BRF (BRFS3) investor relations material

Executive summary

• Achieved record first-half EBITDA of R$5.3 billion and net income of R$1.9 billion, driven by operational excellence, strategic market diversification, and despite export restrictions and avian flu challenges.

• Merger with Marfrig approved, forming MBRF, a global food leader with R$152 billion in net revenue and 38% of sales from high value-added products.

• Expanded customer base, strengthened value-added product portfolio, and launched new products in Brazil and international markets.

• Maintained robust commercial execution, with record sales volume in Brazil and strong brand visibility.

• Continued focus on efficiency programs, with BRF+ delivering R$208 million in savings and integration of Marfrig partnership.

Financial highlights

• Net revenue reached R$15.4 billion in 2Q25, up 2.9% year-over-year; 1H25 revenue was R$30.9 billion.

• Adjusted EBITDA for 2Q25 was R$2.5 billion (16.3% margin), down 4.5% year-over-year; 1H25 EBITDA was R$5.3 billion.

• Net income for 2Q25 was R$735 million, down 32.8% year-over-year; 1H25 net income was R$1.9 billion.

• Free cash flow in 2Q25 was R$842 million, or R$1.3 billion excluding M&A and FX effects.

• Net debt reduced to R$4.7 billion, with leverage at a historic low of 0.43x LTM EBITDA.

Outlook and guidance

• Expectation of animal feed cost reduction by 2% in the second half, benefiting from lower grain prices.

• Focus on synergy capture and efficiency post-merger, with continued investment in brands and market expansion.

• Ongoing international market diversification and product innovation to offset export restrictions.

• Anticipate gradual improvement in Turkey operations and continued resilience in domestic prices due to strong demand and full employment.