Supplemental Financial Information

3 Months Ended

Mar. 31, 2026

Supplemental Financial Information [Abstract]

Supplemental financial information

28 Supplemental financial information

The Group’s income and cash flow are generated by its subsidiaries. As a result, funds necessary to meet the Group’s debt service obligations, including its obligations as the issuer under its existing senior unsecured notes, are provided in large part by distributions or advances from its subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as the Group’s financial condition and operating requirements and those of certain subsidiaries, could limit the Group’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.

Restricted Subsidiaries consist of all of the Group’s subsidiaries, except the Unrestricted Subsidiaries. Unrestricted Subsidiaries are: JBS Wisconsin Properties and its subsidiaries (including PPC), JBS Captive Insurance and Moyer Distribution.

Consolidated statements of financial position:

		March 31, 2026
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents			2,750,463				544,325				—				3,294,788
Margin cash			158,299				516				—				158,815
Trade accounts receivable			2,795,937				1,091,372				(9,918	)			3,877,391
Dividends receivable			2,550				—				—				2,550
Inventories			5,626,909				1,134,405				—				6,761,314
Biological assets			1,323,065				551,373				—				1,874,438
Recoverable taxes			793,997				208,199				(6,560	)			995,636
Derivative assets			122,601				22,096				—				144,697
Other current assets			310,262				204,353				(6,728	)			507,887
TOTAL CURRENT ASSETS			13,884,083				3,756,639				(23,206	)			17,617,516

NON-CURRENT ASSETS
Long-term investments			49,224				—				—				49,224
Recoverable taxes			2,011,523				—				—				2,011,523
Biological assets			269,536				364,011				—				633,547
Related party receivables			31,398				—				—				31,398
Deferred income taxes			509,030				30,563				—				539,593
Other non-current assets			367,563				141,682				—				509,245
			3,238,274				536,256				—				3,774,530

Investments in equity-accounted investees			3,357,849				—				(3,063,925	)			293,924
Property, plant and equipment			10,425,061				3,677,782				—				14,102,843
Right of use assets			1,382,373				235,528				—				1,617,901
Intangible assets			947,278				859,652				—				1,806,930
Goodwill			4,649,601				1,317,054				—				5,966,655

TOTAL NON-CURRENT ASSETS			24,000,436				6,626,272				(3,063,925	)			27,562,783

TOTAL ASSETS			37,884,519				10,382,911				(3,087,131	)			45,180,299

		March 31, 2026
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable			3,639,419				1,823,816				(9,918	)			5,453,317
Supply chain finance			1,156,528				—				—				1,156,528
Loans and financing			793,465				46,655				—				840,120
Income taxes			37,223				132,998				(6,560	)			163,661
Other taxes payable			143,220				15,899				—				159,119
Payroll and social charges			927,210				364,340				—				1,291,550
Lease liabilities			305,262				60,121				—				365,383
Dividends payable			1,071,287				—				—				1,071,287
Provisions for legal proceedings			231,209				—				—				231,209
Derivative liabilities			116,100				10,572				—				126,672
Other current liabilities			529,353				339,077				(6,728	)			861,702
TOTAL CURRENT LIABILITIES			8,950,276				2,793,478				(23,206	)			11,720,548

NON-CURRENT LIABILITIES
Loans and financing			17,430,976				3,093,878				—				20,524,854
Income and other taxes payable			397,413				22,977				—				420,390
Payroll and social charges			302,944				2,338				—				305,282
Lease liabilities			1,224,175				192,596				—				1,416,771
Deferred income taxes			735,310				463,860				—				1,199,170
Provisions for legal proceedings			219,022				—				—				219,022
Related party payable			176,220				—				—				176,220
Derivative liabilities			87,353				—				—				87,353
Other non-current liabilities			42,219				7,774				—				49,993
TOTAL NON-CURRENT LIABILITIES			20,615,632				3,783,423				—				24,399,055

EQUITY
Share capital - common shares			5,187,927				1,352,356				(6,498,723	)			41,560
Reserves			8,238,896				(268,262	)			—				7,970,634
Undistributed results			(5,194,035	)			1,979,831				3,434,798				220,594
Attributable to company shareholders			8,232,788				3,063,925				(3,063,925	)			8,232,788
Attributable to non-controlling interest			85,823				742,085				—				827,908
TOTAL EQUITY			8,318,611				3,806,010				(3,063,925	)			9,060,696
TOTAL LIABILITIES AND EQUITY			37,884,519				10,382,911				(3,087,131	)			45,180,299

		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				(1,033	)			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				48,716				—				1,560,159
Lease liabilities			294,217				6,067				—				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				2,481,637				(20,529	)			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				2,258				—				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				3,760,130				(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				10,003,268				(3,048,464	)			45,156,486

Consolidated statements of income:

		March 31, 2026
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			17,112,748				4,529,588				(33,711	)			21,608,625
Cost of sales			(15,402,306	)			(3,915,442	)			33,711				(19,284,037	)
GROSS PROFIT			1,710,442				614,146				—				2,324,588

General and administrative expenses			(380,999	)			(174,625	)			—				(555,624	)
Selling expenses			(1,031,722	)			(270,824	)			—				(1,302,546	)
Other income			38,656				3,028				—				41,684
Other expenses			(18,221	)			(5,393	)			—				(23,614	)
NET OPERATING EXPENSES			(1,392,286	)			(447,814	)			—				(1,840,100	)

OPERATING PROFIT			318,156				166,332				—				484,488

Finance income			154,508				17,668				—				172,176
Finance expense			(433,433	)			(52,953	)			—				(486,386	)
NET FINANCE EXPENSE			(278,925	)			(35,285	)			—				(314,210	)

Share of profit of equity-accounted investees, net of tax			138,415				—				—				138,415

PROFIT (LOSS) BEFORE TAXES			177,646				131,047				—				308,693

Current income taxes			1,236				(35,006	)			—				(33,770	)
Deferred income taxes			(38,263	)			4,930				—				(33,333	)
TOTAL INCOME TAXES			(37,027	)			(30,076	)			—				(67,103	)
NET INCOME			140,619				100,971				—				241,590

ATTRIBUTABLE TO:
Company shareholders			137,779				82,815				—				220,594
Non-controlling interest			2,840				18,156				—				20,996
			140,619				100,971				—				241,590

		March 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			15,110,175				4,460,319				(43,974	)			19,526,520
Cost of sales			(13,275,176	)			(3,670,767	)			43,974				(16,901,969	)
GROSS PROFIT			1,834,999				789,552				—				2,624,551

General and administrative expenses			(422,019	)			(134,408	)			—				(556,427	)
Selling expenses			(954,250	)			(233,347	)			—				(1,187,597	)
Other income			27,546				2,799				—				30,345
Other expenses			(9,795	)			18,162				—				(27,957	)
NET OPERATING EXPENSES			(1,358,518	)			(383,118	)			—				(1,741,636	)

OPERATING PROFIT			476,481				406,434				—				882,915

Finance income			201,774				33,886				—				235,660
Finance expense			(375,411	)			(51,795	)			—				(427,206	)
NET FINANCE EXPENSE			(173,637	)			(17,909	)			—				(191,546	)

Share of profit of equity-accounted investees, net of tax			2,735				—				—				2,735

PROFIT BEFORE TAXES			305,579				388,525				—				694,104

Current income taxes			(119,954	)			(104,837	)			—				(224,791	)
Deferred income taxes			75,593				11,428				—				87,021
TOTAL INCOME TAXES			(44,361	)			(93,409	)			—				(137,770	)
NET INCOME			261,218				295,116				—				556,334

ATTRIBUTABLE TO:
Company shareholders			257,576				242,648				—				500,224
Non-controlling interest			3,642				52,468				—				56,110
			261,218				295,116				—				556,334

Consolidated statements of comprehensive income:

		March 31, 2026
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income			140,619				100,971				—				241,590

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			373,667				(63,309	)			—				310,358
Gain (loss) on cash flow hedge			(441	)			441				—				—
Deferred income tax on gain (loss) on cash flow hedge			309				—				—				309
Other fair value adjustments through other comprehensive income			382				—				—				382
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations			(209	)			(768	)			—				(977	)
Income tax on gain associated with pension and other postretirement benefit obligations			256				—				—				256
Total other comprehensive income (loss)			373,964				(63,636	)			—				310,328

Comprehensive Income			514,583				37,335				—				551,918
Comprehensive Income on subsidiaries			37,335				—				(37,335	)			—
			551,918				37,335				(37,335	)			551,918

Total comprehensive income attributable to:
Company shareholders			549,190				30,667				(37,335	)			542,522
Non-controlling interest			2,728				6,668				—				9,396
			551,918				37,335				(37,335	)			551,918

		March 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income			261,218				295,116				—				556,334

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain on foreign currency translation adjustments			492,495				85,184				—				577,679
Gain (loss) on cash flow hedge			(1,246	)			1,622				—				376
Deferred income tax on gain (loss) on cash flow hedge			(94	)			—				—				(94	)
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			76				(570	)			—				(494	)
Income tax on gain associated with pension and other postretirement benefit obligations			(16	)			—				—				(16	)
Total other comprehensive income			491,190				86,236				—				577,426

Comprehensive Income			752,408				381,352				—				1,133,760
Comprehensive Income on subsidiaries			381,352				—				(381,352	)			—
			1,133,760				381,352				(381,352	)			1,133,760

Total comprehensive income attributable to:
Company shareholders			1,268,725				313,541				(381,352	)			1,200,914
Non-controlling interest			(134,965	)			67,811				—				(67,154	)
			1,133,760				381,352				(381,352	)			1,133,760