EX-99.1 2 ex99-1.htm EX-99.1

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Index

Index | 2
Statements of Financial Position | 4
Statements of Income (Loss) | 5
Statements of Comprehensive Income (Loss) | 6
Statements of Changes in Equity | 7
Statements of Cash Flows | 8
Statements of Value Added | 9
Management Report | 10
1. Company’s Operations | 45
2. Basic of preparation and presentation of interim financial information | 49
3. Summary of material accounting policies | 50
4. Cash and cash equivalents | 52
5. Marketable secutities | 53
6. Trade Accounts and Notes Receivable | 54
7. Inventories | 55
8. Biological Assets | 56
9. Recoverable Taxes | 57
10. Deferred Income Taxes | 59
11. Judicial Deposits | 60
12. Investments | 61
13. Property, plant e equipment | 63
14. Intangible assets | 65
15. Loans and borrowings | 67
16. Trade accounts payable | 69
17. Leases | 70
18. Share-based payment | 72
19. Employees benefits | 73
20. Provision for tax, civil and labor risks | 73

2

| Interim Financial Information, Individual and Consolidated | March 31, 2025

21. Equity | 75
22. Earnings (loss) per share | 76
23. Financial instruments and risk management | 77
24. Segment Information | 91
25. Net sales | 93
26. Expenses by nature | 94
27. Financial income (expenses) | 95
28. Related parties | 96
29. Commitments | 99
30. Transactions that do not involve cash | 99
31. Events after the reporting period | 99
32. Approval of the Financial Statements | 101
INDEPENDENT AUDITORS’ REPORT ON INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS | 102
Opinion of the Audit and Integrity Committee | 104
Opinion of Executive Board on the Consolidated Financial Statements and Independent Auditor’s Report | 105

3

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Statements of Financial Position

|  |  | Parent company |  | Consolidated |  |  |  |  | Parent company |  | Consolidated
ASSETS | Note |  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24 |  | LIABILITIES | Note |  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  | CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 4 |  | 6,041,658 |  | 3,989,024 |  | 12,051,967 |  | 11,165,364 |  | Loans and borrowings | 15 |  | 815,654 |  | 952,565 |  | 1,919,705 |  | 1,230,273
Marketable securities | 5 |  | 929,528 |  | 894,060 |  | 929,548 |  | 894,080 |  | Trade accounts payable | 16 |  | 12,585,579 |  | 12,227,480 |  | 14,054,892 |  | 13,558,284
Trade receivables | 6 |  | 5,462,354 |  | 7,834,133 |  | 5,027,869 |  | 6,075,013 |  | Lease | 17.2 |  | 838,673 |  | 847,407 |  | 977,024 |  | 1,014,813
Notes receivable | 6 |  | 30,355 |  | 32,302 |  | 30,355 |  | 32,302 |  | Payroll, related charges and employee profit sharing |  |  | 1,478,610 |  | 1,348,225 |  | 1,706,811 |  | 1,557,051
Inventories | 7 |  | 4,398,573 |  | 4,289,502 |  | 6,516,361 |  | 6,728,002 |  | Taxes payable |  |  | 233,232 |  | 292,069 |  | 1,070,657 |  | 1,141,951
Biological assets | 8 |  | 2,783,891 |  | 2,659,317 |  | 2,965,694 |  | 2,844,633 |  | Derivative financial instruments | 23 |  | 40,594 |  | 382,976 |  | 40,594 |  | 382,976
Recoverable taxes | 9 |  | 1,802,282 |  | 1,393,036 |  | 2,558,318 |  | 2,214,186 |  | Provision for tax, civil and labor risks | 20 |  | 716,172 |  | 687,712 |  | 721,318 |  | 692,650
Derivative financial instruments | 23 |  | 216,542 |  | 63,033 |  | 216,542 |  | 63,033 |  | Employee benefits | 19.2 |  | 63,959 |  | 63,959 |  | 92,182 |  | 95,276
Prepaid expenses |  |  | 387,576 |  | 126,189 |  | 428,212 |  | 176,290 |  | Customer advances |  |  | 201,851 |  | 222,055 |  | 430,185 |  | 475,650
Advances |  |  | 61,823 |  | 57,397 |  | 210,245 |  | 114,469 |  | Advances from related parties | 28 |  | 5,854,046 |  | 6,859,502 |  | - |  | -
Restricted cash |  |  | - |  | 1,674 |  | 262,686 |  | 276,025 |  | Other current liabilities |  |  | 174,180 |  | 229,723 |  | 557,823 |  | 671,653
Assets held for sale |  |  | 1,584 |  | 3,445 |  | 1,584 |  | 3,445 |  | Total do passivo circulante |  |  | 23,002,550 |  | 24,113,673 |  | 21,571,191 |  | 20,820,577
Other current assets |  |  | 283,363 |  | 264,907 |  | 259,125 |  | 243,643 |  |  |  |  |  |  |  |  |  |  |
Total current assets |  |  | 22,399,529 |  | 21,608,019 |  | 31,458,506 |  | 30,830,485 |  |  |  |  |  |  |  |  |  |  |
NON-CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  | NON-CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
LONG-TERM RECEIVALBLES |  |  |  |  |  |  |  |  |  |  | Loans and borrowings | 15 |  | 16,418,292 |  | 16,827,677 |  | 18,026,875 |  | 19,510,275
Marketable securities | 5 |  | 18,664 |  | 18,450 |  | 291,374 |  | 323,811 |  | Trade accounts payable | 16 |  | 5,676 |  | 11,766 |  | 6,108 |  | 11,766
Trade receivables | 6 |  | 22,613 |  | 21,726 |  | 22,921 |  | 22,620 |  | Lease | 17.2 |  | 2,910,393 |  | 2,746,294 |  | 3,130,902 |  | 2,978,116
Notes receivable | 6 |  | 8,243 |  | 8,035 |  | 8,243 |  | 8,035 |  | Taxes payable |  |  | 80,121 |  | 76,121 |  | 81,824 |  | 77,854
Recoverable taxes | 9 |  | 4,095,153 |  | 4,529,397 |  | 4,111,984 |  | 4,545,446 |  | Provision for tax, civil and labor risks | 20 |  | 1,489,028 |  | 1,493,517 |  | 1,544,307 |  | 1,539,464
Deferred income taxes | 10 |  | 1,788,091 |  | 2,238,313 |  | 1,902,404 |  | 2,331,012 |  | Deferred income taxes | 10 |  | - |  | - |  | 16,073 |  | 1,933
Judicial deposits | 11 |  | 395,504 |  | 408,039 |  | 404,469 |  | 422,333 |  | Liabilities with related parties | 28 |  | 2,582 |  | 2,535 |  | - |  | -
Biological assets | 8 |  | 1,726,228 |  | 1,685,731 |  | 1,819,878 |  | 1,787,237 |  | Employee benefits | 19.2 |  | 255,615 |  | 248,200 |  | 457,797 |  | 467,127
Derivative financial instruments | 23 |  | 398,104 |  | 251,570 |  | 398,104 |  | 251,570 |  | Derivative financial instruments | 23 |  | 209,232 |  | 236,206 |  | 209,234 |  | 236,206
Restricted cash |  |  | 35,154 |  | 32,501 |  | 64,287 |  | 60,790 |  | Other non-current liabilities |  |  | 333,352 |  | 354,469 |  | 469,078 |  | 532,554
Other non-current assets |  |  | 162,904 |  | 213,717 |  | 168,393 |  | 221,014 |  | Total do passivo não circulante |  |  | 21,704,291 |  | 21,996,785 |  | 23,942,198 |  | 25,355,295
Total long-term receivables |  |  | 8,650,658 |  | 9,407,479 |  | 9,192,057 |  | 9,973,868 |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | EQUITY | 21 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Capital |  |  | 13,349,156 |  | 13,349,156 |  | 13,349,156 |  | 13,349,156
|  |  |  |  |  |  |  |  |  |  | Capital reserves |  |  | 2,763,364 |  | 2,763,364 |  | 2,763,364 |  | 2,763,364
|  |  |  |  |  |  |  |  |  |  | Profit reserves |  |  | 2,079,253 |  | 2,079,253 |  | 2,079,253 |  | 2,079,253
Investments | 12 |  | 13,214,701 |  | 13,925,719 |  | 618,657 |  | 129,283 |  | Other equity transactions |  |  | (141,218) |  | (141,608) |  | (141,218) |  | (141,608)
|  |  |  |  |  |  |  |  |  |  | Accumulated earnings |  |  | 1,124,435 |  | - |  | 1,124,435 |  | -
Property, plant and equipment | 13 |  | 13,284,576 |  | 13,062,018 |  | 15,133,851 |  | 15,068,229 |  | Treasury shares |  |  | (1,762,398) |  | (1,345,657) |  | (1,762,398) |  | (1,345,657)
Intangible assets | 14 |  | 3,201,823 |  | 3,192,874 |  | 6,486,583 |  | 6,673,211 |  | Other comprehensive loss |  |  | (1,368,146) |  | (1,618,857) |  | (1,368,146) |  | (1,618,857)
|  |  |  |  |  |  |  |  |  |  | Attributable to controlling shareholders |  |  | 16,044,446 |  | 15,085,651 |  | 16,044,446 |  | 15,085,651
|  |  |  |  |  |  |  |  |  |  | Non-controlling interests |  |  | - |  | - |  | 1,331,819 |  | 1,413,553
Total non-current assets |  |  | 38,351,758 |  | 39,588,090 |  | 31,431,148 |  | 31,844,591 |  | Total equity |  |  | 16,044,446 |  | 15,085,651 |  | 17,376,265 |  | 16,499,204
TOTAL ASSETS |  |  | 60,751,287 |  | 61,196,109 |  | 62,889,654 |  | 62,675,076 |  | TOTAL LIABILITIES AND EQUITY |  |  | 60,751,287 |  | 61,196,109 |  | 62,889,654 |  | 62,675,076

The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)

4

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Statements of Income (Loss)

|  |  | Parent company |  | Consolidated
|  |  | 2024 |  | 2023 |  | 2024 |  | 2023
| Note |  | 12.31.24 |  | 12.31.23 |  | 12.31.24 |  | 12.31.23
NET SALES | 25 |  | 13,239,707 |  | 10,867,663 |  | 15,512,021 |  | 13,377,509
Cost of sales | 26 |  | (9,557,198) |  | (8,645,982) |  | (11,459,416) |  | (10,153,222)
GROSS PROFIT |  |  | 3,682,509 |  | 2,221,681 |  | 4,052,605 |  | 3,224,287
OPERATING INCOME (EXPENSES) |  |  |  |  |  |  |  |  |
Selling expenses | 26 |  | (1,644,804) |  | (1,523,767) |  | (1,943,971) |  | (1,771,818)
General and administrative expenses | 26 |  | (111,063) |  | (129,258) |  | (217,185) |  | (201,493)
Impairment loss on trade receivables | 6; 26 |  | (1,001) |  | (15,920) |  | (4,751) |  | (27,218)
Other operating income (expenses), net | 26 |  | (11,352) |  | 30,130 |  | (3,970) |  | 30,944
Income from associates and joint ventures | 12 |  | (542,968) |  | 898,641 |  | 1,804 |  | (2,407)
INCOME BEFORE FINANCIAL RESULTS AND INCOME TAXES |  |  | 1,371,321 |  | 1,481,507 |  | 1,884,532 |  | 1,252,295
Financial income |  |  | 183,202 |  | 196,746 |  | 365,848 |  | 274,679
Financial expenses |  |  | (926,626) |  | (931,482) |  | (921,205) |  | (907,113)
Foreign exchange and monetary variations |  |  | 698,950 |  | (252,604) |  | 98,072 |  | 94,807
FINANCIAL INCOME (EXPENSES), NET | 27 |  | (44,474) |  | (987,340) |  | (457,285) |  | (537,627)
INCOME (LOSS) BEFORE TAXES |  |  | 1,326,847 |  | 494,167 |  | 1,427,247 |  | 714,668
Income taxes | 10 |  | (202,412) |  | 10,826 |  | (242,177) |  | (120,924)
INCOME (LOSS) FOR THE YEAR |  |  | 1,124,435 |  | 504,993 |  | 1,185,070 |  | 593,744
Income (Loss) Attributable to |  |  |  |  |  |  |  |  |
Controlling shareholders |  |  | 1,124,435 |  | 504,993 |  | 1,124,435 |  | 504,993
Non-controlling interest |  |  | - |  | - |  | 60,635 |  | 88,751
|  |  | 1,124,435 |  | 504,993 |  | 1,185,070 |  | 593,744
INCOME (LOSS) PER SHARE |  |  |  |  |  |  |  |  |
Weighted average shares outstanding - basic |  |  |  |  |  |  | 1,610,923,390 |  | 1,670,951,834
Loss per share - basic | 22 |  |  |  |  |  | 0.69801 |  | 0.30222
Weighted average shares outstanding - diluted |  |  |  |  |  |  | 1,613,528,816 |  | 1,672,476,188
Income (Loss) per share - diluted | 22 |  |  |  |  |  | 0.69688 |  | 0.30222

The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)

5

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Statements of Comprehensive Income (Loss)

|  |  | Parent company |  | Consolidated
|  |  | 2025 |  | 2024 |  | 2025 |  | 2024
| Note |  | 12.31.24 |  | 12.31.23 |  | 12.31.24 |  | 12.31.23
Income for the period |  |  | 1,124,435 |  | 504,993 |  | 1,185,070 |  | 593,744
Other comprehensive income (loss), net of taxes |  |  |  |  |  |  |  |  |
Gain (loss) on foreign currency translation of foreign operations |  |  | (220,401) |  | 67,575 |  | (360,807) |  | 85,156
Gain (loss) on net investment hedge (1) |  |  | 103,071 |  | (38,880) |  | 103,071 |  | (38,880)
Cash flow hedges – effective portion of changes in fair value (1) |  |  | 329,445 |  | (44,885) |  | 329,445 |  | (44,544)
Cash flow hedges – reclassified to profit or loss | 23 |  | 36,702 |  | (47,437) |  | 36,702 |  | (47,437)
Debt investments measured at FVTOCI (1) - changes in fair value | 5 |  | 642 |  | - |  | 642 |  | -
Items that are or may be reclassified subsequently to profit or loss |  |  | 249,459 |  | (63,627) |  | 109,053 |  | (45,705)
Actuarial gains (losses) on pension and post-employment plans (1) | 19.2 |  | 1,252 |  | (7,170) |  | (711) |  | (15,623)
Items that will not be reclassified to profit or loss |  |  | 1,252 |  | (7,170) |  | (711) |  | (15,623)
Comprehensive income (loss) for the period |  |  | 1,375,146 |  | 434,196 |  | 1,293,412 |  | 532,416
Attributable to |  |  |  |  |  |  |  |  |
Controlling shareholders |  |  | 1,375,146 |  | 434,196 |  | 1,375,146 |  | 434,196
Non-controlling interest |  |  | - |  | - |  | (81,734) |  | 98,220
|  |  | 1,375,146 |  | 434,196 |  | 1,293,412 |  | 532,416

| (1) | Items above are stated net of deferred taxes on income and the related taxes are disclosed in note 10.

The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)

6

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Statements of Changes in Equity

|  |  | Attributed to controlling shareholders
|  |  |  |  |  |  |  |  |  |  | Income reserves |  | Other comprehensive income (loss) |  |  |  |  |  |  |  |
|  |  | Capital |  | Capital reserves |  | Other equity transactions |  | Treasury shares |  | Legal reserve |  | Reserve for capital increases |  | Reserve for expansion |  | Reserve for tax incentives |  | Accumulated foreign currency translation adjustments |  | Gains (losses) on marketable securities at FVTOCI (2) |  | Gains (losses) on cash flow hedge |  | Actuarial gains (losses) |  | Accumulated aearnings (losses) |  | Total equity |  | Non-controlling interest |  | Total shareholders' equity (consolidated)
BALANCES AT DECEMBER 31, 2023 |  |  | 13,349,156 |  | 2,763,364 |  | (70,106) |  | (96,145) |  | - |  | - |  | - |  | - |  | (1,048,895) |  | - |  | 65,569 |  | (39,515) |  | - |  | 14,923,428 |  | 720,228 |  | 15,643,656
Comprehensive income (loss) (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on foreign currency translation of foreign operations |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 122,951 |  | - |  | - |  | - |  | - |  | 122,951 |  | 225,552 |  | 348,503
Loss on net investment hedge |  |  | - |  | - |  | - |  | - |  |  |  |  |  |  |  |  |  | (339,101) |  | - |  | - |  | - |  | - |  | (339,101) |  | - |  | (339,101)
Unrealized gains (losses) in cash flow hedge |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (312,532) |  | - |  | - |  | (312,532) |  | 338 |  | (312,194)
Actuarial losses on pension and post-employment plans |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (8,827) |  | - |  | (8,827) |  | (10,936) |  | (19,763)
Realized loss in marketable securities at FVTOCI (2) |  |  | - |  | - |  | - |  | - |  | - |  | - |  |  |  | - |  | - |  | (46,529) |  | - |  | - |  | - |  | (46,529) |  | - |  | (46,529)
Income for the year |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 3,213,274 |  | 3,213,274 |  | 478,630 |  | 3,691,904
SUB-TOTAL COMPREHENSIVE INCOME (LOSS) |  |  | - |  | - |  | - |  | - |  | - |  |  |  |  |  |  |  | (216,150) |  | (46,529) |  | (312,532) |  | (8,827) |  | 3,213,274 |  | 2,629,236 |  | 693,584 |  | 3,322,820
Employee benefits remeasurement - defined benefit |  |  | - |  | - |  | - |  | - |  |  |  |  |  |  |  |  |  | - |  | - |  | - |  | (11,978) |  | 11,978 |  | - |  | - |  | -
Appropriation of income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (259) |  | (259)
Interest on shareholders' equity - R$0.69325 per outstanding share at the end of exercise |  |  | - |  | - |  |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (1,145,999) |  | (1,145,999) |  | - |  | (1,145,999)
Legal reserve |  |  | - |  | - |  |  |  | - |  | 160,664 |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (160,664) |  | - |  | - |  | -
Reserve for expansion |  |  | - |  | - |  |  |  | - |  | - |  | - |  | 796,275 |  | - |  | - |  | - |  | - |  | - |  | (796,275) |  | - |  | - |  | -
Reserve for capital increases |  |  | - |  | - |  |  |  | - |  | - |  | 482,573 |  | - |  | - |  | - |  | - |  | - |  | - |  | (482,573) |  | - |  | - |  | -
Reserve for tax incentives |  |  | - |  | - |  |  |  | - |  | - |  | - |  | - |  | 639,741 |  | - |  | - |  | - |  | - |  | (639,741) |  | - |  | - |  | -
Share-based payments |  |  | - |  | - |  | (71,502) |  | 38,730 |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (32,772) |  | - |  | (32,772)
Acquisition of treasury shares |  |  | - |  | - |  | - |  | (1,288,242) |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (1,288,242) |  | - |  | (1,288,242)
BALANCES AT DECEMBER 31, 2024 |  |  | 13,349,156 |  | 2,763,364 |  | (141,608) |  | (1,345,657) |  | 160,664 |  | 482,573 |  | 796,275 |  | 639,741 |  | (1,265,045) |  | (46,529) |  | (246,963) |  | (60,320) |  | - |  | 15,085,651 |  | 1,413,553 |  | 16,499,204
Comprehensive income (loss) (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on foreign currency translation of foreign operations |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (220,401) |  | - |  | - |  | - |  | - |  | (220,401) |  | (140,406) |  | (360,807)
Gain on net investment hedge |  |  | - |  | - |  | - |  | - |  |  |  |  |  |  |  |  |  | 103,071 |  | - |  | - |  | - |  | - |  | 103,071 |  | - |  | 103,071
Unrealized gains (losses) in cash flow hedge |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 366,147 |  | - |  | - |  | 366,147 |  | - |  | 366,147
Actuarial losses on pension and post-employment plans |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 1,252 |  | - |  | 1,252 |  | (1,963) |  | (711)
Realized loss in marketable securities at FVTOCI (2) |  |  | - |  | - |  | - |  | - |  | - |  | - |  |  |  | - |  | - |  | 642 |  | - |  | - |  | - |  | 642 |  | - |  | 642
Income for the year |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 1,124,435 |  | 1,124,435 |  | 60,635 |  | 1,185,070
SUB-TOTAL COMPREHENSIVE INCOME (LOSS) |  |  | - |  | - |  | - |  | - |  | - |  |  |  |  |  |  |  | (117,330) |  | 642 |  | 366,147 |  | 1,252 |  | 1,124,435 |  | 1,375,146 |  | (81,734) |  | 1,293,412
Share-based payments |  |  | - |  | - |  | 390 |  |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 390 |  | - |  | 390
Acquisition of treasury shares |  |  | - |  | - |  | - |  | (416,741) |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (416,741) |  | - |  | (416,741)
BALANCES AT MARCH 31, 2025 |  |  | 13,349,156 |  | 2,763,364 |  | (141,218) |  | (1,762,398) |  | 160,664 |  | 482,573 |  | 796,275 |  | 639,741 |  | (1,382,375) |  | (45,887) |  | 119,184 |  | (59,068) |  | 1,124,435 |  | 16,044,446 |  | 1,331,819 |  | 17,376,265

| (1) | All changes in other comprehensive income are presented net of deferred taxes on profit, when applicable, are disclosed in note 10.

| (2) | FVTOCI: Fair Value through Other Comprehensive Income in note 5.

The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)

7

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Statements of Cash Flows

|  | Parent company |  | Consolidated
|  | 12.31.24 |  | 12.31.23 |  | 12.31.24 |  | 12.31.23
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Income (loss) for the period |  | 1,124,435 |  | 504,993 |  | 1,185,070 |  | 593,744
Adjustments for: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 379,928 |  | 376,823 |  | 486,845 |  | 479,465
Depreciation and depletion of biological assets |  | 315,902 |  | 335,242 |  | 351,472 |  | 368,066
Result on disposal of property, plant and equipments, investment and intangible |  | 1,917 |  | (17,715) |  | 1,566 |  | (17,654)
Provision for tax, civil and labor risks |  | 72,812 |  | 78,432 |  | 80,748 |  | 77,654
Income from investments under the equity method |  | 542,968 |  | (898,641) |  | (1,804) |  | 2,407
Financial results, net |  | 44,474 |  | 987,340 |  | 457,285 |  | 537,623
Deferred income tax |  | 206,191 |  | (10,623) |  | 199,012 |  | (6,934)
Other |  | 88,922 |  | 100,221 |  | 97,281 |  | 96,775
|  | 2,777,549 |  | 1,456,072 |  | 2,857,475 |  | 2,131,146
Changes in assets and liabilities: |  |  |  |  |  |  |  |
Trade accounts and notes receivables |  | 2,268,101 |  | 1,406,005 |  | 883,026 |  | 633,198
Inventories |  | (108,765) |  | 412,615 |  | (2,689) |  | 420,456
Biological assets - current |  | (124,574) |  | (81,697) |  | (144,401) |  | (97,633)
Trade accounts payable |  | (61,186) |  | (957,735) |  | 80,195 |  | (1,027,873)
Cash generated by operating activities |  | 4,751,125 |  | 2,235,260 |  | 3,673,606 |  | 2,059,294
Redemptions (investments) in securities at FVTPL (1) |  | 718 |  | 5,839 |  | 718 |  | (47,740)
Interest received |  | 81,596 |  | 83,426 |  | 154,002 |  | 209,655
Dividends and interest on shareholders' equity received |  | - |  | - |  | (318) |  | -
Payment of tax, civil and labor provisions |  | (52,435) |  | (76,904) |  | (46,643) |  | (76,795)
Derivative financial instruments |  | 100,435 |  | (57,077) |  | 54,788 |  | (60,266)
Other operating assets and liabilities (2) |  | (2,158,855) |  | (689,052) |  | (223,020) |  | (162,489)
Net cash provided by operating activities |  | 2,722,584 |  | 1,501,492 |  | 3,613,133 |  | 1,921,659
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |
Redemption (additions) on investments in securities at amortized cost |  | - |  | - |  | 7,502 |  | 49,149
Investments in securities at FVTOCI (3) |  | (34,422) |  | - |  | (34,422) |  | -
Additions to property, plant and equipment |  | (288,662) |  | (120,860) |  | (328,144) |  | (133,268)
Additions to biological assets - non-current |  | (355,525) |  | (323,309) |  | (389,802) |  | (353,242)
Proceeds from disposals of property, plant, equipments and investment |  | 1,874 |  | 29,933 |  | 1,874 |  | 29,933
Additions to intangible |  | (43,920) |  | (40,572) |  | (48,024) |  | (40,896)
Aquisição de participação em coligadas e joint ventures |  | - |  | - |  | (511,106) |  | -
Capital increase in subsidiaries |  | (60,000) |  | (10,000) |  | - |  | -
Net cash used in investing activities |  | (780,655) |  | (464,808) |  | (1,302,122) |  | (448,324)
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Proceeds from debt issuance |  | (127) |  | 19,647 |  | 109,325 |  | 64,867
Repayment of debt |  | - |  | (404,307) |  | (94,211) |  | (491,439)
Payment of interest |  | (404,525) |  | (461,358) |  | (485,966) |  | (527,764)
Payment of interest derivatives - fair value hedge |  | (52,867) |  | (85,737) |  | (52,867) |  | (85,737)
Treasury shares acquisition |  | (416,741) |  | (135,094) |  | (416,741) |  | (135,094)
Dividends and interests on shareholders' equity paid |  | 1,145,681 |  | - |  | - |  | -
Payment of lease liabilities |  | (157,213) |  | (154,295) |  | (208,606) |  | (198,134)
Net cash used in financing activities |  | 114,208 |  | (1,221,144) |  | (1,149,066) |  | (1,373,301)
Effect of exchange rate variation on cash and cash equivalents |  | (3,503) |  | 6,855 |  | (275,342) |  | 202,510
Net increase (decrease) in cash and cash equivalents |  | 2,052,634 |  | (177,605) |  | 886,603 |  | 302,544
Balance at the beginning at the period |  | 3,989,024 |  | 4,701,549 |  | 11,165,364 |  | 9,264,664
Balance at the end of the period |  | 6,041,658 |  | 4,523,944 |  | 12,051,967 |  | 9,567,208

| (1) | FVTPL: Fair Value Through Profit and Loss.

| (2) | In the Parent Company, contemplates mainly the effects of prepayments of exports with subsidiaries in the amount of R$(1.160.868) in the three-month period ended March 31, 2025 (R$310,591 in the same period of the previous year).

| (3) | FVTOCI: Fair Value through Other Comprehensive Income in note 5.

The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)

8

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Statements of Value Added

|  | Parent company |  | Consolidated
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | 12.31.24 |  | 12.31.23 |  | 12.31.24 |  | Jan - mar
1 - REVENUES |  | 14,733,431 |  | 12,091,469 |  | 17,085,939 |  | 14,668,848
Sales of goods and products |  | 14,461,226 |  | 11,958,760 |  | 16,773,444 |  | 14,537,515
Other income |  | (11,292) |  | 30,544 |  | (3,911) |  | 31,358
Revenue related to construction of own assets |  | 284,498 |  | 118,085 |  | 321,157 |  | 127,193
Expected credit losses |  | (1,001) |  | (15,920) |  | (4,751) |  | (27,218)
2 - SUPPLIES ACQUIRED FROM THIRD PARTIES |  | (9,018,375) |  | (8,019,572) |  | (10,779,833) |  | (9,412,730)
Costs of goods sold |  | (7,563,747) |  | (6,778,089) |  | (9,145,762) |  | (8,062,617)
Materials, energy, third parties services and other |  | (1,454,934) |  | (1,241,633) |  | (1,632,798) |  | (1,355,240)
Reversal for inventories losses |  | 306 |  | 150 |  | (1,273) |  | 5,127
3 - GROSS ADDED VALUE (1-2) |  | 5,715,056 |  | 4,071,897 |  | 6,306,106 |  | 5,256,118
4 - DEPRECIATION AND AMORTIZATION |  | (695,830) |  | (712,065) |  | (838,317) |  | (847,531)
5 - NET ADDED VALUE (3-4) |  | 5,019,226 |  | 3,359,832 |  | 5,467,789 |  | 4,408,587
6 - VALUE ADDED RECEIVED THROUGH TRANSFER |  | (359,826) |  | 1,094,969 |  | 367,593 |  | 271,849
Income from associates and joint ventures |  | (542,968) |  | 898,641 |  | 1,804 |  | (2,407)
Financial income |  | 183,202 |  | 196,746 |  | 365,848 |  | 274,674
Others |  | (60) |  | (418) |  | (59) |  | (418)
7 - ADDED VALUE TO BE DISTRIBUTED (5+6) |  | 4,659,400 |  | 4,454,801 |  | 5,835,382 |  | 4,680,436
8 - DISTRIBUTION OF ADDED VALUE |  | 4,659,400 |  | 4,454,801 |  | 5,835,382 |  | 4,680,436
Payroll |  | 1,651,383 |  | 1,513,376 |  | 2,034,325 |  | 1,772,107
Salaries |  | 1,122,784 |  | 1,030,183 |  | 1,417,313 |  | 1,256,717
Benefits |  | 446,794 |  | 408,234 |  | 527,700 |  | 434,349
Government severance indemnity fund for employees |  | 81,805 |  | 74,959 |  | 89,312 |  | 81,041
Taxes, Fees and Contributions |  | 1,609,370 |  | 1,211,319 |  | 1,722,584 |  | 1,439,102
Federal |  | 822,308 |  | 494,574 |  | 904,520 |  | 670,580
State |  | 773,376 |  | 700,408 |  | 800,355 |  | 749,668
Municipal |  | 13,686 |  | 16,337 |  | 17,709 |  | 18,854
Capital Remuneration from Third Parties |  | 274,212 |  | 1,225,113 |  | 893,403 |  | 875,483
Interests, including exchange variation |  | 238,648 |  | 1,193,521 |  | 834,349 |  | 822,124
Rents |  | 35,564 |  | 31,592 |  | 59,054 |  | 53,359
Interest on Own-Capital |  | 1,124,435 |  | 504,993 |  | 1,185,070 |  | 593,744
Interest on shareholders' equity |  | - |  |  |  | - |  |
Income (loss) for the year |  | 1,124,435 |  | 504,993 |  | 1,124,435 |  | 504,993
Non-controlling interest |  | - |  | - |  | 60,635 |  | 88,751

The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)

9

| Interim Financial Information, Individual and Consolidated | March 31, 2025

1Q25 RESULTS

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

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| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 1. | Company’s Operations

BRF S.A. (“BRF”), and its subsidiaries (collectively the “Company”) is a publicly traded company, listed on the segment Novo Mercado of Brasil, Bolsa, Balcão (“B3”), under the ticker BRFS3, and listed on the New York Stock Exchange (“NYSE”), under the ticker BRFS. The Company’s registered office is at 475 Jorge Tzachel Street, Fazenda District, Itajaí - Santa Catarina and the main business office is in the city of São Paulo.

BRF is a Brazilian multinational company, with global presence, which owns a comprehensive portfolio of products, and it is one of the world’s largest companies of food products. The Company operates by raising, producing and slaughtering poultry and pork for processing, production and sale of fresh meat, processed products, pasta, margarine, pet food and others.

The Company holds as main brands Sadia, Perdigão, Qualy, Chester®, Kidelli, Perdix, Banvit, Biofresh and Gran Plus, present mainly in Brazil, Turkey and Middle Eastern countries.

45

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 1.1. | Equity interest

|  |  |  |  |  |  | % equity interest
Entity |  |  | Main activity |  | Country |  | 03.31.25 |  | 12.31.24
Direct subsidiaries |  |  |  |  |  |  |  |
BRF Energia S.A. |  |  | Commercialization of eletric energy |  | Brazil |  | 100.00 |  | 100.00
BRF Foods UK Ltd. |  |  | Administrative and marketing services |  | England |  | 100.00 |  | 100.00
BRF GmbH |  |  | Holding |  | Austria |  | 100.00 |  | 100.00
BRF Pet S.A. |  |  | Industrialization, commercialization and distribution of feed and nutrients for animals |  | Brazil |  | 100.00 |  | 100.00
MBR Investimentos Ltda. |  |  | Holding, management of companies and assets |  | Brazil |  | 100.00 |  | 100.00
Sadia Alimentos S.A.U. |  |  | Holding |  | Argentina |  | 100.00 |  | 100.00
Sadia Uruguay S.A. |  |  | Import and commercialization of products |  | Uruguay |  | 100.00 |  | 100.00
Indirect subsidiaries |  |  |  |  |  |  |  |  |
Al Khan Foodstuff LLC ("AKF") | (a) |  | Import, commercialization and distribution of products |  | Oman |  | 70.00 |  | 70.00
Al-Wafi Al-Takamol International for Foods Products |  |  | Import and commercialization of products |  | Saudi Arabia |  | 100.00 |  | 100.00
Al-Wafi Food Products Factory Sole Propr. LLC |  |  | Import, export, industrialization and commercialization of products |  | UAE (1) |  | 100.00 |  | 100.00
Badi Ltd. |  |  | Holding |  | UAE (1) |  | 100.00 |  | 100.00
Banvit Bandirma Vitaminli Yem Sanayii AS |  |  | Import, industrialization and commercialization of products |  | Turkey |  | 91.71 |  | 91.71
BRF Arabia Holding Company JCS |  |  | Holding |  | Saudi Arabia |  | 70.00 |  | 70.00
BRF Arabia Food Industry Ltd. |  |  | Preparation and preservation of meat, fish, crustaceans and mollusks and production of oils and animal and plant based fats |  | Saudi Arabia |  | 100.00 |  | 100.00
BRF Foods GmbH | (d) |  | Industrialization, import and commercialization of products |  | Austria |  | - |  | 100.00
BRF Foods LLC |  |  | Industrialization, import and commercialization of products |  | UAE (1) |  | 100.00 |  | 100.00
BRF Global Company Nigeria Ltd. |  |  | Marketing and logistics services |  | Nigeria |  | 100.00 |  | 100.00
BRF Global Company South Africa Proprietary Ltd. |  |  | Administrative, marketing and logistics services |  | South Africa |  | 100.00 |  | 100.00
BRF Global GmbH |  |  | Holding and trading |  | Austria |  | 100.00 |  | 100.00
BRF Japan KK |  |  | Marketing and logistics services, import, export, industrialization and commercialization of products |  | Japan |  | 100.00 |  | 100.00
BRF Korea LLC |  |  | Marketing and logistics services |  | Korea |  | 100.00 |  | 100.00
BRF Kuwait Food Supply Management Co. | (a) |  | Import, commercialization and distribution of products |  | Kuwait |  | 49.00 |  | 49.00
BRF Shanghai Management Consulting Co. Ltd. |  |  | Provision of consultancy and marketing services |  | China |  | 100.00 |  | 100.00
BRF Shanghai Trading Co. Ltd. |  |  | Import, export and commercialization of products |  | China |  | 100.00 |  | 100.00
BRF Singapore Foods PTE Ltd. |  |  | Administrative, marketing and logistics services |  | Singapore |  | 100.00 |  | 100.00
Eclipse Holding Cöoperatief U.A. |  |  | Holding |  | The Netherlands |  | 100.00 |  | 100.00
Federal Foods LLC | (a) |  | Import, commercialization and distribution of products |  | UAE (1) |  | 49.00 |  | 49.00
Federal Foods Qatar | (a) |  | Import, commercialization and distribution of products |  | Qatar |  | 49.00 |  | 49.00
Hercosul Alimentos Ltda. | (c) |  | Manufacturing and sale of animal feed |  | Brazil |  | - |  | 100.00
Hercosul Distribuição Ltda. | (c) |  | Import, export, wholesale and retail sale of food products for animals |  | Brazil |  | - |  | 100.00
Hercosul International S.R.L. |  |  | Manufacturing, export, import and sale of feed and nutrients for animals |  | Paraguay |  | 100.00 |  | 100.00
Hercosul Soluções em Transportes Ltda. |  |  | Road freight |  | Brazil |  | 100.00 |  | 100.00
Joody Al Sharqiya Food Production Factory LLC |  |  | Import and commercialization of products |  | Saudi Arabia |  | 100.00 |  | 100.00
Mogiana Alimentos S.A. |  |  | Manufacturing, distribution and sale of Pet Food products |  | Brazil |  | 100.00 |  | 100.00
One Foods Holdings Ltd. |  |  | Holding |  | UAE (1) |  | 100.00 |  | 100.00
ProudFood Lda. |  |  | Import and commercialization of products |  | Angola |  | 100.00 |  | 100.00
Sadia Chile SpA |  |  | Import, export and commercialization of products |  | Chile |  | 100.00 |  | 100.00
TBQ Foods GmbH |  |  | Holding |  | Austria |  | 60.00 |  | 60.00
Coligadas e Joint Ventures |  |  |  |  |  |  |  |  |
Addoha Poultry Company | (e) |  | Industrialization and commercialization of products |  | Saudi Arabia |  | 26.00 |  | -
Al Samina Agricultural Production Company | (e) |  | Broiler chicken farming |  | Saudi Arabia |  | 100.00 |  | -
PlantPlus Foods LLC | (f) |  | Management of assets |  | Brazil |  | 30.00 |  | -
PlantPlus Foods Brasil | (f) |  | Management of assets |  | Brazil |  | 0.10 |  | -
Potengi Holdings S.A. | (b) |  | Holding |  | Brazil |  | 50.00 |  | 50.00
PR-SAD Administração de Bem Próprio S.A. |  |  | Management of assets |  | Brazil |  | 33.33 |  | 33.33

(1) UAE – United Arab Emirates.

(2) EUA – United States of America.

| (a) | For these entities, the Company has agreements that ensure full economic rights, except for AKF, in which the economic rights are of 99%.

| (b) | Affiliate with subsidiary of AES Brasil Energia S.A. in which the economic participation is 24% (note 12).

| (c) | On January 2, 2025, the subsidiaries Hercosul Alimentos Ltda. and Hercosul Distribuição Ltda. were merged into Mogiana Alimentos S.A.

| (d) | On January 2, 2025, BRF Foods GmbH was merged into BRF GmbH.

| (e) | On January 14, 2025, a shareholders' agreement was signed, ensuring effective participation in the administration of Addoha. Al Samina is a wholly owned subsidiary of Addoha.

| (f) | On January 23, 2025, the transfer of shares in PlantPlus LLC and PlantPlus Brasil to BRF was finalized.

46

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Location of Subsidiaries, Affiliates and Join Ventures

| 1.2. | Climate events in Rio Grande do Sul

On May 1st, 2024, Rio Grande do Sul declared a state of public calamity throughout its territory affected by extreme weather events causing material and environmental damage, with the destruction of homes, roads and bridges, as well as the compromise of the functioning of local and regional public and private institutions and the closure of public roads.

The Company was affected by total and partial shutdowns in its regional operations, industrial complexes, distribution centers and support offices, and made the necessary efforts to resume operations, incurring losses and additional expenses related to the production process. A total of R$ 1,184 was recognized under the 'Cost of Goods Sold' category in the consolidated financial statement for the period ending March 31, 2025.

The Company has insurance policies for events of this nature and continue in the process of regulating this claim in Rio Grande do Sul.

| 1.3. | Incident at the plant in Carambeí - PR

On August 1st, 2024, the Company informed its shareholders and the market in general that a fire had occurred in part of its Carambeí - PR unit. There were no fatalities and all employees were safe. In the same month, the Company was able to gradually resume operations at the unit.

Due to the fire, the Company recognized in its results for the period expenses mainly related to losses in the production process, expenses for structural and equipment recovery, as well as partial reimbursement of the claim received from insurers, generating a practically neutral impact for the period ended on March 31, 2025.

The Company has insurance policies for events of this nature and continue in the process of regulating this claim in Carambeí - PR.

47

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 1.4. | Acquisition of stake in Addoha Poultry Company

On October 31, 2024, BRF Arabia Holding Company (“BRF Arabia”), joint venture 70% owned by BRF and 30% by Halal Products Development Company, a wholly owned subsidiary of the Public Investment Fund da Arabia Saudita (“PIF”), has entered into a binding agreement to acquire 26% da Addoha Poultry Company, a company that operates in the slaughtering of poultry in the Kingdom of Saudi Arabia.

On January 14, 2025, a shareholders' agreement was signed between BRF Arabia and the current shareholders of Addoha, ensuring effective participation in the company's management and allowing the know-how of BRF and HPDC to contribute to maximizing synergies between the entities. On this date, the acquisition was concluded, and of its total value of SAR316,200 (equivalent to R$511,105), R$188,351 was recorded as investment and R$322,754 was recorded as goodwill for future profitability expectations.

Since Addoha is an associate of BRF Arabia, and due to the significant influence in this associate, the investment was accounted for using the equity method, with the amount of R$4,341 recorded as equity method income for the period ended March 31, 2025.

| 1.5. | Acquistion of processed foods factory in Henan Province in China

On November 20, 2024, BRF GmbH, a wholly owned subsidiary of the Company, has signed a binding

agreement with Henan Best Foods Co. Ltd., a subsidiary of the OSI Group, a U.S.-based company specializing

in food processing, to acquire a processed foods factory in Henan Province, China.

On April 30, 2025, the transaction was closed. The total value of the transaction is USD 44,986, equivalent to R$ 254,630 on that date, and it did not constitute a business combination as it only involved an asset acquisition transaction.

The factory has two food processing lines with an annual capacity of 28,000 tons and the potential to expand to two additional lines. The acquisition solidifies the company's presence in the Chinese market and consolidates its ability to serve customers in the region.

| 1.6. | Term sheet Gelprime

On December 17, 2024, MBR Investimentos Ltda., a company controlled by BRF, has signed a term sheet with

the companies Viposa Participações Ltda., Indústria e Comércio de Couros Britali Ltda. and Vanz Holding

Ltda., holders of 100% (one hundred percent) of the capital stock of Gelprime Indústria e Comércio de

Produtos Alimentos Ltda. ("Gelprime"), a company that produces, sells and distributes gelatin and collagen

through the processing of animal origin raw material.

The Term Sheet establishes the main terms and conditions for the acquisition, by MBR, of 50% of Gelprime

capital stock ("Acquisition") for the value of R$ 312,500, subject to possible adjustment.

Following the term sheet, on March 14, 2025, an Investment Agreement was signed, additionally stipulating that the acquisition will be divided between subscription and purchase and sale of shares, which may be subject to adjustments. Depending on its performance over the next three years, the price may be increased by an amount of up to USD 13,600, equivalent to R$ 78,082 on the date of the Investment Agreement. On the same date, BRF made an advance for future capital increase in the amount of R$ 60,000 to MBR (note 12.1), which used the funds to make an initial advance for the total acquisition value.

48

| Interim Financial Information, Individual and Consolidated | March 31, 2025

The completion of the transaction is subject to the fulfillment of certain usual precedent conditions for this type of transaction, including the transformation of Gelprime into a corporation and prior approval of the transaction by the Administrative Council for Economic Defense – CADE.

1.7. Acquisition of stake in joint venture PlantPlus Foods, LLC.

On November 7, 2024, Marfrig Global Foods (“Marfrig”) and Archer-Daniels-Midland Company (“ADM”) mutually agreed to dissolve their partnership through a joint venture called PlantPlus Foods, LLC (“PlantPlus LLC”) located in the United States, in which Marfrig held a 70% stake, responsible for the operation, production, and distribution of the products, and ADM held a 30% stake, through the supply of ingredients and technical know-how for the development of plant-based products.

Considering that ADM expressed an interest in discontinuing its participation in the joint venture and the existence of synergies between PlantPlus LLC's product portfolio and BRF's, the Company took over ADM's 30% stake in PlantPlus LLC and 0.10% in PlantPlus Foods Brasil Ltda. (“PlantPlus Brasil”), with no cash disbursement to BRF, nor assumption of obligations.

The operation was approved without reservations by the Administrative Council for Economic Defense (“CADE”) and, on January 23, 2025, the transfer of the shares of PlantPlus LLC from ADM to BRF was completed.

The investments in the joint ventures PlantPlus LLC and PlantPlus Brasil were accounted for using the equity method, and an expense of R$64 was recorded as equity method result for the period ended March 31, 2025

| 1.8. | Seasonality

During the months of November and December of each year, the Company is impacted by seasonality in the Brazil operating segment due to Christmas and New Year’s Celebrations. The products that are relevant contributors are: turkey, Chester®, ham and pork cuts (hind leg/pork loin).

In the International operating segment, seasonality is due to Ramadan, which is the holy month of the Muslim calendar. The beginning of Ramadan depends on the beginning of the moon cycle and, in 2025, occurred between February 28, 2025, and March 29, 2025.

| 2. | Basic of preparation and presentation of interim financial information

The Parent Company’s and Consolidated interim financial information were prepared in accordance with i) the accounting practices adopted in Brazil, which include those included in Brazilian corporate legislation and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (“CPC”) and approved by the Federal Accounting Council (“CFC”) and the Securities and Exchange Commission (“CVM”), in accordance with CPC 21 (R1) – Interim Financial Statements, and ii) international financial reporting standards (“IFRS”), IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board (“IASB”). All the relevant information applicable to the financial statements, and only them, are being evidenced and correspond to those used by management.

49

| Interim Financial Information, Individual and Consolidated | March 31, 2025

The Parent Company’s and Consolidated interim financial information are expressed in thousands of Brazilian Reais (“R$”), unless otherwise stated. For disclosures of amounts in other currencies, the values are also expressed in thousands, unless otherwise stated.

The preparation of the Parent Company’s and Consolidated interim financial information requires management to make judgments, use estimates, and adopt assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities, as well as the disclosures of contingent liabilities. The uncertainty inherent to these judgments, assumptions, and estimates could result in material adjustments to the carrying amount of certain assets and liabilities in future periods.

Any judgments, estimates, and assumptions are reviewed at each reporting period.

The Parent Company’s and Consolidated interim financial information were prepared based on the recoverable historical cost, except for the items maintained at fair value as described in note 3.4 of the Financial Statements for the year ended on December 31, 2024.

The Company prepared its Parent Company’s and Consolidated interim financial information under the going concern assumption and disclosed all relevant information in its explanatory notes, in order to clarify and complement the accounting basis adopted.

| 3. | Summary of material accounting policies

The material accounting policies applied in the preparation of this interim financial information have been included in the respective explanatory notes and are consistent across all periods presented.

The Parent Company’s and Consolidated interim financial information, in this case, quarterly information, aim to provide updates based on the latest complete annual financial statements. Therefore, they focus on new activities, events, and circumstances and do not repeat previously disclosed information, except when management deems it relevant to maintain certain information.

The interim financial information presented here was prepared based on the accounting policies and estimation calculation methods adopted in the preparation of the annual financial statements for the year ended December 31, 2024, uniformly for all entities in the group.

| 3.1. | Hyperinflationary Economies

The Company has subsidiaries in Argentina and Turkey, countries considered to have hyperinflationary economies. For the Turkish subsidiary, the inflation rate for the period ended March 31, 2025 was 10.1%. In the consolidated information for the period ended March 31, 2025, the hyperinflation adjustment impacted the Income before Financial Results in R$(50,785) (R$(47,602) in the same period of the previous year), and a revenue was recognized that impacted the Financial Result in R$56,237 (R$137,752 in the period ended March 31, 2024) and the Net Income (Loss) in R$14,543 (R$53,028 in the same period of the previous year).

For the Argentine subsidiary, the inflation rate for the period ended March 31, 2025 was 8.52%, and the hyperinflation adjustment impacted the Income before Financial Results in R$199 (R$(289) in the same period of the previous year), the Financial Result in R$2,338 (R$(3,915) in the period ended March 31, 2024) and the Net Income (Loss) in R$(1,132) (R$(4,586) in the same period of the previous year).

50

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 3.2. | Standards issued but not yet effective

The following amendments to standards have been issued and approved by the IASB and CVM but are not yet effective for the fiscal year 2025:

| · | CVM Resolution No. 193/23, with amendments introduced by CVM Resolution No. 219/24 and CVM Resolution No. 227/25 - Provides for the preparation and disclosure of the sustainability-related financial information report, based on the international standard issued by the International Sustainability Standards Board (“ISSB”) – Implementation on January 1, 2026;

| · | Amendments to IFRS 18: Presentation and Disclosure in Financial Statements – Implementation on January 1, 2027;

| · | Amendments to IFRS 19: Subsidiaries without Public Accountability: Disclosures – Implementation on January 1, 2027.

The Company and its subsidiaries are monitoring potential impacts that these new standards may bring to the Group and do not expect significant effects, except for IFRS 18 and CVM Resolution No. 193/23.

51

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 4. | Cash and cash equivalents

| Average rate (1) |  | Parent company |  | Consolidated
|  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Cash and bank accounts |  |  |  |  |  |  |  |  |
Brazilian reais | - |  | 177,598 |  | 269,699 |  | 216,062 |  | 296,529
Saudi riyal | - |  | - |  | - |  | 96,753 |  | 256,879
U.S. dollar | - |  | 150,461 |  | 162,389 |  | 754,803 |  | 630,990
Euro | - |  | 29,204 |  | 4,603 |  | 48,124 |  | 16,995
Turkish lira | - |  | - |  | - |  | 4,807 |  | 6,348
Other currencies | - |  | 45 |  | 78 |  | 243,486 |  | 170,621
|  |  | 357,308 |  | 436,769 |  | 1,364,035 |  | 1,378,362
Cash equivalents |  |  |  |  |  |  |  |  |
In Brazilian reais |  |  |  |  |  |  |  |  |
Investment funds | 14.15% |  | 3,370 |  | 4,727 |  | 3,370 |  | 4,727
Offshore note (3) |  |  | - |  | - |  | - |  | 1,501,608
Bank deposit certificates | 14.24% |  | 5,677,370 |  | 3,545,946 |  | 5,829,327 |  | 3,716,958
|  |  | 5,680,740 |  | 3,550,673 |  | 5,832,697 |  | 5,223,293
In U.S. Dollar |  |  |  |  |  |  |  |  |
Term deposit | 4.90% |  | - |  | - |  | 3,601,301 |  | 2,721,270
Overnight | - |  | 3,610 |  | 1,582 |  | 3,610 |  | 1,582
Other currencies |  |  |  |  |  |  |  |  |
Term deposit (Saudi riyal) | 5.50% |  | - |  | - |  | 254,426 |  | 959,103
Term deposit (2) |  |  | - |  | - |  | 995,898 |  | 881,754
|  |  | 3,610 |  | 1,582 |  | 4,855,235 |  | 4,563,709
|  |  | 6,041,658 |  | 3,989,024 |  | 12,051,967 |  | 11,165,364

| (1) | Weighted average annual rate.

| (2) | Amounts are substantially denominated in Turkish Lira (TRY) at a weighted average annual rate of 45.23% (49.57% on December 31, 2024).

| (3) | Represent an investment in a financial institution on the international market with a balance in real.

52

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 5. | Marketable secutities

|  |  |  |  | Average rate (2) |  | Parent company |  | Consolidated
| WAM (1) |  | Currency |  |  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |
National treasury notes (5) | 8.52 |  | R$ |  | 11.63 |  | 893,451 |  | 859,029 |  | 893,451 |  | 859,029
Equity securities (3) | - |  | USD |  | - |  | - |  | - |  | 14,356 |  | 15,481
|  |  |  |  |  |  | 893,451 |  | 859,029 |  | 907,807 |  | 874,510
Fair value through profit and loss |  |  |  |  |  |  |  |  |  |  |  |  |
Financial treasury bills | 0.92 |  | R$ |  | 11.26 |  | 36,077 |  | 35,031 |  | 36,077 |  | 35,031
Investment funds - FIDC II | 1.08 |  | R$ |  | - |  | 18,664 |  | 18,450 |  | 18,664 |  | 18,450
Other | 0.08 |  | R$ |  | - |  | - |  | - |  | 20 |  | 20
|  |  |  |  |  |  | 54,741 |  | 53,481 |  | 54,761 |  | 53,501
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign bonds and other (4) | 5.05 |  | USD |  | 6.81 |  | - |  | - |  | 258,354 |  | 289,880
|  |  |  |  |  |  | 948,192 |  | 912,510 |  | 1,220,922 |  | 1,217,891
Current |  |  |  |  |  |  | 929,528 |  | 894,060 |  | 929,548 |  | 894,080
Non-current (6) |  |  |  |  |  |  | 18,664 |  | 18,450 |  | 291,374 |  | 323,811

| (1) | Weighted average maturity in years.

| (2) | Weighted average annual rate.

| (3) | It’s comprised of Aleph Farms Ltd. stocks.

| (4) | It’s comprised of private securities and sovereign securities of the Angola Government and are presented net of expected credit losses in the amount of R$23,255 (R$22,530 on December 31, 2024). The amounts are denominated in Bonds in U.S. Dollar at a weighted average annual rate of 6.81% (U.S. Dollar 6.82 on December 31, 2024)

| (5) | FVTOCI: Fair Value through Other Comprehensive Income R$45,887.

| (6) | Maturity until May of 2035.

On March 31, 2025, the amount of R$26,100 (R$69,753 on December 31, 2024) classified as cash and cash equivalents and marketable securities were pledged as guarantee, with no use restrictions, for future contracts traded on B3.

53

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 6. | Trade Accounts and Notes Receivable

|  | Parent company |  | Consolidated
|  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Trade accounts receivable |  |  |  |  |  |  |  |
Domestic market |  |  |  |  |  |  |  |
Third parties |  | 1,341,650 |  | 2,285,150 |  | 1,433,917 |  | 2,420,942
Related parties |  | 48,084 |  | 51,834 |  | 9,206 |  | 16,402
|  | 1,389,734 |  | 2,336,984 |  | 1,443,123 |  | 2,437,344
Foreign market |  |  |  |  |  |  |  |
Third parties |  | 2,662,786 |  | 2,906,380 |  | 4,275,948 |  | 4,395,420
Related parties |  | 2,075,056 |  | 3,299,865 |  | 45,269 |  | 30,924
|  | 4,737,842 |  | 6,206,245 |  | 4,321,217 |  | 4,426,344
( - ) Adjustment to present value ("APV") |  | (21,638) |  | (28,340) |  | (32,888) |  | (39,291)
( - ) Expected credit losses |  | (620,971) |  | (659,030) |  | (680,662) |  | (726,764)
|  | 5,484,967 |  | 7,855,859 |  | 5,050,790 |  | 6,097,633
Current |  | 5,462,354 |  | 7,834,133 |  | 5,027,869 |  | 6,075,013
Non-current |  | 22,613 |  | 21,726 |  | 22,921 |  | 22,620
Notes receivable |  | 58,824 |  | 61,628 |  | 58,824 |  | 61,628
( - ) Adjustment to present value ("APV") |  | (4,829) |  | (5,910) |  | (4,829) |  | (5,910)
( - ) Expected credit losses |  | (15,397) |  | (15,381) |  | (15,397) |  | (15,381)
|  | 38,598 |  | 40,337 |  | 38,598 |  | 40,337
Current |  | 30,355 |  | 32,302 |  | 30,355 |  | 32,302
Non-current (1) |  | 8,243 |  | 8,035 |  | 8,243 |  | 8,035

| (1) | On March 31, 2025, the weighted average maturity is 2 years.

For sales in the external market on credit, the Company has insurance, letters of credit, and other guarantees in the amount of R$1,561,120 (R$1,441,599 on December 31, 2024), which cover 82.4% (78.8% on December 31, 2024) of this modality.

The Company performs credit assignments with no right of return to the BRF Clients’ Credit Rights Investment Fund (“FIDC BRF II”), which has the sole purpose to acquire credit rights arising from commercial transactions carried out between the Company and its clients in Brazil.

On March 31, 2025, FIDC BRF II has an outstanding balance of R$979,936 (R$959,434 on December 31, 2024) related to such credit rights, which were ceased to be recognized in the Company’s statement of financial position when the credits were sold.

On March 31, 2025, other receivables are mainly represented by receivables from the sale of farms and various properties not linked to production.

The movements of the expected credit losses are presented below:

Parent company |  | Consolidated
| 03.31.25 |  | 03.31.25
Beginning balance | (659,030) |  | (726,764)
(Additions) reversals | (1,001) |  | (4,751)
Write-offs | 2,548 |  | 9,976
Exchange rate variation | 36,512 |  | 40,877
Ending balance | (620,971) |  | (680,662)

54

| Interim Financial Information, Individual and Consolidated | March 31, 2025

The aging of trade accounts receivable is as follows:

| Parent company |  | Consolidated
| 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Not overdue | 5,330,854 |  | 7,749,078 |  | 4,536,003 |  | 5,904,865
Overdue |  |  |  |  |  |  |
01 to 60 days | 131,509 |  | 120,451 |  | 485,538 |  | 203,179
61 to 90 days | 21,689 |  | 5,050 |  | 30,976 |  | 9,228
91 to 120 days | 12,403 |  | 711 |  | 15,039 |  | 2,891
121 to 180 days | 913 |  | 934 |  | 1,808 |  | 9,307
181 to 360 days | 15,621 |  | 23,131 |  | 31,681 |  | 41,254
More than 360 days | 614,587 |  | 643,874 |  | 663,295 |  | 692,964
( - ) Adjustment to present value ("APV") | (21,638) |  | (28,340) |  | (32,888) |  | (39,291)
( - ) Expected credit losses | (620,971) |  | (659,030) |  | (680,662) |  | (726,764)
| 5,484,967 |  | 7,855,859 |  | 5,050,790 |  | 6,097,633

| 7. | Inventories

| Parent company |  | Consolidated
| 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Finished goods | 1,784,593 |  | 1,553,208 |  | 3,521,944 |  | 3,574,304
Work in progress | 368,330 |  | 354,152 |  | 421,804 |  | 409,037
Raw materials | 1,203,359 |  | 1,373,016 |  | 1,358,279 |  | 1,589,282
Packaging materials | 129,790 |  | 116,731 |  | 169,857 |  | 154,696
Secondary materials | 623,652 |  | 571,303 |  | 686,087 |  | 621,207
Supplies | 128,296 |  | 128,313 |  | 194,070 |  | 190,041
Imports in transit | 233,749 |  | 235,125 |  | 234,534 |  | 236,453
Other | 50,884 |  | 68,521 |  | 60,780 |  | 68,528
(-) Adjustment to present value ("APV") (1) | (124,080) |  | (110,867) |  | (130,994) |  | (115,546)
| 4,398,573 |  | 4,289,502 |  | 6,516,361 |  | 6,728,002

| (1) | The adjustment refers to the counter-entry of the adjustment of present value from trade accounts payable and is carried out for cost according to inventories turnover.

The movements of the reduction to net realizable value of inventories, for which the additions, reversals, and write-offs were recorded against the Cost of Goods Sold, are presented in the table below:

| Parent company
| Realizable value through sale |  | Impaired inventories |  | Obsolete inventories |  | Total
| 03.31.25 |  | 03.31.25 |  | 03.31.25 |  | 03.31.25
Beginning balance | (1,256) |  | (17,739) |  | (664) |  | (19,659)
Additions | (2,601) |  | (9,505) |  | (6,427) |  | (18,533)
Reversals | 2,633 |  | - |  | - |  | 2,633
Write-offs | - |  | 14,675 |  | 1,531 |  | 16,206
Ending balance | (1,224) |  | (12,569) |  | (5,560) |  | (19,353)

55

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| Consolidated
| Realizable value through sale |  | Impaired inventories |  | Obsolete inventories |  | Total
| 03.31.25 |  | 03.31.25 |  | 03.31.25 |  | 03.31.25
Beginning balance | (1,403) |  | (24,861) |  | (1,017) |  | (27,281)
Additions | (4,488) |  | (19,226) |  | (8,460) |  | (32,174)
Reversals | 2,961 |  | - |  | - |  | 2,961
Write-offs | - |  | 25,282 |  | 2,212 |  | 27,494
Monetary correction by Hyperinflation | - |  | - |  | - |  | -
Exchange rate variation | 268 |  | 141 |  | 37 |  | 446
Ending balance | (2,662) |  | (18,664) |  | (7,228) |  | (28,554)

| 8. | Biological Assets

The live animals are represented by poultry and pork and segregated into consumables and animals for production. The roll-forward of the biological assets during the period is presented below:

| Parent company
| Current |  | Non-current
| Live animals |  |  |  |  |  |
| Total |  | Live animals |  | Forests | Total
| 03.31.25 |  | 03.31.25 |  | 03.31.25 |  | 03.31.25
Beginning balance | 2,659,317 |  | 1,215,393 |  | 470,338 |  | 1,685,731
Additions/Transfer | 6,215,003 |  | 176,207 |  | 23,417 |  | 199,624
Changes in fair value | 872,161 |  | (97,475) |  | - |  | (97,475)
Harvest | - |  | - |  | (10,246) |  | (10,246)
Write-off | - |  | - |  | - |  | -
Transfer between current and non-current | 51,406 |  | (51,406) |  | - |  | (51,406)
Transfer to inventories | (7,013,996) |  | - |  | - |  | -
Ending balance | 2,783,891 |  | 1,242,719 |  | 483,509 |  | 1,726,228
| Consolidated
| Current |  | Non-current
| Live animals |  |  |  |  |  |
| Total |  | Live animals |  | Forests | Total
| 03.31.25 |  | 03.31.25 |  | 03.31.25 |  | 03.31.25
Beginning balance | 2,844,633 |  | 1,316,899 |  | 470,338 |  | 1,787,237
Additions/Transfer | 6,879,209 |  | 190,224 |  | 23,417 |  | 213,641
Changes in fair value | 1,014,238 |  | (111,214) |  | - |  | (111,214)
Harvest | - |  | - |  | (10,246) |  | (10,246)
Write-off | - |  | - |  | - |  | -
Transfer between current and non-current | 52,977 |  | (52,977) |  | - |  | (52,977)
Transfer to inventories | (7,802,022) |  | - |  | - |  | -
Exchange variation | (26,492) |  | (14,151) |  | - |  | (14,151)
Monetary correction by Hyperinflation | 3,151 |  | 7,588 |  | - |  | 7,588
Ending balance | 2,965,694 |  | 1,336,369 |  | 483,509 |  | 1,819,878

56

| Interim Financial Information, Individual and Consolidated | March 31, 2025

The change in the biological asset includes depreciation of breeders and depletion of forests in the amount of R$315,902 in the Parent Company and R$351,472 in the Consolidated (R$335,242 in the Parent Company and R$368,066 in the Consolidated on March 31, 2024).

The estimated quantities of live animals on March 31, 2025, are 171,836 thousand head of poultry and 4,835 thousand head of pork at the Parent Company (177,889 thousand head of poultry and 4,865 thousand head of pork on December 31, 2024). In the Consolidated, there are 194,840 thousand heads of poultry and 4,835 thousand heads of pork (201,241 thousand heads of poultry and 4,865 thousand heads of pork on December 31, 2024).

The Company has forests pledged as collateral for financing and tax and civil contingencies on March 31, 2025, in the amount of R$57,501 in the Parent Company and in the Consolidated (R$70,025 in the Parent Company and in the Consolidated on December 31, 2024).

| 9. | Recoverable Taxes

| Parent company |  | Consolidated
| 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Recoverable ICMS and VAT | 1,943,186 |  | 1,900,655 |  | 2,461,435 |  | 2,473,731
Recoverable PIS and COFINS | 1,956,372 |  | 2,031,212 |  | 1,966,120 |  | 2,040,746
Recoverable IPI | 1,176,364 |  | 1,176,162 |  | 1,187,611 |  | 1,177,941
Recoverable INSS | 419,108 |  | 422,154 |  | 419,108 |  | 422,163
Recoverable income taxes | 445,246 |  | 430,454 |  | 678,900 |  | 683,051
Other recoverable taxes | 101,779 |  | 102,546 |  | 101,949 |  | 102,951
(-) Impairment | (144,620) |  | (140,750) |  | (144,821) |  | (140,951)
| 5,897,435 |  | 5,922,433 |  | 6,670,302 |  | 6,759,632
Current | 1,802,282 |  | 1,393,036 |  | 2,558,318 |  | 2,214,186
Non-current | 4,095,153 |  | 4,529,397 |  | 4,111,984 |  | 4,545,446

| 9.1 | ICMS – tax on movement of goods and services and VAT – value added taxes

As result of the activity, the Company generates recoverable ICMS balances that are offset against ICMS payables arising from sales in the domestic market or that are transferred to third parties.

The Company has recoverable ICMS balances in the States of Paraná, Santa Catarina, Mato Grosso do Sul, Minas Gerais and Amazonas, which will be realized in the short and long term, based on the recoverability study reviewed and approved by the Management.

In other jurisdictions outside Brazil, value added taxes (VAT) are due in regular operations of the Company with goods and services, with expectations of achievement in the short and long term.

On October 16, 2024, BRF and Marfrig entered into an agreement for the acquisition of up to R$350,000 of ICMS credits accrued in the State of São Paulo owned by Marfrig, with a market-compatible discount applied. The utilization will be carried out according to the Company's monthly assessment in the State, with total compensation expected by July 2025. As of March 31, 2025, R$336,000 had been transferred (R$256,000 as of December 31, 2024) and the Company compensated the amount of R$247,144 related to these credits (R$178,076 as of December 31, 2024).

57

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 9.2 | PIS and COFINS – social integration plan and contribution for social security

The accumulated recoverable PIS and COFINS balances arise from taxes on raw material purchases subsequently used in the production of exported products or products for which sale is not taxed, as well as recoverable taxes on commercial and labor expenses. The realization of these balances usually occurs through the offsetting with taxes payable on sales of taxed products in the domestic market, with other federal taxes and social security contributions payable, or even, if necessary, through refund or reimbursement requests.

As of March 31, 2025, the updated balance of the processes related to the exclusion of ICMS from the PIS and COFINS calculation basis recognized by the Company is R$1,654,979 (R$1,720,431 as of December 31, 2024). The monetary update of balances is recognized against Net financial income (expenses).

| 9.3 | IPI – industrialized product tax

The Company has recognized tax assets as a result of gains from lawsuits related to IPI, especially “crédito prêmio”. The balance referring to these assets in the Parent Company and Consolidated on March 31, 2025, is R$1,185,146 (R$1,185,146 on December 31, 2024), of which R$1,162,991 (R$1,162,991 on December 31, 2024) is recorded as Recoverable Taxes and the remainder, referring to cases in which the government will reimburse in cash, is recorded as Other Non-Current Assets, in the amount of R$22,155 (R$22,155 on December 31, 2024). The monetary update of balances is recognized against Net financial income (expenses).

| 9.4 | Income taxes

The accumulated recoverable income taxes arise, mostly, from withholding taxes on securities, interest and prepayments of income tax and social contribution in Brazil. The realization occurs through the offset with federal taxes and contributions payable.

| 9.5 | Realization of Brazilian federal tax credits

The Company used recoverable balances of PIS, COFINS, IPI, and Other to offset federal taxes payable such as INSS, Income Taxes, and Other in the amount of R$297,337 for the period ended on March 31, 2025 (R$1,433,559 for the year ended on December 31, 2024), preserving its liquidity and optimizing its capital structure.

58

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 10. | Deferred Income Taxes

| 10.1 | Breakdown

| Parent company |  | Consolidated
| 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Assets |  |  |  |  |  |  |
Tax losses carryforward | 2,504,706 |  | 2,504,706 |  | 2,543,369 |  | 2,543,398
Negative calculation basis (social contribution) | 901,694 |  | 901,694 |  | 915,613 |  | 915,623
Temporary differences - Assets |  |  |  |  |  |  |
Provisions for tax, civil and labor risks | 387,973 |  | 392,062 |  | 393,741 |  | 394,642
Expected credit losses | 186,856 |  | 209,378 |  | 192,592 |  | 215,626
Impairment on tax credits | 50,728 |  | 54,853 |  | 50,794 |  | 54,853
Provision for other obligations | 64,409 |  | 86,636 |  | 74,276 |  | 110,059
Write-down to net realizable value of inventories | 6,649 |  | 6,842 |  | 8,493 |  | 10,248
Employees' benefits plan | 108,655 |  | 106,134 |  | 138,772 |  | 133,783
Lease basis difference | 274,716 |  | 256,005 |  | 276,495 |  | 256,418
Share-based payment | 27,672 |  | 26,967 |  | 27,672 |  | 26,967
Adjustment to the expcted annual rate | 352,851 |  | - |  | 352,851 |  | -
Other temporary differences | 74,779 |  | 243,259 |  | 132,207 |  | 299,549
| 4,941,688 |  | 4,788,536 |  | 5,106,875 |  | 4,961,166
Temporary differences - Liabilities |  |  |  |  |  |  |
Goodwill amortization basis difference | (323,005) |  | (323,005) |  | (336,071) |  | (337,038)
Depreciation (useful life) basis difference | (1,116,781) |  | (1,096,046) |  | (1,138,573) |  | (1,118,093)
Business combination (1) | (956,612) |  | (959,663) |  | (956,612) |  | (959,663)
Monetary correction by Hyperinflation | - |  | - |  | (32,852) |  | (46,319)
Unrealized gains on derivatives, net | (260,082) |  | (120,326) |  | (260,082) |  | (120,326)
Unrealized fair value gains, net | (77,638) |  | (26,986) |  | (79,688) |  | (29,977)
Other - exchange rate variation | (331,804) |  | - |  | (331,804) |  | -
Other temporary differences | (87,675) |  | (24,197) |  | (84,862) |  | (20,671)
| (3,153,597) |  | (2,550,223) |  | (3,220,544) |  | (2,632,087)
Total deferred taxes | 1,788,091 |  | 2,238,313 |  | 1,886,331 |  | 2,329,079
Total Assets | 1,788,091 |  | 2,238,313 |  | 1,902,404 |  | 2,331,012
Total Liabilities | - |  | - |  | (16,073) |  | (1,933)
| 1,788,091 |  | 2,238,313 |  | 1,886,331 |  | 2,329,079

| (1) | The deferred tax liability on business combination is substantially represented by the allocation of goodwill to property, plant and equipment, brands and contingent liabilities.

As of March 31, 2025, the Parent Company has accumulated tax losses of Income Tax (IRPJ) and negative bases of Contributions on Net Profit (CSLL) in Brazil, which at current tax rates represent R$6,254,668 (R$6,266,431 as of December 31, 2024). In Consolidated, tax losses at local income tax rates represent the amount of R$6,377,893 (R$6,380,870 as of December 31, 2024). Of these amounts, R$3,406,400 in the Parent Company and R$3,458,982 in Consolidated (R$3,406,400 in the Parent Company and R$3,459,021 in Consolidated as of December 31, 2024) are recognized in assets, according to the expectation of recoverability over a ten-year period.

The roll-forward of deferred income taxes, net, is set forth below:

| Parent company |  | Consolidated
| 03.31.25 |  | 03.31.25
Beginning balance | 2,238,313 |  | 2,329,079
Deferred income taxes recognized | (206,191) |  | (199,012)
Deferred income taxes recognized in other comprehensive income | (244,031) |  | (244,037)
Other | - |  | 301
Ending balance | 1,788,091 |  | 1,886,331

59

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 10.2 | Effective income tax rate reconciliation

|  | Parent company |  | Consolidated
| 2025 |  | 2024 |  | 2025 |  | 2024
| Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar
Income (loss) before taxes | 1,326,847 |  | 494,167 |  | 1,427,248 |  | 714,668
Nominal tax rate | 34% |  | 34% |  | 34% |  | 34%
Expenses at nominal tax rates | (451,128) |  | (168,017) |  | (485,264) |  | (242,987)
Adjustments to income taxes |  |  |  |  |  |  |
Income from associates and joint ventures | (184,608) |  | 305,539 |  | 614 |  | (818)
Tax rate, GAAP and permanent differences on the results of a subsidiary | - |  | - |  | (41,685) |  | 219,171
Effect of exchange rate variation on assets and liabilities of subsidiaries | - |  | - |  | (136,721) |  | 30,588
Deferred tax assets not recognized (1) | - |  | (151,343) |  | (13,953) |  | (151,321)
Interest on taxes | 11,218 |  | 20,033 |  | 12,651 |  | 20,073
Tax paid on international subsidiaries | 45,376 |  | - |  | 45,376 |  | -
Adjustment for the expected tax rate in the fiscal year | 352,851 |  | - |  | 352,851 |  | -
Other permanent differences | 23,879 |  | 4,614 |  | 23,954 |  | 4,370
| (202,412) |  | 10,826 |  | (242,177) |  | (120,924)
Effective rate | 15.3% |  | -2.2% |  | 17.0% |  | 16.9%
Current tax | 3,779 |  | 203 |  | (43,165) |  | (127,858)
Deferred tax | (206,191) |  | 10,623 |  | (199,012) |  | 6,934

Income tax returns in Brazil are subject to review by the tax authorities for a period of five years from the date of their delivery. The Company may be subject to additional collection of taxes, fines and interest as a result of these reviews. The results obtained by subsidiaries abroad are subject to taxation in accordance with the tax laws of each country.

| 11. | Judicial Deposits

The roll-forward of the judicial deposits is set forth below:

| Parent company
|  |  |  |  |  |  | 03.31.25
| Tax |  | Labor |  | Civil, commercial and other |  | Total
Beginning balance | 186,872 |  | 156,833 |  | 64,334 |  | 408,039
Additions | - |  | 19,727 |  | 150 |  | 19,877
Release in favor of the Company | (1,820) |  | (5,253) |  | 208 |  | (6,865)
Release in favor of the counterparty | (4,733) |  | (28,231) |  | (44) |  | (33,008)
Interest | 3,014 |  | 3,535 |  | 912 |  | 7,461
Ending balance | 183,333 |  | 146,611 |  | 65,560 |  | 395,504

60

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| Consolidated
|  |  |  |  |  |  | 03.31.25
| Tax |  | Labor |  | Civil, commercial and other |  | Total
Beginning balance | 192,057 |  | 160,130 |  | 70,146 |  | 422,333
Additions | 29 |  | 19,875 |  | 161 |  | 20,065
Release in favor of the Company | (1,820) |  | (5,203) |  | 208 |  | (6,815)
Release in favor of the counterparty | (4,733) |  | (28,248) |  | (5,813) |  | (38,794)
Interest | 3,070 |  | 3,709 |  | 901 |  | 7,680
Ending balance | 188,603 |  | 150,263 |  | 65,603 |  | 404,469

| 12. | Investments

| 12.1 | Composition and roll-forward of the investments

| Parent company |  | Consolidated
| 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Investments | 13,214,118 |  | 13,925,136 |  | 618,074 |  | 128,699
Investment in subsidiaries | 13,085,280 |  | 13,796,437 |  | - |  | -
Participações em coligadas e joint ventures | 128,838 |  | 128,699 |  | 618,074 |  | 128,699
Other investments | 583 |  | 583 |  | 583 |  | 584
| 13,214,701 |  | 13,925,719 |  | 618,657 |  | 129,283

61

| Interim Financial Information, Individual and Consolidated | March 31, 2025

The roll-forward of the direct investments in subsidiaries and affiliates of the Parent Company is set forth below:

|  |  | Income (loss) for the year |  | Capital transaction |  | Other |  |
| Beginning balance (12.31.24) |  | Income (loss) from associates and joint ventures |  | Advance for future capital increase |  | Acquisition (sale) of equity interest |  | Other comprehensive income |  | Constitution (reversal) of provision for loss |  | Ending balance (03.31.25)
Direct subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |
BRF Energia S.A. | 12,979 |  | 462 |  | - |  | - |  | - |  | - |  | 13,441
BRF Foods UK Ltd. | 1,999 |  | (33) |  | - |  | - |  | (100) |  | - |  | 1,866
BRF GmbH | 12,437,503 |  | (510,268) |  | - |  | - |  | (210,626) |  | - |  | 11,716,609
MBR Investimentos | 6,259 |  | 86 |  | 60,000 |  | - |  | - |  | - |  | 66,345
BRF Pet S.A. | 1,287,674 |  | (35,442) |  | - |  | - |  | (11,860) |  | - |  | 1,240,372
Sadia Alimentos S.A.U. | 2,024 |  | (533) |  | - |  | - |  | 831 |  | - |  | 2,322
Sadia Uruguay S.A. | 46,274 |  | (1,114) |  | - |  |  |  | (1,903) |  | - |  | 43,257
Indirect subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |
Hercosul International S.R.L. | 1,006 |  | 8 |  | - |  | - |  | (635) |  | - |  | 379
Proud Food Lda | 719 |  | 22 |  | - |  | - |  | (52) |  | - |  | 689
Sadia Chile SpA | 55 |  | 6,644 |  | - |  | - |  | 1,889 |  | (8,588) |  | -
Affiliated |  |  |  |  |  |  |  |  |  |  |  |  |
Potengi Holdings S.A. | 120,616 |  | (2,736) |  | - |  | - |  | - |  | - |  | 117,880
PR-SAD Adm. Bem próprio S.A. | 8,083 |  | - |  | - |  | - |  | - |  | - |  | 8,083
PlantPlus Foods LLC | - |  | (63) |  | - |  | 2,922 |  | - |  | - |  | 2,859
PlantPlus Foods Brasil | - |  | (1) |  | - |  | 17 |  | - |  | - |  | 16
| 13,925,191 |  | (542,968) |  | 60,000 |  | 2,939 |  | (222,456) |  | (8,588) |  | 13,214,118

On March 31, 2025, these subsidiaries and affiliates do not have any restriction to amortize their loans or advances to the Company.

62

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 13. | Property, plant e equipment

The rollforward of fixed assets, which includes the right-of-use balances (note 17.1), is presented below:

| Parent company
| Average rate (1) |  | 12.31.24 |  | Additions |  | Disposals |  | Transfers (2) |  | 03.31.25
Cost |  |  |  |  |  |  |  |  |  |  |
Land |  |  | 535,043 |  | 455 |  | (434) |  | - |  | 535,064
Buildings, facilities and improvements |  |  | 12,785,804 |  | 183,030 |  | (127,158) |  | 117,116 |  | 12,958,792
Machinery and equipment |  |  | 9,653,352 |  | 14,391 |  | (11,564) |  | 164,030 |  | 9,820,209
Furniture and fixtures |  |  | 135,632 |  | 13 |  | (1,604) |  | 1,960 |  | 136,001
Vehicles |  |  | 147,623 |  | 94,307 |  | (2,476) |  | - |  | 239,454
Construction in progress |  |  | 599,239 |  | 284,498 |  | - |  | (264,282) |  | 619,455
Advances to suppliers |  |  | 15,204 |  | 3,695 |  | - |  | (11,449) |  | 7,450
|  |  | 23,871,897 |  | 580,389 |  | (143,236) |  | 7,375 |  | 24,316,425
Depreciation |  |  |  |  |  |  |  |  |  |  |
Land (3) | 5.00% |  | (17,348) |  | (1,009) |  | 90 |  | - |  | (18,267)
Buildings, facilities and improvements | 2.86% |  | (5,352,383) |  | (205,869) |  | 116,096 |  | 508 |  | (5,441,648)
Machinery and equipment | 5.80% |  | (5,262,441) |  | (119,661) |  | 8,071 |  | (4,742) |  | (5,378,773)
Furniture and fixtures | 6.70% |  | (68,414) |  | (1,835) |  | 1,018 |  | 133 |  | (69,098)
Vehicles | 15.07% |  | (109,293) |  | (17,154) |  | 2,384 |  | - |  | (124,063)
|  |  | (10,809,879) |  | (345,528) |  | 127,659 |  | (4,101) |  | (11,031,849)
|  |  | 13,062,018 |  | 234,861 |  | (15,577) |  | 3,274 |  | 13,284,576

| (1) | Weighted average annual rate

| (2) | Refers to the transfer of R$157 to intangible assets and R$3,117 to assets held for sale

| (3) | Land depreciation refers to right-of-use assets (note 17.1). The amount of R$413 of depreciation was recognized in the cost of formation of forests and will be realized in the result according to the depletion.

63

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| Consolidated
| Average rate (1) |  | 12.31.24 |  | Additions |  | Disposals |  | Monetary correction by Hyperinflation |  | Transfers (2) |  | Exchange rate variation |  | 03.31.25
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  |  | 784,718 |  | 455 |  | (1,254) |  | (6,189) |  | - |  | (23,012) |  | 754,718
Buildings, facilities and improvements |  |  | 13,970,153 |  | 213,089 |  | (183,806) |  | 33,644 |  | 139,018 |  | (99,923) |  | 14,072,175
Machinery and equipment |  |  | 10,963,286 |  | 14,899 |  | (12,819) |  | 28,411 |  | 131,231 |  | (120,573) |  | 11,004,435
Furniture and fixtures |  |  | 269,845 |  | 49 |  | (1,889) |  | 5,229 |  | 2,101 |  | (16,009) |  | 259,326
Vehicles |  |  | 502,545 |  | 104,690 |  | (4,104) |  | 682 |  | 15,616 |  | (27,961) |  | 591,468
Construction in progress |  |  | 645,621 |  | 321,157 |  | (69) |  | 639 |  | (274,169) |  | (2,807) |  | 690,372
Advances to suppliers |  |  | 19,719 |  | 6,460 |  | - |  | 15 |  | (14,211) |  | (331) |  | 11,652
|  |  | 27,155,887 |  | 660,799 |  | (203,941) |  | 62,431 |  | (414) |  | (290,616) |  | 27,384,146
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land (3) | 5.00% |  | (58,976) |  | (2,432) |  | 90 |  | 4,363 |  | - |  | 3,259 |  | (53,696)
Buildings, facilities and improvements | 3.06% |  | (5,779,019) |  | (231,432) |  | 172,641 |  | (8,293) |  | (14,879) |  | 33,330 |  | (5,827,652)
Machinery and equipment | 5.96% |  | (5,846,956) |  | (136,120) |  | 8,292 |  | (22,116) |  | 15,059 |  | 49,910 |  | (5,931,931)
Furniture and fixtures | 7.87% |  | (121,541) |  | (3,100) |  | 1,210 |  | (2,430) |  | 216 |  | 6,080 |  | (119,565)
Vehicles | 15.17% |  | (281,166) |  | (49,189) |  | 2,390 |  | 1,674 |  | (4,498) |  | 13,338 |  | (317,451)
|  |  | (12,087,658) |  | (422,273) |  | 184,623 |  | (26,802) |  | (4,102) |  | 105,917 |  | (12,250,295)
|  |  | 15,068,229 |  | 238,526 |  | (19,318) |  | 35,629 |  | (4,516) |  | (184,699) |  | 15,133,851

| (1) | Weighted average annual rate

| (2) | Refers to the transfer of R$7,632 to intangible assets and R$3,117 to assets held for sale

| (3) | Land depreciation refers to right-of-use assets (note 17.1). The amount of R$413 of depreciation was recognized in the cost of formation of forests and will be realized in the result according to the depletion.

64

| Interim Financial Information, Individual and Consolidated | March 31, 2025

The amount of capitalized borrowing costs during the period ended March 31, 2025 was R$10,972 in the Parent Company and R$11,216 in the Consolidated (R$9,436 in the Parent Company and R$9,823 in the Consolidated in the same period of the previous year).

The weighted average rate used to determine the amount of borrowing costs subject to capitalization during the period ended March 31, 2025 was 8.12% p.a. in the Parent Company and 10.28% p.a. in the Consolidated (8.47% p.a. in the Parent Company and 11.03% p.a. in the Consolidated in the year ended December 31, 2024).

The book value of the property, plant and equipment items that are pledged as collateral for transactions of different natures are set forth below:

|  |  |  | Parent company |  | Consolidated
|  | Type of collateral |  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Land |  | Financial/tax/civil |  | 61,945 |  | 62,144 |  | 61,945 |  | 62,144
Buildings, facilities and improvements |  | Financial/tax |  | 952,378 |  | 947,286 |  | 952,378 |  | 947,286
Machinery and equipment |  | Financial/labor/tax/civil |  | 1,026,877 |  | 1,036,448 |  | 1,026,877 |  | 1,036,448
Furniture and fixtures |  | Financial/tax |  | 11,700 |  | 11,751 |  | 11,700 |  | 11,751
Vehicles |  | Financial/tax |  | 76 |  | 82 |  | 76 |  | 82
|  |  |  | 2,052,976 |  | 2,057,711 |  | 2,052,976 |  | 2,057,711

| 14. | Intangible assets

The intangible assets roll forward, is set forth below:

|  |  | Parent company
| Average rate (1) |  | 12.31.23 |  | Additions |  | Disposals |  | Transfers |  | 12.31.24
Cost |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 1,783,655 |  | - |  | - |  | - |  | 1,783,655
Trademarks |  |  | 1,152,885 |  | - |  | - |  | - |  | 1,152,885
Non-compete agreement |  |  | 12,646 |  | 1,126 |  | - |  | - |  | 13,772
Patents |  |  | 1,810 |  | - |  | - |  | - |  | 1,810
Software |  |  | 587,126 |  | - |  | (199) |  | 46,406 |  | 633,333
Intangible in progress |  |  | 37,260 |  | 42,794 |  | - |  | (46,563) |  | 33,491
|  |  | 3,575,382 |  | 43,920 |  | (199) |  | (157) |  | 3,618,946
Amortization |  |  |  |  |  |  |  |  |  |  |
Non-compete agreement | 44.52% |  | (10,844) |  | (902) |  | - |  | - |  | (11,746)
Patents | 10.00% |  | (1,697) |  | (6) |  | - |  | - |  | (1,703)
Software | 36.33% |  | (369,967) |  | (33,906) |  | 199 |  | - |  | (403,674)
|  |  | (382,508) |  | (34,814) |  | 199 |  | - |  | (417,123)
|  |  | 3,192,874 |  | 9,106 |  | - |  | (157) |  | 3,201,823

| (1) | Weighted average annual remaining rate.

65

| Interim Financial Information, Individual and Consolidated | March 31, 2025

|  |  | Consolidated
| Average rate (1) |  | 12.31.24 |  | Additions |  | Disposals |  | Transfers |  | Monetary correction by Hyperinflation |  | Exchange rate variation |  | 03.31.25
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 3,771,262 |  | - |  | - |  | - |  | 21,351 |  | (134,936) |  | 3,657,677
Trademarks |  |  | 2,006,266 |  | - |  | - |  | - |  | 25,247 |  | (52,438) |  | 1,979,075
Non-compete agreement |  |  | 57,019 |  | 1,126 |  | - |  | - |  | - |  | (3,062) |  | 55,083
Patents |  |  | 5,386 |  | - |  | - |  | - |  | 373 |  | (640) |  | 5,119
Customer relationship |  |  | 1,654,610 |  | - |  | - |  | - |  | 49,409 |  | (154,816) |  | 1,549,203
Software |  |  | 700,208 |  | - |  | (307) |  | 56,335 |  | 6,635 |  | (14,604) |  | 748,267
Intangible in progress |  |  | 37,692 |  | 46,898 |  | - |  | (48,703) |  | (36) |  | (19) |  | 35,832
|  |  | 8,232,443 |  | 48,024 |  | (307) |  | 7,632 |  | 102,979 |  | (360,515) |  | 8,030,256
Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-compete agreement | 44.52% |  | (54,468) |  | (1,016) |  | - |  | - |  | - |  | 3,062 |  | (52,422)
Patents | 8.61% |  | (4,150) |  | (107) |  | - |  | - |  | (184) |  | 450 |  | (3,991)
Customer relationship | 6.46% |  | (1,034,270) |  | (26,300) |  | - |  | - |  | (31,752) |  | 101,294 |  | (991,028)
Software | 35.65% |  | (466,344) |  | (37,563) |  | 268 |  | - |  | (6,350) |  | 13,757 |  | (496,232)
|  |  | (1,559,232) |  | (64,986) |  | 268 |  | - |  | (38,286) |  | 118,563 |  | (1,543,673)
|  |  | 6,673,211 |  | (16,962) |  | (39) |  | 7,632 |  | 64,693 |  | (241,952) |  | 6,486,583

| (1) | Weighted average annual remaining rate.

66

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 15. | Loans and borrowings

| Parent company
| Charges (p.a.) |  | Average rate (1) |  | WAMT (2) |  | 12.31.24 |  | Borrowing |  | Interest paid |  | Interest accrued (3) |  | Exchange rate variation |  | 03.31.25
Local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Export credit facility | CDI |  | 15.80% (13.77% on 12.31.24) |  | 2.45 |  | 1,113,401 |  | - |  | (26,313) |  | 41,997 |  | - |  | 1,129,085
Debentures | CDI / IPCA / Fixed |  | 11.44% (11.45% on 12.31.24) |  | 5.56 |  | 7,226,736 |  | (127) |  | (118,642) |  | 375,893 |  | - |  | 7,483,860
|  |  |  |  |  |  |  |  | - |  | - |  | - |  | - |  |
Fiscal incentives | Fixed |  | 0% (0% on 12.31.24) |  | - |  | - |  | - |  | (5) |  | 5 |  | - |  | -
|  |  |  |  |  |  | 8,340,137 |  | (127) |  | (144,960) |  | 417,895 |  | - |  | 8,612,945
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds | Fixed / FX USD |  | 5.34% (5.34% on 12.31.24) |  | 15.81 |  | 7,842,004 |  | - |  | (228,561) |  | 118,373 |  | (577,050) |  | 7,154,766
Export credit facility | Fixed / SOFR /FX USD |  | 4.24% (4.24% on 12.31.24) |  | 3.49 |  | 1,598,101 |  | - |  | (31,004) |  | 15,674 |  | (116,536) |  | 1,466,235
|  |  |  |  |  |  | 9,440,105 |  | - |  | (259,565) |  | 134,047 |  | (693,586) |  | 8,621,001
|  |  |  |  |  |  | 17,780,242 |  | (127) |  | (404,525) |  | 551,942 |  | (693,586) |  | 17,233,946
Current |  |  |  |  |  |  | 952,565 |  |  |  |  |  |  |  |  |  | 815,654
Non-current |  |  |  |  |  |  | 16,827,677 |  |  |  |  |  |  |  |  |  | 16,418,292

| (1) | Weighted average annual rate.

| (2) | Weighted average maturity in years.

| (3) | Includes interest amounts, monetary restatement of the principal coupon and mark-to-market for debts hedged object to fair value hedge protection.

67

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| Consolidated
| Charges (p.a.) |  | Average rate (1) |  | WAMT (2) |  | 12.31.23 |  | Borrowing |  | Amortization |  | Interest paid |  | Interest accrued (3) |  | Exchange rate variation |  | 12.31.24
Local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Export credit facility | CDI |  | 15.80% (13.77% on 12.31.24) |  | 2.45 |  | 1,113,400 |  | - |  | - |  | (26,312) |  | 41,997 |  | - |  | 1,129,085
Debentures | CDI / IPCA / Fixed |  | 11.44% (11.24% on 12.31.24) |  | 5.56 |  | 7,226,736 |  | (127) |  | - |  | (118,642) |  | 375,893 |  | - |  | 7,483,860
Fiscal incentives | Fixed |  | 0% (0% on 12.31.24) |  | - |  | - |  | - |  | - |  | (5) |  | 5 |  | - |  | -
|  |  |  |  |  |  | 8,340,136 |  | (127) |  | - |  | (144,959) |  | 417,895 |  | - |  | 8,612,945
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds | Fixed / FX USD |  | 5.16% (5.16% on 12.31.24) |  | 13.20 |  | 9,601,353 |  | - |  | (20,696) |  | (263,589) |  | 135,763 |  | (704,399) |  | 8,748,432
Export credit facility | Fixed /SOFR / FX USD |  | 4.24% (4.24% on 12.31.24) |  | 3.49 |  | 1,598,102 |  | - |  | - |  | (31,005) |  | 15,674 |  | (116,536) |  | 1,466,235
Working capital | Fixed / EIBOR3M + 1,8% FX TRY, AED and USD |  | 10.31% (10.62% on 12.31.24) |  | 0.87 |  | 1,200,957 |  | 109,453 |  | (73,515) |  | (46,413) |  | 32,158 |  | (103,672) |  | 1,118,968
|  |  |  |  |  |  | 12,400,412 |  | 109,453 |  | (94,211) |  | (341,007) |  | 183,595 |  | (924,607) |  | 11,333,635
|  |  |  |  |  |  | 20,740,548 |  | 109,326 |  | (94,211) |  | (485,966) |  | 601,490 |  | (924,607) |  | 19,946,580
Current |  |  |  |  |  |  | 1,230,273 |  |  |  |  |  |  |  |  |  |  |  | 1,919,705
Non-current |  |  |  |  |  |  | 19,510,275 |  |  |  |  |  |  |  |  |  |  |  | 18,026,875

| (1) | Weighted average annual rate.

| (2) | average maturity in years

| (3) | Includes interest amounts, monetary restatement of the principal coupon and mark-to-market for debts hedged object to fair value hedge protection.

The maturity schedule of the loans and borrowings is presented on note 23.1.

On March 31, 2025 and on December 31, 2024, the Company did not have any financial covenant clauses related to its loans and borrowings agreements.

68

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 15.1 | Guarantees

On March 31, 2025, the amount of bank guarantees contracted by the Company was of R$179,224 (R$195,798 as of December 31, 2024) which were offered mainly in litigations involving the Company’s use of tax credits. These guarantees have an average cost of 1.61% p.a. (1.63% p.a. as of December 31, 2024).

| 16. | Trade accounts payable

| Parent company |  | Consolidated
| 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Trade accounts payable |  |  |  |  |  |  |
Domestic market |  |  |  |  |  |  |
Third parties | 11,144,436 |  | 10,691,833 |  | 11,345,511 |  | 10,888,870
Related parties | 348,022 |  | 404,215 |  | 37,668 |  | 36,380
| 11,492,458 |  | 11,096,048 |  | 11,383,179 |  | 10,925,250
Foreign market |  |  |  |  |  |  |
Third parties | 1,307,084 |  | 1,311,144 |  | 2,882,524 |  | 2,833,403
Related parties | 9,475 |  | 17,466 |  | 24,580 |  | 5,587
| 1,316,559 |  | 1,328,610 |  | 2,907,104 |  | 2,838,990
(-) Adjustment to present value ("APV") | (217,762) |  | (185,412) |  | (229,283) |  | (194,190)
| 12,591,255 |  | 12,239,246 |  | 14,061,000 |  | 13,570,050
Current | 12,585,579 |  | 12,227,480 |  | 14,054,892 |  | 13,558,284
Non-current | 5,676 |  | 11,766 |  | 6,108 |  | 11,766

The Company has partnerships with several financial institutions that allow suppliers to anticipate their receivables and, therefore, transfer the right to receive invoices with financial institutions (“Supply Chain Finance” or “Program”). Suppliers have the freedom to choose whether or not to anticipate their receivables and with which financial institution, with no participation by BRF.

The Program can generate benefits in the commercial relations of BRF and its suppliers, such as preference and priority of supply in cases of restricted supply, better commercial conditions, among others, without modifying the commercial essence of the relationship.

Invoices included in the Program are paid according to the same price and term conditions negotiated with its suppliers, without incurring any charge to the Company, so that there are no changes in commercial conditions after negotiation and invoicing of goods or services.

The balances of invoices included in the Supply Chain Finance are R$4,253,222 in the Parent Company and R$4,463,599 in the Consolidated on March 31, 2025 (R$4,735,503 in the Parent Company and R$4,942,713 in the Consolidated on December 31, 2024). The average payment term agreed with suppliers who choose to participate in the Program is substantially similar to the average payment term agreed with non-participating suppliers.

The Company measures and discriminates the adjustment to present value for all its commercial operations carried out in installments, specifying financial and operational items.

69

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 17. | Leases

The Company is lessee in several lease agreements for forest lands, offices, distribution centers, outgrowers, vehicles, among others. Some contracts have a renewal option for an additional period at the end of the agreement, established by contractual amendments. Automatic renewals or renewals for undetermined periods are not allowed.

The contract clauses mentioned, with respect to renewal, readjustment and purchase option, are contracted according to market practices. In addition, there are no clauses of contingent payments or restrictions on dividends distribution, payments of interest on shareholders’ equity or obtaining debt.

| 17.1 | Right-of-use assets

The right-of-use assets as set forth below are part of the balances of property, plant and equipment (note 13).

| Parent company
| Average rate (1) |  | 12.31.24 |  | Additions |  | Disposals |  | 03.31.25
Cost |  |  |  |  |  |  |  |  |
Land |  |  | 36,081 |  | 454 |  | (433) |  | 36,102
Buildings, facilities and improvements |  |  | 4,496,383 |  | 183,030 |  | (126,897) |  | 4,552,516
Machinery and equipment |  |  | 151,781 |  | 13,936 |  | (741) |  | 164,976
Vehicles |  |  | 140,437 |  | 94,307 |  | (2,476) |  | 232,268
|  |  | 4,824,682 |  | 291,727 |  | (130,547) |  | 4,985,862
Depreciation |  |  |  |  |  |  |  |  |
Land | 11.02% |  | (16,771) |  | (990) |  | 90 |  | (17,671)
Buildings, facilities and improvements | 13.36% |  | (1,838,731) |  | (154,138) |  | 115,935 |  | (1,876,934)
Machinery and equipment | 20.07% |  | (54,921) |  | (8,176) |  | 244 |  | (62,853)
Vehicles | 62.56% |  | (102,689) |  | (17,091) |  | 2,384 |  | (117,396)
|  |  | (2,013,112) |  | (180,395) |  | 118,653 |  | (2,074,854)
|  |  | 2,811,570 |  | 111,332 |  | (11,894) |  | 2,911,008

| (1) | Weighted average annual rate.

| Consolidated
| Average rate (1) |  | 12.31.24 |  | Additions |  | Disposals |  | Transfer |  | Monetary correction by Hyperinflation |  | Exchange rate variation |  | 03.31.25
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  |  | 156,818 |  | 454 |  | (433) |  | - |  | (9,143) |  | (9,235) |  | 138,461
Buildings, facilities and improvements |  |  | 4,770,918 |  | 213,089 |  | (183,424) |  | 22,495 |  | 14,248 |  | (22,188) |  | 4,815,138
Machinery and equipment |  |  | 203,958 |  | 14,423 |  | (741) |  | (38,191) |  | - |  | (117) |  | 179,332
Vehicles |  |  | 479,356 |  | 104,690 |  | (4,103) |  | 15,696 |  | 715 |  | (27,564) |  | 568,790
|  |  | 5,611,050 |  | 332,656 |  | (188,701) |  | - |  | 5,820 |  | (59,104) |  | 5,701,721
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land | 6.97% |  | (58,397) |  | (2,413) |  | 90 |  | - |  | 4,363 |  | 3,259 |  | (53,098)
Buildings, facilities and improvements | 15.84% |  | (2,023,004) |  | (173,361) |  | 172,447 |  | (17,494) |  | (7,003) |  | 15,073 |  | (2,033,342)
Machinery and equipment | 20.42% |  | (81,885) |  | (8,794) |  | 206 |  | 22,072 |  | - |  | 103 |  | (68,298)
Vehicles | 54.60% |  | (258,994) |  | (48,967) |  | 2,391 |  | (4,578) |  | 1,562 |  | 12,972 |  | (295,614)
|  |  | (2,422,280) |  | (233,535) |  | 175,134 |  | - |  | (1,078) |  | 31,407 |  | (2,450,352)
|  |  | 3,188,770 |  | 99,121 |  | (13,567) |  | - |  | 4,742 |  | (27,697) |  | 3,251,369

| (1) | Weighted average annual rate.

70

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 17.2 | Lease liabilities

|  |  | Parent company
| Weighted average interest rate (p.a.) |  | WAM (1) |  | 12.31.24 |  | Additions |  | Payments |  | Interest paid |  | Interest accrued |  | Disposals |  | Current |  | Non-current |  | 03.31.25
Land | 13.7% |  | 6.90 |  | 25,153 |  | 454 |  | (543) |  | (805) |  | 805 |  | (398) |  | 4,450 |  | 20,216 |  | 24,666
Buildings, facilities and improvements (2) | 10.0% |  | 6.70 |  | 3,417,059 |  | 183,030 |  | (131,656) |  | (32,063) |  | 84,217 |  | (30,257) |  | 777,418 |  | 2,712,912 |  | 3,490,330
Machinery and equipment | 14.9% |  | 3.70 |  | 108,104 |  | 13,936 |  | (7,317) |  | (4,023) |  | 4,023 |  | (539) |  | 29,985 |  | 84,199 |  | 114,184
Vehicles | 3.2% |  | 0.50 |  | 43,385 |  | 94,307 |  | (17,696) |  | (944) |  | 944 |  | (111) |  | 26,819 |  | 93,066 |  | 119,885
| 10.0% |  | 6.4 |  | 3,593,701 |  | 291,727 |  | (157,212) |  | (37,835) |  | 89,989 |  | (31,305) |  | 838,672 |  | 2,910,393 |  | 3,749,065
Current |  |  |  |  | 847,407 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 838,672
Non-current |  |  |  |  | 2,746,294 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,910,393

| (1) | Weighted average maturity in years.

| (2) | Includes the amount of R$2,461,411 in the Parent Company and in the Consolidated (R$2,349,173 in the Parent Company and in the Consolidated on December 31, 2024) referring to the right of use identified on integrated producers contracts.

|  |  | Consolidated
| Weighted average interest rate (p.a.) |  | WAM (1) |  | 12.31.24 |  | Additions |  | Payments |  | Interest paid |  | Interest accrued |  | Disposals |  | Exchange rate variation |  | Current |  | Non-current |  | 03.31.25
Land | 8.7% |  | 8.4 |  | 119,805 |  | 454 |  | (1,345) |  | (2,346) |  | 2,346 |  | (395) |  | (6,909) |  | 11,800 |  | 99,810 |  | 111,610
Buildings, facilities and improvements (2) | 9.9% |  | 2.6 |  | 3,514,736 |  | 213,089 |  | (150,453) |  | (33,989) |  | 86,143 |  | (30,268) |  | (1,674) |  | 822,847 |  | 2,774,737 |  | 3,597,584
Machinery and equipment | 14.5% |  | 2.8 |  | 135,150 |  | 14,423 |  | (7,803) |  | (4,246) |  | 4,246 |  | (539) |  | (17,666) |  | 33,717 |  | 89,848 |  | 123,565
Vehicles | 5.8% |  | 2.4 |  | 223,238 |  | 104,690 |  | (49,005) |  | (3,890) |  | 3,890 |  | (114) |  | (3,643) |  | 108,658 |  | 166,508 |  | 275,166
| 9.7% |  | 6.3 |  | 3,992,929 |  | 332,656 |  | (208,606) |  | (44,471) |  | 96,625 |  | (31,316) |  | (29,892) |  | 977,022 |  | 3,130,903 |  | 4,107,925
Current |  |  |  |  | 1,014,813 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 977,022
Non-current |  |  |  |  | 2,978,116 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,130,903

| (1) | Weighted average maturity in years.

| (2) | Includes the amount of R$2,461,411 in the Parent Company and in the Consolidated (R$2,349,173 in the Parent Company and in the Consolidated on December 31, 2024) referring to the right of use identified on integrated producers contracts.

| 17.3 | Lease liabilities maturity schedule

The maturity schedule of the minimum required future payments is presented below:

| Parent company |  | Consolidated
| 03.31.25 |  | 03.31.25
Current | 838,673 |  | 977,023
Non-current | 2,910,391 |  | 3,130,902
2026 | 516,568 |  | 571,931
2027 | 577,505 |  | 630,614
2028 | 440,245 |  | 473,922
2029 | 365,909 |  | 379,455
2030 onwards | 1,010,164 |  | 1,074,980
| 3,749,064 |  | 4,107,925

71

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 17.4 | recognized in the statement of income

The amounts directly recognized in the statement of income presented below relate to items not capitalized, including low-value assets, short-term leases and leases with variable payments.

|  | Parent Company |  | Consolidated
|  | 03.31.25 |  | 03.31.25
Variable payments not included in the lease liabilities |  | 3,252 |  | 3,252
Expenses related to short-term leases |  | 2,843 |  | 4,985
Expenses related to low-value assets |  | 4,951 |  | 4,967
|  | 11,046 |  | 13,204

| 18. | Share-based payment

The rules for the restricted shares plans granted to executives were disclosed in the financial statements for the year ended December 31, 2024 (note 18).

The breakdown of the outstanding shares granted is set forth as follows:

Date |  | Quantity |  | Grant (1)
Grant |  | Vesting date |  | Shares granted (2) |  | Outstanding shares |  | Fair value of the shares
07/01/22 |  | 07/01/25 |  | 4,703,472 |  | 1,192,089 |  | 14.11
06/01/23 |  | 06/01/26 |  | 4,758,877 |  | 3,032,183 |  | 7.38
07/01/23 |  | 07/01/26 |  | 2,108,504 |  | 1,285,307 |  | 8.98
04/01/24 |  | 04/01/27 |  | 2,323,377 |  | 2,223,949 |  | 16.35
07/01/24 |  | 07/01/27 |  | 1,086,352 |  | 1,080,407 |  | 19.54
|  |  |  | 14,980,582 |  | 8,813,935 |  |

| (1) | Amounts expressed in Brazilian Reais.

| (2) | granted before income tax deduction.

The rollforward of the granted options and shares for the period ended on March 31, 2025, is presented as follows:

|  | Consolidated
Outstanding stocks as of December 31, 2024 |  | 9,712,356
Forfeiture (1) : |  |
Restricted stocks – grant of april, 2024 |  | (254,336)
Restricted stocks – grant of July, 2024 |  | (34,560)
Restricted stocks – grant of July, 2023 |  | (38,898)
Restricted stocks – grant of June, 2023 |  | (392,581)
Restricted stocks – grant of July, 2022 |  | (178,046)
Outstanding stocks as of March 31, 2025 |  | 8,813,935

| (1) | The forfeitures are related to the resignation of eligible executive before the end of the vesting period.

The Company has registered the fair value of share-based compensation plans in the amount of R$132,262 under shareholders’ equity (R$131,872 as of December 31, 2024) and in the amount of R$42,883 under non-current liabilities (R$47,301 as of December 31, 2024). Regarding these plans, expenses of R$2,266 were recognized in the Parent Company and R$2,266 in the Consolidated for the three-month period ended March 31, 2025 (R$28,289 in the Parent Company and R$28,345 in the Consolidated for the three-month period ended March 31, 2024).

72

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 19. | Employees benefits

The Company offers pension and other post-employment plans to the employees. The characteristics of such benefits were disclosed in the annual financial statements for the year ended on December 31, 2024 (note 19) and have not been changed during the following periods.

The actuarial liabilities are presented below:

| Parent company |  | Consolidated
| Liabilities |  | Liabilities
| 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Medical assistance | 62,036 |  | 60,486 |  | 62,661 |  | 61,278
F.G.T.S. Penalty (1) | 77,449 |  | 75,771 |  | 77,449 |  | 75,771
Award for length of service | 113,791 |  | 111,071 |  | 113,791 |  | 111,071
Other (2) | 66,298 |  | 64,831 |  | 296,078 |  | 314,283
| 319,574 |  | 312,159 |  | 549,979 |  | 562,403
Current | 63,959 |  | 63,959 |  | 92,182 |  | 95,276
Non-current | 255,615 |  | 248,200 |  | 457,797 |  | 467,127

| (1) | FGTS – Government Severance Indemnity Fund for Employees.

| (2) | Includes retirement bonus, life insurance and liabilities related to subsidiaries located abroad, if certain conditions are met upon termination, in accordance with the legislation of each country.

| 20. | Provision for tax, civil and labor risks

The Company and its subsidiaries are involved in certain legal matters arising in the normal course of business, which include tax, social security, labor, civil, environmental, administrative and other processes.

Company’s Management believes that, based on the elements existing at the base date of these interim financial information, the provision for tax, labor, civil, environmental, administrative and other risks, is sufficient to cover eventual losses with administrative and legal proceedings, as set forth below.

73

| Interim Financial Information, Individual and Consolidated | March 31, 2025

The rollforward of the provisions for tax, labor, civil, environmental, administrative and other risks, classified as with probable loss, and contingent liabilities is presented below:

| Parent company
|  |  |  |  |  |  |  |  | 03.31.25
| Tax |  | Labor |  | Civil and other |  | Contingent liabilities (1) |  | Total
Beginning balance | 1,337,104 |  | 428,159 |  | 365,136 |  | 50,830 |  | 2,181,229
Additions | 17,097 |  | 72,891 |  | 4,927 |  | - |  | 94,915
Reversals | (5,307) |  | (27,504) |  | (3,451) |  | - |  | (36,262)
Payments | (21,442) |  | (59,556) |  | (4,447) |  | - |  | (85,445)
Interest | 22,470 |  | 25,737 |  | 2,556 |  | - |  | 50,763
Ending balance | 1,349,922 |  | 439,727 |  | 364,721 |  | 50,830 |  | 2,205,200
Current |  |  |  |  |  |  |  |  | 716,172
Non-current |  |  |  |  |  |  |  |  | 1,489,028

| (1) | Contingent liabilities recognized at fair value as of the acquisition date, arising from the business combination with Sadia.

| Consolidated
|  |  |  |  |  |  |  |  | 03.31.25
| Tax |  | Labor |  | Civil and other |  | Contingent liabilities (1) |  | Total
Beginning balance | 1,339,666 |  | 436,422 |  | 371,305 |  | 84,721 |  | 2,232,114
Additions | 22,547 |  | 74,087 |  | 5,873 |  | - |  | 102,507
Reversals | (6,270) |  | (27,516) |  | (7,478) |  | - |  | (41,264)
Payments | (21,434) |  | (59,556) |  | (4,447) |  | - |  | (85,437)
Interest | 22,563 |  | 26,675 |  | 9,206 |  | - |  | 58,444
Exchange rate variation | (16) |  | (697) |  | (26) |  | - |  | (739)
Ending balance | 1,357,056 |  | 449,415 |  | 374,433 |  | 84,721 |  | 2,265,625
Current |  |  |  |  |  |  |  |  | 721,318
Non-current |  |  |  |  |  |  |  |  | 1,544,307

| (1) | Contingent liabilities recognized at fair value as of the acquisition date, arising from the business combination with Sadia, Hercosul and Mogiana.

The Company has contingencies for which losses are possible, according to the assessment prepared by Management with support from legal advisors. On March 31, 2025, the total amount of possible contingencies was R$22,659,158 (R$22,388,927 on December 31, 2024) and have the same characteristics as those disclosed in the financial statements for the year ended December 31, 2024. Of these, R$20,142,108 (R$19,881,466 as of December 31, 2024) are of a tax nature, R$299,359 (R$331,877 as of December 31, 2024) of a labor nature, and R$2,217,691 (R$2,175,584 as of December 31, 2024) of a civil and other nature, and, of which solely the ones arising from the business combination with Sadia, Hercosul, and Mogiana are provisioned, measured by the estimated fair value at the business combination date: R$84,721 (R$84,721 as of December 31, 2024).

74

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 21. | Equity

| 21.1 | Capital stock

On March 31, 2025, the subscribed and paid capital of the Company was R$13,653,418, composed of 1,682,473,246 common book-entry shares with no par value. The realized value of the capital stock in the balance sheet is net of the public offering expenses of R$304,262, which covers the period from 2009 to 2024.

| 21.2 | Rollforward of outstanding shares

The outstanding shares are calculated by the number of common shares reduced by the number of treasury shares.

|  |  |  | Parent company
Quantity of outstanding of shares
|  | 03.31.25 |  | 12.31.24
Beginning balance |  | 1,620,844,075 |  | 1,682,473,246
Repurchase of shares |  | (21,044,000) |  | (61,629,171)
Issue of shares on 07.13.23 |  | - |  | -
Delivery of restricted shares |  | - |  | -
Ending balance |  | 1,599,800,075 |  | 1,620,844,075

| 21.3 | Capital reserves and other equity transactions

Parent company and Consolidated
|  |  | 03.31.25 |  | 12.31.24
Capital reserves |  |  | 2,763,364 |  | 2,763,364
Other equity transactions |  |  | (141,218) |  | (141,608)
Share-based payments |  |  | 132,262 |  | 131,872
Acquisition of non-controlling interest |  |  | (273,260) |  | (273,260)
Capital transactions with controlled entities |  |  | (220) |  | (220)

| 21.4 | Treasury shares

The rollforward in treasury shares in the period ended March 31, 2025, is presented below:

|  |  |  | Parent company
Quantity of outstanding of shares
|  | 03.31.25 |  | 12.31.24
Shares at the beggining of the year |  | 61,629,171 |  | 3,817,179
Repurchase of shares |  | 21,044,000 |  | 59,835,200
Delivery of restricted shares |  | - |  | (2,023,208)
Shares at the end of the year (1) |  | 82,673,171 |  | 61,629,171

(1) Treasury shares are registered at an average cost, in units of Reais, of R$21,32 per share.

75

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 21.4.1 | Repurchase of shares

On February 26, 2025, the Company's Board of Directors approved, within the scope of the share repurchase program of its own issuance, an additional up to 15 million common shares to the amount of 6,544,000 already repurchased by the Company up to this date.

The share repurchase was as follows:

|  | 2024 |  |  | 2025
|  | Total |  | Jan - mar (1) | Total
Program II |  |  |  |  |
Number of shares acquired |  | 45,835,200 |  | 21,044,000 | 66,879,200
Average unit price (in units of reais) |  | 23.83 |  | 19.80 | 22.56
Total value |  | 1,092,105 |  | 416,742 | 1,508,847

(1) On March 31, 2025, the Company had an unreacquired balance of 500,000 shares.

| 22. | Earnings (loss) per share

| 2025 |  | 2024
|  | Jan - mar |  | Jan - mar
Basic numerator |  |  |  |
Net income (loss) for the period attributable to controlling shareholders |  | 1,124,435 |  | 504,993
Basic denominator |  |  |  |
Common shares |  | 1,682,473,246 |  | 1,682,473,246
Weighted average number of outstanding shares - basic |  | 1,610,923,390 |  | 1,670,951,834
Net income (loss) per share basic - R$ |  | 0.69801 |  | 0.30222
Diluted numerator |  |  |  |
Net income (loss) for the period attributable to controlling shareholders |  | 1,124,435 |  | 504,993
Diluted denominator |  |  |  |
Weighted average number of outstanding shares - basic |  | 1,610,923,390 |  | 1,670,951,834
Number of potential shares |  | 2,605,426 |  | 1,524,354
Weighted average number of outstanding shares - diluted |  | 1,613,528,816 |  | 1,672,476,188
Net income (loss) per share diluted - R$ |  | 0.69688 |  | 0.30194

76

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 23. | Financial instruments and risk management

| 23.1 | Overview

In the ordinary course of business, the Company is exposed to credit, liquidity and market risks, which are actively managed in compliance with the Financial Risk Management Policy (“Risk Policy”) and internal guidelines and strategic documents subject to such policy. The Risk Policy was approved by the Board of Directors on December 17, 2024, valid for one year and is available at the Company’s website.

The Company’s risk management strategy, guided by the Risk Policy, has as main objectives:

| » | To protect the Company’s operating and financial results, as well as its equity from adverse changes in the market prices, particularly commodities, foreign exchange and interests;

| » | To protect the Company against counterparty risks in existing financial operations as well as to establish guidelines for sustaining the necessary liquidity to fulfil its financial commitments;

| » | To protect the cash of Company against price volatilities, adverse conditions in the markets in which the Company acts and adverse conditions in its production chain.

The Risk Policy defines the governance of the bodies responsible for the execution, tracking and approval of the risk management strategies, as well as the limits and instruments that can be used.

Additionally, the Management of the Company approved the following policies on November 10, 2021, which are available at the Company’s website:

| » | Financial Policy, which aims to: (i) establish guidelines for the management of the Company's financial debt and capital structure; and (ii) guide the Company's decision-making in connection with cash management (financial investments).

| » | Profit Allocation Policy, which aims to establish the practices adopted by the Company regarding the allocation of its profits, providing, among others, the periodicity of payment of dividends and the baseline used to establish the respective amount.

i) Indebtedness

The ideal capital structure definition at BRF is essentially associated with: (i) strong cash position as a tolerance factor for liquidity shocks, which includes minimum cash analysis; (ii) net indebtedness; and (iii) minimization of the capital opportunity cost.

On March 31, 2025, the non-current consolidated gross debt, as presented below, represented 91.09% (92.63% as of December 31, 2024) of the total gross debt, which has an average term of 8.1 years.

77

| Interim Financial Information, Individual and Consolidated | March 31, 2025

The Company monitors the gross debt and net debt as set forth below:

| Consolidated
| 03.31.25 |  | 12.31.24
| Current |  | Non-current |  | Total |  | Total
Foreign currency loans and borrowings | (1,502,548) |  | (9,831,087) |  | (11,333,635) |  | (12,400,412)
Local currency loans and borrowings | (417,157) |  | (8,195,788) |  | (8,612,945) |  | (8,340,136)
Derivative financial instruments, net | 175,948 |  | 188,870 |  | 364,818 |  | (304,579)
Gross debt | (1,743,757) |  | (17,838,005) |  | (19,581,762) |  | (21,045,127)
Cash and cash equivalents | 12,051,967 |  | - |  | 12,051,967 |  | 11,165,364
Marketable securities | 929,548 |  | 291,374 |  | 1,220,922 |  | 1,217,891
Restricted cash | 262,686 |  | 64,287 |  | 326,973 |  | 336,815
| 13,244,201 |  | 355,661 |  | 13,599,862 |  | 12,720,070
Net debt | 11,500,444 |  | (17,482,344) |  | (5,981,900) |  | (8,325,057)

ii) Derivative financial instruments

Summarized financial position of derivative financial instruments, that aim to protect the risks described below:

|  | Parent company |  | Consolidated
| Note | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Assets |  |  |  |  |  |  |  |
Designated as hedge accounting |  |  |  |  |  |  |  |
Foreign exchange risk on operating income | 23.2.1 ii) | 195,044 |  | 35,484 |  | 195,044 |  | 35,484
Commodities price risk | 23.2.2 | 11,515 |  | 20,727 |  | 11,515 |  | 20,727
Interest rate risk | 23.2.3 | 398,100 |  | 251,795 |  | 398,100 |  | 251,795
Not designated as hedge accounting |  |  |  |  |  |  |  |
Foreign exchange risk on statement of financial position | 23.2.1 i) | 9,987 |  | 6,597 |  | 9,987 |  | 6,597
|  | 614,646 |  | 314,603 |  | 614,646 |  | 314,603
Current assets |  | 216,542 |  | 63,033 |  | 216,542 |  | 63,033
Non-current assets |  | 398,104 |  | 251,570 |  | 398,104 |  | 251,570
Liabilities |  |  |  |  |  |  |  |
Designated as hedge accounting |  |  |  |  |  |  |  |
Foreign exchange risk on operating income | 23.2.1 ii) | (25,928) |  | (360,557) |  | (25,928) |  | (360,557)
Commodities price risk | 23.2.2 | (9,341) |  | (22,102) |  | (9,341) |  | (22,102)
Interest rate risk | 23.2.3 | (210,177) |  | (236,523) |  | (210,177) |  | (236,523)
Not designated as hedge accounting |  |  |  |  |  |  |  |
Foreign exchange risk on statement of financial position | 23.2.1 i) | (4,380) |  | - |  | (4,382) |  | -
|  | (249,826) |  | (619,182) |  | (249,828) |  | (619,182)
Current liabilities |  | (40,594) |  | (382,976) |  | (40,594) |  | (382,976)
Non-current liabilities |  | (209,232) |  | (236,206) |  | (209,234) |  | (236,206)
Position of derivative financial instruments - net |  | 364,820 |  | (304,579) |  | 364,818 |  | (304,579)

78

| Interim Financial Information, Individual and Consolidated | March 31, 2025

iii) Financial commitments

The table below summarizes the significant commitments and contractual obligations that may impact the Company’s liquidity:

| Parent company
| 03.31.25
| Book value |  | Contractual cash flow |  | Up to 12 months |  | Abr-Mar 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 onwards
Non derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and borrowings | 17,233,946 |  | 27,729,494 |  | 1,775,547 |  | 1,438,892 |  | 3,427,552 |  | 1,894,575 |  | 1,600,193 |  | 17,592,735
Principal |  |  | 17,765,566 |  | 651,611 |  | 691,611 |  | 2,393,237 |  | 1,042,022 |  | 815,680 |  | 12,171,405
Interest |  |  | 9,963,928 |  | 1,123,936 |  | 747,281 |  | 1,034,315 |  | 852,553 |  | 784,513 |  | 5,421,330
Trade accounts payable | 12,591,255 |  | 12,809,017 |  | 12,809,017 |  | - |  | - |  | - |  | - |  | -
Lease liabilities | 3,749,064 |  | 4,777,119 |  | 896,122 |  | 589,762 |  | 704,497 |  | 573,842 |  | 509,619 |  | 1,503,277
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments designated hedge accounting for protection of:
Interest rate risk | 210,177 |  | (210,057) |  | - |  | - |  | - |  | - |  | - |  | (210,057)
Foreign exchange risk | 25,928 |  | 25,928 |  | 25,928 |  | - |  | - |  | - |  |  |  | -
Commodities price risk | 9,341 |  | 9,341 |  | 9,341 |  | - |  | - |  | - |  | - |  | -
Financial instruments not designated as hedge accounting for protection of:
Foreign exchange risk | 4,380 |  | 4,380 |  | 4,380 |  | - |  | - |  | - |  | - |  | -

| Consolidated
| 03.31.25
| Book value |  | Contractual cash flow |  | Up to 12 months |  | Abr-Mar 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 onwards
Non derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and borrowings | 19,946,580 |  | 30,651,689 |  | 3,050,028 |  | 3,082,644 |  | 3,431,514 |  | 1,894,575 |  | 1,600,193 |  | 17,592,735
Principal |  |  | 20,529,418 |  | 1,804,521 |  | 2,299,417 |  | 2,396,373 |  | 1,042,022 |  | 815,680 |  | 12,171,405
Interest |  |  | 10,122,271 |  | 1,245,507 |  | 783,227 |  | 1,035,141 |  | 852,553 |  | 784,513 |  | 5,421,330
Trade accounts payable | 14,061,000 |  | 14,290,283 |  | 14,290,283 |  | - |  | - |  | - |  | - |  | -
Lease liabilities | 4,107,925 |  | 5,212,160 |  | 1,043,949 |  | 652,969 |  | 769,285 |  | 617,739 |  | 528,485 |  | 1,599,733
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments designated hedge accounting for protection of:
Interest rate risk | 210,177 |  | (210,057) |  | - |  | - |  | - |  | - |  | - |  | (210,057)
Foreign exchange risk | 25,928 |  | 25,928 |  | 25,928 |  | - |  | - |  | - |  | - |  | -
Commodities price risk | 9,341 |  | 9,341 |  | 9,341 |  | - |  | - |  | - |  | - |  | -
Financial instruments not designated as hedge accounting for protection of:
Foreign exchange risk | 4,382 |  | 4,380 |  | 4,380 |  | - |  | - |  | - |  | - |  | -

The Company does not expect that the cash outflows to fulfill the obligations shown above will be significantly anticipated by factors unrelated to its best interests, or have its value substantially modified outside the normal course of business.

| 23.2 | Market risk management

| 23.2.1 | Foreign exchange risk

The risk is the one that may cause unexpected losses to the Company resulting from volatility of the FX rates,

reducing its assets and revenues or increasing its liabilities and costs. The Company’s exposure is managed

in three dimensions: statement of financial position exposure, operating income exposure and investments

exposure.

79

| Interim Financial Information, Individual and Consolidated | March 31, 2025

i) Statement of financial position exposure

The Risk Policy regarding statement of financial position exposure has the objective to balance assets and liabilities denominated in foreign currencies, hedging the Company’s statement of financial position by using natural hedges, over-the-counter derivatives and exchange traded futures.

Assets and liabilities denominated in foreign currency for which the exchange variations are recognized in the Financial Results are as follows, summarized in Brazilian Reais:

|  | Consolidated
|  | 03.31.25 |  | 12.31.24
Cash and cash equivalents |  | 4,465,305 |  | 4,276,065
Trade accounts receivable |  | 6,441,930 |  | 6,238,093
Trade accounts payable |  | (2,514,027) |  | (1,377,169)
Loans and borrowings |  | (9,866,599) |  | (9,726,343)
Other assets and liabilities, net |  | 2,621,191 |  | 1,570,012
Exposure of assets and liabilities in foreign currencies |  | 1,147,800 |  | 980,658
Derivative financial instruments (hedge) |  | (371,958) |  | (773,197)
Exposure in result, net |  | 775,842 |  | 207,461

The net exposure in Reais is mainly composed of the following currencies:

Net Exposure (1) |  | 03.31.25 |  | 12.31.24
U.S. Dollars (USD) |  | (51,429) |  | (2,052,569)
Euros (EUR) |  | 334,603 |  | 1,879,079
Yen (JPY) |  | (747) |  | (1,501)
Angolan kwanza (AOA) |  | 32,295 |  | 36,366
Turkish Liras (TRY) |  | 329,387 |  | 267,834
Argentinian Peso (ARS) |  | (2,443) |  | (2,125)
Chilean Pesos (CLP) |  | 134,176 |  | 80,377
Total |  | 775,842 |  | 207,461

(1) The Company is exposed to other currencies, although they have been grouped in the currencies above due to its high correlation

or for not being individually significant.

The Company holds more financial liabilities in foreign currencies than assets and, therefore, holds derivative financial instruments to reduce such exposure.

As a result of this protection strategy, the Company recognized under Financial Expenses in the Consolidated an income from foreign exchange derivatives of R$50,847 for the period ended March 31, 2025 (income of R$73,185 in the same period of the previous year). The exchange rate variation of assets and liabilities in the Consolidated resulted in an expense of R$12,196 for the period ended March 31, 2025 (expense of R$79,211 for the period ended March 31, 2024).

80

| Interim Financial Information, Individual and Consolidated | March 31, 2025

The derivative financial instruments acquired to hedge the foreign currency statement of financial position exposure on March 31, 2025 and are set forth below:

03.31.25
Derivative instruments not designated |  | Asset |  | Liability |  | Maturity |  | Notional |  | Exercise rate |  | Fair value (R$)
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward |  | BRL |  | EUR |  | 2st Qtr. 2025 |  | EUR | (60,000) |  | 6.3641 |  | 3,440
Non-deliverable forward |  | USD |  | CLP |  | 2st Qtr. 2025 |  | CLP | 25,000 |  | 937.9980 |  | 2,818
Non-deliverable forward |  | USD |  | EUR |  | 3th Qtr. 2024 |  | EUR | (75,000) |  | 1.1010 |  | 3,727
Non-deliverable forward |  | USD |  | EUR |  | 2st Qtr. 2025 |  | EUR | (100,000) |  | 1.0832 |  | (4,380)
|  |  |  |  |  |  |  |  |  |  |  |  | 5,605

ii) Operating income exposure

The Risk Policy regarding operating income exposure has the objective to hedge revenues and costs denominated in foreign currencies. The Company is supported by internal models to measure and monitor these risks, and uses financial instruments for hedging, designating the relations as cash flow hedges.

The Company has more sales in foreign currency than expenditures and, therefore, holds derivative financial instruments to reduce such exposure.

As a result of this protection strategy, the Company recognized under Consolidated Net Revenue an expense of R$36,771 for the period ended March 31, 2025 (income of R$47,437 in the same period of the previous year).

The derivative financial instruments designated as cash flow hedges for foreing exchange operating income exposure on March 31, 2025 are set forth below:

03.31.25
Cash flow hedge - Derivative instruments |  | Hedged object |  | Asset |  | Liability |  | Maturity |  | Notional |  | Designation rate |  | Fair value (1)
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward |  | USD Exports |  | BRL |  | USD |  | 2nd Qtr. 2025 |  | USD | 180,000 |  | 5.9430 |  | 30,393
Non-deliverable forward |  | USD Exports |  | BRL |  | USD |  | 3rd Qtr. 2025 |  | USD | 126,000 |  | 6.1740 |  | 32,797
Non-deliverable forward |  | USD Exports |  | BRL |  | USD |  | 4th Qtr. 2025 |  | USD | 127,000 |  | 6.4642 |  | 49,693
Non-deliverable forward |  | USD Exports |  | BRL |  | USD |  | 1st Qtr. 2025 |  | USD | 18,000 |  | 6.3553 |  | 3,425
Collar |  | USD Exports |  | BRL |  | USD |  | 2nd Qtr. 2025 |  | USD | 274,000 |  | 6.0426 |  | 35,163
Collar |  | USD Exports |  | BRL |  | USD |  | 3rd Qtr. 2025 |  | USD | 80,000 |  | 6.2579 |  | 12,183
Collar |  | USD Exports |  | BRL |  | USD |  | 4th Qtr. 2025 |  | USD | 20,000 |  | 6.5806 |  | 4,555
Collar |  | USD Exports |  | BRL |  | USD |  | 1st Qtr. 2025 |  | USD | 24,000 |  | 6.4619 |  | 908
|  |  |  |  |  |  |  |  |  |  | 849,000 |  |  |  | 169,117

(1) Correspond to the not realized portion of the hedge which is registered in Other comprehensive income.

iii) Investments exposure

The Company holds both investments (net assets) and loans (financial liabilities) denominated in foreign currency. To balance the accounting effects of such exposures, some non-derivative financial liabilities are designated as hedging instruments for the investments exposure.

81

| Interim Financial Information, Individual and Consolidated | March 31, 2025

As a result of this strategy, the Company recognized an income of R$103,071, net of income tax, under Other comprehensive income for the period ended March 31, 2025 (expense of R$38,880 in the same period of the previous year).

The non-derivative financial instruments designated as net investment hedge instruments on March 31, 2025 are set forth below:

03.31.25
Net investment hedge - Non-derivative instruments |  | Object (Investment) |  | Liability |  | Maturity |  | Notional |  | Rate |  | Exchange variation (1)
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Bond - BRF SA BRFSBZ 4.35 |  | Federal Foods LLC |  | USD |  | 3rd Qtr. 2050 |  | USD (2) | 44,158 |  | 3.7649 |  | (122,191)
Bond - BRF SA BRFSBZ 4.35 |  | BRF Kuwait Food Management Company WLL |  | USD |  | 3rd Qtr. 2050 |  | USD (2) | 88,552 |  | 3.7649 |  | (175,975)
Bond - BRF SA BRFSBZ 4.35 |  | Al Khan Foodstuff LLC |  | USD |  | 3rd Qtr. 2050 |  | USD (2) | 53,446 |  | 3.7649 |  | (118,335)
Bond - BRF SA BRFSBZ 4.35 |  | Al-Wafi Al-Takamol International for Foods Products |  | USD |  | 3rd Qtr. 2050 |  | USD (3) | 23,426 |  | 5.1629 |  | (12,465)
|  |  |  |  |  |  |  |  | 209,582 |  |  |  | (428,966)

(1) Corresponds to the effective portion of the hedge result accumulated in Other Comprehensive Income.

(2) Designated on August 1st, 2019.

(3) Designated on November 9, 2022.

| 23.2.2 | Commodities price risk

The Company uses commodities as production inputs and is exposed to commodities price risk arising from future purchases. The management of such risk is performed through physical inventories, future purchases at fixed price and through derivative financial instruments.

The Risk Policy establishes coverage limits to the flow of purchases of corn, meal and soy, soybeans and soybean oil with the purpose of reducing the impact due to a price increase of these raw materials. The hedge may be reached using derivatives or by inventory management.

As a result of this protection strategy, the Company recognized under Consolidated Cost of Goods Sold an expense of R$13,175 for the period ended March 31, 2025 (expense of R$120,742 for the period ended March 31, 2024).

The Company performs purchases at variable prices in future and spot markets and, to hedge such exposure, it holds derivative financial instruments in long position (buy) to fix these prices in advance.

The financial instruments designated as cash flow hedges for the variable commodities price exposure on March 31, 2025, are set forth below:

03.31.25
Cash flow hedge - Derivative instruments |  | Hedged object |  | Index |  | Maturity |  | Quantity |  | Exercise price (1) |  | Fair value
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Collar - buy |  | Soybean meal purchase - floating price |  | Soybean meal - CBOT |  | 2nd Qtr. 2025 |  | 24,989 | ton |  | 341.41 |  | (663)
Collar - buy |  | Soybean meal purchase - floating price |  | Soybean meal - CBOT |  | 3rd Qtr. 2025 |  | 38,989 | ton |  | 347.84 |  | (1,824)
Collar - buy |  | Soybean meal purchase - floating price |  | Soybean meal - CBOT |  | 4rd Qtr. 2025 |  | 14,000 | ton |  | 357.70 |  | (920)
Collar - buy |  | Corn purchase - floating price |  | Corn - CBOT |  | 2nd Qtr. 2025 |  | 95,997 | ton |  | 177.93 |  | 401
Collar - buy |  | Corn purchase - floating price |  | Corn - B3 |  | 2nd Qtr. 2025 |  | 140,589 | ton |  | 1,270.26 |  | 2,262
Collar - buy |  | Corn purchase - floating price |  | Corn - B3 |  | 3rd Qtr. 2025 |  | 166,941 | ton |  | 1,256.54 |  | (1,124)
|  |  |  |  |  |  |  | 481,505 |  |  |  |  | (1,868)

(1) Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton.

In certain cases, the Company performs futures purchases at fixed prices and, to hedge such exposure, it

holds derivative financial instruments in short position (sell) to keep these prices at market value. The financial instruments designated as fair value hedges for the fixed commodities price exposure on March

31, 2025, are set forth below:

82

| Interim Financial Information, Individual and Consolidated | March 31, 2025

03.31.25
Fair value hedge - Derivative instruments |  | Hedged object |  | Index |  | Maturity |  | Quantity |  | Exercise price (1) |  | Fair value
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward - sell |  | Soybean purchase - fixed price |  | Soybean - CBOT |  | 1st Qtr. 2026 |  | 2,000 | ton |  | 375.36 |  | (50)
Non-deliverable forward - sell |  | Corn purchase - fixed price |  | Corn - CBOT |  | 3rd Qtr. 2025 |  | 76,216 | ton |  | 173.46 |  | 992
Non-deliverable forward - sell |  | Corn purchase - fixed price |  | Corn - CBOT |  | 1st Qtr. 2026 |  | 19,899 | ton |  | 188.25 |  | 1,006
Non-deliverable forward - sell |  | Corn purchase - fixed price |  | Corn - CBOT |  | 2nd Qtr. 2026 |  | 1,651 | ton |  | 187.43 |  | 33
Corn future - sell |  | Corn purchase - fixed price |  | Corn - B3 |  | 3rd Qtr. 2025 |  | 222,102 | ton |  | 1,129.29 |  | (333)
Corn future - sell |  | Corn purchase - fixed price |  | Corn - B3 |  | 1st Qtr. 2025 |  | 6,480 | ton |  | 1,297.88 |  | 20
|  |  |  |  |  |  |  | 328,348 |  |  |  |  | 1,668

(1) price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton.

The Company assessed that part of its cost, future physical purchases of commodities in dollars, also generates foreign exchange exposure and therefore contracted the following derivatives and designated them as fair value hedges:

03.31.25
Fair value hedge - Derivative instruments |  | Protection object |  | Assets |  | Liabilities |  | Maturity |  | Notional |  | Exercise price |  | Fair value
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward |  | Cost in USD |  | BRL |  | USD |  | 3rd Qtr. 2025 |  | USD | 9,426 |  | 6.0634 |  | 1,957
Non-deliverable forward |  | Cost in USD |  | BRL |  | USD |  | 1st Qtr. 2026 |  | USD | 4,497 |  | 6.2860 |  | 417
|  |  |  |  |  |  |  |  |  |  | 13,923 |  |  |  | 2,374

The outstanding and settled derivative instruments of commodity risk hedging strategies represent effects on the balance sheet of: i) the Inventories item in the Consolidated in the debit amount of R$9,868 on March 31, 2025 (R$41,538 credit on March 31, 2024); ii) the other comprehensive income item in the credit amount of R$29,996 on March 31, 2025 (R$29,447 credit on December 31, 2024).

| 23.2.3 | Interest rate risk

The interest rate risk may cause economic losses to the Company resulting from volatility in interest rates that affect its assets and liabilities.

The Company’s Risk Policy does not restrict exposure to different interest rates, neither establishes limits for fixed or floating rates. However, the Company continually monitors the market interest rates in order to evaluate any need to enter into hedging transactions to protect from the volatility of such rates and manage the mismatch between its financial assets and liabilities.

As a result of this protection strategy, the Company recognized under Financial Income and Expenses an income of R$119,768 for the period ended March 31, 2025 (expense of R$105,375 in the same period of the previous year).

The derivative financial instruments used to hedge the exposure to interest rates as of March 31, 2025 are presented in the table below:

83

| Interim Financial Information, Individual and Consolidated | March 31, 2025

03.31.25
|  |  |  |  |  |  |  |  |  |  |  |  | Fair value (R$)
Fair value hedge - Derivative instruments |  | Hedged Object |  | Maturity |  | Asset |  | Liability |  | Notional |  | Instrument |  | Object (1)
Parent company and Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | Debenture - 1st issue - 3rd series - IPCA + 5.50% p.a. |  | 2nd Qtr. 2026 |  | IPCA + 5.50% p.a. |  | CDI + 0.57% p.a. |  | 200,000 | BRL | 31,511 |  | (3,902)
Interest rate swap |  | Debenture - 1st issue - 3rd series - IPCA + 5.50% p.a. |  | 2nd Qtr. 2026 |  | IPCA + 5.50% p.a. |  | 100% of CDI |  | 200,000 | BRL | 24,965 |  | (2,941)
Interest rate swap |  | Debenture - 2nd issue - 1st series - IPCA + 5.30% p.a. |  | 3rd Qtr. 2027 |  | IPCA + 5.30% p.a. |  | CDI + 2.20% p.a. |  | 400,000 | BRL | 79,650 |  | (141,809)
Interest rate swap |  | Debenture - 2nd issue - 2nd series - IPCA + 5.60% p.a. |  | 3rd Qtr. 2030 |  | IPCA + 5.60% p.a. |  | CDI + 2.29% p.a. |  | 595,000 | BRL | 85,746 |  | (42,061)
Interest rate swap |  | Debenture - 3rd issue - single series - IPCA + 4.78% p.a. |  | 2nd Qtr. 2031 |  | IPCA + 4.78% p.a. |  | CDI + 0.12% a.a. |  | 1,000,000 | BRL | 92,810 |  | (96,563)
Interest rate swap |  | Debenture - 1st issue - 1ª series - IPCA + 6.83% p.a. |  | 3rd Qtr. 2032 |  | IPCA + 6.83% p.a. |  | 109.32% of CDI |  | 990,000 | BRL | 83,298 |  | (13,444)
Interest rate swap |  | Debenture - 5th issue IPCA + 7.23% |  | 2nd Qtr. 2034 |  | IPCA + 7.23% a.a. |  | CDI + 0.98% a.a. |  | 1,595,000 | BRL | (106,235) |  | (91,148)
Interest rate swap |  | Debenture - 5th issue PRÉ + 12.92% |  | 2nd Qtr. 2031 |  | PRÉ 12.92% a.a. |  | CDI + 0.89% a.a. |  | 925,000 | BRL |  | (103,822) |  | (89,544)
|  |  |  |  |  |  |  |  |  | 5,905,000 |  |  | 187,923 |  | (481,412)

| (1) | Corresponds to the accumulated amount of fair value hedge adjustments on the hedged items, included in the carrying amount of the debentures.

| 23.3 | Credit risk management

The Company is exposed to the credit risk related to the financial assets held: trade and non-trade accounts receivable, marketable securities, derivative instruments and cash and equivalents. The Company’s credit risk exposure can be assessed in notes 4, 5 and 6.

| 23.3.1 | Credit risk in accounts receivable

The credit risk associated with trade accounts receivable is actively managed through specific systems and is supported by internal policies for credit analysis. The significant level of diversification and geographical dispersion of the customer portfolio significantly reduces the risk. However, the Company chooses to complement the risk management by contracting insurance policies for specific markets. The impairment of these financial assets is carried out based on expected credit losses.

| 23.3.2 | Counterparty credit risk

The credit risk associated with marketable securities, cash and cash equivalents and derivative instruments in general is directed to counterparties with Investment Grade ratings. The maintenance of assets with counterparty risk is constantly assessed according to credit ratings and the Company’s portfolio concentration, aligned with the applicable impairment requisites.

| 23.4 | Capital management and liquidity risk

The Company is exposed to liquidity risk as far as it needs cash or other financial assets to settle its obligations in the respective terms. The Company’s cash and liquidity strategy takes into consideration historical volatility scenarios of results as well as simulations of sectorial and systemic crisis. It is grounded on allowing resilience in scenarios of capital restriction.

84

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 23.5 | Sensitivity analysis

Management believes that the most relevant risks that may affect the Company’s results, for which it uses derivative financial instruments to protect, are the volatility of commodities prices, foreign exchange rates and interest rates.

For the probable scenario of commodities, Management uses as a reference the future value of assets on March 31, 2025 and therefore understands that there will be no changes in the results of operations. As for the exchange rate, Management uses the Focus report for the American Dollar as a reference inserting the quotes for the current and subsequent years. The likely scenario for other currencies is determined based on the US Dollar parity.

In the possible and remote scenarios, both positive and negative variations of 15% and 30% respectively were considered in both cases from the probable scenario. Such sensitivity scenarios originate from information and assumptions used by Management in monitoring the previously mentioned risks.

The information used in the preparation of the analysis is based on the position as of March 31, 2025, which has been described in the items above. The estimated values may differ significantly to numbers and results that will be effectively registered by the Company. Positive values indicate gains and negative values indicate losses.

85

| Interim Financial Information, Individual and Consolidated | March 31, 2025

|  | Scenario
|  | Remote |  | Possible |  | Probable |  | Possible |  | Remote
Exchange rate - Balance |  | - 30% |  | - 15% |  |  |  | + 15% |  | + 30%
USD |  | 4.1720 |  | 5.0660 |  | 5.9600 |  | 6.8540 |  | 7.7480
Monetary assets and liabilities |  | 349,977 |  | 150,716 |  | (48,545) |  | (247,806) |  | (447,067)
Derivative instruments - not designated |  | (335,914) |  | (144,660) |  | 46,594 |  | 237,848 |  | 429,102
Net effect |  | 14,063 |  | 6,056 |  | (1,951) |  | (9,958) |  | (17,965)
EUR |  | 4.5041 |  | 5.4693 |  | 6.4344 |  | 7.3996 |  | 8.3648
Monetary assets and liabilities |  | (489,867) |  | (210,959) |  | 67,949 |  | 346,857 |  | 625,765
Derivative instruments - not designated |  | 398,371 |  | 171,557 |  | (55,257) |  | (282,071) |  | (508,885)
Net effect |  | (91,496) |  | (39,402) |  | 12,692 |  | 64,786 |  | 116,880
JPY |  | 0.0278 |  | 0.0338 |  | 0.0398 |  | 0.0457 |  | 0.0517
Monetary assets and liabilities |  | 204 |  | 88 |  | (28) |  | (145) |  | (261)
Net effect |  | 204 |  | 88 |  | (28) |  | (145) |  | (261)
TRY |  | 0.1099 |  | 0.1335 |  | 0.1570 |  | 0.1806 |  | 0.2042
Monetary assets and liabilities |  | (90,071) |  | (38,789) |  | 12,494 |  | 63,776 |  | 115,058
Net effect |  | (90,071) |  | (38,789) |  | 12,494 |  | 63,776 |  | 115,058
AOA |  | 0.0046 |  | 0.0056 |  | 0.0065 |  | 0.0075 |  | 0.0085
Monetary assets and liabilities |  | (8,846) |  | (3,821) |  | 1,204 |  | 6,228 |  | 11,253
Net effect |  | (8,846) |  | (3,821) |  | 1,204 |  | 6,228 |  | 11,253
ARS |  | 0.0039 |  | 0.0047 |  | 0.0056 |  | 0.0064 |  | 0.0072
Monetary assets and liabilities |  | 667 |  | 287 |  | (94) |  | (474) |  | (855)
Net effect |  | 667 |  | 287 |  | (94) |  | (474) |  | (855)
CLP |  | 0.0044 |  | 0.0053 |  | 0.0062 |  | 0.0072 |  | 0.0081
Monetary assets and liabilities |  | (76,113) |  | (32,909) |  | 10,294 |  | 53,498 |  | 96,702
Derivative Instruments - Not designated |  | 39,342 |  | 17,010 |  | (5,321) |  | (27,652) |  | (49,984)
Net effect |  | (36,771) |  | (15,899) |  | 4,973 |  | 25,846 |  | 46,718

|  | Scenario
|  | Remote |  | Possible |  | Probable |  | Possible |  | Remote
Exchange rate - Operating results |  | - 30% |  | - 15% |  |  |  | + 15% |  | + 30%
USD |  | 4.1720 |  | 5.0660 |  | 5.9600 |  | 6.8540 |  | 7.7480
Revenue in USD |  | (1,333,100) |  | (574,094) |  | 184,912 |  | 943,918 |  | 1,702,924
NDF |  | 708,160 |  | 304,966 |  | (98,228) |  | (501,422) |  | (904,616)
Collar |  | 598,990 |  | 243,178 |  | (36,849) |  | (218,746) |  | (559,699)
Net effect |  | (25,950) |  | (25,950) |  | 49,835 |  | 223,750 |  | 238,609

86

| Interim Financial Information, Individual and Consolidated | March 31, 2025

|  | Scenario
|  | Remote |  | Possible |  | Probable |  | Possible |  | Remote
Exchange rate - Operating results |  | - 30% |  | - 15% |  |  |  | + 15% |  | + 30%
USD |  | 4.1720 |  | 5.0660 |  | 5.9600 |  | 6.8540 |  | 7.7480
Cost of Sales |  | (21,862) |  | (9,415) |  | 3,033 |  | 15,480 |  | 27,927
NDF |  | 21,862 |  | 9,415 |  | (3,033) |  | (15,480) |  | (27,927)
Net effect |  | - |  | - |  | - |  | - |  | -
|  | Scenario
|  | Remote |  | Possible |  | Probable |  | Possible |  | Remote
Operating results - Commodities |  | - 30% |  | - 15% |  |  |  | + 15% |  | + 30%
Soy Grain - CBOT |  | 266 |  | 323 |  | 380 |  | 437 |  | 494
|  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Cost of Sales |  | (228) |  | (114) |  | - |  | 114 |  | 228
NDF |  | 228 |  | 114 |  | - |  | (114) |  | (228)
Net effect |  | - |  | - |  | - |  | - |  | -
Soybean meal - CBOT |  | 233 |  | 283 |  | 333 |  | 383 |  | 433
|  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Cost of sales |  | 7,790 |  | 3,895 |  | - |  | (3,895) |  | (7,790)
Collar |  | (7,790) |  | (3,895) |  | - |  | 3,895 |  | 7,790
Net effect |  | - |  | - |  | - |  | - |  | -
Soybean oil - CBOT |  | - |  | - |  | - |  | - |  | -
|  | 0 |  |  |  |  |  |  |  |
Cost of sales |  | - |  | - |  | - |  | - |  | -
NDF |  | - |  | - |  | - |  | - |  | -
Net effect |  | - |  | - |  | - |  | - |  | -
Corn - CBOT |  | 124 |  | 150 |  | 176 |  | 203 |  | 229
Cost of sales |  | (94) |  | (47) |  | - |  | 47 |  | 94
Collar |  | (3,769) |  | (1,176) |  | - |  | 1,576 |  | 4,168
NDF |  | 5,074 |  | 2,537 |  | - |  | (2,537) |  | (5,074)
Net effect |  | 1,211 |  | 1,314 |  | - |  | (914) |  | (812)
Corn - B3 |  | 856 |  | 1,040 |  | 1,223 |  | 1,407 |  | 1,590
Cost of sales |  | 28,969 |  | 14,485 |  | - |  | (14,485) |  | (28,969)
Collar |  | (72,395) |  | (15,197) |  | - |  | 12,064 |  | 59,974
Future |  | 81,933 |  | 40,966 |  | - |  | (40,966) |  | (81,933)
Net effect |  | 38,507 |  | 40,254 |  | - |  | (43,387) |  | (50,928)

87

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 23.6 | Financial instruments by category

| Parent company
| 03.31.25
| Amortized cost |  | Fair value through other comprehensive income |  | Fair value through profit and loss |  | Total
Assets |  |  |  |  |  |  |
Cash and bank | 357,308 |  | - |  | - |  | 357,308
Cash equivalents | - |  | - |  | 5,684,350 |  | 5,684,350
Marketable securities | - |  | 893,451 |  | 54,741 |  | 948,192
Restricted cash | 35,154 |  | - |  | - |  | 35,154
Trade accounts receivable | 5,231,702 |  | - |  | 253,265 |  | 5,484,967
Notes receivables | 38,598 |  | - |  | - |  | 38,598
Derivatives not designated | - |  | - |  | 9,987 |  | 9,987
Derivatives designated as hedge accounting (1) | - |  | - |  | 604,659 |  | 604,659
Liabilities |  |  |  |  |  |  |
Trade accounts payable | (12,591,255) |  | - |  | - |  | (12,591,255)
Loans and borrowings (2) | (10,899,110) |  | - |  | (6,334,836) |  | (17,233,946)
Derivatives not designated | - |  | - |  | (4,380) |  | (4,380)
Derivatives designated as hedge accounting (1) | - |  | - |  | (245,446) |  | (245,446)
| (17,827,603) |  | 893,451 |  | 22,340 |  | (16,911,812)

| Consolidated
| 03.31.25
| Amortized cost |  | FVTOCI (3) |  | Fair value through profit and loss |  | Total
|  | Equity instruments |  |
Assets |  |  |  |  |  |  |
Cash and bank | 1,364,035 |  | - |  | - |  | 1,364,035
Cash equivalents | - |  | - |  | 10,687,932 |  | 10,687,932
Marketable securities | 258,354 |  | 907,807 |  | 54,761 |  | 1,220,922
Restricted cash | 326,973 |  | - |  | - |  | 326,973
Trade accounts receivable | 4,797,525 |  | - |  | 253,265 |  | 5,050,790
Notes receivables | 38,598 |  | - |  | - |  | 38,598
Derivatives not designated | - |  | - |  | 9,987 |  | 9,987
Derivatives designated as hedge accounting (1) | - |  | - |  | 604,659 |  | 604,659
Liabilities |  |  |  |  |  |  |
Trade accounts payable | (14,061,000) |  | - |  | - |  | (14,061,000)
Loans and borrowings (2) | (13,611,744) |  | - |  | (6,334,836) |  | (19,946,580)
Derivatives not designated | - |  | - |  | (4,382) |  | (4,382)
Derivatives designated as hedge accounting (1) | - |  | - |  | (245,446) |  | (245,446)
| (20,887,259) |  | 907,807 |  | 5,025,940 |  | (14,953,512)

(1) All derivatives are classified at fair value through profit and loss. Those designated as hedge accounting instruments have their gains and losses also affecting Equity and Inventories.

(2) The part of the loans and borrowings that is object in a fair value hedge is classified as Fair value through profit and loss. The rest of the loans and borrowings balance is classified as amortized cost and those designated as cash flow or net investment hedge accounting instruments have their gains and losses also affecting Equity.

(3) FVTOCI: Fair Value Through Other Comprehensive Income.

88

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 23.7 | Fair value of financial instruments

The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Depending on the inputs used for measurement, the financial instruments at fair value may be classified into 3 hierarchy levels:

» |  | Level 1 - Uses quoted prices (unadjusted) for identical instruments in active markets. In this category are classified investments in stocks, savings accounts, overnights, term deposits, Financial Treasury Bills (“LFT”) and investment funds;

» |  | Level 2 - Uses prices quoted in active markets for similar instruments, prices quoted for identical or similar instruments in non-active markets and evaluation models for which inputs are observable. In this level are classified the investments in Bank Deposit Certificates (“CDB”) and derivatives, which are measured by well-known pricing models: discounted cash flows and Black-Scholes. The observable inputs are interest rates and curves, volatility factors and foreign exchange rates;

» |  | Level 3 - Instruments for which significant inputs are non-observable. The Company does not have financial instruments in this category.

The table below presents the classification of financial instruments recorded at fair value by measurement hierarchy. Throughout the period ended March 31, 2025, there were no changes among the 3 levels of hierarchy.

| Parent company
| 03.31.25 |  | 12.31.24
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |
Fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |
Treasury national notes | 893,451 |  | - |  | 893,451 |  | 859,029 |  | - |  | 859,029
Fair value through profit and loss |  |  |  |  |  |  | - |  | - |  |
Savings account and overnight | 3,610 |  | - |  | 3,610 |  | 1,582 |  | - |  | 1,582
Term deposits | - |  | - |  | - |  | - |  | - |  | -
Bank deposit certificates | - |  | 5,677,370 |  | 5,677,370 |  | - |  | 3,545,946 |  | 3,545,946
Financial treasury bills | 36,077 |  | - |  | 36,077 |  | 35,031 |  | - |  | 35,031
Investment funds | 22,034 |  | - |  | 22,034 |  | 23,177 |  | - |  | 23,177
Trade accounts receivable | - |  | 253,265 |  | 253,265 |  | - |  | 266,210 |  | 266,210
Derivatives | - |  | 614,646 |  | 614,646 |  | - |  | 314,603 |  | 314,603
Financial Liabilities |  |  |  |  |  |  | - |  | - |  |
Fair value through profit and loss |  |  |  |  |  |  | - |  | - |  |
Derivatives | - |  | (249,826) |  | (249,826) |  | - |  | (619,182) |  | (619,182)
Loans and borrowings | - |  | (6,334,836) |  | (6,334,836) |  | - |  | (6,334,836) |  | (6,334,836)
| 955,172 |  | (39,381) |  | 915,791 |  | 918,819 |  | (2,827,259) |  | (1,908,440)

89

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| Consolidated
| 03.31.25 |  | 12.31.24
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |
Fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |
National treasury notes | 893,451 |  | - |  | 893,451 |  | 859,029 |  | - |  | 859,029
Stocks | 14,356 |  | - |  | 14,356 |  | 15,481 |  | - |  | 15,481
Fair value through profit and loss |  |  |  |  |  |  | - |  | - |  |
Savings account and overnight | 3,610 |  | - |  | 3,610 |  | 1,582 |  | - |  | 1,582
Term deposits | 4,851,625 |  | - |  | 4,851,625 |  | 4,562,127 |  | - |  | 4,562,127
Bank deposit certificates | - |  | 5,829,327 |  | 5,829,327 |  | - |  | 3,716,958 |  | 3,716,958
Financial treasury bills | 36,077 |  | - |  | 36,077 |  | 35,031 |  | - |  | 35,031
Off-shore notes | - |  | - |  | - |  | - |  | 1,501,608 |  | 1,501,608
Investment funds | 22,034 |  | - |  | 22,034 |  | 23,177 |  | - |  | 23,177
Trade accounts receivable | - |  | 253,265 |  | 253,265 |  | - |  | 266,210 |  | 266,210
Derivatives | - |  | 614,646 |  | 614,646 |  | - |  | 314,603 |  | 314,603
Other titles | 20 |  | - |  | 20 |  | 20 |  | - |  | 20
Financial Liabilities |  |  |  |  |  |  | - |  | - |  |
Fair value through profit and loss |  |  |  |  |  |  | - |  | - |  |
Derivatives | - |  | (249,828) |  | (249,828) |  | - |  | (619,182) |  | (619,182)
Loans and borrowings | - |  | (6,334,836) |  | (6,334,836) |  | - |  | (6,334,836) |  | (6,334,836)
| 5,821,173 |  | 112,574 |  | 5,933,747 |  | 5,496,447 |  | (1,154,639) |  | 4,341,808

The fair value of financial instruments approximates the carrying value, except in the cases presented below, where bonds are stated based on observable prices in active markets and debentures are measured using discounted cash flows.

|  |  |  | Parent company and Consolidated
|  |  |  |  |  | 03.31.25 |  | 12.31.24
|  | Currency |  | Maturity |  | Book value |  | Fair value |  | Book value |  | Fair value
BRF S.A. |  |  |  |  |  |  |  |  |  |  |  |
BRF SA BRFSBZ 4 7/8 |  | USD |  | 2030 |  | (3,389,143) |  | (3,195,908) |  | (3,706,212) |  | (3,351,896)
BRF SA BRFSBZ 5 3/4 |  | USD |  | 2050 |  | (3,765,623) |  | (3,114,119) |  | (4,135,792) |  | (3,262,625)
Debenture - 1st issue |  | BRL |  | 2026 |  | (573,718) |  | (538,416) |  | (550,542) |  | (520,552)
Debenture - 2nd issue |  | BRL |  | 1st serie 2027 and 2nd series 2030 |  | (2,795,901) |  | (2,950,424) |  | (2,739,446) |  | (2,897,325)
Debenture - 3rd issue |  | BRL |  | 2031 |  | (1,167,271) |  | (1,167,271) |  | (1,109,135) |  | (1,109,135)
Debenture - 4rd issue |  | BRL |  | 1st serie 2027 and 2nd series 2032 |  | (1,088,231) |  | (1,155,220) |  | (1,062,066) |  | (1,139,664)
Debenture - 5rd issue |  | BRL |  | 1st serie 2029, 2nd series 2031 and 3rd series 2034 |  | (1,858,739) |  | (1,783,263) |  | (1,765,547) |  | (1,780,894)
Parent company |  |  |  |  |  | (14,638,626) |  | (13,904,621) |  | (15,068,740) |  | (14,062,091)
BRF GmbH |  |  |  |  |  |  |  |  |  |  |  |
BRF SA BRFSBZ 4.35 |  | USD |  | 2026 |  | (1,593,667) |  | (1,574,308) |  | (1,759,349) |  | (1,712,346)
Consolidated |  |  |  |  |  | (16,232,293) |  | (15,478,929) |  | (16,828,089) |  | (15,774,437)

90

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 24. | Segment Information

The operating segments are reported consistently with the management reports provided to the main strategic and operational decision makers for assessing the performance of each segment and allocation of resources. The operating segments information is prepared considering three reportable segments, being: Brazil, International and Other segments.

The operating segments include the sales of all distribution channels and are subdivided according to the nature of the products, for which the characteristics are described below:

» |  | In-natura: production and sale of whole poultry and cuts and pork and other cuts;

» |  | Semi-processed: production and marketing of in-natura cooked and smoked foods;

» |  | Processed: production and sale of processed food, frozen and processed products derived from poultry, pork and beef, margarine, vegetables and soybean-based products;

» |  | Other sales: sale of flour for food service and others.

Other segments are comprised of commercialization and development of animal nutrition ingredients, human nutrition, plant nutrition (fertilizers), healthcare (health and wellness), pet food, as well as commercialization of agricultural products.

The items not allocated to the segments are presented as Corporate and refer to relevant events not attributable to the operating segments.

The net sales by nature for each reportable operating segment is set forth below:

| Consolidated
| 2025 |  | 2024
Net sales |  | Jan - mar |  | Jan - mar
Brazil |  |  |  |
In-natura |  | 1,979,117 |  | 1,585,165
Semiprocessed |  | 577,108 |  | 444,185
Processed |  | 4,869,503 |  | 4,124,098
Other sales |  | 8,826 |  | 8,942
|  | 7,434,554 |  | 6,162,390
International |  |  |  |
In-natura |  | 6,190,607 |  | 5,535,817
Semiprocessed |  | 162,522 |  | 123,529
Processed |  | 1,032,935 |  | 786,958
Other sales |  | 35,988 |  | 38,792
|  | 7,422,052 |  | 6,485,096
Other segments |  | 655,415 |  | 730,023
|  | 15,512,021 |  | 13,377,509

The gross profit and income (loss) before financial results for each segment and for Corporate are set forth below:

91

| Interim Financial Information, Individual and Consolidated | March 31, 2025

|  |  |  |  |  | Consolidated
|  | Gross profit |  | Income (loss) before financial results and income taxes
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar
Brazil |  | 2,060,004 |  | 1,587,074 |  | 866,415 |  | 514,696
Margin (%) |  | 27.7% |  | 25.8% |  | 11.7% |  | 8.4%
International |  | 1,860,495 |  | 1,463,273 |  | 986,162 |  | 671,513
Margin (%) |  | 25.1% |  | 22.6% |  | 13.3% |  | 10.4%
Other segments |  | 133,290 |  | 173,940 |  | 55,082 |  | 54,223
Margin (%) |  | 20.3% |  | 23.8% |  | 8.4% |  | 7.4%
Subtotal |  | 4,053,789 |  | 3,224,287 |  | 1,907,659 |  | 1,240,432
Corporate |  | (1,184) |  | - |  | (23,126) |  | 11,863
Total |  | 4,052,605 |  | 3,224,287 |  | 1,884,533 |  | 1,252,295
Margin (%) |  | 26.1% |  | 24.1% |  | 12.1% |  | 9.4%

The composition of selected items that were not allocated to the Company’s operating segments as they are not linked to its main activity and, therefore, were presented as Corporate is set forth below:

|  | Consolidated
|  | 2025 |  | 2024
Corporate |  | Jan - mar |  | Jan - mar
Results with sale and disposal of fixed assets and investments |  | (1,549) |  | 17,654
Reversal/(provision) for tax and civil contingencies |  | (23,576) |  | (1,854)
Expenses with demobilization |  | (310) |  | (5,367)
Weather events |  | (1,184) |  | -
Other |  | 3,493 |  | 1,430
|  | (23,126) |  | 11,863

No customer individually or in aggregate (economic group) accounted for more than 5% of net sales in the period ended March 31, 2025, and 2024.

The goodwill arising from business combinations and the intangible assets with indefinite useful life (trademarks) were allocated to the reportable operating segments, considering the economic benefits generated by such intangible assets. The allocation of these intangible assets is presented below:

| Consolidated
| Goodwill |  | Trademarks |  | Total
| 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Brazil | 1,151,498 |  | 1,151,498 |  | 982,478 |  | 982,478 |  | 2,133,976 |  | 2,133,976
International | 2,048,555 |  | 2,159,259 |  | 521,881 |  | 549,072 |  | 2,570,436 |  | 2,708,331
Other segments | 457,624 |  | 460,505 |  | 474,716 |  | 474,716 |  | 932,340 |  | 935,221
| 3,657,677 |  | 3,771,262 |  | 1,979,075 |  | 2,006,266 |  | 5,636,752 |  | 5,777,528

Information related to total assets by reportable segment is not disclosed, as it is not included in the set of information made available to the Company’s management, which makes investment decisions and determine allocation of resources based on information about the consolidated assets.

92

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 25. | Net sales

| Parent company |  | Consolidated
| 2025 |  | 2024 |  | 2025 |  | 2024
| Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar
Gross sales |  |  |  |  |  |  |
Brazil | 9,090,375 |  | 7,564,995 |  | 9,090,375 |  | 7,564,995
International | 5,442,316 |  | 4,225,773 |  | 7,845,347 |  | 6,800,858
Other segments | 546,714 |  | 552,834 |  | 763,287 |  | 866,513
| 15,079,405 |  | 12,343,602 |  | 17,699,009 |  | 15,232,366
Sales deductions |  |  |  |  |  |  |
Brazil | (1,655,830) |  | (1,402,605) |  | (1,655,830) |  | (1,402,605)
International | (127,285) |  | (19,133) |  | (423,295) |  | (315,762)
Other segments | (56,583) |  | (54,201) |  | (107,863) |  | (136,490)
| (1,839,698) |  | (1,475,939) |  | (2,186,988) |  | (1,854,857)
Net sales |  |  |  |  |  |  |
Brazil | 7,434,545 |  | 6,162,390 |  | 7,434,545 |  | 6,162,390
International | 5,315,031 |  | 4,206,640 |  | 7,422,052 |  | 6,485,096
Other segments | 490,131 |  | 498,633 |  | 655,424 |  | 730,023
| 13,239,707 |  | 10,867,663 |  | 15,512,021 |  | 13,377,509

93

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 26. | Expenses by nature

The Company presents the breakdown of some income statement accounts below, according to function and nature:

| Parent company |  | Consolidated
| 2025 |  | 2024 |  | 2025 |  | 2024
| Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar
Costs of sales |  |  |  |  |  |  |
Raw materials and supplies | (6,701,438) |  | (5,998,762) |  | (8,229,281) |  | (7,213,860)
Salaries and employees benefits | (1,339,555) |  | (1,207,111) |  | (1,571,861) |  | (1,350,598)
Depreciation | (597,073) |  | (598,732) |  | (655,628) |  | (654,160)
Amortization | (22,031) |  | (27,608) |  | (46,751) |  | (53,104)
Other | (897,101) |  | (813,769) |  | (955,895) |  | (881,500)
| (9,557,198) |  | (8,645,982) |  | (11,459,416) |  | (10,153,222)
Operating income (expenses): |  |  |  |  |  |  |
Sales |  |  |  |  |  |  |
Indirect and direct logistics expenses | (899,269) |  | (858,789) |  | (898,854) |  | (836,582)
Marketing | (145,434) |  | (153,344) |  | (200,193) |  | (200,565)
Salaries and employees benefits | (393,969) |  | (320,331) |  | (522,276) |  | (422,747)
Depreciation | (57,714) |  | (61,571) |  | (103,593) |  | (102,695)
Amortization | (11,545) |  | (15,854) |  | (16,189) |  | (19,956)
Other | (136,873) |  | (113,878) |  | (202,866) |  | (189,273)
| (1,644,804) |  | (1,523,767) |  | (1,943,971) |  | (1,771,818)
Administrative expenses |  |  |  |  |  |  |
Salaries and employees benefits | (69,979) |  | (81,104) |  | (121,688) |  | (118,436)
Fees | (19,570) |  | (19,484) |  | (19,684) |  | (19,557)
Depreciation | (6,230) |  | (6,783) |  | (11,311) |  | (11,756)
Amortization | (1,242) |  | (1,519) |  | (4,845) |  | (5,678)
Other | (14,042) |  | (20,368) |  | (59,657) |  | (46,066)
| (111,063) |  | (129,258) |  | (217,185) |  | (201,493)
Impairment loss on trade receivables | (1,001) |  | (15,920) |  | (4,751) |  | (27,218)
Other operating income (expenses), net |  |  |  |  |  |  |
Recovery of expenses | 6,332 |  | 16,071 |  | 21,044 |  | 15,920
Civil and tax contingencies (assets or liabilities) | (22,376) |  | (4,405) |  | (23,577) |  | (4,744)
Results with sale and disposal of fixed assets and investments | (1,917) |  | 17,715 |  | (1,566) |  | 17,654
Other | 6,609 |  | 749 |  | 129 |  | 2,114
| (11,352) |  | 30,130 |  | (3,970) |  | 30,944

The Company incurred a total of expenses with internal research and development of new products of R$14,506 in the Parent Company and in the Consolidated for the period ended March 31, 2025 (R$15,503 in the Parent Company and in the Consolidated for the period ended March 31, 2024).

94

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 27. | Financial income (expenses)

|  | Parent company |  | Consolidated
|  | Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar
Financial income |  |  |  |  |  |  |  |
Interest on cash and cash equivalents |  | 96,510 |  | 66,905 |  | 268,515 |  | 136,912
Income with marketable securities |  | 42,029 |  | 20,569 |  | 46,465 |  | 26,415
Fair value through profit and loss |  | 42,029 |  | 20,569 |  | 42,030 |  | 20,569
Amortized cost |  | - |  | - |  | 4,435 |  | 5,846
Interest on recoverable taxes |  | 32,995 |  | 86,204 |  | 37,211 |  | 86,322
Interest and financial income on other assets |  | 11,668 |  | 23,068 |  | 13,657 |  | 25,030
|  | 183,202 |  | 196,746 |  | 365,848 |  | 274,679
Financial expenses |  |  |  |  |  |  |  |
Interests on loans and borrowings |  | (421,358) |  | (412,094) |  | (472,181) |  | (462,205)
Interest with related parties |  | (85,086) |  | (93,767) |  | - |  | -
Interest on contingencies |  | (28,933) |  | (22,658) |  | (32,657) |  | (22,659)
Interest on leases |  | (89,990) |  | (87,159) |  | (96,590) |  | (93,445)
Interest on actuarial liabilities |  | (7,414) |  | (6,960) |  | (12,096) |  | (13,111)
Taxes on financial income |  | (8,531) |  | (9,458) |  | (9,226) |  | (10,580)
Adjustment to present value (2) |  | (216,992) |  | (199,445) |  | (197,466) |  | (182,579)
Other financial expenses |  | (68,322) |  | (99,941) |  | (100,989) |  | (122,534)
|  | (926,626) |  | (931,482) |  | (921,205) |  | (907,113)
Foreign exchange, prices and monetary variations |  |  |  |  |  |  |  |
Exchange rate variation on monetary assets and liabilities and prices |  | 647,257 |  | (294,090) |  | (12,196) |  | (79,211)
Foreign exchange of derivatives |  | 50,915 |  | 74,157 |  | 50,847 |  | 73,185
Interest and fair value of derivatives |  | 778 |  | (32,671) |  | 846 |  | (33,004)
Net Monetary Gains or Losses (1) |  | - |  | - |  | 58,575 |  | 133,837
|  | 698,950 |  | (252,604) |  | 98,072 |  | 94,807
|  | (44,474) |  | (987,340) |  | (457,285) |  | (537,627)

| (1) | Effects of monetary correction resulting from operations in hyperinflationary economy.

| (2) | The adjustment to present value considers the balances of trade accounts receivable and trade accounts payable, and the rate used for the period ended March 31, 2025, was 15.27% p.a. (12.01% p.a. for the period ended March 31, 2024).

95

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 28. | Related parties

The balances of the transactions with related parties are as follows:

|  |  |  |  |  |  |  |  | Parent company
| Accounts receivable |  | Dividends and interest on shareholders' equity receivable |  | Trade accounts payable |  | Other rights |  | Advances and other liabilities
| 03.31.25 |  | 12.31.24 |  |  | 12.31.24 |  | 03.31.25 |  |  | 12.31.24 |  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
AES Brasil | - |  | - |  |  | - |  | - |  |  | (152) |  | - |  | - |  | - |  |  | -
Al Khan Foodstuff LLC ("AKF") | 94,963 |  | 121,815 |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Al-Wafi Al-Takamol International for Foods Products | 278,909 |  | 329,766 |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Al-Wafi Factory | 345,252 |  | 273,253 |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Banvit Bandirma Vitaminli | 11,484 |  | - |  |  | - |  | - |  |  | - |  | 27,484 |  | 29,065 |  | - |  |  | -
BRF Energia S.A. | - |  | - |  |  | - |  | (308,121) |  |  | (357,870) |  | - |  | - |  | - |  |  | -
BRF Foods GmbH | - |  | 170,508 |  |  | - |  | - |  |  | - |  | - |  | - |  | (289) |  |  | -
BRF Foods LLC | - |  | - |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | (311)
BRF Global GmbH | 513,002 |  | 1,665,209 |  |  | - |  | (1,192) |  |  | (11,104) |  | - |  | - |  | (4,332,406) | (1) |  | (5,279,524)
BRF Global Company South Africa Proprietary Ltd. | - |  | - |  |  | - |  | (668) |  |  | (3,786) |  | - |  | - |  | - |  |  | -
BRF GmbH | - |  | - |  |  | - |  | - |  |  | - |  | - |  | - |  | (1,503,523) | (2) |  | (1,561,003)
BRF Japan KK | - |  | - |  |  | - |  | (807) |  |  | (2,144) |  | - |  | - |  | - |  |  | -
BRF Korea LLC | - |  | - |  |  | - |  | (175) |  |  | (684) |  | - |  | - |  | - |  |  | -
BRF Kuwait Food Management Company WLL | 14,344 |  | 27,951 |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
BRF Shanghai Management Consulting Co. Ltd. | - |  | - |  |  | - |  | (1,218) |  |  | (4,717) |  | - |  | - |  | - |  |  | -
BRF Singapore Foods PTE Ltd. | - |  | - |  |  | - |  | (2,685) |  |  | (203) |  | - |  | - |  | - |  |  | -
Federal Foods LLC | 213,300 |  | 238,631 |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Federal Foods Qatar | 240,180 |  | 171,384 |  |  | - |  | - |  |  | - |  | - |  | - |  | (8) |  |  | (9)
Hercosul Alimentos Ltda. | - |  | 20,178 |  |  | - |  | - |  |  | - |  | - |  | 446 |  | - |  |  | -
Hercosul International S.R.L. | - |  | 83 |  |  | - |  | (4,961) |  |  | (4,641) |  | - |  | - |  | - |  |  | -
Hercosul Sol. Transp. Ltda. | 80 |  | - |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Joody Al Sharqiya Food Production Factory LLC | 85,800 |  | 76,775 |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Mogiana Alimentos S.A. | 38,812 |  | 16,343 |  |  | - |  | - |  |  | - |  | 3,182 |  | 517 |  | - |  |  | -
Sadia Alimentos S.A.U. | - |  | - |  |  | - |  | - |  |  | - |  | - |  | - |  | (2,582) |  |  | (2,535)
Sadia Chile SpA | 234,916 |  | 188,431 |  |  | - |  | - |  |  | - |  | 42,538 |  | 45,826 |  | (31) |  |  | (31)
Sadia Uruguay S.A. | 6,965 |  | 6,563 |  |  | - |  | - |  |  | - |  | - |  | 1,146 |  | (17,789) |  |  | (18,624)
Marfrig Global Foods S.A. | 8,939 |  | 15,044 |  |  | - |  | (37,194) |  |  | (36,266) |  | 84 |  | 582 |  | (229) |  |  | (229)
Marfrig Chile S.A. | 4,066 |  | 3,626 |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Quickfood S.A. | 28,132 |  | 24,223 |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Dicasold S.A. | 3,726 |  | 1,659 |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
MFG Agropecuária Ltda. | 82 |  | - |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Agropecuária Jacarezinho Ltda. | 42 |  | - |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Fazenda São Marcelo Ltda. | 38 |  | - |  |  | - |  | - |  |  | - |  | - |  | - |  | - |  |  | -
Weston Importers Ltd. | - |  | - |  |  | - |  | - |  |  | - |  | - |  | 2,177 |  | - |  |  | -
Pampeano Alimentos S.A. | 105 |  | 257 |  |  | - |  | (475) |  |  | (114) |  | - |  | - |  | - |  |  | -
Total | 2,123,137 |  | 3,351,699 |  |  | - |  | (357,496) |  |  | (421,681) |  | 73,288 |  | 79,759 |  | (5,856,857) | - |  | (6,862,266)

| (1) | The amount corresponds to export pre-payments, usual operation between the productive units in Brazil with the wholly-owned subsidiaries that operate as trading companies in the international market.

| (2) | BRF S.A. performs reimbursement to certain subsidiaries for losses incurred in the normal course of their operations, generating liabilities recorded as Other obligations with Related parties.

96

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| Consolidated
| Accounts receivable |  | Trade accounts payable |  | Other rights |  | Advances and other liabilities
| 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24 |  | 03.31.25 |  | 12.31.24
Marfrig Global Foods S.A. | 8,939 |  | 16,145 |  | (37,193) |  | (36,266) |  | 84 |  | 582 |  | (229) |  | (229)
Marfrig Chile S.A. | 4,066 |  | 3,626 |  | - |  | - |  | - |  | - |  | - |  | -
Quickfood S.A. | 28,132 |  | 24,223 |  | - |  | - |  | - |  | - |  | - |  | -
Dicasold S.A. | 11,588 |  | 1,659 |  | - |  | - |  | - |  | - |  | - |  | -
Weston Importers Ltd. | 1,483 |  | 1,416 |  | (24,580) |  | (5,587) |  | 3,098 |  | - |  | - |  |
MFG Agropecuária Ltda. | 82 |  | - |  | - |  | - |  | - |  |  |  | - |  |
Agropecuária Jacarezinho Ltda. | 42 |  | - |  | - |  | - |  | - |  |  |  | - |  |
Fazenda São Marcelo Ltda. | 38 |  | - |  | - |  | - |  | - |  |  |  | - |  |
Pampeano Alimentos S.A. | 105 |  | 257 |  | (475) |  | (114) |  | - |  | - |  | - |  | -
Total | 54,475 |  | 47,326 |  | (62,248) |  | (41,967) |  | 3,182 |  | 582 |  | (229) |  | (229)

| Parent company
| Sales |  | Financial results, net |  | Purchases |  | Other operating income (expenses)
| Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar
AES Brasil | - |  | 19,893 |  | - |  | - |  | - |  | - |  | - |  | -
BRF Energia S.A. | - |  | - |  | - |  | - |  | - |  | (66,304) |  | - |  | -
BRF Global GmbH | - |  | 3,680,110 |  | - |  | (92,693) |  | - |  | - |  | - |  | -
Hercosul Alimentos Ltda. | - |  | 9,043 |  | - |  | - |  | - |  | - |  | - |  | -
Mogiana Alimentos S.A. | - |  | 8,962 |  | - |  | - |  | - |  | - |  | - |  | -
Sadia Chile SpA | - |  | 94,997 |  | - |  | - |  | - |  | - |  | - |  | -
Sadia Uruguay S.A. | - |  | 13,407 |  | - |  | (1,030) |  | - |  | - |  | - |  | -
Marfrig Global Foods S.A. | 19,945 |  | 15,206 |  | 4,756 |  | - |  | (111,051) |  | (73,805) |  | 6,702 |  | 1,179
Marfrig Chile S.A. | 4,085 |  | 6,468 |  | - |  | - |  | - |  | - |  | - |  | -
Quickfood S.A. | 39,130 |  | 26,402 |  | - |  | - |  | - |  | - |  | - |  | -
Dicasold S.A. | 10,354 |  | - |  | - |  | - |  | - |  | - |  | - |  | -
MFG Agropecuária Ltda. | - |  | - |  | - |  | - |  | - |  | - |  | 87 |  | -
Agropecuária Jacarezinho | - |  | - |  | - |  | - |  | - |  | - |  | 45 |  | 54
Fazenda São Marcelo | - |  | - |  | - |  | - |  | - |  | - |  | 41 |  | 54
Pampeano Alimentos S/A | 1,059 |  | - |  | - |  | - |  | (954) |  | (416) |  | - |  | -
Total | 74,573 |  | 3,874,488 |  | 4,756 |  | (93,767) |  | (112,005) |  | (140,525) |  | 6,875 |  | 1,287

| (1) | As of 2024, BRF S.A. began to consider direct sales to some customers abroad.

97

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| Consolidated
| Sales |  |  | Financial results, net |  | Purchases |  | Other operating income (expenses)
| Jan - mar |  | Jan - mar |  |  | Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar |  | Jan - mar
Marfrig Global Foods S.A. | 19,945 |  | 15,206 |  |  | 4,756 |  | (111,051) |  | (73,805) |  | 6,702 |  | 1,179
Marfrig Chile S.A. | 4,085 |  | 7,080 |  |  | - |  | - |  | (382) |  | - |  | -
Quickfood S.A. | 39,130 |  | 26,402 |  |  | - |  | - |  | - |  | - |  | -
MFG Agropecuária Ltda. | - |  | - |  |  |  |  | - |  | - |  | 87 |  | 54
Agropecuária Jacarezinho | - |  | - |  |  |  |  | - |  | - |  | 45 |  | 54
Fazenda São Marcelo | - |  | - |  |  |  |  | - |  | - |  | 41 |  | 54
Weston Importers Ltd. | 873 |  | 551 |  |  | - |  | (35,890) |  | (30,088) |  | - |  | -
Dicasold S.A. | 23,065 |  | - |  |  | - |  | - |  | - |  | - |  | -
Pampeano Alimentos S.A. | 1,059 |  | - |  |  | - |  | (954) |  | (416) |  | - |  | -
Total | 88,157 |  | 49,239 |  |  | 4,756 |  | (147,895) |  | (104,691) |  | 6,875 |  | 1,341

The Company enters into loan agreements between its controlled subsidiaries to comply with its cash management strategy, respecting market conditions. As of March 31, 2025, the balance of these transactions was R$915,634 (R$1,099,857 as of December 31, 2024).

The Company made contributions related to the post-employment benefit plans of its employees to BRF Previdência in the amount of R$6,859 for the period ended March 31, 2025 (R$28,903 for the period ended December 31, 2024). Additionally, the Company leased properties owned by BRF Previdência, and for the period ended March 31, 2025, the total amount of lease payments was R$5,742 (R$5,869 for the period ended March 31, 2024)

The Company maintains other transactions with related parties resulting from guarantees, transferences and donations to related associations and institutes, as well as leasing and other commercial transactions with related people and entities. Such transactions are compliant with the Related Party Transactions Policy and are not relevant, individually or in aggregate.

| 28.1 | Management remuneration

The total remuneration and benefits expense with board members, statutory directors and the head of internal audit are set forth below:

| Consolidated
| 2025 |  | 2024
| Jan - mar |  | Jan - mar
Salary and profit sharing | 21,362 |  | 15,404
Short-term benefits (1) | 67 |  | 40
Private pension | 219 |  | 186
Termination benefits | 741 |  | 1,027
Share-based payment | 1,975 |  | 4,515
| 24,364 |  | 21,172

| (1) | Comprises: medical assistance, educational expenses and others.

Additionally, the executive officers (non-statutory) received, among remuneration and benefits, a total of R$4,024 for the period ended March 31, 2025 (R$3,529 for the period ended March 31, 2024). Furthermore, one Board Member performed executive functions in one of our controlled companies, receiving, among remuneration and benefits, a total of R$382 for the period ended March 31, 2025.

98

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 29. | Commitments

In the normal course of its business, the Company enters into long-term agreements with third parties, which mainly include the acquisition of secondary materials, energy inputs, storage and industrialization services, among others to support its activities. In these agreements, the agreed prices may be fixed or to be fixed. These agreements contain termination clauses for non-compliance with essential obligations, and generally, the minimum contractually agreed is purchased, and for this reason, there are no liabilities recorded in addition to the amount that is recognized on an accrual basis. On March 31, 2025, firm purchase commitments totaled R$3,781,225 in the Parent Company and R$4,309,464 in the Consolidated (R$4,164,738 in the Parent Company and R$4,523,501 in the Consolidated on December 31, 2024).

| 30. | Transactions that do not involve cash

The following transactions did not involve cash or cash equivalents during the period ended March 31, 2025:

| (i) | Capitalized loan interest: for the period ended March 31, 2025, amounted to R$10,972 in the Parent Company and R$11,216 in the Consolidated (R$9,436 in the Parent Company and R$9,823 in the Consolidated for the period ended March 31, 2024).

| (ii) | Addition of lease by right-of-use assets and respective lease liability: for the period ended March 31, 2025, amounted to R$291,727 in the Parent Company and R$332,656 in the Consolidated (R$310,686 in the Parent Company and R$486,728 in the Consolidated for the period ended March 31, 2024).

| 31. | Events after the reporting period

| 31.1 | Jeddah Factory/Saudi Arabia

On April 21, 2025, the Board of Directors approved an investment of approximately USD 160,000, equivalent to R$919,840, for the construction of a new processed products factory in Jeddah, Saudi Arabia. The investment will be made by BRF Arabia Holding Company, a subsidiary of the Company and the vehicle for the joint venture with Halal Products Development Company, a wholly owned subsidiary of the Public Investment Fund (PIF).

The new factory will have a production capacity of approximately 40,000 tons/year of processed poultry and beef products. The project will allow BRF to increase its local production from 17,000 to up to 57,000 tons per year, capturing the growing demand in the regional market and from global accounts, as well as solidifying its strategic partnership with Saudi Arabia.

| 31.2 | Issuance of debentures

On April 23, 2025, the Company settled its sixth issuance of simple, non-convertible into shares, unsecured debentures, in four series for private placement, in the total amount of R$1,250,000.

The debentures were subject to Private Placement with ECO Securitizadora de Direitos Creditórios do Agronegócio S.A. (“Securitization Company”), in the context of its 390th issuance of agribusiness receivables certificates, in four series, backed by agribusiness credit rights arising from the debentures, for public distribution.

99

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Issuances costs of R$63,272 are recognized in the Statement of Income over the term of the debt, according to the effective interest rate method.

| 31.3 | Merger of Shares between Marfrig and BRF

On May 15, 2025, the boards of directors of Marfrig Global Foods S.A. (“Company” or “Marfrig”) and BRF S.A. (“BRF” and, together with Marfrig, the “Companies”) approved the execution, between the Companies, of the Plan of Merger of Shares of BRF S.A. by Marfrig Global Foods S.A. (the “Plan of Merger”), which sets forth the terms and conditions applicable to the merger by Marfrig of all shares issued by BRF (other than BRF shares held by Marfrig) as of the Closing Date (as defined below). In exchange, BRF's shareholders (except Marfrig) will receive common shares issued by Marfrig, in accordance with the Share Exchange Ratio (as defined below), thus resulting in the transfer of BRF’s shareholder base to Marfrig (the “Merger of Shares”). The Plan of Merger, the Merger of Shares, and related matters will be submitted for approval by the extraordinary general meetings of the Companies. Following the completion of the Merger of Shares, BRF will become a wholly owned subsidiary of the Company.

As a result of the Merger of Shares, BRF shareholders (except Marfrig) will receive 0.8521 common shares issued by Marfrig for each one (1) common share issued by BRF held at the completion date of the Merger of Shares, as set forth in the Plan of Merger (“Closing Date” and “Share Exchange Ratio,” respectively). The completion of the Merger of Shares will be subject to the satisfaction (or waiver, as the case may be) of certain conditions set forth in the Plan of Merger and the occurrence of the Closing Date.

The negotiation and determination of the Share Exchange Ratio considered the distribution of dividends and/or interest on equity in the gross amounts of (i) BRL 3,520,000,000.00 (three billion, five hundred and twenty million reais) by BRF; and (ii) BRL 2,500,000,000.00 (two billion, five hundred million reais) by Marfrig, in both cases to be resolved by the Closing Date (inclusive) (together, the “Permitted Distributions”).

The Share Exchange Ratio will be adjusted solely (i) in the event of share splits, reverse share splits, or in-kind share dividends issued by either Company; and/or (ii) pursuant to the methodology set forth in the Plan of Merger. Under the methodology described in the Plan of Merger, any payments made by the Companies in connection with the exercise of withdrawal rights will proportionally reduce the Permitted Distributions by an equivalent amount applied to both Companies.

The Company continues to evaluate the financial and operational impacts arising from the Merger of Shares but emphasizes that it sees significant strategic value added through the Merger of Shares. This transaction is expected to drive the global consolidation of its businesses and strengthen its brands through a robust multi-protein platform, including, among other advantages: (i) bolstering the Companies' presence as leaders in the global food market; (ii) achieving strategic expansion into new markets, maximizing growth opportunities and commercial synergies, including cross-selling initiatives; and (iii) enhancing operational scale and diversification, thereby improving resilience and mitigating risks associated with the sector’s seasonality and macroeconomic variables.

100

| Interim Financial Information, Individual and Consolidated | March 31, 2025

| 32. | Approval of the Financial Statements

The financial statements were approved and the issuance authorized by the Board of Directors on May 15, 2025.

BOARD OF DIRECTORS |
Global President Office (Non-Independent) | Marcos Antonio Molina dos Santos
Vice-Chairman (Non-Independent) | Márcia Aparecida Pascoal Marçal dos Santos
Non-Independent Member | Marcos Fernando Marçal dos Santos
Non-Independent Member | Márcio Hamilton Ferreira
Independent Member | Eduardo Augusto Rocha Pocetti
Non-Independent Member | Sérgio Agapito Lires Rial
Independent Member | Pedro de Camargo Neto
Independent Member | Augusto Marques da Cruz Filho
Independent Member | Flavia Maria Bittencourt
FISCAL COUNCIL |
Member | Antonio Mathias Nogueira Moreira
Member | Ricardo Florence dos Santos
Member | Alexandre Eduardo De Melo
AUDIT AND INTEGRITY COMMITTEE |
Comittee Coordinator | Augusto Marques da Cruz Filho
Member | Eduardo Augusto Rocha Pocetti
External Member | Esmir Oliveira
BOARD OF EXECUTIVE OFFICERS |
Global Chief Executive Officer | Miguel de Souza Gularte
Chief Financial and Investor Relations Officer | Fábio Luis Mendes Mariano
Director Vice-President of Industrial Operations and Logistics | Artemio Listoni
Director Vice-President of Agribusiness and Quality | Fabio Duarte Stumpf
Director Vice-President of Legal Brazil, Tax, People and Compliance | Heraldo Geres
Director Vice-President of International Markets and Planning | Leonardo Campo Dallorto
Director Vice-President of Brazil Commercial | Manoel Reinaldo Manzano Martins Junior
Director Vice-President of Marketing and New Business | Marcel Sacco
Marcos Roberto Badollato |
Accounting Director - CRC 1SP219369/O-4 |

101

INDEPENDENT AUDITORS’ REPORT ON INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS

To the Shareholders, Board of Directors and Management of

BRF S.A.

Itajaí – SC

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of BRF S.A. (the Company), comprised in the Quarterly Information Form for the quarter ended March 31, 2025, comprising the balance sheet as of March 31, 2025 and the respective statements of income, of comprehensive income, of changes in shareholders’ equity and of cash flows for the period of three months then ended, including the explanatory notes.

Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with NBC TG 21 – Interim Financial Reporting and with the international standard IAS 34 – Interim Financial Reporting, as issued by the International Accounting Standards Board (Iasb), such as for the presentation of these information in accordance with the standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review.

Review scope

We conducted our review in accordance with the Brazilian and International standards on review of interim information (NBC TR 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). The review of interim information consists of making inquiries, primarily of persons responsible for the financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the individual and consolidated interim financial information included in the quarterly information form referred to above has not been prepared, in all material respects, in accordance with NBC TG 21 and IAS 34 applicable to the preparation of interim financial information and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission.

102

Other matters

Statements of value added

The quarterly information referred to above includes the individual and consolidated statements of value added for the period of three months ended March 31, 2025, prepared under the responsibility of the Company's management and presented as supplementary information for the purposes of IAS 34. These statements were submitted to the same review procedures in conjunction with the review of the Company's interim financial information to conclude they are reconciliated to the interim financial information and to the accounting records, as applicable, and whether the structure and content are in accordance with the criteria established in the NBC TG 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that the accompanying statements of value added were not prepared, in all material respects, in accordance to the criteria defined in that standard and consistently in relation to the individual and consolidated interim financial information taken as a whole.

São Paulo, May 16, 2025

Grant Thornton Auditores Independentes Ltda.
CRC 2SP-025.583/O-1

Octavio Zampirollo Neto

Accountant CRC 1SP-289.095/O-3

103

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Opinion of the Audit and Integrity Committee

The Audit and Integrity Committee of BRF S.A., in fulfilling its statutory and legal duties, examined the interim financial information (Parent Company and Consolidated) for the three-month period ended on March 31, 2025, the Management Report and the review report issued without modification by Grant Thornton Auditores Independentes Ltda.

There were no situations of significant divergence between the Company's Management, the independent auditors and the Audit Committee in relation to the Company's interim financial information.

Based on the documents reviewed and the explanations provided, the members of the Audit and Integrity Committee, undersigned, issued the opinion that the interim financial information are in a position to be approved.

São Paulo, May 15, 2025.

Augusto Marques da Cruz Filho

Coordinator

Eduardo Augusto Rocha Pocetti

Member

Esmir de Oliveira

Member

104

| Interim Financial Information, Individual and Consolidated | March 31, 2025

Opinion of Executive Board on the Consolidated Financial Statements and Independent Auditor’s Report

In compliance with the dispositions of article 27, §1, sections V and VI, of the CVM Resolution Nº 80/22, the executive board of BRF S.A. states that:

| (i) | reviewed, discussed and agreed with the Company’s interim financial information for the fiscal for the three-month period ended on March 31, 2025, and

| (ii) | reviewed, discussed and agreed with the opnions expressed in the audit report issued by Grant Thornton Auditores Independentes Ltda. for the three-month period ended on March 31, 2025.

São Paulo, May 15, 2025.

Miguel de Souza Gularte

Global Chief Executive Officer

Fábio Luis Mendes Mariano

Chief Financial and Investor Relations Officer

Artemio Listoni

Director Vice-President of Industrial Operations and Logistics

Fabio Duarte Stumpf

Director Vice-President of Agribusiness and Quality

Heraldo Geres

Director Vice-President of Legal Brazil, Tax, People and Compliance

Leonardo Campo Dallorto

Director Vice-President of International Markets and Planning

Manoel Reinaldo Manzano Martins Junior

Director Vice-President of Brazil Commercial

Marcel Sacco

Director Vice-President of Marketing and New Business

105