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BRF REPORTS BEST SECOND QUARTER IN HISTORY, WITH NET PROFIT OF R$ 1.1 BILLION

Company reports 22.3% growth in revenue, historic EBITDA of R$2.6 billion and evolution in profitability, with a margin of 17.6% and positive performance in all markets

São Paulo, August 14, 2024 - BRF, one of the world's largest food companies and owner of the Sadia, Perdigão, Qualy and Banvit brands, posted its most significant performance in recent times this quarter. In the second quarter of 2024, the company reported a net profit of R$1.1 billion and free cash flow generation of R$1.7 billion.  

Confirming the consistency of its transformation and efficiency journey, the company improved its profitability for the sixth consecutive quarter, with a margin of 17.6% and revenue growth of 22.3% compared to the same period in 2023. The company recorded EBITDA of R$2.6 billion, the best result for the period in its entire history. The sequential operational advances and the optimization of the capital structure also allowed us to record the lowest leverage of the last nine years (1.14x). 

“The company posted consistent operating results this quarter, with robust margin growth in all the markets in which it operates and a significant increase in volume. Guided by BRF+, we also evolved on all business fronts in the year-on-year comparison. Following the strategic direction of our controller, we have become a more agile company, with proper planning and committed to evolving every day,” says Miguel Gularte, CEO of BRF.   

In Brazil, the company reported EBITDA of R$1.1 billion, with a margin of 15.7%, and significant growth in sales volume in all the categories in which it operates, especially in the processed food portfolio. The result was sustained by the continuous evolution of commercial execution, as well as the launch of new products and investments in brands, such as the celebration of Sadia's 80th anniversary - the biggest promotion in the company's history. 

The positive performance in all markets also reflects the focus on operational improvement. BRF+ 2.0, the Company's efficiency program, continues to show improvement in indicators and consolidated R$ 374 million in captures in the quarter, totaling R$ 812 million for the year. The attitudes of simplicity, agility and efficiency that guide the program have been incorporated into the company's daily routine and have become part of the company's culture.

The International segment also posted its best performance on record. BRF achieved EBITDA of R$1.5 billion, with a margin of 21%, driven by the recovery of prices in various sales destinations and the strategy of diversifying into new markets. The company won 32 new export licenses, which contributed to an increase in the volume exported and to maximizing revenue. Throughout the first half of the year, BRF has already gained 57 new licenses. Highlights include the development of important markets such as the United Kingdom, the United States and Southeast Asian countries. Own distribution and leading brands also continue to favor margins in the international market.

“We remain focused on improving the company's operational and financial performance quarter on quarter. The result for the period confirms to us from any perspective that we are evolving the fundamentals of our business, expanding markets and creating value for our shareholders,” says BRF's Vice President of Finance and IR, Fábio Mariano.

Continuous improvement is also reflected in the Sustainability agenda (EESG), where BRF continued to make important progress and receive important recognition. The company took 1st place in the Protein segment of the Merco Responsibility ESG Ranking. Also noteworthy was the BRF Institute's matchfunding campaign in support of the victims of the floods in Rio Grande do Sul, in which BRF and Marfrig together raised more than R$ 6 million. With responsibility and proximity, we acted together with hundreds of volunteers, supporting employees and local communities - essential actions that help rebuild the state. 

“After the best second quarter in the company's history in several indicators, we remain focused and confident in the future, with our team engaged and building an increasingly competitive company by strengthening a high-performance culture,” concludes Miguel Gularte.  

About BRF

BRF is present in 127 countries and its purpose is to offer increasingly tasty and practical quality food to people around the world through the sustainable management of its chain, from farm to table. Owner of iconic brands such as Sadia, Perdigão, Qualy and Banvit, the Company bases its actions on the fundamental commitments of Safety, Quality and Integrity. With agility, simplicity and efficiency, the company bases its strategy on a long-term vision and aims to generate value for its almost 100,000 employees and 300,000 customers worldwide, and approximately 10,000 integrated partners in Brazil, all of its shareholders and for the society. 

Press Contact – BRF: imprensa@brf.com