By Brazil Stock Guide – Marfrig Global Foods S.A. (B3: MBRF3), one of the world’s largest protein companies, reported a consolidated net income of R$ 94 million (approx. US$ 17 million) for the third quarter of 2025, a 62% drop compared to the same period last year. This marks the first full earnings report since the formation of MBRF, with results pressured by higher production costs and temporary chicken export bans.
Consolidated net revenue reached R$ 41.8 billion (approx. US$ 7.7 billion), up 9.2% year-on-year. Adjusted EBITDA came in at R$ 3.5 billion (approx. US$ 642 million), down 8.6% from 3Q24, with the margin falling from 10.0% to 8.4%. Performance was mixed across segments: the South American operation grew strongly, BRF was hit by avian flu restrictions, and North America faced compressed margins.
“We present a quarter of solid results, with record volume, strengthening of our brands, and advances in our value-added strategy,” said Chairman Marcos Molina in the report. CEO Miguel Gularte highlighted the company’s resilience: “Despite restrictions on chicken meat exports, we obtained 16 new certifications in the quarter and advanced our market diversification.”
The protein sector faced a challenging environment. In North America, tight cattle supply drove up costs. At BRF, sanitary bans in key markets like China and the EU due to avian flu challenged exports, though market diversification helped mitigate the impact. The creation of Sadia Halal, a joint venture with Saudi Arabia valued at US$ 2.07 billion, is a strategic move to capture growing global demand for halal products.