v3.26.1
Risk Management and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Risk Management and Financial Instruments [Abstract]  
Schedule of Consolidated Financial Statements

Financial instruments are recognized in the consolidated financial statements as follows:

 

   Notes  March 31,
2026		   December 31,
2025		 
Assets           
Fair value through profit or loss (1)           
Financial / Overnight investments  3   1,577,850    1,887,853 
National treasury bills  3   154,015    123,204 
Derivative assets      142,463    155,441 
Fair Value through Other Comprehensive Income             
Investment in financial assets at fair value  3   26,973    49,908 
Derivative assets      2,234    161 
Amortized cost (2)             
Cash at banks  3   1,624,299    2,557,740 
CME Margin investments  3   70,466    105,993 
Trade accounts receivable  4   3,877,391    4,231,924 
Dividends Receivable      2,550    1,465 
Related party receivables  8   31,398    41,231 
Financial investments  3   49,224    45,780 
Total      7,558,863    9,200,700 
Liabilities             
Amortized cost (2)             
Loans and financing  16   (21,364,974)   (21,090,568)
Trade accounts payable and supply chain finance  15   (6,609,845)   (7,332,559)
Debt with related party  8   (176,220)   (190,998)
Lease  12.2   (1,782,154)   (1,767,285)
Dividends Payable      (1,071,287)   
—
 
Fair value through profit or loss             
Derivative liabilities      (209,648)   (267,214)
Fair value through Other Comprehensive Income             
Derivative liabilities      (4,377)   (3,567)
Total      (31,218,505)   (30,652,191)

 

(1)CDBs are updated at the effective rate but have a short-term and negotiated with financial institutions, and their recognition is similar to fair value; (ii) national treasury bill is recognized according to market value.
(2)Loans and receivables are classified as amortized cost; the accounts receivable are short-term and net from expected losses.
Schedule of Fair Value of Assets and Liabilities Through Profit or Loss

Level 2 - Inputs other than Level 1, in which prices are quoted for similar assets and liabilities, either directly by obtaining prices in active markets or indirectly through valuation techniques that use data from active markets.

 

   March 31, 2026   December 31, 2025 
   Level 1   Level 2   Total   Level 1   Level 2   Total 
Financial assets                        
Financial investments/Overnight investments   
—
    1,577,850    1,577,850    
—
    1,887,853    1,887,853 
National treasury bills   154,015    
—
    154,015    123,204    
—
    123,204 
Derivative assets   
—
    144,697    144,697    
—
    155,602    155,602 
Investment in financial assets at fair value   26,973    
—
    26,973    49,908    
—
    49,908 
                               
Financial liabilities                              
Derivative liabilities   
—
    214,025    214,025    
—
    270,781    270,781 
Schedule of Estimated Fair Value The following details the estimated fair value of loans and financings:
   March, 2026   December 31, 2025 
Descrição  Principal   Price
(% of the
Principal)		  

Fair

value

   Principal   Price
(% of the
Principal)		  

Fair

value

 
Notes 2.50% JBS Lux 2027   105,951    98.25%   104,097    105,951    98.06%   103,892 
Notes 3.00% JBS Lux 2029   599,957    95.58%   573,409    599,957    96.35%   578,071 
Notes 3.75% JBS Lux 2031   493,000    92.95%   458,234    493,000    95.08%   468,720 
Notes 3.00% JBS Lux 2032   1,000,000    88.27    882,680    1,000,000    89.95%   899,470 
Notes 3.63% JBS Fin 2032   968,780    91.84%   889,766    968,780    93.80%   908,754 
Notes 5.75% JBS Lux 2033   1,661,675    102.55%   1,704,114    1,661,675    104.55%   1,737,298 
Notes 6.75% JBS Lux 2034   1,507,046    108.36%   1,632,990    1,507,046    110.61%   1,666,974 
Notes 4.38% JBS Lux 2052   900,000    75.55%   679,959    900,000    77.73%   699,579 
Notes 6.50% JBS Lux 2052   1,548,000    100.65%   1,558,139    1,548,000    103.12%   1,596,236 
Notes 7.25% JBS Lux 2053   900,000    109.37%   984,357    900,000    111.95%   1,007,559 
Notes 4.25% PPC 2031   796,158    95.09%   757,067    796,158    97.40%   775,458 
Notes 3.50% PPC 2032   899,600    90.05%   810,108    899,600    92.44%   831,572 
Notes 6.25% PPC 2033   922,521    103.57%   955,446    922,521    107.19%   988,878 
Notes 6.87% PPC 2034
   500,000    107.35%   536,725    500,000    111.15%   555,740 
Notes 5.95% JBS USA 2035   1,000,000    102.56%   1,025,600    1,000,000    105.29%   1,052,860 
Notes 6.37% JBS USA 2055
   750,000    99.36%   745,170    750,000    102.06%   765,428 
Notes 5.50% JBS Lux 2036   1,250,000    99.15%   1,239,400    1,250,000    101.85%   1,273,175 
Notes 6.25% JBS Lux 2056   1,250,000    97.06%   1,213,288    1,250,000    99.90%   1,248,738 
Notes 6.38% JBS Lux 2066   1,000,000    96.70%   966,950    1,000,000    99.88%   998,780 
    18,052,688         17,717,499    18,052,688         18,157,182 
Schedule of Assets and Liabilities Exposed to Floating Interest Rates For informational purposes and in accordance with our Financial and Commodities Risk Management Policy, the notional amounts of assets and liabilities exposed to floating interest rates are presented below:
   March 31,
2026		   December 31,
2025		 
Net exposure to the CDI/FED rate:        
CRA - Agribusiness Credit Receivable Certificates   (55,076)   (54,231)
Credit note - export   (251)   (410)
Rural - Credit note - Prefixed   (124,547)   (114,282)
Related party transactions   (117,865)   (105,892)
CDB-DI (Bank certificates of deposit)   809,856    727,695 
CME Margin investments   70,466    105,760 
Treasury bills   92,114    75,286 
Subtotal   674,697    633,926 
Derivatives (CDI)   13,487    
—
 
Derivatives (Swap)   (670,166)   (922,938)
Total   18,018    (289,012)
           
Net exposure to the IPCA rate:          
Treasury bills   61,901    47,920 
CRA - Agribusiness Credit Receivable Certificates   (2,326,633)   (2,165,193)
Related party transactions   (26,957)   (43,875)
Subtotal   (2,291,689)   (2,161,148)
Derivatives (Swap)   582,964    805,029 
Total   (1,708,725)   (1,356,119)
           
Liabilities exposure to the SOFR rate:          
Export credit note   (258,006)   (254,903)
Working Capital - USD   (14,832)   (11,691)
Total   (272,838)   (266,594)
           
Liabilities exposure to the Euribor rate:          
Working Capital - EUR   (53,015)   (55,348)
Total   (53,015)   (55,348)
Schedule of Contracts Exposure Scenario

Sensitivity analysis:

 

         

Scenario (I)
VaR 99% I.C. 1 day

  

Scenario (II)
Interest rate

variation - 25%

   Scenario (III)
Interest rate
variation - 50%		 
Contracts exposure  Risk  Current
scenario		   Rate   Effect on
 income		   Rate   Effect on
income		   Rate   Effect on
income		 
CDI  Depreciation   14.65%   14.59%   (11)   10.99%   (660)   7.33%   (1,320)
IPCA  Appreciation   3.81%   3.82%   (90)   4.76%   (16,284)   5.72%   (32,551)
SOFR  Appreciation   3.68%   3.68%   (11)   4.60%   (2,510)   5.52%   (5,020)
Euribor  Appreciation   2.87%   2.87%   (1)   3.59%   (380)   4.31%   (761)
                 (113)        (19,834)        (39,652)
     

Current

  

Scenario (I)
VaR 99% C.I. 1 day

   Scenario (II) Interest rate variation - 15%   Scenario (III) Interest rate variation - 30% 
Exposure of US$  Risk  exchange
rate		  

Exchange

rate

  

Effect on

income

  

Exchange

rate

  

Effect on

income

  

Exchange

rate

  

Effect on

income

 
Operating  Depreciation   1.00    0.98    (60,803)   0.85    (550,393)   0.70    (1,100,786)
Financial  Appreciation   1.00    1.02    (6,188)   1.15    (56,022)   1.30    (112,045)
Derivatives  Appreciation   1.00    1.02    (6,953)   1.15    (62,952)   1.30    (125,904)
                 (73,944)        (669,367)        (1,338,735)
EURO (amounts in thousands of US$):
          Scenario (I)
VaR 99% I.C. 1 day		   Scenario (II) Interest rate variation - 15%   Scenario (III) Interest rate variation - 30% 
Exposure of US$  Risk 

Current

exchange

rate

  

Exchange

rate

  

Effect on

income

  

Exchange

rate

  

Effect on

income

  

Exchange

rate

  

Effect on

income

 
Operating  Depreciation   1.15    1.13    (4,452)   0.98    (42,750)   0.81    (85,500)
Financial  Appreciation   1.15    1.17    (228)   1.32    (2,186)   1.50    (4,372)
Derivatives  Depreciation   1.15    1.13    (140)   0.98    (1,341)   0.81    (2,682)
                 (4,820)        (46,277)        (92,554)
British Pound (amounts in thousands of US$):
      Current   Scenario (I)
VaR 99% C.I. 1 day		   Scenario (II) @ Variation - 15%   Scenario (III) @ Variation -  30% 
Exposure of US$  Risk 

exchange

rate

  

Exchange

rate

  

Effect on

income

  

Exchange

rate

  

Effect on

income

  

Exchange

rate

  

Effect on

income

 
Operating  Depreciation   1.32    1.30    (1,839)   1.12    (17,601)   0.92    (35,202)
Financial  Appreciation   1.32    1.34    (1)   1.52    (12)   1.71    (23)
Derivatives  Appreciation   1.32    1.34    (1,057)   1.52    (10,118)   1.71    (20,235)
                 (2,897)        (27,731)        (55,460)

Sensitivity analysis as of March 31, 2026:

 

      Scenario (I)
VaR 99% I.C. 1 dia		   Scenario (II)
Variation - 15%		   Scenario (III)
Variation - 30%		 
Exposure  Risk  Current price   Price   Effect on income   Price   Effect on income   Price   Effect on income 
Operating  Depreciation   35    34    (19,466)   30    (291,993)   24    (583,986)
Derivatives  Appreciation   26    26    (18,841)   29    (282,619)   33    (565,237)
                 (38,307)        (574,612)        (1,149,223)

Sensitivity analysis as of March 31, 2026:

 

      Scenario (I)
VaR 99% I.C. 1 dia		   Scenario (II)
Variation - 15%		   Scenario (III)
Variation - 30%		 
Exposure  Risk  Current price   Price   Effect on income   Price   Effect on income   Price   Effect on income 
Operating  Depreciation   5    5    (59)   4    (891)   4    (1,782)
Derivatives  Depreciation   1    1    (2,885)   1    (43,273)   1    (86,547)
                 (2,944)        (44,164)        (88,328)
Schedule of Sensitivity Analysis Fair Value Asset and Liability
         March 31, 2026   December 31, 2025 
Instrument  Risk
factor		  Maturity  Notional  

Fair value

(Asset)
US$

   Fair value
(Liability)
US$		   Fair
value		   Notional  

Fair value

(Asset)
US$

   Fair value
(Liability)
US$		   Fair
value		 
Swap  IPCA  2027   187,456    225,294    (240,127)   (14,833)   177,815    205,191    (220,189)   (14,998)
Swap  IPCA  2031   30,977    42,756    (51,242)   (8,486)   30,309    40,605    (48,349)   (7,744)
Swap  IPCA  2032   58,021    67,009    (77,245)   (10,236)   125,573    152,936    (178,835)   (25,899)
Swap  IPCA  2034   69,934    80,386    (91,077)   (10,691)   139,033    148,563    (158,375)   (9,812)
Swap  IPCA  2037   126,003    167,519    (210,475)   (42,956)   200,113    257,734    (317,190)   (59,456)
          472,391    582,964    (670,166)   (87,202)   672,843    805,029    (922,938)   (117,909)
Schedule of Exposure The Group discloses these exposures considering the fluctuations of a exchange rate in particular towards the functional currency of each subsidiary.
   USD   EUR   GBP 
   31.03.26   31.12.25   31.03.26   31.12.25   31.03.26   31.12.25 
OPERATING                        
Cash and cash equivalents   1,386,050    1,976,408    94,179    102,128    17,083    36,591 
Margin cash   7,475    4,747    
—
    
—
    
—
    
—
 
Trade accounts receivable   1,088,048    1,173,182    257,016    310,157    93,252    96,211 
Sales orders   1,616,448    1,478,630    122,399    186,577    21,276    10,037 
Trade accounts payable   (289,539)   (300,958)   (159,335)   (77,245)   (14,270)   (19,671)
Purchase orders   (139,197)   (87,387)   (29,261)   (38,009)   
—
    
—
 
Operating subtotal   3,669,285    4,244,622    284,998    483,608    117,341    123,168 
                               
FINANCIAL                              
Advances to customers   (4,093)   (3,369)   (1,888)   (1,525)   (78)   (191)
Loans and financing   (369,389)   (366,169)   (12,685)   
—
    
—
    
—
 
Financial subtotal   (373,482)   (369,538)   (14,573)   (1,525)   (78)   (191)
Operating financial subtotal   3,295,803    3,875,084    270,425    482,083    117,263    122,977 
                               
DERIVATIVES                              
Future contracts   282,723    241,445    (77,804)   (79,419)   (39,819)   (40,676)
Deliverable Forwards (DF´s)   (376,456)   (278,582)   102,885    103,646    (27,632)   (26,856)
Non-Deliverable Fowards (NDF´s)   (325,947)   43,471    (16,141)   (22,951)   
—
    
—
 
Total derivatives   (419,680)   6,334    8,940    1,276    (67,451)   (67,532)
NET EXPOSURE IN US$   2,876,123    3,881,418    279,365    483,359    49,812    55,445 
Schedule of Future Contracts
         March 31, 2026   December 31, 2025 
Instrument  Risk factor  Nature  Quantity   Notional
(US$)		   Fair value   Quantity  

Notional

(US$)

   Fair value 
Future Contract  American dollar  Long   (7,083,806)   282,723    (1,887)   227,860    241,445    (1,814)
         March 31, 2026   December 31, 2025 
Instrument  Risk factor  Nature 

Notional 

(USD)

   Notional
(US$)		   Fair value  

Notional 

(USD)

   Notional
(US$)		   Fair value 
Deliverable Forwards  American dollar  Short   (376,456)   (376,456)   (13,499)   (278,582)   (278,582)   13,069 
Non-Deliverable Forwards  American dollar  Short   (325,947)   (325,947)   180    43,471    43,471    (4,467)
         March 31, 2026   December 31, 2025 
Instrument  Risk factor  Nature 

Notional

(EUR)

  

Notional

(US$)

   Fair value  

Notional

(EUR)

  

Notional

(US$)

   Fair value 
Future Contract  Euro  Short   (4,355)   (77,804)   (964)   (6,755)   (79,419)   62 

 

         March 31, 2026   December 31, 2025 
Instrument  Risk factor  Nature 

Notional 

(EUR)

   Notional
(US$)		   Fair value  

Notional 

(EUR)

   Notional
(US$)		   Fair value 
Deliverable Forwards  Euro  Long   89,325    102,885    (2,306)   88,156    103,646    (2,039)
Non-Deliverable Forwards  Euro  Short   (14,014)   (16,141)   170    (19,521)   (22,591)   (55)
         March 31, 2026   December 31, 2025 
Instrument  Risk factor  Nature  Notional (GBP)   Notional (US$)   Fair value   Notional (GBP)  

Notional

(US$)

   Fair value 
Future Contract  British pound  Short   (1,580)   (39,819)   (141)   (3,020)   (40,676)   72 
         March 31, 2026   December 31, 2025 
Instrument  Risk factor  Nature 

Notional

(GBP)

  

Notional

(US$)

   Fair value  

Notional

(GBP)

  

Notional

(US$)

   Fair value 
Deliverable Forwards  British pound  Short   (20,957)   (27,632)   177    (19,939)   (26,856)   129 

Derivatives financial instruments breakdown:

 

         March 31, 2026   December 31, 2025 
Instrument  Risk factor  Nature  Quantity   Fair value   Quantity   Fair value 
Future Contracts  Commodities  Short   (2,410)   380    7,348    (346)
Deliverable Forwards  Commodities  Short   (35,752)   (57,987)   (41,942)   (93,782)

Derivatives financial instruments breakdown:

 

         March 31, 2026   December 31, 2025 
Instrument  Risk factor  Nature  Quantity   Fair value   Quantity   Fair value 
Future Contracts  Commodities (grains and others)  Long   26,531    221    17,515    (170)
Deliverable Forwards  Commodities (grains and others)  Long   22,740    (6,893)   32,783    46,621 
Future CME  Commodities (grains and others)  Long   150    (336)   155    (45)
Non Deliverable Forwards  Commodities (grains and others)  Long   3,150,000    1,252    
—
    
—
 
Schedule of Position Balance in Commodities and Corn Contracts Position balance in commodities and corn contracts:
Exposure in Commodities (Live Stock) - Expressed in contract quantity  March 31,
2026		   December 31,
2025		 
OPERATING        
Firm contracts   28,006    31,200 
Subtotal   28,006    31,200 
DERIVATIVES          
Future contracts   (2,410)   7,348 
Deliverable Forwards   (35,752)   (41,942)
Subtotal   (38,162)   (34,594)
NET EXPOSURE   (10,156)   (3,394)
Exposure in Commodities (Grains and others) - Expressed in contract quantity  March 31,
2026		   December 31,
2025		 
Purchase orders   13,114    5,403 
Subtotal   13,114    5,403 
DERIVATIVES          
Future B3   26,531    17,515 
Future CME   150    155 
Deliverable Forwards   22,740    32,783 
Non Deliverable Forwards   3,150,000    
—
 
Subtotal   3,199,421    50,453 
NET EXPOSURE   3,212,535    55,856 
Schedule of Statement of Income

Below is shown the effects on income for the period, on other comprehensive income and on the balance sheet of derivative financial instruments contracted for hedging exchange rates, commodity prices and interest rates (cash flow and fair value hedges):

 

Statements of Income:  March 31,
2026		   March 31,
2025		 
Cost of sales before hedge accounting adoption   (2,042,810)   (1,696,193)
Derivatives operating income (loss)   (823)   (363)
Commodities   (823)   (363)
Cost of sales with hedge accounting   (2,043,633)   (1,696,556)
           
Financial income (expense), net excluding derivatives   (15,276)   45325 
Derivatives financial income (expense), net   (33,627)   (63)
Currency   (15,620)   
—
 
Commodities   (18,007)   (63)
Financial income (expense), net   (48,903)   45,262 
Schedule of Balance Sheet

Below are the effects on other comprehensive income (expense), after the adoption of hedge accounting:

 

Statements of other comprehensive income (expense):  March 31,
2026		   March 31,
2025		 
Financial instruments designated as hedge accounting:   (568)   599 
Commodities   (568)   599 
Other comprehensive income (expense)   (1,131)   275 
Statements of financial position:  March 31,
2026		   December 31,
2025		 
Derivatives (liabilities)/assets   (159)   (15)
Derivatives instruments designated as hedge accounting:          
Commodities   (159)   (15)
Derivatives (liabilities)/assets   (3,412)   (6,568)
Derivatives instruments not designated as hedge accounting:          
Exchange   (3,412)   (6,568)
Other comprehensive expenses   (568)   (1,644)
Commodities   (568)   (1,644)
Inventories   (735)   165 
Commodities   (735)   165 
Schedule of Hedge Cash Flow Movement
Cash Flow hedge changes  January 1,
2026		   OCI   March 31,
2026		 
Hedge accounting operations   1,479    (1,131)   348 
(-) Income tax   (502)   385    (117)
Total of other comprehensive income (expense)   977    (746)   231 
Schedule of Open Balance Sheet Position of Derivative Assets and Liabilities
   March 31,
2026		   December 31,
2025		 
Liabilities:        
Designated as hedge accounting   159    15 
Commodities   159    15 
Not designated as hedge accounting   3,412    6,568 
Currency   3,412    6,568 
Current liabilities   3,571    6,583 
Schedule of Contractual Obligation Amounts from Financial Liabilities

The table below shows the contractual obligation amounts from financial liabilities of the Company according to their maturities:

 

   March 31, 2026   December 31, 2025 
   Less than 1 year  

Between 1 and 2

years

  

Between 3 and 5

years

   More than 5 years   Total   Less than 1 year  

Between 1 and 2

years

  

Between 3 and 5

years

   More than 5 years   Total 
Trade accounts payable and supply chain finance   6,609,845    
—
    
—
    
—
    6,609,845    7,332,559    
—
    
—
    
—
    7,332,559 
Loans and financing   840,120    352,458    2,173,708    17,998,688    21,364,974    833,085    249,115    794,458    19,213,910    21,090,568 
Estimated interest on loans and financing (1)   1,201,987    1,401,488    3,263,639    15,158,424    21,025,538    1,265,226    2,425,415    2,377,113    15,237,492    21,305,246 
Derivatives liabilities   126,672    87,353    
—
    
—
    214,025    156,405    114,376    
—
    
—
    270,781 
Payments of leases   365,383    508,310    532,141    701,933    2,107,767    354,887    520,701    351,036    861,409    2,088,033 
Commodities forward purchase contracts   194,137    16,489,998    13,072,512    3,589,436    33,346,083    140,956    13,912,887    11,252,506    2,614,618    27,920,967 

 

(1)Includes interest on all loans and financing outstanding. Payments are estimated for variable rate debt based on effective interest rates on March 31, 2026 and December 31, 2025. Payments in foreign currencies are estimated using the March 31, 2026 and December 31, 2025 exchange rates.