Earnings Presentation - 3Q21

EARNINGS PRESENTATION

3º QUARTER / 2021

EARNING RELEASES

3Q21 - HIGHLIGHTS

Consolidated Net Renevue

R$ 23.6 billion +40.4% vs 3Q20

Revenue by Currency

Dollar: 89% | Real: 8% | Other: 3%

FINANCIAL | OPERATIONAL

North America Operation

Revenue: US$ 3.2 billion

adjEbitda Margin: 26.8%

South America Operation

Revenue : R$ 6.9 billion

adjEbitda Margin : 4.4%

Consolidated Net Profit

R$ 1.7 billion +149% vs 3Q20

Revenue & adjEbitda by Operation

North America	South America
71% | 95%	29% | 5%

Financial Leverage

Real: 1.10x vs	Dollar: 1.07x vs
1.88x in the 3Q20	1.68x in the 3Q20

Equity Investment

CADE: Issued an opnion approving, without restrictions, the acquisition of BRF shares.

Consolidated adjEbitda

R$ 4.7 billion +115.6% vs 3Q20

Mg. adjEbtida

20.0% +700bps vs 3Q20

Operating Cash Flow

R$ 4.7 billion +98% vs 3Q20

Free Cash Flow

R$ 3.8 billion +134% vs 3Q20

Efficiency Program

Capture of R$ 15.0 million comparing to 2Q21 and capture of R$ 64.4 million against 3Q20.

Dividends

Payment in september 28 of R$ 958.4 million

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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 - 3Q21
SALES VOLUME	NET REVENUE		adjEBITDA (US$ million)
(Thousand tons)	(US$ million)		& adjEBITDA Margin (%)	Net Revenue
					+12.4 p.p.
		+43.2%		US$ 3.2
	0.6%			26.8%
513	516		3,202
	2,000	14.4%		BILLION
				1,900
				1,800
		2,236		1,700
			1,600
			1,500	+166.7%
				1,400
				1,300
						71 %
				1,200
				1,100		857
86%	85%		88%	1,000
	900
		800			of the
		89%		700
			600
			500	321
				400		consolidated
				300
				200
				100
				0
3Q20	3Q21	3Q20	3Q21		3Q20	3Q21
Exports	Domestic Market	Exports	Domestic Market		EBITDA	Margem EBITDA
							4

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

MARKET DATA USA

		Kills					Cattle Price			Domestic Price		Spread
(USDA F.I. Steer/Heifer Kill)		(USDA KS Steer $/cwt)	(USDA Comprehensive Cutout $/cwt)		(Cutout Ratio)
		-2.4%					+20.9%				+42.6%				+17.1%
6,632	6,570	6,472		120	122			292	299			2.45	2.46
															2.10
			-1.5%			101	+1.5%				+2.2%			+0.4%
										210

3Q20

2Q21

3Q21

3Q20

2Q21

3Q21

3Q20

2Q21

3Q21

3Q20

2Q21

3Q21

• The high demand of beef, driven by the US economic recovery, especially in the foodservice sector, added to seasonality (Barbecue Season) caused the increase in sales prices by 42.6% compared to 3Q20 and offset the increase in the cost of cattle.
• The Cutout Ratio in 3Q21 was 2.46 (17.1% vs 3Q20), reflecting the excellent moment for beef protein, especially in the domestic market.

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"USDA KS Steer": cattle price reference in the U.S. state of Kansas. A "hundredweight," or Cwt, is a weight-measuring unit used in certain commodity contracts. In North America, a hundredweight equals 100 pounds.