Importing, production & marketing food products
Neto Melinda ends 2025 as a broader and more profitable food platform, but the earnings improvement is now tied to a heavier balance sheet, higher short-term debt, and operating cash flow that broke under working-capital pressure.
Neto Melinda's 2025 cash squeeze was only partly seasonal. Most of it came from a business model that demanded much more working capital, especially inventory, while management chose not to offset that pressure with a more conservative distribution policy.
At Neto Melinda, the Tal Hal relationship is no longer just a material procurement link. It is the point where supplier concentration, working-capital-loading payment terms, and an unresolved governance dispute meet.
