Slides
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We feed better futures Results Presentation 3Q25
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Disclaimer This presentation is being made in respect of JBS N.V. and its subsidiaries (collectively, the “JBS Group”). Forward-Looking Statements This presentation contains certain statements, including estimates, projections, statements relating to business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, that are “forward-looking statements,” as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “should,” “strategy,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. These statements are based on the current expectations of the management of the JBS Group and are subject to uncertainty and to changes in circumstances. In addition, these statements are based on a number of assumptions that are subject to change. This presentation also contains estimates and other information concerning the industry in which the JBS Group operates, that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. Many factors could cause actual results to differ materially from these forward-looking statements including unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management and expansion and growth of the JBS Group’s operations. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the JBS Group’s consolidated financial condition, results of operations or liquidity. Forward-looking statements included herein are made as of the date hereof, and the JBS Group undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. The non-GAAP financial measures contained in this presentation are not measures of financial performance calculated in accordance with any GAAP or International Financial Reporting Standards (“IFRS”) and should not be considered as replacements or alternatives to net income or loss, cash flow from operations or other measures of operating performance or liquidity. We also adopt non-GAAP measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with IFRS, as issued by the International Accounting Standards Board or considered replacements or alternatives to net income or loss, cash flow from operations or other IFRS measures of operating performance or liquidity. These non-accounting measures are used by market participants for comparative analysis, albeit with certain limitations, of the results of businesses in the sector and as indicators of the JBS Group’s capacity to generate cash flow. This presentation also contains some metrics called US Comparable (“US Comp”) in which consolidated US Comp number considers adjustments in Seara and JBS Brazil for comparative purposes with American peers (being a managerial number), in addition to the other Business Units already in US GAAP.
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3 #2 in Europe. #2 Salmon producer in Australia. SALMON#1 Plant-based foods producer in Brazil. PLANT- BASED #1 Egg producer in South America. EGGS Global team members 280k+ Production facilities 250+ Sales to customers in 180+ countries 180+ BIOTECHNOLOGY Majority owner of BioTech Foods, cultivated protein producer in Spain. Built largest biotechnology R&D center in Brazil. Market leader in Brazil, Europe, and the USA. Leading position in Mexico. #1 Global poultry producer POULTRY Market leader in Australia, Brazil, and the USA. Leading position in Canada. #1 Global beef producer BEEF Global pork producer Leading positions in Australia, Brazil, Europe and the USA. #2 PORK Market leader in Australia, New Zealand and the UK. Leading positions in Brazil, Mexico and the USA. #1 PREPARED FOODS A Leading Global Food Company
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2.0 7.6 16.5 17.6 31.1 36.9 38.6 42.9 51.2 48.9 49.0 51.1 49.7 51.7 52.3 65.0 72.6 72.9 77.2 83.1 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q25 [Beef] [Pork] [Brazil Margarine & Mayonnaise] Increased Diversification Into Value-Added and Branded Product PortfoliosEstablished a Global Protein Platform [United Kingdom] [Meats & Meals] [Brazil & Mexico Chicken] Net Revenues US$ billion Source: JBS Note: (1) 50% control. EBITDA Evolution (US$ billion) 0.3 0.3 0.7 0.6 2.1 1.9 2.2 2.8 4.7 4.0 3.3 4.2 4.0 5.0 5.6 8.5 6.7 3.5 7.2 7.0 Growth Journey Based on Strategic Acquisitions and Efficient Operations [Eggs] ¹
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20 20 59 35 35 120 145 214 0 0 90 189 29 170 244 195 229 105 65 205 245 Valued Added: Diversified Global Brands Portfolio
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Source: JBS. USA Mexico 3% 51% 5% Canada Net revenue 3Q25 LTM (by production) Beef Pork Lamb Poultry Aquaculture Leather Plant- based Center for Innovation Cultivated Protein Prepared Foods Eggs 9% Australia & New Zealand Europe 6% Brazil 26% Protein production in competitively advantageous locations with scale Diversification by protein and by geography 1 2 Global Diversification Through Local Production
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Source: JBS. Export access and unmatched distribution platform Positioned to mitigate geopolitical, sanitary and cyclical risks 3 4 Net revenue 3Q25 LTM (by consumption) Mexico & Central America Canada USA Brazil South America 1% Europe Africa & Middle East Asia 5% 12% 9% 13% 3% 50% 4% 3% Australia & New Zealand Global Diversification Sales by Consumption
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Team members in Brazil 15K Team members in Australia and New Zealand 158K 12K Team members in Mexico 17K Team members in Europe 78K Team members in the USA and Canada 2K Team members in MENA More than 280,000 Team Members Globally
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3.8% 6.6% 8.2% 8.4% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q25 PPC JBS USA Pork JBS Beef North America Seara Consolidated JBS Australia JBS Brazil Initial focus on downstream diversification, with value- added prepared foods and brand positioning, driving margin expansion Adjusted EBITDA Margin EvolutionKey Developments 2008 - 2012 2018 – 20222013 - 2017 2023 - 2025 Median: 5.1% Median: 8.2% Median: 9.5% Source: JBS. Initial geographic and protein diversification, with relevant beef and pork acquisitions in the US JBS has evolved into a more profitable global player with a robust protein portfolio and vast footprint Lifting Margins and Reducing Volatility with Diversification
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10 JBS Listed on the NYSE and Consolidates Dual Listing Presence on the U.S and Brazilian Stock Exchanges Shares traded on the NYSE since June 13, 2025 Potential unlocking of the value of company’s shares. Broaden access to a wider base of investors Reduce the cost of capital both equity and debt Increase flexibility to use equity as source of funding Increase the number of equity indexes in which JBS can participate (Russell, S&P, MSCI USA, among others) Expand conditions of growth
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11 11 New fresh sausage facility | Perry (Iowa) • Investment of US$ 135 million • Projection of 500 direct Jobs and 250 Jobs in the local construction industry • Operation scheduled for mid-2026 Beef production facilities | Cactus (Texas) and Greeley (Colorado) • Investment of US$ 200 million • New expanded ground beef room in Cactus and a new distribution center in Greeley Prepared Foods Facility (Pilgrim’s) | Walker County (Georgia) • Investment of US$ 400 million • Projection of 630 new Jobs Investments New facility acquisition and expansion | Ankeny (Iowa) • US$100 million investment to acquire and expand a facility, which will be transformed into the largest ready-to-eat bacon and sausage plant in the company’s U.S. operations
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693 581 0.62 0.52 -0.80 -0.30 0.20 0.70 0 500 1,000 1,500 2,000 3Q24 3Q25 Earnings per share 14.9% 16.7% 3Q24 3Q25 ROIC (LTM)ROE (LTM) Net Result (US$ million) 19,926 22,597 0.0 5,000.0 10,000.0 15,000.0 20,000.0 3Q24 3Q25 16.7% 23.7% 3Q24 3Q25 Net Revenue (US$ million) 3Q25 – IFRS Consolidated Results
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Operating Cash Flow (US$ million) Free Cash Flow (US$ million) 44% - Maintenance 56% - Expansion 60 % - Maintenance 40 % - ExpansionCAPEX (US$ million) 1,851 1,322 3Q24 3Q25 321 547 3Q24 3Q25 994 383 3Q24 3Q25 3Q25 – IFRS Consolidated Results
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1,502 1,276 7.5% 5.6% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 0 1,000 2,000 3,000 4,000 5,000 3Q24 3Q25 Margin % 3Q25 Consolidated Results Adj. Operating Income Adjusted EBITDA 1,610 1,251 8.1% 5.5% 3Q24 3Q25 Margin % 2,153 1,835 10.8% 8.1% 3Q24 3Q25 Margin % Adjusted EBITDA Adj. Operating Income 1,826 1,624 9.2% 7.2% 0.0 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 3Q24 3Q25 -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Margin % IFRS – US$ million US COMP – US$ million
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4,145 417 11 132 105 643 149 1,369 2,920 2,550 2,321 1,124 1,494 713 2,416 881 915 1,235 376 984 2,903 Cash and Equiv. Proforma Short Term 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 to 2051 2052 2053 2055 2056 2065 2066 500 Debt Profile Proforma Debt Amortization Schedule (US$ million) Average Term Proforma: 15.4 yrs Average Cost Proforma: 5.6% p.a. Full Investment Grade (1) Including the US$570 million in CRA issuance, the repurchase program and short term debt payment. 7,548¹ Cash and equivalents Revolving credit lines US$ 2.9 billion in the US + US$ 500 million in Brazil
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Net Debt/ Leverage / Interest Coverage 13,721 13,577 14,752 16,524 16,611 6.30x 7.41x 7.75x 7.74x 6.84x 2.15x 1.89x 1.99x 2.27x 2.39x 12,000.0 14,000.0 16,000.0 18,000.0 20,000.0 22,000.0 24,000.0 26,000.0 28,000.0 3Q24 4Q24 1Q25 2Q25 3Q25 Net Debt (US$ millions) Interest Cover. (US$) Leverage (US$) Debt Profile LT 95% ST 5% JBS USA 87% JBS SA 6% Seara 7% Entity Breakdown¹Short Term and Long Term Source Breakdown¹ Bonds 87% Banks 4% CRA 9% (1) Including the US$570 million in CRA issuance and short term debt payment.
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Net Debt Reconciliation (US$ million) ¹Considering acquisitions, non-cash items and Others. 16,524 217 175 300 547 110 101 -32 362 89 78 -28 16,611 Net debt 2Q25 Adjusted EBITDA Working Capital Biological Assets Interest Paid and Received CAPEX Lease Payments Taxes Exchange Rate Variaton +Margin Cash +Derivatives Share Buyback Dividends Non recurring Other¹ Net debt 3Q25 2.39x2.27x (1,835)
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Capital Deployment Profile (US$ mn) Net Leverage (Net Debt/EBITDA in x) Solid FCF Generation Supporting Investments, Distributions to Shareholders and Deleveraging M&A Limit Cap on Dividend Payment Attention Zone Safety Zone Long- Term Goal Source: JBS Note:(1) Including US$600 million of share buyback program concluded in November 2025. Free Cash Flow (Excl. Expansion Capex) 14,182 2,101 Expansion Capex 5,172 766 M&A 3,478 515 Dividends 5,320 788 Share Buybacks¹ 3,359 498 GrowthValue Total 2019-3Q25 Average 2019-3Q25 Interest Coverage 2019 2020 2021 2022 2023 2024 3Q25 6.2x 7.8x 11.6x 8.0x 3.2x 7.4x 6.8x 2.13x 1.58x 1.44x 2.24x 4.42x 1.89x 2.39x 1.00x 1.25x 1.50x 1.75x 2.00x 2.25x 2.50x 2.75x 3.00x 3.25x 3.50x 3.75x 4.00x 4.25x 4.50x 4.75x 2019 2020 2021 2022 2023 2024 3Q25
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19 -6 -95 -0.1% -1.3% 3Q24 3Q25 -180.0 -160.0 -140.0 -120.0 -100.0 -80.0 -60.0 -40.0 -20.0 0.0 6,313 7,248 3Q24 3Q25 JBS Beef North America Net Revenue (US$ million) Adj. Operating Income (USGAAP - US$ million and %) Main brands: 3Q25 +14.8%
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20 550 517 12.0% 10.9% - 200 400 600 800 1,000 1,200 1,400 3Q24 3Q25 4,585 4,759 3Q24 3Q25 Pilgrim’s Pride Main brands: 3Q25 Adj. Operating Income (USGAAP - US$ million and %) +3.8% Net Revenue (US$ million)
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21 318 258 9.8% 6.2% - 200 400 600 800 1,000 3Q24 3Q25 JBS Brazil 3,256 4,160 3Q24 3Q25 324 253 9.9% 6.1% - 200 400 600 800 1,000 3Q24 3Q25 Adj. Operating Income (US Comp - US$ million and %) Adj. Operating Income (IFRS – US$ million and %) Main brands: +27.7% 3Q25 Net Revenue (US$ million)
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22 366 214 16.7% 9.1% - 200 400 600 800 1,000 3Q24 3Q25 2,194 2,361 3Q24 3Q25 Seara Adj. Operating Income (US Comp - US$ million and %) 3Q25 369 217 16.8% 9.2% - 200 400 600 800 1,000 3Q24 3Q25 Adj. Operating Income (IFRS – US$ million and %) Main brands: +7.6% Net Revenue (US$ million)
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23 164 179 8.0% 8.0% - 100 200 300 400 500 600 3Q24 3Q25 2,042 2,220 3Q24 3Q25 JBS USA Pork Main brands: 3Q25 Adj. Operating Income (USGAAP - US$ million and %) +8.7% Net Revenue (US$ million)
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24 122 206 6.8% 9.4% - 100 200 300 400 500 600 3Q24 3Q25 1,785 2,192 3Q24 3Q25 JBS Australia Main brands: 3Q25 Adj. Operating Income (USGAAP - US$ million and %) +22.9% Net Revenue (US$ million)
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Appendix Business Units
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JBS Beef North America (USGAAP – US$ million) Adj. Operating Income Adjusted EBITDA 37 82 -113 -264 -46 0.6% 1.3% -1.8%-3.9% -0.6% 3Q24 4Q24 1Q25 2Q25 3Q25 -6 28 -158 -312 -95 -0.1% 0.4% -2.5%-4.6%-1.3% 3Q24 4Q24 1Q25 2Q25 3Q25 Adj. Operating Income Adjusted EBITDA Pilgrim’s Pride (USGAAP – US$ million) 660 526 533 687 633 14.4% 12.0% 11.9% 14.4% 13.3% 3Q24 4Q24 1Q25 2Q25 3Q25 550 414 429 573 517 12.0% 9.5% 9.6% 12.1%10.9% 3Q24 4Q24 1Q25 2Q25 3Q25
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JBS Brazil Adj. Operating Income Adjusted EBITDA Adjusted EBITDA Adj. Operating Income IFRS – US$ million US COMP – US$ million 369 224 125 223 312 11.3% 6.4% 3.9% 6.2% 7.5% 3Q24 4Q24 1Q25 2Q25 3Q25 Margin % 318 179 78 171 258 9.8% 5.1% 2.4% 4.8% 6.2% 3Q24 4Q24 1Q25 2Q25 3Q25 Margin % 378 231 131 229 307 11.6% 6.6% 4.1% 6.4% 7.4% 3Q24 4Q24 1Q25 2Q25 3Q25 Margin % 324 183 80 174 253 9.9% 5.3% 2.5% 4.8% 6.1% 3Q24 4Q24 1Q25 2Q25 3Q25 Margin %
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366 359 331 290 214 16.7% 15.8% 15.4% 13.4% 9.1% 3Q24 4Q24 1Q25 2Q25 3Q25 Margin % Seara Adj. Operating Income Adjusted EBITDA Adjusted EBITDA Adj. Operating Income IFRS – US$ million US COMP – US$ million 407 400 372 334 262 18.5% 17.6%17.3% 15.4% 11.1% 3Q24 4Q24 1Q25 2Q25 3Q25 Margin % 369 363 337 293 217 16.8%15.9% 15.7% 13.5% 9.2% 3Q24 4Q24 1Q25 2Q25 3Q25 Margin % 461 450 426 392 323 21.0%19.8% 19.8%18.1% 13.7% 3Q24 4Q24 1Q25 2Q25 3Q25 Margin %
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JBS USA Pork (USGAAP – US$ million) JBS Australia (USGAAP – US$ million) 210 192 223 134 228 10.3% 9.6%11.1% 6.5%10.2% 3Q24 4Q24 1Q25 2Q25 3Q25 164 139 177 87 179 8.0% 7.0% 8.8% 4.2% 8.0% 3Q24 4Q24 1Q25 2Q25 3Q25 144 104 169 251 227 8.1% 5.9% 10.4%12.7%10.4% 3Q24 4Q24 1Q25 2Q25 3Q25 122 82 149 231 206 6.8% 4.6% 9.2% 11.7% 9.4% 3Q24 4Q24 1Q25 2Q25 3Q25 Adj. Operating Income Adjusted EBITDA Adj. Operating Income Adjusted EBITDA
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Appendix Market Report
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Market Report Grains & Oilseeds BR SOYBEAN MEAL R$/ TON BR CORN R$/ 60KG US SOYBEAN MEAL US$/ TON US CORN US$/ Bushel 1,500 1,700 1,900 2,100 2,300 2,500 2,700 2,900 3,100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 50 57 64 71 78 85 92 99 106 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 262 292 322 352 382 412 442 472 502 532 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 3.9 4.3 4.7 4.5 4.0 4.2 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 9.8% 10.0% -3.7% -11.3% 5.1% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 59.9 72.0 81.3 74.9 64.0 65.7 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 20.2% 12.9% -7.8% -14.5% 2.6% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 2,110.3 2,052.5 1,909.7 1,781.5 1,642.4 1,651.8 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -2.7% -7.0% -6.7% -7.8% 0.6% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 334.6 299.3 297.4 290.2 277.6 292.0 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -10.6% -0.6% -2.4% -4.4% 5.2%
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Market Report Global Protein Prices 50 70 90 110 130 150 170 190 210 230 50 70 90 110 130 150 170 190 210 230 2020 2021 2022 2023 2024 BRA AUS Canada USA 2025 GLOBAL CATTLE PRICES –Last 5 years US$/CWT
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Market Report Beef US vs Beef Brazil 220 240 260 280 300 320 340 360 380 400 420 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg US CUTOUT (AVG CH & SL) US$/CWT 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 304.7 299.1 316.4 349.8 376.8 362.1 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -1.8% 5.8% 10.5% 7.7% -3.9% BR CUTOUT (AVG Forequarter & Hindquarter) R$/KG 15 16 17 18 19 20 21 22 23 24 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 16.9 22.7 22.7 22.6 21.5 22.1 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 34.2% 0.3% -0.6% -5.0% 2.9%
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Market Report Pork US CUTOUT (boxed carcass) US$/CWT LEAN HOGS SPOT PRICE US$/CWT 40 50 60 70 80 90 100 110 120 130 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 80.8 78.4 85.2 94.9 106.2 89.8 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -3.0% 8.7% 11.4% 11.9% -15.4% 75 85 95 105 115 125 135 Jan FebMar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 98.4 95.9 95.5 104.4 114.9 103.2 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -2.5% -0.4% 9.3% 10.1% -10.2%
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Market Report Poultry US WHOLE BREASTS CTS/POUNDS CHICKS PLACED* ‘000 CHICKS WHOLE WINGS CTS/POUNDS 225,000 230,000 235,000 240,000 245,000 250,000 255,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 QTD 245.6 245.8 244.9 249.2 251.0 248.6 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 0.1% -0.4% 1.8% 0.7% -0.9% 176,000 181,000 186,000 191,000 196,000 Jan FebMar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 QTD 189.9 191.7 189.3 191.3 193.1 193.9 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 1.0% -1.3% 1.0% 1.0% 0.4% 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 184.9 150.3 178.8 263.9 182.3 114.2 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -18.7% 19.0% 47.6% -30.9% -37.4% 80 100 120 140 160 180 200 220 240 260 280 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 245.8 194.9 177.3 126.4 161.2 109.8 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -20.7% -9.0% -28.7% 27.5% -31.9% EGG SETS* ‘000 EGGS (*) Due to the US government shutdown, this is the most update data
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Market Report China WHOLESALE BEEF PRICE CNY/KG WHOLESALE PORK PRICE CNY/KG WHOLESALE CHICKEN PRICE CNY/KG DOMESTIC PIG PRICES CNY/KG 58.0 60.0 62.0 64.0 66.0 68.0 70.0 72.0 74.0 76.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 61.9 61.6 59.7 61.5 63.2 64.3 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -0.5% -3.0% 2.9% 2.8% 1.8% 16.5 17.0 17.5 18.0 18.5 19.0 19.5 20.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 18.8 18.7 18.2 17.6 17.3 17.4 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -0.5% -2.5% -3.3% -1.9% 0.9% 17.0 19.0 21.0 23.0 25.0 27.0 29.0 31.0 33.0 35.0 37.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 25.4 23.4 21.8 20.6 20.2 18.8 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -8.1% -6.8% -5.2% -2.0% -7.3% 10.5 12.5 14.5 16.5 18.5 20.5 22.5 24.5 26.5 28.5 Jan FebMar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 2024 2025 5Y Avg 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QTD 19.4 16.5 15.1 14.5 13.8 11.9 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -15.1% -8.3% -3.9% -4.8% -14.2%
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China 59% Chile 4% USA 3% Mexico 3% Philippines 3% Others 28% China 54% USA 8% Chile 4% Mexico 4% Russia 3% Others 27% The Brazilian Foreign Trade Bureau (Secex) Beef Top Destinations (US$) Volume (Tons) Avg. Price (US$/Kg) 3.70 4.10 4.50 4.90 5.30 5.70 6.10 6.50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2021 2022 2023 2024 2025 80,000 120,000 160,000 200,000 240,000 280,000 320,000 360,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2021 2022 2023 2024 2025 Sep/25 Top Destinations (US$) LTM Sep/25
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Saudi Arabia 10% United Arab Emirates 10% Japan 9% China 9% Mexico 7% Others 55% The Brazilian Foreign Trade Bureau (Secex) Poultry 250,000 300,000 350,000 400,000 450,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2021 2022 2023 2024 2025 1.26 1.56 1.86 2.16 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2021 2022 2023 2024 2025 Top Destinations (US$) Top Destinations (US$) Saudi Arabia 11% United Arab Emirates 9% Japan 8% Mexico 7% South Korea 6% Others 59% Sep/25 Volume (Tons) Avg. Price (US$/Kg) LTM Sep/25
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Philippines 24% Japan 11% China 11% Chile 9% Hong Kong 7% Others 38% The Brazilian Foreign Trade Bureau (Secex) Pork 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 130,000 140,000 Jan Feb Mar Abr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2021 2022 2023 2024 2025 1.98 2.18 2.38 2.58 Jan Feb Mar Abr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2021 2022 2023 2024 2025 Volume (Tons) Avg. Price (US$/Kg) Top Destinations (US$) Top Destinations (US$) Philippines 31% Japan 11% Mexico 8% China 7% Chile 6% Others 37% Sep/25 LTM Sep/25
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Market Report US Meat Retail Spread US Retail Prices - Ground Beef, Pork Chops and Chicken BSB 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 $/LB Chicken BSB Ground Beef Pork Chops 4.20 -0.8% 6.25 2.2% 4.69 1.6%
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41 We feed better futures