# EDGAR Filing Document

**Accession Number:** 0001791942
**File Stem:** 0001193125-25-132373
**Filing Date:** 2025-6
**Character Count:** 16854
**Document Hash:** 0933a6ff8ddaf843359e59b10671587d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-132373.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-132373

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250530

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JBS S.A.
- **CENTRAL INDEX KEY:** 0001450123
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEAT PACKING PLANTS [2011]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-155412
- **FILM NUMBER:** 251012747

**BUSINESS ADDRESS:**
- **STREET 1:** AV. MARGINAL DIREITA DO TIETE, 500
- **STREET 2:** VILA JAGUARA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 05118-100
- **BUSINESS PHONE:** 011.55.113144.4060

**MAIL ADDRESS:**
- **STREET 1:** AV. MARGINAL DIREITA DO TIETE, 500
- **STREET 2:** VILA JAGUARA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 05118-100
**FILED BY**: 

**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:** 425

**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

Filed by JBS N.V.

CIK No. 0001791942

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: JBS S.A.

Registration Statement File Number: 333-155412

THE FOLLOWING ARE MATERIALS MADE PUBLIC BY THE JBS GROUP RELATING TO ITS PROPOSED CORPORATE RESTRUCTURING AND DUAL LISTING.

**Important Notices and Additional Information** 

This communication is being made in respect of the proposed corporate restructuring and dual listing pursuant to which JBS N.V. will be the ultimate holding company of JBS S.A. and its subsidiaries (collectively, the "<u>JBS Group</u>"), JBS N.V.'s Class A common shares will be listed and trade on the New York Stock Exchange and Brazilian Depositary Receipts representing JBS N.V.'s Class A common shares will be listed and trade on the São Paulo Stock Exchange (B3 S.A. – Brasil, Bolsa, Balcão) (collectively, the "<u>Proposed Transaction</u>"). In connection with the Proposed Transaction, JBS N.V. (formerly JBS B.V.) has filed a registration statement on Form F-4 ("<u>Form F-4</u>") containing a prospectus with the Securities and Exchange Commission (the "<u>SEC</u>"). The Form F-4 has been declared effective by the SEC. Additionally, JBS N.V. may file other relevant materials in connection with the Proposed Transaction with the SEC. **Security holders of JBS S.A. are urged to read the Form F-4 and the prospectus regarding the Proposed Transaction and any other relevant materials carefully and in their entirety as they become available because they contain important information about the Proposed Transaction and related matters.** Security holders of JBS S.A. and investors may obtain a copy of the prospectus, the filings with the SEC that are incorporated by reference into the prospectus as well as other filings containing information about the Proposed Transaction free of charge at the SEC's website (www.sec.gov) or JBS S.A.'s website (https://ri.jbs.com.br/en/) or by contacting JBS S.A.'s Investor Relations department by email at ri@jbs.com.br, telephone at +55 (11) 3144-4146 or mail at Av. Marginal Direita do Tietê, 500, Bloco I, 3rd floor, São Paulo—SP, 05118-100, Brazil.

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or buy any securities or the solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

**Forward-Looking Statements** 

This document contains certain statements, including estimates, projections, statements relating to business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, that are "forward-looking statements." The forward-looking statements contained in this document may include statements about the expected effects on the JBS Group in connection with the Proposed Transaction, the anticipated timing and benefits of the Proposed Transaction, and the JBS Group's anticipated financial results, and also include all other statements in this document that are not purely historical information. These forward-looking statements are generally identified by the words "anticipate," "believe," "estimate," "expect," "future," "intend," "may," "opportunity," "outlook," "plan," "project," "should," "strategy," "will," "would," "will be," "will continue," "will likely result" and similar expressions. These statements are based on the current expectations of the management of the JBS Group and are subject to uncertainty and to changes in circumstances. In addition, these statements are based on a number of assumptions that are subject to change. Many factors could cause actual results to differ materially from these forward-looking statements with respect to the Proposed Transaction, including risks relating to the completion of the Proposed Transaction on anticipated terms and timing, including obtaining shareholder and regulatory approvals, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management and expansion and growth of the JBS Group's operations. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the JBS Group's consolidated financial condition, results of operations or liquidity. Forward-looking statements included herein are made as of the date hereof, and the JBS Group undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 99.1 | [Material Fact (English translation).](d44940dex991.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g44940g0530130055745.jpg)

**<u>MATERIAL FACT</u>**

**<u>UPDATE ON THE DUAL LISTING</u>**

**<u>FOREIGN ISSUER AND BDRS LEVEL II PROGRAM REGISTRATION</u>**

**JBS S.A.** ("<u>JBS S.A.</u>" or "<u>Company</u>" – B3: JBSS3; OTCQX: JBSAY), pursuant to the provisions of article 157, paragraph 4 of Law No. 6,404/76, as amended ("<u>Corporation Law</u>"), and pursuant to the provisions of the regulations of the Brazilian Securities Commission (*Comissão de Valores Mobiliários – CVM*) ("<u>CVM</u>"), especially CVM Resolution No. 44/2001 ("<u>CVM Resolution 44</u>") and CVM Resolution No. 78/2002 ("<u>CVM Resolution 78</u>"), in addition to the material facts disclosed on July 12, 2023, September 4, 2023, on March 17, 2025, on April 22, 2025 and on May 23, 2025, which disclosed information regarding the Dual Listing, communicates to its shareholders and the market that, on this date, JBS N.V. obtained its registration as a foreign issuer and the registration of its *Brazilian Depositary Receipts*– BDRs Level II Program before the CVM. Also, the BDRs have been admitted to trading by B3 S.A. – Brasil, Bolsa, Balcão ("<u>B3</u>"). In addition, the Controlling Shareholders' Contributions are now concluded.

The terms used in capital letters in this Material Fact and not defined herein shall have the meaning attributed to them in the material fact disclosed by the Company on May 23, 2025.

The registration as a foreign issuer and the approval of the Level II BDR Program represent the fulfillment of the Conditions of Completion for the implementation of the Dual Listing of the Company's shares, as approved at the Extraordinary General Meeting held on May 23, 2025. As a result, JBS N.V. is now authorized to have its Level II BDRs admitted to trading on B3, backed by its Class A Shares, and is obliged to comply with the disclosure and reporting obligations provided for in the Brazilian regulation applicable to foreign issuers.

As a consequence, the following will be implemented on June 6, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Merger of Shares</u>. JBS Participações will merge all shares issued by JBS S.A. into it, at
their book value. In exchange, JBS Participações will issue, in favor of the Shareholders of JBS S.A.<sup>1</sup>, 1 (one) Redeemable Share for every 2 (two) common shares held by such JBS S.A.
Shareholder. As a result, JBS S.A. will become a wholly owned subsidiary of JBS Participações.

<sup>1</sup> Including the depositary bank of the ADRs, The Bank of New York Mellon ("<u>ADR Depositary Bank</u>")

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Redemption</u>. Immediately after and on the same date of the Merger of Shares, JBS
Participações will redeem all the Redeemable Shares (" <u>Redemption</u> ") upon delivery, to each of their holders<sup>2</sup>, of 1 (one) BDR for every 1 (one) Redeemable Share. If
any holder of BDRs wishes to hold Class A Shares directly, the respective holder of BDRs must take the necessary steps to cancel their BDRs by providing instructions to the B3 through their respective custody agents. In order to receive
Class A Shares, shareholders must open an account with a brokerage firm accredited in the United States.

**ACCORDINGLY, THE LAST TRADING DAY OF JBS S.A.'S COMMON SHARES ON B3 WILL BE JUNE 6, 2025, AND THE FIRST TRADING DAY OF THE BDRS OF JBS N.V. ON B3 WILL BE JUNE 9, 2025.** 

Below is a tentative and estimate schedule of the completion of the Dual Listing, as of the present date:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Stage** | **Date** | **Act** |
| &nbsp;&nbsp;&nbsp;1 | 05/30/2025 | Registration as foreign issuer of JBS N.V. by CVM and approval of the Level II BDR Program by CVM and admission to trading of BDRs by B3 |
| &nbsp;&nbsp;&nbsp;2 | 06/06/2025 | Last day of trading on B3 of JBS S.A. shares.<br> Completion of the Dual Listing – Implementation of the Merger of Shares and the Redemption |
| &nbsp;&nbsp;&nbsp;3 | 06/09/2025 | BDR start trading on B3. |
| &nbsp;&nbsp;&nbsp;4 | 06/10/2025 | Calculation of fractions of shares |
| &nbsp;&nbsp;&nbsp;5 | 06/11/2025 | Date of delivery of the BDRs (date on which the BDRs will appear in the shareholders' statements)<br>Date from which shareholders can request the cancellation of BDRs<br>Estimated date from which Class A Shares (NYSE: JBS) will be delivered in favor of shareholders who have requested the cancellation of the BDRs before 1:00 p.m. of the same day<br>Date for confirmation of information never plural on the acquisition cost of the Shares by Non-Resident Investors |
| &nbsp;&nbsp;&nbsp;6 | 06/12/2025 | Estimated date of the start of trading of Class A Shares on the NYSE |
| &nbsp;&nbsp;&nbsp;7 | 06/16/2025 | Estimated date of payment of the Cash Dividend |
| &nbsp;&nbsp;&nbsp;8 | On or after 06/16/2025 | Fractions of Shares Auction |

---

JBS S.A. will keep its shareholders and the market informed about the Dual Listing, in accordance with the applicable regulations.

<sup>2</sup> Including the ADR Depositary Bank. The ADR Depositary Bank will proceed with the immediate cancellation of the BDRs it receives as a result of the Redemption, so that the Class A Shares corresponding to the BDRs are delivered to the ADR Holders, provided that the fees due to the ADR Depositary Bank for this transaction will be paid by JBS S.A. on behalf of the ADR Holders. 

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Additional information may be obtained from the Investor Relations Department of JBS S.A., by the e-mail ri@jbs.com.br, telephone<br> +55 (11) 3144-4146, at Avenida Marginal Direita do Tietê, 500, Bloco I, 3º Andar, CEP 05118-100, São Paulo—SP or on the website of JBS S.A. (https://ri.jbs.com.br/).

**No Offer or Solicitation** 

This Material Fact is for informational purposes and does not constitute an offer to sell or the solicitation of an offer to purchase or sell any securities or a solicitation of any vote or approval, nor will there be any sale of securities in any jurisdiction in which such an offer, solicitation or sale would be illegal in the absence of registration or qualification under the securities laws of such jurisdiction.

São Paulo, May 30, 2025.

**Guilherme Perboyre Cavalcanti** 

Investor Relations Officer

Statements contained in this Material Fact (or in the documents it incorporates by reference) that are not historical facts or information may be forward-looking statements. These forward-looking statements may, among other things, include statements about the proposed transactions involving JBS N.V. and JBS S.A.; beliefs related to the creation of value as a result of the proposed transaction involving JBS N.V. and JBS S.A.; the intended schedule for completion of the operation; benefits and synergies of the operation; and any other statements relating to future convictions, expectations, plans, intentions, financial or performance condition of JBS N.V. and JBS S.A. In some cases, terms such as "estimate", "project", "forecast", "plan", "believe", "may", "expect", "anticipate", "intend", "planned", "potential", "could", "will" and similar terms, or the negative of these expressions, may identify forward-looking statements. These forward-looking statements are based on the expectations and convictions of JBS N.V. and of JBS S.A. on future events and involve risks and uncertainties that may cause the actual results to materially differ from the present ones.

ADDITIONAL INFORMATION FOR US INVESTORS: This document is being released in connection with the proposed corporate restructuring and dual listing pursuant to which JBS N.V. will be the ultimate holding company of JBS S.A. and its subsidiaries (collectively, the "<u>JBS Group</u>"), JBS N.V.'s Class A common shares will be listed and trade on the New York Stock Exchange and Brazilian Depositary Receipts representing JBS N.V.'s Class A common shares will be listed and trade on the São Paulo Stock Exchange (B3 S.A. – Brasil, Bolsa, Balcão) (collectively, the "<u>Proposed Transaction</u>"). In connection with the Proposed Transaction, JBS B.V. (to be renamed "JBS N.V." upon its conversion into a public limited liability company (*naamloze vennootschap*) under Dutch law, at a future date) has filed a registration statement on Form F-4 ("<u>Form</u> <u>F-4</u>") containing a prospectus with the Securities and Exchange Commission (the "<u>SEC</u>"). The Form F-4 has been declared effective by the SEC. Additionally, JBS B.V. (or JBS N.V., as the case may be) may file other relevant materials in connection with the Proposed Transaction with the SEC. **Security holders of JBS S.A. are urged to read the Form F-4 and the prospectus regarding the Proposed Transaction and any other relevant materials carefully and in their entirety as they become available because they contain important information about the Proposed Transaction and related matters.** Security holders of JBS S.A. and investors may obtain a copy of the prospectus, the filings with the SEC that are incorporated by reference into the prospectus as well as other filings containing information about the Proposed Transaction free of charge at the SEC's website (www.sec.gov) or JBS S.A.'s website (https://ri.jbs.com.br/en/) or by contacting JBS S.A.'s Investor Relations department.

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