Pilgrim's Pride Corporation · NASDAQ:PPC
Pilgrim's Pride — Q3 2026 Earnings Presentation
27 slides from Pilgrim's Pride's earnings presentation, Oct 29, 2026
Slide 1: Financial Results For The Third Quarter Ended September 27th 2026
Financial Results For The Third Quarter Ended September 27th 2026 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 2026 Financial Review
Third Quarter 2026 Financial Review 3 Main Indicators ($MM) Q3 2026 Q3 2025 Net Revenue 4,653.2 4,759.3 Gross Profit 333.7 659.4 SG&A 142.2 165.0 Operating Income 191.5 492.6 Net Interest 30.2 29.0 Net Income 116.3 343.1 Earnings Per Share (EPS) 0.49 1.44 Adjusted EBITDA* 316.3 633.1 Adjusted EBITDA
Slide 4: Pullet Placements Rose 1.1% Y/Y in Q3-2026
Pullet Placements Rose 1.1% Y/Y in Q3-2026, Reflecting Steady Quarterly Growth 4 - 2,000 4,000 6,000 8,000 10,000 12,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Th o u sa n d H ea d Intended Pullet Placements, Domestic Use 2024 2025 2026 5 Yr. Avg. Source: USDA
Slide 5: Broiler Layer Flock Increased Y/Y in Q3-26; Eggs/100 Slightly Down
Broiler Layer Flock Increased Y/Y in Q3-26; Eggs/100 Slightly Down Y/Y in Q3-26 5 ▪ Broiler layer flock +1.4% YoY in Q3-26. ▪ Eggs/100 -0.4% YoY in Q3-26. 50,000 52,000 54,000 56,000 58,000 60,000 62,000 64,000 H ea d ( 0 0 0 ) Broiler Type Hatching Layers 2024 2025 2026 5 Yr. Avg. 1,500 1,550 1,600
Slide 6: Eggs Set Increased 1.0% YoY in Q3-26; Hatchability Down
Eggs Set Increased 1.0% YoY in Q3-26; Hatchability -0.2 pp Compared to Q3-25 Levels 6 215,000 220,000 225,000 230,000 235,000 240,000 245,000 250,000 255,000 1 4 7 1 0 1 3 1 6 1 9 2 2 2 5 2 8 3 1 3 4 3 7 4 0 4 3 4 6 4 9 5 2 Eg gs ( 0 0 0 ) Chicken Eggs Set by Week - USDA 5-yr Range 5-yr Avg 2023 202
Slide 7: Broiler Placements Increased 0.7% Above Year-Ago Levels in Q3-26
Broiler Placements Increased 0.7% Above Year-Ago Levels in Q3-26 7 175,000 180,000 185,000 190,000 195,000 200,000 205,000 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 4 1 4 3 4 5 4 7 4 9 51 H ea d s (0 0 0 ) Chicks Placements by Week - USDA 5-yr Range 5-yr Avg 2024 2025 2026 Source: USDA
Slide 8: Increased Head Counts in Mid-Weight Segments in Q3-26
Increased Head Counts in Mid-Weight Segments in Q3-26 8 22.7% 21.8% 20.9% 19.7% 17.3% 16.6% 16.7% 15.2% 15.0% 30.2% 28.7% 27.4% 26.2% 27.6% 29.4% 28.5% 28.3% 28.5% 25.4% 26.2% 27.6% 28.4% 29.7% 27.6% 27.4% 27.6% 29.0% 21.7% 23.3% 24.1% 25.7% 25.4% 26.4% 27.3% 28.9% 27.5% 2018 2019 2020 2021 2022 202
Slide 9: Industry Cold Storage Supplies in Q3-26 Below Year Ago
Industry Cold Storage Supplies in Q3-26 Below Year Ago and 5-Year Average ▪ Total Inventories ended Q3 down 5.0% Y/Y and 4.7% below 5-year average. ▪ Breast meat inventories decreased 7.8% Y/Y. ▪ Wing inventories decreased 4.6% compared to year ago. ▪ Dark Meat inventories decreased 4.9% Y/Y. ▪ Paws
Slide 10: Jumbo Cutout Pricing Remained Below Year Ago and 5-year Average
Jumbo Cutout Pricing Remained Below Year Ago and 5-year Average in Q3-26 10 50 70 90 110 130 150 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 C en ts /L b Jumbo Cutout 5 Year Range 5 Yr. Avg. 2024 2025 2026 Source: PPC, EMI
Slide 11: BSB, Tenders, and Wings Trailed Below YA and 5-yr Average
BSB, Tenders, and Wings Trailed Below YA and 5- yr average, LQ Above YA and 5-yr average 11 75.00 125.00 175.00 225.00 275.00 325.00 375.00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 C e n ts /L b USDA Boneless/Skinless Breast 75.00 125.00 175.00 225.00 275.00 325.00 375.00 1 4 7 10 13 16 19
Slide 12: WOG Pricing Below 5-year Average in Q3-26
WOG Pricing Below 5-year Average in Q3-26 12 60.0 70.0 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 4 1 4 3 4 5 4 7 4 9 51 C en ts /L b . EMI WOG 2.5-4.0 LBS 5 Year Range 5 Yr. Avg. 2024 2025 2026 Source: PPC, EMI
Slide 13: Corn Dynamics
Corn Dynamics 13 Source: PPC 1377 1360 1763 1551 2095 1849 0 500 1000 1500 2000 2500 21/22 22/23 23/24 24/25 25/26p 26/27e US Corn Ending Stocks (MBUs) 311 304 315 324 338 313 280 290 300 310 320 330 340 350 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 World Corn Endings Stocks (MMT) ▪ U.S. and g
Slide 14: Soybean Dynamics
Soybean Dynamics 14 Source: PPC ▪ USDA sees US stocks unchanged, as higher production offset with better crushing, export demand. ▪ Continued expansion in Brazil soybean area keep global production estimates elevated. ▪ Global bean stocks forecast flat YoY, with strong global soy crushing demand. 27
Slide 15: Fiscal Year 2026 Capital Spending
Fiscal Year 2026 Capital Spending 15 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 Source: PPC 341 340 348 348 355 382 487 543 476 711 235 230 217 2016 2017
Slide 16: Appendix
pilgrims: APPENDIX
Slide 17: Adjusted EBITDA
Appendix: Reconciliation of Adjusted EBITDA 17 “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 indi
Slide 18: Reconciliation of Adjusted EBITDA
Appendix: Reconciliation of Adjusted EBITDA 18 PILGRIM'S PRIDE CORPORATION Reconciliation of Adjusted EBITDA (Unaudited) Three Months Ended Nine Months Ended September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 (In thousands) Net income $ 116,317 $ 343,061 $ 230,987 $ 995,413
Slide 19: LTM Adjusted EBITDA
Appendix: Reconciliation of LTM Adjusted EBITDA 19 The summary unaudited consolidated income statement data for the 12 months ended September 27, 2026 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the nine months ended September
Slide 20: EBITDA Margin
Appendix: Reconciliation of EBITDA Margin 20 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
Slide 21: Adjusted EBITDA by Segment
Appendix: Reconciliation of Adjusted EBITDA by Segment 21 PILGRIM'S PRIDE CORPORATION Reconciliation of Adjusted EBITDA (Unaudited) Three Months Ended Three Months Ended September 27, 2026 September 28, 2025 U.S. Europe Mexico Total U.S. Europe Mexico Total (In thousands) (In thousands) Net income $
Slide 22: Adjusted EBITDA by Segment (Nine Months)
Appendix: Reconciliation of Adjusted EBITDA by Segment 22 PILGRIM'S PRIDE CORPORATION Reconciliation of Adjusted EBITDA (Unaudited) Nine Months Ended Nine Months Ended September 27, 2026 September 28, 2025 U.S. Europe Mexico Total U.S. Europe Mexico Total (In thousands) (In thousands) Net income $ 5
Slide 23: Adjusted Operating Income
Appendix: Reconciliation of Adjusted Operating Income 23 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 supp
Slide 24: GAAP Operating Income Margin to Adjusted Operating Income Margin
Appendix: Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin 24 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 Ma
Slide 25: Adjusted Net Income
Appendix: Reconciliation of Adjusted Net Income 25 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, a
Slide 26: GAAP EPS to Adjusted EPS
Appendix: Reconciliation of GAAP EPS to Adjusted EPS 26 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 ope
Slide 27: Supplementary Selected Segment and Geographic Data
Appendix: Supplementary Selected Segment and Geographic Data 27 PILGRIM'S PRIDE CORPORATION Supplementary Selected Segment and Geographic Data (Unaudited) Three Months Ended Nine Months Ended September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 (In thousands) Sources of net sa