Minerva SA earnings date
Minerva SA (M0V) Q3 2026 Earnings Report
DE:M0V Q3 2026 EPS Results
- Actual EPS
- -EUR 0.51
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 0.08
DE:M0V Q3 2026 Revenue Results
- Actual Revenue
- EUR 2.56B
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- -0.72%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/11/2026
- Time
- After Close
- Conference Call
- Wednesday, November 11, 2026
Minerva SA's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was operationally constructive, with strong revenue and EBITDA, improved gross margins, continued geographic diversification, positive demand commentary for China and North America, progress in Paraguay, substantial liquidity and active debt management. However, the quarter also included a BRL 717 million net loss, significant derivative and financial expenses, negative free cash flow, 3.2x leverage, delayed inventory reduction, difficult credit-market conditions and expectations for potentially tighter margins in 2027. Overall, the number and breadth of operational achievements outweighed the financial and market challenges, although management remained cautious about volatility, financing costs and cattle supply.
Management said the BRL 150 million to BRL 180 million cattle-hedge benefit should reduce COGS, especially in the fourth quarter, while inventory reduction is expected to gain strength and speed in the fourth quarter of 2026 and first quarter of 2027; if inventory levels are reduced mostly in Q4, free cash flow could end the year at 0, with an around BRL 2 billion reduction in net debt and leverage going back to 2.8 by the end of the year, although this is “the thesis” and depends on how quickly inventories are sold. Over the next 2 to 3 quarters, management expects inventory reduction of BRL 2.2 billion, BRL 4.5 billion, maybe a little bit more, with shipments to China beginning in the fourth quarter to be billed in the first quarter of 2027; China should see more sales and higher volumes over the next 5 months, November, December and the first quarter '27. Minerva will probably use 100,000 to 120,000 tons of the 300,000 tons U.S. quota, while for 2027 management expects similar margins to 2026, maybe even tighter, cattle prices most likely much less than what was seen in 2026, leverage around 1.7x if conditions normalize, or around 2x with steady-state real interest rates of around 5% to 6%, and financial expenses of up to 35% or even 40% of EBITDA.
- Strong Revenue and EBITDA PerformanceGross revenue reached approximately BRL 16 billion in Q3 2026 and BRL 60 billion over the last 12 months. Net revenue was BRL 14.5 billion in Q3, up 3% from Q2, and BRL 56 billion over the last 12 months, up approximately 10% year-on-year. Q3 EBITDA was BRL 1.2 billion with an 8.3% margin, while last-twelve-month EBITDA was BRL 4.7 billion, up 3% year-on-year, with an 8.4% margin.
- Gross Margin ImprovementGross margin was 17% in Q3 2026, improving both year-on-year and quarter-on-quarter. Management attributed the performance to continued increases in global beef prices driven by strong demand and tight cattle supply, together with Minerva's ability to capture pricing opportunities through its multi-origin production platform.
- Geographic Diversification Supported Commercial FlexibilityExports accounted for approximately 55% of consolidated gross revenue in Q3 and 57% over the last 12 months. The company stated that its multi-origin platform allowed it to redirect a significant portion of Chinese demand through Argentina, Uruguay and Colombia while increasing sales to Chile, Mexico, the Middle East and Eastern Europe. Strong North American demand also supported sales.
- North America Became More Important in Q3 ExportsNorth America represented 26% of beef exports in Q3, with the United States accounting for 20%. In the overall gross-revenue destination mix, North America represented 19% and the United States 14%.
- International Markets Remained Central to the BusinessExports accounted for 61% of gross revenue in Q3 and 63% over the last 12 months. Brazil exported 60% of its production in the quarter and 64% over the last 12 months, while Latin American operations excluding Brazil exported 60% in both periods.
- Strong Multi-Origin Operating PlatformBrazil accounted for 51% of Q3 gross revenue, Paraguay 16%, Uruguay and Argentina 10% each, Australia 4%, Colombia 4% and the trading division 3%. Management highlighted the complementarity of these operations and the ability to direct production and sales toward the most profitable alternatives based on cattle cycles, supply conditions and market access.
- Positive Outlook for China DemandManagement stated that demand in China remains very high, local production has declined and inventory measured in days of consumption is at historically low levels. Shipments to China are expected in December and part of November, with China becoming one of the most relevant markets for Brazil. Management said there should be a positive sales dynamic and higher volumes over the next five months, including November, December and the first quarter of 2027.
- U.S. Quota Created Additional Market OpportunityThe temporary opening of an additional 300,000-ton beef quota for Brazil and other supplier countries was described as an opportunity for the company's operations. Management expects to use approximately 100,000 to 120,000 tons of the quota.
- Positive Paraguay DevelopmentManagement described Paraguay as showing a very positive dynamic, supported by new areas for cattle raising, improving logistics and access to additional markets, including Mexico. The company said it views Paraguay positively as an important platform and continues to see stability in its production capability and operating dynamics.
- Sustainability Audit ComplianceMinerva achieved 100% compliance for the seventh consecutive cycle in the independent social and environmental monitoring audit of cattle purchases in Paraguay. In Brazil, it achieved 100% compliance in the third unified audit cycle in the Legal Amazon region under the oversight of the Federal Public Prosecutor's Office.
- Expansion of Sustainability and Decarbonization ProgramsUnder the Renove Program, the company expanded its regional reach and certification processes across Brazil, Uruguay and Paraguay, including data collection, emissions inventories and audits. It also developed partnerships to assess feed additives with the potential to reduce methane emissions and broadened its portfolio of production-chain decarbonization solutions.
- Carbon Research and Animal Welfare ProgressMyCarbon prospected and technically assessed 186,000 hectares for carbon projects, particularly in the Cerrado, and completed a two-year monitoring cycle across 10 farms in six Brazilian states. The company mapped 58.6% of its supplier chain, fulfilled 32 of 54 public animal-welfare commitments, trained more than 6,400 people, maintained certification at 100% of slaughter facilities and supported more than 70 audits.
- Recognition for Environmental Reporting and Corporate PerformanceMinerva received the Gold Seal from Brazil's GHG Protocol Program for the sixth consecutive year, representing the program's highest qualification level. It also ranked among the top food and beverage companies in Exame Magazine's Melhores e Maiores 2026 and among Brazil's 35 largest companies overall.
- Positive Operating Cash FlowOperating cash flow reached BRL 518 million in Q3, supported by operating performance and lower working-capital volatility than in previous quarters. Working capital contributed approximately BRL 50 million to BRL 58 million positively, and last-twelve-month operating cash flow remained positive at approximately BRL 1.1 billion.
- Expected Benefit from Cattle Hedge TimingManagement stated that part of the BRL 250 million negative commodities-hedge result recognized in Q3 relates to cattle that had not yet been slaughtered. Approximately BRL 150 million to BRL 180 million is expected to benefit cost of goods sold, particularly in Q4, as the cattle is slaughtered.
- Liquidity and Debt-Maturity ProfileThe company ended September with approximately BRL 14 billion of cash, 84% of debt due beyond 12 months and average debt duration of approximately four years. Management stated that debt amortization needs over the next 12 months are relatively small compared with gross debt.
- Active Liability ManagementMinerva redeemed approximately BRL 900 million of its 2028 bond, approximately BRL 340 million of its 2031 bond, repurchased and canceled roughly BRL 10 million of the same issuance in Q3, and repurchased approximately BRL 66 million in CRAs. Total international-market debt-security redemptions reached approximately BRL 1.2 billion, while management also said that nearly BRL 1.5 billion of international-market bonds had been bought back in 2026.
- Share Buyback Program ApprovedThe Board approved a share buyback program covering up to 10% of the free float, equivalent to approximately 4.5% of the company's total capital, with the program open for 12 months.
- Potential Working-Capital ReleaseManagement stated that inventories built up in the first half should support working-capital release in coming quarters. The company expects the inventory reduction to gain strength in Q4 2026 and Q1 2027, contributing to free cash flow generation and leverage reduction.
DE:M0V Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | ―- | 0.06 | ― | ― |
| Nov 11, 2026 | 2026 (Q3) | ―-0.51 | 0.08 | -742.05% (-0.59) | |
| Aug 12, 2026 | 2026 (Q2) | ―0.14 | 0.29 | -52.81% (-0.15) | |
| May 06, 2026 | 2026 (Q1) | ―0.04 | 0.15 | -72.67% (-0.11) | |
| Mar 19, 2026 | 2025 (Q4) | ―0.06 | -1.43 | 104.43% (+1.50) | |
| Nov 05, 2025 | 2025 (Q3) | ―0.08 | 0.08 | -5.38% (-0.00) | |
| Aug 06, 2025 | 2025 (Q2) | ―0.29 | 0.09 | 213.73% (+0.20) | |
| May 07, 2025 | 2025 (Q1) | ―0.15 | -0.22 | 165.71% (+0.37) | |
| Mar 19, 2025 | 2024 (Q4) | ―-1.43 | 0.03 | -4747.06% (-1.46) | |
| Nov 06, 2024 | 2024 (Q3) | ―0.08 | 0.17 | -51.56% (-0.09) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
