Equibles

6-K

JBS N.V. (JBS)

6-K 2025-08-15 For: 2025-08-14
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 August 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: ☐

EXHIBIT INDEX

ExhibitNumber Description of Document
99.1 JBS N.V.’s unaudited condensed consolidated interim financial information as of June 30, 2025 and for the three- and six-month periods ended June 30, 2025 and 2024 (in Brazilian reais) (English translation). 
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: August 14, 2025
JBS N.V.
By: /s/ Guilherme Perboyre Cavalcanti
Name: Guilherme Perboyre Cavalcanti
Title: Chief Financial Officer 
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Exhibit 99.1

JBS N.V.
Condensed interim financial statements
As of June 30, 2025 and 2024
In thousands of Brazilian Reais - R$ 

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Index Page
Statements of financial position - Assets 1
Statements of financial position - Liabilities and Equity 2
Statements of income for the six-month period ended June 30, 2025 and 2024 3
Statements of income for the three-month period ended Six and 2024 4
Statements of comprehensive income for the six-month period ended June 30, 2025 and 2024 5
Statement of comprehensive income for three-month period ended Six and 2024 6
Statements of changes in equity for the six-month period ended June 30, 2025 and 2024 7
Statements of cash flows for the six-month period ended June 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 11
Note 4 - Trade accounts receivable 12
Note 5 - Inventories 12
Note 6 - Biological assets 13
Note 7 - Recoverable taxes 13
Note 8 - Related parties transactions 13
Note 9 - Income taxes 14
Note 10 - Investments in subsidiaries, associates and joint venture 17
Note 11 - Property, plant and equipment 17
Note 12 - Leases 18
Note 13 - Intangible assets 19
Note 14 - Goodwill 19
Note 15 - Trade accounts payable 20
Note 16 - Loans and financing 21
Note 17 - Other taxes payable 22
Note 18 - Payroll and social charges 22
Note 19 - Provisions for legal proceedings 23
Note 20 - Equity 25
Note 21 - Net revenue 26
Note 22 - Net finance income (expense) 27
Note 23 - Earnings (losses) per share 27
Note 24 - Operating segments and geographic reporting 28
Note 25 - Expenses by nature 31
Note 26 - Risk management and financial instruments 33
Note 27 - Approval of the financial statements 42 
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Statements of financial position

In thousands of Brazilian Reais - R$

Note June 30, <br><br>2025 December 31,<br><br> 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents 3 13,745,075 34,761,540
Margin cash 3 2,451,535 845,581
Trade accounts receivable 4 19,937,381 23,131,584
Inventories 5 34,313,727 31,060,507
Biological assets 6 10,009,338 9,958,599
Recoverable taxes 7 3,562,067 3,949,002
Derivative assets 26 1,021,346 523,049
Other current assets 2,043,587 1,788,594
TOTAL CURRENT ASSETS 87,084,056 106,018,456
NON-CURRENT ASSETS
Recoverable taxes 7 9,755,406 8,746,343
Biological assets 6 3,185,662 3,209,059
Related party receivables 8 — 479,006
Deferred income taxes 9 2,841,907 4,032,292
Other non-current assets 2,695,823 1,664,118
18,478,798 18,130,818
Investments in equity-accounted investees, associates and joint venture 10 1,193,516 237,238
Property, plant and equipment 11 70,383,405 72,950,746
Right of use assets 12.1 8,780,137 9,888,317
Intangible assets 13 10,297,016 11,165,949
Goodwill 14 31,979,859 33,544,518
TOTAL NON-CURRENT ASSETS 141,112,731 145,917,586
TOTAL ASSETS 228,196,787 251,936,042

The accompanying notes are an integral part of these condensed interim financial statements.

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Statements of financial position

In thousands of Brazilian Reais - R$

Note June 30, <br><br>2025 December 31,<br><br> 2024
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable 15 27,384,937 33,844,098
Supply chain finance 15 5,633,704 4,512,390
Loans and financing 16 5,633,371 12,906,149
Income taxes 17 693,734 1,442,971
Other taxes payable 17 666,392 704,277
Payroll and social charges 18 7,474,712 8,890,600
Lease liabilities 12.2 1,918,986 2,078,637
Dividends payable 879 2,220,687
Provisions for legal proceedings 19 865,665 1,738,822
Derivative liabilities 26 2,135,263 1,027,793
Other current liabilities 4,067,906 2,817,627
TOTAL CURRENT LIABILITIES 56,475,549 72,184,051
NON-CURRENT LIABILITIES
Loans and financing 16 100,735,301 106,771,172
Income and other taxes payable 17 2,223,609 2,518,130
Payroll and social charges 18 1,458,182 2,184,137
Lease liabilities 12.2 7,744,278 8,658,990
Deferred income taxes 9 5,955,700 6,782,370
Provisions for legal proceedings 19 1,149,759 1,341,615
Related party payables 8 1,259,114 —
Derivative liabilities 26 449,939 619,766
Other non-current liabilities 286,860 505,385
TOTAL NON-CURRENT LIABILITIES 121,262,742 129,381,565
EQUITY 20
Share capital - common shares 171,262 23,576,206
Capital reserve 39,349,164 (747,381 )
Other reserves — 24,842
Profit reserves (2,943 ) 18,347,227
Accumulated other comprehensive loss 333,017 3,579,973
Retained earnings 6,098,939 —
Attributable to company shareholders 45,949,439 44,780,867
Attributable to non-controlling interest 4,509,057 5,589,559
TOTAL EQUITY 50,458,496 50,370,426
TOTAL LIABILITIES AND EQUITY 228,196,787 251,936,042

The accompanying notes are an integral part of these condensed interim financial statements.

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Statements of income for the six-month period ended June 30, 2025and 2024

In thousands of Brazilian Reais - R$

Six-month period ended <br><br>June 30,
Note 2025 2024
NET REVENUE 21 233,101,016 189,753,401
Cost of sales 25 (201,712,018 ) (162,560,564 )
GROSS PROFIT 31,388,998 27,192,837
Selling expenses 25 (13,780,368 ) (11,296,615 )
General and administrative expenses 25 (6,211,453 ) (6,251,088 )
Other incomes 25.1 277,795 195,012
Other expenses 25.1 (253,164 ) (342,437 )
NET OPERATING EXPENSES (19,967,190 ) (17,695,128 )
OPERATING PROFIT 11,421,808 9,497,709
Finance income 22 1,770,801 1,855,201
Finance expense 22 (5,023,066 ) (6,710,754 )
NET FINANCE EXPENSE (3,252,265 ) (4,855,553 )
Share of profit of equity-accounted investees, net of tax 10 60,303 (19,813 )
PROFIT BEFORE TAXES 8,229,846 4,622,343
Current income taxes 9 (2,252,510 ) (1,338,816 )
Deferred income taxes 9 641,668 546,643
TOTAL INCOME TAXES (1,610,842 ) (792,173 )
NET INCOME 6,619,004 3,830,170
ATTRIBUTABLE TO:
Company shareholders 5,915,773 3,361,213
Non-controlling interest 703,231 468,957
6,619,004 3,830,170
Basic and diluted earnings (losses) per share - common shares (R$) 23 5.33 3.03

The accompanying notes are an integral part of these condensed interim financial statements.

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Statements of income for the three-month period ended Six and 2024

In thousands of Brazilian Reais - R$

Three-month period ended <br><br>June 30,
Note 2025 2024
NET REVENUE 21 118,973,531 100,606,260
Cost of sales 25 (102,924,357 ) (85,094,071 )
GROSS PROFIT 16,049,174 15,512,189
Selling expenses 25 (6,839,137 ) (5,822,982 )
General and administrative expenses 25 (2,959,281 ) (3,631,157 )
Other incomes 100,434 89,974
Other expenses (89,762 ) (230,952 )
NET OPERATING EXPENSES (9,787,746 ) (9,595,117 )
OPERATING PROFIT 6,261,428 5,917,072
Finance income 22 393,430 1,021,992
Finance expense 22 (2,526,155 ) (4,150,221 )
FINANCE INCOME (EXPENSE) (2,132,725 ) (3,128,229 )
Share of profit of equity-accounted investees, net of tax 44,315 12,540
PROFIT BEFORE TAXES 4,173,018 2,801,383
Current income taxes 9 (938,672 ) (1,319,945 )
Deferred income taxes 9 133,054 541,608
TOTAL INCOME TAXES (805,618 ) (778,337 )
NET INCOME 3,367,400 2,023,046
ATTRIBUTABLE TO:
Company shareholders 2,992,115 1,715,206
Non-controlling interest 375,285 307,840
3,367,400 2,023,046
Basic and diluted earnings (loss) per share - common shares (R$) 23 2.70 1.55

The accompanying notes are an integral part of these condensed interim financial statements.

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Statements of comprehensive income for the six-month period endedJune 30, 2025 and 2024

In thousands of Brazilian Reais - R$

Six-month period ended<br><br>June 30,
Note 2025 2024
Net income 6,619,004 3,830,170
Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments 449,794 (125,635 )
Gain on cash flow hedge (151 ) 1,985
Deferred income tax on cash flow hedge (314 ) (675 )
Other fair value adjustments through other comprehensive income 935 13,399
Items that will not be subsequently reclassified to statement of income:
Gain associated with pension and other postretirement benefit obligations 2,209 53,054
Income tax on gain associated with pension and other postretirement benefit obligations 301 (11,143 )
Total other comprehensive income (loss) 452,774 (69,015 )
Comprehensive Income (loss) 7,071,778 3,761,155
Total comprehensive income (loss) attributable to:
Company shareholders 6,639,876 2,834,786
Non-controlling interest 431,902 926,369
7,071,778 3,761,155

The accompanying notes are an integral part of these condensed interim financial statements.

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Statement of comprehensive income for the three-month period endedSix and 2024

In thousands of Brazilian Reais - R$

Three-month period ended <br> June 30,
Note 2025 2024
Net income 3,367,400 2,023,046
Other comprehensive income
Items that are or may be subsequently reclassified to profit or loss:
Loss on foreign currency translation adjustments 747,183 (405,119 )
Gain on cash flow hedge (2,346 ) (524 )
Deferred income tax on cash flow hedge 233 178
Valuation adjustments to equity in subsidiaries 1,082 1,048,479
Items that will not be subsequently reclassified to profit or loss:
Gains associated with pension and other postretirement benefit obligations 5,096 30,778
Income tax on gain associated with pension and other postretirement benefit obligations 393 (5,324 )
Total other comprehensive loss 751,641 668,468
Comprehensive Income (loss) 4,119,041 2,691,514
Total comprehensive income (loss) attributable to:
Company shareholders 3,709,809 2,000,034
Non-controlling interest 409,232 691,480
4,119,041 2,691,514

The accompanying notes are an integral part of these condensed interim financial statements.

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Statements of changes in equity for the six-month period endedJune 30, 2025 and 2024 In thousands of Brazilian Reais - R$

Capital reserves Profit reserves Other comprehensive income
Note Share capital Share premium Premium on issue of shares Capital transactions Stock options Other reserves Treasury Legal Investments statutory Tax-incentive reserve VAE FCTA Retained earnings (loss) Total Non-controlling interest Total equity
BALANCE ON JANUARY 1, 2024 23,576,206 — 211,879 (1,015,880 ) 30,464 30,513 — 2,801,185 8,477,409 4,101,359 168,866 4,969,138 — 43,351,139 3,647,167 46,998,306
Net income — — — — — — — — — — — — 3,361,213 3,361,213 468,957 3,830,170
Gain (loss) on foreign currency translation adjustments (FCTA) — — — — — — — — — — — 642,729 642,729 451,556 1,094,285
Loss on net investment in foreign operations — — — — — — — — — — — (1,219,920 ) — (1,219,920 ) — (1,219,920 )
Gain on cash flow hedge, net of tax — — — — — — — — — — 1,310 — — 1,310 — 1,310
Gain associated with pension and other postretirement benefit obligations, net of tax — — — — — — — — — — 36,055 — — 36,055 5,856 41,911
Valuation adjustments to equity (VAE) in subsidiaries — — — — — — — — — — 13,399 — — 13,399 — 13,399
Total comprehensive income (loss) — — — — — — — — — — 50,764 (577,191 ) 3,361,213 2,834,786 926,369 3,761,155
Share-based compensation — — — 30,764 — — — — — — — — — 30,764 6,485 37,249
Realization of other reserves — — — — — (2,883 ) — — — — — — 2,883 — — —
Dividends to non-controlling interest — — — — — — — — — — — — — — (13,467 ) (13,467 )
Others — — — — — — — — — — — — — — (50 ) (50 )
BALANCE ON JUNE 30, 2024 23,576,206 — 211,879 (985,116 ) 30,464 27,630 — 2,801,185 8,477,409 4,101,359 219,630 4,391,947 3,364,096 46,216,689 4,566,504 50,783,193
BALANCE ON DECEMBER 31, 2024 23,576,206 — 211,879 (989,724 ) 30,464 24,842 — 3,281,981 7,094,066 7,971,180 265,507 3,314,466 — 44,780,867 5,589,559 50,370,426
Net income — — — — — — — — — — — — 2,923,658 2,923,658 327,946 3,251,604
Gain on net investment in foreign operations — — — — — — — — — — — 738,688 — 738,688 — 738,688
Valuation adjustments to equity in subsidiaries — — — — — — — — — — (146 ) — — (146 ) — (146 )
Gain (loss) on foreign currency translation adjustments — — — — — — — — — — — (731,391 ) — (731,391 ) (304,686 ) (1,036,077 )
Gain on cashflow hedge, net of tax — — — — — — — — — — 1,648 — — 1,648 — 1,648
Loss associated with pension and other postretirement benefit obligations, net of tax — — — — — — — — — — (2,390 ) — — (2,390 ) (590 ) (2,980 )
Total comprehensive income (loss) — — — — — — — — — — (888 ) 7,297 2,923,658 2,930,067 22,670 2,952,737
Share-based compensation — — — 33,794 — — — — — — — — — 33,794 7,126 40,920
Realization of other reserves — — — — — (2,181 ) — — — — — — 2,181 — — —
Distribution of interim dividends — — — — (4,436,233 ) (4,436,233 ) — (4,436,233 )
Dividends to non-controlling interest — — — — — — — — — — — — — — (1,521,557 ) (1,521,557 )
Others — — — — — — — — — — — — — — 1,655 1,655
JBS S.A. - Corporate Restructuring Implemented on May 23rd (23,402,716 ) 8,959,710 (211,879 ) 970,793 (30,464 ) (22,661 ) (33,137 ) (3,281,981 ) (2,657,833 ) (7,971,180 ) (240,867 ) (3,730,192 ) 180,985 (31,471,422 ) — (31,471,422 )
JBS N.V.
Net income — — — — — — — — — — — — 2,992,115 2,992,115 375,285 3,367,400
Loss on cash flow hedge, net of tax — — — — — — — — — — (2,113 ) — — (2,113 ) — (2,113 )
Gain associated with pension and other postretirement benefit obligations, net of tax — — — — — — — — — — 5,489 — — 5,489 — 5,489
Foreign exchange variation in subsidiaries — — — — — — — — — — — — — 32,865 32,865
Cumulative translation adjustment and foreign exchange variation 714,318 714,318 — 714,318
Other fair value adjustments through other comprehensive income — — — — — — — — — — — — — — 1,082 1,082
Total comprehensive income (loss) — — — — — — — — — — 3,376 714,318 2,992,115 3,709,809 409,232 4,119,041
Cancellation of shares 20 b.2 (2,228 ) 2,228 — — — — — — — — — — — — —
Common share contribution 20<br> b.6 — 10,196,381 — — — — — — — — — — — 10,196,381 — 10,196,381
Incorporation of shares 20<br> b.4 — 22,374,812 — — — — — — — — — — — 22,374,812 — 22,374,812
Repurchase of shares 20<br> b.7 — 1,048 — — — — (1,048 ) — — — — — — — — —
Share premium distribution 20<br> b.1 — (2,172,011 ) — — — — — — — — — — — (2,172,011 ) — (2,172,011 )
Listing costs — — — (30,015 ) — — — — — — — — — (30,015 ) — (30,015 )
Reflexive capital transaction — — — 33,390 — — — — — — — — — 33,390 6,925 40,315
Transfer of treasury shares — (31,242 ) — — — — 31,242 — — — — — — — — —
Dividends to non-controlling interests — — — — — — — — — — — — — — (7,852 ) (7,852 )
Others — — — — — — — — — — — — — — 1,299 1,299
BALANCE ON JUNE 30, 2025 171,262 39,330,926 — 18,238 — — (2,943 ) — — — 27,127 305,888 6,098,939 45,949,439 4,509,057 50,458,496 
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Statements of cash flows for the six-month period ended June 30,2025 and 2024

In thousands of Brazilian Reais - R$

Six-month period ended<br><br>June 30,
Notes 2025 2024
Cash flows from operating activities
Net income 6,619,004 3,830,170
Adjustments for:
Depreciation and amortization 6, 11, 12 and 13 6,333,116 5,546,846
Expected credit losses 4 77,427 31,269
Share of profit of equity-accounted investees 10 (60,303 ) 19,813
Result on the sale of fixed assets (52,237 ) (23,356 )
Income tax and social contribution 9 1,610,842 792,173
Net financial result 22 3,252,265 4,855,553
Share-based compensation 81,235 37,249
Provisions 19 90,693 109,341
Loss due to adjustment to recoverable value 5 45,153 69,971
Estimated losses for realizable value of inventories 19 118,756 (68,048 )
DOJ and Antitrust agreements 771,415 417,567
Fair value (market to market) of biological assets 6 (488,199 ) (125,297 )
Avian influenza 31,799 —
Asset impairment 33,094 —
18,464,060 15,493,251
Changes in assets and liabilities:
Trade accounts receivable 949,379 584,363
Inventories (5,526,966 ) (1,465,545 )
Recoverable taxes 538,908 116,883
Other current and non-current assets (2,103,602 ) (522,095 )
Biological assets (2,289,639 ) (1,032,721 )
Trade accounts payable and supply chain finance (3,358,103 ) (2,906,859 )
Taxes paid in installments (295,285 ) (177,346 )
Other current and non-current liabilities 1,004,406 75,296
Antitrust agreements payment (1,504,998 ) (446 )
Income taxes paid (3,163,267 ) (448,186 )
Changes in operating assets and liabilities (15,749,167 ) (5,776,656 )
Cash used in by operating activities 2,714,893 9,716,595
Interest paid (3,483,198 ) (3,509,624 )
Interest received 425,047 488,745
Net cash flows used in operating activities (343,258 ) 6,695,716
Cash flow from investing activities
Purchases of property, plant and equipment (4,093,531 ) (3,210,142 )
Proceeds from sale of property, plant and equipment 205,703 79,136
Proceeds of intangible assets (14,950 ) (23,015 )
Additional investments in equity-accounted investees (936,432 ) —
Acquisitions/ incorporations, net of cash acquired — (14,635 )
Dividends received 23,715 32,548
Related party transactions 26,345 2,580
Cash used in investing activities (4,789,150 ) (3,136,108 )
Cash flow from financing activities
Proceeds from loans and financings 25,854,004 3,574,492
Payments of loans and financings (26,809,208 ) (8,874,281 )
Derivatives instruments received/settled (301,106 ) (732,956 )
Margin cash withdraw/(applied in) (247,607 ) 6,079
Dividends paid (8,985,323 ) —
Dividends paid to non-controlling interest (1,509,691 ) (17,521 )
Payments of leasing contracts (1,236,096 ) (1,072,891 )
Cash provided (used in) by financing activities (13,235,027 ) (7,117,078 )
Effect of exchange rate changes on cash and cash equivalents (2,649,030 ) 1,946,503
Net change in cash and cash equivalents (21,016,465 ) (1,608,387 )
Cash and cash equivalents beginning of period 34,761,540 22,122,405
Cash and cash equivalents at the end of period 13,745,075 20,514,018
Non-cash transactions:
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Six-month period ended <br><br>June 30,
Notes 2025 2024
Non-cash additions to right of use assets and lease liabilities CPC 6 and IFRS 16 12 884,193 1,052,010
Capitalized interests 11 100,235 87,368

The accompanying notes are an integral part of these condensed interim financial statements.

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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1 BackgroundInformation

1.1 Reporting entity

JBS N.V. (“JBS N.V.” or the “Company”) is a corporation incorporated under the laws of the Netherlands on October 9, 2019, and is currently domiciled in Amsterdam. The Company is controlled by J&F S.A. (“J&F”) and became the holding entity of JBS S.A. and its subsidiaries following a corporate reorganization.

The unaudited condensed consolidated interim financial information reflects the operations of the JBS Group (“Group”). The Group operates in the processing of animal protein, such as beef, pork, lamb and chicken, and operates in the production of convenience foods and other products. In addition, it sells leather, hygiene and cleaning products, collagen, metal packaging, biodiesel, among others. The Group has a broad portfolio of brands including Seara, Doriana, Pilgrim’s, Moy Park, Primo, Adaptable Meals, Ozo, Friboi, Maturatta, and Swift.

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 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 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”.

JBS N.V. is registered as a Foreign Private Issuer with the U.S. Securities and Exchange Commission (SEC) and completed the process of registering as a foreign issuer with the Brazilian Securities and Exchange Commission (CVM), complying with applicable regulatory requirements in the Netherlands, Brazil, and the United States.

The Company’s only direct subsidiary is JBS Participações Societárias S.A., a wholly-owned entity headquartered in São Paulo, Brazil.

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:

Corporate restructuring

The Group accounted for the restructuring of entities under common control by recognizing the pre-restructuring carrying amounts in the consolidated financial statements of JBS N.V., without any fair value adjustments. Accordingly, these consolidated financial statements reflect:

(i) The historical operating results and financial position of<br>JBS S.A. prior to the restructuring;
(ii) The consolidated financial performance and position of JBS<br>N.V. subsequent to the completion of the restructuring;
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(iii) The assets and liabilities of JBS N.V. and its subsidiaries<br>stated at historical cost;
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(iv) The number of ordinary shares issued by JBS N.V. as a result<br>of the restructuring, which is reflected retrospectively from January 1, 2024, for the purpose of calculating earnings per share;
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(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;
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(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 (see note 20).
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1.2 Main events that occurredduring the period:

1.2.1 Dividend payment: On March 25, 2025, the Board of Directors of JBS S.A. approved the proposal to distribute dividends from the net profit reserve balance of the year 2024, in the amount of R$4.4 billion, corresponding to R$2.00 per common share. The proposal was approved by the Ordinary General Meeting of Shareholders held on April 29, 2025, and the payment of the dividends occurred on May 14, 2025.

1.2.2 Investment in MantiqueiraAlimentos Ltd.: On April 1, 2025, the acquisition of 48.5% of the total share capital and 50% of the voting shares of Mantiqueira Alimentos Ltda. by the Company, through its indirect subsidiary JBS Holding Brasil S.A., as a joint venture recorded in Investments in equity-accounted investees, was completed. The transaction was amounted at R$936,431. Mantiqueira is a leading company in the production of organic eggs, produced without antibiotics, hormones, and with free-range hens. The operation was approved without restrictions by CADE (Administrative Council for Economic Defense) on February 26, 2025.

| 9 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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1.2.3 The process of dual listingsin both Brazil and the United States is ongoing: On April 22, 2025, the Securities and Exchange Commission (SEC) declared effective the registration statement on Form F-4 regarding the offer of Class A shares of JBS N.V., a company incorporated in the Netherlands. The shareholders’ meeting, held on May 23, 2025, approved the transaction. On May 30, JBS N.V. obtained its foreign issuer registration and the Level II BDR program registration with the Brazilian Securities and Exchange Commission (CVM), as well as authorization for BDR trading on B3. On June 6, the merger of all shares of JBS S.A. into JBS Participações S.A. was completed, resulting in JBS S.A. as a wholly owned subsidiary of JBS N.V. The redeemable preferred shares were redeemed by delivering 1 JBS N.V. BDR for every 2 common shares of JBS S.A. Starting on June 9, 2025, the BDRs began trading on B3 under the ticker “JBSS32.” On June 5, the NYSE approved the listing of JBS N.V.’s Class A shares, which began trading on June 13, 2025, under the ticker “JBS.”

**1.2.4 Distribution of dividends:**On May 23, 2025, The Extraordinary General Assembly of JBS S.A. approved the distribution of dividends derived from the profit reserves for the fiscal year ending December 31, 2024, amounting to R$ 2.22 billion, corresponding to R$ 1.00 per ordinary share. The payment of the dividends was made on June 17, 2025.

1.2.5 Certificates of AgribusinessReceivables (CRA): On May 29, 2025, an offering of three series of Agribusiness Receivables Certificates (CRAs) was carried out, issued by the indirect subsidiary Seara Alimentos Ltda. and guaranteed by JBS S.A., with maturities scheduled for 2035, 2045, and 2055, totaling a principal amount of R$919.6 million. The offering was concluded on June 4, 2025. The funds raised will be used to finance the purchase of grains.

1.2.6 Debt registration with theSecurities Exchange Commission (SEC): On June 23, 2025, JBS S.A., through its indirect subsidiaries JBS USA Holding Lux S.a.r.l, JBS USA Food Company, and JBS USA Foods Group Holdings, Inc., issued US$3.5 billion (equivalent to R$19.1 billion) in senior notes maturing in 2036, 2056, and 2066, registered with the Securities and Exchange Commission (SEC) of the United States. The offering was completed on July 3, 2025, and the net proceeds will be used for the repurchase and redemption of existing securities, the repayment of short-term debt, and other general corporate purposes.

1.2.7 Bond Repurchase Offer: On June 23, 2025, JBS USA Food Company, an indirect subsidiary of JBS S.A., simultaneously launched three liability management transactions aimed at the repurchase and redemption of Senior Notes issued by group companies in the United States, with effective completion on June 3, 2025. The first offer consisted of the partial repurchase of approximately US$894 million (equivalent to R$4.9 billion) in principal value of Senior Notes maturing in 2027, equivalent to 89,4% of the total outstanding. In addition, the Company announced, on the same date, the anticipated and full redemption of the Notes maturing in 2028 and 2030. The 2028 Notes, amounting to US$899.7 million (equivalent to R$4.9 billion), were redeemed at 102,478% of the principal value; and the 2030 Notes, totalling US$399.7 million (equivalent to R$2.2 billion), at 102,750%, both increased by the accrued interest that was unpaid up to the settlement date. All three coordinated transactions are part of JBS’s proactive debt management strategy, focusing on capital structure optimization and extension of maturities, reaffirming the Company’s commitment to financial discipline and value creation for its stakeholders.

1.3 Seasonality

The 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 certain products at specific 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 slaughters in the fourth quarter, as the rainy season affects the availability and transport of cattle. In Brazil, beef sales do not fluctuate significantly during the year. The pork industry in the United States and Australia has 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 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 in the total amount of US$3.5 billion (equivalent to R$19.1 billion), divided into three series: US$1.25 billion maturing in 2036 with an annual interest rate of 5.50%; US$1.25 billion (equivalent to R$6.8 billion) maturing in 2056 with an annual interest rate of 6.25%; and US$1 billion (equivalent to R$5.5 billion) maturing in 2066 with an annual interest rate 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 used primarily for the repurchase and redemption of notes maturing in 2027, 2028, and 2030, as well as for the repayment of short-term debt, with any remaining balance allocated to general corporate purposes.

1.4.2 Investment in Granjeros Campo9 S.A. (Granjeros Campo): On July 7, 2025, the indirect subsidiary Seara Alimentos Ltda. signed an investment agreement with Granjeros Campo. for the acquisition of 90% of the company’s share capital, represented by the amount of US$ 6.3 million (equivalent to R$34.4 millions). Granjeros Campo is a company in the meat processing sector that focuses on the production and slaughter of poultry in Paraguay.

1.4.3 Acquisition of ProductionFacility: On August 13, 2025, the Company entered into an agreement to acquire a production facility in Ankeny, Iowa (USA) for US$100 million (equivalent to R$545 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.

1.4.4 Approval of New RepurchasePlan: On August 13, 2025, the Board of Directors approved a new repurchase plan authorizing the acquisition of Class A common shares and Brazilian Depositary Receipts (BDRs) in an aggregate amount of up to US$400 million (equivalent to R$2.18 billion). The program will commence on August 18, 2025, and remain in effect until the maximum investment is reached or the Board suspends or terminates the plan, whichever occurs first.

| 10 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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2 Basis of preparationand presentation of financial statements

The unaudited condensed consolidated interim financial information as of and for the three and six-month period ended June 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.

2.1Functional and presentation currency

These condensed interim financial statements are presented in Brazilian reais (R$), which is the Company’s presentation and functional currency. All financial information is presented in thousands of reais, except when indicated otherwise.

2.2 New standards, amendmentsand interpretations

a. a. Standards, amendments and interpretations recentlyissued and adopted by the Group

IAS 21 – Effects of changesin exchange 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 andinterpretations that 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:

i. 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.
ii. Management has defined performance measures, which are disclosed in a single note in the financial statements.
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iii. Enhanced guidance will be provided on how to group information in the financial statements.
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Additionally, 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 will adjust the disclosure in accordance with the standard’s requirements in the annual financial statements.

3 Cash and cashequivalents and margin cash

June 30, <br><br>2025 December 31, <br><br>2024
Cash on hand and at banks 6,497,833 13,609,569
CDB (bank certificates of deposit) and National Treasury Bill (Tesouro Selic) ^(1)^ 7,247,242 21,151,971
Cash and cash equivalents total 13,745,075 34,761,540
Margin cash 2,011,700 645,361
Investments in Treasury bills 439,835 200,220
Margin cash total 2,451,535 845,581
Total 16,196,610 35,607,121

^^

^(1)^ CDBs are held at high quality financial institutions and earn<br>interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate (Certificado de Depósito Interbancário<br>- CDI). Tesouro Selic are bonds purchased from financial institutions having conditions and characteristics that are similar to CDB’s. 
| 11 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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On June 30, 2025, the availability under Brasil revolving credit facilities was US$2.9 billion (equivalent R$15,8 billion) and on December 31, 2024 US$2.9 billion (equivalent R$18 billion). In the United States the revolving credit facilities on June 30, 2025, was US$500 million (equivalent R$2,7 billion) and on December 31, 2024 US$500 million (equivalent R$3.1 billion).

^^

4 Trade accountsreceivable

June 30, <br><br>2025 December 31, <br><br>2024
Current receivables:
Domestic sales 11,778,762 12,351,574
Foreign sales 5,391,403 7,285,879
Subtotal 17,170,165 19,637,453
Overdue receivables:
From 1 to 30 days 2,227,499 2,753,633
From 31 to 60 days 334,796 379,673
From 61 to 90 days 77,415 127,583
Above 90 days 698,791 810,229
Expected credit losses (555,404 ) (551,484 )
Present value adjustment (15,881 ) (25,503 )
Subtotal 2,767,216 3,494,131
Trade accounts receivable, net 19,937,381 23,131,584

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 June 30, 2025, was 5,45% per year (9,96% per year on June 30, 2024). Realization of the present value adjustment is recognized as deduction item to sales revenue.

Changes in expected creditlosses:

June 30, <br><br>2025 June 30, <br><br>2024
Balance at the beginning of the period (551,484 ) (411,088 )
Additions (77,427 ) (31,269 )
Write-offs (Reversals) 47,307 16,128
Exchange rate variation 26,200 (50,751 )
Balance at the end of the period (555,404 ) (476,980 )

5 Inventories

Consolidated
June 30, <br><br>2025 December 31, <br><br>2024
Finished products 22,392,214 18,690,228
Work in process 3,581,938 3,046,702
Raw materials 4,739,626 5,250,509
Supplies 3,599,949 4,073,068
34,313,727 31,060,507

During the six-month period ended June 30, 2025 and 2024, the Company recognized the net realizable value of inventories, whose additions and write-offs were recorded in cost of goods sold, in the amounts of R$(118.756) and R$68.048, respectively.

^^

| 12 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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6 Biological assets

Changes in biological assets:

Current Non-current
June 30, <br><br>2025 June 30, <br><br>2024 June 30, <br><br>2025 June 30, <br><br>2024
Balance at the beginning of the period 9,958,599 8,289,048 3,209,059 2,573,041
Increase by reproduction (born) and cost absorption including death 29,547,201 27,076,858 4,111,420 3,563,054
Reduction for slaughter, sale or consumption (33,345,346 ) (31,146,141 ) (181,864 ) (173,255 )
Purchases 1,431,430 1,093,975 726,798 618,230
Fair value adjustments 488,301 125,628 (102 ) (331 )
Reclassification from non-current to current 2,660,758 2,429,666 (2,660,758 ) (2,429,666 )
Exchange rate variation (731,605 ) 745,303 (240,725 ) 247,066
Amortization — — (1,778,166 ) (1,554,553 )
Balance at the end of the period 10,009,338 8,614,337 3,185,662 2,843,586

7 Recoverable taxes

June 30, <br><br>2025 December 31, <br><br>2024
Value-added tax on sales and services - ICMS/IVA/VAT/GST 3,999,222 4,029,501
Social contribution on billings - PIS and COFINS 7,228,673 2,505,857
Withholding income tax - IRRF/IRPJ 102,805 5,945,608
Excise tax - IPI 1,896,941 100,166
Reintegra 25,604 47,414
Other 64,228 66,799
13,317,473 12,695,345
Current Asset 3,562,067 3,949,002
Non-current Asset 9,755,406 8,746,343
13,317,473 12,695,345

8 Related parties 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 receivable

June 30, <br><br>2025 December 31, <br><br>2024
Laguz I Fundo de Investimento ^(1)^ (915,537 ) —
J&F S.A. ^(2)^ (343,577 ) 479,006
(1,259,114 ) 479,006
^(1)^ In May 2025, JBS S.A. acquired tax credit rights from the<br>related party Laguz I Fundo de Investimento through an agreement providing for 36 installments, with final maturity in April 2028. These<br>tax credits originate from a judicial claim related to the export credit premium incentive. The case has already been definitively settled<br>in favor of the taxpayer, and is currently in the final stage of assessment and confirmation of the credit balance. The credit rights<br>were acquired at an approximate discount of 35%, and the credits will be used to offset the Company’s tax obligations once the<br>case is finalized and the use of the credits is authorized by the relevant regulatory authorities. The credits have been recorded under<br>“Other receivables” in the financial statements.
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^(2)^ The net balance payable to J&F S.A. refers to: (i) R$<br>494.716 receivable, arising from the settlement agreement entered into between JBS S.A., J&F S.A., and certain former executives<br>of the Company, which resulted in the definitive termination of the dispute addressed in arbitration proceeding, under which J&F<br>S.A. committed to settle the amount in accordance with the terms and conditions set forth in the agreement; and (ii) R$ (838.293) payable,<br>related to the purchase of the Araputanga Plant, to be settled in 24 installments, with final maturity in May 2027.
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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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Other financial transactions inthe Group

The Group and some of its subsidiaries entered into an agreement with Banco Original, under which Banco Original acquires receivables held against certain domestic and international customers. The assignments are negotiated without recourse, through the definitive transfer of risks and benefits of the receivables to Banco Original. On June 30, 2025, the Group had R$4,338,127 (R$3,205,613 as of December 31, 2024) in assigned receivables. For the six-month period ended June 30, 2025, the Group recorded financial costs related to this operation in the amount of R$311,798 (R$332,209 as of June 30, 2024), which were recorded in the financial statements as financial expenses.

On June 30, 2025, the Group and some of its subsidiaries held balances with Banco Original totaling R$2,620,015 (R$1,877,476 on December 31, 2024), recorded under cash and cash equivalents. Financial investments, including CDBs (Bank Deposit Certificates) and similar instruments, yield returns equivalent to the CDI (Interbank Deposit Certificate) according to the specified term and investment amount, following market practices. For the six-month period ended June 30, 2025, interest earned from these investments amounted to R$82,599 (R$94,307 as of June 30, 2024), recorded in the financial statements as financial income.

The Company has cattle purchase commitments for future delivery with certain suppliers, including the related party JBJ Agropecuária (“JBJ”), ensuring the acquisition of cattle at a fixed or adjustable price, without any cash effect on the Company until these commitments mature. Under this forward delivery contract, JBJ has already advanced financing through banks in a reverse factoring arrangement. On June 30, 2025 the balance of this transaction was R$446,400 (R$299,200 on December 31, 2024).

The Company also engages in bovine by-product purchasing operations for rendering activities with Prima Foods S.A.

The Company is the sponsor of the J&F Institute, a business school for young people aiming to train future leaders, offering free, high-quality education. During the six-month period ended June 30, 2025 the Company made donations totaling R$38,346 (R$65,941 as of June 30, 2024), recorded in the financial statements as administrative expenses.

^^

On December 30, 2024, the Company entered into an agreement to sell its Hygiene and Beauty operations to the related party Flora Produtos de Higiene e Limpeza S.A. The transaction includes the transfer of assets and operations related to the manufacturing and sale of hygiene and beauty products, as per the terms agreed between the parties. The sale price was set at R$ 315 million, subject to working capital adjustments, of which R$ 50 million was advanced on January 9, 2025. The transaction will be completed upon the fulfillment of the conditions precedent stipulated in the agreement. The Company did not classify the operation as discontinued as of March 31, 2025, as it does not represent a significant line of business, accounting for only 0.2% of the Parent Company’s net assets.

During the six-month period ended June 30, 2025 and 2024, no expected losses from doubtful debts were recorded, nor were any bad debt expenses recognized related to transactions with related parties.

Remuneration of key management

The Company’s key management is comprised of its Executive Officers and Board of Directors. The aggregate amount of compensation received by the Company’s key management during the six-month period ended June 30, 2025 and 2024 is the following:

2025 2024
Salaries and wages 23,496 17,942
Variable cash compensation 117,257 82,214
140,753 100,156

The Chief Executive Officer, the Administrative and Control Officer, the Chief Financial Officer and the Executive Officers are parties to the Brazilian employment contract regime referred to as CLT (which is the Consolidation of Labor Laws), which follows all the legal prerogatives of payments and benefits.

Except for those described above, the Board of Directors members are not part to any employment contract or any other contracts for additional business benefits such as post-employment benefits or other long-term benefits, termination of work that does not conform to those requested by the CLT (Brazilian Labor Law).

9 Income taxes

a. Compositionof deferred tax income and social contribution

June 30, <br><br>2025 December 31, <br><br>2024
Deferred income taxes assets 2,841,907 4,032,292
Deferred income taxes liabilities (5,955,700 ) (6,782,370 )
(3,113,793 ) (2,750,078 ) 
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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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December 31, <br><br>2024 Income<br> <br>statement Exchange<br> <br>variation Other<br> <br>adjustments ^(2)^ June 30, <br><br>2025
Tax losses and negative basis of social contribution 4,206,273 715,231 (166,931 ) (1,118,109 ) 3,636,464
Expected credit losses on trade accounts receivable 261,962 (67,073 ) (9,093 ) — 185,796
Provisions for contingencies 585,092 (57,688 ) (14,873 ) — 512,531
Present value adjustment (655,371 ) (111,057 ) 39,769 — (726,659 )
Tax credits - Foreign subsidiaries 54,482 217 (6,865 ) — 47,834
Labor accidents accruals - Foreign subsidiaries 55,510 (15,811 ) (5,912 ) — 33,787
Pension plan - Foreign subsidiaries 19,871 19,954 (3,018 ) (606 ) 36,201
Accrued liabilities 1,547,164 59,102 (146,316 ) — 1,459,950
Non-deductible interests - Foreign subsidiaries 1,731,193 277,833 (198,779 ) — 1,810,247
Right of use assets 160,794 22,493 (6,382 ) — 176,905
Goodwill amortization (4,504,135 ) (100,809 ) 70,238 — (4,534,706 )
Business combination (2,885,099 ) (96,358 ) 320,751 — (2,660,706 )
Inventory valuation - Foreign subsidiaries. (517,098 ) (88,405 ) 105,680 — (499,823 )
Hedge and hedge accounting operations ^(1)^ 284,602 (81,201 ) — 233 203,634
Realization of other reserves (545,623 ) 7,265 — — (538,358 )
Accelerated depreciation and amortization (2,971,821 ) (49,333 ) 329,748 — (2,691,406 )
Cut-off adjustment 94,581 11,320 — — 105,901
Other temporary differences 327,545 195,987 (194,917 ) — 328,615
Deferred taxes, net (2,750,078 ) 641,667 113,100 (1,118,482 ) (3,113,793 )
December 31,<br> 2023 Income<br> <br>statement Exchange<br> <br>variation Other<br> <br>adjustments ^(2)^ June 30, <br> 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Tax losses and negative basis of social contribution 4,067,527 (353,755 ) 172,298 — 3,886,070
Expected credit losses on trade accounts receivable 184,384 42,811 13,325 — 240,520
Provisions for contingencies 607,063 (4,275 ) 14,445 — 617,233
Present value adjustment (340,134 ) 131,473 (43,145 ) — (251,806 )
Tax credits - Foreign subsidiaries 114,666 (1,076 ) 17,037 (251 ) 130,376
Labor accidents accruals - Foreign subsidiaries 38,377 (5,145 ) 5,217 — 38,449
Pension plan - Foreign subsidiaries 57,882 (7,468 ) 7,346 (10,665 ) 47,095
Present value adjustment - Trade accounts payable 1,118,141 259,854 157,229 — 1,535,224
Non-deductible interests 1,026,154 289,114 173,701 — 1,488,969
Right of use assets 123,053 16,368 6,639 — 146,060
Goodwill amortization (4,124,007 ) (37,863 ) (69,614 ) — (4,231,484 )
Business combination (2,150,748 ) (158,242 ) (302,040 ) — (2,611,030 )
Inventory valuation - Foreign subsidiaries. (720,473 ) (96,436 ) (110,203 ) — (927,112 )
Hedge and hedge accounting operations ^(1)^ (122,796 ) 284,971 — (675 ) 161,500
Realization of other reserves (559,848 ) 7,170 — — (552,678 )
Accelerated depreciation and amortization (2,489,809 ) 175,995 (355,642 ) — (2,669,456 )
Cut-off Adjustment (Revenue Recognition) 2,982 138,914 — — 141,896
Other temporary differences 333,509 (135,767 ) 11,150 — 208,892
Deferred taxes, net (2,834,077 ) 546,643 (302,257 ) (11,591 ) (2,601,282 )

^^

^(1)^ The hedge and hedge accounting operations are demonstrated<br>in footnote 26 - Risk management and financial instruments.

^^

^(2)^ Changes in deferred tax balance sheet accounts that do not<br>directly impact income statement accounts are presented in a specific column in the explanatory notes. The main adjustment refers to<br>the transfer of tax loss carryforwards and negative CSLL bases from the indirect subsidiary Seara Alimentos and its indirect subsidiaries<br>to JBS S.A., for the settlement of the tax assessment related to the taxation of profits earned abroad (TBU) for the 2016 calendar year.<br>This assessment was upheld in a final decision by the Administrative Council of Tax Appeals (CARF) through a casting vote, and its full<br>settlement was carried out with discounts through the utilization of tax credits. Additionally, deferred taxes on cash flow hedge operations<br>recorded in other comprehensive income by the subsidiary Seara Alimentos were also recognized.

^^

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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^^

b. Reconciliation of income tax andsocial contribution expense:

^^

Six-month period ended <br> June 30, Three-month period ended <br> June 30,
2025 2024 2025 2024
Profit before taxes 8,229,846 4,622,343 4,173,018 2,801,383
Brazilian statutory corporate tax rate ^(3)^ (34 )% (34 )% (34 )% (34 )%
Expected tax expense (2,798,148 ) (1,571,597 ) (1,418,826 ) (952,470 )
Adjustments to reconcile taxable income tax expense (benefit):
Share of profit of equity-accounted investees 20,503 (6,733 ) 15,067 4,264
Investment allowances ^(4)^ 615,500 557,654 317,879 294,401
Difference of tax rates on taxable income from foreign subsidiaries 270,514 351,844 126,123 176,934
Profits taxed by foreign jurisdictions ^(5)^ (484,734 ) (195,034 ) 173,850 (342,385 )
Transfer pricing adjustments — (24,830 ) — (12,415 )
Deferred income tax not recognized 449,257 23,853 (147,907 ) 33,863
Non-taxable interest - Foreign subsidiaries 36,041 39,104 17,818 8,667
Dividends paid abroad — (54,688 ) — (54,688 )
Donations and social programs ^(6)^ — (10,429 ) — (33 )
SELIC interest on tax credits 182,371 21,299 20,924 17,657
7,914 7,914 —
Other permanent differences 89,940 77,384 81,540 47,868
Current and deferred income tax expense (1,610,842 ) (792,173 ) (805,618 ) (778,337 )
Current income tax (2,252,510 ) (1,338,816 ) (938,672 ) (1,319,945 )
Deferred income tax 641,668 546,643 133,054 541,608
(1,610,842 ) (792,173 ) (805,618 ) (778,337 )
Effective income tax rate (19.31 )% (17.14 )% (19.31 )% (27.78 )%

Additional information: analysisof the variation in the effective rate:

According to IAS 12/CPC 32, the effective average tax rate is calculated as the ratio between tax expense (income) and accounting profit. However, it is important to note that this rate may be influenced by transactions that affect the tax expense (income) but are not directly related to net income for the period. Examples of such transactions include the effects of unrecognized deferred taxes, income tax, and social contribution on the realization of the revaluation reserve, which, in our view, should be considered when analyzing the effective tax rate.

^(3)^ The nominal tax rate of 34% was adopted in the income tax<br>reconciliation as it reflects the expected tax burden on the Group’s profit, since the profits of international subsidiaries located<br>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<br>adequately represents the consolidated nominal tax burden, as provided for in paragraph 85 of IAS 12 – Income Taxes.

^^

^(4)^ The Company and its subsidiaries receive grants from state<br>governments in the form of presumed credits, in accordance with each state’s regulations. The amounts recognized as income from<br>these tax incentives are excluded from the calculation of income taxes when the requirements under the applicable legislation are met.
^(5)^ According to Law No. 12,973/14, the income of foreign subsidiaries<br>is subject to taxation at the nominal rate of 34%, and the taxes paid abroad by these subsidiaries may be credited in Brazil. The income<br>earned by foreign subsidiaries is subject to taxation in the countries where they are located, in accordance with applicable rates and<br>regulations (profits taxed by foreign jurisdictions are included in the reconciliation of income tax and social contribution expense).<br>The Company analyzes the income of each subsidiary in accordance with its local income tax legislation to ensure compliance with tax<br>treaties signed by Brazil and to prevent double taxation.
--- ---
^(6)^ Refers to the donations made by the Company, as described<br>in Note 25 – Expenses by nature.
--- ---

Global Minimum Tax:

Starting from the 2024 calendar year, the Pillar II rules have come into effect in various countries, impacting multinational companies operating in those jurisdictions.

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

| 16 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

10 Investmentsin equity-accounted investees, associates and joint venture

Changes in the investments:

Refers to investments in associate and joint venture:

Equity
Participation December 31,<br> 2024 Additions Profitdistribution Changes in the <br><br>equity of<br><br> investees Proportionate share<br> of income June 30, <br><br>2025
Meat Snacks Partners, LLC. 50% 119,721 — (23,715 ) (4,726 ) 29,297 120,577
JBS Foods Ontario, Inc. 100% 107,573 — — (12,940 ) 2,912 97,545
Birla Societá Agricola Srl 20% 9,944 — — (20 ) (64 ) 9,860
Mantiqueira Alimentos ^(1)^ 48.5% — 936,431 — 945 28,158 965,534
Total 237,238 936,431 (23,715 ) (16,741 ) 60,303 1,193,516
Equity
--- --- --- --- --- --- --- --- --- ---
Participation December 31,<br> 2023 Profit <br> distribution Changes in the<br> equity of<br><br> investees Proportionate share of income March 31, <br> 2024
Meat Snacks Partners, LLC. 50% 188,431 (32,548 ) 458 (22,785 ) 133,556
JBS Foods Ontario, Inc. 100% 77,430 — 12,062 3,026 92,518
Birla Societá Agricola Srl 20% 8,160 — 916 (54 ) 9,022
Total 274,021 (32,548 ) 13,436 (19,813 ) 235,096
^(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 total transaction value was<br>R$936.431, of which R$560.403 referred to the recognized goodwill. The transaction received unconditional approval from CADE (Administrative<br>Council for Economic Defense) on February 26, 2025 and was finalized on April 1^st^, 2025.
--- ---

^^

11 Property, plant andequipment

Changes in property, plant and equipment:

December 31,<br><br> 2024 Additionsnet of transferences ^(1) (2)^ Disposals Depreciation <br><br>expense Exchange rate <br><br>variation June 30, <br><br>2025
Buildings 24,660,693 1,597,681 (16,569 ) (718,123 ) (1,558,827 ) 23,964,855
Land 6,621,997 48,900 (8,399 ) — (268,607 ) 6,393,891
Machinery and equipment 25,005,721 1,704,262 (19,198 ) (1,826,450 ) (1,704,843 ) 23,159,492
Facilities 4,225,300 455,352 (7,032 ) (149,218 ) (2,866 ) 4,521,536
Computer equipment 1,158,977 167,058 (8,163 ) (174,249 ) (94,055 ) 1,049,568
Vehicles (land and air) 1,706,489 448,169 (50,116 ) (140,331 ) (86,296 ) 1,877,915
Construction in progress 7,670,931 206,409 (7,951 ) — (392,589 ) 7,476,800
Other 1,900,638 345,765 (2,288 ) (134,247 ) (170,520 ) 1,939,348
72,950,746 4,973,596 (119,716 ) (3,142,618 ) (4,278,603 ) 70,383,405
December 31, <br><br>2023 Additionsnet of transferences ^(1)^ Disposals Depreciation <br><br>expense Exchange rate <br><br>variation June 30, <br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Buildings 20,842,498 981,711 (13,650 ) (654,679 ) 1,710,370 22,866,250
Land 5,856,709 85,555 (3,613 ) — 300,576 6,239,227
Machinery and equipment 20,868,860 1,972,264 (49,806 ) (1,610,014 ) 2,029,352 23,210,656
Facilities 3,698,925 525,111 (199 ) (134,148 ) 7,663 4,097,352
Computer equipment 805,067 180,823 (711 ) (124,178 ) 93,521 954,522
Vehicles (land and air) 1,320,041 98,902 (20,128 ) (106,565 ) 73,491 1,365,741
Construction in progress 7,923,847 (805,708 ) (13,664 ) — 525,681 7,630,156
Other 1,225,173 159,737 (795 ) (99,565 ) 146,915 1,431,465
62,541,120 3,198,395 (102,566 ) (2,729,149 ) 4,887,569 67,795,369

^^

^(1)^ Additions for each category includes transfer from construction<br>in progress during the period.
^(2)^ Of the total amount of additions net of transfers, R$1,422<br>refers to the acquisition of JBS Terminais Ltda.
--- --- 
| 17 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

For six-month period ended June 30, 2025, the amount of capitalized interest added to construction in progress and included in additions was R$100,235 (R$87.368 on June 30, 2024) in the Consolidated.

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.

For the six-month period ended June 30, 2025, the Company recognized a fixed asset impairment in the amount of US$846 (equivalent to R$4.617) in reference to the indirect subsidiary Pilgrim’s Pride Corporation (PPC).

The capitalization rate used on June 30, 2025 was 6,90% p.y. (6,17% p.y. on June 30, 2024).

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 5.72% p.y. for the six-month period ended June 30, 2025 (5.29% p.y. on June 30, 2024).

12.1 Right of use asset

Changes in the right of use assets:

December 31, <br><br>2024 Additions ^(1)^ Terminated contracts Amortization Exchange rate <br><br>variation June 30, <br><br>2025
Growing facilities 3,915,188 430,043 (55,670 ) (421,114 ) (220,873 ) 3,647,574
Buildings 3,956,761 97,392 (69,115 ) (270,162 ) (263,904 ) 3,450,972
Computer equipment 33,258 (377 ) — (19,236 ) — 13,645
Machinery and equipment 660,080 97,780 (24,325 ) (150,888 ) (25,641 ) 557,006
Operating plants 53,394 4,365 — (9,084 ) (45 ) 48,630
Land 99,071 2,656 (459 ) (7,482 ) (9,434 ) 84,352
Vehicles (land, air and sea) 1,170,565 140,584 (36,441 ) (201,462 ) (106,307 ) 966,939
Concession Agreement JBS Terminals ^(2)^ — 22,044 — (11,025 ) — 11,019
9,888,317 794,487 (186,010 ) (1,090,453 ) (626,204 ) 8,780,137
December 31, <br><br>2023 Additions ^(1)^ Terminated <br><br>contracts Amortization Exchange rate <br><br>variation June 30, <br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Growing facilities 3,899,030 273,261 (124,785 ) (408,086 ) 264,874 3,904,294
Buildings 2,576,093 489,750 (70,871 ) (229,858 ) 265,774 3,030,888
Computer equipment 75,203 — (569 ) (22,338 ) 3 52,299
Machinery and equipment 436,204 151,134 (14,820 ) (115,723 ) 35,811 492,606
Operating plants 95,348 2,546 (17,905 ) (12,907 ) 1,292 68,374
Land 92,882 3,094 — (6,610 ) 9,089 98,455
Vehicles (land, air and sea) 1,083,095 118,656 (4,261 ) (183,190 ) 148,049 1,162,349
8,257,855 1,038,441 (233,211 ) (978,712 ) 724,892 8,809,265

^^

^(1)^ The balance of additions is being reduced and presented as<br>net of the reduction with a tax impact of PIS/COFINS amounting to R$(14,135) in the Consolidated (R$(14,019) as of June 30, 2024).
^(2)^ Of the total amount of additions, R$6,488 refers to the acquisition<br>of JBS Terminais Ltda.
--- ---

^^

12.2 Lease liabilities

June 30, <br><br>2025 December 31, <br><br>2024
Undiscounted lease payments 12,012,992 13,221,353
Present value adjustment (2,349,728 ) (2,483,726 )
9,663,264 10,737,627
Breakdown:
Current liabilities 1,918,986 2,078,637
Non-current liabilities 7,744,278 8,658,990
9,663,264 10,737,627 
| 18 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

Changes in the lease liabilities:

December 31, <br><br>2024 Additions Interest accrual Payments Terminated contracts Exchange rate variation June 30, <br><br>2025
Lease liabilities 10,737,627 884,193 293,685 (1,377,706 ) (236,075 ) (638,460 ) 9,663,264

^^

December 31, <br><br>2023 Additions Interest accrual Payments Terminated <br><br>contracts Exchange rate <br><br>variation June 30, 2024
Lease liabilities 8,913,933 1,052,010 255,362 (1,200,274 ) (265,888 ) 779,677 9,534,820

^^

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

June 30, <br> 2025
2026 1,400,148
2027 1,252,257
2028 1,020,589
2029 881,918
2030 749,539
Maturities thereafter 2030 4,267,478
Total Future Minimum Lease Payments 9,571,929
Present Value of Lease Liabilities (1,827,651 )
Leases payable - non-current 7,744,278

13 Intangible assets

Changes in intangible assets:

December 31, <br><br>2024 Additions ^(1)^ Disposals Amortization<br><br> expenses Exchange rate <br><br>variation June 30, <br><br>2025
Amortizing:
Trademarks 1,817,558 2,186 — (78,937 ) (48,284 ) 1,692,523
Softwares 189,551 23,507 (5,754 ) (20,311 ) (1,190 ) 185,803
Customer relationships 2,527,379 4,005 — (193,044 ) (191,884 ) 2,146,456
Supplier contract 127,242 — — (10,413 ) (5,126 ) 111,703
Others 86,536 13,228 (23,075 ) (19,174 ) (202 ) 57,313
Non-amortizing:
Trademarks 6,347,698 853 — — (307,910 ) 6,040,641
Water rights 69,985 — — — (7,408 ) 62,577
11,165,949 43,779 (28,829 ) (321,879 ) (562,004 ) 10,297,016
December 31, <br><br>2023 Additions Disposals Amortization <br><br>expenses Exchange rate <br><br>variation June 30, <br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Amortizing:
Trademarks 1,651,771 2,763 — (75,211 ) 175,193 1,754,516
Softwares 120,746 83,224 (3 ) (14,994 ) 1,322 190,295
Customer relationships 2,353,676 — — (183,943 ) 312,923 2,482,656
Supplier contract 135,931 — — (9,646 ) 6,435 132,720
Others 5,049 148 — (638 ) 359 4,918
Non-amortizing:
Trademarks 5,290,539 2,245 — — 596,791 5,889,575
Water rights 55,147 — — — 7,796 62,943
9,612,859 88,380 (3 ) (284,432 ) 1,100,819 10,517,623
^(1)^ Of the total amount of additions, R$12,038 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.

| 19 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

Changes in goodwill:
June 30, <br><br>2025 December 31,<br><br> 2024
Initial balance 33,544,518 29,556,234
Acquired in business combination — 16,655
Business combination adjustments ^(1)^ (6,349 ) —
Exchange rate variation (1,558,310 ) 3,971,629
Closing balance 31,979,859 33,544,518

^^

^(1)^ Refers to the business combination adjustment related to<br>the acquisition of JBS Terminais Ltda.

^^

CGU June 30, <br> 2025 December 31, <br> 2024
Brazil Beef 9,069,926 9,069,926
Seara 3,724,967 3,733,147
USA Pork 3,790,142 4,300,762
Australia Smallgoods 1,626,407 1,755,152
Australia Meat 1,471,212 1,587,675
PPC - Fresh Poultry 2,390,876 2,485,564
PPC - Brands & Snacking 1,577,599 1,625,051
PPC - Added value 1,206,243 1,254,015
PPC - Food Service 1,031,201 1,072,042
PPC - Meals 350,006 360,256
Others ^(1)^ 5,741,280 6,300,928
Total 31,979,859 33,544,518

^^

For the six-month period ended June 30, 2025 there were no indications that goodwill within any CGU was impaired.

^^

^(1)^ These correspond to 13 Cash Generating Units (CGUs) which,<br>because their individual values are immaterial, have been grouped in the ‘Others’ category.

^^

15 Trade accounts payable

June 30, <br><br>2025 December 31, <br><br>2024
Domestic
Commodities 8,373,002 12,145,523
Materials and services 17,370,474 19,435,984
Finished products 481,233 505,340
Present value adjustment (47,615 ) (59,973 )
26,177,094 32,026,874
Foreign
Commodities 45,578 126,058
Materials and services 1,148,892 1,681,090
Finished products 13,373 10,076
1,207,843 1,817,224
Total trade accounts payable 27,384,937 33,844,098
Supply chain finance ^(1)^
Domestic 5,609,965 4,451,543
Foreign 23,739 60,847
Total supply chain finance 5,633,704 4,512,390
Total 33,018,641 38,356,488
^(1)^ The Company and its indirect subsidiaries, Seara Alimentos<br>and JBS USA, engage in supply chain financing transactions with top-tier financial institutions for domestic suppliers. It is important<br>to emphasize that, apart from a non-significant extension of payment terms, there were no operational or commercial changes to the process.<br>The supply chain financing transaction does not impact the prices charged by suppliers, maintaining the same pricing structure as before<br>the transaction. Additionally, this operation does not impose any financial burden on the Company and its subsidiaries, as all financial<br>costs are borne by the suppliers.

Commitment to Purchase for Future Delivery

The Company has cattle purchase commitments for future delivery established with certain suppliers, ensuring the acquisition of cattle at a fixed or to-be-determined price, without any cash impact on the Company until the cattle are delivered and the transaction matures. Based on these future delivery contracts, suppliers can advance the transaction with banks under the supply chain financing arrangement. As of June 30, 2025, the amount related to this transaction was R$600,877 (R$365,328 as of December 31, 2024), and this transaction has been recorded as Supply Chain Financing - Payables since its inception.

| 20 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

16 Loans and financing

**** Averageannual **** **** Payment  terms /non- Current Non-current
Type interest <br><br>rate Currency current<br><br> debt June 30, <br><br>2025 December 31, <br><br>2024 June 30, <br><br>2025 December 31, <br><br>2024
ACC - Advances on exchange contracts 5.94 % — 2025 — 6,285,246 — —
Prepayment 5.69 % SOFR 2025 - 27 — 621,064 — —
FINIMP – Import Financing 5.46 % e Euribor 2025 — 3,803 — —
Working capital - Dollar 6.17 % SOFR 2030 5,616 38,628 10,245 13,768
CRA - Agribusiness Credit Receivable Certificates 5.36 % — 2029 7,108 4,452 551,176 403,669
Export credit note 6.39 % SOFR 2025 575,917 633,889 — —
Others 6.91 % Several Several - 5,070 22,199 9,817 10,471
Foreign currency 593,711 7,609,281 571,238 427,908
FINAME 6.00 % BRL — 2025 — 30 — —
Notes 2,50% JBS Lux 2027 2.50 % — 2027 62,527 70,951 5,415,452 6,132,352
Notes 5,13% JBS Lux 2028 5.13 % — 2028 104,149 118,180 4,861,523 5,506,738
Notes 6,50% JBS Lux 2029 6.50 % — 2029 — 5,784 — 432,483
Notes 3,00% JBS Lux 2029 3.00 % — 2029 40,377 45,817 3,220,802 3,646,397
Notes 5,50% JBS Lux 2030 5.50 % — 2030 54,647 193,893 2,167,937 7,686,458
Notas 3,75% JBS Lux 2031 3.75 % — 2031 8,126 9,220 2,670,023 3,027,942
Notas 3,00% JBS Lux 2032 3.00 % — 2032 20,464 23,221 5,368,886 6,084,987
Notas 3,63% JBS Fin 2032 3.63 % — 2032 87,837 99,671 5,219,433 5,917,027
Notes 5,75% JBS Lux 2033 5.75 % — 2033 128,902 146,268 8,886,239 10,070,326
Notes 6.75% JBS Lux 2034 6.75 % — 2034 160,368 186,190 8,113,955 9,200,252
Notes 5,95% JBS USA 2035 5.95 % — 2035 143,413 — 5,384,144 —
Notas 4,38% JBS Lux 2052 4.38 % — 2052 88,340 100,241 4,845,452 5,496,848
Notes 6,50% JBS Lux 2052 6.50 % — 2052 44,235 50,195 8,330,236 9,450,062
Notes 7.25% JBS Lux 2053 7.25 % — 2053 43,520 49,774 4,821,370 5,469,144
Notes 6,38% JBS USA 2055 6.38 % — 2055 115,238 — 3,986,123 —
Notas 4,25% PPC 2031 4.25 % — 2031 39,684 46,919 4,426,287 5,227,558
Notas 3,50% PPC 2032 3.50 % — 2032 56,798 64,480 4,869,867 5,525,098
Notas 6,25% PPC 2033 6.25 % — 2033 156,450 187,534 4,966,654 5,981,767
Notas 6,88% PPC 2034 6.88 % — 2034 23,449 26,014 2,656,713 3,009,940
Working capital - Euros 2.58 % Euribor 2025 - 28 194,585 134,921 48,357 53,776
Export credit note 16.67 % BRL CDI 2025 - 30 5,297 5,311 3,063 5,243
CDC - Direct Consumer Credit 15.90 % BRL — 2028 24,376 57,876 784 5,049
Livestock financing - Pre 10.83 % BRL — 2025 924,824 2,114,627 — —
CRA - Agribusiness Receivables Certificate 7.06 % BRL IPCA 2029-55 94,140 70,688 9,241,544 7,544,080
Commercial Paper 5.00 % — — 2025 2,209,291 1,251,736 — —
Outros 4.86 % Several Several — 208,623 237,327 659,219 869,737
Local currency 5,039,660 5,296,868 100,164,063 106,343,264
5,633,371 12,906,149 100,735,301 106,771,172

All values are in US Dollars.

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, Euribor, SOFR, IPCA, TJLP, among others.

On June 30, 2025, the availability under Brasil revolving credit facilities was US$500 million (equivalent R$2.7 billion) and on December 31, 2024 US$500 million (equivalent R$3.1 billion). In the United States the revolving credit facilities on June 30, 2025, was US$2.9 billion (equivalent R$15,8 billion) and on December 31, 2024 US$2.9 billion (equivalent R$18 billion).

^^

| 21 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

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

Maturity June 30, <br> 2025
2026 81,489
2027 5,543,572
2028 5,419,624
2029 3,499,710
2030 2,958,849
Maturities after 2030 83,232,057
100,735,301

16.1 Guaranteesand contractual restrictions (“covenants”)

The Company was in compliance with all of its debt covenant restrictions on June 30, 2025 and until the date that these interim financial statements were approved.

17 Other taxes payable

June 30, <br> 2025 December 31,<br><br> 2024
Taxes payable in installments 239,478 275,097
PIS / COFINS tax payable 99,319 95,224
ICMS / VAT / GST tax payable 231,585 234,490
Withholding income taxes 1,889,266 2,147,398
IPTU and others 430,353 470,198
Subtotal 2,890,001 3,222,407
Income taxes payable 693,734 1,442,971
Total 3,583,735 4,665,378
Breakdown:
Current liabilities 1,360,126 2,147,248
Non-current liabilities 2,223,609 2,518,130
3,583,735 4,665,378

^^

18 Payroll and social charge

June 30, <br> 2025 December 31, <br><br>2024
Social charges in installments 1,498,020 2,207,832
Bonus and vacation along with related social charges 4,390,722 4,982,019
Salaries and related social charges 2,966,038 3,480,009
Others 78,114 404,877
8,932,894 11,074,737
Breakdown:
Current liabilities 7,474,712 8,890,600
Non-current liabilities 1,458,182 2,184,137
8,932,894 11,074,737 
| 22 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

19 Provisions for legalproceedings

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

Breakdown:
June 30, <br><br>2025 December 31, <br><br>2024
Current liabilities 865,665 1,738,822
Non-current liabilities 1,149,759 1,341,615
2,015,424 3,080,437
June 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Labor Civil Tax and Social Security Total Labor Civil Tax and Social Security Total
Brazil 541,733 334,083 269,351 1,145,167 539,192 370,274 424,269 1,333,735
USA — 865,665 — 865,665 — 1,738,816 — 1,738,816
Others jurisdictions 301 131 4,160 4,592 325 277 7,284 7,886
Total 542,034 1,199,879 273,511 2,015,424 539,517 2,109,367 431,553 3,080,437

^^

19.1 Labor - Movement of provisions:

^^

Jurisdiction December 31, <br><br>2024 Additions, reversals <br><br>and changes <br><br>in estimates Payments Indexation Exchange rate <br><br>variation June 30, <br><br>2025
Brazil 539,192 144,597 (170,008 ) 27,952 — 541,733
Other jurisdictions 325 (9 ) — — (15 ) 301
Total 539,517 144,588 (170,008 ) 27,952 (15 ) 542,034
Jurisdiction December 31,<br><br>2023 Additions, reversals <br><br>and changes <br><br>in estimates Payments Indexation Exchange rate <br><br>variation June 30, <br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil 522,569 173,972 (177,406 ) 12,709 — 531,844
Other jurisdictions 312 309 — 17 25 663
Total 522,881 174,281 (177,406 ) 12,726 25 532,507

19.2 Civil - Movement of provisions:

Jurisdiction December 31, <br><br>2024 Additions, reversals <br><br>and changes <br><br>in estimates Payments Indexation Exchange rate <br><br>variation June 30, <br><br>2025
Brazil 370,274 29,624 (85,712 ) 19,897 — 334,083
USA 1,738,816 802,725 (1,504,998 ) — (170,878 ) 865,665
Others jurisdictions 277 (9 ) (138 ) (2 ) 3 131
Total 2,109,367 832,340 (1,590,848 ) 19,895 (170,875 ) 1,199,879
Jurisdiction December 31, <br><br>2023 Additions, reversals <br><br>and changes <br><br>in estimates Payments Indexation Exchange rate <br><br>variation June 30,<br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil 355,844 57,576 (55,828 ) 21,075 — 378,667
USA 955,861 417,564 (57,833 ) — 166,350 1,481,942
Others jurisdictions 232 — (22 ) 3 20 233
Total 1,311,937 475,140 (113,683 ) 21,078 166,370 1,860,842 
| 23 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

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..

19.3 Tax and Social Security - Movement of provisions:

Jurisdiction December 31,<br><br> 2024 Additions, reversals <br><br>and changes <br><br>in estimates Payments Indexation Exchange rate <br><br>variation June 30, <br><br>2025
Brazil 424,269 (114,693 ) (12,019 ) (28,206 ) — 269,351
Other jurisdictions 7,284 (127 ) (2,969 ) — (28 ) 4,160
Total 431,553 (114,820 ) (14,988 ) (28,206 ) (28 ) 273,511
Jurisdiction December 31, <br><br>2023 Additions, reversals <br><br>and changes <br><br>in estimates Payments Indexation Exchange rate <br><br>variation June 30, <br><br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil 643,924 (70,087 ) (8,659 ) 34,260 — 599,438
Other jurisdictions 6,748 21,626 — (24,317 ) (727 ) 3,330
Total 650,672 (48,461 ) (8,659 ) 9,943 (727 ) 602,768

In the Consolidated - possible loss contingent liabilities

In the six-month period ended June 30, 2025, the Company did not identify any significant changes in the amount of the legal proceedings which the probability of loss is considered possible.

Brazil

a. Profits Abroad

Between the calendar years 2006 and 2018, the Company was assessed for charges related to the taxation of profits earned abroad that allegedly should have been included in the IRPJ and CSLL tax base, also encompassing disallowances of tax payment slips paid by foreign subsidiaries, under the argument that they could not have been used to offset IRPJ and CSLL due in Brazil. These assessments also include the imposition of default penalties, isolated fines, and interest. The Company clarifies that a significant portion of the IRPJ and CSLL charges on foreign profits relates to earnings from subsidiaries located in jurisdictions with which Brazil has tax treaties to avoid double taxation. Additionally, a relevant portion of the charges involves disputes regarding formal requirements imposed by tax authorities for the consolidation of foreign subsidiary results, whether direct or indirect. The Company disagrees with the criteria applied by the tax authorities and has filed a defense. For nearly all of the assessed amounts, the Company is defending itself in the administrative sphere and is awaiting judgment. In accordance with the technical interpretation CPC/IFRIC 23, Management assessed relevant tax decisions to identify potential discrepancies with the tax positions adopted by the Company. Based on this analysis and considering legal opinions and applicable case law, a provision of R$ 4,08 billion was recognized regarding differences in the tax treatment of profits from subsidiaries in countries with international treaties, recorded as a reduction in the taxes recoverable account, reflecting the potential future realization of these amounts.

| 24 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

20 Equity

a. Share capital: On June 30, 2025, the Company’s share<br>capital consisted of 814,216,001 class A common shares and 294,842,184 class B common shares, totaling R$171,262. (R$23.576.206 on December<br>31, 2024)
b. Capital reserve: On June 30, 2025, the Company’s<br>capital reserve amounted to R$39,349,164 (R$ (747,381) on December 31, 2024).
--- ---

During the fiscal year 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 R$1,2 bilhão. On June 15, 2025, an additional distribution from the share premium account was approved in the amount of R$ 1 bilhão.

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

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 R$22,4 billion, based on JBS S.A.’s book value as of the transaction date, with R$ 1.00 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 R$10,2 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 R$1.048.

c. Dividends: Dividends: On March 14, 2025, PPC announced that its Board of Directors had approved<br>the distribution of a special cash dividend in the amount of US$6.30 per share (equivalent to a R$34.38). The payment, totaling US$1.5<br>billion (equivalent to R$8.2 billion), was made on April 17, 2025, to shareholders. Of this total, US$264.1 million (equivalent to R$1,44<br>billion) was allocated to non-controlling shareholders.

On May 23, 2025, The Extraordinary General Assembly of JBS S.A. approved the distribution of dividends derived from profit reserves for the fiscal year ending December 31, 2024, amounting to R$ 2.22 billion, corresponding to R$ 1.00 per ordinary share. The payment of the dividends was made on June 17, 2025.

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 (equivalent to R$11.46). The payment, totaling approximately US$500.0 million (equivalent to R$2.7 billion), is scheduled to be made on September 3, 2025, to shareholders of record as of August 20, 2025.

| 25 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- | | d. | Non-controlling interest: Material non-controlling interest as of June 30, 2025 consisted of the<br>17.7% (17.6% as of December 31, 2024), of PPC common stock not owned by JBS USA. JBS USA’s voting rights in PPC are limited to 82.3%<br>as of June 30, 2025 (82.4% as of December 31, 2024) of the total. The profit allocated to the PPC non-controlling interest was R$660.647<br>and R$501.649 for the six-month period ended June 30, 2025 and 2024, respectively. The accumulated non-controlling interest in PPC was<br>R$4.366.630 as of June 30, 2025 (R$4.806.668 as of December 31, 2024). For the six-month period ended June 30, 2025, purchase of treasury<br>stock by PPC was nil (nil for the six-month period ended June 30, 2024). Below are the PPC total net sales, net income, cash provided<br>by operations, total assets and total liabilities for the periods indicated. | | --- | --- | | | Six-month period ended <br><br>June 30, | | | | | --- | --- | --- | --- | --- | | | 2025 | | 2024 | | | Net Revenue | | 50,316,503 | | 49,592,326 | | Net Income | | 3,559,950 | | 2,787,572 | | Net cash provided by operating activities | | 3,394,878 | | 5,501,399 | | | June 30, <br><br>2025 | | December 31, <br><br>2024 | | | --- | --- | --- | --- | --- | | Total assets | | 55,218,572 | | 65,951,562 | | Total liabilities | | 34,740,608 | | 39,613,258 | | Total equity | | 20,477,964 | | 26,338,304 |

21 Net revenue

Six month period ended <br><br>June 30, Three month period ended<br><br> June 30,
2025 2024 2025 2024
GROSS REVENUE
Sales of products and services
Domestic sales 181,476,263 148,254,818 92,328,349 78,312,657
Export sales 58,954,480 48,083,082 30,213,208 25,664,796
240,430,743 196,337,900 122,541,557 103,977,453
SALES DEDUCTION
Returns and discounts (5,074,512 ) (4,462,212 ) (2,440,795 ) (2,320,758 )
Sales taxes (2,255,215 ) (2,122,287 ) (1,127,231 ) (1,050,435 )
(7,329,727 ) (6,584,499 ) (3,568,026 ) (3,371,193 )
NET REVENUE 233,101,016 189,753,401 118,973,531 100,606,260 
| 26 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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21.1 Contractbalances - Advances from customer

Customer advance revenues 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 and settled. The Group recognizes revenue upon fulfilling the related performance obligation. Contract liabilities are presented as advances from customers in the balance sheet.

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

Note June 30, <br><br>2025 December 31, <br><br>2024
Trade accounts receivable 4 19,937,381 23,131,584
Contract liabilities (1,659,618 ) (940,903 )
Total customer contract revenue 18,277,763 22,190,681

22 Net finance expense

Six-month period ended <br> June 30, Three-month period ended<br> June 30,
2025 2024 2025 2024
Exchange rate variation 331,191 779,652 28,183 393,879
Fair value adjustments on derivatives 57,965 (2,111,431 ) (60,254 ) (1,734,538 )
Interest expense ^(1)^ (4,567,251 ) (4,332,387 ) (2,143,209 ) (2,253,542 )
Interest income ^(2)^ 1,321,393 1,075,549 365,248 628,113
Bank fees and others (395,563 ) (266,936 ) (322,693 ) (162,141 )
(3,252,265 ) (4,855,553 ) (2,132,725 ) (3,128,229 )
Financial income 1,770,801 1,855,201 393,430 1,021,992
Financial expense (5,023,066 ) (6,710,754 ) (2,526,155 ) (4,150,221 )
(3,252,265 ) (4,855,553 ) (2,132,725 ) (3,128,229 )

^^

^(1)^ For the six-month period ended June 30, 2025 and 2024, the<br>amounts of R$3,483,345 and R$3,009,347, refers to interest expenses from loans and financings expenses recognized under the caption “Interest<br>expense”.

^^

^(2)^ For the six-month period ended June 30, 2025 and 2024, the<br>amounts of R$556,928 and R$278.277, respectively, refers to interest income from short investments recognized under the caption “Interest<br>income”.

^^

23 Earnings (loss) per share

Three-month period <br> ended June 30,
2024 2025 2024
Net income attributable to shareholders 5,915,773 3,361,213 2,992,115 1,715,206
Weighted average - common shares outstanding (basic) 1,109,058,185 1,109,058,185 1,109,058,185 1,109,058,185
Basic and diluted earnings per share - (R) 5.33 3.03 2.70 1.55

All values are in US Dollars.

| 27 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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24 Operating segments and information by geographicarea

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 Others. 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 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 Seara 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 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 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 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. JBS Australia also generates revenues through their cattle hoteling business.

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.

The information by consolidated operational segments is as follows:

Segments presented for the six-months ended June 30:

2025
Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total<br> <br>reportable<br> <br>segments Elimination (*) Total
Net revenue 38,816,413 24,842,181 76,090,476 23,366,066 53,003,820 20,655,324 1,856,908 238,631,188 (5,530,172 ) 233,101,016
Adjusted EBITDA ^(1)^ 2,061,227 4,707,973 (1,907,335 ) 2,882,318 8,492,046 2,581,399 47,642 18,865,270 — 18,865,270
2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total<br> <br>reportable<br> <br>segments Elimination (*) Total
Net revenue 29,781,108 21,912,357 58,905,694 20,740,572 45,353,213 15,780,697 1,315,720 193,789,361 (4,035,960 ) 189,753,401
Adjusted EBITDA ^(1)^ 1,823,986 3,211,443 102,675 2,805,177 6,563,339 1,791,809 19,264 16,317,693 (6,729 ) 16,310,964 
| 28 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

Segments presented for the three-months ended June 30:

2025
Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total<br> <br>reportable<br> <br>segments Elimination (*) Total
Net revenue 20,288,683 12,273,249 38,557,818 11,666,861 26,939,645 11,177,904 1,165,092 122,069,252 (3,095,721 ) 118,973,531
Adjusted EBITDA ^(1)^ 1,295,107 2,219,908 (1,320,096 ) 1,436,902 4,633,341 1,644,165 26,772 9,936,099 — 9,936,099
2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total<br> <br>reportable<br> <br>segments Elimination (*) Total
Net revenue 15,546,779 11,594,831 31,262,660 11,278,655 23,767,606 8,616,895 501,175 102,568,601 (1,962,341 ) 100,606,260
Adjusted EBITDA ^(1)^ 1,180,667 2,019,469 151,273 1,253,430 4,083,648 1,177,799 19,194 9,885,480 (3,365 ) 9,882,115
^(*)^ Includes intercompany and intersegment transactions.
--- ---
^(1)^ The Adjusted EBITDA is reconciled with the consolidated operating<br>profit, as follows below:
--- ---
Six-month period ended <br> June 30, Three-month period ended <br> June 30,
--- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Profit (loss) before taxes 8,229,846 4,622,343 4,173,018 2,801,383
Share of profit of equity-accounted investees, net of tax (60,303 ) 19,813 (44,315 ) (12,540 )
Net finance expense 3,252,265 4,855,553 2,132,725 3,128,229
Operating Income 11,421,808 9,497,709 6,261,428 5,917,072
Depreciation and amortization 6,333,116 5,546,846 3,202,413 2,849,924
Antitrust agreements ^(1)^ 771,415 417,567 306,475 394,330
Donations and social programs ^(2)^ 6,506 73,480 3,428 24,965
Impairment of assets ^(3)^ 73,351 268,151 40,257 194,071
Restructuring ^(4)^ 125,078 — 25,703 —
Fiscal payments and installments ^(5)^ 13,472 426,579 13,472 426,579
Rio Grande do Sul claim ^(8)^ — 32,453 — 32,453
Avian influenza ^(6)^ 31,799 — 31,799
Other operating income (expense), net ^(7)^ 88,725 48,179 51,123 42,721
Total EBITDA - without elimination 18,865,270 16,310,964 9,936,098 9,882,115
Elimination — 6,729 — 3,365
Total Adjusted EBITDA for operating segments 18,865,270 16,317,693 9,936,098 9,885,480

^^

^(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, substantially composed of the Amazon<br>Fund.
--- ---
^(3)^ This mainly refers to the impairment of fixed assets and<br>the 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 special payment program for the installment<br>of tax proceedings with exemption from fines and reduction of interest.
--- ---
^(6)^ Refers to the impacts related to avian influenza incurred<br>by the indirect subsidiary Seara Alimentos Ltda.
--- ---
^(7)^ Refers to several adjustments basically in JBS USA’s jurisdiction<br>such as third-party advisory expenses related to acquisitions, insurance recovery, among others.
--- ---
^(8)^ Refers to the claim resulting from flooding that occurred<br>in Rio Grande do Sul.
--- ---

^^

The net revenue and total assets are present below segregated by geographic area as additional information.

^^

| 29 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

Segments presented for the six-months ended June 30:

^^

2025
North and Central America ^(1)^ South America Australia Europe Others Total<br> <br>reportable<br> <br>segments Intercompany elimination Total
Net revenue 138,574,763 64,614,670 18,154,155 17,968,662 1,073,426 240,385,676 (7,284,659 ) 233,101,017
Total assets 94,561,944 83,318,690 21,730,893 76,159,176 1,636,436 277,407,139 (49,210,352 ) 228,196,787
2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
North and Central America ^(1)^ South America Australia Europe Others Total<br> <br>reportable<br> <br>segments Intercompany elimination Total
Net revenue 111,898,525 52,355,032 14,372,928 15,166,247 898,117 194,690,849 (4,937,448 ) 189,753,401
Total assets 97,562,091 87,480,859 21,966,483 29,411,467 1,536,815 237,957,715 (18,393,865 ) 219,563,850

Segments presented for the three-months ended June 30:

2025
North and Central America ^(1)^ South America Australia Europe Others Total<br> <br>reportable<br> <br>segments Intercompany elimination Total
Net revenue 70,218,425 33,043,069 9,759,661 9,425,334 545,888 122,992,377 (4,018,845 ) 118,973,532
Total assets 94,561,944 83,318,690 21,730,893 76,159,176 1,636,436 277,407,139 (49,210,352 ) 228,196,787
2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
North and Central America ^(1)^ South America Australia Europe Others Total<br> <br>reportable<br> <br>segments Intercompany elimination Total
Net revenue 59,553,077 27,477,784 7,851,373 7,919,842 496,879 103,298,955 (2,692,695 ) 100,606,260
Total assets 97,562,091 87,480,859 21,966,483 29,411,467 1,536,815 237,957,715 (18,393,865 ) 219,563,850
^(1)^ Including the holdings located in Europe that are part of the<br>North American operation.
--- --- 
| 30 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

25 Expenses by nature

The Company’s policy is to present expenses by function on the consolidated statement of income (loss). Expenses by nature are disclosed below:

Six month period ended <br> June 30, Three month period ended <br> June 30,
2025 2024 2025 2024
Cost of sales
Cost of inventories, raw materials and production inputs (171,620,202 ) (136,855,078 ) (87,777,811 ) (71,790,769 )
Salaries and benefits (24,478,871 ) (20,787,900 ) (12,305,987 ) (10,767,620 )
Depreciation and amortization (5,612,945 ) (4,917,586 ) (2,840,559 ) (2,535,682 )
(201,712,018 ) (162,560,564 ) (102,924,357 ) (85,094,071 )
Selling
Freights and selling expenses (10,701,314 ) (9,371,895 ) (5,262,229 ) (4,827,586 )
Salaries and benefits (1,583,424 ) (819,973 ) (808,124 ) (425,735 )
Depreciation and amortization (213,765 ) (140,978 ) (105,816 ) (73,124 )
Advertising and marketing (1,020,002 ) (774,807 ) (565,211 ) (395,229 )
Commissions (226,604 ) (167,457 ) (124,211 ) (91,895 )
Net impairment losses (35,259 ) (21,505 ) 26,454 (9,413 )
(13,780,368 ) (11,296,615 ) (6,839,137 ) (5,822,982 )
General and administrative
Salaries and benefits (3,100,656 ) (3,119,409 ) (1,447,398 ) (1,594,159 )
Fees, services held and general expenses (1,788,124 ) (2,152,350 ) (926,582 ) (1,376,585 )
Depreciation and amortization (506,406 ) (488,282 ) (256,038 ) (241,118 )
DOJ and Antitrust agreements (771,415 ) (417,567 ) (306,475 ) (394,330 )
Donations and social programs ^(1)^ (44,852 ) (73,480 ) (22,788 ) (24,965 )
(6,211,453 ) (6,251,088 ) (2,959,281 ) (3,631,157 )
^(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 Company is present and donations to Fundo JBS Pela Amazônia.
--- ---

^^

For the six-month period ended June 30, 2025, the Company incurred expenses with internal research and development, in the amount of R$16,047 (R$14,917 for the six-month period ended June 30, 2024).

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

25.1 Other income and expenses

Other Income: As of June 30, 2025, the Group has recorded other income totaling R$277,795 (R$195.012 as of June 30, 2024), primarily related to gains on asset sales amounting to R$103.397 (R$31.367 on June 30, 2024), tax credits from prior periods totaling R$22.281 (R$26.581 on June 30, 2024) and rental income totaling R$10.580 (R$8.687 for the six-month period ended June 30, 2024) among other non-significant items.

Other Expenses: As of June 30, 2025, the Group has recorded other expenses totaling R$253.164 (R$342.437 as of June 30, 2024), mainly related to restructuring expenses amounting to R$125,078 (R$268,151 on June 30,2025), losses on asset sales totaling R$23.845 (R$62.527 on June 30, 2025), among other non-significant items.

Restructuringrelated expenses

As of June 30, 2025, the Company recognized R$125,078 (R$268,151 in June 30, 2024) related to restructuring expenses, of which R$116.632 refers to restructuring initiatives in its indirect subsidiary Pilgrim’s Pride Corporation (“PPC”) in Europe. The aim of these activities is to integrate central operations and reallocate processing capacities between production facilities, resulting in the closure of some facilities in Europe.

| 31 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

As of June 30, 2025, PPC recognized the following expenses and made the following payments related to each restructuring initiative:

Pilgrim’s FoodMasters Pilgrim’s EuropeCentral 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 108,313 284,812 393,125
Asset impairment costs 59,411 10,107 69,518
Contract termination costs 4,666 9,534 14,200
Other exit and disposal costs ^(1)^ 53,856 23,034 76,890
Total exit and disposal costs 226,246 327,487 553,733
Costs incurred since earliest implementation date:
Employee-related costs 108,313 236,964 345,277
Asset impairment costs 59,411 10,107 69,518
Contract termination costs 4,666 9,534 14,200
Other exit and disposal costs ^(1)^ 53,856 23,034 76,890
Total exit and disposal costs 226,246 279,639 505,885

^^

^(1)^ Comprised of other costs directly related to the restructuring<br>initiatives, including maintenance costs and Pilgrim’s Food Masters consulting fees.

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

2025
Provisions Expenses Cash Outlays
Pilgrim’s Food Masters 14,423 4,340 (30,241 )
Pilgrims Europe Central 35,502 107,724 (99,168 )
Previous programs substantially completed — 4,568 (13,015 )
Total 49,925 116,632 (142,424 )
2024
--- --- --- --- --- --- --- ---
Provisions Expenses Cash Outlays
Pilgrim’s Food Masters 15,187 122,291 (99,874 )
Pilgrims Europe Central 55,850 102,525 (44,568 )
Previous programs substantially completed 17,978 38,629 (7,026 )
Total 89,015 263,445 (151,468 )

The following table reconciles liabilities and reserves associated with each restructuring initiative from December 31, 2024 to June 30, 2025 and from December 31, 2023 to December 31, 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.

December 31,2024 Restructuring<br><br>charges <br><br>incurred Cash payments <br><br>and disposals Currency translation June30,2025
Severance 27,512 83,704 (77,258 ) 410 34,368
Contract termination 9,369 12,304 (17,815 ) 11 3,869
Asset impairment 563 419 (963 ) (20 ) (1 )
Other 30,528 15,637 (33,373 ) (1,103 ) 11,689
Total 67,972 112,064 (129,409 ) (702 ) 49,925
December 31,2023 Restructuring<br><br>charges <br><br>incurred Cash payments <br><br>and disposals Currency translation June 30,<br> <br>2024
--- --- --- --- --- --- --- --- --- --- --- ---
Severance 17,676 174,529 (135,080 ) 6,079 63,204
Contract termination 7,732 4,811 (9,745 ) 461 3,259
Asset impairment 1,738 70,707 (72,553 ) 109 1
Other 22,419 13,398 (16,243 ) 2,977 22,551
Total 49,565 263,445 (233,621 ) 9,626 89,015 
| 32 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

26 Risk management and financial instruments

Financial instruments are recognized in the consolidated financial statements as follows:

Notes June 30, <br><br>2025 December 31, <br><br>2024
Assets
Fair value through profit or loss ^(1)^
Financial investments 3 7,055,867 20,748,254
National treasury bills 3 631,210 603,937
Derivative assets 1,021,346 523,049
Loans and receivables at amortized cost ^(2)^
Cash at banks 3 6,497,833 13,609,569
Margin cash 3 2,011,700 645,361
Trade accounts receivable 4 19,937,381 23,131,584
Related party receivables 8 — 479,006
Total 37,155,337 59,740,760
Liabilities
Amortized cost
Loans and financing 16 (106,368,672 ) (119,677,321 )
Trade accounts payable and supply chain finance 15 (33,018,641 ) (38,356,488 )
Debt with related companies 8 (1,259,114 ) —
Lease liabilities 12.2 (9,663,264 ) (10,737,627 )
Other financial liabilities (181,649 ) (352,166 )
Fair value through profit or loss
Derivative liabilities (2,585,202 ) (1,647,559 )
Total (153,076,542 ) (170,771,161 )

^^

^(1)^ CDBs are updated at the effective rate but have a really short-term<br>and negotiated with financial institutions, and their recognition is similar to fair value; (ii) national treasury bill is recognized<br>according to market value.
^(2)^ Loans and receivables are classified as amortized cost, but<br>without any change in their nature or business model; the accounts receivable are short-term and net from expected losses.
--- ---

^^

Fair value of assets and liabilitiesthrough profit or loss: The Company and its subsidiaries 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 at short term, equity instruments without an active market and contracts with discretionary characteristics that the fair value can not 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;

^^

June 30, 2025 December 31, 2024
Level 1 Level 2 Total Level 1 Level 2 Total
Financial assets
Financial investments — 7,055,867 7,055,867 — 20,748,254 20,748,254
National treasury bills 631,210 — 631,210 603,937 — 603,937
Derivative assets — 1,021,346 1,021,346 — 523,049 523,049
Financial liabilities
Derivative liabilities — 2,585,202 2,585,202 — 1,647,559 1,647,559 
| 33 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

Fair value of assets and liabilitiescarried at amortized cost: The fair value of the Notes under Rule 144-A and Regulation S, are estimated using the closing sale price of these securities informed by a financial newswire on June 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 Company’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 Company’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 loans and financings:

June, 2025 December 31, 2024
Descrição Principal Price (% of the <br><br>Principal) Fair <br><br>value Principal Price (% of the <br><br>Principal) Fair<br><br> value
Notes 2,50% JBS Lux 2027 5,457,100 97.10 % 5,299,008 6,192,299 94.98 % 5,881,260
Notes 5,13% JBS Lux 2028 4,909,971 101.49 % 4,983,179 5,571,459 99.50 % 5,543,379
Notes 3,00% JBS Lux 2029 3,274,026 94.94 % 3,108,262 3,715,113 91.20 % 3,388,183
Notes 6,5% JBS Lux 2029 — — — 432,879 100.52 % 435,151
Notes 5,5% JBS Lux 2030 2,181,121 102.33 % 2,231,919 7,738,424 99.77 % 7,720,471
Notes 3,75% JBS Lux 2031 2,690,350 93.28 % 2,509,586 3,052,804 88.93 % 2,714,919
Notes 3,00% JBS Lux 2032 5,457,100 87.35 % 4,766,668 6,192,299 83.22 % 5,153,293
Notes 3,625% JBS Lux 2032 5,286,730 91.27 % 4,825,145 5,998,976 87.96 % 5,276,939
Notes 5,75% JBS Lux 2033 9,067,927 102.54 % 9,298,253 10,289,589 99.54 % 10,242,360
Notes 6,75% JBS Lux 2034 8,224,101 108.70 % 8,939,187 9,332,080 105.85 % 9,877,633
Notes 5,95% JBS USA 2035 4,911,390 76.72 % 3,768,117 — — —
Notes 4,375% JBS Lux 2052 8,447,591 102.87 % 8,690,291 5,573,069 110.50 % 6,158,130
Notes 6,50% JBS Lux 2052 4,911,390 111.81 % 5,491,573 9,585,679 101.53 % 9,732,628
Notes 7.25% JBS Lux 2053 4,481,987 96.46 % 4,323,101 5,573,069 74.94 % 4,176,625
Notes 6,375% JBS USA 2055 4,909,207 89.91 % 4,413,721 — — —
Notes 4,25% PPC 2031 5,034,290 105.36 % 5,304,178 5,298,905 92.24 % 4,887,604
Notes 3,5% PPC 2032 2,728,553 109.20 % 2,979,495 5,573,069 86.34 % 4,811,621
Notes 6,25% PPC 2033 5,457,100 103.25 % 5,634,729 6,068,453 102.16 % 6,199,593
Notes 6,875% PPC 2034 4,092,825 101.42 % 4,151,148 3,096,150 106.73 % 3,304,521
91,522,759 90,717,560 99,284,316 95,504,310

Risk management:

In its operational routine, the Company and its subsidiaries are exposed to various market, credit, and liquidity risks. These risks are disclosed in the financial statements as of December 31, 2024. There were no changes in the nature of these risks during the current quarterly reporting period. The following section presents the risks and operations to which the Company is exposed in the current period. Additionally, a sensitivity analysis is provided for each type of risk, showing the potential impact on Financial Results under hypothetical changes: CDI by 50% and 100%, parent company commodities and Seara grain by 25% and 50%, and currency and USA commodities exposures by 15% and 30% in the relevant risk variables. For the probable scenario, the Company deems it appropriate to use the Value at Risk (VaR) methodology with a 99% confidence interval (CI) and a one-day horizon.

| 34 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

a.Interest rate risk

The Company understands that the quantitative data referring to the Company’s interest rate exposure risk on June 30, 2025 and December 31, 2024, are in accordance with the Financial and Commodity Risk Management Policy and are representative of the exposure incurred during the period. For informational purposes and in accordance with our Financial and Commodities Risk Management Policy, the notional amounts of assets and liabilities exposed to floating interest rates are presented below:

31.12.24
Net exposure to the CDI rate:
CDB-DI (Bank certificates of deposit) 3,811,367 4,708,004
Treasury bills 387,200 363,838
Margin cash 2,002,347 644,000
Related party transactions (915,537 ) —
Credit note - export (8,360 ) (10,554 )
Subtotal 5,277,017 5,705,288
Derivatives (Swap) (6,406,658 ) (7,957,930 )
Total (1,129,641 ) (2,252,642 )
Liabilities exposure to the LIBOR rate:
Margin cash 9,353 23,946
Related party transactions (343,577 ) 479,006
Treasury bills 244,010 217,515
CRA - Agribusiness Credit Receivable Certificates (9,038,409 ) (7,201,818 )
Subtotal (9,128,623 ) (6,481,351 )
Derivatives (Swap) 5,823,265 7,125,388
Total (3,305,358 ) 644,037
Liabilities exposure to the SOFR rate:
Credit note - export (575,917 ) (633,889 )
Prepayment — (621,064 )
Working capital - (15,861 ) (16,094 )
Total (591,778 ) (1,271,047 )

All values are in US Dollars.

Sensitivity analysis:

Scenario (I) VaR 99% I.C.<br><br>1 day Scenario (II) Interest rate<br><br> variation - 50% Scenario (III) Interest rate variation - 100%
Contracts exposure Risk Current scenario Rate Effect on income Rate Effect on income Rate Effect on income
CDI Decrease 14.90 % 14.81 % 994 22.35 % (84,158 ) 29.80 % (168,317 )
994 (84,158 ) (168,317 )
Scenario (I) VaR 99% I.C. 1 day Scenario (II) Interest rate<br><br> variation - 25% Scenario (III) Interest rate variation - 50%
Contracts exposure Risk Current scenario Rate Effect on income Rate Effect on income Rate Effect on income
IPCA Increase 5.32 % 5.33 % (231 ) 6.65 % (43,961 ) 7.98 % (87,923 )
SOFR Increase 4.45 % 4.46 % (32 ) 5.56 % (6,586 ) 6.68 % (13,167 )
(263 ) (50,547 ) (101,090 )
June 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Instrument Risk factor Maturity Notional Fair value (Asset) - R Fair value (Liability) - R Fair value Notional Fair value (Asset) - R Fair value (Liability) - R Fair value
IPCA 2027 978,410 ) (62,820 ) 978,410 ) (55,894 )
IPCA 2031 172,018 ) (32,620 ) 1,170,787 ) (77,012 )
IPCA 2032 711,991 ) (107,427 ) 1,133,951 ) (149,767 )
IPCA 2034 777,342 ) (36,915 ) 788,999 ) (69,828 )
Swap IPCA 2037 1,136,127 ) (252,062 ) 1,171,825 ) (297,610 )
IPCA 2038 881,290 ) (46,709 ) 881,290 ) (97,254 )
IPCA 2039 — — 129,136 ) (9,087 )
IPCA 2044 500,000 ) (44,840 ) 500,000 ) (76,090 )
5,157,178 ) (583,393 ) 6,754,398 ) (832,542 )

All values are in US Dollars.

| 35 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

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 Company’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. In the Consolidated, the Company discloses these exposures considering the fluctuations of a exchange rate in particular towards the functional currency of each subsidiary.
31.12.24 30.06.25 31.12.24 30.06.25 31.12.24
OPERATING
Cash and cash equivalents 10,153,690 311,727 99,680
Trade accounts receivable 6,646,802 1,021,830 406,736
Sales orders 6,580,960 488,288 336,673
Trade accounts payable ) (1,842,430 ) ) (484,662 ) ) (100,758 )
Purchase orders ) (517,013 ) ) (55,287 ) —
Operating subtotal 21,022,009 1,281,896 742,331
FINANCIAL
Margin cash 1,363 — —
Advances to customers ) (29,001 ) ) (9,672 ) ) (1,184 )
Loans and financing ) (7,993,463 ) (3,803 ) —
Financial subtotal ) (8,021,101 ) ) (13,475 ) ) (1,184 )
Operating financial subtotal 13,000,908 1,268,421 741,147
Total exposure 13,000,908 1,268,421 741,147
DERIVATIVES
Future contracts 11,393 ) (530,029 ) ) (211,126 )
Deliverable Forwards (DF´s) ) (4,112,207 ) 439,337 ) (165,861 )
Non-Deliverable Fowards (NDF´s) ) (2,583,167 ) ) (121,115 ) (38,776 )
Total derivatives ) (6,683,981 ) ) (211,807 ) ) (415,763 )
NET EXPOSURE IN US 6,316,927 ) 1,056,614 325,384

All values are in US Dollars.

^^

b1. Sensitivity analysisand derivative financial instruments breakdown:

^^

b1.1 USD - American dollars(amounts in thousands of R$):

^^

^^

Current Scenario (i) VaR 99% C.I. <br><br>1 day Scenario (ii) Interest rate variation - 15% Scenario (iii) Interest rate variation - 30%
Exposure of R$ Risk exchange<br><br>rate Exchange<br><br> rate Effect on<br><br> income Exchange<br><br> rate Effect on<br><br> income Exchange<br><br> rate Effect on<br><br> income
Operating Appreciation 5.4571 5.3487 (324,575 ) 4.6385 (2,450,280 ) 3.8200 (4,900,589 )
Financial Depreciation 5.4571 5.3487 23,289 4.6385 175,816 3.8200 351,634
Derivatives Depreciation 5.4571 5.3487 4,692 4.6385 35,419 3.8200 70,838
(296,594 ) (2,239,045 ) (4,478,117 )
June 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Instrument Risk factor Nature Quantity Notional <br>(R) Fair value Quantity Notional <br>(R) Fair value
Future Contract American dollar Long (20,748 ) 76
June 30, 2025 December 31, 2024
Instrument Risk factor Nature Notional <br>() Notional<br>(R) Fair value Notional<br> () Notional<br>(R) Fair value
Deliverable Forwards American dollar Short ) ) 89,105 ) ) (104,452 )
Non-Deliverable Forwards American dollar Short ) ) 15,771 ) ) (5,881 )

All values are in US Dollars.

| 36 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

b1.2 EUR - EURO (amounts in thousandsof R$):

Cenário (i) VaR 99% I.C. 1 dia Cenário (II) Variação do câmbio em 15% Cenário (III) Variação do câmbio em 30%
Effect on income Effect on income Effect on income
Operating Appreciation 6.4230 6.5547 2,188 7.3865 16,001 8.3499 32,001
Financial Depreciation 6.4230 6.5547 (223 ) 7.3865 (1,632 ) 8.3499 (3,265 )
Derivatives Depreciation 6.4230 6.5547 (4,281 ) 7.3865 (31,305 ) 8.3499 (62,611 )
(2,316 ) (16,936 ) (33,875 )
June 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Instrument Risk factor Nature Notional () Notional (R) Fair value Notional () Notional (R) Fair value
Future Contract Euro Short ) ) (2,638 ) ) 303
Deliverable Forwards Euro Long 21,626 14,713
Non-Deliverable Forwards Euro Short ) ) (933 ) ) ) 2,601

All values are in Euros.

b1.3 GBP - British Pound (amounts in thousands of R$):

Scenario (i) VaR 99% C.I. 1 day Scenario (ii) Interest rate variation - 15% Scenario (iii) Interest rate variation - 30%
Exposure of US$ Risk Currentexchange Exchangerate Effect on<br><br>income Exchange<br><br>rate Effect on<br><br>income Exchange<br><br>rate Effect on<br><br>income
Operating Appreciation 7.4893 7.3428 (15,224 ) 6.3659 (116,752 ) 5.2425 (233,504 )
Derivatives Depreciation 7.4893 7.3428 9,174 6.3659 70,356 5.2425 140,714
(6,019 ) (46,155 ) (92,309 )
June 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Instrument Risk factor Nature Notional () Notional (R) Fair value Notional () Notional<br>(R) Fair value
Future Contract British pound Short ) ) (34 3) ) 77

All values are in British Pounds.

June 30, 2025 December 31, 2024
Instrument Risk factor Nature Notional<br>() Notional<br>(R) Fair value Notional<br>() Notional<br>(R) Fair value
Deliverable Forwards British pound Short ) ) (3,935 ) ) ) (4,180 )
Non-Deliverable Forwards British pound Short — ) ) (793 )

All values are in British Pounds.

| 37 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

c. Commodity price risk

The Company 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 Company and proposing strategies to the Risk Management Committee, in order to mitigate such exposures.

c1. Position balance in commodities(cattle) and corn (grain) contracts:

Consolidated
Exposure in Commodities (Cattle) June 30, <br><br>2025 December 31, <br><br>2024
Firm contracts of cattle purchase 19,753,552 22,907,111
Subtotal 19,753,552 22,907,111
DERIVATIVES
Future contracts (36,356 ) 687,175
Deliverable Forwards (11,230,942 ) 52,849,548
Non Deliverable Forwards 417,648 —
Subtotal (10,849,650 ) 53,536,723
NET EXPOSURE 8,903,902 76,443,834
Consolidated
--- --- --- --- ---
Exposure in Corn (Grain) June 30, <br><br>2025 December 31, <br><br>2024
Purchase orders 335,968 354,573
Subtotal 335,968 354,573
DERIVATIVES
Future contracts 1,241,634 204,266
Non Deliverable Forwards 83,646 —
Subtotal 1,325,280 204,266
NET EXPOSURE 1,661,248 558,839

Sensitivity analysis (cattle):

Scenario (i) VaR 99% I.C. 1 dia Scenario (II) Variation - 15% Scenario (III) Variation - 30%
Exposure Risk Current price Price Effect on income Price Effect on income Price Effect on income
Operating(USA) Depreciation 225.88 221.64 (370,494 ) 192.00 (2,963,033 ) 158.12 (5,926,066 )
Derivatives (Brasil) Depreciation 317.40 311.74 (6,802 ) 269.79 (57,194 ) 222.18 (114,388 )
Derivatives (USA) Depreciation 225.88 221.64 210,645 192.00 1,684,641 158.12 3,369,283
(166,651 ) (1,335,586 ) (2,671,171 )

Sensitivity analysis (Grains):

Scenario (i) VaR 99% I.C. 1 dia Scenario (II) Variation - 15% Scenario (III) Variation - 30%
Exposure Risk Current price Price Effect on income Price Effect on income Price Effect on income
Operating (Brasil) Depreciation 67.02 65.31 (8,553 ) 56.97 (50,395 ) 46.91 (100,790 )
Derivatives (Brasil) Depreciation 67.02 65.31 (33,738 ) 56.97 (198,792 ) 46.91 (397,584 )
(42,291 ) (249,187 ) (498,374 ) 
| 38 |

| --- |

| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

Details of derivative financial instruments (cattle):

June 30, 2025 December 31, 2024
Instrument Risk factor Nature Quantity Notional Fair value Quantity Notional Fair value
Future Contracts Commodities Short (300 ) (36,356 ) (1,127 ) 6,548 687,175 (16,831 )
Deliverable Forwards Commodities Short (2,058,042 ) (11,230,942 ) (1,806,540 ) 8,534,720 52,849,548 (373,024 )
Non Deliverable Forwards Commodities Long 1,320,000 417,648 12,968 — — —

Details of derivative financial instruments(Grains):

June 30, 2025 December 31, 2024
Instrument Risk factor Nature Quantity Notional Fair value Quantity Notional Fair value
Future Contracts Commodities Long 38,187 1,241,634 (5,723 ) 6,949 204,266 515
Non Deliverable Forwards Commodities Long 1,350,000 83,646 (3,992 ) — — —

c2. Hedge accounting:

From the third quarter of 2021, the Company reviewed its hedge policies and started to apply hedge accounting in grain operations, aiming at bringing stability to the subsidiary’s 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 Company’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; and changes in the timing of the hedged transactions.

The effects on the period’s results, other comprehensive income, and the balance sheet from derivative financial instruments contracted for foreign exchange, commodity price, and interest rate hedging are presented below:

Cash flow of hedge operations - derivative instruments Risk Quantity Notional Fair value
Future contract Commodities 10,010 286,892 (1,197 )
NDF´s Commodities 1,710 203,126 (607 )

The Company also designates derivatives to hedge the fair value of debt instruments with floating interest rates through swaps of fixed interest rates, measured in accordance with fair value hedge accounting.

c2.1. Hedge accounting:

Below is shown the effects on income for the period, on other comprehensive income and on the balance sheet of derivative financial instruments contracted for hedging exchange rates, commodity prices and interest rates (cash flow and fair value hedges):

Consolidated
Statements of Income: 2025 2024
Cost of sales before hedge accounting adoption (19,600,744 ) (18,492,938 )
Derivatives operating income (loss) 437 9,084
Commodities 437 9,084
Cost of sales with hedge accounting (19,600,307 ) (18,483,854 )
Financial income (expense), net excluding derivatives 207,794 (117,721 )
Derivatives financial income (expense), net (13,750 ) (712,154 )
Currency 8,844 (573,102 )
Commodities (22,594 ) (137,401 )
Interests — (1,651 )
Financial income (expense), net 194,044 (829,875 ) 
| 39 |

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

| --- |

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

Consolidated
Statements of other comprehensive income (expense): 2025 2024
Financial instruments designated as hedge accounting: (1,208 ) (675 )
Currency — —
Commodities (1,208 ) (675 )
Other comprehensive income 1,608 1,985
Cash Flow Hedge Movement December 31, <br><br>2024 OCI June 30, 2025
--- --- --- --- --- --- --- --- --- ---
Hedge accounting operations 1,894 (685 ) 1,209
Deferred income tax on hedge accounting (643 ) 233 (410 )
Total of other comprehensive income (expense) 1,251 (452 ) 799

Below are the effects on balance sheet, after the adoption of hedge accounting:

Consolidated
Balance sheet: June 30, <br><br>2025 December 31, <br><br>2024
Derivatives payable/receivable (1,803 ) 519
Derivatives instruments designated as hedge accounting:
Commodities (1,803 ) 519
Derivatives payable/receivable 2,645 430
Derivatives instruments not designated as hedge accounting:
Currency 2,645 430
Other comprehensive results (1,208 ) 1,894
Commodities (1,208 ) 1,894
Inventories (5,902 ) 124
Commodities (5,902 ) 124
Open balance sheet position of derivative assets and liabilities:
Consolidated
Assets: June 30, <br><br>2025 December 31,<br><br> 2024
Currency
Designated as hedge accounting 842 519
Commodities (1,803 ) —
2,645 519
Not designated as hedge accounting — 430
Currency — 430
Current assets 842 949 
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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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d. Liquidity risk

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

June 30, 2025 December 31, 2024
Less than 1 year Between 1 and 3 years Between 4 and 5 years More than 5 years Total Less than 1 year Between 1 and 3 years Between 4 and 5 years More than 5 years Total
Trade accounts payable and supply chain finance 33,018,637 — — — 33,018,637 38,356,488 — — — 38,356,488
Loans and financing 5,714,861 10,963,196 6,458,559 83,232,056 106,368,672 12,906,149 6,478,710 10,456,892 89,835,570 119,677,321
Estimated interest on loans and financing ^(1)^ 2,348,348 17,014,307 10,613,794 47,264,718 77,241,167 15,222,640 15,113,052 5,201,215 35,110,448 70,647,355
Derivatives liabilities 2,135,263 449,939 — — 2,585,202 1,027,793 619,766 — — 1,647,559
Payments of leases 3,319,134 1,764,515 1,266,575 3,313,040 9,663,264 2,078,637 2,640,421 1,701,630 4,316,939 10,737,627
Other financial liabilities 600,877 159,363,381 28,748,130 16,964,755 205,677,143 365,328 174,897,702 26,246,504 6,110,381 207,619,915
114,149 67,500 — — 181,649 100,916 101,250 — 150,000 352,166
^(1)^ Includes interest on all loans and financing outstanding.<br>Payments are estimated for variable rate debt based on effective interest rates on June 30, 2025 and December 31, 2024. Payments in foreign<br>currencies are estimated using the June 30, 2025 and December 31, 2024 exchange rates.
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The Company has future commitment for purchase of grains and cattle whose balances on June 30, 2025 in the amount of R$205.7 billion (R$207.6 billion on December 31, 2024).

The Company has securities pledged as collateral for derivative transactions with the commodities and futures whose balance on June 30, 2025 is R$307,909 (R$177,636 on December 31, 2024). This guarantee is larger than its collateral.

The indirect subsidiary JBS USA and its subsidiaries, has securities pledged as collateral for derivative transactions with the commodities and futures whose balance on June 30, 2025 is R$2,002,346 (R$643,999 on December 31, 2024). This guarantee is larger than its collateral.

Also, the direct subsidiary Seara Alimentos has securities pledged as collateral for derivative transactions with the commodities and futures whose balance on June 30, 2025 is R$141,280 (R$23,946 in 31 de dezembro de 2024). This guarantee is larger than its collateral.

^^

A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Detailed information on the opening of the Group’s covenants is disclosed annually.

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 contingent consideration and derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency 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.

e.Risks linked to climate change and the sustainability strategy

In view the Company’s operations, there is inherent exposure to risks related to climate change. Certain Company 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 these interim financial statements.

For the three-month period ended June 30, 2025, Management considered as main risk the data and assumptions highlighted below:

(i) possible impacts on the determination of fair value in biological<br>assets due to the effects of climate change, such as temperature rise, scarcity of water resources, may impact some assumptions used<br>in accounting estimates related to the Company’s biological assets, as follows:
● losses of biological assets due to heat waves and droughts<br>which occur with greater frequency and intensity;
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● reduction in the expected growth of our biological assets<br>due to natural disasters, fires, pandemics or changes in rainfall patterns; and
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● interruption in the production chain due to adverse weather<br>events, causing power outages, fuel shortages, disruption of transportation channels, among other things.
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(ii) structural changes and their impacts on the business, such<br>as:
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● regulatory and legal: regulation and legislation arising<br>from Brazilian and/or international authorities that encourage the transition to a low-carbon economy and/or with greater biodiversity<br>and that increase the risk of litigation and/or commercial restrictions related to the alleged contribution, even if indirect, for the<br>intensification of climate change;
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● reputational: related to customers’ perceptions and<br>the society in general regarding the positive or negative contribution of an organization to a low carbon economy.
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^^

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| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br><br>\(Expressed in thousands of Brazilian reais\) |

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27 Approval of the financial statements

The issuance of these individual and condensed interim financial statements was approved by the Board of Directors on August 13, 2025.

BOARD OF DIRECTORS

Chairman: Jeremiah Alphonsus O’Callaghan
Vice-Chairman: Wesley Mendonça Batista
Executive Board Member: Gilberto Tomazoni
Non-executive Board Member: Joesley Mendonça Batista
Non-executive Board Member: Carlos Hamilton Vasconcelos Araújo
Non-executive Board Member: Kátia Regina de Abreu Gomes
Non-executive Board Member: Paulo Bernardo Silva
Non-executive Board Member: Raul Alfredo Padilla
Non-executive Board Member: Henrique de Campos Meirelles

STATUTORY AUDIT COMMITTEE REPORT

The Statutory Audit Committee reviewed the individual and consolidated condensed interim financial statements for the six-month period ended June 30, 2025, at August 12, 2025. Based on the procedures performed, also considering KPMG Auditores Independentes Ltda. review report, as well as the information and clarifications received during the period, the Committee recommends that these documents are in a position to be considered by the Board of Directors.

AUDIT COMMITTEE

Chairman: Carlos Hamilton Vasconcelos Araújo
Committee Member: Raul Alfredo Padilla
Committee Member: Henrique de Campos Meirelles

STATEMENT OF OFFICERS ON THE FINANCIALSTATEMENTS AND ON THE INDEPENDENT AUDITORS REPORT

The Company’s Officers declare at August 13, 2025, for the purposes of Article 25, paragraph 1, item V and VI of CVM Instruction No. 480 of December 7, 2009, that:

(i) They reviewed, discussed and agreed with the independent<br>auditors report on the individual and consolidated condensed interim financial statements for the six-month period ended June 30, 2025,<br>and
(ii) They reviewed, discussed and agreed with the condensed interim<br>financial statements for the six-month period ended June 30, 2025.
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EXECUTIVE BOARD

Global Chief Executive Officer: Gilberto Tomazoni
Accounting Director: Agnaldo dos Santos Moreira Jr. (CRC SP: 244207/O-4)

* * * * *

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