BRF S A : 3Q20 Results Presentation

BRF	3Q20
Results

Disclaimer

This presentation may contain statements that express BRF S.A. ("BRF") management's expectations, beliefs and assumptions about future events or results. Such statements are not historical facts and are based on currently available competitive, financial and economic data of the industries in which BRF operates.

The verbs "anticipate", "believe", "estimate", "expect", "forecast", "plan", "predict", "target", "aim", "seek" and other similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future BRF performance. The factors that might affect BRF's performance include, but are not limited to: (i) market acceptance of BRF's products;

1. volatility related to the Brazilian economy, as well as the economies of the other countries in which BRF also has relevant operations, the financial and securities markets and the highly competitive industries BRF operates in; (iii) changes in domestic and foreign legislation and taxation, as well as in government policies related to the domestic and foreign animal protein and related markets;

1. increasing competition from new entrants to the Brazilian and international markets; (v) ability to keep up with rapid changes in the regulatory and technological environments; (vi) ability to maintain an ongoing process for introducing competitive new products and services while maintaining the competitiveness of existing ones; (vii) ability to attract customers in domestic and foreign jurisdictions; and

1. the impacts arising from the pandemic caused by COVID-19. Other factors that could materially affect BRF's results can be found in BRF's Reference Form and in the annual report on Form 20-F, as filed with the U.S. Securities and Exchange Commission, particularly under the "Risk Factors" session.

All forward-looking statements in this presentation are based on information and data available as of the date they were made and BRF undertakes no obligation to update them in light of new information or future development.

This presentation does not constitute an offer to sell or a solicitation to purchase any security.

3

Solid

Results in 3Q20

Net Operating								Free
Revenue								Cash Flow
9.943								+987
billion								million

+17.5% yoy

Total	Net
Liquidity4	Income1,3
15.3	219
billion	million

1. Includes Covid-19 expenses.
2. Ex-taxeffects in 3Q19.
3. Continuing operations.
4. Includes R$3.0 billion in revolving credit facilities.

Consistent and stable results, in last 6 months

Gross Profit & Margin I (R$ million and %)						Adjusted EBITDA & Margin I (R$ million and %)
										Covid-19 Costs:											Covid-19 Costs:
										R$99m - 3Q20											R$145 m - 3Q20
					25.1%		25.5%		23.6%	24.6%												14.7%
																		14.6%		14.3%
			20.6%		24.8%		25.2%		23.6%									13.7%
19.6%
		18.9%																14.0%
								21.7%							10.2%
		17.0%															13.5%		13.2%
												9.7%
																					11.3%
											2,344				7.4%	7.4%
																								1,317
	8.4%													5.0%
					2,092	2,096	2,373		2,253	1,979									1,219		1,324	1,251
																1,142
			1,570	1,517																1,031
1,379		1,324														748
											685			617
														578
	595
														357
1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19		1Q20	2Q20	3Q20		1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20

Gross Profit

Gross Margin

Gross Margin ex-Covid-19

Groos Profit

Gross Margin

Gross Margin ex-Covid-19