Gustavo Trojanu's questions to BRF SA (BRFS) leadership • Q2 2025
Question
Gustavo Trojanu from Itaú BBA inquired about the impact of avian flu, specifically how BRF's extensive new export permits helped mitigate the effects in markets like China. He also asked for the outlook on unit costs, questioning why they hadn't yet reflected the recent drop in grain prices.
Answer
CEO Miguel Goulard explained that the 198 new permits obtained over the past two years allowed for agile reallocation of products, mitigating volume impacts, though price downgrades occurred for specific cuts destined for China. He noted that contingency plans, including diverting products to the domestic market or pet food division, were effective. CFO Fabio Mariano added that the benefit of lower grain costs is expected to materialize in the second half of the year, projecting a potential 2% reduction in animal feed costs.