Slide 1: Financial Results For The First Quarter Ended March 30th 2025
Financial Results For The First Quarter Ended March 30th 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: First Quarter 2025 Financial Review
First Quarter 2025 Financial Review ▪ U.S.: Year-over-year (YoY) increase in commodity Main Indicators ($MM) Q1 2025 Q1 2024 market pricing, moderate input costs and increased volumes positively impacted Big Bird business; along with growth with Key Customers Net Revenue 4,463.0 4,361.9 in Case Read
Slide 4: Pullet Placements Increased 0.7% Y/Y in Q1-2025 with Consistent Monthly Growth
Pullet Placements Increased 0.7% Y/Y in Q1- 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
Slide 5: Broiler Layer Flock Decreased Y/Y in Q1-25; Eggs/100 Flat Y/Y in Q1-25
Broiler Layer Flock Decreased Y/Y in Q1-25; Eggs/100 Flat Y/Y in Q1-25 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 1.5% YoY in Q1-25; Hatchability -0.6% Below Q1-24 Levels
Egg Sets Increased 1.5% YoY in Q1-25; Hatchability -0.6% Below Q1-24 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% 52 4 10 13 16 19 1 7 22
Slide 7: Broiler Placements Increased 1.4% Above Year-Ago Levels in Q1-25
Broiler Placements Increased 1.4% Above Year-Ago Levels in Q1-25 Chicks Placements by Week - USDA 200,000 195,000 190,000 Heads (000) 185,000 180,000 175,000 51 7 27 41 43 47 1 5 9 25 29 3 21 23 39 45 49 15 19 35 11 13 17 31 33 37 5-yr Range 5-yr Avg 2023 2024 2025 7 Source: USDA
Slide 8: Increased Head Counts in Big Bird Debone Segment in Q1-25
Increased Head Counts in Big Bird Debone Segment in Q1-25 Head Processed by Size 100% 90% 21.7% 23.3% 24.1% 25.7% 25.4% 26.4% 27.3% 28.6% 80% 70% 25.4% 26.2% 27.6% 60% 28.4% 29.7% 27.6% 27.4% 25.3% 50% 40% 30.2% 28.7% 27.4% 26.2% 29.4% 29.7% 30% 27.6% 28.5% 20% 10% 22.7% 21.8% 20.9% 19.7% 17.3% 16.6
Slide 9: Industry Cold Storage Supplies in Q1-25 Continue Below YA and 5-Year Average
Industry Cold Storage Supplies in Q1-25 Continue Below YA and 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 Q1 down
Slide 10: Jumbo Cutout Pricing Trended Above Year Ago and 5-year Average in Q1-25
Jumbo Cutout Pricing Trended Above Year Ago and 5-year Average in Q1-25 Jumbo Cutout 160 140 120 Cents/Lb 100 80 60 40 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. 2023 2024 2025 10 Source: PPC, EMI
Slide 11: BSB surged seasonally, Tenders stable, Wings decreased significantly, LQ exceeded in Q1-25
BSB surged seasonally, Tenders stable, Wings decreased significantly, LQ exceeded in Q1-25 USDA Tenders USDA Boneless/Skinless Breast 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
Slide 12: WOG Pricing Below YA in Q1-25, still above 5-YA
WOG Pricing Below YA in Q1-25, still above 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 10/27 5/26 1/6 7/7 11/10 12/8 11/24 1/20 2/17 4/14 7/21 2/3 3/3 3/17 10/13 6/9 9/15 12/22 4/28 9/1 3/31 5/12 9/29 6/23 8/4 8/18 5 Year Range 5 Yr. Avg. 2023 202
Slide 13: Corn Dynamics
Corn Dynamics US Corn Ending Stocks World Corn Endings stocks (MMT) (MBUs) 315.0 312.7 310.8 3,000 310.0 306.3 304.1 2,500 305.0 1,919 300.0 2,000 1,763 1,377 1,465 295.0 292.8 1,500 1,360 1,235 290.0 287.7 1,000 285.0 500 280.0 0 275.0 19/20 20/21 21/22 22/23 23/24 24/25p 2019/20 2020/21 2021/22 20
Slide 14: Soybean Dynamics
Soybean Dynamics US Soy ending stocks (MBU) World Soy End Stocks (MMT) 600 140.0 525 122.5 120.0 112.4 500 96.5 99.8 99.1 100.9 375 100.0 400 342 80.0 300 257 274 264 60.0 200 40.0 100 20.0 0 0.0 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 ▪ US end
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 March 30, 2025 March 31, 2024 (In thousands) Net income $ 296,343 $ 174,938 Add: Interest expense, net(a) 16,785 30,897 Income tax expense 94,099 52,062 Depreciati
Slide 19: Appendix: Reconciliation of Adjusted EBITDA
Appendix: Reconciliation of Adjusted EBITDA a. Interest expense, net, consists of interest expense less interest income. b. This represents expenses recognized in anticipation of probable settlements in ongoing litigation. c. Restructuring activities losses are related to costs incurred, such as sev
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 March 30, 2025 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 31, 20
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. 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 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 30, 2025 March 31, 2024 (In thousands) Sources of net sales by geographic region of origin: U.S. $ 2,743,189 $ 2,579,332 Eu