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 5.6% year-over-year to R$16,397 million, driven by higher sales volumes in both domestic and international markets and a slight increase in average prices.

• 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 fell 14.9% year-over-year to R$2,526 million, with margin down to 15.4% from 19.1% in 3Q24.

• Net income dropped 30.5% year-over-year to R$790 million, with net margin at 4.8%.

Financial highlights

• Net revenue: R$16,397 million in Q3 2025 (Q3 2024: R$15,523 million).

• Gross profit: R$4,028 million (Q3 2024: R$4,210 million).

• Adjusted EBITDA: R$2,526 million (Q3 2024: R$2,968 million).

• Net income: R$790 million (Q3 2024: R$1,137 million).

• Operating cash flow: R$2,349 million in Q3 2025.

Outlook and guidance

• Market diversification and new export authorizations are expected to support international sales despite ongoing export restrictions.

• Continued focus on operational efficiency and cost management to offset inflationary pressures and input cost increases.

• Management highlights resilience in sales volumes despite avian flu export restrictions.

• Ongoing focus on operational efficiency and cost control, with R$355 million in efficiency gains in Q3 and R$868 million year-to-date.

• Expansion in international markets, including new joint ventures and market authorizations.