Slides
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( JBS ) We feed better futures Results Presentation 2Q26 E JBS LISTED NYSE
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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.
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#2 in Europe. #2 Salmon producer in Australia. SALMON#1 Plant-based foods producer in Brazil. PLANT- BASED #1 Table Egg producer in South America. EGGS Global team members 280k+ Production facilities 250+ Sales to customers in ~200 countries ~200 BIOTECHNOLOGY Majority owner of BioTech Foods, cultivated protein producer in Spain. Built largest biotechnology R&D center in Brazil. Market leader in Brazil and Europe. Leading position in the USA and 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 86.2 91.2 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q26 LTM [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 6.8 6.1 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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Net Revenue LTM 2Q26 By production By consumption Global Diversification Through Local Production and Exports We produce at scale where we have a competitive advantage Unmatched distribution platform, positioned to mitigate trade disruptions Diversification by protein and by geography Source: JBS USA 50% | 50% South America (ex-Brazil) 1% Europe 6% | 8% Asia 14% Oceania 10% | 3% Canada 5% | 4% Mexico & Central America 3% | 5% Africa & Middle East 3%Brazil 26% | 12%
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Team members in Brazil 16K Team members in Australia and New Zealand 154K 13K Team members in Mexico 17K Team members in Europe 79K Team members in the USA and Canada 1K Team members in MENA More than 280,000 Team Members Globally Source: JBS.
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6.7% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 2Q26 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 – LTM 2Q26 Median: 5.1% Median: 8.2% Median: 9.7% 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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New Growth Platform in Asia-Pacific Strategic partnership with Danantara, Indonesia's sovereign wealth fund: USD$2.5B equity investment from Danantara for a 25% stake in JBS Australia and New Zealand operations. Potential additional investment capacity of USD$2.5B from the joint venture expected to bring total available capital to up to USD$5B for future growth opportunities across the region. Targeting a ~745M-people* market with rising incomes and protein demand, using Australia as the platform to scale. No change to Australian operations: same management, same 17,000 team members. *Source: ASEAN Secretariat
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Our most recent Capex projects further reinforce JBS leadership in the global market USA • Walker County (Georgia): New Pilgrim’s prepared foods facility • Ankeny (Iowa): Fully cooked bacon and sausage facility • Perry (Iowa): Fresh sausage plant • Cactus (Texas) and Greeley (Colorado): Modernization of beef processing plants Beef Pork Lamb Poultry Plant-based Prepared Foods Eggs BiodieselLegend: USA • Mantiqueira acquired Hickman’s, creating the 3rd largest egg producer in the world Europe • Vivera acquired The Vegetarian Butcher in 2025 from Unilever Mexico • Pilgrim’s announced investments in Mexico in prepared and fresh foods Saudi Arabia • Investment in a new facility in Jeddah, and expansion of the plant in Dammam 1 1 2 2 3 3 4 5 4 5 Oman • Develop a multiprotein platform in Oman 6 6 7 Brazil • Investments in innovation and modernization of three biodiesel plants 7 8 ~US$ 3 billion in investments building the next phase of growth Source: JBS Paraguay • Investments in poultry production, including the acquisition of Pollos Amanecer 8 • The JV will produce beef, poultry and lamb, serving the global halal market
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13 Results
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2Q26 – IFRS Consolidated Results Source: JBS. Net Revenue (US$ million) Adjusted Net Result (US$ million) ROE & ROIC (LTM) 20,998 23,900 0.0 5,000.0 10,000.0 15,000.0 20,000.0 25,000.0 30,000.0 2Q25 2Q26 578 218 0.48 0.10 -0.30 -0.20 -0.10 0.00 0.10 0.20 0.30 0.40 0.50 0 100 200 300 400 500 600 700 800 900 2Q25 2Q26 Earnings per share 25.7% 13.4% 17.0% 13.4% 2Q25 2Q26 ROE ROIC
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772 1,242 2Q25 2Q26 449 613 2Q25 2Q26 -55 130 2Q25 2Q26 Operating Cash Flow (US$ million) Free Cash Flow (US$ million) CAPEX (US$ million) 40 % 60 % 45% 55% Source: JBS. Maintenance Expansion 2Q26 – IFRS Consolidated Results
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1,034 866 4.9% 3.6% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 0 1,000 2,000 3,000 4,000 5,000 2Q25 2Q26 Margin % 2Q26 Consolidated Results Adj. Operating Income Adjusted EBITDA 1,188 790 5.7% 3.3% 2Q25 2Q26 Margin % 1,754 1,429 8.4% 6.0% 2Q25 2Q26 Margin % Adjusted EBITDA Adj. Operating Income 1,368 1,257 6.5% 5.3% 0.0 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 2Q25 2Q26 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Margin % IFRS – US$ million US GAAP – US$ million Source: JBS.
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Proforma Debt Profile Proforma Debt Amortization Schedule (US$ million) Average Term : 15.3 yrs Average Cost : 5.7% p.a. Full Investment Grade Source: JBS. Cash and equivalents Revolving credit lines US$ 4 billion in the US 3,688 1,335 53 142 647 125 1,421 2,894 2,321 1,164 1,185 1,386 1,635 457 2,417 883 1,0331,235 984 350 984 4,006 Cash and Equiv. Proforma Short Term 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 to 2051 2052 2053 2055 2056 2057 2065 2066 7,694
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Net Debt/ Leverage / Interest Coverage 16,524 16,611 16,320 17,862 18,962 7.74x 6.84x 6.50x 5.75x 5.00x 2.27x 2.39x 2.39x 2.77x 3.10x 12000.00 14000.00 16000.00 18000.00 20000.00 22000.00 24000.00 26000.00 2Q25 3Q25 4Q25 1Q26 2Q26 Net Debt (US$ millions) Interest Cover. (US$) Leverage (US$) Debt Profile LT 94% ST 6% JBS USA 87% JBS SA 6% Seara 7% Entity BreakdownShort Term and Long Term Source Breakdown Bonds 84% Banks 5% CRA 11% Source: JBS.
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Net Debt Reconciliation (US$ million) ¹Considering acquisitions, non-cash items and Others. Source: JBS. 17,862 (229) 233 390 613 110 182 76 1,040 146 (31) 18,962 Net debt 1Q26 Adjusted EBITDA Working Capital Biological Assets Interest Paid and Received CAPEX Lease Payments Taxes Exchange Rate Variaton +Margin Cash +Derivatives Dividends Non recurring Other¹ Net debt 2Q26 3.10x2.77x (1,429)
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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 Long- Term Goal Source: JBS Note:(1) Net debt change includes FX and other non-cash adjustments; Free Cash Flow (Excl. Expansion Capex) 15,064 2,009 Expansion Capex 6,401 853 M&A 3,451 460 Dividends 6,391 852 Share Buybacks 3,359 448 Change in Net Debt1 4,538 605 GrowthValue Total 2019-2Q26 Average 2019-2Q26 2.13x 1.58x 1.44x 2.24x 4.42x 1.89x 2.39x 3.10x 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 2025 2Q26 Safety Zone Interest Coverage 2019 2020 2021 2022 2023 2024 2025 2Q26 LTM 6.2x 7.8x 11.6x 8.0x 3.2x 7.4x 6.5x 5.0x
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1 Adjusted EBITDA excluding non-recurring items and in IFRS; 2 Such as fair value (market to market) of biological assets, among others. Free Cash Flow Source: JBS. USD mn 2019 2020 2021 2022 2023 2024 2025 2Q26 LTM Adjusted EBITDA1 5,015 5,637 8,486 6,722 3,458 7,192 6,831 6,113 Capex (1,076) (1,145) (1,781) (2,173) (1,502) (1,480) (2,099) (2,564) Expansion (572) (607) (989) (1,195) (733) (509) (1,139) (1,538) Maintenance (504) (538) (792) (977) (769) (971) (961) (1,026) Interest Expenses (848) (630) (687) (794) (1,101) (1,295) (1,114) (1,314) Leasing (344) (306) (360) (434) (429) (418) (433) (438) Working Capital 154 536 (1,245) (1,235) 617 (327) (852) (344) Biological Assets (427) (532) (724) (865) (529) (521) (821) (838) Taxes (546) (629) (1,124) (1,039) (72) (349) (809) (658) Non-recurring - - (763) (167) (90) (171) (403) (240) Other non-cash adjustments 2 91 41 56 (44) 96 (300) 99 321 Free Cash Flow 2,020 2,972 1,858 (30) 448 2,332 400 36
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-312 -148 -4.6% -1.9% 2Q25 2Q26 -500.0 -450.0 -400.0 -350.0 -300.0 -250.0 -200.0 -150.0 -100.0 -50.0 0.0 6,805 7,770 2Q25 2Q26 JBS Beef North America Main brands: +14.2% Source: JBS. Net Revenue (US$ million) Adj. Operating Income (USGAAP - US$ million and %) 2Q26
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573 237 12.1% 5.1% 2Q25 2Q26 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 4,757 4,626 2Q25 2Q26 -2.8% Pilgrim’s Pride Main brands: Net Revenue (US$ million) Adj. Operating Income (USGAAP - US$ million and %) 2Q26 Source: JBS.
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87 136 4.2% 6.6% 2Q25 2Q26 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 2,059 2,079 2Q25 2Q26 +1.0% JBS USA Pork Main brands: Net Revenue (US$ million) Adj. Operating Income (USGAAP - US$ million and %) 2Q26 Source: JBS.
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231 195 11.7% 7.6% 2Q25 2Q26 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 1,973 2,565 2Q25 2Q26 Net Revenue (US$ million) Adj. Operating Income (USGAAP - US$ million and %) 2Q26 +30.0% JBS Australia Main brands: Source: JBS.
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171 200 4.8% 4.4% - 200 400 600 800 1,000 2Q25 2Q26 JBS Brazil 3,581 4,585 2Q25 2Q26 174 195 4.8% 4.3% - 200 400 600 800 1,000 2Q25 2Q26 Adj. Operating Income (US GAAP - US$ million and %) Adj. Operating Income (IFRS – US$ million and%) Main brands: +28.0% Net Revenue (US$ million) 2Q26 Source: JBS.
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Seara Main brands: 290 250 13.4% 9.7% - 200 400 600 800 1,000 1,200 1,400 2Q25 2Q26 2,166 2,560 2Q25 2Q26 293 252 13.5% 9.8% - 200 400 600 800 1,000 2Q25 2Q26 Adj. Operating Income (US GAAP - US$ million and %) Adj. Operating Income (IFRS – US$ million and%) +18.2% Net Revenue (US$ million) 2Q26 Source: JBS.
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28 Appendix Business Units
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JBS Beef North America (USGAAP – US$ million) Adj. Operating Income Adjusted EBITDA -264 -46 6 -230 -100 -3.9% -0.6%0.1% -3.2% -1.3% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % -312 -95 -52 -279 -148 -4.6% -1.3%-0.7%-3.9% -1.9% -39.0% -29.0% -19.0% -9.0% 1.0% 11.0% 21.0% -500.0 0.0 500.0 1,000.0 1,500.0 2,000.0 2,500.0 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % Adj. Operating Income Adjusted EBITDA Pilgrim’s Pride (USGAAP – US$ million) 687 633 415 308 360 14.4%13.3% 9.2% 6.8% 7.8% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % 573 517 293 190 237 12.1%10.9% 6.5% 4.2% 5.1% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % Source: JBS.
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JBS USA Pork (USGAAP – US$ million) JBS Australia (USGAAP – US$ million) 134 228 231 204 184 6.5% 10.2% 10.7%10.0% 8.9% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % 87 179 175 156 136 4.2% 8.0% 8.1% 7.7% 6.6% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % 251 227 198 152 218 12.7%10.4%8.7% 7.1% 8.5% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % 231 206 177 129 195 11.7% 9.4% 7.7% 6.0% 7.6% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % Adj. Operating Income Adjusted EBITDA Adj. Operating Income Adjusted EBITDA Source: JBS.
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JBS Brazil Adj. Operating Income Adjusted EBITDA Adjusted EBITDA Adj. Operating Income IFRS – US$ million US GAAP – US$ million 223 312 297 172 273 6.2% 7.5% 6.8% 4.5% 5.9% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % 171 258 241 106 200 4.8% 6.2% 5.5% 2.8% 4.4% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % 229 307 288 168 269 6.4% 7.4% 6.6% 4.4% 5.9% -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% 5.5% 6.5% 7.5% 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % 174 253 232 101 195 4.8% 6.1% 5.3% 2.7% 4.3% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % Source: JBS.
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290 214 292 246 250 13.4% 9.1% 11.7% 10.3% 9.7% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % Seara Adj. Operating Income Adjusted EBITDA Adjusted EBITDA Adj. Operating Income IFRS – US$ million US GAAP – US$ million 334 262 341 304 315 15.4% 11.1%13.7%12.8% 12.3% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % 293 217 301 248 252 13.5% 9.2% 12.1% 10.4% 9.8% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % 392 323 413 369 380 18.1% 13.7%16.6% 15.5%14.9% 2Q25 3Q25 4Q25 1Q26 2Q26 Margin % Source: JBS.
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33 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 2023 2024 2025 2026 5Y Avg 50 57 64 71 78 85 92 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 262 292 322 352 382 412 442 472 502 532 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 1,781.5 1,642.4 1,729.0 1,831.1 1,711.3 1,749.3 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -7.8% 5.3% 5.9% -6.5% 2.2% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 290.2 277.6 300.8 306.8 320.0 317.7 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -4.4% 8.4% 2.0% 4.3% -0.7% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 74.9 64.0 67.5 69.0 65.9 64.9 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -14.5% 5.3% 2.3% -4.6% -1.5% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 4.5 4.0 4.3 4.4 4.4 4.4 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -11.3% 6.9% 2.4% 0.5% 0.1% Source: Bloomberg
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Market Report Global Protein Prices GLOBAL CATTLE PRICES US$/CWT 50 100 150 200 250 50 100 150 200 250 2021 2022 2023 2024 2025 BRA AUS Canada USA 2026 Source: Bloomberg, USDA
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Market Report Beef US & Beef Brazil US CUTOUT (AVG CH & SL) US$/CWT BR CUTOUT (AVG Forequarter & Hindquarter) R$/KG Source: Bloomberg 250 270 290 310 330 350 370 390 410 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 349.8 376.8 358.8 371.6 385.2 364.3 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 7.7% -4.8% 3.6% 3.7% -5.4% 15 17 19 21 23 25 27 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 22.6 21.5 22.6 23.9 25.3 24.0 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -5.0% 5.4% 5.7% 5.7% -5.2%
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Market Report Pork US CUTOUT (boxed carcass) US$/CWT LEAN HOGS SPOT PRICE US$/CWT Source: Bloomberg 75 85 95 105 115 125 Jan FebMar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 40 50 60 70 80 90 100 110 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 104.4 114.9 99.7 95.9 98.1 101.0 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 10.1% -13.3% -3.8% 2.3% 2.9% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 94.9 106.2 79.6 84.2 92.3 98.6 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 11.9% -25.0% 5.8% 9.7% 6.8%
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Market Report Poultry US WHOLE BREASTS CTS/POUNDS CHICKS PLACED* ‘000 CHICKS WHOLE WINGS CTS/POUNDS EGG SETS* ‘000 EGGS (*) Due to the US government shutdown, this is the most update data Source: Bloomberg, USDA 226,000 231,000 236,000 241,000 246,000 251,000 256,000 261,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 178,000 183,000 188,000 193,000 198,000 203,000 Jan FebMar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 90 110 130 150 170 190 210 230 250 270 290 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 65 85 105 125 145 165 185 205 225 245 265 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 251.0 248.6 247.9 254.0 255.6 253.4 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -0.9% -0.3% 2.5% 0.6% -0.9% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 193.1 193.9 191.2 195.3 198.0 195.3 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 0.4% -1.4% 2.1% 1.4% -1.4% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 263.9 182.3 114.7 140.2 154.2 124.6 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -30.9% -37.1% 22.2% 10.0% -19.2% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 126.4 161.2 104.0 108.4 89.1 116.2 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 27.5% -35.5% 4.3% -17.8% 30.3%
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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 Source: Bloomberg 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 2023 2024 2025 2026 5Y Avg 17.1 17.6 18.1 18.6 19.1 19.6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 15.0 17.0 19.0 21.0 23.0 25.0 27.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Jan FebMar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 5Y Avg 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 61.5 63.2 64.3 64.9 65.2 65.4 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q 2.8% 1.8% 1.0% 0.5% 0.2% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 17.6 17.3 17.4 17.3 17.7 18.0 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -1.9% 0.7% -0.4% 2.3% 1.2% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 20.6 20.2 18.4 18.4 16.1 16.7 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -2.0% -8.8% -0.3% -12.3% 3.7% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QTD 14.5 13.8 11.7 11.5 9.5 10.7 Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q Δ% Q/Q -4.8% -15.3% -1.6% -17.2% 11.7%
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China 58% United States 9% Chile 5% Mexico 3% Russia 3% Philippines 2% Egypt 2% Saudi Arabia 2%Others 16% The Brazilian Foreign Trade Bureau (Secex) - BEEF Revenue Jul/26 Volume (Tons) Avg. Price (US$/Kg) 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 2022 2023 2024 2025 2026 4.10 4.50 4.90 5.30 5.70 6.10 6.50 6.90 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2022 2023 2024 2025 2026 China 37% United States11% Chile 8% European Union 7% Mexico 5% Russia 4% Saudi Arabia 4% Philippines 2% Others 22% China 51% United States 12% Chile 5% European Union 5% Mexico 3% Russia 3% Saudi Arabia 2% Philippines 2%Others 17% Month YTD LTM
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China 14% Japan 11% Saudi Arabia 11% United Arab Emirates 10%European Union 10% Mexico 5% South Korea 5% Singapore 2% Others 32% China 14% Japan 11% Saudi Arabia 10% European Union 9% United Arab Emirates 8%Mexico 5% South Korea 4% Singapore 3% Others 36% Japan 10% Saudi Arabia 10% China 9% United Arab Emirates 9% European Union 8% Mexico 6%South Korea 5% Philippines 3% Others 40% The Brazilian Foreign Trade Bureau (Secex) - POULTRY Revenue Jul /26 Volume (Tons) Avg. Price (US$/Kg) Month YTD LTM 300,000 350,000 400,000 450,000 500,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2022 2023 2024 2025 2026 1.56 1.86 2.16 2.46 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2022 2023 2024 2025 2026
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Japan 22% Philippines 12% Chile 10% Argentina 6%China 6% Uruguay 6% Mexico 5% Vietnam 4% Others 29% Philippines 23% Japan 18% Chile 8%China 7% Hong Kong 5% Argentina 5% Singapore 5% Uruguay 4% Others 25% Philippines 26% Japan 15% Chile 8%China 7% Hong Kong 6% Mexico 5% Singapore 5% Vietnam 4% Others 24% The Brazilian Foreign Trade Bureau (Secex) - Pork Revenue Jul /26 Volume (Tons) Avg. Price (US$/Kg) Month YTD LTM 60,000 80,000 100,000 120,000 140,000 Jan Feb Mar Abr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2022 2023 2024 2025 2026 2.10 2.30 2.50 2.70 Jan Feb Mar Abr May Jun Jul Aug Sep Oct Nov Dec 4Y Avg 2022 2023 2024 2025 2026
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Market Report US Meat Retail Spread US Retail Prices - Ground Beef, Pork Chops and Chicken BSB Source: Bloomberg
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44 We feed better futures