Financials BRF S.A.

Equities

BRFS3

BRBRFSACNOR8

Food Processing

Market Closed - Sao Paulo Other stock markets 01:36:00 14/09/2024 am IST			5-day change	1st Jan Change
24.67 ^BRL	-5.95%		-2.14%	+78.64%

05/09	BRF S.A. Announces Optional Early Redemption Right of DI Debentures of the 4th Emission of Simple Debentures, Not Convertible into Shares, of the Unsecured Type, for Private Placement	CI
15/08	Transcript : BRF S.A., Q2 2024 Earnings Call, Aug 15, 2024

Projected Income Statement: BRF S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	34,618	39,470	48,343	53,805	53,615	58,733	60,599	63,790
Change	-	14.01%	22.48%	11.3%	-0.35%	9.55%	3.18%	5.27%
EBITDA ¹	5,317	5,241	5,559	3,896	4,721	10,371	9,054	8,969
Change	-	-1.43%	6.06%	-29.92%	21.18%	119.68%	-12.7%	-0.93%
EBIT ¹	2,953	2,847	3,010	-136	836	6,071	5,253	4,833
Change	-	-3.59%	5.73%	-	-	626.24%	-13.48%	-8%
Interest Paid ¹	-1,865	-1,699	-3,045	-2,669	-2,821	-1,970	-1,743	-1,740
Earnings before Tax (EBT) ¹	897.1	1,148	-35	-2,805	-1,985	3,664	2,355	2,884
Change	-	27.94%	-	7,914.41%	-29.23%	-	-35.74%	22.46%
Net income ¹	297.6	1,384	419.5	-3,166	-2,029	2,957	1,832	1,733
Change	-	364.89%	-69.68%	-	-35.93%	-	-38.05%	-5.39%
Announcement Date	03/03/20	25/02/21	22/02/22	28/02/23	26/02/24	-	-	-

¹BRL in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	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
Net sales ¹	8,459	9,290	8,949	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	15,253	15,768	14,125	15,117
Change	-	9.83%	-3.67%	1.73%	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%	2.17%	3.38%	-10.42%	7.03%
EBITDA ¹	1,609	1,413	1,251	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	2,685	2,769	2,223	2,242
Change	-	-12.18%	-11.46%	-17.59%	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%	2.46%	3.1%	-19.72%	0.86%
EBIT ¹	1,066	798.6	554.7	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	1,784	1,783	1,093	1,333
Change	-	-25.09%	-30.54%	-19.05%	65.7%	29.15%	-34.65%	-22.76%	50.61%	46.62%	-	-	301.25%	-	-42.7%	101.43%	-	104.29%	60.34%	18.46%	1.65%	-0.04%	-38.72%	21.96%
Charge d'intérêts ¹	-	-541	-606.5	-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	-549	-486	-	-
Earnings before Tax (EBT) ¹	809	248	-51.79	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	867.3	-	-	-
Change	-	-69.35%	-	-	-22.42%	60.73%	-94.9%	-	42.17%	-100%	-	-63.91%	-74.66%	669.03%	13.6%	40.52%	-84.84%	-	-3.03%	83.75%	-33.96%	-100%	-	-
Net income ¹	293.9	681.8	-45.92	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	572.4	-	-	-
Change	-	131.98%	-	-	-27.93%	314.99%	-97.31%	-	15.55%	-	-	-64.44%	-78.08%	644.25%	13.35%	31.42%	-71.52%	-	-32.79%	95.6%	-42.05%	-100%	-	-
Announcement Date	08/11/19	03/03/20	10/05/20	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	-	-	-	-

¹BRL in Million

Estimates

Forecast Balance Sheet: BRF S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,629	14,152	17,332	16,779	9,475	12,456	10,509	8,702
Change	-	3.84%	22.47%	-3.19%	-43.53%	31.47%	-15.63%	-17.19%
Announcement Date	03/03/20	25/02/21	22/02/22	28/02/23	26/02/24	-	-	-

¹BRL in Million

Estimates

Cash Flow Forecast: BRF S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	1,255	2,462	3,681	2,840	2,249	3,059	3,412	3,553
Change	-	96.16%	49.51%	-22.84%	-20.82%	36%	11.54%	4.15%
Free Cash Flow (FCF) ¹	2,875	3,066	-1,479	-964	1,690	6,451	4,558	3,981
Change	-	6.64%	-148.24%	-34.82%	-275.35%	281.62%	-29.35%	-12.65%
Announcement Date	03/03/20	25/02/21	22/02/22	28/02/23	26/02/24	-	-	-

¹BRL in Million

Estimates

Forecast Financial Ratios: BRF S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	15.36%	13.28%	11.5%	7.24%	8.81%	17.66%	14.94%	14.06%
EBIT Margin (%)	8.53%	7.21%	6.23%	-0.25%	1.56%	10.34%	8.67%	7.58%
EBT Margin (%)	2.59%	2.91%	-0.07%	-5.21%	-3.7%	6.24%	3.89%	4.52%
Net margin (%)	0.86%	3.51%	0.87%	-5.88%	-3.78%	5.03%	3.02%	2.72%
FCF margin (%)	8.3%	7.77%	-3.06%	-1.79%	3.15%	10.98%	7.52%	6.24%
FCF / Net Income (%)	966.02%	221.6%	-352.6%	30.45%	-83.33%	218.15%	248.77%	229.69%
Profitability
ROA	0.71%	3.03%	-	-5.57%	-3.52%	7.41%	8.22%	5.51%
ROE	16.18%	16.31%	4.76%	-31.51%	-15.49%	19.32%	16.45%	14.8%
Financial Health
Leverage (Debt/EBITDA)	2.56x	2.7x	3.12x	4.31x	2.01x	1.2x	1.16x	0.97x
Debt / Free cash flow	4.74x	4.62x	-11.72x	-17.41x	5.6x	1.93x	2.31x	2.19x
Capital Intensity
CAPEX / Current Assets (%)	3.63%	6.24%	7.61%	5.28%	4.19%	5.21%	5.63%	5.57%
CAPEX / EBITDA (%)	23.61%	46.97%	66.22%	72.91%	47.64%	29.49%	37.68%	39.62%
CAPEX / FCF (%)	43.66%	80.3%	-248.88%	-294.64%	133.04%	47.41%	74.85%	89.25%
Items per share
Cash flow per share ¹	3.098	6.308	5.509	1.783	2.342	4.132	3.775	-
Change	-	103.63%	-12.67%	-67.64%	31.35%	76.47%	-8.64%	-
Dividend per Share ¹	-	-	-	-	-	0.31	0.2575	0.32
Change	-	-	-	-	-	-	-16.94%	24.27%
Book Value Per Share ¹	9.729	10.85	10.92	10.45	8.87	10.96	11.11	9.57
Change	-	11.5%	0.69%	-4.31%	-15.15%	23.62%	1.35%	-13.89%
EPS ¹	0.37	1.71	0.5187	-3.008	-1.49	1.85	1.209	1.03
Change	-	362.16%	-69.67%	-679.95%	-50.47%	-224.17%	-34.66%	-14.79%
Nbr of stocks (in thousands)	8,11,760	8,07,707	8,08,412	10,78,117	16,78,656	16,55,093	16,55,093	16,55,093
Announcement Date	03/03/20	25/02/21	22/02/22	28/02/23	26/02/24	-	-	-