BRF (BRFS3) Q4 2024 earnings summary

Executive summary

• Achieved record operational and financial results in 2024, with net revenue up 14–14.5% year-over-year to BRL 61.4 billion and net income of BRL 3.7 billion, reversing a loss in 2023 and enabling the first dividend payment since 2016.

• EBITDA reached BRL 10.5 billion, more than double the previous year and the highest in company history, with operational efficiency gains from the BRF+ program and strong brand execution.

• Free cash flow hit a record BRL 6.5 billion, with a cash conversion rate above 60% and leverage reduced to 0.75–0.79x from 2x in 2023.

• Strategic focus on operational efficiency, market expansion, and innovation drove performance, with strong results in both Brazil and international markets.

• Major international moves included acquisitions in Saudi Arabia and China, and a 50% stake in Gelprime for gelatin and collagen production.

Financial highlights

• Net revenue reached BRL 61.4 billion, up 14–14.5% year-over-year; gross profit was BRL 15.8 billion, with gross margin improving to 25.8%.

• EBITDA was BRL 10.5 billion (17.1% margin), more than double the previous year; net profit totaled BRL 3.7 billion for 2024.

• Free cash flow hit BRL 6.5 billion, with operating cash flow at nearly BRL 10.8 billion.

• Net debt reduced to BRL 5.9–8.3 billion, with average debt maturity at 8.4 years.

• Leverage (Net Debt/EBITDA) dropped to 0.75–0.79x from 2x in 2023.

Outlook and guidance

• Entered 2025 in a strong position, with robust volume and market diversity, despite anticipated cost pressures and inflation.

• Priorities for 2025 include embedding BRF+ in company culture, further operational and commercial improvements, market diversification, and sustainable growth.

• Expectation of continued balanced supply and demand for poultry and pigs, supporting favorable protein prices.

• Strategic investments planned for both Brazilian and international production platforms to maximize revenue and brand leadership.

• Ongoing focus on value-added products and market diversification to sustain resilience and growth.