Net revenue also posts strong growth, reaching a quarterly record of BRL 1.25 billion

FriGol, one of Brazil’s leading beef processors, reported net income of BRL 55.7 million in the third quarter of 2025, more than four times higher than the BRL 13.1 million recorded in the same period last year. Gross revenue reached an all-time quarterly high of BRL 1.25 billion, representing a 31.9% increase year over year. Net revenue totaled BRL 1.20 billion, up 32.5%. EBITDA amounted to BRL 109.4 million, an increase of 121.6%, with an EBITDA margin of 9.1%.

Exports accounted for 62.1% of gross revenue. “This was one of the best quarters in our history, supported by higher shipment volumes and stronger pricing in the international market, particularly in China,” said Luciano Pascon, the company’s CEO.

China accounted for 81% of export revenue, followed by Israel (8%), Europe (3%), Hong Kong (2%) and other destinations (6%). Shipments to Europe stood out, moving into the company’s top three export markets after posting growth of 140% compared to the same period last year.

In the domestic market, which represented 37.9% of total revenue, the company continued to advance its value-added product portfolio, including the Chef, Angus, BBQ Secrets and Açougue Completo brands, which recorded a 3.3% increase in volume year over year.

“2025 has been marked by consistent operating cash generation, supported by industrial efficiency, financial discipline and a favorable external market. In the first nine months of the year, cumulative EBITDA reached BRL 276 million, reinforcing our expectation of closing the year with a record annual result,” said Carlos Corrêa, Chief Financial and Sustainability Officer.

FriGol processed 173,142 head of cattle during the quarter, a decrease of 0.6% compared to the same period last year, reflecting tighter cattle supply and an approximately 35% increase in cattle prices (arroba) over the period.

Financial Strength

The company ended the quarter with BRL 193.5 million in cash and leverage of 1.1x Net Debt/EBITDA, a level considered solid for the sector.

Outlook

FriGol remains focused on operational efficiency, strengthening supply chain traceability and increasing its exposure to higher value-added markets.