March 31, 2025 – FriGol, one of Brazil’s leading and most traditional beef processors, reported gross revenue of R$ 3.7 billion in 2024, a 12% increase compared to the previous year. Net revenue reached R$ 3.5 billion, a 13% growth. EBITDA was R$ 179 million, up 22% from 2023, with a margin of 5.1%. Net income was R$ 219 million, a 300% increase compared to 2023, driven by R$ 141 million in deferred tax from a favorable final court decision.

In line with its strategy to increase production capacity at its three processing plants located in Lençóis Paulista (São Paulo), Água Azul do Norte, and São Félix do Xingu (both in Pará), the company set a record by slaughtering 665,000 cattle during the year, a 16% increase compared to 2023. This marks the third consecutive year that the company has achieved production growth of over 10%.

“The results reflect the company’s ongoing efforts to generate value. Even in a year marked by higher cattle prices, particularly in the second half, and a more challenging price scenario, we maintained growth in our results,” emphasizes Luciano Pascon, CEO at FriGol.

For the year, exports accounted for 52% of Gross Revenue, while the domestic market represented 48%.
China remains the primary destination for exports, but because of the diversification strategy, its share of foreign sales dropped from 86% in 2023 to 78% in 2024.

Sales to Israel, the second-largest market, grew by 61%, now accounting for 10% of total exports, compared to 7% in 2023. Hong Kong maintained around 2% of revenue share.

The standout was the growth in other markets (beyond China, Israel, and Hong Kong), which rose by 111%, representing 10% of total exports, compared to 4% in 2023. The year was marked by the first shipments to Canada, the Philippines, and Algeria.

Domestically, FriGol continued focusing on higher value-added products, achieving a 14% increase in the volume of special product lines sold, such as FriGol Chef, FriGol Angus, and BBQ Secrets. The “Açougue Completo” project expanded with the opening of 10 new stores, ending the year with 55 stores in partner supermarkets.

Financial Strength

Reflecting financial discipline and a robust capital structure, FriGol ended the year with R$ 360 million in cash, in line with the amount registered at the end of 2023. Leverage stood at 1.2x Net Debt/EBITDA, considered extremely healthy for the sector.

“It is important to note that in 2024, we reached a milestone in the company’s history, resulting from consistent governance work. In October, the company achieved an A- rating assigned by Moody’s. In the same month, we completed the first CRA with a rating,” highlights Eduardo Masson, CFO at FriGol. The company raised R$ 160 million in the first CRA with an A rating, a transaction coordinated by Bradesco and Safra banks.

“This continuous work on liability management resulted in an extension of the average debt maturity, with around 75% of financial obligations being long-term,” adds Eduardo Masson.

Q4 2024 Results

The fourth quarter was the best of the year, with R$ 986 million in net revenue, a 15% increase compared to Q4 of the previous year. EBITDA was R$ 61 million, with a margin of 6%. Net income reached R$ 208 million, up 890% compared to the same period last year, impacted by the deferred tax mentioned earlier.

Sustainability

The socio-environmental monitoring of the production chain is one of the sector’s greatest challenges, and in 2024, FriGol made significant progress on this agenda.

In compliance with the Febraban Protocol – SARB26, the company published the results of its monitoring of 100% of Tier 1 indirect suppliers, assessing socio-environmental criteria for the first time.

Another highlight was adherence to the Primi Protocol (Individual Tracking and Monitoring of Indirects Program), which became a reference by certifying the socio-environmental compliance of cattle from birth to slaughter.