MINERVA FOODS RECORDS CONSOLIDATED GROSS REVENUE OF BRL 7.7 BILLION IN THE FIRST QUARTER OF 2024

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Minerva Foods, the leading South American beef exporter, reported a consolidated gross revenue of BRL 7.7 billion in the first quarter of 2024. The company's EBITDA reached BRL 628.9 million, with a free cash flow of BRL 367 million for the period. Minerva Foods also highlighted its sustainability achievements, including monitoring 100% of its direct supplier farms in Argentina and ranking among the top ten best-rated companies in Brazil for its environmental initiatives.

Positive

• Consolidated Gross Revenue of BRL 7.7 billion, with exports accounting for 58%.

• EBITDA reached BRL 628.9 million with a margin of 8.8%.

• Free Cash Flow of BRL 367 million for the first quarter of 2024.

• Minerva Foods' leadership in beef exports in South America with a market share of around 20%.

• Sustainability achievements, including monitoring 100% of direct supplier farms in Argentina and ranking among the top ten best-rated companies in Brazil.

Negative

• None.

EBITDA reached BRL 628.9 million and free cash flow was BRL 367 million in the period

SÃO PAULO, May 8, 2024 /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), the leading exporter of fresh beef and its derivatives in South America, which also operates in the processed meat segment, presents its financial results for the first quarter of 2024 (1Q24) to the market.

Free Cash Flow for 1Q24 totaled BRL 367 million. Over the last 12 months up to March 31, recurring free cash flow totaled BRL 1.3 billion, resulting in a free cash flow yield (annualized) of 35%*. After Financial Expenses, Capex, Working Capital, and disregarding expenses related to the acquisition of ALC (Australia Lamb Company) and BPU Meat (Uruguay), the index totaled BRL 1.5 billion. Since 2018, the company has accumulated BRL 6.9 billion in free cash generation.

Consolidated Gross Revenue in 1Q24 reached BRL 7.7 billion, with exports accounting for 58% of this amount. In the period of the last 12 months up to March 31, gross revenue totaled BRL 29.5 billion, with exports accounting for 64%, reinforcing the company's leadership in beef exports in South America with a market share of approximately 20%.

EBITDA for the first quarter of 2024 reached BRL 628.9 million, with an EBITDA margin of 8.8%. Over the last 12 months until March 31, EBITDA was BRL 2,659.6 million, with an EBITDA margin of 9.6%. Adjusted EBITDA for the pro forma performance of the BPU Meat acquisition totaled BRL 2,688.6 million over 12 months.

Net leverage at the end of March, measured by the Net Debt/Adjusted EBITDA multiple for the last 12 months, ended the quarter at 2.8x, adjusted for the pro forma EBITDA of BPU Meat and also for the amount of BRL 1.5 billion spent on the initial payment for the acquisition of Marfrig South America assets.

Sustainability highlights

As part of its Sustainability Commitment assumed in 2021, the company reached an important milestone: monitoring 100% of its direct supplier farms in Argentina, six years ahead of the deadline set for the country. In Uruguay, Minerva Foods reached more than 90% of its direct supplier farms monitored.

During the period, in an evaluation carried out by Forest 500 Ranking, Minerva Foods ranked among the top ten best-rated companies in Brazil. This initiative analyzes the approach taken by companies and financial institutions regarding deforestation, conversion of natural ecosystems, and associated human rights abuses.

Another important highlight was the achievement, for the fourth consecutive year, of the Renewable Energy Gold Seal, in recognition that all the energy consumed by the operating units in Brazil was supplied by power plants with high sustainability standards, which met the 17 Sustainable Development Goals (SDGs) of the United Nations (UN).

About Minerva Foods

Minerva Foods is the leader in beef exports in South America and also operates in the processed segment, selling its products to more than 100 countries. In addition to Brazil, Minerva Foods is present in Paraguay, Argentina, Uruguay, and Colombia, and has specialized lamb plants in Australia, totaling more than 23,000 employees. The company serves five continents with beef, lamb, and their derivatives, and currently operates 33 industrial units, 17 international offices, and 14 distribution centers.

*based on the closing price BEEF3 on 04.30.2024

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SOURCE Minerva Foods