Slide 1: Financial Results For The Fourth Quarter Ended December 28th, 2025
Financial Results For The Fourth Quarter Ended December 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: Fourth Quarter 2025 Financial Review
Fourth Quarter 2025 Financial Review Main Indicators ($MM) Q4 2025 Q4 2024 ▪ U.S.: Growth with Key Customers in Retail and Foodservice and operational efficiencies were Net Revenue 4,517.8 4,372.0 more than offset by year-over-year (YoY) declines in commodity market pricing negatively Gross Profit 4
Slide 4: Pullet Placements Fell 3.1% Y/Y in Q4 2025
Pullet Placements Fell -3.1% Y/Y in Q4 2025 with Monthly Y/Y Declines 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
Slide 5: Broiler Layer Flock Decreased Y/Y in Q4 2025; Eggs/100 Slightly Up
Broiler Layer Flock Decreased Y/Y in Q4 2025; Eggs/100 Slightly Up Y/Y in Q4 2025 Broiler Type Hatching Layers Eggs/100 66,000 2,000 64,000 1,950 1,900 62,000 1,850 Head (000) 60,000 1,800 Eggs 58,000 1,750 56,000 1,700 1,650 54,000 1,600 52,000 1,550 50,000 1,500 2023 2024 2025 5 Yr. Avg. 2023 2024
Slide 6: Egg Sets Increased 0.9% Y/Y in Q4 2025; Hatchability +0.1%
Egg Sets Increased 0.9% Y/Y in Q4 2025; Hatchability +0.1% Compared to Q4 2024 Levels Chicken ChickenEggs Eggs Set byWeek Set by Week- USDA - USDA Hatchability by Week - USDA 255,000 255,000 82% 250,000 81% 250,000 245,000 81% Hatchability (%) (000) 245,000 240,000 80% Eggs(000) 235,000 80% 240,000
Slide 7: Broiler Placements Increased 1.1% Above Year-Ago Levels in Q4 2025
Broiler Placements Increased 1.1% Above Year-Ago Levels in Q4 2025 Chicks Placements by Week - USDA 200,000 195,000 190,000 Heads (000) 185,000 180,000 175,000 1 31 3 5 7 37 9 11 15 33 35 39 41 43 45 13 17 19 47 49 51 21 23 27 29 25 5-yr Range 5-yr Avg 2024 2025 2026 7 Source: USDA
Slide 8: Increased Head Counts in Big Bird Debone Segment in Q4 2025
Increased Head Counts in Big Bird Debone Segment in Q4 2025 Head Processed by Size 21.7% 23.3% 24.1% 25.7% 25.4% 26.4% 27.3% 28.9% 25.4% 26.2% 27.6% 28.4% 29.7% 27.6% 27.4% 27.6% 30.2% 28.7% 27.4% 26.2% 29.4% 27.6% 28.5% 28.3% 22.7% 21.8% 20.9% 19.7% 17.3% 16.6% 16.7% 15.2% 2018 2019 2020 2021 2022
Slide 9: Industry Cold Storage Supplies in Q4 2025 Slightly Above YA
Industry Cold Storage Supplies in Q4 2025 Slightly Above YA, but Below 5-Year Average Total Chicken Inventories 950 900 850 800 LBS (MM) 750 700 650 600 550 500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 5 Yr. Avg. Cold Storage 24-Dec 25-Nov 25-Dec M/M Y/Y ▪ Total Inventories end
Slide 10: Jumbo Cutout Pricing Below Year Ago and 5-year Average in Q4 2025
Jumbo Cutout Pricing Below Year Ago and 5- year Average in Q4 2025 Jumbo Cutout 150 130 Cents/Lb 110 90 70 50 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 5 Year Range 5 Yr. Avg. 2024 2025 2026 10 Source: USDA, EMI
Slide 11: BSB and Tenders Remained Stable in Q4, Wings Below YA
BSB and Tenders Remained Stable in Q4, Wings Below YA and 5-yr average, LQ Also Below YA 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 75.00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 1 4
Slide 12: WOG Pricing Below YA and 5-year Average in Q4 2025
WOG Pricing Below YA and 5-year Average in Q4 2025 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 13 15 17 19 51 11 21 23 25 27 29 45 47 49 3 9 41 43 1 5 7 31 33 35 37 39 5 Year Range 5 Yr. Avg. 2024 2025 2026 12 Source: USDA
Slide 13: Corn Dynamics
Corn Dynamics US Corn Ending Stocks (MBUs) World Corn Endings stocks (MMT) 3000 320 316 315 2500 311 2227 310 304 2000 305 1763 1532 300 1500 1377 1360 295 1235 295 293 291 1000 290 285 500 280 0 275 20/21 21/22 22/23 23/24 24/25 25/26p 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 ▪ US stocks reb
Slide 14: Soybean Dynamics
Soybean Dynamics US Soybean Ending Stocks (MBU) World Soy Ending Stocks (MMT) 140 400 124 123 342 350 115 350 325 120 100 99 101 300 274 100 257 264 250 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 sees soybean
Slide 15: Fiscal Year 2025 Capital Spending
Fiscal Year 2025 Capital Spending Capex (US$M) 711 559 487 461 382 340 348 348 355 272 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ▪ Continued investment in strategic projects will support Key Customers’ growth and emphasize our focus on further diversification of our portfolio and operational
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 (loss) 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
Slide 18: Appendix: Reconciliation of Adjusted EBITDA
Appendix: Reconciliation of Adjusted EBITDA PILGRIM'S PRIDE CORPORATION Reconciliation of Adjusted EBITDA (Unaudited) Three Months Ended Year Ended December 28, December 29, December 28, December 29, 2025 2024 2025 2024 (In thousands) Net income (loss) $ 87,931 $ 235,772 $ 1,083,344 $ 1,087,223 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 measures 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 12 months ended December 28, 2025 (the LTM Period) have been calculated by summing each of the unaudited three month periods within the audited year ended December 28, 2025. PILGRIM'S PRI
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) Year Ended Year Ended December 28, 2025 December 29, 2024 U.S. Europe Mexico Total U.S. Europe Mexico Total (In thousands) (In thousands) Net income (loss) $ 734,597 $ 222
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 measures 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 Year Ended December 28, 2025 December 29, 2024 December 28, 2025 December 29, 2024 (In thousands) Sources of net sales by geograp