Goodwill

3 Months Ended

Mar. 31, 2026

14 Goodwill

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

Changes in goodwill:

	March 31, 2026			December 31, 2025
Balance at the beginning of the period		5,852,575			5,417,134
Business combination adjustments		(8	)		1,981
Exchange rate variation		114,088			433,460
Balance at the end of the period		5,966,655			5,852,575

CGU	March 31, 2026		December 31, 2025
Brazil Beef		1,737,733		1,648,358
Seara		716,732		680,005
USA Pork		694,534		694,534
Australia Smallgoods		313,493		306,082
Australia Meat		283,580		276,876
PPC - Fresh Poultry		470,898		479,404
PPC - Fresh Pork/Lamb		166,968		168,859
PPC - Food Service		182,545		185,841
PPC - Added Value		343,054		349,816
Others CGUs without significant goodwill ⁽¹⁾		1,057,118		1,062,800
Total		5,966,655		5,852,575

For the three-month period ended March 31, 2026 and 2025 there were no indications that goodwill within any CGU was impaired.

⁽¹⁾

These correspond to 12 Cash Generating Units (CGUs) which, because their individual values are immaterial, have been grouped in the ‘Others’ category.