Jbs N.v. · NYSE:JBS
Jbs — Q2 2026 Earnings Presentation
42 slides from Jbs's earnings presentation, Aug 11, 2026
Slide 1: We feed better futures: Results Presentation 2Q26
We feed better futures Results Presentation 2Q26
Slide 2: Disclaimer
Disclaimer This presentation is being made in respect of JBS N.V. and its subsidiaries (collectively, the “JBS Group”). Forward-Looking Statements This presentation contains certain statements, including estimates, projections, statements relating to business plans, objectives, and expected operatin
Slide 3: A Leading Global Food Company
A Leading Global Food Company 280k+ 250+ ~200 Global team Production Sales to customers members facilities in ~200 countries # 1 POULTRY 1 # BEEF # 2 PORK # 1 PREPARED FOODS Global poultry producer Global beef producer Global pork producer Market leader in Australia, New Market leader in Brazil and
Slide 4: Growth Journey Based on Strategic Acquisitions and Efficient Operations
Growth Journey Based on Strategic Acquisitions and Efficient Operations Net Revenues US$ billion 91.2 86.2 [Brazil Margarine & Mayonnaise] 77.2 72.6 72.9 65.0 ¹ [Beef] 51.2 51.1 51.7 52.3 48.9 49.0 49.7 [Eggs] 42.9 36.9 38.6 31.1 [Meats & Meals] 16.5 17.6 [Brazil & Mexico 7.6 Chicken] [United Kingdo
Slide 5: Valued Added: Diversified Global Brands Portfolio
Valued Added: Diversified Global Brands Portfolio
Slide 6: Global Diversification Through Local Production and Exports
Global Diversification Through Local Production and Exports Net Revenue LTM 2Q26 By production By consumption Canada Europe 5% | 4% 6% | 8% USA 50% | 50% Asia 14% Mexico & Central Africa & America Middle East 3% | 5% Brazil 3% 26% | 12% Oceania 10% | 3% South America (ex-Brazil) 1% We produce at sca
Slide 7: More than 280,000 Team Members Globally
More than 280,000 Team Members Globally 17K Team members in Europe 79K 13K Team members in the USA and Canada Team members in Mexico 1K Team members in MENA 154K Team members in Brazil 16K Team members in Australia and New Zealand Source: JBS.
Slide 8: Lifting Margins and Reducing Volatility with Diversification
Lifting Margins and Reducing Volatility with Diversification 2008 - 2012 2013 - 2017 2018 – 2022 2023 – LTM 2Q26 Median: 5.1% Median: 8.2% Median: 9.7% Adjusted EBITDA Margin Evolution 6.7% PPC JBS USA Pork JBS Beef North America Seara Consolidated JBS Australia JBS Brazil 2008 2009 2010 2011 2012 2
Slide 9: New Growth Platform in Asia-Pacific
New Growth Platform in Asia-Pacific Strategic partnership with Danantara, Indonesia's sovereign wealth fund: USD$2.5B equity investment from Danantara for a 25% stake in JBS Australia and New Zealand operations. Potential additional investment capacity of USD$2.5B from the joint venture expected to
Slide 10: Our most recent Capex projects
Our most recent Capex projects further reinforce JBS leadership in the global market 1 2 3 4 USA USA Mexico Europe • Mantiqueira acquired • Pilgrim’s • Vivera acquired • Walker County announced The Vegetarian Hickman’s, creating (Georgia): New investments in Butcher in 2025 the 3rd largest egg Pilgr
Slide 11: Results
(sss) Results
Slide 12: 2Q26 Consolidated Results
2Q26 – IFRS Consolidated Results Net Revenue Adjusted Net Result ROE & ROIC (LTM) (US$ million) (US$ million) 00.0 00.0 23,900 20,998 0.48 00.0 900 0.50 800 0.40 00.0 700 600 578 0.10 0.30 0.20 00.0 500 25.7% 0.10 400 0.00 00.0 300 218 -0.10 17.0% 13.4% 200 100 -0.20 13.4% 0.0 0 -0.30 2Q25 2Q26 2Q25
Slide 13: 2Q26 Consolidated Results
2Q26 – IFRS Consolidated Results Operating Cash Flow Free Cash Flow CAPEX (US$ million) (US$ million) (US$ million) 1,242 613 772 449 130 55% 40 % Expansion 60 % 45% Maintenance -55 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Source: JBS.
Slide 14: 2Q26 Consolidated Results
2Q26 Consolidated Results IFRS – US$ million US GAAP – US$ million 5,000.0 10.0% 8.4% 9.0% 4,000.0 6.5% 8.0% 6.0% 3,000.0 5.3% 7.0% 6.0% 1,754 5.0% Adjusted EBITDA 1,429 Adjusted EBITDA 2,000.0 1,368 1,257 4.0% 3.0% 1,000.0 2.0% 1.0% 0.0 0.0% 2Q25 2Q26 2Q25 2Q26 Margin % Margin % 5.7% 5,000 7.00% 3.
Slide 15: Proforma Debt Profile
Proforma Debt Profile Proforma Debt Amortization Schedule (US$ million) Average Term : 15.3 yrs Average Cost : 5.7% p.a. 7,694 4,006 2,894 2,321 2,417 3,688 1,386 1,635 1,335 1,421 1,164 1,185 1,235 984 647 883 1,033 350 984 125 457 53 142 Cash Short Term 2027 2028 2029 2030 2031 2032 2033 2034 2035
Slide 16: Debt Profile
Debt Profile Net Debt/ Leverage / Interest Coverage 7.74x 6.84x 6.50x 26000.00 5.75x 24000.00 5.00x 22000.00 3.10x 20000.00 2.27x 2.39x 2.39x 2.77x 18000.00 16000.00 17,862 18,962 16,524 16,611 16,320 14000.00 12000.00 2Q25 3Q25 4Q25 1Q26 2Q26 Net Debt (US$ millions) Interest Cover. (US$) Leverage (
Slide 17: Net Debt Reconciliation
Net Debt Reconciliation (US$ million) 1,040 146 18,962 17,862 182 76 (31) 613 110 233 390 (1,429) (229) 2.77x 3.10x Net debt Adjusted Working Biological Interest Paid CAPEX Lease Taxes Exchange Rate Dividends Non Other¹ Net debt 1Q26 EBITDA Capital Assets and Received Payments Variaton recurring 2Q2
Slide 18: Solid FCF Generation Supporting Investments, Distributions and Deleveraging
Solid FCF Generation Supporting Investments, Distributions to Shareholders and Deleveraging Capital Deployment Profile (US$ mn) Net Leverage (Net Debt/EBITDA in x) Total Average 2019-2Q26 2019-2Q26 4.75x 4.50x 4.42x M&A Limit Free Cash Flow (Excl. Expansion Capex) 15,064 2,009 4.25x 4.00x Cap on Div
Slide 19: Free Cash Flow
Free Cash Flow USD mn 2019 2020 2021 2022 2023 2024 2025 2Q26 LTM Adjusted EBITDA1 5,015 5,637 8,486 6,722 3,458 7,192 6,831 6,113 Capex (1,076) (1,145) (1,781) (2,173) (1,502) (1,480) (2,099) (2,564) Expansion (572) (607) (989) (1,195) (733) (509) (1,139) (1,538) Maintenance (504) (538) (792) (977)
Slide 20: JBS Beef North America
JBS Beef North America Main brands: 2Q26 Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) +14.2% 7,770 6,805 0.0 -50.0 -100.0 -150.0 -148 -200.0 -250.0 -300.0 -1.9% -312 -350.0 -400.0 -450.0 -4.6% -500.0 2Q25 2Q26 2Q25 2Q26 Source: JBS.
Slide 21: Pilgrim's Pride
Pilgrim’s Pride Main brands: 2Q26 Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) -2.8% 4,757 4,626 1,000.0 12.1% 900.0 800.0 700.0 573 600.0 5.1% 500.0 400.0 237 300.0 200.0 100.0 0.0 2Q25 2Q26 2Q25 2Q26 Source: JBS.
Slide 22: JBS USA Pork
JBS USA Pork Main brands: 2Q26 Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) +1.0% 1,000.0 2,059 2,079 900.0 800.0 700.0 6.6% 600.0 500.0 4.2% 400.0 300.0 136 200.0 87 100.0 0.0 2Q25 2Q26 2Q25 2Q26 Source: JBS.
Slide 23: JBS Australia
JBS Australia Main brands: 2Q26 Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) +30.0% 1,000.0 2,565 900.0 800.0 1,973 11.7% 700.0 600.0 7.6% 500.0 400.0 231 300.0 195 200.0 100.0 0.0 2Q25 2Q26 2Q25 2Q26 Source: JBS.
Slide 24: JBS Brazil
JBS Brazil Main brands: 2Q26 Net Revenue (US$ million) +28.0% 4,585 3,581 2Q25 2Q26 Adj. Operating Income Adj. Operating Income (IFRS – US$ million and %) (US GAAP - US$ million and %) 1,000 1,000 4.8% 4.8% 800 4.3% 800 4.4% 600 600 400 400 174 195 200 171 200 200 - - 2Q25 2Q26 2Q25 2Q26 Source: JBS
Slide 25: Seara
Seara Main brands: 2Q26 Net Revenue (US$ million) +18.2% 2,560 2,166 2Q25 2Q26 Adj. Operating Income Adj. Operating Income (IFRS – US$ million and %) (US GAAP - US$ million and %) 1,400 1,000 1,200 13.4% 800 1,000 13.5% 9.7% 800 9.8% 600 600 293 400 290 252 250 400 200 200 - - 2Q25 2Q26 2Q25 2Q26 So
Slide 26: Appendix: Business Units
(Bs) Appendix Business Units
Slide 27: JBS Beef North America; Pilgrim's Pride
JBS Beef North America (USGAAP – US$ million) 2,500.0 21.0% -3.2% 2,000.0 11.0% -0.6% 0.1% -1.3% 1,500.0 -3.9% 1.0% -4.6% -1.3%-0.7% -3.9% -1.9% 1,000.0 Adj. Operating Income -9.0% Adjusted EBITDA 500.0 -19.0% 6 0.0 -29.0% -46 -230 -100 -95 -52 -279 -148 -264 -500.0 -312 -39.0% 2Q25 3Q25 4Q25 1Q26 2
Slide 28: JBS USA Pork; JBS Australia
JBS USA Pork (USGAAP – US$ million) 10.0% 10.2% 10.7% 6.5% 8.9% 8.0% 8.1% 7.7% 6.6% 4.2% 228 231 204 184 179 175 156 Adjusted EBITDA 134 Adj. Operating Income 136 87 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % Margin % JBS Australia (USGAAP – US$ million) 12.7% 10.4% 11.7% 8.7% 9.4% 2
Slide 29: JBS Brazil
JBS Brazil IFRS – US$ million US GAAP – US$ million 7.4% 450.0 6.4% 6.6% 7.5% 6.2% 7.5% 6.8% 4.5% 5.9% 400.0 5.9% 6.5% 350.0 307 4.4% 288 297 5.5% 300.0 269 312 273 229 4.5% 223 250.0 168 172 3.5% Adjusted EBITDA Adjusted EBITDA 200.0 2.5% 150.0 1.5% 100.0 50.0 0.5% 0.0 -0.5% 2Q25 3Q25 4Q25 1Q26 2Q2
Slide 30: Seara
Seara IFRS – US$ million US GAAP – US$ million 18.1% 16.6% 14.9% 13.7% 15.5% 15.4% 13.7% 12.8% 12.3% 392 413 380 11.1% 323 369 334 341 304 315 262 Adjusted EBITDA Adjusted EBITDA 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % Margin % 13.5% 12.1% 13.4% 11.7% 10.3% 9.2% 10.4% 9.8% 9.1% 9.
Slide 31: Appendix: Market Report
(sss) Appendix Market Report
Slide 32: Market Report: Grains & Oilseeds
Market Report Grains & Oilseeds BR SOYBEAN MEAL US SOYBEAN MEAL BR CORN US CORN R$/ TON US$/ TON R$/ 60KG US$/ Bushel 92 7.0 3,100 532 2,900 502 6.5 85 472 2,700 6.0 442 78 2,500 5.5 412 2,300 71 382 5.0 2,100 64 352 4.5 1,900 322 57 4.0 1,700 292 262 50 3.5 1,500 Jan Feb Mar Apr May Jun Jul Aug Sep
Slide 33: Market Report: Global Protein Prices
Market Report Global Protein Prices GLOBAL CATTLE PRICES US$/CWT 250 250 200 200 150 150 100 100 50 50 2021 2022 2023 2024 2025 2026 BRA AUS Canada USA Source: Bloomberg, USDA
Slide 34: Market Report: Beef US & Beef Brazil
Market Report Beef US & Beef Brazil US CUTOUT (AVG CH & SL) BR CUTOUT (AVG Forequarter & Hindquarter) US$/CWT R$/KG 410 27 390 25 370 23 350 330 21 310 19 290 17 270 250 15 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2023 2024 2025 2
Slide 35: Market Report: Pork US
Market Report Pork US CUTOUT (boxed carcass) LEAN HOGS SPOT PRICE US$/CWT US$/CWT 125 110 115 100 90 105 80 95 70 60 85 50 75 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2023 2024 2025 2026 5Y Avg 2026 5Y Avg 2 Q2 5 3 Q2 5 4 Q2 5
Slide 36: Market Report: Poultry US
Market Report Poultry US EGG SETS* CHICKS PLACED* WHOLE BREASTS WHOLE WINGS ‘000 EGGS ‘000 CHICKS CTS/POUNDS CTS/POUNDS 261,000 203,000 290 265 270 245 256,000 198,000 250 225 251,000 230 205 193,000 210 185 246,000 190 165 241,000 188,000 170 145 236,000 150 125 183,000 130 105 231,000 110 85 226,0
Slide 37: Market Report: China
Market Report China WHOLESALE BEEF PRICE WHOLESALE CHICKEN PRICE WHOLESALE PORK PRICE DOMESTIC PIG PRICES CNY/KG CNY/KG CNY/KG CNY/KG 27.0 22.0 76.0 19.6 74.0 25.0 20.0 72.0 19.1 18.0 23.0 70.0 18.6 16.0 68.0 21.0 66.0 14.0 18.1 64.0 19.0 12.0 62.0 17.6 17.0 10.0 60.0 58.0 15.0 8.0 Jan Feb Mar Apr M
Slide 38: The Brazilian Foreign Trade Bureau - Beef
The Brazilian Foreign Trade Bureau (Secex) - BEEF China 37% United States 11% China 51% China 58% Chile 8% United States 12% European United States 9% Union 7% Revenue Month YTD Chile 5% LTM Mexico 5% Chile 5% Jul/26 European Union 5% Russia 4% Mexico 3% Mexico 3% Russia 3% Saudi Arabia 4% Russia 3%
Slide 39: The Brazilian Foreign Trade Bureau - Poultry
The Brazilian Foreign Trade Bureau (Secex) - POULTRY Others 32% China 14% Others 36% China 14% Others 40% Japan 10% Saudi Arabia 10% Japan 11% Japan 11% Revenue China 9% Month YTD LTM Jul /26 Saudi Saudi Arabia 11% Arabia 10% United Arab Singapore 2% Emirates 9% South Korea 5% Singapore 3% European
Slide 40: The Brazilian Foreign Trade Bureau - Pork
The Brazilian Foreign Trade Bureau (Secex) - Pork Others 29% Japan 22% Others 25% Philippines 23% Others 24% Philippines 26% Revenue Month YTD Vietnam 4% LTM Philippines Uruguay 4% Jul /26 12% Vietnam 4% Singapore 5% Singapore 5% Japan 18% Mexico 5% Argentina 5% Japan 15% Mexico 5% Uruguay 6% Chile
Slide 41: US Meat Retail Spread
Market Report US Meat Retail Spread US Retail Prices - Ground Beef, Pork Chops and Chicken BSB Source: Bloomberg
Slide 42: We feed better futures
We feed better futures 44