MBRF reports US$32.8B revenue in 2025 as net income falls sharply

BRAZIL – MBRF Global Foods Company reported full-year 2025 results on March 18, 2026, showing higher revenue and sales volumes even as profitability weakened due to external pressures affecting its operations.

The company, created through the merger of Marfrig and BRF, generated net revenue of approximately US$32.8 billion (R$163.963 billion), a 12% increase from 2024, supported by improved pricing and higher volumes.

Total sales volume reached 8.2 million tons, up 4%, with domestic markets accounting for 5.36 million tons, a 5.5% rise, while exports edged up 1% to 2.86 million tons.

Adjusted EBITDA stood at about US$2.63 billion (R$13.151 billion), reflecting a margin of 8.0% and a decline of 3.2% from the previous year as operational conditions tightened.

Net income attributable to controlling shareholders fell 77.9% to roughly US$71.6 million (R$358 million), mainly due to increased financial costs, currency impacts, and non-recurring items during the period.

Operating cash flow came in at around US$2.62 billion (R$13.1 billion), while leverage was reported at 3.30 times net debt to EBITDA in local currency terms and 3.35 times in US dollars, alongside shareholder distributions totalling about US$755 million (R$3.8 billion).

Capital expenditure and acquisitions ranged between roughly US$1.05 billion and US$1.26 billion (R$5.3 billion to R$6.4 billion), covering investments in automation, capacity expansion, and projects including a processed foods facility in China, a stake in a Saudi poultry firm, and a gelatin and collagen venture.

Segment performance

The poultry-focused BRF division recorded revenue of about US$12.94 billion (R$64.7 billion), up 5.8%, with volumes increasing 4.3% to 5.2 million tons and EBITDA reaching around US$2.08 billion (R$10.4 billion) at a 16.1% margin.

In North America, the beef segment posted revenue of US$13.8 billion, rising 11.8%, although volumes declined 2.3% to 1.94 million tons due to cattle supply constraints, with EBITDA totalling US$133 million and a 1.0% margin.

Meanwhile, South American beef operations generated approximately US$4.44 billion (R$22.2 billion) in revenue, a 20.1% increase, as volumes climbed 14.6% to 1.09 million tons and EBITDA reached about US$440 million (R$2.2 billion).

Operations and sustainability

The company said it achieved about US$200 million (R$1 billion) in efficiency gains through internal programs while continuing to expand its processed foods portfolio and international presence.

MBRF operates more than 35 production facilities, serves over 425,000 customers, and employs upwards of 130,000 people across its global network.

On environmental and social measures, the group reported full monitoring of cattle suppliers in Brazil, a triple-A rating from CDP across climate, water, and forests, and 80% overall renewable energy use, reaching 100% in Brazil.

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