BRF SA (BRFS) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to our BRF earnings conference call regarding the results of the first quarter of 2025. This conference has been recorded, and a replay can be checked on the website of the company. The presentation is also available for download. Right now, all the participants are connected as listeners, and then we will start our Q&A session when more instruction will be provided.

女士們、先生們，早安。歡迎參加我們關於 2025 年第一季業績的 BRF 收益電話會議。本次會議已錄製完畢，您可以在公司網站上查看重播。該簡報也可以下載。現在，所有參與者都以聽眾的身份連接，然後我們將開始問答環節，屆時將提供更多指導。

Before considering -- continuing, I would like to say the respective information have the basis, the believes, and the administration of BRF and the current information for the company. These declarations can involve risks and uncertainties.

在考慮——繼續之前，我想說的是，相關資訊有基礎、信念、BRF 的管理以及公司的當前資訊。這些聲明可能涉及風險和不確定性。

Bear in mind that we talk about future events, therefore, depend on circumstances that can or not occur. Investors, analysts, and journalists should take into account the events connected to a macroeconomic environment to the segment and other factors can make the results be materially different compared to the ones that are expressed in the respective declaration. Here in this conference, we have Mr. Miguel Gularte, the CEO; and Fabio Mariano, the CFO.

請記住，我們談論未來事件，因此取決於可能發生或不發生的情況。投資者、分析師和記者應考慮與該部門宏觀經濟環境相關的事件，其他因素可能會導致結果與各自聲明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；以及財務長 Fabio Mariano。

I would like now to pass the floor over to Mr. Miguel, who will start the presentation. Please, Mr. Miguel, you can proceed.

現在我想把發言權交給米格爾先生，他將開始演講。米格爾先生，請您繼續。

Good morning. I'd like to thank everyone for joining our first-quarter 2025 earnings conference call. We started the year delivering another consistent quarter, with solid results and continued progress on our journey toward greater efficiency and growth. We reported a profit of BRL1.2 billion, twice as much as the same period last year. And our net revenue reached BRL15.5 billion, a 16% increase compared to the first quarter of 2024. The performance we'll be discussing today marks the past first quarter in BRF's trajectory.

早安.感謝大家參加我們的 2025 年第一季財報電話會議。今年我們又迎來了一個穩定的季度，取得了穩健的業績，並在提高效率和成長的道路上繼續取得進展。我們的利潤為12億巴西雷亞爾，是去年同期的兩倍。我們的淨收入達到 155 億巴西雷亞爾，與 2024 年第一季相比成長了 16%。我們今天要討論的表現標誌著 BRF 發展軌跡中過去的第一個季度。

Our BRF+ program delivered BRL305 million in efficiency gains during the period and remains a key driver of continuous improvement across all work streams. Efficient management enabled growth through performance improvements, higher utilization of our current assets, allowing us to lay the groundwork for sustainable growth, always with financial discipline and focus on generating value for our shareholders.

我們的 BRF+ 計畫在此期間實現了 3.05 億巴西雷亞爾的效率提升，並且仍然是所有工作流程持續改進的關鍵驅動力。高效的管理透過提高績效、提高流動資產的利用率實現了成長，使我們能夠為永續成長奠定基礎，始終遵守財務紀律並專注於為股東創造價值。

I now invite our CFO, Fabio Mariano, to present the quarterly results in detail, and I'll return afterwards for closing remarks on today's presentation.

現在我邀請我們的財務長 Fabio Mariano 詳細介紹季度業績，之後我將回來對今天的演講進行總結發言。

Good morning to everyone connected. On the first page, I'll highlight the main financial indicators for the first quarter of 2025. Starting with the net revenue, which reached BRL15.5 billion, 16% higher than in the same period in 2024. EBITDA was BRL2.8 billion. The best result in our history for a first quarter, 30% higher than the previous year's performance, contributing to a net profit of BRL1.2 billion in the period, double the first quarter of 2024.

各位觀眾朋友早安。在第一頁，我將重點介紹2025年第一季的主要財務指標。首先是淨收入，達到 155 億巴西雷亞爾，比 2024 年同期成長 16%。EBITDA 為 28 億巴西雷亞爾。這是我們第一季史上最好的業績，比去年同期的業績高出 30%，當期淨利達到 12 億巴西雷亞爾，是 2024 年第一季的兩倍。

Free cash flow performance was approximately BRL1.3 billion or BRL1.8 billion, if we eliminate the effect of the acquisition of Addoha Poultry in Saudi Arabia in partnerships with PIF. And in this slide with leverage, we reached 0.54 times EBITDA in the last 12 months, with the lowest leverage in history.

自由現金流表現約 13 億雷亞爾，如果消除與 PIF 合作收購沙烏地阿拉伯 Addoha Poultry 的影響，則為 18 億雷亞爾。在這次槓桿率下滑中，我們在過去 12 個月內達到了 EBITDA 的 0.54 倍，是歷史最低槓桿率。

The next slide, on page 4, on the left shows the historical evolution of gross profit with profitability of 26.3% in the period. We reported a gross profit of more than BRL4 billion. On the right, we can see the evolution of EBITDA and margins showing stability in operating results.

下一張投影片在第 4 頁左側，顯示了該期間毛利的歷史演變，獲利率為 26.3%。我們的毛利超過40億巴西雷亞爾。在右側，我們可以看到 EBITDA 和利潤率的演變，顯示經營績效穩定。

We will now present the performance by market and business segment. Starting with Brazil, we continue to evolve progressively. We achieved an EBITDA margin of 17.1% volume growth, especially, in process categories and the contribution of fresh cuts to domestic market margins.

我們現在將按市場和業務部門展示業績。從巴西開始，我們不斷逐步發展。我們的 EBITDA 利潤率實現了 17.1% 的成長，尤其是加工類別和新鮮切塊對國內市場利潤率的貢獻。

On the next page, number 6, we emphasize our journey of continuous evolution in commercial execution, reflected in greater numerical distribution and new points of sales served. We also see greater adherence to suggested price and a lower historical level of FIFO discount associated with the useful life of products.

在下一頁，即第 6 頁，我們強調了我們在商業執行方面不斷發展的歷程，這體現在更大的數位分佈和新的銷售點服務上。我們也發現，建議價格的遵守率有所提高，與產品使用壽命相關的先進先出折扣的歷史水準有所降低。

Service levels are still at optimum levels despite the significant improvement in volumes. We remain attentive to our consumers' needs. And in the frozen food category, especially, in ready meals, we launched new items in the Meu menu line from Perdigao and Hot Bowls from Sadia. We also promoted new campaigns and sponsorships, reinforcing the brand's visibility and supporting our customers' preference.

儘管數量顯著增加，但服務水準仍處於最佳水準。我們始終關心消費者的需求。在冷凍食品類別中，尤其是在即食食品方面，我們推出了 Perdigao 的 Meu 菜單系列和 Sadia 的 Hot Bowls 系列新品。我們也推廣了新的活動和贊助，增強了品牌知名度並支持客戶的偏好。

Now on the next page, we present the International market. We saw healthy margins in the segment with contribution of geographical diversification and new export permits. EBITDA margin exceeded 19% in the quarter.

下一頁我們將介紹國際市場。受地理多樣化和新出口許可的推動，該部門的利潤率表現穩健。本季 EBITDA 利潤率超過 19%。

On the next slide, we highlight the announcement of the construction of the new process products plant in Saudi Arabia, and the growth in volume driven by Ramadan, with an emphasis of gaining market share in processed products.

在下一張幻燈片中，我們重點介紹了在沙烏地阿拉伯建造新的加工產品工廠的公告，以及齋戒月推動的產量成長，重點是獲得加工產品的市場份額。

In Turkey, we continue to focus on increasing the contribution of sales in process products, which represents around 25% share, helping to mitigate the effects of the greater local supply of fresh chicken. We maintained our market share leadership with Sadia and Banvit brands in their respective markets.

在土耳其，我們繼續致力於增加加工產品銷售的貢獻，該部分佔比約為 25%，有助於減輕當地新鮮雞肉供應增加的影響。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 of the direct export segment. We expanded our business alternatives with two new permits -- 12 new permits in 2025, helping to maximize prices. There have already been 187 new export permit since 2022. Recently, we completed the acquisition of the processed food plant in China, reinforcing our strategy of added value at local prices. We also highlight the process made in processed products in Chile and the extension of portfolio with the Sadia hamburger, which marks the first in the beef category.

右邊我展示了直接出口部分的亮點。我們透過兩項新許可證擴大了我們的業務選擇——2025 年將有 12 項新許可證，從而幫助最大限度地提高價格。自2022年以來，已有187份新的出口許可證。最近，我們完成了對中國加工食品工廠的收購，強化了我們以當地價格實現增值的策略。我們還重點介紹了智利加工產品的生產過程以及 Sadia 漢堡的產品組合擴展，這是牛肉類別中的第一個漢堡。

I’ll end the presentation of the business segments on the next slide with the performance of Ingredients and PET. The segment reported BRL76 million in EBITDA, and PET we improved the process by implementing SAP, strengthening the controls and management teams, which allowed us to improve the mapping of the BRF+ Pet levers. In Ingredients, we continue to diversify our products and markets.

我將在下一張投影片中以原料和 PET 的表現結束業務部門的簡報。該部門報告的 EBITDA 為 7,600 萬巴西雷亞爾，而 PET 我們透過實施 SAP、加強控制和管理團隊來改善流程，這使我們能夠改善 BRF+ Pet 槓桿的繪製。在原料方面，我們不斷實現產品和市場的多樣化。

Next, I'll share the progress of our efficiency program and also growth presenting in base 100. On the left, you can see the animal evolution of the feed conversion and yield indicators of poultry and pigs for relevant catches. On the right, we have introduced gains and factory occupancy and volumes. We have significantly increased volume since 2022.

接下來，我將分享我們的效率計劃的進展以及以 100 為基數呈現的成長。在左側，您可以看到家禽和豬的飼料轉換率和相關捕撈量的產量指標的動物演變。在右側，我們介紹了收益、工廠佔用率和產量。自 2022 年以來，我們的銷量大幅增加。

On page 12, we consolidate the following sustainability highlights, ESG. Consecutive participation in the ESG in the carbon efficiency index portfolios, excellent position in the payer ranking amount chicken and pork producers, and also in global animal welfare rankings. We published the 2024 report incorporating our progress in economic, social and environmental terms. Lastly, we celebrated 13 years of the BRF Institute with the mobilization of more than 40,000 volunteers and social actions carried out in 70 cities.

在第 12 頁，我們整合了以下永續發展亮點、ESG。連續參與碳效率指數投資組合中的 ESG，在雞肉和豬肉生產商付款人排名中以及全球動物福利排名中名列前茅。我們發布了2024年報告，其中涵蓋了我們在經濟、社會和環境方面的進展。最後，我們慶祝了BRF研究所成立13週年，動員了40,000多名志工並在70個城市開展了社交活動。

We now present, on page 14, the information related to company's capital structure. On the chart on the left, we show the decline in net debt and leverage. On the right, we can see the debt profile, which remains diversified and long, with no concentration of repayments in the short-term and a 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。在左側的圖表中，我們顯示了淨債務和槓桿率的下降。在右側，我們可以看到債務狀況，它仍然保持多樣化和長期性，短期內沒有集中還款，流動性狀況相當寬鬆。

The next slide, it shows the free cash flow. The graph shows the operating cash flow for the quarter at BRL3.6 billion, an investment flow of BRL1.5 billion, including the acquisition of Addoha, and a financial flow of BRL0.5 billion, resulting in a free cash flow of BRL1.3 billion.

下一張投影片顯示的是自由現金流。圖表顯示，本季的營運現金流為 36 億雷亞爾，投資流量為 15 億雷亞爾（包括收購 Addoha），財務流量為 5 億雷亞爾，最終自由現金流為 13 億雷亞爾。

On slide 16, we can analyze the evolution of net debt in the last period. We reported a net debt of BRL6 billion after return on equity versus BRL8.3 billion in the fourth quarter of 2024. The reduction in loans will continue to contribute to lower interest charges in 2025.

在投影片 16 上，我們可以分析上一時期淨債務的演變。我們報告稱，扣除股本回報率後，淨債務為 60 億巴西雷亞爾，而 2024 年第四季為 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'd like to thank the audience and then give the floor to our CEO, Miguel Gularte for his closing remarks.

我想感謝觀眾，然後請我們的執行長 Miguel Gularte 致閉幕詞。

Thank you, Fabio. To wrap up our earnings presentation, I'd like to highlight that we delivered a record first quarter EBITDA of BRL2.8 billion. Our investments sustainable growth and financial discipline allowed us to reach the lowest leverage in BRF's history at 0.64 times. Our BRF+ program is still evolving, keeping the company's key indicators at healthy levels. This quarter set out metrics included yield, fee conversion and service level in Brazil.

謝謝你，法比奧。為了總結我們的收益報告，我想強調的是，我們第一季的 EBITDA 達到了創紀錄的 28 億巴西雷亞爾。我們的投資可持續成長和財務紀律使我們達到了 BRF 歷史上最低的 0.64 倍槓桿率。我們的 BRF+ 計劃仍在不斷發展，使公司的關鍵指標保持在健康水平。本季制定的指標包括巴西的收益率、費用轉換和服務水準。

I would like to highlight the progress of our commercial execution, which has been key to strengthening the presence of our products at more points of sale across Brazil. Additionally, we boosted the highest historic growth in the volumes for first quarter, with highlights in processed products and strong margin contributions for our fresh category. Our performance in International markets was supported by our ongoing market divesification and global expansion strategy, which drove both healthy and profitability and volume growth.

我想強調我們商業執行的進展，這對於加強我們的產品在巴西更多銷售點的存在至關重要。此外，我們第一季的銷售量創下了歷史最高增幅，其中加工產品表現突出，新鮮產品類別的利潤貢獻也十分強勁。我們在國際市場的表現得益於我們持續的市場多元化和全球擴張策略，這推動了獲利能力和銷售的健康成長。

This quarter, we secured 12 new export approvals, bringing the total to 187 since 2022. Our brands remain market leaders in Middle East, with Sadia across GCC countries and Banvit in Turkey. Besides that, our operation in Southern Cone continues to grow steadily with a notable milestone in Chile, where Sadia entered the burger category.

本季度，我們獲得了 12 項新的出口批准，自 2022 年以來總數達到 187 項。我們的品牌在中東市場保持領先地位，其中 Sadia 遍布海灣合作委員會國家，Banvit 遍布土耳其。除此之外，我們在南錐體的業務繼續穩步增長，並在智利取得了顯著的里程碑，Sadia 進入了漢堡類別。

Our global growth and presence strategy already gaining traction in the first few months of 2025. We concluded the acquisition of processed food plant in Henan, China, and acquired 26% stake at Addoha Poultry Company in Saudi Arabia. We also pronounced the beginning of the construction of a new processed food plant in Jeddah, also in Saudi Arabia, which will boost our regional presence with a focus on higher value-added products.

我們的全球成長和影響力策略在 2025 年頭幾個月已開始獲得關注。完成了對中國河南加工食品廠的收購，並收購了沙烏地阿拉伯Addoha家禽公司26%的股份。我們也宣佈在沙烏地阿拉伯吉達開始建造一家新的加工食品工廠，這將增強我們在該地區的影響力，並專注於高附加價值產品。

It's important to emphasize that none of these figures would be possible without our people. I would like to acknowledge the progress and employee engagement reflected, in the global survey we conducted in the first quarter. We reached an employee satisfaction score of 89%, a 4-percentage-point increase compared to 2024, keeping us above performance benchmark and reflecting BRF commitment to best-in-class management practice, a source of pride for all of us.

必須強調的是，如果沒有我們的人民，這些數字都不可能實現。我想對我們在第一季進行的全球調查中所反映出的進展和員工參與度表示認可。我們的員工滿意度得分達到了 89%，與 2024 年相比提高了 4 個百分點，這讓我們保持了高於績效基準的水平，並體現了 BRF 對一流管理實踐的承諾，這是我們所有人的驕傲。

All these factors strengthen and confidence in BRF and its growth journey, led by our Chairman and Controlling Shareholder, Marcos Molina, who has been guiding the company's transformation for over three years, with the strategy focus on operational efficiency, innovation and global presence. I also want to thank our shareholders and the Board of Directors for their support along this journey.

所有這些因素都增強了人們對 BRF 及其發展歷程的信心，在董事長兼控股股東 Marcos Molina 的帶領下，他三年多來一直指導公司的轉型，戰略重點是營運效率、創新和全球影響力。我還要感謝我們的股東和董事會在這過程中給予的支持。

Our sincere thanks to our customers, integrators, producers, suppliers and communities where we operate for their strong partnership. And finally, a heartfelt thank you to BRF's more than 100,000 employees for the outstanding quarter we delivered together. We remain focused on building a company that stands out in the market, and we're proud to be part of.

我們真誠感謝我們的客戶、整合商、生產商、供應商以及我們營運所在地的社區，感謝他們與我們建立的牢固的合作夥伴關係。最後，衷心感謝 BRF 的 10 萬多名員工，感謝他們共同創造了這個出色的季度。我們始終致力於打造一家在市場上脫穎而出的公司，我們很自豪能夠成為其中的一員。

Thank you all very much.

非常感謝大家。

(Operator Instructions) Henrique Brustolin, Bradesco BBI.

（操作員說明）Henrique Brustolin，Bradesco BBI。

Good morning, Miguel, Fabio. Thank you for taking my questions. Two points that I would like to explore together with you. The first, we talked a little bit about in the call, the (inaudible) from the incorporation Avian flu, we saw the news coming out, the communication news from China closing the market for 60 days. What I would like to hear from you is that we saw over the last few years, Brazil implementing several protocols of regionalization, bilateral agreements, very specific in some cases of Avian flu not in commercial poultry farms, but things that were negotiated.

早安，米格爾、法比奧。感謝您回答我的問題。我想和大家一起探討兩點。首先，我們在電話會議中談到了一點，（聽不清楚）從禽流感事件開始，我們看到了消息傳出，中國發布了關閉市場 60 天的消息。我想聽聽您的意見，我們看到過去幾年裡，巴西實施了多項區域化協議和雙邊協議，這些協議在某些禽流感病例中非常具體，不是針對商業家禽農場，而是針對談判達成的協議。

What I would like to hear a little bit the point that you see with more attention when we think maybe about the large markets, what possibly do you have in terms of agreement realization to bring more comfort that should happen? And what is a little bit more in doubt depending on the importing market, so we can map out the scenario a little bit. This is the first point.

我想聽聽您更關注的一點，當我們考慮大型市場時，在協議實現方面，您可能有什麼可以帶來更多安慰？根據進口市場的不同，還有更多疑問，所以我們可以稍微描繪一下情境。這是第一點。

The second, I would like to hear from you a little bit about growth. Also in the context of the incorporation, we mentioned clearly, BRF seems to be a growth vehicle, your movements over the past few months make it really clear. I would like to hear what else you have seen in terms of opportunities and where you're heading and aiming at? And you want to continue to advance and then moving forward in terms of growth, not only organically and also inorganically that's been happening? These two points. Thank you.

第二，我想聽聽您對成長的一些看法。另外，在合併的背景下，我們明確提到，BRF 似乎是一個成長工具，過去幾個月的舉動清楚地表明了這一點。我想聽聽您還看到了哪些機會以及您的前進方向和目標是什麼？您是否希望繼續進步並在成長方面繼續前進，不僅是有機成長，還有無機成長？就這兩點。謝謝。

Henrique, the Ministry of Agriculture with Ordinance 785 created the communication with regionalization of sanitary for the municipality of Montenegro with this focus of Avian flu. In the first moment, the ministry regionalizes through communication -- makes a communication for the world health -- animal health organization. And this first measure preventive closing of some markets, in the case of China, as you mentioned. And as the documents move between the countries and the information flows, you see the regionalization.

恩里克表示，農業部透過第 785 號法令為黑山市創建了區域衛生溝通機制，並專注於禽流感。首先，該部透過溝通進行區域化——為世界衛生組織——動物衛生組織進行溝通。正如您所說，就中國而言，這第一項措施是預防性關閉一些市場。隨著文件在各國之間流動，資訊也隨之流動，你會看到區域化。

I would like to remind you that in the case of Newcastle disease, China did the same thing, closed Brazil, then they closed the -- around the Grande do Sul the municipality. The period that we just had -- we had Newcastle last year, is that the regionalization from the disease was forecasted in several countries, Saudi Arabia, Chile, Armenia, Bozek, Kazakhstan, Cuba, Egypt, Philippines, Georgia, Hong Kong, India, Japan, Jordan, Macedonia, Mauritius Islands, several other countries, Thailand, Ukraine. All these countries have regionalization forecasted in the first moment.

我想提醒大家，在新城疫疫情中，中國也做了同樣的事情，關閉了巴西，然後又關閉了南大區周圍的城市。我們剛經歷的時期——我們去年經歷了紐卡斯爾疫情，當時預測該疾病將在幾個國家區域化，包括沙烏地阿拉伯、智利、亞美尼亞、波札那、哈薩克、古巴、埃及、菲律賓、喬治亞、香港、印度、日本、約旦、馬其頓、毛里求斯群島、其他幾個國家、泰國、烏克蘭。這些國家都在第一時間預測了區域化。

So we're going to see as time passes and information flows, we're going to have two situations. Some countries that were regionalization already forecast as applying the rule is limited to 10 kilometers radius in other countries working with aspects of states. So this is going to be clearer in the next coming days. And there are some countries that are going to close Brazil in the first moment and then in the second moment, studied the status as the focus of the country, municipality. All this is going to move forward, and we have in terms of experiences that last year, it was -- the process was really fast of limiting the radius and determining the focus, the outbreak in one month.

因此，隨著時間的推移和資訊的流動，我們會看到兩種情況。一些國家已經預測到區域化將適用的規則限制在 10 公里半徑內，而其他國家則與各州合作。因此，在接下來的幾天裡，這一點將會更加清晰。而有些國家則在第一時間對巴西進行封鎖，然後在第二時間，研究以國家、直轄市為重點的現況。所有這些都將向前推進，根據我們的經驗，去年的疫情控制過程非常快，在一個月內就控制住了疫情的蔓延，限制了疫情範圍並確定了焦點。

And we at BRF, we've been working very much in the past few years in the sense of having contingency plans. So we have a contingency plan that forecast alternative markets. We have 187 new permits in the past three years that we're going to transit with product. And we also have -- we've been taking care of that very closely in keeping strategic inventories in regions where we have distribution. This allows two types of situations. First, you keep the clients supplied. And in the second moment, you diversified your product better and mitigate a little bit of the cost because of some temporary closings.

在 BRF，我們過去幾年一直在努力製定應急計劃。因此，我們制定了預測替代市場的應急計劃。在過去三年中，我們獲得了 187 份新許可證，並將隨產品一起運輸。而且我們也一直非常密切地關注這個問題，在我們有分銷的地區保存戰略庫存。這允許兩種情況。首先，你要確保客戶的供應。其次，您可以更好地實現產品多樣化，並因一些臨時關閉而降低一點成本。

We are working on that. It's too early to say anything but we are aware that the country has a biosafety that is really strong, a credibility and concept, a reputation that is really strong, and we can transit this situation. We hope to be very fast and agile to move and it's going to be difficult but I am confident that we're going to make it right and very fast if the markets that are closed are going to be resumed. I'll give it to Fabio to answer the second part.

我們正在努力。現在說什麼都為時過早，但我們知道，我國的生物安全水準非常高，信譽和理念、聲譽都非常好，我們可以渡過這一難關。我們希望能夠迅速且靈活地採取行動，儘管這會很困難，但我相信，如果要恢復關閉的市場，我們能夠做得正確，而且速度很快。我會讓 Fabio 來回答第二部分。

Good morning. Henrique, you asked about growth. And before looking ahead, I would just like to recover a little bit of the history. We are reporting a growth of revenue growth in the quarter equivalent to 16% in the annual comparison. And when we look at Brazil's growth, it's is even bigger, 20%. This time is very much directed to volumes.

早安.亨利克，你問到了成長問題。在展望未來之前，我想先回顧一下歷史。我們報告本季營收成長相當於年度成長 16%。當我們看巴西的成長時，它的成長甚至更大，達到20%。這次主要針對的是卷。

So this important because it shows that it's something that we had already been disclosing, our intent to occupy better our industrial assets. And we see many of the production lines, especially those aligned to processed product, that there is a demand forecasted and we would have to invest to be able to address that. So we already have investments projected. Most of them already approved and started the execution.

這很重要，因為它表明我們已經披露了這一點，即我們打算更好地利用我們的工業資產。我們看到許多生產線，特別是那些與加工產品相關的生產線，都有預測需求，我們必須進行投資才能解決這個問題。因此我們已經有了投資計劃。其中大部分已經批准並開始執行。

And when they reach maturity, that means the facilities are finished and, gradually, volumes are flowing to the results of the company. We can then -- a maturity reach an additional growth of 3% to 5%. So this is mode of the company, while we've been calling in the new chapter. We are directed to this growth. And it has to be oriented to volume growth not only in diversification equation of products but in -- from the inorganic perspective, we have been already disclosing all these transactions that make sense from strategically with this potential of adding more value to our portfolio. In the business combination also, is more anchoring this process to happen the way we imagine it should happen.

當它們成熟時，這意味著設施已經完工，並且產量將逐漸流入公司的表現。然後，我們可以——成熟度實現 3% 至 5% 的額外增長。這就是公司的模式，而我們一直在呼籲新的篇章。我們正致力於這項成長。它不僅要面向產品多樣化方程中的產量成長，而且從無機角度來看，我們已經揭露了所有這些從策略上有意義的交易，這些交易有可能為我們的投資組合增加更多價值。在業務合併中，我們也更加堅定地確保這個過程按照我們想像的方式進行。

Great, thank you.

太好了，謝謝。

Leonardo Alencar, XP.

萊昂納多·阿倫卡爾，XP。

Good morning. Thank you so much for the result. I know that there are many things that have been discussed. I would like to focus just a little bit thinking of the bird flu, right, and maybe we can take a look at the next steps. I believe that it tends to be smaller than what the market was predicting at first, and I think this issue was discussed on the last call. So considering that we are still pretty much at the second quarter, and the first quarter was atypical, let's put it like that, considering the seasonality of consumption in Brazil. We know that they passed a lot of margin.

早安.非常感謝這個結果。我知道已經討論過很多事情了。我想稍微集中思考一下禽流感，對吧，也許我們可以看看接下來的步驟。我認為這個數字往往比市場最初預測的要小，而且我認為這個問題在上次電話會議上已經討論過了。因此，考慮到我們仍然處於第二季度，而第一季是不典型的，考慮到巴西消費的季節性，我們就可以這樣說了。我們知道他們已經超越很多了。

I know that you have like a difference in terms of mix change from 1 quarter to another but the sequencing price is high, right? And when we think of mix, we could have like a drop in that. So if you could comment a little bit, first of all, the domestic demand, right, how are you seeing this considering that the production is still enhancing? And all the other accounts that we have, like, so I believe that we still have a very healthy read in terms of domestic demand? Maybe if you could talk a little bit about that considering the continuity of the scenario.

我知道不同季度之間的混合變化有所不同，但定序價格很高，對嗎？當我們考慮混合時，我們可能會想到這一點。所以，如果您能稍微評論一下的話，首先，國內需求，考慮到產量仍在提高，您如何看待這一點？以及我們擁有的所有其他帳戶，所以我相信就國內需求而言，我們的讀數仍然非常健康？也許您可以就場景的連續性稍微談一談。

And when it comes to exports. Maybe, you go back to a topic that was discussed before, the Avian flu, which has to do with the tariffs. So the market reacted to the higher costs in the United States, exports to some countries, some prices that were higher. China, we've seen some prices increasing. So if you could provide us with like a general view of this market. What are some of the possibilities for the second quarter? If you could share some of these details, I would like a lot.

說到出口。也許，你可以回到之前討論過的一個主題，禽流感，這與關稅有關。因此，市場對美國成本上漲、出口到某些國家的價格上漲做出了反應。中國，我們看到一些價格上漲。因此，如果您能為我們提供這個市場的整體情況。第二季有哪些可能性？如果您能分享一些細節，我會非常感激。

Okay. So in the fourth quarter, it's something that we saw -- on the first quarter of 2025, we saw a supply and operating demand that was extremely balanced on the market with possibilities of keep demanding and accepting the repositioning of price. We had a price increase on the first week of January of 2025, and this went very well. With these adjusted prices adapted to our costs, we were able to experiment with the increase of volume. This is something that was part of our predictions.

好的。因此，在第四季度，我們看到了這樣的情況——在 2025 年第一季度，我們看到市場上的供應和營運需求極其平衡，並且有可能保持需求並接受價格的重新定位。我們在 2025 年 1 月的第一周提高了價格，而且效果很好。透過根據我們的成本調整價格，我們能夠嘗試增加產量。這是我們預測的一部分。

Another important aspects when we analyze BRF, we see BRF both about their homework, let's put it that way, that they increased the productivity of the plants, they improved their commercial service considering the logistic process. All that allows that, considering negative demand, the company can this increase performance to grow and meet our customers' need.

當我們分析 BRF 時，另一個重要的方面是，我們看到 BRF 既做好了功課，又提高了工廠的生產力，考慮到物流流程，他們改善了商業服務。所有這些都使得，考慮到負面需求，公司可以提高業績，實現成長並滿足客戶的需求。

What we've seen and we are in the second month of quarter to we see demand-price dynamic, and it's still absolutely balanced and very active. The pricing capacity is also there. So we see that with price-demand that goes from quarter to now, it looks very similar to what we saw in the first quarter. We are still focusing on our enhancing penetration with (inaudible) and client activations. So we see a quarter when it comes to the demand standpoint.

我們看到，在本季的第二個月，需求價格動態仍然絕對平衡且非常活躍。定價能力也在那裡。因此，我們看到，從第一季到現在的價格需求與我們在第一季看到的情況非常相似。我們仍然專注於透過（聽不清楚）和客戶激活來增強滲透率。因此，從需求角度來看，我們看到了一個季度。

When it comes to the domestic market, of course, right, it seems to be very similar to what you saw the first quarter. When you talk about exports, we can just that rather depressed price markets that we experimented in the second month of the first quarter is now being reversed. There are some geographies that are pricing their imported goods.

說到國內市場，當然，它看起來與第一季看到的情況非常相似。當談到出口時，我們可以看到，我們在第一季的第二個月經歷的相當低迷的價格市場現在正在發生逆轉。有些地區正在對其進口商品進行定價。

Speaking about the tariffs, if you analyze the price track record and volume track record of markets, you clear see that, so far, we've haven't seen an impact in terms of tariffs. When it comes to effect that (inaudible) if you think of China volume, it's still very stable. If you get China month-to-month, it's very stable. We don't have like an increase or decrease of volume. There's no price variation as well. So I believe that we're seeing a stability. I don't see this varying that much.

說到關稅，如果你分析市場的價格記錄和數量記錄，你會清楚看到，到目前為止，我們還沒有看到關稅方面的影響。當談到效果時（聽不清楚），如果你想到中國的數量，它仍然非常穩定。如果按月支付中國費用，那麼它非常穩定。我們的音量沒有增加或減少。價格也沒有變化。所以我相信我們正在看到穩定。我不認為這有太大的變化。

When you take a look at the feedstock protein or the cattle protein, it's back to stability nowadays. We have very good stability. We see this scenario without alteration at least when it comes to the short term.

當你觀察飼料蛋白質或牛蛋白質時，它現在已經恢復穩定。我們的穩定性非常好。我們認為這種情況至少在短期內不會改變。

Okay. It's very clear, Miguel. Thank you so much.

好的。很清楚，米格爾。太感謝了。

Guilherme Palhares, Santander.

吉列爾梅·帕哈雷斯，桑坦德銀行。

Good morning, Miguel, Fabio, everybody. Two brief questions. I'd like to take the prior question about exportation and take the opportunity that we had. Two questions about the deals in Saudi Arabia, we'd like to hear a little bit more of your perspective with this acquisition. And how is the operation there? It's a market that obviously in this consolidation stage and the vision of 2030. I'd like to hear from you your perspective in the sense.

早安，米格爾、法比奧，大家好。兩個簡短的問題。我想回答之前關於出口的問題並藉此機會談談這個問題。關於沙烏地阿拉伯交易的兩個問題，我們想聽聽您對此次收購的看法。那裡的運作怎麼樣？顯然，這個市場正處於整合階段，並著眼於 2030 年的願景。我想聽聽你對此的看法。

And another point, Miguel, you mentioned about the efficiency, and we've had it for the BRF+ for two years. If you could share with us today. Given this needs a little bit more investment, where we are in terms of capability usage and the processing and poultry farms and if there is a bigger need. What is in transformation than an increase of volume. Thank you.

米格爾，還有一點，您提到了效率，我們已經在 BRF+ 上使用了兩年。如果您今天可以與我們分享的話。鑑於這需要更多的投資，我們在能力使用、加工和家禽養殖方面的情況以及是否有更大的需求。轉變不僅僅是體積的增加。謝謝。

Guilherme, answering the first part of your question, we see the investments that we have made, they are perfectly aligned with the demand opportunities, market opportunities. If you look at the successive bulletin to the first quarter of 2025, you have seen that performance of expectation above Asia, 151,000 tons average month and -- against 136,900 in Asia. So we have men working, operating well, in terms of demand.

吉列爾梅，回答你問題的第一部分，我們看到我們所做的投資與需求機會、市場機會完全一致。如果您查看截至 2025 年第一季的連續公報，您會看到亞洲的預期表現為每月平均 151,000 噸，而亞洲為 136,900 噸。因此，從需求角度來看，我們的員工工作得很好、運作良好。

We opened yesterday our Henan plant in China. Extremely modern plant with the capacity of production that is very high, over 80,000 tons, allowing us to use the place and use the commercial opportunities are going to come up very much aligned. We already have a process, an agreement to supply major networks of local fast food. This is going to work, anchoring production and profitability for the company in the mid and short term.

我們昨天開設了位於中國河南的工廠。極其現代化的工廠，生產能力非常高，超過 80,000 噸，使我們能夠充分利用這個地方，並利用商業機會。我們已經有了一個流程，一個為當地主要快餐網絡供貨的協議。此舉將發揮作用，在中短期內穩定公司的生產和獲利能力。

On the other hand, we are going to open next year, the Jeddah plant. This plant, extremely modern, that is going to work as a productive, for the region, allowing BRF to capitalize and also capture the Sadia brand, extremely reputed and distinct in that region. We follow and continue doing -- I understand we have made excellent choice, we continue doing that. And this allows us to take these opportunities.

另一方面，我們明年將開設吉達工廠。該工廠極其現代化，將為該地區帶來生產力，使 BRF 能夠利用並佔領該地區極負盛名且獨特的 Sadia 品牌。我們會遵循並繼續這樣做——我知道我們做了極好的選擇，我們會繼續這樣做。這使我們能夠抓住這些機會。

For this moment, we have had a major focus on the organic growth CapEx of enjoying this bottlenecks that we had in production. This is starting to be behind. Company has the capacity to grow organically. In the pipeline, we have strategic investments that are going to allow us the trail. The growth trail is constant and consistent. The company continued performing and taking opportunities.

目前，我們主要關注的是有機成長資本支出，以克服生產中遇到的瓶頸。這已經開始落後了。公司具有有機成長的能力。在籌備過程中，我們擁有策略性投資，這將幫助我們走上這條路。成長軌跡是持續且一致的。該公司繼續表現並抓住機會。

As I said in the prior answers, when you have 187 new permits, all this productive effort and plant effort turns into business opportunities that you capture. But still, we have opportunities that are anchored in a solid performance in the local market. Our leadership with the strong brands in Brazil, service has a very tangible base to project growth, good growth for the company.

正如我在先前的回答中所說，當您獲得 187 個新許可證時，所有這些生產努力和工廠努力都會轉化為您抓住的商機。但我們仍有機會在當地市場取得穩健的表現。我們在巴西擁有強大的品牌和領導地位，為公司實現良好的成長奠定了堅實的基礎。

Hi, Guilherme. I'm going to add to the second part of the question you mentioned. And we reported in this quarter over BRL 300 million in capturing additional captures. And you are correct, you've been talking this topic about efficiency over quite a few years. And what I have to tell you is that in the company, we're now happy with the results. We are happy with what was -- we have obtained so far, but we still see opportunity.

你好，Guilherme。我將補充您提到的問題的第二部分。我們報告本季捕獲的額外收益超過 3 億巴西雷亞爾。您說得對，您已經談論效率這個話題好幾年了。我要告訴你們的是，在公司內部，我們對現在的結果感到滿意。我們對目前所取得的成就感到滿意，但我們仍然看到機會。

So we see in some of our locations, we have room, so we can evolve even better with the field indicators, with industry indicators yielding. Even the commercial relationship, we see room for improvement in execution. And this is also valid for logistics service levels. This is going to continue being a journey to be trailed for continuous improvement.

因此，我們看到，在某些地方，我們還有發展空間，因此，隨著現場指標和行業指標的提高，我們可以發展得更好。即使是商業關係，我們也看到執行上還有改進的空間。這對於物流服務水準同樣適用。這將繼續是一段持續改進的旅程。

We have also mentioned in the expansion -- in the call about volume expansion, this has allowed us to speed up the idle parts in our factories. And this is -- we are investing in capacities. It's important to report we have capacity to grow without major investments. But we have to think in the mid and long run, and for that, we have oriented plan for three, four years, and we've been in some lines the demand is going to go over the -- our capacity. So talk about some investments, some of them have been approved, under execution.

我們在擴張中也提到了——在關於產量擴張的電話會議中，這使我們能夠加快工廠中閒置零件的生產速度。這就是——我們正在對產能進行投資。值得一提的是，我們有能力在不進行大量投資的情況下成長。但我們必須從中長期考慮，為此，我們制定了三、四年的定向計劃，並且在某些領域，需求將超過我們的產能。談到一些投資，其中一些已經獲得批准，正在執行中。

And from there on, in addition to the growth plans that we have in the company, this is going to add additional capacity between 3% to 5% with this project reach maturity. So the motto for growth doesn't mean that we are not going to be guided, focused and allocated resources that are unproportional in the growth journey -- in the efficiency journey, sorry. This continues as one of the pillars for the strategy of the company.

從那時起，除了我們公司的成長計劃之外，隨著該專案的成熟，這將增加 3% 至 5% 的額外產能。因此，成長的座右銘並不意味著我們在成長之旅中不會受到引導、關注和分配不成比例的資源——抱歉，是在效率之旅中。這將繼續成為公司策略的支柱之一。

Perfect, Fabio. If you could clarify a little bit, 3% to 5%, you comment, we're talking about Plantel or necessarily this is only volume because you could have an improvement in mortality and other questions involved.

完美，法比奧。如果您可以稍微澄清一下，3% 到 5%，您評論說，我們正在談論 Plantel，或者這必然只是數量，因為您可能會改善死亡率和其他相關問題。

I'm talking about finished product, which is already a consequence of Plantel yield of its capacity of slaughtering and post industrialization.

我談論的是成品，這已經是 Plantel 屠宰和後工業化產量的結果。

Thank you. Perfect. Thank you, Fabio, Miguel.

謝謝。完美的。謝謝你，法比奧，米格爾。

The teleconference of BRF is finished. We thank all of you for your participation and have a wonderful day.

一帶一路論壇電話會議已結束。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。