FriGol, one of Brazil’s leading and most traditional beef processors, recorded record gross and net revenue in the second quarter of 2026, of R$ 1.62 billion and R$ 1.55 billion, respectively, representing growth of 56.5% and 57.6% compared to the same period last year.
“Revenue was boosted by high prices in the Chinese market, and we sought to make the best possible use of the quota established by the country. In the domestic market, we recorded 70% growth, even in a scenario of stable consumption and prices. Our strategy was to focus efforts on higher value-added products and expand our presence in new markets, such as the states of Rondônia, Acre, Amazonas, and Roraima,” points out Luciano Pascon, CEO of FriGol.
EBITDA (earnings before interest, taxes, depreciation, and amortization) was R$ 52.9 million in the quarter, a 65.7% decrease year-over-year, with a margin of 3.4%. Net income was R$ 2.2 million, a 97.5% decrease compared to the R$ 86.6 million recorded in the second quarter of 2025 – a historically strong quarter for the company, which raises the comparison base.
Quarterly profitability was pressured by the appreciation of beef prices, in a scenario of lower cattle supply affecting the entire production chain in Brazil. Even in this scenario, the company recorded the slaughter of 225,527 cattle in the quarter, a 45.9% increase compared to the same period in 2025, a result of the partnership established this year for the provision of industrialization services in three plants in Rondônia, two located in Ji-Paraná and one in Rolim de Moura.
“There was an impact on profitability due to the livestock cycle, a movement that affects the entire sector and is not specific to FriGol. Faced with this scenario, we have moved forward with measures aimed at gaining operational efficiency. With the integration of the plants in Rondônia practically complete, we are continuing with the restructuring of operations, seeking to capture synergies and optimize fixed costs and expenses. We expect the results of these initiatives to begin to be reflected in the coming periods,” points out Carlos Corrêa, CFO of FriGol.
Exports accounted for 52.4% of gross revenue in the quarter, while the Brazilian market represented 47.6%.
In the foreign market, China remained the main destination for exports, accounting for 75.5% of foreign revenue. Following China were Chile, with 5%; Hong Kong, with 4%; Indonesia, with 2.4%; Israel, with 2.3%; and Europe, with 1.4%. Other markets represented 9.4% of foreign revenue.
This is the first time that Chile has ranked as the second main destination for exports. Along with volumes destined for other countries, such as the United States and Canada, exports to the Americas increased by 815% year-on-year. It is also the first time that Indonesia has occupied the fourth position among the main markets. The volume exported to Southeast Asia, including other destinations such as the Philippines, grew by 37% during the period. These movements reflect the company’s strategy of diversifying markets.
In the domestic market, the strategy remains focused on higher value-added products. The Chef, Angus, BBQ Secrets, and Complete Butcher Shop lines recorded a 20% growth in sales volume compared to the previous year.
The highlight of the quarter was the expansion of the FriGol Complete Butcher Shop, with the opening of five stores in the state of São Paulo, in addition to two FriGol Butcher Shop stores in Porto Velho, marking the arrival of the butcher shop format with customized layout and technical assistance to the state of Rondônia. Of the total new stores, three were opened in partnership with large wholesale retailers, continuing the strategy initiated by the company last year.
Reinforcing its financial strength, FriGol ended the second quarter with R$ 468.6 million in cash, 127% higher than the same period in 2025. The company presented leverage of 2.2 times net debt to EBITDA for the last 12 months, a healthy level that supports the company’s expansion strategy. During the period, FriGol maintained its A.br corporate rating (stable outlook) assigned by Moody’s, recognition that reinforces its access to the capital market. Furthermore, the fourth issuance of Agribusiness Receivables Certificates (CRA), totaling R$ 250 million, which occurred in March, supported the strategy of strengthening its cash position, reducing financial costs, and extending the debt maturity profile.
In the first half of 2026, net revenue totaled R$ 2.55 billion, a 30.4% increase compared to the same period in 2025, and the company maintained a positive net profit of R$ 13.3 million, even in the face of high raw material costs.
