Exhibit 99.1

	JBS N.V.
	Unaudited condensed consolidated interim financial information
	As of and for the three-month period ended March 31, 2026
	In thousands of United States dollar - US$

Index		Page
Statements of financial position - Assets		1
Statements of financial position - Liabilities and Equity		2
Statements of income for the three-month period ended March 31, 2026 and 2025		3
Statements of comprehensive income for the three-month period ended March 31, 2026 and 2025		4
Statements of changes in equity for the three-month period ended March 31, 2026 and 2025		5
Statements of cash flows for the three-month period ended March 31, 2026 and 2025		6
Note 1 - Background information		7
Note 2 - Basis of preparation		9
Note 3 - Cash and cash equivalents, margin cash and long-term investments		11
Note 4 - Trade accounts receivable		12
Note 5 - Inventories		12
Note 6 - Biological assets		13
Note 7 - Recoverable taxes		13
Note 8 - Related party transaction		14
Note 9 - Income taxes		15
Note 10 - Investments in equity-accounted investees, associates and joint venture		18
Note 11 - Property, plant and equipment		19
Note 12 - Leases		20
Note 13 - Intangible assets		22
Note 14 - Goodwill		22
Note 15 - Trade accounts payable		24
Note 16 - Loans and financing		25
Note 17 - Income and other taxes payable		26
Note 18 - Payroll and social charges		27
Note 19 - Provisions for legal proceedings		27
Note 20 - Equity		30
Note 21 - Net revenue		31
Note 22 - Net finance expense		32
Note 23 - Earnings per share		32
Note 24 - Share-based compensation		33
Note 25 - Operating segments and information by geographic area		33
Note 26 - Expenses by nature		36
Note 27 - Risk management and financial instruments		37
Note 28 - Supplemental financial information		47

Statements of financial position

In thousands of United States dollar - US$

	Note	March 31, 2026		December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3		3,294,788		4,565,136
Margin cash	3		158,815		159,562
Trade accounts receivable	4		3,877,391		4,231,924
Inventories	5		6,761,314		6,107,165
Dividends receivable			2,550		1,465
Biological assets	6		1,874,438		1,826,766
Recoverable taxes	7		995,636		957,211
Derivative assets	27		144,697		155,602
Other current assets			507,887		433,372
TOTAL CURRENT ASSETS			17,617,516		18,438,203

NON-CURRENT ASSETS
Long-term investments	3		49,224		45,780
Recoverable taxes	7		2,011,523		1,874,572
Biological assets	6		633,547		611,799
Related party receivables	8		31,398		41,231
Deferred income taxes	9		539,593		547,014
Other non-current assets			509,245		488,803
			3,774,530		3,609,199

Investments in equity-accounted investees	10		293,924		171,612
Property, plant and equipment	11		14,102,843		13,645,658
Right of use assets	12.1		1,617,901		1,613,647
Intangible assets	13		1,806,930		1,825,592
Goodwill	14		5,966,655		5,852,575

TOTAL NON-CURRENT ASSETS			27,562,783		26,718,283

TOTAL ASSETS			45,180,299		45,156,486

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial information.

Statements of financial position

In thousands of United States dollar - US$

	Note	March 31, 2026		December 31, 2025
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable	15		5,453,317		6,198,100
Supply chain finance	15		1,156,528		1,134,459
Loans and financing	16		840,120		833,085
Income taxes	17		163,661		288,030
Other taxes payable	17		159,119		152,959
Payroll and social charges	18		1,291,550		1,560,159
Lease liabilities	12.2		365,383		354,887
Dividends payable			1,071,287		—
Provisions for legal proceedings	19		231,209		159,217
Derivative liabilities	27		126,672		156,405
Other current liabilities			861,702		704,509
TOTAL CURRENT LIABILITIES			11,720,548		11,541,810

NON-CURRENT LIABILITIES
Loans and financing	16		20,524,854		20,257,483
Income and other taxes payable	17		420,390		407,727
Payroll and social charges	18		305,282		288,065
Lease liabilities	12.2		1,416,771		1,412,398
Deferred income taxes	9		1,199,170		1,169,300
Provisions for legal proceedings	19		219,022		209,358
Related party payables	8		176,220		190,998
Derivative liabilities	27		87,353		114,376
Other non-current liabilities			49,993		42,180
TOTAL NON-CURRENT LIABILITIES			24,399,055		24,091,885

EQUITY	20
Share capital - common shares			41,560		35,114
Reserves			7,970,634		6,582,694
Undistributed results			220,594		2,085,772
Attributable to company shareholders			8,232,788		8,703,580
Attributable to non-controlling interest			827,908		819,211
TOTAL EQUITY			9,060,696		9,522,791
TOTAL LIABILITIES AND EQUITY			45,180,299		45,156,486

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial information.

Statements of income for the three-month period ended March 31, 2026 and 2025

In thousands of United States dollar - US$

		Three-month period ended March 31,
	Note	2026			2025

NET REVENUE	21		21,608,625			19,526,520
Cost of sales	26		(19,284,037	)		(16,901,969	)
GROSS PROFIT			2,324,588			2,624,551

Selling expenses	26		(1,302,546	)		(1,187,597	)
General and administrative expenses	26		(555,624	)		(556,427	)
Other income	26.1		41,684			30,345
Other expenses	26.1		(23,614	)		(27,957	)
NET OPERATING EXPENSES			(1,840,100	)		(1,741,636	)

OPERATING PROFIT			484,488			882,915

Finance income	22		172,176			235,660
Finance expense	22		(486,386	)		(427,206	)
NET FINANCE EXPENSE			(314,210	)		(191,546	)

Share of profit of equity-accounted investees, net of tax	10		138,415			2,735

PROFIT BEFORE TAXES			308,693			694,104

Current income taxes	9		(33,770	)		(224,791	)
Deferred income taxes	9		(33,333	)		87,021
TOTAL INCOME TAXES			(67,103	)		(137,770	)
NET INCOME			241,590			556,334

ATTRIBUTABLE TO:
Company shareholders			220,594			500,224
Non-controlling interest			20,996			56,110
			241,590			556,334

Basic earnings per share - common shares (US$)	23		0.21			0.47
Diluted earnings per share - common shares (US$)	23		0.20			0.47

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial information.

Statements of comprehensive income for the three-month period ended March 31, 2026 and 2025

In thousands of United States dollar - US$

	Three-month period ended March 31,
	2026			2025

Net income		241,590			556,334

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain on foreign currency translation adjustments		310,358			577,679
Gain on cash flow hedge		309			376
Deferred income tax on gain on cash flow hedge		382			(94	)
Other fair value adjustments through other comprehensive income		—			(25	)
Items that will not be subsequently reclassified to statement of income:
Loss associated with pension and other postretirement benefit obligations		(977	)		(494	)
Income tax on gain (loss) associated with pension and other postretirement benefit obligations		256			(16	)
Total other comprehensive income		310,328			577,426

Comprehensive Income		551,918			1,133,760

Total comprehensive income (loss) attributable to:
Company shareholders		542,522			1,200,914
Non-controlling interest		9,396			(67,154	)
		551,918			1,133,760

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial information.

Statements of changes in equity for the three-month period ended March 31, 2026 and 2025

In thousands of United States dollar - US$

	Share capital		Share premium			Premium on issue of shares		Capital transactions			Stock options		Other reserves			Reserve for own shares			Legal		Investments statutory			Tax-incentive reserve		Other legal reserves			Revaluation reserve			Undistributed results			Total			Non- controlling interest			Total equity
BALANCE ON JANUARY 1, 2025		13,177,841		—			36,321		(227,052	)		10,145		(37,470	)		—			691,999		2,070,113			1,449,832		67,583			(10,144,847	)		—			7,094,465			1,039,899			8,134,364
Net income		—		—			—		—			—		—			—			—		—			—		—			—			500,224			500,224			56,110			556,334
Gain (loss) on foreign currency translation adjustments		—		—			—		—			—		—			—			—		—			—		—			574,457			—			574,457			(123,164	)		451,293
Gain on net investment in foreign operations		—		—			—		—			—		—			—			—		—			—		—			126,386			—			126,386			—			126,386
Gain on cashflow hedge, net of tax		—		—			—		—			—		—			—			—		—			—		282			—			—			282			—			282
Other fair value adjustments through other comprehensive income		—		—			—		—			—		—			—			—		—			—		(25	)		—			—			(25	)		—			(25	)
Loss associated with pension and other postretirement benefit obligations, net of tax		—		—			—		—			—		—			—			—		—			—		(409	)		—			—			(409	)		(101	)		(510	)
Total comprehensive income (loss)		—		—			—		—			—		—			—			—		—			—		(152	)		700,843			500,224			1,200,915			(67,155	)		1,133,760

Share-based compensation		—		—			—		5,782			—		—			—			—		—			—		—			—			—			5,782			1,219			7,001
Realization of other reserves		—		—			—		—			—		(374	)		—			—		—			—		—			—			373			(1	)		—			(1	)
Distribution of interim dividends		—		—			—										—					(759,018	)													(759,018	)		—			(759,018	)
Dividends to non-controlling interest		—		—			—		—			—		—			—			—		—			—		—			—			—			—			(260,331	)		(260,331	)
Others		—		—			—		—			—		—			—			—		—			—		—			—			—			—			285			285
BALANCE ON MARCH 31, 2025		13,177,841		—			36,321		(221,270	)		10,145		(37,844	)		—			691,999		1,311,095			1,449,832		67,431			(9,444,004	)		500,597			7,542,143			713,917			8,256,060

BALANCE ON JANUARY 1, 2026		35,114		7,310,818			—		(68,076	)		—		—			(598,423	)		—		—			—		63,472			(125,097	)		2,085,772			8,703,580			819,211			9,522,791
Net income		—		—			—		—			—		—			—			—		—			—		—			—			220,594			220,594			20,996			241,590
Gain on cash flow hedge, net of tax		—		—			—		—			—		—			—			—		—			—		607			—			—			607			84			691
Loss associated with pension and other postretirement benefit obligations, net of tax		—		—			—		—			—		—			—			—		—			—		(582	)		—			—			(582	)		(139	)		(721	)
Gain on foreign currency translation adjustments																											(181	)		322,084						321,903			(11,545	)		310,358
Total comprehensive income (loss)		—		—			—		—			—		—			—			—		—			—		(156	)		322,084			220,594			542,522			9,396			551,918
Allocation of results to Share Premium		—		2,085,772			—		—			—		—			—			—		—			—		—			—			(2,085,772	)		—			—			—
									—
Capital increase - JBS Participações		6,446		(6,446	)		—		—			—		—			—			—		—			—		—			—			—			—			—			—
Disposal of treasury shares		—		—			—		—			—		—			1,234			—		—			—		—			—			—			1,234			—			1,234
Stock option plan		—		—			—		4,996			—		—			—			—		—			—		—			—			—			4,996			1,077			6,073
Dividends declared		—		(1,070,877	)		—		—			—		—			—			—		—			—		—			—			—			(1,070,877	)		—			(1,070,877	)
Share-based compensation		—		—			—		38,755			—		—			15,346			—		—			—		—			—			—			54,101			—			54,101
Dividends to non-controlling interest		—		—			—		—			—		—			—			—		—			—		—			—			—			—			(1,776	)		(1,776	)
Others		—		—			—		(2,768	)		—		—			—			—		—			—		—			—			—			(2,768	)		—			(2,768	)
BALANCE ON MARCH 31, 2026		41,560		8,319,267			—		(27,093	)		—		—			(581,843	)		—		—			—		63,316			196,987			220,594			8,232,788			827,908			9,060,696

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial information.

Statements of cash flows for the three-month period ended March 31, 2026 and 2025

In thousands of United States dollar - US$

		Three-month period ended March 31,
	Notes	2026			2025
Cash flows from operating activities
Net income			241,590			556,334
Adjustments for:
Depreciation and amortization	6, 11, 12 and 13		617,488			535,644
Expected credit losses	4		2,678			12,896
Share of loss (profit) of equity-accounted investees	10		(138,415	)		(2,735	)
Gain on sales of assets			(12,727	)		(10,771	)
Tax expense	9		67,103			137,770
Net finance expense	22		314,210			191,546
Share-based compensation			6,073			7,001
Provisions for legal proceedings			24,826			14,020
Impairment of goodwill and property, plant and equipment			—			6,240
Net realizable value inventory adjustments	5		15,776			17,140
DOJ (Department of Justice) and antitrust agreements	25		24,644			79,549
Fair value adjustment of biological assets	6		(24,787	)		9,191
			1,138,459			1,553,825
Changes in assets and liabilities:
Trade accounts receivable			331,067			236,929
Inventories			(582,394	)		(640,928	)
Recoverable taxes			2,622			42,046
Other current and non-current assets			7,845			(288,542	)
Biological assets			(182,986	)		(191,303	)
Trade accounts payable and supply chain finance			(799,306	)		(547,375	)
Taxes paid in installments			(14,336	)		(6,948	)
Other current and non-current liabilities			(178,361	)		(68,455	)
DOJ and Antitrust agreements payment/reimbursement			47,347			(139,709	)
Income taxes paid			(218,479	)		(234,334	)
Changes in operating assets and liabilities			(1,586,981	)		(1,838,619	)

Cash used in operating activities			(448,522	)		(284,794	)

Interest paid			(366,843	)		(311,521	)
Interest received			26,068			41,786

Net cash flows used in operating activities			(789,297	)		(554,529	)

Cash flow from investing activities
Purchases of property, plant and equipment			(566,397	)		(264,656	)
Dividends received			—			1,943
Purchase and disposals of intangible assets			(5,024	)		(2,672	)
Additions (disposals) to investments in joint ventures			26,356			—
Related party transactions			1,724			—
Proceeds from sale of property, plant and equipment			28,653			21,863
Cash used in investing activities			(514,688	)		(243,522	)

Cash flow from financing activities
Proceeds from loans and financings			533,030			2,181,040
Payments of loans and financings			(434,887	)		(1,750,652	)
Derivatives instruments received (settled)			(20,178	)		(8,853	)
Margin cash			(31,405	)		22,205
Dividends paid			—			(379,505	)
Dividends paid to non-controlling interest			(1,776	)		(906	)
Disposal of treasury shares			1,234			—
Payments of leasing contracts			(110,979	)		(98,282	)
Others			(2,768	)		—
Cash used in by financing activities			(67,729	)		(34,953	)

Effect of exchange rate changes on cash and cash equivalents			101,366			45,314
Net change in cash and cash equivalents			(1,270,348	)		(787,690	)
Cash and cash equivalents beginning of period			4,565,136			5,613,672
Cash and cash equivalents at the end of period			3,294,788			4,825,982

Non-cash transactions:

		Three-month period ended March 31,
	Notes	2026		2025
Non-cash additions to right of use assets and lease liabilities	12		79,890		71,466
Capitalized interests	11		11,009		10,015
Provisioned and unpaid dividends			1,070,877		1,018,463

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

1 Background Information

1.1 Reporting entity

JBS N.V. (“JBS N.V.” or “Company”) is a corporation incorporated under the laws of the Netherlands and is domiciled in Amsterdam. The Company is the holding entity of the JBS Group.

JBS N.V. and its subsidiaries (“Group”) primarily operates in the processing of animal proteins, encompassing activities related to beef, pork, lamb, and poultry, as well as the production and marketing of prepared foods and other related products. Additionally, the Group carries out operations in the leather, collagen, hygiene and beauty products, metal packaging, biodiesel, and other complementary businesses, integrated within its value chain, with a global presence in several countries, including Brazil, the United States, Canada, Mexico, Australia, the United Kingdom, Argentina, and Uruguay. The portfolio includes internationally recognized brands such as Seara, Doriana, Pilgrim’s, Moy Park, Primo, Friboi, Maturatta, Swift, Ozo, and Adaptable Meals, among others.

JBS N.V. is registered as a FPI - Foreign Private Issuer with the United States Securities and Exchange Commission (SEC) and as a foreign issuer with the Brazilian Securities and Exchange Commission (CVM). The Class A common shares of JBS N.V. are listed on the New York Stock Exchange (NYSE) under the ticker symbol “JBS,” and its Level II Brazilian Depositary Receipts (BDRs) are traded on B3 - Brasil, Bolsa, Balcão, under the code “JBSS32.”

The unaudited condensed consolidated interim financial statements comprise JBS N.V. and its subsidiaries as of and for the three-month period ended March 31, 2026, that were authorized by the Board of Directors on May 12, 2026.

1.2 Main events that occurred during the period:

1.2.1 Sale of Interest in Joint Venture - Meat Snack Partners: In January 2026, JBS S.A. completed the sale of its 50% interest in the joint venture Meat Snack Partners for an amount of US$42.8 million, resulting in a net gain of US$6.1 million. The investment was accounted for using the equity method and, therefore, was not consolidated in the Company’s financial statements.

1.2.2 Investment in Multi-Protein Joint Venture in Oman: On February 8, 2026, JBS N.V. entered into a Share Purchase Agreement with Oman Food Investment Holding Company S.A.O.C. to establish a joint venture in which JBS will hold 80% of the share capital, with an equity investment of US$150 million. The joint venture will own 100% of the businesses currently operated in Oman by A’Namaa Poultry Co. SAOC and Al Bashayer Meat Company SAOC, focused on poultry, beef and lamb production and processing. This transaction strengthens the Company’s global multi-protein platform and supports Oman’s Vision 2040. The completion of this transaction is subject to the fulfillment of the precedent conditions applicable to transactions of this nature, including the required regulatory approvals.

1.2.3 Payment of Dividends: On March 25, 2026, the Board of Directors of JBS N.V. approved the payment of dividends of US$1.00 per share, to be paid on June 17, 2026. Shareholders of record as of the close of trading on May 18, 2026, shall be entitled to receive the dividends.

1.2.4 PPC Senior Notes Tender Offer: On March 30, 2026, JBS N.V., through its subsidiary PPC, commenced a tender offer pursuant to which it offered to acquire up to US$250.0 million aggregate principal amount of its 6.250% Senior Notes due 2033. On April 14, 2026, the early settlement date, US$250.0 million aggregate principal amount was accepted for purchase at a price of US$1,056.90 per US$1,000.00 principal amount, for a total cost of US$264.2 million.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

1.2.5 JBS Senior Notes Tender Offer: On March 30, 2026, JBS N.V., through its subsidiary JBS USA Food Company Holdings, commenced a tender offer pursuant to which it offered to acquire up to US$1,000.0 million aggregate principal amount of its 6.750% Senior Notes due 2034. On April 13, 2026, the maximum aggregate principal amount was increased by US$200.0 million, to a total of US$1,200.0 million. On April 14, 2026, the early settlement date, US$1,200.0 million aggregate principal amount was accepted for purchase at a price of US$1,099.48 per US$1,000.00 principal amount, for a total consideration of US$1,319.4 million.

1.3 Brazilian Consumption Tax Reform

The Brazilian Consumption Tax Reform, enacted pursuant to Constitutional Amendment No. 132/2023 and regulated by Supplementary Laws No. 214/2025 and No. 227/2026, introduced significant structural changes to the Brazilian tax system. The new model replaces ICMS, ISS, PIS, COFINS, and IPI with a system based on the Contribution on Goods and Services (CBS), the Tax on Goods and Services (IBS), and the Selective Tax (IS), with the objective of simplifying taxation and increasing transparency in the imposition on consumption.

The supplementary legislation approved to date has established key aspects of the new regime, including guidelines for the administration of the IBS and the creation of the Management Committee responsible for its oversight, whose implementation will occur gradually. The Reform provides for a transition period from 2026 to 2032, during which the current and new systems will coexist. Accordingly, the definitive impacts on tax calculation and assessment will depend on the issuance of additional subordinate regulations and further implementing rules that are still pending.

Management continuously monitors legislative and regulatory developments related to the Brazilian Consumption Tax Reform and is adopting the necessary measures to comply with the currently required ancillary obligations. Final adjustments to processes, systems, and internal controls will be implemented as the regulatory framework is fully concluded. To date, no material effects have been identified in the financial statements, considering that the full implementation of the new model will occur throughout the transition period. Accordingly, the Group has already implemented the necessary adjustments to present taxes separately in fiscal documents, in compliance with the applicable legal requirements, in line with the principle of transparency in consumption taxation and with the requirements established for the new system.

1.4 Seasonality

The demand for chicken is relatively stable throughout the year in the United States, Europe and Brazil, but there are seasonal variations in the sales volume of certain products at specific times of the year, such as: Christmas, New Year, and Easter. Demand in the United States beef industry is highest in the second and third quarters, due to favorable weather conditions for outdoor activities. In Australia, the beef industry faces a drop in slaughters in the fourth quarter, as the rainy season affects the availability and transport of cattle. In Brazil, beef sales do not fluctuate significantly during the year. The pork industry in the United States and Australia has peaks in demand in the first and fourth quarters, due to the supply of pork and the holidays, which stimulate the consumption of certain pork products, with no significant fluctuation in pork numbers in other locations.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

2 Basis of preparation and presentation of financial statements

The unaudited condensed consolidated interim financial information for the three-month period ended March 31, 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by International Accounting Standards Board (IASB), and should be read in conjunction with the Group´s last annual consolidated financial statements as of and for the year ended December 31, 2025 (“last annual financial statements”). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to describe events and transactions that are significant to an understanding of the changes in the Group´s financial position and performance since the last annual financial statements.

In preparing these unaudited condensed consolidated interim financial statements, Management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

2.1 Functional and presentation currency

The financial statements of each subsidiary included in the consolidation are prepared using the functional currency of the main economic environment it operates. The results and financial position of all entities with a functional currency different from its ultimate parent’s functional currency (R$) have been translated to R$ and then these financial statements have been translated from the parent´s functional currency (R$) into the Group’s presentation currency (US$).

2.2 Foreign currencies

Transactions in foreign currencies other than an entity’s functional currency are initially measured in the functional currency of the entity using the exchange rate effective at the date of each transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the closing exchange rate at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, under the caption “Finance income” or “Finance expense”.

2.3 Translation of subsidiaries financial statements

These consolidated financial statements are presented in U.S dollar (US$). The Group selected the US$ as its presentation currency to facilitate a more direct comparison to other competitors, as follows:

(i)

assets and liabilities are translated at the current rate at the date of each closing period;

(ii)

income and expenses are translated at the average rate at the date of each closing period; and

(iii)

all exchange rate translation differences are recognized in other comprehensive income (loss) and are presented in the statement of comprehensive income (loss) as foreign currency translation adjustments.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

2.4 New standards, amendments and interpretations

a. Standards, amendments and interpretations recently issued and adopted by the Group

IFRS 9 and IFRS 7 – Classification, Measurement and Disclosure of Financial Instruments.

Starting January 1, 2026, amendments to IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments: Disclosures became effective, establishing that:

They clarify the timing of recognition and derecognition of financial assets measured at amortized cost or at fair value, and of financial liabilities, including transactions settled through electronic payment or clearing systems;

ii.

They enhance guidance for assessing the solely payments of principal and interest criterion (SPPI), particularly for instruments containing contractual terms with contingent features, non-standard indices, or adjustments to consideration; and

iii.

They introduce additional disclosure requirements related to significant judgments applied in the classification of financial instruments and to equity instruments designated at fair value through other comprehensive income, including more detailed information on gains, losses and disposals.

Additionally, with respect to power purchase agreements whose delivery is contingent upon weather-related factors, such as wind or solar energy purchase contracts with variable volumes, the amendments clarify the circumstances under which such instruments may qualify as contracts entered into for own use and, therefore, remain outside the scope of fair value measurement. The amendments also permit their designation as hedging instruments, provided that the formal documentation and effectiveness requirements set forth in the applicable standard are met. Furthermore, specific disclosures are required regarding the nature of such contracts, including their key terms and conditions, exposure to weather-related variables, and the corresponding impacts on profit or loss, cash flows and the entity’s risk management.

The Group is assessing the impacts of adopting the amendments to IFRS 9 and IFRS 7 and does not expect any material impacts on its consolidated financial information, other than potential enhancements to the required disclosures.

b. New standards, amendments and interpretations that are not yet effective

IFRS 18 - Presentation and Disclosure of Financial Statements.

Starting January 1, 2027, IFRS 18 will replace IAS 1 Presentation of Financial Statements. The new standard introduces the following main new requirements:

Entities are required to classify all income and expenses into five categories in the income statement: operating, investing, financing, discontinued operations, and income tax. Entities are also required to present a newly defined operating profit subtotal. The entities’ net profit will not change.

ii.

Management-defined performance measures are disclosed in a single note in the financial statements.

iii.

Enhanced guidance will be provided on how to group information in the financial statements.

In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows under the indirect method.

The Group is still in the process of assessing the impact of the new standard and will adjust its disclosures in the annual financial statements in accordance with the standard's requirements once it becomes effective.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

3 Cash and cash equivalents, margin cash and long-term investments

Cash and cash equivalents	March 31, 2026		December 31, 2025
Cash on hand and at banks		1,624,299		2,557,740
CDB (bank certificates of deposit) / Overnight investments ⁽¹⁾		1,604,823		1,937,761
National Treasury Bill (Tesouro Selic) ⁽³⁾		65,666		69,635
		3,294,788		4,565,136

Margin cash
CME (Chicago Mercantile Exchange) Margin investments ⁽²⁾		70,466		105,993
Investments in Treasury Bills ⁽³⁾		88,349		53,569
		158,815		159,562

Long-term investments
Investment funds ⁽⁴⁾		49,224		45,780
		49,224		45,780

Total		3,502,827		4,770,478

⁽¹⁾

CDBs are held at financial institutions and earn interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate (Certificado de Depósito Interbancário - CDI). Overnight investments are equivalent to fixed-income instruments, earning interest at the FED rate + 0.05%.

⁽²⁾

CME margin investments represent margin deposits allocated to fixed-income equivalent instruments. These investments accrue interest based on the Interest Rate on Reserve Balances (IORB).

⁽³⁾

Brazilian Government securities (Tesouro Selic) are instruments acquired from financial institutions with conditions and characteristics similar to bank certificates of deposit (CDBs).

⁽⁴⁾

Investment in a FIDC (Credit Rights Investment Fund) maturing in 2035, earning a fixed interest rate of 5% in the period.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

4 Trade accounts receivable

	March 31, 2026			December 31, 2025
Current receivables:
Domestic sales		2,099,075			2,278,321
Foreign sales		1,145,406			1,285,531
Subtotal		3,244,481			3,563,852
Overdue receivables:
From 1 to 30 days		479,789			577,982
From 31 to 60 days		56,433			45,695
From 61 to 90 days		31,378			19,669
Above 90 days		146,410			104,315
Expected credit losses		(77,967	)		(76,686	)
Present value adjustment		(3,133	)		(2,903	)
Subtotal		632,910			668,072
Trade accounts receivable, net		3,877,391			4,231,924

Present value adjustment - The Group discounts its receivables to present value using interest rates directly related to customer credit profiles. The weighted average discount rate used to calculate the present value of trade accounts receivable on March 31, 2026, was 5.70% per year (5.40% per year on March 31, 2025). Realization of the present value adjustment is recognized in net revenue.

Changes in expected credit losses:

	March 31, 2026			March 31, 2025
Balance at the beginning of the period		(76,686	)		(89,060	)
Additions		(2,678	)		(12,896	)
Write-offs/Reversals		776			2,768
Exchange rate variation		621			(2,391	)
Balance at the end of the period		(77,967	)		(101,579	)

5 Inventories

	March 31, 2026		December 31, 2025
Finished products		4,511,970		3,859,259
Work in process		544,413		546,473
Raw materials		1,005,232		1,015,266
Supplies		699,698		686,167
		6,761,314		6,107,165

During the three-month period ended March 31, 2026 and 2025, the Company recognized adjustments to the net realizable value of inventories, whose additions and write-offs were recorded in cost of goods sold, in the amounts of US$(15,776) and US$(17,141), respectively.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

6 Biological assets

Changes in biological assets:

	Current						Non-current
	March 31, 2026			March 31, 2025			March 31, 2026			March 31, 2025
Balance at the beginning of the period		1,826,766			1,608,223			611,799			518,234
Increase by reproduction (born) and cost absorption including death		2,810,263			2,693,960			398,795			365,078
Reduction for slaughter, sale or consumption		(3,200,293	)		(3,006,017	)		(16,496	)		(15,297	)
Purchases		119,809			102,411			70,908			51,167
Fair value adjustments		24,787			(9,177	)		—			(14	)
Reclassification from non-current to current		259,631			231,663			(259,631	)		(231,663	)
Exchange rate variation		33,475			39,696			7,652			11,586
Amortization		—			—			(179,480	)		(149,807	)
Balance at the end of the period		1,874,438			1,660,759			633,547			549,284

7 Recoverable taxes

	March 31, 2026		December 31, 2025
Value-added tax on sales and services - ICMS/IVA/VAT/GST		746,877		732,866
Social contribution on billings - PIS and COFINS		397,697		380,218
Withholding income tax - IRRF/IRPJ		1,827,282		1,683,298
Excise tax - IPI		17,984		16,950
Reintegra		5,308		5,180
Other		12,011		13,271
		3,007,159		2,831,783
Current		995,636		957,211
Non-current		2,011,523		1,874,572
		3,007,159		2,831,783

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

8 Related party transactions

The main balances and transactions between related parties are presented and described below. Amounts charged include borrowing costs, interest and management fees, when applicable.

Related party (payables) and receivables

	Reimbursement of	Balance sheet position						Statements of income effect
	administrative and funding cost	March 31, 2026			December 31, 2025			March 31, 2026			March 31, 2025
Laguz I Fundo de Investimento (1)	Selic		(149,263	)		(147,123	)		(5,391	)		—
J&F (2)	IPCA		(26,957	)		(43,876	)		(3,969	)		1,639
Flora Produtos de Higiene e Limpeza S.A. (3)	CDI		31,398			41,231			929			—
			(144,822	)		(149,768	)		(8,432	)		1,639

⁽¹⁾

In May 2025, the indirect subsidiary JBS S.A. acquired tax credit rights from the related party Laguz I Fundo de Investimento through an agreement providing for 26 installments, with final maturity in April 2028. These tax credits originate from a judicial claim related to the export credit premium incentive. The case has already been definitively settled in favor of the taxpayer, and is currently in the final stage of assessment and confirmation of the credit balance. The credit rights were acquired at an approximate discount of 35%, and the credits will be used to offset JBS S.A.’s tax obligations once the case is finalized and the use of the credits is authorized by the relevant regulatory authorities. The credits have been recorded under “Other non-current assets” in the financial statements.

⁽²⁾

The net balance payable to J&F S.A. refers to: (i) US$84,929 receivable, arising from the settlement agreement entered into between JBS S.A., J&F S.A., and certain former executives of the Company, which resulted in the definitive termination of the dispute addressed in arbitration proceeding, under which J&F S.A. committed to settle the amount in accordance with the terms and conditions set forth in the agreement; and (ii) US$111,886 payable, related to the purchase of the Araputanga Plant, to be settled in 14 installments, with final maturity in May 2027.

⁽³⁾

On December 30, 2024, the indirect subsidiary JBS S.A. entered into an agreement to sell its Hygiene and Beauty operations to its related party, Flora Produtos de Higiene e Limpeza S.A. The transaction includes the selling of assets and operations related to the manufacturing and commercialization of hygiene and beauty products, as per the terms agreed upon by the parties. The transaction was completed on December 31, 2025, for an amount of US$ 57,248, with a remaining receivable balance of US$31,398 recognized under the line item “Related party receivables”.

Other financial transactions in the Group

The Group entered into an agreement with Banco Original, under which Banco Original acquires receivables held against certain domestic and international customers. The assignments are negotiated without recourse, through the definitive transfer of risks and benefits of the receivables to Banco Original. On March 31, 2026, the Group had US$785,140 (US$764,183 as of December 31, 2025) in assigned receivables. For the three-month period ended March 31, 2026, the Group recorded financial costs related to this operation in the amount of US$32,556 (US$26,111 as of March 31, 2025), which were recorded in the financial statements as financial expenses.

On March 31, 2026, the indirect subsidiary JBS S.A and some of its subsidiaries held balances with Banco Original totaling US$424,407 (US$454,781 on December 31, 2025), recorded under cash and cash equivalents. Financial investments, including CDBs (Bank Deposit Certificates) and similar instruments, yield returns equivalent to the CDI (Interbank Deposit Certificate) according to the specified term and investment amount, following market practices. For the three-month period ended March 31, 2026, interest earned from these investments amounted to US$6,549 (US$7,090 as of March 31, 2025), recorded in the financial statements as financial income.

The indirect subsidiary JBS S.A. has cattle purchase commitments for future delivery with certain suppliers, including the related party JBJ Agropecuária (“JBJ”), ensuring the acquisition of cattle at a fixed or adjustable price, without any cash effect on the Company until these commitments mature. Under this forward delivery contract, JBJ has already advanced financing through banks in a reverse factoring arrangement. On March 31, 2026 the balance of this transaction was US$164,071 (US$115,804 on December 31, 2025).

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

The indirect subsidiary JBS S.A also engages in bovine by-product purchasing operations for rendering activities with Prima Foods S.A.

No expense for expected credit losses relating to related-party transactions were recorded during the period.

Remuneration of key management

Key management personnel consist of the members of the Board of Directors and the Company’s executive officers. Members of the Board of Directors are appointed by contract and have a formal relationship with the Company, but are not entitled to typical corporate benefits associated with an employment relationship. The Company’s executive officers maintain an employment relationship through labor contracts entered into in accordance with the applicable legislation in each country.

The aggregate amount of compensation received by the Company’s key management during the three-month period ended March 31, 2026 and 2025 was:

	2026		2025
Salaries and wages		1,312		2,146
Variable compensation		16,436		19,023
		17,748		21,169

9 Income taxes

a. Composition of deferred tax income and social contribution

	March 31, 2026			December 31, 2025
Deferred income taxes assets		539,593			547,014
Deferred income taxes liabilities		(1,199,170	)		(1,169,300	)
		(659,577	)		(622,286	)

	Balance at January 1, 2026			Income statement			Exchange variation			Other adjustments⁽¹⁾			Balance at March 31, 2026
Tax loss and negative social contribution base		684,003			37,667			24,147			—			745,817
Expected credit losses on trade accounts receivable		40,098			(12,618	)		822			—			28,302
Provision for contingences		81,251			(3,264	)		3,757			—			81,744
Fair Value Adjustment		(171,114	)		52,415			(3,532	)		—			(122,231	)
Tax credits - Foreign subsidiaries		4,062			57			(31	)		—			4,088
Share-based payment		—			7,956			57			—			8,013
Provision for Work Accident Insurance - Foreign Subsidiaries		12,805			2,337			—			—			15,142
Pension Plan - Foreign Subsidiaries		2,451			41			2			254			2,748
Trade accounts payable accrual		273,051			(14,761	)		3,184			—			261,474
Interest Portion to be Deductible		320,200			21,186			—			—			341,386
Right of use assets		31,567			2,498			1,147			—			35,212
Goodwill amortization		(847,103	)		(50,647	)		(39,849	)		—			(937,599	)
Business Combinations		(491,382	)		11,087			(665	)		—			(480,960	)
Inventory Valuation		(53,021	)		(53,692	)		3,676			—			(103,037	)
Hedge Operations ⁽²⁾		41,705			(13,789	)		2,164			382			30,462
Realization of other reserves		(96,535	)		799			(5,229	)		—			(100,965	)
Accelerated Depreciation and Amortization		(528,502	)		(18,151	)		(5	)		—			(546,658	)
Cut Off Adjustments (sales)		16,891			4,723			950			—			22,564
Other Temporary Differences		57,287			(7,177	)		4,812			(1	)		54,921
Deferred taxes, net		(622,286	)		(33,333	)		(4,593	)		635			(659,577	)

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

	Balance at January 1, 2025			Income statement			Exchange variation			Other adjustments⁽³⁾			Balance at March 31, 2025
Tax losses and negative basis of social contribution		679,275			36,156			34,822			(191,303	)		558,950
Expected credit losses on trade accounts receivable		42,304			(10,404	)		1,877			—			33,777
Provisions for contingencies		94,487			(11,402	)		5,638			—			88,723
Fair value adjustment		(105,836	)		4,111			(4,373	)		—			(106,098	)
Tax credits - Foreign subsidiaries		8,798			(322	)		(76	)		—			8,400
Provision for Work Accident Insurance - Foreign Subsidiaries		8,964			(553	)		—			—			8,411
Pension plan - Foreign subsidiaries		3,209			(441	)		—			(7	)		2,761
Trade accounts payable accrual		249,853			(39,378	)		4,158			—			214,633
Interest Portion to be Deductible		279,572			(98,810	)		1			—			180,763
Right of use assets		25,967			1,816			1,396			—			29,179
Goodwill amortization		(727,377	)		44,825			(48,802	)		—			(731,354	)
Business combination		(465,917	)		(7,709	)		(2,448	)		—			(476,074	)
Inventory valuation		(83,507	)		19,021			4,723			—			(59,763	)
Hedge Operations⁽²⁾		45,961			(3,040	)		3,544			(239	)		46,226
Realization of other reserves		(88,113	)		615			(6,896	)		—			(94,394	)
Accelerated depreciation and amortization		(479,922	)		144,710			(1	)		—			(335,213	)
Cut-off Adjustment (sales)		15,274			564			1,207			—			17,045
Other temporary differences		52,895			7,262			(7,197	)		146			53,106
Deferred taxes, net		(444,113	)		87,021			(12,427	)		(191,403	)		(560,922	)

⁽¹⁾

Changes in deferred tax balance sheet accounts that do not directly affect profit or loss are presented in a specific column within the financial statement notes. The primary adjustment relates to deferred taxes on Cash Flow Hedge operations recorded in other comprehensive income by the subsidiary Seara Alimentos and the pension plan in the United States of America.

⁽²⁾

The hedge and hedge accounting operations are demonstrated in Note 27 - Risk management and financial instruments.

⁽³⁾

For the three-month period ended March 31, 2025, changes in deferred tax balance sheet accounts that do not directly affect profit or loss are presented in a specific column within the financial statement notes. The primary adjustment relates to the transfer of tax losses and negative base of Social Contribution on Net Income (CSLL) from the indirect subsidiary Seara Alimentos and its indirect subsidiaries to JBS S.A. These tax losses were utilized to settle a tax assessment notice related to the taxation of foreign profits (TBU) for the 2016 calendar year. The assessment was upheld by a final decision from the Administrative Council of Tax Appeals (CARF) through a casting vote, which enabled full settlement with discounts on fines and interest through the utilization of these accumulated tax losses. Additionally, adjustments include deferred taxes on bargain purchase gains from Agro Alfa and Via Rovigo, as well as Cash Flow Hedge operations recorded in other comprehensive income by the subsidiary Seara Alimentos and the pension plan in the United States of America.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

b. Reconciliation of income tax and social contribution expense:

	Three-month period ended March 31,
	2026			2025
Profit before taxes		308,693			694,104
Brazilian statutory corporate tax rate		(34	)%		(34	)%
Expected tax expense		(104,956	)		(235,995	)

Adjustments to reconcile taxable income tax expense (benefit):
Share of profit of equity-accounted investees		(1,234	)		930
Non-taxable tax benefits (4)		57,752			50,922
Difference of tax rates on taxable income from foreign subsidiaries		13,064			24,705
Profits taxed by-foreign jurisdictions (5)		(22,561	)		(112,681	)
Current year deferred taxes not recognized and deferred taxes recognized from prior years		(2,105	)		102,172
Non-taxable interest - Foreign subsidiaries		3,300			3,118
Donations and social programs (6)		(773	)		—
SELIC interest on tax credits		802			27,623
Other permanent differences		(10,392	)		1,436
Current and deferred income tax benefit (expense)		(67,103	)		(137,770	)

Current income tax		(33,770	)		(224,791	)
Deferred income tax		(33,333	)		87,021
		(67,103	)		(137,770	)
Effective income tax rate		(21.74	)%		(19.85	)%

Additional information: analysis of the variation in the effective rate:

According to IAS 12, the effective average tax rate is calculated as the ratio between tax expense (income) and accounting profit. However, it is important to note that this rate may be influenced by transactions that affect the tax expense (income) but are not directly related to net income for the period. Examples of such transactions include the effects of unrecognized deferred taxes, income tax, and social contribution on the realization of the revaluation reserve, which, in our view, should be considered when analyzing the effective tax rate.

⁽⁴⁾

The Group and its subsidiaries have subsidies granted by state governments, as a presumed credit, in accordance with the regulations of each state. The amounts appropriated from this tax incentive as revenue in the income statement are excluded in the calculation of taxes on profit, when the requirements set out in current legislation are met.

⁽⁵⁾

The income from foreign subsidiaries must be taxed at the Brazilian statutory tax rate of 34%, and the income tax paid abroad by these subsidiaries may be used to compensate income taxes to be paid in Brazil. The results obtained from foreign subsidiaries are subject to taxation by the countries where they are based, according to applicable rates and legislation (profits taxed by-foreign jurisdictions included in the reconciliation of income tax and social contribution expense). The Group analyzes the results of each subsidiary for the application of its income tax legislation, in order to respect the treaties signed by Brazil and avoid double taxation.

⁽⁶⁾

Refers to the donations, as described in Note 26 – Expenses by nature.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

Global Minimum Tax:

Starting from the 2024 calendar year, the Pillar II rules have come into effect in various countries, impacting multinational companies operating in those jurisdictions.

Since the Group operates in multiple jurisdictions that have implemented the global minimum tax from 2024, including Australia, Canada, France, Ireland, Luxembourg, Malta, the Netherlands, and the United Kingdom, the Company has assessed the potential impact of these regulations. Based on current assessments, the Company has not identified any significant tax exposure resulting from this tax for the three-month period ended March 31, 2026.

10 Investments in equity-accounted investees, associates and joint venture

Changes in the investments:

Refers to investments in associate and joint venture:

		Equity
	Participation	Balance at January 1, 2026			Disposal			Profit distribution			Exchange variation			Changes in the equity of investees			Proportionate share of income			Balance at March 31, 2026
Meat Snacks Partners, LLC (1)	50%		23,301			(29,429	)		—			1,091			5,037			—			—
JBS Foods Ontario, Inc.	100%		18,751			—			—			1,009			(1,009	)		49			18,800
Birla Societá Agricola Srl	20%		1,854			—			—			100			(137	)		(7	)		1,810
Mantiqueira Alimentos S.A. (2)	48.5%		128,874			—			(591	)		8,016			(172	)		144,677			280,804
Mantiqueira International B.V. (3)	48.5%		(1,168	)		—			—			(108	)		90			(6,304	)		(7,490	)
Total			171,612			(29,429	)		(591	)		10,108			3,809			138,415			293,924

		Equity
	Participation	Balance at January 1, 2025		Profit distribution			Changes in the equity of investees		Proportionate share of income			Balance at March 31, 2025
Meat Snacks Partners, LLC	50%		19,334		(1,943	)		700		2,385			20,476
JBS Foods Ontario, Inc.	100%		17,372		—			—		361			17,733
Birla Societá Agricola Srl	20%		1,606		—			62		(11	)		1,657
Total			38,312		(1,943	)		762		2,735			39,866

⁽¹⁾

In January 2026, JBS S.A. concluded the sale of its 50% equity interest in the joint venture Meat Snack Partners for the amount of US$42.8 million.

⁽²⁾

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.

⁽³⁾

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.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

11 Property, plant and equipment

Changes in property, plant and equipment:

	Balance at January 1, 2026		Additions net of transfers⁽¹⁾		Disposals			Depreciation expense			Exchange rate variation		Balance at March 31, 2026
Buildings		4,496,924		160,164		(31,659	)		(76,728	)		102,910		4,651,611
Land		1,168,187		20,927		(14,219	)		—			32,842		1,207,737
Machinery and equipment		4,446,022		221,039		(12,268	)		(173,977	)		83,277		4,564,093
Facilities		867,977		37,788		(908	)		(16,533	)		46,846		935,170
Computer equipment		194,719		18,456		(305	)		(16,497	)		1,086		197,459
Vehicles (land and air)		371,819		22,880		(5,113	)		(14,544	)		13,114		388,156
Construction in progress		1,697,271		33,962		(1,633	)		—			29,029		1,758,629
Other		402,739		10,092		(256	)		(14,231	)		1,644		399,988
		13,645,658		525,308		(66,361	)		(312,510	)		310,748		14,102,843

	Balance at January 1, 2025		Additions net of transfers⁽¹⁾			Disposals			Depreciation expense			Exchange rate variation		Balance at March 31, 2025
Buildings		3,991,581		76,631			(2,279	)		(60,711	)		128,144		4,133,366
Land		1,060,288		2,617			(1,396	)		—			46,584		1,108,093
Machinery and equipment		4,038,196		153,451			(719	)		(155,514	)		109,328		4,144,742
Facilities		682,348		29,983			(1,001	)		(12,387	)		53,315		752,258
Computer equipment		187,164		20,708			(1,205	)		(14,153	)		2,742		195,256
Vehicles (land and air)		275,582		30,778			(6,717	)		(10,985	)		12,091		300,749
Construction in progress		1,238,785		(69,170	)		(1,194	)		—			47,653		1,216,074
Other		306,936		22,780			(110	)		(11,554	)		3,902		321,954
		11,780,880		267,778			(14,621	)		(265,304	)		403,759		12,172,492

⁽¹⁾

Additions for each category includes transfer from construction in progress during the period.

For the three-month period ended March 31, 2026, the amount of capitalized interest added to construction in progress and included in additions was US$11,009 (US$10,015 for the three-month period ended March 31, 2025).

The capitalization rate used on March 31, 2026 was 6.09% p.y. (7.46% p.y. for the three-month period ended March 31, 2025).

The Group tests the recoverability of its assets annually using the value-in-use concept through discounted cash flow models. The formal test is performed at the end of the fiscal year on December 31, and impairment indicators are monitored throughout the year. For the three-month period ended March 31, 2026, there were no indicators of impairment.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

12 Leases

The Group uses the optional exemption to not recognize a right of use asset and lease liability for short term (less than 12 months) and low value leases. The average discount rate used for measuring lease liabilities was 5.98% p.y. for the three-month period ended March 31, 2026 (5.90% p.y. for the three-month period ended March 31, 2025).

12.1 Right of use asset

Changes in the right of use assets:

	Balance at January 1, 2026		Additions⁽¹⁾		Terminated contracts			Amortization			Exchange rate variation		Balance at March 31, 2026
Growing facilities		652,811		34,564		(1,271	)		(34,802	)		19,988		671,290
Buildings		634,164		7,030		(213	)		(26,184	)		8,416		623,213
Vehicles (land)		186,396		8,218		(2,299	)		(19,830	)		1,925		174,410
Machinery and equipment		98,983		18,218		(225	)		(13,492	)		2,740		106,224
Operating plants		8,110		3,331		(334	)		(756	)		333		10,684
Land		18,441		6		—			(807	)		213		17,853
Computer equipment		14,742		—		(54	)		(1,250	)		789		14,227
		1,613,647		71,367		(4,396	)		(97,123	)		34,406		1,617,901

	Balance at January 1, 2025		Additions⁽¹⁾			Terminated contracts			Amortization			Exchange rate variation		Balance at March 31, 2025
Growing facilities		632,267		28,121			(5,529	)		(36,082	)		25,293		644,070
Buildings		638,981		7,319			(5,578	)		(23,082	)		15,627		633,267
Vehicles (land)		189,036		9,177			(3,402	)		(17,685	)		1,483		178,609
Machinery and equipment		106,597		8,116			(1,305	)		(13,008	)		4,942		105,342
Operating plants		8,622		507			—			(784	)		622		8,967
Land		15,999		(4	)		—			(623	)		100		15,472
Computer equipment		5,371		(16	)		—			(1,708	)		391		4,038
Concession Agreement		—		3,771			—			(943	)		50		2,878
		1,596,873		56,991			(15,814	)		(93,915	)		48,508		1,592,643

⁽¹⁾

The additions have been reduce by the tax effect. The tax impact is US$(1,584) and US$(1,208) respectively as of March 31, 2026 and 2025.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

12.2 Lease liabilities

	March 31, 2026			December 31, 2025

Undiscounted lease payments		2,204,819			2,187,436
Present value adjustment		(422,665	)		(420,151	)
		1,782,154			1,767,285
Breakdown:
Current liabilities		365,383			354,887
Non-current liabilities		1,416,771			1,412,398
		1,782,154			1,767,285

Changes in the lease liabilities:

		Balance at January 1, 2026				Additions				Interest accrual				Payments				Terminated contracts				Exchange rate variation				Balance at March 31, 2026
Lease liabilities			1,767,285				79,890				26,566				(124,016	)			(5,243	)			37,672				1,782,154

Balance at
January 1,
2025

Additions

Interest
accrual

Payments

Terminated
contracts

Exchange rate

variation

Balance at
March 31,
2025

Lease liabilities

1,734,029

71,466

25,038

(119,739

)

(23,824

)

58,816

1,745,786

The non-current portion of the lease liabilities schedule is as follows:

	March 31, 2026
2027		273,511
2028		234,799
2029		197,101
2030		158,040
2031		177,000
Maturities after 2031		701,933
Total Future Minimum Lease Payments		1,742,384
Less: Imputed Interest		(325,613	)
Present Value of Lease Liabilities		1,416,771

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

13 Intangible assets

Changes in intangible assets:

	Balance at January 1, 2026		Additions		Disposals			Amortization			Exchange rate variation			Balance at March 31, 2026
Amortizing:
Trademarks		295,217		968		—			(6,842	)		(4,459	)		284,884
Softwares		33,339		1,553		(72	)		(2,192	)		1,697			34,325
Customer relationships		358,275		—		—			(16,536	)		(3,118	)		338,621
Supplier contract		18,513		—		—			(936	)		722			18,299
Others		6,391		7,276		(698	)		(1,871	)		365			11,463
Non-amortizing:
Trademarks		1,102,299		74		—			—			2,123			1,104,496
Water rights		11,558		3,200		—			—			84			14,842
		1,825,592		13,071		(770	)		(28,377	)		(2,586	)		1,806,930

	Balance at January 1, 2025		Additions		Disposals			Amortization			Exchange rate variation			Balance at March 31, 2025
Amortizing:
Trademarks		293,519		300		—			(6,780	)		10,339			297,378
Softwares		30,611		1,214		(984	)		(1,597	)		2,234			31,478
Customer relationships		408,149		685		—			(16,641	)		5,789			397,982
Commercial rights assignment		—		—		—			—			9,177			9,177
Supplier contracts		20,548		—		—			(900	)		1,023			20,671
Others		13,975		2,249		(3,773	)		(1,647	)		(8,164	)		2,640
Non-amortizing:
Trademarks		1,025,095		94		—			—			29,612			1,054,801
Water rights		11,302		—		—			—			37			11,339
		1,803,199		4,542		(4,757	)		(27,565	)		50,047			1,825,466

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.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

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.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

15 Trade accounts payable

	March 31, 2026			December 31, 2025
Domestic
Commodities		1,701,805			2,404,646
Materials and services		3,212,019			3,288,007
Finished products		101,456			89,482
Present value adjustment		(8,990	)		(8,152	)
		5,006,290			5,773,983
Foreign
Commodities		609			18,270
Materials and services		446,048			403,491
Finished products		370			2,356
		447,027			424,117

Total trade accounts payable		5,453,317			6,198,100

Supplier financing ⁽¹⁾
Domestic		1,150,595			1,128,538
Foreign		5,933			5,921
Total supplier financing		1,156,528			1,134,459
Total		6,609,845			7,332,559

⁽¹⁾

The Group engage in supply chain financing transactions with top-tier financial institutions for domestic suppliers. It is important to emphasize that, apart from a non-significant extension of payment terms, there were no operational or commercial changes to the process. The supply chain financing transaction does not impact the prices charged by suppliers, maintaining the same pricing structure as before the transaction. Additionally, this operation does not impose any financial burden on the Company and its subsidiaries, as all financial costs are borne by the suppliers.

Commitment to Purchase for Future Delivery

The Group has cattle purchase commitments for future delivery established with certain suppliers, ensuring the acquisition of cattle at a fixed or to-be-determined price, without any cash impact on the Group. until the cattle are delivered and the transaction matures. Based on these future delivery contracts, suppliers can advance the transaction with banks under the supply chain financing arrangement. As of March 31, 2026, the amount related to this transaction was US$194,137 (US$140,956 as of December 31, 2025), and this transaction has been recorded as Supplier financing since its inception.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

16 Loans and financing

	Average					Payment	Current				Non-current
Type	annual interest rate			Currency	Index	terms / non- current debt	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Foreign currency
Working capital - Dollar		3.92	%	USD	SOFR	2030		13,083		9,859		1,749		1,832
CRA - Agribusiness Credit Receivable Certificates		5.36	%	USD	—	2029		1,581		712		65,456		65,478
CRA - Agribusiness Credit Receivable Certificates		5.30	%	USD	—	2029		510		510		18,807		18,788
CRA - Agribusiness Credit Receivable Certificates		5.49	%	USD	—	2035		582		518		19,963		20,024
Export credit note		4.94	%	USD	SOFR	2026		258,006		254,903		—		—
Others		5.77	%	Several	Several	Several		1,266		1,026		1,071		1,967

								275,028		267,528		107,046		108,089
Local currency
Notes 2.50% JBS Lux 2027		2.50	%	USD	—	2027		552		1,207		105,377		105,257
Notes 3.00% JBS Lux 2029		3.00	%	USD	—	2029		2,900		7,350		592,187		591,547
Notes 3.75% JBS Lux 2031		3.75	%	USD	—	2031		6,111		1,438		489,685		489,565
Notes 3.00% JBS Lux 2032		3.00	%	USD	—	2032		11,250		3,667		985,530		984,999
Notes 3.63% JBS Fin 2032		3.63	%	USD	—	2032		7,316		15,998		957,754		957,352
Notes 5.75% JBS Lux 2033		5.75	%	USD	—	2033		47,508		23,356		1,631,467		1,630,496
Notes 6.75% JBS Lux 2034		6.75	%	USD	—	2034		4,239		29,387		1,488,529		1,487,988
Notes 5.95% JBS USA 2035		5.95	%	USD	—	2035		26,444		11,404		987,785		987,336
Notes 5.50% JBS Lux 2036		5.50	%	USD	—	2036		14,323		33,611		1,231,982		1,231,402
Notes 4.38% JBS Lux 2052		4.38	%	USD	—	2052		6,344		16,078		888,210		888,144
Notes 6.50% JBS Lux 2052		6.50	%	USD	—	2052		33,261		7,826		1,527,007		1,526,891
Notes 7.25% JBS Lux 2053		7.25	%	USD	—	2053		24,469		7,975		883,891		883,791
Notes 6.38% JBS USA 2055		6.38	%	USD	—	2055		4,648		16,469		731,038		730,804
Notes 6.25% JBS Lux 2056		6.25	%	USD	—	2056		6,293		38,194		1,235,326		1,235,094
Notes 6.38% JBS Lux 2066		6.38	%	USD	—	2066		47,281		31,167		984,299		984,113
Notes 4.25% PPC 2031		4.25	%	USD	—	2031		15,508		6,955		787,563		787,139
Notes 3.50% PPC 2032		3.50	%	USD	—	2032		2,536		10,320		893,193		892,925
Notes 6.25% PPC 2033		6.25	%	USD	—	2033		14,254		28,508		911,289		910,910
Notes 6.88% PPC 2034		6.88	%	USD	—	2034		12,891		4,201		487,973		487,594
Working Capital - Euros		2.25	%	EUR	Euribor	2026 - 28		37,709		38,159		15,306		14,343
Working Capital - Pounds		5.65	%	GBP	—	2026		5,347		9,557		—		—
CDC - Direct credit to consumers		14.99	%	BRL	—	2026		293		907		—		—
Livestock financing		9.00	%	BRL	—	2035		396		211		11,496		10,904
Livestock financing - Pre		14.65	%	BRL	CDI	2026		124,547		114,282		—		—
Livestock financing		14.65	%	BRL	CDI	2026		251		410		—		—
CRA - Agribusiness Receivables Certificates		15.45	%	BRL	CDI	2028		350		2,319		54,727		51,912
CRA - Agribusiness Receivables Certificates		7.45	%	BRL	IPCA	2029 - 65		34,151		26,262		2,292,482		2,138,931
Rivalea ING Credit Facility		5.20	%	AUD	BBSN	—		303		—		68,745		—
PPC Term Loan Revolving Credit Facility		3.50	%	USD	—	—		27,169		33,701		—		—
Primo ANZ Credit Facility		5.25	%	AUD	BBSN	—		142		—		36,590		—
Others		4.68	%	Several	Several	—		46,306		44,638		138,377		139,957
								565,092		565,557		20,417,808		20,149,394

								840,120		833,085		20,524,854		20,257,483

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

Average annual interest rate: Refers to the weighted average nominal cost of interest at the reporting date. The loans and financings are fixed by a fixed rate or indexed to rates: CDI, Euribor, SOFR, IPCA, among others.

On March 31, 2026, the availability under Brasil revolving credit facilities was US$500 million and on December 31, 2025 US$500 million. In the United States the revolving credit facilities on March 31, 2026, was US$2.9 billion and on December 31, 2025 US$3.0 billion.

The non-current portion of the principal payment schedule of loans and financing is as follows:

Maturity	March 31, 2026

2027		236,295
2028		116,163
2029		648,528
2030		156,621
2031		1,368,559
Maturities after 2031		17,998,688
		20,524,854

16.1 Guarantees and contractual restrictions (“covenants”)

The Group was in compliance with all of its debt financial covenant restrictions on March 31, 2026 and until the date that these interim financial statements were approved.

17 Income and other taxes payable

	March 31, 2026		December 31, 2025

Taxes payable in installments		28,927		25,548
PIS / COFINS tax payable		19,207		17,956
ICMS / VAT / GST tax payable		43,298		45,662
Withholding income taxes		380,112		348,917
Others		107,965		122,603
Subtotal		579,509		560,686
Income taxes payable		163,661		288,030
Total		743,170		848,716

Breakdown:
Current liabilities		322,780		440,989
Non-current liabilities		420,390		407,727
		743,170		848,716

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

18 Payroll and social charge

	March 31, 2026		December 31, 2025

Social charges in installments		292,436		284,915
Bonus and vacation along with related social charges		765,898		929,070
Salaries and related social charges		510,463		617,129
Others		28,035		17,110
		1,596,832		1,848,224
Breakdown:
Current liabilities		1,291,550		1,560,159
Non-current liabilities		305,282		288,065
		1,596,832		1,848,224

19 Provisions for legal proceedings

The Group is party to several lawsuits arising in the ordinary course of business for which provisions are recognized for those deemed probable based on estimated costs determined by management as follows:

Breakdown:

	March 31, 2026		December 31, 2025
Current liabilities		231,209		159,217
Non-current liabilities		219,022		209,358
		450,231		368,575

	March 31, 2026								December 31, 2025
	Labor		Civil		Tax and Social Security		Total		Labor		Civil		Tax and Social Security		Total
Brazil		105,394		61,554		51,983		218,931		97,504		59,075		52,700		209,279
USA		—		143,009		88,200		231,209		—		71,017		88,200		159,217
Others jurisdictions		81		—		10		91		69		—		10		79
Total		105,475		204,563		140,193		450,231		97,573		130,092		140,910		368,575

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

19.1 Labor - Changes in provisions:

Jurisdiction	Balance at January 1, 2026		Additions, reversals and changes in estimates		Payments			Indexation		Exchange rate variation		Balance at March 31, 2026
Brazil		97,504		22,568		(23,534	)		3,553		5,303		105,394
Other jurisdictions		69		10		—			—		2		81
Total		97,573		22,578		(23,534	)		3,553		5,305		105,475

Jurisdiction	Balance at January 1, 2025		Additions, reversals and changes in estimates		Payments			Indexation		Exchange rate variation			Balance at March 31, 2025
Brazil		87,075		12,187		(14,107	)		1,948		6,825			93,928
Other jurisdictions		52		38		—			—		(37	)		53
Total		87,127		12,225		(14,107	)		1,948		6,788			93,981

19.2 Civil - Changes in provisions:

Jurisdiction	Balance at January 1, 2026		Additions, reversals and changes in estimates		Payments			Indexation		Exchange rate variation		Balance at March 31, 2026
Brazil		59,075		4,269		(5,308	)		320		3,198		61,554
USA		71,017		74,645		(2,653	)		—		—		143,009
Total		130,092		78,914		(7,961	)		320		3,198		204,563

Jurisdiction	Balance at January 1, 2025		Additions, reversals and changes in estimates		Payments			Indexation		Exchange rate variation			Balance at March 31, 2025
Brazil		59,796		831		(4,735	)		2,076		4,654			62,622
USA		280,804		83,549		(139,709	)		—		1			224,645
Others jurisdictions		44		18		(1	)		—		(16	)		45
Total		340,644		84,398		(144,445	)		2,076		4,639			287,312

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

Civil legal proceedings (probable loss):

United States

The civil legal proceedings involve class-action lawsuits alleging violations of federal and state antitrust laws, as well as laws governing unfair competition, unjust enrichment, unusual business practices, and consumer protection related to beef, pork and chicken sales, as well as Canada and US State Matters.

The Group, together with its legal department and external counsel, continues to monitor the progress of the antitrust cases and believes that the accounting provisions recorded as of the date of these unaudited condensed consolidated financial information are sufficient to cover the associated risk.

19.3 Tax and Social Security - Changes in provisions:

Jurisdiction	Balance at January 1, 2026		Additions, reversals and changes in estimates			Payments			Indexation		Exchange rate variation		Balance at March 31, 2026
Brazil		52,700		(4,675	)		(789	)		1,914		2,833		51,983
USA		88,200		—			—			—		—		88,200
Other jurisdictions		10		—			—			—		—		10
Total		140,910		(4,675	)		(789	)		1,914		2,833		140,193

Jurisdiction	Balance at January 1, 2025		Additions, reversals and changes in estimates			Payments			Indexation		Exchange rate variation			Balance at March 31, 2025
Brazil		68,516		(3,560	)		(534	)		4,982		5,386			74,790
Other jurisdictions		1,176		507			(507	)		—		(449	)		727
Total		69,692		(3,053	)		(1,041	)		4,982		4,937			75,517

Legal proceedings (possible loss):

In the three-month period ended March 31, 2026, the Company did not identify any significant changes in the amount of the legal proceedings which the probability of loss is considered possible.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

Brazil

Profits Abroad

Between the calendar years 2006 and 2021, the Company was assessed for charges related to the taxation of profits earned abroad that allegedly should have been included in the IRPJ and CSLL tax base, also encompassing disallowances of tax payment slips paid by foreign subsidiaries, under the argument that they could not have been used to offset IRPJ and CSLL due in Brazil. These assessments also include the imposition of default penalties, isolated fines, and interest. The Company clarifies that a significant portion of the IRPJ and CSLL charges on foreign profits relates to earnings from subsidiaries located in jurisdictions with which Brazil has tax treaties to avoid double taxation. Additionally, a relevant portion of the charges involves disputes regarding formal requirements imposed by tax authorities for the consolidation of foreign subsidiary results, whether direct or indirect. The Company disagrees with the criteria applied by the tax authorities and has filed a defense. For nearly all of the assessed amounts, the Company is defending itself in the administrative sphere and is awaiting judgment. Management assessed relevant tax decisions to identify potential discrepancies with the tax positions adopted by the Company. Based on this analysis and considering legal opinions and applicable case law, a provision of US$649 million was recognized regarding differences in the tax treatment of profits from subsidiaries in countries with international treaties, recorded and reducing the heading of recoverable taxes, reflecting the probability of future realization of these amounts.

20 Equity

Share capital: On March 31, 2026, the Group’s share capital consisted of 814,216,001 class A common shares and 294,842,184 class B common shares, totaling US$41,560. (US$35,114 on December 31, 2025).

Share Premium: On March 31, 2026, the Group’s capital reserve amounted to US$8,319,267 (US$7,310,818 on December 31, 2025).

b.1

Allocation of results: On March 25, 2026, the Board of Directors approved the allocation of the 2025 fiscal year results, totaling US$2,085,772, to the Share Premium.

c.1

Dividends: On March 25, 2026, the Board of Directors of JBS N.V. approved the payment of dividends of US$1.00 per share, totaling US$1,070,877 to be paid on June 17, 2026. Shareholders of record as of the close of trading on May 18, 2026, shall be entitled to receive the dividends.

d.1

Non-controlling interest: Material non-controlling interest as of March 31, 2026 consisted of the 17.8% (17.7% as of December 31, 2025), of PPC common stock not owned by JBS USA. JBS USA’s voting rights in PPC are limited to 82.2% as of March 31, 2026 (82.3% as of December 31, 2025) of the total. The profit allocated to the PPC non-controlling interest was US$20,091 and US$54,679 for the three-month period ended March 31, 2026 and 2025, respectively. The accumulated non-controlling interest in PPC was US$797,568 as of March 31, 2026 (US$790,254 as of December 31, 2025). For the three-month period ended March 31, 2026, purchase of treasury stock by PPC was nil (nil for the three-month period ended March 31, 2025). Below are the PPC total net sales, net income, cash provided by operations, total assets and total liabilities for the periods indicated.

	Three month period ended March 31,
	2026		2025

Net Revenue		4,532,633		4,463,009
Net Income		101,450		296,033
Net cash provided by operating activities		140,818		126,891

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

	March 31, 2026		December 31, 2025

Total assets		10,202,688		10,343,530
Total liabilities		6,466,195		6,649,799
Total equity		3,736,493		3,693,731

21 Net revenue

	Three-month period ended March 31,
	2026		2025
Domestic sales		16,160,712		14,609,063
Export sales		5,447,913		4,917,457
NET REVENUE		21,608,625		19,526,520

21.1 Contract balances - Advances from customer

Customer advance revenues are related to payments received in advance of satisfying the performance obligation under the contract. Moreover, a contract liability is recognized when the Group has an obligation to transfer products to a customer from whom the consideration has already been received. The recognition of the contractual liability occurs at the time when the consideration is received and settled. The Group recognizes revenue upon fulfilling the related performance obligation. Contract liabilities are presented as advances from customers in the statement of financial position.

The following table provides information about trade accounts receivable and contract liabilities from contracts with customers:

	Note	March 31, 2026			December 31, 2025
Trade accounts receivable	4		3,877,391			4,231,924
Contract liabilities			(498,107	)		(344,423	)
Total customer contract revenue			3,379,284			3,887,501

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

22 Net finance expense

	Three-month period ended March 31,
	2026			2025
Gains / (losses) from exchange rate variation		86,125			51,843
Fair value adjustments on derivatives		20,064			20,227
Interest expense ⁽¹⁾		(469,543	)		(414,739	)
Interest income ⁽²⁾		65,987			163,591
Bank fees and others		(16,843	)		(12,468	)
		(314,210	)		(191,546	)

Financial income		172,176			235,660
Financial expense		(486,386	)		(427,206	)
Net finance expense		(314,210	)		(191,546	)

⁽¹⁾

For the three-month period ended March 31, 2026 and 2025, the amounts of US$362,605 and US$315,204, refers to interest expenses from loans and financings expenses.

⁽²⁾

For the three-month period ended March 31, 2026 and 2025, the amounts of US$34,210 and US$54,935, respectively, refers to interest income from short investments.

23 Earnings per share

	Three-month period ended March 31,
	2026		2025
Net income attributable to Company shareholders		220,594		500,224
Weighted average - common shares outstanding (basic) (1)		1,070,876,863		1,070,876,863
Weighted average - common shares outstanding (diluted) (1)		1,077,906,376		1,070,876,863

Basic earnings per share - (US$)		0.21		0.47
Diluted earnings per share - (US$)		0.20		0.47

⁽¹⁾

The weighted average number of common shares outstanding for 2025 was respectively adjusted to reflect the 2026 share structure for comparability.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

24 Share-based compensation

The Group revised its compensation plans in 2026, modifying the previously existing structure and adopting a new share-based compensation model.

Under the previous variable compensation plan granted to certain officers and executives, compensation was linked to the appreciation in the Group’s shares and settled in cash. Following the modification of the plans, the Group began settling such compensation through the delivery of JBS N.V. shares.

Additionally, the Group implemented an additional share-based award for certain executives, which will vest and be settled in a single tranche during fiscal year 2026.

As a result of these plans, the Group recognized an expense of US$36.6 million as of March 31, 2026.

25 Operating segments

The Group’s Management has defined operating segments based on the reports that are used to make strategic decisions, analyzed by the Chief Operating Decision Maker (CODM) - our Chief Executive Officer (CEO), there are seven reportable segments: Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride, Australia and Miscellaneous segments. The segment performance is evaluated by the CODM, based on Adjusted EBITDA.

Adjusted EBITDA consists of profit or loss before taxes, applying the same accounting policies described in these financial statements, except for the following adjustments as described below: exclusion of net finance expense, exclusion of depreciation and amortization expenses, exclusion of share of profit of equity-accounted investees, net of tax, exclusion of antitrust agreements expenses, exclusion of donations and social programs expenses, exclusion of impairment of assets, exclusion of restructuring expenses and exclusion of certain other operating income (expenses).

Brazil: this segment includes all the operating activities of the Group, mainly represented by slaughter facilities, cold storage and meat processing, fat, feed and production of cattle by-products such as leather, collagen and other products produced in Brazil. Revenues are generated from the sale of products predominantly to restaurant chains, food processing companies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

Seara: this segment includes all the operating activities of Seara and its subsidiaries, mainly represented by chicken and pork processing, production and commercialization of food products and value-added products. Revenues are generated from the sale of products predominantly to restaurant chains, food processing companies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

Beef North America: this segment includes JBS USA beef processing operations in North America and the plant-based businesses in Europe. Beef also sells by-products to the variety meat, feed processing, fertilizer, automotive and pet food industries and also produces value-added meat products including toppings for pizzas. Finally, Sampco LLC imports processed meats and other foods such as canned fish, fruits and vegetables to the US and Vivera produces and sells plant-based protein products in Europe.

Pork USA: this segment includes JBS USA’s pork operations, including Swift Prepared Foods. Revenues are generated from the sale of products predominantly to retailers of fresh pork including trimmed cuts such as loins, roasts, chops, butts, picnics and ribs. Other pork products, including hams, bellies and trimmings, are sold predominantly to further processors who, in turn, manufacture bacon, sausage, and deli and luncheon meats. In addition, revenues are generated from the sale of case ready products, including the recently acquired TriOak business. As a complement to our pork processing business, we also conduct business through our hog production operations, including thirty-one hog farms and eight feed mills, from which, JBS Lux will source live hogs for its pork processing operations.

Pilgrim’s Pride: this segment includes PPC’s operations, including Moy Park, Tulip and Pilgrim’s Consumer Foods as well, mainly represented by chicken processing, production and commercialization of food products and prepared foods in the United States of America, Mexico, United Kingdom and France. The fresh chicken products consist of refrigerated (non-frozen) whole or cut-up chicken, either pre-marinated or non-marinated, and pre-packaged chicken in various combinations of freshly refrigerated, whole chickens and chicken parts. The prepared chicken products include portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties and bone-in chicken parts. These products are sold either refrigerated or frozen and may be fully cooked, partially cooked or raw. In addition, these products are breaded or non-breaded and either pre-marinated or non-marinated. The segment also generates revenue from the sale of prepared pork products through PPL, a subsidiary acquired by PPC in October 2019. The segment includes PPC’s PFM subsidiary, acquired in September 2021, and generates revenues from branded and private label meats, meat snacks, food-to-go products, and ethnic chilled and frozen ready meals.

Australia: This segment includes our fresh, frozen, value-added and branded beef, lamb, pork and fish products in Australia and New Zealand. The majority of our beef revenues from our operations in Australia are generated from the sale of fresh beef products (including fresh and frozen chuck cuts, rib cuts, loin cuts, round cuts, thin meats, ground beef, offal and other products). This segment also sells value-added and branded beef products (including frozen cooked and pre-cooked beef, corned cooked beef, beef cubes and consumer-ready products, such as hamburgers and sausages). This segment also operates lamb, pork, and fish, processing facilities in Australia and New Zealand including Huon and Rivalea businesses. JBS Australia also generates revenues through their cattle hoteling business. We sell these products in the countries where we operate our facilities, which we classify as domestic sales, and elsewhere, which we classify as export sales.

Miscellaneous (previously labeled as “others”): includes certain operations not directly attributable to the primary segments, such as corporate expenses, international leather operations and other operations in Europe.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

There are no revenues arising out of transactions with any single customer that represents 10% or more of the total revenues.

The Group manages its loans and financing and income taxes at the corporate level and not by segment.

The information by consolidated operational segments is as follows:

	Three-month period ended March 31, 2026
	Brazil		Seara		Beef North America			Pork USA		Pilgrim’s Pride		Australia		Miscellaneous		Total reportable segments		Elimination (*)			Total
Net revenue		3,788,840		2,379,293		7,166,565			2,031,663		4,529,387		2,144,898		298,788		22,339,434		(730,809	)		21,608,625
Adjusted EBITDA (1)		167,692		369,259		(266,759	)		274,116		449,657		132,760		6,607		1,133,332		—			1,133,332

	Three-month period ended March 31, 2025
	Brazil		Seara		Beef North America			Pork USA		Pilgrim’s Pride		Australia		Miscellaneous		Total reportable segments		Elimination (*)			Total
Net revenue		3,169,982		2,150,468		6,421,610			2,001,663		4,459,422		1,621,529		118,366		19,943,040		(416,520	)		19,526,520
Adjusted EBITDA (1)		131,078		425,693		(100,473	)		247,302		660,201		160,355		3,571		1,527,727		—			1,527,727

^(*)

Includes intercompany and intersegment transactions.

⁽¹⁾

The Adjusted EBITDA is reconciled with the consolidated operating profit, as follows:

	Three-month period ended March 31,
	2026			2025
Profit before taxes		308,693			694,104
Share of profit of equity-accounted investees, net of tax		(138,415	)		(2,735	)
Net finance expense		314,210			191,546
Depreciation and amortization		617,488			535,648
Antitrust agreements ⁽¹⁾		24,644			79,549
Donations and social programs ⁽²⁾		535			527
Impairment of assets ⁽³⁾		—			5,662
Restructuring ⁽⁴⁾		2,783			17,002
Other operating income (expense), net ⁽⁵⁾		3,394			6,424
Total Adjusted EBITDA for operating segments		1,133,332			1,527,727

⁽¹⁾

Refers to the Agreements entered by JBS USA and its subsidiaries.

⁽²⁾

Refers to the donations, substantially composed of the Fundo JBS pela Amazônia.

⁽³⁾

This mainly refers to the impairment of fixed assets and the impairment of recoverable tax credits.

⁽⁴⁾

Refers to the project implementation of multiple restructuring initiatives mainly in the indirect subsidiary Pilgrim’s Pride Corporation (PPC), which are registered as Other expenses, as well as other non-significant restructuring projects that are registered as General and administrative expenses.

⁽⁵⁾

Refers to several adjustments basically in JBS USA’s jurisdiction such as third-party advisory expenses related to acquisitions, insurance recovery, among others.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

The net revenue and total assets are present below segregated by geographic area considering facilities location as additional information.

	Three-month period ended March 31, 2026
	United States of America ⁽²⁾		Mexico and Canada		Brazil ⁽³⁾		Australia		Europe		Minor regions		Total		Intercompany elimination ⁽¹⁾			Total
Net revenue		10,918,381		1,602,725		5,983,679		1,858,803		1,652,442		186,744		22,202,774		(594,149	)		21,608,625

	Three-month period ended March 31, 2025
	United States of America ⁽²⁾		Mexico and Canada		Brazil ⁽³⁾		Australia		Europe		Minor regions		Total		Intercompany elimination ⁽¹⁾			Total
Net revenue		10,279,449		1,415,905		5,119,173		1,436,247		1,461,712		90,258		19,802,744		(276,224	)		19,526,520

	March 31, 2026
	United States of America ⁽²⁾		Mexico and Canada		Brazil ⁽³⁾		Australia		Europe		Minor regions		Total		Intercompany elimination ⁽¹⁾			Total
Total assets		13,866,782		3,212,446		15,915,986		4,000,411		8,594,795		438,934		46,029,354		(849,055	)		45,180,299

	December 31, 2025
	United States of America ⁽²⁾		Mexico and Canada		Brazil ⁽³⁾		Australia		Europe		Minor regions		Total		Intercompany elimination ⁽¹⁾			Total
Total assets		13,940,917		5,468,199		15,934,286		4,350,848		5,645,073		435,728		45,775,051		(618,565	)		45,156,486

⁽¹⁾

Includes intercompany and intersegment transactions.

⁽²⁾

Amounts previously disclosed under the ‘North and Central America’ geographic area are now presented disaggregated into two distinct geographic areas: ‘United States of America’ and ‘Mexico and Canada’. This disaggregation was performed retrospectively for information comparability purposes.

⁽³⁾

Amounts previously disclosed under the 'South America' geographic area are now presented on a disaggregated basis, with 'Brazil' identified as a standalone due to its operational significance. Remaining countries in the region are now grouped under 'Minor regions'. Accordingly, comparative information for prior periods has been restated to conform to the current period's presentation, ensuring consistency and comparability.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

26 Expenses by nature

Expenses by nature are disclosed as follows:

	Three-month period ended March 31,
	2026			2025
Cost of sales
Cost of inventories, raw materials and production inputs		(16,447,846	)		(14,344,924	)
Salaries and benefits		(2,291,793	)		(2,082,712	)
Depreciation and amortization		(544,398	)		(474,333	)
		(19,284,037	)		(16,901,969	)

Selling
Freights and selling expenses		(1,011,303	)		(930,585	)
Salaries and benefits		(152,331	)		(132,653	)
Depreciation and amortization		(24,002	)		(18,469	)
Advertising and marketing		(87,960	)		(77,812	)
Commissions		(23,355	)		(17,519	)
Net impairment losses		(3,595	)		(10,559	)
		(1,302,546	)		(1,187,597	)

General and administrative
Salaries and benefits		(311,708	)		(282,862	)
Fees, services held and general expenses		(165,689	)		(147,400	)
Depreciation and amortization		(49,088	)		(42,842	)
DOJ - departament of justice and Antitrust agreements		(24,644	)		(79,548	)
Donations and social programs (1)		(4,495	)		(3,775	)
		(555,624	)		(556,427	)

⁽¹⁾

Refers to donations made to Instituto J&F regarding improvements on school’s building, the social program “Fazer o Bem Faz Bem” created by the Group to support actions for social transformation where the indirect subsidiary JBS S.A. is present and donations to Fundo JBS Pela Amazônia.

For the three-month period ended March 31, 2026, the Group incurred expenses with internal research and development, in the amount of US$1,167 (US$1,189 for the three-month period ended March 31, 2025).

26.1 Other income and expenses

Other Income: For the three-month period ended March 31, 2026, the Group has recorded other income totaling US$41,684 (US$30,345 for the three-month period ended March 31, 2025), primarily related to gains on asset sales amounting to US$25,527 (US$16,055 for the three-month period ended March 31, 2025), tax credits from prior periods totaling US$2,135 (US$1,646 for the three-month period ended March 31, 2025), rental income totaling US$1,683, carbon credits totaling US$2,439 among other non-significant items.

Other Expenses: For the three-month period ended March 31, 2026, the Group has recorded other expenses totaling US$23,614 (US$27,957 for the three-month period ended March 31, 2025), mainly related to restructuring expenses amounting to US$2,439 (US$17,002 for the three-month period ended March 31, 2025), losses on asset sales totaling US$21,640 (US$3,994 for the three-month period ended March 31, 2025), among other non-significant items.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

27 Risk management and financial instruments

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.

Fair value of assets and liabilities: The Group determines fair value measurements in accordance with the hierarchical levels that reflect the significance of the inputs used in the measurement, with the exception of those maturing at short term, equity instruments without an active market and contracts with discretionary characteristics that the fair value can not be measured reliably, according to the following levels:

Level 1 - Quoted prices in active markets (unadjusted) for identical assets or liabilities;

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

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

Fair value of assets and liabilities carried at amortized cost: The fair value of the Notes under Rule 144-A and Regulation S, are estimated using the closing sale price of these securities informed by a financial newswire on March 31, 2026 and December 31, 2025, considering there is an active market for these financial instruments. The book value of the remaining fixed-rate loans approximates fair value since the interest rate market, the Group’s credit quality, and other market factors have not significantly changed since entering into the loans. The book value of variable-rate loans and financings approximates fair value given the interest rates adjusted for changes in market conditions and the quality of the Group’s credit rating has not substantially changed. For all other financial assets and liabilities, book value approximates fair value due to the short duration of the instruments. 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

Risk management:

In its operational routine, the Group is exposed to various market, credit, and liquidity risks. These risks are disclosed in the financial statements as of December 31, 2025. There were no changes in the nature of these risks during the current quarterly reporting period. The following section presents the risks and operations to which the Group is exposed in the current period. Additionally, a sensitivity analysis is provided for each type of risk, showing the potential impact on Financial Results under hypothetical changes: CDI and other rates at 25% and 50%, and currency and commodity exposure at 15% and 30% in the relevant risk variables. For the probable scenario, the Company deems it appropriate to use the Value at Risk (VaR) methodology with a 99% confidence interval (CI) and a one-day horizon.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

a. Interest rate risk

The Group understands that the quantitative data referring to the Group’s interest rate exposure risk on March 31, 2026 and December 31, 2025, are in accordance with the Financial and Commodity Risk Management Policy and are representative of the exposure incurred during the period. 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	)

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

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	)

			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	)

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

b. Exchange rate risk:

Below are presented the risks related to the most significant exchange rates fluctuation given the relevance of these currencies in the Group’s operations and the stress analysis scenarios and VaR to measure the total exposure as well as the cash flow risk with B3 and the Chicago Mercantile Exchange. 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

b1. Sensitivity analysis and derivative financial instruments breakdown:

b1.1 USD - American dollars (amounts in thousands of US$):

		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	)

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

)

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

			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	)

b1.2 EUR - 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	)

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

)

			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	)

b1.3 GBP - 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	)

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

)

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

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

c. Commodity price risk

The Group operates globally (across the entire livestock protein chain and related business) and during the regular course of its operations is exposed to price fluctuations in feeder cattle, live cattle, lean hogs, corn, soybeans, and energy, especially in the North American, Australian and Brazilian markets. Commodity markets are characterized by volatility arising from external factors including climate, supply levels, transportation costs, agricultural policies and storage costs, among others. The Risk Management Department is responsible for mapping the exposures to commodity prices of the Company and proposing strategies to the Risk Management Committee, in order to mitigate such exposures.

c1. 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	)

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	)

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	)

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

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

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	)

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			—		—

c2. Hedge accounting:

The indirect subsidiary Seara Alimentos Ltda. applies hedge accounting for gain purchase, aiming at bringing stability to the subsidiary’s results. The designation of these instruments is based on the guidelines outlined in the Financial and Commodity Risk Management Policy defined by the Risk Management Committee and approved by the Board of Directors.

Financial instruments designated for hedge accounting were classified as cash flow hedge. The effective amount of the instrument’s gain or loss is recognized under “Other comprehensive income (expense)” and the ineffective amount under “Financial income (expense), net”, and the accumulated gains and losses are reclassified to profit and loss or to the balance sheet when the object is recognized, adjusting the item in which the hedged object was recorded.

In these hedge relationships, the main sources of ineffectiveness are the effect of the counterparties and the Group own credit risk on the fair value of the forward foreign exchange contracts, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates; changes in commodities price and changes in the timing of the hedged transactions.

The indirect subsidiary Seara Alimentos Ltda. also designates derivatives to hedge the fair value of debt instruments with floating interest rates through swaps of fixed interest rates, measured in accordance with fair value hedge accounting.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

c2.1. Effects of hedge instruments on the financial information:

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

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

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

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

Below are the effects on balance sheet, after the adoption of hedge accounting:

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

Open amounts in statement of financial position of derivative 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

d. Liquidity risk

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.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

The Group has future commitment for purchase of grains and cattle whose balances as of March 31, 2026 in the amount of US$33.3 billion (US$27.9 billion on December 31, 2025).

The Group has securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of March 31, 2026 is in the amount of US$158,815 (US$159,562 on December 31, 2025). This guarantee is larger than its collateral.

The interest payments on variable interest rate loans and bond issues in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.

Risks linked to climate change and the sustainability strategy

During the three-month period ended March 31, 2026, the Group conducted a climate risk assessment to identify and evaluate potential climate-related impacts, risks, and opportunities across its operations and value chain. This process resulted in a prioritized list of climate-related risks and opportunities based on the Group’s financial materiality assessment, performed by an independent third party in accordance with the Group’s established criteria and thresholds.

The assessment considered both the likelihood of occurrence and the magnitude of potential financial impacts, based on qualitative and quantitative factors, informed judgment and underlying assumptions.

For the three-month period ended March 31, 2026, the Management considered the data and assumptions highlighted below as the main risks:

(i) Risk of increased regulation on energy:

●

Regulatory pressures, inflation and energy scarcity increasing electricity and fuel costs.

(ii) Risk of extreme weather events:

●

Climate-related volatility in agricultural commodity availability, quality and pricing.

(iii) Risk of failure to adapt to physical effects of climate change:

●

Climate-related disruptions affecting supply chain infrastructure and operational infrastructure.

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.

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

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

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

	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

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

	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

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

	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

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

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

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

	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

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

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

Notes to the unaudited condensed consolidated financial information for the three-month period ended March 31, 2026 and 2025
(Expressed in thousands of United States dollar)

	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