LatAm Agri & Foods "Weekly news recap: MBRF, TTEN, SLC, US Beef, Brazil ..."

研报英文原文证据摘录

LatAm Agri & Foods "Weekly news recap: MBRF, TTEN, SLC, US Beef, Brazil ..."

Global Research

21 May 2026ab by Powered Lab Evidence UBS YES

LatAm Agri & Foods Equities

AmericasWeekly news recap: MBRF, TTEN, SLC, US

Beef, Brazil Beef, US Agri, Brazil Agri Food

Matheus Enfeldt

Analyst

matheus.enfeldt@ubs.com

In this report we provide a summary of the key news and developments in the +55-11-2767 6975

Agribusiness and Foods sectors over the past week. See our most recent reports

Victor Modanese

and comp tables at the end of the note.

Associate Analyst

victor.modanese@ubs.com

+55-11-2767 6008

Foods

MBRF 1Q26 conference call highlights

MBRF hosted on Friday (15 May) its 1Q26 earnings conference call (see earnings

report here). See highlights below:

BRF performance & outlook: Management highlighted resilient margins

supported by exports, particularly halal, and a favourable mix shift toward

processed products, which continue to sustain strong profitability.

Management stated that strong global demand, efficiency gains, and

continued export momentum underpin expectations for 2026 to surpass

2025 performance.

Leverage & deleveraging path: The company not disclosed formal

leverage target, but management outlined clear levers to reduce leverage

driven by an EBITDA growth from a low Q1 base, proceeds from Sadia Halal

(~US$100mn upfront plus potential additional ~US$170mn), normalization

of elevated inventories due to Middle East disruptions, which could save ~R

$2.0bn, and ongoing liability management to lower funding costs.

Capex outlook: Management reaffirmed capex expectation at ~R$5bn for

2026, with acceleration expected in upcoming quarters, including Jeddah

plant investments. Capex remains flexible and can be adjusted downward

if needed to support cash flow and deleveraging.