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 six reportable segments: Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride and Australia. The segment performance is evaluated by the CODM, based on Adjusted EBITDA.

investees, net of tax, exclusion of net finance expense, exclusion of depreciation and amortization expenses, exclusion of antitrust agreements expenses, exclusion of donations and social programs expenses, exclusion of impairment of assets expenses, exclusion of restructuring expenses, exclusion of fiscal payments and installments expense, exclusion of Avian influenza expense, exclusion of closure of plants expenses, and exclusion of certain other operating income (expenses), net.

Brazil: this segment includes all the operating activities of the indirect subsidiary JBS S.A. and its Brazilian subsidiaries, 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 and biodiesel, as well as the Mercado da Carne stores. 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. 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.

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.


Nine-month period ended September 30, 2026
	Brazil	Seara	Beef North America	Pork USA	Pilgrim’s Pride	Australia	Total reportable segments	All others segments	Elimination (*)	Total
Revenue from external customers	10,887,886	7,218,284	22,319,922	5,909,159	13,778,786	7,203,038	67,317,075	928,952	—	68,246,027
Intersegment revenue	1,578,538	232,790	174,549	82,543	23,700	962	2,093,082	152,345	(2,245,427)	—
Net revenue	12,466,424	7,451,074	22,494,471	5,991,702	13,802,486	7,204,000	69,410,157	1,081,297	(2,245,427)	68,246,027
Adjusted EBITDA (1)	578,117	1,080,328	(346,940)	427,848	1,414,981	561,154	3,715,488	28,403	—	3,743,891


Nine-month period ended September 30, 2025
	Brazil	Seara	Beef North America	Pork USA	Pilgrim’s Pride	Australia	Total reportable segments	All others segments	Elimination (*)	Total
Revenue from external customers	10,033,132	6,462,838	20,335,618	6,155,707	13,951,766	5,779,231	62,718,292	402,859	—	63,121,151
Intersegment revenue	877,127	214,757	139,210	124,983	18,288	7,461	1,381,826	121,474	(1,503,300)	—
Net revenue	10,910,259	6,677,595	20,474,828	6,280,690	13,970,054	5,786,692	64,100,118	524,333	(1,503,300)	63,121,151
Adjusted EBITDA (1)	666,881	1,140,147	(375,108)	719,109	2,247,679	699,410	5,098,118	17,824	—	5,115,942


Three-month period ended September 30, 2026
	Brazil	Seara	Beef North America	Pork USA	Pilgrim’s Pride	Australia	Total reportable segments	All others segments	Elimination (*)	Total
Revenue from external customers	3,455,771	2,433,909	7,490,642	1,863,821	4,641,246	2,493,617	22,379,006	358,816	—	22,737,822
Intersegment revenue	637,286	77,498	67,334	16,865	8,637	97	807,717	54,988	(862,705)	—
Net revenue	4,093,057	2,511,407	7,557,976	1,880,686	4,649,883	2,493,714	23,186,723	413,804	(862,705)	22,737,822
Adjusted EBITDA (1)	141,184	330,629	(1,901)	37,006	462,401	197,666	1,166,985	14,232	—	1,181,217


Three-month period ended September 30, 2025
	Brazil	Seara	Beef North America	Pork USA	Pilgrim’s Pride	Australia	Total reportable segments	All others segments	Elimination (*)	Total
Revenue from external customers	3,831,218	2,289,215	7,202,450	2,179,594	4,751,154	2,189,578	22,443,209	153,775	—	22,596,984
Intersegment revenue	328,306	71,804	45,693	40,347	4,896	2,795	493,841	46,575	(540,416)	—
Net revenue	4,159,524	2,361,019	7,248,143	2,219,941	4,756,050	2,192,373	22,937,050	200,350	(540,416)	22,596,984
Adjusted EBITDA (1)	307,229	322,662	(41,651)	218,208	769,739	248,876	1,825,063	9,529	—	1,834,592


	Nine-month period ended September 30,		Three-month period ended September 30,
	2026	2025	2026	2025
Profit before taxes	282,748	2,245,943	196,139	815,341
Share of profit of equity-accounted investees, net of tax	(3,344)	(15,008)	11,450	(4,452)
Net finance expense	1,318,551	976,098	308,770	408,149
Depreciation and amortization	1,916,968	1,684,857	660,380	584,019
Antitrust agreements (1)	157,825	143,720	450	10,082
Donations and social programs (2)	627	1,747	92	615
Impairment of assets	—	12,767	—	—
Restructuring (3)	20,117	23,771	—	2,233
Fiscal payments and installments (4)	11,838	2,378	2,232	—
Avian influenza	—	13,122	—	7,510
Closure of plants (5)	24,142	—	—	—

Other operating income (expense), net (6)	14,419	26,547	1,704	11,095
Total Adjusted EBITDA for operating segments	3,743,891	5,115,942	1,181,217	1,834,592

(3)Refers to the project implementation of multiple restructuring initiatives (including related impairment) 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.


Nine-month period ended September 30, 2026
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Net revenue	34,008,834	5,063,318	19,782,279	6,156,126	6,573,799	985,847	72,570,203	(4,324,176)	68,246,027


Nine-month period ended September 30, 2025
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Net revenue	34,032,512	3,056,069	17,847,716	5,059,539	4,755,661	361,493	65,112,990	(1,991,839)	63,121,151


Three-month period ended September 30, 2026
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Net revenue	11,309,046	1,892,323	7,105,798	2,139,672	1,996,836	355,684	24,799,359	(2,061,537)	22,737,822


Three-month period ended September 30, 2025
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Net revenue	11,332,724	1,667,643	6,614,231	1,900,808	1,630,470	174,899	23,320,775	(723,791)	22,596,984


September 30, 2026
	United States of America (2)	Mexico and Canada	Brazil	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Total assets	10,953,803	3,393,119	20,527,842	4,320,764	11,250,841	1,013,791	51,460,160	(4,382,080)	47,078,080

December 31, 2025
	United States of America (2)	Mexico and Canada	Brazil	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Total assets	13,940,917	5,468,199	15,934,286	4,350,848	14,340,561	435,728	54,470,539	(9,314,053)	45,156,486

(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 presented as a separate geographic area, while the remaining countries in the region are now grouped under 'Minor regions'. Prior-period information has been presented on a consistent basis for comparability purposes.