STOCK TITAN

JBS Q3 2026 net income falls to $164M from $581M

The quarter paired a 35.6% year-over-year decline in IFRS adjusted EBITDA with negative free cash flow and higher net leverage.

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Form Type
8-K

Rhea-AI Filing Summary

JBS N.V. reported third-quarter 2026 results: net sales were $22,737.8 million, up 1% year over year, while IFRS adjusted EBITDA fell 35.6% to $1,181.2 million. Net income attributable to JBS was $164.4 million versus $580.9 million, and earnings per share were $0.15 versus $0.52.

Free cash flow was negative $167.4 million, a $551 million year-over-year decrease that JBS attributed to a $653 million decline in adjusted EBITDA and higher working-capital consumption in Brazil, particularly inventories. Net leverage was 3.54x versus 2.39x. JBS increased its revolving credit facility from $3.5 billion to $4.2 billion, and total liquidity reached $8.2 billion.

JBS Beef North America reported US GAAP adjusted EBITDA of $21.4 million versus negative $46.2 million a year earlier; its monthly margins moved from negative 2.9% in July to breakeven in August and positive 3.9% in September. IFRS adjusted EBITDA fell 39.9% at Pilgrim’s Pride to $462.4 million and 54.0% at JBS Brazil to $141.2 million. JBS said Chinese demand strengthened at the beginning of the fourth quarter as customers began securing volumes for the 2027 quota.

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Positive

  • None.

Negative

  • Moderate pointThird-quarter IFRS adjusted EBITDA fell 35.6% year over year to $1,181.2 million.
  • Moderate pointFree cash flow was negative $167.4 million, down $551 million year over year.
  • Moderate pointNet leverage was 3.54x, versus 2.39x a year earlier.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net sales $22,737.8 million Third quarter 2026; up 1% year over year
IFRS adjusted EBITDA $1,181.2 million Third quarter 2026; down 35.6% year over year
Net income attributable to JBS $164.4 million Third quarter 2026; compared with $580.9 million in third quarter 2025
Earnings per share $0.15 per share Third quarter 2026; compared with $0.52 per share in third quarter 2025
Free cash flow Negative $167.4 million Third quarter 2026; down $551 million year over year
Net leverage 3.54x Third quarter 2026; compared with 2.39x in third quarter 2025
Total liquidity $8.2 billion After the revolving credit facility increased to $4.2 billion
Adjusted EBITDA financial
"IFRS Adjusted EBITDA"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Free Cash Flow was negative US$167 million in 3Q26"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Net leverage financial
"Net leverage ended the quarter at 3.54x"
Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.
Working capital financial
"higher working capital consumption in Brazil"
Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.
Net sales $22,737.8 million Up 1% year over year
IFRS adjusted EBITDA $1,181.2 million Down 35.6% year over year
Net income attributable to JBS $164.4 million Compared with $580.9 million in third quarter 2025
Earnings per share $0.15 per share Compared with $0.52 per share in third quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were JBS's third-quarter 2026 sales?

JBS reported net sales of $22,737.8 million for the third quarter of 2026, compared with $22,597.0 million in the third quarter of 2025; the release described sales as up 1% year over year.

How much did JBS earn in the third quarter of 2026?

JBS reported IFRS adjusted EBITDA of $1,181.2 million, down 35.6% year over year, and net income attributable to JBS of $164.4 million versus $580.9 million. Earnings per share were $0.15 versus $0.52.

What did JBS report about its debt profile?

JBS reported an average debt term of 14.4 years and an average cost of 5.7%; more than 95% of debt was at fixed rates, and the company said it had no material maturities over the next five years.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false0001791942P700017919422026-11-092026-11-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 9, 2026
JBS N.V.
(Exact name of registrant as specified in its charter)
Netherlands
001-42678
98-1861274
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Stroombaan 16, 5th Floor
Amstelveen, Netherlands
1181 VX
(Address of principal executive offices)(Zip Code)
+31 20 656 47 00
(Registrant’s telephone number, including area code)
N/A 
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common shares, par value €0.01 per shareJBSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02.    Results of Operations and Financial Condition.

On November 9, 2026, JBS N.V. issued an earnings release announcing its results for the quarter ended September 30, 2026. A copy of the earnings release is attached hereto, furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

The information contained in Item 2.02 and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.    Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
No.
Description
99.1
Earnings release announcing JBS N.V.’s results for the quarter ended September 30, 2026.
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: November 9, 2026JBS N.V.
/s/ Guilherme Perboyre Cavalcanti
Name: Guilherme Perboyre Cavalcanti
Title: Global Chief Financial Officer and Investor Relations Officer


jbss0096000de230906logo_jba.jpg
JBS REPORTS THIRD QUARTER 2026 RESULTS
November 9, 2026 - JBS N.V. (NYSE: JBS; B3: JBSS32), announces today its 3Q26 results. The numbers reported herein are in US dollars, in accordance with International Financial Reporting Standards (IFRS), unless otherwise specified.
(in millions, except per share data)
Third QuarterNine Months Ended
2026202520262025
Net Sales$22,738 $22,597 $68,246 $63,121 
Adjusted EBITDA (IFRS)¹ ²$1,181 $1,835 $3,744 $5,116 
Adjusted EBITDA (USGAAP)¹ ³$1,001 $1,624 $3,174 $4,305 
Adjusted Operating Income (IFRS)¹ ²$521 $1,251 $1,827 $3,431 
Adjusted Operating Income (USGAAP)¹ ³$597 $1,276 $2,007 $3,309 
Net Income Attributable to JBS²$164 $581 $283 $1,609 
Earnings Per Share Attributable to JBS²$0.15 $0.52 $0.26 $1.45 
Adjusted Earnings Per Share Attributable to JBS¹ ²$0.16 $0.54 $0.48 $1.57 
Twelve Months Ended
3Q263Q25
Leverage (Net Debt / Adjusted EBITDA LTM)¹ ²3.54x2.39x
Interest Coverage (Adjusted EBITDA LTM / Net Interest Expenses LTM)¹ ²4.34x6.84x
ROE LTM ¹ ²8.2%23.7%
ROIC LTM ¹ ²11.1%16.7%
(1)Reconciliations for non-GAAP measures are provided in subsequent sections within this release.
(2)IFRS
(3)USGAAP (non-audited)


Third Quarter Highlights
•Net Sales of $22.7 billion, up 1% from prior year
•IFRS Adjusted EBITDA of $1,181 million, down 36% from prior year
•USGAAP¹ Adjusted EBITDA of $1,001 million, down 38% from prior year
•IFRS Adjusted operating income of $521 million, down 58% from prior year
•USGAAP¹ Adjusted operating income of $597 million, down 53% from prior year
•EPS of $0.15, vs. $0.52 from prior year
•Adjusted EPS of $0.16, vs. $0.54 from prior year

“In 3Q26, JBS faced a more challenging operating environment across several of its business units. The weaker operating performance resulted in an increase in leverage to 3.54x. JBS Beef North America returned to positive adjusted EBITDA under US GAAP, supported by better market conditions and continued improvements in operational integration, commercial execution and industrial efficiency.
JBS Brazil’s third-quarter performance was impacted by lower exports to China following the completion of the 2026 quota. At the beginning of the fourth quarter Chinese demand strengthened as the market began positioning for the 2027 quota. The Brazilian domestic market also enters a seasonally stronger consumption
1


period. Together, JBS Beef North America and JBS Brazil are showing more constructive market dynamics at the beginning of the fourth quarter." said Gilberto Tomazoni — Global CEO.
JBS Beef North America continued to see an improving operating environment throughout the quarter. Industry processing capacity adjustments, together with the reopening of key U.S.-Mexico cattle crossings, with heavier cattle reaching processors more quickly, and robust beef demand, supported the recovery in profitability.
Internally, the integration of fed beef, regional beef and case-ready operations under a single management structure improved coordination across procurement, production and sales. The Company continued its focus on improving yields, increasing productivity, upgrading maintenance equipment and enhancing operational reliability, while expanding the sharing of best practices across its global operations.

Combined, these factors supported a sequential improvement in margins throughout the quarter, from negative 2.9% in July to breakeven in August and positive 3.9% in September.

Pilgrim's Pride: Within the U.S., demand for chicken continued to grow across retail and foodservice channels. U.S. production peaked with a 4.7% growth in July and subsequently reduced its pace throughout the quarter.
Prepared Foods inside PPC continues to drive profitable growth as both sales and margins increased versus last year. Just Bare® remains the fastest growing brand in the frozen fully cooked category as market share in volume rose over 300 basis points year over year. In Europe, poultry and meal offerings continued to resonate with consumers seeking affordable protein options, while profitability remained pressured by challenging pork market conditions and higher input costs. In Mexico, profitability improved sequentially as live commodity fundamentals strengthened, while branded fresh and prepared offerings continued to grow.

JBS USA Pork reported lower net sales compared to the prior year, reflecting an unusually challenging market environment for the business. Domestic demand for pork softened as inflation continued to pressure the American consumer, while increased global pork supply weighed on export demand across key markets. Lower volumes and average selling prices impacted profitability during the quarter. The Company continues to expand its value-added and branded product portfolio as part of its strategy to mitigate commodity market volatility and further strengthen the resilience and consistency of what has historically been one of its most stable business units.
JBS Australia profitability was pressured during the quarter by a more challenging environment in the beef business. Export performance was impacted by the completion of quotas in key markets, including China and South Korea, as well as lower shipments to the U.S. Higher cattle and lamb costs also weighed on results, reflecting continued rainfall across key livestock-producing regions, with lamb prices reaching record levels during the quarter. While these conditions pressured profitability in the short term, improved pasture conditions are supportive of livestock availability over the longer term. Huon delivered a strong performance, supported by increased harvest and higher fish weights.
JBS Brazil reported lower net sales compared to the prior year, mainly reflecting lower export volumes, particularly to China, following the completion of the 2026 Chinese quota.
In the domestic market, higher sales reflected strong commercial execution, supported by the continued expansion of Friboi+, the Company’s retailer relationship program, and a broader value-added product portfolio.

Additionally, profitability was also impacted by higher cattle prices during the quarter.

At the beginning of the fourth quarter, Chinese demand strengthened as customers began securing volumes for the 2027 quota, supporting a recovery in export volumes and a more favorable commercial environment. This recovery coincides with the seasonally stronger period for beef consumption in Brazil, driven by year-end demand.
Seara continued to deliver strong profitability during the quarter. In the export market, fresh poultry performance was supported by higher prices and volumes, with September reaching record export volumes for the Company. Pork exports, however, remained pressured by ample global pork supply, also affecting market dynamics in Brazil.
2



In Brazil, Seara continued to strengthen its operations by expanding its value-added product portfolio, building its brand and maintaining solid commercial and operational execution. The business also gained market share and achieved its highest-ever levels of brand consideration and preference.

Free Cash Flow & Leverage

Free cash flow was negative US$167 million in 3Q26, with a US$551 million decrease year-over-year, explained by (i) a US$653 million decline in Adjusted EBITDA and (ii) higher working capital consumption in Brazil, particularly inventories. The increase mainly reflected higher grain inventories at Seara, as well as higher chicken inventories at Seara in Europe. The Company also faced higher inventories in JBS Brazil beef products to be sent to China in 4Q26 to fulfill the 2027 quota.

The average debt term reached 14.4 years, with an average cost of 5.7%, of which more than 95% of this debt is at fixed rates. Net leverage ended the quarter at 3.54x. However, the Company maintains a well-balanced debt maturity profile, with no material maturities over the next five years. In 3Q26, JBS increased its revolving credit facility from US$3.5 billion to US$4.2 billion, while reducing the all-in
cost. Considering this increase, JBS grew its total liquidity to US$8.2 billion.
3


SEGMENT RESULTS
JBS Beef North AmericaThird QuarterNine Months Ended
IFRS - US$ Million
Var %
Var %
2026202520262025
Net Sales$7,558 $7,248 4.3%$22,494 $20,475 9.9%
Cost of Sales$(7,352)$(7,078)3.9%$(22,242)$(20,228)10.0%
Gross Profit$206 $170 21.3%$253 $247 2.2%
Adjusted EBITDA$(2)$(42)-95.4%$(347)$(375)-7.5%
Margin (%)0.0%-0.6%0.6 p.p.-1.5%-1.8%0.3 p.p.
Adjusted Operating Income$(67)$(102)-34.2%$(534)$(554)-3.5%
Margin (%)-0.9%-1.4%0.5 p.p.-2.4%-2.7%0.3 p.p.
USGAAP¹ - US$ MillionThird Quarter
Var %
Nine Months Ended
Var %
2026202520262025
Net Sales$7,558 $7,248 4.3%$22,494 $20,475 9.9%
Cost of Sales$(7,516)$(7,249)3.7%$(22,726)$(20,800)9.3%
Gross Profit$42 $(1)-$(231)$(325)-28.9%
Adjusted EBITDA$21 $(46)-$(309)$(424)-27.1%
Margin (%)0.3%-0.6%0.9 p.p.-1.4%-2.1%0.7 p.p.
Adjusted Operating Income$(32)$(95)-66.5%$(459)$(566)-18.9%
Margin (%)-0.4%-1.3%0.9 p.p.-2.0%-2.8%0.8 p.p.
Pilgrim's Pride Third QuarterNine Months Ended
IFRS - US$ Million
Var %
Var %
2026202520262025
Net Sales$4,650 $4,756 -2.2%$13,802 $13,970 -1.2%
Cost of Sales$(4,025)$(3,858)4.3%$(11,944)$(11,339)5.3%
Gross Profit$625 $898 -30.5%$1,859 $2,631 -29.3%
Adjusted EBITDA$462 $770 -39.9%$1,415 $2,248 -37.0%
Margin (%)9.9%16.2%-6.3 p.p.10.3%16.1%-5.8 p.p.
Adjusted Operating Income$196 $519 -62.3%$628 $1,525 -58.8%
Margin (%)4.2%10.9%-6.7 p.p.4.6%10.9%-6.3 p.p.
USGAAP¹ - US$ MillionThird Quarter
Var %
Nine Months Ended
Var %
2026202520262025
Net Sales$4,653 $4,759 -2.2%$13,812 $13,980 -1.2%
Cost of Sales$(4,320)$(4,100)5.4%$(12,793)$(12,050)6.2%
Gross Profit$334 $659 -49.4%$1,019 $1,930 -47.2%
Adjusted EBITDA$316 $633 -50.0%$984 $1,853 -46.9%
Margin (%)6.8%13.3%-6.5 p.p.7.1%13.3%-6.2 p.p.
Adjusted Operating Income$193 $517 -62.6%$619 $1,519 -59.2%
Margin (%)4.1%10.9%-6.8 p.p.4.5%10.9%-6.4 p.p.
JBS BrazilThird QuarterNine Months Ended
IFRS - US$ Million
Var %
Var %
2026202520262025
Net Sales$4,093 $4,160 -1.6%$12,466 $10,910 14.3%
Cost of Sales$(3,582)$(3,497)2.4%$(10,814)$(9,230)17.2%
Gross Profit$511 $662 -22.8%$1,653 $1,680 -1.6%
Adjusted EBITDA$141 $307 -54.0%$578 $667 -13.3%
Margin (%)3.4%7.4%-4.0 p.p.4.6%6.1%-1.5 p.p.
Adjusted Operating Income$69 $253 -72.8%$365 $506 -27.9%
Margin (%)1.7%6.1%-4.4 p.p.2.9%4.6%-1.7 p.p.
USGAAP¹ - US$ MillionThird Quarter
Var %
Nine Months Ended
Var %
2026202520262025
Net Sales$4,093 $4,160 -1.6%$12,466 $10,910 14.3%
Cost of Sales$(3,781)$(3,689)2.5%$(11,387)$(9,744)16.9%
Gross Profit$313 $470 -33.5%$1,080 $1,166 -7.5%
Adjusted EBITDA$144 $312 -53.7%$589 $660 -10.8%
Margin (%)3.5%7.5%-4.0 p.p.4.7%6.1%-1.4 p.p.
Adjusted Operating Income$72 $258 -72.2%$378 $507 -25.5%
Margin (%)1.8%6.2%-4.4 p.p.3.0%4.6%-1.6 p.p.
(1)USGAAP (non-audited)
4


SearaThird QuarterNine Months Ended
IFRS - US$ Million
Var %
Var %
2026202520262025
Net Sales$2,511 $2,361 6.4%$7,451 $6,678 11.6%
Cost of Sales$(1,957)$(1,834)6.7%$(5,704)$(4,949)15.3%
Gross Profit$555 $527 5.2%$1,747 $1,729 1.1%
Adjusted EBITDA$331 $323 2.5%$1,080 $1,140 -5.2%
Margin (%)13.2%13.7%-0.5 p.p.14.5%17.1%-2.6 p.p.
Adjusted Operating Income$197 $217 -9.1%$698 $847 -17.6%
Margin (%)7.9%9.2%-1.3 p.p.9.4%12.7%-3.3 p.p.
USGAAP1 - US$ Million
Third Quarter
Var %
Nine Months Ended
Var %
2026202520262025
Net Sales$2,511 $2,361 6.4%$7,451 $6,678 11.6%
Cost of Sales$(2,123)$(1,941)9.4%$(6,217)$(5,248)18.5%
Gross Profit$388 $420 -7.6%$1,234 $1,430 -13.7%
Adjusted EBITDA$255 $262 -2.5%$874 $967 -9.7%
Margin (%)10.2%11.1%-0.9 p.p.11.7%14.5%-2.8 p.p.
Adjusted Operating Income$185 $214 -13.5%$681 $835 -18.5%
Margin (%)7.4%9.1%-1.7 p.p.9.1%12.5%-3.4 p.p.
JBS AustraliaThird QuarterNine Months Ended
IFRS - US$ Million
Var %
Var %
2026202520262025
Net Sales$2,494 $2,192 13.7%$7,204 $5,787 24.5%
Cost of Sales$(2,175)$(1,835)18.5%$(6,308)$(4,778)32.0%
Gross Profit$318 $357 -10.9%$896 $1,009 -11.2%
Adjusted EBITDA$198 $249 -20.6%$561 $699 -19.8%
Margin (%)7.9%11.4%-3.5 p.p.7.8%12.1%-4.3 p.p.
Adjusted Operating Income$159 $217 -26.6%$453 $608 -25.4%
Margin (%)6.4%9.9%-3.5 p.p.6.3%10.5%-4.2 p.p.
USGAAP1 - US$ Million
Third Quarter
Var %
Nine Months Ended
Var %
2026202520262025
Net Sales$2,494 $2,192 13.7%$7,204 $5,787 24.5%
Cost of Sales$(2,313)$(1,940)19.2%$(6,600)$(5,061)30.4%
Gross Profit$181 $253 -28.3%$604 $726 -16.8%
Adjusted EBITDA$155 $227 -31.9%$525 $647 -18.8%
Margin (%)6.2%10.4%-4.2 p.p.7.3%11.2%-3.9 p.p.
Adjusted Operating Income$130 $206 -36.8%$454 $586 -22.5%
Margin (%)5.2%9.4%-4.2 p.p.6.3%10.1%-3.8 p.p.
JBS USA PorkThird QuarterNine Months Ended
IFRS - US$ Million
Var %
Var %
2026202520262025
Net Sales$1,881 $2,220 -15.3%$5,992 $6,281 -4.6%
Cost of Sales$(1,717)$(1,890)-9.1%$(5,175)$(5,224)-0.9%
Gross Profit$163 $330 -50.5%$817 $1,057 -22.7%
Adjusted EBITDA$37 $218 -83.0%$428 $719 -40.5%
Margin (%)2.0%9.8%-7.8 p.p.7.1%11.4%-4.3 p.p.
Adjusted Operating Income$(36)$148 -$221 $512 -56.9%
Margin (%)-1.9%6.7%-8.6 p.p.3.7%8.2%-4.5 p.p.
USGAAP1 - US$ Million
Third Quarter
Var %
Nine Months Ended
Var %
2026202520262025
Net Sales$1,881 $2,220 -15.3%$5,992 $6,281 -4.6%
Cost of Sales$(1,776)$(1,986)-10.5%$(5,476)$(5,673)-3.5%
Gross Profit$104 $234 -55.5%$516 $608 -15.1%
Adjusted EBITDA$97 $228 -57.3%$485 $584 -16.9%
Margin (%)5.2%10.2%-5.0 p.p.8.1%9.3%-1.2 p.p.
Adjusted Operating Income$47 $179 -73.9%$339 $443 -23.5%
Margin (%)2.5%8.0%-5.5 p.p.5.7%7.0%-1.3 p.p.
(1)USGAAP (non-audited)
5


CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
Third QuarterNine Months Ended
2026202520262025
Net Sales$22,737.8 $22,597.0 $68,246.0 $63,121.2 
Cost of Sales(20,324.1)(19,624.5)(60,919.8)(54,691.6)
Gross Profit2,413.7 2,972.4 7,326.2 8,429.5 
Selling expenses(1,458.0)(1,256.0)(4,171.5)(3,650.7)
General and administrative expenses(455.7)(513.7)(1,599.4)(1,592.4)
Other income(expenses)16.3 16.3 42.7 20.6 
Net Operating Expenses(1,897.4)(1,753.4)(5,728.2)(5,222.5)
Operating Profit516.4 1,219.0 1,598.0 3,207.0 
Finance Income163.9 202.9 471.7 508.0 
Finance Expense(472.7)(611.1)(1,790.3)(1,484.1)
Net Finance Expense(308.8)(408.1)(1,318.6)(976.1)
Share of profit of equity-accounted investees, net of tax(11.5)4.5 3.3 15.0 
Profit Before Taxes196.1 815.3 282.7 2,245.9 
Current Income Taxes(27.1)(185.9)(79.0)(576.4)
Deferred Income Taxes19.9 14.7 130.5 125.2 
Total Income Taxes(7.3)(171.2)51.5 (451.2)
Effective Rate(3.7%)(21.0%)18.2%(20.1%)
Net Income (Loss)188.9 644.1 334.3 1,794.8 
Attributable to:
Company shareholders164.4 580.9 282.9 1,609.2 
Non-controlling interest24.4 63.2 51.4 185.6 
Earnings per Share (US$)$0.15 $0.52 $0.26 $1.45 
IFRS - US$ MillionThird QuarterVar %Nine Months EndedVar %
2026202520262025
Adjusted EBITDA$1,181.2 $1,834.6 -35.6%$3,743.9 $5,115.9 -26.8%
Margin (%)5.2%8.1%-2.9 p.p.5.5%8.1%-2.6 p.p.
Adjusted Operating Income$520.8 $1,250.6 -58.4%$1,826.9 $3,431.1 -46.8%
Margin (%)2.3%5.5%-3.2 p.p.2.7%5.4%-2.7 p.p.
USGAAP1 - US$ Million
Third QuarterVar %Nine Months EndedVar %
2026202520262025
Adjusted EBITDA$1,001.2 $1,623.8 -38.3%$3,174.1 $4,304.5 -26.3%
Margin (%)4.4%7.2%-2.8 p.p.4.7%6.8%-2.1 p.p.
Adjusted Operating Income$596.9 $1,276.3 -53.2%$2,006.7 $3,309.2 -39.4%
Margin (%)2.6%5.6%-3.0 p.p.2.9%5.2%-2.3 p.p.
(1)USGAAP (non-audited)
6


CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions)
(Unaudited)
September 30, 2026December 31, 2025
Assets
Current Assets:
Cash and cash equivalents$4,148.8 $4,565.1 
Margin Cash102.7 159.6 
Trade accounts receivable3,273.5 4,231.9 
Inventories7,447.2 6,107.2 
Biological assets1,728.7 1,826.8 
Recoverable taxes1,294.2 957.2 
Derivative assets89.1 155.6 
Dividends receivable- 1.5 
Other current assets565.9 433.4 
Total Current Assets18,650.1 18,438.2 
Non Current Assets:
Long-term Investments52.0 45.8 
Recoverable taxes2,160.1 1,874.6 
Biological assets670.4 611.8 
Related party receivables38.1 41.2 
Deferred income taxes699.4 547.0 
Other non-current assets538.2 488.8 
4,158.2 3,609.2 
Investments in equity-accounted investees213.7 171.6 
Property, plant and equipment14,613.8 13,645.7 
Right of use assets1,695.0 1,613.6 
Intangible assets1,754.7 1,825.6 
Goodwill5,992.7 5,852.6 
Total Non Current Assets28,428.0 26,718.3 
Total Assets$47,078.1 $45,156.5 
7


September 30, 2026December 31, 2025
Liabilities and Equity
Current Liabilities:
Trade accounts payable$5,984.4 $6,198.1 
Supply chain finance1,193.0 1,134.5 
Loans and financing1,421.4 833.1 
Income taxes187.0 288.0 
Other taxes payable170.2 153.0 
Payroll and social charges1,568.1 1,560.2 
Lease liabilities378.4 354.9 
Dividends payable0.0 - 
Provisions for legal proceedings218.7 159.2 
Derivative liabilities148.3 156.4 
Other current liabilities666.6 704.5 
Total Current Liabilities11,936.0 11,541.8 
Non Current Liabilities:
Loans and financings22,187.0 20,257.5 
Income and other taxes payable419.4 407.7 
Payroll and social charges228.7 288.1 
Lease liabilities1,480.7 1,412.4 
Deferred income taxes1,201.4 1,169.3 
Provisions for legal proceedings216.4 209.4 
Related party payable123.6 191.0 
Derivative liabilities55.2 114.4 
Other non-current liabilities52.8 42.2 
Total Non Current Liabilities25,965.1 24,091.9 
Equity:
Share capital - common shares41.6 35.1 
Reserves7,760.9 6,644.3 
Other comprehensive income (loss)245.6 (61.6)
Undistributed results282.9 2,085.8 
Attributable to company shareholders8,331.0 8,703.6 
Attributable to non-controlling interest846.0 819.2 
Total Equity9,177.0 9,522.8 
Total Liabilities and Equity$47,078.1 $45,156.5 
8


CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Third QuarterNine Months Ended
2026202520262025
Net income$188.9$644.1334.31,794.8
Adjustments for:
Depreciation and amortization660.4584.01,917.01,684.9
Expected credit losses5.79.610.622.9
Share of profit of equity-accounted investees11.4(4.5)(3.3)(15.0)
(Gain) loss on assets sales1.6(6.4)(11.6)(15.3)
Tax expense7.3171.2(51.5)451.2
Net finance expense308.8408.11,318.6976.1
Share-based compensation13.35.739.119.8
Provisions for legal proceedings24.044.995.960.4
Impairment of goodwill and property, plant and equipment—-22.712.8
Net realizable value inventory adjustments(18.6)(0.2)13.420.2
Fair value adjustment of biological assets60.219.4131.7(67.1)
Avian Influenza-7.5-13.1
DOJ (Department of Justice) and antitrust agreements0.510.1157.8143.7
1,263.51,893.63,974.55,102.5
Changes in assets and liabilities:
Trade accounts receivable294.8(178.8)978.3(18.8)
Inventories(425.8)(248.0)(1,250.4)(1,203.3)
Recoverable taxes(83.3)(50.6)(102.7)43.2
Other current and non-current assets47.1(194.7)(41.2)(556.9)
Biological assets(178.8)(174.7)(594.5)(572.7)
Trade accounts payable and supply chain finance100.7485.2(337.0)(90.2)
Taxes paid in installments(5.9)(2.6)(28.9)(54.5)
Other current and non-current liabilities(33.5)(27.8)(327.7)151.6
DOJ and Antitrust agreements payment(2.3)(77.9)(101.0)(339.1)
Income taxes paid(151.8)(101.3)(552.1)(652.2)
Changes in operating assets and liabilities(438.7)(571.2)(2,357.2)(3,292.8)
Cash provided by operating activities824.81,322.41,617.31,809.7
Interest paid(359.6)(343.2)(1,170.4)(948.2)
Interest received43.361.2123.2134.9
Cash net of interest provided by (used in) operating activities508.51,040.4570.1996.4
Cash flow from investing activities:
Purchases of property, plant and equipment(560.3)(546.9)(1,739.2)(1,261.0)
Purchase and disposals of intangible assets(1.4)(2.2)(8.6)(4.7)
Proceeds from sale of property, plant and equipment8.421.356.556.9
Additions (disposals) to investments in joint ventures(29.7)(21.2)(3.3)(186.5)
Dividends received24.42.124.66.2
Related party transactions(4.7)(27.6)(21.5)(22.9)
Acquisition of investments funds-(45.8)-(45.8)
Cash provided by (used in) investing activities(563.3)(620.3)(1,691.4)(1,457.8)
Cash flow from financing activities:
Proceeds from loans and financings1,434.64,961.15,300.19,455.3
Payments of loans and financings(517.0)(3,788.8)(3,217.7)(8,465.1)
Derivative instruments received (settled)(37.6)(38.8)(44.1)(91.6)
Dividends paid--(1,070.9)(1,573.9)
Dividends paid to non-controlling interest(3.1)(89.3)(6.0)(355.7)
Margin Cash27.152.9(8.3)8.5
Payments of leasing contracts(115.6)(110.0)(336.4)(325.0)
Acquisition of non-controlling interests in the subsidiary PPC-(1.3)-(1.3)
Acquisition of non-controlling interests in Andrew Meats(50.1)-(50.1)-
Share Buyback-(362.5)1.2(362.5)
Others-(22.6)(2.8)(22.6)
Cash provided by (used in) financing activities738.3600.8565.1(1,733.9)
Effect of exchange rate changes on cash and cash equivalents(3.8)19.4139.9140.0
Net change in cash and cash equivalents679.71,040.3(416.4)(2,055.5)
Cash and cash equivalents at the beginning of period3,469.12,517.94,565.15,613.7
Cash and cash equivalents at the end of period$4,148.8$3,558.2$4,148.8$3,558.2
9


Adjusted EBITDA IFRS to USGAAP Reconciliations
(In millions)
(Unaudited)
Adjusted EBITDA
3Q26
JBS Beef North AmericaPPCJBS BrazilSearaJBS USA PorkAustraliaAll Other
Segments
Total
Adjusted EBITDA IFRS$(1.9)$462.4 $141.2 $330.6 $37.0 $197.7 $14.2 $1,181.2 
Leasing adjustments(14.5)(22.7)(3.7)(12.5)(26.3)(14.3)(0.5)(94.5)
Inventory adjustments
at market value
38.0 - - - (9.2)- - 28.8 
Biological assets adjustments- (125.1)6.7 (63.1)95.6 (28.6)- (114.6)
Other adjustments(0.1)1.7 - - - - (1.3)0.3 
Adjusted EBITDA USGAAP¹$21.4 $316.3 $144.2 $255.0 $97.0 $154.7 $12.5 $1,001.2 
Adjusted EBITDA
3Q25
JBS Beef North AmericaPPCJBS BrazilSearaJBS USA PorkAustraliaAll Other
Segments
Total
Adjusted EBITDA IFRS$(41.7)$769.7 $307.2 $322.7 $218.2 $248.9 $9.5 $1,834.6 
Leasing adjustments(13.8)(20.7)(2.6)(14.5)(24.0)(12.9)(0.6)(89.1)
Inventory adjustments
at market value
9.2 - - - 1.9 - - 11.1 
Biological assets adjustments- (116.3)6.9 (46.7)31.4 (8.8)- (133.5)
Other adjustments0.1 0.3 - - - - 0.2 0.7 
Adjusted EBITDA USGAAP¹$(46.2)$633.1 $311.5 $261.5 $227.5 $227.1 $9.2 $1,623.8 
Adjusted EBITDA
9M26
JBS Beef North AmericaPPCJBS BrazilSearaJBS USA PorkAustraliaAll Other
Segments
Total
Adjusted EBITDA IFRS$(346.9)$1,415.0 $578.1 $1,080.3 $427.8 $561.2 $28.4 $3,743.9 
Leasing adjustments(43.9)(65.0)(10.9)(34.8)(70.5)(42.5)(1.5)(269.1)
Inventory adjustments
at market value
82.5 - - - (19.8)- - 62.8 
Biological assets adjustments- (368.3)21.6 (171.6)147.6 6.5 - (364.3)
Other adjustments(0.5)2.8 - - - - (1.6)0.7 
Adjusted EBITDA USGAAP¹$(308.7)$984.4 $588.8 $873.9 $485.2 $525.1 $25.3 $3,174.1 
Adjusted EBITDA
9M25
JBS Beef North AmericaPPCJBS BrazilSearaJBS USA PorkAustraliaAll Other
Segments
Total
Adjusted EBITDA IFRS$(375.1)$2,247.7 $666.9 $1,140.1 $719.1 $699.4 $17.8 $5,115.9 
Leasing adjustments(43.0)(60.2)(10.5)(43.9)(75.7)(38.1)(1.9)(273.5)
Inventory adjustments
at market value
(5.4)- - - (21.9)- - (27.4)
Biological assets adjustments- (335.2)3.8 (128.8)(37.6)(14.8)- (512.5)
Other adjustments0.1 0.9 - - - - 1.0 2.0 
Adjusted EBITDA USGAAP¹$(423.5)$1,853.2 $660.1 $967.5 $583.8 $646.5 $16.9 $4,304.5 
(1)USGAAP (non-audited)
10


Adjusted Operating Income IFRS to USGAAP Reconciliations
(In millions)
(Unaudited)
Adjusted Operating Income (Loss)
 3Q26
JBS Beef North AmericaPPCJBS BrazilSearaJBS USA PorkAustraliaAll Other
Segments
Total
Adjusted Operating Income IFRS$(67.3)$195.6 $68.7 $197.4 $(36.1)$159.3 $3.2 $520.8 
Leasing adjustments(2.6)(3.8)(3.7)(12.5)(3.7)(0.6)(0.0)(26.9)
Inventory adjustments
at market value
38.0 - - - (9.2)- - 28.8 
Biological assets adjustments- - 6.7 - 95.6 (28.6)- 73.7 
Other adjustments0.1 1.3 - - - - (0.9)0.6 
Adjusted Operating Income USGAAP¹$(31.8)$193.1 $71.8 $184.9 $46.6 $130.1 $2.3 $596.9 
Adjusted Operating Income (Loss)
 3Q25
JBS Beef North AmericaPPCJBS BrazilSearaJBS USA PorkAustraliaAll Other
Segments
Total
Adjusted Operating Income IFRS$(102.4)$518.9 $253.1 $217.1 $148.3 $216.9 $(1.3)$1,250.6 
Leasing adjustments(2.3)(3.1)(1.9)(3.3)(3.0)(2.2)(0.0)(15.8)
Inventory adjustments
at market value
9.2 - - - 1.9 - - 11.1 
Biological assets adjustments- - 6.9 - 31.4 (8.8)- 29.5 
Other adjustments0.4 0.8 - - - - (0.2)1.0 
Adjusted Operating Income USGAAP¹$(95.1)$516.7 $258.1 $213.8 $178.7 $205.8 $(1.6)$1,276.3 
Adjusted Operating Income (Loss)
 9M26
JBS Beef North AmericaPPCJBS BrazilSearaJBS USA PorkAustraliaAll Other
Segments
Total
Adjusted Operating Income IFRS$(534.2)$628.1 $365.3 $697.5 $220.7 $453.5 $(3.9)$1,826.9 
Leasing adjustments(7.7)(10.3)(9.9)(16.8)(9.9)(6.1)(0.1)(60.8)
Inventory adjustments
at market value
82.5 - - - (19.8)- - 62.8 
Biological assets adjustments- - 22.3 - 147.6 6.5 - 176.3 
Other adjustments0.3 1.6 - - - - (0.4)1.6 
Adjusted Operating Income USGAAP¹$(459.0)$619.4 $377.7 $680.7 $338.5 $453.9 $(4.4)$2,006.7 
Adjusted Operating Income (Loss)
 9M25
JBS Beef North AmericaPPCJBS BrazilSearaJBS USA PorkAustraliaAll Other
Segments
Total
Adjusted Operating Income IFRS$(553.6)$1,525.4 $506.4 $846.9 $512.1 $607.5 $(13.7)$3,431.1 
Leasing adjustments(7.7)(8.9)(2.9)(12.0)(10.1)(7.0)(0.1)(48.7)
Inventory adjustments
at market value
(5.4)- - - (21.9)- - (27.4)
Biological assets adjustments- - 3.8 - (37.6)(14.8)- (48.6)
Other adjustments0.9 2.3 - - - - (0.4)2.8 
Adjusted Operating Income USGAAP¹$(565.8)$1,518.8 $507.3 $834.9 $442.5 $585.7 $(14.2)$3,309.2 
(1)USGAAP (non-audited)
11


EBITDA to Adjusted EBITDA and Free Cash Flow Reconciliation
(In millions)
Third QuarterNine Months EndedTwelve Months Ended
20262025202620253Q263Q25
Profit before Taxes$196.1 $815.3 $282.7 $2,245.9 $657.1 $2,855.2 
Share of profit of equity-accounted investees, net of tax11.5 (4.5)(3.3)(15.0)(5.2)(18.2)
Net finance expense308.8 408.1 1,318.6 976.1 1,898.7 1,336.4 
(+) Depreciation and amortization660.4 584.0 1,917.0 1,684.9 2,540.6 2,240.8 
EBITDA$1,176.7 $1,803.1 $3,514.9 $4,891.9 $5,091.2 $6,414.2 
Adjustments to EBITDA:
Other operating income (expense), net$1.7 $1.6 $14.4 $17.0 $38.5 $32.0 
Tax Assessment Notice- 9.5 - 9.5 33.7 9.5 
Restructuring- 2.2 20.1 23.8 29.8 36.3 
Impairment of assets- - - 12.8 8.4 12.8 
Antitrust agreements0.5 10.1 157.8 143.7 196.4 316.5 
Donations and Social Programs0.1 0.6 0.6 1.7 0.7 6.0 
Fiscal payments and installments2.2 - 11.8 2.4 11.8 2.4 
Extemporaneous litigation- - - - 20.7 61.0 
Reversal of tax credits- - - - - 58.7 
Avian influenza- 7.5 - 13.1 4.0 13.1 
Closure of Plants- - 24.1 - 24.1 - 
Total Adjusted EBITDA$1,181.2 $1,834.6 $3,743.9 $5,115.9 $5,459.3 $6,962.5 
(-) Depreciation and amortization660.4 584.0 1,917.0 1,684.9 2,540.6 2,240.8 
Adjusted Operating Income (IFRS)$520.8 $1,250.6 $1,826.9 $3,431.1 $2,918.7 $4,721.7 
Total Gross Debt23,608.4 20,768.6 23,608.4 20,768.6 23,608.4 20,768.6 
(-) Cash and cash equivalents4,148.8 3,558.2 4,148.8 3,558.2 4,148.8 3,558.2 
(-) Cash Margin102.7 553.8 102.7 553.8 102.7 553.8 
(-) Financial Investments52.0 45.8 52.0 45.8 52.0 45.8 
Total Net Debt$19,304.9 $16,610.8 $19,304.9 $16,610.8 $19,304.9 $16,610.8 
Ratio Calculations:
Gross Debt/Adjusted EBITDA4.32x2.98x
Net Debt/Adjusted EBITDA3.54x2.39x
Third QuarterNine Months EndedTwelve Months Ended
20262025202620253Q263Q25
Cash provided by operating activities$824.8$1,322.4$1,617.3 $1,809.7 $3,853.5$3,619.3
Interest paid and received(316.3)(282.1)(1,047.2)(813.3)(1,347.8)(1,083.1)
Purchases of property, plant and equipment(560.3)(546.9)(1,739.2)(1,261.0)(2,577.5)(1,790.8)
Payments of leasing contracts(115.6)(110.0)(336.4)(325.0)(443.9)(428.7)
Free Cash Flow $(167.4)$383.5$(1,505.5)$(589.7)$(515.7)$316.7
12


Net Debt Bridge and Debt Amortization Schedule
(In millions)
(Unaudited)
bridgedadividaa.jpg
cronogramadadvidaa.jpg
13


Adjusted Net Income Reconciliation
(In millions)
(Unaudited)
Third QuarterNine Months Ended
2026202520262025
Net Income (Loss)$188.9 $644.1 $334.3 $1,794.8 
Non-controlling interest(24.4)(63.2)(51.4)(185.6)
Net income (Loss) Attributable to JBS$164.4 $580.9 $282.9 $1,609.2 
Adjustments to Net Income:
Other operating income / expense$1.7 $1.6 $14.4 $17.0 
Restructuring- 2.2 20.1 23.8 
Antitrust agreements0.5 10.1 157.8 143.7 
Donations and Social Programs0.1 0.6 0.6 1.7 
Avian influenza- 7.5 - 13.1 
Fiscal payments and installments2.2 - 11.8 2.4 
Closure of Plants- - 24.1 - 
Final calculation of the bargain purchase price gain- - 80.5 - 
Bond and CRA premiums- - - - 
Costs Related to the War- - 39.8 - 
Taxes(1.5)(7.5)(118.8)(68.6)
Adjusted Net income Attributable to JBS$167.4 $595.4 $513.5 $1,742.4 
Adjusted Earnings Per Share Attributable to JBS$0.16 $0.54 $0.48 $1.57 
ROE, ROIC and Interest Coverage Reconciliation
(In millions)
(Unaudited)
Last twelve months
ended September 30,
20262025
Net Income LTM (A)$769.3 $2,253.1 
Average Shareholder Equity (B)$9,343.1 $9,494.8 
Current Shareholder Equity
$9,177.0 $9,509.2 
Previous Year Shareholder Equity
$9,509.2 $9,480.4 
ROE (A/B)8.2%23.7%
Last twelve months
ended September 30,
20262025
NOPAT (A)$3,030.9 $4,119.7 
Adjusted Operating Income (IFRS)
$2,918.7 $4,721.7 
Taxes
$112.2 $-602.1 
Average Net Debt (B)$17,957.8 $15,165.6 
Current Net Debt
$19,304.9 $16,610.8 
Previous Year Net Debt
$16,610.8 $13,720.5 
Average Shareholder Equity (C)$9,343.1 $9,494.8 
Current Shareholder Equity
$9,177.0 $9,509.2 
Previous Year Shareholder Equity
$9,509.2 $9,480.4 
Invested Capital (B+C)$27,300.9 $24,660.4 
ROIC [A/(B+C)]11.1%16.7%
Last twelve months
ended September 30,
20262025
Total Adjusted EBITDA$5,459.3 $6,962.5 
Net Financial Expense$1,256.6 $1,018.6 
Interest Coverage4.34x6.84x
14


Conference Call Information and Other Selected Data
JBS will host a conference call to discuss its financial results on Tuesday, November 10, 2026, at 9:00 a.m. Eastern Time. The live webcast will be available on the JBS Investor Relations website at https://ir.jbsglobal.com/, where a replay of the webcast, the accompanying presentation, the earnings release, financial statements, and other supplemental information will also be available following the event. The webcast can also be accessed directly by clicking here. To add the event to your calendar, click here.
This press release is being made in respect of JBS N.V. and its subsidiaries (collectively, the “JBS Group”).
Forward-Looking Statements
We make statements about future events that are subject to risks and uncertainties. Such statements are based on the beliefs and assumptions of our Management and information to which the Company currently has access. Statements about future events include information about our current intentions, beliefs or expectations, as well as those of the members of the Company's Board of Directors and Officers.
Forward-looking statements may include information on possible or presumed operating results, as well as statements that are preceded, followed or that include the words "believe," "may," "will," "continue," "expects," "predicts," "intends," "plans," "estimates," or similar expressions.
Forward-looking statements and information are not guarantees of performance. They involve risks, uncertainties and assumptions because they refer to future events, depending, therefore, on circumstances that may or may not occur. Future results and shareholder value creation may differ materially from those expressed or implied by the forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.
IFRS and Non-GAAP Financial Measures
This release is prepared under IFRS and also includes certain non-GAAP financial measures. These measures are not calculated in accordance with any generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) and should not be viewed as substitutes for IFRS metrics such as net income, operating cash flow, or other measures of operating performance or liquidity.
We present non-GAAP financial measures to provide additional information that we believe is useful and meaningful to investors. However, such measures do not have standardized definitions and may therefore not be comparable to similarly titled measures presented by other companies. Non-GAAP financial measures should always be considered together with, and not as alternatives to, the financial results reported in accordance with IFRS as issued by the International Accounting Standards Board.
Additionally, all the numbers are unaudited in the condensed consolidated interim financial information, the consolidated US GAAP figure includes non-audited accounting GAAP adjustments in Seara and JBS Brazil, in addition to the Business Units that already report under US GAAP.
Investor Contact: ir@jbsglobal.com
Guilherme Cavalcanti (Global CFO)
Christiane Assis (IRO)
Pedro Bueno
Felipe Brindo
Vítor Figueira
Amanda Harumi
15

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