JBS (JBS) Q2 2025 earnings summary

Executive summary

• Achieved record net revenue of $21 billion in 2Q25, up 8.9% year-over-year, with net income rising 61% to $528 million and EPS at $0.48.

• Completed dual listing on NYSE and B3 in June 2025, expanding global visibility and investor base.

• Paid $1.2 billion in dividends and announced a $400 million share repurchase program.

• Continued strategic investments in U.S. prepared foods, including new and expanded facilities totaling over $800 million.

• Maintained global diversification with sales in over 180 countries and a workforce exceeding 280,000.

Financial highlights

• Adjusted EBITDA (IFRS) was $1.894 billion, margin 9.8%; adjusted operating income $1.2 billion, margin 5.7%.

• Net profit was $528 million; adjusted net income $583 million.

• EPS was $0.48; adjusted EPS $0.53.

• ROE reached 25.7%; ROIC at 17.0%.

• Free cash flow was negative $55 million, impacted by higher inventories, settlements, and increased CAPEX.

Outlook and guidance

• Management expects leverage to end the year below 2.5x, with stable interest coverage.

• Free cash flow break-even estimated at $5.5 billion for 2025 and $4.5 billion for 2026.

• Capital expenditures planned at $2 billion annually for 2025 and 2026.

• Confident in gradual improvement in U.S. beef margins from late 2025 into 2028.

• U.S. pork margins expected to normalize from Q3 2025 onward.