M. Dias Branco Posts 2025 Revenue Growth With Tighter Margins, Q4 Profit Down 10%

Overview

• Full-year net revenue rose 8% to R$10.4 billion as sales volumes increased 3% to 1.8 million tonnes.
• Fourth-quarter net income fell 10.5% to R$157.9 million despite a 9.3% revenue gain to R$2.7 billion, with volumes up 10.2% and average prices down 0.9%.
• EBITDA declined 21.4% in Q4 to R$279.4 million and 7.9% for 2025 to R$1.1 billion, pressured by higher production costs, PLR provisions and inventory and hedge timing effects.
• Year-end liquidity remained strong with R$1.9 billion in cash, R$554 million in net cash, debt of R$1.4 billion and leverage at 0.5x, supported by R$1.4 billion in operating cash generation.
• International gross revenue fell 5% on reduced U.S. exports after higher tariffs, while the company expanded in Uruguay, and executives said declining input costs, especially wheat, began to benefit results in January and should persist through 2026.