| Investments in equity-accounted investees, associates and joint venture |
10 Investments in equity-accounted investees, associates
and joint venture
Investments in associates and jointly
controlled entities (“joint ventures”) are accounted for using the equity method. Associates are those in which the Group
exercises significant influence, but not control. Joint ventures are those in which control is exercised jointly by the Group and one
or more partners.
The financial statements of its subsidiaries
are adjusted to align their accounting policies with those established by the Group. All transactions, balances, and unrealized gains
and losses arising from transactions between group companies have been eliminated.
Non-controlling interests are presented
in the consolidated financial statements as an integral part of shareholders’ equity, and the results attributable to them are presented
separately in the statement of income.
When the Group acquires additional shares
or other equity instruments of an entity it already controls, the gains and losses arising from such changes in ownership interest are
recognized directly in equity under “Capital Transactions.”
Relevant information regarding investments for the year
ended December 31, 2025:
| | |
Ownership
Interest | | |
Total
Assets | | |
Share
capital | | |
Equity | | |
Net revenue | | |
Net income | |
| i. Joint venture: | |
| | |
| | |
| | |
| | |
| | |
| |
| Meat Snack Partners do Brasil Ltda. | |
| 50 | % | |
| 70,827 | | |
| 4,318 | | |
| 46,605 | | |
| 231,666 | | |
| 17,252 | |
| ii. Associates: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| JBS Foods Ontario, Inc. | |
| 100 | % | |
| 28,281 | | |
| 1 | | |
| 18,750 | | |
| 160,307 | | |
| 1,375 | |
| Birla Societá Agricola Srl | |
| 20 | % | |
| — | | |
| 2,939 | | |
| 9,271 | | |
| — | | |
| 214 | |
| Mantiqueira Alimentos S.A. | |
| 48.5 | % | |
| 416,814 | | |
| 37,735 | | |
| 156,959 | | |
| 429,017 | | |
| 14,418 | |
| Mantiqueira International B.V. | |
| 48.5 | % | |
| 96,242 | | |
| 1 | | |
| — | | |
| — | | |
| (2,409 | ) |
Changes in Investments:
| | |
| | |
| | |
| | |
| | |
Equity | | |
| |
| | |
Participation | | |
Balance at
January 1,
2025 | | |
Addition | | |
Profit
distribution | | |
Changes in
the equity of
investees | | |
Proportionate
share of
income | | |
Balance at
December 31,
2025 | |
| Meat Snack Partners do Brasil Ltda. | |
| 50 | % | |
| 19,334 | | |
| — | | |
| (7,268 | ) | |
| 1,581 | | |
| 9,654 | | |
| 23,301 | |
| JBS Foods Ontario, Inc. | |
| 100 | % | |
| 17,372 | | |
| — | | |
| — | | |
| 4 | | |
| 1,375 | | |
| 18,751 | |
| Birla Societá Agricola Srl | |
| 20 | % | |
| 1,606 | | |
| — | | |
| — | | |
| 205 | | |
| 43 | | |
| 1,854 | |
| Mantiqueira Alimentos (1) | |
| 48.5 | % | |
| — | | |
| 117,062 | | |
| (1,891 | ) | |
| 6,710 | | |
| 6,993 | | |
| 128,874 | |
| Mantiqueira
International B.V. (2) | |
| 48.5 | % | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,168 | ) | |
| (1,168 | ) |
| Total | |
| | | |
| 38,312 | | |
| 117,062 | | |
| (9,159 | ) | |
| 8,500 | | |
| 16,897 | | |
| 171,612 | |
| | |
| | |
| | |
| | |
Equity | | |
| |
| | |
Participation | | |
Balance at
January 1,
2024 | | |
Profit
distribution | | |
Changes in
the equity of
investees | | |
Proportionate
share of
income | | |
Balance at
December 31,
2024 | |
| Meat Snacks Partners, LLC | |
| 50 | % | |
| 38,922 | | |
| (10,673 | ) | |
| (10,461 | ) | |
| 1,546 | | |
| 19,334 | |
| JBS Foods Ontario, Inc. | |
| 100 | % | |
| 15,994 | | |
| — | | |
| (33 | ) | |
| 1,411 | | |
| 17,372 | |
| Birla Societá Agricola Srl | |
| 20 | % | |
| 1,685 | | |
| — | | |
| (67 | ) | |
| (12 | ) | |
| 1,606 | |
| Total | |
| | | |
| 56,601 | | |
| (10,673 | ) | |
| (10,561 | ) | |
| 2,945 | | |
| 38,312 | |
| |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
| |
|
Participation |
|
|
Balance at
January 1,
2022 |
|
|
Profit
distribution |
|
|
Changes in
the equity of
investees |
|
|
Proportionate
share of
income |
|
|
Balance at
December 31,
2023 |
|
| Meat Snacks Partners, LLC |
|
|
50 |
% |
|
|
40,074 |
|
|
|
(12,593 |
) |
|
|
3,092 |
|
|
|
8,349 |
|
|
|
38,922 |
|
| JBS Foods Ontario, Inc. |
|
|
100 |
% |
|
|
14,512 |
|
|
|
— |
|
|
|
(2 |
) |
|
|
1,483 |
|
|
|
15,994 |
|
| Birla Societá Agricola Srl |
|
|
20 |
% |
|
|
1,920 |
|
|
|
— |
|
|
|
60 |
|
|
|
(296 |
) |
|
|
1,685 |
|
| Total |
|
|
|
|
|
|
56,506 |
|
|
|
(12,593 |
) |
|
|
3,150 |
|
|
|
9,536 |
|
|
|
56,601 |
|
| (1) | The Company, through its subsidiary JBS Holding, formalized
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.,
a leading company in organic eggs (produced without antibiotics, hormones, and with free-range hens). The transaction received unconditional
approval from CADE (Administrative Council for Economic Defense) on February 26, 2025 and was finalized on April 1st, 2025.
On December 10, 2025 JBS N.V. received from JBS Participações S.A. 100% of the equity interest held in JBS Holding Ltda.,
as an in-kind dividend distribution. The transaction did not involve any cash outlay and was recorded at the carrying amount of the investment. |
| (2) | Mantiqueira International was incorporated on August 20, 2025,
and is accounted for as a joint venture in which JBS N.V. holds a 48.5% equity interest. On November 14, 2025, JBS N.V., through its
direct subsidiary Mantiqueira International and its indirect subsidiary Mantiqueira USA Inc., entered into an agreement to acquire 100%
of the equity interests of Hickman’s Egg Ranch, one of the leading egg producers in the United States. |
|