology and innovation strategy. During this period, it began building an industrial plant to produce vaccines against foot-and-mouth disease, including a biosafety laboratory, which enabled its entry into the biologics segment. Biosafety certification from the Ministry of Agriculture and Livestock (MAPA) was obtained in 2008, and the license to market the vaccine came in 2010, after two years of development. Also in 2007, the company began implementing a plant for hormonal therapeutic products, aimed at providing a complete Fixed-Time Artificial Insemination (FTAI) protocol for cattle, with in-house production starting in 2008. In 2014, the company carried out an initial public offering and its shares began trading on B3, strengthening its capital structure to finance growth. Subsequently, in 2015, it intensified international operations, expanding the commercial team and client base in Mexico and acquiring the local distributor in Colombia, in order to strengthen its presence in those markets.

Ourofino S.A.’s business model is organized into three main segments: Production Animals, Companion Animals and International Operations. In Production Animals, the company manufactures and markets vaccines and veterinary products for ruminants (cattle, sheep and goats), poultry, swine and horses, as well as providing contract manufacturing services for other companies in the sector. As of 2025, this segment’s portfolio included 98 veterinary products, covering antibiotics, anticoccidials, antimastitics, anti-inflammatories, ectoparasiticides, endoparasiticides, hemoparasiticides, inoculants and probiotics, among others. In Companion Animals, the company offers solutions for dogs and cats through a portfolio of 33 products, totaling more than 100 SKUs, including analgesics, antibiotics, anti-inflammatories, dermatological and dermocosmetic products, disinfectants, ectoparasiticides, endectocides, endoparasiticides, otological drugs and supplements. In International Operations, the company exports vaccines and veterinary medicines to 14 countries, with Mexico and Colombia as strategic growth markets.

The relative importance of each segment appears in the composition of 2025 net operating revenue, which totaled approximately R$ 1.225 billion. Production Animals accounted for 73.6% of net revenue, consolidating itself as the main revenue driver; Companion Animals represented 14.1%; and International Operations contributed 12.4%. In terms of operating profit, Production Animals was responsible for 66.1% of the result, Companion Animals for 21.0% and International Operations for 12.9%, indicating the economic relevance of all three segments, albeit with predominance of the domestic production animal market. The company’s client base is highly fragmented, with no single buyer accounting for more than 10% of net revenue. In the Production Animals segment, the company served more than 3,900 active clients in Brazil, including agribusiness resellers, cooperatives, agro-industries, distributors and large producers. In Companion Animals, distribution reached 35 areas in the country, covering more than 40,000 points of sale, which underscores its commercial capillarity.

Ourofino Saúde Animal’s industrial infrastructure is centralized in Cravinhos (SP), in facilities with more than 30,000 m² of built area, organized into blocks for biologics and pharmaceutical plants, including lines for hormonal products and animal protection products. Processes follow the Good Manufacturing Practices (GMP) established by MAPA, also referencing international quality standards from agencies such as the FDA and EMA. In biologics, the company produces vaccines for swine circovirus (such as Safesui Circovírus and LeanVac), Mycoplasma, Safesui Glasser One and other solutions for swine, as well as vaccines such as Ourovac Raiva for herds. In pharmaceuticals, production covers injectables, oral solutions, creams, ointments, solids, hormones and animal protection products, with quality control of inputs and finished products and batch processes standardized in accordance with regulations. The company maintains a preventive and predictive maintenance program, as well as industrial insurance to mitigate operational risks.

Logistics and distribution are structured to serve both the highly fragmented client base across Brazil and exports. The company operates with five distribution centers, leased from third parties, in Vinhedo (SP), Cachoeirinha (RS), Aparecida de Goiânia (GO), Betim (MG) and Cuiabá (MT). These centers are supplied from the Cravinhos plant based on demand forecasts, and part of the inventory remains at the industrial plant as a reserve for rapid replenishment in the event of disruptions. The logistics network is decentralized and uses a logistics operator that selects carriers focusing on cost and service level by region. This structure enables service to practically all Brazilian municipalities and supports international operations, coordinated by a dedicated international logistics team. Abroad, in addition to its presence in several Latin American countries, the company focuses its expansion efforts on markets that are relevant for animal protein, with an emphasis on swine and cattle.

Research, development and innovation (RDI) are a central pillar of Ourofino S.A.’s business model. The company maintains a multidisciplinary team composed of pharmacists, veterinarians, chemists, biologists and biotechnologists, responsible for identifying market demands, designing new solutions and conducting pre-clinical and clinical studies. The development process is structured into stages of ideation, technical and commercial feasibility, prototyping, testing under real conditions and industrial scale-up, followed by registration and preparation for launch. The company adopts an open innovation strategy, entering into partnerships with universities, research centers and national and international specialists. It also maintains an experimental farm in Guatapará (SP), where it conducts studies on cattle and swine, in addition to supporting laboratory analyses, which helps tailor products to the sanitary, climatic and production particularities of the Brazilian animal protein and companion animal markets.

From a regulatory standpoint, Ourofino Saúde Animal’s operations are strongly conditioned on compliance with MAPA regulations for veterinary products and animal feed. Industrial facilities must be registered and licensed, with periodic inspection and renewal, and products require registration with the Product Registration Coordination Office of the Animal Health Department, with set deadlines for renewal. The company must also comply with specific rules for substances subject to special control, animal experimentation standards under the supervision of CONCEA and the Ethics Committees on the Use of Animals, as well as requirements related to the Biosafety Law for activities involving genetically modified organisms, monitored by CTNBio and internal biosafety committees. In addition, the company meets registration requirements with the Regional Veterinary Medicine Councils, the Army (when there are controlled products) and the Federal Police for certain chemical substances. In parallel, the company structures its environmental, social and governance practices in line with the UN Sustainable Development Goals and the Global Compact, of which it has been a signatory since 2019, with a sustainability committee dedicated to ESG topics, integration of goals into corporate strategy and progress on indicators related to socioenvironmental and governance impacts—relevant aspects for those monitoring the role of OFSA3 shares in the context of the Brazilian capital markets.