BRF (BRFS3) Q3 2025 earnings summary

Executive summary

• Achieved highest quarterly sales volume since the consolidation of BRF in 2022, with record-high volumes in key segments and continued growth in processed products.

• Net revenue rose 9.2% year-over-year to R$41,766 million in 3Q25, with strong performance in South America and BRF segments.

• Gross profit decreased 4.3% year-over-year to R$4,028 million, with gross margin declining to 24.6% from 27.1% in 3Q24.

• Adjusted EBITDA decreased to R$3,503 million from R$3,831 million in 3Q24, and net income dropped to R$94 million from R$248 million in 3Q24.

• Focused on sustainable growth, value creation, and consistent returns to shareholders, supported by synergy execution and efficiency programs.

Financial highlights

• Net revenue rose 9.2% year-over-year to R$41,766 million in 3Q25.

• Adjusted EBITDA decreased to R$3,503 million from R$3,831 million in 3Q24.

• Net income dropped to R$94 million from R$248 million in 3Q24.

• Operating cash flow was R$3,319 million, down from R$3,695 million in 3Q24.

• Leverage (ND/Adj. EBITDA LTM) was 3.09x, slightly up from 3.07x in 3Q24.

Segment performance

• Beef North America: Sales volume fell 6.3% due to lower industry slaughter, but net revenue in USD grew 12.2% year-over-year; EBITDA margin declined to 2.0%.

• Beef South America: Sales volume increased 17.6% and net revenue rose 18.1%, with EBITDA margin improving to 11.1%.

• BRF: Record sales volume, up 5.0% year-over-year, and net revenue up 5.4%; processed products drove domestic market gains, while new export authorizations supported export growth.

• Domestic market achieved record sales and increased market share, supported by logistics improvements and higher client engagement.

• External market volumes grew, with profitability maintained despite avian influenza-related export bans; 16 new export authorizations obtained in the quarter.