Earnings release
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1 JBS REPORTS THIRD QUARTER 2025 RESULTS November 13, 2025 – JBS N.V. (NYSE: JBS; B3: JBSS32), announces today its 3Q25 results. The numbers reported herein are in US dollars, in accordance with International Financial Reporting Standards (IFRS), unless otherwise specified. US Comparable (“US Comp”): Consolidated US Comp is a managerial number and considers adjustments in Seara and JBS Brazil for comparative purposes with American peers, in addition to the other Business Units already in US GAAP. (in millions, except per share data) (1) Reconciliations for non-GAAP measures are provided in subsequent sections within this release. (2) IFRS Third Quarter Highlights • Net Sales of $22,597 million, up 13% from prior year • IFRS Adjusted EBITDA of $1,835 million, down 15% from prior year • US COMP Adjusted EBITDA of $1,624 million, down 11% from prior year • IFRS Adjusted operating income of $1,251 million, down 22% from prior year • US COMP Adjusted operating income of $1,276 million, down 15% from prior year • EPS of $0.52, down 16% from prior year “In the third quarter of 2025, JBS reported record net sales, with sales growth across all business units, underscoring the strength and diversification of its global multiprotein platform. Net income in the quarter was US$581 million and the Return on Equity (ROE) reached 23.7% (LTM), reflecting solid results. Leverage ended the quarter at 2.39x, in line with the Company’s long-term target”, said Gilberto Tomazoni – Global CEO. 2025 2024 2025 2024 Net Sales $ 22,597 $ 19,926 $ 63,121 $ 57,209 Adjusted EBITDA (IFRS)¹ ² $ 1,835 $ 2,153 $ 5,116 $ 5,345 Adjusted EBITDA (US COMP)¹ $ 1,624 $ 1,826 $ 4,305 $ 4,512 Adjusted Operating Income (IFRS)¹ ² $ 1,251 $ 1,610 $ 3,431 $ 3,712 Adjusted Operating Income (US COMP)¹ $ 1,276 $ 1,502 $ 3,309 $ 3,548 Net Income Attributable to JBS² $ 581 $ 693 $ 1,609 $ 1,354 Earnings Per Share Attributable to JBS² $ 0.52 $ 0.62 $ 1.45 $ 1.22 Leverage (Net Debt / Adjusted EBITDA LTM)¹ ² 2.4x 2.2x 2.4x 2.2x Interest Coverage (Adjusted EBITDA LTM / Net Interest Expenses LTM)¹ ² 6.8x 6.3x 6.8x 6.3x ROE LTM ¹ ² 23.7% 16.7% 23.7% 16.7% ROIC LTM ¹ ² 16.7% 14.9% 16.7% 14.9% Nine Months EndedThird Quarter
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2 JBS Beef North America delivered record net sales, supported by robust demand in the United States. Despite cutout prices reaching all-time highs, domestic consumption remained resilient. The industry continues to navigate a challenging cattle cycle, with limited cattle availability for processing. With cattle supplies at historically low levels, live cattle prices have remained high, pressuring profitability. Pilgrim’s Pride continued to strengthen Key Customer partnerships and invested across all regions to drive sales growth, enhance margins, and reduce volatility. Throughout the quarter, chicken demand remained robust given its strong value proposition. In the U.S., Fresh maintained solid performance s upported by portfolio diversification, quality, and operational excellence, while Prepared Foods sales rose more than 25% yoy. In Europe, PPC focused on profitable growth through Key Customer partnerships, promotional activity, and new offerings. In Mexico, branded products in both Fresh and Prepared Foods continued to grow, supported by expanding Key Customer relationships across retail. JBS Brazil reported strong net sales growth, driven mainly by exports, with increases in both volumes and prices, as well as by higher prices in the domestic market. In the international market, in addition to solid global demand, geographic diversification played a key role, boosting sales across several strategic regions. In the domestic market, higher prices partially offset the sharp increase in cattle costs during the period. The Friboi brand was once again voted Top of Mind, the most remembered and preferred brand by Brazilian consumers, winning the meat category for the sixth time and consolidating its position as the ab solute leader in its sector. Seara, achieved the highest export volume in the company’s history, supported by strong operational execution and commercial agility. Despite temporary restrictions in major markets such as China and Europe due to a single avian influenza case in Brasil in May , the team acted quickly to redirect production and strengthen its presence in new markets. In the domestic market, revenue growth was driven by both higher prices and volumes, reflecting strong demand and efficient commercial, operational, and innovation execution. This performance reinforces Seara’s commercial strategy and operational discipline. JBS USA Pork also delivered record net sales, supported by strong domestic market performance driven by solid demand and JBS’ ongoing efforts to expand its value-added and branded product portfolio. During the quarter, the Company announced the expansion of its pre-cooked bacon and breakfast sausage production through the acquisition of a plant in Iowa, in addition to a new facility (organic expansion) announced in the second quarter in the same state. JBS Australia, net sales growth was primarily driven by higher prices during the period, both in the domestic and export markets. The beef segment was the main driver of the yoy improvement in profitability. Strong commercial dynamics, with higher prices and increased volumes in both domestic sales and exports, combined with continued operational efficiency gains, more than offset the 26% increase in cattle costs in 3Q25 vs. 3Q24, according to Meat & Livestock Australia (MLA). In the other segments, profitability improved, especially in pork and fish, due to strong operational execution and higher productivity. Free Cash Flow & Leverage As anticipated, working capital consumption increased during the period due to higher inventories, reflecting both input cost inflation and the operational dynamics of our global businesses. Consequently, free cash flow was more constrained, and leverage e nded the quarter at 2.39 x, in line with our long -term financial target. As always, we maintained discipline and responsibility, ensuring sound capital allocation and a solid balance sheet.
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3 SEGMENT RESULTS JBS Beef North America 2025 2024 2025 2024 Net Sales $ 7,248 $ 6,313 14.8% $ 20,475 $ 17,886 14.5% Cost of Sales $ (7,078) $ (5,971) 18.5% $ (20,228) $ (17,124) 18.1% Gross Profit $ 170 $ 341 -50.2% $ 247 $ 762 -67.5% Adjusted EBITDA $ (42) $ 117 - $ (375) $ 137 - Margin (%) -0.6% 1.9% -2.5 p.p. -1.8% 0.8% -2.6 p.p. Adjusted Operating Income $ (102) $ 63 - $ (554) $ (26) - Margin (%) -1.4% 1.0% -2.4 p.p. -2.7% -0.1% -2.6 p.p. 2025 2024 2025 2024 Net Sales $ 7,248 $ 6,313 14.8% $ 20,475 $ 17,886 14.5% Cost of Sales $ (7,249) $ (6,230) 16.4% $ (20,800) $ (17,719) 17.4% Gross Profit $ (1) $ 83 - $ (325) $ 167 - Adjusted EBITDA $ (46) $ 37 - $ (424) $ 64 - Margin (%) -0.6% 0.6% -1.2 p.p. -2.1% 0.4% -2.5 p.p. Adjusted Operating Income $ (95) $ (6) - $ (566) $ (64) - Margin (%) -1.3% -0.1% -1.2 p.p. -2.8% -0.4% -2.4 p.p. Pilgrim's Pride 2025 2024 2025 2024 Net Sales $ 4,756 $ 4,581 3.8% $ 13,970 $ 13,495 3.5% Cost of Sales $ (3,858) $ (3,671) 5.1% $ (11,339) $ (11,052) 2.6% Gross Profit $ 898 $ 910 -1.3% $ 2,631 $ 2,443 7.7% Adjusted EBITDA $ 770 $ 776 -0.8% $ 2,248 $ 2,059 9.1% Margin (%) 16.2% 16.9% -0.7 p.p. 16.1% 15.3% 0.8 p.p. Adjusted Operating Income $ 519 $ 549 -5.5% $ 1,525 $ 1,374 11.0% Margin (%) 10.9% 12.0% -1.1 p.p. 10.9% 10.2% 0.7 p.p. 2025 2024 2025 2024 Net Sales $ 4,759 $ 4,585 3.8% $ 13,980 $ 13,506 3.5% Cost of Sales $ (4,100) $ (3,901) 5.1% $ (12,050) $ (11,747) 2.6% Gross Profit $ 659 $ 684 -3.6% $ 1,930 $ 1,760 9.7% Adjusted EBITDA $ 633 $ 660 -4.1% $ 1,853 $ 1,688 9.8% Margin (%) 13.3% 14.4% -1.1 p.p. 13.3% 12.5% 0.8 p.p. Adjusted Operating Income $ 517 $ 550 -6.0% $ 1,519 $ 1,366 11.1% Margin (%) 10.9% 12.0% -1.1 p.p. 10.9% 10.1% 0.8 p.p. JBS Brazil 2025 2024 2025 2024 Net Sales $ 4,160 $ 3,256 27.7% $ 10,910 $ 9,110 19.8% Cost of Sales $ (3,497) $ (2,535) 37.9% $ (9,230) $ (7,423) 24.4% Gross Profit $ 662 $ 721 -8.1% $ 1,680 $ 1,688 -0.5% Adjusted EBITDA $ 307 $ 378 -18.7% $ 667 $ 734 -9.1% Margin (%) 7.4% 11.6% -4.2 p.p. 6.1% 8.1% -2.0 p.p. Adjusted Operating Income $ 253 $ 324 -21.8% $ 506 $ 570 -11.1% Margin (%) 6.1% 9.9% -3.8 p.p. 4.6% 6.3% -1.7 p.p. 2025 2024 2025 2024 Net Sales $ 4,160 $ 3,256 27.7% $ 10,910 $ 9,110 19.8% Adjusted EBITDA $ 312 $ 369 -15.6% $ 660 $ 720 -8.3% Margin (%) 7.5% 11.3% -3.8 p.p. 6.1% 7.9% -1.8 p.p. Adjusted Operating Income $ 258 $ 318 -18.9% $ 507 $ 565 -10.2% Margin (%) 6.2% 9.8% -3.6 p.p. 4.6% 6.2% -1.6 p.p. Third Quarter Third Quarter Third Quarter Third Quarter Third QuarterUSCOMP - US$ Million Var % Nine Months Ended Var % USGAAP - US$ Million Var % Nine Months Ended Var %Third Quarter IFRS - US$ Million Var % Var % Var % Var %IFRS - US$ Million IFRS - US$ Million Var % Var % Nine Months Ended Nine Months Ended Nine Months Ended USGAAP - US$ Million Var % Nine Months Ended Var %
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4 Seara 2025 2024 2025 2024 Net Sales $ 2,361 $ 2,194 7.6% $ 6,678 $ 6,500 2.7% Cost of Sales $ (1,834) $ (1,537) 19.3% $ (4,949) $ (4,816) 2.8% Gross Profit $ 527 $ 657 -19.7% $ 1,729 $ 1,684 2.7% Adjusted EBITDA $ 323 $ 461 -30.0% $ 1,140 $ 1,089 4.7% Margin (%) 13.7% 21.0% -7.3 p.p. 17.1% 16.8% 0.3 p.p. Adjusted Operating Income $ 217 $ 369 -41.1% $ 847 $ 805 5.2% Margin (%) 9.2% 16.8% -7.6 p.p. 12.7% 12.4% 0.3 p.p. 2025 2024 2025 2024 Net Sales $ 2,361 $ 2,194 7.6% $ 6,678 $ 6,500 2.7% Adjusted EBITDA $ 262 $ 407 -35.7% $ 967 $ 922 5.0% Margin (%) 11.1% 18.5% -7.4 p.p. 14.5% 14.2% 0.3 p.p. Adjusted Operating Income $ 214 $ 366 -41.6% $ 835 $ 796 4.9% Margin (%) 9.1% 16.7% -7.6 p.p. 12.5% 12.2% 0.3 p.p. JBS USA Pork 2025 2024 2025 2024 Net Sales $ 2,220 $ 2,042 8.7% $ 6,281 $ 6,115 2.7% Cost of Sales $ (1,890) $ (1,695) 11.5% $ (5,224) $ (4,989) 4.7% Gross Profit $ 330 $ 347 -5.0% $ 1,057 $ 1,125 -6.1% Adjusted EBITDA $ 218 $ 247 -11.5% $ 719 $ 800 -10.1% Margin (%) 9.8% 12.1% -2.3 p.p. 11.4% 13.1% -1.7 p.p. Adjusted Operating Income $ 148 $ 175 -15.1% $ 512 $ 586 -12.6% Margin (%) 6.7% 8.6% -1.9 p.p. 8.2% 9.6% -1.4 p.p. 2025 2024 2025 2024 Net Sales $ 2,220 $ 2,042 8.7% $ 6,281 $ 6,115 2.7% Cost of Sales $ (1,986) $ (1,825) 8.8% $ (5,673) $ (5,451) 4.1% Gross Profit $ 234 $ 217 7.8% $ 608 $ 664 -8.5% Adjusted EBITDA $ 228 $ 210 8.2% $ 584 $ 639 -8.6% Margin (%) 10.2% 10.3% -0.1 p.p. 9.3% 10.4% -1.1 p.p. Adjusted Operating Income $ 179 $ 164 9.2% $ 443 $ 500 -11.4% Margin (%) 8.0% 8.0% 0.0 p.p. 7.0% 8.2% -1.2 p.p. JBS Australia 2025 2024 2025 2024 Net Sales $ 2,192 $ 1,785 22.9% $ 5,787 $ 4,883 18.5% Cost of Sales $ (1,835) $ (1,501) 22.2% $ (4,778) $ (4,075) 17.2% Gross Profit $ 357.3 $ 283 26.2% $ 1,009 $ 808 24.9% Adjusted EBITDA $ 249 $ 174 42.7% $ 699 $ 524 33.5% Margin (%) 11.4% 9.8% 1.6 p.p. 12.1% 10.7% 1.4 p.p. Adjusted Operating Income $ 217 $ 141 53.5% $ 608 $ 427 42.2% Margin (%) 9.9% 7.9% 2.0 p.p. 10.5% 8.7% 1.8 p.p. 2025 2024 2025 2024 Net Sales $ 2,192 $ 1,785 22.9% $ 5,787 $ 4,883 18.5% Cost of Sales $ (1,940) $ (1,610) 20.5% $ (5,061) $ (4,334) 16.8% Gross Profit $ 253 $ 174 44.9% $ 726 $ 549 32.3% Adjusted EBITDA $ 227 $ 144 57.4% $ 647 $ 478 35.2% Margin (%) 10.4% 8.1% 2.3 p.p. 11.2% 9.8% 1.4 p.p. Adjusted Operating Income $ 206 $ 122 68.4% $ 586 $ 414 41.7% Margin (%) 9.4% 6.8% 2.6 p.p. 10.1% 8.5% 1.6 p.p. USGAAP - US$ Million Var % Nine Months Ended Var % Third Quarter Third Quarter Third Quarter Third Quarter Third Quarter Third Quarter USGAAP - US$ Million Var % Nine Months Ended Var % IFRS - US$ Million Var % Var % IFRS - US$ Million Var % Var % IFRS - US$ Million Var % Var % Nine Months Ended Nine Months Ended Nine Months Ended USCOMP - US$ Million Var % Nine Months Ended Var %
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5 CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) . 2025 2024 2025 2024 Net Sales 22,597.0$ 19,926.0$ 63,121.2$ 57,208.9$ Cost of Sales (19,624.5) (16,646.1) (54,691.6) (48,597.3) Gross Profit 2,972.4 3,279.9 8,429.5 8,611.6 Selling expenses (1,256.0) (1,217.6) (3,650.7) (3,438.8) General and administrative expenses (513.7) (487.6) (1,592.4) (1,712.6) Other income(expenses) 16.3 (20.4) 20.6 (48.8) Net Operating Expenses (1,753.4) (1,725.6) (5,222.5) (5,200.1) Operating Income 1,219.0 1,554.3 3,207.0 3,411.4 Finance Income 202.9 153.5 508.0 517.6 Finance Expense (611.1) (514.6) (1,484.1) (1,827.0) Net Finance Expense (408.1) (361.1) (976.1) (1,309.5) Share of profit of equity-accounted investees, net of tax 4.5 3.9 15.0 (0.2) Profit Before Taxes 815.3 1,197.1 2,245.9 2,101.7 Current Income Taxes (185.9) (142.4) (576.4) (399.2) Deferred Income Taxes 14.7 (298.1) 125.2 (193.3) Total Income Taxes (171.2) (440.5) (451.2) (592.5) Effective Rate (21.0%) (36.8%) (20.1%) (28.2%) Net Income 644.1 756.6 1,794.8 1,509.2 Attributable to: Company shareholders 580.9 692.9 1,609.2 1,354.0 Non-controlling interest 63.2 63.7 185.6 155.2 Earnings per Share (US$) 0.52$ 0.62$ 1.45$ 1.22$ Third Quarter Nine Months Ended 2025 2024 2025 2024 Adjusted EBITDA $ 1,835 $ 2,153 -14.8% $ 5,116 $ 5,345 -4.3% Margin (%) 8.1% 10.8% -2.7 p.p. 8.1% 9.3% -1.2 p.p. Adjusted Operating Income $ 1,251 $ 1,610 -22.3% $ 3,431 $ 3,712 -7.6% Margin (%) 5.5% 8.1% -2.6 p.p. 5.4% 6.5% -1.1 p.p. 2025 2024 2025 2024 Adjusted EBITDA $ 1,624 $ 1,826 -11.1% $ 4,305 $ 4,512 -4.6% Margin (%) 7.2% 9.2% -2.0 p.p. 6.8% 7.9% -1.1 p.p. Adjusted Operating Income $ 1,276 $ 1,502 -15.0% $ 3,309 $ 3,548 -6.7% Margin (%) 5.6% 7.5% -1.9 p.p. 5.2% 6.2% -1.0 p.p. IFRS - US$ Million Third Quarter Var % Nine Months Ended Var % USCOMP - US$ Million Third Quarter Var % Nine Months Ended Var %
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6 CONSOLIDATED CONDENSED BALANCE SHEETS (In millions) (Unaudited) September 30, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents 3,558.2$ 5,613.7$ Margin Cash 553.8 136.6 Trade accounts receivable 3,847.8 3,735.5 Inventories 6,568.7 5,016.0 Biological assets 1,820.8 1,608.2 Recoverable taxes 670.1 637.7 Derivative assets 262.7 84.5 Other current assets 389.5 288.8 Total Current Assets 17,671.7 17,121.0 Non Current Assets: Long-term Investments 45.8 - Recoverable taxes 1,914.1 1,412.5 Biological assets 602.2 518.2 Related party receivables - 77.4 Deferred income taxes 511.5 651.2 Other non-current assets 558.6 268.7 3,632.1 2,928.0 Investments in equity-accounted investees 226.5 38.3 Property, plant and equipment 13,263.9 11,780.9 Right of use assets 1,644.8 1,596.9 Intangible assets 1,848.9 1,803.2 Goodwill 5,898.2 5,417.1 Total Non Current Assets 26,514.4 23,564.4 Total Assets 44,186.1$ 40,685.4$
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7 September 30, 2025 December 31, 2024 Liabilities and Equity Current Liabilities: Trade accounts payable 5,447.4$ 5,465.5$ Supply chain finance 1,141.2 728.7 Loans and financing 999.4 2,084.2 Income taxes 242.6 233.0 Other taxes payable 123.7 113.7 Payroll and social charges 1,489.5 1,435.8 Lease liabilities 356.4 335.7 Dividends payable 0.2 358.6 Provisions for legal proceedings 100.9 280.8 Derivative liabilities 455.0 166.0 Other current liabilities 677.1 455.0 Total Current Liabilities 11,033.4 11,657.1 Non Current Liabilities: Loans and financings 19,769.2 17,242.6 Income and other taxes payable 416.0 406.7 Payroll and social charges 276.1 352.7 Lease liabilities 1,441.3 1,398.3 Deferred income taxes 1,073.1 1,095.3 Provisions for legal proceedings 224.7 216.7 Debt with related parties 213.0 - Derivative liabilities 116.7 100.1 Other non current liabilities 113.5 81.6 Total Non Current Liabilities 23,643.6 20,893.9 Equity: Share capital - common shares 35.1 13,177.8 Capital reserve 7,299.4 (180.6) Other reserves - (37.5) Profit reserves (360.9) 4,211.9 Accumulated other comprehensive income/loss 73.0 (10,077.3) Retained earnings/ loss 1,670.6 - Attributable to company shareholders 8,717.3 7,094.5 Attributable to non-controlling interest 791.8 1,039.9 Total Equity 9,509.2 8,134.4 Total Liabilities and Equity 44,186.1$ 40,685.4$
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8 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) 2025 2024 2025 2024 Net income 644.1$ 756.6$ 1,794.8$ 1,509.2$ Adjustments for: Depreciation and amortization 584.0 542.8 1,684.9 1,633.6 Expected credit losses 9.6 2.9 22.9 9.1 Share of profit of equity-accounted investees (4.5) (3.9) (15.0) 0.2 (Gain) loss on assets sales (6.4) 0.1 (15.3) (4.6) Taxes expense 171.2 440.5 451.2 592.5 Finance expense (income), net 408.1 361.1 976.1 1,309.5 Share-based compensation 5.7 2.7 19.8 10.1 Provisions 44.9 9.5 60.4 31.2 Impairment of goodwill and property, plant and equipment (0.8) 13.2 12.8 26.6 Net realizable value inventory adjustments (0.2) 22.3 20.2 8.8 Fair value (market to market) of biological assets 19.4 (26.1) (67.0) (56.0) SEC and DOJ agreements (Antitrust) 10.1 0.7 143.7 81.0 Avian Influenza 7.5 - 13.1 - 1,892.8 2,122.5 5,102.5 5,151.3 Changes in assets and liabilities: Trade accounts receivable (178.8) (61.0) (18.8) 53.4 Inventories (248.0) (282.3) (1,203.3) (574.4) Recoverable taxes (50.6) (6.1) 43.2 13.0 Other current and non-current assets (194.7) 10.3 (556.9) (93.2) Biological assets (174.7) (154.0) (572.7) (355.1) Trade accounts payable and supply chain finance 485.2 285.9 (90.2) (303.2) Tax payable in installments (2.6) (13.4) (54.5) (48.1) Other current and non-current liabilities (27.8) 106.8 151.6 116.3 Payments of DOJ and Antitrust agreements (77.9) (56.5) (339.1) (56.6) Income taxes paid (101.3) (101.4) (652.2) (188.8) Changes in operating assets and liabilities (571.2) (271.7) (3,292.8) (1,436.7) Cash provided by (used in) operating activities 1,321.6 1,850.9 1,809.7 3,714.6 Interest paid (343.2) (487.3) (948.2) (1,176.6) Interest received 61.2 54.6 134.9 151.7 Cash net of interest provided by (used in) operating activities 1,039.5 1,418.2 996.4 2,689.7 Cash flow from investing activities: Purchases of property, plant and equipment (546.9) (320.9) (1,261.0) (950.6) Purchases of intangible assets (2.2) (1.6) (4.7) (6.1) Proceeds from sale of property, plant and equipment 21.3 10.2 56.9 26.0 Additional investments in joint-ventures and subsidiaries (21.2) - (186.5) - Acquisitions, net of cash acquired - (1.3) - (4.2) Dividends received 2.1 2.3 6.2 8.7 Acquisition of investments funds (45.8) - (45.8) - Related party transactions (27.6) 0.2 (22.9) 0.7 Cash provided by (used in) investing activities (620.3) (311.1) (1,457.8) (925.5) Cash flow from financing activities: Proceeds from loans and financings 4,961.1 1,346.1 9,455.3 2,034.8 Payments of loans and financings (3,788.8) (902.9) (8,465.1) (2,637.8) Derivatives instruments received/settled (38.8) (31.7) (91.6) (172.5) Dividends Payment - - (1,573.9) - Dividends paid to non-controlling interest (89.3) 0.3 (355.7) (3.1) Margin Cash 52.9 (3.0) 8.5 (1.2) Payments of lease (110.0) (103.0) (325.0) (314.0) Share Buyback (362.5) - (362.5) - Acquisition of non-controlling interests in the subsidiary PPC (1.3) - (1.3) - Others (22.6) - (22.6) - Cash used in financing activities 600.8 305.8 (1,733.9) (1,093.8) Effect of exchange rate changes on cash and cash equivalents 19.4 (33.1) 140.0 (169.8) Net change in cash and cash equivalents 1,039.5 1,379.8 (2,055.4) 500.5 Cash and cash equivalents at the beggining of period 2,518.8 3,690.3 5,613.7 4,569.5 Cash and cash equivalents at the end of period 3,558.2$ 5,070.1$ 3,558.2$ 5,070.1$ Third Quarter Nine Months Ended
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9 Adjusted EBITDA IFRS to US COMP Reconciliations (In millions) (Unaudited) JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total Adjusted EBITDA IFRS (41.7) $ 769.7$ 307.2$ 322.7$ 218.2$ 248.9$ 9.5$ 1,834.6$ Leasing adjustments (13.8) (20.7) (2.6) (14.5) (24.0) (12.9) (0.6) (89.1) Inventory adjustments at market value 9.2 - - - 1.9 - - 11.1 Biological assets adjustments - (116.3) 6.9 (46.7) 31.4 (8.8) - (133.5) Other adjustments 0.1 0.3 - - - - 0.2 0.7 Adjusted EBITDA US COMP (46.2) $ 633.1$ 311.5$ 261.5$ 227.5$ 227.1$ 9.2$ 1,623.8$ JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total Adjusted EBITDA IFRS 117.3$ 775.9$ 377.7$ 461.2$ 246.7$ 174.3$ (0.1) $ 2,153.1$ Leasing adjustments (13.0) (19.6) (3.8) (13.7) (29.2) (13.4) (1.6) (94.3) Inventory adjustments at market value (67.5) - - - (2.4) - - (69.9) Biological assets adjustments - (96.7) (4.7) (41.0) (4.8) (16.7) - (163.9) Other adjustments (0.2) 0.8 - - - - 0.3 0.9 Adjusted EBITDA US COMP 36.7$ 660.4 369.1$ 406.6$ 210.3$ 144.2$ (1.4) $ 1,825.9$ JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total Adjusted EBITDA IFRS (375.1) $ 2,247.7$ 666.9$ 1,140.1$ 719.1$ 699.4$ 17.8$ 5,115.9$ Leasing adjustments (43.0) (60.2) (10.5) (43.9) (75.7) (38.1) (1.9) (273.5) Inventory adjustments at market value (5.4) - - - (21.9) - - (27.4) Biological assets adjustments - (335.2) 3.8 (128.8) (37.6) (14.8) - (512.5) Other adjustments 0.1 0.9 - - - - 1.0 2.0 Adjusted EBITDA US COMP (423.5) $ 1,853.2 660.1$ 967.5$ 583.8$ 646.5$ 16.9$ 4,304.5$ JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total Adjusted EBITDA IFRS 136.5$ 2,059.3$ 733.9$ 1,089.0$ 800.2$ 524.1$ 2.3$ 5,345.3$ Leasing adjustments (38.0) (65.6) (10.3) (43.2) (85.9) (39.2) (2.4) (284.6) Inventory adjustments at market value (34.2) - - - (32.3) - - (66.5) Biological assets adjustments - (306.0) (3.3) (124.0) (43.5) (6.7) - (483.5) Other adjustments (0.1) 0.5 - - - - 0.949 1.4 Adjusted EBITDA US COMP 64.2$ 1,688.2$ 720.2$ 921.8$ 638.6$ 478.2$ 0.9$ 4,512.1$ Adjusted EBITDA 9M24 Adjusted EBITDA 3Q25 Adjusted EBITDA 3Q24 Adjusted EBITDA 9M25
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10 Adjusted Operating Income IFRS to US COMP Reconciliations (In millions) (Unaudited) JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total Adjusted Operating Income IFRS (102.4) $ 518.9$ 253.1$ 217.1$ 148.3$ 216.9$ (1.3) $ 1,250.6$ Leasing adjustments (2.3) (3.1) (1.9) (3.3) (3.0) (2.2) (0.0) (15.8) Inventory adjustments at market value 9.2 - - - 1.9 - - 11.1 Biological assets adjustments - - 6.9 - 31.4 (8.8) - 29.5 Other adjustments 0.4 0.8 - - - - (0.2) 1.0 Adjusted Operating Income US COMP (95.1) $ 516.7$ 258.1$ 213.8$ 178.7$ 205.8$ (1.6) $ 1,276.3$ JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total Adjusted Operating Income IFRS 62.8$ 549.4$ 323.6$ 368.9$ 174.6$ 141.3$ (10.3) $ 1,610.3$ Leasing adjustments (1.8) (2.0) (0.6) (2.9) (3.7) (2.5) - (13.6) Inventory adjustments at market value (67.5) - - - (2.4) - - (69.9) Biological assets adjustments - - (4.7) - (4.8) (16.7) - (26.2) Other adjustments 0.1 2.5 - - - - (1) 1.2 Adjusted Operating Income US COMP (6.4) $ 549.9$ 318.3$ 365.9$ 163.8$ 122.1$ (11.8) $ 1,501.8$ JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total Adjusted Operating Income IFRS (553.6) $ 1,525.4$ 506.4$ 846.9$ 512.1$ 607.5$ (13.7) $ 3,431.1$ Leasing adjustments (7.7) (8.9) (2.9) (12.0) (10.1) (7.0) (0.0) (48.7) Inventory adjustments at market value (5.4) - - - (21.9) - - (27.4) Biological assets adjustments - - 3.8 - (37.6) (14.8) - (48.6) Other adjustments 0.9 2.3 - - - - (0.4) $ 2.8 Adjusted Operating Income US COMP (565.8) $ 1,518.8$ 507.3$ 834.9$ 442.5$ 585.7$ (14.2) $ 3,309.2$ JBS Beef North America PPC JBS Brazil Seara JBS USA Pork Australia Others and Eliminations Total Adjusted Operating Income IFRS (25.8) $ 1,373.8$ 569.5$ 804.9$ 586.3$ 427.1$ (24.2) $ 3,711.7$ Leasing adjustments (5.0) (13.1) (1.2) (9.3) (10.8) (7.0) - (46.4) Inventory adjustments at market value (34.2) - - - (32.3) - - (66.5) Biological assets adjustments - - (3.3) - (43.5) (6.7) - (53.5) Other adjustments 0.8 5.8 - - - - (4.3) 2.2 Adjusted Operating Income US COMP (64.2) $ 1,366.4 565.0$ 795.6$ 499.7$ 413.5$ (28.5) $ 3,547.5$ Adjusted Operating Income (Loss) 9M24 Adjusted Operating Income (Loss) 3Q25 Adjusted Operating Income (Loss) 3Q24 Adjusted Operating Income (Loss) 9M25
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11 EBITDA to Adjusted EBITDA and Free Cash Flow Reconciliation (In millions) (Unaudited) 2025 2024 2025 2024 3Q25 3Q24 Profit before Taxes 815.3$ 1,197.1$ 2,245.9$ 2,101.7$ 2,855.2$ 2,119.5$ Share of profit of equity-accounted investees, net of tax (4.5) (3.9) (15.0) 0.2 (18.2) 0.5 Net finance results 408.1 361.1 976.1 1,309.5 1,336.4 1,650.0 (+) Depreciation and amortization 584.0 542.8 1,684.9 1,633.6 2,240.8 2,210.9 EBITDA 1,803.1$ 2,097.2$ 4,891.9$ 5,045.0$ 6,414.2$ 5,980.9$ Adjustments to EBITDA: Other income / expenses 11.1$ 7.7$ 26.6$ 17.0$ 41.5$ 31.4$ Reestructuring 2.2 30.8 23.8 83.0 36.3 90.4 Asset Impairment - - 12.8 - 12.8 5.4 Antitrust agreements 10.1 0.7 143.7 81.0 316.5 141.3 Donations and Social Programs 0.6 3.6 1.7 18.2 6.0 25.3 Rio Grande do Sul Floods - 13.1 - 19.3 - 19.3 Fiscal payments and installments - - 2.4 81.8 2.4 81.8 Extemporaneous litigation - - - - 61.0 - Reversal of tax credits - - - - 58.7 - Avian Flu 7.5 - 13.1 - 13.1 - Total Adjusted EBITDA 1,834.6$ 2,153.1$ 5,115.9$ 5,345.3$ 6,962.5$ 6,375.8$ (-) Depreciation and amortization 584.0 542.8 1,684.9 1,633.6 2,240.8 2,210.9 Adjusted Operating Income (IFRS) 1,250.6$ 1,610.3$ 3,431.1$ 3,711.7$ 4,721.7$ 4,164.9$ Total Gross Debt 20,768.6 18,958.0 20,768.6 18,958.0 20,768.6 18,958.0 (-)Cash and Equivalents 3,558.2 5,070.1 3,558.2 5,070.1 3,558.2 5,070.1 (-) Cash Margin 553.8 167.5 553.8 167.5 553.8 167.5 (-) Financial Investments 45.8 - 45.8 - 45.8 - Total Net Debt 16,610.8$ 13,720.5$ 16,610.8$ 13,720.5$ 16,610.8$ 13,720.5$ Ratio Calculations: Gross Debt/Adjusted EBITDA 2.98x 2.97x Net Debt/Adjusted EBITDA 2.39x 2.15x Third Quarter Nine Months Ended Twelve Months Ended 2025 2024 2025 2024 3Q25 3Q24 Cash provided by (used in) operating activities 1,321.6$ 1,850.9$ 1,809.7$ 3,714.6$ 3,619.4$ 5,424.2$ Interest paid and received (282.1) (432.7) (813.3) (1,024.9) (1,083.1) (1,347.3) Purchases of property, plant and equipment (546.9) (320.9) (1,261.0) (950.6) (1,790.8) (1,352.5) Payments of lease (110.0) (103.0) (325.0) (314.0) (428.7) (424.4) Free Cash Flow 382.7$ 994.3$ (589.6) $ 1,425.1$ 316.8$ 2,300.0$ Third Quarter Nine Months Ended Twelve Months Ended
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12 Net Debt Bridge and Proforma Debt Amortization Schedule¹ (In millions) (Unaudited) 16,524 217 175 300 547 110 101 (32) 362 89 78 (27) 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 Other² Net debt 3Q25 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 2.39x 2.27x Average T erm Proforma 15.4 years Average Proforma Cost 5.6% p.a. Cash and equivalents Revolving credit lines US$ 2.9 billion in the US + US$ 500 million in Brazil (1) Including US$570 million in CRA issuance, the repurchase program and short term debt payment. (2) Considering acquisitions, non-cash items and Others. (1,835)
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13 ROE, ROIC and Interest Coverage Reconciliation (In millions) (Unaudited) 2025 2024 Total Adjusted EBITDA $ 6,962.5 $ 6,375.8 Net Financial Expense $ 1,018.6 $ 1,012.7 Interest Coverage 6.84x 6.30x Last twelve months ended in September 30, 2025 2024 Net Income LTM (A) $ 2,253.1 $ 1,551.2 Average Shareholder Equity (B) $ 9,494.8 $ 9,285.1 Current Shareholder Equity $ 9,509.2 $ 9,480.4 Previous Year Shareholder Equity $ 9,480.4 $ 9,089.8 ROE (A/B) 23.7% 16.7% 2025 2024 NOPAT (A) $ 4,119.7 $ 3,596.6 Adjusted Operating Income (IFRS) $ 4,721.7 $ 4,164.9 Taxes $ -602.1 $ -568.3 Average Net Debt (B) $ 15,165.6 $ 14,886.9 Current Net Debt $ 16,610.8 $ 13,720.5 Previous Year Net Debt $ 13,720.5 $ 16,053.3 Average Shareholder Equity (C) $ 9,494.8 $ 9,285.1 Current Shareholder Equity $ 9,509.2 $ 9,480.4 Previous Year Shareholder Equity $ 9,480.4 $ 9,089.8 Invested Capital (B+C) $ 24,660.4 $ 24,172.0 ROIC [A/(B+C)] 16.7% 14.9% Last twelve months ended in September 30, Last twelve months ended in September 30,
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14 Conference Call Information and Other Selected Data A conference call to discuss the Company's financial results will be held at 9 a.m. Eastern time on Friday, November 14, 2025. A link for the webcast of the conference call is available on the JBS Investor Relations website at https://ir.jbsglobal.com/. The webcast also can be accessed by the following direct link: Click here to access . For those who cannot participate at the scheduled time, a replay of the live webcast and the accompanying slides will be available at https://ir.jbsglobal.com/. Financial information, such as this press release, as well as other supplemental data, can be accessed from the Company's web site at https://ir.jbsglobal.com/ This press release is being made in respect of JBS N.V. and its subsidiaries (collectively, the “JBS Group”). Forward-Looking Statements We make statements about future events that are subject to risks and uncertainties. Such statements are based on the beliefs and assumptions of our Management and information to which the Company currently has access. Statements about future events include information about our current intentions, beliefs or expectations, as well as those of the members of the Company's Board of Directors and Officers. Forward-looking statements may include information on possible or presumed operating results, as well as statements that are preceded, followed or that include the words "believe,“ "may," "will," "continue," “expects,“ "predicts," "intends," "plans," "estimates," or similar expressions. Forward-looking statements and information are not guarantees of performance. They involve risks, uncertainties and assumptions because they refer to future events, depending, therefore, on circumstances that may or may not occur. Future results and shareh older value creation may differ materially from those expressed or implied by the forward - looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict. IFRS and Non-GAAP Financial Measures This release is prepared under IFRS and also includes certain non -GAAP financial measures. These measures are not calculated in accordance with any generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) and sh ould not be viewed as substitutes for IFRS metrics such as net income, operating cash flow, or other measures of operating performance or liquidity. We present non -GAAP financial measures to provide additional information that we believe is useful and meaningful to investors. However, such measures do not have standardized definitions and may therefore not be comparable to similarly titled measures presented by other companies. Non-GAAP financial measures should always be considered together with, and not as alternatives to, the financial results reported in accordance with IFRS as issued by the International Accounting Standards Board. Additionally, this release contains certain “US Comparable” (“US Comp”) metrics. The consolidated US Comp figure includes managerial accounting GAAP adjustments in Seara and JBS Brazil for comparability purposes with USGAAP and American peers, in addition to the Business Units that already report under US GAAP. Investor Contact: ir@jbs.com.br Guilherme Cavalcanti (Global CFO) Christiane Assis (IRO) Pedro Bueno Felipe Brindo Vítor Figueira Amanda Harumi