Jbs N.v. · NYSE:JBS
Jbs — Q1 2026 Earnings Presentation
43 slides from Jbs's earnings presentation, May 13, 2026
Slide 1: We feed better futures – Results Presentation 1Q26
We feed better futures Results Presentation 1Q26
Slide 2: Disclaimer
Disclaimer This presentation is being made in respect of JBS N.V. and its subsidiaries (collectively, the “JBS Group”). Forward-Looking Statements This presentation contains certain statements, including estimates, projections, statements relating to business plans, objectives, and expected operatin
Slide 3: A Leading Global Food Company
A Leading Global Food Company 280k+ 250+ ~200 Global team Production Sales to customers members facilities in ~200 countries # 1 POULTRY 1 # BEEF # 2 PORK # 1 PREPARED FOODS Global poultry producer Global beef producer Global pork producer Market leader in Australia, New Market leader in Brazil and
Slide 4: Growth Journey Based on Strategic Acquisitions and Efficient Operations
Growth Journey Based on Strategic Acquisitions and Efficient Operations Net Revenues US$ billion 86.2 88.3 [Brazil Margarine & Mayonnaise] 77.2 72.6 72.9 65.0 ¹ [Beef] 51.2 51.1 51.7 52.3 48.9 49.0 49.7 [Eggs] 42.9 36.9 38.6 31.1 [Meats & Meals] 16.5 17.6 [Brazil & Mexico 7.6 Chicken] [United Kingdo
Slide 5: Valued Added: Diversified Global Brands Portfolio
Valued Added: Diversified Global Brands Portfolio
Slide 6: Global Diversification Through Local Production
Global Diversification Through Local Production Net revenue LTM 1Q26 (by production) Europe Canada 6% 5% USA 51% Mexico 2% 1 Protein production in competitively advantageous locations with scale Brazil Oceania 26% 10% 2 Diversification protein and by by geography Prepared Plant- Center for Cultivate
Slide 7: Global Diversification Sales by Consumption
Global Diversification Sales by Consumption Net revenue LTM 1Q26 (by consumption) Europe Canada 9% 4% USA 50% Asia Mexico & Export access and 13% 3 Central America unmatched 5% distribution Africa & platform Middle East 3% Brazil Positioned to 4 mitigate geopolitical, South America 12% Australia & 1
Slide 8: More than 280,000 Team Members Globally
More than 280,000 Team Members Globally 17K Team members in Europe 79K 13K Team members in the USA and Canada Team members in Mexico 1K Team members in MENA 154K Team members in Brazil 16K Team members in Australia and New Zealand Source: JBS.
Slide 9: Lifting Margins and Reducing Volatility with Diversification
Lifting Margins and Reducing Volatility with Diversification 2008 - 2012 2013 - 2017 2018 – 2022 2023 – LTM 1Q26 Median: 5.1% Median: 8.2% Median: 9.7% Adjusted EBITDA Margin Evolution 7.3% PPC JBS USA Pork JBS Beef North America Seara Consolidated JBS Australia JBS Brazil 2008 2009 2010 2011 2012 2
Slide 10: JBS Listed on the NYSE and Consolidates Dual Listing
JBS Listed on the NYSE and Consolidates Dual Listing Presence on the U.S and Brazilian Stock Exchanges Shares traded on the NYSE since June 13, 2025 Potential unlocking of the value of company’s shares. Broaden access to a wider base of investors Reduce the cost of capital both equity and debt Incre
Slide 11: Our most recent Capex projects further reinforce JBS leadership in the global market
Our most recent Capex projects further reinforce JBS leadership in the global market 1 2 3 4 5 USA USA Mexico Europe Saudi Arabia • Walker County • Mantiqueira acquired • Pilgrim’s • Vivera acquired • Investment in a (Georgia): New Pilgrim’s Hickman’s, creating announced The Vegetarian new facility
Slide 12: Results
(sss) Results
Slide 13: 1Q26 – IFRS Consolidated Results
1Q26 – IFRS Consolidated Results Net Revenue Net Result ROE & ROIC (LTM) (US$ million) (US$ million) 00.0 21,609 19,527 00.0 0.47 1,100 0.50 00.0 900 0.40 00.0 700 0.21 0.30 500 500 0.20 24.1% 22.1% 00.0 300 221 0.10 18.0% 14.9% 100 0.00 0.0 (100) -0.10 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 ROE ROIC Earning
Slide 14: 1Q26 – IFRS Consolidated Results
1Q26 – IFRS Consolidated Results Operating Cash Flow Free Cash Flow CAPEX (US$ million) (US$ million) (US$ million) 566 56% 265 -285 Expansion 30 % -449 -917 44% -1,467 Maintenance 70 % 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Source: JBS.
Slide 15: 1Q26 Consolidated Results
1Q26 Consolidated Results IFRS – US$ million US GAAP – US$ million 5,000.0 10.0% 7.8% 4,000.0 6.7% 9.0% 8.0% 7.0% 5.2% 3,000.0 4.2% 6.0% 5.0% 1,528 Adjusted EBITDA 2,000.0 4.0% Adjusted EBITDA 1,133 1,312 1,000.0 916 3.0% 2.0% 1.0% 0.0 0.0% 1Q25 1Q26 1Q25 1Q26 Margin % Margin % 5.1% 5,000 7.00% 4,00
Slide 16: Proforma Debt Profile
Proforma Debt Profile Proforma Debt Amortization Schedule (US$ million) Average Term Proforma: 15.6 yrs Average Cost Proforma: 5.7% p.a. 6,928 6,907 500 500 1,071 2,500 2,925 2,925 1,450 2,930 2,318 1,140 2,416 3,503 3,482 1,693 1,369 1,228 1,416 883 959 1,235 1,000 984 840 649 442 236 157 403 116 C
Slide 17: Debt Profile
Debt Profile Net Debt/ Leverage / Interest Coverage 7.75x 7.74x 6.84x 26,000.0 6.50x 5.75x 24,000.0 22,000.0 20,000.0 2.39x 2.39x 2.77x 1.99x 2.27x 18,000.0 16,000.0 16,524 16,611 17,862 16,320 14,000.0 14,752 12,000.0 1Q25 2Q25 3Q25 4Q25 1Q26 Net Debt (US$ millions) Interest Cover. (US$) Leverage (
Slide 18: Net Debt Reconciliation
Net Debt Reconciliation (US$ million) 218 122 17,862 566 111 341 (47) (52) 16,320 1,233 183 (1,133) 2.39x 2.77x Net debt Adjusted Working Biological Interest Paid CAPEX Lease Taxes Exchange Rate Non Other¹ Net debt 4Q25 EBITDA Capital Assets and Received Payments Variaton recurring 1Q26 +Margin Cash
Slide 19: Solid FCF Generation Supporting Investments, Distributions to Shareholders and Deleveraging
Solid FCF Generation Supporting Investments, Distributions to Shareholders and Deleveraging Capital Deployment Profile (US$ mn) Net Leverage (Net Debt/EBITDA in x) Total Average 2019-1Q26 2019-1Q26 4.75x 4.50x 4.42x M&A Limit Free Cash Flow (Excl. Expansion Capex) 14,597 2,013 4.25x 4.00x Cap on Div
Slide 20: Free Cash Flow
Free Cash Flow USD mn 2019 2020 2021 2022 2023 2024 2025 1Q26 LTM 1 Adjusted EBITDA 5,015 5,637 8,486 6,722 3,458 7,192 6,831 6,437 Capex (1,076) (1,145) (1,781) (2,173) (1,502) (1,480) (2,099) (2,401) Expansion (572) (607) (989) (1,195) (733) (509) (1,139) (1,379) Maintenance (504) (538) (792) (977
Slide 21: JBS Beef North America
JBS Beef North America Main brands: 1Q26 Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) +11.6% 7,167 6,422 0.0 -50.0 -100.0 -150.0 -158 -200.0 -250.0 -300.0 -279 -350.0 -2.5% -400.0 -450.0 -3.9% -500.0 1Q25 1Q26 1Q25 1Q26 Source: JBS.
Slide 22: Pilgrim's Pride
Pilgrim’s Pride Main brands: 1Q26 Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) +1.6% 4,463 4,533 1,000.0 9.6% 900.0 800.0 700.0 600.0 429 500.0 4.2% 400.0 300.0 190 200.0 100.0 0.0 1Q25 1Q26 1Q25 1Q26 Source: JBS.
Slide 23: JBS USA Pork
JBS USA Pork Main brands: 1Q26 Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) +1.5% 1,000.0 2,002 2,032 900.0 800.0 700.0 8.8% 600.0 500.0 7.7% 400.0 300.0 177 156 200.0 100.0 0.0 1Q25 1Q26 1Q25 1Q26 Source: JBS.
Slide 24: JBS Australia
JBS Australia Main brands: 1Q26 Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) +32.3% 1,000.0 2,145 900.0 800.0 1,622 700.0 600.0 9.2% 500.0 6.0% 400.0 300.0 149 129 200.0 100.0 0.0 1Q25 1Q26 1Q25 1Q26 Source: JBS.
Slide 25: JBS Brazil
JBS Brazil Main brands: 1Q26 Net Revenue (US$ million) +19.5% 3,789 3,170 1Q25 1Q26 Adj. Operating Income Adj. Operating Income (IFRS – US$ million and %) (US GAAP - US$ million and %) 1,000 1,000 800 800 2.8% 2.4% 600 600 2.5% 2.7% 400 400 80 101 200 78 106 200 - - 1Q25 1Q26 1Q25 1Q26 Source: JBS.
Slide 26: Seara
Seara Main brands: 1Q26 Net Revenue (US$ million) +10.6% 2,150 2,379 1Q25 1Q26 Adj. Operating Income Adj. Operating Income (IFRS – US$ million and %) (US GAAP - US$ million and %) 1,400 1,000 1,200 15.7% 800 15.4% 1,000 10.4% 600 10.3% 800 337 600 248 331 400 246 400 200 200 - - 1Q25 1Q26 1Q25 1Q26
Slide 27: Appendix – Business Units
(Bs) Appendix Business Units
Slide 28: JBS Beef North America
JBS Beef North America (USGAAP – US$ million) 2,500.0 21.0% 0.1% 2,000.0 11.0% -1.8% -0.6% 1,500.0 -3.9% -3.2% 1.0% 1,000.0 -2.5% -1.3% -0.7% Adj. Operating Income -4.6% -3.9% -9.0% Adjusted EBITDA 500.0 -19.0% 6 0.0 -29.0% -113 -264 -46 -158 -95 -52 -230 -500.0 -312 -279 -39.0% 1Q25 2Q25 3Q25 4Q25
Slide 29: JBS USA Pork
JBS USA Pork (USGAAP – US$ million) 10.7% 11.1% 10.2% 10.0% 8.8% 8.0% 8.1% 7.7% 6.5% 4.2% 223 228 231 204 177 179 175 156 Adjusted EBITDA 134 Adj. Operating Income 87 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Margin % Margin % JBS Australia (USGAAP – US$ million) 12.7% 11.7% 10.4% 10.4% 9.4%
Slide 30: JBS Brazil
JBS Brazil IFRS – US$ million US GAAP – US$ million 7.4% 6.4% 6.6% 7.5% 6.8% 450.0 7.5% 400.0 6.5% 3.9% 6.2% 4.5% 307 4.4% 312 350.0 288 297 5.5% 300.0 4.1% 229 4.5% 223 250.0 168 172 3.5% Adjusted EBITDA Adjusted EBITDA 200.0 150.0 131 2.5% 125 1.5% 100.0 50.0 0.5% 0.0 -0.5% 1Q25 2Q25 3Q25 4Q25 1Q2
Slide 31: Seara
Seara IFRS – US$ million US COMP – US$ million 19.8% 18.1% 16.6% 15.5% 17.3% 15.4% 13.7% 426 413 369 11.1% 13.7% 12.8% 392 372 323 334 341 304 262 Adjusted EBITDA Adjusted EBITDA 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Margin % Margin % 15.7% 13.5% 15.4% 13.4% 12.1% 10.4% 11.7% 10.3% 337 9
Slide 32: Appendix – Market Report
(sss) Appendix Market Report
Slide 33: Market Report – Grains & Oilseeds
Market Report Grains & Oilseeds BR SOYBEAN MEAL US SOYBEAN MEAL BR CORN US CORN R$/ TON US$/ TON R$/ 60KG US$/ Bushel 92 7.0 3,100 532 2,900 502 6.5 85 472 2,700 6.0 442 78 2,500 5.5 412 2,300 71 382 5.0 2,100 352 64 4.5 1,900 322 57 4.0 1,700 292 262 50 3.5 1,500 Jan Feb Mar Apr May Jun Jul Aug Sep
Slide 34: Market Report – Global Protein Prices
Market Report Global Protein Prices GLOBAL CATTLE PRICES US$/CWT 250 250 200 200 150 150 100 100 50 50 2021 2022 2023 2024 2025 2026 BRA AUS Canada USA Source: Bloomberg, USDA
Slide 35: Market Report – Beef US vs Beef Brazil
Market Report Beef US vs Beef Brazil US CUTOUT (AVG CH & SL) BR CUTOUT (AVG Forequarter & Hindquarter) US$/CWT R$/KG 410 27 390 25 370 23 350 330 21 310 19 290 17 270 250 15 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2023 2024 2025
Slide 36: Market Report – Pork US
Market Report Pork US CUTOUT (boxed carcass) LEAN HOGS SPOT PRICE US$/CWT US$/CWT 125 110 115 100 90 105 80 95 70 60 85 50 75 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2023 2024 2025 2026 5Y Avg 2026 5Y Avg 1 Q2 5 2 Q2 5 3 Q2 5
Slide 37: Market Report – Poultry US
Market Report Poultry US EGG SETS* CHICKS PLACED* WHOLE BREASTS WHOLE WINGS ‘000 EGGS ‘000 CHICKS CTS/POUNDS CTS/POUNDS 261,000 203,000 290 265 270 245 256,000 198,000 250 225 251,000 230 205 193,000 210 246,000 185 190 241,000 165 188,000 170 145 236,000 150 183,000 130 125 231,000 110 105 226,000
Slide 38: Market Report – China
Market Report China WHOLESALE BEEF PRICE WHOLESALE CHICKEN PRICE WHOLESALE PORK PRICE DOMESTIC PIG PRICES CNY/KG CNY/KG CNY/KG CNY/KG 27.0 22.0 76.0 19.6 74.0 25.0 20.0 72.0 19.1 18.0 23.0 70.0 18.6 16.0 68.0 21.0 66.0 14.0 18.1 64.0 19.0 12.0 62.0 17.6 17.0 10.0 60.0 58.0 15.0 8.0 Jan Feb Mar Apr M
Slide 39: Brazilian Foreign Trade Bureau (Secex) - Beef
The Brazilian Foreign Trade Bureau (Secex) - BEEF China 56% China 48% China 54% United States 15% United States 8% United States 14% Chile 5% European Union 6% Revenue Month YTD LTM Apr/26 Chile 4% European Union 5% European Union 4% Russia 3% Mexico 4% M exico 3% Russia 3% Chile 4% Philippines 2% M
Slide 40: Brazilian Foreign Trade Bureau (Secex) - Poultry
The Brazilian Foreign Trade Bureau (Secex) - POULTRY Others 33% China 17% Others 34% China 15% Others 42% Japan 11% Saudi Arabia Japan 11% Japan 11% Revenue Month 13% YTD LTM United Arab Apr/26 Saudi Emirates 10% United Kingdom 2% Saudi Arabia 10% Arabia 10% Singapore 3% China 7% South Korea 4% Euro
Slide 41: Brazilian Foreign Trade Bureau (Secex) - Pork
The Brazilian Foreign Trade Bureau (Secex) - Pork Others 25% Philippines 23% Others 21% Philippines 28% Others 23% Philippines 27% Uruguay 4% Revenue Month YTD Vietnam 4% LTM Singapore 4% Argentina 4% Apr/26 Mexico 5% Vietnam 4% Japan 18% Singapore 5% Japan 13% Singapore 6% Argentina 5% Hong Kong 6%
Slide 42: Market Report – US Meat Retail Spread
Market Report US Meat Retail Spread US Retail Prices - Ground Beef, Pork Chops and Chicken BSB Source: Bloomberg
Slide 43: We feed better futures
We feed better futures 43