JBS (JBS) investor relations material

Executive summary

• Net sales reached $23.9 billion in 2Q26, a 14% year-over-year increase, marking record revenue, while net revenue for the six months ended June 30, 2026, rose 12.3% to $45.5 billion.

• Adjusted EBITDA (IFRS) was $1.43 billion (6.0% margin), down 18% year-over-year; adjusted net income was $218 million, and net loss attributable to shareholders was $102 million due to non-recurring items.

• Earnings per share dropped to $0.10 from $0.48 year-over-year; adjusted EPS was $0.20, and reported EPS was -$0.10.

• Profitability declined due to high cattle prices, margin compression, and significant non-recurring costs, including $172 million in bond/CRA costs and $133 million in antitrust settlements.

• $1 billion was returned to shareholders via dividends, and the company joined the Russell 1000 and 3000 indices.

Financial highlights

• Gross profit for 2Q26 was $2.59 billion, down from $2.83 billion in 2Q25; adjusted EBITDA margin (IFRS) was 6.0%, down 2.4 p.p. year-over-year.

• Free cash flow improved to $130 million from a negative $55 million in 2Q25, driven by working capital improvements.

• Net leverage ended at 3.1x, above the long-term target; interest coverage was 5.0x.

• Operating cash flow was $1.24 billion, up from $772 million in 2Q25.

• Average debt maturity was 15.3 years at a 5.7% average cost, with total liquidity of $7.7 billion.

Outlook and guidance

• Profitability improved sequentially from 1Q26 in most business units, with operational efficiency measures and investments in branded and value-added products expected to support future margins.

• U.S. beef supply expected to improve as live cattle imports from Mexico resume post-August 24.

• Management expects continued volatility in commodity and energy markets due to geopolitical tensions and inflationary pressures.