JBS N : AGO - Relatório holandês em IFRS para o ano fiscal de 2025 (somente em inglês)

Published: 2026-04-14 16:42:15 ET JBS

Published on 04/14/2026 at 04:42 pm EDT

LETTER FROM THE GLOBAL CHIEF EXECUTIVE OFFICER 4

PART 1: THE BOARD REPORT 7

INTRODUCTION 7

Preparation of the report 7

Certain defined terms 7

Cautionary note regarding forward looking statements 13

COMPANY AND BUSINESS OVERVIEW 15

The history and development of the Company 15

The business of the Company 19

Property, plant and equipment 67

OPERATING AND FINANCIAL OVERVIEW 73

Management's discussion and analysis of financial condition and results of operations 73

Operating Results 73

Liquidity and Capital Resources 94

Research and Development, Patents and Licenses, Etc. 110

Trend Information 110

Outlook 110

Investments 110

Financing 113

Employees 113

Research and development 113

RISK MANAGEMENT AND RISK FACTORS 113

Risk management, risk appetite and control framework 113

Risk Appetite and Risk Assessment 114

Management's Annual Report on Internal Control over Financial Reporting 117

Changes in Internal Control over Financial Reporting 118

Risk factors 118

CORPORATE SOCIAL RESPONSIBILITY 160

Sustainable long-term value creation 160

Employees 161

Environmental matters 161

Stakeholder engagement 161

Corporate Governance Report 162

Introduction 162

The Board 163

One-tier Board 163

Current Board and senior management 164

Board Regulations and Board decision-making 167

Board meetings and attendance 167

Conflicts of interest and transactions with major shareholders 168

Committees of the Board 168

General Meetings 172

Introduction 172

Record date 173

Voting rights and quorum at General Meetings 173

Quorum requirements. 174

Meetings of holders of shares of a specific class 174

Share capital of the Company 174

The Company's values and compliance with the Code of Conduct and Ethics 175

Code of Conduct and Ethics 175

The Group's people and culture 176

Diversity, equity and inclusion 176

Compliance with the Dutch Corporate Governance Code 177

REPORT OF THE NON-EXECUTIVE DIRECTORS 179

Involvement of Non-Executive Directors in the Company's strategy 179

Board meetings and attendance 180

Independence of the Non-Executive Directors 180

Evaluation of the Board, the committees and the Directors 181

STATEMENT BY THE BOARD 181

REMUNERATION REPORT 182

Historical remuneration for the financial year ended December 31, 2025 182

Remuneration Policy 182

Remuneration of Executive Directors 183

Remuneration of Non-Executive Directors 184

Incentive plan 184

Loans, advances and guarantees 185

Service Agreements 185

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 185

Major shareholders 185

Related party transactions 187

Response measures 190

PART 2: FINANCIAL STATEMENTS 191

PART 3: OTHER INFORMATION AND AUDITORS' REPORT 261

OTHER INFORMATION 261

Statutory rules regarding appropriation of profits 261

Special voting rights, non-voting shares, shares with limited economic rights 262

Branches 262

Dividend policy 263

INDEPENDENT AUDITOR'S REPORT 264

2025 was a defining year for JBS.

We delivered consistent operating performance in a complex global environment, while completing a transformative step in the Company's history: our dual listing in the United States and Brazil. This milestone represents more than a capital markets transaction. It marks a new phase for JBS, strengthening our global positioning, expanding our investor base, and enhancing our ability to allocate capital with greater efficiency and discipline.

Since the listing, we have seen clear improvements in market visibility, liquidity, and investor diversification. Trading volumes have increased significantly, and our shareholder base has become more global, with a strong presence of U.S. investors. While we continue to see room for valuation convergence with global peers, we believe this new structure better reflects the scale, resilience, and long-term potential of our business.

At the same time, our fundamentals remain strong.

In 2025, JBS reached record revenue of 86 billion dollars, with consistent margins and disciplined capital allocation. These results reflect the strength of our diversified platform across proteins, geographies, and channels, allowing us to navigate industry cycles while capturing structural growth opportunities. Even in a year marked by pressure in specific markets, particularly in U.S. beef, our global operations remained resilient and delivered positive results.

This resilience reflects deliberate strategic choices made over many years.

We have built a multiprotein, multi-geography platform designed to operate in a volatile world, where supply and demand imbalances, geopolitical tensions, and climate variability are structural realities. This platform allows us to rebalance production, redirect flows, and continue serving customers reliably. It also positions us as a trusted partner in a world where food security has become a strategic priority.

Beyond resilience, what defines this moment is growth. We are witnessing a structural transformation in global food consumption, with protein increasingly at the center of the plate.

For decades, demand was largely explained by population growth, income expansion, and urbanization. While these factors remain relevant, they are no longer sufficient. Consumers are making more intentional choices about what they eat. Protein is no longer viewed only as a basic nutritional need, but as a key component of health, energy, longevity, and overall well-being.

More than two-thirds of consumers now actively seek protein, associating it with muscle maintenance, satiety, and healthy aging. This shift is reinforced by demographic trends and technological advances, including the growing adoption of GLP-1 medications, which are reshaping consumption toward higher nutritional density.

In practical terms, even as calorie intake stabilizes or declines, demand for protein continues to grow. We believe this is a structural, long-term trend.

Protein is also expanding across all consumption occasions. It is present at breakfast, in main meals, and increasingly in snacks, reflecting a continuous search for energy, convenience, and satiety. Our portfolio has been built precisely for this environment, offering accessible protein across all occasions. We are also innovating in how we present protein to consumers, whether through convenience, with products specifically developed for air fryer preparation, or through clean label offerings aligned with simpler, more transparent formulations.

In 2025, we took an important step in this direction with the acquisition of Mantiqueira, marking our entry into the table egg category and reinforcing our role in expanding access to affordable, high-quality protein. Focusing on growth, we continue to scale value-added platforms aligned with this shift. We are also investing to expand our presence in breakfast occasions. In 2025, we announced a 135-million-dollar investment in a new facility in Perry, Iowa, United States, dedicated to breakfast sausage production. These initiatives reflect a consistent strategic direction, as our portfolio evolves to follow consumption patterns.

Importantly, this is not a moment that requires reinvention. It is a moment that validates our model.

Our strategy remains clear. We will continue to strengthen what we have built, improving productivity, expanding value added products, and deepening our connection with consumers.

At the same time, we are entering a new frontier.

The next phase of this transformation will be defined not only by the quantity of protein, but by its quality, functionality, and customization. Advances in science, nutrition, and biotechnology are enabling the development of what we call super proteins, designed to deliver specific nutritional outcomes tailored to different consumer needs.

Our investments in research are not driven solely by new categories, but by the knowledge they generate. These capabilities allow us to better understand amino acid profiles, metabolic responses, and nutritional efficiency, insights that can be applied across our existing portfolio.

As we look ahead, we remain focused on four priorities.

First, operational excellence. Producing more with fewer resources is both an efficiency and sustainability imperative. Advances in productivity show that it is possible to expand output while reducing resource intensity and scaling these gains will be critical.

Second, portfolio evolution. We will continue to invest in brands, innovation, and value-added products that respond to changing consumer preferences, while maintaining capital discipline.

Third, growth. We are focused on expanding our business in a consistent and disciplined way, combining organic growth with strategic investments to capture long-term opportunities across geographies, proteins, and channels.

Fourth, long-term value creation. We will continue to translate this growth into returns, strengthening our balance sheet and delivering consistent value to our shareholders.

We operate in an essential and global industry. Feeding a growing and more demanding world is both a responsibility and an opportunity. Few sectors combine resilience and long-term growth potential in the way food does, and within food, protein will remain at the center of this equation.

We are confident that JBS is well positioned for this next chapter. We move forward with discipline, clarity of strategy, and confidence in the opportunities ahead.

Global Chief Executive Officer JBS N.V.

This Annual Report (the "Annual Report") has been prepared by the management of JBS N.V. and approved by the board of directors of JBS N.V. (the "Board"). It contains, amongst other things, (i) the board report pursuant to section 2:391 of the Dutch Civil Code (the "DCC"), (ii) information to be included pursuant to the Dutch Corporate Governance Code (the "DCGC") (which includes the report of the non-executive directors),

(iii) the Dutch statutory annual accounts of JBS N.V. pursuant to section 2:361(1) DCC and (iv) the information to be included pursuant to section 2:392 DCC (to the extent applicable).

The financial statements set out in Part 2 of this Annual Report have been prepared in accordance with the International Financial Reporting Standards, as adopted by the European Commission ("IFRS") and part 9 of Book 2 of the DCC.

The independent auditor's report from KPMG Accountants N.V., JBS N.V.'s independent auditor, is included in part 3 paragraph 2 of this Annual Report.

Throughout this Annual Report, unless otherwise designated or the context requires otherwise, the terms "JBS N.V.", "JBS" and the "Company" refer to JBS N.V., and not to any of its subsidiaries, while "we," "us," "our," and "the Group" refer to JBS N.V. and its subsidiaries.

In this report, the following defined terms have the following meaning:

ABAC Program : The anti-bribery and anti-corruption compliance program of JBS

N.V. and its subsidiaries.

Adjusted EBITDA : A non-IFRS measure representing net income (loss) attributable

to JBS N.V. before (i) net finance costs, (ii) income tax expense (benefit), (iii) depreciation and amortisation expense, adjusted to exclude (a) other expense (income), net, (b) foreign currency gains (losses), net, (c) asset impairment charges, (d) equity in earnings (loss) of affiliates, net, (e) goodwill impairment, (f) restructuring expenses, (g) merger, acquisition and integration costs, (h) share-based compensation, (i) mark-to-market adjustments on biological assets and agricultural commodities, (j) fair value adjustments related to contingent consideration, and (k) other unusual or non-recurring items.

Annual Report : This annual report.

ANVISA : The Brazilian National Health Surveillance Agency (Agência Nacional de Vigilância Sanitária).

AQIS : Australian Quarantine Inspection Service.

Arbitration Proceeding No. 186/21 : The arbitration proceedings submitted by JBS S.A. with the B3's

Arbitration Chamber (Câmara de Arbitragem do Mercado -CAM B3) in January 2021.

Articles of Association : The articles of association of JBS N.V.

ATAD 1 : Council Directive (EU) 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the internal market, as amended.

ATAD 2 : Council Directive (EU) 2017/952 amending ATAD 1 to extend hybrid mismatch rules to third countries outside the EU.

Audit Committee : The audit committee of JBS N.V.

Awards : Options to purchase or subscribe for shares in the capital of the Company, share appreciation rights, restricted shares, restricted share units and other share-based awards, as further described in the Incentive Plan.

AWOs : Animal Welfare Officers.

B3 : The São Paulo Stock Exchange (B3 S.A. - Brasil, Bolsa, Balcão).

BDR : A Brazilian depositary receipt for a common share A.

BEPS : Base erosion and profit shifting.

Board : The board of directors of JBS N.V.

Board Report : The report of the Board, as included in this Annual Report. Brazilian TJLP rate : Long-Term Interest Rate (Taxa de Juros de Longo Prazo).

BSE : Bovine spongiform encephalopathy disease (commonly referred to as mad cow disease).

CAGR : Compound annual growth rate.

CAR : Rural Environmental Registry (Cadastro Ambiental Rural), which is a mandatory self-declaratory electronic registry applicable to rural properties.

CDI : Interbank Deposit Certificate (Certificado de Depósito Interbancário).

Chairman : The Director with the title 'Chairman'.

Charge : A charge of discrimination on the basis of race, color and national origin as filed with the Equal Employment Opportunity Commission against Swift Beef Company by a Haitian employee on behalf of that person and similarly situated employees in October 2024.

Class A Common Share(s) : The common shares A in the share capital of the Company.

Class A Conversion Period : The period starting June 12, 2025 and ending December 31, 2026

in which one common share A in the Company can be converted into one common share B.

Class B Common Share(s) : The common shares B in the share capital of the Company. Code of Conduct and Ethics : The code of conduct and ethics of JBS N.V.

Co-Issuers : JBS N.V., JBS USA Foods Group Holdings and JBS USA Food Company Holdings.

Collaboration Agreement : The collaboration agreement (acordos de colaboração premiada)

entered into in 2017 between, amongst others, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista and with the Brazilian Attorney General's Office (Procuradoria-Geral da República).

Committee : U.S. Senate Finance Committee.

Company : JBS N.V.

Compensation Committee : The compensation committee of JBS N.V.

Conversion Shares : The conversion shares in the share capital of the Company

introduced to facilitate the conversion mechanism under Dutch law.

Corporate Restructuring : The corporate reorganization whereby JBS N.V. became the

holding entity of JBS S.A. and its subsidiaries in the period between December 2023 and June 2025.

COSO : Committee of Sponsoring Organizations of the Treadway Commission.

CSDDD : Corporate Sustainability Due Diligence Directive.

CSRD : Corporate Sustainability Reporting Directive.

Cyberattack : The organized cybersecurity attack on 30 May 2021 on JBS, affecting some of the servers supporting our North American and Australian information technology systems.

DAFF : The Australian Federal Department of Agriculture, Fisheries and Forestry.

DCC : The Dutch Civil Code (Burgerlijk Wetboek).

DCGC : The Dutch Corporate Governance Code.

Director : An Executive Director or a Non-Executive Director.

DoL : the U.S. Department of Labor.

EPA : The Environmental Protection Agency.

ERM : Enterprise Risk Management.

ESG : Environmental, social and governance.

EUDR : The European Union Deforestation Regulation.

EURIBOR : Euro Interbank Offered Rate.

Exchange Act : The U.S. Securities Exchange Act of 1934, as amended.

Executive Director : An executive member of the Board.

FCPA : the U.S. Foreign Corrupt Practices Act.

FDA : the U.S. Food and Drug Administration.

Financial Maintenance Covenants

: The PPC Financial Maintenance Covenant and the JBS Financial Maintenance Covenant together.

Flora : Flora Produtos de Higiene e Limpeza S.A.

FMD : Foot and mouth disease.

Forest Code : Brazilian native vegetation protection law of 1965, later updated through Federal Law No. 12.651 (Código Florestal) in 2012.

Forest Risk Commodities Scheme

: Provisions to tackle deforestation by controls on the U.K.'s international supply chain for certain agricultural commodities (other than timber and timber products) as stipulated in the U.K. Environment Act 2021.

FSIS : USDA Food Safety and Inspection Service.

General Meeting : The general meeting of JBS N.V.

GHG : Greenhouse gas.

Global Chief Executive Officer : The Executive Director with the title 'Global Chief Executive

Officer'.

GTA : Animal Transit Guide (Guia de Trânsito Animal).

HMSA : U.S. Humane Methods of Slaughter Act.

HPAI : High-pathogenic strains of avian influenza.

IASB : International Accounting Standards Board.

IFRS : The International Financial Reporting Standards, as adopted by the European Commission.

Imaflora : Institute of Forestry and Agricultural Management and Certification (Instituto de Manejo e Certificação Florestal e Agrícola).

Incentive Plan : The incentive plan of the Company which was adopted by the Board, effective as of June 12, 2025, as amended from time to time.

JBJ : JBJ Agropecuária Ltda.

JBS : JBS N.V.

JBS BDR Depositary Bank : Banco Bradesco S.A., in its capacity as depositary for the BDRs. JBS Group : JBS N.V. and all its subsidiaries.

JBS Participações : JBS Participações Societárias S.A.

JBS S.A. June 2021

Sustainability-Linked Framework

: The JBS S.A. Sustainability-Linked Framework adopted in June 2021.

JBS S.A. Revolving Credit Facility : The revolving unsecured credit facility entered into on 5 August

2022 by JBS S.A. and its subsidiaries JBS Investments Luxembourg S.à r.l., Seara Meats B.V. and Seara Alimentos Ltda., as borrowers and guarantors.

JBS Collateral Cure : The election by the borrowers under the JBS Senior Unsecured

Revolving Facility to provide security interests in lieu of compliance with the JBS Financial Maintenance Covenant.

JBS Financial Maintenance Covenant

: The financial maintenance covenant under the JBS Senior Unsecured Revolving Facility that requires the borrowers not to permit their consolidated leverage ratio to exceed 3.50:1.00, tested at the end of each fiscal quarter. This covenant ceases to apply if the borrowers elect to provide the JBS Collateral Cure.

JBS USA Registered Notes : Series of notes issued by JBS N.V., JBS USA Foods Group

Holdings and JBS USA Food Company Holdings.

JBS Senior Unsecured Revolving Facility

JBS USA Sustainability-Linked Framework

: Unsecured revolving credit facility entered into on 1 November 2022 by JBS USA, JBS USA Food Company, JBS USA Finance, Inc. (prior to its dissolution), JBS Australia and JBS Canada.

: The JBS USA Sustainability-Linked Framework adopted in November 2021.

Lead Independent Director : The Non-Executive Director with the title 'Lead Independent

Director'.

Leniency Agreement : The leniency agreement entered into in 2017 by J&F, on behalf of

itself and its subsidiaries and the Brazilian Federal Prosecution Office (Ministério Público Federal) following disclosures of illicit payments made to Brazilian politicians from 2009 to 2015.

LPAI : Low-pathogenic strains of avian influenza.

Mantiqueira : Mantiqueira Alimentos Ltda.

Mantiqueira Acquisition : The acquisition of Mantiqueira in the first half of 2025.

MLI : Multilateral Convention to Implement Tax Treaty Related Measures to prevent Base Erosion and Profit Shifting.

MPF : The Brazilian Public Prosecutor's Office (Ministério Público Federal).

MTCO2e/MT : Global Greenhouse Gas Emissions Intensity or MTCO2e divided by metric tonnes.

Non-Executive Director : A non-executive member of the Board. Nominating Committee : The nominating committee of JBS N.V. NYSE : New York Stock Exchange.

Obligors : JBS N.V., JBS USA Foods Group Holdings and JBS USA Food Company Holdings.

OECD : Organisation for Economic Co-operation and Development.

OSHA : The Occupational Safety and Health Administration.

PFIC : Passive foreign investment company.

Pillar Two : The OECD/G20 global minimum tax framework introducing a 15% global minimum corporate tax rate, implemented in the EU through Council Directive (EU) 2022/2523 for fiscal years beginning on or after 31 December 2023.

Pillar Two Directive : Council Directive (EU) 2022/2523 of 14 December 2022 on

ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union.

Pillar Two Law : The Dutch Act of 22 December 2023 implementing the Pillar Two Directive, which entered into force on 31 December 2023.

PPC Collateral Cure : The election by the borrowers under the PPC Revolving Credit

Facility to provide security interests in lieu of compliance with the PPC Financial Maintenance Covenant.

PPC Financial Maintenance Covenant

: The financial maintenance covenant under the PPC Revolving Credit Facility that requires PPC not to permit its interest coverage ratio to be less than 3.50:1.00, tested at the end of each fiscal quarter. This covenant ceases to apply if PPC elects to provide the PPC Collateral Cure.

PPC Revolving Credit Facility : The revolving syndicated facility agreement entered into on 4

October 2023 by PPC and certain of PPC's subsidiaries.

PPC Sustainability-Linked Framework

: The PPC Sustainability-Linked Framework as adopted in March 2021.

PRODES : Program for Satellite Monitoring of Deforestation (Programa de Monitoramento do Desmatamento por Satélite).

Protocol : The Protocol for Monitoring Amazon Region Beef Suppliers (Protocolo de Monitoramento de Fornecedores de Gado da Amazônia).

PSA : The U.S. Packers and Stockyards Act of 1921.

Record Date : The 28th day prior to the date of the General Meeting. Registrable Securities : The common shares A that LuxCo received in the first step of the

Corporate Restructuring (including those common shares A that LuxCo will hold if it exercises its right to convert the common shares B that it received in the first step of the Corporate Restructuring), and (ii) any other common shares A acquired by LuxCo from the Company from time to time.

Related Party Transaction Policy : The related party transactions policy of the Company, which

provides a procedure that prevents related parties from taking advantage of their position, provides adequate protection for the interests of the Company and its stakeholders and ensures compliance with the DCGC and NYSE rules.

Remuneration Policy : The remuneration policy of JBS N.V.

Respondents : J&F, JBS S.A., and our ultimate controlling shareholders in 2020.

RPP : JBS S.A.'s Responsible Procurement Policy.

RRA : Registration rights agreement.

SEC : The U.S. Securities and Exchange Commission.

SME : Small to medium size enterprises.

SNMA : the Brazilian National Environmental System (Sistema Nacional do Meio Ambiente).

SOFR : Secured overnight financing rate.

SOX : Sarbanes-Oxley Act.

Sustainability Committee : The sustainability committee of JBS N.V.

Sustainability Matters : Environmental, social, corporate, governance and other human

capital matters.

TAC : Beef Conduct Adjustment Agreement (Termo de Ajustamento de Conduta).

Tag-Along Agreement : The tag-along agreement entered into between the Company and

LuxCo concurrently with the closing of the Corporate Restructuring, pursuant to which LuxCo undertakes that any transfer of control of the Company to a third party purchaser shall be conditional upon such third party purchaser undertaking to make a public offer for the acquisition of shares held by the Company's other shareholders at the same terms and conditions.

tCO2e/100 lbs. : Greenhouse Gas Emissions Intensity or tCO2e divided by 100 lbs.

Transparency Act : The United States Bipartisan Cattle Price Discovery and

Transparency Act of 2023.

TriOak : TriOak Foods.

Underwritten Registration Demand

: A request by LuxCo for the registration or listing on the NYSE of all or any portion of its Registrable Securities on any applicable registration statement form then available to be offered in a fully-marketed underwritten public offering of Registrable Securities.

U.S. or United States : The United States of America.

USD or US$ : U.S. Dollar.

USDA : the U.S. Department of Agriculture.

Vice-Chairman : The Director with the title 'Vice-Chairman'.

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

"expect" and other words of similar meaning. In particular, these include, but are not limited to, statements of our current views and estimates of future economic circumstances, industry conditions in domestic and international markets and our performance and financial results.

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

the risk of outbreak of animal diseases, more stringent trade barriers in key export markets and increased regulation of food safety and security;

product contamination or recall concerns;

fluctuations in the prices of live cattle, hogs, chicken, corn and soymeal;

fluctuations in the selling prices of beef, pork and chicken products;

developments in, or changes to, the laws, regulations and governmental policies governing our business and products or failure to comply with them, including environmental and sanitary liabilities;

currency exchange rate fluctuations, trade barriers, exchange controls, political risk and other risks associated with export and foreign operations;

changes in international trade regulations;

our strategic direction and future operation;

deterioration of economic conditions globally and more specifically in the principal markets in which we operate;

our ability to implement our business plan, including our ability to arrange financing when required and on reasonable terms and the implementation of our financing strategy and capital expenditure plan;

the successful integration or implementation of mergers and acquisitions, joint ventures, strategic alliances or divestiture plans;

the competitive nature of the industry in which we operate and the consolidation of our customers;

customer demands and preferences;

our level of indebtedness;

adverse weather conditions in our areas of operations;

continued access to a stable workforce and favorable labor relations with employees;

our dependence on key members of our management;

the interests of our ultimate controlling shareholders;

reputational risk in connection with U.S. and Brazilian civil and criminal actions and investigations involving our ultimate controlling shareholders, and the outcome of these actions;

economic instability in Brazil and a resulting reduction in market confidence in the Brazilian economy;

political crises in Brazil;

the declaration or payment of dividends or interest attributable to shareholders' equity;

the ongoing war between Russia and Ukraine and the ongoing conflict involving Israel, the U.S. and Iran in the Middle East, including higher prices for commodities, such as food products, ingredients and energy products, increasing inflation in some countries, and disrupted trade and supply chains as a result of disruptions caused by these conflicts;

unfavorable outcomes in legal and regulatory proceedings and government investigations that we are, or may become, a party to;

the risk factors discussed under paragraph 4.2 (Risk factors);

other factors or trends affecting our financial condition, liquidity or results of operations; and

other statements contained in this Annual Report regarding matters that are not historical facts.

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

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

All forward-looking statements contained in this Annual Report are qualified in their entirety by this cautionary statement.

Overview

The JBS Group was founded in 1953 by Mr. José Batista Sobrinho, who began by operating a small slaughterhouse in the City of Anápolis, in the State of Goiás, Brazil, with a daily slaughtering capacity of five head of cattle. Since the earliest days of our founding, Mr. José Batista Sobrinho developed techniques and know-how that were crucial to the initial success of the business. As the business and Mr. José Batista Sobrinho's family grew, our founder took great care to pass down this know-how, as well as the values and culture that drive the results of the business, to the subsequent generations. In spite of the massive global growth that the company has experienced over the decades, the JBS Group has held onto the know-how, culture and understanding of the protein business that propelled its early growth. In fact, Mr. José Batista Sobrinho's legacy helps to support the company even today, and we believe that the continuity and consistency of Mr. José Batista Sobrinho's original vision is a significant driver of our success over the past seven decades.

Following the company's founding in 1953, Mr. Batista Sobrinho successfully expanded the operations organically, from a single slaughterhouse in Goiás to a daily slaughtering capacity of approximately 500 head of cattle as of 1970. Even as the company grew, Mr. José Batista Sobrinho focused consistently on the need to pass down the company's culture, technique and know-how to the next generation, in order to ensure the long-term success and growth of the business. As a result, our ultimate controlling shareholders have spent the entirety of their careers working within the company that their father founded and have dedicated themselves to helping it grow into the multinational leading protein company that it is today.

By 1998, the company had expanded to slaughtering capacity to 5,800 head of cattle per day. In order to more adequately address the needs of the rapidly growing business, on December 10, 1998, the company

began operations under the name Friboi Ltda. in 1999, which quickly became a recognized brand in the Brazilian consumer market, representing high-quality fresh packaged beef. In 2006, the company changed its name to JBS S.A., adopting a corporate structure as a sociedade anônima that was better suited to the size and complexity that it had achieved. It continued using the "Friboi" brand, as part of a growing portfolio of consumer brands.

In 2007, our ultimate controlling shareholders led the company to the next phase of its corporate evolution, through JBS S.A.'s initial public offering of common shares in Brazil, resulting in the offering and sale of 150,000,000 common shares for total net proceeds of R$1,152.0 million (US$209.4, converted using the foreign exchange rate as of December 31, 2025). In 2010, JBS S.A. completed a follow-on equity offering of 200,000,000 common shares for total net proceeds of R$1,562.5 million (US$284.0, converted using the foreign exchange rate as of December 31, 2025).

Also in 2007, we acquired the U.S. meat packer Swift & Company for approximately US$1.5 billion. This acquisition represented our first major expansion into the U.S. and represented a key initial step in a new phase of our corporate development marked by significant growth through acquisitions, both in Brazil and abroad, a strategy led by our ultimate controlling shareholders.

We successfully integrated Swift into our operations and in 2009, on the heels of the successful Swift deal, we acquired a majority stake in PPC, one of the largest chicken processors in the U.S., with operations in Mexico and Puerto Rico. As the result of subsequent purchases, as of the date of this Annual Report, we own approximately 82% of PPC's total capital stock. We financed the 2009 acquisition of PPC through an issuance of JBS S.A. convertible debentures for total proceeds of approximately US$2.0 billion. BNDESPar purchased substantially all of these convertible debentures, which were cancelled in May 2011 following another capital raise, whereby BNDESPar acquired approximately 19.85% of JBS S.A.'s total capital stock at the time. As of March 18, 2026, BNDESPar owned 18.61% of JBS N.V.'s total issued capital stock. For more information about our principal shareholders, see paragraph 10.1 (Major shareholders).

Since our acquisitions of Swift and PPC, we continued to grow through acquisitions, as well as organically, throughout the world. As evidenced by our success in integrating these major acquisitions, our leadership team and ultimate controlling shareholders have a decades-long track record of growth and expansion, while at the same time maintaining the culture of hard work, operational efficiency and leveraging market opportunities for growth, and know-how dating back to our founding by Mr. José Batista Sobrinho. Some of our significant acquisitions in addition to Swift and PPC, which have helped us to expand into the leading worldwide protein company that we are today, include:

In 2013, we acquired rights and equity interests in certain companies that comprised Marfrig Global Foods S.A.'s Seara Brasil poultry and pork business units. In addition to increasing JBS S.A.'s presence in the poultry and pork sectors in Brazil, the acquisition of Seara represented JBS S.A.'s first major expansion into the processed food products sector.

From 2014 to 2017, we completed various acquisitions that enhanced our geographic and product diversification and increased our production capacity for value-added and branded food products, including Tyson Foods' poultry operations in Brazil and Mexico and the global operations of Primo Smallgoods Group, a leader in the Australian and New Zealand markets for processed food products such as ham, sausages and bacon.

In 2015, we acquired companies that comprised Marfrig's United Kingdom-based "Moy Park" business, for a purchase price of approximately US$1.5 billion. As a result of the Moy Park acquisition, we expanded our operations in Europe, including our portfolio of processed and high value-added products, as well as poultry processing, with 13 food processing and manufacturing

units in the UK, France, Holland and Ireland and over 12 thousand employees. The acquisition represented an important step towards our expansion strategy in Europe.

In 2015, we also acquired Cargill's pork business in the U.S., for US$1.5 billion. The transaction added to JBS USA Pork two hog processing facilities, five feed mills, and four breeding units located in the States of Arkansas, Illinois, Iowa, Missouri, Oklahoma and Texas.

In 2017, we acquired GNP for US$357 million. GNP is a vertically integrated poultry business based in St. Cloud, Minnesota. Through the GNP acquisition of a portfolio of certified organic, natural product lines, we further strengthened our strategic position in the U.S. chicken market.

Also in 2017, we acquired Plumrose USA from Danish Crown A/S for an aggregate purchase price of US$230 million, which included five prepared foods facilities, including one in Elkhart, Indiana, two in Council Bluffs, Iowa, one in Booneville, Mississippi, and one in Swanton, Vermont, and two distribution centers in South Bend, Indiana, and Tupelo, Mississippi, respectively. This acquisition marks the continuation of our strategy of expanding our portfolio of branded, prepared foods, and the strengthening of our customer base and geographical distribution in the U.S. Plumrose USA offers an array of prepared foods including bacon, hams, sliced deli meats and cooked ribs.

In 2019, PPC acquired Tulip Limited, a leading integrated prepared foods supplier with fresh, value-added and branded operations in the United Kingdom, from Danish Crown A/S, for an aggregate purchase price of £290.0 million.

From 2020 to 2024, we completed various additional strategic acquisitions, including our acquisition of Huon Aquaculture Group Ltd, Australia's second largest salmon aquaculture company with vertically integrated operations in Tasmania. Additionally, in December 2022, JBS USA acquired the TriOak Foods ("TriOak") business for US$235.7 million. TriOak is an American pork producer and grain marketer. In acquiring the TriOak business, JBS USA ensures access to a consistent supply of premium pork, strengthening its ability to provide high-quality pork products. JBS USA has served as the exclusive customer of TriOak market hogs since 2017.

In 2025, we entered the egg sector, making an investment in Mantiqueira through the subscription of shares representing 48.5% of the total capital stock and 50% of the voting capital stock of Mantiqueira. As a result of such transaction, we share control of Mantiqueira with its founding member, Mr. Leandro Pinto. Mantiqueira currently has a static capacity of 17.5 million laying and rearing birds, 4 billion table eggs produced per year and a focus on free-range egg production since 2020. It has more than 3,000 employees, with units in six Brazilian states and a presence in markets in 16 Brazilian states with exports to South America, Asia, Africa and the Middle East. Mantiqueira's "Happy Eggs" brand focuses on free-range chickens and "Fazenda da Toca" operates in the organic eggs segment. Also in 2025, Mantiqueira USA Inc. ("Mantiqueira USA"), a wholly owned subsidiary of the joint venture between the JBS Group and the founders of Mantiqueira entered into a binding agreement to acquire Hickman's Egg Ranch, a leading egg producer based in the Mountain and West Coast regions and one of the top 20 egg companies in the U.S. The acquisition marks a significant milestone in Mantiqueira USA's long-term strategy to build a strong and scalable presence in the U.S. egg market.

Also in 2025, we announced some strategic investments in the U.S. In May 2025, we disclosed plans to build a new fresh sausage facility in Iowa, totaling US$135 million. This came in addition to US$200 million allocated to upgrading our beef plants in Cactus (Texas) and Greeley (Colorado), and US$400 million for a new prepared foods facility Pilgrim's is building in Walker County, Georgia. In August 2025, we announced the entry into an agreement to purchase a production facility in Ankeny, Iowa, for US$100 million, with plans to build out the largest ready-

to-eat bacon and sausage plant in our U.S. portfolio. These projects support the expansion of our prepared foods portfolio and will help meet increased demand for these types of products from customers and consumers.

In 2026, we announced the creation of a new multiprotein production platform in Oman, covering beef, poultry and lamb. With a total investment of US$150 million, we acquired an 80% stake in a newly established food holding company that consolidates two production assets in the country, through a partnership with Oman Food Capital ("OFC"), which will retain the remaining 20% stake. OFC is the food and agribusiness investment arm of the Oman Investment Authority ("OIA"). The initiative reinforces our strategy of diversification by geography and protein and proximity to key consumer markets. Also in 2026, we inaugurated and announced the expansion of an industrial plant in Jeddah, Saudi Arabia, as part of a total investment of US$85 million in the country focused on the production and commercialization of value-added products under our Seara brand. In addition, we already operate Seara factories in Dammam, also in Saudi Arabia, and in Ras Al Khaimah, in the United Arab Emirates. These initiatives are designed to serve the global halal market, which currently encompasses an estimated 2 billion consumers worldwide.

We believe that the combination of our culture, as originally established by Mr. José Batista Sobrinho and passed down to the second- and third-generation leadership, including our ultimate controlling shareholders, our know-how and expertise in the protein industry dating back 70 years, our proven track record of organic growth and growth by integrating complex international acquisitions, position our company well for continued growth and success.

Corporate Restructuring and Dual Listing

JBS N.V. became the holding entity of JBS S.A. and its subsidiaries following a corporate restructuring (the "Corporate Restructuring"), as further described below.

As part of the Corporate Restructuring, JBS became the indirect controlling shareholder of JBS S.A. through the completion of a two-phase contribution process by J&F. In the first phase, completed on December 27, 2023, J&F and its wholly owned investment fund, Fundo de Investimento em Participações em Cadeias Produtivas Agroindustriais - FIP FIAGRO Formosa - Investimento no Exterior (formerly Fundo de Investimento em Participações Multiestratégia Formosa), a Brazilian investment fund, transferred a noncontrolling portion of their JBS S.A. common shares to JBS Participações Societárias

S.A. ("JBS Participações"), which were subsequently contributed to J&F Investments Luxembourg S.à r.l. and then to JBS.

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, via JBS Participações, held 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 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 noncontrolling shareholders, subject only to immaterial adjustments related to fractions of BDRs and share-based payments.

On June 6, 2025, the migration of the shareholder base of JBS S.A. to JBS N.V was completed. As part of this transaction, JBS S.A. shareholders received one BDR, each representing one Class A Common Share, for every two JBS S.A. common shares. The delivery of our BDRs to the shareholders of JBS S.A. effectively established us as the new holding company of the JBS Group.

On June 9, 2025, JBS S.A. common shares ceased trading on the São Paulo Stock Exchange (B3 S.A. - Brasil, Bolsa, Balcão) ("B3") and were officially replaced by our BDRs, which began trading under the

ticker symbol "JBSS32." In addition, our Class A Common Shares commenced trading on the New York Stock Exchange ("NYSE") on June 13, 2025, under the ticker symbol "JBS."

Simplification of Our JBS USA Registered Notes Corporate Structure

On November 19, 2025, we entered into supplemental indentures to each of the respective indentures governing JBS USA's, JBS USA Foods Group Holdings' and JBS USA Food Company's 15 series of outstanding notes, pursuant to which (1) JBS USA was substituted as a co-issuer by JBS N.V. and JBS

N.V. became a co-issuer of our notes and (2) JBS S.A., JBS Global Luxembourg S.à r.l. and JBS Global Meat Holdings Pty Limited were released as parent guarantors of our notes, in each case, in accordance with the terms and conditions of the indentures governing our notes.

As a result, JBS S.A. was released from its obligations as a guarantor under the Indentures, and JBS

N.V. (1) became the successor co-issuer under the notes, (2) became liable for all obligations under the respective indentures and the notes and (3) has succeeded JBS S.A. as the registrant under the notes. In addition, on November 20, 2025, JBS USA Food Company, a co-issuer of the notes, was merged into JBS USA Food Company Holdings, with JBS USA Food Company Holdings as the surviving entity and assuming and becoming liable for all obligations under the respective indentures and the notes.

We are the largest protein company and one of the largest food companies in the world in terms of net revenue for the year ended December 31, 2025, according to Bloomberg's Food Index and publicly available sources. Our net revenue was US$86.2 billion, US$77.2 billion and US$72.9 billion for the years ended December 31, 2025, 2024 and 2023, respectively. We recorded a net income of US$2.2 billion for the year ended December 31, 2025, a net income of US$2.0 billion for the year ended December 31, 2024, and a net loss of US$0.1 billion for the year ended December 31, 2023. Our Adjusted EBITDA was US$6.8 billion, US$7.2 billion and US$3.5 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Through strategic acquisitions and capital investment, we have created a diversified global platform that allows us to prepare, package and deliver fresh and frozen, value-added and branded beef, poultry, pork, fish, lamb and egg products to leading retailers and foodservice customers. We sell our products to more than 330,000 customers worldwide in approximately 197 countries on six continents.

As of December 31, 2025, we were:

the #1 global beef producer in terms of capacity, according to Nebraska Public Media, with operations in the U.S., Australia, Canada and Brazil and an aggregate daily processing capacity of more than 78,000 heads of cattle;

the #1 global poultry producer in terms of capacity, with operations in the U.S., Brazil, United Kingdom, Mexico, Puerto Rico and Europe, and an aggregate daily processing capacity of more than 14.0 million chickens according to WATT Poultry, a global resource for the poultry meat industries;

the #2 largest global pork producer in terms of capacity, with operations in the U.S., Brazil, the United Kingdom, Australia and Europe, and an aggregate daily processing capacity of more than 149,000 hogs according to WATT Poultry;

a leading lamb producer in terms of capacity, according to Levante, with operations in Australia and Europe and an aggregate daily processing capacity of more than 23,500 heads;

a leading regional fish producer in terms of capacity, according to Forbes, with operations in Australia and an aggregate daily processing capacity of approximately 200 tons;

a leading table eggs producer in Brazil, with operation in six Brazilian states, and an aggregate capacity of approximately 4 billion table eggs per year; and

a significant global producer of value-added and branded meat products.

We primarily sell protein products, which include fresh and frozen cuts of beef, pork, lamb, fish, whole chickens, chicken parts and egg, to retailers (such as supermarkets, club stores and other retail distributors), and foodservice companies (such as restaurants, hotels, foodservice distributors and additional processors). Our food products are marketed under a variety of national and regional brands, including: in North America, "Swift," "Just Bare," "Pilgrim's Pride," "1855," "Grass Run Garm," "Gold Kist Farms," "Gold'n Plump," "Del Dia," "La Herencia," "Mantiqueira," "Principe," "Sampco" and premium brands "Sunnyvalley," and "Imperial American Wagiu Beef;" in Brazil, "Swift," "Seara," "Friboi," "Maturatta," "Massa Leve," "Marba," "Doriana," "Delícia," "Primor," "Incrível," "Rezende," "Mantiqueira," and premium brands "1953 Friboi," "Black Friboi," "Seara Gourmet," "Hans" and "Eder"; in Australia, "Swift" and "Great Southern"; and in Europe, "Moy Park," "Richmond," "Fridge Riders," "Denny," "Rollover" and "Oak House Foods". We also produce value-added and branded products marketed, primarily under our portfolio of widely recognized consumer brands in some of our key markets, including "Seara" in Brazil, "Primo," "Rivalea" and "Huon" in Australia and "Beehive" in New Zealand.

We are geographically diversified, with production facilities strategically located to optimize both raw material supply and proximity to consumer markets. In the year ended December 31, 2025, the U.S. accounted for the largest share of our net revenue, in terms of production, representing 51%, followed by South America at 29%, as detailed in the table below.

(in millions of U.S. dollar, unless otherwise indicated)

United States of America

43,825.5

50.9%

Mexico and Canada

6,315.4

7.3%

South America

24,830.7

28.8%

Australia

7,112.0

8.3%

Europe

6,425.5

7.5%

Minor regions

542.4

0.6%

Total

89,051.5

103.3%

Intercompany elimination

(2,867.3)

(3.3)%

Total

86,184.2

100.0%

In terms of consumption, in the year ended December 31, 2025, we generated 74% of our net revenue from sales in the countries where we operate our facilities, which we classify as domestic sales, and 26% of our net revenue represented export sales. The U.S., Brazil and Australia are leading exporters of protein to many fast-growing markets, including Asia, Africa and the Middle East. Asia represented 50% of our net revenue from export sales in the year ended December 31, 2025, primarily from sales in China, Japan and South Korea. Africa and the Middle East collectively represented 12% of our net revenue from export sales in the year ended December 31, 2025.

Set forth below are two maps showing, by region, the geographic distribution of our revenues and their respective percentage contribution to our consolidated net revenue for the year ended December 31, 2025, based on production and consumption. For example, South America accounts for 29% of revenues in terms of production but considering that Brazil is a huge export platform, only 12% of sales are actually sold in Brazil to Brazilian consumers, with the remainder being exported to various countries.

Our management uses net revenue, along with Adjusted EBITDA and Adjusted EBITDA Margin, to measure our performance. The following table sets forth some of our financial information for the periods indicated.

(in millions of US$, except percentages)

86,184.2

77,182.5

72,918.1

2,229.8

1,967.6

(131.7)

2.9%

2.5%

(0.2)%

6,831.4

7,191.9

3,457.9

7.9%

9.3%

4.7%

Net revenue

...........................................................................

Net income (loss)

...........................................................................

Net margin (1)

...........................................................................

Adjusted EBITDA (2)

...........................................................................

Adjusted EBITDA margin (3)

...........................................................................

Net margin is calculated by dividing net income (loss) by net revenue.

Adjusted EBITDA is used as a measure of performance by our management. Adjusted EBITDA is calculated by making the following adjustments to our net income, as further described in this Annual Report (see paragraph 3.1 (Management's discussion and analysis of financial condition and results of operations), Liquidity and Capital Resources -Reconciliation of Adjusted EBITDA; exclusion of current and deferred income taxes; exclusion of share of profit of equity-accounted investees, net of tax; exclusion of net finance expense; exclusion of depreciation and amortization expenses; exclusion of antitrust agreements expenses; exclusion of donations and social programs expenses; exclusion of impairment of assets; exclusion of restructuring expenses; exclusion of fiscal payments and installments; exclusion of Rio Grande do Sul claim losses; exclusion of extemporaneous litigation expenses; exclusion of reversal of tax credits; exclusion of avian influenza impacts; exclusion of certain tax assessments; and exclusion of certain other operating income (expense), net. Adjusted EBITDA is not a measure required by or calculated in accordance with IFRS - Accounting Standards, and should not be considered as a substitute for income from continuing operations, net income or any other measure of financial performance reported in accordance with IFRS - Accounting Standards or as measures of operating cash flows or liquidity. You should rely primarily on our financial information prepared in accordance with IFRS - Accounting Standards and use of Adjusted EBITDA in a supplemental manner in making your investment decision. For a reconciliation of Adjusted EBITDA to net income, see paragraph 3.1 (Management's discussion and analysis of financial condition and results of operations), Liquidity and Capital Resources -Reconciliation of Adjusted EBITDA.

Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by net revenue.

We have grown our business rapidly through strategic acquisitions and organic growth via a continuous focus on efficient capital investment targeted at high-return opportunities. As set forth in the charts below, we have grown our business from US$38.6 billion in net revenue in 2012 to US$86.2 billion in net revenue in 2025, representing a 6.4% compound annual growth rate ("CAGR") since 2012 and Adjusted EBITDA (calculated as set forth below) from US$2.2 billion in 2012 to US$6.8 billion in 2025, representing a 9.0% CAGR. During the same period, our net income was US$0.4 billion in 2012 and US$2.2 billion in 2025, representing a CAGR of 14.4%, and our operating profit increased from US$1.4 billion in 2012 to US$4.2 billion in 2025, representing a CAGR of 8.9%. To calculate CAGR, we divided the value of the period in question by its value for the earliest comparative period, raised the result to the power of one divided by the number of intervening periods, and subtracted one from the subsequent result.

In order to efficiently manage our global operations, we are organized according to the following seven business segments:

Brazil. Our Brazil segment includes all the operating activities from JBS S.A., mainly represented by slaughter facilities, cold storage and meat processing, fat, feed and production of cattle by-products, such as leather, collagen and other products produced in Brazil. In 2025, our Brazil segment had net revenue of US$15.3 billion and Adjusted EBITDA of US$955.1 million.

Seara. Our Seara segment includes all of 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. In 2025, our Seara segment had net revenue of US$9.2 billion and Adjusted EBITDA of US$1,553.4 million.

Beef North America. Our Beef North America segment includes JBS USA's beef processing operations in North America and the plant-based businesses in Europe. Beef North America 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. Sampco LLC imports processed meats and other foods such as canned fish, fruits and vegetables to the

U.S. and Vivera Topholding B.V. produces and sells plant-based protein products in Europe. In 2025, our Beef North America segment had net revenue of US$28.1 billion and Adjusted EBITDA of US$(319.5) million.

Pork USA. Our Pork USA segment includes JBS USA's pork operations, including Swift Prepared Foods. As a complement to our pork processing business, we also conduct business through our hog production operations, including 31 hog farms and eight feed mills, from which, we will source live hogs for our pork processing operations. In 2025, our Pork USA segment had net revenue of US$8.4 billion and Adjusted EBITDA of US$898.9 million.

Pilgrim's Pride. Our Pilgrim's Pride segment includes PPC's operations, the majority of whose revenues are generated from U.S., United Kingdom, Europe and Mexico sales of fresh and prepared chicken. 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. In 2025, our Pilgrim's Pride segment had net revenue of US$18.5 billion and Adjusted EBITDA of US$2.8 billion.

Australia. Our Australia segment includes our fresh, frozen, value-added and branded beef, lamb, pork and fish products in Australia and New Zealand. We also operate lamb, sheep, pork and fish processing facilities in Australia and New Zealand. In 2025, our Australia segment had net revenue of US$8.1 billion and Adjusted EBITDA of US$916.0 million.

Miscellaneous. Our Miscellaneous segment (previously labelled "Others") includes certain operations not directly attributable to our reportable segments set forth above, such as corporate expenses, international leather operations and other operations in Europe. In 2025, this segment had net revenue of US$142.6 million and Adjusted EBITDA of US$23.0 million.

For additional information about our reportable segments, see note 24 to JBS N.V.'s consolidated financial statements and see paragraph 3.1 (Management's discussion and analysis of financial condition and results of operations), Liquidity and Capital Resources - Reconciliation of Adjusted EBITDA), paragraph 3.1 (Management's discussion and analysis of financial condition and results of operations), Reportable Segments, and paragraph 3.1 (Management's discussion and analysis of financial condition and results of operations), Description of Main Consolidated Statement of Income Line Items - Net Revenue. Each segment's operating profit or loss is evaluated by our chief operating decision maker based on Adjusted EBITDA.

The following charts set forth the proportion of our total net revenue and Adjusted EBITDA by segment for the year ended December 31, 2025.

(year ended December 31, 2025) (1) (2)

(year ended December 31, 2025) (1) (2)

Does not consider intercompany eliminations.

Percentage represented by the Miscellaneous segment is immaterial.

Products and Services

We generate the majority of our revenue in each segment from product sales. We sell our products domestically in the countries where we operate our facilities, which we classify as domestic sales, and elsewhere, which we classify as export sales. For example, a product sold in the U.S. would be classified as a domestic sale if produced in one of our plants in the U.S. or an export sale if produced in another country.

Our range of fresh products includes: fresh and frozen beef and lamb products (including traditional cuts, prime cuts and offal); fresh and frozen pork products (including pork carcasses, bone-in cuts, boneless cuts, pork bellies and offal); and fresh and frozen chicken products (including refrigerated and frozen whole and cut-up chickens, bone-in chicken parts and prepackaged case-ready chickens).

Our range of value-added and branded products includes: value-added and branded beef and lamb products (including frozen cooked and pre-cooked beef, corned cooked beef, beef cubes and consumer-ready products, such as hamburgers and sausages); value-added and branded pork products (including ham, trimmings, bacon, sausage and deli and lunch meats); prepared value-added and branded chicken products (including refrigerated and frozen portion-controlled breast fillets, tenderloins and strips, delicatessen products and salads, formed nuggets, patties and bone-in chicken parts, and breaded chicken); and branded egg.

In addition, we sell prepared food products (including ready-to-eat meals, frozen pizza and lasagna).

We also generate revenue from the services we provide, including cattle hotelling in Australia and hog farming in the U.S. Cattle hotelling operations involve the custom housing and feeding of cattle that are owned by third parties in return for fees. While the feedlot operator generally sells the cattle on behalf of the owner (deducting the fees from the sale proceeds), the ultimate risk of the cattle going unsold is borne by the cattle owner, not the feedlot.

Products, Sales and Marketing

The majority of our Brazil segment revenues are generated from the sale of fresh beef (including fresh and frozen chuck cuts, rib cuts, loin cuts, round cuts, thin meats, ground beef, offal and other products) and value-added and branded beef products (including frozen cooked and pre-cooked beef, beef cubes and consumer-ready products, such as hamburgers).

We sell our Brazil segment products in Brazil, which we classify as domestic sales, and elsewhere, which we classify as export sales.

Our customers include:

national and regional retailers (including grocery store chains and independent grocers), wholesale distributors and food processors;

international retailers and wholesale distributors (including in China, Hong Kong, the U.S., the Middle East, Europe and emerging markets); and

the foodservice industry, including foodservice distributors, fast food and other restaurants, hotel chains and other institutional customers.

We market our products through local sales teams and agents and distribute our products both directly from our facilities and through our distribution centers.

We market our Brazil segment products under the brand names "Friboi," "1953," "Maturatta" and "Reserva Friboi," among other brand names.

Raw Materials

The primary raw material for our Brazilian beef processing operations is live cattle. We seek to purchase cattle from ranchers in Brazil generally located within 500 kilometers of one or more of our beef processing plants. The close proximity of our cattle suppliers to our beef processing facilities results in reduced transportation costs and reduces the risk of weight loss and bruising of cattle during transportation.

We enter into livestock purchase agreements with our cattle suppliers, including our affiliates J&F Floresta Agropecuária and JBJ Agropecuária. For more information about our agreement with JBJ Agropecuária, see paragraph 10.2 (Related party transactions). We employ experienced cattle buyers who purchase cattle in the principal cattle raising areas in Brazil. Our buyers are trained to select high quality, disease-free animals, and we constantly monitor their performance. We purchase cattle only from select registered producers, based on rigorous animal selection guidelines. Our cattle suppliers are required to document the quality of their operations and verify that their use of antibiotics and agricultural chemicals complies with industry standards. All cattle that we purchase in Brazil are inspected by officials from the SIF.

Cattle supply and prices are affected by several factors, such as climate, access to capital by cattle raisers and harvest period. The majority of the cattle slaughtered in Brazil is grass-fed.

Facilities

We operate 34 beef processing facilities in Brazil, in the States of Acre, Bahia, Goiás, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Pará, Rondônia, São Paulo and Tocantins. Our facilities are strategically located to access raw materials in a cost effective manner and to service our global customer base.

For more information about our Brazil segment processing facilities and processing capacities, see paragraph 2.3 (Property, plant and equipment) - Operating Facilities - Brazil Segment.

Products, Sales and Marketing

The majority of our Seara segment revenues from our chicken operations in Brazil are generated from the sale of value-added and branded chicken products (which may be fully cooked, partially cooked or raw, in addition to breaded and marinated products, including chicken nuggets and patties) and fresh chicken products (including refrigerated and frozen whole chickens, breast fillets and bone-in chicken parts).

The majority of our Seara segment revenues from our pork operations in Brazil are generated from the sale of value-added and branded pork products (including trimmed cuts, marinated products, ham and bacon) and fresh pork products (including fresh and frozen pork carcasses, bone-in cuts, boneless cuts, pork bellies and offal).

We also sell prepared food products (including ready-to-eat meals, frozen pizza, lasagna and others) under our Seara segment in Brazil but also through our three facilities in the Middle East region.

We sell these products in Brazil, which we classify as domestic sales, and elsewhere, which we classify as export sales. Our customers include:

national and regional retailers (including grocery store chains, independent grocers and our own retail stores), wholesale distributors and food processors;

international retailers and wholesale distributors (including in the Middle East, Europe, Africa, Asia and Latin America); and

the foodservice industry, including foodservice distributors, fast food and other restaurants, hotel chains and other institutional customers.

We market our Seara segment products under the brand names "Seara," "Seara Nature," "Doriana," "Seara Gourmet," "Massa Leve," "Macedo," "Frango Caipira Nhô Bento," "Rezende," "Excelsior," "Frangosul," "LeBon," "Big Frango," "Confiança," "Delícia," "Primor," "Gradina," "Delicata," "Marba," "Incrível," "Seara Turma da Mônica," among other brand names.

Raw Materials

Chicken

We are a vertically-integrated chicken processor in Brazil and control every phase of the production of our products, including feed mills, hatcheries, incubators, processing plants and distribution centers. We own and raise breeder flocks for the production of hatching eggs. Once hatched, the chicks, or broilers, are transported to independent contract grow-out farms, where they are grown to an age of six to seven weeks. We supply our contract growers with the chicks, feed and veterinary services.

The prices of poultry feed may fluctuate significantly, including within short periods, due to several factors, including supply and demand of chicken and the prices of corn and soy meal, which are feed ingredients required for our vertically integrated operations. See paragraph 4.2 (Risk factors) - Risks Relating to our Business and Industries - Our results of operations may be adversely affected by fluctuations in market prices for, and the availability of, livestock and animal feed ingredients. We seek to manage certain of these risks with risk and hedge management programs, including futures and options agreements. However, these strategies do not completely eliminate these risks. In addition, these programs may also limit gains from fluctuations in commodities prices.

Pork

The primary raw material for our Brazil fresh pork processing operations is live hogs. Our Brazil fresh pork operations are mostly vertically integrated, and we own and raise hogs on feed for use in our own slaughterhouses. The raising of hogs is outsourced to contract farmers under strict supervision and control. We also purchase a small number of hogs from third parties on the spot market. The feed

ingredients needed to raise hogs are substantially similar to those used to feed chickens. We generally purchase feed ingredients in the spot market or under forward purchase arrangements priced at market prices upon delivery or with fixed prices. We seek to hedge the feed ingredients we purchase in Brazil through financial instruments traded on the B3 in order to attempt to protect ourselves from price variations between the date of their purchase and the date of their delivery.

Facilities

We operate 31 fresh chicken processing, 25 value-added, branded and prepared foods facilities in Brazil, two prepared foods facilities in Saudi Arabia and one prepared foods facility in the United Arab Emirates. For more information about our Seara segment chicken processing facilities and processing capacities, see paragraph 2.3 (Property, plant and equipment) - Operating Facilities - Seara Segment.

We own and operate eight fresh pork processing facilities in Brazil, located in the States of Mato Grosso do Sul, Rio Grande do Sul, Paraná and Santa Catarina. For more information about our Seara segment pork processing facilities and processing capacities, see paragraph 2.3 (Property, plant and equipment) -Operating Facilities - Seara Segment.

As a vertically-integrated chicken processor, we also own and operate rendering plants, feed mills and hatcheries in Brazil.

Products, Sales and Marketing

The majority of our beef revenues from our operations in the U.S. and Canada 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). In addition, we sell beef by-products to the variety meat, feed processing, fertilizer and pet food industries. Cattle hides are sold for both domestic and international use, primarily to the clothing and automotive industries. We sell these products in the countries where we operate our facilities, which we classify as domestic sales, and elsewhere, which we classify as export sales. Following JBS USA's acquisition Vivera Topholding BV, which was completed in June 2021, we also sell plant-based food products in Europe.

We market products under several brand names, including "Swift," "1855," "Grass Run Garm," "Imperial American Wagiu Beef" and "La Herencia." Our hallmark brand, Swift, was founded in 1855. We believe that our brands, marketed primarily at the wholesale level, provide a platform for further growth and expansion of our value-added and premium program product lines.

We market our products through several channels including:

national and regional retailers (including grocery supermarket chains, independent grocers and club stores) and wholesale distributors;

prepared food companies who use our beef products as a food ingredient for prepared meals, raw materials for hamburger and by-products for pharmaceutical and leather production;

the foodservice industry, including foodservice distributors, restaurant and hotel chains and other institutional customers; and

international retailers and wholesale distributors (including Japan, Mexico, South Korea and Hong Kong).

Our largest distribution channel is retail. We intend to focus on increasing our direct sales to retail and prepared food customers and to international distribution channels, which we believe are likely to provide the higher margin opportunities over time.

Global Exports

We sell our U.S. and Canadian beef products in approximately 70 countries on six continents. The international beef market is divided between the Pacific Block (which includes the U.S., Japan, Canada, Mexico and South Korea) and the Atlantic Block (Europe, Africa, the Middle East and South America). This division reflects not only historical and geographical ties but also certain common sanitary criteria.

The Pacific Block prohibits imports of fresh beef from countries or regions where there is still a risk of new outbreaks of FMD and from countries or regions that are FMD-free but implement FMD vaccination programs. However, the Pacific Block permits imports of processed beef (including cooked and pre-cooked products) from these countries.

Most countries of the Atlantic Block permit imports of fresh beef from FMD-free countries that implement FMD vaccination programs. They also recognize that FMD can be eradicated on a regional (as opposed to national) basis in certain countries, including Brazil, which has areas that are FMD-free and have vaccination programs, qualifying them to export fresh beef. Under this regionalization concept, many beef producing regions in Brazil are thus qualified to export fresh beef to countries in the Atlantic Block. Notwithstanding the foregoing, most countries in the Atlantic Block impose import restrictions on beef treated with growth hormones, citing health concerns. Brazil and Argentina have prohibited the use of growth hormones on their cattle.

The U.S. has been an FMD-free country since the eradication of the disease, and it does not implement vaccination programs. However, the U.S. treats most of their cattle with growth hormones, and, accordingly, the European Union and several other countries have banned imports of beef from the U.S. treated with growth hormones.

Raw Materials

The primary raw material for our U.S. and Canadian beef processing plants is live cattle. Vertically integrated beef processors, who own cattle on feed, can be subject to significant financial impact in terms of working capital utilization, since cattle on feed eat in the yards for 90-180 days and do not generate revenue until processed. Since cattle on feed consume feed with a replacement price that is subject to market changes, vertically integrated beef processors have direct financial exposure to the volatility in corn and other feedstock prices. We do not own cattle on feed, and we generally purchase cattle in the spot market or pursuant to market-priced supply arrangements from feedlot operators and, except as described below, typically hold cattle for less than one day before processing. After processing, we sell the beef at spot prices. Because we generally buy cattle at market prices and sell the finished beef product at market prices with just a short time between the purchase and sale, we are not exposed to changing market prices over as great a span of time as vertically integrated processors. As such we are primarily a "spread" operator, and our operating profit is determined by plant operating efficiency in addition to fluctuations in prices of cattle and beef.

All of our U.S. cattle procurement process is centralized at our headquarters in Greeley, Colorado. We require all of our cattle suppliers to document the quality of their feedlot operations, verify that the use of antibiotics and agricultural chemicals follow the manufacturer's intended standards and confirm that feed containing animal-based protein products, which have been associated with outbreaks of BSE, has not been used. We have in excess of 3,000 suppliers who supply us with cattle. JBS Packerland's four processing plants purchase lean Holstein steers and cows and other cattle, primarily from feedyards, auction barns, direct contract relationships with suppliers in close proximity to processing plants and from

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JBS NV published this content on April 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 14, 2026 at 20:41 UTC.