Marfrig Global Foods (MBRF3) Q4 2024 earnings summary

Executive summary

• Consolidated net revenue for 2024 reached R$144.2 billion, up 14% year-over-year, with Q4 revenue at R$41.3 billion, up 22% year-over-year.

• Adjusted EBITDA for 2024 was R$13.6 billion (margin 9.5%), up 59% year-over-year; Q4 adjusted EBITDA was R$3.7 billion, up 37% year-over-year.

• Net profit rebounded to R$2.9 billion in 2024 from a R$1.5 billion loss in 2023; Q4 net profit was R$1.6 billion.

• Strategic asset sales in South America strengthened the financial structure and enabled focus on high-value products.

• Maintained ESG leadership, achieving Triple A in CDP and top ranking in FAIRR Initiative.

Financial highlights

• Operating cash flow for 2024 was R$12.2 billion; free cash flow reached R$2.9 billion.

• Net debt at year-end was R$38.8 billion (US$6.27 billion), with leverage reduced to 2.47x (USD) and 2.82x (BRL).

• Dividend distribution totaled R$2.5 billion in 2024; BRF paid R$1.1 billion in interest on equity.

• Capex for 2024 was R$4.2 billion, with R$1.4 billion in Q4, focused on maintenance and cattle operations.

• Share buyback and cancellation programs executed, reducing outstanding shares.

Outlook and guidance

• 2025 strategy focuses on operational efficiency, cost control, value-added products, and further deleveraging.

• Working capital for 2025 expected to be flat; CapEx planned slightly below 2024, mainly for maintenance.

• Continued commitment to ESG leadership, supply chain traceability, and sustainable dividend distribution.