Lucas [Last Name Not Provided]'s questions to BRF SA (BRFS) leadership • Q2 2025
Question
Lucas from Morgan Stanley asked for more detail on the strong performance in the domestic market, specifically seeking to identify the main highlights in the processed goods category and the contribution from the Marfrig partnership. He also questioned the discrepancy between industry storage growth and lower production growth, asking for perspective on supply chain performance.
Answer
CEO Miguel Goulard attributed the success to the powerful combination of BRF's brands (Sadia, Perdigão) with Marfrig's brands (Bassi, Montana), amplified by excellent commercial execution. An executive added that Brazil's revenue grew 18% YoY, driven by both volume and price gains across the entire processed portfolio, not just one category. Regarding the supply chain, he acknowledged an imbalance where production growth is not fully translating from genetics, which could create an opportunistic scenario in 2025 and 2026.