BRF S.A.

Good morning, ladies and gentlemen. Welcome to BRF's conference call to discuss results regarding the first quarter of 2023. This conference is being recorded, and the replay can be accessed on the company's IR website at ir.brf-global.com. The presentation is also available for download. At this point, all participants are connected in listen-only mode. And later on, we start the Q&A session when instructions will then be provided. Before proceeding, we would like to clarify that any forward-looking statements are based on the beliefs and assumptions of BRF's management and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists must understand that events related to the macroeconomic environment, industry, and other factors could cause results to differ materially from those expressed in the respective forward-looking statements. Here with us today in this conference call are Mr. Michael Goulart, CEO, and Fabio Mariano, CFO. I would now like to turn the floor over to Mr. Goulart, who will start the presentation. Mr. Goulart, if you may proceed. Good morning. I would like to thank everyone for attending our first quarter 2023 earnings conference call. During this period, we remained focused on executing our efficiency plan, which advanced consistently, showing progress on all our work fronts. We have evolved in our operational indicators with emphasis on food conversion, mortality, yield, daily costs, and level of the logistics service. We also advanced in commercial execution and in the share of higher added value items in our portfolio. I now invite our CFO Fabio Mariano to present the results for the quarter and I return afterwards to provide more detail of our progress and make the final remarks on this call.

Good morning to everyone joining us. In the opening slide, I'd like to highlight our main financial indicators for the first quarter, starting with net revenue, which increased by nearly 10% over the same period of last year, coming to R$13.2 billion.

As for EBITDA, we reported R$607 million in the quarter, an EBITDA margin of 4.6%. Our operating cash flow was 872 million reais, far outperforming our cash generation one year ago. In working capital, we continue to make substantial headway, reducing the financial stock.