BRF SA (BRFS) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the teleconference from BRF to discuss the results referring to the second quarter of 2024. This video conference is being recorded and then can be accessed at the website of the company at ri.brf-global.com. The presentation is also available for downloading. And at this moment, all the participants are connected just as listeners, and then we will start the question-and-answer session when more instructions will be provided.

早安，女士們先生們。歡迎參加BRF電話會議，討論2024年第二季的結果。該視訊會議正在錄製中，隨後可以透過該公司網站 ri.brf-global.com 進行存取。該簡報也可供下載。此時，所有參與者都以聽眾的身份連接起來，然後當有更多指示時，我們將開始問答環節。

Before we continue, I would like to reinforce that the prospective statements are based on beliefs and assumptions of BRF and the current information available for the company. This information may involve risk, losses as they talk about future events and depend on circumstances that may or may not happen.

在我們繼續之前，我想強調一下，前瞻性陳述是基於 BRF 的信念和假設以及公司目前可用的資訊。這些資訊可能涉及風險、損失，因為它們談論未來事件並取決於可能發生或可能不會發生的情況。

Investors, analysts and reporters may take into account that events related to the macroeconomic environment, to the segment and other factors may make the results be materially different from those expressed in the statements of the company. Present in this conference, we have Mr. Miguel Gularte, CEO; and Fabio Mariano, the CFO.

投資者、分析師和記者可能會考慮到與宏觀經濟環境、部門和其他因素相關的事件可能導致結果與公司報表中表達的結果有重大差異。出席本次會議的有執行長 Miguel Gularte 先生；和財務長法比奧·馬裡亞諾 (Fabio Mariano)。

I would like now to give the floor to Mr. Miguel who will start the presentation. Miguel, please start.

現在請米格爾先生開始發言。米格爾，請開始。

Good morning. I would like to thank the presence of everyone in our teleconference for the results of the second quarter of 2024.

早安.我要感謝參加我們電話會議的所有人，了解 2024 年第二季的業績。

BRF continued its trajectory of high performance, presents today the best second quarter in its history, reporting significant growth in revenue of 22.3% compared to the same period in 2023 and EBITDA of BRL2.6 billion. We have improved our profitability for the sixth consecutive quarter with 17.6% margin, confirming an excellent performance since the beginning of our transformation journey.

BRF 繼續保持高績效軌跡，今天迎來了其歷史上最好的第二季度，收入較 2023 年同期大幅增長 22.3%，EBITDA 達到 26 億雷亞爾。我們的獲利能力連續第六個季度提高，利潤率達到 17.6%，證實了自轉型之旅開始以來的出色表現。

We have observed in this quarter a relevant growth, both in international and domestic markets. In Brazil, I would like to highlight the growth in sales volumes in all categories, especially in processed products. We've maintained a healthy level of profitability with a new sequential increase in the margins of the regular portfolio. In international market, we have presented the best margin in the last nine years. This result was driven by the recovery of prices in several sales destinations and the acceleration of our market diversification strategy.

我們在本季觀察到國際和國內市場的相關成長。在巴西，我想強調所有類別銷售的成長，特別是加工產品。我們保持了健康的獲利水平，常規投資組合的利潤率出現了新的連續成長。在國際市場上，我們取得了近九年來最好的利潤率。這一結果得益於多個銷售目的地價格的回升以及我們市場多元化策略的加速。

The consolidation of the company's efficiency journey guided by BRF+ 2.0 continues to show improvement in operating indicators and its premises that are already part of the high-performance culture of BRF. We remain focused and sustained by our management model, which has enabled us to capture the best opportunities and will allow us to remain increasingly competitive.

以 BRF+ 2.0 為指導的公司效率之旅的鞏固繼續顯示出營運指標及其場所的改善，這些指標已成為 BRF 高績效文化的一部分。我們透過我們的管理模式保持專注和持續，這使我們能夠抓住最佳機會，並使我們保持日益增強的競爭力。

I would like now to invite our CFO, Fabio Mariano, to present the detailed results, and then I'll come back to you with the final remarks on the announcement.

我現在想邀請我們的財務長法比奧·馬裡亞諾 (Fabio Mariano) 介紹詳細的結果，然後我將向您介紹有關該公告的最後評論。

Good morning, everyone, connected. I would like to get on the main indicators in the second quarter of 2024, starting with net income, which reached almost BRL15 billion, 22% higher than the same period in 2023.

大家早安，有聯絡。我想了解2024年第二季的主要指標，首先是淨利潤，達到近150億雷亞爾，比2023年同期成長22%。

For EBITDA, we reported BRL2.6 billion, which give us a margin of almost 18% in the period, the company's best result in the first half of the year. The free cash flow performance was BRL1.7 billion. In working capital, we would like to highlight the inventory cycle, which remained at the record of low of 76 days. And in the slide, with leverage, we have reached 1.4 times EBITDA in the last 12 months, lowest leverage in nine years.

對於 EBITDA，我們報告為 26 億雷亞爾，這使我們在此期間的利潤率接近 18%，這是公司上半年的最佳業績。自由現金流表現為 17 億雷亞爾。在營運資金方面，我們要強調的是庫存週期，該週期仍保持在 76 天的歷史低點。在幻燈片中，利用槓桿，我們在過去 12 個月內達到了 EBITDA 的 1.4 倍，這是九年來的最低槓桿。

In the next slide, we show on page 4, on the left, the historical evolution of gross profit with profitability of 26.4% in the period. We've reported a gross profit of approximately BRL3.9 billion. On the right, we can see the evolution of EBITDA and margins, showing significant improvement in operating results.

在下一張投影片中，我們在第 4 頁左側展示了該期間毛利的歷史演變，獲利率為 26.4%。我們報告的毛利約為 39 億雷亞爾。在右側，我們可以看到 EBITDA 和利潤率的演變，顯示出經營績效的顯著改善。

In the next few slides, we're going to show the performance per market and business segment. Starting by Brazil, we continue to evolve progressively. We have reached an EBITDA margin of 15.7% with significant growth in volume, especially in processed food categories, which showed an important increase in sales even in an environment that is still recovering for consumption.

在接下來的幾張投影片中，我們將展示每個市場和業務部門的表現。從巴西開始，我們繼續逐步發展。我們的 EBITDA 利潤率已達到 15.7%，銷售量顯著成長，尤其是加工食品類別，即使在消費仍在復甦的環境下，銷售額也顯著成長。

In the next slide, page 6, we emphasize our journey of continuous evolution in commercial execution, reflecting a greater number of points of sales, availability of products in stores and an increase in the number of items sold per customers, contributing substantially to the performance of domestic market. We also continue to focus on leading innovations that meet the needs of our consumers. We have launched new products in frozens, desserts and cold cuts categories.

在下一張投影片（第6 頁）中，我們強調了我們在商業執行方面不斷發展的歷程，反映出更多的銷售點、商店中產品的可用性以及每個客戶銷售的商品數量的增加，這對業績做出了重大貢獻的國內市場。我們也持續專注於滿足消費者需求的領先創新。我們推出了冷凍食品、甜點和冷盤類別的新產品。

In the next slides, we bring the international market. We have observed the segment's operational evolution, sustaining health margins as a result of the persistent recovery in export prices, new markets been enabled and good performance in Turkey and GCC. EBITDA margin improved by 4 percentage points compared to the previous period. We saw gains in the share of chicken and pork exports in various destinations.

在下一張投影片中，我們將介紹國際市場。我們觀察到該部門的營運演變，由於出口價格的持續復甦、新市場的啟用以及土耳其和海灣合作委員會的良好業績，維持了健康的利潤率。EBITDA 利潤率較上一期提高 4 個百分點。我們看到各個目的地的雞肉和豬肉出口份額增加。

On the next slides, we highlight the growth in process volumes in Halal market, which favored market share of gains of 1.2 point percentage versus the previous quarter. Our brands and our own distribution continue to favor the results in the region.

在下一張投影片中，我們將重點放在清真市場加工量的成長，這有利於市佔率比上一季成長 1.2 個百分點。我們的品牌和我們自己的分銷繼續有利於該地區的表現。

Turkey also, we have recorded good performance, also reflecting the growth on sales of processed products, which enabled an increase of 0.5 points in market share, besides good levels of profitability for natura portfolio locally. We maintained our market share leadership with Sadia and Banvit brands with 38.4% and 19% -- and 22% in their respective markets.

在土耳其，我們也取得了良好的業績，這也反映出加工產品銷售的成長，除了本地 natura 產品組合的良好獲利水準之外，市佔率也增加了 0.5 個百分點。我們保持 Sadia 和 Banvit 品牌的市佔率領先地位，在各自市場中分別佔 38.4% 和 19% 以及 22%。

On the right, I present the highlights of the direct exports segment. We can see the behavior of prices of the main cuts and how they react. We expanded our business alternatives with 32 new permits for several markets contributing to maximize prices. We already have 57 new export permits for 2024.

右邊是直接出口部分的亮點。我們可以看到主要降價的價格行為及其反應。我們為多個市場頒發了 32 個新許可證，擴大了我們的業務選擇，有助於最大限度地提高價格。我們已獲得 2024 年 57 個新出口許可證。

I will end the presentation of the business segments on the next slide with the performance of ingredients and pet. The segment reported 11.9% of EBITDA margin. It's important to remember that the manufacturer evolution continues to help maximize the results of the company's core portfolio.

下一張投影片我將以原料和寵物的表現來結束業務板塊的介紹。該部門的 EBITDA 利潤率為 11.9%。重要的是要記住，製造商的發展將繼續幫助公司核心產品組合的成果最大化。

At pet, we highlight new commercial export agreements and advances in the value levers of our efficiency program, as well as the strengthening of the management team. In ingredients, we remain focused on expanding markets and increasing sales of value-added items.

在 pet，我們專注於新的商業出口協議和效率計劃價值槓桿的進步，以及管理團隊的加強。在原料方面，我們仍然專注於擴大市場和增加加值產品的銷售。

Then, I'll share the progress of our efficiency program, which will be quantified in figures by Miguel shortly. I will present the comparisons with the same period last year, colored bars in dark gray. The comparison with 2022 can also be seen in the material.

然後，我將分享我們的效率計劃的進展，米格爾很快就會用數字量化該計劃。我將展示與去年同期的比較，深灰色的彩色條。材料中也可以看到與2022年的比較。

In the agricultural sectors, the feed conversion of poultry and pigs fell by 1.9% and 0.2%, respectively. Chicken mortality fell by 0.6 percentage points and pigs by 0.5 percentage points. Hatching rates rose by 0.9 percentage points. In industry, we increased 2 percentage points and 3.4 percentage points the production for poultry and pork. In logistics, we reduced the returns and raised the service levels in Brazil significantly.

在農業領域，家禽和生豬的飼料轉換率分別下降1.9%和0.2%。雞死亡率下降0.6個百分點，豬死亡率下降0.5個百分點。孵化率上升0.9個百分點。工業方面，家禽、豬肉產量分別成長2個百分點及3.4個百分點。在物流方面，我們顯著減少了巴西的退貨並提高了服務水準。

On page 12, we've consolidated the following sustainability highlights. We have reached 90% of traceability of indirect range suppliers in Amazon and Cerrado biomes. And remember that we have already traced a 100% of direct suppliers. We ended the quarter with 35% of our electricity coming from clean sources, coming closer to our goal of reaching 50% by 2030.

在第 12 頁，我們整合了以下永續發展亮點。我們對亞馬遜和塞拉多生物群落的間接供應商的可追溯性已達到 90%。請記住，我們已經追蹤到了 100% 的直接供應商。截至本季末，我們 35% 的電力來自清潔能源，距離我們 2030 年達到 50% 的目標又更近了一步。

Sadia has started to offset 100% of Hot Bowls and Mac'n Cheese packaging, extending successfully the recycling project for packaging, adopted for margarines of the Qualy brand. Through the match funding initiative led by the BRF Institute, we raised over BRL6 million for the victims of the floods in Rio Grande do Sul. And finally, we have won the first place in protein segment in the Merco Responsibility Ranking, ESG.

Sadia 已開始 100% 抵消 Hot Bowls 和 Mac'n Cheese 包裝，成功擴展了 Qualy 品牌人造奶油所採用的包裝回收專案。透過 BRF 研究所牽頭的配套資助計劃，我們為南里奧格蘭德州洪水災民籌集了超過 600 萬巴西雷亞爾。最後，我們在 Merco 責任排名 ESG 中獲得了蛋白質領域第一名。

We now present, on page 14, the information related to company's capital structure. The chart on the left, we saw the evolution -- the decline in the net debt and leverage, which was highlighted in the beginning of the conference. On the right, we can see the debt profile, which remains diversified and prolonged with no concentrations of repayment in the short term and fairly comfortable liquidity position.

我們現在在第 14 頁提供與公司資本結構相關的資訊。在左邊的圖表中，我們看到了演變——淨債務和槓桿率的下降，這在會議開始時就得到了強調。在右側，我們可以看到債務狀況仍然多元化且長期，短期內沒有集中償還，流動性狀況相當寬鬆。

In the next slide, we show the free cash flow. The chart shows an opening cash flow -- operating cash flow of almost BRL2.5 billion, the best generation -- cash generation in history of the company, an investment flow of BRL756 million, and positive financial flow of BRL69 million, influenced by the foreign exchange rate variation in cash and financial investments resulting in free cash flow of BRL1.7 billion. We can also notice, in the smaller chart, the evolution of cash generation in the recent quarters.

在下一張投影片中，我們展示了自由現金流。該圖顯示了期初現金流量——營業現金流量近25 億雷亞爾，公司歷史上最好的一代——現金生成量，投資流量為7.56 億雷亞爾，正財務流為6,900 萬雷亞爾，受現金和金融投資的匯率變動導致自由現金流達 17 億雷亞爾。我們也可以在較小的圖表中註意到最近幾季現金產生的演變。

On the final slide, we can analyze the decline of net debt between the quarters. We reported net debt of BRL8.9 billion. The reduction in loans will continue contributing to reducing interest charges in the coming quarters.

在最後一張投影片上，我們可以分析各季度之間淨債務的下降。我們報告的淨債務為 89 億雷亞爾。貸款的減少將繼續有助於降低未來幾季的利息費用。

I would like to thank the audience. I would like to give the floor to CEO, Miguel Gularte, for his closing remarks.

我要感謝觀眾。我想請執行長米格爾·古拉特 (Miguel Gularte) 致閉幕詞。

Thank you, Fabio. To conclude our presentation, I would like to point out that this quarter, we recorded net income of BRL1.1 billion, the lowest leverage in the last nine years with free cash flow generation of BRL1.7 billion. This is because of our sequential and consistent operational advances and the optimization of our capital structure.

謝謝你，法比奧。在結束我們的演講時，我想指出，本季度我們錄得淨利潤 11 億雷亞爾，這是過去九年來最低的槓桿率，自由現金流量為 17 億雷亞爾。這是因為我們連續且持續的營運進步以及資本結構的最佳化。

We are maintaining our financial cycle at efficient levels with inventory turnover at sustainable levels. BRF+ 2.0 continues to show an improvement in its indicators and capture BRL374 million in the quarter, totaling BRL812 million. In addition to the records delivered, it helped to consolidate the additives of the company of simplicity, agility and efficiency, very decisive for the performance.

我們將財務週期維持在高效水平，庫存週轉率保持在可持續水平。BRF+ 2.0 的指標持續改善，本季營收 3.74 億雷亞爾，總計 8.12 億雷亞爾。除了交付的記錄之外，它還有助於鞏固公司的簡單性、敏捷性和效率，這對績效非常具有決定性作用。

The consistency of our progress is reflected in the markets we act on and we operate. In Brazil, our commercial execution has advanced day after day and resulted in strong volume growth in the quarter with a special emphasis on the processed category. We continue optimizing our assets and maximizing income in international market, where we have a significant margin of 21%.

我們進步的一致性反映在我們行動和營運的市場上。在巴西，我們的商業執行力日復一日地進步，並在本季度實現了強勁的銷售成長，特別是加工類別。我們繼續優化我們的資產並最大化國際市場的收入，我們的利潤率高達 21%。

During the first half of the year, we won 57 new licenses with accessing to important new markets such as the United Kingdom, US and Southeast Asian countries, reinforcing the diversity of our export platform.

上半年，我們新獲得執照57個，進入英國、美國、東南亞國家等重要新市場，增強了出口平台的多元化。

BRF's transformation journey is based on the consolidation of a high-performance culture. Our pursuit for excellence is also reflected in our internal indicators such as safety where BRF is benchmark.

BRF 的轉型之旅是基於高績效文化的鞏固。我們對卓越的追求也體現在我們的內部指標上，例如以BRF為基準的安全性。

With the right people in the right position, we are consolidating the management model focused on results based on collaboration and team engagement. I would like to specially thank the almost 100,000 professionals who remains steady in our purpose of bringing quality food to millions of consumers every day.

透過將合適的人放在合適的位置，我們正在鞏固基於協作和團隊參與的注重結果的管理模式。我要特別感謝近 10 萬名專業人士，他們始終堅定地致力於我們每天為數百萬消費者提供優質食品的目標。

We are also thankful to the strategic direction and ongoing support from our Chairman, Marcos Molina, and the Board of Directors. Our big thanks to our shareholders and the ongoing partnerships of our integrated producers, customers, suppliers and the communities where we are present.

我們也感謝董事長 Marcos Molina 和董事會的策略方向和持續支持。我們非常感謝我們的股東以及我們的綜合生產商、客戶、供應商和我們所在社區的持續合作夥伴關係。

I would like to finish by saying that BRF is increasingly resilient to market challenges, taking advantage of the opportunities and ready to continue evolving. Thank you.

最後我想說的是，BRF 對市場挑戰的適應力越來越強，抓住了機遇，並準備繼續發展。謝謝。

(Operator Instructions) Pedro Fonseca, XP.

（操作員說明）Pedro Fonseca，XP。

Thank you for getting -- answering my questions, and everyone in the BRF team. I have two points. First, about the international market. Again, a very strong result. I would like to get from you, is if you can share what you have in terms of view of the portfolio, what we can expect in the future in the second half of 2024 and also gradually of the market, if you can share, it would be really interesting.

感謝您回答我的問題，也感謝 BRF 團隊中的每個人。我有兩點。首先，關於國際市場。這又是一個非常強烈的結果。我想從您那裡得到的是，您是否可以分享您對投資組合的看法，我們對 2024 年下半年以及逐步市場的未來的預期，如果您可以分享，真的很有趣。

And it was also another quarter where we saw new permits for plants, if I'm not wrong, since the new management is over 100. And my question is, if there is more room for new permits and new markets? This would be my first point.

如果我沒記錯的話，我們在另一個季度看到了新的工廠許可證，因為新的管理層人數超過 100 人。我的問題是，新許可證和新市場是否還有更多空間？這是我的第一點。

And the second point I would like to explore together with you is about offer. I think that this non-acceleration of offer has several factors. And what I would like to explore with you is if you have a view of what would be the main driver if it is, in fact, a rationality of the market or if, in your opinion, there is any gap in terms of capability for storing? We're talking about genetics of matrices. Any color in this reading of the offer? Really, how can we think about this question looking ahead? These are my two points. Thank you.

我想和大家一起探討的第二點是關於Offer。我認為這種不加速報價有幾個因素。我想與您探討的是，如果您認為主要驅動力實際上是市場的合理性，或者您認為在能力方面存在任何差距，那麼主要驅動力是什麼？我們正在談論矩陣遺傳學。這份報價有什麼顏色嗎？確實，我們如何展望未來來思考這個問題？這是我的兩點。謝謝。

Good morning, Pedro. You make an analysis of the market. You're going to see that we are living some quarters a situation that is really interesting at the same time that we have a market that is stable between offer and demand. This stability is in all geographies, all locations. Usually, at other occasions, we had a market that was stable somewhere, but in somewhere else, we had to offset. Today, we see market stable with offer and demand balanced everywhere in all locations, including in Brazil.

早上好，佩德羅。您對市場進行分析。你會發現，我們在某些​​季度所面臨的情況非常有趣，同時我們的市場在供需之間保持穩定。這種穩定性存在於所有地區、所有地點。通常，在其他情況下，我們在某個地方有一個穩定的市場，但在其他地方，我們必須抵消。今天，我們看到市場穩定，包括巴西在內的所有地區的供需平衡。

On the other hand, we should also take into account that the number of permits in the case of BRF, there were 57 permits in this first half of the year. This quarter, 32. It help us in a very important manner to place our production and more than our production, choose where to place this production.

另一方面，我們也應該考慮到BRF的許可證數量，今年上半年有57個許可證。本季度，32。它以非常重要的方式幫助我們放置我們的產品，而且不僅僅是我們的產品，還幫助我們選擇在哪裡放置該產品。

And it's not as small the importance and relevance of that. I say, because when you have new permits, and this also happened at the Brazilian level, you end up not getting the pressure of offer in some markets. And this balance between offer and demand, it becomes more resilient and more present.

它的重要性和相關性並不小。我之所以這麼說，是因為當你獲得新的許可證時，這也發生在巴西層面，你最終不會在某些市場上受到報價壓力。供給和需求之間的這種平衡變得更有彈性和更現實。

On the other hand, we have important markets that Brazil is reaching, outcome of these new permits. Like for example, BRF case in the United Kingdom, we started and came back where the memories of our brands are still strong. But also Japan came back to buy and strongly. We have now the Philippines getting into the market. We have Mexico participating as well in this market. And we see that this has an important effect, both in offer placed as and the demand that comes to the offer of finding customers.

另一方面，我們擁有巴西正在進入的重要市場，這是這些新許可證的結果。就像英國的 BRF 案例一樣，我們開始並回到對我們品牌的記憶仍然強烈的地方。但日本也強勢回歸。我們現在有菲律賓進入市場。墨西哥也參與了這個市場。我們發現這對於尋找客戶的報價和對尋找客戶的報價的需求都有重要影響。

I also would like to draw your attention in this, and if you look at the SECEX data, you're going to see that Asia, in the first quarter of 2024, it had bought 25 million tons. And it came back now in the second quarter to buy almost 147,000 tons. It was always an important demander. It also helps build the market, both in volume and price.

我還想提請您注意這一點，如果您查看 SECEX 數據，您會看到亞洲在 2024 年第一季購買了 2500 萬噸。現在第二季又回來買了近 147,000 噸。它始終是重要的需求者。它還有助於在數量和價格上建立市場。

And lastly, we have a situation where we see that the future perspectives are good perspectives as well, because we see from the standpoint, it's important to remember that the market is an ecosystem, works demand and offer. But also what comprises this ecosystem? If we look at the side of grain that has an impact in our cost and also in the competitiveness of the protein we sell, we're going to see the world showing the growth in soybean of almost 8% and corn of 4%.

最後，我們看到未來的前景也是好的前景，因為從我們的角度來看，重要的是要記住市場是一個生態系統，影響需求和供給。但這個生態系統又是由什麼組成的呢？如果我們看看穀物對我們的成本以及我們銷售的蛋白質的競爭力有影響的一面，我們將看到世界上大豆的增長接近 8%，玉米的增長為 4%。

What does that tell us? It tells us that we have an ecosystem, an environment where production of grains and costs and competitiveness of our products, it remains favorable, and the future perspectives are good. And you see, on the other hand, that all locations demanding and demanding consistently.

這告訴我們什麼？它告訴我們，我們有一個生態系統，一個穀物生產、成本和產品競爭力仍然有利的環境，而且未來前景良好。另一方面，您會看到，所有地點的要求始終如一。

On the other hand, the Brazilian market with full employment works as a balance factor and adjustment of this relationship of demand and offer. This from the standpoint of the market, both domestic and international.

另一方面，充分就業的巴西市場起到了平衡因素和調節這種供需關係的作用。這是從國內和國際市場的角度來看的。

The second question, I'm going to leave it to Fabio to answer.

第二個問題，我將留給法比奧來回答。

Good morning, Pedro. I'm going to give a little bit more color in terms of segmentation of international market. I'm going to share some qualitative aspects because we don't -- as you know, we don't open the figures for each of sales destination.

早上好，佩德羅。我將在國際市場的細分方面提供更多的色彩。我將分享一些定性方面的信息，因為我們不會公開每個銷售目的地的數據。

I think that the first aspect to portray is that international performance, as Miguel highlighted, has, of course, the permits. We increased sales destinations and then favors maximization of income through prices. The Halal regions, which is a strong region for the company. We have an excellent moment. This is valid for the Gulf countries, but also for Turkey itself, where we have a domestic market where the consumption has increased. We went back to have the flex of exportation, so we went back to having more volume produced in Turkey that we can offer to international markets.

我認為要描繪的第一個方面是，正如米格爾所強調的那樣，國際表演當然是獲得許可的。我們增加了銷售目的地，然後透過價格來實現收入最大化。清真地區是公司的優勢地區。我們度過了一個美好的時刻。這對海灣國家來說是有效的，對於土耳其本身也是如此，我們的國內市場的消費量增加。我們恢復了出口的靈活性，因此我們恢復了在土耳其生產更多產量，以便向國際市場提供。

I would like to remind you that we remain focused on increasing the participation of processed products in these regions. So from the implementation of the expansion of process in Bandirma, we increased the offer of products. These products are more resilient in terms of price, and this has helped increase profitability.

我想提醒您的是，我們仍然致力於提高這些地區加工產品的參與度。因此，從班德爾馬流程擴展的實施開始，我們增加了產品的供應。這些產品在價格方面更具彈性，有助於提高獲利能力。

In the Gulf region, where we have a higher offer of processed products and by result, we have a throttling vector in margins. And it's worth remembering that the recovery of prices of protein favored basically all sales destinations. Miguel emphasized an important regions for the market and also for BRF.

在海灣地區，我們的加工產品供應量較高，因此我們的利潤率受到限制。值得記住的是，蛋白質價格的回升基本上有利於所有銷售目的地。Miguel 強調了市場和 BRF 的重要區域。

And, adding to your answer, Fabio, I would also like to say that we are working on 40 new permits until the end of this year that we'll add to this 57 new destinations that BRF was able to enable for 2024.

Fabio，除了您的回答外，我還想說，我們正在努力在今年年底之前發放 40 個新許可證，並將這些許可證添加到 BRF 能夠在 2024 年啟用的 57 個新目的地中。

Perfect, everyone. Thank you. And about offer, I don't know if you have any visibility or if you could share your view of what you have been holding back this offer in the local market.

完美，大家。謝謝。關於報價，我不知道您是否有任何知名度，或者您是否可以分享您對本地市場上一直阻礙此報價的看法。

I'm going to talk a little bit about offer, but Miguel already explored really well what we believe is a good equation. And we need also to discuss demand that remains really steady in all markets. But talking about Brazil, the data from people that you follow up, they suggest an increase of storing.

我將討論一些關於報價的問題，但米格爾已經很好地探索了我們認為是一個很好的等式。我們還需要討論所有市場中保持穩定的需求。但說到巴西，你追蹤的人的數據顯示，他們建議增加儲存。

When we translate the storing capability, Brazilian production is expected in terms of production below this storing increase. This has to do with slaughtering weights. So we don't see -- there are no signs. We don't see apparently, any balance coming soon.

當我們換算儲存能力時，預計巴西產量將低於該儲存增量。這與屠宰重量有關。所以我們沒有看到——沒有任何跡象。我們顯然看不到很快就會出現任何平衡。

So the cycle should continue when we leave Brazil and start to analyze a little bit the US where we have storage capability. But this also go through the hedging in China. We see an important production. It's a highlight that we have to follow up. And also in Europe, we see the stability. So it's useless to talk about offer only Brazil. It's not Brazil that explains the prices of protein internationally.

因此，當我們離開巴西並開始分析我們擁有儲存能力的美國時，這個循環應該繼續下去。但這在中國也經過了對沖。我們看到了一個重要的製作。這是我們必須跟進的一個亮點。在歐洲，我們也看到了穩定性。所以只談巴西的報價是沒有用的。解釋國際蛋白質價格的不是巴西。

And again, demand, we have an excellent environment for consumption in Brazil. Miguel mentioned the occupation at levels that for very long, we haven't seen it. And the income available has continued to improve, not to the proper levels, but has improved sideways and increases consumption in Brazil, and we have excellent penetration with our products and with our brands in Brazilian households. And international is not different, especially for poultry protein.

再說需求，巴西的消費環境非常好。米格爾提到的佔領程度是我們很久以來都沒有見過的。可用收入持續提高，雖然沒有達到適當的水平，但已經橫向改善並增加了巴西的消費，而且我們的產品和品牌在巴西家庭中的滲透率很高。和國際上沒有什麼不同，尤其是家禽蛋白。

Gustavo Troyano, Itaú BBA.

古斯塔沃·特羅亞諾 (Gustavo Troyano)，義大利 BBA。

Miguel, Fabio, thank you for the questions. I have two points from my side. The first related to cost. I think Miguel already introduced the perspective of grains looking ahead. And the second question is concentrated more in 2024 and try to reconcile with the strategy of storage that you have.

米格爾、法比奧，謝謝你們的提問。我的觀點有兩點。第一個與成本有關。我認為米格爾已經介紹了穀物的未來前景。第二個問題更集中在 2024 年，並嘗試與您現有的儲存策略相協調。

So if you could share with us a little bit the levels of inventory in the company? Miguel has always commented of the productive model, but to understand your view for this type of deadline and why we should expect this curve for cost as evolving as we get into the second half and the third quarter? This would be the first point.

那麼您能否與我們分享一下公司的庫存水準？米格爾一直對生產模式發表評論，但要了解您對此類截止日期的看法，以及為什麼我們應該期望這條成本曲線隨著進入下半年和第三季度而不斷變化？這是第一點。

The second point, more related to the Newcastle disease that we saw in Brazil. There was a lot of things about the themes. There was some flexing about it. What I wanted to hear from you, if you can granulate this a little bit more for us, the impact of this on your operation, both from the standpoint, if there was any volume that was reallocated to external market in the third quarter, at least from July until now?

第二點，與我們在巴西看到的新城疫更有關係。關於主題有很多內容。對此有一些彎曲。我想從您那裡聽到的是，如果您能為我們詳細說明這一點，這對您的營運的影響，無論是從第三季度是否有任何數量重新分配到外部市場的角度來看，至少從七月到現在？

Or if you can explain a little bit the impact on exportations, any volumes that you ended up had to direct with the permits that you had to try to quantify a little bit of the impact on the average price, if you were able to build up volumes to export back as some imports were made flexible again? Any granularity will be welcome.

或者，如果您可以解釋對出口的影響，那麼您最終獲得的任何數量都必須與許可證相關，您必須嘗試量化對平均價格的影響，如果您能夠建立起來的話隨著一些進口再次變得靈活，出口量會回升嗎？任何粒度都是受歡迎的。

Gustavo, let's just start by what you commented on inventory and stock, because the inventory is the target of your first question, has its influence on the second question. BRF has been doing the management work in the sense of increasing the indirect load in the plant and has less transit. And obviously, that goes when you have unsanitary event like that. You have your products that have to go through a destination or redirecting in smaller amounts.

Gustavo，我們先從您對庫存和庫存的評論開始，因為庫存是您第一個問題的目標，對第二個問題有影響。BRF一直在做增加廠內間接負荷意義上的管理工作，過境較少。顯然，當發生這樣的不衛生事件時，就會出現這種情況。您的產品必須經過目的地或少量重定向。

Newcastle disease was a disease that Brazil stated as a sanitary issue since July on the 20th. It was published for the World Health Organization for Animals, the survey of the focus. Brazil lives a situation today where you have the markets all reopened yesterday, it reopened. Brazil, for China, an extremely relevant market for all companies. It's not different for BRF. And Mexico had also communicated reopening a few days ago.

新城疫是巴西自7月20日起列為衛生問題的疾病。它是世界衛生組織針對動物發表的重點調查。巴西今天的情況是，昨天市場全部重新開放，重新開放。巴西對中國來說是一個與所有企業都極為相關的市場。對於 BRF 來說也沒有什麼不同。墨西哥幾天前也已通報重新開幕。

Today, basically, all countries enabled Brazil again as a whole, and some restrictions remain for the state of Rio Grande do Sul BRF. And now we're going to go to the efficiency -- operational efficiency program, BRF+, makes the company more efficient, more agile, more efficient company. A more agile company is able not only to manage better the inventory but also make decisions that are more assertive.

今天，基本上所有國家都重新啟用了整個巴西，但南里奧格蘭德州 BRF 仍然存在一些限制。現在我們要討論效率——營運效率計劃，BRF+，使公司更有效率、更敏捷、更有效率的公司。更敏捷的公司不僅能夠更好地管理庫存，而且能夠做出更果斷的決策。

I have said in previous calls that we have the price system -- the pricing system added to a good market feeling. It allows us to make good decisions. You ended up making good choices. When you have to make choices, and these choices demand assertiveness, that the pricing system makes this assertiveness to be higher.

我在之前的電話會議中說過，我們有價格體系──定價體系增加了良好的市場感。它使我們能夠做出正確的決定。你最終做出了正確的選擇。當你必須做出選擇時，而這些選擇需要自信，那麼定價體係就會讓這種自信變得更高。

And we at BRF had the Newcastle disease -- as communicated by the Health Ministry on Wednesday night, on Thursday morning, we had designed a plan in case that happened, not in the Newcastle specifically, but the Avian flu. But on Thursday morning, we had an action plan in execution. On Friday, all the redirection that BRF should and could make, they were already put in place and executable.

我們 BRF 感染了新城疫——正如衛生部周三晚上和周四早上所傳達的那樣，我們設計了一項計劃，以防萬一發生這種情況，不是專門針對紐卡斯爾，而是禽流感。但在周四早上，我們執行了一項行動計畫。週五，BRF 應該並且可以進行的所有重定向都已經到位並且可執行。

And there is something else, which is the strength of Perdigao and Sadia brand that allows us to redirect to the internal market without losing income and results. Obviously, we have a challenge ahead in the third quarter, where in Rio Grande do Sul, we should recover the status it expected to recover, but we don't have yet the impact of the result that this could cause on the third quarter.

還有其他東西，那就是 Perdigao 和 Sadia 品牌的實力，使我們能夠在不損失收入和業績的情況下轉向內部市場。顯然，我們在第三季面臨挑戰，在南里奧格蘭德，我們應該恢復預期的狀態，但我們還沒有看到這可能對第三季的結果產生的影響。

We are very confident. We've been working, taking the opportunity of these 52 new permits and the strength of our brands that they have in the internal market. So we are aware that we are going to overcome this.

我們非常有信心。我們一直在努力利用這 52 個新許可證的機會以及我們品牌在內部市場上的實力。所以我們知道我們將克服這個問題。

On the other hand, and not least important, it's important to emphasize taking the opportunity here to say that Brazil in 26 days since the Newcastle disease has been declared as an issue, had already been enabled as a market. This shows a strong work for the agriculture ministry and also from the private sector through the associations and its technicians. So I think that we faced a situation that was complex with a very fast response and very assertive.

另一方面，同樣重要的是，必須藉此機會強調巴西在新城疫被宣佈為問題後的 26 天裡已經成為一個市場。這顯示了農業部以及私營部門透過協會及其技術人員所做的強有力的工作。所以我認為我們面臨著一個複雜的情況，但我們的反應非常快而且非常自信。

Lucas Ferreira, JPMorgan.

盧卡斯費雷拉，摩根大通。

First question is about the volume. The question of volume in Brazil, especially in processed products. I would say that it's not very usual to have such a strong volume. So I would like you to explore how much of this growth came from a better commercial execution and how much came from the market, a growth in demand and market share gain?

第一個問題是關於音量。巴西的產量問題，特別是加工產品的產量問題。我想說，如此強勁的成交量並不常見。因此，我希望您探討一下，這種成長有多少來自於更好的商業執行，有多少來自市場、需求成長和市場份額的成長？

So if you could talk about the execution through channels and how the market in general is behaving? If you could talk a little bit about the categories, which one performed better? My question is more in the sense of thinking how much of this volume is sustainable from now on? Volume that we can expect from the company for -- in the second half of the year? This is the first question.

那麼您能否談談通路的執行情況以及市場的整體表現？如果您能談談這些類別，哪一個表現更好？我的問題更多的是思考從現在開始這個數量中有多少是可持續的？我們對公司下半年的銷售有何預期？這是第一個問題。

And the second question is about CapEx. Consequence of a better volume, the company could expand in some categories. So if you could talk what is in the plans of the company in terms of growth, inorganic growth -- organic, sorry. Maybe inorganic, there is nothing relevant. But if you could talk about balance, fitting more investments, what would be the next priorities of the company? Thank you.

第二個問題是關於資本支出的。由於銷量增加，該公司可以在某些類別上擴張。所以，如果你能談談公司在成長方面的計劃，無機成長——有機成長，抱歉。也許是無機的，沒有什麼相關的。但如果你能談談平衡，進行更多投資，公司的下一個優先事項是什麼？謝謝。

Good morning, Lucas. I'm going to answer your question about volumes in Brazil. I'm going to try to correlate it to the answer to the second part of the questions about the investments. I think that you well know that we had an important growth in volume in Brazil, over double digits. When we separate the processed product segments from natura, this growth was even higher. So there is something associated with the strategy of the company.

早上好，盧卡斯。我將回答您有關巴西產量的問題。我將嘗試將其與有關投資的問題第二部分的答案聯繫起來。我想您很清楚，我們在巴西的銷量出現了超過兩位數的重要成長。當我們將加工產品部分與天然產品部分分開時，這種成長甚至更高。所以這與公司的策略有關。

I remember that one of the biggest gaps of the company in terms of occupation or idleness was associated to industrial lines, exactly where the growth materialize. It's not by chance. This is also anchored not only in a consumption environment, but also in the work that we've been promoting in terms of commercial execution, and this execution being made in an excellence mode by our sales force, our sales team. So there are highlights like penetration, number of customers that surpass 300,000. We have an expansion of room and the shelves, items sold per customer.

我記得公司在工作或閒置方面最大的差距之一與工業生產線有關，而這正是實現成長的地方。這不是偶然的。這不僅植根於消費環境，也植根於我們一直在推動的商業執行方面的工作，而這種執行是由我們的銷售人員、我們的銷售團隊以卓越的模式進行的。所以有一些亮點，像是滲透率、客戶數量超過30萬。我們擴大了房間和貨架，向每位顧客出售的商品。

Qualitatively, if we mention the categories that are predominant that justify this growth, I would mention the cuts, the process cuts, and also frozen categories, where we commercialize, where we trade not only frozen food, but also breaded and hamburgers products. It's not by chance that we compared the ratings for sure for the third quarter versus the second. Those are the categories where we advance. So that implies the growth of BRF above the growth of each of these categories.

定性地講，如果我們提到證明這種增長的主要類別，我會提到削減、流程削減以及冷凍類別，我們在這些類別中進行商業化，我們不僅交易冷凍食品，還交易麵包屑和漢堡包產品。我們比較第三季和第二季的收視率並非偶然。這些是我們前進的類別。因此，這意味著 BRF 的成長高於每個類別的成長。

So I mentioned the question of reducing idleness in industrial lines. We are very optimistic in regards to maintenance of volumes for the second half of the year. If this happens, if this is the pace of growth, yeah, the company is going to start evaluating, very much bending to growth in capability.

所以我提到了減少工業生產線閒置的問題。我們對下半年銷售的維持非常樂觀。如果發生這種情況，如果這就是成長的速度，是的，公司將開始評估，非常傾向於能力的成長。

As we said, the demand exists and it's steady, and we would do that, especially from 2025 on, allocating more resources in favor of the sustainable growth of the company, obviously without destroying value. On the contrary, so as a company, to continue with their business profile and their competitiveness in the market.

正如我們所說，需求存在且穩定，我們會這樣做，特別是從 2025 年開始，分配更多資源以支持公司的可持續成長，顯然不會破壞價值。相反，作為一家公司，要繼續保持其業務形象和市場競爭力。

Thiago Duarte, BTG Pactual.

蒂亞戈·杜阿爾特，BTG Pactual。

I would like to touch two or three points. First, to go back to a prior question that was not clear for me. If you could share a little bit the view for the cost curve? We know very well, last year, you were very successful in your strategy for inventory. We see that in unit cost. When we talk about grain, see that impact on unit prices very favorable for the company.

我想談兩三點。首先，回到我之前不清楚的問題。能否分享一下對成本曲線的看法？我們非常清楚，去年你們的庫存策略非常成功。我們在單位成本中看到了這一點。當我們談論糧食時，我們會發現這對公司的單價影響非常有利。

And if you -- and also, in the meantime, when we look at evolution of your unit cost and the evolution of market prices of your main raw materials, it gives the impression that this cost, at least from the standpoint of direct costs, it is close to the floor. It's not going up, but it's not falling.

同時，如果你——同時，當我們觀察你的單位成本的演變和主要原材料市場價格的演變時，它給人的印像是，至少從直接成本的角度來看，這個成本，它靠近地板。它沒有上升，但也沒有下降。

I wanted to understand, if you share this reading, when we think of unit cost now for the second half of the year now about the harvest in Brazil for grain that are majorly known. This is the first question.

如果您分享這篇文章，我想了解一下，當我們考慮下半年的單位成本時，關於巴西主要已知穀物的收成。這是第一個問題。

The second question, a little bit of the link of the prior answer from Fabio. You talked a little bit of -- kept this volume performances. Obviously, the company is going to evaluate the capability expansion. But by the extension of what you suggest, it is not that much of an investment.

第二個問題，法比奧先前答案的一些連結。你談到了一點——保持這個音量的表演。顯然，該公司將評估產能擴張。但從你的建議來看，這並不是一項很大的投資。

So I wanted to understand if my reading of your tone is right? And if that's the case, how should we think of capital allocation for the company? Because the leverage is full cash generation, also, we should imagine what expansion of dividends, higher payout, repurchase, acceleration, organic-inorganic growth. It would be interesting if you could talk a little bit about that.

所以我想知道我對你語氣的解讀是否正確？如果是這樣的話，我們該如何考慮公司的資本配置？因為槓桿是完全現金生成，所以我們也應該想像股利的擴大、更高的股利、回購、加速、有機-無機成長。如果您能談談這一點，那就很有趣了。

And lastly, a comment. Miguel mentioned a lot about pricing and how this granularity, specificity in defining pricing in the external market is very successful. I wanted to understand if there is more room when we look at your average price in the external market versus SECEX. You opened the premium closest to the highest in history. I wanted to know if you understand that the premium of the average price in regards to SECEX is sustainable?

最後，發表評論。米格爾提到了很多關於定價的內容，以及這種在外部市場上定義定價的粒度和特異性是如何非常成功的。我想了解當我們查看你們在外部市場的平均價格與 SECEX 的平均價格時是否還有更多空間。您開倉的溢價最接近歷史最高水準。我想知道您是否理解 SECEX 的平均價格溢價是可持續的？

I'm going to start by the order of your questions. Starting by the cost curve, we've had two angles to look at it. The first one is the feed price. And by consequence, we have to talk about corn and soybean and alternatives.

我將按照你們提出問題的順序開始。從成本曲線開始，我們有兩個角度來看待它。第一個是飼料價格。因此，我們必須談論玉米和大豆及其替代品。

We understand that there is a marginal room for a fall in the second half of the year, not in the magnitude that we have observed, but there is a sideways room because there is a part of trading of the small harvest. It's not relevant. A major part of the small harvest in the states have had 100% of the harvest. But there is a part that is going to be traded, and we expect to take advantage of these negotiations.

我們了解到，下半年下跌有邊際空間，不是我們觀察到的幅度，但有橫盤空間，因為有部分小收的交易。這不相關。各州的大部分小收成都獲得了100%的收成。但有一部分將被交易，我們希望利用這些談判。

There is another perspective that involves especially the efficiencies that affect costs. So we have to remember our program, which is a journey of continuous improvement. And this commitment is going to prevail always. We have recordings of BRL374 million in the quarter where we add to BRL800 million. So we have the conditions to continue performing the program.

還有另一種觀點，尤其涉及影響成本的效率。所以我們必須記住我們的計劃，這是一個持續改進的旅程。這項承諾將永遠有效。本季我們的記錄為 3.74 億雷亞爾，目前已增加到 8 億雷亞爾。所以我們有條件繼續執行這個計畫。

This should keep up the additional support for cost reduction. If we open a little bit the window, we can -- are very optimistic in regards to the 2025 harvest potential. Miguel shared some data, we already have the predictive model suggesting the expansion of the harvest for soybean in the world, around 10%, expansion of the corn harvest around 4%. So we expect to see a positive scenario for a prolonged period.

這應該會繼續為降低成本提供額外支援。如果我們打開一點窗口，我們就可以——對 2025 年的收穫潛力非常樂觀。Miguel分享了一些數據，我們已經有了預測模型，顯示全球大豆收成擴大10%左右，玉米收成擴大4%左右。因此，我們預計在很長一段時間內都會出現積極的情況。

About capital allocation, I mentioned the investments for Brazil for industrialized products. It has to do with the pace of growth of processed products. It's important to remember that we have a growth in demand in international markets.

關於資本配置，我提到了對巴西工業化產品的投資。這與加工產品的成長速度有關。重要的是要記住，國際市場的需求不斷增長。

And as we analyze and associate it with adding value, we could get something in the sense to address this demand. I like to remind you that we have a JV with PIF where we intend to prioritize our presence in Saudi Arabia. So we have been discussing very deeply case studies of different ways to make investments, so this should happen either sooner or later.

當我們分析並將其與增值聯繫起來時，我們可以得到某種意義上的東西來滿足這一需求。我想提醒您，我們與 PIF 成立了一家合資企業，我們打算優先考慮在沙烏地阿拉伯開展業務。因此，我們一直在非常深入地討論不同投資方式的案例研究，所以這應該遲早會發生。

When we think about compensation capital, our own capital compensation, the management continues creating the conditions for the company to be profitable. We accumulate net profit of BRL1.7 billion. So there is guarantees that are -- to pay dividends. So that's why we're working so much focus with dedication. The expectation for the year is to expand even more of this net profit. But the form of compensation of this capital and the intensity will depend on the strategic guidance from our controller and their administration board. There are conditions. There is room for that to happen.

當我們考慮補償資本，我們自己的資本補償時，管理層繼續為公司獲利創造條件。我們累計淨利達 17 億雷亞爾。所以有保證——支付股息。這就是為什麼我們如此專注、專注地工作。今年的預期是進一步擴大淨利。但這筆資金的補償形式和強度將取決於我們的控制者及其管理委員會的策略指導。有條件。這種情況有發生的空間。

Recently, we announced a relevant material fact with the repurchase program, additional program. We are sure that our action is under evaluate -- our shares are under-evaluated in market and there is room for valuation. And our work is to make that our perception is the general market perception as well.

近日，我們公佈了與回購計畫、增發計畫相關的重要事實。我們確信我們的行動正在被低估——我們的股票在市場上被低估，並且還有估值空間。我們的工作是讓我們的看法也成為市場的普遍看法。

I'm going to give the floor to Miguel to answer the last question about pricing.

我將請米格爾回答最後一個有關定價的問題。

Really, pricing has a relevant role, Thiago, because pricing is -- at the same time that it is, it allows to transit through opportunities in an assertive manner. It comes together with the capability of the company to work, so these choices can be executed. It's useless to have a pricing system that shows the best pathways. And from the operational standpoints, you don't have the conditions to trace these pathways.

確實，定價具有相關作用，蒂亞戈，因為定價同時允許以自信的方式把握機會。它與公司的工作能力相結合，因此這些選擇可以被執行。擁有一個顯示最佳路徑的定價系統是沒有用的。而且從操作的角度來看，你不具備追蹤這些路徑的條件。

And there is an important aspect that I'd like to highlight. When you have a philosophy like we have at BRF of selling to produce and not produce to sell. You always have a commercial portfolio where the main choices already driven by the price and assertive systems are already taken. And you shorten this portfolio, maximizing the results of your decisions.

我想強調一個重要的面向。當你有像我們 BRF 那樣的理念，也就是透過銷售來生產，而不是透過生產來銷售。您始終擁有一個商業投資組合，其中已經採取了由價格和自信系統驅動的主要選擇。您可以縮短這個投資組合，從而最大化您的決策結果。

On the other hand, the premium pricing system turns into the systems where you build with quality, brand strength, working on products and innovation, and BRF has been working intensively on this.

另一方面，優質定價體系變成了以品質、品牌實力、產品和創新為基礎的體系，BRF 一直在這方面進行深入研究。

Another important aspect is when you have new destinations, and in this case, in this half of the year, we have 32, just in this quarter. You are also able to use this choice capability. So this premium pricing is more evident and intense. That's what we saw happening. Obviously, the market helped because you have a market demand in all locations, and you have a company that is paying attention with information -- quality information to make decisions and choices.

另一個重要的方面是，當你有新的目的地時，在這種情況下，今年上半年，我們有 32 個目的地，就在這個季度。您也可以使用此選擇功能。所以這種溢價定價更加明顯和激烈。這就是我們所看到的情況。顯然，市場有所幫助，因為你在所有地方都有市場需求，而且你有一家關注資訊的公司——高品質的資訊來做出決策和選擇。

Ricardo Boiati, Safra.

里卡多·博亞蒂，薩弗拉。

First, just some clarification and the follow-up in regards to the question of offer and demand that was already well commented. My question is already specifically in the lines that had capability expansion recently with -- you mentioned clearly that the demand is very steady and this is well reflected in the volumes and prices.

首先，對已經得到充分評論的供需問題進行一些澄清和後續行動。我的問題已經具體針對最近產能擴張的產品線——您明確提到需求非常穩定，這很好地反映在數量和價格上。

But in these specific lines, sausages and breaded products, is there any impact that was noticeable in the entry of additional capability recent in the market or not? Or if this was unnoticed with the strength of the demand that we've been absorbing and also in the same line with programs that have been already announced in the Middle East? If this is a point of attention, something that can somehow tweak the balance in this important region for, very strong for the company? This is the first question.

但在這些特定的產品線、香腸和麵包屑產品中，最近市場上的附加功能的進入是否有任何明顯的影響？或者，如果我們一直在吸收的需求強度以及與中東已經宣布的計劃一致，是否沒有註意到這一點？如果這是一個關注點，可以以某種方式調整這個重要區域的平衡，對公司來說非常強大？這是第一個問題。

Then the first question is an update if you could share in terms of the integration, the operational integration and synergies that you are already able to obtain because you're part of the same group in terms of cost gains with maritime freight? Is there anything relevant in terms of commercial management as well? Comprehensive portfolio to negotiate with the main customers. Has this helped gain the share of wallet or more room? These are my two questions. Thank you.

那麼第一個問題是更新，您是否可以分享您已經能夠獲得的整合、營運整合和協同效應，因為您在海運成本收益方面屬於同一集團？商業管理方面是否也有相關內容？與主要客戶洽談的全面產品組合。這是否有助於獲得錢包份額或更多空間？這是我的兩個問題。謝謝。

Ricardo, I'm going to start by answering, good morning, by the way, and then will give the floor to Miguel for the second part of the answer. You mentioned about the offer and demand -- offer available even with announcements, recent announcements. I think that is natural that there is offer. We have mentioned just now that BRF still have idleness in industrial, industrialized product lines and there is demand and we'll continue steady.

里卡多，順便說一句，我首先要回答，早上好，然後請米格爾回答第二部分的問題。您提到了報價和需求——即使有公告、最近的公告也可以提供報價。我認為有報價是很自然的。剛才我們提到BRF工業化、工業化產品線還有閒置，有需求，我們會繼續保持穩定。

We have a population growth that is important, the asymmetries where this population of growth comes from in regions where we have -- we are very much present. So it's natural that the investments continue happening.

我們的人口成長很重要，這種人口成長來自於我們所在地區的不對稱性——我們非常存在。因此，投資持續進行是很自然的。

What is important to portray is that this capability, the idle capability, systemic capability, that there is more or less in some categories, it hasn't impacted the market dynamics. So we don't see any renouncing in terms of prices because of volume. So we see competitive environment that is really balanced. It's not being different from what has been happening in the past few years. That's what I wanted to highlight.

重要的是要描述的是，這種能力，閒置能力，系統性能力，在某些類別中或多或少都有，它並沒有影響市場動態。因此，我們沒有看到任何因數量而放棄價格的情況。所以我們看到了真正平衡的競爭環境。這與過去幾年發生的情況並沒有什麼不同。這就是我想強調的。

You also mentioned the Middle East. So the Middle East, we have an important presence. We have a competitive advantages of having our own distribution in most of the countries in the Gulf. It's the case of Saudi Arabia, Qatar, Oman, Kuwait, Emirates. So it's obvious that we also have competitors, local competitors. But Brazil continue being a very competitive platform with our products. We also mentioned our prioritization of growing in the region of Saudi Arabia. This will happen.

您也提到了中東。因此，我們在中東有著重要的影響力。我們的競爭優勢是在大多數海灣國家擁有自己的分銷網絡。沙烏地阿拉伯、卡達、阿曼、科威特、阿聯酋就是這種情況。所以很明顯我們也有競爭對手，本地競爭對手。但巴西仍是我們產品極具競爭力的平台。我們也提到了我們在沙烏地阿拉伯地區發展的優先事項。這將會發生。

I'm going to give the floor now to Miguel to address the theme of integration with Marfrig.

現在我將請 Miguel 發言，討論與 Marfrig 整合的主題。

Ricardo, evidently, we are in this trail of pursuing excellence, and this trail has a point. The two companies, they perform and pursue excellence constantly. When we use the model of using benchmarking, I'm going to remember what I said in the last quarter BRF, when we implemented the BRF 2.0 -- BRF+ 2.0, it didn't have the reference the year of 2019, and we started using as reference our own operation in certain geographies, certain locations. And this comparison of locations not only go through BRF plants but also by Marfrig plants, which are the best practices of each companies are -- replicated in each of them.

里卡多，顯然，我們正走在追求卓越的道路上，而且這條道路是有道理的。兩家公司，他們不斷表現並追求卓越。當我們使用基準測試的模型時，我會記住我在上個季度的BRF中所說的，當我們實現BRF 2.0——BRF+ 2.0時，它沒有2019年的參考，我們開始以我們自己在某一些地區、某些地點的運作作為參考。這種位置比較不僅透過 BRF 工廠，還透過 Marfrig 工廠，這是每家公司的最佳實踐 - 在每家公司中都複製。

So for this benchmarking, we're going to find synchronized and complementary movements in supply. It's very relevant. You have the power to buy higher volumes and negotiate it better, but also in commercial division, because you start having an approach with the customers as a company, multi-protein, where you end up having information and making measurements of the market, supporting the information from one company over the other.

因此，對於這個基準測試，我們將找到供應的同步和互補的變化。這非常相關。你有能力購買更多的產品並更好地進行談判，而且在商業部門也是如此，因為你開始以公司的形式與客戶建立一種方法，多蛋白質，你最終會獲得信息並對市場進行測量，支持一家公司的訊息優於另一家公司的資訊。

All these processes are used under the best governance with all the contracts and the care of related parties. And we obviously have ahead in the future a construction to use the best practices from each company, not only the best practices, but also in the geographical aspect. And this starts happening in exportation, because for an international customer, it's also interesting to have a vendor, a quality vendor, both in pig protein and also poultry protein, and beef protein, and it couldn't be different. You end up having an improvement in your costs, you increase volume and the structure to execute that you are able to have a lighter and more competitive structure.

所有這些流程均在所有合約的最佳治理下以及相關方的照顧下使用。顯然，我們未來將採用每個公司的最佳實踐，不僅是最佳實踐，而且還包括地理方面的最佳實踐。這種情況開始發生在出口中，因為對於國際客戶來說，擁有一家供應商，一家優質供應商，無論是豬蛋白、家禽蛋白還是牛肉蛋白，也是很有趣的，而且沒有什麼不同。您最終會降低成本，增加數量和執行結構，從而能夠擁有更輕、更具競爭力的結構。

Henrique Brustolin, Bradesco BBI.

恩里克·布魯斯託林，布拉德斯科 BBI。

Thank you for taking my question. Two points that I would like to explore. First, about profitability of domestic market. If you could comment a little bit about this evolution of gross margin that we see at every quarter of [1.5%], a little bit more. What was the contribution of in-natura products and processed products contribution?

感謝您回答我的問題。我想探討的有兩點。首先，關於國內市場的獲利能力。如果您可以評論我們在每個季度看到的毛利率的演變[1.5%]，或更多。天然產品和加工產品的貢獻是什麼？

And when we think about the pace of BRF and the domestic operation over the second half of the year, if it makes sense to imagine that the growth of EBITDA should come especially from revenue growth as these new volumes come to the market? Or if you see any room, representative room, for EBITDA margin growth either by mix or all the efficiencies that you may have from BRF+? Or again, is it more growth that we should think of margins that are approaching? This is the first question.

當我們考慮下半年 BRF 和國內營運的步伐時，隨著這些新產品上市，EBITDA 的成長應該主要來自營收成長，這是否有意義？或者，您是否認為透過混合或透過 BRF+ 獲得的所有效率可以實現 EBITDA 利潤成長的任何空間、代表性空間？或者，我們是否應該考慮正在接近的利潤率是否有更多的成長？這是第一個問題。

And the second is a follow-up for a point that -- a comment that Fabio made about poultry meat growth in Brazil well below the storage, and I understand this is despite average weight. This is a point that wasn't clear in my mind. So if you could comment a little bit of what is behind that?

第二個是法比奧對巴西禽肉增長遠低於儲存量的評論，我知道這是儘管平均重量。這是我心裡一直不太清楚的一點。那麼您是否可以評論一下背後的原因？

Even when we look at the incentives in the chain, the impression we have is that the incentive is for the maximum production. So what eventually will impact the average price in the sector today? And how relevant is the average weight effect when we think about the number of storage that it can be offset by that? These are the points. Thank you.

即使我們查看鏈條中的激勵措施，我們的印像也是激勵措施是為了最大程度地生產。那麼什麼最終會影響當今該行業的平均價格呢？當我們考慮可以抵消的儲存數量時，平均重量效應有何相關性？這些就是重點。謝謝。

Hey, Henrique, I'm going to start answering for you about profitability in Brazil. You asked a little bit about the opening and the contribution of in-natura and processed products. You know that predominantly, we sell in Brazil processed products of added value. This represents over 70%. Profitability of in-natura products has been growing as a response to the price increase of protein internationally. This has been happening in all sales destinations in Brazil. It's not different.

嘿，恩里克，我將開始為您解答有關巴西盈利能力的問題。您詢問了一些有關天然產品和加工產品的開放和貢獻的問題。您知道，我們主要在巴西銷售加值加工產品。這佔70%以上。由於國際蛋白質價格上漲，天然產品的獲利能力一直在增加。巴西的所有銷售目的地都發生了這種情況。這沒什麼不同。

In-natura products favors the growth of margins in the domestic market, obviously obeying the weighing of its participation of 30%. When we compare today the profitability of in-natura versus processed products, there's an important gap. Profitability of processed products follows -- remains much more representative than the profitability of in-natura products, even with this margin expansion that I have just mentioned.

In-natura產品有利於國內市場利潤的成長，顯然服從其30%的參與權衡。今天，當我們比較天然產品與加工產品的獲利能力時，我們發現存在很大差距。加工產品的利潤率仍然比天然產品的利潤率更具代表性，即使我剛才提到了利潤率的擴張。

I didn't want to anticipate and talk too much about the margin expectations ahead. We can't even give this type of guidance, but I can say that it's not exclusive from revenue, as you mentioned. Recently, we had just discussed costs. We are very optimistic about efficiencies of the program. We have relevant captures and records for the semester. We intend to keep the pace and synergies that are going to have impact on our technical matrix and industrial yield and in performance, and consequently our costs.

我不想過度預測和談論未來的利潤預期。我們甚至無法提供此類指導，但我可以說，正如您所提到的，這並不排除收入。最近，我們剛剛討論了成本。我們對該計劃的效率非常樂觀。我們有該學期的相關捕獲和記錄。我們打算保持步伐和協同效應，這將對我們的技術矩陣、工業產量和性能產生影響，從而影響我們的成本。

About the poultry production, what we commented is that according to a peak data there is a storage growth around 2%. And we have projections for growth of production in Brazil of 1.5%, implied that we have a question of weight. So this is what we place. It's an interpretation. I didn't mean that it is a reality. The question of weight, it depends on the company.

關於家禽生產，我們評論的是，根據高峰數據，庫存成長約為 2%。我們預測巴西的產量成長為 1.5%，這意味著我們有一個重量問題。這就是我們的定位。這是一種解釋。我並不是說這是現實。重量的問題，這個要看公司了。

Lucas Mussi, Morgan Stanley.

盧卡斯‧穆西，摩根士丹利。

I just want to go back to the topic of production capability in the sector, and using what Fabio mentioned about cuts going up 2% a year. We see a different dynamic on matrix, cut matrices, storage. I wanted to hear your perspective, what explains this major difference, at least in the last decade, has a high correlation between types of cuts and the matrices.

我只想回到該行業的生產能力主題，並引用 Fabio 提到的每年削減 2% 的內容。我們在矩陣、切割矩陣、儲存上看到了不同的動態。我想聽聽您的觀點，是什麼解釋了這一主要差異，至少在過去十年中，切割類型和矩陣之間存在高度相關性。

I wanted to understand a little bit more of what you see as dynamic and explain little bit more. And in the terms of the profitability is very attractive in the sector, but we still see the problem of matrices storage. This is my first question.

我想更多地了解您所看到的動態並進行更多解釋。就獲利能力而言，該行業非常有吸引力，但我們仍然看到矩陣儲存的問題。這是我的第一個問題。

My second question, you had expressive numbers in permit increase in international market. But in the short run, I wanted to hear from you in terms of attractiveness or mid and long run from some specific locations, internationally speaking, what do you see as most interesting where BRF is better positioned today, where your product is better accepted, you're more competitive? What markets do you see with good eyes in international market? That's my question. Thank you.

我的第二個問題，你們在國際市場上的許可證成長方面有富有表現力的數字。但從短期來看，我想聽聽您對一些特定地點的吸引力或中長期來看，從國際角度來看，您認為最有趣的是什麼，BRF 今天的定位更好，您的產品在哪裡更容易被接受，你更有競爭力嗎？您在國際市場上看好哪些市場？這就是我的問題。謝謝。

I'm going to address the first question, and then I'm going to give the floor to Miguel to address about the permits. You asked about matrices, and I just wanted to remind you that in case of BRF, we have the prior chain. We start to reproduce from the grandmothers' matrices and then we have what we call the cut chicken or the termination phase at the chicken farm. So the question of storing matrices has to do with the slaughtering matrices that happens in some years. It's not only what you store, but you have to combine in situations of -- or for adjustments to slaughter.

我將解決第一個問題，然後我將請米格爾發言來解決許可證問題。你問了關於矩陣的問題，我只是想提醒你，在 BRF 的情況下，我們有先驗鏈。我們開始從祖母的矩陣中繁殖，然後我們就進入了養雞場所謂的「切雞」或「終止階段」。所以儲存矩陣的問題與某些年份發生的屠宰矩陣有關。這不僅是你儲存的東西，而且你必須在某種情況下組合起來——或者為了調整屠宰量。

What I can tell you is that we have an expectation of reduction the storage of matrices for the next year going to 59. It's a reduction around 2%, 3%. This is what I can tell you. This is data that you have the capacity to access, you are permitted to access.

我可以告訴你的是，我們預計明年的矩陣儲存量將減少到 59 個。減少了2%、3%左右。這就是我可以告訴你的。這是您有能力存取、您有權存取的資料。

When we think about storage and matrices that have impact on the offer, we have also to combine with demand, which is something that we've been defending a lot. There is balance in this equation and we don't see signs, apparent signs, of unbalancing coming soon. So I wanted to highlight again -- I would like to emphasize this aspect.

當我們考慮對報價有影響的存儲和矩陣時，我們還必須與需求結合起來，這是我們一直在捍衛的東西。這個方程式是平衡的，我們沒有看到很快就會出現不平衡的跡象，明顯的跡象。所以我想再次強調——我想強調這一點。

Miguel, I would like to give you the floor to address the second question.

米格爾，我想請你回答第二個問題。

We are working very strongly on 40 new permits, but especially to capitalize this 57, we've had on the year of 2024. When we look at the strategy from BRF, it's really clear, and we are going to work with premises of not destroying values in any of the markets we operate and add value. We have the possibility -- we have our growth, both in the -- our plant area that has an idleness level that we are working on mitigate and markets where we allow by choice of price into place, products with better margin.

我們正在大力爭取 40 個新許可證，特別是充分利用我們在 2024 年獲得的 57 個許可證。當我們查看 BRF 的策略時，情況非常明確，我們將在不破壞我們營運的任何市場價值並增加價值的前提下開展工作。我們有可能實現成長，無論是在我們正在努力緩解閒置水平的工廠區域，還是在我們允許透過選擇價格到位、利潤率更高的產品的市場上。

We make that happen not only in Brazil, as Fabio mentioned, but especially in exportation in the case of the Middle East. We are leaders in KSA and -- in the Middle East, and the process of growth could not leave aside the intentions of growth in this market, where our brand is a brand that is an icon.

正如法比奧所提到的，我們不僅在巴西實現這一目標，而且特別是在中東的出口方面。我們是沙烏地阿拉伯和中東的領導者，成長的過程不能拋開這個市場的成長意圖，我們的品牌是一個標誌性的品牌。

We continue working on all markets, taking the opportunity of diversification of those markets. We understand that it's not a good commercial health practice to concentrate all the destinations and customers in only one. It's important to have diversification and make use of it. Regardless of the volume is being higher or lower in each destination, be present in all destination is an old commercial practice that works really well.

我們繼續在所有市場開展工作，並抓住這些市場多元化的機會。我們知道，將所有目的地和客戶集中在一個地方並不是一種良好的商業健康做法。多元化並加以利用很重要。無論每個目的地的客流量是高還是低，在所有目的地都出現是一種非常有效的古老商業慣例。

On the other hand, if you go to the SECEX data and let's look at the numbers that are public, you see MENA, which is the region that I have just mentioned, it has relevance even higher than Asia. So we saw in this first half, so MENA is 600,000 tons out of the 400 -- over 400,000 tons that Brazil exported, and Asia with 147,000 tons.

另一方面，如果你查看 SECEX 的數據，讓我們來看看公開的數字，你會看到中東和北非地區，也就是我剛才提到的地區，它的相關性甚至高於亞洲。所以我們在上半年看到，巴西出口的 400 多個國家中，中東和北非地區佔 60 萬噸——超過 40 萬噸，亞洲為 147,000 噸。

So if you look at the line of the last quarter since 2023 has been showing growth, and this growth has been enjoyed by our company, as Fabio already mentioned, a strong distribution, strong brand, active teams, paying attention to this market and the focus on growth with added value.

因此，如果你看看自2023 年以來最後一個季度的生產線一直顯示出增長，正如Fabio 已經提到的那樣，我們公司享受了這種增長，強大的分銷、強大的品牌、活躍的團隊、關注這個市場和專注於具有附加價值的成長。

Guilherme Palhares, Santander.

吉列爾梅·帕哈雷斯，桑坦德銀行。

I have very briefly two questions. Fabio, if you could talk about monetization of tax credits? We saw the company announcing over BRL700 million in the first half of the year. What can we expect from that looking from now on into our cash generation, that is really strong?

我有兩個非常簡短的問題。Fabio，您能談談稅收抵免的貨幣化嗎？我們看到該公司上半年宣布的營收超過 7 億雷亞爾。從現在開始，我們可以期待什麼，我們的現金流真的很強嗎？

And the second point for Miguel, you had commented in the last call about BRF+ 2.0 being a benchmarking for operation. If you could go further among the best and worst operations of the company in terms of volume or improvement or some metric that you can share in terms of performance dispersion within your units or locations and the opportunities?

Miguel 的第二點是，您在上次電話會議中評論說 BRF+ 2.0 是營運基準。您可以在數量或改進方面進一步了解公司最好和最差的營運情況，或者您可以在單位或地點的績效分散度和機會方面分享一些指標？

I'm going to start with the credits, Guilherme. Good morning. We have to analyze from two aspects. The aspects of federal taxes, we recurrently have been able to offset the PIS/COFINS non-cumulative Brazilian taxes. We also have to remember the ICMS as a base of PIS/COFINS. These are all Brazilian taxes. We understand that this is going to take longer for us to be able to monetize almost BRL2 billion that we have of taxes to recover. A

我要從製作人員名單開始，Guilherme。早安.我們要從兩個面向來分析。在聯邦稅方面，我們目前已經能夠抵銷 PIS/COFINS 非累積巴西稅。我們還必須記住 ICMS 作為 PIS/COFINS 的基礎。這些都是巴西稅。我們知道，我們需要更長的時間才能將近 20 億雷亞爾的稅金貨幣化。一個

t the state level, we work with a big focus on trying to optimize the way we get to our consumers by different states where we operate. Recently, we even concluded, even -- it was explained in our explanatory notes, a transaction involving ICMS in the state of Sao Paulo, where we acquired credits from Marfrig. This has to do with the work of trying to optimize the most possible the reimbursement involved with the state taxes.

在州一級，我們的工作重點是優化我們在不同州開展業務時接觸消費者的方式。最近，我們甚至得出結論——我們的解釋性說明中對此進行了解釋，涉及聖保羅州 ICMS 的交易，我們在那裡從 Marfrig 獲得了學分。這與盡可能優化州稅報銷的工作有關。

We continue with a lot of credit to offset the payment of taxes, especially federal taxes that have to do with income tax. The company goes back to being profitable and we have this impact. But I wanted to remind you, the law -- the tax loss balance that's been accumulated, we even have tax losses that haven't been accounted for yet. So there's still a lot of guarantees to be used over our journey.

我們繼續提供大量信貸來抵消稅款，特別是與所得稅有關的聯邦稅。公司恢復獲利，我們產生了這種影響。但我想提醒你，法律——已經累積的稅收損失餘額，我們甚至還有尚未計算在內的稅收損失。所以在我們的旅程中仍然有很多保證可以使用。

Miguel, back to you to wrap up the answer.

米格爾，回到你來總結答案。

Guilherme, BRF+ 2.0, which is BRF of 2024, we are already in an intense process of work, BRF+ 3.0. It is not a performance program only, but is also a culture in the company for higher performance. It's a cultural program.

Guilherme，BRF+ 2.0，即 2024 年的 BRF，我們已經處於緊張的工作過程中，BRF+ 3.0。它不僅是一個績效計劃，也是公司追求更高績效的文化。這是一個文化節目。

And it's important to remember that BRF+ doesn't only go through industrial plants. BRF+ go through all the links of the company, in the field, in the industry, transit, in the management, financial divisions, commercial divisions, international division, the different locations of the company. So it's obvious that when you place as a benchmark, the internal benchmark, and you end up -- it's a continuous process. So you end up every time you are looking with attention to a certain detail, location or a practice, you find opportunities.

重要的是要記住，BRF+ 不僅僅經過工廠。BRF+貫穿公司的所有環節，在現場、在工業、在運輸、在管理、在財務部門、在商業部門、在國際部門、在公司的不同地點。所以很明顯，當你將內部基準作為基準時，你最終會發現——這是一個持續的過程。因此，每次當你專注於某個細節、地點或實踐時，你都會發現機會。

I would say that the only question that I don't know how to answer, and I don't know -- I don't want to answer, is the limit of BRF+. BRF+ is continuous improvement. And that doesn't have limit. The intensity and the opportunity are movable. Sometimes they're going to be higher or smaller, but there's always going to be opportunity.

我想說，唯一一個我不知道如何回答的問題，我也不知道──我也不想回答，就是 BRF+ 的限制。BRF+ 是持續改善。這沒有限制。強度和機會是可以改變的。有時它們會更高或更低，但總是有機會。

We have at BRF as a motto to be ready to learn, to learn from what we see in the market and learn from what we do in different location. If you visit a BRF plant, you're going to see a management board where you have the performance of that location compared to other locations. So there is a certain healthy competition between locations, finding opportunities. It's a movable board. So one week a plant generated a certain rate, but then in another week, can be behind. It is a dynamic process.

我們 BRF 的座右銘是做好學習準備，從我們在市場上看到的情況中學習，從我們在不同地點所做的事情中學習。如果您參觀 BRF 工廠，您將看到一個管理委員會，其中您可以比較該工廠與其他工廠的績效。因此，地點之間存在著一定的良性競爭，尋找機會。這是一塊可移動的板子。因此，工廠在一周內產生了一定的速率，但在另一周內，可能會落後。這是一個動態的過程。

And another aspect that I wanted to highlight that we have just finished at BRF about a month ago, an environment program, engagement program. And BRF is a highly engaged company in all divisions.

我想強調的另一個面向是，大約一個月前，我們剛剛在 BRF 上完成了環境計畫、參與計畫。BRF 是一家所有部門都高度敬業的公司。

And I repeat something we've been working on, a guidance that we've been adopting by instruction of our controller is that it's useless to have excellence islands in the company because excellence islands don't make an excellent company. An excellent company is made of -- it's a synchrony company with everything harmonized. So painting red or blue walls. This is the BRF+ space. This makes the cultural program -- making a performance program into a cultural program for high performance.

我重複一下我們一直在努力的事情，我們根據財務總監的指示一直採用的指導意見是，公司中擁有卓越孤島是沒有用的，因為卓越孤島並不能造就一家優秀的公司。一家優秀的公司是由——它是一家一切都協調一致的同步公司組成的。所以把牆壁塗成紅色或藍色。這是BRF+空間。這使得文化節目——把表演節目變成了高績效的文化節目。

The Q&A session and the teleconference from BRF is over. We'd like to thank the attendance of everyone and have an excellent day.

BRF問答環節和電話會議結束了。我們要感謝大家的出席並祝您有個愉快的一天。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。