Financials BRF S.A.

Equities

BRFS3

BRBRFSACNOR8

Food Processing

Market Closed - Sao Paulo Other stock markets 01:37:54 18/07/2025 am IST			5-day change	1st Jan Change
20.59 ^BRL	-0.96%		-10.48%	-18.81%

15/07	Brazil's Marfrig: Postponed Shareholders Meeting To Resume On August 5	RE
15/07	Deals of the day-Mergers and acquisitions	RE

Projected Income Statement: BRF S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	39,470	48,343	53,805	53,615	61,379	65,939	68,593	71,168
Change	-	22.48%	11.3%	-0.35%	14.48%	7.43%	4.03%	3.75%
EBITDA ¹	5,241	5,559	3,896	4,721	10,508	9,705	9,669	9,723
Change	-	6.06%	-29.92%	21.18%	122.58%	-7.64%	-0.37%	0.56%
EBIT ¹	2,847	3,010	-136	836	6,840	5,848	5,826	5,596
Change	-	5.73%	-104.52%	714.71%	718.18%	-14.51%	-0.37%	-3.94%
Interest Paid ¹	-1,699	-3,045	-2,669	-2,821	-1,791	-2,676	-1,866	-1,769
Earnings before Tax (EBT) ¹	1,148	-35	-2,805	-1,985	5,050	3,241	3,682	3,372
Change	-	-103.05%	-7,914.41%	29.23%	354.4%	-35.82%	13.59%	-8.42%
Net income ¹	1,384	419.5	-3,166	-2,029	3,213	2,434	2,638	2,416
Change	-	-69.68%	-854.89%	35.93%	258.4%	-24.24%	8.38%	-8.43%
Announcement Date	25/02/21	22/02/22	28/02/23	26/02/24	26/02/25	-	-	-

¹BRL in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	9,104	9,943	11,474	10,592	11,637	12,390	13,724	12,041	12,939	14,056	14,769	13,178	12,205	13,806	14,426	13,378	14,930	15,523	17,549	15,512	15,265	15,919	17,691	15,902
Change	-	9.22%	15.4%	-7.69%	9.87%	6.47%	10.77%	-12.26%	7.46%	8.63%	5.07%	-10.77%	-7.38%	13.12%	4.49%	-7.27%	11.61%	3.97%	13.05%	-11.61%	-1.59%	4.29%	11.13%	-10.11%
EBITDA ¹	1,031	1,317	1,582	1,234	1,271	1,367	1,687	121	1,368	1,374	1,032	607	1,006	1,205	1,903	2,117	2,621	2,968	2,803	2,753	2,428	2,400	2,307	2,031
Change	-	27.74%	20.1%	-21.98%	3%	7.55%	23.41%	-92.83%	1,030.58%	0.44%	-24.89%	-41.18%	65.73%	19.78%	57.93%	11.25%	23.81%	13.24%	-5.56%	-1.78%	-11.8%	-1.14%	-3.88%	-12%
EBIT ¹	449	744	960.8	627.9	485	730.5	1,071	-527.1	140.4	563.4	-313	-179.4	-361.3	452.3	924	1,482	1,755	2,110	1,869	1,885	1,467	1,267	1,730	1,348
Change	-	65.7%	29.15%	-34.65%	-22.76%	50.61%	46.62%	-149.21%	126.64%	301.25%	-155.56%	42.7%	-101.43%	225.19%	104.29%	60.34%	18.46%	20.23%	-11.42%	0.86%	-22.2%	-13.59%	36.53%	-22.07%
Charge d'intérêts ¹	-190.3	-436.4	-466	-602.6	-759.4	-985	-697.6	-774.3	-610	-682.4	-602.1	-860.1	-1,099	-673.7	-188	-538	-390.1	-513.3	-349.5	-457	-611	-	-	-
Earnings before Tax (EBT) ¹	397	308	495	25.27	-179	-254.5	-	-1,301	-469.6	-119	-915	-1,039	-1,461	-221.4	737	714.7	1,313	1,502	1,520	1,427	909	1,423	2,029	-
Change	-	-22.42%	60.73%	-94.9%	-808.32%	-42.17%	-	-	63.91%	74.66%	-669.03%	-13.6%	-40.52%	84.84%	432.92%	-3.03%	83.75%	14.38%	1.2%	-6.12%	-36.3%	56.54%	42.6%	-
Net income ¹	303.9	219	908.8	24.44	-244.1	-282.1	921.3	-1,572	-559.2	-122.6	-912.2	-1,034	-1,359	-387	751.4	505	987.8	1,025	696	1,185	585	954.8	1,382	-
Change	-	-27.93%	314.99%	-97.31%	-1,098.86%	-15.55%	426.56%	-270.68%	64.44%	78.08%	-644.25%	-13.35%	-31.42%	71.52%	294.15%	-32.79%	95.6%	3.73%	-32.07%	70.27%	-50.63%	63.22%	44.73%	-
Announcement Date	12/08/20	09/11/20	25/02/21	12/05/21	12/08/21	10/11/21	22/02/22	04/05/22	10/08/22	09/11/22	28/02/23	15/05/23	14/08/23	13/11/23	26/02/24	07/05/24	14/08/24	13/11/24	26/02/25	15/05/25	-	-	-	-

¹BRL in Million

Estimates

Forecast Balance Sheet: BRF S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	14,152	17,332	16,779	9,475	8,325	13,357	12,770	14,178
Change	-	22.47%	-3.19%	-43.53%	-12.14%	60.44%	-4.39%	11.03%
Announcement Date	25/02/21	22/02/22	28/02/23	26/02/24	26/02/25	-	-	-

¹BRL in Million

Estimates

Cash Flow Forecast: BRF S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,462	3,681	2,840	2,249	2,264	4,833	3,678	4,239
Change	-	49.51%	-22.84%	-20.82%	0.67%	113.47%	-23.89%	15.24%
Free Cash Flow (FCF) ¹	3,066	-1,479	-964	1,690	8,513	4,106	5,764	4,667
Change	-	-148.24%	34.82%	275.35%	403.59%	-51.77%	40.38%	-19.03%
Announcement Date	25/02/21	22/02/22	28/02/23	26/02/24	26/02/25	-	-	-

¹BRL in Million

Estimates

Forecast Financial Ratios: BRF S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	13.28%	11.5%	7.24%	8.81%	17.12%	14.72%	14.1%	13.66%
EBIT Margin (%)	7.21%	6.23%	-0.25%	1.56%	11.14%	8.87%	8.49%	7.86%
EBT Margin (%)	2.91%	-0.07%	-5.21%	-3.7%	8.23%	4.92%	5.37%	4.74%
Net margin (%)	3.51%	0.87%	-5.88%	-3.78%	5.24%	3.69%	3.85%	3.39%
FCF margin (%)	7.77%	-3.06%	-1.79%	3.15%	13.87%	6.23%	8.4%	6.56%
FCF / Net Income (%)	221.6%	-352.6%	30.45%	-83.33%	264.92%	168.67%	218.47%	193.18%
Profitability
ROA	3.03%	-	-5.57%	-3.52%	5.36%	-	-	-
ROE	16.31%	4.76%	-31.51%	-15.49%	21.42%	19.05%	15.27%	14.6%
Financial Health
Leverage (Debt/EBITDA)	2.7x	3.12x	4.31x	2.01x	0.79x	1.38x	1.32x	1.46x
Debt / Free cash flow	4.62x	-11.72x	-17.41x	5.6x	0.98x	3.25x	2.22x	3.04x
Capital Intensity
CAPEX / Current Assets (%)	6.24%	7.61%	5.28%	4.19%	3.69%	7.33%	5.36%	5.96%
CAPEX / EBITDA (%)	46.97%	66.22%	72.91%	47.64%	21.55%	49.8%	38.04%	43.6%
CAPEX / FCF (%)	80.3%	-248.88%	-294.64%	133.04%	26.6%	117.71%	63.82%	90.83%
Items per share
Cash flow per share ¹	6.308	5.509	1.783	2.342	6.51	4.292	3.809	-
Change	-	-12.67%	-67.64%	31.35%	178.01%	-34.07%	-11.25%	-
Dividend per Share ¹	-	-	-	-	-	2.572	0.7884	0.735
Change	-	-	-	-	-	-	-69.34%	-6.77%
Book Value Per Share ¹	10.85	10.92	10.45	8.87	8.966	9.405	9.95	10.82
Change	-	0.69%	-4.31%	-15.15%	1.09%	4.89%	5.79%	8.74%
EPS ¹	1.71	0.5187	-3.008	-1.49	1.941	1.583	1.437	1.48
Change	-	-69.67%	-679.95%	50.47%	230.27%	-18.43%	-9.26%	3.02%
Nbr of stocks (in thousands)	8,07,707	8,08,412	10,78,117	16,78,656	16,38,166	15,99,800	15,99,800	15,99,800
Announcement Date	25/02/21	22/02/22	28/02/23	26/02/24	26/02/25	-	-	-