Minerva Foods started 2026 with an optimistic view of the global animal protein market, supported by a combination of tight supply, firm international demand, and greater commercial arbitrage capacity following the integration of the plants acquired from Marfrig. While presenting its first-quarter results, CEO Fernando Galletti de Queiroz said the company is entering the year “focused on opportunities” amid growing geopolitical and commercial complexity.
The executive particularly highlighted the structural supply limitations in the United States, where the cattle herd remains in one of the worst contraction cycles in its history. According to Queiroz, this scenario will continue to support cattle prices and create opportunities for South American exporters, especially Brazil, Argentina, Paraguay, and Uruguay. He also emphasized the strong momentum of the Chinese market, which boosted business during the quarter despite the recent restrictions imposed by Chinese authorities.
Beyond China, Minerva sees strong growth potential in Southeast Asia. Countries such as Indonesia, Vietnam, Malaysia, Thailand, and the Philippines continue to increase beef consumption and imports, becoming increasingly important destinations for the region. Mexico has also gained relevance within the company’s commercial strategy due to its solid domestic demand and privileged access to the US market.
In this context, the company believes that geopolitical volatility and global beef supply constraints will continue to increasingly impact prices and trade flows worldwide. The easing of trade restrictions —such as the recent expansion of Argentina’s beef export quota to the United States— was also highlighted as an additional opportunity.
On the financial side, Minerva reported net revenue of R$ 13.4 billion in the first quarter and EBITDA of R$ 1.1 billion, while net profit reached R$ 87.3 million. Over the last 12 months, the company posted record net revenue of R$ 57 billion and EBITDA of R$ 5 billion. Minerva kept its leverage stable at 2.7x net debt/EBITDA and stated that it will continue prioritizing debt reduction through bond buybacks and cancellations.
