MBRF, Natura, And SBF Q3 2025 Results

Brazil’s market just delivered three clear signals through three very different companies. MBRF, the newly merged meat and poultry giant born from Marfrig and BRF, showed the power of scale but also the cost of putting two empires together.

Natura, the country’s best-known beauty group, ran into softer demand at home and the friction of integrating Latin businesses.

SBF, owner of the Centauro sports chain and Nike’s distributor Fisia, proved retail can still grow—if execution is sharp—though wholesale distribution remains a drag.

MBRF — Protein Champion, Integration Costs

Who they are: a new protein leader spanning beef (Americas) and poultry/processed foods (BRF) with global reach.

The story: MBRF’s first post-merger quarter delivered net profit of R$ 94 million (about $17 million), down 62% year on year, despite net revenue up 9% to R$ 41.8 billion (about $7.7 billion) from R$ 38.2 billion (about $7.1 billion).

Adjusted EBITDA slipped 8.6% to R$ 3.5 billion (about $0.65 billion). Under the hood, the businesses moved in different gears. North America Beef benefited from rationalized plants and firm demand, with sales of $3.6 billion on higher average prices.

South America Beef, helped by industrial optimization, lifted volumes 17.6% and took revenue to R$ 5.7 billion (about $1.1 billion); EBITDA reached R$ 628 million (about $116 million). BRF’s processed foods hit record volumes and the client base grew 5% to 340,000.

The subtext: the merger’s commercial benefits are visible, but protein-cycle spreads and integration expenses are tempering margins for now. Watch for synergy capture, working-capital discipline, and any pricing power in prepared foods.

Natura — Beauty Leader, Demand And Integration Friction

Who they are: Latin America’s flagship cosmetics group with direct sales and retail brands across the region.

The story: Natura posted a recurring net loss of R$ 119 million (about $22 million) as revenue and profitability softened and net financial costs rose. Recurring EBITDA fell to R$ 577 million (about $107 million).

Net revenue reached R$ 5.2 billion (about $1.0 billion), down 13% in reais and 3.8% at constant currency, reflecting a slowdown in Brazil and transitional challenges in Argentina and Mexico following brand integration moves.

The subtext: after portfolio streamlining, execution now depends on tightening assortment, lifting channel productivity, and protecting cash in a higher-rate world.

Key markers into next quarters include Brazil sell-out trends, Hispanic LatAm integration milestones, and free-cash-flow steadiness.

SBF — Retail Engine, Distribution Headwinds

Who they are: Brazil’s top sports retailer (Centauro) and Nike’s local distributor (Fisia).

The story: SBF delivered adjusted net income of R$ 96.7 million (about $18 million), down 14%, on adjusted EBITDA of R$ 248 million (about $46 million) and net revenue of R$ 1.94 billion (about $0.36 billion), up 9%.

Centauro’s same-store sales jumped 14.8% including online, a strong sign of traffic, ticket, and omnichannel execution.

Fisia’s same-store sales dipped 1.6%, still normalizing channel mix amid tighter inventory discipline. Shares closed at R$ 13.72 before results, up 3.3%, suggesting investors credit the retail core’s resilience.

The subtext: SBF’s growth path runs through merchandise productivity, clean inventories, and SG&A control, while carefully balancing brand direct-to-consumer trends with wholesale economics.

The bigger picture

Across these snapshots, Brazil’s story is one of capable operators battling tighter margins. Scale and logistics help (MBRF), brand equity still matters (Natura), and sharp store-level execution wins (SBF).

But the cost of capital, integration complexity, and uneven consumer demand are the headwinds to solve—firm by firm, quarter by quarter.