JBS N: Comunicado ao Mercado

We feed better futures

Results Presentation 4Q25 & 2025

280k+

Global team members

250+

Production facilities

~200

Sales to customers

in ~200 countries

#1 POULTRY

Global poultry producer

Market leader in Brazil and Europe.

Leading position in USA and Mexico.

#1 BEEF

Global beef producer

Market leader in Australia, Brazil, and the USA. Leading position in Canada.

#2 PORK

Global pork producer

Leading positions in Australia, Brazil, Europe and the USA.

PREPARED

#1

FOODS

Market leader in Australia, New Zealand and the UK. Leading positions in Brazil, Mexico and the USA.

#1

PLANT-

BASED

Plant-based foods

producer in Brazil.

#2 in Europe.

#2 SALMON

Salmon producer

in Australia.

#1 EGGS

Table Egg producer in South America.

BIOTECHNOLOGY

Majority owner of BioTech Foods,

cultivated protein producer in Spain.

Built largest biotechnology

3

R&D center in Brazil.

Net Revenues

US$ billion

[Brazil Margarine & Mayonnaise]

65.0

72.6 72.9 77.2

86.2

¹

[Beef]

31.1

36.9 38.6

42.9

51.2 48.9 49.0 51.1 49.7 51.7 52.3

[Meats & Meals]

[Eggs]

2

7.6

16.5 17.6

[Brazil & Mexico Chicken]

[United Kingdom] 2

7.2

4.7

5.6

6.7

6.8

4.0

4.2

5.0

2.1

2.2

2.8

3.3

4.0

3.5

0.3 0.3

0.7

1.9

0.6

8.5

Established a Global Protein Platform

Increased Diversification Into Value-Added and Branded Product Portfolios

Source: JBS

Note: (1) 50% control. (2) Acquisition in Feb/26.

Valued Added: Diversified Global Brands Portfolio

Net revenue 2025

Canada

5%

USA

51%

Mexico

2%

Protein production in competitively advantageous locations with scale

Diversification by protein and by geography

(by production)

Europe

7%

S. America

29%

Oceania

9%

Source: JBS.

Beef Pork Lamb Poultry Aquaculture

Prepared

based

Foods

Leather Plant-

Center for

Innovation

Cultivated

Protein

Eggs

Net revenue 2025

Canada

4%

USA

50%

Export access and unmatched distribution platform

Positioned to mitigate geopolitical, sanitary and cyclical risks

Mexico & Central America

5%

South America

1%

(by consumption)

Europe

9%

Brazil

12%

Africa &

Middle East

3%

Australia & New Zealand

3%

Asia

13%

Source: JBS.

Team members

in the USA and Canada

79K

Team members in Mexico

13K

15

Team

17K

Team members in Europe

4K

members

1K

Team members

in MENA

in Brazil 16K

Team members in Australia and New Zealand

Source: JBS.

2008 - 2012

2013 - 2017

2018 - 2022

2023 - 2025

Key Developments

Adjusted EBITDA Margin Evolution

Initial geographic and protein diversification, with relevant beef and pork acquisitions in the US

Initial focus on downstream diversification, with value-added prepared foods and brand positioning, driving margin expansion

JBS has evolved into a more profitable global player with a robust protein portfolio and vast footprint

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2009

2008

JBS Brazil

JBS Australia

Consolidated

Seara

JBS Beef North America

JBS USA Pork

PPC

3.8%

8.2%

6.6%

7.9%

Median: 9.7%

Median: 8.2%

Median: 5.1%

Source: JBS.

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

Increase flexibility to use equity as source

of funding

Increase the number of equity indexes in which JBS can participate (Russell, S&P, MSCI USA, among others)

Expand conditions of growth

10

1

USA

• Walker County (Georgia): New Pilgrim's prepared foods facility

• Ankeny (Iowa): Fully cooked bacon and sausage facility

• Perry (Iowa): Fresh sausage plant

• Cactus (Texas) and Greeley (Colorado): Modernization of beef processing plants

  USA

• Mantiqueira acquired Hickman's, creating the 3rd largest egg producer in the world

  2 1

  3

  9

  2 3

  Mexico

  • Pilgrim's announced investments in Mexico in prepared and fresh foods

4

5

6

8

Europe

• Vivera acquired The Vegetarian Butcher in 2025 from Unilever

  7

  4 5

  Saudi Arabia

  • Investment in a new facility in Jeddah, and expansion of the plant in Dammam

6

Oman

• Develop a multiprotein platform in Oman

• The JV will produce beef, poultry and lamb, serving the global halal market

  Paraguay

  • Investments in poultry production, including the acquisition of Pollos Amanecer

9

Brazil

• Investments in innovation and modernization of three biodiesel plants

  8 7

  Vietnam

  • JBS announced the construction of two factories

~US$ 3 billion in investments building the next phase of growth

Source: JBS

Legend:

Beef Pork

Poultry

Lamb

Eggs

Prepared Foods

Plant-based

Biodiesel 11

12

Results

Consolidated Results

77,183 86,184

1.65

1.89

Net Revenue

(US$ million)

Net Result

(US$ million)

1,767 2,024

2024 2025 2024 2025

Earnings per share

ROE (LTM)

22.1%

25.3%

ROIC (LTM)

18.2%

17.4%

2024 2025 2024 2025

Source: JBS.

Consolidated Results

19,974

23,063

0.39 0.39

Net Revenue

(US$ million)

Net Result

(US$ million)

413 415

4Q24 4Q25

4Q24 4Q25

Earnings per share

ROE (LTM)

22.1%

25.3%

ROIC (LTM)

18.2% 17.4%

4Q24 4Q25 4Q24 4Q25

Source: JBS.

2025

4Q25

Operating Cash Flow

(US$ million)

5,524

4,046

2024 2025

2,236

1,810

Free Cash Flow

(US$ million)

2,331

400

2024 2025

906 990

Maintenance Expansion

CAPEX

(US$ million)

2,099

54%

1,480

34 %

66 %

46%

2024 2025

68%

32%

838

Source: JBS.

4Q24 4Q25

4Q24 4Q25

Maintenance Expansion

530

24 %

76 %

4Q24 4Q25

Consolidated Results

Consolidated Results

IFRS - US$ million

9.2%

7.4%

1,847

Adjusted EBITDA

1,715

4Q24

4Q25

Margin %

6.5%

4.7%

Adj. Operating Income

1,291

1,092

4Q24

4Q25

Margin %

US GAAP - US$ million

7.6%

6.5%

Adjusted EBITDA

1,528

1,493

4Q24

4Q25

Margin %

5.9%

4.8%

Adj. Operating Income

1,187

1,116

4Q24

4Q25

Margin %

Source: JBS.

Debt Profile

Debt Amortization Schedule (US$ million)

Average Term: 14.8 yrs Average Cost: 5.7% p.a.

1,367

833 645

137 112 149

2,921 2,564

2,314

1,213 1,404

596

2,416

882 949 1,235 984

369

Cash and Equiv.

Short Term

2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

to 2051

Cash and

2052 2053 2055 2056 2065 2066

Revolving credit lines

Full Investment Grade

equivalents

US$ 3.0 billion in the US + US$ 500 million in Brazil

Source: JBS.

Debt Profile

Net Debt/ Leverage / Interest Coverage

7.41x 7.75x 7.74x

6.84x 6.50x

1.89x 1.99x 2.27x 2.39x 2.39x

13,577

14,752

16,524

16,611

16,320

4Q24 1Q25 2Q25 3Q25 4Q25

Net Debt (US$ millions) Interest Cover. (US$) Leverage (US$)

Short Term and Long Term Source Breakdown

Entity Breakdown

Source: JBS.

LT 96%

Bonds

86% Banks

3%

CRA

ST 11%

4%

JBS USA

87% JBS SA

6%

Seara 7%

Net Debt Reconciliation

16,611

(1,715)

(877)

248 301

838 107 157

460 238 64

(US$ million)

16,320

(112)

¹Considering acquisitions, non-cash items and Others.

+Derivatives

Source: JBS.

Solid FCF Generation Supporting Investments, Distributions to Shareholders and Deleveraging

Capital Deployment Profile (USS mn)

Net Leverage (Net Debt/EBITDA in x)

Total

2019-2025

Average 2019-2025

4.75x

4.50x

4.25x

4.00x

3.75x

3.50x

3.25x

3.00x

2.75x

4.42x

M&A Limit

Cap on Dividend

Payment

Attention Zone

Safety Zone Long-

2.50x

2.25x

2.00x

1.75x

1.50x

1.25x

2.13x

1.58x 1.44x

2.24x

1.8Gx

2.3Gx

Term Goal

Source: JBS

Note:(1) Net debt change includes FX and other non-cash adjustments.

1.00x

201G 2020 2021 2022 2023 2024 2025

Interest Coverage

2019 2020 2021 2022 2023 2024 2025

6.2x 7.8x 11.6x 8.0x 3.2x 7.4x 6.5x

Free Cash Flow

Source: JBS.

1 Adjusted EBITDA excluding non-recurring items and in IFRS; 2 Such as fair value (market to market) of biological assets, among others.

Main

brands:

4Q25

Net Revenue

(US$ million)

+19.7%

Adj. Operating Income

(USGAAP - US$ million and %)

0.4%

7,662

6,400

28

-52

-0.7%

4Q24 4Q25

2025

4Q24 4Q25

+15.9%

-37

-617

-2.2%

24,286

28,137

-0.2%

Source: JBS.

2024 2025

2024 2025

Main

brands:

4Q25

Net Revenue

(US$ million)

4,372

4,518

+3.3%

Adj. Operating Income

(USGAAP - US$ million and %)

9.5%

6.5%

293

414

4Q24 4Q25

2025

4Q24 4Q25

+3.5%

17,878

18,498

10.0% 9.8%

1,780 1,812

Source: JBS.

2024 2025

2024 2025

Main

brands:

Net Revenue

(US$ million)

4Q25

+26.0%

4Q25

4Q24

-

200

241

179

400

600

5.5%

5.1%

800

1,000

4,383

Adj. Operating Income

(IFRS - US$ million and %)

Adj. Operating Income

(US GAAP - US$ million and %)

3,480

4Q24 4Q25

2025

+21.5%

15,294

12,591

2,000

0

0

0

2024 2025

Source: JBS.

5.3%

2025

5.3%

800

1,000

1,80

5.9%

1,600

4.9%

1,40

1,20

744

749

1,000

800

600

400

200

-

2024

4.8%

739

2025

2024

-

200

400

600

1,000

800

752

1,400

1,200

600

2,000

1,800

1,600

6.0%

4Q25

4Q24

-

200

183

400

232

Main

brands:

Net Revenue

(US$ million)

4Q25

+9.6%

Adj. Operating Income

(IFRS - US$ million and %)

Adj. Operating Income

(US GAAP - US$ million and %)

0

0

200

-

4Q24

4Q25

40

292

359

60

11.7%

800

15.8%

1,0

0

2,275

2,493

4Q24 4Q25

2025

2025

2024

-

500

1,000

1,500

2,000

12.5%

1,148

1,168

2,500

13.3%

2025

2024

-

500

1,000

1,155

1,500

12.3%

1,127

2,0

2,50

13.2%

0

+4.5%

8,775 9,171

2024 2025

Source: JBS.

4Q25

4Q24

-

200

400

301

363

600

800

12.1%

15.9%

1,000

Main

brands:

4Q25

Net Revenue

(US$ million)

+7.5%

Adj. Operating Income

(USGAAP - US$ million and %)

7.0%

8.1%

2,001 2,151

4Q24 4Q25

2025

139 175

4Q24 4Q25

+3.9%

7.9%

7.3%

8,116

8,431

639 618

Source: JBS.

2024 2025

2024 2025

Main

brands:

4Q25

Net Revenue

(US$ million)

+29.7%

1,765

2,290

Adj. Operating Income

(USGAAP - US$ million and %)

4.6%

7.7%

82

177

4Q24 4Q25

2025

4Q24 4Q25

8,077

6,648

+21.5%

9.4%

7.4%

763

495

Source: JBS.

2024 2025

2024 2025

Appendix Business Units

1.3% -1.8%

Adjusted EBITDA

82

-3.9%-0.6%0.1%

6

Adj. Operating Income

-2.5%

0.4% -4.6%-1.3% -0.7%-9.0%

28

-113 -264

-46

-158

-312

-95

-52

4Q24 1Q25 2Q25 3Q25 4Q25

4Q24 1Q25

Margin %

2Q25 3Q25 4Q25

Margin %

Margin %

4Q24 1Q25 2Q25 3Q25 4Q25

4Q25

4Q24 1Q25 2Q25 3Q25

Margin %

6.5%

293

414 429

Adj. Operating Income

517

573

12.1%

10.9%

9.6%

9.5%

9.2%

415

13.3%

633

687

533

526

Adjusted EBITDA

11.9%

.0%

12

14.4%

Source: JBS.

Margin %

Margin %

4Q24 1Q25 2Q25 3Q25 4Q25

4Q24 1Q25 2Q25 3Q25 4Q25

87

175

179

177

139

Adj. Operating Income

4.2%

231

228

8.0% 8.1%

7.0% 8.8%

10.2%

10.7%

11.1%

6.5%

223

134

192

Adjusted EBITDA

9.6%

Margin %

Margin %

4Q24 1Q25 2Q25 3Q25 4Q25

4Q24 1Q25 2Q25 3Q25 4Q25

149

82

177

104

206

Adj. Operating Income

169

Adjusted EBITDA

9.4% 7.7%

11.7%

231

9.2%

4.6%

8.7%

198

227

251

12.7%10.4%

.4%

10

5.9%

Source: JBS.

IFRS - US$ million

6.6%

6.4% 7.4% 6.6%

4.1% 307

231

288

229

Adjusted EBITDA

131

4Q24 1Q25

2Q25

Margin %

3Q25 4Q25

5.3%

2.5% 4.8% 6.1% 5.3%

253

232

Adj. Operating Income

183

174

80

4Q24 1Q25 2Q25 3Q25 4Q25

Margin %

US GAAP - US$ million

6.4% 3.9% 6.2% 7.5% 6.8%

312

297

Adjusted EBITDA

224

223

125

4Q24 1Q25 2Q25 3Q25 4Q25

Margin %

5.1% 2.4% 4.8% 6.2% 5.5%

258

241

Adj. Operating Income

179

171

78

4Q24 1Q25 2Q25 3Q25 4Q25

Margin %

Source: JBS.

IFRS - US$ million

19.8%19.8% 18.1%

450

426

13.7%16.6%

392

413

Adjusted EBITDA

4Q24 1Q25 2Q25 3Q25 4Q25

Margin %

15.9%15.7%

363

337

13.5%

9.2% 12.1%

293

301

Adj. Operating Income

217

4Q24 1Q25 2Q25 3Q25 4Q25

Margin %

323

US COMP - US$ million

17.6%

17.3%

15.4%

400

372

11.1%

334

13.7%

341

Adjusted EBITDA

262

4Q24 1Q25 2Q25 3Q25 4Q25

Margin %

15.4%

15.8%

359

13.4%

331

9.1%

290

11.7%

292

Adj. Operating Income

214

4Q24 1Q25 2Q25 3Q25 4Q25

Margin %

Source: JBS.

Appendix Market Report

R$/ TON $/ TON

4Q24 1Q25 2Q25 3Q25 4Q25

2,052.5 1,909.7 1,781.5 1,642.4

Source: Bloomberg

4Q24 1Q25 2Q25 3Q25 4Q25

72.0

81.3

74.9

64.0

2023

2026

2025

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

532

502

472

442

412

382

352

322

292

262

2025

2024

5Y Avg

2023

2026

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

3,100

2,900

2,700

2,500

2,300

2,100

1,900

1,700

1,500

7.0

6.5

6.0

5.5

5.0

4.5

4.0

3.5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023

2026

2024

5Y Avg

2024

5Y Avg

2025

92

2025

2024

5Y Avg

2023

2026

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

50

57

64

71

78

85

Source: Bloomberg, USDA

USA

BRA

2026

2025

2024

Canada

AUS

2023

2022

50

50

2021

100

100

150

150

200

200

250

250

Source: Bloomberg

2025

2024

5Y Avg

2023

2026

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

410

390

370

350

330

310

290

270

250

5Y Avg

2026

2025

2024

2023

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

25

24

23

22

21

20

19

18

17

16

15

Source: Bloomberg

2025

2024

5Y Avg

2023

2026

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

75

85

95

105

115

125

2025

2024

5Y Avg

2023

2026

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

110

100

90

80

70

60

50

40

256,000

251,000

246,000

241,000

236,000

231,000

226,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023 2024 2025

2026 5Y Avg

(*) Due to the US government shutdown, this is the most update data

Source: Bloomberg, USDA

2025

2024

5Y Avg

2023

2026

Jan FebMar Apr May Jun Jul Aug Sep Oct Nov Dec

198,000

196,000

194,000

192,000

190,000

188,000

186,000

184,000

182,000

180,000

178,000

2025

2024

5Y Avg

2023

2026

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

265

245

225

205

185

165

145

125

105

85

2025

2024

5Y Avg

2023

2026

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

290

270

250

230

210

190

170

150

130

110

90

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023

2026

2024

5Y Avg

2025

21.5

19.5

17.5

15.5

13.5

11.5

9.5

Jan FebMar Apr May Jun Jul Aug Sep Oct Nov Dec

2023

2026

2024

5Y Avg

2025

17.1

17.6

18.1

18.6

19.1

19.6

2024

5Y Avg

2023

2026

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

27.0

26.0

25.0

24.0

23.0

22.0

21.0

20.0

19.0

18.0

17.0

76.0

74.0

72.0

70.0

68.0

66.0

64.0

62.0

60.0

58.0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023

2026

2024

5Y Avg

2025

2025

LTM

360,000

320,000

280,000

240,000

200,000

160,000

120,000

80,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

4Y Avg 2022 2023

2024 2025 2026

6.50

6.10

5.70

5.30

4.90

4.50

4.10

3.70

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

4Y Avg 2022 2023

2024 2025 2026

European Union 6%

Chile 4%

Mexico 4%

Russia 3%

Philippines 3%

Egypt 2%

Others 17%

Chile 5%

European Union 5%

Russia 3%

United Arab Emirates 3%

Egypt 3%

Mexico 2%

Others 18%

Others 17%

YTD

Chile 6%

European Union 5%

Russia 5%

M exico 3%

United Arab Emirates 2%

Egypt 3%

Month

United States 8%

United States 14%

China 53%

China 47%

United States 16%

China 43%