P! aque
Earnings Release
3Q25 I **M25
MD A3
3Q25 | Robust growth vs. 3Q24: Net Revenue +16% and Net Income +73% Third consecutive quarter of Net Revenue GrowthNET REVENUE
R$ 2.8 billion in 3Q25, +16% vs. 3Q24;
RECEITA LÍQUIDA
R$ 7.7 billion in 9M25, +8% vs. 9M24;SALES VOLUME
483 thousand tons sold in 3Q25, +15% vs. 3Q24;
RECEITA LÍQUIDA
1,334 thousand tons sold in 9M25, +1% vs. 9M24;EBITDA
R$ 318 million in 3Q25, +39% vs. 3Q24; R$ 824 million in 9M25, -2% vs. 9M24;
NET INCOME
R$ 216 million in 3Q25, +73% vs. 3Q24;
GERAÇÃO DE CAIXA
R$ 502 million in 9M25, +7% vs. 9M24;CASH GENERATION
R$ 530 million, 8 times higher than 3Q24;
GERAÇÃO DE CAIXA
R$ 1,227 million, +194% vs. 9M24;R$ 721 million in net cash (cash exceeds debt)
WEBINAR 3Q25
November 10, 2025
11h (Brasília time) | 09h (New York time)
Zoom Meetings: Click Here
Youtube: Click Here
MDIA3
Closing on 11/06/2025
Share Price: R$ 29.31 per share
Market Cap: R$ 9.9 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
Lucas Laport
Investor Relations Assistant
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 third quarter of 2025 (3Q25) and first nine months of 2025 (9M25).
Financial and Operating Results | 3Q25 | 3Q24 | Var. % | 2Q25 | Var. % | 9M25 | 9M24 | Var. % |
Net Rev enue (R$ million) | 2,784.4 | 2,403.5 | 15.8% | 2,723.4 | 2.2% | 7,716.7 | 7,173.9 | 7.6% |
Total Sales Volume (thousand tonnes) | 482.9 | 419.3 | 15.2% | 457.3 | 5.6% | 1,334.4 | 1,323.4 | 0.8% |
Net Income (R$ million) | 216.1 | 124.7 | 73.3% | 216.4 | -0.1% | 501.9 | 469.5 | 6.9% |
EBITDA (R$ million) | 318.1 | 228.9 | 39.0% | 344.9 | -7.8% | 823.9 | 843.0 | -2.3% |
EBITDA Margin | 11.4% | 9.5% | 1.9 p.p | 12.7% | -1.3 p.p | 10.7% | 11.8% | -1.1 p.p |
Net (Cash) Debt (R$ million) | -720.6 | -28.6 | n/a | -328.2 | 119.6% | -720.6 | -28.6 | n/a |
Net (Cash) Debt / EBITDA (last 12 months) | -0.6 | 0.0 | n/a | -0.3 | 100.0% | -0.6 | 0.0 | n/a |
Capex (R$ million) | 62.7 | 84.6 | -25.9% | 51.6 | 21.5% | 204.4 | 197.6 | 3.4% |
Net Cash generated from operating activities* | 530.2 | 67.2 | 689.0% | 416.0 | 27.5% | 1,226.6 | 416.7 | 194.4% |
3
*Net Cash generated from operating activities.
Net Revenue
Net revenue, volume and price | 3Q25 | 3Q24 | Var. % | 2Q25 | Var. % | 9M25 | 9M24 | Var. % |
Volume | 482.9 | 419.3 | 15.2% | 457.3 | 5.6% | 1,334.4 | 1,323.4 | 0.8% |
Price | 5.8 | 5.7 | 0.7% | 6.0 | -3.2% | 5.8 | 5.4 | 6.6% |
Net Revenue | 2,784.4 | 2,403.5 | 15.8% | 2,723.4 | 2.2% | 7,716.7 | 7,173.9 | 7.6% |
Core Products* | 2,160.2 | 1,859.7 | 16.2% | 2,127.1 | 1.6% | 5,969.4 | 5,605.2 | 6.5% |
Wheat Mills and Refining of Vegetable Oils** | 483.4 | 419.1 | 15.3% | 455.3 | 6.2% | 1,355.9 | 1,217.4 | 11.4% |
Adjacencies*** | 140.8 | 124.7 | 12.9% | 141.0 | -0.1% | 391.4 | 351.3 | 11.4% |
*Cookies and Crackers, Past a and Margarine;
**Wheat Flour, Bran and Industrial Veget able Shortening;
***Cakes, snacks, cake mix, packaged toast , healt hy products, sauces and seasonings.
In 3Q25, Net Revenue was R$ 2.8 billion, growth of 15.8% in comparison to 3Q24, with growth in volumes (+15.2%) and average price (+0.7%). Compared to 2Q25, volumes increased 5.6% and Net Revenue grew 2.2%, with market share recovery in cookies & crackers and pasta.
Total Revenue
Core Products
Wheat Mills and Refining of Vegetable Oils
Adjacencies
+3%
0%
+17%
+11%
+4% +16%
+3% +16%
+3% +15%
+11% +13%
NET REVENUE
1Q25 vs. 2Q25 vs. 3Q25 vs.
For the third consecutive quarter, the Company reports sequential Net Revenue growth year over year, reinforcing the recovery trend and the resilience of its results, as shown alongside.
1Q24 2Q24 3Q24
The consistent advance in volumes reflects the ongoing commercial and operational actions, such as:
Marketing and Trade Marketing
In trade marketing, we continued to strengthen brand presence at points of sale (POS), through materials and sampling activities for brands Piraquê, Adria and Isabela. Highlights include Adria´s "Buy and Get" promotion in São Paulo, and tastings of Adria and Isabela non-fried ramen. In marketing, highlights include segmented TV and digital media campaigns for Vitarella, Treloso and Richester, as well as the expanding Piraquê's presence at cultural events such as the Coala Festival, in addition to influencer and out-of-home media actions.
Food Service
Food Service continues to grow consistently. With a channel-segmented approach, we have significantly expanded our distribution, developing business with specialized distributors and strengthening direct sales. At the same time, we expanded our portfolio to meet the specific needs of our customers. In 3Q25, through the M. Dias Branco Professional brand, we intensified our presence in the B2B market by participating in trade fairs such as FIPAN (São Paulo), SuperBahia (Salvador), ExpoAgas (Porto Alegre) and APAS Experience meetings,
carrying out product activations, tastings, and showcases that increased the visibility of the professional line and strengthened relationships with clients.
Adjacencies
Focused on higher value-added products, the category has been showing consistent growth in 2025, highlighting the healthy and snacks subcategories, with rice crackers and new line of chocolates by brand Fit Food, and oats by brand Jasmine.
Internationalization
We have expanded the Las Acacias (Uruguay) brand portfolio with cookies and toasts. The new items are produced in Brazil and represent a relevant capture of synergy with our first international acquisition.
Regarding the average price, the 3.2% sequential contraction has relation with the wheat price decline in dollars in the last months, the appreciation of Real against the Dollar, and some occasional actions for market share recovery.
The Cookies & Crackers and Pasta markets grew in value compared to 3Q24 and 2Q25.
In the cookies & crackers market, the increase compared to 3Q24 was due to the growth in average price. In comparison with 2Q25, the growth in sales value was supported by higher volumes, with a slight increase in average price, indicating short-term improvement.
COOKIES & CRACKERS 3Q25 vs.
3Q24
3Q25 vs.
2Q25
Value
Sold
Volume Sold
Units Sold
+3%
-4%
-5%
Average Price +8%
(R$/Kg)
+5%
+4%
+4%
+1%
+6% | +2% |
+3% | +3% |
+4% | +3% |
+3% | -1% |
PASTA
3Q25 vs. 3Q25 vs.
3Q24 2Q25
Value Sold
Volume
Sold
Units Sold
Average Price (R$/Kg)
Source: Nielsen - Retail Index. Total Brazil. INA+C&C.
In the pasta market, the positive performance remained through the quarter, with growth in volume and value. The advance was mainly boosted by higher volumes.
COGS (R$ million) | 3Q25 | % Net Rev. | 3Q24 | % Net Rev. | Var. % | 2Q25 | % Net Rev. | Var. % | 9M25 | % Net Rev. | 9M24 | % Net Rev. | Var. % |
Raw material | 1,307.3 | 47.0% | 1,092.1 | 45.4% | 19.7% | 1,267.3 | 46.5% | 3.2% | 3,619.1 | 46.9% | 3,166.8 | 44.1% | 14.3% |
Packages | 194.2 | 7.0% | 158.5 | 6.6% | 22.5% | 182.0 | 6.7% | 6.7% | 521.6 | 6.8% | 465.8 | 6.5% | 12.0% |
Labor | 249.0 | 8.9% | 225.0 | 9.4% | 10.7% | 253.6 | 9.3% | -1.8% | 715.4 | 9.3% | 667.2 | 9.3% | 7.2% |
Indirect costs | 192.4 | 6.9% | 172.1 | 7.2% | 11.8% | 186.3 | 6.8% | 3.3% | 535.8 | 6.9% | 521.3 | 7.3% | 2.8% |
Depreciation and amortization | 56.2 | 2.0% | 51.0 | 2.1% | 10.2% | 57.0 | 2.1% | -1.4% | 163.4 | 2.1% | 150.8 | 2.1% | 8.4% |
Other | 5.3 | 0.2% | 2.5 | 0.1% | n/a | 4.5 | 0.2% | 17.8% | 22.2 | 0.3% | 3.9 | 0.1% | n/a |
Total | 2,004.4 | 72.0% | 1,701.2 | 70.8% | 17.8% | 1,950.7 | 71.6% | 2.8% | 5,577.5 | 72.3% | 4,975.8 | 69.4% | 12.1% |
Compared to 3Q24, costs were 17.8% higher mainly due to the increase of 15.2% in sales volume. The percentage of net revenue increased from 70.8% to 72.0%, driven by an approximate 17% increase in palm oil price in dollars, in contrast to a 13% decline in wheat price in dollars.
In relation to 2Q25, costs grew 2.8% following the advance of 5.6% in sales volume. The increase in the percentage of net revenue from 71.6% to 72.0% was mainly due to the reduction of 3.2% in average price.
Market Price - Wheat and Palm Oil
5.8
5.4
5.5
5.6
5.5
5.6
5.8 5.7 5.8
5.7
5.5 5.5
5.4
5.4
4.9
5.0
5.0 5.1 5.1
6.1 6.0
DOLLAR
(Month Average)
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 abr-25 mai-25 jun-25 jul-25 ago-25 set-25
235 227
213
229
267
279
266 263 260 256
226
223 225
236
242
247
234 232
229 233 227
WHEAT
(US$/TON.)
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
PALM OIL (US$/TON.)
1,353
1,506 1,497
1,355 1,378 1,362
1,342 1,342 1,390
1,084 1,097
1,116 1,146
1,082 1,088 1,097
1,143 1,255
1,287 1,173 1,230
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 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
*Source: Wheat - SAFRAS & Mercado; Palm Oil - Rotterdam; Dollar - Banco Central.
Vertical Integration
In 3Q25, flour verticalization was 99.7% and shortening was 100%.
Wheat flour
3Q25
0.3%
2Q25
3Q24
0.4%
0.6%
Own Production External Source
Sale Internal Consumption
56.5%
43.5%
59.2%
40.8%
58.2%
41.8%
99.4%
99.6%
99.7%
Vegetable shortening
3Q25
2Q25
3Q24
Own Production External Source
Sale Internal Consumption
51.1%
48.9%
48.9%
51.1%
49.3%
50.7%
100.0%
99.9%
100.0%
Gross Profit and Gross Margin
* Without incentives. 3Q24 4Q24 1Q25 2Q25 3Q25
Variable costs * (R$/kg) | 3.0 | 3.0 | 3.0 | 3.2 | 3.1 | ||||
Fixed costs* (R$/kg) | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | ||||
Gross Mg. (%) | 32.9% | 33.5% | 30.9% | 33.4% | 32.4% | ||||
Average Price 5.7 (R$/kg) | 5.8 | 5.6 | 6.0 | 5.8 | |||||
In 3Q25, gross profit totaled R$ 902.8 million, with a gross margin of 32.4%.
The decline in gross margin over 3Q24 was primarily influenced by the increase in palm oil prices, with market values in dollars up 17% in the period. On the other hand, fixed costs showed improvement, as result of the recovery in volumes and consequent dilution of fixed costs. Despite the increase in the average selling price, it was not
sufficient to fully offset the increase in total costs, as illustrated in the chart beside.
Compared to 2Q25, the decrease in gross margin results from the decline in average prices, which so far has outweighed the reduction in costs, as we still hold a few months of raw material and finished goods inventory.
Gross profit includes subsidies for state investments, of R$ 122.8 million in 3Q25 (R$ 88.7 million in 3Q24), which are carried over to the result in compliance with CPC 07 - Government Subsidies.
Operating Expenses
We report sales and administrative expenses (SG&A) and, separately, the other operating expenses (donations, taxes, depreciation and amortization and others):
Operating Expenses (R$ million)
Selling Administrativ e (SG&A)
Donations Taxes
Depreciation and amortization Other operating expenses/(rev enue)
TOTAL
3Q25
% NR 3Q24 % NR Var. % 2Q25 % NR Var. % 9M25 % NR 9M24 % NR Var. %
522.6
93.5
616.1
3.0
10.6
45.1
10.3
685.1
18.8%
3.4%
22.1%
0.1%
0.4%
1.6%
0.4%
24.6%
470.9
81.7
552.6
11.5
9.6
39.9
38.5
652.1
19.6%
3.4%
23.0%
0.5%
0.4%
1.7%
1.6%
27.1%
11.0%
14.4%
11.5%
-73.9%
10.4%
13.0%
-73.2%
5.1%
476.7
88.6
565.3
6.9
9.3
45.8
39.9
667.2
17.5%
3.3%
20.8%
0.3%
0.3%
1.7%
1.5%
24.5%
9.6%
5.5%
9.0%
-56.5%
14.0%
-1.5%
-74.2%
2.7%
1,422.8
275.0
1,697.8
20.3
27.7
136.4
88.6
1,970.8
18.4%
3.6%
1,429.3
256.7
22.1% 1,686.0
0.3%
0.4%
1.8%
1.1%
20.6
25.1
115.8
65.1
25.6% 1,912.6
19.9%
3.6%
23.5%
0.3%
0.3%
1.6%
0.9%
26.8%
-0.5%
7.1%
0.7%
-1.5%
10.4%
17.8%
36.1%
3.0%
In 3Q25, SG&A totaled R$ 616.1 million, growth of 11.5% compared to 3Q24, representing 22.1% of Net Revenue. The increase mainly reflects the higher sales volume, which grew 15.2% year over year.
Compared to 2Q25, SG&A increased by 9.0%, mainly reflecting the resumption of marketing and trade marketing investments, highlighted by the Leite Maltado Coberto and Coala Festival
23.0%
SG&A (% NR)
-0.9 p.p.
1.3 p.p.
23.4% 22.1%
19.3% 20.8%
campaigns from the Piraquê brand, as well as media initiatives for the Vitarella brand.
3Q24 4Q24 1Q25 2Q25 3Q25
Financial Result (R$ million) Financial Revenue Financial Expenses | 3Q25 144.3 -132.5 | 3Q24 155.5 -147.7 | Var. % -7.2% -10.3% | 2Q25 143.7 -162.0 | Var. % 0.4% -18.2% | 9M25 463.7 -464.7 | 9M24 317.3 -327.0 | Var. % 46.1% 42.1% |
TOTAL | 11.8 | 7.8 | 51.3% | -18.3 | n/a | -1.0 | -9.7 | -89.7% |
In 3Q25, the Company recorded a positive financial result of R$ 11.8 million. This performance reflects the yield on our net cash position.
We ended 3Q25 with a provision of R$ 12.5 million for income tax and CSLL (R$ 21.1 million in 3Q24).
Income and Social Contribution Taxes (R$ million) | 3Q25 | 3Q24 | Var. % | 2Q25 | Var. % | 9M25 | 9M24 | Var. % |
Income and Social Contribution Taxes | 8.1 | 21.1 | -61.6% | 36.6 | -77.9% | 48.5 | 97.2 | -50.1% |
Income Tax Incentive | 4.4 | 0.0 | n/a | -29.2 | -115.1% | -27.3 | 0.0 | n/a |
TOTAL | 12.5 | 21.1 | -40.8% | 7.4 | 68.9% | 21.2 | 97.2 | -78.2% |
We closed 3Q25 with an effective tax rate of 5.5% (3.3% in 2Q25 and 14.5% in 3Q24). In addition to favorable deferred income tax effect, we had the recognition of extraordinary credits, which contributed to income taxes and CSLL reduction and fiscal incentive adjustment.
As of 2020, due to the merger of Piraquê, approved on December 27, 2019, the Company began the tax amortization of goodwill arising from the acquisition, currently totaling R$294.2 million, which will be amortized over a minimum period of five years. This amount considers the effectively paid portion of the acquisition price (acquisition price of R$1.5 billion, less the retained portion of the acquisition price of R$97.8 million). However, we expect to fully use the transaction goodwill, in the amount of R$361.6 million.
Latinex was incorporated by Jasmine on August 1, 2023. As of September, Jasmine initiated the tax amortization of goodwill arising from the acquisition, in the amount of R$156.1 million. Amortization will occur over a minimum period of ten years.
In 3Q25, the Company recorded R$3.5 million in tax benefit from amortization.
EBITDA (R$ million) and EBITDA Mg. (%)
14.3%
12.7%
9.5%
11.4%
7.3%
355.3
344.9
318.1
228.9
160.9
3Q24 4Q24 1Q25 2Q25 3Q25
In 3Q25, EBITDA was R$ 318.1 million, and EBITDA margin was 11.4%, a growth of 39.0% vs. 3Q24.
EBITDA - NET INCOME
EBITDA CONCILIATION (R$ million) | 3Q25 | 3Q24 | Var. % | 2Q25 | Var. % | 9M25 | 9M24 | Var. % |
Net Profit | 216.1 | 124.7 | 73.3% | 216.4 | -0.1% | 501.9 | 469.5 | 6.9% |
Income Tax and Social Contribution | 8.1 | 21.1 | -61.6% | 36.6 | -77.9% | 48.5 | 97.2 | -50.1% |
Income Tax Incentive | 4.4 | 0.0 | n/a | -29.2 | n/a | -27.3 | 0.0 | n/a |
Financial Rev enue | -144.3 | -155.5 | -7.2% | -143.7 | 0.4% | -463.7 | -317.3 | 46.1% |
Financial Expenses | 132.5 | 147.7 | -10.3% | 162.0 | -18.2% | 464.7 | 327.0 | 42.1% |
Depreciation and Amortization of cost of goods | 56.2 | 51.0 | 10.2% | 57.0 | -1.4% | 163.4 | 150.8 | 8.4% |
Depreciation and Amortization of expenses | 45.1 | 39.9 | 13.0% | 45.8 | -1.5% | 136.4 | 115.8 | 17.8% |
EBITDA | 318.1 | 228.9 | 39.0% | 344.9 | -7.8% | 823.9 | 843.0 | -2.3% |
EBITDA Margin | 11.4% | 9.5% | 1.9 p.p | 12.7% | -1.3 p.p | 10.7% | 11.8% | -1.1 p.p |
EBITDA - NET REVENUE
EBITDA CONCILIATION (R$ million) | 3Q25 | 3Q24 | Var. % | 2Q25 | Var. % | 9M25 | 9M24 | Var. % |
Net Revenue | 2,784.4 | 2,403.5 | 15.8% | 2,723.4 | 2.2% | 7,716.7 | 7,173.9 | 7.6% |
Cost of goods sold | -2,004.4 | -1,701.2 | 17.8% | -1,950.7 | 2.8% | -5,577.5 | -4,975.8 | 12.1% |
Depreciation and Amortization of cost of goods | 56.2 | 51.0 | 10.2% | 57.0 | -1.4% | 163.4 | 150.8 | 8.4% |
Tax Incentive (ICMS) | 122.8 | 88.7 | 38.4% | 136.9 | -10.3% | 356.8 | 294.3 | 21.2% |
Operating Expenses | -685.1 | -652.1 | 5.1% | -667.2 | 2.7% | -1,970.8 | -1,912.6 | 3.0% |
Equity in net income of subsidiaries | -0.9 | -0.9 | 0.0% | -0.3 | n/a | -1.1 | -3.4 | -67.6% |
Depreciation and Amortization of expenses | 45.1 | 39.9 | 13.0% | 45.8 | -1.5% | 136.4 | 115.8 | 17.8% |
EBITDA | 318.1 | 228.9 | 39.0% | 344.9 | -7.8% | 823.9 | 843.0 | -2.3% |
EBITDA Margin | 11.4% | 9.5% | 1.9 p.p | 12.7% | -1.3 p.p | 10.7% | 11.8% | -1.1 p.p |
Debt, Capitalization and Cash
We closed 3Q25 with R$ 2.5 billion in cash and cash equivalents and net cash position of R$ 721 million (cash exceeds debt). Highlighting the operating cash flow that reached R$530.2 million in 3Q25, driven by the release of R$205 million of working capital.
Leverage
Net (Cash) Debt / EBITDA last 12 months
-29
25
-132
-328
-721
0.0x
3Q24
0.0x
4Q24
-0.1x
1Q25
-0.3x
2Q25
-0.6x
3Q25
Capitalization (R$ million) | 09/30/2025 | 09/30/2024 | Var. % |
Cash | -2518.5 | -2086.9 | 20.7% |
Linked deposits | -2.6 | -2.0 | 30.0% |
Financial Inv estments Short Term | -16.4 | -15.2 | 7.9% |
Financial Inv estments Long Term | -1.3 | -1.2 | 8.3% |
Total Indebtedness | 1,867.6 | 2,142.1 | -12.8% |
(-) Short Term | 587.3 | 371.2 | 58.2% |
(-) Long Term | 1,280.3 | 1,770.9 | -27.7% |
(-) Derivatives Financial Instruments | -49.4 | -65.4 | -24.5% |
(=) (Cash) Net Debt | -720.6 | -28.6 | n/a |
Shareholder's Equity | 8,306.2 | 7,849.5 | 5.8% |
Capitalization 10,173.8 9,991.6 1.8%
In addition, we closed 3Q25 with 68.6% of the debt in the long-term and we maintained the Rating AAA Stable Outlook, reaffirmed by Fitch for the 8th consecutive year.
Consolidated Debt (R$ million) Index Interest (year) 09/30/2025 % Debt 09/30/2024 % Debt Var. % | |||||||
Domestic Currency | 1,321.9 | 70.8% | 1,259.9 | 58.8% | 4.9% | ||
FINEP | TR | 3.30% | 94.5 | 5.1% | 68.6 | 3.2% | 37.8% |
(PROVIN) Financing of state taxes | 100% TJLP | - | 45.7 | 2.4% | 42.6 | 2.0% | 7.3% |
(FUNDOPEM) Financing of state taxes | IPCA/IBGE | - | 21.3 | 1.1% | 17.0 | 0.8% | 25.3% |
Inv estment of assigment of Pilar's shares | 100% CDI | - | 2.3 | 0.1% | 2.2 | 0.1% | 4.5% |
Inv estment of assigment of Estrela's shares | 100% CDI | - | 8.6 | 0.5% | 7.8 | 0.4% | 10.3% |
Inv estment of assigment of Piraquê's shares | 100% CDI | - | 120.6 | 6.5% | 108.3 | 5.1% | 11.4% |
Inv estment of assigment of Latinex's shares | 100% CDI | - | 103.0 | 5.5% | 93.6 | 4.4% | 10.0% |
Inv estment of assigment of Las Acacias' shares | 100% CDI | - | 6.4 | 0.3% | 21.5 | 1.0% | -70.2% |
Debentures | IPCA | 3.7992% and 4.1369% | 919.5 | 49.2% | 898.3 | 41.9% | 2.4% |
Foreign Currency | 545.7 | 29.2% | 882.2 | 41.2% | -38.1% | ||
Working Capital (Law 4,131) and export | USD | 1.66% (3.22% on 09/30/2024) | 534.7 | 28.5% | 879.7 | 41.1% | -39.2% |
Working Capital | UYU | 9.59% (10.10% on 09/30/2024) | 11.0 | 0.6% | 2.5 | 0.1% | n/a |
TOTAL | 1,867.6 | 100.0% | 2,142.1 | 100.0% | -12.8% | ||
We ended the quarter with total debt of R$1,867.6 million (R$2,142.1 million in 3Q24).
As of September 30, 2025, the Company had one swap contract to hedge working capital financing in foreign currency maturing in December 2025, in which the long leg receives, on average, the dollar plus 1.95% p.a. interest rate, and the short leg pays, on average, CDI plus 1.50% p.a. rate with a notional reference value of R$510.0 million and fair value receivable of R$3.9 million.
To hedge the debenture issues, the Company had 42 swap contracts, all of which maturing until March 17, 2031, in which the long leg receives, on average, the IPCA plus 4.02% p.a., and the short leg pays, on average, the CDI plus 0.28% p.a. The notional reference values totaled R$811.6 million for current contracts, and the gross fair value receivable of all these derivative instruments totaled R$94.3 million on September 30, 2025.
At the end of 3Q25, debentures totaled R$919.5 million net of the unamortized balance of transaction costs of R$ 22.3 million.
Investments (R$ million) | 3Q25 | 3Q24 | Var. % | 9M25 | 9M24 | Var. % |
Buildings | 5.8 | 3.3 | 75.8% | 15.3 | 9.7 | 57.7% |
Machinery and equipment | 24.1 | 32.7 | -26.3% | 103.1 | 75.2 | 37.1% |
Construction in progress | 10.6 | 12.6 | -15.9% | 35.3 | 31.7 | 11.4% |
IT Equipment | 5.2 | 9.6 | -45.8% | 10.2 | 16.6 | -38.6% |
Furniture and Fixtures | 1.9 | 1.6 | 18.8% | 4.5 | 4.8 | -6.3% |
Software Use License | 15.0 | 24.7 | -39.3% | 34.6 | 59.2 | -41.6% |
Others | 0.1 | 0.1 | 0.0% | 1.4 | 0.4 | n/a |
Total | 62.7 | 84.6 | -25.9% | 204.4 | 197.6 | 3.4% |
Investments totaled R$62.7 million in 3Q25 and R$204.4 million in 9M25, highlighting the investments in logistic planning and technology for efficiency and productivity increase.
75,0%
Investments 3Q25 - R$ 62.7 million
Maintenance
75.0%
Expansion 25,.0%