Slide 1: Financial Results For The First Quarter Ended March 29th 2026
Financial Results For The First Quarter Ended March 29th 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: First Quarter 2026 Financial Review
First Quarter 2026 Financial Review Main Indicators ($MM) Q1 2026 Q1 2025 ▪ U.S.: Year-over-year (YoY) decrease in commodity market pricing negatively impacted our Big Bird business; operations Net Revenue 4,532.6 4,463.0 negatively impacted by winter storms and downtime associated with installation
Slide 4: Pullet Placements Rose 5.4% Y/Y in Q1-2026, Reflecting Strong Quarterly Growth
Pullet Placements Rose 5.4% Y/Y in Q1-2026, Reflecting Strong Quarterly 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 2024 2025 2026 5 Yr. Avg. 4 Source: USDA
Slide 5: Broiler Layer Flock Decreased Y/Y in Q1-26; Eggs/100 Slightly Up Y/Y in Q1-26
Broiler Layer Flock Decreased Y/Y in Q1-26; Eggs/100 Slightly Up Y/Y in Q1-26 Broiler Type Hatching Layers Eggs/100 64,000 2,000 1,950 62,000 1,900 60,000 1,850 Head (000) 58,000 1,800 Eggs 1,750 56,000 1,700 54,000 1,650 1,600 52,000 1,550 50,000 1,500 2024 2025 2026 5 Yr. Avg. 2024 2025 2026 5 Yr.
Slide 6: Egg Sets Increased 1.9% YoY in Q1-26; Hatchability +0.2 pp Compared to Q1-25 Levels
Egg Sets Increased 1.9% YoY in Q1-26; Hatchability +0.2 pp Compared to Q1-25 Levels Chicken ChickenEggs Eggs Set byWeek Set by Week- USDA - USDA Hatchability by Week - USDA 260,000 255,000 82% 250,000 255,000 81% 245,000 81% Hatchability (%) 250,000 (000) 240,000 80% (000) 245,000 Eggs 235,000 80% E
Slide 7: Broiler Placements Increased 2.1% Above Year-Ago Levels in Q1-26
Broiler Placements Increased 2.1% Above Year-Ago Levels in Q1-26 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 Mid-Weight Segments in Q1-26
Increased Head Counts in Mid-Weight Segments in Q1-26 Head Processed by Size 21.7% 23.3% 24.1% 25.7% 25.4% 26.4% 27.3% 28.1% 28.9% 25.4% 26.2% 27.6% 28.4% 29.7% 27.6% 27.4% 27.6% 27.4% 30.2% 28.7% 27.4% 26.2% 29.4% 27.6% 28.5% 29.6% 28.3% 22.7% 21.8% 20.9% 19.7% 17.3% 16.6% 16.7% 15.2% 14.9% 2018 20
Slide 9: Industry Cold Storage Supplies in Q1-26 Below YA and 5-Year Average
Industry Cold Storage Supplies in Q1-26 Below YA and 5-Year Average Total Chicken Inventories 900 850 800 750 LBS (MM) 700 650 600 550 500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 5 Yr. Avg. Cold Storage Mar-26 Feb-26 Mar-26 M/M Y/Y ▪ Total Inventories ended Q1 down 3.1% Y/Y an
Slide 10: Jumbo Cutout Pricing Remained Below Year Ago and 5-year Average in Q1-26
Jumbo Cutout Pricing Remained Below Year Ago and 5-year Average in Q1-26 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, Tenders, and Wings Trailed Below YA and 5-yr average, LQ Below YA but Above 5-yr average
BSB, Tenders, and Wings Trailed Below YA and 5- yr average, LQ Below YA but Above 5-yr average 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
Slide 12: WOG Pricing Below YA and 5-year Average in Q1-26
WOG Pricing Below YA and 5-year Average in Q1-26 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 320.0 315.3 315.0 2500 310.8 2127 310.0 2000 1763 304.1 305.0 1551 1500 1377 1360 300.0 1235 296.3 294.8 295.0 292.8 1000 290.0 500 285.0 0 280.0 20/21 21/22 22/23 23/24 24/25 25/26p 2020/21 2021/22 2022/23 2023/24 2024/
Slide 14: Soybean Dynamics
Soybean Dynamics US Soybean End Stocks (MBU) World Soy End Stocks (MMT) 400 140.0 350 124.8 124.8 342 350 120.0 115.1 317 300 99.8 99.1 100.9 274 264 100.0 257 250 80.0 200 60.0 150 40.0 100 50 20.0 0 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
Slide 15: Fiscal Year 2026 Capital Spending
Fiscal Year 2026 Capital Spending Capex (US$M) 711 559 487 461 382 340 348 348 355 272 235 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 ▪ Continued investment in strategic projects will support Key Customers’ growth and emphasize our focus on further diversification of our portfolio and
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 March 29, 2026 March 30, 2025 (In thousands) Net income (loss) $ 101,450 $ 296,343 Add: Interest expense, net(a) 30,977 16,785 Income tax expense 30,370 94,099 Dep
Slide 19: Appendix: Reconciliation of Adjusted EBITDA
Appendix: Reconciliation of Adjusted EBITDA a. Interest expense, net, consists of interest expense less interest income. b. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. c.
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 March 29, 2026 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 30, 2025 f
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
Appendix: Reconciliation of Adjusted EBITDA a. Interest expense, net, consists of interest expense less interest income. b. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. c.
Slide 24: 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 25: Appendix: 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 26: 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 27: Appendix: Reconciliation of 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 28: Appendix: 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 March 29, 2026 March 30, 2025 (In thousands) Sources of net sales by geographic region of origin: U.S. $ 2,635,398 $ 2,743,189 Eu