BRF S A : ITR - 3Q23

Interim Financial Information Individual and Consolidated

(A free translation of the original in Portuguese)

March 31, 2024

Interim Financial Information, Individual and Consolidated | March 31, 2024

Índex
Índex	2
Parent Company FS / Statement of Financial Position	5
Parent Company FS / Statement of Financial Position	6
Parent Company FS / Statement of Income (Loss)	8
Parent Company FS / Statements of Comprehensive Income (Loss)	9
Parent Company FS / Statements of Changes in Equity	10
Parent Company FS / Statement of Cash Flows	11
Parent Company FS / Statement of Value Added	12
Consolidated FS / Statement of Financial Position	13
Consolidated FS / Statement of Financial Position	14
Consolidated FS / Statement of Income (Loss)	16
Consolidated FS / Statement of Comprehensive Income (Loss)	17
Consolidated FS / Statement of Changes in Equity	18
Consolidated FS / Statement of Cash Flows	19
Consolidated FS / Statement of Value Added	20
Management Report	20
1.	Company's Operations	52
2.	Basis of preparation and presentation of interim financial information	54
3.	Summary of material accounting policies	55
4.	Cash and cash equivalents	56
5.	Marketable securities	56
6.	Trade accounts and notes receivable	57
7.	Inventories	58
8.	Biological assets	60
		2

Interim Financial Information, Individual and Consolidated | March 31, 2024

9.	Recoverable taxes	61
10.	Deferred income taxes	63
11.	Judicial deposits	65
12.	Investments	65
13.	Property, plant and equipment	67
14.	Intangible assets	69
15.	Loans and borrowings	71
16.	Trade accounts payable	73
17.	Leases	74
18.	Share-based payment	76
19.	Employees benefits	77
20.	Provision for tax, civil and labor risks	77
21.	Equity	78
22.	Earnings (loss) per share	80
23.	Financial instruments and risk management	80
24.	Segment information	94
25.	Net sales	96
26.	Expenses by nature	97
27.	Financial income (expenses)	98
28.	Related parties	99
29.	Commitments	102
30.	Transactions that do not involve cash	102
31.	Events after the reporting period	103
32.	Approval of the Financial Statements	104

3

Interim Financial Information, Individual and Consolidated | March 31, 2024

INDEPENDENT AUDITORS' REPORT ON INDIVIDUAL AND CONSOLIDATED INTERIM FINANCIAL
INFORMATION	106
Opinion of the Audit and Integrity Commitee	108
Statement of Executive Board on the Consolidated Interim Financial Information and Independent
Auditor's Report	109

4

Interim Financial Information, Individual and Consolidated | March 31, 2024

Parent Company FS / Statement of Financial Position

		Current Quarter	Previous Year
Account Code Account Description	03.31.24	12.31.23
1	Total Assets	58,875,836	59,752,626
1.01	Current Assets	18,092,154	19,776,434
1.01.01	Cash and Cash Equivalents	4,523,944	4,701,549
1.01.02	Marketable Securities	422,925	412,107
1.01.02.01	Financial Investments Evaluated at Fair Value through Profit and Loss	422,925	412,107
1.01.03	Trade Accounts Receivable	4,314,469	5,720,698
1.01.03.01	Trade Accounts Receivable	4,276,970	5,655,967
1.01.03.02	Other Receivables	37,499	64,731
1.01.04	Inventories	4,305,076	4,717,540
1.01.05	Biological Assets	2,662,080	2,580,383
1.01.06	Recoverable Taxes	1,285,826	1,210,028
1.01.06.01	Current Recoverable Taxes	1,285,826	1,210,028
1.01.06.01.01	Income and social contribution tax (IR/CS)	190,017	160,464
1.01.06.01.03	Recoverable Income Taxes	1,114,568	1,069,484
1.01.06.01.04	Provision for losses	(18,759)	(19,920)
1.01.07	Prepaid Expenses	296,370	126,557
1.01.08	Other Current Assets	281,464	307,572
1.01.08.02	Assets of Discontinued Operations	4,284	684
1.01.08.02.01	Assets Held for Sale	4,284	684
1.01.08.03	Other	277,180	306,888
1.01.08.03.01	Dividends and Interest on Shareholders' Equity Receivable	864	864
1.01.08.03.02	Derivative Financial Instruments	31,818	109,222
1.01.08.03.07	Advances	61,621	64,677
1.01.08.03.10	Other	182,877	132,125
1.02	Non-current Assets	40,783,682	39,976,192
1.02.01	Non-current Assets	9,733,994	9,962,998
1.02.01.01	Financial Instruments Evaluted at Fair Value through Profit and Loss	18,237	16,490
1.02.01.04	Trade Accounts Receivable	27,995	7,427
1.02.01.04.01	Trade Accounts Receivable	5,943	5,897
1.02.01.04.02	Other Receivables	22,052	1,530
1.02.01.06	Biological Assets	1,776,517	1,788,383
1.02.01.07	Deferred Taxes	2,131,624	2,054,826
1.02.01.07.01	Deferred Income Taxes and Social Contribution	2,131,624	2,054,826
1.02.01.10	Other Non-current Assets	5,779,621	6,095,872
1.02.01.10.03	Judicial Deposits	405,734	405,450
1.02.01.10.04	Income and social contribution tax (IR/CS)	104,151	156,528
1.02.01.10.05	Provision for losses from Income and social contribution tax (IR/CS)	(435)	(435)
1.02.01.10.06	Recoverable Income Taxes	4,697,957	4,944,520
1.02.01.10.07	Provision for losses	(123,888)	(119,235)
1.02.01.10.08	Derivative Financial Instruments	495,492	529,830
1.02.01.10.09	Restricted Cash	31,732	30,952
1.02.01.10.10	Other	168,878	148,262
1.02.02	Investments	14,654,950	13,683,725
1.02.02.01	Investments	14,654,950	13,683,725
1.02.02.01.01	Equity in Associates	94,727	97,134
1.02.02.01.02	Interest on Wholly-owned Subsidiaries	14,559,640	13,586,008
1.02.02.01.04	Other	583	583

Interim Financial Information, Individual and Consolidated | March 31, 2024

		Current Quarter	Previous Year
Account Code Account Description	03.31.24	12.31.23
1.02.03	Property, Plant and Equipment, Net	13,196,922	13,127,930
1.02.03.01	Property, Plant and Equipment in Operation	9,796,775	9,809,249
1.02.03.02	Right of Use in Progress	2,980,901	2,862,582
1.02.03.03	Property, Plant and Equipment in Progress	419,246	456,099
1.02.04	Intangible	3,197,816	3,201,539
1.02.04.01	Intangible	3,197,816	3,201,539
1.02.04.01.02	Software	221,804	223,679
1.02.04.01.03	Trademarks	1,152,885	1,152,885
1.02.04.01.04	Goodwill	1,783,655	1,783,655
1.02.04.01.08	Other	39,472	41,320

The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

Parent Company FS / Statement of Financial Position

		Current Quarter	Previous Year
Account Code Account Description	03.31.24	12.31.23
2	Total Liabilities	58,875,836	59,752,626
2.01	Current Liabilities	24,354,614	25,546,764
2.01.01	Social and Labor Obligations	297,981	325,378
2.01.01.01	Social Obligations	119,679	140,314
2.01.01.02	Labor Obligations	178,302	185,064
2.01.02	Trade Accounts Payable	14,263,177	14,847,142
2.01.02.01	Domestic Suppliers	10,869,649	11,271,286
2.01.02.01.01	Domestic Suppliers	9,988,330	10,436,132
2.01.02.01.03	Leasing Liability	881,319	835,154
2.01.02.02	Foreign Suppliers	3,393,528	3,575,856
2.01.02.02.01	Foreign Suppliers	3,393,528	3,575,856
2.01.03	Tax Obligations	205,333	316,600
2.01.03.01	Federal Tax Obligations	63,340	132,046
2.01.03.01.01	Income and Social Contribution Payable	12	49,936
2.01.03.01.02	Other Federal	63,328	82,110
2.01.03.02	State Tax Obligations	137,314	179,339
2.01.03.03	Municipal Tax Obligations	4,679	5,215
2.01.04	Short Term Debts	2,114,310	2,237,214
2.01.04.01	Short Term Debts	2,026,066	2,097,333
2.01.04.02	Debentures	88,244	139,881
2.01.05	Other Obligations	6,250,288	6,638,987
2.01.05.01	Advances from related parties	5,771,640	6,119,677
2.01.05.01.04	Advances from related parties	5,771,640	6,119,677
2.01.05.02	Other	478,648	519,310
2.01.05.02.04	Derivative Financial Instruments	48,299	74,112
2.01.05.02.05	Management and Employees Profit Sharing	237,162	156,166
2.01.05.02.08	Customer advances	10,030	6,320
2.01.05.02.09	Other Obligations	183,157	282,712

Interim Financial Information, Individual and Consolidated | March 31, 2024

		Current Quarter	Previous Year
Account Code Account Description	03.31.24	12.31.23
2.01.06	Provisions	1,223,525	1,181,443
2.01.06.01	Tax, Social Security, Labor and Civil Risk Provisions	706,369	717,119
2.01.06.01.01	Tax Risk Provisions	135,960	138,533
2.01.06.01.02	Social Security and Labor Risk Provisions	280,982	288,258
2.01.06.01.04	Civil Risk Provisions	289,427	290,328
2.01.06.02	Other Provisons	517,156	464,324
2.01.06.02.04	Vacations & Christmas Bonuses Provisions	458,262	405,430
2.01.06.02.05	Employee Benefits Provisions	58,894	58,894
2.02	Non-current Liabilities	19,293,080	19,282,434
2.02.01	Long-term Debt	15,324,356	15,462,088
2.02.01.01	Long-term Debt	8,839,811	8,967,535
2.02.01.02	Debentures	6,484,545	6,494,553
2.02.02	Other Obligations	3,265,612	3,112,994
2.02.02.01	Liabilities with Related Parties	53,308	52,581
2.02.02.01.04	Advances from Related Parties and Other Liabilities	53,308	52,581
2.02.02.02	Other	3,212,304	3,060,413
2.02.02.02.06	Suppliers	691	422
2.02.02.02.07	Leasing Liability	2,750,426	2,624,979
2.02.02.02.08	Other Obligations	406,252	375,193
2.02.02.02.09	Derivative Financial Instruments	54,935	59,819
2.02.04	Provisions	703,112	707,352
2.02.04.01	Tax, Social Security, Labor and Civil Risk Provisions	431,420	442,621
2.02.04.01.01	Provisions for Tax Contingencies	145,960	182,591
2.02.04.01.02	Social Security and Labor Risk Provisions	172,100	142,162
2.02.04.01.04	Provisions for Civil Contingencies	54,566	58,927
2.02.04.01.05	Contingent Liability	58,794	58,941
2.02.04.02	Other Provisons	271,692	264,731
2.02.04.02.04	Employee Benefits Plans	271,692	264,731
2.03	Shareholders' Equity	15,228,142	14,923,428
2.03.01	Paid-in Capital	13,349,156	13,349,156
2.03.01.01	Paid-in Capital	13,653,418	13,653,418
2.03.01.02	Cost of Shares Issuance	(304,262)	(304,262)
2.03.02	Capital Reserves	2,467,631	2,597,113
2.03.02.04	Share-based payments	208,987	203,374
2.03.02.05	Treasury Shares	(231,240)	(96,145)
2.03.02.07	Capital Reserves	2,763,364	2,763,364
2.03.02.08	Acquisition of Non-Controlling Entities	(273,260)	(273,260)
2.03.02.10	Capital Transactions with Controlling Entities	(220)	(220)
2.03.05	Accumulated Earnings (Losses)	504,993	-
2.03.08	Other Comprehensive Loss	(1,093,638)	(1,022,841)
2.03.08.01	Gains (Loss) with Cash Flow Hedge	(26,753)	65,569
2.03.08.03	Cumulative Translation Adjustments of Foreign Currency	(1,020,201)	(1,048,895)
2.03.08.04	Actuarial Gain (Losses)	(46,684)	(39,515)

The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

Interim Financial Information, Individual and Consolidated | March 31, 2024

Parent Company FS / Statement of Income (Loss)

		Accumulated	Accumulated
		Current Year	Previous Year
		01.01.24 to	01.01.23 to
Account Code Account Description	03.31.24	03.31.23
3.01	Net Sales	10,867,663	11,997,860
3.02	Cost of Goods Sold	(8,645,982)	(9,720,386)
3.03	Gross Profit	2,221,681	2,277,474
3.04	Operating (Expenses) Income	(740,174)	(2,631,518)
3.04.01	Selling	(1,523,767)	(1,584,564)
3.04.02	General and Administrative	(129,258)	(95,086)
3.04.03	Impairment Loss on Trade Receivables	(15,920)	(5,545)
3.04.04	Other Operating Income	30,130	77,458
3.04.06	Income from Associates and Joint Ventures	898,641	(1,023,781)
3.05	Income Before Financial and Tax Results	1,481,507	(354,044)
3.06	Financial Results	(987,340)	(700,693)
3.06.01	Financial Income	196,746	157,563
3.06.01.01	Financial Income	196,746	157,563
3.06.02	Financial Expenses	(1,184,086)	(858,256)
3.06.02.01	Financial Expenses	(931,482)	(1,058,307)
3.06.02.02	Foreign exchange and monetary variations	(252,604)	200,051
3.07	Income Before Taxes	494,167	(1,054,737)
3.08	Income and Social Contribution	10,826	20,718
3.08.01	Current	203	-
3.08.02	Deferred	10,623	20,718
3.09	Income from Continued Operations	504,993	(1,034,019)
3.11	Income (Loss)	504,993	(1,034,019)
3.99.01.01	ON	0.30222	(0.95910)

3.99.02 Earning per Share - Diluted

3.99.02.01

ON

0.30222

(0.95910)

The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

8

Interim Financial Information, Individual and Consolidated | March 31, 2024

Parent Company FS / Statement of Comprehensive Income (Loss)

		Accumulated	Accumulated
		Current Year	Previous Year
Account		01.01.24 to	01.01.23 to
Code	Account Description	03.31.24	03.31.23
4.01	Income (Loss)	504,993	(1,034,019)
4.02	Other Comprehensive Income	(70,797)	29,352
4.02.01	Gain (Loss) on Foreign Currency Translation of Foreign Operations	67,575	28,113
4.02.02	Loss on Net Investment Hedge	(38,880)	52,942
4.02.05	Cash flow hedges - effective portion of changes in fair value	(44,885)	1,251
4.02.06	Cash flow hedges - reclassified to profit or loss	(47,437)	(55,949)
4.02.07	Actuarial Gains on Pension and Post-employment Plans	(7,170)	2,995
4.03	Comprehensive Income (Loss)	434,196	(1,004,667)

Items above are stated net of deferred taxes on income and the related taxes are disclosed in note 10. The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

9

Interim Financial Information, Individual and Consolidated | March 31, 2024

Parent Company FS / Statement of Changes in Equity

			Capital Reserves,
			Granted Options			Other
Account			and Treasury		Retained	Comprehensive	Shareholders'
Code	Account Description	Paid-in Capital	Shares	Profit Reserves	Earnings	Income	Equity
5.01	Balance at January 1, 2024	13,349,156	2,597,113	-	-	(1,022,841)	14,923,428
5.03	Opening Balance Adjusted	13,349,156	2,597,113	-	-	(1,022,841)	14,923,428
5.04	Share-based Payments	-	(129,482)	-	-	-	(129,482)
5.04.03	Options Granted	-	5,613	-	-	-	5,613
5.04.04	Acquisition of Treasury Shares	-	(135,095)	-	-	-	(135,095)
5.05	Total Comprehensive Loss	-	-	-	504,993	(70,797)	434,196
5.05.01	Income for the Period	-	-	-	504,993	-	504,993
5.05.02	Other Comprehensive Loss	-	-	-	-	(70,797)	(70,797)
5.05.02.01	Financial Instruments Adjustments	-	-	-	-	(92,322)	(92,322)
5.05.02.08	Actuarial Gains on Pension and Post-employment Plans	-	-	-	-	(7,170)	(7,170)
5.05.02.10	Loss on Foreign Currency Translation of Foreign Operations	-	-	-	-	67,575	67,575
5.05.02.11	Losses on Hedge Investments, net	-	-	-	-	(38,880)	(38,880)
5.07	Balance at March 31, 2024	13,349,156	2,467,631	-	504,993	(1,093,638)	15,228,142
			Capital Reserves,
			Granted Options			Other
Account			and Treasury		Retained	Comprehensive	Shareholders'
Code	Account Description	Paid-in Capital	Shares	Profit Reserves	Earnings	Income	Equity
5.01	Balance at January 1, 2023	12,835,915	2,150,924	-	(2,363,073)	(1,353,758)	11,270,008
5.03	Opening Balance Adjusted	12,835,915	2,150,924	-	(2,363,073)	(1,353,758)	11,270,008
5.04	Share-based Payments	-	3,480	-	-	-	3,480
5.04.03	Options Granted	-	3,480	-	-	-	3,480
5.05	Total Comprehensive Loss	-	-	-	(1,034,019)	29,352	(1,004,667)
5.05.01	Income for the Period	-	-	-	(1,034,019)	-	(1,034,019)
5.05.02	Other Comprehensive Loss	-	-	-	-	29,352	29,352
5.05.02.01	Financial Instruments Adjustments	-	-	-	-	(54,698)	(54,698)
5.05.02.08	Actuarial gains on pension and post-employment plans	-	-	-	-	2,995	2,995
5.05.02.10	Losses on Foreign Currency Translation of Foreign Operations	-	-	-	-	28,113	28,113
5.05.02.11	Losses on Hedge Investments, net	-	-	-	-	52,942	52,942
5.07	Balance at March 31, 2023	12,835,915	2,154,404	-	(3,397,092)	(1,324,406)	10,268,821

All changes in other comprehensive income are presented net of deferred taxes on profit, when applicable, are disclosed in note 10.

The accompanying notes are an integral part of the interim financial information.

(In thousands of Brazilian Reais)

10