PRESENTATION
1st Quarter / 2025
1
HIGHLIGHTS
R$
Consolidated Net Revenue
Adj. EBITDA
Free Cash Flow
Net Profit
Financial Leverage / Adj. EBITDA. UDM in R$
1Q25
38,562 million
30,371 million in 1Q24
3,196 million
2,646 million in 1Q24
182 million
-558 million in 1Q24
88 million
63 million in
1Q24
2.69x
2.82x in 4Q24
+27.0%
+20.8%
+740
million
+40.4%
OPERATIONS
3
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 - 1Q25
SALES VOLUME
(Thousand tons)
+5.2%
502
NET REVENUE
(US$ million)
+15.4%
3,266
EBITDAADJ (US$ milhões) & Margem EBITDAADJ (%)*
-1,9 p.p.
2,1% 0,2%
477
2,830
-89,7%
58
91%
87%
1Q24
86%
1Q25
90%
1Q24
1Q25
6
1Q24 1Q25
Exports
Domestic Market
Exports
Domestic
Recurring Adjusted EBITDA Margem EBITDA
*The Recurring Adjusted EBITDA reflects an adjusted managerial base to exclude the startup costs of the plant automation project in Liberal - KS.. 4
N O R T H A M E R I C A MARKET DATA - USA
5
Cattle Price
(USDA KS Steer $/cwt)¹
Drop Credit
($/cwt)
Domestic Price
(USDA Comprehensive Cutout $/cwt)
Spread
(Cutout Ratio)
+12.3%
+9.1%
180.1
188.8
202.3
11.70
-1.2%
11.26
11.56
297.7
308.8
324.7
1.65
-3.0%
1.64
1.60
1Q24
4Q24
1Q25
1Q24
4Q24
1Q25
1Q24
4Q24
1Q25
1Q24
4Q24
1Q25