Supplemental Financial Information

12 Months Ended

Dec. 31, 2025

Supplemental Financial Information [Abstract]

Supplemental financial information

28 Supplemental financial information

The Company’s income and cash flow are generated by its subsidiaries. As a result, funds necessary to meet the Company’s debt service obligations, including its obligations as the issuer under its existing senior unsecured notes (see Note 16.1), are provided in large part by distributions or advances from its subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as the Company’s financial condition and operating requirements and those of certain subsidiaries, could limit the Company’s ability to obtain cash for the purpose of meeting its debt service obligations, including the payment of principal and interest on its Senior Unsecured Notes.

In compliance with the reporting covenant under the indentures governing the Senior Unsecured Notes, the financial information set forth below is presented under the following column headings: Restricted Subsidiaries and Unrestricted Subsidiaries.

According to the Indenture, restricted Subsidiaries consist of all of the Company’s subsidiaries, except the Unrestricted Subsidiaries. Unrestricted Subsidiaries are: JBS Wisconsin Properties and its subsidiaries (including PPC).

Consolidated statements of financial position:

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents			3,921,730				643,406				—				4,565,136
Margin cash			159,048				514				—				159,562
Trade accounts receivable			3,055,286				1,188,544				(11,906	)			4,231,924
Dividends receivable			1,465				—				—				1,465
Inventories			4,949,488				1,157,677				—				6,107,165
Biological assets			1,288,243				538,523				—				1,826,766
Recoverable taxes			721,761				241,507				(6,057	)			957,211
Derivative assets			140,971				14,631				—				155,602
Other current assets			242,811				202,424				(11,863	)			433,372
TOTAL CURRENT ASSETS			14,480,803				3,987,226				(29,826	)			18,438,203

NON-CURRENT ASSETS
Long-term investments			45,780				—				—				45,780
Recoverable taxes			1,874,572				—				—				1,874,572
Biological assets			256,583				355,216				—				611,799
Related party receivables			41,231				—				—				41,231
Deferred income taxes			516,308				31,474				(768	)			547,014
Other non-current assets			378,828				109,975				—				488,803
			3,113,302				496,665				(768	)			3,609,199

Investments in equity-accounted investees			3,198,779				—				(3,027,167	)			171,612
Property, plant and equipment			10,077,519				3,568,139				—				13,645,658
Right of use assets			1,370,826				242,821				—				1,613,647
Intangible assets			942,690				882,902				—				1,825,592
Goodwill			4,513,691				1,338,884				—				5,852,575

TOTAL NON-CURRENT ASSETS			23,216,807				6,529,411				(3,027,935	)			26,718,283

TOTAL ASSETS			37,697,610				10,516,637				(3,057,761	)			45,156,486

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable			4,313,158				1,895,272				(10,330	)			6,198,100
Supply chain finance			1,134,459				—				—				1,134,459
Loans and financing			781,928				51,157				—				833,085
Income taxes			170,093				123,994				(6,057	)			288,030
Other taxes payable			119,893				33,066				—				152,959
Payroll and social charges			1,072,999				487,160				—				1,560,159
Lease liabilities			294,217				60,670				—				354,887
Dividends payable			—				—				—				—
Provisions for legal proceedings			159,217				—				—				159,217
Derivative liabilities			152,218				4,187				—				156,405
Other current liabilities			398,770				319,178				(13,439	)			704,509
TOTAL CURRENT LIABILITIES			8,596,952				2,974,684				(29,826	)			11,541,810

NON-CURRENT LIABILITIES
Loans and financing			17,166,293				3,091,190				—				20,257,483
Income and other taxes payable			385,147				22,580				—				407,727
Payroll and social charges			303,900				(15,835	)			—				288,065
Lease liabilities			1,212,245				200,153				—				1,412,398
Deferred income taxes			695,746				474,322				(768	)			1,169,300
Provisions for legal proceedings			209,358				—				—				209,358
Related party payable			190,998				—				—				190,998
Derivative liabilities			114,376				—				—				114,376
Other non-current liabilities			34,138				8,042				—				42,180
TOTAL NON-CURRENT LIABILITIES			20,312,201				3,780,452				(768	)			24,091,885

EQUITY
Share capital - common shares			5,145,820				1,351,259				(6,461,965	)			35,114
Reserves			6,803,802				(221,108	)			—				6,582,694
Undistributed results			(3,246,042	)			1,897,016				3,434,798				2,085,772
Attributable to company shareholders			8,703,580				3,027,167				(3,027,167	)			8,703,580
Attributable to non-controlling interest			84,877				734,334				—				819,211
TOTAL EQUITY			8,788,457				3,761,501				(3,027,167	)			9,522,791
TOTAL LIABILITIES AND EQUITY			37,697,610				10,516,637				(3,057,761	)			45,156,486

		December 31, 2024
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents			3,572,757				2,040,915				—				5,613,672
Margin cash			133,717				2,837				—				136,554
Trade accounts receivable			2,733,160				1,007,612				(5,232	)			3,735,540
Dividends receivable			—				—				—				—
Inventories			4,014,172				1,001,817				—				5,015,989
Biological assets			1,125,803				482,420				—				1,608,223
Recoverable taxes			484,047				165,867				(12,186	)			637,728
Derivative assets			77,114				7,354				—				84,468
Other current assets			188,330				107,465				(6,953	)			288,842
TOTAL CURRENT ASSETS			12,329,100				4,816,287				(24,371	)			17,121,016

NON-CURRENT ASSETS
Long-term investments			—				—				—				—
Recoverable taxes			1,412,455				—				—				1,412,455
Biological assets			201,814				316,420				—				518,234
Related party receivables			77,355				—				—				77,355
Deferred income taxes			614,635				36,543				—				651,178
Other non-current assets			209,937				58,800				—				268,737
			2,516,196				411,763				—				2,927,959

Investments in equity-accounted investees			3,530,098				—				(3,491,786	)			38,312
Property, plant and equipment			8,605,655				3,175,225				—				11,780,880
Right of use assets			1,355,361				241,512				—				1,596,873
Intangible assets			940,212				862,987				—				1,803,199
Goodwill			4,178,061				1,239,073				—				5,417,134

TOTAL NON-CURRENT ASSETS			21,125,583				5,930,560				(3,491,786	)			23,564,357

TOTAL ASSETS			33,454,683				10,746,847				(3,516,157	)			40,685,373

		December 31, 2024
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable			3,752,732				1,718,013				(5,232	)			5,465,513
Supply chain finance			728,710				—				—				728,710
Loans and financing			2,030,573				53,652				—				2,084,225
Income taxes			185,079				60,134				(12,186	)			233,027
Other taxes payable			104,961				8,773				—				113,734
Payroll and social charges			965,459				470,292				—				1,435,751
Lease liabilities			271,787				63,894				—				335,681
Dividends payable			358,621				—				—				358,621
Provisions for legal proceedings			280,804				—				—				280,804
Derivative liabilities			161,310				4,669				—				165,979
Other current liabilities			294,116				160,904				—				455,020
TOTAL CURRENT LIABILITIES			9,134,152				2,540,331				(17,418	)			11,657,065

NON-CURRENT LIABILITIES
Loans and financing			14,039,072				3,203,499				—				17,242,571
Income and other taxes payable			385,428				21,227				—				406,655
Payroll and social charges			363,308				(10,590	)			—				352,718
Lease liabilities			1,201,148				197,200				—				1,398,348
Deferred income taxes			642,065				453,226				—				1,095,291
Provisions for legal proceedings			216,659				—				—				216,659
Related party payable			—				—				—				—
Derivative liabilities			100,087				—				—				100,087
Other non-current liabilities			72,215				16,353				(6,953	)			81,615
TOTAL NON-CURRENT LIABILITIES			17,019,982				3,880,915				(6,953	)			20,893,944

EQUITY
Share capital - common shares			13,177,841				—				—				13,177,841
Reserves			(6,094,530	)			3,502,940				(3,491,786	)			(6,083,376	)
Undistributed results			11,154				(11,154	)			—				—
Attributable to company shareholders			7,094,465				3,491,786				(3,491,786	)			7,094,465
Attributable to non-controlling interest			206,084				833,815				—				1,039,899
TOTAL EQUITY			7,300,549				4,325,601				(3,491,786	)			8,134,364
TOTAL LIABILITIES AND EQUITY			33,454,683				10,746,847				(3,516,157	)			40,685,373

Consolidated statements of income:

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			67,869,293				18,486,496				(171,607	)			86,184,182
Cost of sales			(59,864,484	)			(15,192,025	)			171,607				(74,884,902	)
GROSS PROFIT			8,004,809				3,294,471				—				11,299,280

Selling expenses			(4,043,777	)			(944,950	)			—				(4,988,727	)
General and administrative expenses			(1,493,129	)			(694,147	)			—				(2,187,276	)
Other income			98,871				13,058				—				111,929
Other expenses			(31,623	)			(43,906	)			—				(75,529	)
NET OPERATING EXPENSES			(5,469,658	)			(1,669,945	)			—				(7,139,603	)

OPERATING PROFIT			2,535,151				1,624,526				—				4,159,677

Finance income			467,940				97,267				—				565,207
Finance expense			(1,892,924	)			(228,559	)			—				(2,121,483	)
NET FINANCE EXPENSE			(1,424,984	)			(131,292	)			—				(1,556,276	)

Share of profit of equity-accounted investees, net of tax			16,897				—				—				16,897

PROFIT (LOSS) BEFORE TAXES			1,127,064				1,493,234				—				2,620,298

Current income taxes			(44,174	)			(406,066	)			—				(450,240	)
Deferred income taxes			68,264				(8,530	)			—				59,734
TOTAL INCOME TAXES			24,090				(414,596	)			—				(390,506	)
NET INCOME (LOSS)			1,151,154				1,078,638				—				2,229,792

ATTRIBUTABLE TO:
Company shareholders			1,137,738				886,595				—				2,024,333
Non-controlling interest			13,416				192,043				—				205,459
			1,151,154				1,078,638				—				2,229,792

		December 31, 2024
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			59,521,906				17,865,082				(204,441	)			77,182,547
Cost of sales			(51,161,756	)			(14,637,006	)			204,441				(65,594,321	)
GROSS PROFIT			8,360,150				3,228,076				—				11,588,226

Selling expenses			(3,907,102	)			(920,182	)			—				(4,827,284	)
General and administrative expenses			(1,575,818	)			(702,574	)			—				(2,278,392	)
Other income			62,154				22,371				—				84,525
Other expenses			(84,074	)			(105,180	)			—				(189,254	)
NET OPERATING EXPENSES			(5,504,840	)			(1,705,565	)			—				(7,210,405	)

OPERATING PROFIT			2,855,310				1,522,511				—				4,377,821

Finance income			583,992				135,378				—				719,370
Finance expense			(2,160,528	)			(228,605	)			—				(2,389,133	)
NET FINANCE EXPENSE			(1,576,536	)			(93,227	)			—				(1,669,763	)

Share of profit of equity-accounted investees, net of tax			2,945				—				—				2,945

PROFIT (LOSS) BEFORE TAXES			1,281,719				1,429,284				—				2,711,003

Current income taxes			(551,864	)			(318,610	)			—				(870,474	)
Deferred income taxes			137,158				(10,077	)			—				127,081
TOTAL INCOME TAXES			(414,706	)			(328,687	)			—				(743,393	)
NET INCOME (LOSS)			867,013				1,100,597				—				1,967,610

ATTRIBUTABLE TO:
Company shareholders			860,650				906,220				—				1,766,870
Non-controlling interest			6,363				194,377				—				200,740
			867,013				1,100,597				—				1,967,610

		December 31, 2023
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			55,802,013				17,347,956				(231,846	)			72,918,123
Cost of sales			(49,846,230	)			(15,336,588	)			231,846				(64,950,972	)
GROSS PROFIT			5,955,783				2,011,368				—				7,967,151

Selling expenses			(3,771,248	)			(823,086	)			—				(4,594,334	)
General and administrative expenses			(1,685,392	)			(629,682	)			—				(2,315,074	)
Other income			86,131				62,494				—				148,625
Other expenses			(59,279	)			(62,949	)			—				(122,228	)
NET OPERATING EXPENSES			(5,429,788	)			(1,453,223	)			—				(6,883,011	)

OPERATING PROFIT			525,995				558,145				—				1,084,140

Finance income			347,866				236,350				—				584,216
Finance expense			(1,502,059	)			(435,562	)			—				(1,937,621	)
NET FINANCE EXPENSE			(1,154,193	)			(199,212	)			—				(1,353,405	)

Share of profit of equity-accounted investees, net of tax			9,537				—				—				9,537

PROFIT (LOSS) BEFORE TAXES			(618,661	)			358,933				—				(259,728	)

Current income taxes			(32,275	)			(37,185	)			—				(69,460	)
Deferred income taxes			202,145				(4,692	)			—				197,453
TOTAL INCOME TAXES			169,870				(41,877	)			—				127,993
NET INCOME (LOSS)			(448,791	)			317,056				—				(131,735	)

ATTRIBUTABLE TO:
Company shareholders			(459,313	)			260,444				—				(198,869	)
Non-controlling interest			10,522				56,612				—				67,134
			(448,791	)			317,056				—				(131,735	)

Consolidated statements of comprehensive income:

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income (loss)			1,151,154				1,078,638				—				2,229,792

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			608,422				323,303				—				931,725
Gain (loss) on cash flow hedge			(8,971	)			540				—				(8,431	)
Deferred income tax on gain (loss) on cash flow hedge			1,408				—				—				1,408
Other fair value adjustments through other comprehensive income			(25	)			—				—				(25	)
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations			189				676				—				865
Income tax on gain associated with pension and other postretirement benefit obligations			—				(169	)			—				(169	)
Total other comprehensive income (loss)			601,023				324,350				—				925,373

Comprehensive Income (loss)			1,752,177				1,402,988				—				3,155,165
Comprehensive Income on subsidiaries			1,402,988				—				(1,402,988	)			—
			3,155,165				1,402,988				(1,402,988	)			3,155,165

Total comprehensive income attributable to:
Company shareholders			3,341,205				1,153,627				(1,402,988	)			3,091,844
Non-controlling interest			(186,040	)			249,361				—				63,321
			3,155,165				1,402,988				(1,402,988	)			3,155,165

		December 31, 2024
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income (loss)			867,013				1,100,597				—				1,967,610

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			(2,143,985	)			(226,415	)			—				(2,370,400	)
Gain (loss) on cash flow hedge			889				(93	)			—				796
Deferred income tax on gain (loss) on cash flow hedge			(202	)			—				—				(202	)
Other fair value adjustments through other comprehensive income			(2,786	)			—				—				(2,786	)
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations			5,215				13,057				—				18,272
Income tax on gain associated with pension and other postretirement benefit obligations			(4,636	)			—				—				(4,636	)
Total other comprehensive income (loss)			(2,145,505	)			(213,451	)			—				(2,358,956	)

Comprehensive Income (loss)			(1,278,492	)			887,146				—				(391,346	)
Comprehensive Income on subsidiaries			887,146				—				(887,146	)			—
			(391,346	)			887,146				(887,146	)			(391,346	)

Total comprehensive income attributable to:
Company shareholders			(599,348	)			730,107				(887,146	)			(756,387	)
Non-controlling interest			208,002				157,039				—				365,041
			(391,346	)			887,146				(887,146	)			(391,346	)

		December 31, 2023
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income (loss)			(448,791	)			317,056				—				(131,735	)

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			586,106				154,460				—				740,566
Gain (loss) on cash flow hedge			7,625				(752	)			—				6,873
Deferred income tax on gain (loss) on cash flow hedge			(1,744	)			—				—				(1,744	)
Other fair value adjustments through other comprehensive income			(13,143	)			—				—				(13,143	)
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations			4,113				7,068				—				11,181
Income tax on gain associated with pension and other postretirement benefit obligations			(2,837	)			—				—				(2,837	)
Total other comprehensive income (loss)			580,120				160,776				—				740,896

Comprehensive Income (loss)			131,329				477,832				—				609,161
Comprehensive Income on subsidiaries			477,832				—				(477,832	)			—
			609,161				477,832				(477,832	)			609,161

Total comprehensive income attributable to:
Company shareholders			651,890				393,268				(477,832	)			567,326
Non-controlling interest			(42,729	)			84,564				—				41,835
			609,161				477,832				(477,832	)			609,161