A leader in the Brazilian pasta and biscuit market, M. Dias Branco ended 2025 with "growth in the pie." The company recorded growth in all indicators. Revenue for the year was R$ 10.4 billion, 8% higher than in 2024. Net profit, at R$ 660 million, increased by 2%.

In every quarter of 2025, the company's revenue grew. As a result, M. Dias Branco also increased its market share in key segments, especially compared to the previous quarter. In biscuits, the company now holds 31.8% of the market. In pasta, it has 27.5%, and in flour, 12.2%.

The result reflects a cycle of changes designed by the company, which includes the implementation of a new commercial area and a better balance between revenue and expenses.

“We had a new sales team, with more possibilities. This helped us sell more. We managed to reach a level of controlled revenue and we had a drop in costs. This set of factors helped us achieve this result,” says Fabio Cefaly , director of new business and investor relations at M. Dias Branco, in an interview with NeoFeed .

Another point considered crucial by the company was the growth in product volume. Last year, the company sold 1.8 million tons, 3.1% more than recorded in 2024 (1.75 million). "Resuming volume growth was exactly what we wanted," says Cefaly.

With the increase in volume, the company was also able to increase the utilization of assets, which contributes to the reduction of the company's fixed costs. The level of utilization of productive capacity reached 60.4% in 2025, compared to 58.8% in 2024.

The only line item on the company's balance sheet that fell short of expectations was EBITDA, at R$1.1 billion for the period, 8% less than the previous year. According to the executive, the reason lies in the delay in passing on the drop in the dollar and the international price of wheat and palm oil.

“We didn’t see all of this cost reduction reflected in the results because we have inventory and hedging . The trend is that this will be reflected at the beginning of the year, in the first quarter balance sheet,” says the director of M. Dias Branco.

Another factor that explains this number being below market valuation is that, in 2025, the company incurred expenses related to employee bonuses, which did not happen in 2024.

With sound financial health, the company closed the year with cash generation of R$ 1.4 billion, 138% higher than reported in 2024. The company ended the year with net cash of R$ 554 million, reversing a net debt of R$ 25 million in the fourth quarter of 2024.

This means that if the company decides to pay off all its debts today, it will still have more than R$ 500 million left in cash. As a result, M. Dias Branco has once again recorded negative leverage. It closed the year with a net debt-to-EBITDA ratio of -0.5 times.

In 2025, M. Dias Branco did not make any acquisitions. However, according to the executive, the possibility of M&As is not ruled out for 2026. In practice, it depends on a good opportunity and an attractive price. "We have a very solid balance sheet to make inorganic moves. But they need to be connected to the new strategy. If one arises, the company is prepared."

According to Cefaly, the company has been closely observing the movement caused by the increased penetration of slimming pens in the national market, which, in theory, could impact biscuit sales. But, according to him, there is no impact yet.

“We are studying this issue. Today, the biscuit and pasta market in Brazil hasn't yet felt the impact. We're not going to underestimate or overestimate it. Nothing in a 'denial' or 'apocalyptic' way,” he states.

“We are monitoring the situation technically. We have already prepared the portfolio with healthy categories and are adding more protein to the items. We are already working to anticipate this. And there is the issue of income, since the pen is expensive. Regarding the future, we are paying attention,” he adds.

Over the past 12 months, M. Dias Branco's shares have risen 16.4% on the B3 stock exchange. The company is valued at R$ 8.8 billion.