Net revenue reached R$15.5 billion (US$2.93 billion), the highest ever recorded for a quarter, representing an 82.5% increase on Q3 2024 and an 11.5% rise compared with the previous quarter. Over the last 12 months, consolidated net revenue totalled R$51.3 billion (US$9.68 billion), up 73.9% year-on-year.
EBITDA climbed to R$1.4 billion (US$260 million), also a quarterly record, with a margin of 8.9%. This reflects a 70.8% increase from Q3 2024 and 6.6% growth over Q2 2025. Adjusted EBITDA for the past 12 months reached R$4.7 billion (US$890 million). Net income for the quarter was R$120 million (US$22.65 million), contributing to LTM earnings of R$763.3 million (US$144.09 million).
Gross revenue rose to R$16.3 billion (US$3.08 billion), up 80.1% year-on-year and 10.7% quarter-on-quarter. Exports accounted for 61% of the total, with international markets generating R$10 billion (US$1.88 billion) in Q3 2025. In the last 12 months, exports represented 58% of R$54.4 billion (US$10.27 billion) in gross revenue.
The integration of the company’s new South American plants was completed ahead of schedule, with the assets delivering R$4 billion (US$760 million) in gross revenue for the quarter, up 31.2% from Q2 2025. Sales volumes from the new units rose 23.9% quarter-on-quarter, helping reduce SG&A as a share of revenue to 9.3%, the lowest since early 2021.
Minerva also highlighted progress on sustainability initiatives, including 100% compliance in Paraguay’s socio-environmental audit, expansion of carbon-neutral farming protocols under its Renove programme, and advances in MyCarbon’s regenerative agriculture and carbon credit projects.
