Minerva Neurosciences, Inc · NASDAQ:NERV
Minerva Neurosciences — Q3 2025 Earnings Presentation
15 slides from Minerva Neurosciences's earnings presentation, Nov 6, 2025
Slide 1: Conference Call 3Q25
CONFERENCE CALL 3Q25 November 6th, 2025
Slide 2: 3Q25 Highlights: Operating and Financial Highlights
3Q25 Highlights OPERATING AND FINANCIAL HIGHLIGHTS Exports Gross Revenue 3Q25: 61% of Gross Revenue 3Q25: R$ 16.3 billion LTM3Q25: 58% of Gross Revenue LTM3Q25: R$ 54.4 billion Net Result 3Q25: R$ 120.0 million | 9M25: R$ 763.3 million Net Revenue 3Q25: R$ 15.5 billion LTM3Q25: R$ -803.9 million LTM
Slide 3: 3Q25 Highlights: Other Highlights
3Q25 Highlights OTHER HIGHLIGHTS Capital Increase 17th Issuance of Debentures (CRA) (Jul/25) ▪ R$ 2.0 billion | 4 series ▪ R$ 30.2 million in warrants subscription from July to September Capital Reduction Bond Buyback & Cancellation ▪ Bond 2031: USD 75,7 million | R$ R$402,6 million ▪ Reduction of R
Slide 4: Share of Exports
Share of Exports GROSS REVENUE BREAKDOWN BY DESTINATION QUARTERLY Americas Africa Oceania 1% Brazil 24% 1% Chile SOUTH AMERICA MARKET SHARE 3Q25 CIS 17% 6% USA: 21% 6% China: 17% China US revenue share EU 17% impacted by 7% Asia inventories sale Middle East 28% Colombia 8% USA NAFTA 21% 25% Brazil E
Slide 5: Operating and Financial Results
Operating and Financial Results GROSS REVENUE BREAKDOWN 3Q25 BREAKDOWN BY ORIGIN 3Q25 CONSOLIDATED (% GROSS REVENUE) (EXCLUDING OTHERS) BEEF Domestic Market BRAZIL EX-BRAZIL Brazil 62% 31% Exports Exports Paraguay 10% 68% 71% Uruguay 10% LAMB Argentina 7% Exports Australia 3% 65% Exports Colombia 3%
Slide 6: 3Q25 Highlights: Operating and Financial Highlights
3Q25 Highlights OPERATING AND FINANCIAL HIGHLIGHTS URUGUAY Volume Gross Revenue (‘000 TON) | (R$ MILLION) Assets 51.7 1,566.9 BRAZIL Volume vs. 2Q25 Gross Revenue vs. 2Q25 Historical Assets 215,8 24% 6.376,9 16% PARAGUAY Volume Gross Revenue New Assets 127,6 28% 3.641,1 34% Assets 51.0 1,679.3 Conso
Slide 7: New Assets
3Q25 Highlights NEW ASSETS Highlights: (‘000 TON) | (R$ MILLION) ▪ 3Q25 revenue, EBITDA and margins still lagging historical assets performance BRAZIL 4Q24 1Q25 2Q25 3Q25 LTM3Q25 ▪ Integration concluded by September: 1st month with normalized Volume 29.5 61.3 99.6 127.6 operations and performance 31
Slide 8: Operating and Financial Results
Operating and Financial Results EBITDA NET REVENUE QUARTERLY New Assets EBITDA & EBITDA MARGIN QUARTERLY all-time high (R$ MILLION) Revenue (R$ MILLION | %) all-time high +82% +11% 15.512 9.6% 8.8% 8.6% 9.4% 8.9% 13.918 3.762 +71% 2.849 10.714 11.196 +7% 1.388 707 1.302 1.388 813 944 8.501 963 3Q24
Slide 9: Financial Leverage
Financial Leverage NET DEBT & EBITDA LTM (R$ MILLION) R$ million Sep/25 4.255 4.251 4.711 4.478 4.900 001 001 3.900 001 2.792 Gross Debt 26,690.5 2.900 001 15.621 15.585 14.165 001 11.797 1.900 001 7.369 900 001 Cash and Cash Equivalents -14,893.2 1 -100 5 ¹3Q24 ²4Q24 ³1Q25 4 2Q25 3Q25 Net Debt EBIT
Slide 10: Net Result and Operating Cash Flow
Net Result and Operating Cash Flow NET PROFIT OPERATING CASH FLOW R$ million 3Q25 LTM3Q25 R$ million 3Q25 LTM3Q25 Net Result 120.0 -803.9 Net Result Before Taxes 56.2 -811.0 (+) Net Result Adjustments 720.7 4,912.7 Taxes 63.8 7.1 (+) Changes in Working Capital 2,539.7 2,184.1 Requirements Net Result
Slide 11: Free Cash Flow
Free Cash Flow FREE CASH FLOW 3Q25 (R$ MILLION) 2,540 (340) (609) Inventory reduction (517) 1,586 2,461 1,388 EBITDA Working Capital Var Capex Financial Result Cash Derivatives Free Cash Flow (Cash) (Cash) FREE CASH FLOW LTM3Q25* (R$ MILLION) 2,184 (2,837) 4,597 (1,032) 2,912 EBITDA Capex Working Ca
Slide 12: Net Debt Bridge
Net Debt Bridge NET DEBT BREAKDOWN 3Q25 (R$ MILLION) 14,165 (2,461) 263 (30) 11,797 (139) Net Debt 2Q25 Free Cash Flow Fx Variation Derivatives Capital Increase Net Debt 3Q25 (non cash) Subscription Warrants 12
Slide 13: Capital Structure
Capital Structure • 17th Issuance of Debentures (CRA) (Jul/25) • Leverage by Net (Debt/Adj. EBITDA LTM ratio*): 2.5x R$ 2.0 billion • Cash Position: R$ 14.9 billion • Bond Buyback & Cancellation (Nov/25) Bond 2031: USD 75.7 million | R$ R$ 402.6 million • Debt Duration: ~4.2 years • EGM Capital Redu
Slide 14: Disclaimer
Disclaimer This presentation provides general information about Minerva S,A, and its subsidiaries ("Minerva" or "Company") and was prepared on the date of its presentation by Minerva. Information herein is provided in summary form and is not intended to be complete or to be interpreted as advice to
Slide 15: Thank you! Investor Relations
Thank you! Investor Relations E-mail: ri@minervafoods.com Phone: +55 11 3074-2444 www.minervafoods.com/ir
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