MBRF increases revenue and achieves record volume for a second quarter

Company posted net revenue of R$40.7 billion and adjusted EBITDA of R$3.2 billion, up 4.9% and 5.4% versus 2Q25, respectively;

Merger synergies totaled R$158 million in the quarter, while the MBRF+ efficiency program generated R$328 million;

Company reduced consolidated administrative expenses by 13% year-over-year;

In Brazil, commercial integration expanded the beef portfolio to more than 20,000 new points of sale.

MBRF (MBRF3), one of the world’s largest food companies, delivered strong operating performance in the second quarter of 2026, with net revenue of R$40.7 billion, up 4.9% compared to the same period last year, driven by growth across all business segments. Adjusted EBITDA totaled R$3.2 billion, increasing 5.4%, with a margin of 7.9%, while sales volume reached 1.969 million tons, a record for a second quarter.

Despite a challenging macroeconomic environment, the company maintained its ability to generate results, posting net income of R$69 million, supported by operational improvements, commercial expansion, and gains from synergies and efficiency initiatives across different markets.

“The results reflect the strength of our business model, the quality of execution by our teams, and the progress we have made in integrating our operations. We continue to strengthen our competitiveness through leading brands, global reach, broad distribution, and ongoing efficiency gains, always focused on sustainable value creation,” said Marcos Molina, Chairman of MBRF.

“The consistent progress in our results throughout the quarter, supported by operational and commercial advances as well as synergy capture, reinforces our confidence and positions us to seize opportunities in the second half of the year,” said Miguel Gularte, CEO of MBRF.

Global multi-protein platform

At BRF, net revenue reached R$15.4 billion, while adjusted EBITDA increased 3.8%, with a margin of 16.8%, improving both year-over-year and sequentially.

In Brazil, sales volume increased 4.6% compared to the first quarter, driven by customer base expansion and sustained high service levels. Commercial integration enabled the expansion of the beef portfolio into more than 20,000 new points of sale, highlighting one of the key benefits and synergies of the multi-protein platform created through the business combination.

Internationally, improved U.S. dollar export prices for Brazilian products and the approval of 34 new export licenses expanded market access alternatives and value-capture opportunities. In Türkiye, profitability improved during the quarter, driven by higher consumption during the barbecue season and strong performance of the processed foods portfolio.

Sadia Halal achieves record profitability

Sadia Halal ended the quarter with net revenue of US$590 million, up 16.6% compared to 2Q25. Adjusted EBITDA reached US$95 million, growing 104.3%, while adjusted EBITDA margin increased by 6.9 percentage points to 16.1%, a new record for the operation.

“With more than 50 years of presence in the Middle East, we have a robust commercial platform and logistics expertise that have been essential to mitigating operational challenges arising from the geopolitical environment, ensuring product supply and contributing to the region’s food security,” said Fabio Mariano, CEO of Sadia Halal and Vice President of the Halal Market at MBRF.

Beef operations advance in volume and revenue

In North America, sales volume increased 2%, from 468 thousand to 477 thousand tons, helping mitigate the effects of lower cattle availability. Higher average carcass weights and strong demand kept prices at elevated levels and drove net revenue to US$3.748 billion, up 14.9% from US$3.263 billion in 2Q25.

In South America, expanded production capacity, productivity gains, and strong international demand for beef supported growth in both volumes and revenue. Net revenue reached R$6.389 billion, up 26.4% year-over-year, while adjusted EBITDA increased 22.1% to R$570 million.

Synergies, efficiency and financial discipline

Business integration continued to progress according to plan. During the second quarter, MBRF captured R$158 million in synergies, driven by improvements in commercial operations, procurement, logistics, and corporate structure. A highlight was the 13% year-over-year reduction in consolidated administrative expenses.

The MBRF+ program, which now includes South America Beef and BRF operations, combines continuous improvement, productivity, and efficiency initiatives. The program generated R$328 million during the quarter and expanded the application of its methodology across the company’s businesses.

MBRF generated operating cash flow of R$2.2 billion in the second quarter, above the previous quarter. The company remains focused on improving cash conversion and maintaining disciplined working capital management.

“In the second half of the year, we are concentrating our efforts on improving working capital indicators, particularly inventories and supplier management, with the goal of further enhancing the company’s cash generation,” said José Ignacio Scoseria, Vice President of Finance and Investor Relations at MBRF.

ESG and people

MBRF was awarded the Gold Seal of the Brazilian GHG Protocol Program, the highest certification granted to companies that meet excellence, transparency, and quality standards in the preparation and disclosure of greenhouse gas emissions inventories.

The company’s employee engagement survey, the first conducted since the merger, recorded an engagement score of 88%, four percentage points above the average for Brazilian companies and three points above the benchmark for high-performance organizations. The result highlights the strength of MBRF’s culture and the high level of employee connection with the company.

About MBRF

MBRF is one of the world’s largest food companies, operating in 117 countries with a multi-protein portfolio that includes beef, pork, poultry, processed foods, ready meals, and pet food. With strong and iconic brands such as Sadia, Perdigão, Sadia Bassi, Perdigão Montana, Perdigão na Brasa, Qualy, Banvit, and Paty, the company brings together 130,000 employees worldwide and produces approximately 8.2 million tons of food annually, serving more than 425,000 customers and millions of consumers around the globe.