Equibles

6-K

JBS N.V. (JBS)

6-K 2025-11-13 For: 2025-09-30
View Original
Added on April 11, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 of the Securities Exchange Act of 1934

For the month of November 2025

Commission File Number: 001-42678

JBS N.V.

(Exact Name as Specified in its Charter)

N/A

(Translation of registrant’s name into English)

Stroombaan 16, 5th Floor,

1181 VX, Amstelveen, Netherlands

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F:   ☒      Form 40-F:   ☐

Exhibits 99.1 and 99.2 hereto are incorporated by reference as exhibitsto JBS N.V.’s registration statement on Form S-8 (File No. 333-289660), as may be amended and supplemented.

EXHIBIT INDEX

Exhibit Number Description of Document
99.1 JBS N.V.’s unaudited condensed consolidated interim financial information as of September 30, 2025 and for the three- and nine-month periods ended September 30, 2025 and 2024 (in U.S. dollars).
99.2 Management’s Discussion and Analysis of Financial Condition and Results of Operations (in U.S. dollars).
99.3 Earnings release (in U.S. dollars).
101.INS Inline XBRL Instance Document. The instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH Inline XBRL Taxonomy Extension Schema Document.
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE Inline XBRL Taxonomy Extension Linkbase Document.
104 Cover page interactive data (formatted as Inline XBRL and contained in Exhibit 101).

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 13, 2025
JBS N.V.
By: /s/ Guilherme Perboyre Cavalcanti
Name: Guilherme Perboyre Cavalcanti
Title: Chief Financial Officer

2

Exhibit 99.1

JBS N.V.
Unaudited condensed consolidated interim financial information
as of and for three and nine-month period ended September 30, 2025
In thousands of United States dollar - US$

Index Page
Statements of financial position - Assets 1
Statements of financial position - Liabilities and Equity 2
Statements of income for the nine-month period ended September 30, 2025 and 2024 3
Statements of income for the three-month period ended September 30, 2025 and 2024 4
Statements of comprehensive income for the nine-month period ended September 30, 2025 and 2024 5
Statement of comprehensive income for the three-month period September 30, 2025 and 2024 6
Statements of changes in equity for the nine-month period ended September 30, 2025 and 2024 7
Statements of cash flows for the nine-month period ended September 30, 2025 and 2024 8
Note 1 - Background information 9
Note 2 - Basis of preparation 11
Note 3 - Cash and cash equivalents and margin cash 13
Note 4 - Trade accounts receivable 13
Note 5 - Inventories 14
Note 6 - Biological assets 14
Note 7 - Recoverable taxes 14
Note 8 - Related parties transactions 15
Note 9 - Income taxes 16
Note 10 - Investments in subsidiaries, associates and joint venture 19
Note 11 - Property, plant and equipment 19
Note 12 - Leases 20
Note 13 - Intangible assets 22
Note 14 - Goodwill 22
Note 15 - Trade accounts payable 23
Note 16 - Loans and financing 24
Note 17 - Income and other taxes payable 25
Note 18 - Payroll and social charges 26
Note 19 - Provisions for legal proceedings 26
Note 20 - Equity 28
Note 21 - Net revenue 30
Note 22 - Net finance income (expense) 30
Note 23 - Earnings (losses) per share 31
Note 24 - Operating segments 31
Note 25 - Expenses by nature 34
Note 26 - Risk management and financial instruments 37

i

Unaudited condensed consolidated interim statements of financialposition<br><br><br><br>In thousands of United States dollar - US$
Note September 30, <br><br>2025 December 31, <br><br>2024
--- --- --- --- --- ---
ASSETS
CURRENT ASSETS
Cash and cash equivalents 3 3,558,215 5,613,672
Margin cash 3 553,846 136,554
Trade accounts receivable 4 3,847,840 3,735,540
Inventories 5 6,568,664 5,015,989
Biological assets 6 1,820,815 1,608,223
Recoverable taxes 7 670,077 637,728
Derivative assets 26 262,706 84,468
Other current assets 389,522 288,842
TOTAL CURRENT ASSETS 17,671,685 17,121,016
NON-CURRENT ASSETS
Long-term investments 3 45,831 —
Recoverable taxes 7 1,914,060 1,412,455
Biological assets 6 602,189 518,234
Related party receivables 8 — 77,355
Deferred income taxes 9 511,482 651,178
Other non-current assets 558,552 268,737
3,632,114 2,927,959
Investments in equity-accounted investees 10 226,539 38,312
Property, plant and equipment 11 13,263,866 11,780,880
Right of use assets 12.1 1,644,803 1,596,873
Intangible assets 13 1,848,912 1,803,199
Goodwill 14 5,898,192 5,417,134
TOTAL NON-CURRENT ASSETS 26,514,426 23,564,357
TOTAL ASSETS 44,186,111 40,685,373

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

1

Unaudited condensed consolidated interim statements of financialposition<br><br><br><br>In thousands of United States dollar - US$
Note September 30, <br><br>2025 December 31, <br><br>2024
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable 15 5,447,368 5,465,513
Supply chain finance 15 1,141,182 728,710
Loans and financing 16 999,408 2,084,225
Income taxes 17 242,634 233,027
Other taxes payable 17 123,683 113,734
Payroll and social charges 18 1,489,505 1,435,751
Lease liabilities 12.2 356,358 335,681
Dividends payable 165 358,621
Provisions for legal proceedings 19 100,940 280,804
Derivative liabilities 26 454,986 165,979
Other current liabilities 677,127 455,020
TOTAL CURRENT LIABILITIES 11,033,356 11,657,065
NON-CURRENT LIABILITIES
Loans and financings 16 19,769,235 17,242,571
Income and other taxes payable 17 415,957 406,655
Payroll and social charges 18 276,091 352,718
Lease liabilities 12.2 1,441,340 1,398,348
Deferred income taxes 9 1,073,116 1,095,291
Provisions for legal proceedings 19 224,723 216,659
Debt with related parties 8 212,989 —
Derivative liabilities 26 116,682 100,087
Other non-current liabilities 113,465 81,615
TOTAL NON-CURRENT LIABILITIES 23,643,598 20,893,944
EQUITY 20
Share capital - common shares 35,114 13,177,841
Capital reserve 7,299,425 (180,586 )
Other reserves — (37,470 )
Profit reserves (360,887 ) 4,211,944
Accumulated other comprehensive loss 73,048 (10,077,264 )
Retained earnings 1,670,631 —
Attributable to company shareholders 8,717,331 7,094,465
Attributable to non-controlling interest 791,826 1,039,899
TOTAL EQUITY 9,509,157 8,134,364
TOTAL LIABILITIES AND EQUITY 44,186,111 40,685,373

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

2

Unauditedcondensed consolidated interim statements of income for the nine-month period ended September 30, 2025 and 2024<br><br><br><br>Inthousands of United States dollar - US$ (except for earnings per share)
Nine-month period ended<br> September 30,
Note 2025 2024
NET REVENUE 21 63,121,151 57,208,885
Cost of sales 25 (54,691,633 ) (48,597,318 )
GROSS PROFIT 8,429,518 8,611,567
Selling expenses 25 (3,650,662 ) (3,438,825 )
General and administrative expenses 25 (1,592,447 ) (1,712,565 )
Other income 25.1 77,298 60,323
Other expenses 25.1 (56,674 ) (109,079 )
NET OPERATING EXPENSES (5,222,485 ) (5,200,146 )
OPERATING PROFIT 3,207,033 3,411,421
Finance income 22 508,017 517,594
Finance expense 22 (1,484,115 ) (1,827,047 )
NET FINANCE EXPENSE (976,098 ) (1,309,453 )
Share of profit of equity-accounted investees, net of tax 10 15,008 (231 )
PROFIT BEFORE TAXES 2,245,943 2,101,737
Current income taxes 9 (576,398 ) (399,199 )
Deferred income taxes 9 125,228 (193,301 )
TOTAL INCOME TAXES (451,170 ) (592,500 )
NET INCOME 1,794,773 1,509,237
ATTRIBUTABLE TO:
Company shareholders 1,609,192 1,354,020
Non-controlling interest 185,581 155,217
1,794,773 1,509,237
Basic and diluted earnings per share - common shares (US$) 23 1.45 1.22

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

3

Unaudited condensed consolidated interim statements of income forthe three-month period ended September 30, 2025 and 2024<br><br><br><br>In thousands of United States dollar - US$ (except for earningsper share)
Three-month period ended<br> September 30,
--- --- --- --- --- --- --- ---
Note 2025 2024
NET REVENUE 21 22,596,984 19,926,006
Cost of sales 25 (19,624,537 ) (16,646,119 )
GROSS PROFIT 2,972,447 3,279,887
Selling expenses 25 (1,256,019 ) (1,217,556 )
General and administrative expenses 25 (513,737 ) (487,585 )
Other income 29,221 21,869
Other expenses (12,874 ) (42,301 )
NET OPERATING EXPENSES (1,753,409 ) (1,725,573 )
OPERATING PROFIT 1,219,038 1,554,314
Finance income 22 202,920 153,475
Finance expense 22 (611,069 ) (514,565 )
NET FINANCE EXPENSE (408,149 ) (361,090 )
Share of profit of equity-accounted investees, net of tax 4,452 3,897
PROFIT BEFORE TAXES 815,341 1,197,121
Current income taxes 9 (185,942 ) (142,382 )
Deferred income taxes 9 14,725 (298,133 )
TOTAL INCOME TAXES (171,217 ) (440,515 )
NET INCOME 644,124 756,606
ATTRIBUTABLE TO:
Company shareholders 580,887 692,923
Non-controlling interest 63,237 63,683
644,124 756,606
Basic and diluted earnings per share - common shares (US$) 23 0.52 0.62

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

4

Unaudited condensed consolidated interim statements of comprehensiveincome for nine-month period ended September 30, 2025 and 2024<br><br><br><br>In thousands of United States dollar - US$
Nine-month period ended<br><br>September 30,
2025 2024
Net income 1,794,773 1,509,237
Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments 1,049,377 (944,063 )
Gain (loss) on cash flow hedge (865 ) 1,292
Deferred income tax on loss on cash flow hedge (74 ) (328 )
Other fair value adjustments through other comprehensive income (380 ) (7,491 )
Items that will not be reclassified to statement of income:
Gain (loss) associated with pension and other postretirement benefit obligations (1,823 ) 8,828
Income tax on gain (loss) associated with pension and other postretirement benefit obligations 737 (2,240 )
Total other comprehensive income (loss) 1,046,972 (944,002 )
Comprehensive Income 2,841,745 565,235
Total comprehensive income attributable to:
Company shareholders 2,811,376 317,942
Non-controlling interest 30,369 247,293
2,841,745 565,235

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

5

Unaudited condensed consolidated interim statements of comprehensive income for three-month period ended September 30, 2025 and 2024<br><br> <br>In thousands of United States dollar - US$
Three-month period ended<br><br>September 30,
--- --- --- --- --- --- ---
2025 2024
Net income 644,124 756,606
Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain on foreign currency translation adjustments 82,131 197,502
Gain (loss) on cash flow hedge (826 ) 460
Deferred income tax on gain (loss) on cash flow hedge (22 ) 236
Other fair value adjustments through other comprehensive income (344 ) 518
Items that will not be reclassified to statement of income:
Loss associated with pension and other postretirement benefit obligations (2,228 ) (1,065 )
Income tax on gain (loss) associated with pension and other postretirement benefit obligations 683 (549 )
Total other comprehensive income 79,394 197,102
Comprehensive income 723,518 953,708
Total comprehensive income loss attributable to:
Company shareholders 671,031 886,381
Non-controlling interest 52,487 67,327
723,518 953,708

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

6

Unaudited condensed consolidated interim statements of changes in equity for the nine-month period ended September 30, 2025 and 2024<br><br><br><br>In thousands of United States dollar - US$
Capital reserves Profit reserves Other comprehensive income
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Note Share<br><br> capital Share<br><br> premium Premium<br><br> on issue<br><br> of shares Capital<br><br> transactions Stock<br><br> options Other<br><br> reserves Treasury Legal Investments<br><br> statutory Tax-<br><br>incentive reserve VAE FCTA Retained<br><br> earnings<br><br> (loss) Total Non-<br><br>controlling<br><br> interest Total equity
BALANCE ON JANUARY 1, 2024 13,177,841 — 36,321 (232,475 ) 10,145 (36,413 ) — 603,603 2,232,528 787,501 60,443 (7,614,450 ) — 9,025,044 682,742 9,707,786
Net income — — — — — — — — — — — — 1,354,019 1,354,019 155,218 1,509,237
Gain (loss) on foreign currency translation adjustments (FCTA) — — — — — — — — — — — (832,990 ) — (832,990 ) 90,922 (742,068 )
Loss on net investment in foreign operations — — — — — — — — — — — (201,995 ) — (201,995 ) — (201,995 )
Gain on cash flow hedge, net of tax — — — — — — — — — — 964 — — 964 — 964
Gain associated with pension and other postretirement benefit obligations, net of tax — — — — — — — — — — 5,435 — — 5,435 1,153 6,588
Other fair value adjustments through other comprehensive income — — — — — — — — — — (7,491 ) — — (7,491 ) — (7,491 )
Total comprehensive income (loss) — — — — — — — — — — (1,092 ) (1,034,985 ) 1,354,019 317,942 247,293 565,235
Share-based compensation — — — 8,389 — — — — — — — — — 8,389 1,700 10,089
Realization of other reserves — — — — — (821 ) — — — — — — 821 — — —
Distribution of interim dividends — — — — — — — — — — — — (799,983 ) (799,983 ) — (799,983 )
Dividends to non-controlling interest — — — — — — — — — — — — — — (3,081 ) (3,081 )
Others — — — — — — — — — — — — — — 348 348
BALANCE ON SEPTEMBER 30, 2024 13,177,841 — 36,321 (224,086 ) 10,145 (37,234 ) — 603,603 2,232,528 787,501 59,351 (8,649,435 ) 554,857 8,551,392 929,002 9,480,394
BALANCE ON JANUARY 1, 2025 13,177,841 — 36,321 (227,052 ) 10,145 (37,470 ) — 691,999 2,070,113 1,449,832 67,583 (10,144,847 ) — 7,094,465 1,039,899 8,134,364
Net income — — — — — — — — — — — — 500,224 500,224 56,110 556,334
Gain (loss) on foreign currency translation adjustments — — — — — — — — — — — 574,457 — 574,457 (123,164 ) 451,293
Gain on net investment in foreign operations — — — — — — — — — — — 126,386 — 126,386 — 126,386
Gain on cash flow hedge, net of tax — — — — — — — — — — 282 — — 282 — 282
Loss associated with pension and other postretirement benefit obligations, net of tax — — — — — — — — — — (409 ) — — (409 ) (101 ) (510 )
Other fair value adjustments through other comprehensive income — — — — — — — — — — (25 ) — — (25 ) — (25 )
Total comprehensive income (loss) — — — — — — — — — — (152 ) 700,843 500,224 1,200,915 (67,155 ) 1,133,760
Share-based compensation — — — 5,782 — — — — — — — — — 5,782 1,219 7,001
Realization of other reserves — — — — — (374 ) — — — — — — 373 (1 ) — (1 )
Distribution of interim dividends — — — — — — — (759,018 ) — — — — (759,018 ) — (759,018 )
Dividends to non-controlling interest — — — — — — — — — — — — — — (260,331 ) (260,331 )
Others — — — — — — — — — — — — — — 285 285
JBS S.A. - Corporate Restructuring Implemented on May 23rd (13,142,337 ) 1,899,391 (36,321 ) 216,947 (10,145 ) 37,844 (6,544 ) (691,999 ) (1,311,095 ) (1,449,832 ) 159 8,947,969 61,066 (5,484,897 ) 67,255 (5,417,642 )
Net income — — — — — — — — — — — — 1,108,968 1,108,968 129,471 1,238,439
Loss on cash flow hedge, net of tax — — — — — — — — — — (373 ) — — (373 ) (848 ) (1,221 )
Loss associated with pension and other postretirement benefit obligations, net of tax — — — — — — — — — — (576 ) — — (576 ) — (576 )
Foreign exchange variation in subsidiaries — — — — — — — — — — — — — (30,744 ) (30,744 )
Cumulative translation adjustment and foreign exchange variation in subsidiaries — (3,100 ) 505,542 502,442 — 502,442
Other fair value adjustments through other comprehensive income — — — — — — — — — — — — — — (355 ) (355 )
Total comprehensive income (loss) — — — — — — — — — — (4,049 ) 505,542 1,108,968 1,610,461 97,524 1,707,985
Cancellation of shares 20 b.2 (390 ) 390 — — — — — — — — — — — (1,263 ) (1,263 )
Common share contribution 20 b.6 — 1,808,187 — — — — — — — — — — — 1,808,187 — 1,808,187
Incorporation of shares 20 b.4 — 3,995,860 — — — — — — — — — — — 3,995,860 — 3,995,860
Repurchase of shares 20 b.7 — 192 — — — — (192 ) — — — — — — — — —
Share premium distribution 20 b.1 — (387,004 ) — — — — — — — — — — — (387,004 ) — (387,004 )
Listing costs — — — 6,119 — — — — — — — — — 6,119 — 6,119
Stock Option Plan — — — 4,871 — — — — — — — — — 4,871 1,222 6,093
Transfer of treasury shares — (6,156 ) — — — — 6,156 — — — — — — — — —
Stock Based Compensation — — 4,545 — — 2,156 6,701 931 7,632
Dividends to non-controlling interests — — — — — — — — — — — — — — (89,265 ) (89,265 )
Acquisition of treasury shares 20 b.8 — — — — — — (362,463 ) — — — — — — (362,463 ) — (362,463 )
Others — (44 ) — (22,603 ) — — — — — — — — — (22,647 ) 1,505 (21,142 )
BALANCE ON SEPTEMBER 30, 2025 35,114 7,310,816 — (11,391 ) — — (360,887 ) — — — 63,541 9,507 1,670,631 8,717,331 791,826 9,509,157

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

7

Unaudited condensed consolidated interim statements of cash flowsfor the nine-month period ended September 30, 2025 and 2024<br><br><br><br>In thousands of United States dollar - US$
Nine-month period ended September 30,
--- --- --- --- --- --- --- ---
Note 2025 2024
Cash flows from operating activities
Net income 1,794,773 1,509,237
Adjustments for:
Depreciation and amortization 6, 11, 12 and 13 1,684,857 1,633,620
Expected credit losses 4 22,864 9,121
Share of profit of equity-accounted investees 10 (15,008 ) 231
Gain on sales of assets (15,272 ) (4,605 )
Tax expense 9 451,170 592,500
Net finance expense 22 976,098 1,309,454
Share-based compensation 19,844 10,089
Provisions for legal proceedings 60,435 31,177
Impairment of goodwill and property, plant and equipment 12,767 26,633
Net realizable value inventory adjustments 5 20,172 8,821
DOJ (Department of Justice) and antitrust agreements 24 143,720 80,977
Fair value adjustment of biological assets 6 (67,062 ) (55,967 )
Provision for avian influenza related costs 13,122 —
5,102,480 5,151,288
Changes in assets and liabilities:
Trade accounts receivable (18,754 ) 53,381
Inventories (1,203,272 ) (574,378 )
Recoverable taxes 43,236 13,013
Other current and non-current assets (556,893 ) (93,156 )
Biological assets (572,720 ) (355,132 )
Trade accounts payable and supply chain finance (90,204 ) (303,239 )
Taxes paid in installments (54,529 ) (48,065 )
Other current and non-current liabilities 151,580 116,250
DOJ and Antitrust agreements payment (339,063 ) (56,630 )
Income taxes paid (652,196 ) (188,753 )
Changes in operating assets and liabilities (3,292,815 ) (1,436,709 )
Cash provided in by operating activities 1,809,665 3,714,579
Interest paid (948,160 ) (1,176,584 )
Interest received 134,857 151,706
Net cash flows provided by (used in) operating activities 996,362 2,689,701
Cash flows from investing activities
Purchases of property, plant and equipment (1,261,012 ) (950,558 )
Purchases of intangible assets (4,717 ) (6,086 )
Proceeds from sale of property, plant and equipment 56,922 26,003
Acquisitions, net of cash acquired — (4,219 )
Dividends received 6,197 8,652
Related party transactions (22,914 ) 675
Additions to investments in joint ventures (186,489 ) —
Acquisition of investments funds (45,831 ) —
Cash used in investing activities (1,457,844 ) (925,533 )
Cash flows from financing activities
Proceeds from loans and financing 9,455,280 2,034,828
Payments of loans and financing (8,465,136 ) (2,637,753 )
Derivative instruments received (91,629 ) (172,543 )
Margin cash 8,473 (1,162 )
Dividends paid (1,573,855 ) —
Dividends paid to non-controlling interest (355,682 ) (3,127 )
Repurchase of share (362,463 ) —
Payments of leasing contracts (325,026 ) (314,038 )
Acquisition of non-controlling interests in the subsidiary PPC (1,294 ) —
Other (22,603 ) —
Cash used in financing activities (1,733,935 ) (1,093,795 )
Effect of exchange rate changes on cash and cash equivalents 139,960 (169,835 )
Net change in cash and cash equivalents (2,055,457 ) 500,538
Cash and cash equivalents beginning of period 5,613,672 4,569,517
Cash and cash equivalents at the end of period 3,558,215 5,070,055
Non-cash transactions: Nine-month period ended<br><br> September 30,
--- --- --- --- --- ---
Note 2025 2024
Non-cash additions to right of use assets and lease liabilities 12 306,439 330,988
Capitalized interest 11 25,509 26,153

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

8

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

1 Background information

1.1 Reporting entity

JBS N.V. (“JBS N.V.” or “Company”) is a corporation incorporated under the laws of the Netherlands and is domiciled in Amsterdam. The Company is the holding entity of the JBS Group.

JBS N.V. and its subsidiaries ("Group") primarily operates in the processing of animal proteins, encompassing activities related to beef, pork, lamb, and poultry, as well as the production and marketing of prepared foods and other related products. Additionally, the Group carries out operations in the leather, collagen, hygiene and cleaning products, metal packaging, biodiesel, and other complementary businesses, integrated within its value chain, with a global presence in several countries, including Brazil, the United States, Canada, Mexico, Australia, the United Kingdom, Argentina, and Uruguay. The portfolio includes internationally recognized brands such as Seara, Doriana, Pilgrim’s, Moy Park, Primo, Friboi, Maturatta, Swift, Ozo, and Adaptable Meals, among others.

JBS N.V. is registered as a FPI - Foreign Private Issuer with the United States Securities and Exchange Commission (SEC) and as a foreign issuer with the Brazilian Securities and Exchange Commission (CVM), in compliance with the applicable regulatory requirements in the Netherlands, Brazil, and the United States. The Class A ordinary shares of JBS N.V. are listed on the New York Stock Exchange (NYSE) under the ticker symbol “JBS,” and its Level II Brazilian Depositary Receipts (BDRs) are traded on B3 - Brasil, Bolsa, Balcão, under the code “JBSS32.”

The unaudited condensed consolidated interim financial statements reflect the operations of the Group.

The approval of these unaudited condensed consolidated interim financial information occurred at the Board of Directors’ meeting on November 13, 2025.

Corporate restructuring

As part of its corporate restructuring, JBS N.V. became the indirect controlling shareholder of JBS S.A. through the completion of a two-phase contribution process by its ultimate controlling shareholder, J&F. In the first phase, completed on December 27, 2023, J&F and its wholly owned investment fund, FIP Formosa, transferred a non-controlling portion of their JBS S.A. common shares to JBS Participações Societárias S.A., which were subsequently contributed to J&F Investments Luxembourg S.à r.l. and then to JBS N.V.

The second phase was completed on May 23, 2025, with J&F transferring its remaining JBS S.A. common shares through the same corporate structure. As a result, JBS N.V., via JBS Participações Societárias S.A., now holds all shares previously owned directly by J&F, consolidating its position as the indirect controlling shareholder of JBS S.A. The transaction was accounted for as a common control transaction, whereby JBS N.V. recognized the assets, liabilities, and results of JBS S.A. at their historical book values. The restructuring preserved shareholder economic interests by applying a consistent exchange ratio to both controlling and non-controlling shareholders, subject only to immaterial adjustments related to fractions of BDRs and share-based payments.

On June 6, 2025, the migration of the shareholder base of JBS S.A. to JBS N.V was completed. As part of this transaction, JBS S.A. shareholders exchanged their shares for Level II Brazilian Depositary Receipts (BDRs), backed by Class A common shares issued by JBS N.V. These BDRs were delivered to the shareholders of JBS S.A., effectively establishing JBS N.V. as the new holding company of the JBS Group.

On June 9, 2025, JBS S.A.’s shares ceased trading on B3 – Brasil, Bolsa, Balcão and were officially replaced by the BDRs of JBS N.V., which began trading under the ticker symbol “JBSS32.” In addition, JBS N.V.’s Class A common shares commenced trading on the New York Stock Exchange (NYSE) on June 12, 2025, under the ticker symbol “JBS”.

9

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

The Group accounted for the Reorganization as a common control transaction, and the pre-reorganization carrying amounts of JBS S.A. were included in the consolidated financial statements of JBS N.V. at book value. Accordingly, these consolidated financial statements reflect the following:

(i) The historical operating results and financial position of JBS S.A. prior to the restructuring;

(ii) The consolidated financial performance and position of JBS N.V. subsequent to the completion of the restructuring;

(iii) The assets and liabilities of JBS N.V. and its subsidiaries stated at historical cost;

(iv) The number of ordinary shares issued by JBS N.V. as a result of the restructuring, which is reflected retrospectively from January 1, 2024, for the purpose of calculating earnings per share;

(v) The shares of JBS S.A. were contributed to JBS N.V. at their carrying amount in three tranches: December 27, 2023, May 23, 2025, and June 9, 2025;

(vi) The remaining retained earnings of JBS S.A., no longer applicable to JBS N.V., were reclassified to the opening balance of capital reserves (see note 20).

1.2 Main eventsthat occurred during the period:

1.2.1 Senior Notes (Bonds): On July 3, 2025, the indirect subsidiaries of JBS S.A., JBS USA Holding Lux S.à r.l., JBS USA Food Company, and JBS USA Foods Group Holdings, Inc., completed the issuance of senior notes totaling US$3.5 billion, divided into three series: US$1.25 billion maturing in 2036 with an annual coupon of 5.50%; US$1.25 billion maturing in 2056 with an annual coupon of 6.25%; and US$1 billion maturing in 2066 with an annual coupon of 6.375%. Interest payments will be made semiannually, starting between January and April 2026, depending on each series. The net proceeds from the issuance were primarily used to repurchase and redeem notes maturing in 2027, 2028 and 2030, as well as to settle short-term debt, with any remaining balance allocated for general corporate purposes.

1.2.2 Investment in Granjeros Campo9 S.A. (Granjeros Campo): On July 7, 2025, the indirect subsidiary Seara Alimentos Ltda. entered into an investment agreement for the acquisition of 90% of Granjeros Campo’s capital, represented by the amount of US$ 6.3 million. Granjeros Campo 9 S.A (Granjeros Campos) is a company in the meatpacking sector that focuses on poultry production and slaughter in Paraguay.

1.2.3 Acquisition of ProductionFacility: On August 13, 2025, the Company, through its indirect subsidiary JBS USA, entered into an agreement to acquire a production facility in Ankeny, Iowa (USA) for US$100 million, with the purpose of expanding it to become the largest ready-to-eat bacon and sausage plant in the Company’s portfolio in the United States. The completion of the transaction is subject to the satisfaction of customary closing conditions, and operations at the plant are expected to begin in mid-2026, following the investments and expansion works.

1.2.4 Approval of New RepurchasePlan: On August 13, 2025, the Board of Directors approved a new share repurchase plan authorizing the acquisition of Class A common shares and Brazilian Depositary Receipts (BDRs) for an aggregate amount of up to US$400 million. Subsequently, on October 14, 2025, the Board approved an increase in the maximum limit of funds available under the plan to US$600 million. The program was completed on November 10, 2025, with the Company repurchasing a total of 41,008,292 shares, totaling US$600 million.

1.2.5 Agribusiness Receivables Certificates (CRA): On September 29, 2025, the indirect subsidiary Seara Alimentos Ltda. filed with the Brazilian Securities and Exchange Commission (CVM) a registration request for a new offering of four series of Agribusiness Receivables Certificates (CRAs), guaranteed by JBS S.A. and JBS N.V., maturing in 2035, 2035, 2045 and 2065, with an aggregate principal amount of US$569 million. The bookbuilding process was concluded on October 31, 2025 and the settlement on November 5, 2025. The net proceeds from the issuance will be primarily used for the purchase of raw materials, notably unprocessed corn, in the ordinary course of the company’s operations.

1.2.6 Dividends distribution: During the three-month period ended September 30, 2025, the Company received dividends from its indirect subsidiary JBS S.A., totaling US$ 420.5 million. The payments were made on August 14, 2025, August 20, 2025, August 27, 2025, and September 3, 2025, in the amounts of US$60.5 million, US$150.0 million, US$120.0 million, and US$90.0 million, respectively. These amounts correspond to the distribution of interim and special dividends approved on the respective dates.

10

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

1.3 Seasonality

Demand for chicken is relatively stable throughout the year in the United States, Europe and Brazil, but there are seasonal variations in the sales volume of some specific products at certain times of the year, such as: Christmas, New Year and Easter. Demand in the United States beef industry is highest in the second and third quarters, due to favorable weather conditions for outdoor activities. In Australia, the beef industry faces a drop in slaughter in the fourth quarter, as the rainy season affects cattle’s availability and transport. In Brazil, beef sales do not fluctuate significantly during the year. The pork industry in The United States and Australia have peaks in demand in the first and fourth quarters, due to the supply of pork and the holidays, which stimulate the consumption of certain pork products, with no significant fluctuation in pork numbers in other locations.

1.4 Subsequent events:

**1.4.1 Investment in Pico Paco Ltda.:**On October 14, 2025, the indirect subsidiary Seara Alimentos Ltda. entered into agreement for the acquisition of 100% of Pico Paco Ltda.’s capital, represented by the amount of US$1.3 million. Pico Paco Ltda. is a company in the meatpacking sector that focuses on poultry slaughter in Minas Gerais.

1.4.2 Dividends distribution: In October 2025, the Company received dividends from its indirect subsidiary JBS S.A. totaling US$200.0 million. The payments were made on October 15, 2025, October 21, 2025 and October 31, 2025, in the amounts of US$75.0 million, US$75.0 million and US$50.0 million, respectively. These amounts correspond to the distribution of interim dividends approved on the respective dates.

2 Basis of preparation

The unaudited condensed consolidated interim financial information as of and for the three and nine-month period ended September 30, 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by International Accounting Standards Board (IASB), and should be read in conjunction with the Group´s last annual consolidated financial statements as of and for the year ended December 31, 2024 (“last annual financial statements”). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to describe events and transactions that are significant to an understanding of the changes in the Group´s financial position and performance since the last annual financial statements.

In preparing these unaudited condensed consolidated interim financial statements, Management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

2.1 Functional and presentation currency

The financial statements of each subsidiary included in the consolidation are prepared using the functional currency of the primary economic environment in which it operates.

These consolidated financial statements are converted and presented in U.S dollar (US$). The Group selected the US$ as its presentation currency to facilitate a more direct comparison to other competitors.

2.2 Foreign currencies

Transactions in foreign currencies other than an entity’s functional currency are initially measured in the functional currency of the entity using the exchange rate effective at the date of each transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the closing exchange rate at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, under the caption “Finance income” or “Finance expense”.

11

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

2.3 Translation of subsidiaries financial statements

The consolidated financial statements of foreign subsidiaries are prepared using each subsidiary’s respective functional currency. The results and financial position of all entities with a functional currency different from its ultimate parent’s functional currency (R$) have been translated to R$ and then these financial statements have been translated from the parent´s functional currency (R$) into the Group’s presentation currency (US$). As follows:

(i) assets and liabilities are translated at the current rate at the date of each closing period;

(ii) income and expenses are translated at the average rate at the date of each closing period; and

(iii) all exchange rate translation differences are recognized in other comprehensive income (loss) and are presented in the statement of comprehensive income (loss) as foreign currency translation adjustments.

2.4 New standards, amendments and interpretations

a. Standards,amendments and interpretations recently issued and adopted by the Group

IAS 21 – Effects of changes inexchange rates and translation of financial statements.

As of January 1, 2025, this amendment establishes the accounting requirements for when a functional currency cannot be converted into other currencies. In such cases, the Group is required to utilize the most recent observable exchange rate to translate the results and financial position of the foreign operation into its presentation currency. The entity must also disclose this exchange rate, the date on which it was observed, and the reasons why the currency is not exchangeable. The Group has not identified any impacts as a result of this change.

b. New standards, amendments and interpretationsthat are not yet effective

IFRS 18 - Presentation and Disclosure of Financial Statements.

As of January 1, 2027, IFRS 18 will replace IAS 1 Presentation of Financial Statements. The new standard introduces the following main new requirements:

● Companies are required to classify all income and expenses into five categories in the income statement: operating, investing, financing,<br>discontinued operations, and income tax. Entities are also required to present a newly defined operating profit subtotal. The entities’<br>net income will not change.
● Management defined performance measures, which are disclosed in a single note in the financial statements.
--- ---
● Enhanced guidance will be provided on how to group information in the financial statements.
--- ---

All entities are required to use the subtotal of operating profit as the starting point for the cash flow statement when presenting operating cash flows using the indirect method.

The Group is currently evaluating the impact of the new standard and, if material, will adjust the disclosure in accordance with the standard’s requirements in the annual financial statements.

12

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

3 Cash and cash equivalents, margin cash and long-term investments

Cash and cash equivalents September 30, <br><br>2025 December 31, <br><br>2024
Cash on hand and at banks 1,962,794 2,197,822
CDB (bank certificates of deposit) / Overnight investments ^(1)^ 1,595,421 3,415,850
3,558,215 5,613,672
Margin cash
CME (Chicago Mercantile Exchange) Margin investments ^(2)^ 524,040 104,220
Investments in Treasury Bills ^(3)^ 29,806 32,334
553,846 136,554
Investment funds
Investment funds ^(4)^ 45,831 —
45,831 —
Total 4,157,892 5,750,226
^(1)^ CDBs are held at financial<br>institutions and earn interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate (Certificadode Depósito Interbancário - CDI). Overnight investments at JBS USA are equivalent to fixed-income instruments,<br>earning interest at the FED rate + 0.05%.
--- ---
^(2)^ CME margin investments represent margin deposits allocated<br>to fixed-income equivalent instruments. These investments accrue interest based on the Interest Rate on Reserve Balances (IORB).
--- ---
^(3)^ Government securities (such as Tesouro Selic) are public<br>debt instruments issued by the Brazilian Treasury, acquired through financial institutions with conditions and characteristics similar<br>to bank certificates of deposit (CDBs).
--- ---
^(4)^ Investment of US$45.1 million in a FIDC (Credit Rights Investment<br>Fund) maturing in 2035, with a fixed interest rate of 5% per year.
--- ---

^^

4 Trade accounts receivable

September 30, <br><br>2025 December 31, <br><br>2024
Current receivables:
Domestic sales 2,167,147 1,994,667
Foreign sales 1,148,661 1,176,603
Subtotal 3,315,808 3,171,270
Overdue receivables:
From 1 to 30 days 433,003 444,687
From 31 to 60 days 56,165 61,314
From 61 to 90 days 15,515 20,603
Above 90 days 138,947 130,845
Expected credit losses (108,772 ) (89,060 )
Present value adjustment (2,826 ) (4,119 )
Subtotal 532,032 564,270
Trade accounts receivable, net 3,847,840 3,735,540

Present value adjustment - The Group discounts its receivables to present value using interest rates directly related to customer credit profiles. The weighted average discount rate used to calculate the present value of trade accounts receivable on September 30, 2025, was 5.60% p.y. (5.64% p.y. on September 30, 2024). Realization of the present value adjustment is recognized as deduction item to sales revenue.

13

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Changes in expected credit losses:

September 30, <br><br>2025 September 30, <br><br>2024
Balance at the beginning of the period (89,060 ) (84,913 )
Additions (22,864 ) (13,460 )
Write-offs/Reversals 10,009 8,488
Exchange rate variation (6,857 ) 752
Balance at the end of the period (108,772 ) (89,133 )

5 Inventories

September 30, <br><br>2025 December 31, <br><br>2024
Finished products 4,171,772 3,018,302
Work in process 601,280 492,015
Raw materials 1,117,092 847,909
Supplies 678,520 657,763
6,568,664 5,015,989

During the nine-month period ended September 30, 2025 and 2024, the Company recognized adjustments to the net realizable value of inventories, which include additions and (write-offs) recorded in the cost of goods sold, in the amount of US$20,172 and US$8,821, respectively.

6 Biological assets

Changes in biological assets:

Current Non-current
September 30, <br><br>2025 September 30, <br><br>2024 September 30, <br><br>2025 September 30, <br><br>2024
Balance at the beginning of the period 1,608,223 1,712,153 518,234 531,477
Increase by reproduction (born) and cost absorption including death 7,872,422 7,946,809 1,083,884 1,044,216
Reduction for slaughter, sale or consumption (8,897,041 ) (9,087,750 ) (49,494 ) (52,962 )
Purchases 370,420 324,336 192,529 180,481
Fair value adjustments 67,080 56,074 (18 ) (108 )
Reclassification from non-current to current 697,342 704,768 (697,342 ) (704,768 )
Exchange rate variation 102,369 (66,386 ) 30,731 (21,790 )
Amortization — — (476,335 ) (449,194 )
Balance at the end of the period 1,820,815 1,590,004 602,189 527,352

^^

7 Recoverable taxes

September 30, <br><br>2025 December 31, <br><br>2024
Value-added tax on sales and services – ICMS / IVA / VAT / GST 767,136 650,728
Social contribution on billings - PIS and COFINS 392,844 404,673
Withholding income tax - IRRF / IRPJ 1,388,960 960,161
Excise tax – IPI 17,778 16,176
Reintegra 4,997 7,657
Other 12,422 10,788
2,584,137 2,050,183
Current 670,077 637,728
Non-current 1,914,060 1,412,455
2,584,137 2,050,183

14

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

8 Related party transactions

The main balances and transactions between related parties are presented and described below. Amounts charged include borrowing costs, interest and management fees, when applicable.

Related party payables and receivables

Reimbursement of <br><br>administrative <br><br>and funding costs September 30, <br><br>2025 December 31, <br><br>2024
Laguz I Fundo de Investimento ^(1)^ Selic (162,764 ) —
J&F ^(2)^ IPCA (50,225 ) 77,355
(212,989 ) 77,355

^^

^(1)^ In May 2025, the indirect subsidiary JBS S.A. acquired tax<br>credit rights from the related party Laguz I Fundo de Investimento through an agreement providing for 31 installments, with final maturity<br>in April 2028. These tax credits originate from a judicial claim related to the export credit premium incentive. The case has already<br>been definitively settled in favor of the taxpayer, and is currently in the final stage of assessment and confirmation of the credit<br>balance. The credit rights were acquired at an approximate discount of 35%, and the credits will be used to offset JBS S.A.’s tax<br>obligations once the case is finalized and the use of the credits is authorized by the relevant regulatory authorities. The credits have<br>been recorded under “Other receivables”.
^(2)^ The net balance payable to J&F refers to: (i) US$93,379<br>receivable, arising from the settlement agreement entered into between JBS S.A., J&F, and certain former executives of the Company,<br>which resulted in the definitive termination of the dispute addressed in arbitration proceeding, under which J&F committed to settle<br>the amount in accordance with the terms and conditions set forth in the agreement; and (ii) US$143,604 payable, related to the purchase<br>of the Araputanga Plant, to be settled in 19 installments, with final maturity in May 2027.
--- ---

^^

Other financial transactions inthe Group

^^

The indirect subsidiary JBS S.A. and certain of its subsidiaries entered into an assignment agreement with Banco Original S.A, direct subsidiary of the parent Group J&F, pursuant to which Banco Original S.A. acquires credits held against certain clients in the domestic and foreign markets. The assignments are negotiated with no right of recourse, through the definitive transfer of the risks and benefits of the receivables to Banco Original. On September 30, 2025, the Group had US$836,391 (US$517,677 on December 31, 2024) of assigned receivables. In the nine-month period ended September 30, 2025, the Group incurred in a loss from the sale of the receivables of US$86,291 (US$97,333 for the nine-month period ended September 30, 2024), recorded in interim financial information as financial expenses.

^^

On September 30, 2025, JBS S.A. and certain of its subsidiaries held investments with Banco Original in the amount of US$481,914 (US$303,195 on December 31, 2024), recorded in cash and cash equivalents. The cash investments and cash equivalents, CDBs and similar have yields equivalent to the CDI (Interbank Deposit Certificate), according to the term and amount invested, following market practices. In the nine-month period ended September 30, 2025, the Group earned interest from these investments of US$36,432 (US$25,736 for the nine-month period ended September 30, 2024) recognized as financial income.

^^

15

^^

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

JBS S.A. has commitments to purchase cattle for future delivery signed with certain suppliers, including the related party JBJ, guaranteeing the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. On September 30, 2025, the Group has commitments agreements in the amount of US$116,765 (US$48,317 on December 31, 2024).

^^

JBS S.A. has transactions with Prima Foods S.A. for the purchase of bovine slaughtering residues for greasing operations.

^^

JBS S.A. is the sponsor of Institute J&F, a youth-directed business school, whose goal is to educate future leaders by offering free, high-quality education. For the nine-month period ended September 30, 2025, the Company made donations in the amount of US$9,812 (US$15,975 for the nine-month period ended September 30, 2024), recognized as general and administrative expenses.

^^

On December 30, 2024, JBS S.A. entered into an agreement for the sale of its Hygiene and Beauty operation to the related party Flora Produtos de Higiene e Limpeza S.A. The transaction covers the transfer of assets and operations related to the manufacture and sale of hygiene and beauty products, in accordance with the terms agreed between the parties. The sale value was set at US$59.2 million, subject to working capital adjustments. The transaction will be concluded after the conditions precedent stipulated in the contract have been met. The Group did not classify the operation as discontinued on September 30, 2025, as it does not represent an individually significant line of business, corresponding to only 0.2% of the JBS S.A.'s net assets.

^^

No expense for expected credit losses relating to related-party transactions were recorded during the nine-month period ended September 30, 2025 and 2024.

^^

Remuneration of key management

^^

The Group’s key management is comprised of its executive officers and members of the Board of Directors. The aggregate amount of compensation received by the Group’s key management during the nine-month period ended September 30, 2025 and 2024 was:

^^

Nine-month period ended<br><br> September 30
2025 2024
Salaries and wages 6,082 5,336
Variable cash compensation ^(1)^ 25,602 16,599
31,684 21,935
^(1)^ Includes US$3,054 paid to certain JBS USA executives related<br>to performance bonuses. These balances were settled through treasury shares of JBS N.V. instead of cash payment.
--- ---

The Chief Executive Officer, the Administrative and Control Officer, the Chief Financial Officer and the Executive Officer are employed under the Brazilian employment contract regime referred to as CLT (Consolidation of Labor Laws), which sets legal prerogatives for employee benefits.

^^

Except for those described above, the Board of Directors members are not party to any employment contract or any other contracts for additional employee benefits such as post-employment benefits, other long-term benefits or termination benefits that do not conform to Brazilian Labor Law.

^^

9 Income taxes

a. Compositionof deferred tax income and social contribution:

September 30, <br><br>2025 December 31, <br><br>2024
Deferred income taxes assets 511,482 651,178
Deferred income taxes liabilities (1,073,116 ) (1,095,291 )
(561,634 ) (444,113 )

16

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Balance at<br><br>January 1,<br><br>2025 Income<br> <br>statement Exchange<br> <br>variation Otheradjustments ^(2)^ Balance at<br><br>September 30, <br><br>2025
Tax loss and negative social contribution base 679,275 74,199 61,927 (191,303 ) 624,098
Expected credit losses on trade accounts receivable 42,304 (9,833 ) 3,970 — 36,441
Provisions for contingencies 94,487 (6,265 ) 11,143 — 99,365
Fair value adjustment (105,836 ) (14,833 ) (9,281 ) — (129,950 )
Tax credits - foreign subsidiaries 8,798 (88 ) (79 ) — 8,631
Provision for work accident insurance - foreign subsidiaries 8,964 (4,446 ) — — 4,518
Pension plan - foreign subsidiaries 3,209 4,740 (80 ) (3,224 ) 4,645
Trade accounts payable accrual 249,853 37,794 7,270 — 294,917
Non-deductible interest portion - U.S. Tax Reform 279,572 84,158 1 — 363,731
Right of use assets 25,967 1,036 3,092 — 30,095
Goodwill amortization (727,377 ) (29,175 ) (103,271 ) — (859,823 )
Business combinations (465,917 ) (15,989 ) (5,640 ) (912 ) (488,458 )
Inventory valuation (83,507 ) (13,298 ) 9,897 — (86,908 )
Hedge operations ^(1)^ 45,961 (6,648 ) 6,704 19 46,036
Realization of other reserves (88,113 ) 1,922 (14,356 ) — (100,547 )
Accelerated depreciation and amortization (479,922 ) (4,985 ) (2 ) — (484,909 )
Cut Off adjustments (sales) 15,274 1,433 2,644 — 19,351
Other temporary differences 52,895 25,506 (21,268 ) — 57,133
Deferred taxes, net (444,113 ) 125,228 (47,329 ) (195,420 ) (561,634 )
Balance at<br><br> January 1,<br><br> 2024 Income<br> <br>statement Exchange<br> <br>variation Other Adjustments ^(2)^ Balance at<br><br> September 30, <br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Tax loss and negative social contribution base 840,172 (238,772 ) (63,233 ) (553 ) 537,614
Expected credit losses on trade accounts receivable 38,086 12,365 (2,640 ) — 47,811
Provisions for contingencies 78,840 (2,364 ) 34,771 — 111,247
Fair value adjustment (56,683 ) (19,172 ) (2,683 ) — (78,538 )
Tax credits - foreign subsidiaries 23,685 19 48 (74 ) 23,678
Provision for work accident insurance - foreign subsidiaries 7,927 (928 ) — — 6,999
Pension plan - foreign subsidiaries 11,956 1,188 (40 ) (8,340 ) 4,764
Trade accounts payable accrual 277,512 76,153 (50,671 ) — 302,994
Non-deductible interest portion - U.S. Tax Reform 211,958 (10,418 ) 2 — 201,542
Right of use assets 25,417 8,199 (1,963 ) — 31,653
Goodwill amortization (851,840 ) (10,269 ) 84,639 — (777,470 )
Business combinations (444,250 ) (36,524 ) 3,649 — (477,125 )
Inventory valuation (148,818 ) (37,903 ) (1,676 ) — (188,397 )
Hedge operations ^(1)^ (25,364 ) 39,653 (534 ) (496 ) 13,259
Realization of other reserves (115,640 ) 2,033 12,795 — (100,812 )
Accelerated depreciation and amortization (514,285 ) 17,175 (1 ) — (497,111 )
Cut Off adjustments (sales) — 25,890 (1,446 ) — 24,444
Other temporary differences 55,931 (19,626 ) (13,378 ) — 22,927
Deferred taxes, net (585,396 ) (193,301 ) (2,361 ) (9,463 ) (790,521 )
^(1)^ Hedge and hedge accounting operations are demonstrated in<br>Note 26 - Risk management and financial.
--- ---
^(2)^ Mainly refers to the transfer of tax loss carryforwards and<br>negative Social Contribution on Net Profit (CSLL) bases from the indirect subsidiary Seara Alimentos and its indirect subsidiaries to<br>JBS S.A. These tax losses were used to settle a tax assessment related to the taxation of profits earned abroad (TBU) for the 2016 calendar<br>year, which was upheld in a final decision by the Administrative Council of Tax Appeals (CARF) through a casting vote. This enabled full<br>settlement with reductions in fines and interest by using the accumulated tax loss carryforwards. The adjustment also includes deferred<br>taxes related to the gain on the purchase of Agro Alfa and Via Rovigo, as well as cash flow hedge operations recognized in other comprehensive<br>income by the subsidiary Seara Alimentos, and the pension plan in the United States of America.
--- ---

17

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

b. Reconciliationof income tax and social contribution expense:

The nominal tax rate of 34% was adopted in the income tax reconciliation as it reflects the expected tax burden on the Group’s profit, since the profits of international subsidiaries located under the JBS S.A. structure are taxed in Brazil at a rate of 34% through the Taxation of Foreign Profits (TBU) mechanism. This rate adequately represents the consolidated nominal tax burden, as provided for in paragraph 85 of IAS 12 – Income Taxes.

Nine-month period ended<br><br>September 30, Three-month period ended<br><br>September 30,
2025 2024 2025 2024
Profit before taxes 2,245,943 2,101,737 815,341 1,197,121
Brazilian statutory corporate tax rate (34 )% (34 )% (34 )% (34 )%
Expected tax expense (763,621 ) (714,591 ) (277,216 ) (407,021 )
Adjustments to reconcile taxable income tax expense (benefit):
Share of profit of equity-accounted investees 5,103 (79 ) 1,520 1,324
Non-taxable tax benefits ^(3)^ 165,056 164,991 58,032 55,412
Transfer pricing adjustments — (7,126 ) — 59,613
Difference of tax rates on taxable income from foreign subsidiaries 96,902 128,842 49,938 (2,239 )
Profits taxed by foreign jurisdictions ^(4)^ (37,591 ) 25,925 44,406 61,803
Deferred income tax not recognized 86,093 (199,592 ) 10,026 (203,623 )
Dividends paid abroad (10,809 ) (10,483 ) (10,809 ) —
Non-taxable interest - foreign subsidiaries 9,414 11,715 3,151 3,909
Donations and social programs ^(5)^ — (929 ) — 1,176
SELIC interest on tax credits 33,946 5,169 2,631 1,050
Brazilian tax incentive law - Lei do Bem 1,397 — — —
Other permanent differences (37,060 ) 3,658 (52,896 ) (11,919 )
Current and deferred income tax expense (451,170 ) (592,500 ) (171,217 ) (440,515 )
Current income tax (576,398 ) (399,199 ) (185,942 ) (142,382 )
Deferred income tax 125,228 (193,301 ) 14,725 (298,133 )
(451,170 ) (592,500 ) (171,217 ) (440,515 )
Effective income tax rate (20.09 )% (28.19 )% (21.00 )% (36.80 )%

Additional information - Analysis ofthe variation in the effective rate:

^^

The average effective tax rate is calculated as the ratio between tax expense (income) and accounting profit. This rate can be influenced by operations that impact tax expense (income), but which have no direct relationship with net income for the period. The following are examples of these operations: the effects of unrecognized deferred taxes, income tax, and social contributions on the realization of the revaluation reserve. This information should be considered when analyzing the effective tax rate.

^^

^(3)^ The Group and its subsidiaries have subsidies granted by<br>state governments, as a presumed credit, in accordance with the regulations of each state. The amounts appropriated from this tax incentive<br>as revenue in the income statement are excluded in the calculation of taxes on profit, when the requirements set out in current legislation<br>are met.
^(4)^ According to Law No. 12,973/14, the income from foreign subsidiaries<br>must be taxed at the Brazilian statutory tax rate of 34%, and the income tax paid abroad by these subsidiaries may be used to compensate<br>income taxes to be paid in Brazil. The results obtained from foreign subsidiaries are subject to taxation by the countries where they<br>are based, according to applicable rates and legislation (profits taxed by-foreign jurisdictions included in the reconciliation of income<br>tax and social contribution expense). The Group analyzes the results of each subsidiary for the application of its income tax legislation,<br>in order to respect the treaties signed by Brazil and avoid double taxation.
--- ---
^(5)^ Refers to donations made by the indirect subsidiary JBS S.A.,<br>as described in note 25 - Expenses by nature.
--- ---

18

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

GlobalMinimum Tax

From the 2024 calendar year onward, Pillar II rules came into effect in various jurisdictions, impacting multinationals operating in these markets.

Since the Group operates in several jurisdictions that adopted the global minimum tax from 2024, including Australia, Canada, France, Ireland, Luxembourg, Malta, the Netherlands, and the United Kingdom, the Company assessed the potential impact of these regulations. Based on current assessments, the Company has not identified any significant tax exposure resulting from this tax.

10 Investments in equity-accounted investees, associatesand joint venture

Refers to investments in associate and joint venture:

Equity
Participation Balance at<br><br>January 1, <br><br>2025 Addition (disposal) Profit<br> <br>distribution Changes<br><br>in the<br><br>equity of<br><br>investees Proportionate share of<br><br>income Balance at<br><br>September 30, <br><br>2025
Meat Snacks Partners, LLC 50% 19,334 — (6,197 ) 2,367 7,243 22,747
JBS Foods Ontario, Inc. 100% 17,372 — — 14 841 18,227
Birla Societá Agricola Srl 20% 1,606 — — 212 57 1,875
Mantiqueira Alimentos ^(1)^ 48.5% — 165,271 — 11,552 6,867 183,690
Total 38,312 165,271 (6,197 ) 14,145 15,008 226,539
Equity
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Participation Balance at<br><br>January 1, <br><br>2024 Profit<br> <br>distribution Changes<br><br>in the<br><br>equity of<br><br>investees Proportionate share of<br><br>income Balance at<br><br>September 30, <br><br>2024
Meat Snacks Partners, LLC 50% 38,922 (8,460 ) (3,414 ) (977 ) 26,071
JBS Foods Ontario, Inc. 100% 15,994 — — 757 16,751
Birla Societá Agricola Srl 20% 1,685 — 15 (11 ) 1,689
Total 56,601 (8,460 ) (3,399 ) (231 ) 44,511
^(1)^ The Company, through its subsidiary JBS Holding, formalized<br>on January 27, 2025, an agreement to acquire 48.5% of the total share capital and 50% of the voting shares of Mantiqueira Alimentos Ltda.,<br>a leading company in organic eggs (produced without antibiotics, hormones, and with free-range hens). The transaction received unconditional<br>approval from CADE (Administrative Council for Economic Defense) on February 26, 2025 and was finalized on April 1^st^, 2025.
--- ---

11 Property, plant and equipment

Changes in property, plant and equipment:

Balance at<br><br> January 1,<br><br> 2025 Additions net of transfers ^(1)(2)^ Disposals Depreciation Exchange rate variation Balance at<br><br> September 30, <br><br>2025
Buildings 3,982,477 404,688 (207 ) (189,956 ) 294,657 4,491,659
Land 1,069,392 15,674 (5,677 ) — 108,956 1,188,345
Machinery and equipment 4,038,196 594,619 (5,420 ) (488,467 ) 262,560 4,401,488
Facilities 682,348 110,843 (1,763 ) (40,553 ) 115,397 866,272
Computer equipment 187,164 44,398 (1,794 ) (46,964 ) 8,466 191,270
Vehicles (land and air) 275,582 91,350 (13,757 ) (37,932 ) 28,295 343,538
Construction in progress 1,238,785 77,596 (3,259 ) — 104,972 1,418,094
Other 306,936 86,285 (12,874 ) (37,590 ) 20,443 363,200
11,780,880 1,425,453 (44,751 ) (841,462 ) 943,746 13,263,866

^^

19

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Balance at<br><br> January 1,<br><br> 2024 Additions net of transfers ^(1)^ Disposals Depreciation Exchange rate variation Balance at<br><br> September 30, <br><br>2024
Buildings 4,305,145 215,591 (10,647 ) (192,967 ) (199,101 ) 4,118,021
Land 1,209,739 22,758 (4,053 ) — (86,076 ) 1,142,368
Machinery and equipment 4,310,590 520,599 (22,461 ) (478,107 ) (141,903 ) 4,188,718
Facilities 764,036 129,345 (405 ) (39,469 ) (87,682 ) 765,825
Computer equipment 166,291 53,346 (2,013 ) (37,544 ) (4,347 ) 175,733
Vehicles (land and air) 272,663 72,166 (7,587 ) (33,638 ) (15,601 ) 288,003
Construction in progress 1,636,719 (147,140 ) (4,301 ) — (79,357 ) 1,405,921
Other 253,006 69,936 (836 ) (30,308 ) (5,257 ) 286,541
12,918,189 936,601 (52,303 ) (812,033 ) (619,324 ) 12,371,130
^(1)^ Additions for each category includes transfers from construction<br>in progress during the period.
--- ---
^(2)^ Of the total amount of additions net of transfers, US$267<br>refers to the acquisition of JBS Terminais Ltda.
--- ---

For the nine-month period ended September 30, 2025, the amount of capitalized interest added to construction in progress and included in additions was US$25,509 (US$26,156 for the nine-month period ended September 30, 2024).

For the nine-month period ended September 30, 2025, the capitalization rate used was 5.15% p.y. (5.82% p.y. for the nine-month period ended September 30, 2024)

The Group assesses the recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When future undiscounted cash flows of assets are estimated to be insufficient to recover their related carrying value, the Group compares the asset’s estimated future cash flows, discounted to present value using a risk-adjusted discount rate, to its current carrying value and records a provision for impairment as appropriate. The indirect subsidiary JBS USA recognized an impairment of property, plant and equipment in the amount of US$844, related to the restructuring of its indirectly held subsidiary, Pilgrim’s Pride Corporation (PPC).

12 Leases

The Group uses the optional exemption to not recognize a right of use asset and lease liability for short term (less than 12 months) and low value leases. The average discount rate used for measuring lease liabilities was 5.45% at September 30, 2025 (5.08% at September 30, 2024).

12.1 Right of use asset

Changes in the right of use asset:

Balance at<br><br>January 1,<br><br>2025 Additions ^(1)^ Terminated<br><br>contracts Amortization Exchange rate variation Balance at<br><br>September 30, <br><br>2025
Growing facilities 632,267 117,112 (25,095 ) (109,866 ) 53,580 667,998
Buildings 638,981 73,042 (25,841 ) (71,438 ) 36,785 651,529
Vehicles (land) 189,036 60,683 (12,385 ) (53,616 ) 5,305 189,023
Machinery and equipment 106,597 23,411 (4,968 ) (38,659 ) 10,363 96,744
Operating plants 8,622 1,685 (150 ) (2,386 ) 1,298 9,069
Land 15,999 3,965 (81 ) (2,078 ) 415 18,220
Computer equipment 5,371 6,474 — (1,468 ) 806 11,183
Concession Agreement ^(2)^ — 3,780 — (2,935 ) 192 1,037
1,596,873 290,152 (68,520 ) (282,446 ) 108,744 1,644,803

20

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Balance at<br><br> January 1,<br><br> 2024 Additions ^(1)^ Terminated<br><br> contracts Amortization Exchange rate variation Balance at<br><br> September 30, <br><br>2024
Growing facilities 805,370 64,590 (25,761 ) (119,279 ) (44,794 ) 680,126
Buildings 532,104 161,995 (14,929 ) (67,582 ) (11,490 ) 600,098
Vehicles (land) 223,720 36,458 (2,417 ) (54,947 ) 1,065 203,879
Machinery and equipment 90,101 63,805 (4,313 ) (34,949 ) (3,356 ) 111,288
Operating plants 19,695 (59 ) (4,035 ) (3,373 ) (1,678 ) 10,550
Land 19,186 663 (14 ) (1,953 ) (582 ) 17,300
Computer equipment 15,534 — (158 ) (6,415 ) (1,464 ) 7,497
1,705,710 327,452 (51,627 ) (288,498 ) (62,299 ) 1,630,738
^(1)^ The additions have been reduced by the PIS/COFINS tax effect.<br>The net impact is US$3,821 and US$5,304 in the consolidated total respectively as of September 30, 2025 and 2024.
--- ---
^(2)^ Of the total amount of additions, US$1,220 refers to the<br>acquisition of JBS Terminais Ltda.
--- ---

12.2 Lease liabilities

September 30, <br><br>2025 December 31, <br><br>2024
Undiscounted lease payments 2,221,827 2,135,128
Present value adjustment (424,129 ) (401,099 )
1,797,698 1,734,029
Breakdown:
Current liabilities 356,358 335,681
Non-current liabilities 1,441,340 1,398,348
1,797,698 1,734,029

Changes in the lease liability:

Balance at <br>January 1, <br>2025 Additions Interest <br>accrual Payments Terminated<br> contracts Exchange rate variation Balance at<br> September 30, <br> 2025
Lease liability 1,734,029 306,439 77,089 (362,028 ) (84,837 ) 127,006 1,797,698
Balance at<br> January 1,<br> 2024 Additions Interest<br> accrual Payments Terminated<br> contracts Exchange rate variation Balance at<br> September 30, <br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Lease liability 1,841,227 330,988 74,935 (352,079 ) (56,013 ) (67,431 ) 1,771,627

^^

The non-current portion of the lease liability schedule is as follows:

September 30, <br><br>2025
2026 242,930
2027 241,683
2028 208,728
2029 187,317
2030 194,679
Maturities after 2030 692,774
Total Future Minimum Lease Payments 1,768,111
Less: Imputed Interest (326,771 )
Present Value of Lease Liabilities 1,441,340

21

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

13 Intangible assets

Changes in intangible assets:

Balance at<br><br> <br>January 1,<br><br> <br>2025 Additions ^(1)^ Disposals Amortization Exchange rate variation Balance at<br><br> September 30, <br><br>2025
Amortizing:
Trademarks 293,519 835 — (21,065 ) 29,345 302,634
Software 30,611 5,546 (1,422 ) (5,148 ) 4,664 34,251
Customer relationships 408,149 2,126 (735 ) (50,763 ) 15,396 374,173
Supplier contracts 20,548 — — (2,732 ) 2,091 19,907
Others 13,975 2,268 (4,471 ) (5,057 ) 1,759 8,474
Non-amortizing:
Trademarks 1,025,095 570 — — 72,337 1,098,002
Water rights 11,302 — — — 169 11,471
1,803,199 11,345 (6,628 ) (84,765 ) 125,761 1,848,912
Balance at<br><br> January 1,<br><br> 2024 Additions Disposals Amortization Exchange rate variation Balance at<br><br> September 30, <br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Amortizing:
Trademarks 341,183 682 — (22,056 ) 653 320,462
Software 24,941 17,210 (7 ) (4,635 ) (3,151 ) 34,358
Customer relationships 486,166 — — (54,213 ) 6,590 438,543
Supplier contracts 28,077 — — (2,815 ) (1,999 ) 23,263
Others 1,044 33 — (178 ) (53 ) 846
Non-amortizing:
Trademarks 1,092,793 484 — — 8,042 1,101,319
Water rights 11,391 214 — — 52 11,657
1,985,595 18,623 (7 ) (83,897 ) 10,134 1,930,448
^(1)^ Of the total amount of additions, US$2,205 refers to the<br>acquisition of JBS Terminais Ltda.
--- ---

14 Goodwill

Goodwill represents the positive difference between consideration paid to purchase a business and the net fair value of identifiable assets and liabilities of the acquired entity. Goodwill is recognized as an asset and included in “Goodwill” in the Statement of Financial Position. Goodwill is related to an expectation of future earnings of the acquired subsidiary after assets and liabilities are combined with the Group and cost savings resulting from synergies expected to be achieved upon the integration of the acquired business.

Changes in goodwill:

September 30, <br><br>2025 September 30, <br><br>2024
Balance at the beginning of the period 5,417,134 6,105,020
Business combinations adjustments ^(1)^ (695 ) —
Exchange rate variation 481,753 (256,698 )
Balance at the end of the period 5,898,192 5,848,322
^(1)^ Refers to the business combination adjustment for the acquisition<br>of JBS Terminais Ltda.
--- ---

22

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

^^

CGUs September 30, <br><br>2025 December 31, <br><br>2024
Brazil Beef 1,705,322 1,464,710
Seara 700,704 602,869
USA Pork 694,534 694,534
Australia Smallgoods 298,331 283,441
Australia Meat 269,864 256,395
PPC - Fresh Poultry 427,811 401,396
PPC - Brands & Snacking — 262,431
PPC - Fresh Pork/Lamb 215,839 202,512
PPC - Food Service 184,518 173,125
PPC - Meals — 58,178
PPC - Added Value ^(1)^ 347,499 —
Others CGUs without significant goodwill ^(2)^ 1,053,770 1,017,543
Total 5,898,192 5,417,134

For the nine-month period ended September 30, 2025 and for December 31, 2024 there were no indicators of impairment of goodwill within any CGU.

^(1)^ On August 5, 2025, the indirect subsidiary JBS USA completed<br>the reorganization of its Cash-Generating Units (CGUs), driven by restructuring initiatives at its indirect subsidiary, Pilgrim’s<br>Pride Corporation (“PPC”), in Europe. This reorganization resulted in the redefinition of the structure of the CGUs “PPC<br>- Brands and Snacking” and “PPC - Meals”, which were consolidated into the new CGU “PPC - Added Value.”<br>No impairment loss was recognized for the nine-month period ended September 30, 2025 as a result of this reorganization.
^(2)^ Correspond to 12 Cash-Generating Units (CGUs) which, due<br>to their individually immaterial values, have been grouped under the category ‘Other’.
--- ---

15 Trade accounts payable and Supply chain finance

September 30, <br><br>2025 December 31, <br><br>2024
Domestic:
Commodities 1,829,733 1,961,391
Materials and services 3,169,716 3,138,734
Finished products 99,853 81,608
Present value adjustment (8,537 ) (9,685 )
5,090,765 5,172,048
Foreign:
Commodities 17,063 20,357
Materials and services 338,758 271,481
Finished products 782 1,627
356,603 293,465
Total trade accounts payable 5,447,368 5,465,513
Supply chain finance ^(1)^
Domestic 1,136,944 718,884
Foreign 4,238 9,826
Total supply chain finance 1,141,182 728,710
Total 6,588,550 6,194,223
^(1)^ JBS S.A. initiates transactions with financial institutions<br>that allow the suppliers to anticipate their receivables in the domestic market. Apart from an insignificant extension of payment terms,<br>there was no operational or commercial change in the process, and the aforementioned discounted risk transaction does not lead to a change<br>in the prices practiced by suppliers, maintaining the same price composition that was in place prior to the discounted risk operation<br>by these same suppliers. Additionally, this operation did not incur any other burdens for the Group and all financial costs of the operation<br>are the responsibility of the suppliers.
--- ---

Commitment to Purchase for Future Delivery

The indirect subsidiary JBS S.A. has commitments to purchase cattle for future delivery signed with certain suppliers, in which the Group guarantees the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. Based on these future delivery contracts, JBJ Agropecuária Ltda. has already advanced this operation with the banks under the supply chain finance method. As of September 30, 2025, the amount of this transaction was US$155,840 (US$58,944 at December 31, 2024), this operation is recognized as supply chain finance.

23

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

16 Loans and financing

Average Payment Current Non-current

| Type | annual<br> interest rate | | | Currency | Index | terms / non-<br><br>current debt | September 30,<br> 2025 | | December 31,<br> 2024 | | September 30,<br> 2025 | | December 31,<br> 2024 | | | Foreign currency | | | | | | | | | | | | | | |

| ACC - Advances on exchange | | 5.04 | % | USD | — | 2025 | | 241,272 | | 1,015,010 | | — | | — |

| Prepayment | | 5.69 | % | USD | SOFR | 2025 - 27 | | — | | 100,296 | | — | | — |

| FINIMP | | 5.46 | % | EUR | Euribor | 2025 | | — | | 614 | | — | | — |

| Working Capital - Dollars | | 4.14 | % | USD | SOFR | 2030 | | 2,435 | | 6,238 | | 1,925 | | 2,223 |

| CRA - Agribusiness Receivables Certificates | | 5.36 | % | USD | — | 2029 | | 2,554 | | 719 | | 100,361 | | 65,189 |

| Export credit note | | 4.94 | % | USD | SOFR | 2025 | | 251,707 | | 102,367 | | — | | — |

| Others | | 6.88 | % | Several | Several | - | | 2,087 | | 3,584 | | 1,736 | | 1,691 |

| | | | | | | | | 500,055 | | 1,228,828 | | 104,022 | | 69,103 |

| Local currency | | | | | | | | | | | | | | |

| FINAME | | 6.00 | % | BRL | — | 2025 | | — | | 5 | | — | | — |

| Notes 2.50% JBS Fin 2027 | | 2.50 | % | USD | — | 2027 | | 544 | | 11,458 | | 105,133 | | 990,319 |

| Notes 5.13% JBS Lux 2028 | | 5.13 | % | USD | — | 2028 | | — | | 19,085 | | — | | 889,288 |

| Notes 6.5% JBS Lux 2029 | | 6.50 | % | USD | — | 2029 | | — | | 934 | | — | | 69,842 |

| Notes 3.00% JBS Lux 2029 | | 3.00 | % | USD | — | 2029 | | 2,850 | | 7,399 | | 590,875 | | 588,860 |

| Notes 5.5% JBS Lux 2030 | | 5.50 | % | USD | — | 2030 | | — | | 31,312 | | — | | 1,241,293 |

| Notes 3.75% JBS Lux 2031 | | 3.75 | % | USD | — | 2031 | | 6,060 | | 1,489 | | 489,420 | | 488,985 |

| Notes 3.00% JBS Lux 2032 | | 3.00 | % | USD | — | 2032 | | 11,167 | | 3,750 | | 984,417 | | 982,670 |

| Notes 3.63% JBS Fin 2032 | | 3.63 | % | USD | — | 2032 | | 7,219 | | 16,096 | | 956,900 | | 955,546 |

| Notes 5.75% JBS Lux 2033 | | 5.75 | % | USD | — | 2033 | | 47,242 | | 23,621 | | 1,629,438 | | 1,626,266 |

| Notes 6.75% JBS Lux 2034 | | 6.75 | % | USD | — | 2034 | | 3,956 | | 30,068 | | 1,487,415 | | 1,485,757 |

| Notes 5.95% JBS USA 2035 | | 5.95 | % | USD | — | 2035 | | 40,989 | | — | | 986,961 | | — |

| Notes 4.38% JBS Lux 2052 | | 4.38 | % | USD | — | 2052 | | 6,234 | | 16,188 | | 888,030 | | 887,691 |

| Notes 6.50% JBS Lux 2052 | | 6.50 | % | USD | — | 2052 | | 32,981 | | 8,106 | | 1,526,693 | | 1,526,099 |

| Notes 7.25% JBS Lux 2053 | | 7.25 | % | USD | — | 2053 | | 24,288 | | 8,038 | | 883,647 | | 883,217 |

| Notes 5.5% JBS Lux 2036 | | 5.50 | % | USD | — | 2036 | | 16,424 | | — | | 1,230,880 | | — |

| Notes 6.25% JBS Lux 2056 | | 6.25 | % | USD | — | 2056 | | 18,663 | | — | | 1,234,907 | | — |

| Notes 6.38% JBS Lux 2066 | | 6.38 | % | USD | — | 2066 | | 15,229 | | — | | 983,964 | | — |

| Notes 6.38% JBS USA 2055 | | 6.38 | % | USD | — | 2055 | | 4,516 | | — | | 730,609 | | — |

| Notes 4.25% PPC 2031 | | 4.25 | % | USD | — | 2031 | | 15,415 | | 7,577 | | 786,715 | | 844,203 |

| Notes 3.50% PPC 2032 | | 3.50 | % | USD | — | 2032 | | 2,449 | | 10,413 | | 892,658 | | 892,253 |

| Notes 6.25% PPC 2033 | | 6.25 | % | USD | — | 2033 | | 14,094 | | 30,285 | | 910,519 | | 966,001 |

| Notes 6.88% PPC 2034 | | 6.88 | % | USD | — | 2034 | | 12,795 | | 4,201 | | 487,215 | | 486,078 |

| Working Capital - Euros | | 2.48 | % | EUR | Euribor | 2025 - 28 | | 37,959 | | 21,789 | | 14,681 | | 8,684 |

| Working Capital - Pounds | | 5.65 | % | GBP | — | 2025 | | 9,543 | | — | | — | | — |

| Export credit note | | 16.76 | % | BRL | CDI | 2025 - 30 | | 902 | | 858 | | 463 | | 847 |

| CDC - Direct credit to consumers | | 16.64 | % | BRL | — | 2028 | | 1,590 | | 9,346 | | 27 | | 815 |

| Livestock financing - Pre | | 10.83 | % | BRL | — | 2025 | | — | | 341,493 | | — | | — |

| Livestock financing | | 14.90 | % | BRL | CDI | 2026 | | 114,174 | | — | | — | | — |

| CRA - Agribusiness Receivables Certificates | | 7.05 | % | BRL | IPCA | 2029-55 | | 15,933 | | 11,415 | | 1,744,717 | | 1,218,300 |

| Commercial Paper | | 5.00 | % | — | — | - | | — | | 202,144 | | — | | — |

| Others | | 0.44 | % | Several | Several | - | | 36,137 | | 38,327 | | 118,929 | | 140,454 |

| Total | | | | | | | | 499,353 | | 855,397 | | 19,665,213 | | 17,173,468 | | | | | | | | | | 999,408 | | 2,084,225 | | 19,769,235 | | 17,242,571 |

Average annual interest rate: Refers to the weighted average nominal cost of interest at the reporting date. The loans and financings are fixed by a fixed rate or indexed to rates: CDI, TJLP (the Brazilian government’s long-term interest rate), LIBOR and EURIBOR, among others.

The availability of revolving credit facilities for JBS USA was US$2.9 billion as of September 30, 2025 (US$2.9 billion as of December 31, 2024). In Brazil, the availability of revolving credit facilities was US$500,000 (US$500,000 at December 31, 2024).

24

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

The non-current portion of the principal payment schedule of loans and financing is as follows:

Maturity September 30, <br><br>2025
2026 11,208
2027 131,923
2028 104,538
2029 642,609
2030 149,214
Maturities after 2030 18,729,743
19,769,235

16.1 Guarantees and contractual restrictions (“covenants”)

The Group was in compliance with all of its financial debt covenants restrictions as of September 30, 2025.

17 Income and other taxes payable

Income and other taxes payable are comprised of the following:

September 30,<br><br> 2025 December 31,<br><br> 2024
Taxes payable in installments 28,839 44,426
PIS / COFINS tax payable 18,604 15,378
ICMS / VAT / GST tax payable 38,487 37,868
Withholding income taxes 347,092 346,785
IPTU and others 106,618 75,932
Subtotal 539,640 520,389
Income taxes payable 242,634 233,027
Total 782,274 753,416
Breakdown:
Current liabilities 366,317 346,761
Non-current liabilities 415,957 406,655
782,274 753,416

25

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

18 Payroll and social charges

Payroll and social charges are comprised of the following:

September 30,<br><br> 2025 December 31,<br><br> 2024
Social charges in installments 288,062 356,545
Bonus and vacation along with related social charges 919,071 804,551
Salaries and related social charges 543,355 561,990
Others 15,108 65,383
1,765,596 1,788,469
Breakdown:
Current liabilities 1,489,505 1,435,751
Non-current liabilities 276,091 352,718
1,765,596 1,788,469

19 Provisions for legal proceedings

The Group is party to several lawsuits arising in the ordinary course of business for which provisions are recognized for those deemed probable of loss based on estimated costs determined by management as follow:

Breakdown:
September 30,<br><br> 2025 December 31,<br><br> 2024
Current liabilities 100,940 280,804
Non-current liabilities 224,723 216,659
325,663 497,463
September 30,<br><br> 2025 December 31,<br><br> 2024
--- --- --- --- ---
Labor 102,275 87,127
Civil 164,408 340,644
Tax and Social Security 58,980 69,692
Total 325,663 497,463

26

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

September 30, 2025 December 31, 2024
Labor Civil Tax and<br><br> Social<br><br> Security Total Labor Civil Tax and<br><br> Social<br><br> Security Total
Brasil 102,215 63,455 58,970 224,640 87,075 59,796 68,516 215,387
USA — 100,940 — 100,940 — 280,804 — 280,804
Others jurisdictions 60 13 10 83 52 44 1,176 1,272
Total 102,275 164,408 58,980 325,663 87,127 340,644 69,692 497,463

19.1 - Labor - Changes in provisions:

Jurisdiction Balance at<br><br> January 1,<br><br> 2025 Additions,<br> reversals and <br><br> changes in estimates Payments Indexation Exchange rate<br><br> variation Balance at<br><br> September 30, <br><br>2025
Brazil 87,075 46,995 (53,537 ) 7,339 14,343 102,215
Other jurisdictions 52 4 — — 4 60
Total 87,127 46,999 (53,537 ) 7,339 14,347 102,275
Jurisdiction Balance at<br><br> January 1,<br><br> 2024 Additions,<br><br> reversals and <br><br>changes in estimates Payments Indexation Exchange rate<br><br> variation Balance at<br><br> September at 30, <br><br>2024
Brazil 107,940 49,708 (52,202 ) 5,352 (12,043 ) 98,755
Other jurisdictions 64 4,220 (4,381 ) 495 (338 ) 60
Total 108,004 53,928 (56,583 ) 5,847 (12,381 ) 98,815

19.2 - Civil - Changes in provisions:

Jurisdiction Balance at<br><br> January 1,<br><br> 2025 Additions,<br><br> reversals and <br><br>changes in estimates Payments Indexation Exchange rate<br><br> variation Balance at<br><br> September 30, <br><br>2025
Brazil 59,796 11,238 (21,127 ) 4,184 9,364 63,455
USA 280,804 159,198 (339,062 ) — — 100,940
Other jurisdictions 44 (2 ) (29 ) (6 ) 6 13
Total 340,644 170,434 (360,218 ) 4,178 9,370 164,408
Jurisdiction Balance at<br><br> January 1,<br><br> 2024 Additions,<br><br> reversals and <br><br>changes in estimates Payments Indexation Exchange rate<br><br> variation Balance at<br><br> September at 30, <br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil 73,502 15,133 (15,923 ) 5,715 (8,483 ) 69,944
USA 197,440 81,226 (68,640 ) — 30 210,056
Other jurisdictions 47 (4,320 ) 108 (257 ) 4,465 43
Total 270,989 92,039 (84,455 ) 5,458 (3,988 ) 280,043

Civil legal proceedings (probable loss):

United States

The civil legal proceedings involve class-action lawsuits alleging violations of federal and state antitrust laws, as well as laws governing unfair competition, unjust enrichment, unusual business practices, and consumer protection related to beef, pork and chicken sales, as well as Canada and US State Matters.

The Group, together with its legal department and external counsel, continues to monitor the progress of the antitrust cases and believes that the accounting provisions recorded as of the date of these interim financial statements are sufficient to cover the associated risk.

27

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

19.3 - Tax and Social Security- Changes in provision:

Jurisdiction Balance at<br><br> January 1,<br><br> 2025 Additions,<br><br> reversals and <br><br>changes in estimates Payments Indexation Exchange rate<br><br> variation Balance at<br><br> September 30, <br><br>2025
Brazil 68,516 (13,241 ) (3,435 ) (2,565 ) 9,695 58,970
Other jurisdictions 1,176 (38 ) (508 ) (752 ) 132 10
Total 69,692 (13,279 ) (3,943 ) (3,317 ) 9,827 58,980
Jurisdiction Balance at<br><br> January 1,<br><br> 2024 Additions,<br><br> reversals and <br><br>changes in estimates Payments Indexation Exchange rate<br><br> variation Balance at<br><br> September at 30, <br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil 133,006 (23,804 ) (1,875 ) 8,251 (14,427 ) 101,151
Other jurisdictions 1,394 627 81 (318 ) (480 ) 1,304
Total 134,400 (23,177 ) (1,794 ) 7,933 (14,907 ) 102,455

Legal proceedings (possible loss):

In the nine-month period ended September 30, 2025, the Company did not identify significant changes in the estimates of range of loss related to legal provisions which the probability of loss is considered possible.

● Brazil

a. Profits abroad

Between the calendar years 2006 and 2018, the indirect subsidiary JBS S.A. was subject to assessments arising from tax charges on profits earned abroad that were supposed to be included in the IRPJ and CSLL calculation basis, also including invoices disallowances paid by investees abroad, on the grounds that they could not have been used to offset IRPJ and CSLL due in Brazil. These charges also involve the imposition of officio fines, isolated fines and interest. JBS S.A. clarifies that a large part of the collection of IRPJ and CSLL on profits from abroad refers to profits from investees located in jurisdictions with which Brazil has agreements to avoid double taxation. In addition, a relevant part of the charge covers the discussion regarding the formal requirements demanded by the inspection authorities for the purposes of consolidating the results abroad of its direct or indirect investees, and it is certain that JBS S.A. disagrees with the criteria applied by the inspection authorities and has submitted a defense. For almost all of the debts, JBS S.A. is defending itself at the administrative level and is awaiting judgment. JBS S.A. assessed the relevant tax rulings, verifying any divergences in relation to the tax positions adopted by JBS S.A.. Based on this analysis, and taking into account legal opinions and applicable jurisprudence, JBS S.A. has a provision in the total amount of US$750 million, referring to the divergence of positions on the taxation of profits of affiliates abroad in countries with international agreements recorded and reducing the heading of recoverable taxes, reflecting the probability of future realization of these amounts.

20 Equity

a. Share capital: On September 30, 2025, the Company’s share capital consisted of 814,216,001 class<br>A common shares and 294,842,184 class B common shares, totaling US$35,114. (US$13,177,841 on December 31, 2024).
b. Capital reserve: On September 30, 2025, the Company’s capital reserve amounted to US$7,299,425 (US$(180,586) on December<br>31, 2024).
--- ---

During the nine-month period ended September 30, 2025, the following capital transactions occurred:

**b.1. Share Premium Distribution:**On May 9, 2025, the shareholders approved a distribution from the share premium account in the amount of US$193,432. On June 15, 2025, an additional distribution from the share premium account was approved in the amount of US$193,572.

b.2. Cancellation of Class B Shares: On May 20, 2025, by shareholders’ resolution of JBS N.V., the share capital reduction was approved through the cancellation of 3,468,538 Class B shares held by J&F Investments Luxembourg S.à r.l., without any financial compensation

28

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

b.3. Contribution of Shares: On May 22, 2025, within the scope of the Dual Listing transaction, the contribution by JBS N.V. of 572,981,486 Class A shares, which were held in treasury, to JBS Participações Societárias S.A., at the book value of JBS S.A.’s shares, was approved.

b.4. Merger of Shares: On May 23, 2025, the following resolutions were approved: (i) the merger, by JBS Participações Societárias S.A., of the JBS S.A. shares held by the minority shareholders (free float), representing 51.2% of JBS S.A.’s share capital; and (ii) the issuance, by JBS Participações Societárias S.A., of 572,981,486 mandatory redeemable preferred shares (MRPS), in the total amount of U$4 billion, based on JBS S.A.’s book value as of the transaction date, with U$0.18 allocated to share capital and the remainder to share premium.

b.5. Redemption of Shares: On May 23, 2025, the full redemption of JBS Participações Societárias S.A.’s MRPS held by minority shareholders was approved, to be settled through the delivery of BDRs to such shareholders.

b.6. Common Share Contribution: On May 23, 2025, J&F Investments Luxembourg S.à r.l. contributed 522,224,559 common shares of JBS Participações Societárias S.A., in the amount of U$1.8 billion, to share premium.

b.7. Repurchase of Class A Shares: On June 12, 2025, the repurchase of 19,669,712 class A shares was approved, at no cost to the Company, in the amount of US$192.

b.8. New Repurchase Plan: On August 13, 2025, the Board of Directors approved a new share repurchase plan authorizing the acquisition of Class A common shares and Brazilian Depositary Receipts (BDRs) for an aggregate amount of up to US$400 million. Subsequently, on October 14, 2025, the Board approved an increase in the maximum limit of funds available under the plan to US$600 million. During the period ended September 30, 2025, the Company repurchased 23,211,318 shares, in the amount of US$362.5 million.

c. Dividends: On March 13, 2025, PPC announced that its Board of Directors had approved the distribution<br>of a special cash dividend in the amount of US$6.30 per share. The payment, totaling US$1.5 billion, was made on April 17, 2025, to shareholders.<br>Of this total, US$264.1 million was allocated to non-controlling shareholders.

On July 30, 2025, PPC announced that its Board of Directors had approved the distribution of a special cash dividend in the amount of US$2.10 per share. The payment, totaling approximately US$500.0 million, was made on September 3, 2025, to shareholders. Of this total, US$88.4 million was allocated to non-controlling shareholders.

During the three-month period ended September 30, 2025, the Company received dividends from its subsidiary JBS S.A., totaling US$ 420.5 million. The payments were made on August 14, 2025, August 20, 2025, August 27, 2025, and September 3, 2025, in the amounts of US$60.5 million, US$150.0 million, US$120.0 million, and US$90.0 million, respectively. These amounts correspond to the distribution of interim and special dividends approved on the respective dates.

In October 2025, the Company received dividends from its subsidiary JBS S.A. totaling US$200.0 million. The payments were made on October 15, 2025, October 21, 2025 and October 31, 2025, in the amounts of US$75.0 million, US$75.0 million and US$50.0 million, respectively. These amounts correspond to the distribution of interim dividends approved on the respective dates.

d. Non-controlling interest: Material non-controlling interest<br>as of September 30, 2025 consisted of the 17.7% (17.6% as of December 31, 2024), of PPC common stock not owned by JBS USA. JBS USA’s<br>voting rights in PPC are limited to 82.3% as of September 30, 2025 (82.4% as of December 31, 2024) of the total. The profit allocated<br>to the PPC non-controlling interest was US$176,621 and US$151,553 for the nine-month period ended September 30, 2025 and 2024, respectively.<br>The accumulated non-controlling interest in PPC was US$710,146 as of September 30, 2025 (US$880,810 as of December 31, 2024). For the<br>nine-month period ended September 30, 2025, purchase of treasury stock by PPC was nil (nil for the nine-month period ended September<br>30, 2024). Below are the PPC total net sales, net income, cash provided by operations, total assets and total liabilities for the periods<br>indicated.

29

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Nine-month period ended<br><br> September 30,
2025 2024
Net Revenue 13,979,716 13,506,227
Net Income 995,413 851,451
Net cash provided by operating activities 1,080,440 1,640,792
September 30,<br><br> 2025 December 31,<br><br> 2024
--- --- --- --- ---
Total assets 9,952,401 10,650,576
Total liabilities 6,396,724 6,397,180
Total equity 3,555,677 4,253,396

21 Net revenue

Nine-month period ended<br><br> September 30, Three-month period ended<br><br> September 30,
2025 2024 2025 2024
Domestic sales 46,876,131 42,500,372 16,601,753 14,663,139
Export sales 16,245,020 14,708,513 5,995,231 5,262,867
Net revenue 63,121,151 57,208,885 22,596,984 19,926,006

21.1 Contract balances - Advances fromcustomer

Advances from customers are related to payments received in advance of satisfying the performance obligation under the contract. Moreover, a contract liability is recognized when the Group has an obligation to transfer products to a customer from whom the consideration has already been received. The recognition of the contractual liability occurs at the time when the consideration is received. The Group recognizes revenue upon fulfilling the related performance obligation. Contract liabilities are presented as advances from customers in the statement of financial position.

The following table provides information about trade accounts receivable and contract liabilities from contracts with customers:

Note September 30, <br><br>2025 December 31, <br><br>2024
Trade accounts receivable 4 3,847,840 3,735,540
Contract liabilities (285,466 ) (151,947 )
Total accounts receivable, net of advances 3,562,374 3,583,593

22 Net finance expense

Nine-month period ended<br><br> September 30, Three-month period ended<br><br> September 30,
2025 2024 2025 2024
Exchange rate variation 123,246 84,655 66,424 (68,731 )
Fair value adjustments on derivatives (54,088 ) (353,763 ) (63,681 ) 54,807
Interest expense ^(1)^ (1,273,198 ) (1,251,090 ) (480,203 ) (399,416 )
Interest income ^(2)^ 363,080 309,401 135,030 98,668
Bank fees and others (135,138 ) (98,656 ) (65,719 ) (46,418 )
(976,098 ) (1,309,453 ) (408,149 ) (361,090 )
Finance income 508,017 517,594 202,920 153,475
Finance expense (1,484,115 ) (1,827,047 ) (611,069 ) (514,565 )
(976,098 ) (1,309,453 ) (408,149 ) (361,090 )
^(1)^ For the nine-month period ended September 30, 2025, the amount<br>of US$909,415 (US$864,371 for the nine-month period ended September 30, 2024) refers to interest expenses from loans and financings.
--- ---
^(2)^ For the nine-month period ended September 30, 2025, the amount<br>of US$132,735 (US$136,247 for the nine-month period ended September 30, 2024) refers to interest income from short-term investments.
--- ---

30

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

23 Earnings (loss) per share

Three-month period ended<br><br> September 30,
2024 ^(1)^ 2025 2024 ^(1)^
Net income attributable to Company shareholders 1,609,192 1,354,020 580,887 692,923
Weighted average - common shares outstanding 1,109,058,185 1,109,058,185 1,109,058,185 1,109,058,185
Basic and diluted earnings (loss) per share - (US) 1.45 1.22 0.52 0.62

All values are in US Dollars.

^(1)^ The weighted average number of common shares outstanding for<br>2024 was retrospectively adjusted to reflect the 2025 share structure for comparability.

24 Operating segments

The Group’s Management has defined operating segments based on the reports that are used to make strategic decisions, analyzed by the Chief Operating Decision Maker (CODM)

  • our Chief Executive Officer (CEO), there are seven reportable segments: Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride, Australia and Miscellaneous segments. The segment operating profit or loss is evaluated by the CODM, based on Adjusted EBITDA.

Adjusted EBITDA consists of profit or loss before taxes, applying the same accounting policies described in these financial statements, except for the following adjustments as described below: exclusion of profit sharing from equity investments, net of taxes; exclusion of financial income and expenses, exclusion of depreciation and amortization expenses, exclusion of expenses with antitrust agreements; exclusion of donations and social programs expenses; exclusion impairment of assets; exclusion of restructuring; exclusion of fiscal payments and installments; exclusion of avian influenza; and exclusion of certain other operating income (expense), net.

Brazil: this segment includes the indirect subsidiary JBS S.A.’s operating activities, mainly represented by slaughter facilities, cold storage and meat processing, fattening, feed and production of beef by-products such as leather, collagen and other products produced in Brazil. Revenues are generated from the sale of products predominantly to restaurant chains, food processing companies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

Seara: this segment includes all the operating activities of the indirect subsidiary Seara Alimentos Ltda. and its subsidiaries, mainly represented by chicken and pork processing, production and commercialization of food products and value-added products. Revenues are generated from the sale of products predominantly to restaurant chains, food processing companies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

Beef North America: this segment includes the indirect subsidiary JBS USA beef processing operations in North America and the plant-based businesses in Europe. Beef also sells by-products to the variety meat, feed processing, fertilizer, automotive and pet food industries and also produces value-added meat products including toppings for pizzas. Finally, Sampco LLC imports processed meats and other foods such as canned fish, fruits and vegetables to the US and Vivera produces and sells plant-based protein products in Europe.

Pork USA: this segment includes the indirect subsidiary JBS USA’s pork operations, including Swift Prepared Foods. Revenues are generated from the sale of products predominantly to retailers of fresh pork including trimmed cuts such as loins, roasts, chops, butts, picnics and ribs. Other pork products, including hams, bellies and trimmings, are sold predominantly to further processors who, in turn, manufacture bacon, sausage, and deli and luncheon meats. In addition, revenues are generated from the sale of case ready products, including the recently acquired TriOak business. As a complement to our pork processing business, we also conduct business through our hog production operations, including four hog farms and five feed mills, from which, JBS Lux will source live hogs for its pork processing operations.

Pilgrim’s Pride: this segment includes the indirect subsidiary PPC’s operations, including Moy Park, Tulip and Pilgrim’s Consumer Foods as well, mainly represented by chicken processing, production and commercialization of food products and prepared foods in the United States of America, Mexico, United Kingdom and France. The fresh chicken products consist of refrigerated (non-frozen) whole or cut-up chicken, either pre-marinated or non-marinated, and pre-packaged chicken in various combinations of freshly refrigerated, whole chickens and chicken parts. The prepared chicken products include portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties and bone-in chicken parts. These products are sold either refrigerated or frozen and may be fully cooked, partially cooked or raw. In addition, these products are breaded or non-breaded and either pre-marinated or non-marinated. The segment also generates revenue from the sale of prepared pork products through PPL, a subsidiary acquired by PPC in October 2019. The segment includes PPC’s PFM subsidiary, acquired in September 2021, and generates revenues from branded and private label meats, meat snacks, food-to-go products, and ethnic chilled and frozen ready meals.

Australia: Our Australia segment includes our fresh, frozen, value-added and branded beef, lamb, pork and fish products in Australia and New Zealand. The majority of our beef revenues from our operations in Australia are generated from the sale of fresh beef products (including fresh and frozen chuck cuts, rib cuts, loin cuts, round cuts, thin meats, ground beef, offal and other products). We also sell value-added and branded beef products (including frozen cooked and pre-cooked beef, corned cooked beef, beef cubes and consumer-ready products, such as hamburgers and sausages). We also operate lamb, pork, and fish, processing facilities in Australia and New Zealand, including the recently acquired Huon and Rivalea businesses. JBS Australia also generates revenues through their cattle hoteling business. We sell these products in the countries where we operate our facilities, which we classify as domestic sales, and elsewhere, which we classify as export sales.

Miscellaneous segments(previously labeled as “Others”): includes certain operations not directly attributable to the primary segments, such as corporate expenses, international leather operations and other operations in Europe.

There are no revenues arising out of transactions with any single customer that represents 5% or more of the total revenues.

The Group manages its loans and financing and income taxes at the corporate level and not by segment.

31

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

The information by operational segment are as follows:

Nine-month period ended September 30, 2025
Brazil Seara Beef <br><br>North<br><br> America Pork USA Pilgrim’s Pride Australia Miscellaneoussegments Total<br><br> reportable<br><br> segments Elimination (*) Total
Net revenue 10,910,259 6,677,595 20,474,828 6,280,690 13,970,054 5,786,692 524,333 64,624,451 (1,503,300 ) 63,121,151
Adjusted EBITDA^(1)^ 666,881 1,140,147 (375,108 ) 719,109 2,247,679 699,410 17,824 5,115,942 — 5,115,942
Nine-month period ended September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil Seara Beef<br><br> North<br><br> America Pork USA Pilgrim’s Pride Australia Miscellaneoussegments Total<br><br> reportable<br><br> segments Elimination (*) Total
Net revenue 9,110,276 6,499,556 17,886,153 6,114,728 13,494,937 4,882,634 412,639 58,400,923 (1,192,038 ) 57,208,885
Adjusted EBITDA^(1)^ 733,874 1,088,992 136,531 800,249 2,059,291 524,075 3,608 5,346,620 (1,324 ) 5,345,296
Three-month period ended September 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil Seara Beef<br><br> North<br><br> America Pork USA Pilgrim’s Pride Australia Miscellaneoussegments Total<br><br> reportable<br><br> segments Elimination (*) Total
Net revenue 4,159,524 2,361,019 7,248,143 2,219,941 4,756,050 2,192,373 200,350 23,137,400 (540,416 ) 22,596,984
Adjusted EBITDA^(1)^ 307,229 322,662 (41,651 ) 218,208 769,739 248,876 9,529 1,834,592 — 1,834,592
Three-month period ended September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil Seara Beef<br><br> North<br><br> America Pork USA Pilgrim’s Pride Australia Miscellaneoussegments Total<br><br> reportable<br><br> segments Elimination (*) Total
Net revenue 3,256,380 2,193,966 6,312,640 2,042,489 4,581,061 1,784,587 152,119 20,323,242 (397,236 ) 19,926,006
Adjusted EBITDA^(1)^ 377,679 461,243 117,347 246,696 775,892 174,347 (85 ) 2,153,119 — 2,153,119
^(*)^ Includes intercompany and intersegment transactions.
--- ---
^(1)^ The Adjusted EBITDA is<br>reconciled with the consolidated profit (loss) before taxes, as follows:
--- ---

32

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Nine-month period ended<br><br> September 30, Three-month period ended<br><br> September 30,
2025 2024 2025 2024
Profit before taxes 2,245,943 2,101,737 815,341 1,197,121
Share of profit of equity-accounted investees, net of tax (15,008 ) 231 (4,452 ) (3,897 )
Net finance expense 976,098 1,309,453 408,149 361,090
Depreciation and amortization 1,684,857 1,633,620 584,019 542,842
Antitrust agreements ^(1)^ 143,720 80,977 10,082 700
Donations and social programs ^(2)^ 1,747 18,171 615 3,591
Impairment of assets ^(3)^ 12,767 — — —
Restructuring ^(4)^ 23,771 82,991 2,233 30,835
Rio Grande do Sul claim ^(5)^ — 19,313 — 13,092
Fiscal payments and installments ^(6)^ 2,378 81,766 — —
Avian influenza ^(7)^ 13,122 — 7,510 —
Other operating income (expense), net ^(8)^ 26,547 17,037 11,095 7,745
Total Adjusted EBITDA 5,115,942 5,345,296 1,834,592 2,153,119
Reversal of elimination — 1,324 — —
Total Adjusted EBITDA for reportable segments 5,115,942 5,346,620 1,834,592 2,153,119
^(1)^ Refers to the Agreements entered by JBS USA and its subsidiaries<br>as described in Note 19 – Provisions for legal proceedings.
--- ---
^(2)^ Refers to the donations made by JBS S.A., substantially composed<br>of the Fundo JBS pela Amazônia.
--- ---
^(3)^ This mainly refers to the impairment of fixed assets and the<br>impairment of recoverable tax credits.
--- ---
^(4)^ Refers to the project implementation of multiple restructuring<br>initiatives mainly in the indirect subsidiary Pilgrim’s Pride Corporation (PPC), which are registered as Other expenses, as well as other<br>non-significant restructuring projects that are registered as General and administrative expenses.
--- ---
^(5)^ Refers to the claim resulting from flooding that occurred in<br>Rio Grande do Sul in the indirect subsidiary Seara Alimentos Ltda.
--- ---
^(6)^ Refers to the special payment program for the installment of<br>tax proceedings with exemption from fines and reduction of interest of the indirect subsidiary JBS S.A.
--- ---
^(7)^ Refers to the impacts related to avian influenza incurred by<br>the indirect subsidiary Seara Alimentos Ltda.
--- ---
^(8)^ Refers to several adjustments basically in JBS USA’s jurisdiction<br>such as third-party advisory expenses related to acquisitions, insurance recovery, among others.
--- ---

^^

Below is net revenue and total assets based on geography, presented for supplemental information.

Nine-month period ended September 30, 2025
North and Central America ^(2)^ South America Australia Europe Minor regions Total Intercompany elimination ^(1)^ Total
Net revenue 37,088,581 17,847,716 5,059,539 4,755,661 361,493 65,112,990 (1,991,839 ) 63,121,151
Total assets 18,694,257 25,315,995 4,021,447 14,210,427 297,076 62,539,202 (18,353,091 ) 44,186,111
Nine-month period ended September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
North and Central America ^(2)^ South America Australia Europe Minorregions Total Intercompany elimination ^(1)^ Total
Net revenue 33,616,750 15,812,391 4,467,637 4,514,802 273,847 58,685,427 (1,476,542 ) 57,208,885
Total assets 17,850,381 15,352,126 4,221,281 5,605,971 295,385 43,325,144 (1,737,131 ) 41,588,013

33

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Three-month period ended September 30, 2025
North and Central America ^(2)^ South America Australia Europe Minor regions Total Intercompany elimination ^(1)^ Total
Net revenue 13,000,367 6,614,231 1,900,808 1,630,470 174,899 23,320,775 (723,791 ) 22,596,984
Total assets 18,694,257 25,315,995 4,021,447 14,210,427 297,076 62,539,202 (18,353,091 ) 44,186,111
Three-month period ended September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
North and Central America ^(2)^ South America Australia Europe Minor regions Total Intercompany elimination ^(1)^ Total
Net revenue 11,633,150 5,522,770 1,645,994 1,533,689 97,597 20,433,200 (507,194 ) 19,926,006
Total assets 17,850,381 15,352,126 4,221,281 5,605,971 295,385 43,325,144 (1,737,131 ) 41,588,013
^(1)^ Includes intercompany transactions between the segments.
--- ---
^(2)^ Including the holdings located in Europe that are part of the<br>North American operation.
--- ---

25 Expenses by nature

Expenses by nature are disclosed as follows:

Nine-month period ended<br><br> September 30, Three-month period ended<br><br> September 30,
2025 2024 2025 2024
Cost of sales
Cost of inventories, raw materials and production inputs (46,716,115 ) (40,962,307 ) (16,879,276 ) (14,065,067 )
Salaries and benefits (6,480,401 ) (6,187,989 ) (2,225,800 ) (2,100,973 )
Depreciation and amortization (1,495,117 ) (1,447,022 ) (519,461 ) (480,079 )
(54,691,633 ) (48,597,318 ) (19,624,537 ) (16,646,119 )
Selling
Freight and selling expenses (2,827,525 ) (2,686,014 ) (968,208 ) (843,173 )
Salaries and benefits (421,103 ) (415,795 ) (145,822 ) (254,592 )
Depreciation and amortization (58,228 ) (46,127 ) (21,080 ) (18,412 )
Advertising and marketing (264,817 ) (231,120 ) (87,251 ) (78,726 )
Net impairment losses (recovery) (14,268 ) (6,929 ) (8,378 ) (2,684 )
Commissions (64,721 ) (52,840 ) (25,280 ) (19,969 )
(3,650,662 ) (3,438,825 ) (1,256,019 ) (1,217,556 )
General and administrative
Salaries and benefits (818,550 ) (898,891 ) (280,237 ) (285,377 )
Fees, services held and general expenses (487,044 ) (574,055 ) (176,116 ) (153,566 )
Depreciation and amortization (131,512 ) (140,471 ) (43,478 ) (44,351 )
DOJ and Antitrust agreements (143,720 ) (80,977 ) (10,082 ) (700 )
Donations and social programs ^(1)^ (11,621 ) (18,171 ) (3,824 ) (3,591 )
(1,592,447 ) (1,712,565 ) (513,737 ) (487,585 )
^(1)^ Refers to donations made to Instituto J&F regarding improvements<br>on school’s building, the social program “Fazer o Bem Faz Bem” created by the Group to support actions for social transformation<br>where the indirect subsidiary JBS S.A. is present and donations to Fundo JBS pela Amazônia.
--- ---

For the nine-month period ended September 30, 2025, JBS S.A. incurred expenses with internal research and development, in the amount of US$2.319 (US$4,194 for the nine-month period ended September 30, 2024).

For the nine-month period ended September 30, 2025 and 2024, other income (expenses) includes gain (losses) of sale of assets, insurance recovery, asset impairment expenses, restructuring expenses, among others.

34

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

25.1 Other income and other expenses

Other income: For the nine-month period ended September 30, 2025,the Group has recorded in other income the amount of US$77,298 (US$60,323 for the nine-month period ended September 30, 2024), which mainly refers to the gain on the sale of assets totaling US$29,422 (US$15,607 for the nine-month period ended September 30, 2024), tax refunds and extemporaneous tax credits totaling US$6,872 (US$5,933 for the nine-month period ended September 30, 2024), rental income totaling US$2,215 (US$1,592 for the nine-month period ended September 30, 2024), among other non-significant items.

Other expenses: For the nine-month period ended September 30, 2025, the Group has recorded in other expenses the amount of US$56,674 (US$109,079 for the nine-month period ended September 30, 2024), which mainly refers to restructuring expenses totaling US$21,890 (US$82,070 for the nine-month period ended September 30, 2024), loss on sale of assets totaling US$12,682 (US$12,760 for the nine-month period ended September 30, 2024) and other miscellaneous items.

Restructuringrelated expenses

For the nine-month period ended September 30, 2025 the indirect subsidiary JBS USA recognized US$21,890 (US$82,070 for the nine-month period ended September 30, 2024) in restructuring expenses related to its subsidiary PPC.

In 2022, PPC began restructuring initiatives in its European operations. Additional restructuring initiatives also commenced in 2023 and 2024. The purpose of the ongoing restructuring activities is to integrate central operations and reallocate processing capacities between production facilities resulting in closures of some facilities in the European operations.

The following table provides a summary of PPC’s estimates of timelines and costs associated with these restructuring initiatives by major type of cost:

Pilgrim’s Food Masters Pilgrim’s Europe Central Total
Earliest implementation date April 2024 January 2024
Expected predominant completion date March 2025 June 2025
Costs incurred and expected to be incurred:
Employee-related costs 19,537 50,963 70,500
Asset impairment costs 10,903 1,847 12,750
Contract termination costs 845 1,588 2,433
Other exit and disposal costs ^(1)^ 8,657 5,234 13,891
Total exit and disposal costs 39,942 59,632 99,574
Costs incurred since earliest implementation date:
Employee-related costs 19,537 45,806 65,343
Asset impairment costs 10,903 1,847 12,750
Contract termination costs 845 1,588 2,433
Other exit and disposal costs ^(1)^ 8,657 5,234 13,891
Total exit and disposal costs 39,942 54,475 94,417
^(1)^ Comprised of other costs directly related to the restructuring<br>initiatives, including maintenance costs and Pilgrim’s Food Masters consulting fees.
--- ---

During the nine-month periods ended September 30, 2025 and 2024, PPC recognized the following expenses and paid the following cash related to each restructuring initiative:

Nine-month period ended <br><br>September 30, 2025
Provisions Expenses Cash Outlays
Pilgrim’s Food Masters 1,578 (793 ) 4,668
Pilgrims Europe Central 5,497 21,782 18,919
Previous programs substantially completed — 901 467
Total 7,075 21,890 24,054

35

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Nine-month period ended <br><br>September 30, 2024
Provisions Expenses Cash Outlays
Pilgrim’s Food Masters 14,980 34,774 14,452
Pilgrims Europe Central 2,571 27,965 23,585
Previous programs substantially completed 4,351 19,331 3,181
Total 21,902 82,070 41,218

The following table reconciles liabilities and reserves associated with each restructuring initiative from December 31, 2024 to September 30, 2025 and from December 31, 2023 to September 30, 2024. Ending liability balances for employee termination benefits and other charges are reported in accrued payroll and social charges in the Consolidated Statements of financial position. The ending reserve balance for inventory adjustments is reported in inventories, net in the Consolidated Statements of financial position. The ending reserve balance for asset impairments is reported in property, plant and equipment, net in the Consolidated Statements of financial position.

Liability reserve<br><br> as of<br><br> December<br> 31,<br> 2024 Restructuring charges incurred Cash payments and disposals Currency translation Liability reserve<br><br> as of<br><br> September<br> 30,<br> 2025
Severance 4,443 17,794 (19,782 ) 896 3,351
Contract termination 1,513 1,789 (3,095 ) 217 424
Asset impairment 91 84 (180 ) 5 —
Other 4,930 2,223 (2,889 ) 262 4,526
Total 10,977 21,890 (25,946 ) 1,380 8,301
Liability reserve <br><br>as of<br><br> December<br> 31,<br> 2023 Restructuring charges incurred Cash payments and disposals Currency translation Liability reserve <br><br>as of<br><br> September<br> 30,<br> 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Severance 3,651 41,565 (32,185 ) 573 13,604
Contract termination 1,597 2,028 (3,096 ) 23 552
Asset impairment 359 26,846 (27,200 ) (5 ) —
Other 4,631 11,631 (8,809 ) 293 7,746
Total 10,238 82,070 (71,290 ) 884 21,902

36

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

26 Risk management and financial instruments

Financial instruments:

Financial instruments are recognized in the unaudited condensed consolidated interim financial information as follows:

Note September 30, <br><br>2025 December 31, <br><br>2024
Assets
Fair value through profit or loss ^(1)^
Financial / Overnight investments 3 1,501,596 3,350,654
National treasury bills 3 124,088 97,531
Derivative assets 262,706 84,468
Amortized cost ^(2)^
Cash at banks 3 1,962,794 2,197,822
CME Margin investments 3 523,583 104,220
Trade accounts receivable 4 3,847,840 3,735,540
Related party receivables 8 — 77,355
Financial investments 3 45,831 —
Total 8,268,438 9,647,590
Liabilities
Amortized cost
Loans and financing 16 (20,768,643 ) (19,326,796 )
Trade accounts payable and supply chain finance 15 (6,588,550 ) (6,194,223 )
Debt with related party 8 (212,989 ) —
Lease 12.2 (1,797,698 ) (1,734,029 )
Fair value through profit or loss
Derivative liabilities (571,668 ) (266,066 )
Total (29,939,548 ) (27,521,114 )
^(1)^ CDBs are updated at the contractual rate but have a short-term<br>and the counterparties are financial institutions, and their carrying amount is approximate to fair value; (ii) national treasury bill<br>are measured at fair value.
--- ---
^(2)^ Loans and receivables are classified as amortized cost. The<br>trade accounts receivable are short-term and net of expected losses.
--- ---

Fair value of assets and liabilitiesthrough profit or loss: The Group determine fair value measurements in accordance with the hierarchical levels that reflect the significance of the inputs used in the measurement, with the exception of those maturing in the short term, equity instruments without an active market and contracts with discretionary characteristics that the fair value cannot be measured reliably, according to the following levels:

Level 1 - Quoted prices in active markets (unadjusted) for identical assets or liabilities;

Level 2 - Inputs other than Level 1, in which prices are quoted for similar assets and liabilities, either directly by obtaining prices in active markets or indirectly through valuation techniques that use data from active markets;

September 30, 2025 December 31, 2024
Level 1 Level 2 Total Level 1 Level 2 Total
Financial assets
Financial investments — 1,501,596 1,501,596 — 3,350,654 3,350,654
National treasury bills 124,088 — 124,088 97,531 — 97,531
Derivative assets — 262,706 262,706 — 84,468 84,468
Financial liabilities
Derivative liabilities — 571,668 571,668 — 266,066 266,066

37

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Fair value of assets and liabilitiescarried at amortized cost: The fair value of the Notes, are estimated using the closing sale price of these securities informed by a financial newswire on September 30, 2025 and December 31, 2024, considering there is an active market for these financial instruments. The book value of the remaining fixed-rate loans approximates fair value since the interest rate market, the Group’s credit quality, and other market factors have not significantly changed since entering into the loans. The book value of variable-rate loans and financings approximates fair value given the interest rates adjust for changes in market conditions and the quality of the Group’s credit rating has not substantially changed. For all other financial assets and liabilities, book value approximates fair value due to the short duration of the instruments. The following details the estimated fair value of notes:

September 30, 2025 December 31, 2024
Description Principal Price<br><br> (% of the<br><br> Principal) Fair value Principal Price <br><br>(% of the<br><br> Principal) Fair value
Notes 2.50% JBS Lux 2027 105,951 97.61 % 103,416 1,000,000 94.98 % 949,770
Notes 5.13% JBS Lux 2028 — — — 899,740 99.50 % 895,205
Notes 3.00% JBS Lux 2029 599,957 95.82 % 574,885 599,957 91.20 % 547,161
Notes 6.50% JBS Lux 2029 — — — 69,906 100.52 % 70,273
Notes 5.50% JBS Lux 2030 — — — 1,249,685 99.77 % 1,246,786
Notes 3.75% JBS Lux 2031 493,000 94.58 % 466,270 493,000 88.93 % 438,435
Notes 3.00% JBS Lux 2032 1,000,000 89.32 % 893,240 1,000,000 83.22 % 832,210
Notes 3.63% JBS Lux 2032 968,780 93.21 % 903,029 968,780 87.96 % 852,178
Notes 5.75% JBS Lux 2033 1,661,675 104.30 % 1,733,094 1,661,675 99.54 % 1,654,048
Notes 6.75% JBS Lux 2034 1,507,046 110.44 % 1,664,397 1,507,046 105.85 % 1,595,148
Notes 4.38% JBS Lux 2052 900,000 78.51 % 706,599 900,000 110.50 % 994,482
Notes 6.50% JBS Lux 2052 1,548,000 105.01 % 1,625,477 1,548,000 101.53 % 1,571,731
Notes 7.25% JBS Lux 2053 900,000 114.02 % 1,026,180 900,000 74.94 % 674,487
Notes 5.5% JBS Lux 2036 1,250,000 101.57 % 1,269,575 — — —
Notes 6.25% JBS Lux 2056 1,250,000 102.09 % 1,276,138 — — —
Notes 6.38% JBS Lux 2066 1,000,000 102.53 % 1,025,270 — — —
Notes 5.95% JBS USA 2035 1,000,000 104.88 % 1,048,800 — — —
Notes 6.38% JBS USA 2055 750,000 103.85 % 778,838 — — —
Notes 4.25% PPC 2031 796,158 96.70 % 769,901 855,725 92.24 % 789,303
Notes 3.5% PPC 2032 899,600 91.34 % 821,695 900,000 86.34 % 777,033
Notes 6.25% PPC 2033 922,521 106.53 % 982,771 980,000 102.16 % 1,001,178
Notes 6.88% PPC 2034 500,000 110.34 % 551,720 500,000 106.73 % 533,650
18,052,688 18,221,295 16,033,514 15,423,078

Risk management:

The Group during the regular course of its operations is exposed to a variety of financial risks that include the effects of changes in market prices (including foreign exchange, interest rate risk and commodity price risk), credit risk and liquidity risk. Such risks are fully disclosed in the last annual financial statements. There were no changes in the nature of these risks in the current period.

Below are the risks and operations to which the Group is exposed and a sensitivity analysis for each type of risk, consisting in the presentation of the effects in the finance income (expense), net, when subjected to possible changes, CDI by 50% and 100%, other rates by 25% and 50% and currency and commodities exposure by of 15% to 30%, in the relevant variables for each risk. For each scenario, the Group utilizes the Value at Risk Methodology (VaR), for the confidence interval (C.I.) of 99% and a horizon of one day.

38

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

a. Interest rate risk

The quantitative data referring to the risk of exposure to the Group’s interest rates on September 30, 2025 and December 31, 2024, are in accordance with the Financial and Commodity Risk Management Policy of the Group and are representative of the exposure incurred during the period. The main exposure to financial risks as of September 30, 2025 and December 31, 2024 are shown below:

September 30, <br> 2025 December 31,<br><br> 2024
Net exposure to the CDI / FED rate:
CDB-DI (Bank certificates of deposit) / Overnight investments 832,077 760,300
CME Margin investments 523,583 104,000
Related party transactions (162,765 ) 527
Credit note - export (1,364 ) (1,704 )
National treasury bills 68,347 58,757
Livestock financing - Pre (114,174 ) —
Subtotal 1,145,704 921,880
Derivatives (Swap) (936,290 ) (1,285,134 )
Total 209,414 (363,254 )
Net exposure to the IPCA rate:
Margin cash — 3,867
Related party transactions (50,224 ) 77,355
Treasury bills 48,401 35,127
CRA - Agribusiness Credit Receivable Certificates (1,706,599 ) (1,163,028 )
Subtotal (1,708,422 ) (1,046,679 )
Derivatives (Swap) 814,994 1,150,685
Total (893,428 ) 104,006
Liabilities exposure to the SOFR rate:
Export credit note (251,707 ) (102,367 )
Prepayment — (100,296 )
Prepayment - exchange agreement (4,360 ) (2,599 )
Total (256,067 ) (205,262 )

Sensitivity analysis as of September 30, 2025:

Scenario (I)<br> VaR 99% C.I. 1 day Scenario (II) <br><br>Interest rate<br> variation - 50% Scenario (III)<br> Interest rate<br> variation - 100%

| Contracts exposure | Risk | Current scenario | | | Rate | | | Effect on income | | | Rate | | | Effect on income | | | Rate | | Effect on income | |

| CDI / FED | Decrease | | 14.90 | % | | 14.83 | % | | (153 | ) | | 7.45 | % | | (15,232 | ) | | — | | — |

| | | | | | | | | | (153 | ) | | | | | (15,232 | ) | | | | — |

Scenario (I) <br><br>VaR 99% C.I. 1 day Scenario (II) <br><br>Interest rate<br> variation - 25% Scenario (III) <br><br>Interest rate<br> variation - 50%

| Contracts exposure | Risk | Current scenario | | | Rate | | | Effect on income | | | Rate | | | Effect on income | | | Rate | | | Effect on income | | |

| IPCA | Increase | | 5.13 | % | | 5.14 | % | | (53 | ) | | 6.41 | % | | (11,191 | ) | | 7.70 | % | | (22,374 | ) |

| SOFR | Increase | | 4.24 | % | | 4.24 | % | | (10 | ) | | 5.30 | % | | (2,650 | ) | | 6.36 | % | | (5,300 | ) |

| | | | | | | | | | (63 | ) | | | | | (13,841 | ) | | | | | (27,674 | ) |

39

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

September 30, 2025 December 31, 2024
Instrument Risk factor Maturity Notional Fair value (Asset) - US Fair value (Liability) - US Fair value Notional Fair value (Asset) - US Fair value (Liability) - US Fair value
IPCA 2027 183,960 ) (14,222 ) 158,004 ) (9,026 )
IPCA 2031 — — 189,071 ) (12,437 )
IPCA 2032 132,021 ) (25,753 ) 183,123 ) (24,186 )
Swap IPCA 2034 146,155 ) (13,354 ) 127,416 ) (11,277 )
IPCA 2037 240,785 ) (67,967 ) 189,239 ) (48,062 )
IPCA 2038 — — 142,320 ) (15,706 )
IPCA 2039 — — 20,854 ) (1,467 )
IPCA 2044 — — 80,745 ) (12,288 )
702,921 ) (121,296 ) 1,090,772 ) (134,449 )

All values are in US Dollars.

b. Exchange rate risk

Below are presented the risks related to the most significant exchange rates fluctuation given the relevance of these currencies in the Group’s operations and the stress analysis scenarios and VaR to measure the total exposure as well as the cash flow risk with B3 and the Chicago Mercantile Exchange. The Group discloses these exposures considering the fluctuations of an exchange rate in particular towards the functional currency of each subsidiary.
September 30, <br>2025 December 31, <br><br>2024 September 30, <br>2025 December 31, <br><br>2024 September 30,<br> 2025 December 31, <br><br>2024
OPERATING
Cash and cash equivalents 1,639,584 50,341 16,097
Trade accounts receivable 1,073,398 165,016 65,684
Sales orders 1,062,765 78,854 54,370
Trade accounts payable ) (297,536 ) ) (78,268 ) ) (16,271 )
Purchase orders ) (83,493 ) ) (8,928 ) —
Subtotal 3,394,718 207,015 119,880
FINANCIAL
Margin cash 220 — —
Advances to customers ) (4,683 ) ) (1,562 ) ) (191 )
Loans and financing ) (1,290,871 ) (614 ) —
Subtotal ) (1,295,334 ) ) (2,176 ) ) (191 )
Subtotal 2,099,384 204,839 119,689
Total exposure 2,099,384 204,839 119,689
DERIVATIVES
Future contracts 1,840 ) (85,595 ) ) (34,095 )
Deliverable Forwards (DF´s) ) (664,084 ) 70,949 ) (26,785 )
Non-Deliverable Forwards (NDF´s) (417,158 ) ) (19,559 ) (6,262 )
Total derivatives (1,079,402 ) ) (34,205 ) ) (67,142 )
NET EXPOSURE 1,019,982 170,634 52,547

All values are in US Dollars.

40

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

b1 Sensitivity analysis and derivative financialinstruments breakdown:

b1.1 US Dollar (amounts in thousands of US$):

Current Scenario (i) <br> VaR 99% C.I. 1 day Scenario (ii) <br><br>Interest rate <br> variation - 15% Scenario (iii) <br><br>Interest rate <br> variation - 30%

| Exposure of US$ | Risk | exchange rate | | Exchange rate | | Effect on income | | | Exchange rate | | Effect on income | | | Exchange rate | | Effect on income | | | | Operating | Appreciation | | 1.0000 | | 0.9813 | | (69,354 | ) | | 0.8500 | | (555,131 | ) | | 0.7000 | | (1,110,262 | ) |

| Financial | Depreciation | | 1.0000 | | 0.9813 | | 11,076 | | | 0.8500 | | 88,658 | | | 0.7000 | | 177,316 | |

| Derivatives | Appreciation | | 1.0000 | | 0.9813 | | (9,314 | ) | | 0.8500 | | (74,552 | ) | | 0.7000 | | (149,103 | ) |

| | | | | | | | (67,592 | ) | | | | (541,025 | ) | | | | (1,082,049 | ) |

September 30, 2025 December 31, 2024

| Instrument | Risk factor | Nature | Quantity | | Notional (US) | Fair value | | Quantity | | Notional (US) | Fair value | | | Future Contract | American dollar | Long | | 62,247 | | | 359 | | 4,765 | | | 12 |

All values are in US Dollars.

September 30, 2025 December 31, 2024

| Instrument | Risk factor | Nature | Notional (US) | | Notional (US) | | Fair value | | | Notional (US) | | Notional (US) | | Fair value | | | | Deliverable Forwards | American dollar | Short | | ) | | ) | | 6,657 | | | ) | | ) | | (16,868 | ) |

| Non-Deliverable Forwards | American dollar | Long | | | | | | (7,102 | ) | | ) | | ) | | (950 | ) |

All values are in US Dollars.

b1.2 € - EURO (amounts in thousands of US$):

Scenario (i) <br> VaR 99% C.I. 1 day Scenario (ii) <br><br>Interest rate <br><br>variation - 15% Scenario (iii) <br><br>Interest rate <br><br>variation - 30%

| Exposure of US$ | Risk | Current exchange | | Exchange rate | | Effect on income | | | Exchange rate | | Effect on income | | | Exchange rate | | Effect on income | | | | Operating | Appreciation | | 0.8521 | | 0.8688 | | (4,681 | ) | | 1.0025 | | (36,611 | ) | | 1.2174 | | (73,223 | ) |

| Financial | Depreciation | | 0.8521 | | 0.8688 | | 41 | | | 1.0025 | | 323 | | | 1.2174 | | 645 | |

| Derivatives | Depreciation | | 0.8521 | | 0.8688 | | 1,510 | | | 1.0025 | | 11,813 | | | 1.2174 | | 23,626 | |

| | | | | | | | (3,130 | ) | | | | (24,475 | ) | | | | (48,952 | ) |

41

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

September 30, 2025 December 31, 2024

| Instrument | Risk factor | Nature | Quantity | | | Notional (US) | | Fair value | | | Quantity | | Notional (US) | | Fair value | |

| Future Contract | Euro | Short | | (6,755 | ) | | ) | | (31 | ) | | 2,074 | | ) | | 49 |

All values are in US Dollars.

September 30, 2025 December 31, 2024

| Instrument | Risk factor | Nature | Notional () | | Notional (US) | | Fair value | | | Notional () | | Notional (US) | | Fair value | | | Deliverable Forwards | Euro | Long | | | | | | 1,120 | | | | | | | 2,376 |

| Non-Deliverable Forwards | Euro | Short | | ) | | ) | | (414 | ) | | ) | | ) | | 420 |

All values are in Euros.

b1.3 £ - British Pound (amountsin thousands of US$):

Scenario (i) <br><br>VaR 99% C.I. 1 day Scenario (ii)<br> Interest rate <br><br>variation - 15% Scenario (iii) <br><br>Interest rate <br><br>variation - 30%

| Exposure of US$ | Risk | Current<br> <br>exchange | | Exchange rate | | Effect on income | | | Exchange rate | | Effect on income | | | Exchange rate | | Effect on income | | | | Operating | Appreciation | | 0.7437 | | 0.7571 | | (3,937 | ) | | 0.8750 | | (33,418 | ) | | 1.0624 | | (66,836 | ) |

| Financing | Depreciation | | 0.7437 | | 0.7571 | | 2 | | | 0.8750 | | 18 | | | 1.0624 | | 36 | |

| Derivatives | Depreciation | | 0.7437 | | 0.7571 | | 1,025 | | | 0.8750 | | 8,705 | | | 1.0624 | | 17,410 | |

| | | | | | | | (2,910 | ) | | | | (24,695 | ) | | | | (49,390 | ) |

September 30, 2025 December 31, 2024

| Instrument | Risk factor | Nature | Notional () | | Notional (US) | | Fair value | | | Notional () | Notional (US) | | Fair value | | | Future Contract | British pound | Long | | ) | | ) | | (24 | ) | | | ) | | 12 |

All values are in British Pounds.

September 30, 2025 December 31, 2024

| Instrument | Risk factor | Nature | Notional () | | Notional (US) | | Fair value | | Notional () | | Notional (US) | | Fair value | | | | Deliverable Forwards | British pound | Long | | ) | | ) | | 171 | | ) | | ) | | (675 | ) |

| Non-Deliverable Forwards | British pound | — | | | | | | — | | ) | | ) | | (128 | ) |

All values are in British Pounds.

42

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

c. Commodity price risk

The Group operates globally (the entire livestock protein chain and related business) and during the regular course of its operations is exposed to price fluctuations in feeder cattle, live cattle, lean hogs, corn, soybeans, and energy, especially in the North American, Australian and Brazilian markets. Commodity markets are characterized by volatility arising from external factors including climate, supply levels, transportation costs, agricultural policies and storage costs, among others. The Risk Management Department is responsible for mapping the exposures to commodity prices of the Group and proposing strategies to the Risk Management Committee, in order to mitigate such exposures.

c1. Position balance in commodities and corn contracts:

Exposure in Commodities (Livestock) - Expressed in contract quantity September 30, <br><br>2025 December 31, <br><br>2024
OPERATING
Firm contracts 35,267 31,028
Subtotal 35,267 31,028
DERIVATIVES
Future contracts 3,000 6,548
Deliverable Forwards (28,560 ) (38,658 )
Subtotal (25,560 ) (32,110 )
NET EXPOSURE 9,707 (1,082 )

Sensitivity analysis as of September 30, 2025:

Scenario (i) <br> VaR 99% C.I. 1 day Scenario (ii) <br> @ Variation - 15% Scenario (ii)<br> @ Variation - 30%

| Exposure | Risk | Current price | | Price | | Effect on income | | | Price | | Effect on income | | | Price | | Effect on income | | | | Operating | Depreciation | | 39 | | 39 | | (26,807 | ) | | 33 | | (402,107 | ) | | 27 | | (804,213 | ) |

| Derivatives | Appreciation | | 32 | | 33 | | (17,488 | ) | | 37 | | (262,327 | ) | | 42 | | (524,654 | ) |

| | | | | | | | (44,295 | ) | | | | (664,434 | ) | | | | (1,328,867 | ) |

Derivatives financial instruments breakdown:

September 30, 2025 December 31, 2024

| Instrument | Risk factor | Nature | Quantity | | | Fair value | | | Quantity | | | Fair value | | | | Future Contracts | Commodities (livestock) | Long | | 3,000 | | | (283 | ) | | 6,548 | | | (3,080 | ) |

| Deliverable Forwards | Commodities (livestock) | Short | | (28,560 | ) | | (277,295 | ) | | (38,658 | ) | | (45,524 | ) | | Exposure in Commodities (Grains and others) - Expressed in contract quantity | September 30, <br><br>2025 | | | December 31, <br><br>2024 | | | --- | --- | --- | --- | --- | --- | | OPERATING | | | | | | | Firm contracts | | 5,152 | | | 8,681 | | Subtotal | | 5,152 | | | 8,681 | | DERIVATIVES | | | | | | | Future contracts | | 22,632 | | | 6,949 | | Deliverable Forwards | | (25,573 | ) | | 16,144 | | Non Deliverable Forwards | | 2,250,000 | | | — | | Subtotal | | 2,247,059 | | | 23,093 | | NET EXPOSURE | | 2,252,211 | | | 31,774 |

43

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Sensitivity analysis as of September 30, 2025:

Scenario (i) <br><br>VaR 99% C.I. 1 day Scenario (ii)<br> @ Variation - 15% Scenario (ii) <br><br>@ Variation - 30%

| Exposure | Risk | Current price | | Price | | Effect on income | | | Price | | Effect on income | | | Price | | Effect on income | | | | Operating | Appreciation | | 66 | | 67 | | (4,204 | ) | | 76 | | (63,060 | ) | | 86 | | (126,120 | ) |

| Derivatives | Appreciation | | 12 | | 12 | | (12,143 | ) | | 14 | | (182,143 | ) | | 15 | | (364,287 | ) |

| | | | | | | | (16,347 | ) | | | | (245,203 | ) | | | | (490,407 | ) |

Derivatives financial instruments breakdown:

September 30, 2025 December 31, 2024

| Instrument | Risk factor | Nature | Quantity | | | Fair value | | | Quantity | | Fair value | | | | Future Contracts | Commodities (grains and others) | Long | | 22,632 | | | (2,097 | ) | | 6,949 | | 97 | |

| Deliverable Forwards | Commodities (grains and others) | Short | | (25,573 | ) | | (147,049 | ) | | 16,144 | | (15,984 | ) |

| Non Deliverable Forwards | Commodities (grains and others) | Long | | 2,250,000 | | | (1,498 | ) | | — | | — | |

c2. Hedge accounting:

The indirect subsidiary Seara Alimentos Ltda. applies hedge accounting for grain purchases, aiming at bringing stability to the results. The designation of these instruments is based on the guidelines outlined in the Financial and Commodity Risk Management Policy defined by the Risk Management Committee and approved by the Board of Directors.

Financial instruments designated for hedge accounting were classified as cash flow hedge. The effective amount of the instrument’s gain or loss is recognized under “Other comprehensive income (expense)” and the ineffective amount under “Financial income (expense), net”, and the accumulated gains and losses are reclassified to profit and loss or to the balance sheet when the object is recognized, adjusting the item in which the hedged object was recorded.

In these hedge relationships, the main sources of ineffectiveness are the effect of the counterparties and the Group’s own credit risk on the fair value of the forward foreign exchange contracts, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates; changes in commodities prices; and changes in the timing of the hedged transactions.

The effects on the income for the period, on other comprehensive income, and on the balance sheet of derivative financial instruments contracted for hedging foreign exchange, commodity prices, and interest rates are presented below:

Hedge accounting - Derivative instruments Risk factor Quantity Notional Fair value

| Future contracts | Commodities | | 5,488 | | 30,312 | | (371 | ) |

The indirect subsidiary Seara Alimentos Ltda. also designates derivatives to hedge the fair value of floating-rate debt instruments through fixed-rate interest rate swaps, measured in accordance with fair value hedge accounting.

44

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

c2.1 Effects of hedge instruments on the financial information:

The following table presents the effects on income (loss) for the period, other comprehensive income, and the on the statement of financial position of derivative financial instruments contracted for hedging foreign exchange, commodity prices, and interest rates (cash flow and fair value hedges):

September 30,<br><br> 2025 September 30,<br><br> 2024
Statements of income:
Cost of sales before hedge accounting adoption (5,697,535 ) (5,053,872 )
Derivatives operating income (loss) (1,255 ) 98
Commodities (1,255 ) 98
Cost of sales with hedge accounting (5,698,790 ) (5,053,774 )
Financial income (expense), net excluding derivatives 20,210 (56,114 )
Derivatives financial income (expense), net (2,935 ) (106,698 )
Currency — (84,351 )
Commodities (2,935 ) (22,047 )
Interest — (300 )
Financial income (expense), net 17,275 (162,812 )

Below are the effects on other comprehensive income (expense), after the adoption of hedge accounting:

September 30, <br> 2025 September 30, <br> 2024
Statements of other comprehensive income (expense):
Financial instruments designated as hedge accounting: (287 ) 932
Commodities (287 ) 932
Other comprehensive income (61 ) 1,412
Hedge cash flow movement December 31, <br><br>2024 OCI September 30, <br><br>2025
--- --- --- --- --- --- --- --- --- ---
Hedge accounting operation 186 (61 ) 125
(-) Income Tax (63 ) 21 (42 )
Total of other comprehensive income (expense) 123 (40 ) 83

Below are the effects on the statement of financial position, after the adoption of hedge accounting:

45

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

September 30, <br><br>2025 December 31, <br><br>2024
Statement of financial position:
Derivative (liabilities)/assets (371 ) 84
Financial instruments designated as hedge accounting:
Commodities (371 ) 84
Derivative (liabilities)/assets 225 69
Financial instruments not designated as hedge accounting:
Exchange 225 69
Other comprehensive income (expense) (287 ) 306
Commodities (287 ) 306
Inventories 446 20
Commodities 446 20

Open amounts in statement of financial position of derivative assets and liabilities:

September 30, <br><br>2025 December 31, <br><br>2024
Assets:
Designated as hedge accounting — 84
Exchange derivaties — 84
Not designated as hedge accounting — 69
Exchange — 69
Current assets — 153
(Liabilities):
Designated as hedge accounting 371 —
Commodities 371 —
Not designated as hedge accounting (219 ) —
Commodities 6 —
Currency (225 ) —
Current liabilities 152 —

46

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

d. Liquidity risk

The table below shows the contractual obligation amounts from financial liabilities of the Group according to their maturities:

September 30, 2025 December 31, 2024
Until 1 year Between 2 and 3 years Between 4 and 5 years More than 5 years Total Until 1 year Between 2 and 3 years Between 4 and 5 years More than 5 years Total
Trade accounts payable and supply chain finance 6,588,550 — — — 6,588,550 6,194,223 — — — 6,194,223
Loans and financing 999,408 247,669 791,824 18,729,742 20,768,643 2,084,225 1,046,253 1,688,693 14,507,625 19,326,796
Estimated interest on loans and financing ^(1)^ 1,212,956 2,435,277 2,315,745 13,640,832 19,604,810 2,458,318 2,440,620 839,949 5,670,017 11,408,904
Derivatives liabilities (assets) 454,986 116,682 — — 571,668 165,979 100,087 — — 266,066
Payments of leases 356,358 565,203 311,398 564,739 1,797,698 335,681 426,404 274,798 697,146 1,734,029
Future contracts - Commodities 155,840 24,515,209 5,732,972 3,131,762 33,535,783 58,997 28,244,384 4,238,571 986,771 33,528,723
^(1)^ Includes interest on all loans and financing outstanding. Payments<br>are estimated for variable rate debt based on effective interest rates for the nine-month period ended September 30, 2025 and for the<br>year ended December 31, 2024. Payments in foreign currencies are estimated using the September 30, 2025 and December 31, 2024 exchange<br>rates.
--- ---

The Group has future commitment for purchase of grains and cattle whose balances as of September 30, 2025 is US$33.5 billion (December 31, 2024 is US$33.5 billion).

The Group has securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of September 30, 2025 is US$553,846 (US$136,554 at December 31, 2024). This guarantee exceeds the amount of the collateral.

A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table.

The interest payments on variable interest rate loans and bond issues in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the derivative change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.

47

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

e. Risks linked to climatechange and the sustainability strategy

In view the Group’s operations, there is inherent exposure to risks related to climate change. Certain Group assets, which are mainly biological assets that can be measured at fair value, may be impacted by climate change and are considered in the preparation process of this interim financial information.

For the nine-month period ended September 30, 2025, Management considered the data and assumptions highlighted below as the main risks:

(i) possible impacts on the determination of fair value in biological assets due to the effects of climate change, such as temperature rise and scarcity of water resources which may impact some assumptions used in accounting estimates related to the Group’s biological assets, as follows:

● losses of biological assets due to heat waves and droughts which<br>occur with greater frequency and intensity;
● reduction in the expected growth of our biological assets due<br>to natural disasters, fires, pandemics or changes in rainfall patterns; and
--- ---
● interruption in the production chain due to adverse weather<br>events, causing power outages, fuel shortages, disruption of transportation channels, among other things.
--- ---

(ii) structural changes and their impacts on the business, such as:

● regulatory and legal: regulation and legislation arising from<br>Brazilian and/or international authorities that encourage the transition to a low-carbon economy and/or with greater biodiversity and<br>that increase the risk of litigation and/or commercial restrictions related to the alleged contribution, even if indirect, for the intensification<br>of climate change;
● reputational: related to customers’ perceptions and the<br>society in general regarding the positive or negative contribution of an organization to a low carbon economy.
--- ---

* * * * *

48

Exhibit 99.2

MANAGEMENT’S DISCUSSION ANDANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussionand Analysis of Financial Condition and Results of Operations (this “MD&A”) contains forward-looking statements that involverisks and uncertainties. Our actual results may differ significantly from those discussed in the forward-looking statements for severalreasons, including those described under “—Cautionary Statement Regarding Forward-Looking Statements” below and in thesection entitled “Item 3. Key Information—D. Risk Factors” in JBS S.A.’s annual report on Form 20-F for the fiscalyear ended December 31, 2024, as filed with the United States Securities and Exchange Commission (the “SEC”) on March 26,2025 (the “JBS S.A. Form 20-F”), and other issues discussed herein.

This MD&A should be read in conjunctionwith, and is qualified in its entirety by reference to: (1) JBS N.V.’s unaudited condensed consolidated interim financial informationas of September 30, 2025 and for the three- and nine-month periods ended September 30, 2025 and 2024, and the related notes thereto (“JBSN.V.’s unaudited interim financial statements”), which are included in Exhibit 99.1 to JBS N.V.’s current report onForm 6-K, furnished to the SEC on November 13, 2025 (the “JBS N.V. Form 6-K”); (2) JBS S.A.’s audited consolidated financialstatements as of December 31, 2024, 2023 and 2022 and for each of the years in the three-year period ended December 31, 2024, and therelated notes thereto, which are included in the JBS S.A. Form 20-F (“JBS S.A.’s audited financial statements”); and(3) the information presented under the section of the JBS S.A. Form 20-F entitled “Presentation of Financial and Other Information.”

JBS S.A.’s audited financial statementshave been prepared in accordance with International Financial Reporting Standards (IFRS) - Accounting Standards, as issued by the InternationalAccounting Standards Board (“IASB”) (“IFRS – Accounting Standards”). JBS N.V.’s unaudited interimfinancial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting, as issued by the IASB.

Except where the context otherwise requires,in this MD&A:

● “JBS Group,” “we,” “our,”“us,” “our company” or like terms refer to JBS N.V. and its consolidated subsidiaries.
● “JBS N.V.” refers to JBS N.V., a public limitedliability company (naamloze vennootschap) under Dutch law.
--- ---
● “JBS S.A.” refers to JBS S.A., a Braziliancorporation (sociedade anônima). JBS S.A. is a wholly-owned subsidiary of JBS N.V.
--- ---
● “JBS USA” refers to JBS USA Holding Lux S.àr.l., a private limited liability company (société à responsabilité limitée) incorporated andexisting under the laws of Luxembourg. JBS USA is an indirect wholly-owned subsidiary of JBS S.A.
--- ---
● “PPC” refers to Pilgrim’s Pride Corporation,a Delaware corporation. JBS S.A. beneficially owns approximately 82% of PPC’s outstanding common stock.
--- ---
● “Seara” refers to Seara Alimentos Ltda., aBrazilian limited liability company (sociedade limitada). Seara and its subsidiaries produce poultry, pork and processed foodsin Brazil. Seara is an indirect wholly-owned subsidiary of JBS S.A.
--- ---

Overview

We are the largest protein company and one of the largest food companies in the world in terms of net revenue for the year ended December 31, 2024, according to Bloomberg’s Food Index and publicly available sources. Our net revenue was US$63.1 billion and US$57.2 billion for the nine-month periods ended September 30, 2025 and 2024, respectively, and US$77.2 billion, US$72.9 billion and US$72.6 billion for the years ended December 31, 2024, 2023 and 2022, respectively. We recorded a net income of US$1.8 billion and US$1.5 billion for the nine-month periods ended September 30, 2025 and 2024, respectively. We recorded a net income of US$2.0 billion for the year ended December 31, 2024, a net loss of US$0.1 billion for the year ended December 31, 2023 and a net income of US$3.1 billion for the year ended December 31, 2022. Our Adjusted EBITDA was US$5.1 billion and US$5.3 billion for the nine-month periods ended September 30, 2025 and 2024, respectively, and US$7.2 billion, US$3.5 billion and US$6.7 billion for the years ended December 31, 2024, 2023 and 2022, respectively. Through strategic acquisitions and capital investment, we have created a diversified global platform that allows us to prepare, package and deliver fresh and frozen, value-added and branded beef, poultry, pork, fish and lamb products to leading retailers and foodservice customers. We sell our products to more than 320,000 customers worldwide in approximately 180 countries on six continents.

As of September 30, 2025, we were:

● the #1 global beef producer in terms of capacity,<br>according to Nebraska Public Media, with operations in the United States, Australia, Canada and Brazil and an aggregate daily processing<br>capacity of approximately 78,000 heads of cattle;
● the #1 global poultry producer in terms of capacity,<br>with operations in the United States, Brazil, United Kingdom, Mexico, Puerto Rico and Europe, and an aggregate daily processing capacity<br>of more than 13.5 million chickens according to WATT Poultry, a global resource for the poultry meat industries;
--- ---
● the #2 largest global pork producer in terms<br>of capacity, with operations in the United States, Brazil, the United Kingdom, Australia and Europe, and an aggregate daily processing<br>capacity of approximately 147,000 hogs according to WATT Poultry;
--- ---
● a leading lamb producer in terms of capacity,<br>according to Levante, with operations in Australia and Europe and an aggregate daily processing capacity of approximately 23,500 heads;
--- ---
● a leading regional fish producer in terms of<br>capacity, according to Forbes, with operations in Australia and an aggregate daily processing capacity of approximately 220 tons;
--- ---
● a leading table eggs producer in Brazil, with<br>operation in six Brazilian states, and an aggregate capacity of approximately four billion table eggs per year; and
--- ---
● a significant global producer of value-added<br>and branded meat products.
--- ---

We primarily sell protein products, which include fresh and frozen cuts of beef, pork, lamb, fish, whole chickens and chicken parts, to retailers (such as supermarkets, club stores and other retail distributors), and foodservice companies (such as restaurants, hotels, foodservice distributors and additional processors). Our food products are marketed under a variety of national and regional brands, including: in North America, “Swift,” “Just Bare,” “Pilgrim’s Pride,” “1855,” “Gold Kist Farms,” “Del Dia,” “Northern Gold” and “Canadian Diamond” and premium brand “Sunnyvalley”; in Brazil, “Swift,” “Seara,” “Friboi, “Maturatta,” “Reserva Friboi,” “Seara Da Granja,” “Seara Nature,” “Massa Leve,” “Marba,” “Doriana,” “Delícia,” “Primor,” “Delicata,” “Incrível,” “Rezende,” “LeBon,” “Frango Caipira Nhô Bento,” “Seara Turma da Mônica,” and premium brands “1953,” “Seara Gourmet,” “Hans” and “Eder”; in Australia, “Great Southern” and “AMH”; and in Europe, “Moy Park” and “O’Kane.” We also produce value-added and branded products marketed, primarily under our portfolio of widely recognized consumer brands in some of our key markets, including “Seara” in Brazil, “Primo,” “Rivalea” and “Huon” in Australia and “Beehive” in New Zealand.

We are geographically diversified. In the nine-month periods ended September 30, 2025 and 2024 and in the year ended December 31, 2024, we generated 74.3%, 74.3% and 74.1%, respectively, of our net revenue from sales in the countries where we operate our facilities, which we classify as domestic sales, and 25.7%, 25.7% and 25.9%, respectively, of our net revenue represented export sales. The United States, Brazil and Australia are leading exporters of protein to many fast-growing markets, including Asia, Africa and the Middle East. Asia represented 50.3%, 48.9% and 48.9% of our net revenue from export sales in the nine-month periods ended September 30, 2025 and 2024 and in the year ended December 31, 2024, respectively, primarily from sales in China, Japan and South Korea. Africa and the Middle East collectively represented 12.0%, 15.1% and 14.2% of our net revenue from export sales in the nine-month periods ended September 30, 2025 and 2024 and in the year ended December 31, 2024, respectively.

2

Corporate Reorganization and Dual Listing

JBS N.V. became the holding entity of JBS S.A. and its subsidiaries following a corporate reorganization (the “Corporate Reorganization”), as further described below.

As part of the Corporate Reorganization, JBS N.V. became the indirect controlling shareholder of JBS S.A. through the completion of a two-phase contribution process by its ultimate controlling shareholder, J&F S.A. (“J&F”). In the first phase, completed on December 27, 2023, J&F and its wholly owned investment fund, FIP Formosa, transferred a noncontrolling portion of their JBS S.A. common shares to JBS Participações Societárias S.A. (“JBS Participações”), which were subsequently contributed to J&F Investments Luxembourg S.à r.l. and then to JBS N.V.

The second phase was completed on May 23, 2025, with J&F transferring its remaining JBS S.A. common shares through the same corporate structure. As a result, JBS N.V., via JBS Participações, now holds all shares previously owned directly by J&F, consolidating its position as the indirect controlling shareholder of JBS S.A. The transaction was accounted for as a common control transaction, whereby JBS N.V. recognized the assets, liabilities, and results of JBS S.A. at their historical book values. The restructuring preserved shareholder economic interests by applying a consistent exchange ratio to both controlling and non-controlling shareholders, subject only to immaterial adjustments related to fractions of BDRs and share-based payments.

On June 6, 2025, the migration of the shareholder base of JBS S.A. to JBS N.V was completed. As part of this transaction, JBS S.A. shareholders received one Brazilian Depositary Receipt (“BDR”) of JBS N.V., each representing one Class A common share issued by JBS N.V., for every two JBS S.A. common shares. The delivery of the JBS N.V. BDRs to the shareholders of JBS S.A. effectively established JBS N.V. as the new holding company of the JBS Group.

On June 9, 2025, JBS S.A. common shares ceased trading on the São Paulo Stock Exchange (B3 S.A. – Brasil, Bolsa, Balcão) and were officially replaced by the JBS N.V. BDRs, which began trading under the ticker symbol “JBSS32.” In addition, JBS N.V. Class A common shares commenced trading on the New York Stock Exchange (NYSE) on June 13, 2025, under the ticker symbol “JBS.”

Accounting Treatment

The JBS Group accounted for the Corporate Reorganization as a common control transaction, and the pre-reorganization carrying amounts of JBS S.A. were included in the consolidated financial statements of JBS N.V. at book value. Accordingly, JBS N.V.’s unaudited interim consolidated financial statements reflect the following:

(i) the historical operating results and financial position of<br>JBS S.A. prior to the Corporate Reorganization;
(ii) the consolidated financial performance and position of JBS<br>N.V. subsequent to the completion of the Corporate Reorganization;
--- ---
(iii) the assets and liabilities of JBS N.V. and its subsidiaries<br>stated at historical cost;
--- ---
(iv) the number of common shares issued by JBS N.V. as a result<br>of the Corporate Reorganization, which is reflected retrospectively from January 1, 2024, for the purpose of calculating earnings per<br>share;
--- ---
(v) the shares of JBS S.A. were contributed to JBS N.V. at their<br>carrying amount in three tranches: December 27, 2023, May 23, 2025, and June 9, 2025;
--- ---
(vi) the remaining retained earnings of JBS S.A., no longer applicable<br>to JBS N.V., were reclassified to the opening balance of capital reserves. For more information, see note 20 to BS N.V.’s unaudited<br>interim financial statements, which are included in the JBS N.V. Form 6-K.
--- --- 
3

Reportable Segments

Our management has defined our operating segments based on the reports that are used to make strategic decisions, analyzed by our chief operating decision maker, who is our chief executive officer. We operate in the following seven reportable business segments: (1) Brazil; (2) Seara; (3) Beef North America; (4) Pork USA; (5) Pilgrim’s Pride; (6) Australia; and (7) Others. For additional information, see note 24 to JBS N.V.’s unaudited interim financial statements, which are included in the JBS N.V. Form 6-K, and note 25 to JBS S.A.’s audited financial statements, which are included in the JBS S.A. Form 20-F, and “Item 4. Information on the Company—B. Business Overview—Descriptionof Business Segments” in the JBS S.A. Form 20-F. Each segment’s operating performance is evaluated by our chief operating decision maker based on Adjusted EBITDA. See “—Reconciliation of Adjusted EBITDA” below for more information about Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to net income (loss).

Description of Main Consolidated Statement of Income Line Items

Net Revenue

The vast majority of our net revenue is derived from contracts which are based upon a customer ordering our products. Net revenues are recognized when there is a contract with the customer, the transaction price is reliably measurable and when the control over the goods sold is transferred to the customer. We account for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable. While there may be master agreements, the contract is only established when the customer’s order is accepted by us.

We evaluate the transaction for distinct performance obligations, which are the sale of our products to customers. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), which depicts the transfer of control and recognition of net revenue. There are instances of customer pick-up at our facility, in which case control transfers to the customer at that point and we recognize net revenue. Our performance obligations are typically fulfilled within days to weeks of the acceptance of the order.

The measurability of the transaction price can be impacted by variable consideration (i.e., discounts, rebates, incentives and the customer’s right to return products). Some or all of the estimated amount of variable consideration is included in the transaction price but only to the extent that it is highly probable a significant reversal in the amount of cumulative net revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. This is usually at the point of dispatch or on delivery of the products. This varies from customer to customer according to the terms of sale. However, due to the nature of our business, there is minimal variable consideration.

Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration.

Shipping and handling activities are performed before a customer obtains control of the goods and its obligation is fulfilled upon transfer of the goods to a customer. Shipping and handling costs are recorded within cost of sales. We can incur incremental costs to obtain or fulfill a contract, such as payment of commissions, which are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred and included in deductions from sales.

4

We receive payments from customers based on terms established with the customer. Payments are typically due within seven days of delivery for domestic accounts and 30 days for international accounts. Customer contract liabilities relate to payments received in advance of satisfying the performance obligation under the contract. Moreover, a contract liability is recognized when we have an obligation to transfer products to a customer from whom the consideration has already been received. The recognition of the contractual liability occurs at the time when the consideration is received and settled. We recognize net revenue upon fulfilling the related performance obligation. Contract liabilities are presented as advances from customers in the statement of financial position.

We disaggregate our net revenues by (i) domestic sales, which refer to sales within each geographical location and (ii) export sales, which refer to sales outside of each geographical location.

We also disaggregate our net revenues between Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride, Australia and Others to align with our segment presentation in note 24 to JBS N.V.’s unaudited interim financial statements, which are included in the JBS N.V. Form 6-K, and note 25 to JBS S.A.’s audited financial statements, which are included in the JBS S.A. Form 20-F.

We sell our products in the countries where we operate our facilities, which we classify as domestic sales, and elsewhere, which we classify as export sales, as follows:

For the nine-month period ended September 30,
2025 2024
(in millions of US)
Domestic sales 42,500.4
Export sales 14,708.5
Net revenue 57,208.9

All values are in US Dollars.

Our net revenue is derived from our seven segments as set forth below.

● NetRevenue from Sales of Brazil. Our Brazil segment includes all of our operating activities in Brazil, mainly represented by slaughter<br>facilities, cold storage and meat processing, fat, feed and production of beef by-products, such as leather, collagen and other products<br>produced in Brazil. Net revenues are generated from the sale of products predominantly to restaurant chains, food processing companies,<br>distributors, supermarket chains, wholesale supermarket and other significant users within the food chain.
● NetRevenue from Sales of Seara. Our Seara segment includes all the operating activities of Seara and its subsidiaries, mainly represented<br>by chicken and pork processing, production and commercialization of food products and value-added products. Net revenues are generated<br>from the sale of products predominantly to restaurant chains, food processing companies, distributors, supermarket chains, wholesale<br>supermarket and other significant users within the food chain.
--- ---
● NetRevenue from Sales of Beef North America. Our Beef North America segment includes JBS USA’s beef processing operations in North<br>America and the plant-based businesses. This segment also sells by-products to the variety meat, feed processing, fertilizer, automotive<br>and pet food industries and also produces value-added meat products including toppings for pizzas. Finally, Sampco LLC imports processed<br>meats and other foods such as canned fish, fruits and vegetables to the United States and Vivera Topholding BV produces and sells plant-based<br>protein products in Europe.
--- ---
● NetRevenue from Sales of Pork USA. Our Pork USA segment includes JBS USA’s pork operations, including Swift Prepared Foods. Net<br>revenues are generated from the sale of products predominantly to retailers of fresh pork, including trimmed cuts such as loins, roasts,<br>chops, butts, picnics and ribs. Other pork products, including hams, bellies and trimmings, are sold predominantly to further processors<br>who, in turn, manufacture bacon, sausage, and deli and luncheon meats. In addition, net revenues are generated from the sale of case<br>ready products. As a complement to our pork processing business, we also conduct business through our hog production operations, including<br>four hog farms and five feed mills, from which, JBS USA will source live hogs for its pork processing operations.
--- --- 
5
● NetRevenue from Sales of Pilgrim’s Pride. Our Pilgrim’s Pride segment includes PPC’s operations, the majority of whose<br>revenues are generated from United States, United Kingdom, Europe and Mexico sales of fresh and prepared chicken. The fresh chicken products<br>consist of refrigerated (non-frozen) whole or cut-up chicken, either pre-marinated or non-marinated, and pre-packaged chicken in various<br>combinations of freshly refrigerated, whole chickens and chicken parts. The prepared chicken products include portion-controlled breast<br>fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties and bone-in chicken parts. These products<br>are sold either refrigerated or frozen and may be fully cooked, partially cooked or raw. In addition, these products are breaded or non-breaded<br>and either pre-marinated or non-marinated. The segment also generates net revenue from the sale of prepared pork products through Pilgrim’s<br>Pride Limited. The segment includes the specialty meats and ready meals businesses of Pilgrim’s Food Masters and generates net<br>revenues from branded and private label meats, meat snacks, food-to-go products, and ethnic chilled and frozen ready meals.
● NetRevenue from Sales of Australia. Our Australia segment includes our fresh, frozen, value-added and branded beef, lamb, pork and fish<br>products in Australia and New Zealand. The majority of our beef net revenues from our operations in Australia are generated from the<br>sale of fresh beef products (including fresh and frozen chuck cuts, rib cuts, loin cuts, round cuts, thin meats, ground beef, offal and<br>other products). We also sell value-added and branded beef products (including frozen cooked and pre-cooked beef, corned cooked beef,<br>beef cubes and consumer-ready products, such as hamburgers and sausages). We also operate lamb, pork and fish processing facilities in<br>Australia and New Zealand, as the result of the acquisitions of Huon Aquaculture Group Ltd and the Rivalea hog breeding and processing<br>business in Australia. JBS Australia also generates net revenues through their cattle hoteling business.
--- ---
● NetRevenue from Sales of Others. Our Others segment includes certain operations not directly attributable to our primary segments set<br>forth above, such as international leather operations and other operations in Europe.
--- ---

Cost of Sales

A significant portion of our cost of sales consists of raw materials, primarily biological assets and feed ingredients. We incur costs to (1) purchase livestock (cattle, hogs and lamb) ready for slaughter in the production of beef, pork and lamb products and (2) feed live animals (chickens, hogs and fish) for breeding and slaughter in the production of chicken, pork and fish products in our vertically-integrated operations. Raw materials costs are generally influenced by fluctuations in prices to purchase (i) livestock in the spot market or under contracts and (ii) feed ingredients, primarily corn and soy meal, which are the main feed ingredients required in our vertically integrated operations. In addition to purchasing livestock and feed ingredients, our cost of sales also consists of other production costs (including packaging and other raw materials) and labor. The key drivers of costs by segment are as follows:

● Brazil.<br>In Brazil we generally purchase cattle livestock in the spot market or under contracts that fluctuate with market conditions as we do<br>not keep or raise our own cattle. Our Brazil operations are impacted primarily by grass-fed cattle supply. Reductions in the breeding<br>herds can affect supply, and thus costs, over a period of years.
● Seara.<br>Our vertically-integrated chicken and pork operations are impacted primarily by fluctuations in the price of feed ingredients.
--- ---
● BeefNorth America. We generally purchase cattle livestock in the spot market or under contracts that fluctuate with market conditions<br>as we do not keep or raise our own cattle. Our beef operations are impacted primarily by fed cattle supply. Our beef business is directly<br>affected by fluctuations in the spot market based on available supply and indirectly influenced by fluctuations in the price of feed<br>ingredients.
--- ---
● PorkUSA. In North America, we generally purchase pork livestock in the spot market or under contracts that fluctuate with market conditions<br>and we raise approximately 25% of our hogs. Our pork business is directly affected by fluctuations in the price of feed ingredients.
--- ---
● Pilgrim’sPride. Our vertically-integrated chicken operations are impacted primarily by fluctuations in the price of feed ingredients.
--- --- 
6
● *Australia.*Our Australian beef operations are impacted primarily by grass-fed cattle supply, in addition to fish feed ingredients and hog prices.
● Others.<br>Includes certain costs and expenses related to our operations not directly attributable to the primary segments, such as certain of our<br>corporate expenses and our costs and expenses related to our international leather operations and other operations in Europe.
--- ---

Adjusted EBITDA

Adjusted EBITDA is calculated by making the following adjustments to net income, as further described below under “—Reconciliation of Adjusted EBITDA”: exclusion of net finance expense; exclusion of current and deferred income taxes; exclusion of depreciation and amortization expenses; exclusion of share of profit of equity-accounted investees, net of tax; exclusion of antitrust agreements expenses; exclusion of donations and social programs expenses; exclusion of impairment of assets; exclusion of restructuring expenses; exclusion of fiscal payments and installments; exclusion of Rio Grande do Sul losses; exclusion of avian influenza losses; exclusion of J&F Leniency expenses refund, exclusion of extemporaneous litigation expenses; exclusion of reversal of tax credits; and exclusion of certain other operating income (expense), net.

Operating Expenses

Our operating expenses consists primarily of:

● Generaland Administrative Expenses. This line item primarily includes expenses relating to corporate payroll, utilities and maintenance<br>of our corporate offices and headquarters.
● SellingExpenses. This line item includes expenses relating to advertising, freights, payment of commissions and salaries to members of our<br>sales team and allowances for doubtful accounts.
--- ---

Net Finance Expense

Net finance expense includes expenses relating to interest incurred on our indebtedness, interest income, gains and losses related to our net exposure to foreign currencies and fair value adjustments from financing[ and commodity-related derivative transactions].

Items Affecting Comparability of Financial Results

Acquisitions

We have a track record of acquiring and integrating operations. Through strategic acquisitions, we have built a diversified global platform, which has increased our net revenues, partially due to these acquisitions. Since 2022, we have entered into several acquisitions, including primarily JBS USA’s acquisition of TriOak Foods, an American pork producer and grain marketer, which closed on December 2, 2022.

Revenues, expenses and cash flows of acquired businesses are recorded for transactions consummated commencing after the closing date of the business acquired.

Currency

As a global company, our results of operations and financial condition have been, and will continue to be, exposed to foreign currency exchange rate fluctuations. The financial statements of each entity included in the consolidation are prepared using the functional currency of the main economic environment it operates.

7

Any depreciation or appreciation of the foreign currency exchange rate compared to an entity´s functional currency may impact our revenues, costs and expenses causing a monetary increase or decrease, provided that the other variables remain unchanged. In addition, a portion of our loans and financings is denominated in foreign currencies (foreign currency indicates loans denominated in a different currency from an entity´s functional currency). For this reason, any movement of the currency exchange rate compared to an entity´s functional currency may significantly increase or decrease our finance expense and our current and non-current loans and financings. Additionally, the results and financial position of all entities with a functional currency different from our functional currency (Brazilian real) have been translated to Brazilian real and then translated into the Group’s presentation currency (U.S. dollar).

Our risk management department enters into derivative instruments previously approved by our board of directors to protect financial assets and liabilities and future cash flow from commercial activities. Our board of directors has approved financial instruments to hedge our exposure to loans, investments, cash flows from interest payments, export estimate, acquisition of raw material, and other transactions, whenever they are quoted in currencies different than our or our subsidiaries’ functional currency. The primary exposures to exchange rate risk are in U.S. dollars, euros, British pounds, Mexican pesos and Australian dollars.

Principal Factors Affecting our Financial Condition and Resultsof Operations

Our results of operations have been influenced and will continue to be influenced by a variety of factors. In addition to the factors discussed below, factors that impact the results of our operations include outbreaks of livestock and poultry disease, product contamination or recalls, our ability to implement our business plan and the level of demand for our products in the countries in which we operate. Demand for our products in those countries is affected by the performance of their respective economies in terms of gross domestic product (GDP), as well as prevailing levels of employment, inflation and interest rates.

Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Prideand Australia Segments

We operate globally and during the regular course of our operations are exposed to price fluctuations in feeder cattle, live cattle, lean hogs, corn, soybeans, and energy, especially in our North American, Australian and Brazilian markets. Commodity markets are characterized by volatility arising from external factors including climate, supply levels, transportation costs, agricultural policies and storage costs, among others.

Our risk management department is responsible for mapping our exposure to commodity prices and proposing strategies to our risk management committee in order to mitigate such exposure. Biological assets are a very important raw material used by us. In order to maintain future supply of these materials, we enter into forward contracts to anticipate purchases with suppliers. To complement these forward purchases, we use derivative instruments to mitigate each specific exposure, most notably futures contracts, to mitigate the impact of price fluctuations - on inventories and sales contracts. We take the historical average amount spent on materials as an indication of the operational value to be protected by firm contracts.

In addition to the above, our risk management department monitors a number of other metrics and indicators that affect our operations in our Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride and Australia segments, including the following:

● production<br>volume;
● plant<br>capacity utilization;
--- ---
● sales<br>volume;
--- ---
● selling<br>prices;
--- ---
● customer<br>demand and preferences (see “Item 3. Key Information—D. Risk Factors—Risks relating to our Business and Industries—Changesin consumer preferences and/or negative perception of the consumer regarding the quality and safety of our products could adversely affectour business” in the JBS S.A. Form 20-F);
--- --- 
8
● commodity<br>futures prices for livestock (see “Item 3. Key Information—D. Risk Factors—Risks relating to our Business and Industries—Ourresults of operations may be adversely affected by fluctuations in market prices for, and the availability of, livestock and animal feedingredients” in the JBS S.A. Form 20-F);
● the<br>spread between livestock prices and selling prices for finished goods;
--- ---
● utility<br>prices and trends;
--- ---
● livestock<br>availability;
--- ---
● production<br>yield;
--- ---
● seasonality;
--- ---
● the<br>economy performance of the countries where we sell our products;
--- ---
● competition<br>and industry consolidation;
--- ---
● taxation;
--- ---
● perceived<br>value of our brands;
--- ---
● interest<br>rate fluctuations;
--- ---
● currency<br>exchange rate fluctuations (see “Item 3. Key Information—D. Risk Factors—Risks relating to our business and thebeef, pork and chicken industries—Our exports pose special risks to our business and operations” in the JBS S.A. Form<br>20-F); and
--- ---
● trade<br>barriers, exchange controls and political risk and other risks associated with export and foreign operations (see “Item 3. KeyInformation—D. Risk Factors—Risks relating to our business and the beef, pork and chicken industries—Our exports posespecial risks to our business and operations” in the JBS S.A. Form 20-F).
--- ---

Effects of the Variation of Prices for the Purchase of Raw Materialson our Costs of Goods Sold

Our principal raw materials are livestock and feed ingredients for our chicken, pork and fish operations. Raw materials accounted for a majority of the total cost of products sold during the nine-month period ended September 30, 2025 and the year ended December 31, 2024. Changes in the price of cattle, pork and feed ingredients have a direct impact on operating costs and are based on factors beyond our management’s control, such as climate, the supply volume, transportation costs, agricultural policies and others. We seek to hedge the price paid for cattle purchased through financial instruments in order to attempt to protect ourselves from price variations between their date of the purchase and their date of the delivery. As mentioned above, our risk management department is responsible for mapping the exposures to commodity prices of the JBS Group and proposing strategies to our risk management committee, in order to mitigate such exposures. Biological assets are a very important raw material used by us. In order to maintain future supply of these materials, we participate in forward contracts to anticipate purchases with suppliers. To complement these forward purchases, we use derivative instruments to mitigate each specific exposure, most notably futures contracts, to mitigate the impact of price fluctuations - on inventories and sales contracts. We take the historical average amount spent on materials as an indication of the operational value to be protected by firm contracts.

The price of cattle, pork and feed ingredients in the domestic markets has significantly fluctuated in the past, and we believe that it will continue to fluctuate over the next few years. Any increase in the price of cattle, pork and feed ingredients and, consequently, production costs may adversely impact our gross margins and our results of operations if we are not able to pass these price increases to our clients. Conversely, any decrease in the price of cattle, pork and feed ingredients and, consequently, our production costs, may positively impact our gross margins and our results of operations.

9

Effect of Level of Indebtedness and Interest Rates

As of September 30, 2025, our total outstanding indebtedness was US$20,768.6 million, consisting of US$999.4 million of current loans and financings and US$19,769.2 million of non-current loans and financings, representing 59.9% of our total liabilities, which totaled US$34,677.0 million as of September 30, 2025.

As of December 31, 2024, our total outstanding indebtedness was US$19,326.8 million, consisting of US$2,084.2 million of current loans and financings and US$17,242.6 million of non-current loans and financings, representing 59.4% of our total liabilities, which totaled US$32,551.0 million as of December 31, 2024.

The interest rates that we pay on our indebtedness depend on a variety of factors, including local and international interest rates and risk assessments of our company, our industry and the global economies.

Fluctuations in Domestic Market Prices of Fresh and Processed ProductsCan Significantly Affect our Operating Revenues

Domestic market prices for fresh and processed products are generally determined in accordance with market conditions. These prices are also affected by the additional markup that retailers charge end consumers. We have negotiated these margins with each network of retailers and depending on the network, with each store individually.

Effects of Fluctuations in Export Prices of Fresh and ProcessedProducts on Operating Revenues

Fluctuations in export prices of our raw and processed products can significantly affect our net operating income. The prices of fresh and processed products that we charge in domestic and export markets have fluctuated significantly in recent years, and we believe that these prices will continue to fluctuate in the future.

Effects of Fluctuations in Foreign Exchange Rates Currencies

As our presentation currency is the U.S. dollars and some of our entities have other currencies as their functional currency (for example the Brazilian real), all else being equal, any strengthening of the U.S. dollar against these currencies will reduce the revenues and expenses of these entities, whereas any depreciation of the U.S. dollar against these currencies will increase their revenues and expenses.

For further information on our presentation currency, functional currencies and translation of foreign currencies see “—Items Affecting Comparability of Financial Results—Currency” above.

Impacts from Russia-Ukraine, Israel-Hamas Conflicts and Other Conflictsin the Middle East

The Russia-Ukraine war began in February 2022. The impact of the ongoing war and sanctions has not been limited to businesses that operate in Russia and Ukraine and has negatively impacted and will likely continue to negatively impact other global economic markets including where we operate. The impacts have included and may continue to include, but are not limited to, higher prices for commodities, such as food products, ingredients and energy products, increasing inflation in some countries, and disrupted trade and supply chains. The conflict has disrupted shipments of grains, vegetable oils, fertilizer and energy products. Russia’s recent suspension of the Black Sea Grain Initiative, which allowed Ukraine to export grain and other food items, will likely further exacerbate rising food prices and supply chain issues if not reinstated.

The impact on the agriculture markets falls into two main categories: (1) the effect on Ukrainian crop production, as the region is key in global grain production; and (2) the duration of the disruption in trade flows. Safety and financing concerns in the region are restricting export execution, which is in turn forcing grain and oil demand to find alternative supply. The duration of the war and related volatility makes global markets extremely sensitive to growing-season weather in other global grain producing regions and has led to a large risk premium in futures prices. The continued volatility in the global markets as a result of the war has adversely impacted our costs by driving up prices, raising inflation and increasing pressure on the supply of feed ingredients and energy products throughout the global markets.

10

In addition, the U.S. government and other governments in jurisdictions in which we operate have imposed sanctions and export controls against Russia, Belarus and interests therein and threatened additional sanctions and controls. The impact of these measures, now and in the future, could adversely affect our business, supply chain or customers. See “Item 3. Key Information—D. Risk Factors—Risks Relating to the Markets in Which We Operate—Ourbusiness may be negatively impacted by economic or other consequences from Russia’s war against Ukraine and the sanctions imposedas a response to that action” in the JBS S.A. Form 20-F for additional information.

Moreover, on October 7, 2023, Hamas attacked Israel, with Israel then declaring war on Hamas in the Gaza Strip and since then, Israel has been involved in military conflicts with Hamas, Hezbollah, a terrorist organization based in Lebanon, and Iran, both directly and through proxies like the Houthi movement in Yemen and armed groups in Iraq and other terrorist organizations. Although certain ceasefire agreements have been reached, and some Iranian proxies have declared a halt to their attacks, there is no assurance that these agreements will be upheld, military activity and hostilities continue to exist at varying levels of intensity, and the situation remains volatile, with the potential for escalation into a broader regional conflict involving additional terrorist organizations and possibly other countries. In June 2025, a new round of direct hostilities broke out between Israel and Iran, involving significant missile and drone strikes exchanged between the two countries. This escalation has heightened regional instability. In October 2025, a new ceasefire went into effect under a U.S.-brokered framework, providing for the release of hostages by Hamas and prisoners by Israel, withdrawal of Israeli troops to agreed lines, and increase of humanitarian aid flows into Gaza. However, significant challenges threaten the durability of this ceasefire.

Escalation or expansion of hostilities, interventions by other groups or nations, the imposition of economic sanctions, disruption of shipping transit in the Straits of Hormuz or other significant trade routes, or similar outcomes could adversely affect the international trade, our business, results of operations, financial condition and cash flows. Although we do not have manufacturing operations in the affected regions, we are monitoring the development and unfolding of the situation and its potential effects on our sector and operations. As of the date of this MD&A, no significant impacts on our business have been identified.

Impact of Inflation

Most of the countries and regions in which we operate, including the United States, Brazil, Australia, Mexico and Europe, are currently experiencing pronounced inflation. None of the locations in which we operate are experiencing hyperinflation. All segments experienced inflation in operating costs, especially in labor, freight and transportation and certain materials. We have also experienced high average sales prices impacted by the current inflationary environment. We have responded to inflationary challenges in 2023, 2024 and 2025 by continuing negotiations with customers to pass through costs increases in order to recoup the increased expenses we have experienced. We also continue to focus on operational initiatives that aim to deliver labor efficiencies, better agricultural performance and improved yields.

For more information about the risks of inflation on our operations, see “Item 3. Key Information—D. Risk Factors—Risks Relating to the Markets in Which We Operate—Deteriorationof global economic conditions could adversely affect our business” and “—We are exposed to emerging and developingcountry risks,” —The Brazilian government exercises, and will continue to exercise, significant influence over theBrazilian economy. These influences, as well as the political and economic conditions of the country, could negatively affect our activities” and “—Our business may be negatively impacted by economic or other consequences from Russia’s war against Ukraineand the sanctions imposed as a response to that action” in the JBS S.A. Form 20-F.

Recent Developments

For a description of our recent developments, see notes 1.2 and 1.4 to JBS N.V.’s unaudited interim financial statements, which are included in the JBS N.V. Form 6-K.

11

Overview of Results

We recorded a net income of US$1,794.8 million for the nine-month period ended September 30, 2025, as compared to a net income of US$1,509.2 million for the nine-month period ended September 30, 2024.

Summary of Results

Nine-month period Ended September 30, 2025Compared to the Nine-month period Ended September 30, 2024

For the nine-month period ended September 30,
2025 2024 % Change
(in millions of US)
Consolidated statement of income:
Net revenue 57,208.9 10.3 %
Cost of sales ) (48,597.3 ) 12.5 %
Gross profit 8,611.6 (2.1 )%
Selling expenses ) (3,438.8 ) 6.2 %
General and administrative expenses ) (1,712.6 ) (7.0 )%
Other income 60.3 28.1 %
Other expenses ) (109.1 ) (48.0 )%
Net operating expenses ) (5,200.1 ) 0.4 %
Operating profit 3,411.4 (6.0 )%
Finance income 517.6 (1.9 )%
Finance expense ) (1,827.0 ) (18.8 )%
Net finance expense ) (1,309.5 ) (25.5 )%
Share of profit of equity-accounted investees, net of tax (0.2 ) n.m.
Profit before taxes 2,101.7 6.9 %
Current income taxes ) (399.2 ) 44.4 %
Deferred income taxes (193.3 ) (164.8 )%
Total income taxes ) (592.5 ) (23.9 )%
Net income 1,509.2 18.9 %

All values are in US Dollars.

n.m. = not meaningful.

Net Income

For the nine-month period ended September 30,
**** 2025 **** 2024 **** Change % Change ****
(in millions of US, unless otherwise indicated)
Net income 1,509.2 285.6 18.9 %
Net margin (net income as percentage of net revenue) % 2.6 % 0.2 p.p. —

All values are in US Dollars.

For the reasons described below, our net income increased by US$285.6 million, or 18.9%, in the nine-month period ended September 30, 2025, as compared to the same period in 2024. Our net margin was 2.8% for the nine-month period ended September 30, 2025, compared to 2.6% for the same period in 2024.

Net Revenue

For the nine-month period<br>ended September 30,
2025 2024 Change % Change
(in millions of US, unless otherwise indicated)
Net revenue 57,208.9 5,912.3 10.3 %

All values are in US Dollars.

12

Our net revenue increased by US$5,912.3 million, or 10.3%, in the nine-month period ended September 30, 2025, as compared to the same period in 2024. Our net revenue was positively impacted by an overall 8.7% increase in our average sales prices and by a 1.5% increase in sales volumes considering all segments. For more information, see “—Segment Results” below.

Cost of Sales

For the nine-month period ended September 30,
**** 2025 **** 2024 **** Change **** % Change ****
(in millions of US, unless otherwise indicated)
Cost of sales ) (48,597.3 ) (6,094.3 ) 12.5 %
Gross profit 8,611.6 (182.1 ) (2.1 )%
Cost of sales as percentage of net revenue % 84.9 % 1.7 p.p. —

All values are in US Dollars.

Our cost of sales increased by US$6,094.3 million, or 12.5%, in the nine-month period ended September 30, 2025, as compared to the same period in 2024, primarily due to a 14.0% increase in the cost of inventories, raw materials and production inputs to US$46,716.1 million in the nine-month period ended September 30, 2025 from US$40,962.3 million in the same period in 2024, primarily due to the increase in the cost of cattle, which reached record levels.

Selling Expenses

For the nine-month period ended September 30,
**** 2025 **** 2024 **** Change **** % Change ****
(in millions of US, unless otherwise indicated)
Selling expenses ) (3,438.8 ) (211.9 ) 6.2 %
Selling expenses as percentage of net revenue % 6.0 % (0.2) p.p. —

All values are in US Dollars.

Our selling expenses increased by US$211.9 million, or 6.2%, in the nine-month period ended September 30, 2025, as compared to the same period in 2024, primarily due to: (1) a 5.3% increase in freight and selling expenses to US$2,827.5 million in the nine-month period ended September 30, 2025 from US$2,686.0 million in the same period in 2024, primarily due to the increase in sales volumes and fuel prices; and (2) a 14.6% increase in advertising and marketing expenses to US$264.9 million in the nine-month period ended September 30, 2025 from US$231.1 million in the same period in 2024, mainly related to the launch of new promotional campaigns aimed at promoting and strengthening products.

General and Administrative Expenses

For the nine-month period ended September 30,
**** 2025 **** 2024 **** Change % Change ****
(in millions of US, unless otherwise indicated)
General and administrative expenses ) (1,712.6 ) 120.2 (7.0 )%
General and administrative expenses as percentage of net revenue % 3.0 % (0.5) p.p. —

All values are in US Dollars.

Our general and administrative expenses decreased by US$120.2 million, or 7.0%, in the nine-month period ended September 30, 2025, as compared to the same period in 2024, primarily due to:

● Fees,<br>services held and general expenses – Fees, services held and general expenses decreased by US$87.0 million, or 15.2%, to US$487.0<br>million in the nine-month period ended September 30, 2025 from US$574.0 million in the same period in 2024, primarily as a result of<br>the special payment program for the installment of tax proceedings with exemption from fines and reduction of interest registered in<br>the nine-month period ended September 30, 2024; 
13
● Salaries<br>and benefits – Salaries and benefits decreased by US$80.3 million, or 8.9%, to US$818.6 million in the nine-month period ended<br>September 30, 2025 from US$898.9 million in the same period in 2024, primarily as a result of foreign exchange rate fluctuation;

Partially offset by:

● DOJ and antitrust agreements – DOJ and antitrust agreements<br>increased by US$62.7 million, to US$143.7 million in the nine-month period ended September 30, 2025 from US$81.0 million in the same period<br>in 2024.

Other Income

For the nine-month period ended September 30,
**** 2025 **** 2024 **** Change % Change ****
(in millions of US, unless otherwise indicated)
Other income 60.3 17.0 28.1 %
Other income as percentage of net revenue % 0.1 % 0.0 p.p. —

All values are in US Dollars.

Our other income increased by US$17.0 million, or 28.1%, in the nine-month period ended September 30, 2025, as compared to the same period in 2024. This increase is mainly related to the increase in gain on the sales of assets to US$29.4 million in the nine-month period ended September 30, 2025 from US$15.6 million in the same period in 2024.

Other Expenses

For the nine-month period ended September 30,
**** 2025 **** 2024 **** Change % Change ****
(in millions of US, unless otherwise indicated)
Other expenses ) (109.1 ) 52.4 (48.0 )%
Other expenses as percentage of net revenue % 0.2 % (0.1) p.p. —

All values are in US Dollars.

Our other expenses decreased by US$52.4 million, or 48.0%, in the nine-month period ended September 30, 2025, as compared to the same period in 2024, primarily due to the decrease in restructuring expenses to US$21.9 million in the nine-month period ended September 30, 2025 from US$82.1 million in the same period in 2024.

Net Finance Expense

For the nine-month period ended September 30,
**** 2025 **** 2024 **** Change **** % Change ****
(in millions of US, unless otherwise indicated)
Net finance expense ) (1,309.5 ) 333.4 (25.5 )%
Gains from exchange rate variation 84.7 38.5 45.6 %
Fair value adjustments on derivatives ) (353.8 ) 299.7 (84.7 )%
Interest expense ) (1,251.1 ) (22.1 ) 1.8 %
Interest income 309.4 53.7 17.3 %
Bank fees and others ) (98.7 ) (36.4 ) 36.9 %

All values are in US Dollars.

n.m. = not meaningful.

14

Our net finance expense decreased by US$333.4 million, or 25.5%, in the nine-month period ended September 30, 2025, as compared to the same period in 2024, primarily due to:

● Fair<br>value adjustments on derivatives – Loss with fair value adjustments on derivatives decreased by US$299.7 million, or 84.7%,<br>in the nine-month period ended September 30, 2025, as compared to the same period in 2024, primarily as a result of the depreciation<br>of the U.S. dollar against the Brazilian real in the period;
● Gains<br>from exchange rate variation – Gains from exchange rate variation increased by US$38.6 million, or 45.6%, in the nine-month<br>period ended September 30, 2025, as compared to the same period in 2024. This increase was primarily driven by favorable exchange rate<br>impacts on cash and cash equivalents and trade accounts receivable;
--- ---

Partially offset by:

● Interest<br>expense – Interest expense increased by US$22.1 million, or 1.8%, in the nine-month period ended September 30, 2025, as compared<br>to the same period in 2024. This was primarily due to US$45.0 million increase in interest expenses from loans and financings;
● Bank<br>fees and others – Bank fees and others increased by US$36.5 million, or 37.0%, in the nine-month period ended September 30,<br>2025, compared to the same period in 2024. This was primarily due to US$66.5 million loss in connection with the repurchase or redemption,<br>as applicable, of the JBS USA 2.500% Senior Notes due 2027, the JBS USA 5.125% Senior Notes due 2028 and the JBS USA 5.500% Senior Notes<br>due 2030 in 2025.
--- ---

Current and Deferred Income Taxes

For the nine-month period ended September 30,
**** 2025 **** 2024 **** Change **** % Change ****
(in millions of US, unless otherwise indicated)
Profit before taxes 2,101.7 144.2 6.9 %
Nominal rate )% (34.00 )% — —
Expected tax expense ) (714.6 ) (49.0 ) 6.9 %
Current income taxes ) (399.2 ) (177.2 ) 44.4 %
Deferred income taxes (193.3 ) 318.5 (164.8 )%
Total income taxes ) (592.5 ) 141.3 (23.8 )%
Effective income tax rate )% (28.19 )% 8.10 p.p. —

All values are in US Dollars.

The nominal tax rate for Brazilian income tax and social contribution is 34%. However, our effective tax rate may change in each period based on fluctuations in the taxable income generated by each of our foreign subsidiaries, different tax rates in countries where we operate and the tax credits generated by tax payments made by foreign subsidiaries, which can be used to offset taxes that would be paid in Brazil.

The nature and timing of the permanent differences that arise during the period also affect our effective tax rate. These permanent differences generally refer to subsidies made for investments in Brazil and abroad, differences in tax rates on foreign subsidiaries, unrecognized deferred taxes in the current year, income from untaxed interest on foreign subsidiaries and the impact of taxation on companies with dual jurisdiction.

15

Effective income tax rate decreased by 8.10 p.p. to 20.09% in the nine-month period ended September 30, 2025, compared to 28.19% in the same period in 2024.

In the nine-month period ended September 30, 2025, although several subsidiaries reported profits and paid the corresponding taxes, the consolidated result was impacted by losses recorded by other subsidiaries. The consolidation of these positive and negative results contributed to a reduction in the consolidated total taxable income in Brazil, resulting in an additional balance of taxes paid abroad.

Additionally, as JBS S.A. reported a tax loss during the period, part of the taxes paid abroad was recognized as a tax credit in the consolidated result for the period.

Despite these offsetting effects, the Company recognized an income tax revenue in the nine-month period ended September 30, 2025, mainly impacted by the settlement of a tax assessment related to the taxation of profits earned abroad from previous years, which reduced the positive impact of the foreign income tax credit.

Segment Results

For the nine-month period ended September 30,
**** 2025 **** 2024 **** Change **** % Change ****
(in millions of US)
Net revenue
Brazil segment 9,110.3 1,800.0 19.8 %
Seara segment 6,499.6 178.0 2.7 %
Beef North America segment 17,886.2 2,588.6 14.5 %
Pork USA segment 6,114.7 166.0 2.7 %
Pilgrim’s Pride segment 13,494.9 475.2 3.5 %
Australia segment 4,882.6 904.1 18.5 %
Others segment 412.6 111.7 27.1 %
Total reportable segments 58,400.9 6,223.6 10.7 %
Eliminations (1) ) (1,192.0 ) (311.3 ) 26.1 %
Total net revenue 57,208.9 5,912.3 10.3 %
Adjusted EBITDA
Brazil segment 733.9 (67.0 ) (9.1 )%
Seara segment 1,089.0 51.1 4.7 %
Beef North America segment ) 136.5 (511.6 ) n.m.
Pork USA segment 800.2 (81.1 ) (10.1 )%
Pilgrim’s Pride segment 2,059.3 188.4 9.1 %
Australia segment 524.1 175.3 33.4 %
Others segment 3.6 14.2 n.m.
Total reportable segments 5,346.6 (230.7 ) (4.3 )%
Eliminations (1) (1.3 ) 1.3 n.m.
Total Adjusted EBITDA 5,345.3 (229.4 ) (4.3 )%

All values are in US Dollars.

n.m. = not meaningful.

(1) Includes intercompany and intersegment transactions.

We measure our segment profitability using Adjusted EBITDA, which is calculated by making the following adjustments to net income, as further described below under “—Reconciliationof Adjusted EBITDA”: exclusion of net finance expenses; exclusion of current and deferred income taxes; exclusion of depreciation and amortization expenses; exclusion of share of profit of equity-accounted investees, net of tax; exclusion of antitrust agreements expenses; exclusion of donations and social programs expenses; exclusion of impairment of assets; exclusion of restructuring expenses; exclusion of fiscal payments and installments; exclusion of Rio Grande do Sul losses; exclusion of avian influenza losses; and exclusion of certain other operating income (expense), net.

16

Brazil Segment

For the nine-month period ended September 30,
**** 2025 2024 Change **** % Change ****
(in millions of US, unless otherwise indicated)
Net revenue 9,110.3 1,800.0 19.8 %
Adjusted EBITDA 733.9 (67.0 ) (9.1 )%

All values are in US Dollars.

Net Revenue. The increase in our Brazil segment net revenue was mainly impacted by a 20.0% increase in sales prices, especially fresh meat in both domestic and export markets.

Adjusted EBITDA. Adjusted EBITDA in our Brazil segment decreased by US$67.0 million, or 9.1%, to US$666.9 million in the nine-month period ended September 30, 2025 from US$733.9 million in the same period in 2024, primarily due to the increase in cattle prices. This cost increase was partially offset by the increase in net revenue.

Seara Segment

For the nine-month period ended September 30,
**** 2025 2024 Change % Change ****
(in millions of US, unless otherwise indicated)
Net revenue 6,499.6 178.0 2.7 %
Adjusted EBITDA 1,089.0 51.1 4.7 %

All values are in US Dollars.

Net Revenue. The increase in our Seara segment net revenue was mainly impacted by a 2.2% increase in sales volumes, especially fresh poultry in the export market.

Adjusted EBITDA. Adjusted EBITDA in our Seara segment increased by US$51.1 million, or 4.7%, to US$1,140.1 million in the nine-month period ended September 30, 2025 from US$1,089.0 million in the same period in 2024, primarily due to the increase in net revenue.

Beef North America Segment

For the nine-month period ended September 30,
**** 2025 **** 2024 Change **** % Change ****
(in millions of US, unless otherwise indicated)
Net revenue 17,886.2 2,588.6 14.5 %
Adjusted EBITDA ) 136.5 (511.6 ) n.m.

All values are in US Dollars.

n.m. = not meaningful.

Net Revenue. The increase in our Beef North America segment net revenue was impacted by (1) a 12.4% increase in average sales price, mainly in the domestic market, and (2) a 1.8% increase in sales volume, mainly in the domestic market.

Adjusted EBITDA. Adjusted EBITDA in our Beef North America segment changed to a loss of US$375.1 million in the nine-month period ended September 30, 2025, from a gain of US$136.5 million in the same period in 2024 primarily due to the significant increase in cattle prices, that was partially offset by the increase in net revenue.

17

Pork USA Segment

For the nine-month period ended September 30,
**** 2025 2024 Change **** % Change ****
(in millions of US, unless otherwise indicated)
Net revenue 6,114.7 166.0 2.7 %
Adjusted EBITDA 800.2 (81.1 ) (10.1 )%

All values are in US Dollars.

Net Revenue. The increase in our Pork USA segment net revenue was mainly impacted by a 3.7% increase in sales prices, in both export and domestic markets.

Adjusted EBITDA. Adjusted EBITDA in our Pork USA segment decreased by US$81.1 million, or 10.1%, to US$719.1 million in the nine-month period ended September 30, 2025 from US$800.2 million in the same period in 2024, primarily due to the increase of hog acquisition costs, partially offset by the increase in net revenue.

Pilgrim’s Pride Segment

For the nine-month period ended September 30,
**** 2025 2024 Change % Change ****
(in millions of US, unless otherwise indicated)
Net revenue 13,494.9 475.2 3.5 %
Adjusted EBITDA 2,059.3 188.4 9.1 %

All values are in US Dollars.

Net Revenue. The increase in our Pilgrim’s Pride segment net revenue was impacted by a 2.2% increase in average sales prices, especially in the export market, combined with a 1.3% increase in volumes, especially in the domestic market.

Adjusted EBITDA. Adjusted EBITDA in our Pilgrim’s Pride segment increased by US$188.4 million, or 9.1%, to US$2,247.7 million in the nine-month period ended September 30, 2025 from US$2,059.3 million in the same period in 2024, primarily due to the increase in our net revenue.

Australia Segment

For the nine-month period ended September 30,
**** 2025 2024 Change % Change ****
(in millions of US, unless otherwise indicated)
Net revenue 4,882.6 904.1 18.5 %
Adjusted EBITDA 524.1 175.3 33.4 %

All values are in US Dollars.

Net Revenue. The increase in our Australia segment was impacted by (1) an increase of 10.4% in average sales prices, in both, domestic and export markets , and (2) an increase of 7.3% in average sales volumes, in both, domestic and export markets.

Adjusted EBITDA. Adjusted EBITDA in our Australia segment increased by US$175.3 million, or 33.4%, to US$699.4 million in the nine-month period ended September 30, 2025 from US$524.1 million in the same period in 2024, primarily due to the increase in our net revenue.

18

Others Segment

For the nine-month period ended September 30,
**** 2025 2024 Change % Change ****
(in millions of US, unless otherwise indicated)
Net revenue 412.6 111.7 27.1 %
Adjusted EBITDA 3.6 14.2 n.m.

All values are in US Dollars.

n.m. = not meaningful.

Net Revenue*.* Our Others segment net revenue in the nine-month period ended September 30, 2025 increased by 27.1% when compared with the same period in 2024.

Adjusted EBITDA. Adjusted EBITDA in our Others segment increased to US$17.8 million in the nine-month period ended September 30, 2025 from US$3.6 million in the same period in 2024.

Liquidity and Capital Resources

Our financial condition and liquidity is and will continue to be influenced by a variety of factors, including:

● our<br>ability to generate cash flows from operations;
● the<br>level of our outstanding indebtedness and the interest we are obligated to pay on our indebtedness, which affects our net financial results;
--- ---
● prevailing<br>domestic and international interest rates, which affect our debt service requirements;
--- ---
● our ability to continue to borrow funds from financial institutions or to<br>access the capital markets;
--- ---
● our<br>working capital needs, based on our growth plans;
--- ---
● our<br>capital expenditure requirements, which consist primarily of purchasing property, plant and equipment; and
--- ---
● strategic<br>investments and acquisitions.
--- ---

Our principal cash requirements consist of the following:

● the<br>purchase of raw materials, most of which represents the purchase of feed ingredients for the production of chicken and hogs and the purchase<br>of livestock for our processing operations;
● our<br>working capital requirements;
--- ---
● the<br>servicing of our indebtedness;
--- ---
● capital<br>expenditures related mainly to our purchases of property, plant and equipment;
--- ---
● strategic<br>investments, and acquisitions;
--- ---
● dividends<br>and other distributions; and
--- ---
● taxes<br>in connection with our operations.
--- --- 
19

Our main sources of liquidity consist of the following:

● cash<br>flows from operating activities; and
● short-term<br>and long-term borrowings.
--- ---

As of September 30, 2025, our total outstanding indebtedness was US$20,768.6 million, consisting of US$999.4 million of current loans and financings and US$19,769.2 million of non-current loans and financings, representing 59.9% of our total liabilities, which totaled US$34,677.0 million as of September 30, 2025. We believe we have a strong liquidity position and a well-staggered debt maturity profile. As of September 30, 2025, we had cash, cash equivalents and cash margin of US$4,112.1 million. In addition, as of the same date, we are permitted to borrow up to US$3.4 billion under our revolving credit facilities. The chart below shows our debt amortization schedule, together with our cash and cash equivalents as of September 30, 2025 and our borrowing capacity under our revolving credit facilities as of September 30, 2025.

Debt Amortization Schedule(in US$ millions)

We believe that our cash and cash equivalents and margin cash balance together with our borrowing capacity under our revolving credit facilities as of September 30, 2025 should be sufficient to meet our outstanding debt requirements through mid-2033. However, this balance and our ability to continue to generate sufficient cash is subject to certain general economic, financial, industry, legislative, regulatory and other factors beyond our control. For more information, see “Item 3. Key Information—D. Risk Factors” in the JBS S.A. Form 20-F.

Cash Flows

The table below shows our cash flows from operating, investing and financing activities for the periods indicated:

For the nine-month period ended September 30,
2025 2024
(in millions of US)
Net cash provided by operating activities 2,689.7
Net cash used in investing activities ) (925.5 )
Net cash used in financing activities ) (1,093.8 )
Effect of exchange rate changes on cash and cash equivalents (169.8 )
Change in cash and cash equivalents, net ) 500.5
Cash and cash equivalents at the beginning of the period 4,569.5
Cash and cash equivalents at the end of the period 5,070.1

All values are in US Dollars.

20

Operating Activities

Cash flow provided by (used in) operating activities may vary from time to time according to the fluctuation of sales revenues, cost of sales, operating expenses, changes in operating activities, interest paid and received and income tax paid.

Net cash provided by operating activities for the nine-month period ended September 30, 2025 was US$996.4 million, compared to net cash provided by operating activities of US$2,689.7 million in the same period in 2024. This decrease was primarily due to:

● an<br>increase in cash consumption of inventories of US$628.9 million, to US$1,203.3 million in the nine-month period ended September 30, 2025,<br>from US$574.4 million in the same period in 2024;
● an<br>increase in income taxes paid of US$463.4 million, to US$652.2 million in the nine-month period ended September 30, 2025, from US$188.8<br>million in the same period in 2024;
--- ---
● an<br>increase in payments relating to DOJ and antitrust agreements of US$282.4 million, to US$339.1 million in the nine-month period ended<br>September 30, 2025 from US$56.6 million in the same period in 2024; and
--- ---
● an<br>increase in cash consumption of biological assets of US$217.6 million, to US$572.7 million in the nine-month period ended September 30,<br>2025, from US$355.1 million in the same period in 2024.
--- ---

Investing Activities

Cash flow provided by (used in) investing activities is primarily related to: (1) our acquisition of subsidiaries minus net cash at the time of acquisition; (2) our acquisition of property, plant and equipment; (3) our acquisition of intangible assets; and (4) our receipt of payment from the sale of property, plant and equipment.

For the nine-month period ended September 30, 2025, net cash used in investing activities totaled US$1,457.8 million, of which (1) US$1,261.0 million was cash used in purchases of property, plant and equipment, and (2) US$186.5 million was additions to investments in joint ventures and subsidiaries. The total cash used was partially offset primarily by US$56.9 million in cash provided by sales of property, plant and equipment.

For the nine-month period ended September 30, 2024, net cash used in investing activities totaled US$925.5 million, of which US$950.6 million was cash used in purchases of property, plant and equipment, which was partially offset primarily by US$26.0 million in cash provided by sales of property, plant and equipment.

Financing Activities

Cash flow provided by financing activities includes primarily proceeds from new loans and financings and derivatives settled in cash. Cash flow used in financing activities includes primarily principal payments on loans and financings, payments related to derivatives settled in cash, payments for purchase of treasury shares and payments of dividends.

For the nine-month period ended September 30, 2025, net cash used in financing activities totaled US$1,733.9 million, of which (1) US$8,465.1 million was cash used in payments of loans and financings, (2) US$1,573.9 million was cash used in dividend payments, (3) US$355.7 million was cash used in dividend payments to non-controlling interest, (4) US$362.5 was cash used in the acquisition of shares under the share buyback program, and (5) US$325.0 million was cash used in payments of leasing contracts; which was partially offset by US$9,455.3 million in cash proceeds from loans and financing.

21

For the nine-month period ended September 30, 2024, net cash used in financing activities totaled US$1,093.8 million, of which (1) US$2,637.8 million was cash used in payments of loans and financings, (2) US$314.0 million was cash used in payments of leasing contracts, and (3) US$172.5 million was cash used in settlements of derivative instruments; which was partially offset by US$2,034.8 million in cash proceeds from loans and financing.

Indebtedness and Financing Strategy

As of September 30, 2025, our total outstanding indebtedness was US$20,768.6 million, consisting of US$999.4 million of current loans and financings and US$19,769.2 million of non-current loans and financings, representing 59.9% of our total liabilities, which totaled US$34,677.0 million as of September 30, 2025.

As of December 31, 2024, our total outstanding indebtedness was US$19,326.8 million, consisting of US$2,084.2 million of current loans and financings and US$17,242.6 million of non-current loans and financings, representing 59.4% of our total liabilities, which totaled US$32,551.0 million as of December 31, 2024.

Our financing strategy has been and will be, over the next several years, to: (1) extend the average maturity of our outstanding indebtedness, including by refinancing short-term debt through longer-term borrowings and issuing longer-term debt securities, in order to increase our liquidity levels and improve our strategic, financial and operational flexibility; and (2) reduce our financing costs by accessing lower-cost sources of finance, including through the capital markets and export finance.

Based on the profile of our indebtedness as of September 30, 2025 and our track record, we believe we will continue to be able to raise funds in U.S. dollars, euros and reais to meet our financial obligations. We further believe that our capital expenditures during recent years, in addition to capital expenditures that we intend to make in the near future, will allow us to increase our ability to generate cash, to strengthen our credit ratios and to enhance our capacity to meet our financial obligations.

We maintain lines of credit with various financial institutions to finance working capital requirements, and we believe we will continue to be able to obtain additional credit to finance our working capital needs based on our past track record and current market conditions.

22

Indebtedness Summary and Maturities

The table below sets forth our consolidated loans and financings as of September 30, 2025. A “foreign currency” instrument refers to an instrument whose currency is different from the functional currency of the borrower. A “local currency” instrument refers to an instrument whose currency is the same as the functional currency of the borrower.

Type Average<br><br> annual<br><br> interest<br><br> rate Currency Index Maturity As of<br>September 30, <br>2025
(in millions of US)
Foreign currency:
ACC - Advances on Exchange 5.04 % USD — 2025
Working capital – Dollar 4.14 % USD SOFR 2030
CRA - Agribusiness Receivables Certificates 5.36 % USD — 2029
Export Credit Note 4.94 % USD SOFR 2025
Others 6.88 % Several Several —
Total foreign currency
Local currency:
Notes 2.50% JBS USA 2027 2.50 % USD — 2027
Notes 3.00% JBS USA 2029 3.00 % USD — 2029
Notes 3.75% JBS USA 2031 3.75 % USD — 2031
Notes 3.00% JBS USA 2032 3.00 % USD — 2032
Notes 3.63% JBS USA 2032 3.63 % USD — 2032
Notes 5.75% JBS USA 2033 5.75 % USD — 2033
Notes 6.75% JBS USA 2034 6.75 % USD — 2034
Notes 5.95% JBS USA 2035 5.95 % USD — 2035
Notes 4.38% JBS USA 2052 4.38 % USD — 2052
Notes 6.50% JBS USA 2052 6.50 % USD — 2052
Notes 7.25% JBS USA 2053 7.25 % USD — 2053
Notes 5,5% JBS USA 2036 5.50 % USD — 2036
Notes 6,25% JBS USA 2056 6.25 % USD — 2056
Notes 6,38% JBS USA 2066 6.38 % USD — 2066
Notes 6.38% JBS USA 2055 6.38 % USD — 2055
Notes 4.25% PPC 2031 4.25 % USD — 2031
Notes 3.50% PPC 2032 3.50 % USD — 2032
Notes 6.25% PPC 2033 6.25 % USD — 2033
Notes 6.88% PPC 2034 6.88 % USD — 2034
Working capital – Euros 2.48 % EUR Euribor 2025 – 28
Working capital – Pounds 5.65 % GBP — 2025
Export Credit Note 16.76 % BRL CDI 2025 – 30
CDC – Direct credit to consumers 16.64 % BRL — 2028
Livestock financing 14.90 % BRL CDI 2026
CRA – Agribusiness Credit Receivable Certificates 7.05 % BRL IPCA 2029 – 55
Others 4.86 % Several Several —
Total local currency
Total
Breakdown:
Current loans and financings
Non-current loans and financings
Total

All values are in US Dollars.

* Balances classified as current which have their maturities<br>between October 1, 2025 and September 30, 2026. 
23

The table below sets forth the payment schedule of our consolidated loans and financings in the total amount of US$20,768.6 million, as of September 30, 2025:

As of September 30, 2025
(in millions of US) (%)
Total current 4.8 %
2026 0.1 %
2027 0.6 %
2028 0.5 %
2029 3.1 %
2030 0.7 %
After 2030 90.2 %
Total non-current 95.2 %
Total 100.0 %

All values are in US Dollars.

Certain of our indebtedness is secured or guaranteed by the following: (1) receivables and inventories; (2) letters of credit; (3) guarantees by parent companies or subsidiaries; and (4) mortgages and liens on real estate, equipment and other items.

For a description of the material debt agreements of JBS S.A. and its subsidiaries, see “—Description of Material Indebtedness” below.

Capital Expenditures

We make capital expenditures primarily for acquisitions, strategic investments as well as equipment purchases and maintenance, expansions and modernization of our facilities including: (1) expansion and modernization of our Seara plants; (2) buildings and earthwork for our facilities in the United States; (3) investments in our new business (Novos Negócios) units and (4) the construction of a new Italian specialties and pepperoni plant in Columbia, South Carolina.

Our capital expenditures for the nine-month period ended September 30, 2025 totaled US$1,261.0 million in cash used in the purchase of property, plant and equipment, of which 55% were investments in facilities and 45% were investments in capacity expansion.

The source of cash for our capital expenditures generally tends to be our own operating cash flows.

Description of Material Indebtedness

The following summarizes our material indebtedness as of the date of this MD&A, unless otherwise noted.

24

Fixed-Rate Notes

We have the following series of fixed-rate debt securities in the international capital markets as of September 30, 2025.

Security Outstanding<br><br><br> Principal<br><br> Amount Final<br> Maturity
(in millions)
JBS USA 2.500%<br> Notes due 2027 (1)(2) US$ 106.0 July 2027
JBS USA 3.000% Notes due<br> 2029 (1) US$ 600.0 February 2029
JBS USA 3.750% Notes due<br> 2031 (1) US$ 493.0 December 2031
JBS USA 3.625% Sustainability-Linked<br> Notes due 2032 (1)(2) US$ 968.8 January 2032
JBS USA 3.000% Sustainability-Linked<br> Notes due 2032 (1) US$ 1,000.0 May 2032
JBS USA 5.750% Notes due<br> 2033 (1) US$ 1,661.7 April 2033
JBS USA 6.750% Notes due<br> 2034 (1) US$ 1,507.0 March 2034
JBS USA 5.950% Notes due<br> 2035 (1) US$ 1,000.0 April 2035
JBS USA 4.375% Notes due<br> 2052 (1) US$ 900.0 February 2052
JBS USA 6.500% Notes due<br> 2052 (1) US$ 1,548.0 December 2052
JBS USA 7.250% Notes due<br> 2053 (1) US$ 900.0 November 2053
JBS USA 5.500% Notes due<br> 2036 US$ 1,250.0 January 2036
JBS USA 6.250% Notes due<br> 2056 US$ 1,250.0 March 2056
JBS USA 6.375% Notes due<br> 2066 US$ 1,000.0 April 2066
JBS USA 6.375% Notes due<br> 2055 (1) US$ 750.0 February 2055
PPC 4.250% Sustainability-Linked<br> Notes due 2031 (3) US$ 796.2 April 2031
PPC 3.500% Notes due 2032<br> (3) US$ 899.6 March 2032
PPC 6.250% Notes due 2033<br> (3) US$ 922.5 July 2033
PPC 6.875% Notes due 2034<br> (3) US$ 500.0 May 2034
(1) The issuers of these notes are JBS USA, JBS USA Food Company<br>and JBS USA Foods Group Holdings and these notes are fully and unconditionally guaranteed by JBS S.A. and certain other direct and indirect<br>parent companies of JBS USA.
--- ---
(2) In August 2022, JBS USA launched offers to exchange any and<br>all outstanding (i) 2.500% Senior Notes due 2027 (“2027 Notes”) and (ii) 3.625% Sustainability-Linked Senior Notes due<br>2032 issued by JBS USA Food Company and guaranteed by JBS S.A. for new notes to be issued by JBS USA, JBS USA Food Company and JBS USA<br>Foods Group Holdings and guaranteed by JBS S.A. and certain other direct and indirect parent companies of JBS USA and (2) cash. JBS USA<br>received tenders with respect to approximately 97% of the aggregate principal amount of the 2.500% Senior Notes due 2027 and 93% of the<br>aggregate principal amount of the 3.625% Sustainability-Linked Senior Notes due 2032. The outstanding principal amount of these two series<br>of notes set forth in the table above includes (1) US$8.6 million in aggregate principal amount of the 2.500% Senior Notes due 2027 and<br>(2) US$25.4 million in aggregate principal amount of the 3.625% Sustainability-Linked Senior Notes due 2032 that were not tendered in<br>the exchange offers. The issuer and the guarantor of the notes that were not tendered in the exchange offers remain JBS USA Food Company<br>and JBS S.A., respectively.
--- ---
(3) These notes were issued by PPC and are guaranteed by Pilgrim’s<br>Pride Corporation of West Virginia, Inc., Gold’n Plump Poultry, LLC, Gold’n Plump Farms, LLC, and JFC LLC.
--- ---

The indentures governing our notes contain negative covenants that limit JBS USA or PPC, as applicable, and their respective significant restricted subsidiaries that guarantee these notes from creating liens on future Principal Property (as defined in the applicable indentures governing each series of notes) to secure debt and entering into certain sale and leaseback transactions. In addition, the indentures governing these notes restrict JBS USA’s or PPC’s, as applicable, ability to merge, consolidate, sell or otherwise dispose of all or substantially all of their respective assets. These covenants are subject to certain exceptions and qualifications, including that as of the date of this MD&A, there are no Principal Properties. For more information about these covenants and the indentures governing each series of these notes, see Exhibits 2.2 through 2.53 to the JBS S.A. Form 20-F. We are currently in compliance with the covenants under the indentures governing our notes.

Sustainability-Linked Bonds

As described above, we have issued three series of fixed-rate sustainability-linked debt securities in the international capital markets, as follows:

● JBS<br>USA’s 3.625% Sustainability-Linked Notes due January 2032 in an aggregate principal amount of US$968.8 million;
● JBS<br>USA’s 3.000% Sustainability-Linked Notes due May 2032 in an aggregate principal amount of US$1.0 billion; and
--- ---
● PPC’s<br>4.250% Sustainability-Linked Notes due April 2031 in an aggregate principal amount of US$796.2 million.
--- --- 
25

As further described below, each series of sustainability-linked notes contains certain sustainability performance targets of JBS S.A., JBS USA or PPC that if unsatisfied will result in an increase in the interest rate payable on the respective notes. The applicable sustainability performance targets are specifically tailored to the business, operations and capabilities of JBS S.A., JBS USA and PPC and do not easily lend themselves to benchmarking against sustainability performance targets that may be used by other companies. In connection with these notes, none of JBS S.A., JBS USA or PPC has committed to (i) allocate the net proceeds specifically to projects or business activities meeting sustainability criteria or (ii) be subject to any other limitations or requirements that may be associated with green instruments, social instruments or sustainability instruments or other financial instruments in any particular market.

Furthermore, as there is currently no generally accepted definition (legal, regulatory or otherwise) of, nor market consensus as to what criteria a particular financial instrument must meet to qualify as, “green,” “social,” “sustainable” or “sustainability-linked” (and, in addition, the requirements of any such label may evolve from time to time), no assurance was or could be given to investors in these notes or to any other party by the issuers or the guarantors of the notes or any second party opinion providers or any qualified provider of third-party assurance or attestation services appointed by each company (an “external verifier”) that the notes will meet any or all investor expectations regarding the sustainability performance target qualifying as “green,” “social,” “sustainable” or “sustainability-linked,” or satisfy an investor’s requirements or any future legal, quasi-legal or other standards for investment in assets with sustainability characteristics, or that any adverse social and/or other impacts will not occur in connection with JBS S.A., JBS USA and/or PPC striving to achieve the sustainability performance target or the use of the net proceeds from the offering of notes.

In addition, no assurance or representation was given by the issuers and guarantors of the notes, any second party opinion providers or any external verifier as to the suitability or reliability for any purpose whatsoever of any opinion, report or certification of any third party in connection with the offering of the notes or the respective sustainability performance targets to fulfill any green, social, sustainability, sustainability-linked and/or other criteria. Any such opinion, report or certification is not, nor shall it be deemed to be, incorporated in and/or form part of this MD&A.

There can be no assurance of the extent to which JBS S.A., JBS USA and/or PPC will be successful in significantly decreasing their greenhouse gas emissions. Although a failure to achieve the applicable sustainability performance targets will give rise to an upward adjustment of the applicable interest rates, any such failure would not be an event of default under the notes, nor would such failure result in a requirement to redeem or repurchase such securities.

See “Item 3. Key Information—D.Risk Factors—Risks Relating to Our Business and Industries—Failure by us to achieve our sustainability performance targetsmay result in increased interest payments under future financings and harm to our reputation” in the JBS S.A. Form 20-F.

JBS USA’s 3.625% Sustainability-Linked Notes due January 2032

Under the terms of JBS USA’s 3.625% Sustainability-Linked Notes due January 2032, if JBS S.A. does not satisfy the sustainability performance target it established under its Sustainability-Linked Framework adopted in June 2021 (the “JBS S.A. June 2021 Sustainability-Linked Framework”) to reduce its Global Greenhouse Gas Emissions Intensity by 16.364% by December 31, 2025, based on linear annual improvements against the 2019 baseline year, and provide confirmation thereof to the trustee together with a related confirmation by an external verifier at least 30 days prior to January 15, 2027, the interest rate payable on the notes will be increased by 25 basis points from and including January 15, 2027 to and including the maturity date of January 15, 2032. For more information about the JBS S.A. June 2021 Sustainability-Linked Framework, including the sustainability performance target, see “Item 4. Information on the Company—B. Business Overview—Climate Change ReductionGoals—Sustainability-Linked Frameworks—JBS S.A. June 2021 Sustainability-Linked Framework” in the JBS S.A. Form 20-F.

26

JBS USA’s 3.000% Sustainability-Linked Notes due May 2032

Under the terms of JBS USA’s 3.000% Sustainability-Linked Notes due May 2032, if JBS USA does not satisfy the sustainability performance target it established under its Sustainability-Linked Framework adopted in November 2021 (the “JBS USA Sustainability-Linked Framework”) to reduce its Global Greenhouse Gas Emissions Intensity by 20.30% by December 31, 2026, based on linear annual improvements against the 2019 baseline year, and provide confirmation thereof to the trustee together with a related confirmation by an external verifier within six months after December 31, 2026, the interest rate payable on the notes will be increased by 25 basis points from and including November 15, 2027 to and including the maturity date of May 15, 2032. For more information about the JBS USA Sustainability-Linked Framework, including the sustainability performance target, see “Item 4. Information on the Company—B. Business Overview—Climate Change Reduction Goals—Sustainability-LinkedFrameworks— JBS USA Sustainability-Linked Framework” in the JBS S.A. Form 20-F.

PPC’s 4.250% Sustainability-Linked Notes due April 2031

Under the terms of PPC’s 4.250% Sustainability-Linked Notes due April 2031, if PPC does not satisfy the sustainability performance target it established under the its Sustainability-Linked Framework adopted in March 2021(the “PPC Sustainability-Linked Framework”) to reduce its Global Greenhouse Gas Emissions Intensity by 17.679% by December 31, 2025, based on linear annual improvements against the 2019 baseline year, and provide confirmation thereof to the trustee together with a related confirmation by an external verifier at least 30 days prior to October 15, 2026, the interest rate payable on the notes will be increased by 25 basis points from and including October 15, 2026 to and including the maturity date of April 15, 2031. For more information about the PPC Sustainability-Linked Framework, including the sustainability performance target, see “Item4. Information on the Company—B. Business Overview—Climate Change Reduction Goals—Sustainability-Linked Frameworks—PPC Sustainability-Linked Framework” in the JBS S.A. Form 20-F.

JBS S.A. Revolving Credit Facility

On August 5, 2022, JBS S.A. and its subsidiaries JBS Investments Luxembourg S.à r.l., Seara Meats B.V. and Seara Alimentos Ltda., as borrowers and guarantors, entered into a US$450.0 million revolving unsecured credit facility (the “JBS S.A. Revolving Credit Facility”). Any borrowing made by a borrower will be guaranteed by the other three obligors. The capacity of JBS S.A. Revolving Credit Facility could be increased up to US$500.0 million, with an accordion expansion feature, which was put into effect in November 2024, after obtaining lender commitments. The JBS S.A. Revolving Credit Facility initially matured in August 2025 and included two one-year extensions that were exercised at the borrowers’ option and duly accepted by all counterparties. Pursuant to the terms of the JBS S.A. Revolving Credit Facility, the interest rate under any borrowings will accrue at an adjusted secured overnight financing rate (“SOFR”), plus applicable margins that are based on the corporate rating of JBS S.A. As of September 30, 2025, there were no outstanding borrowings under the JBS S.A. Revolving Credit Facility.

The JBS S.A. Revolving Credit Facility contains customary representations, covenants and events of default. The JBS S.A. Revolving Credit Facility contains negative covenants that restrict the borrowers and guarantors thereunder and significant restricted subsidiaries from creating liens on their property or assets to secure debt and entering into certain sale and leaseback transactions. In addition, the JBS S.A. Revolving Credit Facility restrict the borrowers’ and guarantors’ ability to merge, consolidate, sell or otherwise dispose of all or substantially all of their respective assets. These covenants are subject to certain exceptions and qualifications. For more information about these covenants and the JBS S.A. Revolving Credit Facility, see Exhibit 4.1 to the JBS S.A. Form 20-F. We are currently in compliance with the covenants under the JBS S.A. Revolving Credit Facility. ****

JBS USA Senior Unsecured Revolving Facility

On November 1, 2022, JBS USA, JBS USA Food Company, JBS USA Finance, Inc. (prior to its dissolution), JBS Australia and JBS Canada, as borrowers, entered into an unsecured revolving credit facility (as amended by that certain First Amendment, dated as of July 28, 2023, that certain Second Amendment, dated as of January 19, 2024, and that certain Third Amendment, dated as of May 20,2024, the “JBS USA Senior Unsecured Revolving Facility”), with Bank of Montreal, as administrative agent, and the lender parties thereto. The JBS USA Senior Unsecured Revolving Facility provides for a revolving credit commitment in an amount up to US$1,500.0 million with a maturity in 2027, with two one-year extension options at each lender’s discretion. The facility is available in two tranches of US$800.0 million and US$700.0 million and in multiple currencies, subject to sub-limits with respect to any amounts borrowed in currencies other than amounts borrowed in Dollars. These loans bear interest at the applicable benchmark rate or the prime rate plus applicable margins that are based on the corporate credit or family rating of JBS USA.

27

Guarantees. Subject to the JBS USA Collateral Cure (as described below), borrowings are guaranteed by JBS S.A., certain other direct or indirect parent companies of JBS USA, each of the borrowers under the JBS USA Senior Unsecured Revolving Facility (subject to certain exceptions) and any subsidiary of JBS USA that guarantees material indebtedness of any borrower or any subsidiary that is a guarantor. Following a JBS USA Collateral Cure, the direct parent entity of each borrower and each wholly-owned subsidiary of each borrower is required to become a guarantor (other than, in each case, certain excluded subsidiaries that are not required to become a guarantor).

Covenants. The JBS USA Senior Unsecured Revolving Facility contains customary representations and warranties, covenants and events of default. The JBS USA Senior Unsecured Revolving Facility imposes certain limitations and restrictions on JBS USA and its restricted subsidiaries, including, without limitation (1) restricting any restricted subsidiary of JBS USA that is not a borrower or guarantor of the JBS USA Senior Unsecured Revolving Facility from incurring additional debt, subject to certain significant exceptions and (2) creating liens, entering into certain transactions with affiliates and consolidating or merging, in each case, subject to certain significant exceptions. In addition, the JBS USA Senior Unsecured Revolving Facility and subject to the JBS USA Collateral Cure described below, includes a financial maintenance covenant that requires compliance with a maximum total debt to capitalization of 55.0%, which shall be tested at the end of each fiscal quarter of the borrowers (the “JBS USA Financial Maintenance Covenant”). For more information about these covenants and the JBS USA Senior Unsecured Revolving Facility, see Exhibits 4.2 and 4.3 to the JBS S.A. Form 20-F. We are currently in compliance with the covenants under the JBS USA Senior Unsecured Revolving Facility.

Collateral Cure. After the end of any fiscal quarter, the borrowers may give notice that they will not be in compliance with the JBS USA Financial Maintenance Covenant and instead may elect to cause the borrowers and each subsidiary guarantor, in each case organized in the United States, and the direct parent entity of each borrower to provide security interests in the collateral that secured the prior secured revolving credit facility (the “JBS USA Collateral Cure”). From and after the date of the JBS USA Collateral Cure, the JBS USA Financial Maintenance Covenant will no longer be in effect and availability under the JBS USA Senior Unsecured Revolving Facility will be limited and subject to collateral coverage utilizing a 75% advance rate on U.S. receivables and a 50% advance rate on U.S. inventory, subject to certain exceptions.

As of September 30, 2025, JBS USA had outstanding letters of credit and available borrowings under the revolving credit commitment of US$0.2 million and US$1,499.8 million, respectively. There were no outstanding borrowings as of September 30, 2025.

JBS USA Commercial Paper Program

On December 2, 2024, JBS USA launched its commercial paper program. The program allows JBS USA, JBS USA Food Company and JBS USA Foods Group Holdings to issue up to US$1.0 billion in aggregate principal amount of short-term, unsecured notes without registration under the Securities Act. As of September 30, 2025, under the Commercial Paper Program, the companies had the ability to issue up to US$1.0 billion in aggregate principal amount of short-term, unsecured notes. There were no outstanding borrowings under the Commercial Paper Program as of September 30, 2025.

PPC Credit Facility

On October 4, 2023, PPC and certain of PPC’s subsidiaries entered into a Revolving Syndicated Facility Agreement (the “PPC Revolving Credit Facility”) with CoBank, ACB as administrative agent and collateral agent, and the other lenders party thereto. The PPC Revolving Credit Facility provides for a revolving loan commitment of US$850.0 million with a maturity in 2028. Outstanding borrowings under the PPC Revolving Credit Facility bear interest at a per annum rate equal to either SOFR or the prime rate plus applicable margins based on PPC’s credit ratings.

28

The PPC Revolving Credit Facility is not guaranteed by any of PPC’s subsidiaries. Following the PPC Collateral Cure, each wholly-owned subsidiary of each borrower is required to become a guarantor (other than certain excluded subsidiaries that are not required to become a guarantor). The PPC Revolving Credit Facility contains customary representations and warranties, covenants and events of default. The PPC Revolving Credit Facility imposes certain limitations and restrictions on PPC and its restricted subsidiaries, including, without limitation on (1) liens, (2) indebtedness, (3) sales and other dispositions of assets, (4) dividends, distributions, and other payments in respect of equity interest, (5) investments, and (6) voluntary prepayments, redemptions or repurchases of junior debt, in each case, subject to certain exceptions which can be material and certain of such clauses only apply to PPC upon the occurrence of certain triggering events. In addition, the PPC Revolving Credit Facility and subject to the PPC Collateral Cure, includes a financial maintenance covenant that requires PPC not to permit its interest coverage ratio to be less than 3.50:1.00, which shall be tested at the end of each fiscal quarter of PPC (the “PPC Financial Maintenance Covenant”).

After the end of any fiscal quarter, PPC may give notice that they will not be in compliance with the PPC Financial Maintenance Covenant and instead may elect to cause the borrowers and each subsidiary guarantor to provide security interests in the collateral that secured PPC’s prior secured credit facility (the “PPC Collateral Cure”). From and after the date of the PPC Collateral Cure, the PPC Financial Maintenance Covenant will no longer be in effect and availability under the PPC Revolving Credit Facility will be limited and subject to collateral coverage utilizing a 75% advance rate on U.S. receivables and a 50% advance rate on U.S. inventory, subject to certain exceptions.

For more information about these covenants and the PPC Revolving Credit Facility, see Exhibit 4.4 to the JBS S.A. Form 20-F. We are currently in compliance with the covenants under the PPC Revolving Credit Facility.

As of September 30, 2025, PPC had outstanding letters of credit and available borrowings under the revolving credit commitment of US$24.2 million and US$825.8 million, respectively. There were no outstanding borrowings as of September 30, 2025.

Agribusiness Credit Receivable Certificates (Certificadosde Recebíveis do Agronegócio)

JBS S.A.

From October 2019 through May 2024, JBS S.A. issued several series of non-convertible unsecured debentures through private placements in Brazil, with maturities ranging from 2024 until 2044. These debentures are denominated in Brazilian reais and bear interest at various rates, with an annual average interest rate of 6.9% as of September 30, 2025. A larger part of these debentures have their principal amount adjusted according to the Brazilian inflation – IPCA (ÍndiceNacional de Preços ao Consumidor Amplo). These debentures underlie the securitization of agribusiness receivables in Brazil through the issuance of agribusiness receivables certificates (Certificados de Recebíveis do Agronegócio) (“CRAs”). The net proceeds from the issuances of these debentures have been used primarily to acquire cattle, natural products and other inputs necessary for the processing or industrialization of bovine cattle, including the slaughter, preparation of by-products, and the manufacturing of meat products from the primary slaughter process mentioned above, as well as the sale of the resulting products and by-products of such process, including exportation, intermediation, storage, and transportation of the products, by-products, and derivatives. As of September 30, 2025, the outstanding aggregate principal amount of the CRAs was US$1,282.5 million.

Seara

From October 2024 through June 2025, several series of CRAs representing rural financial product notes (Cédulas de Produto Rural Financeiras – CPR-Financeiras) issued by Seara and guaranteed by JBS S.A. were issued, with maturities ranging from 2029 until 2055. These rural financial product notes are denominated in Brazilian reais and bear interest at various rates, with an annual average interest rate of 7.0% as of September 30, 2025. Seara used the net proceeds from the issuances of the rural financial product notes primarily to acquire raw materials, namely corn in natura, in the ordinary course of its business. As of September 30, 2025, the outstanding aggregate principal amount of the CRAs was US$581.0 million. The agreements governing these CRAs contain customary covenants and events of default; however, they do not include any financial covenants.

29

On November 5, 2025, Seara issued rural financial product notes (Cédulas de Produto Rural com Liquidação Financeira—CPR-Financeiras) representing four series of CRAs due 2035, 2035, 2045 and 2065, in the aggregate principal amount of R$3,026.2 million (equivalent to US$569 million, using the exchange rate on September 30, 2025). The rural financial product notes are guaranteed by JBS S.A. and JBS N.V. Seara plans to use the net proceeds from the issuances of these securities primarily to acquire raw materials, namely corn in natura, in the ordinary course of its business. The agreements governing the CRAs contain customary covenants and events of default; however, they do not include any financial covenants.

Other Debt

For more information about our consolidated indebtedness, including our other, lower value debt instruments and facilities, see “—Contractual Obligations” below, note 16 to JBS N.V.’s unaudited interim financial statements, which are included in the JBS N.V. Form 6-K, and note 15 to JBS S.A.’s audited financial statements, which are included in the JBS S.A. Form 20-F.

Contractual Obligations

The following table summarizes our significant loans and financings, including estimated interest thereon, payables related to purchases of assets, finance lease obligations, operating lease obligations and other purchase obligations as of the dates indicated that have an impact on our liquidity.

As of September 30, 2025
Contractual obligations Less than 1<br> year Between<br> 2 and 3<br> years Between<br> 4 and 5<br> years More<br> than 5<br> years Total
(in millions of US)
Trade accounts payable and supply chain finance - - - 6,588.7
Loans and financing 247.7 791.8 18,729.7 20,768.6
Estimated interest on loans and financings (1) 2,435.3 2,315.7 13,640.8 19,604.8
Derivatives liabilities (assets) 116.7 - - 571.7
Payment of leases 565.2 311.4 564.7 1,797.7
Future contracts – Commodities 24,515.2 5,733.0 3,131.8 33,535.8

All values are in US Dollars.

(1) Includes interest on all loans and financing outstanding.<br>Payments are estimated for variable rate and variable term debt based on effective interest rates as of September 30, 2025. Payments<br>in foreign currencies are estimated using the September 30, 2025 exchange rate.

Quantitative and Qualitative Disclosures About Market Risk

We are exposed to various market risks arising from our normal business activities. These market risks, which are beyond our control, primarily involve the possibility that changes in interest rates, inflation, exchange rates and commodity prices will adversely affect the value of our financial assets and liabilities or future cash flows and earnings.

Our risk management strategy is designed to mitigate the financial impact derived from our exposure to market risks, and accordingly, we have used and may continue to use interest rate, exchange rates and commodity derivative instruments, cash and receivables to mitigate these market risks. Our hedging activities are governed by a financial risk management department, which follows corporate governance standards and guidelines for our company that are established by our risk management committee and approved by our board of directors.

For more information about our risk management, see note 26 to JBS N.V.’s unaudited interim financial statements, which are included in the JBS N.V. Form 6-K, and note 27 to JBS S.A.’s audited financial statements, which are included in the JBS S.A. Form 20-F.

Research and Development, Patents and Licenses, Etc.

Our global innovation teams collaborate to share trends, solutions, and technological advancements, leveraging collective expertise to drive category growth. With a diverse product portfolio, JBS aims to deliver high-quality offerings tailored to evolving customer needs and consumer preferences. Investments in cultivated protein are central to our strategic vision. In 2021, we entered the cultured protein market with the acquisition of BioTech Foods in Spain. Additionally, the upcoming JBS Biotech Innovation Centre in Santa Catarina will be Brazil’s largest research facility dedicated to food biotechnology. Our expansion into plant-based proteins is exemplified by Seara’s Incrível and the acquisition of Vivera Topholding BV, which produces and sells plant-based protein products in Europe.

30

Initiatives such as Seara’s Innovation Hub and Friboi’s Meat Technology and Study Center (Cetec) reflect our commitment to product quality and innovation. Through in-depth analysis of the entire production chain and continuous research, we adapt to shifting consumer expectations. In partnership with Colorado State University, we established the JBS Global Food Innovation Center, advancing food safety, meat sciences, and animal welfare practices. Furthermore, JBS USA makes significant investments in technology and innovation to uphold world-class quality standards, exemplified by the transition to zero-trim beef products. Meanwhile, Pilgrim’s Europe integrates advanced technologies, including Internet of Things (IoT) devices, to enhance operational efficiencies and predictive maintenance.

Trend Information

The following list sets forth, in our view, the most important trends, uncertainties and events that are reasonably likely to continue to have a material effect on our revenues, income from operations, profitability, liquidity and capital resources, or that may cause reported financial information to be not necessarily indicative of future operating results or financial condition:

● global<br>economic conditions;
● Brazilian<br>economic environment;
--- ---
● effect<br>of level of indebtedness and interest rates;
--- ---
● effect<br>of the levels of sales of fresh and processed products in the domestic market on our results of operations;
--- ---
● effect<br>of the levels of exports of fresh and processed products on our results of operations;
--- ---
● fluctuations<br>in domestic market prices of fresh and processed products can significantly affect our operating revenues;
--- ---
● effects<br>of fluctuations in export prices of fresh and processed products on operating revenues;
--- ---
● effects of the variation of prices for the purchase of raw materials on our<br>costs of goods sold; and
--- ---
● effects of fluctuations in currency exchange rates.
--- ---

For more information, see “—PrincipalFactors Affecting our Financial Condition and Results of Operations” above.

Critical Accounting Estimates

The presentation of our financial position and results of operation in accordance with IFRS – Accounting Standards and the disclosures related to judgements and estimates can be found in note 2.6 to JBS S.A.’s audited financial statements, which are included in the JBS S.A. Form 20-F.

Recent Accounting Pronouncements

Certain new and amended accounting standards and interpretations have been adopted by JBS N.V. and are described in note 2.4 to JBS N.V.’s unaudited interim financial statements, which are included in the JBS N.V. Form 6-K, and note 2.5 to JBS S.A.’s audited financial statements, which are included in the JBS S.A. Form 20-F.

31

Reconciliation of Adjusted EBITDA

We have disclosed Adjusted EBITDA in this MD&A, which is a non-GAAP financial measure. Adjusted EBITDA is used as a measure of our segments performance by our management and should not be considered as a measure of financial performance in accordance with IFRS – Accounting Standards. You should rely on non-GAAP financial measures in a supplemental manner only in making your investment decision. There is no standard definition of non-GAAP financial measures, and JBS S.A.’s definitions may not be comparable to those used by other companies.

Adjusted EBITDA is calculated by making the following adjustments to net income, as further described below: exclusion of net finance expenses; exclusion of current and deferred income taxes; exclusion of depreciation and amortization expenses; exclusion of share of profit of equity-accounted investees, net of tax; exclusion of antitrust agreements expenses; exclusion of donations and social programs expenses; exclusion of J&F Leniency expenses refund; exclusion of impairment of assets; exclusion of restructuring expenses; exclusion of fiscal payments and installments; exclusion of Rio Grande do Sul losses; exclusion of extemporaneous litigation expenses; exclusion of reversal of tax credits; exclusion of avian influenza losses; and exclusion of certain other operating income (expense), net.

The use of Adjusted EBITDA instead of net income has limitations as an analytical tool, including the following:

● Adjusted<br>EBITDA does not reflect changes in, or cash requirements for, working capital needs;
● Adjusted<br>EBITDA does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on debt;
--- ---
● Adjusted<br>EBITDA does not reflect income tax expense or the cash requirements to pay taxes;
--- ---
● Although<br>depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the<br>future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
--- ---
● Adjusted<br>EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; and
--- ---
● Adjusted<br>EBITDA includes adjustments that represent cash expenses or that represent non-cash charges that may relate to future cash expenses,<br>and some of these expenses are of a type that are expected to be incurred in the future, although the amount of any such future charge<br>cannot be predicted.
--- --- 
32

Adjusted EBITDA is reconciled to net income (loss) as follows:

For the nine-month period ended September 30, For the year<br><br> ended December 31,
2025 2024 2024 2023 2022
(in millions of US)
Net income (loss) 1,509.2 1,967.6 (131.7 ) 3,143.5
Current and deferred income taxes 592.5 743.4 (128.0 ) 410.0
Net finance expense 1,309.5 1,669.8 1,353.4 1,241.7
Depreciation and amortization expenses 1,633.6 2,189.5 2,149.1 1,907.9
Share of profit of equity-accounted investees, net of tax ) 0.2 (2.9 ) (9.5 ) (11.8 )
Antitrust agreements expenses (a) 81.0 253.7 102.5 101.4
Donations and social programs expenses (b) 18.2 22.5 18.2 23.9
J&F Leniency expenses refund (c) — — — (93,8 )
Impairment of assets (d) — — 26.3 17.4
Restructuring expenses (e) 83.0 95.6 52.2 —
Fiscal payments and installments (f) 81.8 81.8 — —
Rio Grande do Sul losses (g) 19.3 19.3 — —
Extemporaneous litigation expenses (h) — 61.0 — —
Reversal of tax credits (i) — 58.7 — —
Avian influenza (j) — — — —
Other operating income (expense), net (k) 17.0 32.0 25.5 (18.3 )
Adjusted EBITDA 5,345.3 7,191.9 3,457.9 6,722.0
Adjusted EBITDA by segment:
Brazil 733.9 965.0 469.3 468.9
Seara 1,089.0 1,538.6 364.5 896.7
Beef North America ) 136.5 247.3 114.2 2,081.7
Pork USA 800.2 1,071.2 526.9 756.3
Pilgrim’s Pride 2,059.3 2,703.4 1,536.0 2,084.6
Australia 524.1 664.3 454.7 443.9
Others 3.6 3.5 (5.2 ) (7.9 )
Total reportable segments 5,346.6 7,193.2 3,460.4 6,724.2
Eliminations (l) (1.3 ) (1.3 ) (2.6 ) (2.2 )
Adjusted EBITDA 5,345.3 7,191.9 3,457.9 6,722.0

All values are in US Dollars.

(a) Refers to antitrust agreements entered into by JBS USA and<br>its subsidiaries. For more information, see “Item 8. Financial Information—A. Consolidated Statements and Other FinancialInformation—Legal Proceedings” in the JBS S.A. Form 20-F.
(b) Refers to donations made to (i) the Instituto J&F for<br>improvements to the school’s building, and (ii) the JBS Fund for The Amazon, a fund established by JBS S.A. to finance and support<br>innovative, long-term initiatives that build on JBS S.A.’s legacy of conservation and sustainable development in the Amazon biome.
--- ---
(c) Refers to the amount that J&F agreed to pay to JBS S.A.<br>in connection with the settlement agreement between the parties to Arbitration Proceeding No. 186/21, net of PIS/COFINS social contribution<br>tax. For more information, see “Item 7. Major Shareholder and Related Party Transactions—B. Related Party Transactions—J&FSettlement Agreement” in the JBS S.A. Form 20-F.
--- ---
(d) In 2025, this mainly relates to the impairment of fixed assets<br>and recoverable tax credits, whereas in 2023, it refers to the impairment of Planterra’s plant.
--- ---
(e) Refers to multiple restructuring initiatives, primarily those<br>in our indirect subsidiary PPC, which are registered as other expenses, as well as other non-significant restructuring projects that<br>are registered as general and administrative expenses.
--- ---
(f) Refers to the special program for payment of tax processes<br>with exemption from fines and reduction of interest.
--- ---
(g) Refers to the loss incurred as a result of the floods that<br>occurred in the Brazilian State of Rio Grande do Sul.
--- ---
(h) Refers to extemporaneous litigation arising from debts of<br>companies acquired by the JBS Group and recognizes these settlement expenses within general and administrative.
--- ---
(i) Refers to the reversal of ICMS credits on sales operations<br>disallowed in the Brazilian State of Santa Catarina.
--- ---
(j) Refers to the impacts related to avian influenza incurred<br>by our subsidiary Seara.
--- ---
(k) Refers to various adjustments, mainly outside of Brazil,<br>such as expenses related to acquisitions and insurance indemnities, among others.
--- ---
(l) Includes intercompany and intersegment transactions.
--- --- 
33

Supplemental Financial and Non-Financial Information about the Obligorsof the JBS USA Registered Notes

Reference is made to the following 11 series of notes (collectively, the “JBS USA Registered Notes”) issued by JBS USA Holding Lux S.à r.l. (“JBS USA”), JBS USA Food Company and JBS USA Foods Group Holdings (collectively, the “Co-Issuers”): (1) 2.500% Senior Notes due 2027; (2) 6.500% Senior Notes due 2029; (3) 3.000% Senior Notes due 2029; (4) 3.750% Senior Notes due 2031; (5) 3.000% Sustainability-Linked Senior Notes due 2032; (6) 3.625% Sustainability-Linked Senior Notes due 2032; (7) 5.750% Senior Notes due 2033; (8) 6.750% Senior Notes due 2034; (9) 4.375% Senior Notes due 2052; (10) 6.500% Senior Notes due 2052; and (11) 7.250% Senior Notes due 2053. The JBS USA Registered Notes are fully and unconditionally guaranteed on a senior unsecured basis by JBS S.A., JBS Global Luxembourg S.à r.l. and JBS Global Meat Holdings Pty. Limited (collectively, the “Parent Guarantors” and, together with the Co-Issuers, the “Obligors”). Each guarantee (collectively, the “Guarantees”) constitutes a separate security offered by the Parent Guarantors.

In addition, holders of the 5.950% Senior Notes due 2035 and the 6.375% Senior Notes due 2055, issued by Co-Issuers, benefit from registration rights set forth in a registration rights agreement entered into by JBS USA on January 21, 2025, pursuant to which JBS USA agreed to use its commercially reasonable efforts to consummate an exchange offer within 365 days of entering into such registration rights agreement to allow holders of such series of notes to exchange their notes for the same principal amount of registered exchange notes. These notes are also guaranteed on a senior unsecured basis by the Parent Guarantors.

JBS S.A. indirectly holds 100% of each of the Obligors. JBS Global Luxembourg S.à r.l., JBS Global Meat Holdings Pty. Limited, JBS USA, JBS USA Food Group Holdings and JBS USA Food Company are holding subsidiaries of JBS S.A. with no operations of their own or assets (other than the equity interests of their respective direct subsidiaries) and through which JBS S.A. holds all of its operating subsidiaries. Therefore, other than JBS S.A., the Obligors’ ability to service their debt obligations, including the JBS USA Registered Notes and the Guarantees, as the case may be, is dependent upon the earnings of their respective subsidiaries and such subsidiaries’ ability to distribute those earnings as dividends, loans or other payments to such Obligors. Under the terms of the indentures pursuant to which the JBS USA Registered Notes were issued, principal, accrued and unpaid interest and certain other obligations due under the JBS USA Registered Notes in accordance with each such indenture. For more information about the terms and conditions of the JBS USA Registered Notes and the Guarantees, see “Item 12. Description of Securities Other Than Equity Securities—A. Debt Securities—Description of the JBSUSA Registered Notes” in the JBS S.A. Form 20-F. The JBS USA Registered Notes and Guarantees thereof are senior unsecured obligations and are effectively subordinated to the Obligors’ secured obligations to the extent of the value of the assets securing such obligations. The JBS USA Registered Notes and Guarantees are structurally subordinated to all existing and future debt and other liabilities, including trade payables, of each Obligor’s non-guarantor subsidiaries. Moreover, under the laws of the jurisdictions of organization of the Obligors, obligations under the JBS USA Registered Notes and the Guarantees are subordinated to certain statutory preferences. In the event of any liquidation, bankruptcy, or judicial reorganization of such entities, such statutory preferences, including motions for restitution, post-petition claims, claims for salaries, wages, social security, taxes and court fees and expenses and claims secured by collateral, among others, will have preference and priority over any other claims, including any claims in respect of the Obligors under the JBS USA Registered Notes and the Guarantees. For more information about these and other the factors that may affect payments to holders of the JBS USA Registered Notes and the Guarantees, see “Item 3. Key Information—D. Risk Factors--Risks Relating to Our Debt,the JBS USA Registered Notes and the Parent Guarantees” in the JBS S.A. Form 20-F.

If certain conditions are met, the Parent Guarantors will be released from their Guarantees of the JBS USA Registered Notes. See “Item 12. Description of Securities Other Than EquitySecurities—A. Debt Securities—Description of the JBS USA Registered Notes—Release of Guarantees of Parent Guarantorsand Fall-Away of Covenants of Parent” in the JBS S.A. Form 20-F. Moreover, JBS USA may be substituted for a direct or indirect parent of JBS USA or any subsidiary of JBS USA that owns, or after the substitution, will own, a majority of the assets of the JBS USA for purposes of the indentures, as described under “Item 12. Description of Securities Other Than Equity Securities—A.Debt Securities—Description of the JBS USA Registered Notes—Substitution of the Company” in the JBS S.A. Form 20-F. Alternatively, if certain conditions are met, JBS USA Food Company may be released as an issuer of the JBS USA Registered Notes for purposes of the indentures, as described under “Item 12. Description of Securities Other Than Equity Securities—A.Debt Securities—Description of the JBS USA Registered Notes—Release of JBS USA Food as an Issuer” in the JBS S.A. Form 20-F. As a consequence of any release of any Guarantees of the JBS USA Registered Notes, the substitution of JBS USA as an issuer and/or the release of JBS USA Food Company as an issuer of the JBS USA Registered Notes, the obligor or obligors, assets and revenues available for repayment of the JBS USA Registered Notes may be significantly different from the obligors, assets and revenues at the time of a holder’s investment in the JBS USA Registered Notes. For more information, see “Item 3. Key Information—D.Risk Factors— Risks Relating to Our Debt, the JBS USA Registered Notes and the Parent Guarantees—The indentures governingthe JBS USA Registered Notes provides for the release of the guarantees of the JBS USA Registered Notes, our ability to substitute JBSUSA as an issuer, and our ability to release JBS USA Food Company as an issuer of the JBS USA Registered Notes” in the JBS S.A. Form 20-F.

34

Pursuant to Rule 3-10 of Regulation S-X subsidiary issuers and guarantors of obligations guaranteed by the parent (in this case, JBS S.A.) are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company’s consolidated financial statements, the parent guarantee is “full and unconditional” and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 of Regulation S-X is provided, which includes narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of each Obligor (other than JBS S.A.) have not been presented.

Furthermore, as permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, except as described below, we have excluded the summarized financial information for the Obligors (other than JBS S.A.) because, except for JBS S.A., the combined Obligors, excluding investments in subsidiaries that are not issuers or guarantors, have no material assets, liabilities or results of operations, and management believes such summarized financial information would not provide incremental value to investors.

Summarized financial information is presented below for JBS S.A., as parent company and the only Obligor with material operations, on a stand-alone basis and does not include investments in and equity in the earnings of non-obligor subsidiaries. Transactions with and balances to/from non-obligor subsidiaries and related parties have been presented separately.

The following summarized financial information sets forth JBS S.A.’s summarized statement of financial position data as of September 30, 2025 and December 31, 2024 and summarized statement of income data for the nine-month period ended September 30, 2025 and the year ended December 31, 2024.

As of and<br>for the<br>nine-month<br>period<br>ended<br>September 30, <br>2025 As of and<br><br>for the<br><br>year ended<br><br>December 31, <br><br>2024
(in millions of US)
Statement of financial position data:
Current assets:
Due from non-obligor subsidiaries and related parties 208.3
Other current assets 2,701.1
Total current assets 2,909.4
Non-current assets:
Due from non-obligor subsidiaries and related parties 77.0
Other non-current assets 4,891.7
Total non-current assets 4,968.7
Current liabilities:
Due to non-obligor subsidiaries and related parties 94.3
Other current liabilities 2,205.1
Total current liabilities 2,299.4
Non-current liabilities:
Due to non-obligor subsidiaries and related parties 1,748.0
Other non-current liabilities 5,520.0
Total non-current liabilities 7,268.0
Statement of income data (1):
Net revenue 11,701.5
Gross profit 2,130.3
Net income (loss) attributable to Company shareholders 185.6
Net income (loss) 185.6

All values are in US Dollars.

(1) For the nine-month period ended September 30, 2025, net revenue,<br>gross profit and net income (loss) includes US$1,364.8 million, US$140.1 million and US$92.5 million, respectively, of intercompany transactions<br>with non-obligor subsidiaries and related parties. For the year ended December 31 2024, net revenue, gross profit and net income (loss)<br>includes US$1,451.6 million, US$154.9 million and US$102.3 million, respectively, of intercompany transactions with non-obligor subsidiaries<br>and related parties. 
35

Cautionary Statement Regarding Forward-Looking Statements

This MD&A includes statements reflecting assumptions, expectations, intentions or beliefs about future events that are intended as “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. All statements included in this MD&A, other than statements of historical fact, that address activities, events or developments that we or our management expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements represent our reasonable judgment on the future based on various factors and using numerous assumptions and are subject to known and unknown risks, uncertainties and other factors that could cause our actual results and financial position to differ materially from those contemplated by the statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “project,” “forecast,” “plan,” “may,” “will,” “should,” “could,” “expect” and other words of similar meaning. In particular, these include, but are not limited to, statements of our current views and estimates of future economic circumstances, industry conditions in domestic and international markets and our performance and financial results.

Among the factors that may cause actual results and events to differ from the anticipated results and expectations expressed in such forward-looking statements are the following:

● the<br>risk of outbreak of animal diseases, more stringent trade barriers in key export markets and increased regulation of food safety and<br>security;
● product<br>contamination or recall concerns;
--- ---
● fluctuations<br>in the prices of live cattle, hogs, chicken, corn and soymeal;
--- ---
● fluctuations<br>in the selling prices of beef, pork and chicken products;
--- ---
● developments<br>in, or changes to, the laws, regulations and governmental policies governing our business and products or failure to comply with them,<br>including environmental and sanitary liabilities;
--- ---
● currency<br>exchange rate fluctuations, trade barriers, exchange controls, political risk and other risks associated with export and foreign operations;
--- ---
● changes<br>in international trade regulations;
--- ---
● our<br>strategic direction and future operation;
--- ---
● deterioration<br>of economic conditions globally and more specifically in the principal markets in which we operate;
--- ---
● our<br>ability to implement our business plan, including our ability to arrange financing when required and on reasonable terms and the implementation<br>of our financing strategy and capital expenditure plan;
--- ---
● the<br>successful integration or implementation of mergers and acquisitions, joint ventures, strategic alliances or divestiture plans;
--- ---
● the<br>competitive nature of the industry in which we operate and the consolidation of our customers;
--- ---
● customer demands and preferences;
--- ---
● our<br>level of indebtedness;
--- ---
● adverse weather conditions in our areas of operations;
--- ---
● continued<br>access to a stable workforce and favorable labor relations with employees;
--- ---
● our<br>dependence on key members of our management;
--- ---
● the<br>interests of our ultimate controlling shareholders;
--- --- 
36
● reputational<br>risk in connection with U.S. and Brazilian civil and criminal actions and investigations involving our ultimate controlling shareholders,<br>and the outcome of these actions;
● economic<br>instability in Brazil and a resulting reduction in market confidence in the Brazilian economy;
--- ---
● political<br>crises in Brazil;
--- ---
● the<br>declaration or payment of dividends or interest attributable to shareholders’ equity;
--- ---
● the<br>ongoing war between Russia and Ukraine and impacts of the ongoing conflicts along Israel’s border with the Gaza Strip and with<br>Iran or elsewhere in the Middle East, including higher prices for commodities, such as food products, ingredients and energy products,<br>increasing inflation in some countries, and disrupted trade and supply chains as a result of disruptions caused by these conflicts;
--- ---
● changes in the global trade and tariff environment, including<br>new trade restrictions, tariff escalations, and policy shifts affecting cross-border commerce and supply chains, such as recent U.S.<br>tariff increases on imports from several countries;
--- ---
● unfavorable outcomes in legal and regulatory proceedings<br>and government investigations that we are, or may become, a party to;
--- ---
● the<br>risk factors discussed under the heading “Item 3. Key Information—D. Risk Factors” in the JBS S.A. Form 20-F;
--- ---
● other<br>factors or trends affecting our financial condition, liquidity or results of operations; and
--- ---
● other<br>statements contained in this MD&A regarding matters that are not historical facts.
--- ---

In addition, there may be other factors and uncertainties, many of which are beyond our control, that could cause our actual results and events to be materially different from the results referenced in the forward-looking statements. Many of these factors will be important in determining our actual future results. Consequently, any or all of our forward-looking statements may turn out to be inaccurate.

We caution investors not to place undue reliance on any forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

All forward-looking statements contained in this MD&A are qualified in their entirety by this cautionary statement.

37

Exhibit 99.3

JBS REPORTS THIRD QUARTER 2025 RESULTS

November 13, 2025 – JBS N.V. (NYSE: JBS;B3: JBSS32), announces today its 3Q25 results. The numbers reported herein are in US dollars, in accordance with International Financial Reporting Standards (IFRS), unless otherwise specified.

US Comparable (“US Comp”): Consolidated US Comp is a managerial number and considers adjustments in Seara and JBS Brazil for comparative purposes with American peers, in addition to the other Business Units already in US GAAP.

(in millions, except per share data)

Third Quarter Nine Months Ended
2025 2024 2025 2024
Net Sales $ 22,597 $ 19,926 $ 63,121 $ 57,209
Adjusted EBITDA (IFRS)¹ ² $ 1,835 $ 2,153 $ 5,116 $ 5,345
Adjusted EBITDA (US COMP)¹ $ 1,624 $ 1,826 $ 4,305 $ 4,512
Adjusted Operating Income (IFRS)¹ ² $ 1,251 $ 1,610 $ 3,431 $ 3,712
Adjusted Operating Income (US COMP)¹ $ 1,276 $ 1,502 $ 3,309 $ 3,548
Net Income Attributable to JBS² $ 581 $ 693 $ 1,609 $ 1,354
Earnings Per Share Attributable to JBS² $ 0.52 $ 0.62 $ 1.45 $ 1.22
Leverage (Net Debt / Adjusted EBITDA LTM)¹ ² 2.4 x 2.2 x 2.4 x 2.2 x
Interest Coverage (Adjusted EBITDA LTM / Net Interest Expenses LTM)¹ ² 6.8 x 6.3 x 6.8 x 6.3 x
ROE LTM ¹ ² 23.7 % 16.7 % 23.7 % 16.7 %
ROIC LTM ¹ ² 16.7 % 14.9 % 16.7 % 14.9 %
(1) Reconciliations for non-GAAP measures are provided in subsequent<br>sections within this release.
--- ---
(2) IFRS
--- ---

Third Quarter Highlights

● NetSales of $22,597 million, up 13% from prior year
● IFRSAdjusted EBITDA of $1,835 million, down 15% from prior year
--- ---
● USCOMP Adjusted EBITDA of $1,624 million, down 11% from prior year
--- ---
● IFRSAdjusted operating income of $1,251 million, down 22% from prior year
--- ---
● USCOMP Adjusted operating income of $1,276 million, down 15% from prior year
--- ---
● EPSof $0.52, down 16% from prior year
--- ---

“In the third quarter of 2025, JBS reported record net sales, with sales growth across all business units, underscoring the strength and diversification of its global multiprotein platform. Net income in the quarter was US$581 million and the Return on Equity (ROE) reached 23.7% (LTM), reflecting solid results. Leverage ended the quarter at 2.39x, in line with the Company’s long-term target”, said Gilberto Tomazoni – Global CEO.

JBS Beef North America delivered record net sales, supported by robust demand in the United States. Despite cutout prices reaching all-time highs, domestic consumption remained resilient. The industry continues to navigate a challenging cattle cycle, with limited cattle availability for processing. With cattle supplies at historically low levels, live cattle prices have remained high, pressuring profitability.

Pilgrim’s Pride continued to strengthen Key Customer partnerships and invested across all regions to drive sales growth, enhance margins, and reduce volatility. Throughout the quarter, chicken demand remained robust given its strong value proposition. In the U.S., Fresh maintained solid performance supported by portfolio diversification, quality, and operational excellence, while Prepared Foods sales rose more than 25% yoy. In Europe, PPC focused on profitable growth through Key Customer partnerships, promotional activity, and new offerings. In Mexico, branded products in both Fresh and Prepared Foods continued to grow, supported by expanding Key Customer relationships across retail.

JBS Brazil reported strong net sales growth, driven mainly by exports, with increases in both volumes and prices, as well as by higher prices in the domestic market. In the international market, in addition to solid global demand, geographic diversification played a key role, boosting sales across several strategic regions. In the domestic market, higher prices partially offset the sharp increase in cattle costs during the period. The Friboi brand was once again voted Top of Mind, the most remembered and preferred brand by Brazilian consumers, winning the meat category for the sixth time and consolidating its position as the absolute leader in its sector.

Seara, achieved the highest export volume in the company’s history, supported by strong operational execution and commercial agility. Despite temporary restrictions in major markets such as China and Europe due to a single avian influenza case in Brasil in May, the team acted quickly to redirect production and strengthen its presence in new markets. In the domestic market, revenue growth was driven by both higher prices and volumes, reflecting strong demand and efficient commercial, operational, and innovation execution. This performance reinforces Seara’s commercial strategy and operational discipline.

JBS USA Pork also delivered record net sales, supported by strong domestic market performance driven by solid demand and JBS’ ongoing efforts to expand its value-added and branded product portfolio. During the quarter, the Company announced the expansion of its pre-cooked bacon and breakfast sausage production through the acquisition of a plant in Iowa, in addition to a new facility (organic expansion) announced in the second quarter in the same state.

JBS Australia, net sales growth was primarily driven by higher prices during the period, both in the domestic and export markets. The beef segment was the main driver of the yoy improvement in profitability. Strong commercial dynamics, with higher prices and increased volumes in both domestic sales and exports, combined with continued operational efficiency gains, more than offset the 26% increase in cattle costs in 3Q25 vs. 3Q24, according to Meat & Livestock Australia (MLA). In the other segments, profitability improved, especially in pork and fish, due to strong operational execution and higher productivity.

Free Cash Flow & Leverage

As anticipated, working capital consumption increased during the period due to higher inventories, reflecting both input cost inflation and the operational dynamics of our global businesses. Consequently, free cash flow was more constrained, and leverage ended the quarter at 2.39x, in line with our long-term financial target. As always, we maintained discipline and responsibility, ensuring sound capital allocation and a solid balance sheet.

2

SEGMENT RESULTS

JBS Beef North America
Third Quarter Nine Months Ended
IFRS - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 7,248 $ 6,313 14.8 % $ 20,475 $ 17,886 14.5 %
Cost of Sales $ (7,078 ) $ (5,971 ) 18.5 % $ (20,228 ) $ (17,124 ) 18.1 %
Gross Profit $ 170 $ 341 -50.2 % $ 247 $ 762 -67.5 %
Adjusted EBITDA $ (42 ) $ 117 - $ (375 ) $ 137 -
Margin (%) -0.6 % 1.9 % -2.5 p.p. -1.8 % 0.8 % -2.6 p.p.
Adjusted Operating Income $ (102 ) $ 63 - $ (554 ) $ (26 ) -
Margin (%) -1.4 % 1.0 % -2.4 p.p. -2.7 % -0.1 % -2.6 p.p.
Third Quarter Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
USGAAP - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 7,248 $ 6,313 14.8 % $ 20,475 $ 17,886 14.5 %
Cost of Sales $ (7,249 ) $ (6,230 ) 16.4 % $ (20,800 ) $ (17,719 ) 17.4 %
Gross Profit $ (1 ) $ 83 - $ (325 ) $ 167 -
Adjusted EBITDA $ (46 ) $ 37 - $ (424 ) $ 64 -
Margin (%) -0.6 % 0.6 % -1.2 p.p. -2.1 % 0.4 % -2.5 p.p.
Adjusted Operating Income $ (95 ) $ (6 ) - $ (566 ) $ (64 ) -
Margin (%) -1.3 % -0.1 % -1.2 p.p. -2.8 % -0.4 % -2.4 p.p.
Pilgrim’s Pride
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Third Quarter Nine Months Ended
IFRS - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 4,756 $ 4,581 3.8 % $ 13,970 $ 13,495 3.5 %
Cost of Sales $ (3,858 ) $ (3,671 ) 5.1 % $ (11,339 ) $ (11,052 ) 2.6 %
Gross Profit $ 898 $ 910 -1.3 % $ 2,631 $ 2,443 7.7 %
Adjusted EBITDA $ 770 $ 776 -0.8 % $ 2,248 $ 2,059 9.1 %
Margin (%) 16.2 % 16.9 % -0.7 p.p. 16.1 % 15.3 % 0.8 p.p.
Adjusted Operating Income $ 519 $ 549 -5.5 % $ 1,525 $ 1,374 11.0 %
Margin (%) 10.9 % 12.0 % -1.1 p.p. 10.9 % 10.2 % 0.7 p.p.
Third Quarter Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
USGAAP - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 4,759 $ 4,585 3.8 % $ 13,980 $ 13,506 3.5 %
Cost of Sales $ (4,100 ) $ (3,901 ) 5.1 % $ (12,050 ) $ (11,747 ) 2.6 %
Gross Profit $ 659 $ 684 -3.6 % $ 1,930 $ 1,760 9.7 %
Adjusted EBITDA $ 633 $ 660 -4.1 % $ 1,853 $ 1,688 9.8 %
Margin (%) 13.3 % 14.4 % -1.1 p.p. 13.3 % 12.5 % 0.8 p.p.
Adjusted Operating Income $ 517 $ 550 -6.0 % $ 1,519 $ 1,366 11.1 %
Margin (%) 10.9 % 12.0 % -1.1 p.p. 10.9 % 10.1 % 0.8 p.p.
JBS Brazil
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Third Quarter Nine Months Ended
IFRS - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 4,160 $ 3,256 27.7 % $ 10,910 $ 9,110 19.8 %
Cost of Sales $ (3,497 ) $ (2,535 ) 37.9 % $ (9,230 ) $ (7,423 ) 24.4 %
Gross Profit $ 662 $ 721 -8.1 % $ 1,680 $ 1,688 -0.5 %
Adjusted EBITDA $ 307 $ 378 -18.7 % $ 667 $ 734 -9.1 %
Margin (%) 7.4 % 11.6 % -4.2 p.p. 6.1 % 8.1 % -2.0 p.p.
Adjusted Operating Income $ 253 $ 324 -21.8 % $ 506 $ 570 -11.1 %
Margin (%) 6.1 % 9.9 % -3.8 p.p. 4.6 % 6.3 % -1.7 p.p.
Third Quarter Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
USCOMP - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 4,160 $ 3,256 27.7 % $ 10,910 $ 9,110 19.8 %
Adjusted EBITDA $ 312 $ 369 -15.6 % $ 660 $ 720 -8.3 %
Margin (%) 7.5 % 11.3 % -3.8 p.p. 6.1 % 7.9 % -1.8 p.p.
Adjusted Operating Income $ 258 $ 318 -18.9 % $ 507 $ 565 -10.2 %
Margin (%) 6.2 % 9.8 % -3.6 p.p. 4.6 % 6.2 % -1.6 p.p. 
3
Seara
Third Quarter Nine Months Ended
IFRS - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 2,361 $ 2,194 7.6 % $ 6,678 $ 6,500 2.7 %
Cost of Sales $ (1,834 ) $ (1,537 ) 19.3 % $ (4,949 ) $ (4,816 ) 2.8 %
Gross Profit $ 527 $ 657 -19.7 % $ 1,729 $ 1,684 2.7 %
Adjusted EBITDA $ 323 $ 461 -30.0 % $ 1,140 $ 1,089 4.7 %
Margin (%) 13.7 % 21.0 % -7.3 p.p. 17.1 % 16.8 % 0.3 p.p.
Adjusted Operating Income $ 217 $ 369 -41.1 % $ 847 $ 805 5.2 %
Margin (%) 9.2 % 16.8 % -7.6 p.p. 12.7 % 12.4 % 0.3 p.p.
Third Quarter Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
USCOMP - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 2,361 $ 2,194 7.6 % $ 6,678 $ 6,500 2.7 %
Adjusted EBITDA $ 262 $ 407 -35.7 % $ 967 $ 922 5.0 %
Margin (%) 11.1 % 18.5 % -7.4 p.p. 14.5 % 14.2 % 0.3 p.p.
Adjusted Operating Income $ 214 $ 366 -41.6 % $ 835 $ 796 4.9 %
Margin (%) 9.1 % 16.7 % -7.6 p.p. 12.5 % 12.2 % 0.3 p.p.
JBS USA Pork
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Third Quarter Nine Months Ended
IFRS - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 2,220 $ 2,042 8.7 % $ 6,281 $ 6,115 2.7 %
Cost of Sales $ (1,890 ) $ (1,695 ) 11.5 % $ (5,224 ) $ (4,989 ) 4.7 %
Gross Profit $ 330 $ 347 -5.0 % $ 1,057 $ 1,125 -6.1 %
Adjusted EBITDA $ 218 $ 247 -11.5 % $ 719 $ 800 -10.1 %
Margin (%) 9.8 % 12.1 % -2.3 p.p. 11.4 % 13.1 % -1.7 p.p.
Adjusted Operating Income $ 148 $ 175 -15.1 % $ 512 $ 586 -12.6 %
Margin (%) 6.7 % 8.6 % -1.9 p.p. 8.2 % 9.6 % -1.4 p.p.
Third Quarter Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
USGAAP - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 2,220 $ 2,042 8.7 % $ 6,281 $ 6,115 2.7 %
Cost of Sales $ (1,986 ) $ (1,825 ) 8.8 % $ (5,673 ) $ (5,451 ) 4.1 %
Gross Profit $ 234 $ 217 7.8 % $ 608 $ 664 -8.5 %
Adjusted EBITDA $ 228 $ 210 8.2 % $ 584 $ 639 -8.6 %
Margin (%) 10.2 % 10.3 % -0.1 p.p. 9.3 % 10.4 % -1.1 p.p.
Adjusted Operating Income $ 179 $ 164 9.2 % $ 443 $ 500 -11.4 %
Margin (%) 8.0 % 8.0 % 0.0 p.p. 7.0 % 8.2 % -1.2 p.p.
JBS Australia
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Third Quarter Nine Months Ended
IFRS - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 2,192 $ 1,785 22.9 % $ 5,787 $ 4,883 18.5 %
Cost of Sales $ (1,835 ) $ (1,501 ) 22.2 % $ (4,778 ) $ (4,075 ) 17.2 %
Gross Profit $ 357.3 $ 283 26.2 % $ 1,009 $ 808 24.9 %
Adjusted EBITDA $ 249 $ 174 42.7 % $ 699 $ 524 33.5 %
Margin (%) 11.4 % 9.8 % 1.6 p.p. 12.1 % 10.7 % 1.4 p.p.
Adjusted Operating Income $ 217 $ 141 53.5 % $ 608 $ 427 42.2 %
Margin (%) 9.9 % 7.9 % 2.0 p.p. 10.5 % 8.7 % 1.8 p.p.
Third Quarter Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
USGAAP - US$ Million 2025 2024 Var % 2025 2024 Var %
Net Sales $ 2,192 $ 1,785 22.9 % $ 5,787 $ 4,883 18.5 %
Cost of Sales $ (1,940 ) $ (1,610 ) 20.5 % $ (5,061 ) $ (4,334 ) 16.8 %
Gross Profit $ 253 $ 174 44.9 % $ 726 $ 549 32.3 %
Adjusted EBITDA $ 227 $ 144 57.4 % $ 647 $ 478 35.2 %
Margin (%) 10.4 % 8.1 % 2.3 p.p. 11.2 % 9.8 % 1.4 p.p.
Adjusted Operating Income $ 206 $ 122 68.4 % $ 586 $ 414 41.7 %
Margin (%) 9.4 % 6.8 % 2.6 p.p. 10.1 % 8.5 % 1.6 p.p. 
4

CONSOLIDATED CONDENSED STATEMENTSOF INCOME

(In millions, except pershare data)

(Unaudited)

Third Quarter Nine Months Ended
2025 2024 2025 2024
Net Sales $ 22,597.0 $ 19,926.0 $ 63,121.2 $ 57,208.9
Cost of Sales (19,624.5 ) (16,646.1 ) (54,691.6 ) (48,597.3 )
Gross Profit 2,972.4 3,279.9 8,429.5 8,611.6
Selling expenses (1,256.0 ) (1,217.6 ) (3,650.7 ) (3,438.8 )
General and administrative expenses (513.7 ) (487.6 ) (1,592.4 ) (1,712.6 )
Other income(expenses) 16.3 (20.4 ) 20.6 (48.8 )
Net Operating Expenses (1,753.4 ) (1,725.6 ) (5,222.5 ) (5,200.1 )
Operating Income 1,219.0 1,554.3 3,207.0 3,411.4
Finance Income 202.9 153.5 508.0 517.6
Finance Expense (611.1 ) (514.6 ) (1,484.1 ) (1,827.0 )
Net Finance Expense (408.1 ) (361.1 ) (976.1 ) (1,309.5 )
Share of profit of equity-accounted investees, net of tax 4.5 3.9 15.0 (0.2 )
Profit Before Taxes 815.3 1,197.1 2,245.9 2,101.7
Current Income Taxes (185.9 ) (142.4 ) (576.4 ) (399.2 )
Deferred Income Taxes 14.7 (298.1 ) 125.2 (193.3 )
Total Income Taxes (171.2 ) (440.5 ) (451.2 ) (592.5 )
Effective Rate (21.0 )% (36.8 )% (20.1 )% (28.2 )%
Net Income 644.1 756.6 1,794.8 1,509.2
Attributable to:
Company shareholders 580.9 692.9 1,609.2 1,354.0
Non-controlling interest 63.2 63.7 185.6 155.2
Earnings per Share (US$) $ 0.52 $ 0.62 $ 1.45 $ 1.22
Third Quarter Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
IFRS - US$ Million 2025 2024 Var % 2025 2024 Var %
Adjusted EBITDA $ 1,835 $ 2,153 -14.8 % $ 5,116 $ 5,345 -4.3 %
Margin (%) 8.1 % 10.8 % -2.7 p.p. 8.1 % 9.3 % -1.2 p.p.
Adjusted Operating Income $ 1,251 $ 1,610 -22.3 % $ 3,431 $ 3,712 -7.6 %
Margin (%) 5.5 % 8.1 % -2.6 p.p. 5.4 % 6.5 % -1.1 p.p.
Third Quarter Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
USCOMP - US$ Million 2025 2024 Var % 2025 2024 Var %
Adjusted EBITDA $ 1,624 $ 1,826 -11.1 % $ 4,305 $ 4,512 -4.6 %
Margin (%) 7.2 % 9.2 % -2.0 p.p. 6.8 % 7.9 % -1.1 p.p.
Adjusted Operating Income $ 1,276 $ 1,502 -15.0 % $ 3,309 $ 3,548 -6.7 %
Margin (%) 5.6 % 7.5 % -1.9 p.p. 5.2 % 6.2 % -1.0 p.p. 
5

CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)

(Unaudited)

September 30, <br><br>2025 December 31, <br><br>2024
Assets
Current Assets:
Cash and cash equivalents $ 3,558.2 $ 5,613.7
Margin Cash 553.8 136.6
Trade accounts receivable 3,847.8 3,735.5
Inventories 6,568.7 5,016.0
Biological assets 1,820.8 1,608.2
Recoverable taxes 670.1 637.7
Derivative assets 262.7 84.5
Other current assets 389.5 288.8
Total Current Assets 17,671.7 17,121.0
Non Current Assets:
Long-term Investments 45.8 -
Recoverable taxes 1,914.1 1,412.5
Biological assets 602.2 518.2
Related party receivables - 77.4
Deferred income taxes 511.5 651.2
Other non-current assets 558.6 268.7
3,632.1 2,928.0
Investments in equity-accounted investees 226.5 38.3
Property, plant and equipment 13,263.9 11,780.9
Right of use assets 1,644.8 1,596.9
Intangible assets 1,848.9 1,803.2
Goodwill 5,898.2 5,417.1
Total Non Current Assets 26,514.4 23,564.4
Total Assets $ 44,186.1 $ 40,685.4 
6
September 30,<br> 2025 December 31, <br> 2024
Liabilities and Equity
Current Liabilities:
Trade accounts payable $ 5,447.4 $ 5,465.5
Supply chain finance 1,141.2 728.7
Loans and financing 999.4 2,084.2
Income taxes 242.6 233.0
Other taxes payable 123.7 113.7
Payroll and social charges 1,489.5 1,435.8
Lease liabilities 356.4 335.7
Dividends payable 0.2 358.6
Provisions for legal proceedings 100.9 280.8
Derivative liabilities 455.0 166.0
Other current liabilities 677.1 455.0
Total Current Liabilities 11,033.4 11,657.1
Non Current Liabilities:
Loans and financings 19,769.2 17,242.6
Income and other taxes payable 416.0 406.7
Payroll and social charges 276.1 352.7
Lease liabilities 1,441.3 1,398.3
Deferred income taxes 1,073.1 1,095.3
Provisions for legal proceedings 224.7 216.7
Debt with related parties 213.0 -
Derivative liabilities 116.7 100.1
Other non current liabilities 113.5 81.6
Total Non Current Liabilities 23,643.6 20,893.9
Equity:
Share capital - common shares 35.1 13,177.8
Capital reserve 7,299.4 (180.6 )
Other reserves - (37.5 )
Profit reserves (360.9 ) 4,211.9
Accumulated other comprehensive income/loss 73.0 (10,077.3 )
Retained earnings/ loss 1,670.6 -
Attributable to company shareholders 8,717.3 7,094.5
Attributable to non-controlling interest 791.8 1,039.9
Total Equity 9,509.2 8,134.4
Total Liabilities and Equity $ 44,186.1 $ 40,685.4 
7

CONSOLIDATED CONDENSED STATEMENTSOF CASH FLOWS

(In millions)

(Unaudited)

Third Quarter Nine Months Ended
2025 2024 2025 2024
Net income $ 644.1 $ 756.6 $ 1,794.8 $ 1,509.2
Adjustments for:
Depreciation and amortization 584.0 542.8 1,684.9 1,633.6
Expected credit losses 9.6 2.9 22.9 9.1
Share of profit of equity-accounted investees (4.5 ) (3.9 ) (15.0 ) 0.2
(Gain) loss on assets sales (6.4 ) 0.1 (15.3 ) (4.6 )
Taxes expense 171.2 440.5 451.2 592.5
Finance expense (income), net 408.1 361.1 976.1 1,309.5
Share-based compensation 5.7 2.7 19.8 10.1
Provisions 44.9 9.5 60.4 31.2
Impairment of goodwill and property, plant and equipment (0.8 ) 13.2 12.8 26.6
Net realizable value inventory adjustments (0.2 ) 22.3 20.2 8.8
Fair value (market to market) of biological assets 19.4 (26.1 ) (67.0 ) (56.0 )
SEC and DOJ agreements (Antitrust) 10.1 0.7 143.7 81.0
Avian Influenza 7.5 - 13.1 -
1,892.8 2,122.5 5,102.5 5,151.3
Changes in assets and liabilities:
Trade accounts receivable (178.8 ) (61.0 ) (18.8 ) 53.4
Inventories (248.0 ) (282.3 ) (1,203.3 ) (574.4 )
Recoverable taxes (50.6 ) (6.1 ) 43.2 13.0
Other current and non-current assets (194.7 ) 10.3 (556.9 ) (93.2 )
Biological assets (174.7 ) (154.0 ) (572.7 ) (355.1 )
Trade accounts payable and supply chain finance 485.2 285.9 (90.2 ) (303.2 )
Tax payable in installments (2.6 ) (13.4 ) (54.5 ) (48.1 )
Other current and non-current liabilities (27.8 ) 106.8 151.6 116.3
Payments of DOJ and Antitrust agreements (77.9 ) (56.5 ) (339.1 ) (56.6 )
Income taxes paid (101.3 ) (101.4 ) (652.2 ) (188.8 )
Changes in operating assets and liabilities (571.2 ) (271.7 ) (3,292.8 ) (1,436.7 )
Cash provided by (used in) operating activities 1,321.6 1,850.9 1,809.7 3,714.6
Interest paid (343.2 ) (487.3 ) (948.2 ) (1,176.6 )
Interest received 61.2 54.6 134.9 151.7
Cash net of interest provided by (used in) operating activities 1,039.5 1,418.2 996.4 2,689.7
Cash flow from investing activities:
Purchases of property, plant and equipment (546.9 ) (320.9 ) (1,261.0 ) (950.6 )
Purchases of intangible assets (2.2 ) (1.6 ) (4.7 ) (6.1 )
Proceeds from sale of property, plant and equipment 21.3 10.2 56.9 26.0
Additional investments in joint-ventures and subsidiaries (21.2 ) - (186.5 ) -
Acquisitions, net of cash acquired - (1.3 ) - (4.2 )
Dividends received 2.1 2.3 6.2 8.7
Acquisition of investments funds (45.8 ) - (45.8 ) -
Related party transactions (27.6 ) 0.2 (22.9 ) 0.7
Cash provided by (used in) investing activities (620.3 ) (311.1 ) (1,457.8 ) (925.5 )
Cash flow from financing activities:
Proceeds from loans and financings 4,961.1 1,346.1 9,455.3 2,034.8
Payments of loans and financings (3,788.8 ) (902.9 ) (8,465.1 ) (2,637.8 )
Derivatives instruments received/settled (38.8 ) (31.7 ) (91.6 ) (172.5 )
Dividends Payment - - (1,573.9 ) -
Dividends paid to non-controlling interest (89.3 ) 0.3 (355.7 ) (3.1 )
Margin Cash 52.9 (3.0 ) 8.5 (1.2 )
Payments of lease (110.0 ) (103.0 ) (325.0 ) (314.0 )
Share Buyback (362.5 ) - (362.5 ) -
Acquisition of non-controlling interests in the subsidiary PPC (1.3 ) - (1.3 ) -
Others (22.6 ) - (22.6 ) -
Cash used in financing activities 600.8 305.8 (1,733.9 ) (1,093.8 )
Effect of exchange rate changes on cash and cash equivalents 19.4 (33.1 ) 140.0 (169.8 )
Net change in cash and cash equivalents 1,039.5 1,379.8 (2,055.4 ) 500.5
Cash and cash equivalents at the beggining of period 2,518.8 3,690.3 5,613.7 4,569.5
Cash and cash equivalents at the end of period $ 3,558.2 $ 5,070.1 $ 3,558.2 $ 5,070.1 
8

Adjusted EBITDA IFRS to USCOMP Reconciliations

(In millions)(Unaudited)

Adjusted EBITDA <br> 3Q25
JBS Beef<br> North <br> America PPC JBS<br><br> Brazil Seara JBS USA<br><br> Pork Australia Others and<br><br> Eliminations Total
Adjusted EBITDA IFRS $ (41.7 ) $ 769.7 $ 307.2 $ 322.7 $ 218.2 $ 248.9 $ 9.5 $ 1,834.6
Leasing adjustments (13.8 ) (20.7 ) (2.6 ) (14.5 ) (24.0 ) (12.9 ) (0.6 ) (89.1 )
Inventory adjustments at market value 9.2 - - - 1.9 - - 11.1
Biological assets adjustments - (116.3 ) 6.9 (46.7 ) 31.4 (8.8 ) - (133.5 )
Other adjustments 0.1 0.3 - - - - 0.2 0.7
Adjusted EBITDA US COMP $ (46.2 ) $ 633.1 $ 311.5 $ 261.5 $ 227.5 $ 227.1 $ 9.2 $ 1,623.8
Adjusted EBITDA <br> 3Q24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
JBS Beef<br><br> North<br><br> America PPC JBS<br><br> Brazil Seara JBS USA<br><br> Pork Australia Others and<br><br> Eliminations Total
Adjusted EBITDA IFRS $ 117.3 $ 775.9 $ 377.7 $ 461.2 $ 246.7 $ 174.3 $ (0.1 ) $ 2,153.1
Leasing adjustments (13.0 ) (19.6 ) (3.8 ) (13.7 ) (29.2 ) (13.4 ) (1.6 ) (94.3 )
Inventory adjustments at market value (67.5 ) - - - (2.4 ) - - (69.9 )
Biological assets adjustments - (96.7 ) (4.7 ) (41.0 ) (4.8 ) (16.7 ) - (163.9 )
Other adjustments (0.2 ) 0.8 - - - - 0.3 0.9
Adjusted EBITDA US COMP $ 36.7 660.4 $ 369.1 $ 406.6 $ 210.3 $ 144.2 $ (1.4 ) $ 1,825.9
Adjusted EBITDA <br> 9M25
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
JBS Beef<br> North America PPC JBS<br> Brazil Seara JBS USA<br> Pork Australia Others and<br> Eliminations Total
Adjusted EBITDA IFRS $ (375.1 ) $ 2,247.7 $ 666.9 $ 1,140.1 $ 719.1 $ 699.4 $ 17.8 $ 5,115.9
Leasing adjustments (43.0 ) (60.2 ) (10.5 ) (43.9 ) (75.7 ) (38.1 ) (1.9 ) (273.5 )
Inventory adjustments at market value (5.4 ) - - - (21.9 ) - - (27.4 )
Biological assets adjustments - (335.2 ) 3.8 (128.8 ) (37.6 ) (14.8 ) - (512.5 )
Other adjustments 0.1 0.9 - - - - 1.0 2.0
Adjusted EBITDA US COMP $ (423.5 ) 1,853.2 $ 660.1 $ 967.5 $ 583.8 $ 646.5 $ 16.9 $ 4,304.5
Adjusted EBITDA <br> 9M24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
JBS Beef<br> North<br> America PPC JBS<br> Brazil Seara JBS USA<br> Pork Australia Others and<br> Eliminations Total
Adjusted EBITDA IFRS $ 136.5 $ 2,059.3 $ 733.9 $ 1,089.0 $ 800.2 $ 524.1 $ 2.3 $ 5,345.3
Leasing adjustments (38.0 ) (65.6 ) (10.3 ) (43.2 ) (85.9 ) (39.2 ) (2.4 ) (284.6 )
Inventory adjustments at market value (34.2 ) - - - (32.3 ) - - (66.5 )
Biological assets adjustments - (306.0 ) (3.3 ) (124.0 ) (43.5 ) (6.7 ) - (483.5 )
Other adjustments (0.1 ) 0.5 - - - - 0.949 1.4
Adjusted EBITDA US COMP $ 64.2 $ 1,688.2 $ 720.2 $ 921.8 $ 638.6 $ 478.2 $ 0.9 $ 4,512.1 
9

Adjusted Operating Income IFRSto US COMP Reconciliations

(In millions)

(Unaudited)

Adjusted Operating Income (Loss)<br> 3Q25
JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total
Adjusted Operating Income IFRS $ (102.4 ) $ 518.9 $ 253.1 $ 217.1 $ 148.3 $ 216.9 $ (1.3 ) $ 1,250.6
Leasing adjustments (2.3 ) (3.1 ) (1.9 ) (3.3 ) (3.0 ) (2.2 ) (0.0 ) (15.8 )
Inventory adjustments at market value 9.2 - - - 1.9 - - 11.1
Biological assets adjustments - - 6.9 - 31.4 (8.8 ) - 29.5
Other adjustments 0.4 0.8 - - - - (0.2 ) 1.0
Adjusted Operating Income US COMP $ (95.1 ) $ 516.7 $ 258.1 $ 213.8 $ 178.7 $ 205.8 $ (1.6 ) $ 1,276.3
Adjusted Operating Income (Loss)<br> 3Q24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total
Adjusted Operating Income IFRS $ 62.8 $ 549.4 $ 323.6 $ 368.9 $ 174.6 $ 141.3 $ (10.3 ) $ 1,610.3
Leasing adjustments (1.8 ) (2.0 ) (0.6 ) (2.9 ) (3.7 ) (2.5 ) - (13.6 )
Inventory adjustments at market value (67.5 ) - - - (2.4 ) - - (69.9 )
Biological assets adjustments - - (4.7 ) - (4.8 ) (16.7 ) - (26.2 )
Other adjustments 0.1 2.5 - - - - (1 ) 1.2
Adjusted Operating Income US COMP $ (6.4 ) $ 549.9 $ 318.3 $ 365.9 $ 163.8 $ 122.1 $ (11.8 ) $ 1,501.8
Adjusted Operating Income (Loss)<br> 9M25
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total
Adjusted Operating Income IFRS $ (553.6 ) $ 1,525.4 $ 506.4 $ 846.9 $ 512.1 $ 607.5 $ (13.7 ) $ 3,431.1
Leasing adjustments (7.7 ) (8.9 ) (2.9 ) (12.0 ) (10.1 ) (7.0 ) (0.0 ) (48.7 )
Inventory adjustments at market value (5.4 ) - - - (21.9 ) - - (27.4 )
Biological assets adjustments - - 3.8 - (37.6 ) (14.8 ) - (48.6 )
Other adjustments 0.9 2.3 - - - - $ (0.4 ) 2.8
Adjusted Operating Income US COMP $ (565.8 ) $ 1,518.8 $ 507.3 $ 834.9 $ 442.5 $ 585.7 $ (14.2 ) $ 3,309.2
Adjusted Operating Income (Loss)<br>  9M24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total
Adjusted Operating Income IFRS $ (25.8 ) $ 1,373.8 $ 569.5 $ 804.9 $ 586.3 $ 427.1 $ (24.2 ) $ 3,711.7
Leasing adjustments (5.0 ) (13.1 ) (1.2 ) (9.3 ) (10.8 ) (7.0 ) - (46.4 )
Inventory adjustments at market value (34.2 ) - - - (32.3 ) - - (66.5 )
Biological assets adjustments - - (3.3 ) - (43.5 ) (6.7 ) - (53.5 )
Other adjustments 0.8 5.8 - - - - (4.3 ) 2.2
Adjusted Operating Income US COMP $ (64.2 ) 1,366.4 $ 565.0 $ 795.6 $ 499.7 $ 413.5 $ (28.5 ) $ 3,547.5 
10

EBITDA to Adjusted EBITDAand Free Cash Flow Reconciliation

(In millions)

(Unaudited)

Third Quarter Nine Months Ended Twelve Months Ended
2025 2024 2025 2024 3Q25 3Q24
Profit before Taxes $ 815.3 $ 1,197.1 $ 2,245.9 $ 2,101.7 $ 2,855.2 $ 2,119.5
Share of profit of equity-accounted investees, net of tax (4.5 ) (3.9 ) (15.0 ) 0.2 (18.2 ) 0.5
Net finance results 408.1 361.1 976.1 1,309.5 1,336.4 1,650.0
(+) Depreciation and amortization 584.0 542.8 1,684.9 1,633.6 2,240.8 2,210.9
EBITDA $ 1,803.1 $ 2,097.2 $ 4,891.9 $ 5,045.0 $ 6,414.2 $ 5,980.9
Adjustments to EBITDA:
Other income / expenses $ 11.1 $ 7.7 $ 26.6 $ 17.0 $ 41.5 $ 31.4
Reestructuring 2.2 30.8 23.8 83.0 36.3 90.4
Asset Impairment - - 12.8 - 12.8 5.4
Antitrust agreements 10.1 0.7 143.7 81.0 316.5 141.3
Donationsand Social Programs 0.6 3.6 1.7 18.2 6.0 25.3
Rio Grande do Sul Floods - 13.1 - 19.3 - 19.3
Fiscal payments and installments - - 2.4 81.8 2.4 81.8
Extemporaneous litigation - - - - 61.0 -
Reversal of tax credits - - - - 58.7 -
Avian Flu 7.5 - 13.1 - 13.1 -
Total Adjusted EBITDA $ 1,834.6 $ 2,153.1 $ 5,115.9 $ 5,345.3 $ 6,962.5 $ 6,375.8
(-) Depreciation and amortization 584.0 542.8 1,684.9 1,633.6 2,240.8 2,210.9
Adjusted Operating Income (IFRS) $ 1,250.6 $ 1,610.3 $ 3,431.1 $ 3,711.7 $ 4,721.7 $ 4,164.9
Total Gross Debt 20,768.6 18,958.0 20,768.6 18,958.0 20,768.6 18,958.0
(-)Cash and Equivalents 3,558.2 5,070.1 3,558.2 5,070.1 3,558.2 5,070.1
(-) Cash Margin 553.8 167.5 553.8 167.5 553.8 167.5
(-) Financial Investments 45.8 - 45.8 - 45.8 -
Total Net Debt $ 16,610.8 $ 13,720.5 $ 16,610.8 $ 13,720.5 $ 16,610.8 $ 13,720.5
Ratio Calculations:
Gross Debt/Adjusted EBITDA 2.98 x 2.97 x
Net Debt/Adjusted EBITDA 2.39 x 2.15 x
Third Quarter Nine Months Ended Twelve Months Ended
2025 2024 2025 2024 3Q25 3Q24
Cash provided by (used in) operating activities $ 1,321.6 $ 1,850.9 $ 1,809.7 $ 3,714.6 $ 3,619.4 $ 5,424.2
Interest paid and received (282.1 ) (432.7 ) (813.3 ) (1,024.9 ) (1,083.1 ) (1,347.3 )
Purchases of property, plant and equipment (546.9 ) (320.9 ) (1,261.0 ) (950.6 ) (1,790.8 ) (1,352.5 )
Payments of lease (110.0 ) (103.0 ) (325.0 ) (314.0 ) (428.7 ) (424.4 )
Free Cash Flow $ 382.7 $ 994.3 $ (589.6 ) $ 1,425.1 $ 316.8 $ 2,300.0 
11

^^

Net Debt Bridge and ProformaDebt Amortization Schedule¹

(In millions)

(Unaudited)

(1) Including US$570 million in CRA issuance, the repurchase program<br>and short term debt payment.
(2) Considering acquisitions, non-cash items and Others.
--- --- 
12

ROE, ROIC and Interest CoverageReconciliation

(In millions)

(Unaudited)

Last twelve months<br> ended in September 30,
2025 2024
Net Income LTM (A) $ 2,253.1 $ 1,551.2
Average Shareholder Equity (B) $ 9,494.8 $ 9,285.1
Current Shareholder Equity $ 9,509.2 $ 9,480.4
Previous Year Shareholder Equity $ 9,480.4 $ 9,089.8
ROE (A/B) 23.7 % 16.7 %
Last twelve months<br> ended in September 30,
2025 2024
NOPAT (A) $ 4,119.7 $ 3,596.6
Adjusted Operating Income (IFRS) $ 4,721.7 $ 4,164.9
Taxes $ -602.1 $ -568.3
Average Net Debt (B) $ 15,165.6 $ 14,886.9
Current Net Debt $ 16,610.8 $ 13,720.5
Previous Year Net Debt $ 13,720.5 $ 16,053.3
Average Shareholder Equity (C) $ 9,494.8 $ 9,285.1
Current Shareholder Equity $ 9,509.2 $ 9,480.4
Previous Year Shareholder Equity $ 9,480.4 $ 9,089.8
Invested Capital (B+C) $ 24,660.4 $ 24,172.0
ROIC [A/(B+C)] 16.7 % 14.9 %
Last twelve months<br> ended in September 30,
--- --- --- --- --- --- ---
2025 2024
Total Adjusted EBITDA $ 6,962.5 $ 6,375.8
Net Financial Expense $ 1,018.6 $ 1,012.7
Interest Coverage 6.84 x 6.30 x 
13

Conference Call Information and Other Selected Data

A conference call to discuss the Company’s financial results will be held at 9 a.m. Eastern time on Friday, November 14, 2025. A link for the webcast of the conference call is available on the JBS Investor Relations website at https://ir.jbsglobal.com/. The webcast also can be accessed by the following direct link: Click here to access. For those who cannot participate at the scheduled time, a replay of the live webcast and the accompanying slides will be available at https://ir.jbsglobal.com/. Financial information, such as this press release, as well as other supplemental data, can be accessed from the Company’s web site at https://ir.jbsglobal.com/

This press release is being made in respect of JBS N.V. and its subsidiaries (collectively, the “JBS Group”).

Forward-Looking Statements

We make statements about future events that are subject to risks and uncertainties. Such statements are based on the beliefs and assumptions of our Management and information to which the Company currently has access. Statements about future events include information about our current intentions, beliefs or expectations, as well as those of the members of the Company’s Board of Directors and Officers.

Forward-looking statements may include information on possible or presumed operating results, as well as statements that are preceded, followed or that include the words “believe,” “may,” “will,” “continue,” “expects,” “predicts,” “intends,” “plans,” “estimates,” or similar expressions.

Forward-looking statements and information are not guarantees of performance. They involve risks, uncertainties and assumptions because they refer to future events, depending, therefore, on circumstances that may or may not occur. Future results and shareholder value creation may differ materially from those expressed or implied by the forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.

IFRS and Non-GAAP FinancialMeasures

This release is prepared under IFRS and also includes certain non-GAAP financial measures. These measures are not calculated in accordance with any generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) and should not be viewed as substitutes for IFRS metrics such as net income, operating cash flow, or other measures of operating performance or liquidity.

We present non-GAAP financial measures to provide additional information that we believe is useful and meaningful to investors. However, such measures do not have standardized definitions and may therefore not be comparable to similarly titled measures presented by other companies. Non-GAAP financial measures should always be considered together with, and not as alternatives to, the financial results reported in accordance with IFRS as issued by the International Accounting Standards Board.

Additionally, this release contains certain “US Comparable” (“US Comp”) metrics. The consolidated US Comp figure includes managerial accounting GAAP adjustments in Seara and JBS Brazil for comparability purposes with USGAAP and American peers, in addition to the Business Units that already report under US GAAP.

Investor Contact: ir@jbs.com.br

Guilherme Cavalcanti (Global CFO)

Christiane Assis (IRO)

Pedro Bueno

Felipe Brindo

Vítor Figueira

Amanda Harumi

14

Report a Problem

Category
Description
Email (optional, for follow-up)