JBS (JBS) Investor Presentation summary

Strategic growth and diversification

• Achieved global leadership in beef, poultry, and pork, with strong positions in prepared foods, plant-based, salmon, and eggs across multiple continents.

• Expanded through strategic acquisitions and efficient operations, driving net revenues to $77 billion in 2024 and establishing a diversified protein platform.

• Focused on value-added and branded product portfolios, with over 150 brands and sales in 180+ countries.

• Growth capex of $5–6 billion planned over the next five years, targeting 17–20% ROIC and 5–6 year payback, with emphasis on prepared foods, protein conversion, and capacity expansion.

• Pursuing further scale in existing categories, vertical integration, and enhanced brand penetration to drive long-term value.

Financial performance and guidance

• Net revenues reached $78.7 billion LTM Q1'25, with EBITDA of $7.4 billion and a margin of 8–11%.

• EBITDA margin improved from a median of 5.1% (2008–2012) to 9.5% (2018–2022), reflecting successful diversification and margin expansion.

• Free cash flow generation supports investments, dividends, and deleveraging, with net leverage reduced to 1.46x by Q1'25.

• Dividend distributions have increased, with $1.18 billion paid in 2024 and a 288% total shareholder return since 2019.

• Capex guidance for 2025 includes $1 billion each for expansion and maintenance, with ongoing M&A averaging $1–1.2 billion per year.

Capital structure and market positioning

• Achieved full investment grade ratings from Fitch, Moody's, and S&P, with a proforma average debt tenor of 15.4 years and 5.7% average cost.

• Ranks #4 in the Bloomberg Barclays Investment Grade Food and Beverage Index, with $17.7 billion in outstanding notes.

• Significant reduction in bond spread gap versus Tyson, reflecting improved credit profile.

• International investors are 11x more exposed to US-listed protein companies than Brazilian, highlighting potential for value unlocking via US index inclusion.

• Illustrative scenarios suggest potential equity upside of 130–300% through multiple re-rating and sustained EBITDA growth.