BNDES/BNDESPAR Disclose 201.7M JBS Class A Shares, Limited Voting Influence

Rhea-AI Filing Summary

BNDES Participacoes S.A. (BNDESPAR) and Banco Nacional de Desenvolvimento Economico e Social (BNDES) disclosed shared beneficial ownership of 201,676,700 Class A common shares of JBS N.V., equal to 24.77% of the outstanding Class A shares (based on 814,216,001 Class A shares outstanding as of July 2, 2025). The filing states the reported shares are directly owned by BNDESPAR, a wholly owned subsidiary of BNDES, and that voting and disposition decisions are made by BNDESPAR’s Board of Executive Officers. The reporting persons hold 0 sole voting or dispositive power and 201,676,700 shared voting and dispositive power. Because JBS has dual-class shares, the reported position represents 5.36% of total outstanding voting power when Class B shares (ten votes each) are included.

Positive

• Transparent disclosure of a material economic position: 201,676,700 Class A shares (24.77% of Class A)
• Clear ownership structure showing shares are directly owned by BNDESPAR, a wholly-owned subsidiary of BNDES

Negative

• Limited voting influence: the stake represents only 5.36% of total voting power due to JBS's dual-class share structure
• No sole voting or dispositive power reported, indicating decisions are taken jointly and control is diluted

Insights

Financial Analyst

BNDESPAR/BNDES report a large economic stake in JBS but limited voting power relative to economic ownership.

The filing shows a substantial 24.77% economic position in Class A shares, which is material to equity ownership metrics. However, the dual-class structure of JBS reduces the reporting persons' influence to 5.36% of total voting power, limiting their ability to unilaterally influence corporate governance or strategic direction. Ownership is held via a wholly owned subsidiary (BNDESPAR) with shared voting/dispositive authority recorded, and decisions are made collectively by its Board of Executive Officers.

Corporate Governance Expert

Significant economic stake disclosed; governance influence constrained by dual-class voting structure and shared voting arrangements.

The statement clarifies that voting and disposition are exercised jointly (no sole power), and that BNDESPAR’s executive board—composed of officers also serving at BNDES—makes decisions by majority. For governance assessment, the shared voting power and the low percentage of total voting power (5.36%) are key: they indicate limited practical control despite a large Class A holding, and signal that any governance engagement would require coordination with other holders.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

JBS N.V.

(Name of Issuer)

Class A Common Shares, Euro 0.01 par value per share

(Title of Class of Securities)

N4732M103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. N4732M103

1

Names of Reporting Persons

BNDES Participacoes S.A.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRAZIL

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 201,676,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 201,676,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

201,676,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

24.77 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Percentage of the class beneficially owned is calculated based on 814,216,001 Class A Common Shares of the Issuer outstanding as of July 2, 2025.

SCHEDULE 13G

CUSIP No. N4732M103

1

Names of Reporting Persons

Banco Nacional de Desenvolvimento Economico e Social

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRAZIL

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 201,676,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 201,676,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

201,676,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

24.77 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: These shares are directly beneficially owned by BNDESPAR, which is a wholly-owned subsidiary of BNDES. BNDESPAR's Board of Executive Officers is responsible for making decisions related to voting or disposing of the reported shares. The Board of Executive Officers of BNDESPAR is comprised of 10 members, all of which are also officers of BNDES. Decisions of the Board of Executive Officers of BNDESPAR are taken at meetings by a majority of the members present. The officers of BNDES are appointed by the Board of Directors of BNDES. Percentage of the class beneficially owned is calculated based on 814,216,001 Class A Common Shares of the Issuer outstanding as of July 2, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: JBS N.V.
(b)	Address of issuer's principal executive offices: Stroombaan 16, 5th Floor, Amstelveen, Netherlands, 1181 VX
Item 2.
(a)	Name of person filing: (i) BNDES Participacoes S.A. - BNDESPAR (ii) Banco Nacional de Desenvolvimento Economico e Social - BNDES (collectively, the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: Av. Republica do Chile, 100 - Centro, Rio de Janeiro, R.J., Brazil
(c)	Citizenship: Federative Republic of Brazil
(d)	Title of class of securities: Class A Common Shares, Euro 0.01 par value per share
(e)	CUSIP No.: N4732M103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 201,676,700 These shares are directly beneficially owned by BNDESPAR, which is a wholly-owned subsidiary of BNDES. BNDESPAR's Board of Executive Officers is responsible for making decisions related to voting or disposing of the reported shares. The Board of Executive Officers of BNDESPAR is comprised of 10 members, all of which are also officers of BNDES. Decisions of the Board of Executive Officers of BNDESPAR are taken at meetings by a majority of the members present. The officers of BNDES are appointed by the Board of Directors of BNDES.
(b)	Percent of class: 24.77% Percentage of class beneficially owned by the Reporting Persons is calculated based on 814,216,001 Class A Common Shares of the Issuer outstanding as of July 2, 2025. The shares beneficially owned by the Reporting Persons represent 5.36% of the total outstanding voting power in the Issuer. The percentage of voting power is calculated by dividing the voting power beneficially owned by the Reporting Persons by the voting power held by all holders of the Issuer's outstanding Class A Common Shares (814,216,001), who are entitled to one vote per share, combined with the voting power held by all holders of the Issuer's outstanding Class B Common Shares (294,842,184), who are entitled to ten votes per share.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 201,676,700
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 201,676,700
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BNDES Participacoes S.A.

Signature:	/s/ MARCELO MARCOLINO
Name/Title:	Marcelo Marcolino, Attorney-in-fact
Date:	08/14/2025

Signature:	/s/ MARCIO BERNARDO SPATA
Name/Title:	Marcio Bernardo Spata, Attorney-in-fact
Date:	08/14/2025

Banco Nacional de Desenvolvimento Economico e Social

Signature:	/s/ MARCELO MARCOLINO
Name/Title:	Marcelo Marcolino, Attorney-in-fact
Date:	08/14/2025

Signature:	/s/ MARCIO BERNARDO SPATA
Name/Title:	Marcio Bernardo Spata, Attorney-in-fact
Date:	08/14/2025

FAQ

How many JBS (JBS) Class A shares do BNDESPAR and BNDES report owning?

They report beneficial ownership of 201,676,700 Class A common shares of JBS.

What percent of JBS Class A shares does 201,676,700 represent?

The position represents 24.77% of the outstanding Class A shares (based on 814,216,001 Class A shares outstanding as of July 2, 2025).

How much voting power do BNDESPAR and BNDES hold in JBS after accounting for dual-class shares?

Their holdings represent 5.36% of JBS's total outstanding voting power when Class B shares (ten votes each) are included.

Do BNDESPAR or BNDES have sole voting or dispositive power over the reported shares?

No. The filing reports 0 shares with sole voting or dispositive power and 201,676,700 shares with shared voting and dispositive power.

Who makes voting and disposition decisions for the reported shares?

Decisions are made by the Board of Executive Officers of BNDESPAR, comprised of 10 members who are also officers of BNDES, acting by majority vote.