MBRF reports record volume in 3q25 and begins to capture synergies from the merger
• Company grows 3.7% in sales volume and 9.2% in revenue compared to 3Q24, in addition to reporting the highest EBITDA of the year, R$ 3.5 billion;
• The process of capturing synergies begins, with a forecast of around 60% of the total R$ 1 billion delivered in the first year;
• In a further step towards consolidating its global presence and leadership in the Halal market, it announces the creation of Sadia Halal and completes the expansion of its factory in Kezad
São Paulo, November 10, 2025 – MBRF (MBRF3), one of the largest global food companies, world leader in hamburger production and the largest Halal chicken company in the world, today announced its financial results for the third quarter of 2025. The company recorded net revenue of R$ 41.8 billion, the highest consolidated EBITDA of the year, at R$ 3.5 billion, a 15.3% increase over the previous quarter, and net income of R$ 94 million, demonstrating the consistency of its strategy of sustainable growth and value creation.
In this first balance sheet after the creation of MBRF, the company achieved its highest historical volume, strongly driven by operational excellence and commercial execution. Operating cash flow totaled R$ 3.3 billion, an increase of 9% compared to the previous quarter, reinforcing the company’s ability to maintain its financial strength and continuity of investments. The financial performance is mainly due to geographic diversification and increased margins in its portfolio of processed products and strong brands.
“This quarter’s results highlight MBRF’s solid trajectory. This was a period marked by advances in performance, expansion of global operations, and growth on all fronts of the business. The result reflects the commitment of our teams and the clarity of the strategic direction we have adopted since 2022, with the goal of making MBRF a truly integrated multi-protein company, increasingly efficient, innovative, and with strong brands around the world,” said Marcos Molina, Chairman of MBRF.
“The quarterly results reinforce MBRF’s potential. We are moving forward with an increasingly efficient and simplified strategy, focused on building an integrated, resilient, and increasingly profitable company. We remain committed to continuous evolution and consistent results for our shareholders,” said Miguel Gularte, CEO of MBRF.
Performance by operation
The cattle operation in North America, through National Beef, maintained solid performance, with efficient management of the livestock cycle and stable margins, even in an environment of lower cattle supply. The decline in slaughter was partially offset by an increase in average carcass weight. Net revenue was US$ 3.6 billion, up 12.2% compared to the same period in 2024.
In the cattle operation in South America, the quarter was marked by an increase in slaughter and deboning capacity, as well as volume growth, as a result of investments in the optimization of industrial complexes. Net revenue was R$ 5.7 billion, an increase of 18.1% compared to 3Q24, with a 17.6% increase in sales volume.
BRF’s operations recorded a historic level of sales volume, with growth of 5% y/y and an increase of 5.4% in net revenue, totaling R$ 16.3 billion. In the domestic market, there was an increase in the volume of processed products, driven by the expansion of distribution channels, which now serve 340,000 points of sale. In the foreign market, the geographic diversification strategy enabled the company to obtain 16 new export licenses in the period, totaling 214 since 2022.
Greater capillarity and increased volume of operations helped mitigate the impacts of restrictions on chicken meat exports. The resumption of exports to China, announced on November 7, represents significant potential for value creation and increased profitability for MBRF.
In the 12 months prior to Brazil’s suspension, the Company maintained a significant share of exports to this market. “The reopening also brings a strategic factor for MBRF, the only Brazilian company to maintain a processed food factory in China, located in Henan, which can now once again receive Brazilian raw materials, making it even more competitive,” highlights Miguel Gularte.
Expansion of global presence
In another significant step in the Middle East, MBRF announced the expansion of its joint venture with Halal Products Development Company (HPDC), a subsidiary of the Saudi Arabian sovereign wealth fund (PIF), to create Sadia Halal. Considered the largest halal chicken company in the world, the new company will incorporate assets valued at US$ 2.07 billion, with a multiple of 9x EBITDA.
“We have strengthened our partnership and strategic operations in the Middle East and prepared the JV to meet the growing demand for halal chicken and beef, also contributing to food security in the region and other markets. This transaction represents an important step in our trajectory, marking the beginning of the process for an IPO on the Riyadh Stock Exchange—a significant opportunity to unlock value on one of the most important stock exchanges in the world,” says Molina.
The Company is also investing in expanding its installed capacity in the region with the addition of a new line of breaded products, in addition to expanding the current line of marinated products at its processing plant located in Kezad, in the United Arab Emirates. The expansion, which will increase installed capacity from 75,000 tons/year to 90,000 tons/year, aims to meet the growing demand in the local market for practical and convenient products. The initiative will complement the new processed foods plant currently under construction in the city of Jeddah, Saudi Arabia. With an investment of US$ 160 million, the new plant will increase local production from around 17,000 to up to 57,000 tons per year, strengthening the company’s presence in the region and serving both the Saudi market and international demand.
Efficiency and synergy
BRF’s efficiency program continues to generate significant results. Through continuous improvement initiatives in industrial processes and cost management, the company captured R$ 355 million in the period. The same methodology used to bring efficiency to the chicken and pork chains is being rolled out across the entire organization, giving rise to the MBRF+ program.
The company has already begun the process of capturing synergies resulting from the merger. Of the total R$ 1 billion mapped, about 60% should already be delivered in the first year after consolidation. Gains of R$ 231 million are expected from the optimization of corporate structures, R$ 470 million in supply, R$ 230 million in Commercial and Logistics, and R$ 73 million in other initiatives.