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JBS (JBS) investor relations material
JBS Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record net revenue of $21B in 2Q25, up 8.9% year-over-year, with net income rising to $528M and EPS at $0.48; ROE improved to 25.7%.
Completed dual listing on NYSE and B3, expanding global visibility, investor access, and strategic flexibility.
Paid $1.2B in dividends and announced a $400M share repurchase program, reflecting commitment to shareholder returns.
Strategic investments in US operations include new and expanded facilities totaling over $800M to support prepared foods growth and job creation.
Continued global diversification with sales in over 180 countries and a workforce exceeding 280,000.
Financial highlights
Adjusted EBITDA (IFRS) was $1.8B, margin 8.4%; adjusted operating income $1.2B, margin 5.7%; adjusted net income $583M, EPS $0.53.
Free cash flow was negative $55M, impacted by higher inventories, hedging, settlements, increased CAPEX, and higher tax payments.
ROIC rose to 17.0% year-over-year.
Net sales reached $21B, up 9% year-over-year.
Operating cash flow was $1.8B.
Outlook and guidance
Capex planned at $2B for both 2025 and 2026, including announced expansions; working capital expected at $900M in 2025 and $250M in 2026.
Legal settlements projected at $300M in 2025, zero in 2026; interest expenses at $1.15B in 2025 and $1.1B in 2026.
US beef margins expected to remain challenged for 3-4 quarters, with gradual improvement from 2027 onward; pork margins expected to normalize immediately.
Focus on margin expansion and risk mitigation through geographic and protein diversification.
Management targets leverage below 2.5x and interest coverage at 7.4x by year-end, supported by robust cash and credit lines.
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