BRF S A : 1Q24 Financial Statements

Interim Financial Information Individual and Consolidated

(A free translation of the original in Portuguese)

March 31, 2024

Interim Financial Information, Individual and Consolidated | March 31, 2024

Índex
Índex	2
Statements of Financial Position	4
Statements of Income (Loss)	5
Statements of Comprehensive Income (Loss)	6
Statements of Changes in Equity	7
Statements of Cash Flows	8
Statements of Value Added	9
Management Report	10
1.	Company's Operations	41
2.	Basis of preparation and presentation of interim financial information	43
3.	Summary of material accounting policies	44
4.	Cash and cash equivalents	45
5.	Marketable securities	45
6.	Trade accounts and notes receivable	46
7.	Inventories	47
8.	Biological assets	49
9.	Recoverable taxes	50
10.	Deferred income taxes	52
11.	Judicial deposits	54
12.	Investments	54
13.	Property, plant and equipment	56
14.	Intangible assets	58
15.	Loans and borrowings	60
16.	Trade accounts payable	62
		2

Interim Financial Information, Individual and Consolidated | March 31, 2024

17.	Leases	63
18.	Share-based payment	65
19.	Employees benefits	66
20.	Provision for tax, civil and labor risks	66
21.	Equity	67
22.	Earnings (loss) per share	69
23.	Financial instruments and risk management	69
24.	Segment information	83
25.	Net sales	85
26.	Expenses by nature	86
27.	Financial income (expenses)	87
28.	Related parties	88
29.	Commitments	91
30.	Transactions that do not involve cash	91
31.	Events after the reporting period	92
32.	Approval of the Financial Statements	93
INDEPENDENT AUDITORS' REPORT ON INDIVIDUAL AND CONSOLIDATED INTERIM FINANCIAL
INFORMATION	95
Opinion of the Audit and Integrity Commitee	97
Statement of Executive Board on the Consolidated Interim Financial Information and Independent
Auditor's Report	98

3

Interim Financial Information, Individual and Consolidated | March 31, 2024

Statements of Financial Position

		Parent company		Consolidated			Parent company		Consolidated
ASSETS	Note	03.31.24	12.31.23	03.31.24	12.31.23	LIABILITIES	Note	03.31.24	12.31.23	03.31.24	12.31.23
CURRENT ASSETS						CURRENT LIABILITIES
Cash and cash equivalents	4	4,523,944	4,701,549	9,567,208	9,264,664	Loans and borrowings	15	2,114,310	2,237,214	2,260,733	2,451,838
Marketable securities	5	422,925	412,107	469,515	447,878	Trade accounts payable	16	13,381,858	14,011,988	11,956,380	12,592,006
Trade receivables	6	4,276,970	5,655,967	4,281,896	4,766,071	Lease liability	17.2	881,319	835,154	1,043,159	944,326
Notes receivable	6	37,499	64,731	37,499	64,731	Payroll, related charges and employee profit sharing		993,405	886,974	1,095,629	984,457
Inventories	7	4,305,076	4,717,540	6,276,532	6,628,890	Taxes payable		205,333	316,600	742,892	585,129
Biological assets	8	2,662,080	2,580,383	2,795,193	2,702,164	Derivative financial instruments	23	48,299	74,112	49,284	76,940
Recoverable taxes	9	1,285,826	1,210,028	1,727,753	1,517,548	Provision for tax, civil and labor risks	20	706,369	717,119	709,492	720,187
Derivative financial instruments	23	31,818	109,222	31,818	109,222	Employee benefits	19	58,894	58,894	84,906	86,423
Prepaid expenses		296,370	126,557	341,097	166,230	Customer advances		10,030	6,320	344,610	290,279
Advances		61,621	64,677	130,067	123,319	Advances from related parties	28	5,771,640	6,119,677	1	-
Restricted cash		-	-	14,177	13,814	Other current liabilities		183,157	282,712	559,678	658,763
Assets held for sale		4,284	684	11,375	7,204
Other current assets		183,741	132,989	196,804	142,527
Total current assets		18,092,154	19,776,434	25,880,934	25,954,262	Total current liabilities		24,354,614	25,546,764	18,846,764	19,390,348
NON-CURRENT ASSETS						NON-CURRENT LIABILITIES
LONG-TERM RECEIVALBLES						Loans and borrowings	15	15,324,356	15,462,088	17,576,020	17,643,710
Marketable securities	5	18,237	16,490	272,244	319,995	Trade accounts payable	16	691	422	691	422
Trade receivables	6	5,943	5,897	7,882	5,897	Lease liability	17.2	2,750,426	2,624,979	2,989,942	2,777,521
Notes receivable	6	22,052	1,530	22,052	1,530	Taxes payable		85,459	88,211	87,737	90,669
Recoverable taxes	9	4,677,785	4,981,378	4,696,060	5,000,740	Provision for tax, civil and labor risks	20	431,420	442,621	470,940	482,983
Deferred income taxes	10	2,131,624	2,054,826	2,190,159	2,113,108	Deferred income taxes	10	-	-	70,716	60,125
Judicial deposits	11	405,734	405,450	416,647	415,718	Liabilities with related parties	28	53,308	52,581	-	-
Biological assets	8	1,776,517	1,788,383	1,860,790	1,858,316	Employee benefits	19	271,692	264,731	464,354	454,398
Derivative financial instruments	23	495,492	529,830	495,492	529,830	Derivative financial instruments	23	54,935	59,819	54,935	59,819
Restricted cash		31,732	30,952	74,262	72,395	Other non-current liabilities		320,793	286,982	651,267	668,439
Other non-current assets		168,878	148,262	174,359	153,052
Total long-term receivables		9,733,994	9,962,998	10,209,947	10,470,581	Total non-current liabilities		19,293,080	19,282,434	22,366,602	22,238,086
						EQUITY	21
						Capital		13,349,156	13,349,156	13,349,156	13,349,156
						Capital reserves		2,763,364	2,763,364	2,763,364	2,763,364
						Other equity transactions		(64,493)	(70,106)	(64,493)	(70,106)
Investments	12	14,654,950	13,683,725	95,249	97,895	Accumulated earnings		504,993	-	504,993	-
Property, plant and equipment	13	13,196,922	13,127,930	14,870,629	14,608,914	Treasury shares		(231,240)	(96,145)	(231,240)	(96,145)
Intangible assets	14	3,197,816	3,201,539	6,203,100	6,140,438	Other comprehensive loss		(1,093,638)	(1,022,841)	(1,093,638)	(1,022,841)
						Attributable to controlling shareholders		15,228,142	14,923,428	15,228,142	14,923,428
						Non-controlling interests		-	-	818,351	720,228
Total non-current assets		40,783,682	39,976,192	31,378,925	31,317,828	Total equity		15,228,142	14,923,428	16,046,493	15,643,656
TOTAL ASSETS		58,875,836	59,752,626	57,259,859	57,272,090	TOTAL LIABILITIES AND EQUITY		58,875,836	59,752,626	57,259,859	57,272,090

The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

4

Interim Financial Information, Individual and Consolidated | March 31, 2024

Statements of Income (Loss)

		-		-
		Parent company		Consolidated
		2024	2023	2024	2023
	Note	Jan - mar	Jan - mar	Jan - mar	Jan - mar
NET SALES	25	10,867,663	11,997,860	13,377,509	13,177,969
Cost of sales	26	(8,645,982)	(9,720,386)	(10,153,222)	(11,504,756)
GROSS PROFIT		2,221,681	2,277,474	3,224,287	1,673,213
OPERATING INCOME (EXPENSES)
Selling expenses	26	(1,523,767)	(1,584,564)	(1,771,818)	(1,770,641)
General and administrative expenses	26	(129,258)	(95,086)	(201,493)	(159,807)
Impairment loss on trade receivables	6	(15,920)	(5,545)	(27,218)	(6,507)
Other operating income (expenses), net	26	30,130	77,458	30,944	84,398
Income from associates and joint ventures	12	898,641	(1,023,781)	(2,407)	(17)
INCOME (LOSS) BEFORE FINANCIAL RESULTS AND INCOME TAXES		1,481,507	(354,044)	1,252,295	(179,361)
Financial income		196,746	157,563	274,679	198,130
Financial expenses		(931,482)	(1,058,307)	(907,113)	(1,036,189)
Foreign exchange and monetary variations		(252,604)	200,051	94,807	(22,012)
FINANCIAL INCOME (EXPENSES), NET	27	(987,340)	(700,693)	(537,627)	(860,071)
INCOME (LOSS) BEFORE TAXES		494,167	(1,054,737)	714,668	(1,039,432)
Income taxes	10	10,826	20,718	(120,924)	15,805
INCOME (LOSS) FOR THE YEAR		504,993	(1,034,019)	593,744	(1,023,627)
Income (Loss) Attributable to
Controlling shareholders		504,993	(1,034,019)	504,993	(1,034,019)
Non-controlling interest		-	-	88,751	10,392
		504,993	(1,034,019)	593,744	(1,023,627)
INCOME (LOSS) PER SHARE
Weighted average shares outstanding - basic				1,670,951,834	1,078,116,849
Loss per share - basic	22			0.30	(0.96)
Weighted average shares outstanding - diluted				1,672,476,188	1,078,116,849
Income (Loss) per share - diluted	22			0.30	(0.96)

The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

5

Interim Financial Information, Individual and Consolidated | March 31, 2024

Statements of Comprehensive Income (Loss)

	Note
Income (loss) for the period
Other comprehensive income (loss), net of taxes
Gain on foreign currency translation of foreign operations
Gain (loss) on net investment hedge (1)
Cash flow hedges - effective portion of changes in fair value (1)
Cash flow hedges - reclassified to profit or loss	23
Items that are or may be reclassified subsequently to profit or loss
Actuarial gains (losses) on pension and post-employment plans (1)	19
Items that will not be reclassified to profit or loss
Comprehensive income (loss) for the period
Attributable to
Controlling shareholders
Non-controlling interest

(1) Items above are stated net of deferred taxes on income and the related taxes are disclosed in note 10. The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

Parent company		Consolidated
2024	2023	2024	2023
Jan - mar	Jan - mar	Jan - mar	Jan - mar
504,993	(1,034,019)	593,744	(1,023,627)
67,575	28,113	85,156	56,469
(38,880)	52,942	(38,880)	52,942
(44,885)	1,251	(44,544)	8
(47,437)	(55,949)	(47,437)	(55,949)
(63,627)	26,357	(45,705)	53,470
(7,170)	2,995	(15,623)	862
(7,170)	2,995	(15,623)	862
434,196	(1,004,667)	532,416	(969,295)
434,196	(1,004,667)	434,196	(1,004,667)
-	-	98,220	35,372
434,196	(1,004,667)	532,416	(969,295)

6

Interim Financial Information, Individual and Consolidated | March 31, 2024

Statements of Changes in Equity

					Attributed to controlling shareholders
					Other comprehensive income (loss)
					Accumulated
					foreign	Gains					Total
					currency	(losses) on	Actuarial	Accumulated		Non-	shareholders'
		Capital	Other equity	Treasury	translation	cash flow	gains	aearnings		controlling	equity
	Capital	reserves	transactions	shares	adjustments	hedge (1)	(losses)	(losses)	Total equity	interest	(consolidated)
BALANCES AT DECEMBER 31, 2022	12,835,915	2,338,476	(77,825)	(109,727)	(1,024,897)	(307,389)	(21,472)	(2,363,073)	11,270,008	552,861	11,822,869
Comprehensive income (loss) (1)
Losses on foreign currency translation of foreign operations	-	-	-	-	(169,326)	-	-	-	(169,326)	(139,739)	(309,065)
Gains on net investment hedge	-	-	-	-	145,328	-	-	-	145,328	-	145,328
Unrealized gains in cash flow hedge	-	-	-	-	-	372,958	-	-	372,958	418	373,376
Actuarial losses on pension and post-employment plans	-	-	-	-	-	-	(1,523)	-	(1,523)	(40,702)	(42,225)
Income (loss) for the year	-	-	-	-	-	-	-	(2,028,559)	(2,028,559)	159,707	(1,868,852)
SUB-TOTAL COMPREHENSIVE INCOME (LOSS)	-	-	-	-	(23,998)	372,958	(1,523)	(2,028,559)	(1,681,122)	(20,316)	(1,701,438)
Employee benefits remeasurement - defined benefit	-	-	-	-	-	-	(16,520)	16,520	-	-	-
Capital increase through issuance of shares	600,000	4,800,000		-	-	-	-		5,400,000	-	5,400,000
Expenses with public exchange offer of shares	(86,759)	-		-	-	-	-	-	(86,759)	-	(86,759)
Capital increase in subsidiaries	-	-	-	-	-	-	-	-	-	187,777	187,777
Appropriation of income (loss)
Dividends	-	-	-	-	-	-	-	-	-	(94)	(94)
Compensation of accumulated losses with capital reserve	-	(4,375,112)		-	-	-	-	4,375,112	-	-	-
Share-based payments	-	-	7,719	13,582	-	-	-	-	21,301	-	21,301
BALANCES AT DECEMBER 31, 2023	13,349,156	2,763,364	(70,106)	(96,145)	(1,048,895)	65,569	(39,515)	-	14,923,428	720,228	15,643,656
Comprehensive income (loss) (1)
Gain on foreign currency translation of foreign operations	-	-	-	-	67,575	-	-	-	67,575	17,581	85,156
Loss on net investment hedge	-	-	-	-	(38,880)	-	-	-	(38,880)	-	(38,880)
Unrealized gains (losses) in cash flow hedge	-	-	-	-	-	(92,322)	-	-	(92,322)	341	(91,981)
Actuarial losses on pension and post-employment plans	-	-	-	-	-	-	(7,170)	-	(7,170)	(8,453)	(15,623)
Income for the period	-	-	-	-	-	-	-	504,993	504,993	88,751	593,744
SUB-TOTAL COMPREHENSIVE INCOME (LOSS)	-	-	-	-	28,695	(92,322)	(7,170)	504,993	434,196	98,220	532,416
Appropriation of income (loss)
Dividends	-	-	-	-	-	-	-	-	-	(97)	(97)
Share-based payments	-	-	5,613	-	-	-	-	-	5,613	-	5,613
Acquisition of treasury shares	-	-		(135,095)	-	-	-	-	(135,095)	-	(135,095)
BALANCES AT MARÇO 31, 2024	13,349,156	2,763,364	(64,493)	(231,240)	(1,020,200)	(26,753)	(46,685)	504,993	15,228,142	818,351	16,046,493

1. All changes in other comprehensive income are presented net of deferred taxes on profit, when applicable, are disclosed in note 10.

The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

7

Interim Financial Information, Individual and Consolidated | March 31, 2024

Statements of Cash Flows

		Parent company		Consolidated
	2024	2023	2024	2023
	Jan - mar	Jan - mar	Jan - mar	Jan - mar
CASH FLOWS FROM OPERATING ACTIVITIES
Income (loss) from continuing operations	504,993	(1,034,019)	593,744	(1,023,627)
Adjustments for:
Depreciation and amortization	376,823	337,933	479,465	438,992
Depreciation and depletion of biological assets	335,242	319,344	368,066	344,703
Result on disposal of property, plant and equipments and intangible	(17,715)	(74,276)	(17,654)	(78,372)
Provision for tax, civil and labor risks	78,432	74,248	77,654	74,373
Income from investments under the equity method	(898,641)	1,023,781	2,407	17
Financial results, net	987,340	700,693	537,623	860,071
Deferred income tax	(10,623)	(20,718)	(6,934)	(20,191)
Short-term employee benefits	87,188	886	77,626	1,001
Other	13,033	15,458	19,149	30,940
	1,456,072	1,343,330	2,131,146	627,907
Changes in assets and liabilities:
Trade accounts and notes receivables	1,406,005	1,226,287	633,198	548,105
Inventories	412,615	161,641	420,456	249,450
Biological assets - current	(81,697)	100,812	(97,633)	94,239
Trade accounts payable	(957,735)	(1,025,844)	(1,027,873)	(1,058,622)
Cash generated by operating activities	2,235,260	1,806,226	2,059,294	461,079
Redemptions (investments) in securities at FVTPL (1)	5,839	-	(47,740)	7,786
Interest received	83,426	65,299	209,655	91,786
Payment of tax, civil and labor provisions	(76,904)	(127,081)	(76,795)	(127,078)
Derivative financial instruments	(57,077)	(109,019)	(60,266)	(108,268)
Other operating assets and liabilities (2)	(689,052)	(151,243)	(162,489)	269,109
Net cash provided by operating activities	1,501,492	1,484,182	1,921,659	594,414
CASH FLOWS FROM INVESTING ACTIVITIES
Redemption (additions) on investments in securities at amortized cost	-	-	49,149	(17,325)
Additions to property, plant and equipment	(120,860)	(196,857)	(133,268)	(238,084)
Additions to biological assets - non-current	(323,309)	(338,094)	(353,242)	(369,070)
Proceeds from disposals of property, plant, equipments and investment	29,933	3,262	29,933	3,262
Additions to intangible	(40,572)	(48,364)	(40,896)	(49,187)
Capital increase in affiliates	-	(195)	-	(195)
Capital increase in subsidiaries	(10,000)	-	-	-
Net cash used in investing activities	(464,808)	(580,248)	(448,324)	(670,599)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt issuance	19,647	734,291	64,867	1,783,263
Repayment of debt	(404,307)	(171,732)	(491,439)	(435,704)
Payment of interest	(461,358)	(455,612)	(527,764)	(528,255)
Payment of interest derivatives - fair value hedge	(85,737)	(139,842)	(85,737)	(139,842)
Treasury shares acquisition	(135,094)	-	(135,094)	-
Payment of lease liabilities	(154,295)	(123,500)	(198,134)	(170,898)
Net cash provided (used in) by financing activities	(1,221,144)	(156,395)	(1,373,301)	508,564
Effect of exchange rate variation on cash and cash equivalents	6,855	177	202,510	(96,826)
Net increase (decrease) in cash and cash equivalents	(177,605)	747,716	302,544	335,553
Balance at the beginning of the period	4,701,549	3,984,071	9,264,664	8,130,929
Balance at the end of the period	4,523,944	4,731,787	9,567,208	8,466,482

1. FVTPL: Fair Value Through Profit and Loss.
2. In the Parent Company, contemplates mainly the effects of prepayments of exports with subsidiaries in the amount of R$(310,591) in the three-month period ended March 31, 2024 (R$50,718 in the same period of the previous year).

The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

8

Interim Financial Information, Individual and Consolidated | March 31, 2024

Statements of Value Added

		Parent company		Consolidated
		2024	2023	2024	2023
		Jan-mar	Jan-mar	Jan-mar	Jan-mar
1	- REVENUES	12,091,469	13,226,804	14,668,848	14,510,691
	Sales of goods and products	11,958,760	12,962,161	14,537,515	14,210,378
	Other income	30,544	77,407	31,358	84,347
	Revenue related to construction of own assets	118,085	192,781	127,193	222,473
	Expected credit losses	(15,920)	(5,545)	(27,218)	(6,507)
2	- SUPPLIES ACQUIRED FROM THIRD PARTIES	(8,019,572)	(9,414,312)	(9,412,730)	(11,073,235)
	Costs of goods sold	(6,778,089)	(7,992,831)	(8,062,617)	(9,563,444)
	Materials, energy, third parties services and other	(1,241,633)	(1,417,033)	(1,355,240)	(1,489,884)
	Reversal for inventories losses	150	(4,448)	5,127	(19,907)
3	- GROSS ADDED VALUE (1-2)	4,071,897	3,812,492	5,256,118	3,437,456
4	- DEPRECIATION AND AMORTIZATION	(712,065)	(657,277)	(847,531)	(783,695)
5	- NET ADDED VALUE (3-4)	3,359,832	3,155,215	4,408,587	2,653,761
6	- VALUE ADDED RECEIVED THROUGH TRANSFER	1,094,969	(866,167)	271,849	198,164
	Income from associates and joint ventures	898,641	(1,023,781)	(2,407)	(17)
	Financial income	196,746	157,563	274,674	198,130
	Others	(418)	51	(418)	51
7	- ADDED VALUE TO BE DISTRIBUTED (5+6)	4,454,801	2,289,048	4,680,436	2,851,925
8	- DISTRIBUTION OF ADDED VALUE	4,454,801	2,289,048	4,680,436	2,851,925
	Payroll	1,513,376	1,323,130	1,772,107	1,554,326
	Salaries	1,030,183	953,313	1,256,717	1,157,787
	Benefits	408,234	298,113	434,349	318,263
	Government severance indemnity fund for employees	74,959	71,704	81,041	78,276
	Taxes, Fees and Contributions	1,211,319	1,064,457	1,439,102	1,159,080
	Federal	494,574	360,472	670,580	402,359
	State	700,408	690,181	749,668	740,283
	Municipal	16,337	13,804	18,854	16,438
	Capital Remuneration from Third Parties	1,225,113	935,480	875,483	1,162,146
	Interests, including exchange variation	1,193,521	875,277	822,124	1,078,784
	Rents	31,592	60,203	53,359	83,362
	Interest on Own-Capital	504,993	(1,034,019)	593,744	(1,023,627)
	Income (loss) for the period	504,993	(1,034,019)	504,993	(1,034,019)
	Non-controlling interest	-	-	88,751	10,392

The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

9

São Paulo, May 07th, 2024 - BRF S.A. (B3: BRFS3; NYSE: BRFS) - "BRF" or "Company" releases its results for the 1st quarter of 2024. The comments included here refer to results in Reais, in accordance with Brazilian corporate law and practices adopted in Brazil and in accordance with International Financial Reporting Standards (IFRS), which comparisons are based on the same periods of 2023 and/or prior's years, as indicated.

QUARTERLY FINANCIAL INDICATORS

NET	GROSS	GROSS	NET
REVENUE	PROFIT	MARGIN	INCOME
R$ 13,378	R$ 3,224	24.1%	(LOSS)
R$ 594
Million R$	Million R$		Million R$
13,178 Million in 1Q23	1,673 Million in 1Q23	12.7% in 1Q23	(1,024) Million in 1Q23
ADJUSTED	ADJUSTED	FREE CASH	NET LEVERAGE
EBITDA	EBITDA MARGIN	FLOW
R$ 2,117	15.8%	R$ 844	1.45x
Million R$		Million R$
607 Million in 1Q23	4.6% in 1Q23	(1,002) Million in 1Q23	3.35x in 1Q23
DEBT AVERAGE	MARKET	STOCK PRICES	ISSUED
TERM	CAP	SHARES

	7.8	R$
		US$
years		Billion

28.01	BRFS3 R$ 16.65	1,682,473,246
5.65	BRFS US$ 3.36	14,036,779

ON Shares / Treasury Shares

7.4 years no 1Q23	Base: 05/07/2024	Base: 05/07/2024	Base: 03/31/2024

CONFERENCE CALL

05/08/2024 - Wednesday - 9h00 US ET | 10h00 BRT

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Relatório da	10
AdministraçãoManagement Report1T24| 1Q24