Earnings Conference Call 1Q20 May, 2020 Disclaimer This material - PowerPoint PPT Presentation

Earnings Conference Call – 1Q20 May, 2020

Disclaimer This material is a presentation of general information about Marfrig Global This presentation includes forward-looking statements. Such statements do not Foods S.A. and its consolidated subsidiaries (jointly the “Corporation”) on constitute historical fact and reflect the beliefs and expectations of the the date hereof. The information is presented in summary form and does not Corporation’s management. The words “anticipate,” “hope,” “expect,” “estimate,” purport to be complete. “intend,” “project,” “plan,” “predict,” “aim” and other similar expressions are used to identify such statements No representation or warranty, either expressed or implied, is made regarding the accuracy or scope of the information herein. Neither the Although the Corporation believes that the expectations and assumptions reflected Corporation nor any of its affiliated companies, consultants or by these forward-looking statements are reasonable and based on the information representatives undertake any liability for losses or damages arising from any currently available to its management, it cannot guarantee results or future events. of the information presented or contained in this presentation. The Such forward-looking statements should be considered with caution, since actual information contained in this presentation is up to date as of March 31, results may differ materially from those expressed or implied by such statements. 2020, and, unless stated otherwise, is subject to change without prior notice. Securities are prohibited from being offered or sold in the United States unless they Neither the Corporation nor any of its affiliated companies, consultants or are registered or exempt from registration in accordance with the U.S. Securities representatives have signed any commitment to update such information Act of 1933, as amended (“Securities Act”) .Any future offering of securities must be after the date hereof. This presentation should not be construed as a legal, made exclusively through an offering memorandum. This presentation does not tax or investment recommendation or any other type of advice. constitute an offer, invitation or solicitation to subscribe or acquire any securities, and no part of this presentation nor any information or statement contained herein The data contained herein were obtained from various external sources and should be used as the basis for or considered in connection with any contract or the Corporation has not verified said data through any independent source. commitment of any nature. Any decision to buy securities in any offering conducted Therefore, the Corporation makes no warranties as to the accuracy or by the Corporation should be based solely on the information contained in the completeness of such data, which involve risks and uncertainties and are offering documents, which may be published or distributed opportunely in subject to change based on various factors. connection with any security offering conducted by the Corporation, depending on the case. 2

Another quarter of record-high operating results, reinforcement of capital structure and all time low debt cost Consolidated Consolidated South America North America Net Revenue EBITDA AJ EBITDA AJ Record R$ 1.2 billion R$ 13.5 billion Margin Record First Quarter Margin 9.1% Revenue R$3.8 billion Revenue USD2.1 billion EBITDA AJ Margin 12,3% +27% vs 1Q19 +109% vs 1Q19 EBITDA AJ Margin 8% +360 bps vs 1Q19 Capital Structure Bond 2023 Historical Lower Cost Record Financial Early Settlement of Debt Expense Reduction Record US$ 446 million 5,81% p.a. R$ 135 million Settlement of Working Capital Savings of R$ 160 million Decrease of 16% vs 1Q19 -31% vs 4Q19 in interest per year -113 bps vs 1Q19 Operations Refis Settlement Net Profit AJ New Organizational Structure R$ 32 million R$ 614 million More Simple More Focused 7x vs 1Q19 3 More Agile

Operational Results 4

North America – 1/2 Volume Net Revenue Market Data (thousand tons) (US$ million) Kills Domestic Price 7.4% 19.5% (USDA F.I. Steer/Heifer Kill) (USDA Comprehensive Cutout $/cwt) 2,185 502 2,034 5% 287 420 27% 83 5.1% 275 -1.3% 65 6,465 6,149 218.4 215.6 8% 1,898 419 1,759 355 18% 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 Exports Domestic Market Exports Domestic Market ❑ Increased availability of fed cattle led to additional throughput in the beef plants which allowed for a 19.5% growth in sales volume. ❑ The revenue growth is mainly explained by the strong and continuous demand for beef products mainly in the domestic market and by the increase in the sales volume of case ready and direct-to-consumer businesses. 5

North America – 2/2 EBITDA AJ & Margin Gross Profit Market Data (US$ million) (US$ million) 10.5% Spread Cattle Prices 8.0% (Cutout Ratio) (USDA KS Steer $/cwt) 8.7% 6.5% +4.6% -5.2% 1.82 1.74 125.4 118.8 +29.1% +33.5% 229 178 175 131 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 Gross Margin Gross Profit EBITDAaj Margin EBITDAaj ❑ Margins expansions are explained by the improvement in 1Q20 cutout ratio* of 1.74x, up 4.6% over 1Q19 as fed cattle prices declined more than beef values. ❑ The combination of increased throughput and higher per unit margins resulted in increased gross profit versus Q1-2019. 6 * cutout ratio: average USDA reported prices for beef price divided by average USDA reported live prices for fed cattle “USDA KS Steer”: cattle price reference in the U.S. state of Kansas A “hundredweight,” or Cwt, is a weight -measuring unit used in certain commodity contracts. In North America, a hundredweight equals 100 pounds.

South America – 1/2 Volume Net Revenue Exports Exports by destination (thousand tons) (R$ million) (% of revenue) (% of exports revenue) +26.1% +2.1% 1Q19 1Q20 60% 3,766 340 333 45% 31% 25% 2,987 88 111 +26% 40% 2,222 60% +65% 1,350 8% 19% 7% 2% 245 -6% 229 8% -6% 1,637 1,544 China & Hong Kong Middle East Other 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 Europe USA Exports Domestic Market Exports Domestic Market ❑ Growth of 26.1% in net revenue is mainly explained by the increase in the volume and average price of exports, a consequence (i) of the higher number of permissions for China , which, added to Hong Kong, now represents 60% of the exports sales destination, (ii) 87% increase in processed food revenue , (iii) better commercial and pricing strategy adopted at the end of 2019 improving the mix of destination countries, and (iv) the effect of the 18.2% devaluation of the real against the dollar (1Q20 R$ 4.46 vs R$ 3.77 in 1Q19). 7

South America – 2/2 EBITDA AJ & Margin Gross Profit Operational Improvement & Cost Management (R$ million) (R$ million) ▪ 16.5% Footprint optimization: closing inefficient plants and potentializing the efficient ones ▪ Better yield of de-boned products 12.3% ▪ Increased productivity and reduced fixed costs 9.4% ▪ Strategic purchase of meat for patties production 3.5% ▪ Best mix of cattle purchase and production carried out ▪ Increased productivity and reduced industrialization costs +122% ▪ Better yield of de-boned and trimmings products +346% 621 464 ▪ Higher production of value-added products and organic meat 280 ▪ Better yield of de-boned and trimmings products 104 ▪ Reduction of industrialization costs 1Q19 1Q20 1Q19 1Q20 ▪ Start of operation of the new Distribution Center ▪ Increased sales capillarity through new channels Gross Margin Gross Profit EBITDAaj Margin EBITDAaj South America Operation: ▪ Integrated platform with consolidated directories: Exports; Financial; IT; Sustainability ❑ The record performance is explained by: (i) better export results, (ii) increase in processed food results , and (iii) reduction in costs, expenses and fixed cost dilution given the operational improvement & efficiency program started in 2019 and continued in 2020, which offset the increase in COGS (+ 16.2%) due to the increase in production and cattle prices in Brazil (+ 30%) and Uruguay (+ 13%). 8

Consolidated Results 9

Net Revenue & EBITDA EBITDA AJ & Margin Net Revenue Net Revenue profile (R$ million) (R$ million) (% by currency) 9.1% +26.6% 13,502 5.5% 10,668 112% 1,223 89% 8% 72% 72% 584 3% In US$ 64% 83% 1Q19 1Q20 1Q19 1Q20 South America Norht America In US$ In R$ Outher EBITDAaj Margin North America South America ❑ Consolidated net revenue 26.6% higher than 1Q19 due to the continued excellent performance of the North America Operation, the 46.5% increase in export revenues in South America and the 18.2% devaluation of the real against the dollar, which had an average rate of R$ 4.46 16% at closing R$ 5.20. In Q1 only 8% of revenues was in reais . ❑ The excellent performance is explained by (i) the higher sales volume in the North America Operation given the solid and continuous growth in demand for beef protein in the USA and (ii) the increase in the average price and higher volume of exports in South America, (iii) the improvements in productivity efficiency and cost reduction promoted by Operation South America; and (iv) the greater devaluation of the real against the dollar. 10