Minerva targets 25% payout as it seeks to cut leverage, clarifies to regulator

• Minerva responded to CVM/B3 queries tied to media comments on leverage, dividends, cash generation, beef demand.
• Net leverage at 2.9x; focus remains debt reduction, lower leverage, active long-dated liability management via Bonds buybacks.
• Dividend discipline signaled; expectation distributions stay near 25% of adjusted annual net income while leverage remains above targeted levels.
• Management cited potential demand uplift from China, US, implying scope for over BRL 1 billion in 2026 consolidated free cash flow.
• Clarification framed remarks as strategy discussion, not formal projections; targets may be reassessed given macro volatility.

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