Reported Earnings • May 22
First quarter 2026 earnings released: EPS: R$0.23 (vs R$0.16 in 1Q 2025) First quarter 2026 results: EPS: R$0.23 (up from R$0.16 in 1Q 2025). Revenue: R$117.1m (up 11% from 1Q 2025). Net income: R$11.5m (flat on 1Q 2025). Profit margin: 9.8% (down from 11% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Announcement • Apr 17
Minupar Participações S.A. announces Annual dividend, payable on June 13, 2026 Minupar Participações S.A. announced Annual dividend of BRL 0.1299 per share payable on June 13, 2026, ex-date on April 15, 2026 and record date on April 14, 2026. Announcement • Mar 18
Minupar Participações S.A., Annual General Meeting, Apr 14, 2026 Minupar Participações S.A., Annual General Meeting, Apr 14, 2026. Location: av. amazonas, no. 3001, bairro universitario, city of lajeado, state of rio grande do sul., Brazil Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: R$1.43 (vs R$0.11 in 3Q 2024) Third quarter 2025 results: EPS: R$1.43 (up from R$0.11 in 3Q 2024). Revenue: R$104.9m (up 20% from 3Q 2024). Net income: R$10.1m (up 33% from 3Q 2024). Profit margin: 9.7% (up from 8.7% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 152% per year but the company’s share price has only increased by 100% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: R$116.6m (up 69% from 2Q 2024). Net income: R$492.0m (up R$503.7m from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 132 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to R$33.16, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 10x in the Food industry in Brazil. Total returns to shareholders of 358% over the past three years. New Risk • Jun 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Share price has been highly volatile over the past 3 months (9.4% average weekly change). Negative equity (-R$301m). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (R$163.2m market cap, or US$29.7m). Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: Revenue: R$105.5m (up 8.2% from 1Q 2024). Net income: R$11.4m (up 28% from 1Q 2024). Profit margin: 11% (up from 9.1% in 1Q 2024). Buy Or Sell Opportunity • May 06
Now 27% undervalued Over the last 90 days, the stock has risen 1.6% to R$29.35. The fair value is estimated to be R$40.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 66%. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to R$32.95, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 11x in the Food industry in Brazil. Total returns to shareholders of 335% over the past three years. Announcement • Apr 01
Minupar Participações S.A., Annual General Meeting, Apr 28, 2025 Minupar Participações S.A., Annual General Meeting, Apr 28, 2025. Location: avenida amazonas, 3001, bairro universitario, state of rio grande do sul state, lajeado Brazil Reported Earnings • Mar 31
Full year 2024 earnings released Full year 2024 results: Revenue: R$354.9m (down 3.6% from FY 2023). Net income: R$12.0m (up 1.2% from FY 2023). Profit margin: 3.4% (up from 3.2% in FY 2023). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$25.48, the stock trades at a trailing P/E ratio of 55.9x. Average trailing P/E is 8x in the Food industry in Brazil. Total returns to shareholders of 286% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R$18.15, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 9x in the Food industry in Brazil. Total returns to shareholders of 159% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: R$1.07 (vs R$0.67 in 3Q 2023) Third quarter 2024 results: EPS: R$1.07 (up from R$0.67 in 3Q 2023). Revenue: R$87.3m (down 3.8% from 3Q 2023). Net income: R$7.62m (up 59% from 3Q 2023). Profit margin: 8.7% (up from 5.3% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2024 earnings released: R$1.66 loss per share (vs R$0.004 profit in 2Q 2023) Second quarter 2024 results: R$1.66 loss per share (down from R$0.004 profit in 2Q 2023). Revenue: R$69.2m (down 28% from 2Q 2023). Net loss: R$11.8m (down R$11.8m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to R$14.88, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 11x in the Food industry in Brazil. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to R$13.48, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 11x in the Food industry in Brazil. Total loss to shareholders of 5.9% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to R$10.70, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 11x in the Food industry in Brazil. Total loss to shareholders of 49% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released First quarter 2024 results: Revenue: R$97.5m (down 2.4% from 1Q 2023). Net income: R$8.87m (up 4.0% from 1Q 2023). Profit margin: 9.1% (up from 8.5% in 1Q 2023). Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to R$14.36, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 11x in the Food industry in Brazil. Total returns to shareholders of 6.0% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R$17.55, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 11x in the Food industry in Brazil. Total returns to shareholders of 93% over the past three years. Reported Earnings • Mar 17
Full year 2023 earnings released Full year 2023 results: Revenue: R$368.1m (flat on FY 2022). Net income: R$11.9m (up 82% from FY 2022). Profit margin: 3.2% (up from 1.8% in FY 2022). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: R$0.68 (vs R$1.03 in 3Q 2022) Third quarter 2023 results: EPS: R$0.68 (down from R$1.03 in 3Q 2022). Revenue: R$90.8m (down 5.0% from 3Q 2022). Net income: R$4.79m (down 34% from 3Q 2022). Profit margin: 5.3% (down from 7.6% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.3% average weekly change). Negative equity (-R$328m). Minor Risk Market cap is less than US$100m (R$111.4m market cap, or US$21.7m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: R$0.005 (vs R$3.25 in 2Q 2022) Second quarter 2023 results: EPS: R$0.005 (down from R$3.25 in 2Q 2022). Revenue: R$95.4m (flat on 2Q 2022). Net income: R$29.0k (down 100% from 2Q 2022). Profit margin: 0% (down from 24% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Negative equity (-R$328m). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (R$105.1m market cap, or US$21.4m). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R$15.16, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 9x in the Food industry in Brazil. Total returns to shareholders of 118% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$11.99, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 8x in the Food industry in Brazil. Total returns to shareholders of 133% over the past three years. Reported Earnings • May 17
First quarter 2023 earnings released First quarter 2023 results: Revenue: R$99.8m (up 21% from 1Q 2022). Net income: R$8.53m (up R$15.0m from 1Q 2022). Profit margin: 8.5% (up from net loss in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 11
Full year 2022 earnings released Full year 2022 results: Revenue: R$365.7m (up 14% from FY 2021). Net income: R$6.53m (down 81% from FY 2021). Profit margin: 1.8% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors There are 8 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Member of Fiscal Council Celso Filho is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: R$1.03 (vs R$1.74 in 3Q 2021) Third quarter 2022 results: EPS: R$1.03 (down from R$1.74 in 3Q 2021). Revenue: R$95.5m (up 15% from 3Q 2021). Net income: R$7.27m (down 41% from 3Q 2021). Profit margin: 7.6% (down from 15% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 15% share price gain to R$7.00, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 8x in the Food industry in Brazil. Total returns to shareholders of 21% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released First quarter 2022 results: Revenue: R$82.2m (up 12% from 1Q 2021). Net loss: R$6.43m (down 185% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Board Change • Apr 26
No independent directors There are 9 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Member of Fiscal Council Celso Filho is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 19% share price gain to R$6.75, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 11x in the Food industry in Brazil. Total returns to shareholders of 218% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R$9.58, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 12x in the Food industry in Brazil. Total returns to shareholders of 330% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorated over the past week After last week's 18% share price decline to R$10.80, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 12x in the Food industry in Brazil. Total returns to shareholders of 400% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R$14.32, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 14x in the Food industry in Brazil. Total returns to shareholders of 536% over the past three years. Reported Earnings • Jun 28
First quarter 2021 earnings released: EPS R$1.07 (vs R$2.38 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: R$73.7m (up 17% from 1Q 2020). Net income: R$7.57m (down 55% from 1Q 2020). Profit margin: 10% (down from 27% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 31% share price gain to R$20.99, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 15x in the Food industry in Brazil. Total returns to shareholders of 692% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 41% share price gain to R$13.03, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 14x in the Food industry in Brazil. Total returns to shareholders of 390% over the past three years. Is New 90 Day High Low • Jan 30
New 90-day high: R$7.28 The company is up 24% from its price of R$5.85 on 30 October 2020. The Brazilian market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: R$7.44 The company is up 27% from its price of R$5.85 on 14 October 2020. The Brazilian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: R$6.73 The company is up 14% from its price of R$5.89 on 29 September 2020. The Brazilian market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 12
New 90-day high: R$6.72 The company is up 17% from its price of R$5.73 on 14 August 2020. The Brazilian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 7.0% over the same period.