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  JBS N.V.
  Unaudited condensed consolidated interim financial information
  as of and for three and nine-month period ended September 30, 2025
  In thousands of United States dollar - US$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Index   Page
Statements of financial position - Assets   1
Statements of financial position - Liabilities and Equity   2
Statements of income for the nine-month period ended September 30, 2025 and 2024   3
Statements of income for the three-month period ended September 30, 2025 and 2024   4
Statements of comprehensive income for the nine-month period ended September 30, 2025 and 2024   5
Statement of comprehensive income for the three-month period September 30, 2025 and 2024   6
Statements of changes in equity for the nine-month period ended September 30, 2025 and 2024   7
Statements of cash flows for the nine-month period ended September 30, 2025 and 2024   8
Note 1 - Background information   9
Note 2 - Basis of preparation   11
Note 3 - Cash and cash equivalents and margin cash   13
Note 4 - Trade accounts receivable   13
Note 5 - Inventories   14
Note 6 - Biological assets   14
Note 7 - Recoverable taxes   14
Note 8 - Related parties transactions   15
Note 9 - Income taxes   16
Note 10 - Investments in subsidiaries, associates and joint venture   19
Note 11 - Property, plant and equipment   19
Note 12 - Leases   20
Note 13 - Intangible assets   22
Note 14 - Goodwill   22
Note 15 - Trade accounts payable   23
Note 16 - Loans and financing   24
Note 17 - Income and other taxes payable   25
Note 18 - Payroll and social charges   26
Note 19 - Provisions for legal proceedings   26
Note 20 - Equity   28
Note 21 - Net revenue   30
Note 22 - Net finance income (expense)   30
Note 23 - Earnings (losses) per share   31
Note 24 - Operating segments   31
Note 25 - Expenses by nature   34
Note 26 - Risk management and financial instruments   37

 

 

i

 

 

Unaudited condensed consolidated interim statements of financial position

In thousands of United States dollar - US$

 

   Note  September 30,
2025		   December 31,
2024		 
ASSETS           
CURRENT ASSETS           
Cash and cash equivalents  3   3,558,215    5,613,672 
Margin cash  3   553,846    136,554 
Trade accounts receivable  4   3,847,840    3,735,540 
Inventories  5   6,568,664    5,015,989 
Biological assets  6   1,820,815    1,608,223 
Recoverable taxes  7   670,077    637,728 
Derivative assets  26   262,706    84,468 
Other current assets      389,522    288,842 
TOTAL CURRENT ASSETS      17,671,685    17,121,016 
              
NON-CURRENT ASSETS             
Long-term investments  3   45,831    
—
 
Recoverable taxes  7   1,914,060    1,412,455 
Biological assets  6   602,189    518,234 
Related party receivables  8   
—
    77,355 
Deferred income taxes  9   511,482    651,178 
Other non-current assets      558,552    268,737 
       3,632,114    2,927,959 
              
Investments in equity-accounted investees  10   226,539    38,312 
Property, plant and equipment  11   13,263,866    11,780,880 
Right of use assets  12.1   1,644,803    1,596,873 
Intangible assets  13   1,848,912    1,803,199 
Goodwill  14   5,898,192    5,417,134 
TOTAL NON-CURRENT ASSETS      26,514,426    23,564,357 
              
TOTAL ASSETS      44,186,111    40,685,373 

 

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

 

 

1

 

 

Unaudited condensed consolidated interim statements of financial position

In thousands of United States dollar - US$

 

   Note  September 30,
2025		   December 31,
2024		 
LIABILITIES AND EQUITY           
CURRENT LIABILITIES           
Trade accounts payable  15   5,447,368    5,465,513 
Supply chain finance  15   1,141,182    728,710 
Loans and financing  16   999,408    2,084,225 
Income taxes  17   242,634    233,027 
Other taxes payable  17   123,683    113,734 
Payroll and social charges  18   1,489,505    1,435,751 
Lease liabilities  12.2   356,358    335,681 
Dividends payable      165    358,621 
Provisions for legal proceedings  19   100,940    280,804 
Derivative liabilities  26   454,986    165,979 
Other current liabilities      677,127    455,020 
TOTAL CURRENT LIABILITIES      11,033,356    11,657,065 
              
NON-CURRENT LIABILITIES             
Loans and financings  16   19,769,235    17,242,571 
Income and other taxes payable  17   415,957    406,655 
Payroll and social charges  18   276,091    352,718 
Lease liabilities  12.2   1,441,340    1,398,348 
Deferred income taxes  9   1,073,116    1,095,291 
Provisions for legal proceedings  19   224,723    216,659 
Debt with related parties  8   212,989    
—
 
Derivative liabilities  26   116,682    100,087 
Other non-current liabilities      113,465    81,615 
TOTAL NON-CURRENT LIABILITIES      23,643,598    20,893,944 
              
EQUITY  20          
Share capital - common shares      35,114    13,177,841 
Capital reserve      7,299,425    (180,586)
Other reserves      
—
    (37,470)
Profit reserves      (360,887)   4,211,944 
Accumulated other comprehensive loss      73,048    (10,077,264)
Retained earnings      1,670,631    
—
 
Attributable to company shareholders      8,717,331    7,094,465 
Attributable to non-controlling interest      791,826    1,039,899 
TOTAL EQUITY      9,509,157    8,134,364 
TOTAL LIABILITIES AND EQUITY      44,186,111    40,685,373 

 

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

 

 

2

 

 

Unaudited condensed consolidated interim statements of income for the nine-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$ (except for earnings per share)

 

      Nine-month period ended
September 30,		 
   Note  2025   2024 
            
NET REVENUE  21   63,121,151    57,208,885 
Cost of sales  25   (54,691,633)   (48,597,318)
GROSS PROFIT      8,429,518    8,611,567 
              
Selling expenses  25   (3,650,662)   (3,438,825)
General and administrative expenses  25   (1,592,447)   (1,712,565)
Other income  25.1   77,298    60,323 
Other expenses  25.1   (56,674)   (109,079)
NET OPERATING EXPENSES      (5,222,485)   (5,200,146)
              
OPERATING PROFIT      3,207,033    3,411,421 
              
Finance income  22   508,017    517,594 
Finance expense  22   (1,484,115)   (1,827,047)
NET FINANCE EXPENSE      (976,098)   (1,309,453)
              
Share of profit of equity-accounted investees, net of tax  10   15,008    (231)
              
PROFIT BEFORE TAXES      2,245,943    2,101,737 
              
Current income taxes  9   (576,398)   (399,199)
Deferred income taxes  9   125,228    (193,301)
TOTAL INCOME TAXES      (451,170)   (592,500)
NET INCOME      1,794,773    1,509,237 
              
ATTRIBUTABLE TO:             
Company shareholders      1,609,192    1,354,020 
Non-controlling interest      185,581    155,217 
       1,794,773    1,509,237 
              
Basic and diluted earnings per share - common shares (US$)  23   1.45    1.22 

 

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

 

 

3

 

 

Unaudited condensed consolidated interim statements of income for the three-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$ (except for earnings per share)

 

      Three-month period ended
September 30,		 
   Note  2025   2024 
            
NET REVENUE  21   22,596,984    19,926,006 
Cost of sales  25   (19,624,537)   (16,646,119)
GROSS PROFIT      2,972,447    3,279,887 
              
Selling expenses  25   (1,256,019)   (1,217,556)
General and administrative expenses  25   (513,737)   (487,585)
Other income      29,221    21,869 
Other expenses      (12,874)   (42,301)
NET OPERATING EXPENSES      (1,753,409)   (1,725,573)
              
OPERATING PROFIT      1,219,038    1,554,314 
              
Finance income  22   202,920    153,475 
Finance expense  22   (611,069)   (514,565)
NET FINANCE EXPENSE      (408,149)   (361,090)
              
Share of profit of equity-accounted investees, net of tax      4,452    3,897 
              
PROFIT BEFORE TAXES      815,341    1,197,121 
              
Current income taxes  9   (185,942)   (142,382)
Deferred income taxes  9   14,725    (298,133)
TOTAL INCOME TAXES      (171,217)   (440,515)
NET INCOME      644,124    756,606 
              
ATTRIBUTABLE TO:             
Company shareholders      580,887    692,923 
Non-controlling interest      63,237    63,683 
       644,124    756,606 
              
Basic and diluted earnings per share - common shares (US$)  23   0.52    0.62 

 

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

 

 

4

 

 

Unaudited condensed consolidated interim statements of comprehensive income for nine-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$

 

   Nine-month period ended
September 30,		 
   2025   2024 
         
Net income   1,794,773    1,509,237 
           
Other comprehensive income          
Items that are or may be subsequently reclassified to statement of income:          
Gain (loss) on foreign currency translation adjustments   1,049,377    (944,063)
Gain (loss) on cash flow hedge   (865)   1,292 
Deferred income tax on loss on cash flow hedge   (74)   (328)
Other fair value adjustments through other comprehensive income   (380)   (7,491)
Items that will not be reclassified to statement of income:          
Gain (loss) associated with pension and other postretirement benefit obligations   (1,823)   8,828 
Income tax on gain (loss) associated with pension and other postretirement benefit obligations   737    (2,240)
Total other comprehensive income (loss)   1,046,972    (944,002)
           
Comprehensive Income   2,841,745    565,235 
           
Total comprehensive income attributable to:          
Company shareholders   2,811,376    317,942 
Non-controlling interest   30,369    247,293 
    2,841,745    565,235 

 

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

 

 

5

 

 

Unaudited condensed consolidated interim statements of comprehensive income for three-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$

 

   Three-month period ended
September 30,		 
   2025   2024 
         
Net income   644,124    756,606 
           
Other comprehensive income          
Items that are or may be subsequently reclassified to statement of income:          
Gain on foreign currency translation adjustments   82,131    197,502 
Gain (loss) on cash flow hedge   (826)   460 
Deferred income tax on gain (loss) on cash flow hedge   (22)   236 
Other fair value adjustments through other comprehensive income   (344)   518 
Items that will not be reclassified to statement of income:          
Loss associated with pension and other postretirement benefit obligations   (2,228)   (1,065)
Income tax on gain (loss) associated with pension and other postretirement benefit obligations   683    (549)
Total other comprehensive income   79,394    197,102 
           
Comprehensive income   723,518    953,708 
           
Total comprehensive income loss attributable to:          
Company shareholders   671,031    886,381 
Non-controlling interest   52,487    67,327 
    723,518    953,708 

 

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

 

 

6

 

 

Unaudited condensed consolidated interim statements of changes in equity for the nine-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$
  
          Capital reserves       Profit reserves   Other comprehensive income                 
   Note  Share
capital		   Share
premium		   Premium
on issue
of shares		   Capital
transactions		   Stock
options		   Other
reserves		   Treasury   Legal   Investments
statutory		   Tax-
incentive reserve		   VAE   FCTA   Retained
earnings
(loss)		   Total   Non-
controlling
interest		   Total equity 
BALANCE ON JANUARY 1, 2024      13,177,841    
—
    36,321    (232,475)   10,145    (36,413)   
—
    603,603    2,232,528    787,501    60,443    (7,614,450)   
—
    9,025,044    682,742    9,707,786 
Net income      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    1,354,019    1,354,019    155,218    1,509,237 
Gain (loss) on foreign currency translation adjustments (FCTA)      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (832,990)   
—
    (832,990)   90,922    (742,068)
Loss on net investment in foreign operations      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (201,995)   
—
    (201,995)   
—
    (201,995)
Gain on cash flow hedge, net of tax      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    964    
—
    
—
    964    
—
    964 
Gain associated with pension and other postretirement benefit obligations, net of tax      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    5,435    
—
    
—
    5,435    1,153    6,588 
Other fair value adjustments through other comprehensive income      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (7,491)   
—
    
—
    (7,491)   
—
    (7,491)
Total comprehensive income (loss)      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (1,092)   (1,034,985)   1,354,019    317,942    247,293    565,235 
                                                                                    
Share-based compensation      
—
    
—
    
—
    8,389    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    8,389    1,700    10,089 
Realization of other reserves      
—
    
—
    
—
    
—
    
—
    (821)   
—
    
—
    
—
    
—
    
—
    
—
    821    
—
    
—
    
—
 
Distribution of interim dividends      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (799,983)   (799,983)   
—
    (799,983)
Dividends to non-controlling interest      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (3,081)   (3,081)
Others      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    348    348 
BALANCE ON SEPTEMBER 30, 2024      13,177,841    
—
    36,321    (224,086)   10,145    (37,234)   
—
    603,603    2,232,528    787,501    59,351    (8,649,435)   554,857    8,551,392    929,002    9,480,394 
                                                                                    
BALANCE ON JANUARY 1, 2025      13,177,841    
—
    36,321    (227,052)   10,145    (37,470)   
—
    691,999    2,070,113    1,449,832    67,583    (10,144,847)   
—
    7,094,465    1,039,899    8,134,364 
Net income      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    500,224    500,224    56,110    556,334 
Gain (loss) on foreign currency translation adjustments      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    574,457    
—
    574,457    (123,164)   451,293 
Gain on net investment in foreign operations      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    126,386    
—
    126,386    
—
    126,386 
Gain on cash flow hedge, net of tax      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    282    
—
    
—
    282    
—
    282 
Loss associated with pension and other postretirement benefit obligations, net of tax      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (409)   
—
    
—
    (409)   (101)   (510)
Other fair value adjustments through other comprehensive income      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (25)   
—
    
—
    (25)   
—
    (25)
Total comprehensive income (loss)      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (152)   700,843    500,224    1,200,915    (67,155)   1,133,760 
                                                                                    
Share-based compensation      
—
    
—
    
—
    5,782    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    5,782    1,219    7,001 
Realization of other reserves      
—
    
—
    
—
    
—
    
—
    (374)   
—
    
—
    
—
    
—
    
—
    
—
    373    (1)   
—
    (1)
Distribution of interim dividends      
—
    
—
    
—
    
—
    
—
    
—
    
—
         (759,018)   
—
    
—
    
—
    
—
    (759,018)   
—
    (759,018)
Dividends to non-controlling interest      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (260,331)   (260,331)
Others      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    285    285 
JBS S.A. - Corporate Restructuring Implemented on May 23rd      (13,142,337)   1,899,391    (36,321)   216,947    (10,145)   37,844    (6,544)   (691,999)   (1,311,095)   (1,449,832)   159    8,947,969    61,066    (5,484,897)   67,255    (5,417,642)
Net income      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    1,108,968    1,108,968    129,471    1,238,439 
Loss on cash flow hedge, net of tax      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (373)   
—
    
—
    (373)   (848)   (1,221)
Loss associated with pension and other postretirement benefit obligations, net of tax      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (576)   
—
    
—
    (576)   
—
    (576)
Foreign exchange variation in subsidiaries      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
         
—
    
—
    (30,744)   (30,744)
Cumulative translation adjustment and foreign exchange variation in subsidiaries      
—
                                                 (3,100)   505,542         502,442    
—
    502,442 
Other fair value adjustments through other comprehensive income      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (355)   (355)
Total comprehensive income (loss)      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (4,049)   505,542    1,108,968    1,610,461    97,524    1,707,985 
                                                                                    
Cancellation of shares  20 b.2   (390)   390    
—
    
 
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (1,263)   (1,263)
Common share contribution  20 b.6   
—
    1,808,187    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    1,808,187    
—
    1,808,187 
Incorporation of shares  20 b.4   
—
    3,995,860    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    3,995,860    
—
    3,995,860 
Repurchase of shares  20 b.7   
—
    192    
—
    
—
    
—
    
—
    (192)   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Share premium distribution  20 b.1   
—
    (387,004)   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (387,004)   
—
    (387,004)
Listing costs      
—
    
—
    
—
    6,119    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    6,119    
—
    6,119 
Stock Option Plan      
—
    
—
    
—
    4,871    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    4,871    1,222    6,093 
Transfer of treasury shares      
—
    (6,156)   
—
    
—
    
—
    
—
    6,156    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Stock Based Compensation      
—
    
—
         4,545    
—
    
—
    2,156              
 
                   6,701    931    7,632 
Dividends to non-controlling interests      
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (89,265)   (89,265)
Acquisition of treasury shares  20 b.8   
—
    
—
    
—
    
—
    
—
    
—
    (362,463)   
—
    
—
    
—
    
—
    
—
    
—
    (362,463)   
—
    (362,463)
Others      
—
    (44)   
—
    (22,603)   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    (22,647)   1,505    (21,142)
BALANCE ON SEPTEMBER 30, 2025      35,114    7,310,816    
—
    (11,391)   
—
    
—
    (360,887)   
—
    
—
    
—
    63,541    9,507    1,670,631    8,717,331    791,826    9,509,157 

 

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

 

 

7

 

 

Unaudited condensed consolidated interim statements of cash flows for the nine-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$

 

      Nine-month period ended September 30, 
   Note  2025   2024 
Cash flows from operating activities           
Net income      1,794,773    1,509,237 
Adjustments for:             
Depreciation and amortization  6, 11, 12 and 13   1,684,857    1,633,620 
Expected credit losses  4   22,864    9,121 
Share of profit of equity-accounted investees  10   (15,008)   231 
Gain on sales of assets      (15,272)   (4,605)
Tax expense  9   451,170    592,500 
Net finance expense  22   976,098    1,309,454 
Share-based compensation      19,844    10,089 
Provisions for legal proceedings      60,435    31,177 
Impairment of goodwill and property, plant and equipment      12,767    26,633 
Net realizable value inventory adjustments  5   20,172    8,821 
DOJ (Department of Justice) and antitrust agreements  24   143,720    80,977 
Fair value adjustment of biological assets  6   (67,062)   (55,967)
    Provision for avian influenza related costs      13,122    
—
 
       5,102,480    5,151,288 
Changes in assets and liabilities:             
Trade accounts receivable      (18,754)   53,381 
Inventories      (1,203,272)   (574,378)
Recoverable taxes      43,236    13,013 
Other current and non-current assets      (556,893)   (93,156)
Biological assets      (572,720)   (355,132)
Trade accounts payable and supply chain finance      (90,204)   (303,239)
Taxes paid in installments      (54,529)   (48,065)
Other current and non-current liabilities      151,580    116,250 
DOJ and Antitrust agreements payment      (339,063)   (56,630)
Income taxes paid      (652,196)   (188,753)
Changes in operating assets and liabilities      (3,292,815)   (1,436,709)
              
Cash provided in by operating activities      1,809,665    3,714,579 
              
Interest paid      (948,160)   (1,176,584)
Interest received      134,857    151,706 
              
Net cash flows provided by (used in) operating activities      996,362    2,689,701 
              
Cash flows from investing activities             
Purchases of property, plant and equipment      (1,261,012)   (950,558)
Purchases of intangible assets      (4,717)   (6,086)
Proceeds from sale of property, plant and equipment      56,922    26,003 
Acquisitions, net of cash acquired      
—
    (4,219)
Dividends received      6,197    8,652 
Related party transactions      (22,914)   675 
Additions to investments in joint ventures      (186,489)   
—
 
Acquisition of investments funds      (45,831)   
—
 
Cash used in investing activities      (1,457,844)   (925,533)
              
Cash flows from financing activities             
Proceeds from loans and financing      9,455,280    2,034,828 
Payments of loans and financing      (8,465,136)   (2,637,753)
Derivative instruments received      (91,629)   (172,543)
Margin cash      8,473    (1,162)
Dividends paid      (1,573,855)   
—
 
Dividends paid to non-controlling interest      (355,682)   (3,127)
Repurchase of share      (362,463)   
—
 
Payments of leasing contracts      (325,026)   (314,038)
Acquisition of non-controlling interests in the subsidiary PPC      (1,294)   
—
 
Other      (22,603)   
—
 
Cash used in financing activities      (1,733,935)   (1,093,795)
              
Effect of exchange rate changes on cash and cash equivalents      139,960    (169,835)
Net change in cash and cash equivalents      (2,055,457)   500,538 
Cash and cash equivalents beginning of period      5,613,672    4,569,517 
Cash and cash equivalents at the end of period      3,558,215    5,070,055 

 

Non-cash transactions:     Nine-month period ended
September 30,		 
   Note  2025   2024 
Non-cash additions to right of use assets and lease liabilities  12   306,439    330,988 
Capitalized interest  11   25,509    26,153 

 

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

 

 

8

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

1 Background information

 

1.1 Reporting entity

 

JBS N.V. (“JBS N.V.” or “Company”) is a corporation incorporated under the laws of the Netherlands and is domiciled in Amsterdam. The Company is the holding entity of the JBS Group.

 

JBS N.V. and its subsidiaries ("Group") primarily operates in the processing of animal proteins, encompassing activities related to beef, pork, lamb, and poultry, as well as the production and marketing of prepared foods and other related products. Additionally, the Group carries out operations in the leather, collagen, hygiene and cleaning products, metal packaging, biodiesel, and other complementary businesses, integrated within its value chain, with a global presence in several countries, including Brazil, the United States, Canada, Mexico, Australia, the United Kingdom, Argentina, and Uruguay. The portfolio includes internationally recognized brands such as Seara, Doriana, Pilgrim’s, Moy Park, Primo, Friboi, Maturatta, Swift, Ozo, and Adaptable Meals, among others.

 

JBS N.V. is registered as a FPI - Foreign Private Issuer with the United States Securities and Exchange Commission (SEC) and as a foreign issuer with the Brazilian Securities and Exchange Commission (CVM), in compliance with the applicable regulatory requirements in the Netherlands, Brazil, and the United States. The Class A ordinary shares of JBS N.V. are listed on the New York Stock Exchange (NYSE) under the ticker symbol “JBS,” and its Level II Brazilian Depositary Receipts (BDRs) are traded on B3 - Brasil, Bolsa, Balcão, under the code “JBSS32.”

 

The unaudited condensed consolidated interim financial statements reflect the operations of the Group.

 

The approval of these unaudited condensed consolidated interim financial information occurred at the Board of Directors’ meeting on November 13, 2025.

 

Corporate restructuring

 

As part of its corporate restructuring, JBS N.V. became the indirect controlling shareholder of JBS S.A. through the completion of a two-phase contribution process by its ultimate controlling shareholder, J&F. In the first phase, completed on December 27, 2023, J&F and its wholly owned investment fund, FIP Formosa, transferred a non-controlling portion of their JBS S.A. common shares to JBS Participações Societárias S.A., which were subsequently contributed to J&F Investments Luxembourg S.à r.l. and then to JBS N.V.

 

The second phase was completed on May 23, 2025, with J&F transferring its remaining JBS S.A. common shares through the same corporate structure. As a result, JBS N.V., via JBS Participações Societárias S.A., now holds all shares previously owned directly by J&F, consolidating its position as the indirect controlling shareholder of JBS S.A. The transaction was accounted for as a common control transaction, whereby JBS N.V. recognized the assets, liabilities, and results of JBS S.A. at their historical book values. The restructuring preserved shareholder economic interests by applying a consistent exchange ratio to both controlling and non-controlling shareholders, subject only to immaterial adjustments related to fractions of BDRs and share-based payments.

 

On June 6, 2025, the migration of the shareholder base of JBS S.A. to JBS N.V was completed. As part of this transaction, JBS S.A. shareholders exchanged their shares for Level II Brazilian Depositary Receipts (BDRs), backed by Class A common shares issued by JBS N.V. These BDRs were delivered to the shareholders of JBS S.A., effectively establishing JBS N.V. as the new holding company of the JBS Group.

 

On June 9, 2025, JBS S.A.’s shares ceased trading on B3 – Brasil, Bolsa, Balcão and were officially replaced by the BDRs of JBS N.V., which began trading under the ticker symbol “JBSS32.” In addition, JBS N.V.’s Class A common shares commenced trading on the New York Stock Exchange (NYSE) on June 12, 2025, under the ticker symbol “JBS”.

 

 

 

9

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

The Group accounted for the Reorganization as a common control transaction, and the pre-reorganization carrying amounts of JBS S.A. were included in the consolidated financial statements of JBS N.V. at book value. Accordingly, these consolidated financial statements reflect the following:

 

(i) The historical operating results and financial position of JBS S.A. prior to the restructuring;

(ii) The consolidated financial performance and position of JBS N.V. subsequent to the completion of the restructuring;

(iii) The assets and liabilities of JBS N.V. and its subsidiaries stated at historical cost;

(iv) The number of ordinary shares issued by JBS N.V. as a result of the restructuring, which is reflected retrospectively from January 1, 2024, for the purpose of calculating earnings per share;

(v) The shares of JBS S.A. were contributed to JBS N.V. at their carrying amount in three tranches: December 27, 2023, May 23, 2025, and June 9, 2025;

(vi) The remaining retained earnings of JBS S.A., no longer applicable to JBS N.V., were reclassified to the opening balance of capital reserves (see note 20).

 

1.2 Main events that occurred during the period:

 

1.2.1 Senior Notes (Bonds): On July 3, 2025, the indirect subsidiaries of JBS S.A., JBS USA Holding Lux S.à r.l., JBS USA Food Company, and JBS USA Foods Group Holdings, Inc., completed the issuance of senior notes totaling US$3.5 billion, divided into three series: US$1.25 billion maturing in 2036 with an annual coupon of 5.50%; US$1.25 billion maturing in 2056 with an annual coupon of 6.25%; and US$1 billion maturing in 2066 with an annual coupon of 6.375%. Interest payments will be made semiannually, starting between January and April 2026, depending on each series. The net proceeds from the issuance were primarily used to repurchase and redeem notes maturing in 2027, 2028 and 2030, as well as to settle short-term debt, with any remaining balance allocated for general corporate purposes.

 

1.2.2 Investment in Granjeros Campo 9 S.A. (Granjeros Campo): On July 7, 2025, the indirect subsidiary Seara Alimentos Ltda. entered into an investment agreement for the acquisition of 90% of Granjeros Campo’s capital, represented by the amount of US$ 6.3 million. Granjeros Campo 9 S.A (Granjeros Campos) is a company in the meatpacking sector that focuses on poultry production and slaughter in Paraguay.

 

1.2.3 Acquisition of Production Facility: On August 13, 2025, the Company, through its indirect subsidiary JBS USA, entered into an agreement to acquire a production facility in Ankeny, Iowa (USA) for US$100 million, with the purpose of expanding it to become the largest ready-to-eat bacon and sausage plant in the Company’s portfolio in the United States. The completion of the transaction is subject to the satisfaction of customary closing conditions, and operations at the plant are expected to begin in mid-2026, following the investments and expansion works.

 

1.2.4 Approval of New Repurchase Plan: On August 13, 2025, the Board of Directors approved a new share repurchase plan authorizing the acquisition of Class A common shares and Brazilian Depositary Receipts (BDRs) for an aggregate amount of up to US$400 million. Subsequently, on October 14, 2025, the Board approved an increase in the maximum limit of funds available under the plan to US$600 million. The program was completed on November 10, 2025, with the Company repurchasing a total of 41,008,292 shares, totaling US$600 million.

 

1.2.5 Agribusiness Receivables Certificates (CRA): On September 29, 2025, the indirect subsidiary Seara Alimentos Ltda. filed with the Brazilian Securities and Exchange Commission (CVM) a registration request for a new offering of four series of Agribusiness Receivables Certificates (CRAs), guaranteed by JBS S.A. and JBS N.V., maturing in 2035, 2035, 2045 and 2065, with an aggregate principal amount of US$569 million. The bookbuilding process was concluded on October 31, 2025 and the settlement on November 5, 2025. The net proceeds from the issuance will be primarily used for the purchase of raw materials, notably unprocessed corn, in the ordinary course of the company’s operations.

 

1.2.6 Dividends distribution: During the three-month period ended September 30, 2025, the Company received dividends from its indirect subsidiary JBS S.A., totaling US$ 420.5 million. The payments were made on August 14, 2025, August 20, 2025, August 27, 2025, and September 3, 2025, in the amounts of US$60.5 million, US$150.0 million, US$120.0 million, and US$90.0 million, respectively. These amounts correspond to the distribution of interim and special dividends approved on the respective dates.

 

 

 

10

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

1.3 Seasonality

 

Demand for chicken is relatively stable throughout the year in the United States, Europe and Brazil, but there are seasonal variations in the sales volume of some specific products at certain times of the year, such as: Christmas, New Year and Easter. Demand in the United States beef industry is highest in the second and third quarters, due to favorable weather conditions for outdoor activities. In Australia, the beef industry faces a drop in slaughter in the fourth quarter, as the rainy season affects cattle’s availability and transport. In Brazil, beef sales do not fluctuate significantly during the year. The pork industry in The United States and Australia have peaks in demand in the first and fourth quarters, due to the supply of pork and the holidays, which stimulate the consumption of certain pork products, with no significant fluctuation in pork numbers in other locations.

 

1.4 Subsequent events:

 

1.4.1 Investment in Pico Paco Ltda.: On October 14, 2025, the indirect subsidiary Seara Alimentos Ltda. entered into agreement for the acquisition of 100% of Pico Paco Ltda.’s capital, represented by the amount of US$1.3 million. Pico Paco Ltda. is a company in the meatpacking sector that focuses on poultry slaughter in Minas Gerais.

 

1.4.2 Dividends distribution: In October 2025, the Company received dividends from its indirect subsidiary JBS S.A. totaling US$200.0 million. The payments were made on October 15, 2025, October 21, 2025 and October 31, 2025, in the amounts of US$75.0 million, US$75.0 million and US$50.0 million, respectively. These amounts correspond to the distribution of interim dividends approved on the respective dates.

 

2 Basis of preparation

 

The unaudited condensed consolidated interim financial information as of and for the three and nine-month period ended September 30, 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by International Accounting Standards Board (IASB), and should be read in conjunction with the Group´s last annual consolidated financial statements as of and for the year ended December 31, 2024 (“last annual financial statements”). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to describe events and transactions that are significant to an understanding of the changes in the Group´s financial position and performance since the last annual financial statements.

 

In preparing these unaudited condensed consolidated interim financial statements, Management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

 

2.1 Functional and presentation currency

 

The financial statements of each subsidiary included in the consolidation are prepared using the functional currency of the primary economic environment in which it operates.

 

These consolidated financial statements are converted and presented in U.S dollar (US$). The Group selected the US$ as its presentation currency to facilitate a more direct comparison to other competitors.

 

2.2 Foreign currencies

 

Transactions in foreign currencies other than an entity’s functional currency are initially measured in the functional currency of the entity using the exchange rate effective at the date of each transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the closing exchange rate at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, under the caption “Finance income” or “Finance expense”.

 

 

 

11

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

2.3 Translation of subsidiaries financial statements

 

The consolidated financial statements of foreign subsidiaries are prepared using each subsidiary’s respective functional currency. The results and financial position of all entities with a functional currency different from its ultimate parent’s functional currency (R$) have been translated to R$ and then these financial statements have been translated from the parent´s functional currency (R$) into the Group’s presentation currency (US$). As follows:

 

(i) assets and liabilities are translated at the current rate at the date of each closing period;

(ii) income and expenses are translated at the average rate at the date of each closing period; and

(iii) all exchange rate translation differences are recognized in other comprehensive income (loss) and are presented in the statement of comprehensive income (loss) as foreign currency translation adjustments.

 

2.4 New standards, amendments and interpretations

 

a. Standards, amendments and interpretations recently issued and adopted by the Group

 

IAS 21 – Effects of changes in exchange rates and translation of financial statements.

 

As of January 1, 2025, this amendment establishes the accounting requirements for when a functional currency cannot be converted into other currencies. In such cases, the Group is required to utilize the most recent observable exchange rate to translate the results and financial position of the foreign operation into its presentation currency. The entity must also disclose this exchange rate, the date on which it was observed, and the reasons why the currency is not exchangeable. The Group has not identified any impacts as a result of this change.

 

b. New standards, amendments and interpretations that are not yet effective

 

IFRS 18 - Presentation and Disclosure of Financial Statements.

 

As of January 1, 2027, IFRS 18 will replace IAS 1 Presentation of Financial Statements. The new standard introduces the following main new requirements:

 

●Companies are required to classify all income and expenses into five categories in the income statement: operating, investing, financing, discontinued operations, and income tax. Entities are also required to present a newly defined operating profit subtotal. The entities’ net income will not change.

 

●Management defined performance measures, which are disclosed in a single note in the financial statements.

 

●Enhanced guidance will be provided on how to group information in the financial statements.

 

All entities are required to use the subtotal of operating profit as the starting point for the cash flow statement when presenting operating cash flows using the indirect method.

 

The Group is currently evaluating the impact of the new standard and, if material, will adjust the disclosure in accordance with the standard’s requirements in the annual financial statements.

 

 

 

12

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

3 Cash and cash equivalents, margin cash and long-term investments

 

Cash and cash equivalents  September 30,
2025		   December 31,
2024		 
Cash on hand and at banks   1,962,794    2,197,822 
CDB (bank certificates of deposit) / Overnight investments (1)   1,595,421    3,415,850 
    3,558,215    5,613,672 
           
Margin cash          
CME (Chicago Mercantile Exchange) Margin investments (2)   524,040    104,220 
Investments in Treasury Bills (3)   29,806    32,334 
    553,846    136,554 
           
Investment funds          
Investment funds (4)   45,831    
—
 
    45,831    
—
 
           
Total   4,157,892    5,750,226 

 

(1)CDBs are held at financial institutions and earn interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate (Certificado de Depósito Interbancário - CDI). Overnight investments at JBS USA are equivalent to fixed-income instruments, earning interest at the FED rate + 0.05%.

(2)CME margin investments represent margin deposits allocated to fixed-income equivalent instruments. These investments accrue interest based on the Interest Rate on Reserve Balances (IORB).

(3)Government securities (such as Tesouro Selic) are public debt instruments issued by the Brazilian Treasury, acquired through financial institutions with conditions and characteristics similar to bank certificates of deposit (CDBs).

(4)Investment of US$45.1 million in a FIDC (Credit Rights Investment Fund) maturing in 2035, with a fixed interest rate of 5% per year.

 

4 Trade accounts receivable

 

   September 30,
2025		   December 31,
2024		 
Current receivables:        
Domestic sales   2,167,147    1,994,667 
Foreign sales   1,148,661    1,176,603 
Subtotal   3,315,808    3,171,270 
Overdue receivables:          
From 1 to 30 days   433,003    444,687 
From 31 to 60 days   56,165    61,314 
From 61 to 90 days   15,515    20,603 
Above 90 days   138,947    130,845 
Expected credit losses   (108,772)   (89,060)
Present value adjustment   (2,826)   (4,119)
Subtotal   532,032    564,270 
Trade accounts receivable, net   3,847,840    3,735,540 

 

Present value adjustment - The Group discounts its receivables to present value using interest rates directly related to customer credit profiles. The weighted average discount rate used to calculate the present value of trade accounts receivable on September 30, 2025, was 5.60% p.y. (5.64% p.y. on September 30, 2024). Realization of the present value adjustment is recognized as deduction item to sales revenue.

 

 

 

13

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

Changes in expected credit losses:

 

   September 30,
2025		   September 30,
2024		 
Balance at the beginning of the period   (89,060)   (84,913)
Additions   (22,864)   (13,460)
Write-offs/Reversals   10,009    8,488 
Exchange rate variation   (6,857)   752 
Balance at the end of the period   (108,772)   (89,133)

 

5 Inventories

 

   September 30,
2025		   December 31,
2024		 
Finished products   4,171,772    3,018,302 
Work in process   601,280    492,015 
Raw materials   1,117,092    847,909 
Supplies   678,520    657,763 
    6,568,664    5,015,989 

 

During the nine-month period ended September 30, 2025 and 2024, the Company recognized adjustments to the net realizable value of inventories, which include additions and (write-offs) recorded in the cost of goods sold, in the amount of US$20,172 and US$8,821, respectively.

 

6 Biological assets

 

Changes in biological assets:

 

   Current   Non-current 
   September 30,
2025		   September 30,
2024		   September 30,
2025		   September 30,
2024		 
Balance at the beginning of the period   1,608,223    1,712,153    518,234    531,477 
Increase by reproduction (born) and cost absorption including death   7,872,422    7,946,809    1,083,884    1,044,216 
Reduction for slaughter, sale or consumption   (8,897,041)   (9,087,750)   (49,494)   (52,962)
Purchases   370,420    324,336    192,529    180,481 
Fair value adjustments   67,080    56,074    (18)   (108)
Reclassification from non-current to current   697,342    704,768    (697,342)   (704,768)
Exchange rate variation   102,369    (66,386)   30,731    (21,790)
Amortization   
—
    
—
    (476,335)   (449,194)
Balance at the end of the period   1,820,815    1,590,004    602,189    527,352 

 

7 Recoverable taxes

 

   September 30,
2025		   December 31,
2024		 
Value-added tax on sales and services – ICMS / IVA / VAT / GST   767,136    650,728 
Social contribution on billings - PIS and COFINS   392,844    404,673 
Withholding income tax - IRRF / IRPJ   1,388,960    960,161 
Excise tax – IPI   17,778    16,176 
Reintegra   4,997    7,657 
Other   12,422    10,788 
    2,584,137    2,050,183 
           
Current   670,077    637,728 
Non-current   1,914,060    1,412,455 
    2,584,137    2,050,183 

 

14

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

8 Related party transactions

 

The main balances and transactions between related parties are presented and described below. Amounts charged include borrowing costs, interest and management fees, when applicable.

 

Related party payables and receivables

 

   Reimbursement of
administrative
and funding costs		  September 30,
2025		   December 31,
2024		 
Laguz I Fundo de Investimento (1)  Selic   (162,764)   
—
 
J&F (2)  IPCA   (50,225)   77,355 
       (212,989)   77,355 

 

(1)In May 2025, the indirect subsidiary JBS S.A. acquired tax credit rights from the related party Laguz I Fundo de Investimento through an agreement providing for 31 installments, with final maturity in April 2028. These tax credits originate from a judicial claim related to the export credit premium incentive. The case has already been definitively settled in favor of the taxpayer, and is currently in the final stage of assessment and confirmation of the credit balance. The credit rights were acquired at an approximate discount of 35%, and the credits will be used to offset JBS S.A.’s tax obligations once the case is finalized and the use of the credits is authorized by the relevant regulatory authorities. The credits have been recorded under “Other receivables”.

(2)The net balance payable to J&F refers to: (i) US$93,379 receivable, arising from the settlement agreement entered into between JBS S.A., J&F, and certain former executives of the Company, which resulted in the definitive termination of the dispute addressed in arbitration proceeding, under which J&F committed to settle the amount in accordance with the terms and conditions set forth in the agreement; and (ii) US$143,604 payable, related to the purchase of the Araputanga Plant, to be settled in 19 installments, with final maturity in May 2027.

 

Other financial transactions in the Group

 

The indirect subsidiary JBS S.A. and certain of its subsidiaries entered into an assignment agreement with Banco Original S.A, direct subsidiary of the parent Group J&F, pursuant to which Banco Original S.A. acquires credits held against certain clients in the domestic and foreign markets. The assignments are negotiated with no right of recourse, through the definitive transfer of the risks and benefits of the receivables to Banco Original. On September 30, 2025, the Group had US$836,391 (US$517,677 on December 31, 2024) of assigned receivables. In the nine-month period ended September 30, 2025, the Group incurred in a loss from the sale of the receivables of US$86,291 (US$97,333 for the nine-month period ended September 30, 2024), recorded in interim financial information as financial expenses.

 

On September 30, 2025, JBS S.A. and certain of its subsidiaries held investments with Banco Original in the amount of US$481,914 (US$303,195 on December 31, 2024), recorded in cash and cash equivalents. The cash investments and cash equivalents, CDBs and similar have yields equivalent to the CDI (Interbank Deposit Certificate), according to the term and amount invested, following market practices. In the nine-month period ended September 30, 2025, the Group earned interest from these investments of US$36,432 (US$25,736 for the nine-month period ended September 30, 2024) recognized as financial income.

 

 

 

15

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

JBS S.A. has commitments to purchase cattle for future delivery signed with certain suppliers, including the related party JBJ, guaranteeing the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. On September 30, 2025, the Group has commitments agreements in the amount of US$116,765 (US$48,317 on December 31, 2024).

 

JBS S.A. has transactions with Prima Foods S.A. for the purchase of bovine slaughtering residues for greasing operations.

 

JBS S.A. is the sponsor of Institute J&F, a youth-directed business school, whose goal is to educate future leaders by offering free, high-quality education. For the nine-month period ended September 30, 2025, the Company made donations in the amount of US$9,812 (US$15,975 for the nine-month period ended September 30, 2024), recognized as general and administrative expenses.

 

On December 30, 2024, JBS S.A. entered into an agreement for the sale of its Hygiene and Beauty operation to the related party Flora Produtos de Higiene e Limpeza S.A. The transaction covers the transfer of assets and operations related to the manufacture and sale of hygiene and beauty products, in accordance with the terms agreed between the parties. The sale value was set at US$59.2 million, subject to working capital adjustments. The transaction will be concluded after the conditions precedent stipulated in the contract have been met. The Group did not classify the operation as discontinued on September 30, 2025, as it does not represent an individually significant line of business, corresponding to only 0.2% of the JBS S.A.'s net assets.

 

No expense for expected credit losses relating to related-party transactions were recorded during the nine-month period ended September 30, 2025 and 2024.

 

Remuneration of key management

 

The Group’s key management is comprised of its executive officers and members of the Board of Directors. The aggregate amount of compensation received by the Group’s key management during the nine-month period ended September 30, 2025 and 2024 was:

 

   Nine-month period ended
September 30		 
   2025   2024 
Salaries and wages   6,082    5,336 
Variable cash compensation (1)   25,602    16,599 
    31,684    21,935 

 

 

(1)Includes US$3,054 paid to certain JBS USA executives related to performance bonuses. These balances were settled through treasury shares of JBS N.V. instead of cash payment.

 

The Chief Executive Officer, the Administrative and Control Officer, the Chief Financial Officer and the Executive Officer are employed under the Brazilian employment contract regime referred to as CLT (Consolidation of Labor Laws), which sets legal prerogatives for employee benefits.

 

Except for those described above, the Board of Directors members are not party to any employment contract or any other contracts for additional employee benefits such as post-employment benefits, other long-term benefits or termination benefits that do not conform to Brazilian Labor Law.

 

9 Income taxes

 

a. Composition of deferred tax income and social contribution:

 

   September 30,
2025		   December 31,
2024		 
Deferred income taxes assets   511,482    651,178 
Deferred income taxes liabilities   (1,073,116)   (1,095,291)
    (561,634)   (444,113)

 

 

 

16

 

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

   Balance at
January 1,
2025		  

Income

statement

  

Exchange

variation

   Other
adjustments (2)		   Balance at
September 30,
2025		 
Tax loss and negative social contribution base   679,275    74,199    61,927    (191,303)   624,098 
Expected credit losses on trade accounts receivable   42,304    (9,833)   3,970    
—
    36,441 
Provisions for contingencies   94,487    (6,265)   11,143    
—
    99,365 
Fair value adjustment   (105,836)   (14,833)   (9,281)   
—
    (129,950)
Tax credits - foreign subsidiaries   8,798    (88)   (79)   
—
    8,631 
Provision for work accident insurance - foreign subsidiaries   8,964    (4,446)   —    
—
    4,518 
Pension plan - foreign subsidiaries   3,209    4,740    (80)   (3,224)   4,645 
Trade accounts payable accrual   249,853    37,794    7,270    
—
    294,917 
Non-deductible interest portion - U.S. Tax Reform   279,572    84,158    1    
—
    363,731 
Right of use assets   25,967    1,036    3,092    
—
    30,095 
Goodwill amortization   (727,377)   (29,175)   (103,271)   
—
    (859,823)
Business combinations   (465,917)   (15,989)   (5,640)   (912)   (488,458)
Inventory valuation   (83,507)   (13,298)   9,897    
—
    (86,908)
Hedge operations (1)   45,961    (6,648)   6,704    19    46,036 
Realization of other reserves   (88,113)   1,922    (14,356)   
—
    (100,547)
Accelerated depreciation and amortization   (479,922)   (4,985)   (2)   
—
    (484,909)
Cut Off adjustments (sales)   15,274    1,433    2,644    
—
    19,351 
Other temporary differences   52,895    25,506    (21,268)   
—
    57,133 
Deferred taxes, net   (444,113)   125,228    (47,329)   (195,420)   (561,634)

 

   Balance at
January 1,
2024		  

Income

statement

  

Exchange

variation

   Other
Adjustments (2)		   Balance at
September 30,
2024		 
Tax loss and negative social contribution base   840,172    (238,772)   (63,233)   (553)   537,614 
Expected credit losses on trade accounts receivable   38,086    12,365    (2,640)   
—  
    47,811 
Provisions for contingencies   78,840    (2,364)   34,771    
—  
    111,247 
Fair value adjustment   (56,683)   (19,172)   (2,683)   
—  
    (78,538)
Tax credits - foreign subsidiaries   23,685    19    48    (74)   23,678 
Provision for work accident insurance - foreign subsidiaries   7,927    (928)   
—  
    
—  
    6,999 
Pension plan - foreign subsidiaries   11,956    1,188    (40)   (8,340)   4,764 
Trade accounts payable accrual   277,512    76,153    (50,671)   
—  
    302,994 
Non-deductible interest portion - U.S. Tax Reform   211,958    (10,418)   2    
—  
    201,542 
Right of use assets   25,417    8,199    (1,963)   
—  
    31,653 
Goodwill amortization   (851,840)   (10,269)   84,639    
—  
    (777,470)
Business combinations   (444,250)   (36,524)   3,649    
—  
    (477,125)
Inventory valuation   (148,818)   (37,903)   (1,676)   
—  
    (188,397)
Hedge operations (1)   (25,364)   39,653    (534)   (496)   13,259 
Realization of other reserves   (115,640)   2,033    12,795    
—  
    (100,812)
Accelerated depreciation and amortization   (514,285)   17,175    (1)   
—  
    (497,111)
Cut Off adjustments (sales)   
—  
    25,890    (1,446)   
—  
    24,444 
Other temporary differences   55,931    (19,626)   (13,378)   
—  
    22,927 
Deferred taxes, net   (585,396)   (193,301)   (2,361)   (9,463)   (790,521)

 

(1)Hedge and hedge accounting operations are demonstrated in Note 26 - Risk management and financial.

(2)Mainly refers to the transfer of tax loss carryforwards and negative Social Contribution on Net Profit (CSLL) bases from the indirect subsidiary Seara Alimentos and its indirect subsidiaries to JBS S.A. These tax losses were used to settle a tax assessment related to the taxation of profits earned abroad (TBU) for the 2016 calendar year, which was upheld in a final decision by the Administrative Council of Tax Appeals (CARF) through a casting vote. This enabled full settlement with reductions in fines and interest by using the accumulated tax loss carryforwards. The adjustment also includes deferred taxes related to the gain on the purchase of Agro Alfa and Via Rovigo, as well as cash flow hedge operations recognized in other comprehensive income by the subsidiary Seara Alimentos, and the pension plan in the United States of America.

 

 

 

17

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

b. Reconciliation of income tax and social contribution expense:

 

The nominal tax rate of 34% was adopted in the income tax reconciliation as it reflects the expected tax burden on the Group’s profit, since the profits of international subsidiaries located under the JBS S.A. structure are taxed in Brazil at a rate of 34% through the Taxation of Foreign Profits (TBU) mechanism. This rate adequately represents the consolidated nominal tax burden, as provided for in paragraph 85 of IAS 12 – Income Taxes.

 

   Nine-month period ended
September 30,		   Three-month period ended
September 30,		 
   2025   2024   2025   2024 
Profit before taxes   2,245,943    2,101,737    815,341    1,197,121 
Brazilian statutory corporate tax rate   (34)%   (34)%   (34)%   (34)%
Expected tax expense   (763,621)   (714,591)   (277,216)   (407,021)
                     
Adjustments to reconcile taxable income tax expense (benefit):                    
Share of profit of equity-accounted investees   5,103    (79)   1,520    1,324 
Non-taxable tax benefits (3)   165,056    164,991    58,032    55,412 
Transfer pricing adjustments   —    (7,126)   
—
    59,613 
Difference of tax rates on taxable income from foreign subsidiaries   96,902    128,842    49,938    (2,239)
Profits taxed by foreign jurisdictions (4)   (37,591)   25,925    44,406    61,803 
Deferred income tax not recognized   86,093    (199,592)   10,026    (203,623)
Dividends paid abroad   (10,809)   (10,483)   (10,809)   
—
 
Non-taxable interest - foreign subsidiaries   9,414    11,715    3,151    3,909 
Donations and social programs (5)   
—
    (929)   
—
    1,176 
SELIC interest on tax credits   33,946    5,169    2,631    1,050 
Brazilian tax incentive law - Lei do Bem   1,397    
—
    
—
    
—
 
Other permanent differences   (37,060)   3,658    (52,896)   (11,919)
Current and deferred income tax expense   (451,170)   (592,500)   (171,217)   (440,515)
                     
Current income tax   (576,398)   (399,199)   (185,942)   (142,382)
Deferred income tax   125,228    (193,301)   14,725    (298,133)
    (451,170)   (592,500)   (171,217)   (440,515)
Effective income tax rate   (20.09)%   (28.19)%   (21.00)%   (36.80)%

 

Additional information - Analysis of the variation in the effective rate:

 

The average effective tax rate is calculated as the ratio between tax expense (income) and accounting profit. This rate can be influenced by operations that impact tax expense (income), but which have no direct relationship with net income for the period. The following are examples of these operations: the effects of unrecognized deferred taxes, income tax, and social contributions on the realization of the revaluation reserve. This information should be considered when analyzing the effective tax rate.

 

(3)The Group and its subsidiaries have subsidies granted by state governments, as a presumed credit, in accordance with the regulations of each state. The amounts appropriated from this tax incentive as revenue in the income statement are excluded in the calculation of taxes on profit, when the requirements set out in current legislation are met.

(4)According to Law No. 12,973/14, the income from foreign subsidiaries must be taxed at the Brazilian statutory tax rate of 34%, and the income tax paid abroad by these subsidiaries may be used to compensate income taxes to be paid in Brazil. The results obtained from foreign subsidiaries are subject to taxation by the countries where they are based, according to applicable rates and legislation (profits taxed by-foreign jurisdictions included in the reconciliation of income tax and social contribution expense). The Group analyzes the results of each subsidiary for the application of its income tax legislation, in order to respect the treaties signed by Brazil and avoid double taxation.

(5)Refers to donations made by the indirect subsidiary JBS S.A., as described in note 25 - Expenses by nature.

 

 

 

18

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

Global Minimum Tax

 

From the 2024 calendar year onward, Pillar II rules came into effect in various jurisdictions, impacting multinationals operating in these markets.

 

Since the Group operates in several jurisdictions that adopted the global minimum tax from 2024, including Australia, Canada, France, Ireland, Luxembourg, Malta, the Netherlands, and the United Kingdom, the Company assessed the potential impact of these regulations. Based on current assessments, the Company has not identified any significant tax exposure resulting from this tax.

 

10 Investments in equity-accounted investees, associates and joint venture

 

Refers to investments in associate and joint venture:

 

                  Equity     
   Participation  Balance at
January 1,
2025		   Addition (disposal)  

Profit

distribution

   Changes
in the
equity of
investees		   Proportionate share of
income		   Balance at
September 30,
2025		 
Meat Snacks Partners, LLC  50%   19,334    
—
    (6,197)   2,367    7,243    22,747 
JBS Foods Ontario, Inc.  100%   17,372    
—
    
—
    14    841    18,227 
Birla Societá Agricola Srl  20%   1,606    
—
    
—
    212    57    1,875 
Mantiqueira Alimentos (1)  48.5%   
—
    165,271    
—
    11,552    6,867    183,690 
Total 
 
   38,312    165,271    (6,197)   14,145    15,008    226,539 

 

              Equity     
   Participation  Balance at
January 1,
2024		  

Profit

distribution

   Changes
in the
equity of
investees		   Proportionate share of
income		   Balance at
September 30,
2024		 
Meat Snacks Partners, LLC  50%   38,922    (8,460)   (3,414)   (977)   26,071 
JBS Foods Ontario, Inc.  100%   15,994    
—
    
—
    757    16,751 
Birla Societá Agricola Srl  20%   1,685    
—
    15    (11)   1,689 
Total 
 
   56,601    (8,460)   (3,399)   (231)   44,511 

 

(1)The Company, through its subsidiary JBS Holding, formalized on January 27, 2025, an agreement to acquire 48.5% of the total share capital and 50% of the voting shares of Mantiqueira Alimentos Ltda., a leading company in organic eggs (produced without antibiotics, hormones, and with free-range hens). The transaction received unconditional approval from CADE (Administrative Council for Economic Defense) on February 26, 2025 and was finalized on April 1st, 2025.

 

11 Property, plant and equipment

 

Changes in property, plant and equipment:

 

   Balance at
January 1,
2025		   Additions
net of
transfers (1)(2)		   Disposals   Depreciation   Exchange rate variation   Balance at
September 30,
2025		 
Buildings   3,982,477    404,688    (207)   (189,956)   294,657    4,491,659 
Land   1,069,392    15,674    (5,677)   
—  
    108,956    1,188,345 
Machinery and equipment   4,038,196    594,619    (5,420)   (488,467)   262,560    4,401,488 
Facilities   682,348    110,843    (1,763)   (40,553)   115,397    866,272 
Computer equipment   187,164    44,398    (1,794)   (46,964)   8,466    191,270 
Vehicles (land and air)   275,582    91,350    (13,757)   (37,932)   28,295    343,538 
Construction in progress   1,238,785    77,596    (3,259)   
—  
    104,972    1,418,094 
Other   306,936    86,285    (12,874)   (37,590)   20,443    363,200 
    11,780,880    1,425,453    (44,751)   (841,462)   943,746    13,263,866 

 

 

19

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

   Balance at
January 1,
2024		   Additions
net of
transfers (1)		   Disposals   Depreciation   Exchange rate variation   Balance at
September 30,
2024		 
Buildings   4,305,145    215,591    (10,647)   (192,967)   (199,101)   4,118,021 
Land   1,209,739    22,758    (4,053)   
—  
    (86,076)   1,142,368 
Machinery and equipment   4,310,590    520,599    (22,461)   (478,107)   (141,903)   4,188,718 
Facilities   764,036    129,345    (405)   (39,469)   (87,682)   765,825 
Computer equipment   166,291    53,346    (2,013)   (37,544)   (4,347)   175,733 
Vehicles (land and air)   272,663    72,166    (7,587)   (33,638)   (15,601)   288,003 
Construction in progress   1,636,719    (147,140)   (4,301)   
—  
    (79,357)   1,405,921 
Other   253,006    69,936    (836)   (30,308)   (5,257)   286,541 
    12,918,189    936,601    (52,303)   (812,033)   (619,324)   12,371,130 

 

(1)Additions for each category includes transfers from construction in progress during the period.

(2)Of the total amount of additions net of transfers, US$267 refers to the acquisition of JBS Terminais Ltda.

 

For the nine-month period ended September 30, 2025, the amount of capitalized interest added to construction in progress and included in additions was US$25,509 (US$26,156 for the nine-month period ended September 30, 2024).

 

For the nine-month period ended September 30, 2025, the capitalization rate used was 5.15% p.y. (5.82% p.y. for the nine-month period ended September 30, 2024)

 

The Group assesses the recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When future undiscounted cash flows of assets are estimated to be insufficient to recover their related carrying value, the Group compares the asset’s estimated future cash flows, discounted to present value using a risk-adjusted discount rate, to its current carrying value and records a provision for impairment as appropriate. The indirect subsidiary JBS USA recognized an impairment of property, plant and equipment in the amount of US$844, related to the restructuring of its indirectly held subsidiary, Pilgrim’s Pride Corporation (PPC).

 

12 Leases

 

The Group uses the optional exemption to not recognize a right of use asset and lease liability for short term (less than 12 months) and low value leases. The average discount rate used for measuring lease liabilities was 5.45% at September 30, 2025 (5.08% at September 30, 2024).

 

12.1 Right of use asset

 

Changes in the right of use asset:

 

   Balance at
January 1,
2025		   Additions (1)   Terminated
contracts		   Amortization   Exchange rate variation   Balance at
September 30,
2025		 
Growing facilities   632,267    117,112    (25,095)   (109,866)   53,580    667,998 
Buildings   638,981    73,042    (25,841)   (71,438)   36,785    651,529 
Vehicles (land)   189,036    60,683    (12,385)   (53,616)   5,305    189,023 
Machinery and equipment   106,597    23,411    (4,968)   (38,659)   10,363    96,744 
Operating plants   8,622    1,685    (150)   (2,386)   1,298    9,069 
Land   15,999    3,965    (81)   (2,078)   415    18,220 
Computer equipment   5,371    6,474    
—
    (1,468)   806    11,183 
Concession Agreement (2)   
—
    3,780    
—
    (2,935)   192    1,037 
    1,596,873    290,152    (68,520)   (282,446)   108,744    1,644,803 

 

 

 

20

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

   Balance at
January 1,
2024		   Additions (1)   Terminated
contracts		   Amortization   Exchange rate variation   Balance at
September 30,
2024		 
Growing facilities   805,370    64,590    (25,761)   (119,279)   (44,794)   680,126 
Buildings   532,104    161,995    (14,929)   (67,582)   (11,490)   600,098 
Vehicles (land)   223,720    36,458    (2,417)   (54,947)   1,065    203,879 
Machinery and equipment   90,101    63,805    (4,313)   (34,949)   (3,356)   111,288 
Operating plants   19,695    (59)   (4,035)   (3,373)   (1,678)   10,550 
Land   19,186    663    (14)   (1,953)   (582)   17,300 
Computer equipment   15,534    
—  
    (158)   (6,415)   (1,464)   7,497 
    1,705,710    327,452    (51,627)   (288,498)   (62,299)   1,630,738 

 

(1)The additions have been reduced by the PIS/COFINS tax effect. The net impact is US$3,821 and US$5,304 in the consolidated total respectively as of September 30, 2025 and 2024.

(2)Of the total amount of additions, US$1,220 refers to the acquisition of JBS Terminais Ltda.

 

12.2 Lease liabilities

 

   September 30,
2025		   December 31,
2024		 
Undiscounted lease payments   2,221,827    2,135,128 
Present value adjustment   (424,129)   (401,099)
    1,797,698    1,734,029 
Breakdown:          
Current liabilities   356,358    335,681 
Non-current liabilities   1,441,340    1,398,348 
    1,797,698    1,734,029 

 

Changes in the lease liability:

 

   Balance at
January 1,
2025		   Additions   Interest
accrual		   Payments   Terminated
contracts		   Exchange rate variation   Balance at
September 30,
2025		 
Lease liability   1,734,029    306,439    77,089    (362,028)   (84,837)   127,006    1,797,698 

 

   Balance at
January 1,
2024		   Additions   Interest
accrual		   Payments   Terminated
contracts		   Exchange rate variation   Balance at
September 30,
2024		 
Lease liability   1,841,227    330,988    74,935    (352,079)   (56,013)   (67,431)   1,771,627 

 

The non-current portion of the lease liability schedule is as follows:

 

   September 30,
2025		 
2026   242,930 
2027   241,683 
2028   208,728 
2029   187,317 
2030   194,679 
Maturities after 2030   692,774 
Total Future Minimum Lease Payments   1,768,111 
Less: Imputed Interest   (326,771)
Present Value of Lease Liabilities   1,441,340 

 

 

21

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

13 Intangible assets

 

Changes in intangible assets:

 

  

Balance at

January 1,

2025

   Additions (1)   Disposals   Amortization   Exchange rate variation   Balance at
September 30,
2025		 
Amortizing:                        
Trademarks   293,519    835    
—
    (21,065)   29,345    302,634 
Software   30,611    5,546    (1,422)   (5,148)   4,664    34,251 
Customer relationships   408,149    2,126    (735)   (50,763)   15,396    374,173 
Supplier contracts   20,548    
—
    
—
    (2,732)   2,091    19,907 
Others   13,975    2,268    (4,471)   (5,057)   1,759    8,474 
Non-amortizing:                              
Trademarks   1,025,095    570    
—
    
—
    72,337    1,098,002 
Water rights   11,302    
—
    
—
    
—
    169    11,471 
    1,803,199    11,345    (6,628)   (84,765)   125,761    1,848,912 

 

   Balance at
January 1,
2024		   Additions   Disposals   Amortization   Exchange rate variation   Balance at
September 30,
2024		 
Amortizing:                        
Trademarks   341,183    682    
—
    (22,056)   653    320,462 
Software   24,941    17,210    (7)   (4,635)   (3,151)   34,358 
Customer relationships   486,166    
—
    
—
    (54,213)   6,590    438,543 
Supplier contracts   28,077    
—
    
—
    (2,815)   (1,999)   23,263 
Others   1,044    33    
—
    (178)   (53)   846 
Non-amortizing:                              
Trademarks   1,092,793    484    
—
    
—
    8,042    1,101,319 
Water rights   11,391    214    
—
    
—
    52    11,657 
    1,985,595    18,623    (7)   (83,897)   10,134    1,930,448 

 

(1)Of the total amount of additions, US$2,205 refers to the acquisition of JBS Terminais Ltda.

 

14 Goodwill

 

Goodwill represents the positive difference between consideration paid to purchase a business and the net fair value of identifiable assets and liabilities of the acquired entity. Goodwill is recognized as an asset and included in “Goodwill” in the Statement of Financial Position. Goodwill is related to an expectation of future earnings of the acquired subsidiary after assets and liabilities are combined with the Group and cost savings resulting from synergies expected to be achieved upon the integration of the acquired business.

 

Changes in goodwill:

 

   September 30,
2025		   September 30,
2024		 
Balance at the beginning of the period   5,417,134    6,105,020 
Business combinations adjustments (1)   (695)   
—  
 
Exchange rate variation   481,753    (256,698)
Balance at the end of the period   5,898,192    5,848,322 

 

(1)Refers to the business combination adjustment for the acquisition of JBS Terminais Ltda.

 

 

22

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

CGUs  September 30,
2025		   December 31,
2024		 
Brazil Beef   1,705,322    1,464,710 
Seara   700,704    602,869 
USA Pork   694,534    694,534 
Australia Smallgoods   298,331    283,441 
Australia Meat   269,864    256,395 
PPC - Fresh Poultry   427,811    401,396 
PPC - Brands & Snacking   
—  
    262,431 
PPC - Fresh Pork/Lamb   215,839    202,512 
PPC - Food Service   184,518    173,125 
PPC - Meals   
—  
    58,178 
PPC - Added Value (1)   347,499    
—  
 
Others CGUs without significant goodwill (2)   1,053,770    1,017,543 
Total   5,898,192    5,417,134 

 

For the nine-month period ended September 30, 2025 and for December 31, 2024 there were no indicators of impairment of goodwill within any CGU.

 

(1)On August 5, 2025, the indirect subsidiary JBS USA completed the reorganization of its Cash-Generating Units (CGUs), driven by restructuring initiatives at its indirect subsidiary, Pilgrim’s Pride Corporation (“PPC”), in Europe. This reorganization resulted in the redefinition of the structure of the CGUs “PPC - Brands and Snacking” and “PPC - Meals”, which were consolidated into the new CGU “PPC - Added Value.” No impairment loss was recognized for the nine-month period ended September 30, 2025 as a result of this reorganization.

(2)Correspond to 12 Cash-Generating Units (CGUs) which, due to their individually immaterial values, have been grouped under the category ‘Other’.

 

15 Trade accounts payable and Supply chain finance

 

   September 30,
2025		   December 31,
2024		 
Domestic:        
Commodities   1,829,733    1,961,391 
Materials and services   3,169,716    3,138,734 
Finished products   99,853    81,608 
Present value adjustment   (8,537)   (9,685)
    5,090,765    5,172,048 
           
Foreign:          
Commodities   17,063    20,357 
Materials and services   338,758    271,481 
Finished products   782    1,627 
    356,603    293,465 
           
Total trade accounts payable   5,447,368    5,465,513 
           
Supply chain finance (1)          
Domestic   1,136,944    718,884 
Foreign   4,238    9,826 
Total supply chain finance   1,141,182    728,710 
Total   6,588,550    6,194,223 

 

(1)JBS S.A. initiates transactions with financial institutions that allow the suppliers to anticipate their receivables in the domestic market. Apart from an insignificant extension of payment terms, there was no operational or commercial change in the process, and the aforementioned discounted risk transaction does not lead to a change in the prices practiced by suppliers, maintaining the same price composition that was in place prior to the discounted risk operation by these same suppliers. Additionally, this operation did not incur any other burdens for the Group and all financial costs of the operation are the responsibility of the suppliers.

 

Commitment to Purchase for Future Delivery

 

The indirect subsidiary JBS S.A. has commitments to purchase cattle for future delivery signed with certain suppliers, in which the Group guarantees the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. Based on these future delivery contracts, JBJ Agropecuária Ltda. has already advanced this operation with the banks under the supply chain finance method. As of September 30, 2025, the amount of this transaction was US$155,840 (US$58,944 at December 31, 2024), this operation is recognized as supply chain finance.

 

 

23

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

16 Loans and financing

 

   Average           Payment   Current   Non-current 
Type  annual
interest rate		   Currency   Index   terms / non-
current debt		   September 30,
2025		   December 31,
2024		   September 30,
2025		   December 31,
2024		 
                                 
Foreign currency                                
ACC - Advances on exchange   5.04%  USD   —   2025    241,272    1,015,010    
—
    
—
 
Prepayment   5.69%  USD   SOFR   2025 - 27    —    100,296    
—
    — 
FINIMP   5.46%  EUR   Euribor   2025    —    614    
—
    — 
Working Capital - Dollars   4.14%  USD   SOFR   2030    2,435    6,238    1,925    2,223 
CRA - Agribusiness Receivables Certificates   5.36%   USD   —   2029    2,554    719    100,361    65,189 
Export credit note   4.94%  USD   SOFR   2025    251,707    102,367    
—
    
—
 
Others   6.88%  Several   Several   -    2,087    3,584    1,736    1,691 
                     500,055    1,228,828    104,022    69,103 
Local currency                                     
FINAME   6.00%  BRL   —   2025    —    5    
—
    — 

Notes 2.50% JBS Fin 2027

   2.50%  USD   —   2027    544    11,458    105,133    990,319 

Notes 5.13% JBS Lux 2028

   5.13%  USD   —   2028    —    19,085    —    889,288 
Notes 6.5% JBS Lux 2029   6.50%  USD   —   2029    —    934    —    69,842 

Notes 3.00% JBS Lux 2029

   3.00%  USD   —   2029    2,850    7,399    590,875    588,860 

Notes 5.5% JBS Lux 2030

   5.50%  USD   —   2030    —    31,312    —    1,241,293 

Notes 3.75% JBS Lux 2031

   3.75%  USD   —   2031    6,060    1,489    489,420    488,985 

Notes 3.00% JBS Lux 2032

   3.00%  USD   —   2032    11,167    3,750    984,417    982,670 

Notes 3.63% JBS Fin 2032

   3.63%  USD   —   2032    7,219    16,096    956,900    955,546 

Notes 5.75% JBS Lux 2033

   5.75%  USD   —   2033    47,242    23,621    1,629,438    1,626,266 
Notes 6.75% JBS Lux 2034   6.75%  USD   —   2034    3,956    30,068    1,487,415    1,485,757 

Notes 5.95% JBS USA 2035

   5.95%  USD   —   2035    40,989    
—
    986,961    
—
 

Notes 4.38% JBS Lux 2052

   4.38%  USD   —   2052    6,234    16,188    888,030    887,691 
Notes 6.50% JBS Lux 2052   6.50%  USD   —   2052    32,981    8,106    1,526,693    1,526,099 
Notes 7.25% JBS Lux 2053   7.25%  USD   —   2053    24,288    8,038    883,647    883,217 
Notes 5.5% JBS Lux 2036   5.50%  USD   —   2036    16,424    
—
    1,230,880    
—
 
Notes 6.25% JBS Lux 2056   6.25%  USD   —   2056    18,663    
—
    1,234,907    
—
 
Notes 6.38% JBS Lux 2066   6.38%  USD   —   2066    15,229    
—
    983,964    
—
 
Notes 6.38% JBS USA 2055   6.38%  USD   —   2055    4,516    
—
    730,609    
—
 
Notes 4.25% PPC 2031   4.25%  USD   —   2031    15,415    7,577    786,715    844,203 
Notes 3.50% PPC 2032   3.50%  USD   —   2032    2,449    10,413    892,658    892,253 
Notes 6.25% PPC 2033   6.25%  USD   —   2033    14,094    30,285    910,519    966,001 
Notes 6.88% PPC 2034   6.88%  USD   —   2034    12,795    4,201    487,215    486,078 
Working Capital - Euros   2.48%  EUR   Euribor   2025 - 28    37,959    21,789    14,681    8,684 
Working Capital - Pounds   5.65%  GBP   —   2025    9,543    
—
    
—
    
—
 
Export credit note   16.76%  BRL   CDI   2025 - 30    902    858    463    847 
CDC - Direct credit to consumers   16.64%  BRL   —   2028    1,590    9,346    27    815 
Livestock financing - Pre   10.83%  BRL   —   2025    
—
    341,493    
—
    
—
 
Livestock financing   14.90%  BRL   CDI   2026    114,174    
—
    
—
    
—
 
CRA - Agribusiness Receivables Certificates   7.05%  BRL   IPCA   2029-55    15,933    11,415    1,744,717    1,218,300 
Commercial Paper   5.00%  —   —   -    
—
    202,144    
—
    
—
 
Others   0.44%  Several   Several   -    36,137    38,327    118,929    140,454 
Total                    499,353    855,397    19,665,213    17,173,468 
                                      
                     999,408    2,084,225    19,769,235    17,242,571 

 

Average annual interest rate: Refers to the weighted average nominal cost of interest at the reporting date. The loans and financings are fixed by a fixed rate or indexed to rates: CDI, TJLP (the Brazilian government’s long-term interest rate), LIBOR and EURIBOR, among others.

 

The availability of revolving credit facilities for JBS USA was US$2.9 billion as of September 30, 2025 (US$2.9 billion as of December 31, 2024). In Brazil, the availability of revolving credit facilities was US$500,000 (US$500,000 at December 31, 2024).

 

 

24

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

The non-current portion of the principal payment schedule of loans and financing is as follows:

 

Maturity  September 30,
2025		 
     
2026   11,208 
2027   131,923 
2028   104,538 
2029   642,609 
2030   149,214 
Maturities after 2030   18,729,743 
    19,769,235 

 

16.1 Guarantees and contractual restrictions (“covenants”)

 

The Group was in compliance with all of its financial debt covenants restrictions as of September 30, 2025.

 

17 Income and other taxes payable

 

Income and other taxes payable are comprised of the following:

 

   September 30,
2025		   December 31,
2024		 
         
Taxes payable in installments   28,839    44,426 
PIS / COFINS tax payable   18,604    15,378 
ICMS / VAT / GST tax payable   38,487    37,868 
Withholding income taxes   347,092    346,785 
IPTU and others   106,618    75,932 
Subtotal   539,640    520,389 
Income taxes payable   242,634    233,027 
Total   782,274    753,416 
           
Breakdown:          
Current liabilities   366,317    346,761 
Non-current liabilities   415,957    406,655 
    782,274    753,416 

 

 

25

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

18 Payroll and social charges

 

Payroll and social charges are comprised of the following:

 

   September 30,
2025		   December 31,
2024		 
         
Social charges in installments   288,062    356,545 
Bonus and vacation along with related social charges   919,071    804,551 
Salaries and related social charges   543,355    561,990 
Others   15,108    65,383 
    1,765,596    1,788,469 
Breakdown:          
Current liabilities   1,489,505    1,435,751 
Non-current liabilities   276,091    352,718 
    1,765,596    1,788,469 

 

19 Provisions for legal proceedings

 

The Group is party to several lawsuits arising in the ordinary course of business for which provisions are recognized for those deemed probable of loss based on estimated costs determined by management as follow:

 

Breakdown:        
   September 30,
2025		   December 31,
2024		 
Current liabilities   100,940    280,804 
Non-current liabilities   224,723    216,659 
    325,663    497,463 

 

   September 30,
2025		   December 31,
2024		 
         
Labor   102,275    87,127 
Civil   164,408    340,644 
Tax and Social Security   58,980    69,692 
Total   325,663    497,463 

 

 

26

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

   September 30, 2025   December 31, 2024 
   Labor   Civil   Tax and
Social
Security		   Total   Labor   Civil   Tax and
Social
Security		   Total 
                                 
Brasil   102,215    63,455    58,970    224,640    87,075    59,796    68,516    215,387 
USA   
—
    100,940    
—
    100,940    
—
    280,804    
—
    280,804 
Others jurisdictions   60    13    10    83    52    44    1,176    1,272 
Total   102,275    164,408    58,980    325,663    87,127    340,644    69,692    497,463 

 

19.1 - Labor - Changes in provisions:

 

Jurisdiction  Balance at
January 1,
2025		   Additions,
reversals and
changes in estimates		   Payments   Indexation   Exchange rate
variation		   Balance at
September 30,
2025		 
                         
Brazil   87,075    46,995    (53,537)   7,339    14,343    102,215 
Other jurisdictions   52    4    
—
    
—
    4    60 
Total   87,127    46,999    (53,537)   7,339    14,347    102,275 

 

Jurisdiction  Balance at
January 1,
2024		   Additions,
reversals and
changes in estimates		   Payments   Indexation   Exchange rate
variation		   Balance at
September at 30,
2024		 
                         
Brazil   107,940    49,708    (52,202)   5,352    (12,043)   98,755 
Other jurisdictions   64    4,220    (4,381)   495    (338)   60 
Total   108,004    53,928    (56,583)   5,847    (12,381)   98,815 

 

19.2 - Civil - Changes in provisions:

 

Jurisdiction  Balance at
January 1,
2025		   Additions,
reversals and
changes in estimates		   Payments   Indexation   Exchange rate
variation		   Balance at
September 30,
2025		 
                         
Brazil   59,796    11,238    (21,127)   4,184    9,364    63,455 
USA   280,804    159,198    (339,062)   
—
    
—
    100,940 
Other jurisdictions   44    (2)   (29)   (6)   6    13 
Total   340,644    170,434    (360,218)   4,178    9,370    164,408 

 

Jurisdiction  Balance at
January 1,
2024		   Additions,
reversals and
changes in estimates		   Payments   Indexation   Exchange rate
variation		   Balance at
September at 30,
2024		 
                         
Brazil   73,502    15,133    (15,923)   5,715    (8,483)   69,944 
USA   197,440    81,226    (68,640)   
—
    30    210,056 
Other jurisdictions   47    (4,320)   108    (257)   4,465    43 
Total   270,989    92,039    (84,455)   5,458    (3,988)   280,043 

 

Civil legal proceedings (probable loss):

 

United States

 

The civil legal proceedings involve class-action lawsuits alleging violations of federal and state antitrust laws, as well as laws governing unfair competition, unjust enrichment, unusual business practices, and consumer protection related to beef, pork and chicken sales, as well as Canada and US State Matters.

 

The Group, together with its legal department and external counsel, continues to monitor the progress of the antitrust cases and believes that the accounting provisions recorded as of the date of these interim financial statements are sufficient to cover the associated risk.

 

 

27

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

19.3 - Tax and Social Security - Changes in provision:

 

Jurisdiction  Balance at
January 1,
2025		   Additions,
reversals and
changes in estimates		   Payments   Indexation   Exchange rate
variation		   Balance at
September 30,
2025		 
                         
Brazil   68,516    (13,241)   (3,435)   (2,565)   9,695    58,970 
Other jurisdictions   1,176    (38)   (508)   (752)   132    10 
Total   69,692    (13,279)   (3,943)   (3,317)   9,827    58,980 

 

Jurisdiction  Balance at
January 1,
2024		   Additions,
reversals and
changes in estimates		   Payments   Indexation   Exchange rate
variation		   Balance at
September at 30,
2024		 
                         
Brazil   133,006    (23,804)   (1,875)   8,251    (14,427)   101,151 
Other jurisdictions   1,394    627    81    (318)   (480)   1,304 
Total   134,400    (23,177)   (1,794)   7,933    (14,907)   102,455 

 

Legal proceedings (possible loss):

 

In the nine-month period ended September 30, 2025, the Company did not identify significant changes in the estimates of range of loss related to legal provisions which the probability of loss is considered possible.

 

●Brazil

 

a. Profits abroad

 

Between the calendar years 2006 and 2018, the indirect subsidiary JBS S.A. was subject to assessments arising from tax charges on profits earned abroad that were supposed to be included in the IRPJ and CSLL calculation basis, also including invoices disallowances paid by investees abroad, on the grounds that they could not have been used to offset IRPJ and CSLL due in Brazil. These charges also involve the imposition of officio fines, isolated fines and interest. JBS S.A. clarifies that a large part of the collection of IRPJ and CSLL on profits from abroad refers to profits from investees located in jurisdictions with which Brazil has agreements to avoid double taxation. In addition, a relevant part of the charge covers the discussion regarding the formal requirements demanded by the inspection authorities for the purposes of consolidating the results abroad of its direct or indirect investees, and it is certain that JBS S.A. disagrees with the criteria applied by the inspection authorities and has submitted a defense. For almost all of the debts, JBS S.A. is defending itself at the administrative level and is awaiting judgment. JBS S.A. assessed the relevant tax rulings, verifying any divergences in relation to the tax positions adopted by JBS S.A.. Based on this analysis, and taking into account legal opinions and applicable jurisprudence, JBS S.A. has a provision in the total amount of US$750 million, referring to the divergence of positions on the taxation of profits of affiliates abroad in countries with international agreements recorded and reducing the heading of recoverable taxes, reflecting the probability of future realization of these amounts.

 

20 Equity

 

a.Share capital: On September 30, 2025, the Company’s share capital consisted of 814,216,001 class A common shares and 294,842,184 class B common shares, totaling US$35,114. (US$13,177,841 on December 31, 2024).

 

b.Capital reserve: On September 30, 2025, the Company’s capital reserve amounted to US$7,299,425 (US$(180,586) on December 31, 2024).

 

During the nine-month period ended September 30, 2025, the following capital transactions occurred:

 

b.1. Share Premium Distribution: On May 9, 2025, the shareholders approved a distribution from the share premium account in the amount of US$193,432. On June 15, 2025, an additional distribution from the share premium account was approved in the amount of US$193,572.

 

b.2. Cancellation of Class B Shares: On May 20, 2025, by shareholders’ resolution of JBS N.V., the share capital reduction was approved through the cancellation of 3,468,538 Class B shares held by J&F Investments Luxembourg S.à r.l., without any financial compensation

 

 

28

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

b.3. Contribution of Shares: On May 22, 2025, within the scope of the Dual Listing transaction, the contribution by JBS N.V. of 572,981,486 Class A shares, which were held in treasury, to JBS Participações Societárias S.A., at the book value of JBS S.A.’s shares, was approved.

 

b.4. Merger of Shares: On May 23, 2025, the following resolutions were approved: (i) the merger, by JBS Participações Societárias S.A., of the JBS S.A. shares held by the minority shareholders (free float), representing 51.2% of JBS S.A.’s share capital; and (ii) the issuance, by JBS Participações Societárias S.A., of 572,981,486 mandatory redeemable preferred shares (MRPS), in the total amount of U$4 billion, based on JBS S.A.’s book value as of the transaction date, with U$0.18 allocated to share capital and the remainder to share premium.

 

b.5. Redemption of Shares: On May 23, 2025, the full redemption of JBS Participações Societárias S.A.’s MRPS held by minority shareholders was approved, to be settled through the delivery of BDRs to such shareholders.

 

b.6. Common Share Contribution: On May 23, 2025, J&F Investments Luxembourg S.à r.l. contributed 522,224,559 common shares of JBS Participações Societárias S.A., in the amount of U$1.8 billion, to share premium.

 

b.7. Repurchase of Class A Shares: On June 12, 2025, the repurchase of 19,669,712 class A shares was approved, at no cost to the Company, in the amount of US$192.

 

b.8. New Repurchase Plan: On August 13, 2025, the Board of Directors approved a new share repurchase plan authorizing the acquisition of Class A common shares and Brazilian Depositary Receipts (BDRs) for an aggregate amount of up to US$400 million. Subsequently, on October 14, 2025, the Board approved an increase in the maximum limit of funds available under the plan to US$600 million. During the period ended September 30, 2025, the Company repurchased 23,211,318 shares, in the amount of US$362.5 million.

 

c.Dividends: On March 13, 2025, PPC announced that its Board of Directors had approved the distribution of a special cash dividend in the amount of US$6.30 per share. The payment, totaling US$1.5 billion, was made on April 17, 2025, to shareholders. Of this total, US$264.1 million was allocated to non-controlling shareholders.

 

On July 30, 2025, PPC announced that its Board of Directors had approved the distribution of a special cash dividend in the amount of US$2.10 per share. The payment, totaling approximately US$500.0 million, was made on September 3, 2025, to shareholders. Of this total, US$88.4 million was allocated to non-controlling shareholders.

 

During the three-month period ended September 30, 2025, the Company received dividends from its subsidiary JBS S.A., totaling US$ 420.5 million. The payments were made on August 14, 2025, August 20, 2025, August 27, 2025, and September 3, 2025, in the amounts of US$60.5 million, US$150.0 million, US$120.0 million, and US$90.0 million, respectively. These amounts correspond to the distribution of interim and special dividends approved on the respective dates.

 

In October 2025, the Company received dividends from its subsidiary JBS S.A. totaling US$200.0 million. The payments were made on October 15, 2025, October 21, 2025 and October 31, 2025, in the amounts of US$75.0 million, US$75.0 million and US$50.0 million, respectively. These amounts correspond to the distribution of interim dividends approved on the respective dates.

 

d.Non-controlling interest: Material non-controlling interest as of September 30, 2025 consisted of the 17.7% (17.6% as of December 31, 2024), of PPC common stock not owned by JBS USA. JBS USA’s voting rights in PPC are limited to 82.3% as of September 30, 2025 (82.4% as of December 31, 2024) of the total. The profit allocated to the PPC non-controlling interest was US$176,621 and US$151,553 for the nine-month period ended September 30, 2025 and 2024, respectively. The accumulated non-controlling interest in PPC was US$710,146 as of September 30, 2025 (US$880,810 as of December 31, 2024). For the nine-month period ended September 30, 2025, purchase of treasury stock by PPC was nil (nil for the nine-month period ended September 30, 2024). Below are the PPC total net sales, net income, cash provided by operations, total assets and total liabilities for the periods indicated.

 

 

29

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

   Nine-month period ended
September 30,		 
   2025   2024 
         
Net Revenue   13,979,716    13,506,227 
Net Income   995,413    851,451 
Net cash provided by operating activities   1,080,440    1,640,792 

 

   September 30,
2025		   December 31,
2024		 
         
Total assets   9,952,401    10,650,576 
Total liabilities   6,396,724    6,397,180 
Total equity   3,555,677    4,253,396 

 

21 Net revenue

 

   Nine-month period ended
September 30,		   Three-month period ended
September 30,		 
   2025   2024   2025   2024 
Domestic sales   46,876,131    42,500,372    16,601,753    14,663,139 
Export sales   16,245,020    14,708,513    5,995,231    5,262,867 
Net revenue   63,121,151    57,208,885    22,596,984    19,926,006 

 

21.1 Contract balances - Advances from customer

 

Advances from customers are related to payments received in advance of satisfying the performance obligation under the contract. Moreover, a contract liability is recognized when the Group has an obligation to transfer products to a customer from whom the consideration has already been received. The recognition of the contractual liability occurs at the time when the consideration is received. The Group recognizes revenue upon fulfilling the related performance obligation. Contract liabilities are presented as advances from customers in the statement of financial position.

 

The following table provides information about trade accounts receivable and contract liabilities from contracts with customers:

 

   Note  September 30,
2025		   December 31,
2024		 
Trade accounts receivable  4   3,847,840    3,735,540 
Contract liabilities      (285,466)   (151,947)
Total accounts receivable, net of advances      3,562,374    3,583,593 

 

22 Net finance expense

 

   Nine-month period ended
September 30,		   Three-month period ended
September 30,		 
   2025   2024   2025   2024 
Exchange rate variation   123,246    84,655    66,424    (68,731)
Fair value adjustments on derivatives   (54,088)   (353,763)   (63,681)   54,807 
Interest expense (1)   (1,273,198)   (1,251,090)   (480,203)   (399,416)
Interest income (2)    363,080    309,401    135,030    98,668 
Bank fees and others   (135,138)   (98,656)   (65,719)   (46,418)
    (976,098)   (1,309,453)   (408,149)   (361,090)
                     
Finance income   508,017    517,594    202,920    153,475 
Finance expense   (1,484,115)   (1,827,047)   (611,069)   (514,565)
    (976,098)   (1,309,453)   (408,149)   (361,090)

 

(1)For the nine-month period ended September 30, 2025, the amount of US$909,415 (US$864,371 for the nine-month period ended September 30, 2024) refers to interest expenses from loans and financings.
(2)For the nine-month period ended September 30, 2025, the amount of US$132,735 (US$136,247 for the nine-month period ended September 30, 2024) refers to interest income from short-term investments.

 

 

30

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

23 Earnings (loss) per share

 

   Nine-month period ended
September 30,		   Three-month period ended
September 30,		 
   2025   2024 (1)   2025   2024 (1) 
Net income attributable to Company shareholders   1,609,192    1,354,020    580,887    692,923 
Weighted average - common shares outstanding   1,109,058,185    1,109,058,185    1,109,058,185    1,109,058,185 
                     
Basic and diluted earnings (loss) per share - (US$)   1.45    1.22    0.52    0.62 

 

(1)The weighted average number of common shares outstanding for 2024 was retrospectively adjusted to reflect the 2025 share structure for comparability.

 

24 Operating segments

 

The Group’s Management has defined operating segments based on the reports that are used to make strategic decisions, analyzed by the Chief Operating Decision Maker (CODM) - our Chief Executive Officer (CEO), there are seven reportable segments: Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride, Australia and Miscellaneous segments. The segment operating profit or loss is evaluated by the CODM, based on Adjusted EBITDA.

 

Adjusted EBITDA consists of profit or loss before taxes, applying the same accounting policies described in these financial statements, except for the following adjustments as described below: exclusion of profit sharing from equity investments, net of taxes; exclusion of financial income and expenses, exclusion of depreciation and amortization expenses, exclusion of expenses with antitrust agreements; exclusion of donations and social programs expenses; exclusion impairment of assets; exclusion of restructuring; exclusion of fiscal payments and installments; exclusion of avian influenza; and exclusion of certain other operating income (expense), net.

 

Brazil: this segment includes the indirect subsidiary JBS S.A.’s operating activities, mainly represented by slaughter facilities, cold storage and meat processing, fattening, feed and production of beef by-products such as leather, collagen and other products produced in Brazil. Revenues are generated from the sale of products predominantly to restaurant chains, food processing companies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

 

Seara: this segment includes all the operating activities of the indirect subsidiary Seara Alimentos Ltda. and its subsidiaries, mainly represented by chicken and pork processing, production and commercialization of food products and value-added products. Revenues are generated from the sale of products predominantly to restaurant chains, food processing companies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

 

Beef North America: this segment includes the indirect subsidiary JBS USA beef processing operations in North America and the plant-based businesses in Europe. Beef also sells by-products to the variety meat, feed processing, fertilizer, automotive and pet food industries and also produces value-added meat products including toppings for pizzas. Finally, Sampco LLC imports processed meats and other foods such as canned fish, fruits and vegetables to the US and Vivera produces and sells plant-based protein products in Europe.

 

Pork USA: this segment includes the indirect subsidiary JBS USA’s pork operations, including Swift Prepared Foods. Revenues are generated from the sale of products predominantly to retailers of fresh pork including trimmed cuts such as loins, roasts, chops, butts, picnics and ribs. Other pork products, including hams, bellies and trimmings, are sold predominantly to further processors who, in turn, manufacture bacon, sausage, and deli and luncheon meats. In addition, revenues are generated from the sale of case ready products, including the recently acquired TriOak business. As a complement to our pork processing business, we also conduct business through our hog production operations, including four hog farms and five feed mills, from which, JBS Lux will source live hogs for its pork processing operations.

 

Pilgrim’s Pride: this segment includes the indirect subsidiary PPC’s operations, including Moy Park, Tulip and Pilgrim’s Consumer Foods as well, mainly represented by chicken processing, production and commercialization of food products and prepared foods in the United States of America, Mexico, United Kingdom and France. The fresh chicken products consist of refrigerated (non-frozen) whole or cut-up chicken, either pre-marinated or non-marinated, and pre-packaged chicken in various combinations of freshly refrigerated, whole chickens and chicken parts. The prepared chicken products include portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties and bone-in chicken parts. These products are sold either refrigerated or frozen and may be fully cooked, partially cooked or raw. In addition, these products are breaded or non-breaded and either pre-marinated or non-marinated. The segment also generates revenue from the sale of prepared pork products through PPL, a subsidiary acquired by PPC in October 2019. The segment includes PPC’s PFM subsidiary, acquired in September 2021, and generates revenues from branded and private label meats, meat snacks, food-to-go products, and ethnic chilled and frozen ready meals.

 

Australia: Our Australia segment includes our fresh, frozen, value-added and branded beef, lamb, pork and fish products in Australia and New Zealand. The majority of our beef revenues from our operations in Australia are generated from the sale of fresh beef products (including fresh and frozen chuck cuts, rib cuts, loin cuts, round cuts, thin meats, ground beef, offal and other products). We also sell value-added and branded beef products (including frozen cooked and pre-cooked beef, corned cooked beef, beef cubes and consumer-ready products, such as hamburgers and sausages). We also operate lamb, pork, and fish, processing facilities in Australia and New Zealand, including the recently acquired Huon and Rivalea businesses. JBS Australia also generates revenues through their cattle hoteling business. We sell these products in the countries where we operate our facilities, which we classify as domestic sales, and elsewhere, which we classify as export sales.

 

Miscellaneous segments (previously labeled as “Others”): includes certain operations not directly attributable to the primary segments, such as corporate expenses, international leather operations and other operations in Europe.

 

There are no revenues arising out of transactions with any single customer that represents 5% or more of the total revenues.

 

The Group manages its loans and financing and income taxes at the corporate level and not by segment.

 

 

31

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

The information by operational segment are as follows:

 

   Nine-month period ended September 30, 2025 
   Brazil   Seara   Beef
North
America		   Pork USA   Pilgrim’s Pride   Australia  

Miscellaneous
segments

   Total
reportable
segments		   Elimination (*)   Total 
Net revenue   10,910,259    6,677,595    20,474,828    6,280,690    13,970,054    5,786,692    524,333    64,624,451    (1,503,300)   63,121,151 
Adjusted EBITDA(1)   666,881    1,140,147    (375,108)   719,109    2,247,679    699,410    17,824    5,115,942    
—
    5,115,942 

 

   Nine-month period ended September 30, 2024 
   Brazil   Seara   Beef
North
America		   Pork USA   Pilgrim’s Pride   Australia  

Miscellaneous
segments

   Total
reportable
segments		   Elimination (*)   Total 
Net revenue   9,110,276    6,499,556    17,886,153    6,114,728    13,494,937    4,882,634    412,639    58,400,923    (1,192,038)   57,208,885 
Adjusted EBITDA(1)   733,874    1,088,992    136,531    800,249    2,059,291    524,075    3,608    5,346,620    (1,324)   5,345,296 

 

   Three-month period ended September 30, 2025 
   Brazil   Seara   Beef
North
America		   Pork USA   Pilgrim’s Pride   Australia  

Miscellaneous
segments

   Total
reportable
segments		   Elimination (*)   Total 
Net revenue   4,159,524    2,361,019    7,248,143    2,219,941    4,756,050    2,192,373    200,350    23,137,400    (540,416)   22,596,984 
Adjusted EBITDA(1)   307,229    322,662    (41,651)   218,208    769,739    248,876    9,529    1,834,592    
—
    1,834,592 

 

   Three-month period ended September 30, 2024 
   Brazil   Seara   Beef
North
America		   Pork USA   Pilgrim’s Pride   Australia  

Miscellaneous
segments

   Total
reportable
segments		   Elimination (*)   Total 
Net revenue   3,256,380    2,193,966    6,312,640    2,042,489    4,581,061    1,784,587    152,119    20,323,242    (397,236)   19,926,006 
Adjusted EBITDA(1)   377,679    461,243    117,347    246,696    775,892    174,347    (85)   2,153,119    
—
    2,153,119 

 

(*)Includes intercompany and intersegment transactions.
(1)The Adjusted EBITDA is reconciled with the consolidated profit (loss) before taxes, as follows:

 

 

32

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

   Nine-month period ended
September 30,		   Three-month period ended
September 30,		 
   2025   2024   2025   2024 
Profit before taxes   2,245,943    2,101,737    815,341    1,197,121 
Share of profit of equity-accounted investees, net of tax   (15,008)   231    (4,452)   (3,897)
Net finance expense   976,098    1,309,453    408,149    361,090 
Depreciation and amortization   1,684,857    1,633,620    584,019    542,842 
Antitrust agreements (1)   143,720    80,977    10,082    700 
Donations and social programs (2)   1,747    18,171    615    3,591 
Impairment of assets (3)   12,767    
—
    
—
    
—
 
Restructuring (4)   23,771    82,991    2,233    30,835 
Rio Grande do Sul claim (5)   
—
    19,313    
—
    13,092 
Fiscal payments and installments (6)   2,378    81,766    
—
    
—
 
Avian influenza (7)   13,122    
—
    7,510    
—
 
Other operating income (expense), net (8)   26,547    17,037    11,095    7,745 
Total Adjusted EBITDA   5,115,942    5,345,296    1,834,592    2,153,119 
Reversal of elimination   
—
    1,324    
—
    
—
 
Total Adjusted EBITDA for reportable segments   5,115,942    5,346,620    1,834,592    2,153,119 

 

(1)Refers to the Agreements entered by JBS USA and its subsidiaries as described in Note 19 – Provisions for legal proceedings.
(2)Refers to the donations made by JBS S.A., substantially composed of the Fundo JBS pela Amazônia.
(3)This mainly refers to the impairment of fixed assets and the impairment of recoverable tax credits.
(4)Refers to the project implementation of multiple restructuring initiatives mainly in the indirect subsidiary Pilgrim’s Pride Corporation (PPC), which are registered as Other expenses, as well as other non-significant restructuring projects that are registered as General and administrative expenses.
(5)Refers to the claim resulting from flooding that occurred in Rio Grande do Sul in the indirect subsidiary Seara Alimentos Ltda.
(6)Refers to the special payment program for the installment of tax proceedings with exemption from fines and reduction of interest of the indirect subsidiary JBS S.A.
(7)Refers to the impacts related to avian influenza incurred by the indirect subsidiary Seara Alimentos Ltda.
(8)Refers to several adjustments basically in JBS USA’s jurisdiction such as third-party advisory expenses related to acquisitions, insurance recovery, among others.

 

Below is net revenue and total assets based on geography, presented for supplemental information.

 

   Nine-month period ended September 30, 2025 
   North and Central America (2)   South America   Australia   Europe   Minor regions   Total   Intercompany elimination (1)   Total 
Net revenue   37,088,581    17,847,716    5,059,539    4,755,661    361,493    65,112,990    (1,991,839)   63,121,151 
Total assets   18,694,257    25,315,995    4,021,447    14,210,427    297,076    62,539,202    (18,353,091)   44,186,111 

 

   Nine-month period ended September 30, 2024 
   North and Central America (2)   South America   Australia   Europe  

Minor
regions

   Total   Intercompany elimination (1)   Total 
Net revenue   33,616,750    15,812,391    4,467,637    4,514,802    273,847    58,685,427    (1,476,542)   57,208,885 
Total assets   17,850,381    15,352,126    4,221,281    5,605,971    295,385    43,325,144    (1,737,131)   41,588,013 

 

 

33

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

   Three-month period ended September 30, 2025 
   North and Central America (2)   South America   Australia   Europe   Minor regions   Total   Intercompany elimination (1)   Total 
Net revenue   13,000,367    6,614,231    1,900,808    1,630,470    174,899    23,320,775    (723,791)   22,596,984 
Total assets   18,694,257    25,315,995    4,021,447    14,210,427    297,076    62,539,202    (18,353,091)   44,186,111 

 

   Three-month period ended September 30, 2024 
   North and Central America (2)   South America   Australia   Europe   Minor regions   Total   Intercompany elimination (1)   Total 
Net revenue   11,633,150    5,522,770    1,645,994    1,533,689    97,597    20,433,200    (507,194)   19,926,006 
Total assets   17,850,381    15,352,126    4,221,281    5,605,971    295,385    43,325,144    (1,737,131)   41,588,013 

 

(1)Includes intercompany transactions between the segments.

(2)Including the holdings located in Europe that are part of the North American operation.

 

25 Expenses by nature

 

Expenses by nature are disclosed as follows:

 

   Nine-month period ended
September 30,		   Three-month period ended
September 30,		 
   2025   2024   2025   2024 
Cost of sales                
Cost of inventories, raw materials and production inputs   (46,716,115)   (40,962,307)   (16,879,276)   (14,065,067)
Salaries and benefits   (6,480,401)   (6,187,989)   (2,225,800)   (2,100,973)
Depreciation and amortization   (1,495,117)   (1,447,022)   (519,461)   (480,079)
    (54,691,633)   (48,597,318)   (19,624,537)   (16,646,119)
Selling                    
Freight and selling expenses   (2,827,525)   (2,686,014)   (968,208)   (843,173)
Salaries and benefits   (421,103)   (415,795)   (145,822)   (254,592)
Depreciation and amortization   (58,228)   (46,127)   (21,080)   (18,412)
Advertising and marketing   (264,817)   (231,120)   (87,251)   (78,726)
Net impairment losses (recovery)   (14,268)   (6,929)   (8,378)   (2,684)
Commissions   (64,721)   (52,840)   (25,280)   (19,969)
    (3,650,662)   (3,438,825)   (1,256,019)   (1,217,556)
General and administrative                    
Salaries and benefits   (818,550)   (898,891)   (280,237)   (285,377)
Fees, services held and general expenses   (487,044)   (574,055)   (176,116)   (153,566)
Depreciation and amortization   (131,512)   (140,471)   (43,478)   (44,351)
DOJ and Antitrust agreements   (143,720)   (80,977)   (10,082)   (700)
Donations and social programs (1)   (11,621)   (18,171)   (3,824)   (3,591)
    (1,592,447)   (1,712,565)   (513,737)   (487,585)

 

(1)Refers to donations made to Instituto J&F regarding improvements on school’s building, the social program “Fazer o Bem Faz Bem” created by the Group to support actions for social transformation where the indirect subsidiary JBS S.A. is present and donations to Fundo JBS pela Amazônia.

 

For the nine-month period ended September 30, 2025, JBS S.A. incurred expenses with internal research and development, in the amount of US$2.319 (US$4,194 for the nine-month period ended September 30, 2024).

 

For the nine-month period ended September 30, 2025 and 2024, other income (expenses) includes gain (losses) of sale of assets, insurance recovery, asset impairment expenses, restructuring expenses, among others.

 

 

34

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

25.1 Other income and other expenses

 

Other income: For the nine-month period ended September 30, 2025,the Group has recorded in other income the amount of US$77,298 (US$60,323 for the nine-month period ended September 30, 2024), which mainly refers to the gain on the sale of assets totaling US$29,422 (US$15,607 for the nine-month period ended September 30, 2024), tax refunds and extemporaneous tax credits totaling US$6,872 (US$5,933 for the nine-month period ended September 30, 2024), rental income totaling US$2,215 (US$1,592 for the nine-month period ended September 30, 2024), among other non-significant items.

 

Other expenses: For the nine-month period ended September 30, 2025, the Group has recorded in other expenses the amount of US$56,674 (US$109,079 for the nine-month period ended September 30, 2024), which mainly refers to restructuring expenses totaling US$21,890 (US$82,070 for the nine-month period ended September 30, 2024), loss on sale of assets totaling US$12,682 (US$12,760 for the nine-month period ended September 30, 2024) and other miscellaneous items.

 

Restructuring related expenses

 

For the nine-month period ended September 30, 2025 the indirect subsidiary JBS USA recognized US$21,890 (US$82,070 for the nine-month period ended September 30, 2024) in restructuring expenses related to its subsidiary PPC.

 

In 2022, PPC began restructuring initiatives in its European operations. Additional restructuring initiatives also commenced in 2023 and 2024. The purpose of the ongoing restructuring activities is to integrate central operations and reallocate processing capacities between production facilities resulting in closures of some facilities in the European operations.

 

The following table provides a summary of PPC’s estimates of timelines and costs associated with these restructuring initiatives by major type of cost:

 

   Pilgrim’s Food Masters   Pilgrim’s Europe Central   Total 
             
Earliest implementation date   April 2024    January 2024      
Expected predominant completion date   March 2025    June 2025      
                
Costs incurred and expected to be incurred:               
                
Employee-related costs   19,537    50,963    70,500 
Asset impairment costs   10,903    1,847    12,750 
Contract termination costs   845    1,588    2,433 
Other exit and disposal costs (1)   8,657    5,234    13,891 
Total exit and disposal costs   39,942    59,632    99,574 
                
Costs incurred since earliest implementation date:               
                
Employee-related costs   19,537    45,806    65,343 
Asset impairment costs   10,903    1,847    12,750 
Contract termination costs   845    1,588    2,433 
Other exit and disposal costs (1)   8,657    5,234    13,891 
Total exit and disposal costs   39,942    54,475    94,417 

 

(1)Comprised of other costs directly related to the restructuring initiatives, including maintenance costs and Pilgrim’s Food Masters consulting fees.

 

During the nine-month periods ended September 30, 2025 and 2024, PPC recognized the following expenses and paid the following cash related to each restructuring initiative:

 

   Nine-month period ended
September 30, 2025		 
   Provisions   Expenses   Cash Outlays 
             
Pilgrim’s Food Masters   1,578    (793)   4,668 
Pilgrims Europe Central   5,497    21,782    18,919 
Previous programs substantially completed   
—
    901    467 
Total   7,075    21,890    24,054 

 

 

35

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

   Nine-month period ended
September 30, 2024		 
   Provisions   Expenses   Cash Outlays 
             
Pilgrim’s Food Masters   14,980    34,774    14,452 
Pilgrims Europe Central   2,571    27,965    23,585 
Previous programs substantially completed   4,351    19,331    3,181 
Total   21,902    82,070    41,218 

 

The following table reconciles liabilities and reserves associated with each restructuring initiative from December 31, 2024 to September 30, 2025 and from December 31, 2023 to September 30, 2024. Ending liability balances for employee termination benefits and other charges are reported in accrued payroll and social charges in the Consolidated Statements of financial position. The ending reserve balance for inventory adjustments is reported in inventories, net in the Consolidated Statements of financial position. The ending reserve balance for asset impairments is reported in property, plant and equipment, net in the Consolidated Statements of financial position.

 

   Liability reserve
as of
December 31,
2024		   Restructuring charges incurred   Cash payments and disposals   Currency translation   Liability reserve
as of
September 30,
2025		 
                     
Severance   4,443    17,794    (19,782)   896    3,351 
Contract termination   1,513    1,789    (3,095)   217    424 
Asset impairment   91    84    (180)   5    
—
 
Other   4,930    2,223    (2,889)   262    4,526 
Total   10,977    21,890    (25,946)   1,380    8,301 

 

   Liability reserve
as of
December 31,
2023		   Restructuring charges incurred   Cash payments and disposals   Currency translation   Liability reserve
as of
September 30,
2024		 
                     
Severance   3,651    41,565    (32,185)   573    13,604 
Contract termination   1,597    2,028    (3,096)   23    552 
Asset impairment   359    26,846    (27,200)   (5)   
—
 
Other   4,631    11,631    (8,809)   293    7,746 
Total   10,238    82,070    (71,290)   884    21,902 

 

 

36

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

26 Risk management and financial instruments

 

Financial instruments:

 

Financial instruments are recognized in the unaudited condensed consolidated interim financial information as follows:

 

   Note  September 30,
2025		   December 31,
2024		 
Assets           
Fair value through profit or loss (1)             
Financial / Overnight investments  3   1,501,596    3,350,654 
National treasury bills  3   124,088    97,531 
Derivative assets      262,706    84,468 
Amortized cost (2)             
Cash at banks  3   1,962,794    2,197,822 
CME Margin investments  3   523,583    104,220 
Trade accounts receivable  4   3,847,840    3,735,540 
Related party receivables  8   
—
    77,355 
Financial investments  3   45,831    
—
 
Total      8,268,438    9,647,590 
Liabilities             
Amortized cost             
Loans and financing  16   (20,768,643)   (19,326,796)
Trade accounts payable and supply chain finance  15   (6,588,550)   (6,194,223)
Debt with related party  8   (212,989)   
—
 
Lease  12.2   (1,797,698)   (1,734,029)
Fair value through profit or loss             
Derivative liabilities      (571,668)   (266,066)
Total      (29,939,548)   (27,521,114)

 

(1)CDBs are updated at the contractual rate but have a short-term and the counterparties are financial institutions, and their carrying amount is approximate to fair value; (ii) national treasury bill are measured at fair value.
(2)Loans and receivables are classified as amortized cost. The trade accounts receivable are short-term and net of expected losses.

 

Fair value of assets and liabilities through profit or loss: The Group determine fair value measurements in accordance with the hierarchical levels that reflect the significance of the inputs used in the measurement, with the exception of those maturing in the short term, equity instruments without an active market and contracts with discretionary characteristics that the fair value cannot be measured reliably, according to the following levels:

 

Level 1 - Quoted prices in active markets (unadjusted) for identical assets or liabilities;

Level 2 - Inputs other than Level 1, in which prices are quoted for similar assets and liabilities, either directly by obtaining prices in active markets or indirectly through valuation techniques that use data from active markets;

 

   September 30, 2025   December 31, 2024 
   Level 1   Level 2   Total   Level 1   Level 2   Total 
Financial assets                              
Financial investments   
—
    1,501,596    1,501,596    
—
    3,350,654    3,350,654 
National treasury bills   124,088    
—
    124,088    97,531    
—
    97,531 
Derivative assets   
—
    262,706    262,706    
—
    84,468    84,468 
                               
Financial liabilities                              
Derivative liabilities   
—
    571,668    571,668    
—
    266,066    266,066 

 

 

37

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

Fair value of assets and liabilities carried at amortized cost: The fair value of the Notes, are estimated using the closing sale price of these securities informed by a financial newswire on September 30, 2025 and December 31, 2024, considering there is an active market for these financial instruments. The book value of the remaining fixed-rate loans approximates fair value since the interest rate market, the Group’s credit quality, and other market factors have not significantly changed since entering into the loans. The book value of variable-rate loans and financings approximates fair value given the interest rates adjust for changes in market conditions and the quality of the Group’s credit rating has not substantially changed. For all other financial assets and liabilities, book value approximates fair value due to the short duration of the instruments. The following details the estimated fair value of notes:

 

   September 30, 2025   December 31, 2024 
Description  Principal   Price
(% of the
Principal)		   Fair value   Principal   Price
(% of the
Principal)		   Fair value 
Notes 2.50% JBS Lux 2027   105,951    97.61%   103,416    1,000,000    94.98%   949,770 
Notes 5.13% JBS Lux 2028   
—  
    
—  
    
—  
    899,740    99.50%   895,205 
Notes 3.00% JBS Lux 2029   599,957    95.82%   574,885    599,957    91.20%   547,161 
Notes 6.50% JBS Lux 2029   
—  
    
—  
    
—  
    69,906    100.52%   70,273 
Notes 5.50% JBS Lux 2030   
—  
    
—  
    
—  
    1,249,685    99.77%   1,246,786 
Notes 3.75% JBS Lux 2031   493,000    94.58%   466,270    493,000    88.93%   438,435 
Notes 3.00% JBS Lux 2032   1,000,000    89.32%   893,240    1,000,000    83.22%   832,210 
Notes 3.63% JBS Lux 2032   968,780    93.21%   903,029    968,780    87.96%   852,178 
Notes 5.75% JBS Lux 2033   1,661,675    104.30%   1,733,094    1,661,675    99.54%   1,654,048 
Notes 6.75% JBS Lux 2034   1,507,046    110.44%   1,664,397    1,507,046    105.85%   1,595,148 
Notes 4.38% JBS Lux 2052   900,000    78.51%   706,599    900,000    110.50%   994,482 
Notes 6.50% JBS Lux 2052   1,548,000    105.01%   1,625,477    1,548,000    101.53%   1,571,731 
Notes 7.25% JBS Lux 2053   900,000    114.02%   1,026,180    900,000    74.94%   674,487 
Notes 5.5% JBS Lux 2036   1,250,000    101.57%   1,269,575    
—  
    
—  
    
—  
 
Notes 6.25% JBS Lux 2056   1,250,000    102.09%   1,276,138    
—  
    
—  
    
—  
 
Notes 6.38% JBS Lux 2066   1,000,000    102.53%   1,025,270    
—  
    
—  
    
—  
 
Notes 5.95% JBS USA 2035   1,000,000    104.88%   1,048,800    
—  
    
—  
    
—  
 
Notes 6.38% JBS USA 2055   750,000    103.85%   778,838    
—  
    
—  
    
—  
 
Notes 4.25% PPC 2031   796,158    96.70%   769,901    855,725    92.24%   789,303 
Notes 3.5% PPC 2032   899,600    91.34%   821,695    900,000    86.34%   777,033 
Notes 6.25% PPC 2033   922,521    106.53%   982,771    980,000    102.16%   1,001,178 
Notes 6.88% PPC 2034   500,000    110.34%   551,720    500,000    106.73%   533,650 
    18,052,688         18,221,295    16,033,514         15,423,078 

 

Risk management:

 

The Group during the regular course of its operations is exposed to a variety of financial risks that include the effects of changes in market prices (including foreign exchange, interest rate risk and commodity price risk), credit risk and liquidity risk. Such risks are fully disclosed in the last annual financial statements. There were no changes in the nature of these risks in the current period.

 

Below are the risks and operations to which the Group is exposed and a sensitivity analysis for each type of risk, consisting in the presentation of the effects in the finance income (expense), net, when subjected to possible changes, CDI by 50% and 100%, other rates by 25% and 50% and currency and commodities exposure by of 15% to 30%, in the relevant variables for each risk. For each scenario, the Group utilizes the Value at Risk Methodology (VaR), for the confidence interval (C.I.) of 99% and a horizon of one day.

 

 

38

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

a. Interest rate risk

 

The quantitative data referring to the risk of exposure to the Group’s interest rates on September 30, 2025 and December 31, 2024, are in accordance with the Financial and Commodity Risk Management Policy of the Group and are representative of the exposure incurred during the period. The main exposure to financial risks as of September 30, 2025 and December 31, 2024 are shown below:

 

    September 30,
2025		     December 31,
2024		  
Net exposure to the CDI / FED rate:            
CDB-DI (Bank certificates of deposit) / Overnight investments     832,077       760,300  
CME Margin investments     523,583       104,000  
Related party transactions     (162,765 )     527  
Credit note - export     (1,364 )     (1,704 )
National treasury bills     68,347       58,757  
Livestock financing - Pre     (114,174 )    
—  
  
Subtotal     1,145,704       921,880  
Derivatives (Swap)     (936,290 )     (1,285,134 )
Total     209,414       (363,254 )
Net exposure to the IPCA rate:                
Margin cash    
—  
       3,867  
Related party transactions     (50,224 )     77,355  
Treasury bills     48,401       35,127  
CRA - Agribusiness Credit Receivable Certificates     (1,706,599 )     (1,163,028 )
Subtotal     (1,708,422 )     (1,046,679 )
Derivatives (Swap)     814,994       1,150,685  
Total     (893,428 )     104,006  
Liabilities exposure to the SOFR rate:                
Export credit note     (251,707 )     (102,367 )
Prepayment    
—  
       (100,296 )
Prepayment - exchange agreement     (4,360 )     (2,599 )
Total     (256,067 )     (205,262 )

 

Sensitivity analysis as of September 30, 2025:

 

          Scenario (I)
VaR 99% C.I. 1 day		   Scenario (II)
Interest rate
variation - 50%		   Scenario (III)
Interest rate
variation - 100%		 
Contracts exposure  Risk  Current scenario   Rate   Effect on income   Rate   Effect on income   Rate   Effect on income 
CDI / FED  Decrease   14.90%   14.83%   (153)   7.45%   (15,232)   
—
    
—
 
                 (153)        (15,232)        
—
 

 

          Scenario (I)
VaR 99% C.I. 1 day		   Scenario (II)
Interest rate
variation - 25%		   Scenario (III)
Interest rate
variation - 50%		 
Contracts exposure  Risk  Current scenario   Rate   Effect on income   Rate   Effect on income   Rate   Effect on income 
IPCA  Increase   5.13%   5.14%   (53)   6.41%   (11,191)   7.70%   (22,374)
SOFR  Increase   4.24%   4.24%   (10)   5.30%   (2,650)   6.36%   (5,300)
                 (63)        (13,841)        (27,674)

 

 

 

39

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

         September 30, 2025   December 31, 2024 
Instrument  Risk factor  Maturity  Notional   Fair value (Asset) - US$   Fair value (Liability) -
US$		   Fair value   Notional   Fair value (Asset) - US$   Fair value (Liability) -
US$		   Fair value 
                                       
   IPCA  2027   183,960    205,686    (219,908)   (14,222)   158,004    162,453    (171,479)   (9,026)
   IPCA  2031   
—
    
—
    
—
    
—
    189,071    212,403    (224,840)   (12,437)
   IPCA  2032   132,021    155,844    (181,597)   (25,753)   183,123    192,464    (216,650)   (24,186)
Swap  IPCA  2034   146,155    153,138    (166,492)   (13,354)   127,416    124,373    (135,650)   (11,277)
   IPCA  2037   240,785    300,326    (368,293)   (67,967)   189,239    215,192    (263,254)   (48,062)
   IPCA  2038   
—
    
—
    
—
    
—
    142,320    143,557    (159,263)   (15,706)
   IPCA  2039   
—
    
—
    
—
    
—
    20,854    20,363    (21,830)   (1,467)
   IPCA  2044   
—
    
—
    
—
    
—
    80,745    79,880    (92,168)   (12,288)
                                               
          702,921    814,994    (936,290)   (121,296)   1,090,772    1,150,685    (1,285,134)   (134,449)

 

b. Exchange rate risk

 

Below are presented the risks related to the most significant exchange rates fluctuation given the relevance of these currencies in the Group’s operations and the stress analysis scenarios and VaR to measure the total exposure as well as the cash flow risk with B3 and the Chicago Mercantile Exchange. The Group discloses these exposures considering the fluctuations of an exchange rate in particular towards the functional currency of each subsidiary.

 

   USD   EUR   GBP 
   September 30,
2025		   December 31,
2024		   September 30,
2025		   December 31,
2024		  

September 30,

2025

   December 31,
2024		 
OPERATING                        
Cash and cash equivalents   1,880,059    1,639,584    65,302    50,341    19,473    16,097 
Trade accounts receivable   835,127    1,073,398    136,706    165,016    211,821    65,684 
Sales orders   1,455,130    1,062,765    173,190    78,854    16,869    54,370 
Trade accounts payable   (303,485)   (297,536)   (96,310)   (78,268)   (19,973)   (16,271)
Purchase orders   (76,189)   (83,493)   (28,891)   (8,928)   
—  
    
—  
 
Subtotal   3,790,642    3,394,718    249,997    207,015    228,190    119,880 
FINANCIAL                              
Margin cash   457      220    
—  
    
—  
    
—  
    
—  
 
Advances to customers   (3,796)   (4,683)   (2,202)   (1,562)   (122)   (191)
Loans and financing   (602,050)   (1,290,871)   
—  
    (614)   
—  
    
—  
 
Subtotal   (605,389)   (1,295,334)   (2,202)   (2,176)   (122)   (191)
Subtotal   3,185,253    2,099,384    247,795    204,839    228,068    119,689 
                               
Total exposure   3,185,253    2,099,384    247,795    204,839    228,068    119,689 
DERIVATIVES                              
Future contracts   622,477    1,840    (79,270)   (85,595)   (40,607)   (34,095)
Deliverable Forwards (DF´s)   (387,723)   (664,084)   21,024    70,949    (18,833)   (26,785)
Non-Deliverable Forwards (NDF´s)   274,312    (417,158)   (22,416)   (19,559)   
—  
    (6,262)
Total derivatives   509,066    (1,079,402)   (80,662)   (34,205)   (59,440)   (67,142)
NET EXPOSURE   3,694,319    1,019,982    167,133    170,634    168,628    52,547 

 

 

40

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

b1 Sensitivity analysis and derivative financial instruments breakdown:

 

b1.1 US Dollar (amounts in thousands of US$):

 

      Current   Scenario (i)
VaR 99% C.I. 1 day		   Scenario (ii)
Interest rate
variation - 15%		   Scenario (iii)
Interest rate
variation - 30%		 
Exposure of US$  Risk  exchange rate   Exchange rate   Effect on income   Exchange rate   Effect on income   Exchange rate   Effect on income 
                                
Operating  Appreciation   1.0000    0.9813    (69,354)   0.8500    (555,131)   0.7000    (1,110,262)
Financial  Depreciation   1.0000    0.9813    11,076    0.8500    88,658    0.7000    177,316 
Derivatives  Appreciation   1.0000    0.9813    (9,314)   0.8500    (74,552)   0.7000    (149,103)
                 (67,592)        (541,025)        (1,082,049)

 

         September 30, 2025   December 31, 2024 
Instrument  Risk factor  Nature  Quantity  

Notional

(US$)

   Fair value   Quantity  

Notional

(US$)

   Fair value 
                                     
Future Contract  American dollar  Long   62,247    622,477    359    4,765    1,840    12 

 

           September 30, 2025   December 31, 2024 
Instrument  Risk factor   Nature  

Notional

(US$)

  

Notional

(US$)

   Fair value  

Notional

(US$)

  

Notional

(US$)

   Fair value 
                                 
Deliverable Forwards  American dollar   Short    (387,723)   (387,723)   6,657    (664,084)   (664,084)   (16,868)
Non-Deliverable Forwards  American dollar   Long    274,312    274,312    (7,102)   (417,158)   (417,158)   (950)

 

b1.2 € - EURO (amounts in thousands of US$):

 

          Scenario (i)
VaR 99% C.I. 1 day		   Scenario (ii)
Interest rate
variation - 15%		   Scenario (iii)
Interest rate
variation - 30%		 
Exposure of US$  Risk  Current exchange   Exchange rate   Effect on income   Exchange rate   Effect on income   Exchange rate   Effect on income 
                                
Operating  Appreciation   0.8521    0.8688    (4,681)   1.0025    (36,611)   1.2174    (73,223)
Financial  Depreciation   0.8521    0.8688    41    1.0025    323    1.2174    645 
Derivatives  Depreciation   0.8521    0.8688    1,510    1.0025    11,813    1.2174    23,626 
                 (3,130)        (24,475)        (48,952)

 

 

41

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

         September 30, 2025   December 31, 2024 
Instrument  Risk factor  Nature  Quantity  

Notional

(US$)

   Fair value   Quantity  

Notional

(US$)

   Fair value 
Future Contract  Euro  Short   (6,755)   (79,270)   (31)   2,074    (85,595)   49 

 

         September 30, 2025   December 31, 2024 
Instrument  Risk factor  Nature 

Notional

(EUR)

  

Notional

(US$)

   Fair value  

Notional

(EUR)

  

Notional

(US$)

   Fair value 
                               
Deliverable Forwards  Euro  Long   17,916    21,024    1,120    68,259    70,949    2,376 
Non-Deliverable Forwards  Euro  Short   (19,102)   (22,416)   (414)   (18,818)   (19,559)   420 

 

b1.3 £ - British Pound (amounts in thousands of US$):

 

          Scenario (i)
VaR 99% C.I. 1 day		   Scenario (ii)
Interest rate
variation - 15%		   Scenario (iii)
Interest rate
variation - 30%		 
Exposure of US$  Risk 

Current

exchange

   Exchange rate   Effect on income   Exchange rate   Effect on income   Exchange rate   Effect on income 
                                
Operating  Appreciation   0.7437    0.7571    (3,937)   0.8750    (33,418)   1.0624    (66,836)
Financing  Depreciation   0.7437    0.7571    2    0.8750    18    1.0624    36 
Derivatives  Depreciation   0.7437    0.7571    1,025    0.8750    8,705    1.0624    17,410 
                 (2,910)        (24,695)        (49,390)

 

           September 30, 2025   December 31, 2024 
Instrument  Risk factor   Nature  

Notional

(GBP)

  

Notional

(US$)

   Fair value  

Notional

(GBP)

  

Notional

(US$)

   Fair value 
                                       
Future Contract  British pound   Long    (3,020)   (40,607)   (24)   1,219    (34,095)   12 

 

           September 30, 2025   December 31, 2024 
Instrument  Risk factor   Nature  

Notional

(GBP)

  

Notional

(US$)

   Fair value  

Notional

(GBP)

  

Notional

(US$)

   Fair value 
                                 
Deliverable Forwards  British pound   Long    (14,006)   (18,833)   171    (21,368)   (26,785)   (675)
Non-Deliverable Forwards  British pound   —      —      —      —      (4,996)   (6,262)   (128)

 

 

42

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

c. Commodity price risk

 

The Group operates globally (the entire livestock protein chain and related business) and during the regular course of its operations is exposed to price fluctuations in feeder cattle, live cattle, lean hogs, corn, soybeans, and energy, especially in the North American, Australian and Brazilian markets. Commodity markets are characterized by volatility arising from external factors including climate, supply levels, transportation costs, agricultural policies and storage costs, among others. The Risk Management Department is responsible for mapping the exposures to commodity prices of the Group and proposing strategies to the Risk Management Committee, in order to mitigate such exposures.

 

c1. Position balance in commodities and corn contracts:

 

Exposure in Commodities (Livestock) - Expressed in contract quantity  September 30,
2025		   December 31,
2024		 
OPERATING          
Firm contracts   35,267    31,028 
Subtotal   35,267    31,028 
DERIVATIVES          
Future contracts   3,000    6,548 
Deliverable Forwards   (28,560)   (38,658)
Subtotal   (25,560)   (32,110)
NET EXPOSURE   9,707    (1,082)

 

Sensitivity analysis as of September 30, 2025:

 

          Scenario (i)
VaR 99% C.I. 1 day		   Scenario (ii)
@ Variation - 15%		   Scenario (ii)
@ Variation - 30%		 
Exposure  Risk  Current price   Price   Effect on income   Price   Effect on income   Price   Effect on income 
                                
Operating  Depreciation   39    39    (26,807)   33    (402,107)   27    (804,213)
Derivatives  Appreciation   32    33    (17,488)   37    (262,327)   42    (524,654)
                 (44,295)        (664,434)        (1,328,867)

 

Derivatives financial instruments breakdown:

 

           September 30, 2025   December 31, 2024 
Instrument  Risk factor   Nature   Quantity   Fair value   Quantity   Fair value 
                         
Future Contracts  Commodities (livestock)   Long    3,000    (283)   6,548    (3,080)
Deliverable Forwards  Commodities (livestock)   Short    (28,560)   (277,295)   (38,658)   (45,524)

 

Exposure in Commodities (Grains and others) - Expressed in contract quantity  September 30,
2025		   December 31,
2024		 
OPERATING        
Firm contracts   5,152    8,681 
Subtotal   5,152    8,681 
DERIVATIVES          
Future contracts   22,632    6,949 
Deliverable Forwards   (25,573)   16,144 
Non Deliverable Forwards   2,250,000    —   
Subtotal   2,247,059    23,093 
NET EXPOSURE   2,252,211    31,774 

 

 

43

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

Sensitivity analysis as of September 30, 2025:

 

          Scenario (i)
VaR 99% C.I. 1 day		   Scenario (ii)
@ Variation - 15%		   Scenario (ii)
@ Variation - 30%		 
Exposure  Risk  Current price   Price   Effect on income   Price   Effect on income   Price   Effect on income 
                                
Operating  Appreciation   66    67    (4,204)   76    (63,060)   86    (126,120)
Derivatives  Appreciation   12    12    (12,143)   14    (182,143)   15    (364,287)
                 (16,347)        (245,203)        (490,407)

 

Derivatives financial instruments breakdown:

 

         September 30, 2025   December 31, 2024 
Instrument  Risk factor  Nature  Quantity   Fair value   Quantity   Fair value 
                       
Future Contracts  Commodities (grains and others)  Long   22,632    (2,097)   6,949    97 
Deliverable Forwards  Commodities (grains and others)  Short   (25,573)   (147,049)   16,144    (15,984)
Non Deliverable Forwards  Commodities (grains and others)  Long   2,250,000    (1,498)   —    — 

 

c2. Hedge accounting:

 

The indirect subsidiary Seara Alimentos Ltda. applies hedge accounting for grain purchases, aiming at bringing stability to the results. The designation of these instruments is based on the guidelines outlined in the Financial and Commodity Risk Management Policy defined by the Risk Management Committee and approved by the Board of Directors.

 

Financial instruments designated for hedge accounting were classified as cash flow hedge. The effective amount of the instrument’s gain or loss is recognized under “Other comprehensive income (expense)” and the ineffective amount under “Financial income (expense), net”, and the accumulated gains and losses are reclassified to profit and loss or to the balance sheet when the object is recognized, adjusting the item in which the hedged object was recorded.

 

In these hedge relationships, the main sources of ineffectiveness are the effect of the counterparties and the Group’s own credit risk on the fair value of the forward foreign exchange contracts, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates; changes in commodities prices; and changes in the timing of the hedged transactions.

 

The effects on the income for the period, on other comprehensive income, and on the balance sheet of derivative financial instruments contracted for hedging foreign exchange, commodity prices, and interest rates are presented below:

 

Hedge accounting - Derivative instruments  Risk factor  Quantity   Notional   Fair value 
Future contracts  Commodities   5,488    30,312    (371)

 

The indirect subsidiary Seara Alimentos Ltda. also designates derivatives to hedge the fair value of floating-rate debt instruments through fixed-rate interest rate swaps, measured in accordance with fair value hedge accounting.

 

 

44

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

c2.1 Effects of hedge instruments on the financial information:

 

The following table presents the effects on income (loss) for the period, other comprehensive income, and the on the statement of financial position of derivative financial instruments contracted for hedging foreign exchange, commodity prices, and interest rates (cash flow and fair value hedges):

 

   September 30,
2025		   September 30,
2024		 
Statements of income:        
         
Cost of sales before hedge accounting adoption   (5,697,535)   (5,053,872)
           
Derivatives operating income (loss)   (1,255)   98 
Commodities   (1,255)   98 
Cost of sales with hedge accounting   (5,698,790)   (5,053,774)
           
Financial income (expense), net excluding derivatives   20,210    (56,114)
           
Derivatives financial income (expense), net   (2,935)   (106,698)
Currency   
—
    (84,351)
Commodities   (2,935)   (22,047)
Interest   
—
    (300)
           
Financial income (expense), net   17,275    (162,812)

 

Below are the effects on other comprehensive income (expense), after the adoption of hedge accounting:

 

   September 30,
2025		   September 30,
2024		 
Statements of other comprehensive income (expense):        
         
Financial instruments designated as hedge accounting:   (287)   932 
Commodities   (287)   932 
Other comprehensive income   (61)   1,412 

 

Hedge cash flow movement  December 31,
2024		   OCI   September 30,
2025		 
Hedge accounting operation   186    (61)   125 
(-) Income Tax   (63)   21    (42)
Total of other comprehensive income (expense)   123    (40)   83 

 

Below are the effects on the statement of financial position, after the adoption of hedge accounting:

 

 

45

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

   September 30,
2025		   December 31,
2024		 
Statement of financial position:        
Derivative (liabilities)/assets   (371)   84 
Financial instruments designated as hedge accounting:          
Commodities   (371)   84 
           
Derivative (liabilities)/assets   225    69 
Financial instruments not designated as hedge accounting:          
Exchange   225    69 
Other comprehensive income (expense)   (287)   306 
Commodities   (287)   306 
           
Inventories   446    20 
Commodities   446    20 

 

Open amounts in statement of financial position of derivative assets and liabilities:

 

   September 30,
2025		   December 31,
2024		 
Assets:        
         
Designated as hedge accounting   
—
    84 
Exchange derivaties   
—
    84 
Not designated as hedge accounting   
—
    69 
Exchange   
—
    69 
Current assets   
—
    153 
           
(Liabilities):          
Designated as hedge accounting   371    
—
 
Commodities   371    
—
 
           
Not designated as hedge accounting   (219)   
—
 
Commodities   6    
—
 
Currency   (225)   
—
 
Current liabilities   152    
—
 

 

 

46

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

d. Liquidity risk

 

The table below shows the contractual obligation amounts from financial liabilities of the Group according to their maturities:

 

   September 30, 2025   December 31, 2024 
   Until 1 year   Between 2 and 3 years   Between 4 and 5 years   More than 5 years   Total   Until 1 year   Between 2 and 3 years   Between 4 and 5 years   More than 5 years   Total 
                                         
Trade accounts payable and supply chain finance   6,588,550    
—
    
—
    
—
    6,588,550    6,194,223    
—
    
—
    
—
    6,194,223 
Loans and financing   999,408    247,669    791,824    18,729,742    20,768,643    2,084,225    1,046,253    1,688,693    14,507,625    19,326,796 
Estimated interest on loans and financing (1)   1,212,956    2,435,277    2,315,745    13,640,832    19,604,810    2,458,318    2,440,620    839,949    5,670,017    11,408,904 
Derivatives liabilities (assets)   454,986    116,682    
—
    
—
    571,668    165,979    100,087    
—
    
—
    266,066 
Payments of leases   356,358    565,203    311,398    564,739    1,797,698    335,681    426,404    274,798    697,146    1,734,029 
Future contracts - Commodities   155,840    24,515,209    5,732,972    3,131,762    33,535,783    58,997    28,244,384    4,238,571    986,771    33,528,723 

 

(1)Includes interest on all loans and financing outstanding. Payments are estimated for variable rate debt based on effective interest rates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024. Payments in foreign currencies are estimated using the September 30, 2025 and December 31, 2024 exchange rates.

 

The Group has future commitment for purchase of grains and cattle whose balances as of September 30, 2025 is US$33.5 billion (December 31, 2024 is US$33.5 billion).

 

The Group has securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of September 30, 2025 is US$553,846 (US$136,554 at December 31, 2024). This guarantee exceeds the amount of the collateral.

 

A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table.

 

The interest payments on variable interest rate loans and bond issues in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the derivative change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.

 

 

47

 

 

 

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

 

e. Risks linked to climate change and the sustainability strategy

 

In view the Group’s operations, there is inherent exposure to risks related to climate change. Certain Group assets, which are mainly biological assets that can be measured at fair value, may be impacted by climate change and are considered in the preparation process of this interim financial information.

 

For the nine-month period ended September 30, 2025, Management considered the data and assumptions highlighted below as the main risks:

 

(i) possible impacts on the determination of fair value in biological assets due to the effects of climate change, such as temperature rise and scarcity of water resources which may impact some assumptions used in accounting estimates related to the Group’s biological assets, as follows:

 

●losses of biological assets due to heat waves and droughts which occur with greater frequency and intensity;

 

●reduction in the expected growth of our biological assets due to natural disasters, fires, pandemics or changes in rainfall patterns; and

 

●interruption in the production chain due to adverse weather events, causing power outages, fuel shortages, disruption of transportation channels, among other things.

 

(ii) structural changes and their impacts on the business, such as:

 

●regulatory and legal: regulation and legislation arising from Brazilian and/or international authorities that encourage the transition to a low-carbon economy and/or with greater biodiversity and that increase the risk of litigation and/or commercial restrictions related to the alleged contribution, even if indirect, for the intensification of climate change;

 

●reputational: related to customers’ perceptions and the society in general regarding the positive or negative contribution of an organization to a low carbon economy.

 

* * * * *

 

 

48

 

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