Slide 1: We feed better futures: Results Presentation 4Q25 & 2025
We feed better futures Results Presentation 4Q25 & 2025
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 [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 2 [Meats & Meals] 16.5 17.6 [Brazil & Mexico 7.6 Chicken] [United Kingdom]
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 2025 (by production) Europe Canada 7% 5% USA 51% Mexico 2% 1 Protein production in competitively advantageous locations with scale S. America Oceania 29% 9% 2 Diversification protein and by by geography Minor Regions and Intercompany elimin
Slide 7: Global Diversification Sales by Consumption
Global Diversification Sales by Consumption Net revenue 2025 (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% Ne
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 - 2025 Median: 5.1% Median: 8.2% Median: 9.7% Adjusted EBITDA Margin Evolution 7.9% 8.2% 6.6% 3.8% PPC JBS USA Pork JBS Beef North America Seara Consolidated JBS Australia JBS Brazil 2008 2009 2010
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 Increa
Slide 11: Our most recent Capex projects further reinforce JBS leadership
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: 2025 – IFRS Consolidated Results
2025 – IFRS Consolidated Results 100,000.0 90,000.0 86,184 80,000.0 77,183 1.89 5,000 1.90 70,000.0 60,000.0 4,000 1.65 1.80 1.70 50,000.0 1.60 3,000 40,000.0 2,024 1.50 Net Revenue30,000.0 Net Result 2,000 1,767 1.40 (US$ million) 20,000.0 (US$ million) 1.30 1,000 10,000.0 1.20 0.0 0 1.10 2024 2025
Slide 14: 4Q25 – IFRS Consolidated Results
4Q25 – IFRS Consolidated Results 23,063 19,974 20,000.0 2,000 0.39 0.39 0.40 15,000.0 0.39 1,500 0.38 10,000.0 0.37 Net Revenue Net Result 1,000 0.36 (US$ million) 5,000.0 (US$ million) 500 413 415 0.35 0.34 0.0 0 0.33 4Q24 4Q25 4Q24 4Q25 Earnings per share 25.3% 22.1% 18.2% ROE (LTM) ROIC (LTM) 17.
Slide 15: Consolidated Results (IFRS)
Consolidated Results (IFRS) Operating Cash Flow Free Cash Flow CAPEX (US$ million) (US$ million) (US$ million) 2025 5,524 4,046 2,099 1,480 2,331 54% Expansion 34 % 400 Maintenance 66 % 46% 2024 2025 2024 2025 2024 2025 4Q25 2,236 1,810 990 906 838 530 68% Expansion 24 % Maintenance 76 % 32% Source:
Slide 16: Consolidated Results 2025
2025 Consolidated Results IFRS – US$ million US GAAP – US$ million 9.3% 12,000.0 9.9% 7.9% 7.8% 8.9% 10,000.0 6.7% 7.9% 7,192 6,831 8,000.0 6.9% 6,040 5,797 5.9% 6,000.0 4.9% Adjusted EBITDA Adjusted EBITDA 4,000.0 3.9% 2.9% 1.9% 2,000.0 0.9% 0.0 -0.1% 2024 2025 2024 2025 Margin % Margin % 6.5% 6.1%
Slide 17: 4Q25 Consolidated Results
4Q25 Consolidated Results IFRS – US$ million US GAAP – US$ million 5,000.0 9.2% 14.0% 12.0% 4,000.0 7.4% 7.6% 10.0% 6.5% 8.0% 3,000.0 1,847 1,715 6.0% Adjusted EBITDA Adjusted EBITDA 2,000.0 1,528 1,493 4.0% 2.0% 1,000.0 0.0% -2.0% 0.0 -4.0% 4Q24 4Q25 4Q24 4Q25 Margin % Margin % 6.5% 5,000 8.00% 4.7
Slide 18: Debt Profile
Debt Profile 8,296 500 Debt Amortization Schedule (US$ million) Average Term: 14.8 yrs Average Cost: 5.7% p.a. 3,026 2,921 2,564 4,770 2,314 2,416 1,367 1,213 1,404 1,235 882 949 984 833 645 596 137 112 369 149 Cash and Short 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2052 2053 2055 2056
Slide 19: Debt Profile
Debt Profile Net Debt/ Leverage / Interest Coverage 7.41x 7.75x 7.74x 6.84x 6.50x 26,000.0 24,000.0 22,000.0 20,000.0 1.89x 1.99x 2.27x 2.39x 2.39x 18,000.0 16,000.0 14,752 16,524 16,611 16,320 14,000.0 13,577 12,000.0 4Q24 1Q25 2Q25 3Q25 4Q25 Net Debt (US$ millions) Interest Cover. (US$) Leverage (
Slide 20: Net Debt Reconciliation
Net Debt Reconciliation (US$ million) 16,611 64 238 16,320 460 107 157 (112) 838 (1,715) 301 248 (877) 2.39x 2.39x Net debt Adjusted Working Biological Interest Paid CAPEX Lease Taxes Exchange Rate Share Non Other¹ Net debt 3Q25 EBITDA Capital Assets and Received Payments Variaton Buyback recurring
Slide 21: Solid FCF Generation Supporting Investments, Distributions 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 2019-2025 2019-2025 4.75x 4.50x 4.42x M&A Limit Free Cash Flow (Excl. Expansion Capex) 15,745 2,249 4.25x 4.00x Cap on Div
Slide 22: Free Cash Flow
Free Cash Flow USD mn 2019 2020 2021 2022 2023 2024 2025 1 Adjusted EBITDA 5,015 5,637 8,486 6,722 3,458 7,192 6,831 Capex (1,076) (1,145) (1,781) (2,173) (1,502) (1,480) (2,099) Expansion (572) (607) (989) (1,195) (733) (509) (1,139) Maintenance (504) (538) (792) (977) (769) (971) (961) Interest Ex
Slide 23: JBS Beef North America
JBS Beef North America Main brands: Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) 4Q25 +19.7% 0.4% 100.0 7,662 50.0 28 6,400 0.0 -50.0 -52 -0.7% -100.0 4Q24 4Q25 4Q24 4Q25 2025 +15.9% 28,137 -0.2% 0.0 24,286 -100.0 -37 -200.0 -300.0 -400.0 -500.0 -600.0 -617 -700.0 -80
Slide 24: Pilgrim's Pride
Pilgrim’s Pride Main brands: Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) 4Q25 +3.3% 9.5% 1,000.0 4,372 4,518 6.5% 800.0 600.0 414 293 400.0 200.0 0.0 4Q24 4Q25 4Q24 4Q25 2025 +3.5% 18,498 10.0% 9.8% 17,878 3,500.0 3,000.0 2,500.0 1,780 1,812 2,000.0 1,500.0 1,000.0 5
Slide 25: JBS Brazil
JBS Brazil Main brands: Net Revenue Adj. Operating Income Adj. Operating Income (US$ million) (IFRS – US$ million and %) (US GAAP - US$ million and %) 4Q25 1,000 +26.0% 1,000 800 4,383 800 5.3% 5.3% 5.1% 5.5% 600 3,480 600 400 232 241 400 183 200 179 200 - - 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 2025 2,0 00
Slide 26: Seara
Seara Main brands: Net Revenue Adj. Operating Income Adj. Operating Income (US$ million) (IFRS – US$ million and %) (US GAAP - US$ million and %) 4Q25 +9.6% 1,000 1,000 15.9% 15.8% 800 12.1% 800 2,493 11.7% 2,275 600 600 363 359 301 292 400 400 200 200 - - 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 2025 +4.5% 13
Slide 27: JBS USA Pork
JBS USA Pork Main brands: Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) 4Q25 +7.5% 8.1% 1,000.0 800.0 7.0% 2,001 2,151 600.0 400.0 139 175 200.0 0.0 4Q24 4Q25 4Q24 4Q25 2025 +3.9% 8,116 8,431 7.9% 7.3% 1,400.0 1,200.0 1,000.0 639 618 800.0 600.0 400.0 200.0 0.0 Source:
Slide 28: JBS Australia
JBS Australia Main brands: Net Revenue Adj. Operating Income (US$ million) (USGAAP - US$ million and %) 4Q25 +29.7% 1,000.0 7.7% 800.0 2,290 4.6% 600.0 1,765 400.0 177 82 200.0 0.0 4Q24 4Q25 4Q24 4Q25 2025 +21.5% 8,077 9.4% 6,648 1,400.0 7.4% 1,200.0 763 1,000.0 800.0 495 600.0 400.0 200.0 0.0 Sourc
Slide 29: Appendix: Business Units
(sss) Appendix Business Units
Slide 30: JBS Beef North America and Pilgrim's Pride
JBS Beef North America (USGAAP – US$ million) 2,500.0 1.3% 21.0% -1.8% 2,000.0 11.0% -0.6% 0.1% -2.5% 1,500.0 -3.9% 1.0% 1,000.0 0.4% -1.3% -0.7% Adj. Operating Income -4.6% -9.0% Adjusted EBITDA 82 500.0 -19.0% 6 0.0 28 -29.0% -46 -158 -95 -52 -113 -264 -312 -500.0 -39.0% 4Q24 1Q25 2Q25 3Q25 4Q25 4
Slide 31: JBS USA Pork and JBS Australia
JBS USA Pork (USGAAP – US$ million) 10.2% 11.1% 9.6% 10.7% 7.0% 8.8% 8.0% 8.1% 6.5% 4.2% 192 223 228 231 177 179 175 Adjusted EBITDA 134 Adj. Operating Income 139 87 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Margin % Margin % JBS Australia (USGAAP – US$ million) 12.7% 10.4% 10.4% 11.7% 8.7%
Slide 32: JBS Brazil
JBS Brazil IFRS – US$ million US GAAP – US$ million 7.4% 6.6% 6.4% 6.6% 08% 6.4% 3.9% 6.2% 7.5% 6.8% 450.00 400.00 07% 350.00 4.1% 307 288 312 297 06% 300.00 231 229 05% 250.00 04% 224 223 Adjusted EBITDA Adjusted EBITDA 200.00 150.00 131 03% 125 02% 100.00 50.00 01% .00 00% 4Q24 1Q25 2Q25 3Q25 4Q25
Slide 33: Seara
Seara IFRS – US$ million US COMP – US$ million 19.8% 19.8% 17.6% 18.1% 13.7% 16.6% 17.3% 15.4% 450 426 413 11.1% 13.7% 392 400 372 323 334 341 262 Adjusted EBITDA Adjusted EBITDA 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Margin % Margin % 15.7% 15.4% 15.9% 15.8% 13.4% 13.5% 12.1% 11.7% 363 3
Slide 34: Appendix: Market Report
(sss) Appendix Market Report
Slide 35: 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 64 352 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 36: Market Report: Global Protein Prices
Market Report Global Protein Prices GLOBAL CATTLE PRICES –Last 5 years US$/CWT 250 250 200 200 150 150 100 100 50 50 2021 2022 2023 2024 2025 2026 BRA AUS Canada USA Source: Bloomberg, USDA
Slide 37: Market Report: Beef US vs Beef Brazil
Market Report Beef US vs Beef Brazil US CUTOUT (AVG CH & SL) BR CUTOUT (AVG Forequarter & Hindquarter) US$/CWT R$/KG 410 25 24 390 23 370 22 350 21 330 20 19 310 18 290 17 270 16 250 15 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 202
Slide 38: Market Report: Pork US
Market Report Pork US CUTOUT (boxed carcass) LEAN HOGS SPOT PRICE US$/CWT US$/CWT 125 110 115 100 90 105 80 95 70 60 85 50 75 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2023 2024 2025 2026 5Y Avg 2026 5Y Avg 4 Q2 4 1 Q2 5 2 Q2 5
Slide 39: Market Report: Poultry US
Market Report Poultry US EGG SETS* CHICKS PLACED* WHOLE BREASTS WHOLE WINGS ‘000 EGGS ‘000 CHICKS CTS/POUNDS CTS/POUNDS 256,000 290 265 198,000 270 245 196,000 251,000 194,000 250 225 192,000 230 246,000 205 190,000 210 185 241,000 188,000 190 165 186,000 170 236,000 145 184,000 150 182,000 125 130
Slide 40: 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 21.5 76.0 19.6 26.0 74.0 19.5 25.0 72.0 19.1 24.0 17.5 70.0 23.0 18.6 68.0 22.0 15.5 66.0 21.0 18.1 64.0 13.5 20.0 62.0 19.0 17.6 11.5 60.0 18.0 58.0 17.0 9.5 17
Slide 41: Brazilian Foreign Trade Bureau (Secex) - Beef
The Brazilian Foreign Trade Bureau (Secex) - BEEF China 43% China 47% China 53% United States 16% United States 14% United States 8% Chile 5% European Union 6% Chile 6% Revenue Month YTD LTM European Union 5% Chile 4% Fev/26 European Union 5% Russia 3% Mexico 4% Russia 5% United Arab Emirates 3% Rus
Slide 42: Brazilian Foreign Trade Bureau (Secex) - Poultry
The Brazilian Foreign Trade Bureau (Secex) - POULTRY Others 33% China 15% Others 36% China 13% Outros 43% Saudi Arabia 10% United Arab United Arab Emirates 10% Emirates 10% Japan 11% Revenue Month YTD European LTM Japan 10% Fev/26 European Union 10% Union 10% European Philippines 3% Union 7% Mexico
Slide 43: Brazilian Foreign Trade Bureau (Secex) - Pork
The Brazilian Foreign Trade Bureau (Secex) - Pork Others 18% Philippines 32% Others 19% Philippines 31% Outros 23% Philippines 27% Uruguay 4% Argentina 4% Revenue Argentina 4% Month Uruguay 4% YTD Uruguay 4% LTM Fev/26 Singapore 6% Singapore 6% Mexico 6% Japan 12% Hong Kong 6% Singapore 6% Hong Kong
Slide 44: US Meat Retail Spread
Market Report US Meat Retail Spread US Retail Prices - Ground Beef, Pork Chops and Chicken BSB Source: Bloomberg
Slide 45: We feed better futures
4 pilgrims 3 FRIDGE O RAIDERS Zi.