# EDGAR Filing Document

**Accession Number:** 0001791942
**File Stem:** 0001213900-25-075953
**Filing Date:** 2025-8
**Character Count:** 227333
**Document Hash:** b821667e879e4ce43fb7afdd3ced90e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-075953.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001213900-25-075953

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250813

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JBS N.V.
- **CENTRAL INDEX KEY:** 0001791942
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEAT PACKING PLANTS [2011]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42678
- **FILM NUMBER:** 251213830

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STROOMBAAN 16
- **STREET 2:** 5E VERDIEPING
- **CITY:** AMSTELVEEN
- **PROVINCE COUNTRY:** P7
- **BUSINESS PHONE:** 31206564700

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STROOMBAAN 16
- **STREET 2:** 5E VERDIEPING
- **CITY:** AMSTELVEEN
- **PROVINCE COUNTRY:** P7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JBS B.V.
- **DATE OF NAME CHANGE:** 20221121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Swift Foods B.V.
- **DATE OF NAME CHANGE:** 20200203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Violet Holdings B.V.
- **DATE OF NAME CHANGE:** 20191022

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 6-K**

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 of the Securities Exchange Act of 1934

**For the month of August 2025**

**Commission File Number: 001-42678**

**JBS N.V.**

(Exact Name as Specified in its Charter)

**N/A**

(Translation of registrant's name into English)

**Stroombaan 16, 5th Floor, 1181 VX, Amstelveen, Netherlands**

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

**Form 20-F:** ☒ Form 40-F: ☐

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description of Document** |
| 99.1 | [JBS N.V.'s unaudited condensed consolidated interim financial information as of June 30, 2025 and for the three- and six-month periods ended June 30, 2025 and 2024 (in U.S. dollars).](ea025200001ex99-1_jbsnv.htm) |
| 99.2 | [Earnings release (in U.S. dollars).](ea025200001ex99-2_jbsnv.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 13, 2025

---

| | |
|:---|:---|
| JBS N.V. | JBS N.V. |
| By: | /s/ Guilherme Perboyre Cavalcanti |
| Name: | Guilherme Perboyre Cavalcanti |
| Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

---

| |
|:---|
| **JBS N.V.** |
| **Unaudited condensed consolidated interim financial information** |
| as of and for three and six-month period ended June 30, 2025 |
| In thousands of United States dollar - US$ |

---

![](ex99-1_002.jpg)

![](ex99-1_001.jpg)

---

| | |
|:---|:---|
| **Index** | **Page** |
| Independent auditor's report |  |
| Statements of financial position - Assets | 1 |
| Statements of financial position - Liabilities and Equity | 2 |
| Statements of income for the six-month period ended June 30, 2025 and 2024 | 3 |
| Statements of comprehensive income for the six-month period ended June 30, 2025 and 2024 | 5 |
| Statements of changes in equity for the six-month period ended June 30, 2025 and 2024 | 7 |
| Statements of cash flows for the six-month period ended June 30, 2025 and 2024 | 8 |
| Note 1 - Background information | 9 |
| Note 2 - Basis of preparation | 11 |
| Note 3 - Cash and cash equivalents and margin cash | 13 |
| Note 4 - Trade accounts receivable | 13 |
| Note 5 - Inventories | 14 |
| Note 6 - Biological assets | 14 |
| Note 7 - Recoverable taxes | 14 |
| Note 8 - Related parties transactions | 14 |
| Note 9 - Income taxes | 16 |
| Note 10 - Investments in subsidiaries, associates and joint venture | 19 |
| Note 11 - Property, plant and equipment | 19 |
| Note 12 - Leases | 20 |
| Note 13 - Intangible assets | 21 |
| Note 14 - Goodwill | 22 |
| Note 15 - Trade accounts payable | 22 |
| Note 16 - Loans and financing | 23 |
| Note 17 - Income and other taxes payable | 24 |
| Note 18 - Payroll and social charges | 24 |
| Note 19 - Provisions for legal proceedings | 25 |
| Note 20 - Equity | 27 |
| Note 21 - Net revenue | 27 |
| Note 22 - Net finance income (expense) | 28 |
| Note 23 - Earnings (losses) per share | 28 |
| Note 24 - Operating segments | 29 |
| Note 25 - Expenses by nature | 31 |
| Note 26 - Risk management and financial instruments | 34 |

---

i

---

| | |
|:---|:---|
| **Unaudited condensed consolidated interim statements of financial position<br> In thousands of United States dollar - US$** | ![](ex99-1_003.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **June 30, <br> 2025** | **December 31,<br> 2024** |
| **ASSETS** |  | | |
| **CURRENT ASSETS** |  | | |
| Cash and cash equivalents | 3 | **2518751** | 5613672 |
| Margin cash | 3 | **449238** | 136554 |
| Trade accounts receivable | 4 | **3653475** | 3735540 |
| Inventories | 5 | **6287905** | 5015989 |
| Biological assets | 6 | **1834186** | 1608223 |
| Recoverable taxes | 7 | **652740**  | 637728 |
| Derivative assets | 26 | **187159** | 84468 |
| Other current assets |  | **374478** | 288842 |
| **TOTAL CURRENT ASSETS** |  | **15957932** | **17121016** |
| **NON-CURRENT ASSETS** |  |  |  |
| Recoverable taxes | 7 | **1787654** | 1412455 |
| Biological assets | 6 | **583765** | 518234 |
| Related party receivables | 8 | **—** | 77355 |
| Deferred income taxes | 9 | **520773** | 651178 |
| Other non-current assets |  | **494003** | 268737 |
|  |  | **3386195** | **2927959** |
| Investments in equity-accounted investees | 10 | **218710** | 38312 |
| Property, plant and equipment | 11 | **12897584** | 11780880 |
| Right of use assets | 12.1 | **1608938** | 1596873 |
| Intangible assets | 13 | **1886903** | 1803199 |
| Goodwill | 14 | **5860230** | 5417134 |
| **TOTAL NON-CURRENT ASSETS** |  | **25858560** | **23564357** |
| **TOTAL ASSETS** |  | **41816492** | **40685373** |

---

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

![](ex99-1_002.jpg)

---

| | |
|:---|:---|
| **Unaudited condensed consolidated interim statements of financial position<br> In thousands of United States dollar - US$**  | ![](ex99-1_003.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **LIABILITIES AND EQUITY** |  | | |
| **CURRENT LIABILITIES** |  | | |
| Trade accounts payable | 15 | **5018222** | 5465513 |
| Supply chain finance | 15 | **1032362** | 728710 |
| Loans and financing | 16 | **1032301** | 2084225 |
| Income taxes | 17 | **127125** | 233027 |
| Other taxes payable | 17 | **122115** | 113734 |
| Payroll and social charges | 18 | **1369721** | 1435751 |
| Lease liabilities | 12.2 | **351649** | 335681 |
| Dividends payable |  | **161** | 358621 |
| Provisions for legal proceedings | 19 | **158631** | 280804 |
| Derivative liabilities | 26 | **391282** | 165979 |
| Other current liabilities |  | **745435** | 455020 |
| **TOTAL CURRENT LIABILITIES** |  | **10349004** | **11657065** |
| **NON-CURRENT LIABILITIES** |  |  |  |
| Loans and financings | 16 | **18459493** | 17242571 |
| Income and other taxes payable | 17 | **407471** | 406655 |
| Payroll and social charges | 18 | **267208** | 352718 |
| Lease liabilities | 12 | **1419120** | 1398348 |
| Deferred income taxes | 9 | **1091367** | 1095291 |
| Provisions for legal proceedings | 19 | **210690** | 216659 |
| Debt with related parties | 8 | **230730** |  |
| Derivative liabilities | 26 | **82450** | 100087 |
| Other non-current liabilities |  | **52566** | 81615 |
| **TOTAL NON-CURRENT LIABILITIES** |  | **22221095** | **20893944** |
| **EQUITY** | 20 |  |  |
| Share capital - common shares |  | **35114** | 13177841 |
| Capital reserve |  | **7312938** | (180586) |
| Other reserves |  | **—** | (37470) |
| Profit reserves |  | **(580)** | 4211944 |
| Accumulated other comprehensive loss |  | **(17094)** | (10077264) |
| Retained earnings |  | **1089742** |  |
| **Attributable to company shareholders** |  | **8420120** | **7094465** |
| Attributable to non-controlling interest |  | **826273** | 1039899 |
| **TOTAL EQUITY** |  | **9246393** | **8134364** |
| **TOTAL LIABILITIES AND EQUITY** |  | **41816492** | **40685373** |

---

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

![](ex99-1_002.jpg)

---

| | |
|:---|:---|
| **Unaudited condensed consolidated interim statements of income for the six-month period ended June 30, 2025 and 2024<br> In thousands of United States dollar - US$(except for earnings per share)** | ![](ex99-1_003.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** |
|  | <br>**Note** | **2025** | **2024** |
| **NET REVENUE** | 21 | **40524176** | **37282879** |
| Cost of sales | 25 | **(35067104)** | (31951199) |
| **GROSS PROFIT** |  | **5457072** | **5331680** |
| Selling expenses | 25 | **(2394637)** | (2221268) |
| General and administrative expenses | 25 | **(1078711)** | (1224980) |
| Other income | 25.1 | **48070** | 38454 |
| Other expenses | 25.1 | **(43799)** | (66777) |
| **NET OPERATING EXPENSES** |  | **(3469077)** | **(3474571)** |
| **OPERATING PROFIT** |  | **1987995** | **1857109** |
| Finance income | 22 | **305097** | 364119 |
| Finance expense | 22 | **(873047)** | (1312482) |
| **NET FINANCE EXPENSE** |  | **(567950)** | **(948363)** |
| Share of profit of equity-accounted investees, net of tax | 10 | **10556** | (4128) |
| **PROFIT BEFORE TAXES** |  | **1430601** | **904618** |
| Current income taxes | 9 | **(390457)** | (256817) |
| Deferred income taxes | 9 | **110504** | 104832 |
| **TOTAL INCOME TAXES** |  | **(279953)** | **(151985)** |
| **NET INCOME** |  | **1150648** | **752633** |
| **ATTRIBUTABLE TO:** |  |  |  |
| Company shareholders |  | **1028303** | 661097 |
| Non-controlling interest |  | **122345** | 91536 |
|  |  | **1150648** | **752633** |
| **Basic and diluted earnings per share - common shares (US$)** | 23 | **0.93** | **0.60** |

---

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

![](ex99-1_002.jpg)

---

| | |
|:---|:---|
| **Unaudited condensed consolidated interim statements of income for the three-month period ended June 30, 2025 and 2024**<br> **In thousands of United States dollar - US$(except for earnings per share)** | ![](ex99-1_003.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Three-month period ended <br> June 30,** | **Three-month period ended <br> June 30,** |
|  | <br>**Note** | **2025** | **2024** |
| **NET REVENUE** | 21 | **20997656** | **19284167** |
| Cost of sales | 25 | **(18165135)** | (16310797) |
| **GROSS PROFIT** |  | **2832521** | **2973370** |
| Selling expenses | 25 | **(1207040)** | (1116147) |
| General and administrative expenses | 25 | **(522284)** | (696019) |
| Other income |  | **17725** | 17247 |
| Other expenses |  | **(15842)** | (44268) |
| **NET OPERATING EXPENSES** |  | **(1727441)** | **(1839187)** |
| **OPERATING PROFIT** |  | **1105080** | **1134183** |
| Finance income | 22 | **69437** | 195895 |
| Finance expense | 22 | **(445841)** | (795513) |
| **NET FINANCE EXPENSE** |  | **(376404)** | **(599618)** |
| Share of profit of equity-accounted investees, net of tax |  | **7821** | 2404 |
| **PROFIT BEFORE TAXES** |  | **736497** | **536969** |
| Current income taxes | 9 | **(165666)** | (253007) |
| Deferred income taxes | 9 | **23483** | 103815 |
| **TOTAL INCOME TAXES** |  | **(142183)** | **(149192)** |
| **NET INCOME** |  | **594314** | **387777** |
| **ATTRIBUTABLE TO:** |  |  |  |
| Company shareholders |  | **528079** | 328770 |
| Non-controlling interest |  | **66235** | 59007 |
|  |  | **594314** | **387777** |
| **Basic and diluted earnings per share - common shares (US$)** | 23 | **0.48** | **0.30** |

---

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

![](ex99-1_002.jpg)

---

| | |
|:---|:---|
| **Unaudited condensed consolidated interim statements of comprehensive income for six-month period ended June 30, 2025 and 2024 <br> In thousands of United States dollar - US$** | ![](ex99-1_003.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** |
|  | **2025** | **2024** |
| **Net income** | **1150648** | **752633** |
| **Other comprehensive income** |  |  |
| **Items that are or may be subsequently reclassified to statement of income:** |  |  |
| Gain (loss) on foreign currency translation adjustments | **967248** | (1331906) |
| Gain (loss) on cash flow hedge | **(38)** | 359 |
| Deferred income tax on loss on cash flow hedge | **(53)** | (90) |
| Other fair value adjustments through other comprehensive income | **(35)** | (8010) |
| **Items that will not be reclassified to statement of income:** |  |  |
| Gain associated with pension and other postretirement benefit obligations | **406** | 10990 |
| Income tax on gain (loss) associated with pension and other postretirement benefit obligations | **53** | (2789) |
| **Total other comprehensive income (loss)** | **967581** | **(1331446)** |
| **Comprehensive Income (loss)** | **2118229** | **(578813)** |
| **Total comprehensive income (loss) attributable to:** |  |  |
| Company shareholders | **2140345** | (758779) |
| Non-controlling interest | **(22116)** | 179966 |
|  | **2118229** | **(578813)** |

---

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

![](ex99-1_002.jpg)

**Unaudited condensed consolidated interim statements of comprehensive income for three-month period ended June 30, 2025 and 2024 <br> In thousands of United States dollar - US$**

---

| | | |
|:---|:---|:---|
|  | **Three-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** |
|  | **2025** | **2024** |
| **Net income** | **594314** | **387777** |
| **Other comprehensive income** |  |  |
| **Items that are or may be subsequently reclassified to statement of income:** |  |  |
| Gain on foreign currency translation adjustments | **389569** | (77653) |
| Loss on cash flow hedge | **(414)** | (44) |
| Deferred income tax on gain (loss) on cash flow hedge | **41** | (22) |
| Other fair value adjustments through other comprehensive income | **(10)** | 200972 |
| **Items that will not be reclassified to statement of income:** |  |  |
| Gain associated with pension and other postretirement benefit obligations | **900** | 6538 |
| Income tax on gain (loss) associated with pension and other postretirement benefit obligations | **69** | (1659) |
| **Total other comprehensive income** | **390155** | **128132** |
| **Comprehensive income** | **984469** | **515909** |
| **Total comprehensive income (loss) attributable to:** |  |  |
| Company shareholders | **939430** | 383366 |
| Non-controlling interest | **45039** | 132543 |
|  | **984469** | **515909** |

---

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

![](ex99-1_002.jpg)

**Unaudited condensed consolidated interim statements of changes in equity for the six-month period ended June 30, 2025 and 2024**<br> **In thousands of United States dollar - US$**<br>

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | | **Profit reserves** | **Profit reserves** | **Profit reserves** | **Profit reserves** | **Other comprehensive income** | **Other comprehensive income** | |  |  | |  |  |
|  | <br>**Note** | <br>**Share capital** | **Share premium** | **Share premium** | **Premium on issue of shares** | **Capital <br> transactions** | **Stock <br> options** | <br>**Other <br> reserves** | **Treasury** | **Legal** | **Investments <br> statutory** | **Tax-incentive <br> reserve** | **VAE** | **FCTA** | <br>**Retained <br> earnings <br> (loss)** | **Total** | **Total** | <br>**Non-controlling <br> interest** | **Total <br> equity** | **Total <br> equity** |
| **BALANCE ON JANUARY 1, 2024** |  | **13177841** |  | **—** | **36321** | **(232475)** | **10145** | **(36413)** | **—** | **603603** | **2232528** | **787501** | **60443** | **(7614450)** | **—** |  | **9025044** | **682742** |  | **9707786** |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 661097 |  | **661097** | 91536 |  | **752633** |
| Gain (loss) on foreign currency translation adjustments (FCTA) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1182671) |  |  | **(1182671)** | 87278 |  | **(1095393)** |
| Loss on net investment in foreign operations |  |  |  |  |  |  |  |  |  |  |  |  |  | (236513) |  |  | **(236513)** |  |  | **(236513)** |
| Gain on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | 268 |  |  |  | **268** |  |  | **268** |
| Other fair value adjustments through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  | (8010) |  |  |  | **(8010)** |  |  | **(8010)** |
| Gain associated with pension and other postretirement benefit obligations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | 7050 |  |  |  | **7050** | 1152 |  | **8202** |
| **Total comprehensive income (loss)** |  | **—** |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(692)** | **(1419184)** | **661097** |  | **(758779)** | **179966** |  | **(578813)** |
| Share-based compensation |  |  |  |  |  | 6095 |  |  |  |  |  |  |  |  |  |  | **6095** | 1285 |  | **7380** |
| Realization of other reserves |  |  |  |  |  |  |  | (567) |  |  |  |  |  |  | 567 |  | **—** |  |  | **—** |
| Dividends to non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (784) |  | **(784)** |
| Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (95) |  | **(95)** |
| **BALANCE ON JUNE 30, 2024** |  | **13177841** |  | **—** | **36321** | **(226380)** | **10145** | **(36980)** | **—** | **603603** | **2232528** | **787501** | **59751** | **(9033634)** | **661664** |  | **8272360** | **863114** |  | **9135474** |
| **BALANCE ON JANUARY 1, 2025** |  | **13177841** |  | **—** | **36321** | **(227052)** | **10145** | **(37470)** | **—** | **691999** | **2070113** | **1449832** | **67583** | **(10144847)** | **—** |  | **7094465** | **1039899** |  | **8134364** |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 500224 |  | **500224** | 56110 |  | **556334** |
| Gain (loss) on foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  | 574457 |  |  | **574457** | (123164) |  | **451293** |
| Gain on net investment in foreign operations |  |  |  |  |  |  |  |  |  |  |  |  |  | 126386 |  |  | **126386** |  |  | **126386** |
| Gain on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | 282 |  |  |  | **282** |  |  | **282** |
| Loss associated with pension and other postretirement benefit obligations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | (409) |  |  |  | **(409)** | (101) |  | **(510)** |
| Other fair value adjustments through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  | (25) |  |  |  | **(25)** |  |  | **(25)** |
| **Total comprehensive income (loss)** |  | **—** |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(152)** | **700843** | **500224** |  | **1200915** | **(67155)** |  | **1133760** |
| Share-based compensation |  |  |  |  |  | 5782 |  |  |  |  |  |  |  |  |  |  | **5782** | 1219 |  | **7001** |
| Realization of other reserves |  |  |  |  |  |  |  | (374) |  |  |  |  |  |  | 373 |  | **(1)** |  |  | **(1)** |
| Distribution of interim dividends |  |  |  |  |  |  |  |  |  |  | (759018) |  |  |  |  |  | **(759018)** |  |  | **(759018)** |
| Dividends to non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (260331) |  | **(260331)** |
| Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | 285 |  | **285** |
| **JBS S.A. - Corporate Restructuring Implemented on May 23rd** |  | **(13142337)** |  | **1899391** | **(36321)** | **216947** | **(10145)** | **37844** | **(6544)** | **(691999)** | **(1311095)** | **(1449832)** | **159** | **8947969** | **61066** |  | **(5484897)** | **67255** |  | **(5417642)** |
| **JBS N.V.** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 528079 |  | **528079** | 66235 |  | **594314** |
| Loss on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | (373) |  |  |  | **(373)** |  |  | **(373)** |
| Gain associated with pension and other postretirement benefit obligations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | 969 |  |  |  | **969** |  |  | **969** |
| Foreign exchange variation in subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (21186) |  | **(21186)** |
| Cumulative translation adjustment and foreign exchange variation in subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  | 410755 |  |  | **410755** |  |  | **410755** |
| Other fair value adjustments through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (10) |  | **(10)** |
| **Total comprehensive income (loss)** |  | **—** |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **596** | **410755** | **528079** |  | **939430** | **45039** |  | **984469** |
| Cancellation of shares | 20 b.2 | (390) |  | 390 |  |  |  |  |  |  |  |  |  |  |  |  | **—** |  |  | **—** |
| Common share contribution | 20 b.6 |  | 1808187 |  |  |  |  |  |  |  |  |  |  |  |  | **1808187** |  |  | **1808187** |  |
| Incorporation of shares | 20 b.4 |  |  | 3995860 |  |  |  |  |  |  |  |  |  |  |  |  | **3995860** |  |  | **3995860** |
| Repurchase of shares | 20 b.7 |  |  | 192 |  |  |  |  | (192) |  |  |  |  |  |  |  | **—** |  |  | **—** |
| Share premium distribution | 20 b.1 |  |  | (387004) |  |  |  |  |  |  |  |  |  |  |  |  | **(387004)** |  |  | **(387004)** |
| Listing costs |  |  |  |  |  | 6119 |  |  |  |  |  |  |  |  |  |  | **6119** |  |  | **6119** |
| Reflexive capital transaction |  |  |  |  |  | 282 |  |  |  |  |  |  |  |  |  |  | **282** | 1222 |  | **1504** |
| Transfer of treasury shares |  |  |  | (6156) |  |  |  |  | 6156 |  |  |  |  |  |  |  | **—** |  |  | **—** |
| Dividends to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (1386) |  | **(1386)** |
| Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | 226 |  | **226** |
| **BALANCE ON JUNE 30, 2025** |  | **35114** |  | **7310860** | **—** | **2078** | **—** | **—** | **(**580)** | **—** | **—** | **—** | **68186** | **(85280)** | **1089742** |  | **8420120** | **826273** |  | **9246393** |

---

**Unaudited condensed consolidated interim statements of cash flows for the six-month period ended June 30, 2025 and 2024<br> In thousands of United States dollar - US$**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** |
|  | <br>**Note** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |
| Net income |  | **1150648** | **752633** |
| **Adjustments for:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6, 11, 12 and 13 | **1100838** | 1090778 |
| &nbsp;&nbsp;&nbsp;Expected credit losses | 4 | **13258** | 6225 |
| &nbsp;&nbsp;&nbsp;Share of profit of equity-accounted investees | 10 | **(10556)** | 4128 |
| &nbsp;&nbsp;&nbsp;Gain on sales of assets |  | **(8880)** | (4743) |
| &nbsp;&nbsp;&nbsp;Tax expense | 9 | **279954** | 151985 |
| &nbsp;&nbsp;&nbsp;Net finance expense | 22 | **567950** | 948363 |
| &nbsp;&nbsp;&nbsp;Share-based compensation |  | **14116** | 7380 |
| &nbsp;&nbsp;&nbsp;Provisions for legal proceedings | 19 | **15565** | 21682 |
| &nbsp;&nbsp;&nbsp;Restructuring |  | **—** | 13412 |
| &nbsp;&nbsp;&nbsp;Impairment of goodwill and property, plant and equipment |  | **7951** |  |
| &nbsp;&nbsp;&nbsp;Net realizable value inventory adjustments | 5 | **20419** | (13496) |
| &nbsp;&nbsp;&nbsp;DOJ (Department of Justice) and antitrust agreements | 19 | **133638** | 80277 |
| &nbsp;&nbsp;&nbsp;Fair value adjustment of biological assets | 6 | **(86487)** | (29883) |
| &nbsp;&nbsp;&nbsp;Impairment of recoverable tax credit |  | **5662** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for avian influenza |  | **5612** |  |
|  |  | **3209688** | **3028741** |
| **Changes in assets and liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable |  | **160085** | 114385 |
| &nbsp;&nbsp;&nbsp;Inventories |  | **(955245)** | (292076) |
| &nbsp;&nbsp;&nbsp;Recoverable taxes |  | **93786** | 19063 |
| &nbsp;&nbsp;&nbsp;Other current and non-current assets |  | **(362166)** | (103501) |
| &nbsp;&nbsp;&nbsp;Biological assets |  | **(398066)** | (201153) |
| &nbsp;&nbsp;&nbsp;Trade accounts payable and supply chain finance |  | **(575413)** | (589167) |
| &nbsp;&nbsp;&nbsp;Taxes paid in installments |  | **(51896)** | (34635) |
| &nbsp;&nbsp;&nbsp;Other current and non-current liabilities |  | **179416** | 9472 |
| &nbsp;&nbsp;&nbsp;DOJ and Antitrust agreements payment |  | **(261212)** | (90) |
| &nbsp;&nbsp;&nbsp;Income taxes paid |  | **(550897)** | (87325) |
| **Changes in operating assets and liabilities** |  | **(2721608)** | **(1165027)** |
| **Cash provided in by operating activities** |  | **488080** | **1863714** |
| &nbsp;&nbsp;&nbsp;Interest paid |  | **(604927)** | (689299) |
| &nbsp;&nbsp;&nbsp;Interest received |  | **73699** | 97099 |
| **Net cash flows provided (used) in operating activities** |  | **(43148)** | **1271514** |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment |  | **(714122)** | (629700) |
| &nbsp;&nbsp;&nbsp;Dividends received |  | **4124** | 6392 |
| &nbsp;&nbsp;&nbsp;Purchases and disposals of intangible assets |  | **(2554)** | (4531) |
| &nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired |  | **—** | (2880) |
| &nbsp;&nbsp;&nbsp;Related party transactions |  | **4650** | 507 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant and equipment |  | **35615** | 15775 |
| &nbsp;&nbsp;&nbsp;Additions to investments in joint ventures | 10 | **(165271)** | **—** |
| **Cash used in investing activities** |  | **(837558)** | **(614437)** |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from loans and financing |  | **4494204** | 688722 |
| &nbsp;&nbsp;&nbsp;Payments of loans and financing |  | **(4676359)** | (1734865) |
| &nbsp;&nbsp;&nbsp;Derivative instruments received (settled) |  | **(52863)** | (140870) |
| &nbsp;&nbsp;&nbsp;Margin cash |  | **(44400)** | 1830 |
| &nbsp;&nbsp;&nbsp;Dividends paid |  | **(1573855)** |  |
| &nbsp;&nbsp;&nbsp;Dividends paid to non-controlling interest |  | **(266417)** | (3398) |
| &nbsp;&nbsp;&nbsp;Payments of leasing contracts |  | **(215060)** | (211008) |
| **Cash used in by financing activities** |  | **(2334750)** | **(1399589)** |
| **Effect of exchange rate changes on cash and cash equivalents** |  | **120535** | **(136703)** |
| Net change in cash and cash equivalents |  | **(3094921)** | (879215) |
| Cash and cash equivalents beginning of period |  | **5613672** | 4569517 |
| **Cash and cash equivalents at the end of period** |  | **2518751** | **3690302** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Non-cash transactions:** |  | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** |
|  | **Note** | **2025** | **2025** | **2024** | **2024** |
| Non-cash additions to right of use assets and lease liabilities | 12 |  | **153,798** |  | 209210 |
| Capitalized interest | 11 |  | **17,374** |  | 17305 |

---

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

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**1 Background information**

**1.1 Reporting entity**

JBS N.V. ("Company") is a corporation incorporated under the laws of the Netherlands on October 9, 2019, and is currently domiciled in Amsterdam. The Company is controlled by J&F S.A. ("J&F") and became the holding entity of the JBS S.A. and its subsidiaries following a corporate reorganization.

The unaudited condensed consolidated interim financial information reflects the operations of JBS N.V. and its subsidiaries (" JBS Group or Group"). The Group operates in the processing of animal protein, such as beef, pork, lamb and chicken, and operates in the production of convenience foods and other products. In addition, it sells leather, hygiene and cleaning products, collagen, metal packaging, biodiesel, among others. The Group has a broad portfolio of brands including Seara, Doriana, Pilgrim's, Moy Park, Primo, Adaptable Meals, Ozo, Friboi, Maturatta and Swift.

As part of its corporate restructuring, JBS N.V. became the indirect controlling shareholder of JBS S.A. through the completion of a two-phase contribution process by its ultimate controlling shareholder, J&F S.A. ("J&F"). In the first phase, completed on December 27, 2023, J&F and its wholly owned investment fund, FIP Formosa, transferred a non-controlling portion of their JBS S.A. common shares to JBS Participações Societárias S.A., which were subsequently contributed to J&F Investments Luxembourg S.à r.l. and then to JBS N.V.

The second phase was completed on May 23, 2025, with J&F transferring its remaining JBS S.A. common shares through the same corporate structure. As a result, JBS N.V., via JBS Participações Societárias S.A., now holds all shares previously owned directly by J&F, consolidating its position as the indirect controlling shareholder of JBS S.A. The transaction was accounted for as a common control transaction, whereby JBS N.V. recognized the assets, liabilities, and results of JBS S.A. at their historical book values. The restructuring preserved shareholder economic interests by applying a consistent exchange ratio to both controlling and non-controlling shareholders, subject only to immaterial adjustments related to fractions of BDRs and share-based payments.

On June 6, 2025, the migration of the shareholder base of JBS S.A. to JBS N.V was completed. As part of this transaction, JBS S.A. shareholders exchanged their shares for Level II Brazilian Depositary Receipts (BDRs), backed by Class A common shares issued by JBS N.V. These BDRs were delivered to the shareholders of JBS S.A., effectively establishing JBS N.V. as the new holding company of the JBS Group.

On June 9, 2025, JBS S.A.'s shares ceased trading on B3 – Brasil, Bolsa, Balcão and were officially replaced by the BDRs of JBS N.V., which began trading under the ticker symbol "JBSS32." In addition, JBS N.V.'s Class A common shares commenced trading on the New York Stock Exchange (NYSE) on June 12, 2025, under the ticker symbol "JBS".

JBS N.V. is registered as a Foreign Private Issuer with the U.S. Securities and Exchange Commission (SEC) and completed the process of registering as a foreign issuer with the Brazilian Securities and Exchange Commission (CVM), complying with applicable regulatory requirements in the Netherlands, Brazil, and the United States.

The Company's only direct subsidiary is JBS Participações Societárias S.A., a wholly owned entity headquartered in São Paulo, Brazil.

The Group accounted for the Reorganization as a common control transaction, and the pre-reorganization carrying amounts of JBS S.A. were included in the consolidated financial statements of JBS N.V. at book value. Accordingly, these consolidated financial statements reflect the following:

The Group accounted for the restructuring of entities under common control by recognizing the pre-restructuring carrying amounts in the consolidated financial statements of JBS N.V., without any fair value adjustments. Accordingly, these consolidated financial statements reflect:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The historical operating results and financial position of
JBS S.A. prior to the restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The consolidated financial performance and position of JBS
N.V. subsequent to the completion of the restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The assets and liabilities of JBS N.V. and its subsidiaries
stated at historical cost;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The number of ordinary shares issued by JBS N.V. as a result
of the restructuring, which is reflected retrospectively from January 1, 2024, for the purpose of calculating earnings per share;

&nbsp;&nbsp;&nbsp;&nbsp;(v) The shares of JBS S.A. were contributed to JBS N.V. at their
carrying amount in three tranches: December 27, 2023, May 23, 2025, and June 9, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) The remaining retained earnings of JBS S.A., no longer applicable
to JBS N.V., were reclassified to the opening balance of capital reserves (see note 20).

**For the interim financial information ended June 30, 2025:**

As of May 23, 2025, the Company began reflecting the effects of the Corporate Reorganization in its financial statements. Accordingly, the interim consolidated financial information for this period includes the impacts of the new corporate structure, with JBS N.V. as the holding entity of the Group.

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**1.2 Main events that occurred during the period:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.1 Dividend payment:** On March 25, 2025, the Board of Directors of JBS S.A. approved the proposal to distribute dividends from the net profit reserve balance of the year 2024, in the amount of US$759,018 million, corresponding to US$0.37 per common share. The proposal was approved by the Ordinary General Meeting of Shareholders held on April 29, 2025, and the payment of the dividends occurred on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.2 Investment in Mantiqueira Alimentos Ltd.:** On April 1, 2025, the acquisition of 48.5% of the total equity and 50% of the voting shares of Mantiqueira Alimentos Ltda. by the Company, through its indirect subsidiary JBS Holding, as a joint venture recorded in "Investments in equity-accounted investees", was completed. The transaction was amounted to US$165,271. Mantiqueira is a leading company in the production of organic eggs, produced without antibiotics, hormones, and with free-range hens. The operation was approved without restrictions by CADE (Administrative Council for Economic Defense) on February 26, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.3 The process of dual listings in both Brazil and the United States is ongoing:** On April 22, 2025, the Securities and Exchange Commission (SEC) declared effective the registration statement on Form F-4 regarding the offer of Class A shares of JBS N.V., a company incorporated in the Netherlands, to the shareholders of JBS S.A., at a ratio of one JBS N.V. share, initially in the form of a Brazilian Depositary Receipt (BDR), for every two shares of JBS S.A. held. The shareholders' meeting, held on May 23, 2025, approved the transaction. On May 30, JBS N.V. obtained its foreign issuer registration and the Level II BDR program registration with the Brazilian Securities and Exchange Commission (CVM), as well as authorization for BDR trading on B3. On June 6, the merger of all shares of JBS S.A. into JBS Participações S.A. was completed, resulting in JBS S.A. as a wholly owned subsidiary of JBS N.V. The redeemable preferred shares were redeemed by delivering 1 JBS N.V. BDR for every 2 common shares of JBS S.A. Starting on June 9, 2025, the BDRs began trading on B3 under the ticker "JBSS32." On June 5, the NYSE approved the listing of JBS N.V.'s Class A shares, which began trading on June 12, 2025, under the ticker "JBS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.4 Distribution of dividends:** On May 23, 2025, The Extraordinary General Assembly of JBS S.A. approved the distribution of dividends derived from the profit reserves for the fiscal year ending December 31, 2024, amounting to US$406.8 million, corresponding to US$0.18 per ordinary share. The payment of the dividends was made on June 17, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.5 Certificates of Agribusiness Receivables (CRA):** On May 29, 2025, an offering of three series of Agribusiness Receivables Certificates (CRAs) was carried out, issued by the indirect subsidiary Seara Alimentos Ltda. and guaranteed by JBS S.A., with maturities scheduled for 2035, 2045, and 2055, totaling a principal amount of US$168.5. The offering was concluded on June 4, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.6 Debt registration with the Securities Exchange Commission (SEC):** On June 23, 2025, JBS S.A., through its indirect subsidiaries JBS USA Holding Lux S.a.r.l, JBS USA Food Company, and JBS USA Foods Group Holdings, Inc., issued $3.5 billion in senior notes maturing in 2036, 2056, and 2066, registered with the Securities and Exchange Commission (SEC) of the United States. The offering was completed on July 3, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.7 Bond Repurchase:** On June 23, 2025, JBS USA Food Company, an indirect subsidiary of JBS S.A., simultaneously launched three liability management transactions aimed at the repurchase and redemption of Senior Notes issued by group companies in the United States, with effective completion on July 3, 2025. The first transaction consisted of the partial repurchase of approximately US$894 million in principal amount of the Senior Notes due in 2027, representing 89.4% of the total outstanding, at a price of 98.021% of face value, plus accrued and unpaid interest. In addition, on the same date, the Company announced the early and full redemption of the Notes due in 2028 and 2030. The 2028 Notes, totaling US$899.7 million, were redeemed at 102.478% of principal, and the 2030 Notes, totaling US$399.7 million, at 102.750%, both plus accrued and unpaid interest through the settlement date. These three coordinated transactions are part of JBS's proactive debt management strategy, focusing on capital structure optimization and extension of maturities, reaffirming the Company's commitment to financial discipline and value creation for its stakeholders.

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**1.3 Seasonality**

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

**1.4 Subsequent events:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.1 Senior Notes (Bonds):** On July 3, 2025, the indirect subsidiaries of JBS S.A., JBS USA Holding Lux S.à r.l., JBS USA Food Company, and JBS USA Foods Group Holdings, Inc., completed the issuance of senior notes totaling US$3.5 billion, divided into three series: US$1.25 billion maturing in 2036 with an annual coupon of 5.50%; US$1.25 billion maturing in 2056 with an annual coupon of 6.25%; and US$1 billion maturing in 2066 with an annual coupon of 6.375%. Interest payments will be made semiannually, starting between January and April 2026, depending on each series. The net proceeds from the issuance were primarily used to repurchase and redeem notes maturing in 2027, 2028 and 2030, as well as to settle short-term debt, with any remaining balance allocated for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.2 Investment in Granjeros Campo 9 S.A. (Granjeros Campo):** On July 7, 2025, the indirect subsidiary Seara Alimentos Ltda. signed an investment agreement with Granjeros Campo. for the acquisition of 90% of the company's share capital, represented by the amount of US$6.3 million. Granjeros Campo is a company in the meat processing sector that focuses on the production and slaughter of poultry in Paraguay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.3 Acquisition of Production Facility:** On August 13, 2025, the Company entered into an agreement to acquire a production facility in Ankeny, Iowa (USA) for US$100 million, with the purpose of expanding it to become the largest ready-to-eat bacon and sausage plant in the Company's portfolio in the United States. The completion of the transaction is subject to the satisfaction of customary closing conditions, and operations at the plant are expected to begin in mid-2026, following the investments and expansion works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.4 Approval of New Repurchase Plan:** On August 13, 2025, the Board of Directors approved a new repurchase plan authorizing the acquisition of Class A common shares and Brazilian Depositary Receipts (BDRs) in an aggregate amount of up to US$400 million. The program will commence on August 18, 2025, and remain in effect until the maximum investment is reached or the Board suspends or terminates the plan, whichever occurs first.

**2 Basis of preparation**

The unaudited condensed consolidated interim financial information as of and for the three and six-month period ended June 30, 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by International Accounting Standards Board (IASB), and should be read in conjunction with the Group´s last annual consolidated financial statements as of and for the year ended December 31, 2024 ("last annual financial statements"). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to describe events and transactions that are significant to an understanding of the changes in the Group´s financial position and performance since the last annual financial statements.

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

**2.1 Functional and presentation currency**

The financial statements of each subsidiary included in the consolidation are prepared using the functional currency of the primary economic environment in which it operates.

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

**2.2 Foreign currencies**

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

**2.3 Translation of subsidiaries financial statements**

The consolidated financial statements of foreign subsidiaries are prepared using each subsidiary's respective functional currency. The results and financial position of all entities with a functional currency different from its ultimate parent's functional currency (R$) have been translated to R$ and then these financial statements have been translated from the parent´s functional currency (R$) into the Group's presentation currency (US$). As follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** assets and liabilities are translated at the current rate at the date of each closing period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** income and expenses are translated at the average rate at the date of each closing period; and

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

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**2.4 New standards, amendments and interpretations**

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

**IAS 21 – Effects of changes in exchange rates and translation of financial statements.**

As of January 1, 2025, this amendment establishes the accounting requirements for when a functional currency cannot be converted into other currencies. In such cases, the Group is required to utilize the most recent observable exchange rate to translate the results and financial position of the foreign operation into its presentation currency. The entity must also disclose this exchange rate, the date on which it was observed, and the reasons why the currency is not exchangeable. The Group has not identified any impacts as a result of this change.

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

**IFRS 18 - Presentation and Disclosure of Financial Statements.**

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

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

● Management has defined performance measures, which are disclosed in a single note in the financial statements.

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

Additionally, all entities are required to use the subtotal of operating profit as the starting point for the cash flow statement when presenting operating cash flows using the indirect method.

The Group is currently evaluating the impact of the new standard and, if material, will adjust the disclosure in accordance with the standard's requirements in the annual financial statements.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**3 Cash and cash equivalents and margin cash**

---

| | | |
|:---|:---|:---|
| **Cash and cash equivalents** | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Cash on hand and at banks | **1190712** | 2197822 |
| CDB (bank certificates of deposit) and National Treasury Bills (*Tesouro Selic*) <sup>(1)</sup> | **1328039** | 3415850 |
|  | **2518751** | **5613672** |
| **Margin cash** |  |  |
| Margin cash (Restricted cash) | **368639** | 104220 |
| Investments in Treasury Bills | **80599** | 32334 |
|  | **449238** | **136554** |
| **Total** | **2967989** | **5750226** |

---

<sup>(1)</sup> CDBs are held at financial institutions and earn interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate (*Certificado de Depósito Interbancário* - CDI). *Tesouro Selic* are bonds purchased from Brazilian government financial institutions having conditions and characteristics that are similar to CDB's.

 

**4 Trade accounts receivable**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Current receivables:** | | |
| &nbsp;&nbsp;&nbsp;Domestic sales | **2158430** | 1994667 |
| &nbsp;&nbsp;&nbsp;Foreign sales | **987961** | 1176603 |
| **Subtotal** | **3146391** | **3171270** |
| **Overdue receivables:** |  |  |
| &nbsp;&nbsp;&nbsp;From 1 to 30 days | **408184** | 444687 |
| &nbsp;&nbsp;&nbsp;From 31 to 60 days | **61351** | 61314 |
| &nbsp;&nbsp;&nbsp;From 61 to 90 days | **14186** | 20603 |
| &nbsp;&nbsp;&nbsp;Above 90 days | **128049** | 130845 |
| Expected credit losses | **(101776)** | (89060) |
| Present value adjustment | **(2910)** | (4119) |
| **Subtotal** | **507084** | **564270** |
| **Trade accounts receivable, net** | **3653475** | **3735540** |

---

**Present value adjustment** - The Group discounts its receivables to present value using interest rates directly related to customer credit profiles. The weighted average discount rate used to calculate the present value of trade accounts receivable on June 30, 2025, was 5,45% p.y. (9.96% p.y. on June 30, 2024). Realization of the present value adjustment is recognized as deduction item to sales revenue.

**Changes in expected credit losses:**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2024** |
| **Balance at the beginning of the period** | **(89060)** | **(84913)** |
| Additions | **(13258)** | (10564) |
| Write-offs/Reversals | **8262** | 5483 |
| Exchange rate variation | **(7720)** | 4189 |
| **Balance at the end of the period** | **(101776)** | **(85805)** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**5 Inventories**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2024** |
| Finished products |  | **4,103,317** |  | 3018302 |
| Work in process |  | **656,381** |  | 492015 |
| Raw materials |  | **868,525** |  | 847909 |
| Supplies | | **659,682** | | 657,763 |
|  | | **6,287,905** | | **5,015,989** |

---

During the six-month period ended June 30, 2025 and 2024, the Company recognized adjustments to the net realizable value of inventories, which include additions and (write-offs) recorded in the cost of goods sold, in the amount of US$(21,762) and US$13,496, respectively.

**6 Biological assets**

**Changes in biological assets:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Current** | **Current** | **Non-current** | **Non-current** |
|  | **June 30, <br> 2025** | **June 30, <br> 2024** | **June 30, <br> 2025** | **June 30, <br> 2024** |
| **Balance at the beginning of the period** | **1608223** | **1712153** | **518234** | **531477** |
| Increase by reproduction (born) and cost absorption including death | **5129844** | 5326920 | **714114** | 700102 |
| Reduction for slaughter, sale or consumption | **(5790340)** | (6128285) | **(31615)** | (34115) |
| Purchases | **249404** | 215014 | **126659** | 121516 |
| Fair value adjustments | **86470** | 29946 | **(17)** | (63) |
| Reclassification from non-current to current | **462293** | 477614 | **(462293)** | (477614) |
| Exchange rate variation | **88292** | (83714) | **27788** | (23950) |
| Amortization | **—** |  | **(309105)** | (305815) |
| **Balance at the end of the period** | **1834186** | **1549648** | **583765** | **511538** |

---

**7 Recoverable taxes**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Value-added tax on sales and services – ICMS / IVA / VAT / GST | **732847** | 650728 |
| Social contribution on billings - PIS and COFINS | **347610** | 404673 |
| Withholding income tax - IRRF / IRPJ | **1324635** | 960161 |
| Excise tax – IPI | **18839** | 16176 |
| Reintegra | **4692** | 7657 |
| Other | **11771** | 10788 |
|  | **2440394** | **2050183** |
| Current | **652740** | 637728 |
| Non-current | **1787654** | 1412455 |
|  | **2440394** | **2050183** |

---

**8 Related party transactions**

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

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**<u>Related party payables and receivables</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Reimbursement of administrative and funding costs** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Laguz I Fundo de Investimento <sup>(1)</sup> | Selic | **(167770)** |  |
| J&F S.A. <sup>(2)</sup> | IPCA | **(62960)** | **77355** |
|  |  | **(230730)** | **77355** |

---

 

<sup>(1)</sup> In May 2025, the Group acquired tax credit rights from the related party Laguz I Fundo de Investimento through an agreement providing for 36 installments, with final maturity in April 2028. These tax credits originate from a judicial claim related to the export credit premium incentive. The case has already been definitively settled in favor of the taxpayer, and is currently in the final stage of assessment and confirmation of the credit balance. The credit rights were acquired at an approximate discount of 35%, and the credits will be used to offset the Company's tax obligations once the case is finalized and the use of the credits is authorized by the relevant regulatory authorities. The credits have been recorded under "Other receivables" in the financial statements.

 

<sup>(2)</sup> The net balance payable to J&F S.A. refers to: (i) US$90,655 receivable, arising from the settlement agreement entered into between JBS S.A., J&F S.A., and certain former executives of the Company, which resulted in the definitive termination of the dispute addressed in arbitration proceeding, under which J&F S.A. committed to settle the amount in accordance with the terms and conditions set forth in the agreement; and (ii) US$(153615) payable, related to the purchase of the Araputanga Plant, to be settled in 24 installments, with final maturity in May 2027.

 

**<u>Other financial transactions in the Group</u>**

 

The Group entered into an assignment agreement with Banco Original S.A, direct subsidiary of the parent Group J&F, pursuant to which Banco Original S.A. acquires credits held against certain clients in the domestic and foreign markets. The assignments are negotiated with no right of recourse, through the definitive transfer of the risks and benefits of the receivables to Banco Original. On June 30, 2025, the Group had US$794,951 (US$517,677 on December 31, 2024) of assigned receivables. In the six-month period ended June 30, 2025, the Group incurred in a loss from the sale of the receivables of US$50,224 (US$65,315 for the six-month period ended June 30, 2024), recorded in interim financial information as financial expenses.

 

On June 30, 2025, the Group held investments with Banco Original in the amount of US$480,111 (US$303,195 on December 31, 2024), recorded in cash and cash equivalents. The cash investments and cash equivalents, CDBs and similar have yields equivalent to the CDI (Interbank Deposit Certificate), according to the term and amount invested, following market practices. In the six-month period ended June 30, 2025, the Group earned interest from these investments of US$14,358 (US$18,555 for the six-month period ended June 30, 2024) recognized as financial income.

 

The Group has commitments to purchase cattle for future delivery signed with certain suppliers, including the related party JBJ, guaranteeing the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. On June 30, 2025, the Group has commitments agreements in the amount of US$81,802 (US$48,317 on December 31, 2024).

 

The Group has transactions with Prima Foods S.A. for the purchase of bovine slaughtering residues for greasing operations.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

The Group is the sponsor of Institute J&F, a youth-directed business school, whose goal is to educate future leaders by offering free, high-quality education. For the six-month period ended June 30, 2025, the Company made donations in the amount of US$6,665 (US$13,098 for the six-month period ended June 30, 2024), recognized as general and administrative expenses.

On December 30, 2024, the Group entered into an agreement for the sale of its Hygiene and Beauty operation to the related party Flora Produtos de Higiene e Limpeza S.A. The transaction covers the transfer of assets and operations related to the manufacture and sale of hygiene and beauty products, in accordance with the terms agreed between the parties. The sale value was set at US$54 million, subject to working capital adjustments. The transaction will be concluded after the conditions precedent stipulated in the contract have been met. The Group did not classify the operation as discontinued on June 30, 2025, as it does not represent an individually significant line of business, corresponding to only 0.2% of the Parent Company's net assets.

No expense for doubtful accounts or bad debts relating to related-party transactions were recorded during the six-month period ended June 30, 2025 and 2024.

**Remuneration of key management**

 

The Group's key management is comprised of its executive officers and members of the Board of Directors. The aggregate amount of compensation received by the Group's key management during the six-month period ended June 30, 2025 and 2024 was:

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended<br> June,** | **Six-month period ended<br> June,** | **Six-month period ended<br> June,** | **Six-month period ended<br> June,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Salaries and wages |  | **4,079** |  | 3527 |
| Variable cash compensation | | **20,095** | | 16,599 |
|  | | **24,174** | | **20,126** |

---

 

The Chief Executive Officer, the Administrative and Control Officer, the Chief Financial Officer and the Executive Officer are employed under the Brazilian employment contract regime referred to as CLT (Consolidation of Labor Laws), which sets legal prerogatives for employee benefits.

Except for those described above, the Board of Directors members are not party to any employment contract or any other contracts for additional employee benefits such as post-employment benefits, other long-term benefits or termination benefits that do not conform to Brazilian Labor Law.

**9 Income taxes**

**a. Composition of deferred tax income and social contribution:**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31,<br> 2024** |
| Deferred income taxes assets | **520773** | **651178** |
| Deferred income taxes liabilities | **(1091367)** | **(1095291)** |
|  | **(570594)** | **(444113)** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2025** | **Income <br> statement** | **Exchange <br> variation** | **Other <br> adjustments<sup>(2)</sup>** | **Balance at <br> June 30, <br> 2025** |
| Tax loss and negative social contribution base | **679275** | **125091** | **53310** | **(191303)** | **666373** |
| Expected credit losses on trade accounts receivable | **42304** | **(11510)** | **3252** | **—** | **34046** |
| Provisions for contingencies | **94487** | **(9822)** | **9255** | **—** | **93920** |
| Fair value adjustment | **(105836)** | **(19730)** | **(7592)** | **—** | **(133158)** |
| Tax credits - foreign subsidiaries | **8798** | **48** | **(81)** | **—** | **8765** |
| Provision for work accident insurance - foreign subsidiaries | **8964** | **(2773)** | **—** | **—** | **6191** |
| Pension plan - foreign subsidiaries | **3209** | **3536** | **(4)** | **(107)** | **6634** |
| Trade accounts payable accrual | **249853** | **11673** | **6007** | **—** | **267533** |
| Non-deductible interest portion - U.S. Tax Reform | **279572** | **52150** | **1** | **—** | **331723** |
| Right of use assets | **25967** | **3913** | **2538** | **—** | **32418** |
| Goodwill amortization | **(727377)** | **(19205)** | **(84392)** | **—** | **(830974)** |
| Business combinations | **(465917)** | **(16763)** | **(4887)** | **—** | **(487567)** |
| Inventory valuation | **(83507)** | **(16202)** | **8118** | **—** | **(91591)** |
| Hedge operations <sup>(1)</sup> | **45961** | **(14235)** | **5541** | **49** | **37316** |
| Realization of other reserves | **(88113)** | **1263** | **(11802)** | **—** | **(98652)** |
| Accelerated depreciation and amortization | **(479922)** | **(13270)** | **(2)** | **—** | **(493194)** |
| Cut Off adjustments (sales) | **15274** | **1980** | **2152** | **—** | **19406** |
| Other temporary differences | **52895** | **34360** | **(27039)** | **—** | **60216** |
| **Deferred taxes, net** | **(444113)** | **110504** | **(45625)** | **(191361)** | **(570595)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2024** | **Income <br> statement** | **Exchange <br> variation** | **Other <br> Adjustments<sup>(2)</sup>** | **Balance at <br> June 30, <br> 2024** |
| Tax loss and negative social contribution base | **840172** | (79664) | (71760) |  | **688748** |
| Expected credit losses on trade accounts receivable | **38086** | 8026 | (3132) |  | **42980** |
| Provisions for contingencies | **78840** | (4619) | 32965 |  | **107186** |
| Fair value adjustment | **7648** | (2019) | (933) |  | **4696** |
| Tax credits - foreign subsidiaries | **23685** | (2412) | 25 | (49) | **21249** |
| Provision for work accident insurance - foreign subsidiaries | **7927** | (1010) |  |  | **6917** |
| Pension plan - foreign subsidiaries | **11956** | (1453) | 71 | (2102) | **8472** |
| Trade accounts payable accrual | **277512** | 41654 | (51605) |  | **267561** |
| Non-deductible interest portion - U.S. Tax Reform | **211958** | 3630 | 1 |  | **215589** |
| Right of use assets | **25417** | 3178 | (2320) |  | **26275** |
| Goodwill amortization | **(851840)** | (7478) | 98108 |  | **(761210)** |
| Present value adjustment - Trade accounts payable | **(6064)** | 2052 | 564 |  | **(3448)** |
| Business combinations | **(444250)** | (30126) | 4673 |  | **(469703)** |
| Inventory valuation | **(207085)** | (9468) | (2) |  | **(216555)** |
| Hedge operations <sup>(1)</sup> | **(25364)** | 55391 | (836) | (138) | **29053** |
| Realization of other reserves | **(115640)** | 1412 | 14806 |  | **(99422)** |
| Accelerated depreciation and amortization | **(514285)** | 103212 |  |  | **(411073)** |
| Cut Off adjustments (sales) | **—** | 27463 | (1937) |  | **25526** |
| Grains' Fair Value Adjustment - Subsidiaries | **—** | 25340 | (1559) |  | **23781** |
| Other temporary differences | **55931** | (28277) | (2225) |  | **25429** |
| **Deferred taxes, net** | **(585396)** | **104832** | **14904** | **(2289)** | **(467949)** |

---

<sup>(1)</sup> Hedge and hedge accounting operations are demonstrated in Note 26 - Risk management and financial.

<sup>(2)</sup> Mainly refers to the main adjustment refers to the transfer of tax loss carryforwards and negative Social Contribution on Net Profit (CSLL) bases from the indirect subsidiary Seara Alimentos and its indirect subsidiaries to JBS S.A. These tax losses were used to settle a tax assessment related to the taxation of profits earned abroad (TBU) for the 2016 calendar year, which was upheld in a final decision by the Administrative Council of Tax Appeals (CARF) through a casting vote. This enabled full settlement with reductions in fines and interest by using the accumulated tax loss carryforwards. The adjustment also includes deferred taxes on cash flow hedge operations recognized in other comprehensive income by the subsidiary Seara Alimentos, and the pension plan in the United States of America.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**b. Reconciliation of income tax and social contribution expense:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** | **Three-month period ended <br> June 30,** | **Three-month period ended <br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Profit before taxes** | **1430601** | 904618 | **736497** | 536969 |
| Brazilian statutory corporate tax rate<sup>(3)</sup> | **(34)%** | (34)% | **(34)%** | (34)% |
| **Expected tax expense** | **(486404)** | (307570) | **(250409)** | (182569) |
| **Adjustments to reconcile taxable income tax expense (benefit):** |  |  |  |  |
| Share of profit of equity-accounted investees | **3589** | (1403) | **2659** | 817 |
| Non-taxable tax benefits <sup>(4)</sup> | **107024** | 109579 | **56103** | 56431 |
| Transfer pricing adjustments | **(81997)** | (4887) | **30683** | (2380) |
| Difference of tax rates on taxable income from foreign subsidiaries | **46964** | 69228 | **22259** | 33915 |
| Profits taxed by foreign jurisdictions <sup>(5)</sup> |  | (35878) | **—** | (65628) |
| Deferred income tax not recognized | **76067** | 4031 | **(26104)** | 14726 |
| Dividends paid abroad | **—** | (10483) | **—** | (10483) |
| Non-taxable interest - foreign subsidiaries | **6263** | 7806 | **3145** | 1661 |
| Donations and social programs <sup>(6)</sup> | **—** | (2105) | **—** | (6) |
| SELIC interest on tax credits | **31315** | 4119 | **3693** | 3384 |
| Brazilian tax incentive law - Lei do Bem | **1397** |  | **1397** |  |
| Other permanent differences | **15829** | 15578 | **14391** | 940 |
| **Current and deferred income tax expense** | **(279953)** | **(151985)** | **(142183)** | **(149192)** |
| Current income tax | **(390457)** | (256817) | **(165666)** | (253007) |
| Deferred income tax | **110504** | 104832 | **23483** | 103815 |
|  | **(279953)** | **(151985)** | **(142183)** | **(149192)** |
| **Effective income tax rate** | **(19.57)%** | **(16.80)%** | **(19.31)%** | **(27.78)%** |

---

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

 

The average effective tax rate is calculated as the ratio between tax expense (income) and accounting profit. This rate can be influenced by operations that impact tax expense (income), but which have no direct relationship with net income for the period. The following are examples of these operations: the effects of unrecognized deferred taxes, income tax, and social contributions on the realization of the revaluation reserve. This information should be considered when analyzing the effective tax rate.

 

<sup>(3)</sup> The nominal tax rate of 34% was adopted in the income tax reconciliation as it reflects the expected tax burden on the Group's profit, since the profits of international subsidiaries located under the JBS S.A. structure are taxed in Brazil at a rate of 34% through the Taxation of Foreign Profits (TBU) mechanism. This rate adequately represents the consolidated nominal tax burden, as provided for in paragraph 85 of IAS 12 – Income Taxes.

<sup>(4)</sup> The Group and its subsidiaries have subsidies granted by state governments, as a presumed credit, in accordance with the regulations of each state. The amounts appropriated from this tax incentive as revenue in the income statement are excluded in the calculation of taxes on profit, when the requirements set out in current legislation are met.

<sup>(5)</sup> According to Law No. 12,973/14, the income from foreign subsidiaries must be taxed at the Brazilian statutory tax rate of 34%, and the income tax paid abroad by these subsidiaries may be used to compensate income taxes to be paid in Brazil. The results obtained from foreign subsidiaries are subject to taxation by the countries where they are based, according to applicable rates and legislation (profits taxed by-foreign jurisdictions included in the reconciliation of income tax and social contribution expense). The Group analyzes the results of each subsidiary for the application of its income tax legislation, in order to respect the treaties signed by Brazil and avoid double taxation.

<sup>(6)</sup> Refers to donations made by the Group, as described in note 25 - Expenses by nature.

**Global Minimum Tax**

From the 2024 calendar year onward, Pillar II rules came into effect in various jurisdictions, impacting multinationals operating in these markets.

Since the Group operates in several jurisdictions that adopted the global minimum tax from 2024, including Australia, Canada, France, Ireland, Luxembourg, Malta, the Netherlands, and the United Kingdom, the Company assessed the potential impact of these regulations. Based on current assessments, the Company has not identified any significant tax exposure resulting from this tax.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

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

**Changes in the investments:**

Refers to investments in associate and joint venture:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Participation** | **Balance at <br> January 1, <br> 2025** | **Addition <br> (disposal)** | **Profit <br> distribution** | **Changes in the equity of investees** | **Proportionate share of income** | **Balance at <br> June 30, <br> 2025** |
| Meat Snacks Partners, LLC | 50% | 19334 |  | (4124) | 1790 | 5095 | **22095** |
| JBS Foods Ontario, Inc. | 100% | 17372 |  |  |  | 503 | **17875** |
| Birla Societá Agricola Srl | 20% | 1606 |  |  | 213 | (12) | **1807** |
| Mantiqueira Alimentos <sup>(1)</sup> | 48.5% |  | 165271 |  | 6692 | 4970 | **176933** |
| **Total** |  | **38312** | **165271** | **(4124)** | **8695** | **10556** | **218710** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Participation** | **Balance at <br> January 1,<br> 2024** | **Profit <br> distribution** | **Changes in the equity of investees** | **Proportionate share of income** | **Balance at <br> June 30,<br> 2024** |
| Meat Snacks Partners, LLC | 50% | 38922 | (6392) | 92 | (8596) | **24026** |
| JBS Foods Ontario, Inc. | 100% | 15994 |  | 2338 | (1688) | **16644** |
| Birla Societá Agricola Srl | 20% | 1685 |  | 176 | (239) | **1622** |
| **Total** |  | **56601** | **(6392)** | **2606** | **(10523)** | **42292** |

---

**<sup>(1)</sup>** The Company, through its subsidiary JBS Holding, formalized on January 27, 2025, an agreement to acquire 48.5% of the total share capital and 50% of the voting shares of Mantiqueira Alimentos Ltda., a leading company in organic eggs (produced without antibiotics, hormones, and with free-range hens). The total transaction value was US$165,271, of which US$98.906 referred to the recognized goodwill. The transaction received unconditional approval from CADE (Administrative Council for Economic Defense) on February 26, 2025 and was finalized on April 1<sup>st</sup>, 2025.

**11 Property, plant and equipment**

**Changes in property, plant and equipment:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2025** | **Additions <br> net of <br> transfers<sup>(1)(2)</sup>** | **Disposals** | **Depreciation** | **Exchange rate variation** | **Balance at <br> June 30, <br> 2025** |
| Buildings | 3982477 | 279558 | (2852) | (124829) | 257146 | **4391500** |
| Land | 1069392 | 8548 | (1439) |  | 95164 | **1171665** |
| Machinery and equipment | 4038196 | 295946 | (3366) | (317476) | 230619 | **4243919** |
| Facilities | 682348 | 79419 | (1210) | (25945) | 93948 | **828560** |
| Computer equipment | 187164 | 28831 | (1403) | (30307) | 8046 | **192331** |
| Vehicles (land and air) | 275582 | 78127 | (8633) | (24421) | 23468 | **344123** |
| Construction in progress | 1238785 | 38611 | (1365) |  | 94074 | **1370105** |
| Other | 306936 | 60306 | (400) | (23329) | 11868 | **355381** |
|  | **11780880** | **869346** | **(20668)** | **(546307)** | **814333** | **12897584** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2024** | **Additions <br> net of <br> transfers<sup>(1)</sup>** | **Disposals** | **Depreciation** | **Exchange rate variation** | **Balance at <br> June 30, <br> 2024** |
| Buildings | 4305145 | 193748 | (2735) | (128719) | (253990) | **4113449** |
| Land | 1209739 | 17038 | (729) |  | (103663) | **1122385** |
| Machinery and equipment | 4310590 | 386950 | (9619) | (316406) | (196111) | **4175404** |
| Facilities | 764036 | 102720 | (39) | (26365) | (103272) | **737080** |
| Computer equipment | 166291 | 35516 | (138) | (24420) | (5539) | **171710** |
| Vehicles (land and air) | 272663 | 19565 | (3957) | (20995) | (21590) | **245686** |
| Construction in progress | 1636719 | (159505) | (2629) |  | (101983) | **1372602** |
| Other | 253006 | 31805 | (155) | (19572) | (7575) | **257509** |
|  | **12918189** | **627837** | **(20001)** | **(536477)** | **(793723)** | **12195825** |

---

<sup>(1)</sup> Additions for each category includes transfers from construction in progress during the period.

<sup>(2)</sup> Of the total amount of additions net of transfers, US$248 refers to the acquisition of JBS Terminais Ltda.

**** 

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

For the six-month period ended June 30, 2025, the amount of capitalized interest added to construction in progress and included in additions was US$17,374 (US$17,305 for the six-month period ended June 30, 2024).

For the six-month period ended June 30, 2025, the capitalization rate used was 6.90% p.y. (6.17% p.y. for the six-month period ended June 30, 2024)

The Group assesses the recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When future undiscounted cash flows of assets are estimated to be insufficient to recover their related carrying value, the Group compares the asset's estimated future cash flows, discounted to present value using a risk-adjusted discount rate, to its current carrying value and records a provision for impairment as appropriate. The Company recognized an impairment of property, plant and equipment in the amount of US$846, related to the restructuring of its indirectly held subsidiary, Pilgrim's Pride Corporation (PPC).

**12 Leases**

The Group uses the optional exemption to not recognize a right of use asset and lease liability for short term (less than 12 months) and low value leases. The average discount rate used for measuring lease liabilities was 5.72% for the six-month period ended June 30, 2025 (5.29% at June 30, 2024).

**12.1 Right of use asset**

**Changes in the right of use asset:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2025** | **Additions<sup>(1)</sup>** | **Terminated <br> contracts** | **Amortization** | **Exchange rate variation** | **Balance at <br> June 30, <br> 2025** |
| Growing facilities | 632267 | 75011 | (9650) | (73184) | 43964 | **668408** |
| Buildings | 638981 | 16958 | (12022) | (46953) | 35418 | **632382** |
| Vehicles (land) | 189036 | 24523 | (6324) | (34998) | 4953 | **177190** |
| Machinery and equipment | 106597 | 17001 | (4252) | (26220) | 8944 | **102070** |
| Operating plants | 8622 | 755 |  | (1578) | 1112 | **8911** |
| Land | 15999 | 469 | (81) | (1300) | 370 | **15457** |
| Computer equipment | 5371 | (66) |  | (3341) | 536 | **2500** |
| Concession Agreement <sup>(2)</sup> |  | 3771 |  | (1916) | 165 | **2020** |
|  | **1596873** | **138422** | **(32329)** | **(189490)** | **95462** | **1608938** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2024** | **Additions<sup>(1)</sup>** | **Terminated <br> contracts** | **Amortization** | **Exchange rate variation** | **Balance at <br> June 30,<br> 2024** |
| Growing facilities | 805370 | 54362 | (25005) | (80297) | (52080) | 702350 |
| Buildings | 532104 | 97639 | (14271) | (45195) | (25045) | 545232 |
| Vehicles (land) | 223720 | 23502 | (821) | (36059) | (1245) | 209097 |
| Machinery and equipment | 90101 | 29864 | (2924) | (22743) | (5682) | 88616 |
| Operating plants | 19695 | 518 | (3432) | (2549) | (1932) | 12300 |
| Land | 19186 | 602 |  | (1300) | (777) | 17711 |
| Computer equipment | 15534 |  | (107) | (4401) | (1618) | 9408 |
|  | **1705710** | **206487** | **(46560)** | **(192544)** | **(88379)** | **1584714** |

---

<sup>(1)</sup> The additions have been reduced by the PIS/COFINS tax effect. The net impact is US$(2590) and US$(2522) in the consolidated total respectively as of June 30, 2025 and 2024.

<sup>(2)</sup> Of the total amount of additions, US$1,130 refers to the acquisition of JBS Terminais Ltda.

**12.2 Lease liabilities**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31,<br> 2024** |
| Undiscounted lease payments | **2201351** | 2135128 |
| Present value adjustment | **(430582)** | (401099) |
|  | **1770769** | **1734029** |
| **Breakdown:** |  |  |
| Current liabilities | **351649** | 335681 |
| Non-current liabilities | **1419120** | 1398348 |
|  | **1770769** | **1734029** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**Changes in the lease liability:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2025** | **Additions** | **Interest <br> accrual** | **Payments** | **Terminated <br> contracts** | **Exchange rate variation** | **Balance at <br> June 30,<br> 2025** |
| Lease liability | 1734029 | 153798 | 51043 | (239375) | (40914) | 112188 | **1770769** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2024** | **Additions** | **Interest <br> accrual** | **Payments** | **Terminated <br> contracts** | **Exchange rate variation** | **Balance at <br> June 30,<br> 2024** |
| Lease liability | 1841227 | 209160 | 50241 | (236030) | (52992) | (96371) | **1715235** |

---

 

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

---

| | |
|:---|:---|
|  | **June 30, <br> 2025** |
| 2026 | **256574** |
| 2027 | **229473** |
| 2028 | **187020** |
| 2029 | **161609** |
| 2030 | **137351** |
| Maturities after 2030 | **782004** |
| **Total Future Minimum Lease Payments** | **1754031** |
| Less: Imputed Interest | **(334911)** |
| **Present Value of Lease Liabilities** | **1419120** |

---

**13 Intangible assets**

**Changes in intangible assets:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2025** | **Additions<sup>(1)</sup>** | **Disposals** | **Amortization** | **Exchange rate variation** | **Balance at <br> June 30, <br> 2025** |
| **Amortizing:** | | | | | | |
| Trademarks | 293519 | 376 |  | (13717) | 29973 | **310151** |
| Software | 30611 | 4111 | (985) | (3535) | 3846 | **34048** |
| Customer relationships | 408149 | 685 |  | (33546) | 18045 | **393333** |
| Supplier contracts | 20548 |  |  | (1810) | 1731 | **20469** |
| Others | 13975 | 2263 | (3953) | (3332) | 1550 | **10503** |
| **Non-amortizing:** |  |  |  |  |  |  |
| Trademarks | 1025095 | 148 |  |  | 81689 | **1106932** |
| Water rights | 11302 |  |  |  | 165 | **11467** |
|  | **1803199** | **7583** | **(4938)** | **(55940)** | **136999** | **1886903** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> January 1, <br> 2024** | **Additions** | **Amortization** | **Exchange rate variation** | **Balance at <br> June 30, <br> 2024** |
| **Amortizing:** | | | | | |
| Trademarks | 341183 | 540 | (14798) | (11302) | **315623** |
| Software | 24941 | 16043 | (2935) | (3815) | **34234** |
| Customer relationships | 486166 |  | (36185) | (3372) | **446609** |
| Supplier contracts | 28077 |  | (1898) | (2304) | **23875** |
| Others | 1044 | 29 | (126) | (63) | **884** |
| **Non-amortizing:** |  |  |  |  |  |
| Trademarks | 1092793 | 449 |  | (33756) | **1059486** |
| Water rights | 11391 |  |  | (69) | **11322** |
|  | **1985595** | **17061** | **(55942)** | **(54681)** | **1892033** |

---

<sup>(1)</sup> Of the total amount of additions, US$2,149 refers to the acquisition of JBS Terminais Ltda.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**14 Goodwill**

Goodwill represents the positive difference between consideration paid to purchase a business and the net fair value of identifiable assets and liabilities of the acquired entity. Goodwill is recognized as an asset and included in "Goodwill" in the Statement of Financial Position. Goodwill is related to an expectation of future earnings of the acquired subsidiary after assets and liabilities are combined with the Group and cost savings resulting from synergies expected to be achieved upon the integration of the acquired business.

**Changes in goodwill:**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2024** |
| **Balance at the beginning of the period** | **5417134** | **6105020** |
| Business combinations adjustments <sup>(1)</sup> | **(1086)** |  |
| Exchange rate variation | **444182** | (387846) |
| **Balance at the end of the period** | **5860230** | **5717174** |

---

<sup>(1)</sup> Refers to the business combination adjustment for the acquisition of JBS Terminais Ltda.

---

| | | |
|:---|:---|:---|
| **CGUs** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Brazil Beef | **1662041** | 1464710 |
| Seara | **682591** | 602869 |
| USA Pork | **694534** | 694534 |
| Australia Smallgoods | **298035** | 283441 |
| Australia Meat | **269596** | 256395 |
| PPC - Fresh Poultry | **438122** | 401396 |
| PPC - Brands & Snacking | **289091** | 262431 |
| PPC - Fresh Pork/Lamb | **221041** | 202512 |
| PPC - Food Service | **188965** | 173125 |
| PPC - Meals | **64138** | 58178 |
| Other <sup>(2)</sup> | **1052076** | 1017543 |
| **Total** | **5860230** | **5417134** |

---

For the six-month period ended June 30, 2025 and for December 31, 2024 there were no indicators of impairment of goodwill within any CGU.

<sup>(1)</sup> Correspond to 13 Cash-Generating Units (CGUs) which, due to their individually immaterial values, have been grouped under the category 'Other'.

**15 Trade accounts payable and Supply chain finance**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Domestic:** | | |
| Commodities | **1534332** | 1961391 |
| Materials and services | **3183095** | 3138734 |
| Finished products | **88185** | 81608 |
| Present value adjustment | **(8725)** | (9685) |
|  | **4796887** | **5172048** |
| **Foreign:** |  |  |
| Commodities | **8352** | 20357 |
| Materials and services | **210532** | 271481 |
| Finished products | **2451** | 1627 |
|  | **221335** | **293465** |
| **Total trade accounts payable** | **5018222** | **5465513** |
| **Supply chain finance <sup>(1)</sup>** |  |  |
| Domestic | **1028012** | 718884 |
| Foreign | **4350** | 9826 |
| **Total supply chain finance** | **1032362** | **728710** |
| **Total** | **6050584** | **6194223** |

---

<sup>(1)</sup> The Group initiates transactions with financial institutions that allow the suppliers to anticipate their receivables in the domestic market. Apart from an insignificant extension of payment terms, there was no operational or commercial change in the process, and that the aforementioned discounted risk transaction does not lead to a change in the prices practiced by suppliers, maintaining the same price composition that was in place prior to the discounted risk operation by these same suppliers. Additionally, this operation did not incur any other burdens for the Group and all financial costs of the operation are the responsibility of the suppliers.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**Commitment to Purchase for Future Delivery**

The Group has commitments to purchase cattle for future delivery signed with certain suppliers, in which the Group guarantees the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. Based on these future delivery contracts, JBJ Agropecuária Ltda. has already advanced this operation with the banks under the supply chain finance method. As of June 30, 2025, the amount of this transaction was US$101,946 (US$58,944 at December 31, 2024), this operation is recognized as supply chain finance.

**16 Loans and financing**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Current** | **Current** | **Non-current** | **Non-current** |
| <br>**Type** | **Average**<br>**annual**<br>**interest rate** |<br>**Currency** |<br>**Index** | **Payment**<br>**terms / non-**<br>**current debt** | **June 30,**<br>**2025** | **December 31,**<br>**2024** | **June 30,**<br> **2025** | **December 31,**<br>**2024** |
| **Foreign currency** |  |  |  |  |  |  |  |  |
| ACC - Advances on exchange contracts | **—** | **USD** | **—** | **2025** | **—** | 1015010 | **—** |  |
| Prepayment | **—** | **USD** | **SOFR** | **2025 - 27** | **—** | 100296 | **—** |  |
| FINIMP – Import Financing | **5.46%** | **EUR** | **Euribor** | **—** | **—** | 614 | **—** |  |
| Working capital - Dollar | **6.17%** | **USD** | **SOFR** | **2030** | **1029** | 6238 | **1877** | 2223 |
| CRA - Agribusiness Credit Receivable Certificates | **5.36%** | **USD** | **—** | **2029** | **1302** | 719 | **101002** | 65189 |
| Export credit note | **6.39%** | **USD** | **SOFR** | **2025** | **105535** | 102367 | **—** |  |
| Others | **6.91%** | **Several** | **Several** | **—** | **928** | 3584 | **1799** | 1691 |
|  |  |  |  |  | **108794** | **1228828** | **104678** | **69103** |
| **Local currency** |  |  |  |  |  |  |  |  |
| FINAME | **6.00%** | **BRL** | **—** | **2025** |  | 5 |  |  |
| Notes 2.50% JBS Lux 2027 | **2.50%** | **USD** | **—** | **2027** | 11458 | 11458 | 992368 | 990319 |
| Notes 5.13% JBS Lux 2028 | **5.13%** | **USD** | **—** | **2028** | 19085 | 19085 | 890862 | 889288 |
| Notes 6.5% JBS Lux 2029 | **6.50%** | **USD** | **—** | **2029** |  | 934 |  | 69842 |
| Notes 3.00% JBS Lux 2029 | **3.00%** | **USD** | **—** | **2029** | 7399 | 7399 | 590204 | 588860 |
| Notes 5.50% JBS Lux 2030 | **5.50%** | **USD** | **—** | **2030** | 10014 | 31312 | 397269 | 1241293 |
| Notes 3.75% JBS Lux 2031 | **3.75%** | **USD** | **—** | **2031** | 1489 | 1489 | 489275 | 488985 |
| Notes 3.00% JBS Lux 2032 | **3.00%** | **USD** | **—** | **2032** | 3750 | 3750 | 983835 | 982670 |
| Notes 3.63% JBS Fin 2032 | **3.63%** | **USD** | **—** | **2032** | 16096 | 16096 | 956448 | 955546 |
| Notes 5.75% JBS Lux 2033 | **5.75%** | **USD** | **—** | **2033** | 23621 | 23621 | 1628381 | 1626266 |
| Notes 6.75% JBS Lux 2034 | **6.75%** | **USD** | **—** | **2034** | 29387 | 30068 | 1486862 | 1485757 |
| Notes 5,95% JBS USA 2035 | **5.95%** | **USD** | **—** | **2035** | 26280 | 16188 | 986631 | 887691 |
| Notes 4.38% JBS Lux 2052 | **4.38%** | **USD** | **—** | **2052** | 16188 | 8106 | 887917 | 1526099 |
| Notes 6.50% JBS Lux 2052 | **6.50%** | **USD** | **—** | **2052** | 8106 | 8038 | 1526495 | 883217 |
| Notes 7.25% JBS Lux 2053 | **7.25%** | **USD** | **—** | **2053** | 7975 |  | 883504 |  |
| Notes 6,38% JBS USA 2055 | **6.38%** | **USD** | **—** | **2055** | 21117 | 7577 | 730447 | 844203 |
| Notes 5.88% PPC 2027 | **5.88%** | **USD** | **—** | **2027** |  | 10413 |  | 892253 |
| Notes 4.25% PPC 2031 | **4.25%** | **USD** | **—** | **2031** | 7272 | 30285 | 811106 | 966001 |
| Notes 3.50% PPC 2032 | **3.50%** | **USD** | **—** | **2032** | 10408 | 4201 | 892391 | 486078 |
| Notes 6.25% PPC 2033 | **6.25%** | **USD** | **—** | **2033** | 28669 |  | 910127 |  |
| Notes 6.88% PPC 2034 | **6.88%** | **USD** | **—** | **2034** | 4297 |  | 486836 |  |
| PPC Credit Line - Term loan | **—** | **—** | **—** | **—** |  | 21789 |  | 8684 |
| Working capital - Euros | **2.58%** | **EUR** | **Euribor** | **2025 - 28** | 35657 | 858 | 8861 | 847 |
| Working capital - Pound | **—** | **—** | **—** |  |  | 9346 |  | 815 |
| Export credit note | **16.67%** | **BRL** | **CDI** | **2025 - 30** | 971 | 341493 | 561 |  |
| CDC - Direct Consumer Credit | **15.90%** | **BRL** | **—** | **2028** | 4467 |  | 144 |  |
| Livestock financing - Pre | **10.83%** | **BRL** | **—** | **2025** | 169472 | 11415 |  | 1218300 |
| CRA - Agribusiness Receivables Certificate | **7.06%** | **BRL** | **IPCA** | **2029-55** | 17251 |  | 1693490 |  |
| Credit line - Beardstown Pace | **3.65%** | **USD** | **—** | **2050** |  | 202144 |  |  |
| Commercial Paper | **5.00%** | **—** | **—** | **2025** | 404847 |  |  |  |
| Others | **4.86%** | **Several** | **Several** | **—** | 38231 | 38327 | 120801 | 140454 |
| **Total** |  |  |  |  | **923507** | **855397** | **18354815** | **17173468** |
|  |  |  |  |  | **1032301** | **2084225** | **18459493** | **17242571** |

---

**Average annual interest rate:** Refers to the weighted average nominal cost of interest at the reporting date. The loans and financings are fixed by a fixed rate or indexed to rates: CDI, TJLP (the Brazilian government's long-term interest rate), LIBOR and EURIBOR, among others.

 

The availability of revolving credit facilities for JBS USA was US$2.9 billion as of June 30, 2025 (US$2.9 billion as of December 31, 2024). In Brazil, the availability of revolving credit facilities was US$500,000 (US$500,000 at December 31, 2024).

 

![](ex99-1_002.jpg)

 

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

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

---

| | | |
|:---|:---|:---|
| **Maturity** | **June 30,<br> 2025** | **June 30,<br> 2025** |
| 2026 |  | **14,933** |
| 2027 |  | **1,015,846** |
| 2028 |  | **993,133** |
| 2029 |  | **641,313** |
| 2030 |  | **542,202** |
| Maturities after 2030 | | **15,252,066** |
|  | | **18,459,493** |

---

**16.1 Guarantees and contractual restrictions ("covenants")**

The Group was in compliance with all of its financial debt covenants restrictions as of June 30, 2025.

**17 Income and other taxes payable**

Income and other taxes payable are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Taxes payable in installments | **43884** | 44426 |
| PIS / COFINS tax payable | **18200** | 15378 |
| ICMS / VAT / GST tax payable | **42437** | 37868 |
| Withholding income taxes | **346203** | 346785 |
| IPTU and others | **78862** | 75932 |
| **Subtotal** | **529586** | **520389** |
| Income taxes payable | **127125** | 233027 |
| **Total** | **656711** | **753416** |
| **Breakdown:** |  |  |
| Current liabilities | **249240** | 346761 |
| Non-current liabilities | **407471** | 406655 |
|  | **656711** | **753416** |

---

**18 Payroll and social charges**

Payroll and social charges are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Social charges in installments | **274508** | 356545 |
| Bonus and vacation along with related social charges | **804589** | 804551 |
| Salaries and related social charges | **543518** | 561990 |
| Others | **14314** | 65383 |
|  | **1636929** | **1788469** |
| **Breakdown:** |  |  |
| Current liabilities | **1369721** | 1435751 |
| Non-current liabilities | **267208** | 352718 |
|  | **1636929** | **1788469** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**19 Provisions for legal proceedings**

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

**Breakdown:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2024** |
| Current liabilities |  | **158,631** |  | 280804 |
| Non-current liabilities | | **210,690** | | 216,659 |
|  | | **369,321** | | **497,463** |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Labor | **99326** | 87127 |
| Civil | **219875** | 340644 |
| Tax and Social Security | **50120** | 69692 |
| **Total** | **369321** | **497463** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Labor** | **Civil** | **Tax and Social<br> Security** | **Total** | **Labor** | **Civil** | **Tax and Social<br> Security** | **Total** |
| Brasil | 99271 | 61226 | 49359 | **209856** | 87075 | 59796 | 68516 | **215387** |
| USA |  | 158631 |  | **158631** |  | 280804 |  | **280804** |
| Others jurisdictions | 55 | 18 | 761 | **834** | 52 | 44 | 1176 | **1272** |
| **Total** | **99326** | **219875** | **50120** | **369321** | **87127** | **340644** | **69692** | **497463** |

---

**19.1 - Labor - Changes in provisions:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **Balance at<br> January 1,<br> 2025** | **Additions,<br> reversals and<br> changes in<br> estimates** | **Payments** | **Indexation** | **Exchange rate<br> variation** | **Balance at<br> June 30, <br> 2025** |
| Brazil | 87075 | 25136 | (29560) | 4872 | 11748 | 99271 |
| Other jurisdictions | 52 | (3) |  |  | 6 | 55 |
| **Total** | **87127** | **25133** | **(29560)** | **4872** | **11754** | **99326** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **Balance at<br> January 1,<br> 2024** | **Additions,<br> reversals and<br> changes in<br> estimates** | **Payments** | **Indexation** | **Exchange rate<br> variation** | **Balance at<br> June 30,<br> 2024** |
| Brazil | 107940 | 34000 | (34795) | 2538 | (14009) | 95674 |
| Other jurisdictions | 64 | (594) | 790 | (99) | (42) | 119 |
| **Total** | **108004** | **33406** | **(34005)** | **2439** | **(14051)** | **95793** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**19.2 - Civil - Changes in provisions:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **Balance at<br> January 1,<br> 2025** | **Additions,<br> reversals and<br> changes in<br> estimates** | **Payments** | **Indexation** | **Exchange rate<br> variation** | **Balance at<br> June 30,<br> 2025** |
| Brazil | 59796 | 5202 | (14978) | 3446 | 7760 | 61226 |
| USA | 280804 | 139038 | (261211) |  |  | 158631 |
| Other jurisdictions | 44 | (2) | (24) |  |  | 18 |
| **Total** | **340644** | **144238** | **(276213)** | **3446** | **7760** | **219875** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **Balance at<br> January 1,<br> 2024** | **Additions,<br> reversals and<br> changes in<br> estimates** | **Payments** | **Indexation** | **Exchange rate<br> variation** | **Balance at<br> June 30,<br> 2024** |
| Brazil | 73502 | 11340 | (11000) | 4153 | (9876) | 68119 |
| USA | 197440 | 80276 | (11090) |  | (36) | 266590 |
| Other jurisdictions | 47 | (541) | 299 | (113) | 350 | 42 |
| **Total** | **270989** | **91075** | **(21791)** | **4040** | **(9562)** | **334751** |

---

**Civil legal proceedings (probable loss):**

<u>United States</u>

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

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

**19.3 - Tax and Social Security - Changes in provision:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **Balance at<br> January 1,<br> 2025** | **Additions,<br> reversals and<br> changes in<br> estimates** | **Payments** | **Indexation** | **Exchange rate<br> variation** | **Balance at<br> June 30,<br> 2025** |
| Brazil | 68516 | (20130) | (2104) | (5135) | 8212 | 49359 |
| Other jurisdictions | 1176 | (38) | (508) |  | 131 | 761 |
| **Total** | **69692** | **(20168)** | **(2612)** | **(5135)** | **8343** | **50120** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **Balance at<br> January 1,<br> 2024** | **Additions,<br> reversals and<br> changes in<br> estimates** | **Payments** | **Indexation** | **Exchange rate<br> variation** | **Balance at<br> June 30,<br> 2024** |
| Brazil | 133006 | (13670) | (1674) | 6636 | (16464) | 107834 |
| Other jurisdictions | 1394 | 4381 | 14 | (4730) | (460) | 599 |
| **Total** | **134400** | **(9289)** | **(1660)** | **1906** | **(16924)** | **108433** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**Legal proceedings (possible loss):**

In the six-month period ended June 30, 2025, the Company did not identify significant changes in the estimates of range of loss related to legal provisions which the probability of loss is considered possible

**●** **Brazil** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>a. Profits abroad</u>

Between the calendar years 2006 and 2018, the Group was subject to assessments arising from tax charges on profits earned abroad that were supposed to be included in the IRPJ and CSLL calculation basis, also including invoices disallowances paid by investees abroad, on the grounds that they could not have been used to offset IRPJ and CSLL due in Brazil. These charges also involve the imposition of officio fines, isolated fines and interest. The Group clarifies that a large part of the collection of IRPJ and CSLL on profits from abroad refers to profits from investees located in jurisdictions with which Brazil has agreements to avoid double taxation. In addition, a relevant part of the charge covers the discussion regarding the formal requirements demanded by the inspection authorities for the purposes of consolidating the results abroad of its direct or indirect investees, and it is certain that the Group disagrees with the criteria applied by the inspection authorities and has submitted a defense. For almost all of the debts, the Group is defending itself at the administrative level and is awaiting judgment. The Company assessed the relevant tax rulings, verifying any divergences in relation to the tax positions adopted by the Group. Based on this analysis, and taking into account legal opinions and applicable jurisprudence, the Group has a provision in the total amount of US$748 million, referring to the divergence of positions on the taxation of profits of affiliates abroad in countries with international agreements recorded and reducing the heading of recoverable taxes, reflecting the probability of future realization of these amounts.

**20 Equity**

**a.** **Share capital:** On June 30, 2025, the Company's share capital consisted of 814,216,001 class A common
shares and 294,842,184 class B common shares, totaling US$35,114. (US$13,177,841 on December 31, 2024)

**b.** **Capital reserve:** On June 30, 2025, the Company's capital reserve amounted to US$7,312,938 (US$(180,586) on December 31,
2024).

During the fiscal year 2025, the following capital transactions occurred:

---

| | |
|:---|:---|
| **b.1.** | **Share Premium Distribution:** On May 9, 2025, the shareholders approved a distribution from the share premium account in the amount of US$193,432. On June 15, 2025, an additional distribution from the share premium account was approved in the amount of US$193,572. |

---

---

| | |
|:---|:---|
| **b.2.** | **Cancellation of Class B Shares:** On May 20, 2025, by shareholders' resolution of JBS N.V., the share capital reduction was approved through the cancellation of 3,468,538 Class B shares held by J&F Investments Luxembourg S.à r.l., without any financial compensation |

---

---

| | |
|:---|:---|
| **b.3.** | **Contribution of Shares:** On May 22, 2025, within the scope of the Dual Listing transaction, the contribution by JBS N.V. of 572,981,486 Class A shares, which were held in treasury, to JBS Participações Societárias S.A., at the book value of JBS S.A.'s shares, was approved. |

---

---

| | |
|:---|:---|
| **b.4.** | **Merger of Shares:** On May 23, 2025, the following resolutions were approved: (i) the merger, by JBS Participações Societárias S.A., of the JBS S.A. shares held by the minority shareholders (free float), representing 51.2% of JBS S.A.'s share capital; and (ii) the issuance, by JBS Participações Societárias S.A., of 572,981,486 mandatory redeemable preferred shares (MRPS), in the total amount of U$4 billion, based on JBS S.A.'s book value as of the transaction date, with U$0.18 allocated to share capital and the remainder to share premium. |

---

---

| | |
|:---|:---|
| **b.5.** | **Redemption of Shares:** On May 23, 2025, the full redemption of JBS Participações Societárias S.A.'s MRPS held by minority shareholders was approved, to be settled through the delivery of BDRs to such shareholders. |

---

---

| | |
|:---|:---|
| **b.6.** | **Common Share Contribution:** On May 23, 2025, J&F Investments Luxembourg S.à r.l. contributed 522,224,559 common shares of JBS Participações Societárias S.A., in the amount of U$1.8 billion, to share premium. |

---

---

| | |
|:---|:---|
| **b.7.** | **Repurchase of Class A Shares:** On June 12, 2025, the repurchase of 19,669,712 class A shares was approved, at no cost to the Company, in the amount of US$192. |

---

**c.** **Dividends:** On March 14, 2025, PPC announced that its Board of Directors had approved
the distribution of a special cash dividend in the amount of US$6.30 per share. The payment, totaling US$1.5 billion, was made on April
17, 2025, to shareholders. Of this total, US$260.3 million was allocated to non-controlling shareholders.

On July 30, 2025, PPC announced that its Board of Directors had approved the distribution of a special cash dividend in the amount of US$2.10 per share. The payment, totaling approximately US$500.0 million, is scheduled to be made on September 3, 2025, to shareholders of record as of August 20, 2025.

**d.** **Non-controlling interest:** Material non-controlling
 interest as of June 30, 2025 consisted of the 17.7% (17.6% as of December 31, 2024), of PPC
 common stock not owned by JBS USA. JBS USA's voting rights in PPC are limited to 82.3%
 as of June 30, 2025 (82.4% as of December 31, 2024) of the total. The profit allocated to
 the PPC non-controlling interest was US$121,062 and US$91,926 for the six-month period ended
 June 30, 2025 and 2024, respectively. The accumulated non-controlling interest in PPC was
 US$800,174 as of June 30, 2025 (US$880,810 as of December 31, 2024). For the six-month
period ended June 30, 2025, purchase of treasury stock by PPC was nil (nil for the six-month period ended June 30, 2024). Below are the
PPC total net sales, net income, cash provided by operations, total assets and total liabilities for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Net Revenue |  | **9,220,374** |  | 8921248 |
| Net Income |  | **652,352** |  | 501461 |
| **Net cash provided by operating activities** |  | **622,103** |  | 989656 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Total assets | **10118666** | 10650576 |
| Total liabilities | **6366130** | 6397180 |
| Total equity | **3752536** | 4253396 |

---

**21 Net revenue**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Domestic sales | **30274385** | 27837233 | **15665322** | 14364749 |
| Export sales | **10249791** | 9445646 | **5332334** | 4919418 |
| **Net revenue** | **40524176** | **37282879** | **20997656** | **19284167** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**21.1 Contract balances - Advances from customer**

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **June 30,<br> 2025** | **December 31, 2024** |
| Trade accounts receivable | 4 | **3653475** | 3735540 |
| Contract liabilities |  | **(304121)**  | (151947) |
| **Total customer contract revenue** |  | **3349354** | **3583593** |

---

**22 Net finance expense**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Exchange rate variation | **56817** | 153386 | **4974** | 75499 |
| Fair value adjustments on derivatives | **9592** | (408570) | **(10634)** | (332476) |
| Interest expense <sup>(1)</sup> | **(792994)** | (851675) | **(378255)** | (431958) |
| Interest income <sup>(2)</sup> | **228053** | 210733 | **64463** | 120396 |
| Bank fees and others | **(69418)** | (52237) | **(56952)** | (31079) |
|  | **(567950)** | **(948363)** | **(376404)** | **(599618)** |
| Finance income | **305097** | 364119 | **69437** | 195895 |
| Finance expense | **(873047)** | (1312482) | **(445841)** | (795513) |
|  | **(567950)** | **(948363)** | **(376404)** | **(599618)** |

---

<sup>(1)</sup> For the six-month period ended June 30, 2025, the amount of US$604,835 (US$592,051 for the six-month period ended June 30, 2024) refers to interest expenses from loans and financings.

<sup>(2)</sup> For the six-month period ended June 30, 2025, the amount of US$96,560 (US$54,746 for the six-month period ended June 30, 2024) refers to interest income from short-term investments.

**23 Earnings (loss) per share**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** |
|  | **2025** | **2024 <sup>(1)</sup>** | **2025** | **2024 <sup>(1)</sup>** |
| **Net income attributable to Company shareholders** | **1028303** | **661097** | **528079** | **328770** |
| **Weighted average - common shares outstanding** | **1109058185** | **1109058185** | **1109058185** | **1109058185** |
| **Basic and diluted earnings (loss) per share - (US$)** | **0.93** | **0.60** | **0.48** | **0.30** |

---

<sup>(1)</sup> The weighted average number of common shares outstanding for 2024 was retrospectively adjusted to reflect the 2025 share structure for comparability.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**24 Operating segments**

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

Adjusted EBITDA consists of profit or loss before taxes, applying the same accounting policies described in these financial statements, except for the following adjustments as described below: exclusion of profit sharing from equity investments, net of taxes; exclusion of financial income and expenses, exclusion of depreciation and amortization expenses, exclusion of expenses with antitrust agreements; exclusion of donations and social programs expenses; exclusion impairment of assets; exclusion of restructuring; exclusion of fiscal payments and installments; exclusion of avian influenza; and exclusion of certain other operating income (expense), net.

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

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

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

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

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

**Australia:** Our Australia 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). We also sell 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). We also operate lamb, pork, and fish, processing facilities in Australia and New Zealand, including the recently acquired 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.

**Others:** includes certain operations not directly attributable to the primary segments, such as corporate expenses, international leather operations and other operations in Europe.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

There are no revenues arising out of transactions with any single customer that represents 5% or more of the total revenues.

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

The information by operational segment are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** |
|  | **Brazil** | **Seara** | **Beef North America** | **Pork USA** | **Pilgrim's Pride** | **Australia** | **Others** | **Total reportable segments** | **Elimination (\*)** | **Total** |
| Net revenue | **6750735** | **4316576** | **13226685** | **4060749** | **9214004** | **3594319** | **323992** | **41487060** | **(962884)** | **40524176** |
| Adjusted EBITDA<sup>(1)</sup> | **359652** | **817485** | **(333457)** | **500901** | **1477940** | **450534** | **8296** | **3281351** | **—** | **3281351** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** |
|  | **Brazil** | **Seara** | **Beef North America** | **Pork USA** | **Pilgrim's Pride** | **Australia** | **Others** | **Total reportable segments** | **Elimination (\*)** | **Total** |
| Net revenue | 5853896 | 4305590 | 11573513 | 4072239 | 8913876 | 3098047 | 260520 | **38077681** | (794802) | **37282879** |
| Adjusted EBITDA<sup>(1)</sup> | 356195 | 627749 | 19184 | 553553 | 1283399 | 349728 | 3693 | **3193501** | (1324) | **3192177** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** |
|  | **Brazil** | **Seara** | **Beef North America** | **Pork USA** | **Pilgrim's Pride** | **Australia** | **Others** | **Total reportable segments** | **Elimination (\*)** | **Total** |
| Net revenue | **3580753** | **2166108** | **6805075** | **2059086** | **4754582** | **1972790** | **205626** | **21544020** | **(546364)** | **20997656** |
| Adjusted EBITDA<sup>(1)</sup> | **228574** | **391792** | **(232984)** | **253599** | **817739** | **290179** | **4725** | **1753624** | **—** | **1753624** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** |
|  | **Brazil** | **Seara** | **Beef North America** | **Pork USA** | **Pilgrim's Pride** | **Australia** | **Others** | **Total reportable segments** | **Elimination (\*)** | **Total** |
| Net revenue | 2980000 | 2222493 | 5992414 | 2161888 | 4555765 | 1651683 | 96065 | **19660308** | (376141) | **19284167** |
| Adjusted EBITDA<sup>(1)</sup> | 226310 | 387091 | 28996 | 240257 | 782752 | 225760 | 3679 | **1894845** | (645) | **1894200** |

---

<sup>(\*)</sup> Includes intercompany and intersegment transactions.

<sup>(1)</sup> The Adjusted EBITDA is reconciled with the consolidated profit (loss) before taxes, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Profit before taxes | **1430601** | 904618 | **736497** | 536969 |
| Share of profit of equity-accounted investees, net of tax | **(10556)** | 4128 | **(7821)** | (2404) |
| Net finance expense | **567950** | 948363 | **376404** | 599618 |
| Depreciation and amortization | **1100838** | 1090778 | **565194** | 546272 |
| Antitrust agreements <sup>(1)</sup> | **133638** | 80277 | **54090** | 75585 |
| Donations and social programs <sup>(2)</sup> | **1132** | 14580 | **605** | 4785 |
| Impairment of assets <sup>(3)</sup> | **12767** |  | **7105** |  |
| Restructuring <sup>(4)</sup> | **21538** | 52156 | **4536** | 37199 |
| Rio Grande do Sul claim <sup>(5)</sup> | **—** | 6221 | **—** | 6221 |
| Fiscal payments and installments <sup>(6)</sup> | **2378** | 81766 | **2378** | 81766 |
| Avian influenza <sup>(7)</sup> | **5612** |  | **5612** |  |
| Other operating income (expense), net <sup>(8)</sup> | **15453** | 9290 | **9024** | 8189 |
| **Total Adjusted EBITDA** | **3281351** | **3192177** | **1753624** | 1894200 |
| Reversal of elimination | **—** | 1324 | **—** | 645 |
| **Total Adjusted EBITDA for reportable segments** | **3281351** | **3193501** | **1753624** | **1894845** |

---

<sup>(1)</sup> Refers to the Agreements entered by JBS USA and its subsidiaries as described in Note 19 – Provisions for legal proceedings.

<sup>(2)</sup> Refers to the donations, substantially composed of the Fundo Amazônia.

<sup>(3)</sup> This mainly refers to the impairment of fixed assets and the impairment of recoverable tax credits.

<sup>(4)</sup> Refers to the project implementation of multiple restructuring initiatives mainly in the indirect subsidiary Pilgrim's Pride Corporation (PPC), which are registered as Other expenses, as well as other non-significant restructuring projects that are registered as General and administrative expenses.

<sup>(5)</sup> Refers to the claim resulting from flooding that occurred in Rio Grande do Sul.

<sup>(6)</sup> Refers to the special payment program for the installment of tax proceedings with exemption from fines and reduction of interest.

<sup>(7)</sup> Refers to the impacts related to avian influenza incurred by the indirect subsidiary Seara Alimentos Ltda.

<sup>(8)</sup> Refers to several adjustments basically in JBS USA's jurisdiction such as third-party advisory expenses related to acquisitions, insurance recovery, among others.

 ![](ex99-1_002.jpg)

 

 

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

 

Below is net revenue and total assets based on geography, presented for supplemental information.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** |
|  | **North and Central America <sup>(2)</sup>** | **South America** | **Australia** | **Europe** | **Others** | **Total** | **Intercompany elimination <sup>(1)</sup>** | **Total** |
| Net revenue | **24088214** | **11233485** | **3158731** | **3125191** | **186603** | **41792224** | (1268048) | **40524176** |
| Total assets | **17010909** | **14988341** | **3909207** | **5433587** | **294381** | **41636425** | 180067 | **41816492** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** |
|  | **North and Central America <sup>(2)</sup>** | **South America** | **Australia** | **Europe** | **Others** | **Total** | **Intercompany elimination <sup>(1)</sup>** | **Total** |
| Net revenue | 21983600 | 10289621 | 2821643 | 2981113 | 176250 | **38252227** | (969348) | **37282879** |
| Total assets | 17550611 | 15737081 | 3951588 | 5290879 | 276458 | **42806617** | (3308904) | **39497713** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** |
|  | **North and Central America <sup>(1)</sup>** | **South America** | **Australia** | **Europe** | **Others** | **Total** | **Intercompany elimination** | **Total** |
| Net revenue | **12392860** | **5831776** | **1722484** | **1663479** | **96344** | **21706943** | (709287) | **20997656** |
| Total assets | **17010909** | **14988341** | **3909207** | **5433587** | **294381** | **41636425** | 180067 | **41816492** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** |
|  | **North and Central America <sup>(1)</sup>** | **South America** | **Australia** | **Europe** | **Others** | **Total** | **Intercompany elimination** | **Total** |
| Net revenue | 11415110 | 5266931 | 1504948 | 1518072 | 95241 | **19800302** | (516135) | **19284167** |
| Total assets | 17550611 | 15737081 | 3951588 | 5290879 | 276458 | **42806617** | (3308904) | **39497713** |

---

<sup>(1)</sup> Includes intercompany transactions between the segments.

<sup>(2)</sup> Including the holdings located in Europe that are part of the North American operation.

**25 Expenses by nature**

Expenses by nature are disclosed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** | **Three-month period ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Cost of sales** |  |  |  |  |
| Cost of inventories, raw materials and production inputs | **(29836843)** | (26897240) | **(15491919)** | (13760826) |
| Salaries and benefits | **(4254601)** | (4087016) | **(2171885)** | (2063933) |
| Depreciation and amortization | **(975660)** | (966943) | **(501331)** | (486038) |
|  | **(35067104)** | **(31951199)** | **(18165135)** | **(16310797)** |
| **Selling** |  |  |  |  |
| Freight and selling expenses | **(1859317)** | (1842841) | **(928732)** | (925351) |
| Salaries and benefits | **(275275)** | (161202) | **(142626)** | (81605) |
| Depreciation and amortization | **(37148)** | (27716) | **(18675)** | (14016) |
| Advertising and marketing | **(177566)** | (152394) | **(99754)** | (75757) |
| Net impairment losses (recovery) | **(5890)** | (4245) | **4669** | (1804) |
| Commissions | **(39441)** | (32870) | **(21922)** | (17614) |
|  | **(2394637)** | **(2221268)** | **(1207040)** | **(1116147)** |
| **General and administrative** |  |  |  |  |
| Salaries and benefits | **(538313)** | (613514) | **(255451)** | (305568) |
| Fees, services held and general expenses | **(310933)** | (420489) | **(163533)** | (263863) |
| Depreciation and amortization | **(88030)** | (96120) | **(45188)** | (46218) |
| DOJ and Antitrust agreements | **(133638)** | (80277) | **(54090)** | (75585) |
| Donations and social programs <sup>(1)</sup> | **(7797)** | (14580) | **(4022)** | (4785) |
|  | **(1078711)** | **(1224980)** | **(522284)** | **(696019)** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

For the six-month period ended June 30, 2025, the Company incurred expenses with internal research and development, in the amount of US$1,189 (US$2,912 for the six-month period ended June 30, 2024).

For the six-month period ended June 30, 2025 and 2024, other income (expenses) includes gain (losses) of sale of assets, insurance recovery, asset impairment expenses, restructuring expenses, among others.

**** 

**25.1 Other income and other expenses**

Other income: For the six-month period ended June 30, 2025,the Company has recorded in other income the amount of US$48,070 (US$38,454 for the six-month period ended June 30, 2024), which mainly refers to the gain on the sale of assets totaling US$18,947 (US$5,748 for the six-month period ended June 30, 2024), tax refunds and extemporaneous tax credits totaling US$4,083 (US$4,871 for the six-month period ended June 30, 2024) and rental income totaling US$1,857 (US$1,592 for the six-month period ended June 30, 2024) among other non-significant items.

Other expenses: For the six-month period ended June 30, 2025, the Company has recorded in other expenses the amount of US$43,799 (US$66,777 six-month period ended June 30, 2024), which mainly refers to restructuring expenses totaling US$22,920 (US$51,234 for the six-month period ended June 30, 2024), loss on sale of assets totaling US$4,639 (US$11,458) for the six-month period ended June 30, 2024) and other miscellaneous items.

**Restructuring related expenses**

For the six-month period ended June 30, 2025 the Group recognized US$21,538 (US$52,156 for the six-month period ended June 30, 2024), related to restructuring expenses, of which US$20,111 relates to the subsidiary PPC, as described below.

In 2022, PPC began restructuring initiatives in its European operations. Additional restructuring initiatives also commenced in 2023 and 2024. The purpose of the ongoing restructuring activities is to integrate central operations and reallocate processing capacities between production facilities resulting in closures of some facilities in the European operations.

The following table provides a summary of PPC's estimates of timelines and costs associated with these restructuring initiatives by major type of cost:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pilgrim's**<br> **Food Masters** | **Pilgrim's**<br> **Europe Central** | **Total** |
| Earliest implementation date | April 2024 | January 2024 |  |
| Expected predominant completion date | March 2025 | June 2025 |  |
| **Costs incurred and expected to be incurred:** |  |  |  |
| Employee-related costs | 19848 | 52191 | 72039 |
| Asset impairment costs | 10887 | 1852 | 12739 |
| Contract termination costs | 855 | 1747 | 2602 |
| Other exit and disposal costs <sup>(1)</sup> | 9869 | 4221 | 14090 |
| **Total exit and disposal costs** | **41459** | **60011** | **101470** |
| **Costs incurred since earliest implementation date:** |  |  |  |
| Employee-related costs | 19848 | 43423 | 63271 |
| Asset impairment costs | 10887 | 1852 | 12739 |
| Contract termination costs | 855 | 1747 | 2602 |
| Other exit and disposal costs <sup>(1)</sup> | 9869 | 4221 | 14090 |
| **Total exit and disposal costs** | **41459** | **51243** | **92702** |

---

<sup>(1)</sup> Comprised of other costs directly related to the restructuring initiatives, including maintenance costs and Pilgrim's Food Masters consulting fees.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

During the six-month periods ended June 30, 2025 and 2024, PPC recognized the following expenses and paid the following cash related to each restructuring initiative:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six-month period ended in June 30, 2024** | **Six-month period ended in June 30, 2024** | **Six-month period ended in June 30, 2024** |
|  | **Provisions** | **Expenses** | **Cash Outlays** |
| Pilgrim's Food Masters | 2643 | (607) | (1966) |
| Pilgrims Europe Central | 6506 | 3895 | (13286) |
| Previous programs substantially completed |  | 837 | (2385) |
| **Total** | **9149** | **4125** | **(17637)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six-month period ended in June 30, 2025** | **Six-month period ended in June 30, 2025** | **Six-month period ended in June 30, 2025** |
|  | **Provisions** | **Expenses** | **Cash Outlays** |
| Pilgrim's Food Masters | 10047 | 19652 | 9974 |
| Pilgrims Europe Central | 2732 | 24172 | 19491 |
| Previous programs substantially completed | 3234 | 7410 | 1363 |
| **Total** | **16013** | **51234** | **30828** |

---

The following table reconciles liabilities and reserves associated with each restructuring initiative from December 31, 2024 to June 30, 2025 and from December 31, 2023 to December 31, 2024. Ending liability balances for employee termination benefits and other charges are reported in accrued payroll and social charges in the Consolidated Statements of financial position. The ending reserve balance for inventory adjustments is reported in inventories, net in the Consolidated Statements of financial position. The ending reserve balance for asset impairments is reported in property, plant and equipment, net in the Consolidated Statements of financial position.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Liability reserve as<br> of December 31,<br> 2024** | **Restructuring<br> charges incurred** | **Cash payments<br> and disposals** | **Currency<br> translation** | **Liability reserve as<br> of June 30,<br> 2025** |
| Severance | 4443 | 14392 | (13564) | 1027 | 6298 |
| Contract termination | 1513 | 2107 | (3144) | 233 | 709 |
| Asset impairment | 91 | 73 | (169) | 5 |  |
| Other | 4930 | 2702 | (5811) | 321 | 2142 |
| **Total** | **10977** | **19274** | **(22688)** | **1586** | **9149** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Liability reserve as<br> of December 31,<br> 2023** | **Restructuring<br> charges incurred** | **Cash payments<br> and disposals** | **Currency<br> translation** | **Liability reserve as<br> of June 30,<br> 2024** |
| Severance | 2537 | 34158 | (25206) | (119) | 11370 |
| Contract termination | 1597 | 928 | (1933) | (6) | 586 |
| Asset impairment | 1995 | 13553 | (15530) | (18) |  |
| Other | 4109 | 2595 | (2614) | (33) | 4057 |
| **Total** | **10238** | **51234** | **(45283)** | **(176)** | **16013** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**26 Risk management and financial instruments**

**Financial instruments:**

Financial instruments are recognized in the unaudited condensed consolidated financial statements as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **June 30,<br> 2025** | **December 31, <br> 2024** |
| **Assets** |  | | |
| **Fair value through profit or loss** <sup>(1)</sup>** |  | | |
| Financial investments | 3 | **1292970** | 3350654 |
| National treasury bills | 3 | **115668** | 97531 |
| Derivative assets |  | **187159** | 84468 |
| **Amortized cost** <sup>(2)</sup>** |  |  |  |
| Cash at banks | 3 | **1190712** | 2197822 |
| Margin cash | 3 | **368639** | 104220 |
| Trade accounts receivable | 4 | **3653475** | 3735540 |
| Related party receivables | 8 | **—** | 77355 |
| **Total** |  | **6808623** | **9647590** |
| **Liabilities** |  |  |  |
| **Amortized cost** |  |  |  |
| Loans and financing | 16 | **(19491794)** | (19326796) |
| Trade accounts payable and supply chain finance | 15 | **(6050583)** | (6194223) |
| Debits with related party | 8 | **(230730)** |  |
| Lease | 11.2 | **(1770769)** | (1734029) |
| Other financial liabilities |  | **(33286)** | (56872) |
| **Fair value through profit or loss** |  |  |  |
| Derivative liabilities |  | **(473732)** | (266066) |
| **Total** |  | **(28050894)** | **(27577986)** |

---

<sup>(1)</sup> CDBs are updated at the contractual rate but have a short-term and the counterparties are financial institutions, and their carrying amount is approximate to fair value; (ii) national treasury bill are measured at fair value.

<sup>(2)</sup> Loans and receivables are classified as amortized cost. The trade accounts receivable are short-term and net of expected losses.

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

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

Level 2 - Inputs other than Level 1, in which prices are quoted for similar assets and liabilities, either directly by obtaining prices in active markets or indirectly through valuation techniques that use data from active markets;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Total** | **Level 1** | **Level 2** | **Total** |
| **Financial assets** | | | | | | |
| Financial investments | **—** | **1292970** | **1292970** |  | 3350654 | **3350654** |
| National treasury bills | **115668** | **—** | **115668** | 97.531 |  | **97.531** |
| Derivative assets | **—** | **187159** | **187159** |  | 84468 | **84468** |
| **Financial liabilities** |  |  |  |  |  |  |
| Derivative liabilities | **—** | **473732** | **473732** |  | 266066 | **266066** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**Fair value of assets and liabilities carried at amortized cost:** The fair value of the Notes, are estimated using the closing sale price of these securities informed by a financial newswire on June 30, 2025 and December 31, 2024, considering there is an active market for these financial instruments. The book value of the remaining fixed-rate loans approximates fair value since the interest rate market, the Group's credit quality, and other market factors have not significantly changed since entering into the loans. The book value of variable-rate loans and financings approximates fair value given the interest rates adjust for changes in market conditions and the quality of the Group's credit rating has not substantially changed. For all other financial assets and liabilities, book value approximates fair value due to the short duration of the instruments. The following details the estimated fair value of notes:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Description** | **Principal** | **Price (% of the<br> Principal)** | **Fair value** | **Principal** | **Price (% of the<br> Principal)** | **Fair value** |
| Notes 2.50% JBS Lux 2027 | **1000000** | 97.10% | **971030** | 1000000 | 94.98% | 949770 |
| Notes 5.13% JBS Lux 2028 | **899740** | 101.49% | **913155** | 899740 | 99.50% | 895205 |
| Notes 3.00% JBS Lux 2029 | **599957** | 94.94% | **569581** | 599957 | 91.20% | 547161 |
| Notes 6.5% JBS Lux 2029 | **—** | **—** | **—** | 69906 | 100.52% | 70273 |
| Notes 5.5% JBS Lux 2030 | **399685** | 102.33% | **408994** | 1249685 | 99.77% | 1246786 |
| Notes 3.75% JBS Lux 2031 | **493000** | 93.28% | **459875** | 493000 | 88.93% | 438435 |
| Notes 3.00% JBS Lux 2032 | **1000000** | 87.35% | **873480** | 1000000 | 83.22% | 832210 |
| Notes 3.625% JBS Lux 2032 | **968780** | 91.27% | **884196** | 968780 | 87.96% | 852178 |
| Notes 5.75% JBS Lux 2033 | **1661675** | 102.54% | **1703882** | 1661675 | 99.54% | 1654048 |
| Notes 6.75% JBS Lux 2034 | **1507046** | 108.70% | **1638084** | 1507046 | 105.85% | 1595148 |
| Notes 5,95% JBS USA 2035 | **1000000** | 103.25% | **1032550** | **—** | **—** | **—** |
| Notes 4.375% JBS Lux 2052 | **900000** | 76.72% | **690498** | 900000 | 110.50% | 994482 |
| Notes 6.50% JBS Lux 2052 | **1548000** | 102.87% | **1592474** | 1548000 | 101.53% | 1571731 |
| Notes 7.25% JBS Lux 2053 | **900000** | 111.81% | **1006317** | 900000 | 74.94% | 674487 |
| Notes 6,375% JBS USA 2055 | **750000** | 101.42% | **760688** | **—** | **—** | **—** |
| Notes 4.25% PPC 2031 | **821313** | 96.46% | **792198** | 855725 | 92.24% | 789303 |
| Notes 3.5% PPC 2032 | **899600** | 89.91% | **808803** | 900000 | 86.34% | 777033 |
| Notes 6.25% PPC 2033 | **922521** | 105.36% | **971977** | 980000 | 102.16% | 1001178 |
| Notes 6.875% PPC 2034 | **500001** | 109.20% | **545985** | 500000 | 106.73% | 533650 |
|  | **16771318** |  | **16623767** | **16033514** |  | **15423078** |

---

**Risk management:**

The Group during the regular course of its operations is exposed to a variety of financial risks that include the effects of changes in market prices, (including foreign exchange, interest rate risk and commodity price risk), credit risk and liquidity risk. Such risks are fully disclosed in the last annual financial statements. There were no changes in the nature of these risks in the current period.

Below are the risks and operations to which the Group is exposed and a sensitivity analysis for each type of risk, consisting in the presentation of the effects in the finance income (expense), net, when subjected to possible changes, 50% and 100%,, 25% and 50%, of 15% to 30%, in the relevant variables for each risk. For each probable scenario, the Group utilizes the Value at Risk Methodology (VaR),for the confidence interval (C.I.) of 99% and a horizon of one day.

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**a. Interest rate risk**

The quantitative data referring to the risk of exposure to the Group's interest rates on June 30, 2025 and December 31, 2024, are in accordance with the Financial and Commodity Risk Management Policy of the Group and are representative of the exposure incurred during the period. The main exposure to financial risks as of June 30, 2025 and December 31, 2024 are shown below:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **Net exposure to the CDI rate:** | | |
| CDB-DI (Bank certificates of deposit) | **698424** | 760300 |
| Margin cash | **366925** | 104000 |
| Related party transactions | **(167770)** | 527 |
| Credit note - export | **(1532)** | (1704) |
| National treasury bills | **70953** | 58757 |
| **Subtotal** | **967000** | **921880** |
| Derivatives (Swap) | **(1174004)** | (1285134) |
| **Total** | **(207004)** | **(363254)** |
| **Net exposure to the IPCA rate:** |  |  |
| CDB-DI (Bank certificates of deposit) | **—** |  |
| Margin cash | **1714** | 3867 |
| Related party transactions | **(62960)** | 77355 |
| Treasury bills | **44714** | 35127 |
| CRA - Agribusiness Credit Receivable Certificates | **(1656266)** | (1163028) |
| **Subtotal** | **(1672798)** | **(1046679)** |
| Derivatives (Swap) | **1067097** | 1150685 |
| **Total** | **(605701)** | **104006** |
| **Liabilities exposure to the SOFR rate:** |  |  |
| Export credit note | **(105535)** | (102367) |
| Prepayment | **—** | (100296) |
| Prepayment - exchange agreement | **(2906)** | (2599) |
| **Total** | **(108441)** | **(205262)** |

---

**Sensitivity analysis as of June 30, 2025:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (I) VaR 99% C.I. <br> 1 day** | **Scenario (I) VaR 99% C.I. <br> 1 day** | **Scenario (II) Interest rate <br> variation - 50%** | **Scenario (II) Interest rate <br> variation - 50%** | **Scenario (III) Interest rate <br> variation - 100%** | **Scenario (III) Interest rate <br> variation - 100%** |
| <br>**Contracts exposure** | <br>**Risk** |<br>**Current scenario** | **Rate** | **Effect on income** | **Rate** | **Effect on income** | **Rate** | **Effect on <br> income** |
| CDI | Decrease | 14.90% | 14.81% | 175 | 22.35% | (14853) | 29.80% | (29706) |
|  |  |  |  | **175** |  | **(14853)** |  | **(29706)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (I) VaR 99% C.I.<br> 1 day** | **Scenario (I) VaR 99% C.I.<br> 1 day** | **Scenario (II) Interest rate <br> variation - 25%** | **Scenario (II) Interest rate <br> variation - 25%** | **Scenario (III) Interest rate <br> variation - 50%** | **Scenario (III) Interest rate <br> variation - 50%** |
| <br>**Contracts exposure** | <br>**Risk** |<br>**Current scenario** | **Rate** | **Effect on income** | **Rate** | **Effect on income** | **Rate** | **Effect on <br> income** |
| IPCA | Increase | 5.32% | 5.33% | (41) | 6.65% | (7759) | 7.98% | (15518) |
| SOFR | Increase | 4.45% | 4.46% | (6) | 5.56% | (1162) | 6.68% | (2324) |
|  |  |  |  | **(47)** |  | **(8921)** |  | **(17842)** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** |<br>**Maturity** | **Notional** | **Fair value (Asset) - US$** | **Fair value (Liability) - US$** | **Fair value** | **Notional** | **Fair value (Asset) - US$** | **Fair value (Liability) - US$** | **Fair value** |
|  | IPCA | 2027 | **179291** | **195134** | **(206645)** | **(11511)** | 158004 | 162453 | (171479) | **(9026)** |
|  | IPCA | 2031 | **31522** | **40694** | **(46672)** | **(5978)** | 189071 | 212403 | (224840) | **(12437)** |
|  | IPCA | 2032 | **130471** | **152921** | **(172607)** | **(19686)** | 183123 | 192464 | (216650) | **(24186)** |
| Swap | IPCA | 2034 | **142446** | **149641** | **(156406)** | **(6765)** | 127416 | 124373 | (135650) | **(11277)** |
|  | IPCA | 2037 | **208192** | **259640** | **(305830)** | **(46190)** | 189239 | 215192 | (263254) | **(48062)** |
|  | IPCA | 2038 | **161494** | **172722** | **(181282)** | **(8560)** | 142320 | 143557 | (159263) | **(15706)** |
|  | IPCA | 2039 | **—** | **—** | **—** | **—** | 20854 | 20363 | (21830) | **(1467)** |
|  | IPCA | 2044 | **91624** | **96345** | **(104562)** | **(8217)** | 80745 | 79880 | (92168) | **(12288)** |
|  |  |  | **945040** | **1067097** | **(1174004)** | **(106907)** | **1090772** | **1150685** | **(1285134)** | **(134449)** |

---

**b. Exchange rate risk**

Below are presented the risks related to the most significant exchange rates fluctuation given the relevance of these currencies in the Group's operations and the stress analysis scenarios and VaR to measure the total exposure as well as the cash flow risk with B3 and the Chicago Mercantile Exchange. The Group discloses these exposures considering the fluctuations of an exchange rate in particular towards the functional currency of each subsidiary.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **USD** | **USD** | **EUR** | **EUR** | **GBP** | **GBP** |
|  | **June 30, <br> 2025** | **December 31, <br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **OPERATING** | | | | | | |
| Cash and cash equivalents | **1075616** | 1639584 | **57009** | 50341 | **4167** | 16097 |
| Trade accounts receivable | **565236** | 1073398 | **138557** | 165016 | **148857** | 65684 |
| Sales orders | **1641541** | 1062765 | **136169** | 78854 | **7866** | 54370 |
| Trade accounts payable | **(266723)** | (297536) | **(84425)** | (78268) | **(18260)** | (16271) |
| Purchase orders | **(22268)** | (83493) | **(227762)** | (8928) | **—** |  |
| **Subtotal** | **2993402** | **3394718** | **19548** | **207015** | **142630** | **119880** |
| **FINANCIAL** |  |  |  |  |  |  |
| Margin cash | **1714** | 220 | **—** |  | **—** |  |
| Advances to customers | **(3027)** | (4683) | **(1994)** | (1562) | **(294)** | (191) |
| Loans and financing | **(213474)** | (1290871) | **—** | (614) | **—** |  |
| **Subtotal** | **(214787)** | **(1295334)** | **(1994)** | **(2176)** | **(294)** | **(191)** |
| **Subtotal** | **2778615** | **2099384** | **17554** | **204839** | **142336** | **119689** |
| **Total exposure** | **2778615** | **2099384** | **17554** | **204839** | **142336** | **119689** |
| **DERIVATIVES** |  |  |  |  |  |  |
| Future contracts | **501493** | 1840 | **(79506)** | (85595) | **(41446)** | (34095) |
| Deliverable Forwards (DF´s) | **(504291)** | (664084) | **70960** | 70949 | **(44505)** | (26785) |
| Non-Deliverable Forwards (NDF´s) | **(40471)** | (417158) | **(29698)** | (19559) | **—** | (6262) |
| **Total derivatives** | **(43269)** | **(1079402)** | **(38244)** | **(34205)** | **(85951)** | **(67142)** |
| **NET EXPOSURE** | **2735346** | **1019982** | **(20690)** | **170634** | **56385** | **52547** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**b1 Sensitivity analysis and derivative financial instruments breakdown:**

**b1.1 US Dollar (amounts in thousands of US$):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (i) VaR 99% C.I.<br> 1 day** | **Scenario (i) VaR 99% C.I.<br> 1 day** | **Scenario (ii) Interest rate<br> variation - 15%** | **Scenario (ii) Interest rate<br> variation - 15%** | **Scenario (iii) Interest rate <br> variation - 30%** | **Scenario (iii) Interest rate <br> variation - 30%** |
| <br>**Exposure of US$** | <br>**Risk** | **Current**<br> **exchange rate** | **Exchange rate** | **Effect on income** | **Exchange rate** | **Effect on income** | **Exchange rate** | **Effect on income** |
| Operating | Appreciation | 5.4571 | 5.3487 | (57284) | 4.6385 | (432450) | 3.8200 | (864906) |
| Financial | Depreciation | 5.4571 | 5.3487 | 4110 | 4.6385 | 31030 | 3.8200 | 62060 |
| Derivatives | Depreciation | 5.4571 | 5.3487 | 828 | 4.6385 | 6251 | 3.8200 | 12502 |
|  |  |  |  | **(52346)** |  | **(395169)** |  | **(790344)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Quantity** | **Notional <br> (US$)** | **Fair value** | **Quantity** | **Notional <br> (US$)** | **Fair value** |
| Future Contract | American dollar | Short | **54734** | **501493** | **(3802)** | 4765 | 1840 | 12 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Notional (USD)** | **Notional (US$)** | **Fair value** | **Notional (USD)** | **Notional (US$)** | **Fair value** |
| Deliverable Forwards | American dollar | Long | **(504291)** | **(504291)** | **16328** | (664084) | (664084) | (16868) |
| Non-Deliverable Forwards | American dollar | Long | **(40471)** | **(40471)** | **2890** | (417158) | (417158) | (950) |

---

**b1.2 € - EURO (amounts in thousands of US$):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (i) VaR 99% C.I. <br> 1 day** | **Scenario (i) VaR 99% C.I. <br> 1 day** | **Scenario (ii) Interest rate <br> variation - 15%** | **Scenario (ii) Interest rate <br> variation - 15%** | **Scenario (iii) Interest rate <br> variation - 30%** | **Scenario (iii) Interest rate <br> variation - 30%** |
| <br>**Exposure of US$** | <br>**Risk** |<br>**Current exchange** | **Exchange rate** | **Effect on income** | **Exchange rate** | **Effect on income** | **Exchange rate** | **Effect on income** |
| Operating | Depreciation | 6.4230 | 6.5547 | 386 | 7.3865 | 2824 | 8.3499 | 5648 |
| Financial | Depreciation | 6.4230 | 6.5547 | (39) | 7.3865 | (288) | 8.3499 | (576) |
| Derivatives | Depreciation | 6.4230 | 6.5547 | (756) | 7.3865 | (5525) | 8.3499 | (11050) |
|  |  |  |  | **(409)** |  | **(2989)** |  | **(5978)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Notional (EUR)** | **Notional (US$)** | **Fair value** | **Notional (EUR)** | **Notional (US$)** | **Fair value** |
| Future Contract | Euro | Long | **(4355)** | **(79506)** | **(483)** | 2074 | (85595) | 49 |
| Deliverable Forwards | Euro | Short | **60289** | **70960** | **3963** | 68259 | 70949 | 2376 |
| Non-Deliverable Forwards | Euro | Long | **(25232)** | **(29698)** | **(171)** | (18818) | (19559) | 420 |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**b1.3 £- British Pound (amounts in thousands of US$):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (i) VaR 99% C.I. <br> 1 day** | **Scenario (i) VaR 99% C.I. <br> 1 day** | **Scenario (ii) Interest rate<br> variation - 15%** | **Scenario (ii) Interest rate<br> variation - 15%** | **Scenario (iii) Interest rate<br> variation - 30%** | **Scenario (iii) Interest rate<br> variation - 30%** |
| <br>**Exposure of US$** | <br>**Risk** |<br>**Current exchange** | **Exchange rate** | **Effect on income** | **Exchange rate** | **Effect on income** | **Exchange rate** | **Effect on income** |
| Operating | Appreciation | 7.4893 | 7.3428 | (2687) | 6.3659 | (20606) | 5.2425 | (41211) |
| Financing | Depreciation | 7.4893 | 7.3428 | 5 | 6.3659 | 43 | 5.2425 | 85 |
| Derivatives | Depreciation | 7.4893 | 7.3428 | 1619 | 6.3659 | 12417 | 5.2425 | 24835 |
|  |  |  |  | **(1063)** |  | **(8146)** |  | **(16291)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Notional (GBP)** | **Notional (US$)** | **Fair value** | **Notional (GBP)** | **Notional (US$)** | **Fair value** |
| Future Contract | British pound | Long | **(1580)** | **(41446)** | **(63)** | 1219 | (34095) | 12 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Notional (GBP)** | **Notional (US$)** | **Fair value** | **Notional (GBP)** | **Notional (US$)** | **Fair value** |
| Deliverable Forwards | British pound | Long | **(32429)** | **(44505)** | **(721)** | (21368) | (26785) | (675) |
| Non-Deliverable Forwards | British pound | Short | **—** | **—** | **—** | (4996) | (6262) | (128) |

---

**c. Commodity price risk**

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

**c1. Position balance in commodities and corn contracts:**

---

| | | |
|:---|:---|:---|
| **Exposure in Commodities (Cattle)** | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **OPERATING** | | |
| Firm contracts of cattle purchase | **3619789** | 3699290 |
| **Subtotal** | **3619789** | **3699290** |
| **DERIVATIVES** |  |  |
| Future contracts | **(6662)** | 110972 |
| Deliverable Forwards | **(2058042)** | 8534720 |
| Non Deliverable Forwards | **76533** | **—** |
| **Subtotal** | **(1988171)** | **8645692** |
| **NET EXPOSURE** | **1631618** | **12344982** |

---

---

| | | |
|:---|:---|:---|
| **Exposure in Commodities (Grains)** | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **OPERATING** | | |
| Purchase orders | **61565** | 57260 |
| **Subtotal** | **61565** | **57260** |
| **DERIVATIVES** |  |  |
| Future contracts | **227526** | 32987 |
| Non Deliverable Forwards | **15328** | **—** |
| **Subtotal** | **242854** | **32987** |
| **NET EXPOSURE** | **304419** | **90247** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**Sensitivity analysis as of June 30, 2025 (cattle):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (i) VaR 99% C.I. <br> 1 day** | **Scenario (i) VaR 99% C.I. <br> 1 day** | **Scenario (ii) @<br> Variation - 15%** | **Scenario (ii) @<br> Variation - 15%** | **Scenario (ii) @ <br> Variation - 30%** | **Scenario (ii) @ <br> Variation - 30%** |
| <br>**Exposure** | <br>**Risk** |<br>**Current price** | **Price** | **Effect on income** | **Price** | **Effect on income** | **Price** | **Effect on income** |
| Operating (USA) | Depreciation | 41.39 | 40.62 | **(65389)** | 35.18 | **(522946)** | 28.97 | **(1045892)** |
| Derivatives (Brazil) | Depreciation | 58.16 | 57.13 | **(1200)** | 49.44 | **(10094)** | 40.71 | **(20188)** |
| Derivatives (USA) | Depreciation | 41.39 | 40.62 | **37177** | 35.18 | **297323** | 28.97 | **594645** |
|  |  |  |  | **(29412)** |  | **(235717)** |  | **(471435)** |

---

**Sensitivity analysis as of June 30, 2025 (grains):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (i) VaR 99% C.I.<br> 1 day** | **Scenario (i) VaR 99% C.I.<br> 1 day** | **Scenario (ii) @<br> Variation - 15%** | **Scenario (ii) @<br> Variation - 15%** | **Scenario (ii) @<br> Variation - 30%** | **Scenario (ii) @<br> Variation - 30%** |
| <br>**Exposure** |<br>**Risk** |<br>**Current price** | **Price** | **Effect on income** | **Price** | **Effect on income** | **Price** | **Effect on income** |
| Operating (Brazil) | Depreciation | 12.28 | 11.97 | **(1510)** | 10.44 | **(8894)** | 8.60 | **(17788)** |
| Derivatives (Brazil) | Depreciation | 12.28 | 11.97 | **(5954)** | 10.44 | **(35085)** | 8.60 | **(70170)** |
|  |  |  |  | **(7464)** |  | **(43979)** |  | **(87958)** |

---

**Derivatives financial instruments breakdown (cattle):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Quantity** | **Notional** | **Fair value** | **Quantity** | **Notional** | **Fair value** |
| Future Contracts | Commodities | Long | **(300)** | **(6662)** | **(207)** | 6548 | 110972 | (2645) |
| Deliverable Forwards | Commodities | Long | **(11230942)** | **(2058042)** | **(331044)** | 52849548 | 8534720 | (60240) |
| Non Deliverable Forwards | Commodities | Short | **1320000** | **76533** | **2376** |  |  |  |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**Derivatives financial instruments breakdown (grains):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Quantity** | **Notional** | **Fair value** | **Quantity** | **Notional** | **Fair value** |
| Future Contracts | Commodities | Long | **38187** | **227526** | **(1049)** | 6949 | 32987 | 83 |
| Non Deliverable Forwards | Commodities | Short | **1350000** | **15328** | **(732)** |  |  |  |

---

**c2. Hedge accounting:**

The Group applies hedge accounting for grain purchases, aiming at bringing stability to the results. The designation of these instruments is based on the guidelines outlined in the Financial and Commodity Risk Management Policy defined by the Risk Management Committee and approved by the Board of Directors.

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

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

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

The effects on the income for the period, on other comprehensive income, and on the balance sheet of derivative financial instruments contracted for hedging foreign exchange, commodity prices, and interest rates are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedge accounting - Derivative instruments** | **Risk factor** | **Quantity** | **Notional** | **Fair value** |
| Future contracts | Commodities | 10010 | 52572 | (219) |
| Future contracts | Commodities | 1710 | 37222 | (111) |

---

The Company also designates derivatives to hedge the fair value of floating-rate debt instruments through fixed-rate interest rate swaps, measured in accordance with fair value hedge accounting.

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

The following table presents the effects on profit or loss for the period, other comprehensive income, and the balance sheet of derivative financial instruments contracted for hedging foreign exchange, commodity prices, and interest rates (cash flow and fair value hedges):

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2024** |
| **<u>Statements of income:</u>** | | |
| **Cost of sales before hedge accounting adoption** | **(3459338)** | **(3544719)** |
| **Derivatives operating income (loss)** | **77** | **1741** |
| Currency | **—** |  |
| Commodities | **77** | 1741 |
| **Cost of sales with hedge accounting** | **(3459261)** | **(3542978)** |
| **Financial income (expense), net excluding derivatives** | **36674** | **(22565)** |
| **Derivatives financial income (expense), net** | **(2427)** | **(136505)** |
| Currency | **1561** | (109852) |
| Commodities | **(3988)** | (26337) |
| Interest | **—** | (316) |
| **Financial income (expense), net** | **34247** | **(159070)** |

---

Below are the effects on other comprehensive income (expense), after the adoption of hedge accounting:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2024** |
| **<u>Statements of other comprehensive income (expense):</u>** | | |
| **Financial instruments designated as *hedge accounting:*** | **(213)** | **(129)** |
| Currency | **—** |  |
| Commodities | **(213)** | (129) |
| **Gain on cash flow hedge** | **(121)** | **380** |
| Deferred income tax on hedge accounting |  |  |
| **Total of other comprehensive income (expense)** | **(121)** | **380** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Hedge cash flow movement</u>** | **December 31,<br> 2024** | **OCI** | **June 30,<br> 2025** |
| Hedge accounting operations at the parent company | **186** | **(121)** | **65** |
| (-) Income Tax | **(63)** | **41** | **(22)** |
| **Impact of Hedge Operations on Subsidiaries** | **123** | **(80)** | **43** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

Below are the effects on the statement of financial position, after the adoption of hedge accounting:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| <u>Statement of financial position:</u> |  |  |
| **Derivative (liabilities)/assets** | **(330)** | **84** |
| **Financial instruments designated as *hedge accounting:*** |  |  |
| Commodities | **(330)** | **84** |
| **Derivative (liabilities)/assets** | **485** | **69** |
| **Financial instruments not designated as *hedge accounting:*** |  |  |
| Exchange | **485** | **69** |
| **Other comprehensive income (expense)** | **(213)** | **306** |
| Commodities | **(213)** | **306** |
| **Inventories** | **(1082)** | **20** |
| Commodities | **(1082)** | **20** |

---

**Open amounts in statement of financial position of derivative assets and liabilities:**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **<u>Assets:</u>** | | |
| **Designated as hedge accounting** | **155** | **84** |
| Commodities | (330) | **—** |
| Currency derivative | 485 |  |
| **Current assets** | **155** | **84** |

---

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**d. Liquidity risk**

The table below shows the contractual obligation amounts from financial liabilities of the Group according to their maturities:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Until 1 year** | **Between 2 and 3 years** | **Between 4 and 5 years** | **More than 5 years** | **Total** | **Until 1 year** | **Between 2 and 3 years** | **Between 4 and 5 years** | **More than 5 years** | **Total** |
| Trade accounts payable and supply chain finance | **6050584** | **—** | **—** | **—** | **6050584** | 6194223 |  |  |  | **6194223** |
| Loans and financing | **1047234** | **2008978** | **1183515** | **15252067** | **19491794** | 2084225 | 1046253 | 1688693 | 14507625 | **19326796** |
| Estimated interest on loans and financing <sup>(1)</sup> | **430329** | **3117829** | **1944951** | **8661142** | **14154251** | 2458318 | 2440620 | 839949 | 5670017 | **11408904** |
| Derivatives liabilities (assets) | **391282** | **82450** | **—** | **—** | **473732** | 165979 | 100087 |  |  | **266066** |
| Payments of leases | **608223** | **323343** | **232097** | **607106** | **1770769** | 335681 | 426404 | 274798 | 697146 | **1734029** |
| Future contracts - Commodities | **110109** | **29202943** | **5268023** | **3108749** | **37689824** | 58997 | 28244384 | 4238571 | 986771 | **33528723** |
| Other liabilities | **20917** | **12369** | **—** | **—** | **33286** | 16297 | 16351 |  | 24224 | **56872** |

---

<sup>(1)</sup> Includes interest on all loans and financing outstanding. Payments are estimated for variable rate debt based on effective interest rates for the six-month period ended June 30, 2025 and for the year ended December 31, 2024. Payments in foreign currencies are estimated using the June 30, 2025 and December 31, 2024 exchange rates.

The Group has future commitment for purchase of grains and cattle whose balances as of June 30, 2025 is US$36.3 billion (December 31, 2024 is US$33.5 billion).

The Group has securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of June 30, 2025 is US$56,424 (US$28,687 at December 31, 2024). This guarantee exceeds the amount of the collateral.

The indirect subsidiary JBS USA and its subsidiaries, have securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of June 30, 2025 is US$366,925 (US$104,000 at December 31, 2024). This guarantee exceeds the amount of the collateral.

Also, the direct subsidiary Seara Alimentos has securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of June 30, 2025 is US$25,889 (US$3,867 at December 31, 2024). This guarantee exceeds the amount of the collateral.

A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table.

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

![](ex99-1_002.jpg)

---

| |
|:---|
| ![](ex99-1_003.jpg) |
| Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024<br> (Expressed in thousands of United States dollar) |

---

**e. Risks linked to climate change and the sustainability strategy**

In view the Group's operations, there is inherent exposure to risks related to climate change. Certain Group assets, which are mainly biological assets that can be measured at fair value, may be impacted by climate change and are considered in the preparation process of this interim financial information.

For the six-month period ended June 30, 2025, Management considered the data and assumptions highlighted below as the main risks:

(i) possible impacts on the determination of fair value in biological
assets due to the effects of climate change, such as temperature rise and scarcity of water resources which may impact some assumptions
used in accounting estimates related to the Group's biological assets, as follows:

● losses of biological assets due to heat waves and droughts which occur with greater frequency and intensity;

● reduction in the expected growth of our biological assets due to natural disasters, fires, pandemics or changes in rainfall patterns; and

● interruption in the production chain due to adverse weather events, causing power outages, fuel shortages, disruption of transportation channels, among other things.

(ii) structural changes and their impacts on the business, such as:

● regulatory and legal: regulation and legislation arising from Brazilian and/or international authorities that encourage the transition to a low-carbon economy and/or with greater biodiversity and that increase the risk of litigation and/or commercial restrictions related to the alleged contribution, even if indirect, for the intensification of climate change;

● reputational: related to customers' perceptions and the society in general regarding the positive or negative contribution of an organization to a low carbon economy.

\* \* \* \* \*

![](ex99-1_002.jpg)

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

Earnings Release Contatos de RI Guilherme Cavalcanti Base acionária: Chri S tiane A SS i S açõe S Pedro Bueno Felipe Brindo 2.218.116.370 Vitor Figueira Amanda Harumi ri_ir@jbs.com.br Total Outstanding Shares: 1,109,058,185 IR Contact Guilherme Cavalcanti (Global CFO) Pedro Bueno Vítor Figueira ri_ir@jbs.com.br Chri S tiane A SS i S (IRO) Felipe Brindo Amanda Harumi RECORD NET REVENUE: US(21 BILLION ADJ. OPERATING INCOME: US(1.2 BILLION EARNINGS PER SHARE: US(0.48 August 13, 2025 – JBS N.V. (NYSE: JBS; B3: JBSS32), announce S today it S 2Q25 re S ult S . The comment S made herein are US dollar S , in accordance with international accounting S tandard S (IFRS), unle SS otherwi S e S pecified. US Comparable ("US Comp"): Con S olidated US Comp number con S ider S adju S tment S in Seara and JBS Brazil for comparative purpo S e S with American peer S (being a managerial number), in addition to the other Bu S ine SS Unit S already in US GAAP. CONSOLIDATED Net Sales: US$21bn (+8.9% y/y) Net Income: US$528 mn (+61% y/y) ROE : 25.7% (+15.7 p.p. y/y) Leverage : 2.27x EPS: US$0.48 (+61% y/y) ROIC : 17.0% (+ 5 p.p. y/y) Interest Coverage: 7.74x • In June, JBS completed it S dual listing proce SS , with it S S hare S beginning to trade on the NYSE (New York Stock Exchange) and its BDRs on B 3 . Thi S wa S a S ignificant S trategic achievement for the Company, a S it expand S acce SS to global inve S tor S , enable S inclu S ion in major international indexe S , and provide S greater flexibility and potential value unlocking for it S S hare S . • In 2 Q 25 , JBS' global and diversified platform wa S once again in S trumental in S u S taining it S growth and profitability trajectory . Net revenue grew 9 % and net income wa S 61 % higher compared to the S ame period of the previou S year . Even in the face of a challenging global geopolitical environment, which put pre SS ure on S ome of it S bu S ine SS unit S , JBS delivered S olid re S ult S . The main highlights were Pilgrim's Pride , which achieved it S highe S t EBITDA in hi S tory ; Seara , which, de S pite the impact S of avian flu in Brazil, recorded an EBITDA margin of 18 . 1 % ; and JBS Australia , which benefited from a favorable live S tock cycle combined with efficient commercial execution, delivering a 12 . 7 % EBITDA margin . • JBS achieved 2 . 27 x leverage at the end of 2 Q 25 . During the period, the Company issued Senior Notes totaling US $3 . 5 billion , of which US $1 billion wa S allocated to the unprecedented 40 - year tranche . In May, it i SS ued a CRA with Seara for approximately R $900 million . Finally, JBS repurcha S ed US $2 . 2 billion in Senior Note S during the quarter . On the equity S ide, the Company approved a US $400 million buyback program in Augu S t . Adjusted EBITDA: US$1.8 bn (- 7.4% y/y) Adj. EBITDA Margin : 8.4% (- 1.4 p.p. y/y) Adj. OPERATING INCOME: US$1.2 bn (- 11.8% y/y) Adj. OPERATING INCOME Mg. : 5.7% (- 1.3 p.p. y/y) US COMP IFRS Adjusted EBITDA: US$1.4 bn (- 19.8% y/y) Adj. EBITDA Margin : 6.5% (- 2.3 p.p. y/y) Adj. OPERATING INCOME : US$1.0 bn (- 25.2% y/y) Adj. OPERATING INCOME Mg. : 4.9% (- 2.3 p.p. y/y)

![](ex99-2_002.jpg)

MESSAGE FROM THE CEO Gilberto Tomazoni, Global CEO JBS 2 The S econd quarter of 2025 marked the beginning of a new pha S e for JBS . With the launch of our S hare S on the New York Stock Exchange (NYSE), we completed our dual li S ting — a S trategic mile S tone that enhance S our global vi S ibility, broaden S our inve S tor ba S e, and reinforce S JBS' po S ition a S one of the world' S leading food companie S . Thi S moment S tart S a new chapter in our trajectory . We S ee a clear path to long - term value creation, anchored in operational excellence, diver S ification, innovation, value - added product S , and S trong brand S . In the coming year S , we will continue to inve S t con S i S tently in expanding our platform and preparing the company to meet future global demand for protein . We believe JBS i S well po S itioned for future growth, a S we deliver on our long - term S trategy with di S cipline and con S i S tency . At the S ame time, we remain aligned with our mi SS ion of returning value to our S hareholder S with the payment of $1 . 2 billion in dividend S thi S quarter and today' S announcement of a $400 million S hare repurcha S e program . In thi S context, we announced a S erie S of S trategic inve S tment S in the United State S in the fir S t half of the year . In May, we di S clo S ed plan S to build a new fre S h S au S age facility in Iowa, totaling $135 million . Thi S came in addition to $200 million allocated to upgrading our beef plant S in Cactu S (Texa S) and Greeley (Colorado), and $400 million for a new prepared food S facility Pilgrim' S i S building in Walker County, Georgia . Today, we al S o announced a further $100 million inve S tment to acquire and expand a facility in Iowa, which will be tran S formed into the large S t ready - to - eat bacon and S au S age plant in the company' S U . S . operation S . All of the S e project S S upport the expan S ion of the JBS prepared food S portfolio and will help meet increa S ed demand for the S e type S of product S by cu S tomer S and con S umer S . Even amid a challenging macroeconomic environment and ongoing pre SS ure S in S ome of our bu S ine SS unit S , our S econd - quarter performance once again reflected the re S ilience of our diver S ified global platform . Net Sale S were record, reaching $21 billion, a 9 % increa S e year - over - year . Adju S ted EBITDA in IFRS wa S $1 . 8 billion, with a margin of 8 . 4 % . Poultry operation S were once again a highlight . Pilgrim' S achieved the highe S t EBITDA in it S hi S tory, S upported by lower grain co S t S and re S ilient U . S . demand . Re S ult S al S o reflected continued growth in the prepared food S portfolio, S tronger relation S hip S with key cu S tomer S , and S olid performance acro SS the Fre S h and Ca S e Ready S egment S . Seara delivered another quarter of con S i S tent re S ult S , de S pite an outbreak of avian influenza in Brazil . The bu S ine SS reached an EBITDA margin of 18 . 1 % , driven by a di S ciplined commercial S trategy, product mix management, and a S trong focu S on innovation . Thi S re S ult highlight S the robu S tne SS of the company' S bio S ecurity protocol S and the maturity of Brazil' S S anitary S y S tem . The technical and S wift re S pon S e of Brazilian S anitary authoritie S , together with S trict indu S try - wide control S , en S ured that only one i S olated ca S e wa S confirmed in the country at a commercial farm . In the United State S , our beef bu S ine SS continued to face pre SS ure from an unfavorable cattle cycle, a S the S pread between live S tock co S t S and beef price S narrowed . The pork bu S ine SS wa S affected on a S hort - term ba S i S by trade re S triction S , and we expect the performance to return to normal level S over the next few quarter S . Diver S ification remain S one of our greate S t S trength S . Friboi delivered S olid re S ult S , driven by new export approval S and productivity gain S . In Au S tralia, we continue to benefit from a favorable live S tock cycle, with export growth and operational improvement S contributing to another quarter of con S i S tent performance . We al S o reaffirmed our commitment to financial di S cipline . The quarter ended with net leverage at 2 . 27 x, con S i S tent with our long - term target S and reflecting the S trength of our capital S tructure and financial management . With a S tronger, more balanced and more innovative global platform, JBS i S well prepared for the next pha S e of global opportunitie S . We remain confident in our team and ability to create long - term value.

![](ex99-2_003.jpg)

329 528 NET RESULTS & EPS 0.48 0.30 1,056 - 55 2Q24 2Q25 8.8% 1,705 6.5% 1,369 2Q24 2Q25 ADJ. EBIT US COMP 9.8% 1,894 8.4% 1,754 1,382 4.9% 1,034 7.2% 2Q24 2Q25 1,348 1,188 7.0% 5.7% ROE & ROIC Note: Graph S in Million. 2Q24 2Q25 ADJ. EBITDA US COMP NET REVENUE 2Q24 2Q25 ADJUSTED EBIT 2Q24 2Q25 FREE CASH FLOW 11.9% 10.1% 25.7% 17.0% 2Q24 2Q25 ROIC ROE 2Q24 2Q25 ADJUSTED EBITDA CONSOLIDATED HIGHLIGHTS 19,284 3 20,998

![](ex99-2_004.jpg)

∆ % 2Q24 ∆ % 1Q25 2Q25 US$ Million 53.3% 387.8 6.8% 556.3 594.3 Net income for the period (including non - controlling interest) - 37.2% 599.6 96.5% 191.5 376.4 Financial income (expen S e), net - 4.7% 149.2 3.2% 137.8 142.2 Current and deferred income taxe S 3.5% 546.3 5.5% 535.6 565.2 Depreciation and amortization - (2.4) 185.9% (2.7) (7.8) Equity in S ub S idiarie S - 0.6% 1,680.5 17.7% 1,418.6 1,670.3 (=) EBITDA 10.2% 8.2 40.2% 6.4 9.0 Other income / expen S e S - 87.8% 37.2 - 73.3% 17.0 4.5 Ree S tructuring - 0.0 25.5% 5.7 7.1 A SS et Impairment - 28.4% 75.6 - 32.0% 79.5 54.1 Antitru S t Agreement S - 87.4% 4.8 14.9% 0.5 0.6 Donation S and S ocial project S - 6.2 - 0.0 0.0 Rio Grande do Sul Flood S - 97.1% 81.8 - 0.0 2.4 Fi S cal payment S and in S tallment S - 0.0 - 0.0 0.0 Extemporaneou S litigation - 0.0 - 0.0 0.0 Rever S al of tax credit S - 0.0 - 0.0 5.6 Provi S on for Avian Influenza - 7.4% 1,894.2 14.8% 1,527.7 1,753.6 (=) Adjusted EBITDA - 19.8% 1,705.4 4.2% 1,312.8 1,368.5 (=) Adjusted EBITDA US Comp LTM 2Q25 2,365.6 1,289.4 871.4 2,199.6 (17.6) 6,708.3 38.2 64.9 12.8 307.1 9.0 13.1 2.4 61.0 58.7 5.6 7,281.0 6,036.8 LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$2Q25 vs 2Q24 % NR US$2Q25 vs 1Q25 % NR US$ % NR US$ US$ Million 100.0% 80,423.8 8.9% 100.0% 19,284.2 7.5% 100.0% 19,526.5 100.0% 20,997.7 Net Revenue - 85.4% (68,710.2) 11.4% - 84.6% (16,310.8) 7.5% - 86.6% (16,902.0) - 86.5% (18,165.1) Co S t of Good S Sold 14.6% 11,713.6 - 4.7% 15.4% 2,973.4 7.9% 13.4% 2,624.6 13.5% 2,832.5 Gross Profit - 6.2% (5,000.7) 8.1% - 5.8% (1,116.1) 1.6% - 6.1% (1,187.6) - 5.7% (1,207.0) Selling Expen S e S - 2.7% (2,132.1) - 25.0% - 3.6% (696.0) - 6.1% - 2.8% (556.4) - 2.5% (522.3) General and Adm. Expen S e S - 1.6% (1,289.4) - 37.2% - 3.1% (599.6) 96.5% - 1.0% (191.5) - 1.8% (376.4) Net Financial Income (expen S e) 0.0% 17.6 - 0.0% 2.4 185.9% 0.0% 2.7 0.0% 7.8 Equity in earning S of S ub S idiarie S - 0.1% (72.1) - - 0.1% (27.0) - 21.1% 0.0% 2.4 0.0% 1.9 Other Income (expen S e) 4.0% 3,237.0 37.2% 2.8% 537.0 6.1% 3.6% 694.1 3.5% 736.5 Profit (loss) before taxes - 1.1% (871.4) - 4.7% - 0.8% (149.2) 3.2% - 0.7% (137.8) - 0.7% (142.2) Income and S ocial contribution taxe S - 0.3% (231.5) 12.2% - 0.3% (59.0) 18.0% - 0.3% (56.1) - 0.3% (66.2) Minority intere S t 9.1% 7,281.0 - 7.4% 9.8% 1,894.2 14.8% 7.8% 1,527.7 8.4% 1,753.6 Adjusted EBITDA 7.5% 6,036.8 - 19.8% 8.8% 1,705.4 4.2% 6.7% 1,312.8 6.5% 1,368.5 Adjusted EBITDA US Comp 6.3% 5,081.4 - 11.8% 7.0% 1,347.9 19.8% 5.1% 992.1 5.7% 1,188.4 Adjusted EBIT 5.9% 4,725.1 - 25.2% 7.2% 1,382.3 3.6% 5.1% 998.8 4.9% 1,034.3 Adjusted EBIT US Comp 2.7% 2,134.1 60.6% 1.7% 328.8 5.6% 2.6% 500.2 2.5% 528.1 Net Income (Loss) 1.92 60.6% 0.30 5.6% 0.45 0.48 Earnings per Share NET REVENUE ADJUSTED EBITDA CONSOLIDATED HIGHLIGHTS In 2Q25, JBS recorded con S olidated net revenue of US$21billion, repre S enting an 9% increa S e compared to 2Q24. During the period, approximately 75% of JBS' global S ale S were generated in the dome S tic market S where the Company operate S , and 25% through export S . 4 In 2 Q 25 , JBS' adju S ted EBITDA reached US $1 . 8 billion, while it S EBITDA margin reached 8 . 4 % . Profitability reflect S the S till - challenging US beef cycle and the global geopolitical environment, which primarily impacted the re S ult S of JBS Beef North America and JBS USA Pork . On the other hand, re S ult S from Pilgrim' S Pride, Seara, and JBS Au S tralia partially off S et the decline in the EBITDA margin . Economic Adju S ted EBITDA, which include S JBS' proportional S hare in joint venture S (Mantiqueira, Birla, Ontario, and Meat Snack S), totaled US $1 . 775 billion, with an EBITDA margin of 8 . 39 % , re S ulting in leverage of 2 . 25 x

![](ex99-2_005.jpg)

∆ % 2Q24 ∆ % 1Q25 2Q25 US$ Million - 93.4% 75.5 - 90.4% 51.8 5.0 Exchange rate variation - 96.8% (332.5) - 20.2 (10.6) Fair value adju S tment S on derivative S - 12.4% (432.0) - 8.8% (414.7) (378.3) Intere S t expen S e¹ - 46.5% 120.4 - 60.6% 163.6 64.5 Intere S t income¹ 83.2% (31.1) - (12.5) (57.0) Taxe S , contribution, fee S and other S - 37.2% (599.6) 96.5% (191.5) (376.4) Finance income (expense) - 0.6% (291.3) - 8.1% (315.2) (289.6) Intere S t expen S e S from loan S and fi nancing S 54.3% 27.0 - 24.2% 54.9 41.6 Intere S t income from inve S tment S - 6.2% (264.4) - 4.7% (260.3) (248.0) Net debt financial expense¹ LTM 2Q25 41.8 (84.5) (1,588.4) 471.1 (129.3) (1,289.4) (1,165.7) 224.6 (941.1) NET FINANCIAL RESULT ¹Include S intere S t expen S e S on loan S and financing included under the pa SS ive intere S t item, and intere S t on financial inve S tment S included under the financial intere S t item. NET RESULTS CASH FLOW FROM OPERATING ACTIVITIES AND FREE CASH FLOW NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES CONSOLIDATED HIGHLIGHTS Net debt financial expen S e wa S US$248 million in the quarter. 5 JBS reported net income of US $528 million in 2 Q 25 and EPS of US $0 . 48 . Excluding the non - recurring item S de S cribed on the previou S page, adju S ted net income wa S US $583 million in the quarter and adju S ted EPS of US $0 . 53 . In 2 Q 25 , ca S h flow from operating activitie S totaled US $773 million, while free ca S h flow — after inve S tment S in property, plant and equipment, intere S t paid and received, and lea S e payment S — wa S negative, amounting US $55 million . Free ca S h flow generation in 2 Q 25 wa S US $1 . 1 billion lower than the S ame period la S t year . The main factor S impacting thi S re S ult were : (i) increa S ed inventorie S in the US, mainly due to higher price S , and at Seara, due to the negative effect S of avian flu ; (ii) the impact of hedging on live S tock purcha S e S (cattle and hog S) . It i S worth noting that, in the ca S e of inventorie S , ca S h tend S to return a S S ale S are made, and in the ca S e of hedging, ca S h S hould return a S phy S ical live S tock purcha S e S occur ; (iii) impact S related to antitru S t S ettlement S ; (iv) higher inve S tment S (CAPEX) in the period ; and (v) increa S ed tax payment S , reflecting the improved re S ult S in recent quarter S , e S pecially at Pilgrim' S Pride and JBS Au S tralia . In 2 Q 25 , the total value of ca S h flow from JBS' inve S tment activitie S wa S US $594 million, with the main inve S tment being the purcha S e of property, plant and equipment (CAPEX) .

![](ex99-2_006.jpg)

US$ Million ∆ % 2Q24 ∆ % 1Q25 2Q25 4.7% 18,612.2 - 2.2% Gross Debt 19,491.8 19,925.4 17.9% 875.8 29.9% 1,032.3 794.9 (+) Short Term Debt % of the Gro SS Debt (+) Long Term Debt % of the Gro SS Debt (-) Ca S h and Equivalent S 5% 5% 4% 4.1% 17,736.5 - 3.5% 18,459.5 19,130.4 95% 95% 96% - 23.0% 3,852.8 - 42.6% 2,968.0 5,173.0 12.0% 14,759.4 12.0% Net Debt 16,523.8 14,752.3 2.77x 1.99x 2.27x Leverage 4.92x 7.75x 7.74x Intere S t Coverage NET DEBT BRIDGE INDEBTEDNESS (US$ million) CONSOLIDATED HIGHLIGHTS The main variation S in ca S h con S umption were : (i) US $1 . 5 billion in dividend payment S ; (ii) Capex in the amount of US $449 million ; (iii) tax payment S in the amount of US $317 million ; (iv) intere S t payment S in the amount of US $301 million ; (v) US $238 million in working capital ; (vi) US $207 million in biological a SS et S ; and (vii) US $117 million in lea S ing contract S . JBS ended the quarter with US $3 billion in ca S h and US $3 . 4 billion available in un S ecured revolving credit line S , of which US $2 . 9 billion i S available from JBS USA and US $500 million i S available from JBS Brazil . In addition, the Company ha S a US $1 billion Commercial Paper program in the US . The Company' S total ca S h availability i S S ufficient to meet all it S debt obligation S through 2032 . In 2 Q 25 , net debt reached US $16 . 5 billion, an increa S e of approximately US $1 . 8 billion compared to the prior year . For the quarter, leverage ended at 2 . 27 x and intere S t coverage at 7 . 74 x . 14,752 238 207 301 449 117 317 153 1,460 122 162 16,524 Net debt 1Q25 Adjusted EBITDA Working Capital Biological Interest Paid Assets and Received CAPEX Lease Payments Taxes Exchange Rate Dividends Variaton +Margin Cash +Derivatives Non recurring Others\* Net debt 2Q25 2.27x 1.99x (1,754) \*Con S idering acqui S ition S , non - ca S h item S and Other S . 6

![](ex99-2_007.jpg)

3,776 627 15 122 0 641 142 1,388 2,916 2,548 2,311 579 2,416 881 2,907 1,116 1,422 1,250 926 1,000 Cash and Equiv. Proforma Short Term 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 to 2051 2052 2053 2055 2056 2066 500 Bonds 89% Banks 2% CRA 9% SOURCE BREAKDOWN PROFORMA CONSOLIDATED HIGHLIGHTS PROFORMA INDEBTEDNESS (A S of July 31 S t)¹ Proforma Debt Amortization Schedule (USS Million) Average Term Proforma 15.1 years Average Proforma Cost 5.6% p.a. Ca S h and equivalent S Revolving credit line S US$2.9 billion in the US + US$500 million in Brazil ¹Including the US$3.5 billion in bond i SS uance in July and the repurcha S e of the 2027/2028/2030 S enior note S . 7

![](ex99-2_008.jpg)

∆ % 2Q24 ∆ % 1Q25 Million 2Q25 Net Revenue - 2.5% 2,222.5 0.7% 2,150.5 Seara US$2,166.1 20.2% 2,980.0 13.0% 3,170.0 JBS Brazil US$3,580.8 13.6% 5,992.4 6.0% 6,421.6 JBS Beef North America US$6,805.1 19.4% 1,651.7 21.7% 1,621.5 JBS Au S tralia US$1,972.8 - 4.8% 2,161.9 2.9% 2,001.7 JBS USA Pork US$2,059.1 4.4% 4,555.8 6.6% 4,459.4 Pilgrim' S Pride US$4,754.6 21.7% - 280.1 14.3% - 298.2 Elimination S & Other S US$ - 340.7 8.9% 19,284.2 7.5% 19,526.5 Total US$20,997.7 Adjusted EBITDA 1.2% 387.1 - 8.0% 425.7 Seara US$391.8 1.0% 226.3 74.4% 131.1 JBS Brazil US$228.6 - 29.0 131.9% - 100.5 JBS Beef North America US$ - 233.0 28.5% 225.8 81.0% 160.4 JBS Au S tralia US$290.2 5.6% 240.3 2.5% 247.3 JBS USA Pork US$253.6 4.5% 782.8 23.9% 660.2 Pilgrim' S Pride US$817.7 55.7% 3.0 32.3% 3.6 Elimination S & Other S US$4.7 - 7.4% 1,894.2 14.8% 1,527.7 Total US$1,753.6 Adjusted EBITDA Margin 0.7 p.p. 17.4% - 1.7 p.p. 19.8% Seara % 18.1% - 1.2 p.p. 7.6% 2.2 p.p. 4.1% JBS Brazil % 6.4% - 3.9 p.p. 0.5% - 1.9 p.p. - 1.6% JBS Beef North America % - 3.4% 1.0 p.p. 13.7% 4.8 p.p. 9.9% JBS Au S tralia % 14.7% 1.2 p.p. 11.1% 0.0 p.p. 12.4% JBS USA Pork % 12.3% 0.0 p.p. 17.2% 2.4 p.p. 14.8% Pilgrim' S Pride % 17.2% - 0.3 p.p. - 1.1% - 0.2 p.p. - 1.2% Elimination S & Other S % - 1.4% - 1.5 p.p. 9.8% 0.5 p.p. 7.8% Total % 8.4% Adjusted EBIT 0.3% 292.3 - 12.9% 336.7 Seara US$293.2 1.3% 171.4 118.2% 79.6 JBS Brazil US$173.6 - - 25.6 85.0% - 158.3 JBS Beef North America US$ - 292.9 34.4% 193.5 99.1% 130.6 JBS Au S tralia US$260.1 9.3% 169.1 3.2% 179.1 JBS USA Pork US$184.7 4.2% 552.4 33.7% 430.6 Pilgrim' S Pride US$575.8 18.7% - 5.2 - 0.6% - 6.2 Elimination S & Other S US$ - 6.2 - 11.8% 1,347.9 19.8% 992.1 Total US$1,188.4 Adjusted EBIT Margin 0.4 p.p. 13.2% - 2.1 p.p. 15.7% Seara % 13.5% - 0.9 p.p. 5.8% 2.3 p.p. 2.5% JBS Brazil % 4.8% - 3.9 p.p. - 0.4% - 1.8 p.p. - 2.5% JBS Beef North America % - 4.3% 1.5 p.p. 11.7% 5.1 p.p. 8.1% JBS Au S tralia % 13.2% 1.2 p.p. 7.8% 0.0 p.p. 8.9% JBS USA Pork % 9.0% 0.0 p.p. 12.1% 2.5 p.p. 9.7% Pilgrim' S Pride % 12.1% 0.0 p.p. 1.9% - 0.3 p.p. 2.1% Elimination S & Other S % 1.8% - 1.3 p.p. 7.0% 0.6 p.p. 5.1% Total % 5.7% LTM 2Q25 8,785.5 13,487.3 25,939.0 7,144.3 8,104.1 18,163.2 - 1,199.6 80,423.8 1,728.4 968.4 - 105.4 765.1 1,018.6 2,897.9 8.1 7,281.0 19.7% 7.2% - 0.4% 10.7% 12.6% 16.0% - 0.7% 9.1% 1,361.4 759.7 - 346.8 638.7 732.6 1,969.9 - 34.1 5,081.4 15.5% 5.6% - 1.3% 8.9% 9.0% 10.8% 2.8% 6.3% BUSINESS UNITS – IFRS USS BUSINESS UNITS 8

![](ex99-2_009.jpg)

∆ % 2Q24 ∆ % 1Q25 Million 2Q25 Net Revenue - 2.5% 2,222.5 0.7% 2,150.5 Seara\* US$2,166.1 20.2% 2,980.0 13.0% 3,170.0 JBS Brazil\* US$3,580.8 13.6% 5,992.4 6.0% 6,421.6 JBS Beef North America US$6,805.1 19.4% 1,651.7 21.7% 1,621.5 JBS Au S tralia US$1,972.8 - 4.8% 2,161.9 2.9% 2,001.7 JBS USA Pork US$2,059.1 4.3% 4,559.3 6.6% 4,463.0 Pilgrim' S Pride US$4,757.4 21.1% - 283.6 13.8% - 301.7 Elimination and Other S \* US$ - 343.5 8.9% 19,284.2 7.5% 19,526.5 Total\* US$20,997.7 Adjusted EBITDA 0.5% 332.3 - 10.3% 372.1 Seara\* US$333.8 - 0.1% 223.7 78.5% 125.2 JBS Brazil\* US$223.5 - 16.1 134.2% - 112.9 JBS Beef North America US$ - 264.4 24.2% 201.7 48.5% 168.8 JBS Au S tralia US$250.6 - 51.0% 272.7 - 40.0% 222.7 JBS USA Pork US$133.6 4.7% 655.9 28.8% 533.2 Pilgrim' S Pride US$686.9 49.7% 3.1 26.2% 3.6 Elimination and Other S \* US$4.6 - 19.8% 1,705.4 4.2% 1,312.8 Total\* US$1,368.5 Adjusted EBITDA Margin 0.5 p.p. 14.9% - 1.9 p.p. 17.3% Seara\* % 15.4% - 1.3 p.p. 7.5% 2.3 p.p. 3.9% JBS Brazil\* % 6.2% - 4.2 p.p. 0.3% - 2.1 p.p. - 1.8% JBS Beef North America % - 3.9% 0.5 p.p. 12.2% 2.3 p.p. 10.4% JBS Au S tralia % 12.7% - 6.1 p.p. 12.6% - 4.6 p.p. 11.1% JBS USA Pork % 6.5% 0.1 p.p. 14.4% 2.5 p.p. 11.9% Pilgrim' S Pride % 14.4% - 0.3 p.p. - 1.1% - 0.1 p.p. - 1.2% Elimination and Other S \* % - 1.3% - 2.3 p.p. 8.8% - 0.2 p.p. 6.7% Total\* % 6.5% Adjusted EBIT 0.2% 289.3 - 12.6% 331.4 Seara\* US$289.8 - 0.1% 171.7 120.9% 77.6 JBS Brazil\* US$171.5 - - 27.4 97.2% - 158.4 JBS Beef North America US$ - 312.3 28.3% 180.0 55.0% 149.0 JBS Au S tralia US$231.0 - 61.4% 225.9 - 50.6% 176.6 JBS USA Pork US$87.2 4.6% 548.0 33.7% 428.7 Pilgrim' S Pride US$573.4 21.7% - 5.1 1.7% - 6.2 Elimination and Other S \* US$ - 6.3 - 25.2% 1,382.3 3.6% 998.8 Total\* US$1,034.3 Adjusted EBIT Margin 0.4 p.p. 13.0% - 2.0 p.p. 15.4% Seara\* % 13.4% - 1.0 p.p. 5.8% 2.3 p.p. 2.4% JBS Brazil\* % 4.8% - 4.1 p.p. - 0.5% - 2.1 p.p. - 2.5% JBS Beef North America % - 4.6% 0.8 p.p. 10.9% 2.5 p.p. 9.2% JBS Au S tralia % 11.7% - 6.2 p.p. 10.4% - 4.6 p.p. 8.8% JBS USA Pork % 4.2% 0.0 p.p. 12.0% 2.4 p.p. 9.6% Pilgrim' S Pride % 12.1% 0.0 p.p. 1.8% - 0.2 p.p. 2.0% Elimination and Other S \* % 1.8% - 2.2 p.p. 7.2% - 0.2 p.p. 5.1% Total\* % 4.9% LTM 2Q25 8,785.5 13,487.3 25,939.0 7,144.3 8,104.1 18,177.4 - 1,213.8 80,423.8 1,512.5 941.9 - 258.2 667.8 758.6 2,406.2 8.1 6,036.8 17.2% 7.0% - 1.0% 9.3% 9.4% 13.2% - 0.7% 7.5% 1,346.3 746.2 - 449.4 583.8 566.6 1,965.9 - 34.3 4,725.1 15.3% 5.5% - 1.7% 8.2% 7.0% 10.8% 2.8% 5.9% BUSINESS UNITS – USGAAP USS BUSINESS UNITS \* US Comp 9

![](ex99-2_010.jpg)

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ US COMP - US$ Million 17.2% 1,512.5 0.5% 14.9% 332.3 - 10.3% 17.3% 372.1 15.4% 333.8 Adjusted EBITDA US Comp 15.3% 1,346.3 0.2% 13.0% 289.3 - 12.6% 15.4% 331.4 13.4% 289.8 Adjusted EBIT US Comp LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 8,785.5 - 2.5% 100.0% 2,222.5 0.7% 100.0% 2,150.5 100.0% 2,166.1 Net Revenue - 71% (6,257.0) - 2.7% - 74% (1,637.1) 4.7% - 71% (1,521.7) - 74% (1,593.1) Co S t of Good S Sold 29% 2,528.6 - 2.1% 585.4 26% - 8.9% 29% 628.7 26% 573.0 Gro SS Profit 19.7% 1,728.4 1.2% 17.4% 387.1 - 8.0% 19.8% 425.7 18.1% 391.8 Adjusted EBITDA 15.5% 1,361.4 0.3% 13.2% 292.3 - 12.9% 15.7% 336.7 13.5% 293.2 Adjusted EBIT SEARA BUSINESS UNITS In 2 Q 25 , Seara reported a net revenue of US $2 . 2 billion, a 3 % decrea S e over the S ame period of the previou S year . During the fir S t part of the quarter, trade dynamic S were favorable, both dome S tically and internationally . However, in mid - May, Brazil identified the fir S t outbreak of avian influenza on a commercial farm . The Mini S try of Agriculture and Live S tock quickly adopted containment mea S ure S to prevent the S pread of the di S ea S e, and in June, the country wa S once again declared free of avian influenza . Neverthele SS , important market S remained temporarily clo S ed, impacting trade dynamic S . In export S , net revenue in dollar S totaled US $1 . 1 billion in 2 Q 25 , a 7 % decrea S e compared to the S ame period in 2024 . Thi S reduction i S primarily due to lower export volume S of fre S h chicken, a S well a S a S mall drop in the average dollar price S for the category . On the other hand, the pork category partially off S et the temporary wor S ening commercial dynamic S of chicken, a S S trong international demand boo S ted both price S and volume . Part of the chicken S ale S originally meant for the export market S were redirected to the dome S tic market, impacting market dynamic S . Year - over - year, net revenue in the dome S tic market grew 11 % , primarily due to the increa S e in average price S . De S pite the negative impact S of avian flu, adju S ted EBITDA in the quarter wa S US $391 . 8 million, with a margin of 18 . 1 % in 2 Q 25 , reflecting the focu S , agility and di S cipline in the pur S uit of operational and commercial excellence . 10

![](ex99-2_011.jpg)

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ US COMP - US$ Million 7.0% 941.9 - 0.1% 7.5% 223.7 78.5% 3.9% 125.2 6.2% 223.5 Adjusted EBITDA US Comp 5.5% 746.2 - 0.1% 5.8% 171.7 120.9% 2.4% 77.6 4.8% 171.5 Adjusted EBIT US Comp LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 13,487.3 20.2% 100.0% 2,980.0 13.0% 100.0% 3,170.0 100.0% 3,580.8 Net Revenue - 83% (11,199.0) 25.0% - 81% (2,426.2) 12.2% - 85% (2,701.2) - 85% (3,032.0) Co S t of Good S Sold 17% 2,288.4 - 0.9% 553.8 19% 17.1% 15% 468.8 15% 548.8 Gro SS Profit 7.2% 968.4 1.0% 7.6% 226.3 74.4% 4.1% 131.1 6.4% 228.6 Adjusted EBITDA 5.6% 759.7 1.3% 5.8% 171.4 118.2% 2.5% 79.6 4.8% 173.6 Adjusted EBIT JBS BRAZIL Note : On March 1 , 2020 , through a corporate re S tructuring proce SS , Swift S tore S were tran S ferred to the direct S ub S idiary Seara Alimento S . Although the Swift S tore S are part of the corporate S tructure of Seara Alimento S , for the purpo S e S of analy S i S and pre S entation of re S ult S , the Company' S Management decided to allocate Swift' S re S ult S to the JBS Bra S il operating S egment . BUSINESS UNITS In 2 Q 25 , JBS Brazil reported net revenue of US $3 . 6 billion, 20 % higher than the 2 Q 24 . Thi S S ignificant growth in net revenue reflect S both increa S ed S ale S volume S and higher price S . In the export market, net revenue from fre S h beef grew 45 % in 2 Q 25 compared to the S ame period of la S t year, driven by increa S ed S ale S volume S and higher average price S in dollar S . In addition to S olid international demand, geographic diver S ification wa S crucial in the export market, driving S ale S to S everal S trategic region S . In the dome S tic market, net revenue from the fre S h beef category increa S ed 15 % compared to 2 Q 24 , driven by higher price S and volume S , partially off S etting the S harp increa S e in cattle co S t S during the period . Adju S ted EBITDA totaled US $228 . 6 million, with an EBITDA margin of 6 . 4 % in 2 Q 25 . According to data publi S hed by CEPEA - ESALQ, the average price of live cattle during the quarter wa S approximately R $315 /arroba, a S ignificant 40 % increa S e compared to 2 Q 24 . Therefore, de S pite the increa S e in net revenue, profitability wa S pre SS ured by the increa S e in cattle price S year - over - year . 11

![](ex99-2_012.jpg)

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ USGAAP¹ - US$ Million 100.0% 25,939.0 13.6% 100.0% 5,992.4 6.0% 100.0% 6,421.6 100.0% 6,805.1 Net Revenue - 101% (26,072.9) 18.3% - 99% (5,950.7) 8.1% - 101% (6,511.3) - 103% (7,040.2) Co S t of Good S Sold - 1% (133.9) - 41.7 1% 162.2% - 1% (89.7) - 3% (235.1) Gro SS Profit - 1.0% (258.2) - 0.3% 16.1 134.2% - 1.8% (112.9) - 3.9% (264.4) Adjusted EBITDA - 1.7% (449.4) - - 0.5% (27.4) 97.2% - 2.5% (158.4) - 4.6% (312.3) Adjusted EBIT LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 25,939.0 13.6% 100.0% 5,992.4 6.0% 100.0% 6,421.6 100.0% 6,805.1 Net Revenue - 97% (25,223.0) 18.7% - 96% (5,768.2) 8.3% - 98% (6,323.6) - 101% (6,846.9) Co S t of Good S Sold 716.0 3% - 224.2 4% - 2% 98.0 - 1% (41.8) Gro SS Profit - 0.4% (105.4) - 0.5% 29.0 131.9% - 1.6% (100.5) - 3.4% (233.0) Adjusted EBITDA - 1.3% (346.8) - - 0.4% (25.6) 85.0% - 2.5% (158.3) - 4.3% (292.9) Adjusted EBIT JBS BEEF NORTH AMERICA ¹The difference in JBS Beef North America' S EBITDA in IFRS and USGAAP, in addition to the exchange rate, i S due to the impact S of the adoption of IFRS 16 a S of 1Q19 and different inventory accounting criteria: in IFRS, inventorie S are accounted for at average co S t, while in US GAAP they are BUSINESS UNITS In IFRS, net revenue in 2 Q 25 wa S US $6 . 8 billion, a 14 % increa S e compared to 2 Q 24 , with a negative adju S ted EBITDA of US $233 million and a negative EBITDA margin of 3 . 4 % . In US GAAP, net revenue wa S US $6 . 8 billion in 2 Q 25 , a 14 % increa S e compared to 2 Q 24 , and a negative adju S ted EBITDA of US $264 . 4 million, with a negative margin of 3 . 9 % . Net revenue growth wa S driven by S trong demand in the United State S . Even with cutout price S at record high S , dome S tic con S umption remained re S ilient . On the other hand, the indu S try i S facing po SS ibly the wor S t moment of the cycle, with low availability of animal S for S laughter . In addition to the current live S tock cycle, the United State S temporarily S u S pended import S of Mexican cattle during the quarter due to animal health concern S . With cattle S upplie S at re S tricted level S , live cattle price S al S o remain at hi S torically high level S , and therefore cattle price S have outpaced whole S ale price growth . The indu S try al S o faced additional challenge S related to acce SS ing international market S , reflecting change S in the North American regulatory land S cape . The Company maintain S it S S trategic focu S on excellence in operational and commercial execution, aiming to pre S erve and S trengthen it S profitability . Among the ongoing initiative S , the optimization of the product portfolio, the increa S e in carca SS yield, and the maximization of plant efficiency S tand out . Additionally, JBS ha S inten S ified it S effort S in efficient S upply chain management, with inve S tment S ranging from increa S ing plant efficiency to capacity expan S ion . marked to market. Volume and price calculation S do not con S ider the impact of acqui S ition S . 12

![](ex99-2_013.jpg)

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ USGAAP¹ - US$ Million 100.0% 7,144.3 19.4% 100.0% 1,651.7 21.7% 100.0% 1,621.5 100.0% 1,972.8 Net Revenue - 89% (6,369.4) 18.6% - 86% (1,424.1) 17.9% - 88% (1,432.1) - 86% (1,689.0) Co S t of Good S Sold 774.9 11% 24.7% 227.6 14% 49.8% 12% 189.4 14% 283.8 Gro SS Profit 9.3% 667.8 24.2% 12.2% 201.7 48.5% 10.4% 168.8 12.7% 250.6 Adjusted EBITDA 8.2% 583.8 28.3% 10.9% 180.0 55.0% 9.2% 149.0 11.7% 231.0 Adjusted EBIT LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 7,144.3 19.4% 100.0% 1,651.7 21.7% 100.0% 1,621.5 100.0% 1,972.8 Net Revenue - 83% (5,944.8) 16.4% - 81% (1,332.3) 13.1% - 85% (1,371.2) - 79% (1,550.2) Co S t of Good S Sold 17% 1,199.5 32.3% 319.4 19% 68.8% 15% 250.3 21% 422.6 Gro SS Profit 10.7% 765.1 28.5% 13.7% 225.8 81.0% 9.9% 160.4 14.7% 290.2 Adjusted EBITDA 8.9% 638.7 34.4% 11.7% 193.5 99.1% 8.1% 130.6 13.2% 260.1 Adjusted EBIT JBS AUSTRALIA ¹The difference in JBS Au S tralia' S EBITDA in IFRS and USGAAP, in addition to the exchange rate, i S due to the impact S of the adoption of IFRS 16 from 1Q19 and different accounting criteria for biological a SS et S , in IFRS they are marked to market, while in USGAAP they are at average co S t. BUSINESS UNITS Con S idering re S ult S in IFRS, net revenue in 2 Q 25 wa S US $2 billion (+ 19 % yoy) and adju S ted EBITDA wa S US $290 . 2 million, with an EBITDA margin of 14 . 7 % for the period . In US GAAP, net revenue totaled US $2 billion in 2 Q 25 , a 19 % increa S e compared to 2 Q 24 , driven by a 14 % increa S e in volume S S old and a 5 % increa S e in average price S . Adju S ted EBITDA wa S US $250 . 6 million in 2 Q 25 , with an EBITDA margin of 12 . 7 % . Net revenue from the beef bu S ine SS grew compared to 2 Q 24 , driven by increa S ed S ale S volume both in the dome S tic and export market S . The S egment maintained a high EBITDA margin, reflecting operational efficiency gain S , co S t reduction initiative S , and higher proce SS ed volume S , driven by increa S ed animal availability . Net revenue from the pork bu S ine SS increa S ed in 2 Q 25 compared to the S ame period la S t year, driven by higher S ale S volume . Additionally, the improved profitability i S a re S ult of operational efficiency gain S . Primo, the prepared food unit, reported a S light increa S e in net revenue in the quarter compared to 2 Q 24 . The 8 % growth in S ale S volume compared to the S ame period la S t year wa S off S et by lower price S , a S con S umer demand continue S to be pre SS ured by inflation . Volume and price calculation S do not con S ider the impact of acqui S ition S . 13

![](ex99-2_014.jpg)

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 8,104.1 - 4.8% 100.0% 2,161.9 2.9% 100.0% 2,001.7 100.0% 2,059.1 Net Revenue - 82% (6,646.8) - 6.3% - 84% (1,813.3) 4.0% - 82% (1,633.8) - 83% (1,699.9) Co S t of Good S Sold 18% 1,457.3 3.0% 348.6 16% - 2.4% 18% 367.9 17% 359.2 Gro SS Profit 12.6% 1,018.6 5.6% 11.1% 240.3 2.5% 12.4% 247.3 12.3% 253.6 Adjusted EBITDA 9.0% 732.6 9.3% 7.8% 169.1 3.2% 8.9% 179.1 9.0% 184.7 Adjusted EBIT LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ USGAAP¹ - US$ Million 100.0% 8,104.1 - 4.8% 100.0% 2,161.9 2.9% 100.0% 2,001.7 100.0% 2,059.1 Net Revenue - 90% (7,319.3) 1.5% - 87% (1,887.7) 8.2% - 88% (1,771.1) - 93% (1,916.3) Co S t of Good S Sold 784.8 10% - 47.9% 274.2 13% - 38.1% 12% 230.6 7% 142.8 Gro SS Profit 9.4% 758.6 - 51.0% 12.6% 272.7 - 40.0% 11.1% 222.7 6.5% 133.6 Adjusted EBITDA 7.0% 566.6 - 61.4% 10.4% 225.9 - 50.6% 8.8% 176.6 4.2% 87.2 Adjusted EBIT JBS USA PORK ¹The difference in JBS USA Pork' S EBITDA in IFRS and USGAAP, in addition to the exchange rate, i S due to the impact S of the adoption of IFRS 16 from 1 Q 19 and different accounting criteria . In IFRS, biological a SS et S are marked to market and inventorie S are carried at average co S t, while in USGAAP, biological a SS et S are held at average co S t and inventorie S are marked to market . Volume and price calculation S do not con S ider the impact BUSINESS UNITS In IFRS, in 2 Q 25 , net revenue wa S US $2 . 1 billion, a 5 % decrea S e compared to 2 Q 24 , and adju S ted EBITDA wa S US $253 . 6 million, with a margin of 12 . 3 % . In US GAAP, net revenue wa S US $2 . 1 billion, a 5 % decrea S e compared to 2 Q 24 . Adju S ted EBITDA totaled US $133 . 6 million in 2 Q 25 , with a margin of 6 . 5 % . In the dome S tic market, net revenue declined 6 % in 2 Q 25 compared to the S ame period of the prior year . Although dome S tic demand remained S olid . The pork bu S ine SS wa S al S o affected on a S hort - term ba S i S by trade re S triction S , and we expect the performance to return to normal level S over the next few quarter S . JBS continue S it S S trategy of expanding it S portfolio of value - added product S , focu S ing on S olid operational execution and a SS et efficiency . Therefore, the Company announced a US $135 million inve S tment to build a new S au S age production facility in Iowa . The plant will have the capacity to produce 130 million pound S per year and will proce SS approximately 500 , 000 hog S annually . of acqui S ition S . 14

![](ex99-2_015.jpg)

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ USGAAP¹ - US$ Million 100.0% 18,177.4 4.3% 100.0% 4,559.3 6.6% 100.0% 4,463.0 100.0% 4,757.4 Net Revenue - 86% (15,670.0) 4.5% - 85% (3,867.7) 3.4% - 88% (3,908.1) - 85% (4,042.1) Co S t of Good S Sold 14% 2,507.4 3.4% 691.6 15% 28.9% 12% 554.9 15% 715.3 Gro SS Profit 13.2% 2,406.2 4.7% 14.4% 655.9 28.8% 11.9% 533.2 14.4% 686.9 Adjusted EBITDA 10.8% 1,965.9 4.6% 12.0% 548.0 33.7% 9.6% 428.7 12.1% 573.4 Adjusted EBIT LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 18,163.2 4.4% 100.0% 4,555.8 6.6% 100.0% 4,459.4 100.0% 4,754.6 Net Revenue - 81% (14,737.8) 4.7% - 80% (3,638.9) 3.8% - 82% (3,670.8) - 80% (3,810.9) Co S t of Good S Sold 19% 3,425.4 2.9% 916.9 20% 19.7% 18% 788.6 20% 943.7 Gro SS Profit 16.0% 2,897.9 4.5% 17.2% 782.8 23.9% 14.8% 660.2 17.2% 817.7 Adjusted EBITDA 10.8% 1,969.9 4.2% 12.1% 552.4 33.7% 9.7% 430.6 12.1% 575.8 Adjusted EBIT PILGRIM'S PRIDE CORPORATION ¹The difference in EBITDA between PPC' S IFRS and USGAAP re S ult S , in addition to the exchange rate, i S due to the impact S of the adoption of IFRS 16 a S of 1Q19 and different criteria for accounting for the amortization of parent bird S : in IFRS, the amortization of the a SS et biological, due to it S longer term nature, i S con S idered an expen S e S ubject to adju S tment in EBITDA, while in USGAAP the amortization of biological a SS et S i S recorded in BUSINESS UNITS Con S idering re S ult S in IFRS, PPC reported net revenue of US $4 . 8 billion in 2 Q 25 , a 4 % increa S e compared to the S ame period la S t year, and an adju S ted EBITDA of US $817 . 7 million, with an EBITDA margin of 17 . 2 % . In US GAAP, PPC' S net revenue in 2 Q 25 wa S US $4 . 8 billion, 4 % higher than in 2 Q 24 , and adju S ted EBITDA wa S US $686 . 9 million, a record re S ult for a quarter, with an EBITDA margin of 14 . 4 % . In 2 Q 25 , Pilgrim' S reported record adju S ted EBITDA . In addition to the favorable commercial dynamic S in the variou S market S in which it operate S , the S olid re S ult S reflect the execution of the Company' S S trategy, with empha S i S on the S trengthening of partner S hip S with key cu S tomer S , expan S ion of the portfolio of value - added and branded product S , innovation, efficiency gain S , among other S . In the United State S , the chicken category reported S ale S growth, with profitability expanding, driven by S trong demand, a focu S on product quality, S ervice level S , and increa S ed operational efficiencie S . Furthermore, Pilgrim' S continue S to expand it S higher - value portfolio through prepared and branded product S , e S pecially at a time when chicken protein price S are more competitive compared to other protein S . In Mexico, the Company reported one of the be S t re S ult S in it S hi S tory . Strong demand, combined with a greater offering of prepared and branded product S , a S well a S the continued growth of partner S hip S with key cu S tomer S , contributed po S itively to re S ult S . Therefore, the Company continue S to inve S t in capacity expan S ion and operational excellence . Europe continued to report improvement S in profitability, reflecting : (i) operational efficiency gain S and con S olidation of S upport activitie S ; (ii) improved product mix ; (iii) expan S ion and improved S ervice level S with key cu S tomer S ; (iv) a greater offering of branded product S ; and (v) a broader innovation pipeline . the Co S t of Product Sold and i S not adju S ted in EBITDA. 15

![](ex99-2_016.jpg)

Net Revenue (billion) EBITDA (million) and % EBITDA 224 369 224 125 223 3.9% 6.4% 6.2% EBITDA (million) and % EBITDA 11.3% 7.5% 2Q24 3Q24 4Q24 1Q25 2Q25 JBS Brazil (US Comp) JBS Beef North America (USGAAP - US$) 2Q24 3Q24 4Q24 1Q25 2Q25 Seara (US Comp) Consolidated (US Comp) 19.3 19.9 20.0 19.5 21.0 2Q24 3Q24 4Q24 1Q25 2Q25 1,382 1,503 1,189 999 1,034 7.2% 7.5% 6.0% 5.1% 4.9% 2Q24 3Q24 4Q24 1Q25 2Q25 2.2 2.2 2.3 2.2 2.2 2Q24 3Q24 4Q24 1Q25 2Q25 332 407 400 372 334 14.9% 18.5% 17.6% 17.3% 15.4% 2Q24 3Q24 4Q24 1Q25 2Q25 289 366 359 331 290 13.0% 16.7% 15.8% 15.4% 13.4% 2Q24 3Q24 4Q24 1Q25 2Q25 3.0 3.3 3.5 3.2 3.6 2Q24 3Q24 4Q24 1Q25 2Q25 172 318 179 78 171 5.8% 2.4% 4.8% EBIT (million) and % EBIT 9.8% 5.1% 2Q24 3Q24 4Q24 1Q25 2Q25 16 3 0.3% 0.6% 1.3% - 1.8% - 3.9% 0.4% - 2.5% - 0.1% - 0.5% 7 82 - 113 - 264 - 27 - 6 28 - 158 2Q24 3Q24 4Q24 1Q25 2Q25 6.0 6.3 6.4 6.4 6.8 2Q24 3Q24 4Q24 1Q25 2Q25 - 312 - 4.6% 2Q24 3Q24 4Q24 1Q25 2Q25 BUSINESS UNITS EBIT (million) and % EBIT Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT Net Revenue (billion) Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT 1,705 16 1,827 1,528 1,313 1,369 8.8% 9.2% 7.7% 6.7% 6.5%

![](ex99-2_017.jpg)

656 660 526 533 687 14.4% 14.4% 12.0% 11.9% 14.4% 2Q24 3Q24 4Q24 1Q25 2Q25 4.6 4.6 4.4 4.5 4.8 2Q24 3Q24 4Q24 1Q25 2Q25 Pilgrim's Pride (USGAAP - US$) JBS USA Pork (USGAAP - US$) 273 210 192 223 134 12.6% 10.3% 9.6% 11.1% 6.5% 2Q24 3Q24 4Q24 1Q25 2Q25 2.2 2.0 2.0 2.0 2.1 2Q24 3Q24 4Q24 1Q25 2Q25 1.7 1.8 1.8 1.6 2.0 2Q24 3Q24 4Q24 1Q25 2Q25 JBS Australia (USGAAP - US$) 202 144 104 169 251 12.2% 8.1% 5.9% 10.4% 12.7% 2Q24 3Q24 4Q24 1Q25 2Q25 548 550 414 429 573 12.0% 12.0% 9.5% 9.6% 12.1% 2Q24 3Q24 4Q24 1Q25 2Q25 226 164 139 177 87 10.4% 8.0% 7.0% 8.8% 4.2% 2Q24 3Q24 4Q24 1Q25 2Q25 180 122 82 149 231 10.9% 6.8% 4.6% 9.2% 11.7% 2Q24 3Q24 4Q24 1Q25 2Q25 Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT BUSINESS UNITS 17

![](ex99-2_018.jpg)

FINANCIAL STATEMENTS BALANCE SHEET Consolidated In million of American Dollars - US$12/31/24 06/30/25 Current Assets 5,614 2,519 Ca S h and ca S h equivalent S 137 449 Margin ca S h 3,736 3,653 Trade account S receivable 5,016 6,288 Inventorie S 1,608 1,834 Biological a SS et S 638 653 Recoverable taxe S 84 187 Derivative a SS et S 289 374 Other current a SS et S 17,121 15,958 TOTAL CURRENT ASSETS 12/31/24 06/30/25 Non - Current Assets 1,412 1,788 Recoverable taxe S 518 584 Biological a SS et S 77 - Related party receivable S 651 521 Deferred income taxe S 269 494 Other non - current a SS et S 2,928 3,386 38 219 Inve S tment S in equity - accounted inve S tee S 11,781 12,898 Property, plant and equipment 1,597 1,609 Right of u S e a SS et 1,803 1,887 Intangible a SS et S 5,417 5,860 Goodwill 23,564 25,859 TOTAL NON - CURRENT ASSETS 40,685 41,816 TOTAL ASSETS 19

![](ex99-2_019.jpg)

Consolidated In million of American Dollars - US$12/31/24 06/30/25 Current Liabilities 5,466 5,018 Trade account S payable 729 1,032 Supply chain finance 2,084 1,032 Loan S and financing 233 127 Income taxe S 114 122 Other taxe S payable 1,436 1,370 Payroll and S ocial charge S 336 352 Lea S e liabilitie S 359 0 Dividend S payable 281 159 Provi S ion S for legal proceeding S 166 391 Derivative liabilitie S 455 745 Other current liabilitie S 11,657 10,349 TOTAL CURRENT LIABILITIES 12/31/24 06/30/25 Non - Current Liabilities 17,243 18,459 Loan S and financing 407 407 Income and other taxe S payable 353 267 Payroll and S ocial charge S 1,398 1,419 Lea S e liabilitie S 1,095 1,091 Deferred income taxe S 217 211 Provi S ion for legal proceeding S 100 82 Derivative liabilitie S 82 53 Other non - current liabilitie S 20,894 22,221 TOTAL NON - CURRENT LIABILITIES 12/31/24 06/30/25 Equity 13,178 35 Share capital - common S hare S (181) 7,313 Capital re S erve (37) - Other re S erve S 4,212 (1) Profit re S erve S (10,077) (17) Accumulated other comprehen S ive income - 1,090 Retained Earning S 7,094 8,420 Attributable to company shareholders 1,040 826 Attributable to non - controlling interest 8,134 9,246 TOTAL EQUITY 40,685 41,816 TOTAL LIABILITIES AND EQUITY BALANCE SHEET FINANCIAL STATEMENTS 20

![](ex99-2_020.jpg)

FINANCIAL STATEMENTS INCOME STATEMENT Statements of income for the three month period ended June 30 Consolidated In million of American Dollars - US$2Q24 2Q25 19,284 20,998 NET REVENUE (16,311) (18,165) Co S t of S ale S 2,973 2,833 GROSS PROFIT (1,116) (1,207) Selling expen S e S (696) (522) General and admini S trative expen S e S (44) 18 Other expen S e S 17 (16) Other income (1,839) (1,727) NET OPERATING EXPENSES 1,134 1,105 OPERATING PROFIT 196 69 Finance income (796) (446) Finance expen S e (600) (376) NET FINANCE EXPENSE 2 8 Share of profit of equity - accounted inve S tee S , net of tax 537 736 PROFIT BEFORE TAXES (253) (166) Current income taxe S 104 23 Deferred income taxe S (149) (142) TOTAL INCOME TAXES 388 594 NET INCOME ATTRIBUTABLE TO: 329 528 Company S hareholder S 59 66 Non - controlling intere S t 388 594 0.30 0.48 Basic and diluted earnings (loss) per share - common shares (US$) 21

![](ex99-2_021.jpg)

Statements of cash flows for the three months period ended June 30 Consolidated In million of American Dollars - US$2Q24 2Q25 Cash flow 388 594 Net Income (loss) Adjustments for: 546 565 Depreciation and amortization 2 0 Expected Credit Lo SS e S (2) (8) Share of profit of equity - accounted inve S tee S 1 2 Gain on S ale S of a SS et S 149 142 Tax expen S e 600 376 Net finance expen S e 3 7 Share - ba S ed compen S ation 7 2 Provi S ion S for legal proceeding S 13 7 Impairment of goodwill and property, plant and equipment (5) 3 Net realizable value inventory adju S tment S 86 (96) Fair value adju S tment of biological a SS et S 76 54 DOJ (Department of Ju S tice) and antitru S t agreement S - 6 Provi S ion S for Avian Influenza 1,863 1,656 Changes in assets and liabilities: 67 (77) Trade account S receivable (72) (314) Inventorie S 85 52 Recoverable taxe S (36) (74) Other current and non - current a SS et S (138) (207) Biological a SS et S 43 (28) Trade account S payable and S upply chain finance (22) (45) Taxe S paid in in S tallment S 107 248 Other current and non - current liabilitie S (59) (317) Income taxe S paid - (122) DOJ and Antitru S t agreement S payment (24) (883) Changes in operating assets and liabilities 1,839 773 Cash provided by operating activitiess (362) (293) Intere S t paid 30 32 Intere S t received 1,507 511 Net cash flows provided by operating activities Cash flow from investing activities (346) (449) Purcha S e S of property, plant and equipment (2) 0 Purcha S e S and di S po S al S of intangible a SS et S 4 14 Proceed S from S ale of property, plant and equipment - (165) Addition S to inve S tment S in joint venture S (1) - Acqui S ition S , net of ca S h acquired 3 2 Dividend S received 0 5 Related party tran S action S (342) (594) Cash provided used in investing activities Cash flows from financing activities 618 2,313 Proceed S from loan S and financing (1,066) (2,926) Payment S of loan S and financing (105) (117) Payment S of lea S ing contract S (133) (44) Derivative in S trument S received (S ettled) - (1,194) Dividend S paid (3) (266) Dividend S paid to non - controlling intere S t (11) (67) Margin ca S h (700) (2,300) Cash provided (used in) by financing activities (72) 75 Effect of exchange rate changes on cash and cash equivalents 392 (2,307) Net change in ca S h and ca S h equivalent S 3,298 4,826 Ca S h and ca S h equivalent S at the beggining of period 3,690 2,519 Cash and cash equivalents at the end of period CASH FLOW STATEMENT FINANCIAL STATEMENTS 22

![](ex99-2_022.jpg)

DISCLAIMER We make S tatement S about future event S that are S ubject to ri S k S and uncertaintie S . Such S tatement S are ba S ed on the belief S and a SS umption S of our Management and information to which the Company currently ha S acce SS . Statement S about future event S include information about our current intention S , belief S or expectation S , a S well a S tho S e of the member S of the Company' S Board of Director S and Officer S . Di S claimer S with re S pect to forward - looking S tatement S and information al S o include information on po SS ible or pre S umed operating re S ult S , a S well a S S tatement S that are preceded, followed or that include the word S "believe," "may," "will," "continue," "expect S ," "predict S ," "intend S ," "plan S ," "e S timate S ," or S imilar expre SS ion S . Forward - looking S tatement S and information are not guarantee S of performance . They involve ri S k S , uncertaintie S and a SS umption S becau S e they refer to future event S , depending, therefore, on circum S tance S that may or may not occur . Future re S ult S and S hareholder value creation may differ materially from tho S e expre SS ed or implied by the forward - looking S tatement S . Many of the factor S that will determine the S e re S ult S and value S are beyond our ability to control or predict . 23