BRF SA (BRFS) 2024 Q4 法說會逐字稿

BRF 2024. This teleconference is being recorded, and the video can be accessed at the site of the company in ri.brf-global.com. (Operator Instructions)

BRF 2024。這次電話會議正在錄製中，影片可在公司網站 ri.brf-global.com 上觀看。（操作員指示）

Before we go on, I would like to reinforce that all the prospective statements have the -- are beliefs and assumptions of BRF and available information for the company. These statements can involve risks and uncertainties having insights, future events, and then they depend on circumstances that may or may not happen.

在我們繼續之前，我想強調一下，所有預期的陳述都是 BRF 的信念和假設以及公司可用的資訊。這些陳述可能涉及洞察、未來事件的風險和不確定性，並且取決於可能發生或可能不會發生的情況。

Investors, analysts and reporters have to take into account that events related to macroeconomic environment and other segments may make the results to be materially different from those expressed in the respective -- prospective statements.

投資者、分析師和記者必須考慮到與宏觀經濟環境和其他部門相關的事件可能會導致結果與各自前瞻性聲明中表達的結果有重大差異。

In this conference, we have Mr. Miguel Gularte, CEO; and Fabio Mariano, CFO.

參加本次會議的有執行長 Miguel Gularte 先生；以及財務長 Fabio Mariano。

I'd like now to give the floor to Mr. Miguel, who will start the presentation. Mr. Miguel, you can go on.

現在我請米格爾先生開始發言。米格爾先生，您可以繼續。

Good morning. I would like to thank the presence of everyone in our teleconference of 2024. BRF presents today the best performance in its history, concluding 2024 with the consolidation of our journey of efficiency. We evolved in profitability and then the main operational indicators delivered in record year.

早安.我要感謝各位出席我們 2024 年的電話會議。BRF 今天呈現了歷史上最好的表現，並在 2024 年圓滿結束了我們高效之旅。我們的獲利能力不斷提升，主要營運指標也創下了歷史新高。

We report EBITDA of BRL10.5 billion in 2024, the most significant since the creation of BRF. The figures that we will discuss today are the result, the outcome of a consistent work that began over two years when the company started to operate under the new strategic direction.

我們報告稱，2024 年的 EBITDA 為 105 億巴西雷亞爾，這是 BRF 成立以來的最高值。我們今天要討論的數字是公司在新的策略方向上開始營運的兩年多來持續努力的結果。

The company's return to its current leading position was supported by several factors. We saw efficiency gain in all work fronts. We increased volume, sold with an emphasis on the Value-added portfolio and grew market share. These factors, combined with efficient commercial execution and the expansion of destinations made a significant contribution to the performance of 2024.

該公司重回目前領先地位得益於多種因素。我們看到所有工作方面的效率都有所提升。我們增加了銷量，注重增值產品組合的銷售，並擴大了市場份額。這些因素，加上高效率的商業執行和目的地的擴大，對2024年的業績做出了重大貢獻。

I'd like to invite now our CFO, Fabio Mariano for the earnings results in details, and I will come back later for final remarks in this disclosure.

現在我想邀請我們的財務長 Fabio Mariano 來詳細介紹獲利結果，稍後我會回來對本次披露做出最後的評論。

Good morning, everyone connected. I would like to go to the first page, the main 2024 indicators, started by net revenue, which reached BRL61.4 billion, 14% higher than 2023.

大家早安。我想看第一頁，即 2024 年的主要指標，首先是淨收入，達到 614 億巴西雷亞爾，比 2023 年高出 14％。

We reported EBITDA of BRL10.5 billion, the best result in our history, more than twice the performance of the previous year, contributing to a net profit of BRL3.7 billion for a year. Free cash flow performance were BRL6.5 billion, an all-time record. And in the slides with leverage, we reached 0.75 times EBITDA in the last 12 months, versus 2 times in 2023. This slide also shows the data of the fourth quarter with a substantial improvement in performance, if compared to the same period last year.

我們的 EBITDA 為 105 億雷亞爾，這是我們歷史上最好的成績，是去年業績的兩倍多，全年淨利潤達 37 億雷亞爾。自由現金流表現達 65 億巴西雷亞爾，創歷史新高。在有槓桿的幻燈片中，我們在過去 12 個月中達到了 EBITDA 的 0.75 倍，而 2023 年則達到了 2 倍。這張投影片也展示了第四季的數據，與去年同期相比，業績有了大幅提升。

In the next slide, we show as page 4, the historical evolution of volumes in 2024 of revenue and profitability, highlighting very healthy margins. We reported a gross profit of BRL15.8 billion.

在下一張投影片中，我們展示了第 4 頁，2024 年收入和獲利能力的歷史演變，突顯了非常健康的利潤率。我們的毛利為158億巴西雷亞爾。

We will now present the performance for market and business segment. Starting with Brazil, we continue evolving, progressively achieving an EBITDA margin of 15.5% with growth and volume, especially in processed categories product which showed an increase in sales and gains in market share.

現在我們將介紹市場和業務部門的表現。從巴西開始，我們不斷發展，隨著業務的成長和產量的增加，EBITDA 利潤率逐步達到 15.5%，尤其是加工類產品的銷售和市場份額都有所增加。

The next page, number six, we emphasize our journey of continuous evolution in commercial execution, reflecting the greater number of points of sales that were served, more space and stores, as well as a greater adherence to suggested prices. Elements that boost volumes and contribute substantially to the performance of domestic market. We led innovations that meet the needs of our consumers, celebrated brands' anniversaries and promoted new campaigns and sponsorships that refer on the preference and leadership of our brands.

下一頁，即第六頁，我們強調了我們在商業執行方面不斷發展的歷程，反映了所服務的銷售點數量更多、空間和商店更多，以及對建議價格的更大遵守。這些因素促進了銷量的成長，並對國內市場的表現做出了重大貢獻。我們引領創新以滿足消費者的需求，慶祝品牌週年紀念日，並推廣新的活動和贊助，以體現我們品牌的偏好和領導力。

On the following slides, we bring information on commemorative products campaign execution with record sales and the lowest historic level of surplus in inventory. We have established ourselves as leaders in the Brazilian Christmas season products. Now in the international market that we present, we observe the segment's operational evolution as a result of high levels of exportation prices, as well as a good performance in Turkey and the Gulf area. EBITDA margin exceeded 20% in 2024.

在接下來的投影片中，我們將介紹紀念產品活動執行情況，其中銷售額創歷史新高，庫存過剩水準也達到歷史最低水準。我們已經成為巴西聖誕季產品的領導者。現在，在我們所處的國際市場上，我們觀察到該部門的營運演變是由於出口價格高企以及土耳其和海灣地區的良好表現。2024年EBITDA利潤率超過20%。

In the next slide, we highlight the growth of volumes and share of processed products and the Halal markets and total sales. We launched new products, expanding the Value-added portfolio in the region. In Turkey, we also recorded good performance with a growing contribution from sales of processed products, which have now reached approximately 25% of participation in volumes. We maintained our market share leadership with Sadia and Banvit brands in their respective markets.

在下一張投影片中，我們將重點放在加工產品、清真市場和總銷售額的數量和份額的成長。我們推出了新產品，擴大了該地區的加值產品組合。在土耳其，我們也取得了良好的業績，加工產品銷售的貢獻不斷成長，目前已達到參與量的約 25%。我們憑藉 Sadia 和 Banvit 品牌在各自的市場中保持了市場份額領先地位。

On the right, I present the highlights on the direct export segment. We have expanded our business alternatives with 84 new permits in the year for various several markets, helping to maximize prices. There have already been 175 new export permits since we began to focus more on this aspect under monitoring the BRF+ program.

右邊我展示了直接出口部分的亮點。我們擴大了業務選擇，今年向多個市場發放了 84 個新許可證，幫助最大限度地提高價格。自從我們在「一帶一路」計畫監測下開始更加關注這一方面以來，已經有175份新的出口許可證。

I'd like to finish the presentation of the business segments on the next slide with the performance of ingredients and pet products. The segment reported BRL422 million in EBITDA. We recorded a greater share of value-added items in ingredients and an increase in volumes in pet products and other sales. Also in pet segment, we highlight the increased participation of super premium natural category, new commercial export agreements, as well as integrating management systems and strengthening leadership teams.

我想在下一張投影片中以原料和寵物產品的表現來完成業務部門的介紹。該部門報告的 EBITDA 為 4.22 億巴西雷亞爾。我們記錄了原料中增值產品的份額增加以及寵物產品和其他銷售量的增加。此外，在寵物領域，我們強調超優質天然類別的參與度增加、新的商業出口協議，以及整合管理系統和加強領導團隊。

In ingredients, we continue diversifying products and markets. We also announced the agreement to acquire 50% of Gelprime to enter in the segment of gelatin and collagen. Then I'll share the progress of our efficiency program. I will present the comparisons with the previous year, colored bars in gray, the comparison with 2022 can also be seen in this material.

在原料方面，我們不斷實現產品和市場的多樣化。我們也宣布了收購 Gelprime 50% 股份的協議，以進入明膠和膠原蛋白領域。然後我將分享我們的效率計劃的進展。我將展示與前一年的比較，彩色條為灰色，與 2022 年的比較也可以在此材料中看到。

I will comment on some highlights, such as the fall of feed conversion, the poultry and pigs by 2.1% and 1% respectively in agriculture and livestock. Industries -- in the industry, we increase the manufacturing yield of poultry and pigs by 1.5% and 2.4%. And logistics, we've reduced returns and raised the service levels in Brazil significantly.

我將評論一些亮點，例如飼料轉換率的下降，農業和畜牧業中家禽和豬的飼料轉換率分別下降了 2.1％和 1％。工業－在工業方面，我們將家禽和生豬的製造產量分別提高1.5％和2.4％。在物流方面，我們減少了退貨，並大幅提高了巴西的服務水準。

On page 13, we've consolidated the following sustainability highlights. Climate targets approved by science-based achievement of the target of 100% traceability of grain suppliers, certification of animal welfare and all BRF slaughter plants, reduction of more than 11% of water consumption and 50% of electricity needs already coming from renewable sources. Consecutive participation in ISE and ICO2 portfolios and finally, active social responsibility agenda with over 6,000 participants in the BRF volunteer program.

在第 13 頁，我們整合了以下永續發展亮點。氣候目標透過科學實現，即實現穀物供應商 100% 可追溯性、動物福利認證和所有 BRF 屠宰場、減少 11% 以上的水消耗和 50% 的電力需求來自再生能源。連續參與 ISE 和 ICO2 投資組合，並最終積極參與社會責任議程，BRF 志工計畫有超過 6,000 名參與者。

We now present on page 15, information related to capital structure of the company. On the right, we see the leverage and the final net debt. On the right, we can see net debt profile, which remains diversified and long with no concentration of repayments in the short run, and a liquidity position that is fairly comfortable.

我們現在在第 15 頁展示與公司資本結構相關的資訊。在右側，我們看到槓桿率和最終的淨債務。在右側，我們可以看到淨債務狀況，該狀況保持多樣化和長期性，短期內沒有集中還款，流動性狀況也相當舒適。

In the next slide, we show the free cash flow. The chart shows an operating cash flow in 2024 of almost BRL10.8 billion, the best operating cash flow in our history. An investment flow of BRL3.3 billion and a financial flow of just under BRL1 billion resulting in free cash flow over BRL6.5 billion. You can also notice in the smaller chart cash generation over the year.

在下一張投影片中，我們展示了自由現金流。圖表顯示，2024 年的營運現金流接近 108 億巴西雷亞爾，這是我們歷史上最好的營運現金流。投資流量為 33 億雷亞爾，資金流略低於 10 億雷亞爾，產生超過 65 億雷亞爾的自由現金流。您還可以在較小的圖表中看到全年的現金產生情況。

And the final slide, we can analyze the progress of net debt between 2023 and 2024. We report a net debt of BRL8.3 billion after a return on our own capital. The reduction in loans will continue contributing to lower interest charges in 2025.

對於最後一張投影片，我們可以分析 2023 年至 2024 年期間淨債務的進展。我們報告稱，扣除自有資本回報後，淨債務為 83 億巴西雷亞爾。貸款減少將繼續導致 2025 年利息費用降低。

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

我要感謝各位聽眾，現在請我們的執行長 Miguel Gularte 致閉幕詞。

Thank you, Fabio. To wrap up our presentation on earnings, I would like to point out that the excellent performance this year was driven, among other factors, by the continued operational evolution, by the strength of our brands and an assertive lounge and innovation strategy that was very assertive.

謝謝你，法比奧。在總結我們的收益報告時，我想指出，今年出色的業績表現得益於持續的營運變革、我們品牌的實力以及堅定的休息室和創新戰略等諸多因素。

This year, we celebrated the eighth and ninth anniversaries. The brand Sadia and Perdigao consolidated as leaders in Brazil. Also in the domestic market, our commercial execution contributed directly to a historic performance. We've reached 327,000 customers served.

今年我們慶祝了八週年和九週年。Sadia 和 Perdigao 品牌鞏固了其在巴西的領先地位。同樣在國內市場，我們的商業執行也直接促成了歷史性的表現。我們已為 327,000 名客戶提供服務。

Besides, we also confirmed our leadership on commemorative products, with the record sales and an increased presence in Brazilian households. In international segment, we reached historic levels of profitability. We continued our market diversification strategy and increased the share of process products in the portfolio.

此外，我們也憑藉著創紀錄的銷售量和在巴西家庭中不斷增長的佔有率，確立了我們在紀念產品領域的領導地位。在國際領域，我們的獲利水準達到了歷史最高水準。我們持續推行市場多元化策略，增加產品組合中加工產品的份額。

I would also like to highlight BRF+, our efficiency plan, which has already been incorporated into the company's high performance culture. Since its launch in September 2022, the program has captured approximately BRL4 billion in operational efficiencies, which were critical to strengthening our businesses.

我還想強調一下我們的效率計劃 BRF+，它已經融入公司的高績效文化。自 2022 年 9 月啟動以來，該計畫已獲得約 40 億巴西雷亞爾的營運效率提升，這對於加強我們的業務至關重要。

This year's results scenario was marked by net profit and EBITDA that was unprecedented, allowed the BRF to once again compensate their shareholders with interest compensation on our own capital, on equity.

今年的業績情況以前所未有的淨利潤和 EBITDA 為標誌，這使得 BRF 能夠再次以自有資本和股權的利息補償來補償其股東。

We ended 2024 with exceptional results in the management of our team, showing the lowest rates of absenteeism and turnover, which reflect the best results in the annual engagement survey, which is essential for our company, with more than 100,000 people. We began 2025 driven to continue the company's journey of evolution with efficiency, agility and simplicity, opening the new chapter of growth.

2024 年，我們在團隊管理方面取得了優異的成績，缺勤率和離職率最低，這反映出年度敬業度調查中取得了最佳結果，這對於我們擁有 100,000 多名員工的公司至關重要。2025年伊始，我們以高效率、敏捷、簡單的精神延續公司的發展之旅，開啟公司成長的新篇章。

Today BRF is a solid company, prepared for various scenarios and challenges. We will continue to focus on diversifying markets through new qualifications and maximizing revenues. We will continue to work to generate value and consistent returns for shareholders through financial disciplines and investments in sustainable growth.

如今，BRF 是一家實力雄厚的公司，為應對各種情況和挑戰做好了準備。我們將繼續致力於透過新的資格實現市場多元化並實現收入最大化。我們將繼續努力透過財務紀律和永續成長投資為股東創造價值和持續回報。

Additionally, consolidating high performance culture and valuing our people will continue to be our company's premises. I would like to take this opportunity to thank all of our employees for their commitment and dedication throughout the year.

此外，鞏固高績效文化和重視員工將繼續成為我們公司的宗旨。我想藉此機會感謝我們所有員工一年來的承諾和奉獻。

I conclude now by thanking our Chairman and Controller Marcos Molina for his decisive, strategic direction to the Board, to Directors for their support, to our shareholders for their trust and our customers, integrated producers, suppliers and the communities where we operate for their ongoing partnership. Thank you all.

最後，我要感謝我們的董事長兼財務總監馬科斯·莫利納 (Marcos Molina) 對董事會做出的果斷戰略指導，感謝董事們的支持，感謝股東的信任，感謝我們的客戶、綜合生產商、供應商以及我們運營所在地的社區的持續合作。謝謝大家。

(Operator Instructions)

（操作員指示）

[Natalie Encada], XP.

[Natalie Encada]，XP。

I would like to congratulate everybody on the results and these record breaking results as well. I would like to explore a different dynamic for 2025. I know it's difficult to talk about that, but I would like to understand your perspective.

我要祝賀大家取得的成績以及這些破紀錄的成績。我想探索 2025 年的不同動態。我知道談論這個很困難，但我想了解你的觀點。

I see that 2025, we have a cost scenario that starts in a more challenging way, maybe the cost pressure, it might be a bit challenging. bUt when it comes to inflation, I believe that we will face some hardships as well. I believe that this year started with some pressure.

我看到 2025 年，我們的成本情境開始變得更具挑戰性，也許是成本壓力，可能會有點挑戰性。但說到通貨膨脹，我相信我們也會面臨一些困難。我認為今年年初還是有一些壓力的。

Do you think that this inflation scenario can show some estimates that you had concerning processed products or added value products that deepen a little bit more economic growth? Is there a favorable correlation? Do you still have this perception that these Value-added products might perform better in more favorable consumption scenarios?

您是否認為這種通膨情境可以顯示出您對加工產品或加值產品的一些估計，這些產品可以進一步促進經濟成長？是否存在良好的相關性？您是否仍認為這些增值產品在更有利的消費情境下可能會表現得更好？

By the way, when it comes to the international segment, you could think a little bit about that. But when it comes to supply and demand, offers, are these more positive or not? Do you think that 2025 can be a better year compared to 2024, considering everything that is happening in the United States that could open more opportunities to you?

順便說一句，談到國際部分，你可以稍微考慮一下。但當談到供需和報價時，這些是否更積極？考慮到美國正在發生的一切可能為您帶來更多機會，您是否認為 2025 年會比 2024 年更好？

We have this mix, 50-50 in Brazil and in an international segment. I know that in Brazil, we have this different segment, in a more solid scenario. If you could put some -- add some context for us to see it in a more tangible way, to see whether the mix can impact you. So that would be my first question.

我們的份額是巴西和國際市場各佔一半。我知道在巴西，我們有這個不同的細分市場，而且情況更加穩固。如果您可以提供一些背景信息，以便我們能夠更直觀地看到它，看看這種混合是否對您有影響。這是我的第一個問題。

And second question, just a follow up of something that you showed. When you talk about BRF+ 2023, it was a year that was very interesting in 2024, again, through different captures. So what can we wait for 2025 since this is a very interesting project, and now this has become a much more internal discussion inside the plans?

第二個問題，只是您所展示內容的後續回答。當您談論 BRF+ 2023 時，2024 年將是同樣透過不同的捕獲而變得非常有趣的一年。那麼，我們能等到 2025 年嗎？因為這是一個非常有趣的項目，而且現在這已經成為計劃內部的討論話題。

And a recurring question that we ask about this, where can we eventually see the effect of BRF+ now that it grasped a bigger part of the inefficiencies? These are the two questions that I have.

我們反覆問的一個問題是，既然 BRF+ 已經解決了大部分低效率問題，我們最終能在哪裡看到它的效果？這是我的兩個問題。

I will start the answer, and Fabio will help me. I believe it's important to -- I mean, before saying anything about 2025 it's important to perceive that what we were able to achieve as a team or as a company. This is still valid for the upcoming years.

我會開始回答，然後 Fabio 會幫助我。我認為重要的是——我的意思是，在談論 2025 年之前，重要的是要認識到我們作為一個團隊或一家公司能夠取得什麼成就。這對於未來幾年仍然有效。

BRF has a huge capacity of processing and receiving good pieces of information. Accessing good pieces of information, we can make great decisions and take advantage of great opportunities. We will continue focusing on that, because time and again, it's very clear that a company that has great information, it only turns that into results if they have efficiencies and if they can grasp these information.

BRF 具有強大的處理和接收優質資訊的能力。透過獲取有用的信息，我們可以做出正確的決策並抓住重大機會。我們將繼續關注這一點，因為一次又一次的事實表明，一家擁有大量資訊的公司只有提高效率並掌握這些信息，才能將其轉化為成果。

This will keep happening on BRF. We were able, of course, take into account our analysis system, and we've been able to achieve greater positions and our company was able to react facing different challenges. In our sector, we know that things vary on a daily basis.

這將會繼續在 BRF 上發生。當然，我們能夠考慮到我們的分析系統，並且我們能夠取得更高的地位，我們的公司能夠應對不同的挑戰。在我們的行業中，我們知道事情每天都在變化。

About BRF+, before continuing about 2025, it's important to say that BRF+, it's a program that it's going to progress continuously. So the more you prove the amount of opportunities, they decrease, but it doesn't really decrease the quality of our opportunities.

關於 BRF+，在繼續討論 2025 年之前，有必要說一下 BRF+ 是一個將持續推進的計劃。因此，你證明的機會越多，機會的數量就越少，但這並不會真正降低機會的品質。

I would say that more than ever, BRF+ has become a performance program as well as a cultural program. So we are confident that in 2025 and the upcoming years, we will be grasping opportunities that we are preparing now and we are mapping it up now as well.

我想說的是，BRF+ 比以往任何時候都更成為一個表演項目，同時也是一個文化項目。因此，我們有信心，在 2025 年及未來幾年，我們將抓住現在正在準備和規劃的機會。

When it comes to 2025 then, obviously, we start the year in a very good shape concerning volume and market diversity. We have this cost challenge. Fabio will say more about this now. But I can say that we are prepared to work with the scenario that we see in before us.

那麼，談到 2025 年，顯然，我們在產量和市場多樣性方面將以非常好的狀態開始新的一年。我們面臨成本挑戰。法比奧現在將對此進行更多說明。但我可以說，我們已經做好了應對眼前情勢的準備。

January was very strong, and it's very important for you to really be in a good shape in the beginning of the year. January and February are challenging months. People go on vacations. They spend more money towards the end of the year, and obviously this takes a toll on the conception during the beginning of the year.

一月份表現非常強勁，所以在年初保持良好的狀態對你來說非常重要。一月和二月是充滿挑戰的月份。人們去度假。他們在年底花費更多，這顯然會對年初的計畫造成影響。

This is not what we have been experiencing in this beginning of the year. January started very strong. February is going well. And yes, in your question, mentioned this and we are 100% aligned. Value-added products and strong brands like BRF, without a shadow of the doubt, they present more resiliency, and they navigate better in a challenging scenario. But now I will pass the floor over to Fabio, and he will say a few words about the end of the year and what happened in 2025.

這並不是我們今年年初所經歷的情況。一月份的開局非常強勁。二月一切順利。是的，在您的問題中提到了這一點，我們 100％ 同意。毫無疑問，加值產品和像 BRF 這樣的強勢品牌具有更強的彈性，並且在充滿挑戰的情況下能夠更好地應對。但現在我將把發言權交給法比奧，他將談一談今年年底以及 2025 年發生的事情。

Thank you, Miguel. About the cost, it's important to highlight that we had a non-recurring effect on the last quarter. Considering some goals that the company had when it comes to the new management, but all these other objectives were met according to what we were able to understand.

謝謝你，米格爾。關於成本，需要強調的是，上個季度我們受到了非經常性影響。考慮到公司在新管理層方面所設定的一些目標，但根據我們的理解，所有其他目標都已實現。

So we made some provisions concerning some compensation that would be variable and all the workforce. And this affected the cost of the industry professionals and the livestock professionals, but it also had an impact on the different administrative lines and revenue.

因此，我們針對所有勞動力的可變薪酬制定了一些規定。這不僅影響了產業專業人員和畜牧專業人員的成本，也對不同的管理線和收入產生了影響。

And when we project 2025, we need to eliminate these effects -- these non-recurring effects that in a combined way with the [PRLR] provisions, combined with the productivity of the company and also knowing that we have a different mix in the fourth quarter, especially when it comes to Brazil due to the holidays.

當我們預測 2025 年時，我們需要消除這些影響——這些非經常性影響與 [PRLR] 條款相結合，結合公司的生產力，同時也知道我們在第四季度有不同的組合，特別是由於巴西的假期。

So structurally wise, we have to think about the input costs that also are connected to the exchange rates when it comes to some services or some ingredients or to freight or the agricultural commodities as well. The bottom line, Miguel, is that we see a favorable scenario when it comes to the protein prices, a scenario that we've experienced during 2024. So we expect to go through this in 2025. You mentioned offer and supply, we see this scenario in a balanced way. And I think this is valid for chicken and pigs, poultry and pigs.

因此，從結構上講，我們必須考慮與匯率相關的投入成本，例如某些服務、某些原料、貨運或農產品。米格爾，最重要的是，我們看到了蛋白質價格的有利局面，我們在 2024 年經歷過這樣的局面。因此我們預計這一進程將在 2025 年實現。您提到了供應和供給，我們以平衡的方式看待這種情況。我認為這對雞和豬、家禽和豬都適用。

You also mentioned the processed products and value-added products. We see a favorable consumption environment for Brazil. We have the volumes of the categories that the company leads in a very confident way, especially considering the confidence of the consumers. Nowadays, we have a high level of trust from our consumers. So we have performed very well.

您也提到了加工產品和加值產品。我們看到巴西的消費環境良好。我們對公司主導的品類銷售非常有信心，尤其是考慮到消費者的信心。如今，我們贏得了消費者的高度信任。所以我們的表現非常好。

And January started in a great shape. January's volumes surprised our own expectation. So we expect to compensate this -- the cost structural effect, working a lot on our revenue, on our price basis, thinking the price that we present to the customers -- also to our customers, to the consumers.

一月一開始，情況就很好。一月份的交易量超出了我們的預期。因此，我們希望彌補這個成本結構效應，在我們的收入、價格基礎上做出很大的努力，考慮我們向客戶、向消費者提供的價格。

Lucas Ferreira, JPMorgan.

摩根大通的盧卡斯費雷拉。

Two questions about pricing. The first one related to processed products in Brazil. I believe that they -- usually, we raised the prices in the beginning of the year. If you could comment about this element in the industry from what Fabio said, volume in January. So I believe there is a good elasticity from the consumer. But do you see that there is room for new raises or the raise that you expected to go about in the beginning of the year? Does it cover the whole portfolio of processed products? Or do we have to explore this a little bit more?

關於定價的兩個問題。第一個涉及巴西的加工產品。我相信他們——通常，我們會在年初提高價格。如果您能根據 Fabio 所說的 1 月份的交易量對該行業中的這一要素進行評論的話。所以我相信消費者俱有良好的彈性。但是，您是否認為還有新的加薪空間，或者還有您在年初所預期的加薪空間？它是否涵蓋了整個加工產品組合？或者我們需要對此進行進一步的探索？

And if you could also put your ideas forward with regards to the international segment, especially when it comes to poultry and pigs in the main markets. From what I see here from the CSX data, the average prices of poultry, they've been dropping around 8% or 10% of the peaks that we saw in the last of the third quarter. So if you could see a reason about that, if it's just something related to mix or exports goods or market mix. If you could comment a little bit for us to understand at least in dollar, right, the prices are a bit lower compared to the last -- the third quarter.

而您也可以針對國際市場提出您的想法，特別是涉及主要市場的家禽和生豬。從 CSX 數據來看，家禽的平均價格較第三季末的峰值下降了約 8% 或 10%。因此，如果您能找到原因，如果它只是與混合或出口商品或市場組合有關。如果您能稍微評論一下，讓我們至少以美元來理解，那麼與上一季（第三季）相比，價格略低。

I will make some comments with regards to the domestic market, then I will pass the floor over to Fabio. So we have observed this balanced relationship between offer and supply. That makes us perform very well when it comes to price comparing with the International segment.

我將對國內市場發表一些評論，然後將發言權交給 Fabio。因此，我們觀察到了供需之間的平衡關係。這使得我們在價格方面與國際市場相比表現非常出色。

Something that is very relevant to us, we have Ramadan -- in the Ramadan -- pre and after Ramadan, so the consumption was very strong. When we look at CSX, it's important for you to isolate the mix effect that has a responsibility share on this decrease. And when we have an exchange appreciation, you will see a reduction in the prices that are performed in different markets.

與我們息息相關的是，我們在齋戒月期間——齋月前和齋月後，因此消費量非常強勁。當我們查看 CSX 時，重要的是要分離出對這種下降負有責任的混合效應。當匯率升值時，你會看到不同市場的價格下降。

When it comes to the current point of view, we start seeing this inflection happening. This started in January, and we see it continuing in February, however, with good expectations. Obviously, we are trying to recover what happened in the third quarter, but we've been trying to experiment in this effect on the first quarter.

從目前的觀點來看，我們開始看到這種轉變的發生。這種情況從一月份就開始了，而且我們預計二月還會繼續，並且預期會很好。顯然，我們正在努力恢復第三季發生的情況，但我們一直在嘗試試驗這種影響對第一季的影響。

I guess when it comes to Brazil, it's important to mention again, the expectation for the consumption environment. So the processed products business is very much influenced by demand much more than the offer. So in that sense, the year started very well. As I said, we have a good expectation when it comes to performance of volumes of the first quarter as well as the other ones.

我想當談到巴西時，再次提及對消費環境的期望是很重要的。因此，加工產品業務受需求的影響遠大於受供應的影響。從這個意義上來說，今年的開局非常好。正如我所說，我們對第一季以及其他季度的銷售表現抱持良好的期望。

When we talk about price strategy, I think we cannot really say that there's only one action that takes into account the entire territory of Brazil. We have different strategies. We know that we have different players considering different states and regions. So we've been monitoring all the indicators. And we will adopt these strategies respecting the different characteristics of the different markets when it comes to maximizing not only the revenue, but the profitability of these elements.

當我們談論價格策略時，我認為我們不能真正說只有一種行動可以考慮到整個巴西領土。我們有不同的策略。我們知道我們有不同的參與者考慮不同的州和地區。所以我們一直在監測所有指標。我們將根據不同市場的不同特徵採取這些策略，以最大化這些要素的收入和獲利能力。

It's important to highlight that we are very much focused on commercial execution, and this has been a source of lots of efficiency. So we start to mentioning the penetration of the focal sales points, the different room that we have in different stores, the adherence of the prices considering the different players. And this has a big impact on the final decision of the consumer -- and of course, considering the strength of the brands in our portfolio.

值得強調的是，我們非常注重商業執行，這也是我們提高效率的來源。因此，我們開始提及焦點銷售點的滲透率、不同商店的不同空間、以及考慮到不同參與者的價格堅持率。這對消費者的最終決定有很大影響——當然，也要考慮到我們產品組合中品牌的實力。

Gustavo Troyano, Itaú

古斯塔沃·特羅亞諾（Gustavo Troyano），Itaú

There are two topics here that I would like to explore with you. The first one connected to BRF+ that was mentioned before. What I would like to hear from you, Miguel, is for you to try to contextualize our current scenario, considering efficiency, maybe contrasting with some levels that you've operated before.

這裡有兩個話題我想和大家一起探討。第一個與之前提到的 BRF+ 相連。米格爾，我希望聽到您嘗試將我們當前的情況具體化，考慮效率，或許與您之前操作過的一些水平進行對比。

It would be important to know whether you achieved all the historical benchmarks, maybe is there like a high track record? Or is there any room for improvements? But I mean, it would be interesting for you to talk about this when we take a look at our history. What could you highlight nowadays in terms of operational efficiency?

了解您是否達到了所有歷史基準很重要，也許有一個很高的記錄？或是還有什麼可以改進的地方嗎？但我的意思是，當我們回顧歷史時談論這個問題會很有趣。目前，在營運效率方面您能強調什麼？

The second topic is connected to capital, and I believe this would be more directed to Fabio. If you could recap some of the breakeven expectations for 2025. And when it comes to the expansion CapEx of this strong cash generation that the operational context implies.

第二個主題與資本有關，我相信這個主題更適合 Fabio。如果您能重述一下 2025 年的一些損益平衡預期。當談到營運環境所暗示的強勁現金產生能力的擴張資本支出時。

It would be interesting to hear more about the upcoming projects that make sense to you. Something related to interest as well, if there's anything that stopped making sense, it would be very interesting to hear more about this. When it comes to the expansion project, what will be prioritized considering the figures that you will put forward here in your answers?

聽聽您關於即將開展的、對您有意義的項目的更多資訊將會很有趣。一些與興趣有關的事情，如果有什麼事情不再有意義，那麼聽到更多關於這方面的資訊將會非常有趣。當談到擴建項目時，考慮到您在回答中提出的數字，將優先考慮什麼？

Talking about BRF+, let's remember that when we started the project, we had 2019 as a reference, 2019 was the target. This historical benchmark that showed the year with stability and a reasonable performance. This was our starting point.

談到 BRF+，讓我們記住，當我們啟動這個計畫時，我們以 2019 年為參考，2019 年為目標。這一歷史基準表明，今年經濟表現穩定且合理。這是我們的起點。

In this target -- we left the target behind. I mean, I'm trying to answer your question, right. But we have achieved the benchmark chosen at that time. And then we changed the target. We established new targets with a more challenging scenario. And after we determined the starting point, we established a different landing point for us to finish this journey.

在這個目標上——我們把目標拋在後面了。我的意思是，我正在嘗試回答你的問題，對吧。但我們已經達到了當時選定的基準。然後我們改變了目標。我們制定了更具挑戰性的新目標。而當我們確定了出發點之後，我們就確立了不同的著陸點來結束這趟旅程。

And answering your question with regards to the future, here in BRF, we have a dispersion, considering our best performance and our -- not worst, but a little worse performance. But in between processes and in between plants, we still have room for improvement. So BRF+, it's a continuous improvement program, and it's expected to see better results.

回答您關於未來的問題，在 BRF 這裡，考慮到我們的最佳表現和我們的——不是最糟糕的，但稍微差一點的表現，我們有一個分散性。但在流程之間、工廠之間，我們仍有改進的空間。所以 BRF+ 是一個持續改進計劃，預計會看到更好的結果。

Because now, I mean, we have changed since last year. This was it. But in 2025, we'll keep changing it. We are not taking into account the starting point, but the internal benchmark of each one of the operations and processes, geographies that we have here in BRF. And then we are measuring this and working on this.

因為現在，我的意思是，我們自去年以來已經改變了。就是這樣。但在 2025 年，我們將繼續改變它。我們考慮的不是起點，而是 BRF 中每個操作、流程和地理位置的內部基準。然後我們對此進行測量並開展工作。

Another important aspect is that BRF+ not only changed its name, BRF+, it's BRF+ together, because we have been working a lot on the synergy and the synchrony of the different areas of the company. The company is not going to have a growing performance if we're only talking about excellence islands. We have to improve the sectors as a whole. They have to be connected and they have to support one another. This is what we have been focusing on for 2025.

另一個重要方面是，BRF+ 不僅更名為 BRF+，而且是合併後的 BRF+，因為我們一直在致力於公司不同領域的協同和同步。如果我們只談論卓越島，公司的業績就不會成長。我們必須從整體上改善各個產業。他們必須相互聯繫，相互支持。這正是我們2025年一直在關注的重點。

Addressing now the question related to capital structure, as you mentioned, breakeven. I think it's important to highlight that free cash generation of the company in 2024 had an excellent conversion of EBITDA over 60% converted in free cash. Obviously, this has a combination of two elements, the performance of the operation as a reflection of EBITDA itself, but also the reflection in financial lines because of the debt that is regressing. And as an outcome, we have less interest charges.

現在討論與資本結構相關的問題，正如您所提到的，損益平衡。我認為值得強調的是，該公司 2024 年的自由現金產生具有出色的 EBITDA 轉換率，超過 60% 轉換為自由現金。顯然，這是由兩個因素共同作用的結果，一方面是 EBITDA 本身的反映，另一方面也是由於債務減少而導致的財務狀況的反映。結果是，我們的利息費用減少了。

The financial issue, structurally, it favors an environment for 2025. We have a net debt that is reducing marginally because the company has the capability of generating cash constantly in the evolution of quarters. What you already mentioned that should happen, it is the company allocating resources for expansion projects.

從結構來看，財務問題有利於2025年的環境。我們的淨債務正在略微減少，因為公司有能力在各個季度中不斷產生現金。您剛才提到應該發生的情況是，公司正在為擴張專案分配資源。

There has been an important growth in volume, especially in Brazil in the processed product categories and these sped up the use of our plants and facilities and the idle parts are now being used. So it's important to direct resources so we can expand capacity and take opportunity of capturing revenue associated and a demand that in our view is going to continue steady and solid.

產量有了顯著增長，尤其是在巴西的加工產品類別，這加速了我們工廠和設施的利用，閒置部分現在正在利用。因此，引導資源非常重要，這樣我們才能擴大產能，並抓住機會獲取相關收入，而我們認為這種需求將會持續穩定且穩固。

What I can anticipate is that we have good projects. It doesn't mean that the projects are going to be approved. It will depend on a lot of criteria. If projects really reach the requirements of economical and financial viability, they're going to be executed.

我可以預期的是，我們會有好的項目。這並不意味著這些項目將會獲得批准。這將取決於許多標準。如果專案確實達到了經濟和財務可行性的要求，就會被執行。

There are numerous projects. It's not guaranteed that they're going to go into something more concrete. But we have to get the strategy of the company, investments in projects that increase the capacity of production of processed products. So some categories are priority. I can mention frozen products and dairy or cut products.

有很多項目。不能保證他們會採取更具體的行動。但我們必須了解公司的策略，投資於增加加工產品生產能力的項目。因此某些類別是優先的。我可以提到冷凍產品和乳製品或切割產品。

Thiago Duarte, BTG Pactual.

蒂亞戈·杜阿爾特 (Thiago Duarte)，BTG Pactual。

I would like to focus on the discussion of two questions in the operation in Brazil. And you mentioned a lot about demand and processed products participation and the strength of the brands. I think this helps explain the top line dynamics that is good in the quarter, in the year, you mentioned a little bit about in the beginning of 2025.

我想重點談談在巴西行動中的兩個問題。您多次提到需求、加工產品參與度以及品牌實力。我認為這有助於解釋本季、本年度（您剛才提到了 2025 年初）的良好營收動態。

But I would like to hear a little bit from you, what leads to a sequential drop of margins in Brazil in spite of seasonability? Especially in the past, you commented about regular portfolio and contribution margin of this portfolio, even the four prior quarters when you have a seasonal mix.

但我想聽聽您的意見，儘管是季節性因素，但是什麼原因導致巴西的利潤率連續下降？特別是在過去，您評論了常規投資組合和該投資組合的貢獻利潤率，甚至是季節性組合的前四個季度。

If you could mention a little bit what lines that eventually that was not the seasonal mix that was bad. I understand that something in the regular portfolio, somehow the margin drops sequentially, but still good -- but it falls, it drops sequentially.

如果您能稍微提一下最終的結論，那不是糟糕的季節性組合。我了解常規投資組合中的某些東西，不知何故利潤率會連續下降，但仍然很好 - 但它會下降，它會連續下降。

If you could talk a little bit about your mix of either natural products or mix of processed products, where we have the big drivers for this sequential margin drop? That would be my first question.

如果您可以稍微談談天然產品或加工產品的組合，那麼導致利潤率持續下降的主要原因是什麼？這是我的第一個問題。

And the other question now in a discussion that is more in the long run, you are talking a lot about the strength of the brands and some interesting comments about preference, top of mind, et cetera. We saw last year the company recovering market share of processed products in Brazil. I think that's for the first time since the merger, if I'm not wrong.

現在討論的另一個問題是從長遠來看，您談論了很多關於品牌實力以及關於偏好、首要考慮等一些有趣的評論。去年我們看到該公司恢復了巴西加工產品市場的份額。如果我沒記錯的話，我認為這是合併以來的第一次。

I would like to hear from you a little bit where you understand that it should be the fair share of the brands of the company, the brands that today are receiving investments. Again to understand how better you understand that this market share can recover now that you have started this better cycle in 2024 and having a sight market participation?

我想聽聽您的意見，您是否理解這應該是公司品牌的公平份額，即今天正在接受投資的品牌。再次了解，既然您已經在 2024 年開始了這個更好的周期，並且有明顯的市場參與度，那麼您如何更好地理解這個市場份額可以恢復？

Thank you, Thiago. I'm going to start by answering the first part that is related to the drop of margins -- sequentially drop of margins. Firstly, I state that this got nothing to do with prices. It's much more to do with the cost side of thing.

謝謝你，蒂亞戈。我將首先回答與利潤率下降相關的第一部分——利潤率的連續下降。首先，我聲明這與價格無關。這與成本方面有關。

I commented, I think, in the first question that we have an effect that is non-recurring effect related to a concentration of provisions and variable compensation, which was the objective associated even to the story of the turnaround of the organization that were calculated at the end of the year. This overloaded a little bit the cost line in the quarter and also overloaded the expenditure line because this involves all the workforce.

我認為，在第一個問題中，我評論說，我們有一個與撥備集中和可變薪酬有關的非經常性影響，這是與年底計算的組織扭虧為盈的故事相關的目標。這使得本季的成本線略微超負荷，也使得支出線超負荷，因為這涉及所有勞動力。

This combined with provisions of PLF correlated with profitability of the company. That means we have BRL3.7 billion of net profit. So we have union agreements related to PLF there was also a disproportional -- let's say, a concentration in -- a bigger concentration in the fourth quarter. The line had made the provisions in the prior quarters, but the calculations of this net profit line happened at the end of the year.

這與 PLF 的規定相結合，與公司的獲利能力有關。這意味著我們有37億巴西雷亞爾的淨利。因此，我們有與 PLF 相關的工會協議，也存在不成比例的 - 可以說，集中度在 - 第四季度更高。該線路在前幾個季度已經提列了準備金，但這條淨利潤線路的計算是在年底進行的。

So these two elements in Brazil, obviously, combined with labor factors that we have highlighted, they influenced in a more relevant manner the margins of the segment. We also talked at the beginning of the year 2025, the possibilities that we have of performing very well. So I don't want to be repetitive in this aspect.

因此，巴西的這兩個因素顯然與我們強調的勞動力因素相結合，以更相關的方式影響了該部門的利潤率。我們在 2025 年初也談到了我們取得優異成績的可能性。所以我不想在這方面重複。

So about the second part of the question, you mentioned the fair share, let me give the floor to Miguel, and he's going to answer that part.

關於問題的第二部分，您提到了公平份額，讓我把發言權交給米格爾，他會回答這個部分。

I understand that it's very important to understand that market share is an outcome that goes through the exposure of our brands, recovery and the relevance of these brands with the consumers and also very much through commercial execution and operational execution of the company. BRF with the BRF+ program, it launches it with idle lines being used, with plants performing below their potential and now performing at their potential, at their best. And now logistics delivering what we sold and a sales force that is driven, engaged, working. So these products get to the consumer in different locations with all the capillarity that is fantastic that BRF already has.

我明白，市場份額的取得取決於我們品牌的曝光度、品牌的恢復以及與消費者的相關性，同時也很大程度上取決於公司的商業執行和營運執行，這一點非常重要。BRF 與 BRF+ 計畫一起啟動，該計畫利用閒置生產線，使工廠的運作潛力低於其潛力，現在則發揮其最佳潛力。現在，物流正在運送我們所銷售的產品，而銷售團隊積極主動、積極投入、努力工作。因此，這些產品可以透過 BRF 已經擁有的出色毛細管作用到達不同地方的消費者手中。

A clear example of that is that we had in the fourth quarter of 2024, 327,000 customers. So all this added -- makes that the outcome in terms of share come up. We are not pursuing share as one thing. Share is an outcome of this continuous improvement process in all these aspects that we have talked about.

一個明顯的例子是，到 2024 年第四季度，我們擁有 327,000 名客戶。所以所有這些加在一起——就產生了份額方面的結果。我們追求的並不是份額本身。分享是我們在討論的所有這些方面不斷改進過程的結果。

We're going to continue working with all these factors. We understand that we have room for improvement. In all of them, we can improve performance at the plant, at agribusiness, logistics, for commercial performance, trading performance. We're going to continue taking care of our brands and honoring the trust that the Brazilian consumer has on us.

我們將繼續努力解決所有這些因素。我們明白我們還有進步的空間。在所有這些方面，我們都可以提高工廠、農業綜合企業、物流、商業績效和交易績效。我們將繼續關注我們的品牌並尊重巴西消費者對我們的信任。

If I could only do some follow-up on Fabio's comments. From what I understood, if we excluded or adjusted to this concentration on provisions, variable compensation and profit sharing in the third and the fourth quarter, you understand that the margin in Brazil would normally have expanded quarter against quarter?

如果我只能對 Fabio 的評論做一些跟進就好了。據我了解，如果我們排除或調整第三季和第四季的撥備、浮動薪資和利潤分享，您是否認為巴西的利潤率通常會逐季擴大？

Yeah. You would have noticed the presence of the portfolio, the seasonal portfolio of commemorative products influencing positively the brands as traditionally happened.

是的。您可能已經注意到產品組合的存在，季節性紀念產品組合像傳統一樣對品牌產生了積極影響。

Henrique Brustolin, Bradesco BBI.

恩里克·布魯斯託林，布拉德斯科 BBI。

I have a couple of questions actually. The first one also on discussing costs. It's clear that there is an element that is not recurrent, that we shouldn't think of, of carrying it over from now on to 2024 related to profit sharing and variable compensation. My doubt is when we look at costs, excluding this component, how should we think of the level of fourth quarter as a good pace of entrance for 2024?

實際上我有幾個問題。第一個也是討論成本。顯然，存在一個與利潤分享和可變薪酬有關的非經常性因素，我們不應該考慮將其從現在延續到 2024 年。我的疑問是，當我們考慮成本時，排除這一部分，我們應該如何看待第四季度的水平作為 2024 年良好的進入步伐？

And from two angles, which is labor cost, which generates a theme that has been discussed in the past quarters. How much of this increase -- wages increase has happened in the operations, this reflects on quarter -- on the fourth quarter? And we could think of that as a clean base without necessarily additional accelerations.

從兩個角度來看，勞動成本是過去幾季討論的主題。薪資成長在營運中體現了多少，這體現在第四季？我們可以將其視為一個乾淨的基礎，而不需要額外的加速。

And the same questions on grain cost side, considering directionally origination and what you have seen in terms of price in the market, how much the grain cost of fourth quarter is a good reflection of what we should imagine for 2025, at least at the beginning of the year? This is the first.

關於糧食成本方面，同樣的問題，考慮到方向性起源以及您在市場價格方面看到的情況，第四季度的糧食成本在多大程度上能夠很好地反映我們對 2025 年（至少在年初）的預期？這是第一次。

And the second related to growth, it's super clear the organic projects. I would like to hear a little bit more what you have thought about inorganic M&As. We have seen some movements of the company at the end of last year. It's interesting to hear a little bit more about your priorities in the sense from the standpoint of diversification, locations, product portfolio, what could make sense as well?

第二個與成長有關，有機項目非常明顯。我想進一步聽聽您對無機併購的看法。我們在去年年底看到了公司的一些動向。很有趣的是，從多樣化、位置、產品組合的角度來看，您優先考慮的事情有哪些？

I'm going to start by the second question, and then I'll hand over to Fabio. Obviously, when companies like BRF starts, is able to perform within the parameters that we've been performing in 2024, we understood that we started the year of 2025 well positioned. We're going to continue attentive to those projects that make sense.

我將從第二個問題開始，然後交給 Fabio。顯然，當像 BRF 這樣的公司開始運作時，能夠在我們在 2024 年所執行的參數範圍內執行，我們就知道我們在 2025 年的開局就處於有利位置。我們將繼續關注那些有意義的項目。

The fact that we are paying attention, not only organic growth projects, but also opportunities that come up. These directionals are strategic directions that come from our controller that is paying a lot of attention to all opportunities. And yes, it makes sense for us to place and allocate efforts and resources on those locations where we see opportunities of growth and a payback that makes sense.

事實上，我們關注的不僅是有機成長項目，還有隨之而來的機會。這些方向是來自我們的控制器的策略方向，我們控制器非常關注所有機會。是的，我們將精力和資源投入到那些我們看到成長機會和合理回報的地方是有意義的。

I would say that a very clear sign of this trend was the last investments that BRF made in the market. If you analyze CSX data from 2024, MENA overlapped the Asia in terms of consumption in poultry, meat in terms of exportation. So I would say that the choices we made and the guidance we received from our Controller and the Board, they position us to capture these opportunities that without a doubt, will continue for the next years. We're well positioned. We started 2025 with a record consumption of pre-Ramadan, and we hope that this is reflected in prices.

我想說，BRF 在市場上進行的最新投資就是這一趨勢的一個非常明顯的標誌。如果分析 2024 年的 CSX 數據，中東和北非地區在禽肉、肉類消費量和出口量方面與亞洲重疊。因此我想說，我們所做的選擇以及我們的財務主管和董事會給予我們的指導，使我們能夠抓住這些機會，毫無疑問，這些機會將在未來幾年繼續存在。我們處於有利地位。2025 年伊始，齋戒月前的消費量創下了歷史新高，我們希望這能反映在價格上。

We always have to be controlling the choices we make because these choices are not choices that are either supersized in terms of expenditure of resources and that they also make sense in the terms of market growth. We have to place our efforts and resources and what makes sense, not only in the short, but also mid and long run. I will hand it to Fabio to add more.

我們必須始終控制我們所做的選擇，因為這些選擇不是在資源支出方面超額的選擇，而是在市場成長方面的合理選擇。我們必須投入我們的努力和資源，去做有意義的事情，不僅在短期，而且在中期和長期。我會將其交給 Fabio 來添加更多內容。

Now answering the first question about costs, you mentioned labor, about probably the fourth quarter being considered a clean quarter. I think you used that term to eventually project it. Just to be super clear, excluding these components of profit sharing and variable compensation that is clear. But thinking about that, we remove that if the level of expenditure, labor, wages is an entrance level for the year. It's clear, yes.

現在回答有關成本的第一個問題，您提到了勞動力，大概第四季度被認為是一個乾淨的季度。我認為您最終會使用這個術語來投射它。只是為了非常清楚，排除利潤分享和可變薪酬這些組成部分就很清楚了。但考慮到這一點，我們去掉支出、勞動力、薪資水準作為當年的入門水準。是的，很清楚。

What we can say about labor is, it's very much correlated with the projection of inflation. So these effects of the quarter, they involve agreements that were negotiated over 2025 in several regions that we have labor that is representative. In 2025, this go to concept at the same pace. So we're going to have agreements happening over the year to settle inflation of this exercise.

關於勞動力，我們可以說，它與通貨膨脹的預測密切相關。因此，本季的這些影響涉及到我們在具有代表性的勞動力的幾個地區就 2025 年談判達成的協議。2025年，這個概念將以同樣的速度實現。因此，我們將在年內達成協議來解決此行動造成的通貨膨脹。

So if you consider that you have X projection for 2025, if you consider that these agreements happened over the year, it would be fair to consider that you have -- if it were a linear pace, you would have of the inflation impact to adjust the cost of labor in relation to grains, it's important to separate 2 elements.

因此，如果您考慮到您對 2025 年有 X 預測，如果您考慮到這些協議是在過去一年中達成的，那麼公平地考慮，如果這是線性速度，您將根據通貨膨脹的影響來調整與穀物相關的勞動力成本，將兩個因素分開很重要。

Currency exchange rate that influenced the prices in reals and our origination in Brazil, especially for soybean and oil, less for corn, because of the history. But we have to have this factor present because there in currency exchange rate, we can make up for the dollar prices for exportation to several destinations.

由於歷史原因，貨幣匯率影響了雷亞爾的價格和我們在巴西的原產地，尤其是大豆和石油的價格，而玉米的價格影響較小。但我們必須考慮這個因素，因為在貨幣匯率方面，我們可以彌補出口到幾個目的地的美元價格。

So when we eliminate currency exchange rate, I mean, we are optimistic because we believe that a crop that is representative for the Brazilian platform, especially, but for the Argentinian, American platform. We have projections in the case of the soybean crop that they surpassed the projections of the market. So we have 174 million tons for the soybean crop. It's a record crop. It's a lot of soybean to be harvested in a relatively short period. And for corn, we are also betting on the positive crop concentrated on the small crop.

因此，當我們消除貨幣匯率時，我的意思是，我們是樂觀的，因為我們相信，這種作物不僅對巴西平台具有代表性，而且對阿根廷和美國平台也具有代表性。我們預測大豆產量將超過市場預期。因此，我們的大豆產量為 1.74 億噸。這是創紀錄的產量。在相對較短的時間內收穫大量大豆。對於玉米，我們也看好小規模作物的正面表現。

Our strategy is going to be very similar to prior exercises of effectively positioned in harvesting periods. This is important to highlight. We have a growth of global crop of '25 versus '24. This is a positive factor for input prices isolated, as I already mentioned, as the currency exchange rate factor.

我們的策略將與先前在收穫期有效定位的練習非常相似。強調這一點很重要。25 年全球產量較 24 年成長。這對於投入價格來說是一個積極因素，正如我已經提到的，作為貨幣匯率因素。

Isabella Simonato, Bank of America.

伊莎貝拉·西蒙納托，美國銀行。

I have two questions. The first one in regards to growth, and especially inorganic growth. I think since the last call, in the third quarter, we announced two acquisitions. If you could give more details about probably what we can project, what we can expect from these assets that were acquired either from the standpoint of revenue or some reading on profitability. I think it's important for us to be able to contextualize and eventually start to see this in the results. This is the first point.

我有兩個問題。第一個是關於成長，特別是無機成長。我認為自上次電話會議以來，在第三季度，我們宣布了兩項收購。如果您可以提供更多細節，說明我們可以預測什麼，以及從收入或獲利能力的角度來看，我們可以從這些資產中獲得什麼。我認為對我們來說重要的是能夠將其具體化並最終在結果中看到這一點。這是第一點。

And the second is in regards to international market. When we looked at the EBITDA delta reported in 2024 against 2023, we had a relevant gain in Brazil, but we had an even bigger gain in international market, which changed the dynamic of cost prices. So I think it's always a division that we find it more difficult to understand where it normalizes and what we can consider this as in terms, not cyclic, to think of EBITDA from now on.

第二是關於國際市場。當我們查看 2024 年相對於 2023 年報告的 EBITDA 增量時，我們在巴西獲得了相應的收益，但在國際市場上的收益更大，這改變了成本價格的動態。因此，我認為這始終是一個分歧，我們發現很難理解它在哪裡正常化，以及從現在開始我們可以從哪個角度來考慮它，而不是周期性的，來思考 EBITDA。

So what can you bring in terms of details so we can think of this business, this division. What conditions that we have to think of this profitability that you delivered in 2024 as a profitability that somehow is more recurrent and where we have to think of this international margin that is sustainable?

那麼，您能提供哪些細節，讓我們能夠思考這個業務、這個部門。在什麼條件下，我們才能將您在 2024 年實現的盈利能力視為一種更具經常性的盈利能力，並且我們必須在什麼條件下將這種國際利潤率視為可持續的？

Thank you so much, Isabella. So when it comes to the first question, this inorganic growth, I believe that what I can tell you with regards to the acquisitions that we announced, it shouldn't be a surprise because we have been guiding you with regards to our predisposition to grow in terms of value-added and processed products, not only for us to have more profitability in our portfolio, but for the company to become more resilient or the commodity crops. I guess it's connected to the China plant. It's a processed plant that has room to grow even more when we contrast it with the structure that we have already. So I guess we can always extract more value of these kinds of products.

非常感謝，伊莎貝拉。因此，當談到第一個問題，即這種無機增長時，我相信我可以告訴您有關我們宣布的收購的信息，這應該不會讓您感到驚訝，因為我們一直在引導您關注我們在增值和加工產品方面的增長傾向，這不僅是為了讓我們在產品組合中獲得更多盈利，也是為了使公司變得更有彈性或更具商品作物的韌性。我猜這與中國工廠有關。這是一種經過加工的植物，與我們現有的結構相比，它還有更大的生長空間。所以我想我們總是可以從這類產品中挖掘出更多價值。

The Gelprime case, I believe it's a bit different because it's the core, but we have three elements that justify this step of the company. In this segment, we have profitabilities that are above our core business margins, historically speaking. So this would really favor us in terms of this consolidation vision. We understand that the growth of ingredients could be superior to the projected growth of our core business.

Gelprime 的案例，我認為有點不同，因為它是核心，但我們有三個要素可以證明公司採取這項措施的合理性。從歷史上看，在這一領域，我們的獲利能力高於核心業務的利潤率。因此，就整合願景而言，這確實對我們有利。我們了解到，原料的成長可能超過我們核心業務的預期成長。

And lastly, we understand that we have a competitive differential, which is our raw material associated with the protein production, the animal skin. So these are the three elements that justify this acquisition.

最後，我們知道我們的競爭優勢在於與蛋白質生產相關的原料—動物皮。這就是證明此次收購合理性的三個因素。

And this position of growing in the Middle East, this is something that we have been announcing, especially in Saudi Arabia. We also wanted to take part in the commercialization, not only of the frozen poultry, but the fresh one. And we have already mapped lots of initiatives and how we can contribute to bring more efficiency to this operandi's mode. So in terms of the value-added, we have these different acquisitions that can strengthen the company considering the margins, but also how the company protects itself considering the historical results.

我們一直在宣布我們在中東地區，特別是在沙烏地阿拉伯的地位不斷提高。我們也想參與商業化，不僅是冷凍家禽，還有新鮮家禽。我們已經規劃了許多舉措，並規劃瞭如何為提高此運作模式的效率做出貢獻。因此，就增值而言，我們進行這些不同的收購不僅可以從利潤率的角度增強公司實力，而且從歷史業績的角度來看，還可以幫助公司保護自己。

Referring the International segment, Isabella. We have seen a dynamic in 2024, and we believe that this will repeat again in 2025 when it comes to supply and demand. We have a balance. So whenever you have a balance, you have the conditions of maintaining your margins and in some occasions, take the opportunity of avenues of opportunities and make them to be successful.

提到國際部分，伊莎貝拉。我們已經看到了 2024 年的動態，我們相信，在供需方面，2025 年這種情況將再次重演。我們有一個平衡。因此，只要您保持平衡，您就有條件維持您的利潤，並且在某些情況下，抓住機會，讓機會成功。

Something that it's important to highlight, if you look at 2024, you will see that the pig protein performed less compared to the poultry, something that 2025 started differently. We have seen the pig poultry or swine protein performing very well in the beginning of 2025. So we will have a more balanced scenario.

值得強調的是，如果你看 2024 年，你會發現豬蛋白的表現與家禽相比較差，而 2025 年的情況則有所不同。我們已經看到豬、禽或豬蛋白在 2025 年初表現非常良好。因此我們將擁有一個更平衡的局面。

There were some regions and geographies that we saw a small variation in terms of the poultry price. We saw the contrary happening considering pigs. So one is going to offset the other for a period of time. So when poultry protein continue, we will recover the prices. We have seen this pricing recover in the poultry price.

我們發現一些地區和地理區域的家禽價格有細微的差異。我們看到，對於豬來說，情況恰恰相反。因此，在一段時間內，一個因素會抵消另一個因素。因此，當家禽蛋白質持續供應時，我們就會恢復價格。我們已經看到禽肉價格有所回升。

We will see these two outcomes, either talking about pigs or poultry, these two proteins, they will perform very well, announcing a higher increase of price. At least this is something that we have been seeing in the short or medium term.

我們將看到這兩種結果，無論是談論豬還是家禽，這兩種蛋白質，它們都會表現得非常好，預示著價格的更高上漲。至少這是我們在短期或中期內看到的情況。

There are different variables that we cannot control. But what I can assure you is that we are paying close attention to everything. We're very careful of not bearing inventory without sales. We are continuing our process of new habilitations. It allows us to make better choices. In 2024, we closed 175 new features. So when it comes to the resiliency of international prices, obviously, when you have 175 new destinations to send your product, you can choose. You have this choice capacity.

存在著我們無法控制的各種變數。但我可以向你們保證的是，我們正在密切關註一切情況。我們非常小心，不會留下沒有銷售的庫存。我們正在繼續進行新的適應過程。它使我們能夠做出更好的選擇。2024 年，我們關閉了 175 個新功能。因此，當涉及國際價格的彈性時，顯然，當您有 175 個新目的地可以發送您的產品時，您可以選擇。你有這個選擇能力。

So you can also have -- you develop this ability of maintaining prices much more than when you have to send your product to a specific market with a different consumption possibility. So we see this changing. And we had over 70 new locations just in 2024.

因此，與將產品發送到具有不同消費可能性的特定市場相比，您還可以擁有——您可以更好地培養這種維持價格的能力。因此我們看到這種現象正在改變。光是 2024 年，我們就擁有了 70 多家新門市。

Renata Cabral, Citi.

花旗銀行的 Renata Cabral。

I have two questions. The first is very quick. We saw the inventory levels increasing in the fourth quarter of 2024. If you could provide us with some ideas whether this is more related to the grain issue that you've mentioned a already?

我有兩個問題。第一個非常快。我們看到 2024 年第四季庫存水準有所上升。您能否告訴我們這是否與您之前提到的糧食問題更相關？

And the second question, it's just a follow-up with regards to the last question of the new locations. We have seen all these figures in 2024, as Miguel was mentioning right now. So we would like to understand the dynamics for you to expand even more in 2025, considering that 2024, we had great figures. So I'd like to ask specifically in terms of the export potential for the United Kingdom, we have the authorization, but how can you see these perspectives connecting to the expectations for 2025?

第二個問題只是關於新地點的最後一個問題的後續問題。正如米格爾剛才所提到的，我們在 2024 年已經看到了所有這些數據。因此，我們希望了解您在 2025 年進一步擴張的動力，考慮到 2024 年我們取得了出色的成績。因此，我想具體地問一下英國的出口潛力，我們獲得了授權，但您如何看待這些觀點與 2025 年的預期之間的聯繫？

I will start by answering the second question, and Fabio will go on with the first one. So these registrations, the new locations, they were decisive for 2024. We had a pipeline and our pipeline has a series of variables that are now connected to our desires and control. We have a pipeline of over -- approximately 50 new registrations for 2025.

我將首先回答第二個問題，然後 Fabio 將繼續回答第一個問題。因此，這些註冊、新地點對於 2024 年來說具有決定性作用。我們有一條管道，我們的管道有一系列變量，現在與我們的願望和控制相連。我們有超過 2025 年的新註冊數量，大約有 50 個。

When it comes to the United Kingdom, BRF nowadays has 13 plants that are registered for the United Kingdom, and we are working to keep registering new plants for this destination. It's important to remember that BRF is not yet registered for new venues in Europe. This is something that we would expect to happen in the next months or the new semesters. Nowadays, there's no reason for BRF to not take part in this market. It's a very important and relevant market, especially now that it shows very appealing prices and consumption formats.

說到英國，BRF 目前已有 13 家工廠在英國註冊，我們正在努力繼續為這個目的地註冊新的工廠。重要的是要記住，BRF 尚未在歐洲的新場地註冊。這是我們預計在接下來的幾個月或新學期會發生的事情。如今，BRF沒有理由不參與這個市場。這是一個非常重要且相關的市場，尤其是現在它顯示出非常有吸引力的價格和消費形式。

When it comes to this topic, it's also important to remember that we still have three plants in Rio Grande do Sul that cannot export to China because of Newcastle in 2024. We're still not exporting to China, even though this world animal organization has enabled us to do so and reported that this destination Rio Grande do Sul is legit. It can export to different places. However, for China, this is not available yet. So we are still a country and a state that cannot export to China, I mean, from Rio Grande do Sul. I believe this is something that will change in 2025, at least this is what we expect.

談到這個話題，同樣重要的是要記住，由於2024年紐卡斯爾事件，我們在南里奧格蘭德州仍有三家工廠無法向中國出口。儘管世界動物組織允許我們這樣做，並報告說南里奧格蘭德州這個目的地是合法的，但我們仍然沒有向中國出口。它可以出口到不同的地方。但對中國來說，目前還無法實現這一點。因此，我們仍然是一個無法出口中國的國家和州，我的意思是，無法從南里奧格蘭德州向中國出口。我相信這種情況在 2025 年會有所改變，至少這是我們所期望的。

When it comes to your first question with regards to the inventory, I'd like to say that we are reporting this information on 75 days, that is equivalent to the inventory return from last year. And if we compare to the third quarter of 2024, we had this time of 83 days.

關於您第一個問題中的庫存，我想說，我們報告的這個資訊是 75 天，相當於去年的庫存回報。如果我們與 2024 年第三季進行比較，這個時間是 83 天。

We do see a fall compared these time -- these moments. This drop has to do with this final numbers. And also, it's a result of the sales that happens during the holidays in Brazil. But I would like to say that the reduction of the inventory of finished products, it's part of our efficiency program, especially when it comes to this new management.

與這些時間相比，我們確實看到了下降——這些時刻。這次下降與最終數字有關。這也是巴西假期期間促銷的結果。但我想說，減少成品庫存是我們效率計畫的一部分，尤其是在新的管理下。

We started in 2022 with an inventory of about 15,000 tons, and we finished 2024 with an inventory of finished projects of 332,000 tons. So we have a reduction of 190,000 tons. And if we think of a cost of BRL10, we are talking about a big reduction. And obviously, in a systematic way influenced the reduction of our debt.

我們於 2022 年開始時庫存約為 15,000 噸，而到 2024 年底，已完成項目庫存為 332,000 噸。因此我們減少了19萬噸。如果我們考慮 10 巴西雷亞爾的成本，那麼我們談論的是大幅的減少。顯然，這以系統化的方式影響了我們債務的減少。

So we want to keep speaking up about the inventory return, optimize it. And it's important to say that during this period, our service level improved. We didn't have any kind of problems like not having the products. We know that before we had an access in terms of our inventory, but this is not happening anymore.

因此，我們希望繼續討論庫存回報問題，並對其進行最佳化。值得一提的是，在此期間我們的服務水準得到了提升。我們沒有遇到任何諸如沒有產品之類的問題。我們知道，以前我們可以訪問我們的庫存，但現在不再發生這種情況了。

The Q&A session is over. We would like to thank everyone's participation, and hope you have a wonderful day.

問答環節結束。我們感謝大家的參與，並祝福大家有美好的一天。

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.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。