Home Financial Record MINERVA FOODS POSTS CONSOLIDATED GROSS REVENUE AND RECORD EBITDA IN FIRST QUARTER 2022

MINERVA FOODS POSTS CONSOLIDATED GROSS REVENUE AND RECORD EBITDA IN FIRST QUARTER 2022

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Gross revenue totaled R$7.6 billion over the period, up 25% compared to 1Q21. EBITDA amounted to 646 million reaisa historic record for the Company in the first quarter.

SAO PAULO, May 112022 /PRNewswire/ — Minerva Foods (Minerva SA – B3: BEEF3 | OTC – Nasdaq International: MRVSY), the South American leader in the export of fresh beef and beef by-products, which also operates in the food segment processed, announces to the market the financial results for the first quarter of 2022 (1Q22).

The Company’s consolidated gross revenues totaled R$7.6 billion in 1Q22, up 25% compared to 1Q21. In the 12 months ended March 2022 (LTM1Q22), consolidated gross sales reached R$30.1 billiona 35% increase over LTM1Q21.

In 1Q22, exports accounted for 70% of Minerva Foods gross revenues, cementing the Company’s position as the leading exporter of beef in South Americawith a market share of around 20% on the mainland.

Total EBITDA 646 million reais in 1Q22, up 33% year-on-year and a record level in the first quarter, with an EBITDA margin of 8.9%. At LTM1Q22, EBITDA was R$2.6 billiona growth of 15% compared to the same period of 2021, with an EBITDA margin of 9.1%.

In 1Q22, the Company recorded a net profit of 114.6 million reais. In the 12 months ended March, net income was approximately 454 million reais.

In 1Q22, net debt as measured by net debt to EBITDA LTM ​​ratio remained stable at 2.5x, confirming the company’s healthy capital structure and commitment to capital discipline.

Note also the payment of additional dividends in the amount of 200 million reaisor R$0.34/share. For fiscal 2021, Minerva Foods distributed a total of R$400.0 million in dividends, or R$0.69/share, corresponding to a dividend yield of 6.5% and a payout rate of approximately 70%.

About Minerva Foods
Minerva Foods is the South American leader in beef exports, which also operates in the processed foods segment, selling its products in more than 100 countries. In addition to BrazilMinerva Foods is present in Paraguay, Argentina, Uruguay, Colombia and Chile. The company supplies beef and its beef by-products to five continents and currently operates 25 slaughter and deboning plants, 16 international offices, 14 distribution centers and 3 processing plants.

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SOURCE Minerva Foods