Pilgrim's Pride Corporation · NASDAQ:PPC
Pilgrim's Pride — Q3 2025 Earnings Presentation
29 slides from Pilgrim's Pride's earnings presentation, Oct 30, 2025
Slide 1: Financial Results For The Third Quarter Ended September 28th 2025
Financial Results For The Third Quarter Ended September 28th 2025 Pilgrim’s Pride Corporation (NASDAQ: PPC)
Slide 2: Cautionary Notes and Forward-Looking Statements
Cautionary Notes and Forward-Looking Statements ▪ Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without
Slide 3: Third Quarter 2025 Financial Review
Third Quarter 2025 Financial Review ▪ U.S.: Year-over-year (YoY) decrease in profitability Main Indicators ($MM) Q3 2025 Q3 2024 driven by lower pricing late in the quarter partially offset by operational improvements across our business units; Europe: Slight decrease Net Revenue 4,759.3 4,585.0 in
Slide 4: Pullet Placements Increased 0.4% Y/Y in Q3-2025 with Consistent Monthly Growth
Pullet Placements Increased 0.4% Y/Y in Q3- 2025 with Consistent Monthly Growth Intended Pullet Placements, Domestic Use 12,000 10,000 8,000 Thousand Head 6,000 4,000 2,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 5 Yr. Avg. 4 Source: USDA data as of August 31st, 2025.
Slide 5: Broiler Layer Flock Decreased Y/Y in Q3-25; Eggs/100 Flat Y/Y in Q3-25
Broiler Layer Flock Decreased Y/Y in Q3-25; Eggs/100 Flat Y/Y in Q3-25 Broiler Type Hatching Layers Eggs/100 66,000 2,000 1,950 64,000 1,900 62,000 1,850 60,000 Head (000) 1,800 Eggs 58,000 1,750 1,700 56,000 1,650 54,000 1,600 52,000 1,550 50,000 1,500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov De
Slide 6: Egg Sets Increased 1.1% YoY in Q3-25; Hatchability +0.2%
Egg Sets Increased 1.1% YoY in Q3-25; Hatchability +0.2% Compared to Q3-24 Levels Chicken Eggs Set by Week - USDA Chicken Hatchability by Week - USDA 255,000 82% 250,000 81% 245,000 80% Hatchability (%) 240,000 Eggs (000) 79% 235,000 230,000 78% 225,000 77% 220,000 76% 215,000 75% 49 13 17 21 25 29
Slide 7: Broiler Placements Increased 1.0% Above Year-Ago Levels in Q3-25
Broiler Placements Increased 1.0% Above Year-Ago Levels in Q3-25 Chicks Placements by Week - USDA 200,000 195,000 190,000 Heads (000) 185,000 180,000 175,000 25 11 13 15 17 19 21 23 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 5-yr Range 5-yr Avg 2023 2024 2025 7 Source: USDA as of September 21s
Slide 8: Increased Head Counts in Big Bird Debone Segment in Q3-25
Increased Head Counts in Big Bird Debone Segment in Q3-25 Head Processed by Size 100% 90% 21.7% 23.3% 24.1% 25.7% 25.4% 26.4% 27.3% 29.2% 80% 70% 25.4% 26.2% 27.6% 60% 28.4% 29.7% 27.6% 27.4% 27.2% 50% 40% 30.2% 28.7% 27.4% 26.2% 30% 27.6% 29.4% 28.5% 28.4% 20% 10% 22.7% 21.8% 20.9% 19.7% 17.3% 16.6
Slide 9: Industry Cold Storage Supplies in Q3-25 Above YA but Below 5-Year Average
Industry Cold Storage Supplies in Q3-25 Above YA but Below 5-Year Average Total Chicken Inventories 950,000 900,000 850,000 800,000 LBS (000) 750,000 700,000 650,000 600,000 550,000 500,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 5 Yr. Avg. ▪ Total Inventories ended Q3 up 5.7%
Slide 10: Jumbo Cutout Pricing Trended Below Year Ago but Above 5-year Average
Jumbo Cutout Pricing Trended Below Year Ago but Above 5-year Average for Most of Q3-25 Jumbo Cutout 160 140 120 Cents/Lb 100 80 60 40 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 5 Year Range 5 Yr.
Slide 11: BSB and Tenders Trended Lower in Q3, Wings Stayed Below YA
BSB and Tenders Trended Lower in Q3, Wings Stayed Below YA and 5-yr average, LQ Held Steady USDA Boneless/Skinless Breast USDA Tenders 375.00 375.00 325.00 325.00 275.00 275.00 Cents/Lb Cents/Lb 225.00 225.00 175.00 175.00 125.00 125.00 75.00 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41
Slide 12: WOG Pricing Below YA in Q3-25, ended the quarter below 5-YA
WOG Pricing Below YA in Q3-25, ended the quarter below 5-YA EMI WOG 2.5-4.0 LBS 160.0 150.0 140.0 130.0 120.0 Cents/Lb. 110.0 100.0 90.0 80.0 70.0 60.0 1/6 2/3 3/3 6/9 7/7 8/4 9/1 10/13 10/27 11/10 11/24 12/22 3/17 1/20 2/17 3/31 4/14 4/28 5/12 5/26 6/23 7/21 8/18 9/15 9/29 12/8 5 Year Range 5 Yr. A
Slide 13: Corn Dynamics
Corn Dynamics US Corn Ending Stocks (MBUs) World Corn Endings stocks (MMT) 3000 320 316 311 2500 310 304 2110 2000 300 1763 293 1532 1500 1377 1360 290 1235 284 281 1000 280 500 270 0 260 20/21 21/22 22/23 23/24 24/25p 25/26p 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 ▪ US stocks rebuild with l
Slide 14: Soybean Dynamics
Soybean Dynamics US Soybean End Stocks (MBU) World Soy End Stocks (MMT) 400 140 124 124 342 350 120 115 316 300 100 99 101 300 274 257 264 100 250 80 200 60 150 40 100 50 20 0 0 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 ▪ USDA forecasting smaller
Slide 15: Fiscal Year 2025 Capital Spending
Fiscal Year 2025 Capital Spending Capex (US$M) ▪ Continued investment in strategic projects will support Key Customers’ growth and emphasize our focus on further diversification of our portfolio and operational improvements 15 Source: PPC
Slide 16: Appendix
7 _ pilgrims: APPENDIX
Slide 17: Appendix: Reconciliation of Adjusted EBITDA
Appendix: Reconciliation of Adjusted EBITDA “EBITDA” is defined as the sum of net income plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicat
Slide 18: Appendix: Reconciliation of Adjusted EBITDA
Appendix: Reconciliation of Adjusted EBITDA PILGRIM'S PRIDE CORPORATION Reconciliation of Adjusted EBITDA (Unaudited) Three Months Ended Nine Months Ended September 28, September 29, September 28, September 29, 2025 2024 2025 2024 (In thousands) Net income $ 343,061 $ 349,990 $ 995,413 $ 851,451 Add
Slide 19: Appendix: Reconciliation of Adjusted EBITDA
Appendix: Reconciliation of Adjusted EBITDA a. Interest expense, net, consists of interest expense less interest income. b. Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remea
Slide 20: Appendix: Reconciliation of LTM Adjusted EBITDA
Appendix: Reconciliation of LTM Adjusted EBITDA The summary unaudited consolidated income statement data for the twelve months ended September 28, 2025 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the nine months ended September
Slide 21: Appendix: Reconciliation of EBITDA Margin
Appendix: Reconciliation of EBITDA Margin EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by net sales for the applicable period. EBITDA margins are presented because they are used by management and we believe it is frequently used by securities ana
Slide 22: Appendix: Reconciliation of Adjusted EBITDA by Segment
Appendix: Reconciliation of Adjusted EBITDA by Segment Adjusted EBITDA by segment figures are presented because they are used by management and we believe they are frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance wi
Slide 23: Appendix: Reconciliation of Adjusted EBITDA by Segment
Appendix: Reconciliation of Adjusted EBITDA by Segment PILGRIM'S PRIDE CORPORATION Reconciliation of Adjusted EBITDA (Unaudited) Nine Months Ended Nine Months Ended September 28, 2025 September 29, 2024 U.S. Europe Mexico Total U.S. Europe Mexico Total (In thousands) Net income $ 721,336 $ 149,822 $
Slide 24: Appendix: Reconciliation of Adjusted EBITDA
Appendix: Reconciliation of Adjusted EBITDA a. Interest expense, net, consists of interest expense less interest income. b. Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remea
Slide 25: Appendix: Reconciliation of Adjusted Operating Income
Appendix: Reconciliation of Adjusted Operating Income Adjusted Operating Income is calculated by adding to Operating Income certain items of expense and deducting from Operating Income certain items of income. Management believes that presentation of Adjusted Operating Income provides useful supplem
Slide 26: Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin
Appendix: Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin Adjusted Operating Income Margin for each of our reportable segments is calculated by dividing Adjusted operating income by Net Sales. Management believes that presentation of Adjusted Operating Income Margi
Slide 27: Appendix: Reconciliation of Adjusted Net Income
Appendix: Reconciliation of Adjusted Net Income Adjusted net income attributable to Pilgrim's Pride Corporation (“Pilgrim's”) is calculated by adding to Net income attributable to Pilgrim's certain items of expense and deducting from Net income attributable to Pilgrim's certain items of income, as s
Slide 28: GAAP EPS to Adjusted EPS
Appendix: Reconciliation of GAAP EPS to Adjusted EPS Adjusted EPS is calculated by dividing the adjusted net income attributable to Pilgrim's stockholders by the weighted average number of diluted shares. Management believes that Adjusted EPS provides useful supplemental information about our operat
Slide 29: Supplementary Selected Segment and Geographic Data
Appendix: Supplementary Selected Segment and Geographic Data PILGRIM'S PRIDE CORPORATION Supplementary Selected Segment and Geographic Data (Unaudited) Three Months Ended Nine Months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 (In thousands) Sources of net sales