EARNINGS

PRESENTATION
4th Quarter / 2023
 HIGHLIGHTS OF 2023

EARNINGS RELEASES

Consolidated Net Revenue Operating Cash Flow Financial Leverage

R$ 136.485 billion R$ 11.14 billion In Real: 3.7x | Proforma: 3.1x
Free Cash Flow
R$ 1.5 billion
Revenue by Operation
Consolidated ADJ EBITDA North America South America BRF
R$ 9.3 billion Revenue by Currency 44% 17% 39%
ADJ EBITDA Mg. Dollar: 71% | Real: 26% | Others: 3% ADJ EBITDA by Operation
6.8% North America South America BRF
26% 23% 51%

FINANCIAL | OPERATIONAL
North America Operation South America Operation New Investments in BRF
Net Revenue: US$ 11.9 billion Net Revenue: R$ 23.5 billion In December 2023, Marfrig acquired
ADJ EBITDA Margin: 4.1% ADJ EBITDA Margin : 10,0 %
50.06% of BRF's capital.

Financial Leverage Traceability

BRF Net Debt / Adj.EBITDA ratio of 3.71x in Marfrig has antecipated its goal of
Net Revenue: R$ 53.4 billion Brazilian reais, compared to 3.91x in 3Q23. full traceability for its direct and
ADJ EBITDA Margin : 8.8% Adjusted for the receivable amount of R$ 6 inderect suppliers across all
billion, the consolidated leverage was biomes in Brazil to 2025.
3.07x
Consolidated Numbers: Since April 1st, 2022, Marfrig, in accordance with CPC 15 and CPC 36, began consolidating the Financial Statements of BRF S. 2
*Management results of the ongoing assets of the operation throughout the 3rd quarter of 2023 – considering eliminations. For comparison purposes, the figures presented in the ITR do not take into account the discontinued operations from the third quarter of 2023
OPERATIONS

3
N O R T H A M E R I C A O P E R AT I O N
OPERATIONAL AND FINANCIAL
PERFORMANCE – 2023
ADJ EBITDA (US$ million)
SALES VOLUME NET REVENUE
(Thousand tons) (US$ million) & ADJ EBITDA Margin (%) Net Revenue

-5.7%
+0.6% -7.1 p.p. US$ 11.95
2,098
1,978
11,875 11,948 11.1%
4.1% Billion
-63.4%
ADJ EBITDA
1,500 1,322
1,250
87% 87% 88% 90%
1,000
750
484
26 %
500
250
of the
0 consolidated
2022 2023 2022 2023 2022 2023

Exports Domestic Market Exports Domestic Market ADJEBITDA ADJEBITDA Margin

4
N O R T H A M E R I C A O P E R AT I O N
OPERATIONAL AND FINANCIAL
PERFORMANCE – 4Q23
ADJ EBITDA (US$ million)
SALES VOLUME NET REVENUE
(Thousand tons) (US$ million) & ADJ EBITDA Margin (%) Net Revenue

-11.3% -0.1% -2.1 p.p.

US$ 3
559
496
3,056 3,053 4.7% 2.6% Billion
ADJ EBITDA
800
87%
88%
89% 90% 600
400 -44.5%
13%
200 143
79
of the
0 consolidated
4Q22 4Q23 4Q22 4Q23 4Q22 4Q23

Exports Domestic Market Exports Domestic Market ADJEBITDA ADJEBITDA Margin

5
NORTH AMERICA

MARKET DATA - USA

Cattle Price Drop Credit Domestic Price Spread
(USDA KS Steer $/cwt)¹ ($/cwt) (USDA Comprehensive Cutout $/cwt) (Cutout Ratio)

+17.8% +15.3% -2.4%

-14.3%
180.1 177.8 14.62 305.7 292.1 1.68 1.70 1.64
13.53
151.0 12.53 253.4

4Q22 3Q23 4Q23 4Q22 3Q23 4Q23 4Q22 3Q23 4Q23 4Q22 3Q23 4Q23

The combination of a 17.8% increase in the cost of cattle, a reduction of 14.3% in the drop credits and a increase of
15.3% in the domestic price resulted in a -2.4% lower spread compared to the same period in 2022.

6
North America
Building our business and investing in the future

Since 2018 to now: We've acquiring Iowa Premium, adding 1.1

thousand head per day in slaughter capacity. We've also added to the
Company's portfolio a beef patties facility in North Baltimore.
We’re reinvesting in our people, our process, and our products.
National Beef is using capital expenditure to prepare for the
future: Over the past 5 years, more than US$ 800 million have been
reinvested in our operation.
More modern and innovative plants - With the investment made in
Liberal, we have established the world's foremost state-of-the-art
production and shipping facility. Creating a new Fabrication
Production Floor, and implementing new Trim Combo Management
and Material Handling Systems.
"We know beef" Our strategic relationship with the USPB ensures a
solid combination of high-value-added products and the best
commercial partnerships – Over the last 5 years, we've grown our
sales revenue at a compound annual growth rate (CAGR) of over
7%.
The most efficient in the segment: Our unique business model,
strategic relationships, commercial partnerships, and high-value-
added production allow us to navigate cycles more resiliently and with
a margin premium compared to local peers.

7
 S O U T H A M E R I C A O P E R AT I O N
OPERATIONAL AND FINANCIAL
PERFORMANCE – 2023*
NET REVENUE* ADJ EBITDA* (R$ million)
SALES VOLUME*
(Thousand tons) (R$ million) & ADJ EBITDA Margin (%) Net Revenue

0.2% -15.0%
+1.6 p.p.
10.0%
R$ 23
8.4%
1,461 1,464 27,632
23,490 +0.7%
Billion
38% 40% 36%
2,328 2,344
44%
2,400
2,200
ADJ EBITDA*
2,000
1,800
1,600

62% 60% 64%

56%
1,400
1,200
1,000
800
23%
of consolidated
600
400
200
0

2022 2023 2022 2023 2022 2023

Export Domestic Market Domestic Market Export EBITDA EBITDA Margin

8
*Consolidated Results include the continued and discontinued assets of the Operation for the entire 3rd and 4th quarter. For comparison purposes, the numbers presented in the ITR disregard operations discontinued from the 3rd quarter onwards.
 S O U T H A M E R I C A O P E R AT I O N
OPERATIONAL AND FINANCIAL
PERFORMANCE – 4Q23*
ADJ EBITDA* (R$ million)
SALES VOLUME* NET REVENUE*
(Thousand tons) (R$ million) & ADJ EBITDA Margin (%) Net Revenue

6.1% +7.0%
+2.3 p.p.
10.3%
R$ 7
377
400
6,610
7,072 8.0%

+38.4%
Billion
44% 42%
42% 732
800
ADJ EBITDA
65% 700
600 529
500

56% 58% 58%

400
300
200
23%
35% 100 of consolidated
0

4Q22 4Q23 4Q22 4Q23 4Q22 4Q23

Export Domestic Market Domestic Market Export EBITDA EBITDA Margin

9
*Consolidated Results include the continued and discontinued assets of the Operation for the entire 3rd and 4th quarter. For comparison purposes, the numbers presented in the ITR disregard operations discontinued from the 3rd quarter onwards.
 O P E R AT I O N
SOUTH AMERICA

MAIN EXPORT DESTINATIONS

(% of revenue)

15%
15%
14% 10%

71% 4Q22 55% 4Q23 14% 75% 2022 60% 2023 10%
7%
6%
4%
5% 9%
10% 4%
4%
6% 6%

Asia (CH & HK) Europe Middle East North America (USA) Others
10
S O U T H A M E R I C A O P E R AT I O N
PORTFOLIO OPTMIZATION
Simplified Income Statement Ongoing Operations
Ongoing Operations
(R$ million)
BRAZIL
1 - Várzea Grande Complex
4T23* 3T23*
2 - Bataguassu (hamburguer) 1
Net Revenue 4,323.9 3,311.2 3 – Promissão Complex
Adjusted EBITDA 527.5 478.2 4 – Pampeano Complex 2
3
Adjusted Mg. EBITDA (%) 12.2% 14.4% ARGENTINA
5 - San Jorge Complex
Evolution of Continued Operations 5
4
6 - Campo del Tesoro 8 9
11
10
7 - Baradero
Capacity 2023 2024 2025 7
8 - Arroyo Seco 6
Slaughter (heads/day) 5,100 7,600 8,400
URUGUAY
Debone (equivalente heads/day) 6,000 9,700 11,900
9 – Tacuarembó Complex
Industrialized (tons’000/month) 20,100 20,200 20,300 10 - Fray Bentos
Remaining assets
11 - Rio Negro (feedlot)
Industrial complexes

• Marfrig will invest in the slaughter integration model, reaching around 25% of supply (own cattle) DC’s

• Integration with feedlots, scaling up cattle supply for Continuing Operations in Brazil

*Management results of the Operation's continued assets throughout the 3rd and 4th quarters of 2023 – considering eliminations. For comparison purposes, the numbers presented in the ITR disregard operations discontinued from the third quarter of 2023 onwards.
11
OUR BRAND IS
BLUE

OUR DREAM IS
GREEN!

12
 Antecipou em 5 anos a sua meta de rastreabilidade de 100% de seus fornecedores diretos e indiretos, na compra de
animais para abate em suas unidades, para 2025 em todos os biomas no Brasil.

During COP 28, Marfrig announced the new cycle of the Green+ Program, with an investment of approximately 100
million reais in initiatives such as pasture recovery and transformation, ecological restoration, regenerative agriculture,
and livestock genetic improvement.
SUSTAINABILITY

In the CDP (Disclosure Insight Action) assessment, we achieved the highest score (A) in Climate Change, maintaining 'A-'
ratings in Water Security and Forests. For the fourth consecutive year, Marfrig remains in the 19th portfolio of the ISE B3
index; and in the Forest 500, we stand out as the top-rated company in Brazil in the sector.
4Q23

The company achieved 100% compliance in the first cycle of cattle supply chain audits conducted by the Federal Public
Ministry (MPF), demonstrating the robustness of its monitoring and control system for its supply chain.

100% of direct suppliers monitored by satellite.

In 4Q23, it obtained 73% control of indirect suppliers in total, 85% control of indirect suppliers in the Amazon and 73% in
the Cerrado.

Roughly 4.000 farms reincluded, from 2021 to 4Q23, – suppliers that returned to operate in accordance with our
commitments – demonstrating a strong commitment to the principle of inclusion, within the Marfrig Verde+ program.

The expansion of the Sustainable Calf Protocol MT initiative has commenced in the Vale do Juruena
region (MT), providing technical assistance to small-scale cattle ranchers, as well as intensifying
livestock production and forest restoration. This phase is the result of a 1.75 million euro investment
that Marfrig is making in partnership with the program developed by IDH (Initiative for Sustainable
Trade) to promote the supply of sustainably sourced raw materials starting from calf production.
CONSOLIDATED
RESULTS

14
 NET REVENUE* & ADJ EBITDA* – 2023
ADJ EBITDA & ADJEBITDA Margin (in %)
NET REVENUE (R$ million)
-3.0 p.p.
9.8%

+4.5%
6.8%
136,485
130,632 -27.1%
13,000 12,748
32% 39% 12,000
28% 11,000 30%
10,000 9,295
30% 72% 9,000
21% 17% 8,000
43% 70% 17%
7,000 51%
57% 6,000 82% 79%
5,000
47% 44% 4,000
53% 23%
3,000
2,000
1,000 26%
2022 2023 0
2022 2023
BRF South America North America BRF South America North America ADJ EBITDA Margin

Revenue per currency: Dollar: 71% | Real: 26% | Others: 3%

15
*Consolidated Numbers: Starting from April 1, 2022, Marfrig, following CPC 15 and CPC 36 standards, began consolidating the Financial Statements of BRF S.A. – Unless when indicated, the information presented will be 'EX' BRF
A Consolidated Results include both the ongoing and discontinued assets of the Operation throughout the entire third and fourth quarter. For comparison purposes, the figures presented in the ITR exclude discontinued operations starting from the third quarter of 2023.
 NET REVENUE* & ADJ EBITDA – 4Q23*
NET REVENUE (R$ million) ADJ EBITDA & ADJEBITDA Margin (in %)

-2.21%
37,389 36,563 +2.0 p.p.
8.0%

39% 39% 5,500

6.0%
5,000
28% 4,500
4,000 +32.1%
18% 30% 19% 72% 3,500
2,938
3,000
43% 70% 2,500 2,225
57% 43%
2,000
82% 44%
79% 64%
41% 1,500
1,000 22%
23%
500 34%
0 13%
4Q22 4Q23 4Q22 4Q23

BRF South America North America BRF South America North America ADJ EBITDA Margin

Revenue per currency: Dollar: 70% | Real: 26% | Others: 4%

16
*Consolidated Numbers: Starting from April 1, 2022, Marfrig, following CPC 15 and CPC 36 standards, began consolidating the Financial Statements of BRF S.A. – Unless when indicated, the information presented will be 'EX' BRF
A Consolidated Results include both the ongoing and discontinued assets of the Operation throughout the entire third and fourth quarter. For comparison purposes, the figures presented in the ITR exclude discontinued operations starting from the third quarter of 2023.
 CASH FLOW- 2023
Recurring Consolidated Cash Flow*
(R$ million)

-5,751

11,144

-3,907 1,486

Operating Cash Flow Fees Capex FCF 4Q23

* Consolidates vision: During 2023, in addition to recurring capex, approximately R$3.0 billion were invested in acquisitions of BRF
shares – These acquisitions increased Marfrig's stake from 33.27% to 50.06% of BRF's total capital at the end of 2023.
17
CASH FLOW– 4Q23
Recurring Consolidated Cash Flow
(R$ million)

2,822

-1,499

-882 441

Operating Cash Flow Fees Capex FCF 4Q23

18
 EVOLUTION OF NET DEBT¹ & MARFRIG’S
LEVERAGE¹ CONSOLIDATED– 4Q23
(R$ million)

34,535
33,555
-665 1,573
-441 84 293 136

3.91x1

3.72x1

6,700
7,133

3.94x1 3.87x1

Em US$ Em US$
Net Debt 3Q23 1 FX Variation FCF Issuance and Amort. And Issues Cost Dividends Purchase of Net Debt 4Q231
Repurchase Costs BRF Shares

1 – BRF’s Cash, Debt and ADJEbitda positionsas diclosed in Marfrig’s ITR

19
 EVOLUTION OF NET DEBT¹ & MARFRIG’S LEVERAGE¹
CONSOLIDATED PROFORMA – 4Q23
(R$ million)

33,555
-665 1,573
-441 84 293 136
-6,000
28,535
3.91x1

3.07x1

6,700
5,894
3.94x1
3.20x1

US$ US$
Net Debt 3Q231 FX Variation FCF Issuance and Amort. and Dividends Purchase of Sales of assets Net Debt
Repurchase Costs Issues Costs BRF Shares Proforma 4Q231
1 – BRF’s Cash, Debt and ADJEbitda positionsas diclosed in Marfrig’s ITR

20
 DEBT PROFILE– 2023
Cash Position and Consolidated Debt Schedule Cash Position and Consolidated Debt Schedule
(US$ million)
Proforma
(US$ million)

4,746 5,779
4,539
Sales of South America
Assets
1,240 4,746

2,453
1,826 2,453
1,621 4,539 1,826 1,621
1,025
1,025

Cash & Eq. 2024 2025 2026 2027 2028 Cash & Eq. 2024 2025 2026 2027 2028
foward foward
Other highlights – Operations were carried out to extend the term and reduce the financial cost:
• November - Debenture of R$ 500 million with a total term of 5 Years
• November - Syndicated PPE of US$ 535 million with a total term of 5 year

21
 Net Income attributable to the controller
(R$ million)

20
Return to profitability: The
15 operational improvement, mainly
12 in South America, combined with
10 increased participation and
better results from BRF, were
5 responsible for the return of
profitability in the 4Q23.
0

-630 -628
4Q22 4Q23

22
Disclaimer
This material is a presentation of general information about Marfrig Global
Foods S.A. and its consolidated subsidiaries (jointly the “Corporation”) on
the date hereof. The information is presented in summary form and does not
purport to be complete.
No representation or warranty, either expressed or implied, is made
regarding the accuracy or scope of the information herein. Neither the
Corporation nor any of its affiliated companies, consultants or
representatives undertake any liability for losses or damages arising from any
of the information presented or contained in this presentation. The
information contained in this presentation is up to date as of December 30,
2023, and, unless stated otherwise, is subject to change without prior notice.
Neither the Corporation nor any of its affiliated companies, consultants or
representatives have signed any commitment to update such information
after the date hereof. This presentation should not be construed as a legal,
tax or investment recommendation or any other type of advice.
The data contained herein were obtained from various external sources and
the Corporation has not verified said data through any independent source.
Therefore, the Corporation makes no warranties as to the accuracy or
completeness of such data, which involve risks and uncertainties and are
subject to change based on various factors.
This presentation includes forward-looking statements. Such statements do not
constitute historical fact and reflect the beliefs and expectations of the
Corporation’s management. The words “anticipate,” “hope,” “expect,” “estimate,”
“intend,” “project,” “plan,” “predict,” “aim” and other similar expressions are used
to identify such statements
Although the Corporation believes that the expectations and assumptions reflected
by these forward-looking statements are reasonable and based on the information
currently available to its management, it cannot guarantee results or future events.
Such forward-looking statements should be considered with caution, since actual
results may differ materially from those expressed or implied by such statements.
Securities are prohibited from being offered or sold in the United States unless they
are registered or exempt from registration in accordance with the U.S. Securities
Act of 1933, as amended (“Securities Act”).Any future offering of securities must be
made exclusively through an offering memorandum. This presentation does not
constitute an offer, invitation or solicitation to subscribe or acquire any securities,
and no part of this presentation nor any information or statement contained herein
should be used as the basis for or considered in connection with any contract or
commitment of any nature. Any decision to buy securities in any offering conducted
by the Corporation should be based solely on the information contained in the
offering documents, which may be published or distributed opportunely in
connection with any security offering conducted by the Corporation, depending on
the case.
23
CONTACT
IR Director: Eduardo Pirani Puzziello
IR Manager: Stephan Antonio Szolimowski EARNINGS PRESENTATION
IR Analyst: Marianna Marcondes 4th QUARTER / 2023

ri@marfrig.com.br
+55 (11) 3972-8600