Frigorifico Concepcion (FriCon) reported revenue of USD 533m in 2Q25. This figure considerably exceeded the USD 483m anticipated during the 1H25 operational update presentation in late July – a date notably after the quarter’s close and just one month ahead of the financial statement release.

Despite the unexpectedly higher revenue, the EBITDA margin increased to 14.9%, the second highest level in the past three years. As a result, FriCon’s EBITDA rose to USD 79m in 2Q25, up from USD 53m in the prior quarter and USD 44m in 2Q24 (see Figure 1).

Revenue should be a relatively objective accounting metric, largely free from discretionary interpretation. However, this is not the first instance in which the Paraguay-based meatpacker’s revenue has diverged materially from initial disclosures (see our Initial Credit Report for details on the FY21 and FY22 financial restatements).