JBS (JBS) investor relations material

Executive summary

• Achieved record annual revenue of $86.2 billion in 2025, with Q4 revenue at $23.1 billion, reflecting strong global protein demand and diversified operations.

• Net income for the year reached $2.02 billion, up 15% year-over-year, with EPS of $1.89 and ROE at 25.3%.

• Free cash flow totaled $400 million for the year, with Q4 free cash flow at $990 million.

• Completed dual listing on NYSE in June 2025, expanding the global investor base and increasing trading liquidity.

• Over $3 billion invested in global expansion, modernization, and innovation projects across multiple regions.

Financial highlights

• Q4 adjusted EBITDA (IFRS) was $1.72 billion (7.4% margin); full-year adjusted EBITDA was $6.83 billion (7.8% margin).

• Adjusted net income for the year was $2.2 billion, with EPS of $2.10, excluding non-recurring items.

• CapEx for 2025 reached $2.1 billion, with 66% allocated to expansion projects and maintenance capex at 54%.

• ROE and ROIC for 2025 were 25.3% and 17.4%, respectively.

• Net debt at year-end was $13.6 billion, with leverage at 2.39x and interest coverage at 6.5x.

Outlook and guidance

• Expect continued margin pressures in North America due to high cattle prices and restricted imports, but global diversification and value-added products support positive results.

• For 2026, CapEx guidance is $2.4 billion ($1.3B expansion, $1.1B maintenance), with interest and leasing expenses projected at $1.65 billion.

• Working capital and biological asset variations remain uncertain due to commodity price volatility.

• Management remains confident in delivering results in line with 2025, supported by strong global protein demand and continued investments in innovation.