AMSTELVEEN, Netherlands, Aug. 10, 2026 (GLOBE NEWSWIRE) -- JBS N.V. (NYSE: JBS; B3: JBSS32), announces today its 2Q26 results. The numbers reported herein are in US dollars, in accordance with International Financial Reporting Standards (IFRS), unless otherwise specified.
(in millions, except per share data)
Second Quarter Six Months Ended
---------------- -----------------------
2026 2025 2Q26 2Q25
------ ------ ------------ ---------
Net Sales $23,900 $20,998 $ 45,508 $ 40,524
Adjusted EBITDA
(IFRS)(1) (2) $ 1,429 $ 1,754 $ 2,563 $ 3,281
Adjusted EBITDA
(USGAAP)(1) (3) $ 1,257 $ 1,368 $ 2,173 $ 2,681
Adjusted Operating
Income (IFRS)(1) (2) $ 790 $ 1,188 $ 1,306 $ 2,181
Adjusted Operating
Income (USGAAP)(1)
(3) $ 866 $ 1,034 $ 1,410 $ 2,033
Net Income Attributable
to JBS(2) $ -102 $ 528 $ 118 $ 1,028
Earnings Per Share
Attributable to
JBS(2) $ -0.10 $ 0.48 $ 0.11 $ 0.93
Adjusted Earnings Per
Share Attributable to
JBS(1) (2) $ 0.20 $ 0.52 $ 0.43 $ 1.03
Twelve Months Ended
-----------------------
2Q26 2Q25
------------ ---------
Leverage (Net Debt /
Adjusted EBITDA LTM)(1)
(2) 3.10x 2.27x
Interest Coverage
(Adjusted EBITDA LTM /
Net Interest Expenses
LTM)(1) (2) 5.00x 7.74x
ROE LTM (1) (2) 13.4% 25.7%
ROIC LTM (1) (2) 13.4% 17.0%
(1) Reconciliations for non-GAAP measures are provided in subsequent sections within this release.
(2) IFRS
(3) USGAAP (non-audited)
Second Quarter Highlights
-- Net Sales of $23.9 billion, up 14% from prior year
-- IFRS Adjusted EBITDA of $1,429 million, down 18% from prior year
-- USGAAP(1) Adjusted EBITDA of $1,257 million, down 8% from prior year
-- IFRS Adjusted operating income of $790 million, down 34% from prior year
-- USGAAP(1) Adjusted operating income of $866 million, down 16% from prior
year
-- EPS of -$0.10, vs. $0.48 from prior year
-- Adjusted EPS of $0.20, vs. $0.52 from prior year
"In 2Q26, JBS once again reported a record revenue, reflecting the strength of the Company's multi-geography and multi-protein platform. Compared to last year, profitability was pressured by a tough comparison base, as the poultry operations had posted record results in 2Q25. Compared to the first quarter, profitability already showed an improvement in the majority of our business units.
The quarter recorded a net loss of $102 million, while adjusted net income totaled $218 million, translating into adjusted EPS of $0.20. The main non-recurring items adjusted in net income were: (i) $172 million in premiums, interest, and costs associated with the tender offers for the bond and the CRA (Brazilian local debenture); (ii) antitrust settlements of $133 million; and (iii) the final calculation of the bargain purchase price gain on the acquisition of Mantiqueira Alimentos, totaling $81 million; among others.
Leverage ended 2Q26 at 3.1x, slightly above the Company's long-term target. We also joined the Russell 1000 and Russell 3000 indices, an important milestone that contributes to stock liquidity, expands our shareholder base, and enhances our global visibility. During the quarter, we returned value to our shareholders through a $1 billion dividend payment." said Gilberto Tomazoni -- Global CEO.
JBS Beef North America reported record sales in the second quarter while cutout values remained at historically high levels, supported by resilient U.S. consumer demand. The increase in live cattle prices outpaced the change in cutout values, reflecting the low cattle availability. As a result, industry spreads remained pressured. Live cattle imports from Mexico remained restricted during the quarter, further constraining supply in the U.S. market, but are expected to resume gradually beginning on August 24(th) . In this scenario, the Company announced the closure of two plants, one located in Souderton, Pennsylvania (processing), and the another in Memphis, Tennessee (case ready). Production will be absorbed by other US plants, therefore with minimal impact on sales. JBS also merged the Fed Beef, Regional Beef, and Case Ready business units into a single structure, Beef USA. These measures simplify operations, aiming at greater operational efficiency.
Pilgrim's Pride saw firm chicken demand across all regions. In the U.S., Fresh volumes rose on stronger retail and foodservice demand. Profitability declined year-over-year due to lower commodity pricing, though margins improved sequentially on productivity gains, plant upgrades, and better live operations. Case Ready and Small Bird volumes grew via distribution with key customers. Prepared Foods delivered profitable growth, with both sales and margins rising. In Europe, retail volumes to key customers grew faster than the overall grocery channel, helping offset pressured pork margins from higher UK imports, added costs from the Middle East conflict, and softer foodservice traffic. In Mexico, volumes rose across fresh and prepared products. Chicken demand stayed robust despite a significant rise in overall protein supply. Across key markets, growth in branded and prepared offerings, along with ongoing investments, will further mitigate commodity market challenges and strengthen margins while reducing risk.
JBS USA Pork reported flat revenue compared to the prior year. Domestic demand for pork softened as inflation pressured the American consumer. According to the USDA, pork exports continued to stay above last year's level and were up 4.7% Y/Y during January through May. The Company continues to invest in expanding its value-added and branded product portfolio. JBS USA Pork, the Company's most resilient business unit, maintained its profitability within its historical range.
JBS Australia net sales growth in 2Q26 was driven by higher prices and volumes. The beef segment delivered strong revenue growth, supported by higher prices in both domestic and export markets. Strong commercial dynamics, combined with continued operational efficiency gains, more than offset the 24% year-over-year increase in cattle costs in 2Q26. Pork profitability was also a highlight, driven by operational execution and higher productivity. The weaker U.S. dollar relative to the Australian dollar continued to weigh on the translation of results into U.S. dollars versus the prior-year period.
JBS Brazil also reported record sales for a second quarter. The revenue growth reflects higher prices and volumes in both the export and domestic markets. In the export market, strong revenue growth was driven by higher prices and volumes, mainly to fill the Chinese quota. Robust global demand and the Company's geographic diversification strategy also boosted exports. In the domestic market, higher prices and volumes for beef were driven by World Cup-related marketing initiatives and stronger commercial execution, particularly through partnerships with key customers. In relation to costs, the average live cattle price during the quarter was approximately R$353/@, an increase of 12% compared to 2Q25. Even with elevated cattle prices, JBS reported its highest EBITDA for a second quarter.
Seara reported an 18% sales growth compared to the same period of last year, with a strong adjusted EBITDA margin of 14.9% in 2Q26. In the export market, the Company maintained its sales growth driven by higher volumes of fresh poultry. Another highlight was the sales to the Middle East, despite a more challenging operating environment resulting from the conflict. Investments Seara has been making in the region supported volume growth, especially for value-added and branded products. In the Brazilian market, Seara continued to invest in its fundamentals, expanding its value-added portfolio, increasing processing capacity for fresh and prepared products, strengthening its brand, and maintaining solid commercial and operational execution. As a result, the Company delivered a strong performance, reinforcing the consistency of its strategy and operational discipline.
Free Cash Flow & Leverage
Free cash flow in 2Q26 improved by US$185 million year-over-year, reaching a positive US$130 million, compared to a cash consumption of US$55 million in 2Q25. The improvement was mainly driven by working capital, particularly (i) a US$600 million improvement in receivables, reflecting higher receivables discounting and larger advance payments from Chinese customers related to JBS Brazil's exports, and (ii) a US$390 million increase in payables, driven mainly by higher cattle prices and increased slaughter volumes, particularly in Brazil. These effects were partially offset by (i) a US$324 million decline in Adjusted EBITDA, (ii) a US$129 million increase in net cash interest expenses and (iii) a US$163 million increase in capex.
The average debt term reached 15.3 years, with an average cost of 5.7%. Net leverage ended the quarter at 3.1x, slightly above the company's long-term financial target. In August, JBS increased its revolving credit facility from US$3.5 billion to US$4.2 billion, while reducing the all-in cost. Considering this increase, JBS grew its total liquidity to US$7.7 billion.
SEGMENT RESULTS
JBS Beef
North
America
------------
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
IFRS - US$
Million 2026 2025 Var % 2Q26 2Q25 Var %
------------ ------- ------- ------ --------- --------- ------
Net Sales $ 7,770 $ 6,805 14.2% $ 14,936 $ 13,227 12.9%
Cost of
Sales $(7,661) $(6,826) 12.2% $(14,890) $(13,149) 13.2%
Gross Profit $ 109 $ (21) - $ 46 $ 77 -39.9%
Adjusted
EBITDA $ (78) $ (233) -66.4% $ (345) $ (333) 3.5%
2.4 0.2
Margin (%) -1.0% -3.4% p.p. -2.3% -2.5% p.p.
Adjusted
Operating
Income $ (138) $ (293) -52.9% $ (467) $ (451) 3.5%
2.5 0.3
Margin (%) -1.8% -4.3% p.p. -3.1% -3.4% p.p.
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
USGAAP(1) -
US$ Million 2026 2025 Var % 2Q26 2Q25 Var %
------------ ------- ------- ------ --------- --------- ------
Net Sales $ 7,770 $ 6,805 14.2% $ 14,936 $ 13,227 12.9%
Cost of
Sales $(7,846) $(7,040) 11.5% $(15,209) $(13,552) 12.2%
Gross Profit $ (76) $ (235) -67.5% $ (273) $ (325) -16.0%
Adjusted
EBITDA $ (100) $ (264) -62.1% $ (330) $ (377) -12.5%
2.6 0.7
Margin (%) -1.3% -3.9% p.p. -2.2% -2.9% p.p.
Adjusted
Operating
Income $ (148) $ (312) -52.7% $ (427) $ (471) -9.2%
2.7 0.7
Margin (%) -1.9% -4.6% p.p. -2.9% -3.6% p.p.
Pilgrim's
Pride
------------
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
IFRS - US$
Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 4,623 $ 4,755 -2.8% $ 9,153 $ 9,214 -0.7%
Cost of
Sales $(4,003) $(3,811) 5.0% $ (7,918) $ (7,482) 5.8%
Gross Profit $ 620 $ 944 -34.3% $ 1,234 $ 1,732 -28.7%
Adjusted
EBITDA $ 503 $ 818 -38.5% $ 953 $ 1,478 -35.5%
-6.3 -5.6
Margin (%) 10.9% 17.2% p.p. 10.4% 16.0% p.p.
Adjusted
Operating
Income $ 240 $ 576 -58.4% $ 432 $ 1,006 -57.0%
-6.9 -6.2
Margin (%) 5.2% 12.1% p.p. 4.7% 10.9% p.p.
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
USGAAP(1) -
US$ Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 4,626 $ 4,757 -2.8% $ 9,159 $ 9,220 -0.7%
Cost of
Sales $(4,286) $(4,042) 6.0% $ (8,474) $ (7,950) 6.6%
Gross Profit $ 340 $ 715 -52.5% $ 685 $ 1,270 -46.1%
Adjusted
EBITDA $ 360 $ 687 -47.6% $ 668 $ 1,220 -45.2%
-6.6 -5.9
Margin (%) 7.8% 14.4% p.p. 7.3% 13.2% p.p.
Adjusted
Operating
Income $ 237 $ 573 -58.7% $ 426 $ 1,002 -57.5%
-7.0 -6.2
Margin (%) 5.1% 12.1% p.p. 4.7% 10.9% p.p.
JBS Brazil
------------
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
IFRS - US$
Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 4,585 $ 3,581 28.0% $ 8,373 $ 6,751 24.0%
Cost of
Sales $(3,959) $(3,032) 30.6% $ (7,232) $ (5,733) 26.1%
Gross Profit $ 625 $ 549 14.0% $ 1,142 $ 1,018 12.2%
Adjusted
EBITDA $ 269 $ 229 17.8% $ 437 $ 360 21.5%
-0.5 -0.1
Margin (%) 5.9% 6.4% p.p. 5.2% 5.3% p.p.
Adjusted
Operating
Income $ 195 $ 174 12.5% $ 297 $ 253 17.1%
-0.5 -0.3
Margin (%) 4.3% 4.8% p.p. 3.5% 3.8% p.p.
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
USGAAP(1) -
US$ Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 4,585 $ 3,581 28.0% $ 8,373 $ 6,751 24.0%
Cost of
Sales $(4,158) $(3,198) 30.0% $ (7,606) $ (6,055) 25.6%
Gross Profit $ 426 $ 383 11.3% $ 767 $ 696 10.2%
Adjusted
EBITDA $ 273 $ 223 22.1% $ 445 $ 349 27.6%
-0.3 0.1
Margin (%) 5.9% 6.2% p.p. 5.3% 5.2% p.p.
Adjusted
Operating
Income $ 200 $ 171 16.3% $ 306 $ 249 22.8%
-0.4 0.0
Margin (%) 4.4% 4.8% p.p. 3.7% 3.7% p.p.
Seara
------------
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
IFRS - US$
Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 2,560 $ 2,166 18.2% $ 4,940 $ 4,317 14.4%
Cost of
Sales $(1,949) $(1,593) 22.3% $ (3,747) $ (3,115) 20.3%
Gross Profit $ 612 $ 573 6.8% $ 1,193 $ 1,202 -0.8%
Adjusted
EBITDA $ 380 $ 392 -2.9% $ 750 $ 817 -8.3%
-3.2 -3.7
Margin (%) 14.9% 18.1% p.p. 15.2% 18.9% p.p.
Adjusted
Operating
Income $ 252 $ 293 -14.1% $ 500 $ 630 -20.6%
-3.7 -4.5
Margin (%) 9.8% 13.5% p.p. 10.1% 14.6% p.p.
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
USGAAP(1) -
US$ Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 2,560 $ 2,166 18.2% $ 4,940 $ 4,317 14.4%
Cost of
Sales $(2,129) $(1,684) 26.4% $ (4,093) $ (3,307) 23.8%
Gross Profit $ 431 $ 482 -10.6% $ 846 $ 1,010 -16.2%
Adjusted
EBITDA $ 315 $ 334 -5.8% $ 619 $ 706 -12.3%
-3.1 -3.9
Margin (%) 12.3% 15.4% p.p. 12.5% 16.4% p.p.
Adjusted
Operating
Income $ 250 $ 290 -13.9% $ 496 $ 621 -20.2%
-3.7 -4.4
Margin (%) 9.7% 13.4% p.p. 10.0% 14.4% p.p.
JBS
Australia
------------
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
IFRS - US$
Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 2,565 $ 1,973 30.0% $ 4,710 $ 3,594 31.0%
Cost of
Sales $(2,232) $(1,571) 42.0% $ (4,133) $ (2,942) 40.4%
Gross Profit $ 334 $ 401 -16.9% $ 578 $ 652 -11.4%
Adjusted
EBITDA $ 231 $ 290 -20.5% $ 363 $ 451 -19.3%
-5.7 -4.8
Margin (%) 9.0% 14.7% p.p. 7.7% 12.5% p.p.
Adjusted
Operating
Income $ 195 $ 260 -24.9% $ 294 $ 391 -24.7%
-5.6 -4.7
Margin (%) 7.6% 13.2% p.p. 6.2% 10.9% p.p.
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
USGAAP(1) -
US$ Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 2,565 $ 1,973 30.0% $ 4,710 $ 3,594 31.0%
Cost of
Sales $(2,317) $(1,689) 37.2% $ (4,288) $ (3,121) 37.4%
Gross Profit $ 249 $ 284 -12.3% $ 423 $ 473 -10.7%
Adjusted
EBITDA $ 218 $ 251 -12.8% $ 370 $ 419 -11.7%
-4.2 -3.8
Margin (%) 8.5% 12.7% p.p. 7.9% 11.7% p.p.
Adjusted
Operating
Income $ 195 $ 231 -15.8% $ 324 $ 380 -14.8%
-4.1 -3.7
Margin (%) 7.6% 11.7% p.p. 6.9% 10.6% p.p.
JBS USA Pork
------------
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
IFRS - US$
Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 2,079 $ 2,059 1.0% $ 4,111 $ 4,061 1.2%
Cost of
Sales $(1,826) $(1,700) 7.4% $ (3,457) $ (3,334) 3.7%
Gross Profit $ 254 $ 359 -29.4% $ 654 $ 727 -10.1%
Adjusted
EBITDA $ 117 $ 254 -54.0% $ 391 $ 501 -22.0%
-6.7 -2.8
Margin (%) 5.6% 12.3% p.p. 9.5% 12.3% p.p.
Adjusted
Operating
Income $ 49 $ 185 -73.2% $ 257 $ 364 -29.4%
-6.6 -2.8
Margin (%) 2.4% 9.0% p.p. 6.2% 9.0% p.p.
Second Quarter Six Months Ended
------------ ------------------ ------ -------------------- ------
USGAAP(1) -
US$ Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ -------- -------- ------
Net Sales $ 2,079 $ 2,059 1.0% $ 4,111 $ 4,061 1.2%
Cost of
Sales $(1,883) $(1,916) -1.7% $ (3,700) $ (3,687) 0.3%
Gross Profit $ 196 $ 143 37.6% $ 411 $ 373 10.2%
Adjusted
EBITDA $ 184 $ 134 38.0% $ 388 $ 356 8.9%
2.4 0.6
Margin (%) 8.9% 6.5% p.p. 9.4% 8.8% p.p.
Adjusted
Operating
Income $ 136 $ 87 56.3% $ 292 $ 264 10.7%
2.4 0.6
Margin (%) 6.6% 4.2% p.p. 7.1% 6.5% p.p.
1. USGAAP (non-audited)
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
Second Quarter Six Months Ended
------------------------------ ------------------------------
2026 2025 2026 2025
Net Sales $ 23,899.6 $ 20,997.7 $ 45,508.2 $ 40,524.2
Cost of Sales (21,311.7) (18,165.1) (40,595.7) (35,067.1)
--------- --------- --------- ---------
Gross Profit 2,587.9 2,832.5 4,912.5 5,457.1
Selling expenses (1,411.0) (1,207.0) (2,713.5) (2,394.6)
General and
administrative
expenses (588.1) (522.3) (1,143.7) (1,078.7)
Other
income(expenses) 8.3 1.9 26.4 4.3
--------- --------- --------- ---------
Net Operating Expenses (1,990.8) (1,727.4) (3,830.9) (3,469.1)
--------- --------- --------- ---------
Operating Income 597.1 1,105.1 1,081.6 1,988.0
Finance Income 135.7 69.4 307.8 305.1
Finance Expense (831.2) (445.8) (1,317.6) (873.0)
--------- --------- --------- ---------
Net Finance Expense (695.6) (376.4) (1,009.8) (568.0)
Share of profit of
equity-accounted
investees, net of tax (123.6) 7.8 14.8 10.6
--------- --------- --------- ---------
Profit (Loss) Before
Taxes (222.1) 736.5 86.6 1,430.6
Current Income
Taxes (18.1) (165.7) (51.9) (390.5)
Deferred Income
Taxes 144.0 23.5 110.7 110.5
--------- --------- --------- ---------
Total Income Taxes 125.9 (142.2) 58.8 (280.0)
Effective Rate (56.7%) (19.3%) 67.9% (19.6%)
--------- --------- --------- ---------
Net Income (Loss) (96.2) 594.3 145.4 1,150.6
Attributable to:
Company
shareholders (102.1) 528.1 118.5 1,028.3
Non-controlling
interest 5.9 66.2 26.9 122.3
Earnings per Share
(US$) $ (0.10) $ 0.48 $ 0.11 $ 0.93
--------- --------- --------- ---------
Second Quarter Six Months Ended
------------ ------------------ ------ ------------------ ------
IFRS - US$
Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ ------- ------- --------
Adjusted
EBITDA $1,429.3 $1,753.6 -18.5% $2,562.7 $3,281.4 -21.9%
-2.4 -2.5
Margin (%) 6.0% 8.4% p.p. 5.6% 8.1% p.p.
Adjusted
Operating
Income $ 790.2 $1,188.4 -33.5% $1,306.1 $2,180.5 -40.1%
-2.4 -2.5
Margin (%) 3.3% 5.7% p.p. 2.9% 5.4% p.p.
Second Quarter Six Months Ended
------------ ------------------ ------ ------------------ ------
USGAAP(1) -
US$ Million 2026 2025 Var % 2026 2025 Var %
------------ ------- ------- ------ ------- ------- --------
Adjusted
EBITDA $1,256.6 $1,368.3 -8.2% $2,173.1 $2,680.7 -18.9%
-1.2 -1.8
Margin (%) 5.3% 6.5% p.p. 4.8% 6.6% p.p.
Adjusted
Operating
Income $ 865.9 $1,034.2 -16.3% $1,409.8 $2,032.8 -30.6%
-1.3 -1.9
Margin (%) 3.6% 4.9% p.p. 3.1% 5.0% p.p.
(1) USGAAP (non-audited)
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions)
(Unaudited)
June 30, 2026 December 31, 2025
-------------------------------------- --------------- -------------------
Assets
Current Assets:
Cash and cash equivalents $ 3,469.1 $ 4,565.1
Margin Cash 168.3 159.6
Trade accounts receivable 3,555.4 4,231.9
Inventories 6,996.2 6,107.2
Biological assets 1,810.3 1,826.8
Recoverable taxes 1,088.9 957.2
Derivative assets 118.2 155.6
Dividends receivable - 1.5
Other current assets 550.4 433.4
----------- ---------------
Total Current Assets 17,756.8 18,438.2
Non Current Assets:
Long-term Investments 50.9 45.8
Recoverable taxes 2,085.7 1,874.6
Biological assets 660.1 611.8
Related party receivables 32.7 41.2
Deferred income taxes 656.1 547.0
Other non-current assets 563.9 488.8
----------- ---------------
4,049.4 3,609.2
Investments in equity-accounted
investees 225.7 171.6
Property, plant and equipment 14,416.0 13,645.7
Right of use assets 1,621.8 1,613.6
Intangible assets 1,784.8 1,825.6
Goodwill 5,983.9 5,852.6
----------- ---------------
Total Non Current Assets 28,081.6 26,718.3
----------- ---------------
Total Assets $ 45,838.4 $ 45,156.5
----------- ---------------
June 30, 2026 December 31, 2025
-------------------------------------- --------------- -------------------
Liabilities and Equity
Current Liabilities:
Trade accounts payable $ 5,851.7 $ 6,198.1
Supply chain finance 1,195.5 1,134.5
Loans and financing 1,334.9 833.1
Income taxes 122.9 288.0
Other taxes payable 187.6 153.0
Payroll and social charges 1,378.3 1,560.2
Lease liabilities 368.7 354.9
Dividends payable 0.1 -
Provisions for legal proceedings 220.4 159.2
Derivative liabilities 116.8 156.4
Other current liabilities 805.6 704.5
----------- ---------------
Total Current Liabilities 11,582.6 11,541.8
Non Current Liabilities:
Loans and financings 21,315.8 20,257.5
Income and other taxes payable 424.4 407.7
Payroll and social charges 337.8 288.1
Lease liabilities 1,425.5 1,412.4
Deferred income taxes 1,175.1 1,169.3
Provisions for legal proceedings 223.5 209.4
Related party payable 142.5 191.0
Derivative liabilities 101.9 114.4
Other non-current liabilities 50.1 42.2
----------- ---------------
Total Non Current Liabilities 25,196.7 24,091.9
Equity:
Share capital - common shares 41.6 35.1
Reserves 8,064.3 6,582.7
Undistributed results 118.5 2,085.8
Attributable to company shareholders 8,224.3 8,703.6
----------- ---------------
Attributable to non-controlling
interest 834.8 819.2
Total Equity 9,059.1 9,522.8
----------- ---------------
Total Liabilities and Equity $ 45,838.4 $ 45,156.5
----------- ---------------
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Second Quarter Six Months Ended
---------------------- ------------------------
2026 2025 2026 2025
Net income $ (96.2) $ 594.3 145.4 1,150.6
Adjustments for:
Depreciation and
amortization 639.1 565.2 1,256.6 1,100.8
Expected credit losses 2.3 0.4 5.0 13.3
Share of profit of
equity-accounted
investees 123.6 (7.8) (14.8) (10.6)
(Gain) loss on assets
sales (0.5) 1.9 (13.3) (8.9)
Taxes expense (125.9) 142.2 (58.8) 280.0
Net finance expense 695.6 376.4 1,009.8 568.0
Share-based
compensation 19.7 7.1 25.8 14.1
Provisions for legal
procedings 48.2 1.5 73.0 15.6
Impairment of goodwill
and property, plant
and equipment 22.6 7.4 22.6 13.6
Net realizable value
inventory adjustments 16.2 3.3 32.0 20.4
Fair value adjustment
of biological assets 96.3 (95.7) 71.5 (86.5)
Avian Influenza - 5.6 - 5.6
DOJ (Department of
Justice) and antitrust
agreements 132.7 54.1 157.4 133.6
-------- -------- -------- --------
1,573.7 1,655.9 2,712.2 3,209.7
Changes in assets and
liabilities:
Trade accounts
receivable 352.5 (76.8) 683.6 160.1
Inventories (242.2) (314.3) (824.6) (955.2)
Recoverable taxes (22.1) 51.7 (19.5) 93.8
Other current and
non-current assets (96.1) (73.6) (88.2) (362.2)
Biological assets (232.8) (206.8) (415.8) (398.1)
Trade accounts payable
and supply chain
finance 361.6 (28.0) (437.7) (575.4)
Taxes paid in
installments (8.7) (44.9) (23.0) (51.9)
Other current and
non-current
liabilities (115.8) 247.9 (294.1) 179.4
DOJ and Antitrust
agreements payment (146.1) (121.5) (98.8) (261.2)
Income taxes paid (181.8) (316.6) (400.3) (550.9)
-------- --------
Changes in operating assets
and liabilities (331.5) (883.0) (1,918.5) (2,721.6)
-------- -------- -------- --------
Cash provided by operating
activities 1,242.2 772.9 793.7 488.1
Interest paid (444.0) (293.4) (810.8) (604.9)
Interest received 53.8 31.9 79.9 73.7
-------- -------- -------- --------
Cash net of interest provided
by (used in) operating
activities 852.1 511.4 62.8 (43.1)
Cash flow from investing
activities:
Purchases of property,
plant and equipment (612.5) (449.5) (1,178.9) (714.1)
Purchases and disposals
of intangible assets (2.2) 0.1 (7.2) (2.6)
Proceeds from sale of
property, plant and
equipment 19.5 13.8 48.1 35.6
Additional/Acquistion
investments in
equity-accounted
investees (0.0) (165.3) 26.4 (165.3)
Dividends received 0.2 2.2 0.2 4.1
Related party
transactions (18.5) 4.6 (16.8) 4.6
-------- -------- -------- --------
Cash provided by (used in)
investing activities (613.5) (594.0) (1,128.2) (837.6)
Cash flow from financing
activities:
Proceeds from loans and
financings 3,332.5 2,313.2 3,865.5 4,494.2
Payments of loans and
financings (2,265.8) (2,925.7) (2,700.7) (4,676.4)
Derivative instruments
received (settled) 13.7 (44.0) (6.5) (52.9)
Dividends paid (1,039.1) (1,194.3) (1,039.1) (1,573.9)
Dividends paid to
non-controlling
interest (1.1) (265.5) (2.9) (266.4)
Margin Cash (4.0) (66.6) (35.4) (44.4)
Payments of leasing
contracts (109.8) (116.8) (220.8) (215.1)
Acquisition of treasury
shares - - 1.2 -
Others - - (2.8) -
-------- -------- -------- --------
Cash provided by (used in)
financing activities (73.7) (2,299.8) (141.4) (2,334.8)
Effect of exchange rate
changes on cash and cash
equivalents 9.4 75.2 110.8 120.5
-------- -------- -------- --------
Net change in cash and cash
equivalents 174.3 (2,307.2) (1,096.0) (3,094.9)
Cash and cash equivalents at
the beggining of period 3,294.8 4,826.0 4,565.1 5,613.7
-------- --------
Cash and cash equivalents at
the end of period $ 3,469.1 $ 2,518.8 $ 3,469.1 $ 2,518.8
-------- -------- -------- --------
Adjusted EBITDA IFRS to USGAAP Reconciliations
(In millions)
(Unaudited)
Adjusted EBITDA
2Q26
--------------------------------------------------------------------------------------------
JBS Beef
North JBS JBS USA
America PPC Brazil Seara Pork Australia Miscellaneous Total
------------------ -------- --------- ------- -------- ------- ----------- ----------------- -----------
Adjusted EBITDA
IFRS $ (78.3) $ 502.9 $269.2 $ 380.4 $116.7 $ 230.7 $ 7.6 $1,429.3
Leasing
adjustments (14.4) (20.5) (2.9) (10.8) (22.4) (14.4) (0.5) (85.9)
Inventory
adjustments
at market
value (7.4) - - - (11.1) - - (18.6)
Biological
assets
adjustments - (123.1) 6.4 (55.1) 101.1 2.1 - (68.6)
Other
adjustments (0.1) 0.7 - - - - (0.3) 0.3
Adjusted EBITDA
USGAAP(1) $(100.3) $ 360.0 $272.8 $ 314.5 $184.3 $ 218.5 $ 6.8 $1,256.6
------ ------- ----- ------ ----- ------ --- ------ ---- -------
Adjusted EBITDA
2Q25
--------------------------------------------------------------------------------------------
JBS Beef
North JBS JBS USA
America PPC Brazil Seara Pork Australia Miscellaneous Total
------------------ -------- --------- ------- -------- ------- ----------- ----------------- -----------
Adjusted EBITDA
IFRS $(233.0) $ 817.7 $228.6 $ 391.8 $253.6 $ 290.2 $ 4.7 $1,753.6
Leasing
adjustments (14.4) (19.8) (3.5) (13.8) (26.3) (13.0) (0.6) (91.4)
Inventory
adjustments
at market
value (16.9) - - - (29.8) - - (46.7)
Biological
assets
adjustments - (111.2) (1.6) (44.2) (63.9) (26.7) - (247.6)
Other
adjustments (0.1) 0.1 - - - - 0.4 0.5
Adjusted EBITDA
USGAAP(1) $(264.4) 686.9 $223.5 $ 333.8 $133.6 $ 250.5 $ 4.5 $1,368.3
------ ------- ----- ------ ----- ------ --- ------ ---- -------
Adjusted EBITDA
6M26
--------------------------------------------------------------------------------------------
JBS Beef
North JBS JBS USA
America PPC Brazil Seara Pork Australia Miscellaneous Total
------------------ -------- --------- ------- -------- ------- ----------- ----------------- -----------
Adjusted EBITDA
IFRS $(345.0) $ 952.6 $436.9 $ 749.7 $390.8 $ 363.5 $ 14.2 $2,562.7
Leasing
adjustments (29.3) (42.3) (7.0) (22.3) (44.2) (28.2) (1.0) (174.4)
Inventory
adjustments
at market
value 44.6 - - - (10.5) - - 34.0
Biological
assets
adjustments - (243.2) 14.9 (108.5) 52.0 35.1 - (249.7)
Other
adjustments (0.3) 1.1 - - - - (0.3) 0.5
Adjusted EBITDA
USGAAP(1) $(330.2) 668.1 $444.8 $ 618.9 $388.1 $ 370.4 $ 12.8 $2,173.1
------ ------- ----- ------ ----- ------ --- ------ ---- -------
Adjusted EBITDA
6M25
--------------------------------------------------------------------------------------------
JBS Beef
North JBS JBS USA
America PPC Brazil Seara Pork Australia Miscellaneous Total
------------------ -------- --------- ------- -------- ------- ----------- ----------------- -----------
Adjusted EBITDA
IFRS $(333.5) $1,477.9 $359.7 $ 817.5 $500.9 $ 450.5 $ 8.3 $3,281.4
Leasing
adjustments (29.2) (39.5) (7.9) (29.5) (51.7) (25.2) (1.3) (184.4)
Inventory
adjustments
at market
value (14.6) - - - (23.8) - - (38.5)
Biological
assets
adjustments - (218.9) (3.1) (82.1) (69.1) (6.0) - (379.1)
Other
adjustments (0.0) 0.6 - - - - 0.8 1.3
Adjusted EBITDA
USGAAP(1) $(377.3) $1,220.1 $348.6 $ 705.9 $356.3 $ 419.4 $ 7.7 $2,680.8
------ ------- ----- ------ ----- ------ --- ------ ---- -------
(1) USGAAP (non-audited)
Adjusted Operating Income IFRS to USGAAP Reconciliations
(In millions)
(Unaudited)
Adjusted Operating Income (Loss)
2Q26
-------------------------------------------------------------------------------------------
JBS Beef
North JBS JBS USA
America PPC Brazil Seara Pork Australia Miscellaneous Total
------------------ -------- --------- ------- ------- ------- ----------- ----------------- -----------
Adjusted Operating
Income IFRS $(138.1) $ 239.7 $195.3 $251.7 $ 49.5 $ 195.3 $ (3.2) $ 790.2
Leasing
adjustments (2.5) (3.2) (2.6) (2.1) (3.1) (2.9) (0.0) (16.5)
Inventory
adjustments
at market
value (7.4) - - - (11.1) - - (18.6)
Biological
assets
adjustments - - 6.9 - 101.1 2.1 - 110.1
Other
adjustments 0.2 0.2 - - - - 0.2 0.6
Adjusted Operating
Income USGAAP(1) $(147.9) $ 236.7 $199.5 $249.6 $136.3 $ 194.6 $ (3.0) $ 865.9
------ ------- ----- ----- ----- ------ --- ------- -------
Adjusted Operating Income (Loss)
2Q25
-------------------------------------------------------------------------------------------
JBS Beef
North JBS JBS USA
America PPC Brazil Seara Pork Australia Miscellaneous Total
------------------ -------- --------- ------- ------- ------- ----------- ----------------- -----------
Adjusted Operating
Income IFRS $(292.9) $ 575.8 $173.6 $293.2 $184.7 $ 260.1 $ (6.2) $1,188.4
Leasing
adjustments (2.6) (3.1) (0.5) (3.4) (3.8) (2.4) (0.0) (15.9)
Inventory
adjustments
at market
value (16.9) - - - (29.8) - - (46.7)
Biological
assets
adjustments - - (1.6) - (63.9) (26.7) - (92.3)
Other
adjustments 0.1 0.6 - - - - (0.0) 0.7
Adjusted Operating
Income USGAAP(1) $(312.3) $ 573.4 $171.5 $289.8 $ 87.2 $ 230.9 $ (6.2) $1,034.2
------ ------- ----- ----- ----- ------ --- ------- -------
Adjusted Operating Income (Loss)
6M26
-------------------------------------------------------------------------------------------
JBS Beef
North JBS JBS USA
America PPC Brazil Seara Pork Australia Miscellaneous Total
------------------ -------- --------- ------- ------- ------- ----------- ----------------- -----------
Adjusted Operating
Income IFRS $(466.9) $ 432.5 $296.6 $500.1 $256.7 $ 294.2 $ (7.1) $1,306.1
Leasing
adjustments (5.1) (6.5) (6.2) (4.3) (6.2) (5.5) (0.1) (33.9)
Inventory
adjustments
at market
value 44.6 - - - (10.5) - - 34.0
Biological
assets
adjustments - - 15.5 - 52.0 35.1 - 102.6
Other
adjustments 0.2 0.3 - - - - $ 0.5 1.0
Adjusted Operating
Income USGAAP(1) $(427.2) $ 426.3 $305.9 $495.8 $292.0 $ 323.8 $ (6.7) $1,409.8
------ ------- ----- ----- ----- ------ --- ------- -------
Adjusted Operating Income (Loss)
6M25
-------------------------------------------------------------------------------------------
JBS Beef
North JBS JBS USA
America PPC Brazil Seara Pork Australia Miscellaneous Total
------------------ -------- --------- ------- ------- ------- ----------- ----------------- -----------
Adjusted Operating
Income IFRS $(451.2) $1,006.5 $253.2 $629.8 $363.8 $ 390.7 $ (12.4) $2,180.5
Leasing
adjustments (5.4) (5.9) (1.0) (8.7) (7.1) (4.8) (0.0) (32.9)
Inventory
adjustments
at market
value (14.6) - - - (23.8) - - (38.5)
Biological
assets
adjustments - - (3.1) - (69.1) (6.0) - (78.1)
Other
adjustments 0.5 1.5 - - - - (0.2) 1.8
Adjusted Operating
Income USGAAP(1) $(470.7) 1,002.1 $249.1 $621.1 $263.8 $ 379.9 $ (12.6) $2,032.8
------ ------- ----- ----- ----- ------ --- ------- -------
(1) USGAAP (non-audited)
EBITDA to Adjusted EBITDA and Free Cash Flow Reconciliation
(In millions)
Second Quarter Twelve Months Ended
---------------------- ------------------------
2026 2025 2Q26 2Q25
----------------------- -------- -------- ---------- ------------
Profit before Taxes $ (222.1) $ 736.5 $ 1,276.3 $ 3,237.0
Share of profit
of
equity-accounted
investees, net
of tax 123.6 (7.8) (21.1) (17.6)
Net finance
results 695.6 376.4 1,998.1 1,289.4
(+) Depreciation
and
amortization 639.1 565.2 2,464.3 2,199.6
-------- -------- -------- --------
EBITDA $ 1,236.2 $ 1,670.3 $ 5,717.6 $ 6,708.3
-------- -------- -------- --------
Adjustments to EBITDA:
Other operating
income
(expense), net $ 9.3 $ 9.0 $ 38.4 $ 38.2
Tax Assesment
Notice - - 43.2 -
Reestructuring 17.3 4.5 32.0 64.9
Impairment of
assets - 7.1 8.4 12.8
Antitrust
agreements 132.7 54.1 206.0 307.1
Donations and
Social Programs - 0.6 1.2 9.0
Rio Grande do Sul
claim - - - 13.1
Fiscal payments
and
installments 9.6 2.4 9.6 2.4
Extemporaneous
litigation - - 20.7 61.0
Reversal of tax
credits - - - 58.7
Avian influenza - 5.6 11.5 5.6
Closure of Plants 24.1 - 24.1 -
Total Adjusted EBITDA $ 1,429.3 $ 1,753.6 $ 6,112.7 $ 7,281.0
-------- -------- -------- --------
(-) Depreciation
and
amortization 639.1 565.2 2,464.3 2,199.6
-------- -------- -------- --------
Adjusted Operating
Income (IFRS) $ 790.2 $ 1,188.4 $ 3,648.5 $ 5,081.4
Total Gross Debt 22,650.7 19,491.8 22,650.7 19,491.8
(-) Cash and
Equivalents 3,469.1 2,518.8 3,469.1 2,518.8
(-) Cash Margin 168.3 449.2 168.3 449.2
(-) Financial
Investments 50.9 - 50.9 -
Total Net Debt $18,962.3 $16,523.8 $18,962.3 $16,523.8
-------- -------- -------- --------
Ratio Calculations:
Gross Debt/Adjusted 3.71x 2.68x
EBITDA
Net Debt/Adjusted 3.10x 2.27x
EBITDA
Second Quarter Twelve Months Ended
------------------- ------------------------
2026 2025 2Q26 2Q25
---------------- ------- ------ ---------- ------------
Cash provided by
operating
activities $1,242.2 $ 772.9 $ 4,352.2 $ 4,147.7
Interest
paid and
received (390.2) (261.5) (1,313.5) (1,233.7)
Purchases
of
property,
plant and
equipment (612.5) (449.5) (2,564.0) (1,564.7)
Payments
of
leasing
contracts (109.8) (116.8) (438.3) (421.8)
------- ------ -------- --------
Free Cash Flow $ 129.7 $ (54.9) $ 36.4 $ 927.5
------- ------ -------- --------
Net Debt Bridge and Proforma Debt Amortization Schedule
(In millions)
(Unaudited)
Adjusted Net Income Reconciliation
(In millions)
(Unaudited)
Second Quarter Six Months Ended
----------------- ---------------------
2026 2025 2026 2025
Net Income (Loss) $ (96.2) $594.3 $ 145.4 $1,150.6
------ ----- ------ -------
Non-controlling
interest (5.9) (66.2) (26.9) (122.3)
Net income (Loss)
Attributable to JBS $(102.1) $528.1 $ 118.5 $1,028.3
------ ----- ------ -------
Adjustments to Net
Income:
Other operating
income /
expense $ 9.3 $ 9.0 $ 12.7 $ 15.4
Reestructuring 17.3 4.5 20.1 21.5
Antitrust
agreements 132.7 54.1 157.4 133.6
Donations and
Social
Programs - 0.6 0.5 1.1
Avian influenza - 5.6 - 5.6
Fiscal payments
and
installments 9.6 2.4 9.6 2.4
Closure of
Plants 24.1 - 24.1 -
Final
calculation of
the bargain
purchase price
gain 80.5 - 80.5 -
Bond and CRA
premiums 172.1 - 172.1 -
Costs Related
to the War 39.8 - 39.8 -
Taxes (165.1) (25.9) (175.7) (61.1)
Adjusted Net income
Attributable to JBS $ 218.3 $578.4 $ 459.6 $1,146.9
------ ----- ------ -------
Adjusted Earnings Per
Share Attributable
to JBS $ 0.20 $ 0.52 $ 0.43 $ 1.03
ROE, ROIC and Interest Coverage Reconciliation
(In millions)
(Unaudited)
Last twelve months
ended June 30,
----------------------
2026 2025
Net Income LTM $(A)$ $ 1,224.6 $ 2,365.6
Average Shareholder Equity $(B)$ $ 9,152.7 $ 9,190.9
Current Shareholder Equity $ 9,059.1 $ 9,246.4
Previous Year Shareholder Equity $ 9,246.4 $ 9,135.5
ROE (A/B) 13.4% 25.7%
Last twelve months
ended June 30,
----------------------
2026 2025
--------------------------------------- -------- --------
NOPAT (A) $ 3,596.7 $ 4,210.1
Adjusted Operating Income (IFRS) $ 3,648.5 $ 5,081.4
Taxes $ -51.7 $ -871.4
Average Net Debt (B) $17,743.1 $15,641.6
Current Net Debt $18,962.3 $16,523.8
Previous Year Net Debt $16,523.8 $14,759.4
Average Shareholder Equity $(CUL3)$ $ 9,152.7 $ 9,190.9
Current Shareholder Equity $ 9,059.1 $ 9,246.4
Previous Year Shareholder Equity $ 9,246.4 $ 9,135.5
Invested Capital (B+C) $26,895.8 $24,832.6
ROIC [A/(B+C)] 13.4% 17.0%
Last twelve months
ended June 30,
----------------------
2026 2025
--------------------------------------- -------- --------
Total Adjusted EBITDA $ 6,112.7 $ 7,281.0
Net Financial Expense $ 1,222.5 $ 941.1
Interest Coverage 5.00x 7.74x
Conference Call Information and Other Selected Data
JBS will host a conference call to discuss its financial results on Tuesday, August 11, 2026, at 9:00 a.m. Eastern Time. The live webcast will be available on the JBS Investor Relations website at https://ir.jbsglobal.com/, where a replay of the webcast, the accompanying presentation, the earnings release, financial statements, and other supplemental information will also be available following the event. The webcast can also be accessed directly by clicking here. To add the event to your calendar, click here.
This press release is being made in respect of JBS N.V. and its subsidiaries (collectively, the "JBS Group").
Forward-Looking Statements
We make statements about future events that are subject to risks and uncertainties. Such statements are based on the beliefs and assumptions of our Management and information to which the Company currently has access. Statements about future events include information about our current intentions, beliefs or expectations, as well as those of the members of the Company's Board of Directors and Officers.
Forward-looking statements may include information on possible or presumed operating results, as well as statements that are preceded, followed or that include the words "believe," "may," "will," "continue," "expects," "predicts," "intends," "plans," "estimates," or similar expressions.
Forward-looking statements and information are not guarantees of performance. They involve risks, uncertainties and assumptions because they refer to future events, depending, therefore, on circumstances that may or may not occur. Future results and shareholder value creation may differ materially from those expressed or implied by the forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.
IFRS and Non-GAAP Financial Measures
This release is prepared under IFRS and also includes certain non-GAAP financial measures. These measures are not calculated in accordance with any generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) and should not be viewed as substitutes for IFRS metrics such as net income, operating cash flow, or other measures of operating performance or liquidity.
We present non-GAAP financial measures to provide additional information that we believe is useful and meaningful to investors. However, such measures do not have standardized definitions and may therefore not be comparable to similarly titled measures presented by other companies. Non-GAAP financial measures should always be considered together with, and not as alternatives to, the financial results reported in accordance with IFRS as issued by the International Accounting Standards Board.
Additionally, all the numbers are unaudited in the condensed consolidated interim financial information, the consolidated US GAAP figure includes non-audited accounting GAAP adjustments in Seara and JBS Brazil, in addition to the Business Units that already report under US GAAP.
Investor Contact: ir@jbsglobal.com
Guilherme Cavalcanti (Global CFO)
Christiane Assis (IRO)
Pedro Bueno
Felipe Brindo
Vítor Figueira
Amanda Harumi
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d7a7830-cc4c-4e73-9a61-e6296777ef75
https://www.globenewswire.com/NewsRoom/AttachmentNg/40a189ff-1017-4107-a2f9-0d4f0e7c3f00