DIVULGAÇÃO DOS RESULTADOS 1T24
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[M. Dias Branco - Público]
May 2nd, 2025
In 1Q25, Net Revenue of R$ 2.2 billion, EBITDA of R$ 160.9 million and Net Revenue of R$ 69.4 million.
RECEITA LÍQUIDA
NET REVENUE
Net revenue 3.2% higher than 1Q24;
EXPENSES
R$ 17.6 million in extraordinary restructuring expenses primarily related to the closure of the factory in Lençóis Paulista (SP);
COSTS
Increase in costs due to currency depreciation and the rise in palm oil prices over the past quarters;
GERAÇÃO DE CAIXA
CASH GENERATION
R$ 280 million of Operating Cash Generation in 1Q25 (2x higher than 1Q24);
LEVERAGE
Net cash position (cash exceeds debt) of R$ 132.2 million and financial result of R$ 5.5 million;
SG&A
General and Administrative Expenses increased less than infiation.
WEBINAR 1Q25
May 5th, 2025
11h (Brasília time) | 10h (New York time)
Zoom Meetings: Click Here
Youtube: Click Here
MDIA3
Closing on 04/30/2025
Share Price: R$ 25.37 per share
Market Cap: R$ 8.6 billion
IR CONTACT
Gustavo Lopes Theodozio
Vice-President of Investments and Controllership
Fabio Cefaly
New Business and Investor Relations Officer
Rodrigo Ishiwa
Investor Relations Manager
Everlene Pessoa
Investor Relations Specialist
[M. Dias Branco - Público] 2
Contact: ri@mdiasbranco.com.br
youtube.com/rimdias
ri.mdiasbranco.com.br
ri@mdiasbranco.com.br
ECONOMIC AND FINANCIAL PERFORMANCE
MDIA3, the leader in the Brazilian cookies and crackers, pasta, granolas and healthy cookies markets releases the results for the ffirst quarter of 2025 (1Q25).
Financial and Operating Results | 1Q25 | 1Q24 | Var. % | 4Q24 | Var. % |
Net Revenue (R$ million) | 2,208.9 | 2,140.4 | 3.2% | 2,489.0 | -11.3% |
Total Sales Volume (thousand tonnes) | 394.2 | 397.1 | -0.7% | 431.4 | -8.6% |
Net Income (R$ million) | 69.4 | 154.9 | -55.2% | 176.5 | -60.7% |
EBITDA (R$ million) | 160.9 | 277.3 | -42.0% | 355.3 | -54.7% |
EBITDA Margin | 7.3% | 13.0% | -5.7 p.p | 14.3% | -7 p.p |
Net (Cash) Debt (R$ million) | -132.2 | -149.0 | -11.3% | 24.6 | n/a |
Net (Cash) Debt / EBITDA (last 12 months) | -0.1 | -0.1 | 0.0% | 0.0 | n/a |
Capex (R$ million) | 90.1 | 52.1 | 72.9% | 106.8 | -15.6% |
Net Cash generated from operating activities* | 280.4 | 138.0 | 103.2% | 175.0 | 60.2% |
[M. Dias Branco - Público] 3
* Net Cash generated from operating activ ities.
Net Revenue
In 1Q25, net revenue increased 3.2% compared to 1Q24, with a 3.7% increase in average price and a 0.7% retraction of volumes. Positive highlight for the performance of the categories of Wheat Milling and Refined Oils, indicating the initial positive results of the new structure dedicated to the Food Service channel.
Net revenue, volume and price | 1Q25 | 1Q24 | Var. % | 4Q24 | Var. % |
Volume | 394.2 | 397.1 | -0.7% | 431.4 | -8.6% |
Price | 5.6 | 5.4 | 3.7% | 5.8 | -3.4% |
Net Revenue | 2,208.9 | 2,140.4 | 3.2% | 2,489.0 | -11.3% |
Core Products* | 1,682.2 | 1,686.0 | -0.2% | 1,916.7 | -12.2% |
Wheat Milling and Refined Oils** | 417.0 | 355.2 | 17.4% | 441.7 | -5.6% |
Adjacencies*** | 109.7 | 99.2 | 10.6% | 130.6 | -16.0% |
* Cookies and Crackers, Pasta and Margarine;
** Wheat Flour, Bran and Industrial Vegetable Shortening;
*** Cakes, snacks, cake mix, packaged toast, healthy products, sauces and seasonings.
Additionally, the Adjacencies, now supported by a renewed team fully dedicated to this segment, reported double-digit growth in net revenue compared to 1Q24, with a notable performance in the snacks category.
In comparison to 4Q24, net revenue decreased 11.3%, due to the reduction of 8.6% in volumes, in line with the historical seasonality between these two quarters, and due to the lower average price resulting from the sales mix, given that the Wheat Milling and Refined Oils items performed better than the other categories.
We remain confident that the ongoing actions to improve our execution and resume sustainable growth are appropriate and will deliver the expected results over the coming quarters, as we have already observed satisfactory outcomes in the Food Service channel.
Commodity prices used in our production process remain high, mainly palm oil and cocoa, in addition to the impact of the depreciation of the Real over the past few quarters, requiring caution in pricing decisions.
COOKIES & CRACKERS 1Q25 vs.
1Q24
1Q25 vs.
4Q24
Value Sold
+2%
-8%
Volume Sold
Units Sold
-2%
0%
Average Price+4%
(R$/Kg)
-9%
-10%
+1%
PASTA
1Q25 vs. 1Q25 vs.
1Q24 4Q24
Value Sold
Volume Sold
Units Sold
Average Price (R$/Kg)
+1% | -6% |
+1% | -9% |
+1% | -8% |
0% | +3% |
The markets of Cookies & Crackers and Pasta (sell-out) increased in value compared to 1Q24. In comparison with 4Q24, there was a decline in both volume and value due to seasonality between these quarters, with an increase in average price as a result of higher costs.
Source: Nielsen - Retail Index. Total Brazil. INA+C&C.
[M. Dias Branco - Público]
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COGS (R$ million) | 1Q25 | % Net Rev. | 1Q24 | % Net Rev. | Var. % | 4Q24 | % Net Rev. | Var. % |
Raw material | 1,044.5 | 47.3% | 893.4 | 41.7% | 16.9% | 1,137.9 | 45.7% | -8.2% |
Packages | 145.4 | 6.6% | 132.2 | 6.2% | 10.0% | 167.3 | 6.7% | -13.1% |
Labor | 212.8 | 9.6% | 203.5 | 9.5% | 4.6% | 223.6 | 9.0% | -4.8% |
Indirect costs | 157.1 | 7.1% | 177.6 | 8.3% | -11.5% | 185.4 | 7.4% | -15.3% |
Depreciation and amortization | 50.2 | 2.3% | 47.8 | 2.2% | 5.0% | 59.9 | 2.4% | -16.2% |
Other | 12.4 | 0.6% | -0.4 | 0.0% | n/a | 9.9 | 0.4% | 25.3% |
Total | 1,622.4 | 73.4% | 1,454.1 | 67.9% | 11.6% | 1,784.0 | 71.7% | -9.1% |
In 1Q25, costs increased as a percentage of net revenue compared to both 1Q24 and 4Q24.
The average market price of wheat in dollars increased by 4% compared to 1Q24 and remained stable compared to 4Q24. Palm oil increased 24% compared to 1Q24 and decreased 6% compared to 4Q24, but still operating at high levels, above $1,330 per ton. The exchange rate, meanwhile, remained quite volatile, with the dollar ending the quarter at R$ 5.84 (monthly average for 1Q25), above the R$ 4.95 observed in 1Q24.
5.6
5.8
6.1 6.0
5.8 5.7
5.2 5.2
5.2
5.4
5.5 5.6 5.5
5.0 5.0
4.9
5.1
4.8
4.9
4.9
4.9 4.9 4.9
5.0 5.0
5.1 5.1
Market Price - Wheat and Palm Oil
DOLLAR
(Month Average)
jan-23 fev-23 mar-23 abr-23 mai-23 jun-23 jul-23 ago-23 set-23 out-23 nov-23 dez-23 jan-24 fev-24 mar-24 abr-24 mai-24 jun-24 jul-24 ago-24 set-24 out-24 nov-24 dez-24 jan-25 fev-25 mar-25
WHEAT
(US$/TON.)
349 339 331 325 324 343 342 316
288
269
249
234 235
227 229
267
279
266 263 260 256
213
226 223 225
236
242
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
PALM OIL (US$/TON.)
1,224 1,204 1,204 1,103
1,053 1,045
1,151 1,169 1,110
1,082
1,119 1,129
1,084 1,097
1,116 1,146
1,082 1,088 1,097
1,143 1,255 1,353
1,506 1,497
1,355 1,378 1,362
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Vertical Integration
In 1Q25, flour verticalization was 99.6% and shortening verticalization was 100.0%.
Wheat flour
1Q25
4Q24
99.6%
0.4% 42.1%
46.4%
57.9%
53.6%
1Q24
99.7%
99.6%
0.3%
0.4% 38.2%
61.8%
Own Production External Source
Sale Internal Consumption
Vegetable shortening
1Q25
100.0%
48.9%
51.1%
4Q24
1Q24
100.0%
56.3%
43.7%
100.0%
49.6%
50.4%
Own Production External Source
Sale Internal Consumption
[M. Dias Branco - Público]
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