Q2 2026 Marfrig Global Foods SA Earnings Call Transcript
Key Points
- Record sales volume for a second quarter, with net revenue up 4.9% year-over-year to R$40.7 billion.
- Consolidated adjusted EBITDA increased 5.4% to R$3.2 billion, with a margin of 7.9%.
- Beef South America saw strong growth, with net revenue up 26% and adjusted EBITDA up 22% year-over-year.
- BRF delivered a healthy EBITDA margin of 16.8%, up 45 basis points, supported by balanced supply and demand and sequential volume growth in Brazil.
- Sadia Halal posted a record adjusted EBITDA margin of 16.1%, up 690 basis points, with strong performance in the Middle East.
- Beef North America EBITDA margin was only 0.7%, as higher cattle costs outpaced boxed beef price gains.
- Consolidated leverage remains high at 3.41 times LTM EBITDA, above the company's optimal level.
- Free cash flow was negative at R$860 million due to working capital absorption, including higher inventories and accounts payable.
- Industry cattle supply remains tight, with slaughter volumes down 7% year-over-year, pressuring capacity utilization.
- The temporary suspension of the Taquarembo plant in Uruguay for exports to China adds uncertainty, though the company is redirecting volumes.
Because they deal with what lies ahead, these statements carry risks and uncertainties, and they hinge on circumstances that may or may not occur. Investors, analysts, and members of the press should keep in mind that swings in the broader economy in our industry and other factors could drive results to differ materially from what those statements point to.
With us today, we have Mr. Miguel Gularti, our CEO, Mr. Tim Klein, CEO of the North America Operation, and Jose Inacio Scorseria, our CFO. I would now like to hand the call over to Mr. Miguel Gularti. Please go ahead, sir.
Good morning. Welcome to MBF's call to present our consolidated results for Q2 2026.
We closed the quarter with a solid performance and record sales volume for a second quarter, which speaks to how well our strategy is working and to the discipline we've brought to execution across every operation. Net revenue came to RE40.7 billion in the quarter, up 4.9% on the same period versus last year.
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