Minerva S A : Dados Econômico-Financeiros

MINERVA S.A.

Auditors' review report

Individual and Consolidated Interim Financial Information

For the quarter ended June 30, 2023

FPRJ/LCTF/PM/JCO

4664i/23

MINERVA S.A.

Individual and Consolidated Interim Financial Information

For the quarter ended June 30, 2023

Content

Management report

Independent auditor's report on review of individual and consolidated interim financial information

Statement of financial position individual and consolidated

Statement of income individual and consolidated

Statement of comprehensive income individual and consolidated Statement of changes in equity individual and consolidated Statement of cash flows individual and consolidated - Indirect method Statement of value added individual and consolidated - additional information Notes to the individual and consolidated interim financial information

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EARNINGS RELEASE 2Q23

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Minerva (BEEF3)

Price on 08/08/23:

R$ 10.61

Market Cap: R$ 6.4 billion Shares: 607,283,407 Free Float: 43.7%

Conference Calls

August 10, 2023

Portugues and Ingles:

09:00a.m. (Brasília)

08:00a.m. (US EDT)

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IR Contacts:

Edison Ticle

Danilo Cabrera

Luiza Puoli

Gustavo Ityanagui

Marcelo Reis

Phone: [phone]

[e-mail]

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Earnings Release

Barretos, August 9, 2023 - Minerva S.A. (BM&FBOVESPA: BEEF3 | OTC - Nasdaq International: MRVSY), the South American leader in the export of fresh beef and cattle byproducts, which also operates in the processed foods segment, announces today its results for the second quarter of 2023. The financial and operational information herein is presented in BRGAAP and Brazilian reais (R$), under International Financial Reporting Standards.

2Q23 Highlights

• The Company's Board of Directors approved the distribution of R$ 114.0 million as interim dividends, amounting to R$ 0.19 per share. The payment will be made on August 23, 2023, and the Company's shares will be traded "ex-dividends" as of August 15, 2023, including this date. Since 2020, the Company has distributed approximately R$ 1.4 billion in dividends to its shareholders.
• EBITDA reached R$ 711.2 million in 2Q23, with an EBITDA margin of 9.8%. In the last twelve months, EBITDA totaled R$ 2.7 billion, with an EBITDA margin of 9.2%, excluding the pro-forma EBITDA from ALC.
• Free cash flow in 2Q23, after financial expenses, Capex, and working capital, totaled R$ 323.3 million on a recurring basis and R$ 191.3 million after the cash effect of the derivatives. In LTM2Q23, the recurring free cash flow, after the acquisition of ALC, totaled R$ 929,3 million.
• In 2Q23, net income totaled R$ 120.7 million, up by 5.9% from the previous quarter. In the first six months of the year, net income totaled R$ 234.7 million, accumulating to R$ 350.5 million in the last twelve months ended June 2023.
• Consolidated gross revenue reached R$ 7.8 billion in 2Q23, accumulating to R$ 30.9 billion in the last twelve months. In the quarter, exports accounted for 65.8% of the Company's gross revenue, consolidating our position as the leading beef exporter in South America, with a market share of approximately 20%.
• The Company's net revenue amounted to R$ 7.3 billion in 2Q23, and R$ 28.9 billion in the last twelve months ended June 2023.
• Net leverage in 2Q23, measured by the Net Debt/LTM EBITDA ratio, remained stable at the end of the quarter, at 2.7x.
• Sustainability Commitment: Ahead of schedule, Minerva Foods achieved the milestone of monitoring 100% of direct suppliers in Colombia for social and environmental criteria.
• SMGeo Prospec: More than 2,000 vouchers distributed free of charge to partner cattle ranchers, enabling them to conduct socio-environmental analyses and incentivizing them to verify the compliance of their own suppliers.
• Pioneering: Minerva Foods was the first and only Brazilian company to be recognized at the European Sustainable Food Awards. The Company won second place in the "Pioneering in Sustainability" category for playing an important role in building a more sustainable food industry.
• Renove Program: Partnerships were established with key input, financing and technology innovation companies to accelerate the implementation of regenerative practices on participating ranches.
• Sustainability Report: The Company published its 12th Sustainability Report, base year 2022, once again being the first company in the sector to publish the annual report. This edition was audited by an independent third party.
• Renewable Energy: For the third year in a row, the Company's Brazilian operations have been awarded the "Renewable Energy" label. Since 2020, Renewable Energy Certificates (I-REC) have been purchased by the Company. These certificates guarantee that the energy consumed is of renewable origin and that the companies that generate it have adopted distinctive social and community relations practices.

Message

from Management

Minerva Foods delivered solid operating and financial results in the first six months of 2023, in line with its business strategy and consolidating its position as one of the main players in the beef market. We ended 2Q23 with a gross revenue of R$ 7.8 billion, an EBITDA of R$ 711.2 million, and a net income of R$120.7 million. I would also like to highlight our free cash flow, which reached R$ 191.3 million in the period. Our performance in the last 12 months continues very solid, with Adjusted EBITDA reaching R$ 2.8 billion and net income amounting to R$ 350.5 million. Our capital structure also remains very solid, with net leverage stable at 2.7x our Net Debt / LTM EBITDA, even considering the acquisition of ALC (Australia Lamb Company) at the end of 2022.

One of the main priorities of our Management is the generation of shareholder value, which continued as one of our highlights in 2Q23. As previously announced, we paid complementary dividends of R$ 208.6 million, thus totaling R$ 336.7 million or R$ 0.58/share in dividend distribution for the 2022 fiscal year. In 2Q23, the Board of Directors approved the distribution of early dividends, in the amount of R$ 114.0 million or R$ 0.19/share, to be paid at the end of August. It is worth mentioning that, over the last three years (2020, 2021 and 2022), and considering the recently approved dividend payment, Minerva Foods has distributed approximately R$ 1.4 billion, equivalent to R$ 2.49/share, in proceeds to its shareholders.

Gross Revenue	EBITDA	Net Income
R$ 7.8 billion	R$ 711.2 million	R$ 120.7 million

During the quarter, even amidst the persisting volatile scenario in global markets, our geographical diversification strategy continues as one of the essential pillars that maintains our profitability, acting as an important risk mitigating agent and reflecting our ability to arbitrate in the global animal protein market, always focusing on profitability and on controlling risks. I would also like to highlight the export DNA of Minerva Foods, with 63% of our gross revenue originating from exports, demonstrating the solidity and attractiveness of the international animal protein market, even with the current volatility. The scenario for the international beef market remains very promising: the imbalance between global beef supply and demand is still one of the great vectors of our industry and is expected to become even more accentuated given the strong restrictions for the North American production in the coming years. On the other hand, South American producers, in particular Brazil, continue to benefit from the resumption of the bovine cycle in a large part of the continent, a trend that is expected to last another 2-3 years and expands the supply of animals in the region. From a demand perspective, we remain confident about a gradual rebound of the Chinese market, an economic upturn, a gradual reduction in inventories, and the seasonality of the second half of the year, which is expected to encourage a more aggressive recovery in coming quarters. We must also mention the frequent sanitary challenges in the animal protein market, such as the outbreak of avian flu in several regions of the world, including South America, which should naturally impact the international market.

Therefore, South America, with its pasture-based cattle production matrix, strengthens its competitiveness even further in the global beef market, increasingly expanding its market share. Within this context, Minerva Foods' geographical diversification strategy offers the Company access to 100% of global beef demand, making this one of our key competitive advantages.

2Q23 Cash Generation	Dividends	Leverage
R$ 191.3 million	R$ 114.0 million	2.7x

Back to the 2Q23 results, our free cash generation, which has always been one of the Company's priorities, reached R$ 191.3 million in the period, reflecting our efficient operational and financial management. Our balance sheet remains very healthy, ending the quarter with a flat net leverage of 2.7x Net Debt/EBITDA LTM, even after the acquisition of ALC (Australia Lamb Company), at the end of 2022, and the recent dividend payments.

We continue to advance in our ESG agenda, allocating resources and efforts into achieving targets related to Minerva Food's Commitment to Sustainability. We achieved important results in Colombia, where we already reached the mark of having 100% of our direct supplier farms monitored prior to the deadline established in our

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