Marfrig Global Foods S A : Earnings Presentation - 1Q24

EARNINGS

PRESENTATION

1st Quarter / 2024

EARNINGS RELEASES

HIGHLIGHTS OF 1Q24

Consolidated Net Revenue

R$ 30.4 billion (+3.8% over 1Q23)

Consolidated ADJ EBITDA

R$ 2.6 billion (+94.8% over 1Q23)

ADJ EBITDA Mg.

8.7% (+407 bps over 1Q23)

FINANCIAL

Net Profit

R$ 62.6 million (reversal from loss of R$ 634 million in 1Q23)

South America Ongoing Operations

Net Revenue: R$ 3.0 billion

ADJ EBITDA Margin : 9.6 %

BRF

Net Revenue: R$ 13.3 billion

ADJ EBITDA Margin : 15.9%

Revenue by Currency

Dollar: 73% | Real: 25% | Others: 2%

North America Operation

Net Revenue: US$ 2.8 billion

ADJ EBITDA Margin: 2.1%

Revenue by Operation*

North America South America	BRF
46%	10%	44%
ADJ EBITDA by Operation
North America South America	BRF
10%	10%	80%

Ratification in the BRF council

At the end of March, Marfrig elected its full slate for a new 2-year term at BRF

Operating Cash Flow

R$ 1.5 billion

Financial Leverage	Traceability
Marfrig ratifies its full traceability target
In Real: 3.43x | In Dólar: 3,39x
for the year of 2025 .

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*Consolidated Results are managerial and only include the results of the ongoing assets of the South America Operation in 1Q23 and 1Q24. The numbers presented in the ITR do not consider discontinued operations from the third quarter of 2023 - for reference, see note 12

OPERATIONS

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N O R T H A M E R I C A O P E R A T I O N

OPERATIONAL AND FINANCIAL PERFORMANCE - 1Q24

SALES VOLUME

(Thousand tons)

+2.4%

466477

86%87%

1Q23 1Q24

NET REVENUE

(US$ million)

+9.6%

2,830

2,583

800

700

600

500

90%	90%	400
	300
		200
		100
1Q23	1Q24	0

ADJ EBITDA (US$ million)

• ADJ EBITDA Margin (%)

-1.8 p.p.

3.9%2.1%

-42.6%

10158

1Q231Q24

Net Revenue

US$ 2.8

billion

ADJ EBITDA

10 %

of the

consolidated

Exports		Domestic Market		Exports		Domestic Market		ADJEBITDA		ADJEBITDA Margin

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N O R T H A M E R I C A

MARKET DATA - USA

Cattle Price

(USDA KS Steer $/cwt)¹

+12.3%

Drop Credit

($/cwt)

-12.7%

Domestic Price

(USDA Comprehensive Cutout $/cwt)

+7.1%

Spread

(Cutout Ratio)

-4.6%

160.5

177.8 180.1

13.40 12.53 11.70

277.9 292.1 297.7

1.74 1.64 1.66

1Q23

4Q23

1Q24

1Q23

4Q23

1Q24

1Q23

4Q23

1Q24

1Q23

4Q23

1Q24

The combination of a 12.3% increase in the cost of cattle, a reduction of 12.7% in the drop credits and a increase of

7.1% in the domestic price resulted in a -4.6% lower spread compared to the same period in 2023.

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S O U T H A M E R I C A O P E R A T I O N -
C o n t i n u e d O p e r a t i o n s
OPERATIONAL AND FINANCIAL
PERFORMANCE - 1Q24*
SALES VOLUME*	NET REVENUE*			ADJ EBITDA* (R$ million)	Net Revenue
(Thousand tons)	(R$ million)		&	ADJ	EBITDA Margin (%)
		+11.0%						-0.3 p.p.	R$ 3
	13.0%				9.9%	9.6%
					billion
	165		3,018
146		2,718
	36%		49%
38%		45%	700					ADJ EBITDA*
				600
				500			+7.4%	10%
				400		270	290
62%	64%	55%	51%	300
200
					of consolidated
				100
				0
1Q23	1Q24	1Q23	1Q24			1Q23	1Q24
Export	Domestic Market	Domestic Market	Export			EBITDA	EBITDA Margin
									6
*Consolidated Results are managerial and only include the results of the ongoing assets of the South America Operation in 1Q23 and 1Q24. The numbers presented in the ITR do not consider discontinued operations from the third quarter of 2023 - for reference, see note 12

S O U T H A M E R I C A O P E R A T I O N
PORTFOLIO OPTMIZATION
		Revenue by Segment		Continued Operations
		(% of revenue)
		Proforma				BRAZIL
Revenue (%)	2023	1Q24	1	- Várzea Grande Complex
2022
					2	- Bataguassu (hamburguer)
Fresh Beef		~66%	~62%	~61%		1
	3	- Promissão Complex
Value-added	~34%	~38%	~39%	4	- Pampeano Complex		2
										3
							ARGENTINA
							5	- San Jorge Complex
	Main Export Destinations		6	- Campo del Tesoro	5	9 4
		8
				11
		Ongoing Operations			7	- Baradero	7	10
		(% of revenue)
				8	- Arroyo Seco	6
						15%	URUGUAY
		15%
						9	- Tacuarembó Complex
69%	1Q23	8%		61%	1Q24	11%	10 - Fray Bentos		Remaining assets
						11 - Rio Negro (feedlot)
		3%5%				9%		Industrial complexes
					4%				DC's
Asia (CH & HK)	Europe	Middle East	North Am (USA)	Others
*Consolidated Results are managerial and only include the results of the ongoing assets of the South America Operation in 1Q23 and 1Q24. The numbers presented in the ITR do not consider discontinued operations from the third quarter of 2023 - for reference, see note 12	7

OUR BRAND IS

BLUE

OUR DREAM IS

GREEN!

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Highlights

Sustentability

1Q24

100% of direct suppliers monitored by satellite . In 1Q24 obteined 85% control of inderect suppliers in the Amazon

and 71% in Cerrado.

Roughly 300 farms were reinclueded during 1Q24 within the Verde + program.They are suppliers that returned to operate in accordance with our commitments - demonstrating a Strong adherence to the principle of inclusion within this program. Around 4,000 farms were reincluded from 2021 to 1Q24.

In the CDP (Disclosure Insight Action) assessment, we achieved the highest score (A) in Climate Change, maintaining 'A-' ratings in Water Security and Forests. In the Forest 500 ranking, we stand out as the best rated company in Brazil in the sector.

More than 1,000 new suppliers joined the Marfrig Club program, which disseminates good sustainability practices throughout the company's supply chain.

Marfrig, together with partners Embrapa Gado de Corte and Amigos da Terra - Amazônia Brasileira, promoted workshops to present the criteria of the Low Carbon Beef Protocol (CBC) to livestock farmers, together with the launch of a practical guide containing a simplified step-by-step guide to facilitate its implementation.

The Cerrado Voluntary Protocol was published, of which Marfrig is a member of the Deliberative Council. This protocol is a joint effort between the different links in the beef value chain (civil organization institutions, slaughterhouses and purchasing companies) to strengthen social and environmental commitments in this biome, fully in line with the Verde + program.

CONSOLIDATED

RESULTS

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