此外，巴国油还与布拉斯科公司签署了一份丙烯供应合同，协议期限5年，于2026年5月生效，总价值约 9.4亿美元。该合同约定的丙烯将由Reduc、Recap和Refap三家炼油厂负责供应，其中Recap炼油厂年供 应量最高可达14万吨，Reduc炼油厂为10万吨，Refap炼油厂的供应量则将逐步提升，到合同末期达到每 年6万吨。 协议的第二部分价值56亿美元，约定自2026年起的11年内，向布拉斯科公司位于里约热内卢州卡希亚斯 公爵市的生产基地供应乙烷、丙烷两类天然气凝析液产品，以及氢气。 中化新网讯 12月18日，巴西国有石油巨头巴西国家石油公司与聚合物生产商布拉斯科共同宣布，历经 数年谈判，双方已达成总价值178亿美元的长期原料供应协议。布拉斯科公司希望借此将其在巴西本土 以石脑油为主的生产模式，逐步转型为采用乙烷等更具成本竞争力的天然气凝析液作为原料，同时取代 并扩充将于2025年底到期的现有供应合同。 协议中金额最高的部分达113亿美元，主要内容为向布拉斯科公司分布在圣保罗州、巴伊亚州和南里奥 格兰德州的工厂供应石化级石脑油，其中涵盖了布拉斯科公司位于南里奥格兰德州的旗舰基地特里温福 联合工厂。这份为期 ...

Core Insights - BRF and Marfrig Global Foods have expanded their joint venture with Halal Products Development Company to enhance their presence in Saudi Arabia and the MENA region [1][3] - The joint venture will be named BRF Arabia Holding and will include distribution businesses and manufacturing plants in several Middle Eastern countries [2][4] - The transaction is valued at $2.07 billion and is expected to contribute significantly to the consolidated revenue and EBITDA of Marfrig and BRF [4][5] Group 1 - The merger of BRF and Marfrig has led to the formation of MBRF, which aims to strengthen regional operations with the support of HPDC [1][3] - The joint venture will facilitate a potential initial public offering (IPO) for BRF Arabia by 2027, depending on market conditions [3][6] - The assets being transferred generated $2.1 billion in net sales over the past year, accounting for 7.3% of the combined revenue of Marfrig and BRF [4][5] Group 2 - A ten-year product supply agreement will be established between MBRF and BRF Arabia, with pricing based on total cost plus 5% [5] - HPDC will initially hold a 10% stake in BRF Arabia, with plans to increase its ownership to 30% and potentially up to 40% through capital contributions [5] - The completion of the transaction is subject to customary approvals, including antitrust clearance, and is expected in the first quarter of 2026 [6]

Group 1 - BRF S.A. is a major global producer of poultry, pork, processed foods, and pet food, focusing on alternative proteins and plant-based products [1] - On September 22, 2025, BRF S.A. merged with Marfrig Global Foods, creating MBRF Global Foods Company S.A., with shareholders receiving Marfrig shares at a ratio of 0.8521 ADS per BRF ADS [2] - The merger is expected to generate BRL 805 million ($141 million) in annual synergies and has been approved by Brazil's antitrust authority [2][4] Group 2 - BRF S.A. reported a 3% revenue growth in Q2 2025, reaching BRL 15.4 billion, with the pet food segment expanding by 8% and the plant-based division growing by 12.5% [3] - The company diversified its exports by adding 11 new markets, including Argentina and Saudi Arabia, which helped mitigate challenges faced in the EU and China [3] - Despite high leverage at 1.5, the merger has led to liquidity improvements, positioning MBRF Global Foods for stronger global growth and efficiency [4]

Core Viewpoint - The article discusses the best bear market stocks to buy, emphasizing the importance of defensive stocks that outperform the market during economic downturns [1][2]. Defensive Stocks - Defensive stocks are characterized by their ability to provide protection against economic unpredictability, often coming from sectors like utilities, healthcare, and consumer staples [1]. - Michael Wilson from Morgan Stanley advocates for a shift towards conservative stocks amid economic downturns and tariff concerns, suggesting that quality and defensive equities will continue to outperform [2]. Methodology - The selection process involved using a stock analysis screener to identify consumer defensive stocks with a price target upside of less than 15%, resulting in a ranked list of 13 stocks based on hedge fund holdings as of Q2 2025 [5][6]. Company Highlights - **Beyond Meat, Inc. (NASDAQ:BYND)**: Reported a 19.6% year-over-year decline in Q2 revenue to $75 million and a net loss of $29.2 million. The company plans to cut 6% of its workforce and focus on margin expansion and streamlined distribution [8]. It introduced a new plant-based product, Beyond Ground, and aims to innovate with lentil sausages and chickpea hot dogs [9]. - **BRF S.A. (NYSE:BRFS)**: Merged with Marfrig Global Foods, creating MBRF Global Foods Company S.A. The merger aims to generate BRL 805 million ($141 million) in annual synergies. Despite challenges, BRF reported 3% revenue growth in Q2 2025 to BRL 15.4 billion, with significant growth in its pet food and plant-based segments [11][12]. The company is positioned for stronger global growth post-merger [13]. - **The Beauty Health Company (NASDAQ:SKIN)**: Reported Q2 2025 revenue of $78.2 million and EPS of $0.03, exceeding expectations. The company focuses on provider engagement and innovation, launching initiatives to enhance product development and brand loyalty [15][16]. It plans to expand its consumable product lines and has clarified asset rights to reduce risk for creditors [17].

Group 1 - BRF S.A. and Marfrig Global Foods S.A. have completed the approval of a merger of shares, forming MBRF Global Foods Company S.A. [1][3] - The merger is expected to deliver approximately $141 million (BRL 805 million) in annual synergies through operational integration and cost optimization [3] - Following the merger approval, BRF S.A. shares have increased over 18% as of September 16 [4] Group 2 - The merger agreement was initially announced on May 15, 2025, with the closing date set for September 22, 2025 [2] - BRF shareholders will receive Marfrig shares, and the last trading day for BRF shares on B3 will be September 22, 2025 [2] - The merger includes reimbursement for dissident shareholders and a distribution of interest on capital and dividends, scheduled for late September 2025 [2]

Financial Data and Key Metrics Changes - The company reported net revenue of BRL 15.4 billion, a 3% increase compared to the same period in 2024 [4] - EBITDA for the quarter was BRL 2.5 billion, contributing to a year-to-date total of BRL 5.3 billion, which is 11% higher than the same period last year [4] - Net income for the quarter was BRL 735 million, with a semester total of BRL 1.9 billion [4] - Free cash flow was approximately BRL 850 million, or BRL 1.3 billion when excluding the impact of the Hannon plant acquisition in China [4] - The company achieved a leverage ratio of 0.43 times LTM EBITDA, the lowest in its history [5] Business Line Data and Key Metrics Changes - In Brazil, EBITDA reached BRL 1.3 billion with a margin of 16.4%, driven by volume growth in processed products [6] - The international market showed healthy margins, with an EBITDA margin of 170.3% for the quarter [7] - The ingredients and pet segment reported EBITDA of BRL 52 million, with an 8% increase in the customer base for pet products [11] Market Data and Key Metrics Changes - The company gained a 1.4 percentage market share in processed products in the GCC, driven by the branded products category [9] - In Turkey, processed product volumes grew by 7% year-over-year, maintaining market share leadership [9] - The company expanded its export opportunities with 11 new export authorizations in 2025, contributing to price maximization [10] Company Strategy and Development Direction - The company emphasized its market diversification strategy, increasing its active customer base and strengthening its portfolio of high-quality value-added products [3][15] - The BRF Plus efficiency program continues to generate gains through continuous process improvement [15] - The company aims to expand its export options and strengthen its global presence, leveraging a robust data intelligence system for timely decision-making [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the results reflect operational excellence, strategic vision, and financial discipline, even in adverse scenarios such as poultry export restrictions [2][15] - The company remains optimistic about sustainable growth, focusing on quality, safety, and integrity [19] - Management highlighted the importance of maintaining credibility and effective communication during health crises, such as avian flu [62] Other Important Information - The company reported a reduction in net debt to BRL 4.7 billion, the lowest since 2011, contributing to lower interest expenses in 2025 [14] - The company has implemented significant improvements in plant utilization and volume sold, achieving a pace of 50% higher than the historical average [12] Q&A Session Summary Question: Impact of avian flu on exports and margins - Management explained that the company has opened 198 new permits, allowing for agile reallocation of products and mitigating impacts on volume and price [24][26] - The company is optimistic about the reopening of markets, particularly in China and Europe, which are expected to happen soon [26] Question: Cost expectations with decreasing commodity prices - Management anticipates a potential 2% reduction in animal feed costs in the second half of the year due to lower grain prices [31] Question: Price resilience and future pricing strategies - Management noted that prices in Brazil increased by 11% year-over-year for processed products, with expectations for further price adjustments depending on market conditions [38] Question: Gross margin and capacity utilization - Management confirmed that there is no significant regression expected in gross margins, with ongoing improvements in operational efficiency [42][44] Question: Industry fundamentals and future profitability - Management expressed confidence in the company's resilience and competitiveness, stating that demand is expected to continue exceeding supply [51][57]

Financial Data and Key Metrics Changes - The company reported net revenue of BRL 15.4 billion, a 3% increase compared to the same period in 2024 [5] - EBITDA for the quarter was BRL 2.5 billion, contributing to a year-to-date total of BRL 5.3 billion, which is 11% higher than the same period last year [5][6] - Net income for the quarter was BRL 735 million, with a total of BRL 1.9 billion for the semester [5] - Free cash flow was approximately BRL 850 million, or BRL 1.3 billion when excluding the impact of the Hannon plant acquisition in China [5] - The company achieved a leverage ratio of 0.43 times LTM EBITDA, the lowest in its history [6] Business Line Data and Key Metrics Changes - In Brazil, EBITDA reached BRL 1.3 billion with a margin of 16.4%, driven by volume growth in processed products [7] - The international market showed healthy margins, with an EBITDA margin of 170.3% for the quarter [9] - The ingredients and pets segment reported EBITDA of BRL 52 million, with an 8% increase in the customer base for pet products [11] Market Data and Key Metrics Changes - The company expanded its active customer base in Brazil to over 330,000 points of sale, achieving the highest second-quarter sales volume [7] - In Turkey, processed product volumes grew by 7% year-over-year, maintaining market share leadership [9] - The company gained 1.4 percentage points in market share in processed products in the GCC region [9] Company Strategy and Development Direction - The company emphasized its market diversification strategy, which is essential for growth and resilience against market fluctuations [15][17] - The launch of the Sadia Fresh line in Saudi Arabia is part of the strategy to strengthen its halal market presence [15] - The company continues to focus on expanding its portfolio of value-added products through strategic partnerships [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's journey towards sustainable growth, emphasizing operational excellence and financial discipline [18] - The company is prepared for potential challenges in the market, including the impact of avian influenza, and has contingency plans in place [25][66] - Management highlighted the importance of maintaining a competitive edge through data intelligence and timely decision-making [17] Other Important Information - The company reported a reduction in net debt to BRL 4.7 billion, the lowest since 2011, contributing to lower interest expenses [14] - The company has made significant progress in ESG initiatives, including greenhouse gas emission management and community education programs [12] Q&A Session All Questions and Answers Question: Impact of avian flu and market recovery potential - Management noted that the impact of avian flu was limited due to the opening of 198 new export permits, allowing for agile market reallocation [21][24] - The company is optimistic about recovering margins as markets, particularly in China, are expected to reopen soon [25] Question: Cost expectations in light of commodity price changes - Management indicated that a decrease in animal feed costs is anticipated in the second half of the year, with a potential 2% reduction in costs [30] - The company is monitoring labor costs closely, which may face inflationary pressures due to low unemployment [68] Question: Price resilience and future pricing strategies - Management confirmed that prices in Brazil have increased by 11% year-over-year for processed products, with further price adjustments expected [37] - The company is confident in maintaining price resilience due to strong domestic demand and employment levels [34] Question: Gross margin and production capacity - Management stated that the gross margin achieved was the highest since 2015, with expectations of maintaining profitability levels [40] - The company has effectively utilized its production capacity, reducing idle capacity significantly since 2022 [43] Question: Industry fundamentals and future outlook - Management believes that demand will continue to outpace supply in the poultry and beef sectors, with no significant changes expected in fundamentals [50] - The company is well-positioned to navigate competitive pressures and maintain strong margins [56]

Financial Performance - Net Revenue reached R$15365 million in 2Q25[7], compared to R$14930 million in 2Q24[7], and R$30877 million in 1H25[7], compared to R$28307 million in 1H24[7] - Adjusted EBITDA was R$2502 million in 2Q25[7], compared to R$2621 million in 2Q24[7], and R$5255 million in 1H25[7], compared to R$4737 million in 1H24[7] - Net Income was R$735 million in 2Q25[7], compared to R$1094 million in 2Q24[7], and R$1920 million in 1H25[7], compared to R$1688 million in 1H24[7] - Free Cash Flow was R$842 million in 2Q25[7], compared to R$1728 million in 2Q24[7], and R$2124 million in 1H25[7], compared to R$2572 million in 1H24[7] - Leverage reached a historical low of 043x in 2Q25[7] Segment Performance - Brazil segment experienced sequential volume growth, particularly in Processed products, leading to increased productivity and market share gains[15] Adjusted EBITDA Margin was 164%[16] - International segment mitigated the impact of chicken export restrictions through market diversification and a broad product portfolio, maintaining good price levels[25] Adjusted EBITDA Margin was 173%[26] - Other Segments, including Ingredients, saw Adjusted EBITDA of R$52 million in 2Q25 with an 81% margin[34] Strategic Initiatives - BRF+ program generated additional savings of R$208 million in efficiencies in 2Q25[62] - The company entered the chilled chicken segment in Saudi Arabia with the launch of the Sadia Fresh line[62] - The client base in Brazil exceeds 330k[19]

Company Performance - BRF (BRFS) closed at $3.56, marking a +2.89% move from the prior day, outperforming the S&P 500 which gained 0.73% [1] - Over the past month, BRF shares have depreciated by 12.85%, underperforming the Consumer Staples sector's loss of 4.07% and the S&P 500's gain of 0.47% [1] Earnings Projections - The upcoming EPS for BRF is projected at $0.11, indicating steadiness compared to the same quarter of the previous year [2] - For the entire fiscal year, Zacks Consensus Estimates predict earnings of $0.39 per share and revenue of $12.15 billion, reflecting changes of +8.33% and +11.05% respectively from the previous year [2] Analyst Forecasts - Recent revisions to analyst forecasts for BRF should be monitored as they reflect short-term business trends and analysts' confidence in performance and profit potential [3] Valuation Metrics - BRF has a Forward P/E ratio of 8.87, which is below the industry average of 15.66, indicating it is trading at a discount [6] - The company boasts a PEG ratio of 0.22, significantly lower than the industry average PEG ratio of 1.64 [6] Industry Context - The Food - Miscellaneous industry, part of the Consumer Staples sector, has a Zacks Industry Rank of 191, placing it in the bottom 23% of all industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Company Performance - BRF's stock price decreased by 3.23% to $3.90, underperforming the S&P 500's daily loss of 0.33% [1] - Over the past month, BRF shares increased by 9.81%, outperforming the Consumer Staples sector's decline of 0.8% and the S&P 500's gain of 4.07% [1] Financial Projections - BRF is expected to report earnings of $0.11 per share, indicating no growth compared to the same quarter last year [2] - For the entire fiscal year, earnings are projected at $0.39 per share and revenue at $12.15 billion, reflecting increases of +8.33% and +11.05% respectively from the previous year [2] Analyst Sentiment - Recent revisions to analyst forecasts for BRF are important as they indicate changing near-term business trends and analysts' confidence in performance [3] Valuation Metrics - BRF has a Forward P/E ratio of 10.33, which is lower than the industry average of 16.17, suggesting it is trading at a discount [6] - The company has a PEG ratio of 0.25, significantly below the industry average PEG ratio of 1.63 [6] Industry Context - The Food - Miscellaneous industry, which includes BRF, has a Zacks Industry Rank of 185, placing it in the bottom 26% of over 250 industries [7] - Stronger industry groups, as indicated by the Zacks Industry Rank, tend to outperform weaker groups by a factor of 2 to 1 [7]