Heiko Brussellini's questions to BRF SA (BRFS) leadership • Q2 2025
Question
Heiko Brussellini asked about the record-high gross margin in Brazil, questioning if it was driven by temporary mix or seasonal effects, or if this level is sustainable. He also inquired about the remaining idle capacity for processed products and whether growth might slow as capacity fills up.
Answer
CFO Fabio Mariano responded that while there were some positive mix shifts, they were not significant enough to solely explain the profitability change, and he does not expect a structural regression, especially with lower feed costs anticipated. He clarified that the significant idle capacity of the past is now largely utilized, necessitating new investments for growth. CEO Miguel Goulard added that the BRF Plus efficiency program and internal benchmarks continue to unlock organic growth potential beyond current capacity.