# EDGAR Filing Document

**Accession Number:** 0001791942
**File Stem:** 0001213900-25-076934
**Filing Date:** 2025-8
**Character Count:** 177535
**Document Hash:** 52240ced12b46b946234b18fb42025b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-076934.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001213900-25-076934

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250814

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250814

**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:** 251221778

**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 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 Brazilian reais) (English translation).](ea025323501ex99-1_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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: August 14, 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.** |
| **Condensed interim financial statements** |
| As of June 30, 2025 and 2024 |
| In thousands of Brazilian Reais - R$ |

---

![](ex99-1_002.jpg)

![](ex99-1_001.jpg)

---

| | |
|:---|:---|
| **Index** | **Page** |
| 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 income for the three-month period ended Six and 2024 | 4 |
| Statements of comprehensive income for the six-month period ended June 30, 2025 and 2024 | 5 |
| Statement of comprehensive income for three-month period ended Six and 2024 | 6 |
| 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 | 11 |
| Note 4 - Trade accounts receivable | 12 |
| Note 5 - Inventories | 12 |
| Note 6 - Biological assets | 13 |
| Note 7 - Recoverable taxes | 13 |
| Note 8 - Related parties transactions | 13 |
| Note 9 - Income taxes | 14 |
| Note 10 - Investments in subsidiaries, associates and joint venture | 17 |
| Note 11 - Property, plant and equipment | 17 |
| Note 12 - Leases | 18 |
| Note 13 - Intangible assets | 19 |
| Note 14 - Goodwill | 19 |
| Note 15 - Trade accounts payable | 20 |
| Note 16 - Loans and financing | 21 |
| Note 17 - Other taxes payable | 22 |
| Note 18 - Payroll and social charges | 22 |
| Note 19 - Provisions for legal proceedings | 23 |
| Note 20 - Equity | 25 |
| Note 21 - Net revenue | 26 |
| Note 22 - Net finance income (expense) | 27 |
| Note 23 - Earnings (losses) per share | 27 |
| Note 24 - Operating segments and geographic reporting | 28 |
| Note 25 - Expenses by nature | 31 |
| Note 26 - Risk management and financial instruments | 33 |
| Note 27 - Approval of the financial statements | 42 |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| i |

---

![](ex99-1_001.jpg)

**Statements of financial position**

**In thousands of Brazilian Reais - R$**

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **June 30, <br> 2025** | **December 31,<br> 2024** |
| **ASSETS** |  | | |
| **CURRENT ASSETS** |  | | |
| Cash and cash equivalents | 3 | **13745075** | 34761540 |
| Margin cash | 3 | **2451535** | 845581 |
| Trade accounts receivable | 4 | **19937381** | 23131584 |
| Inventories | 5 | **34313727** | 31060507 |
| Biological assets | 6 | **10009338** | 9958599 |
| Recoverable taxes | 7 | **3562067** | 3949002 |
| Derivative assets | 26 | **1021346** | 523049 |
| Other current assets |  | **2043587** | 1788594 |
| **TOTAL CURRENT ASSETS** |  | **87084056** | **106018456** |
| **NON-CURRENT ASSETS** |  |  |  |
| Recoverable taxes | 7 | **9755406** | 8746343 |
| Biological assets | 6 | **3185662** | 3209059 |
| Related party receivables | 8 | **—** | 479006 |
| Deferred income taxes | 9 | **2841907** | 4032292 |
| Other non-current assets |  | **2695823** | 1664118 |
|  |  | **18478798** | **18130818** |
| Investments in equity-accounted investees, associates and joint venture | 10 | **1193516** | 237238 |
| Property, plant and equipment | 11 | **70383405** | 72950746 |
| Right of use assets | 12.1 | **8780137** | 9888317 |
| Intangible assets | 13 | **10297016** | 11165949 |
| Goodwill | 14 | **31979859** | 33544518 |
| **TOTAL NON-CURRENT ASSETS** |  | **141112731** | **145917586** |
| **TOTAL ASSETS** |  | **228196787** | **251936042** |

---

The accompanying notes are an integral part of these condensed interim financial statements.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 1 |

---

![](ex99-1_001.jpg)

**Statements of financial position**

**In thousands of Brazilian Reais - R$**

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **June 30, <br> 2025** | **December 31,<br> 2024** |
| **LIABILITIES AND EQUITY** |  | | |
| **CURRENT LIABILITIES** |  | | |
| Trade accounts payable | 15 | **27384937** | 33844098 |
| Supply chain finance | 15 | **5633704** | 4512390 |
| Loans and financing | 16 | **5633371** | 12906149 |
| Income taxes | 17 | **693734** | 1442971 |
| Other taxes payable | 17 | **666392** | 704277 |
| Payroll and social charges | 18 | **7474712** | 8890600 |
| Lease liabilities | 12.2 | **1918986** | 2078637 |
| Dividends payable |  | **879** | 2220687 |
| Provisions for legal proceedings | 19 | **865665** | 1738822 |
| Derivative liabilities | 26 | **2135263** | 1027793 |
| Other current liabilities |  | **4067906** | 2817627 |
| **TOTAL CURRENT LIABILITIES** |  | **56475549** | **72184051** |
| **NON-CURRENT LIABILITIES** |  |  |  |
| Loans and financing | 16 | **100735301** | 106771172 |
| Income and other taxes payable | 17 | **2223609** | 2518130 |
| Payroll and social charges | 18 | **1458182** | 2184137 |
| Lease liabilities | 12.2 | **7744278** | 8658990 |
| Deferred income taxes | 9 | **5955700** | 6782370 |
| Provisions for legal proceedings | 19 | **1149759** | 1341615 |
| Related party payables | 8 | **1259114** |  |
| Derivative liabilities | 26 | **449939** | 619766 |
| Other non-current liabilities |  | **286860** | 505385 |
| **TOTAL NON-CURRENT LIABILITIES** |  | **121262742** | **129381565** |
| **EQUITY** | 20 |  |  |
| Share capital - common shares |  | **171262** | 23576206 |
| Capital reserve |  | **39349164** | (747381) |
| Other reserves |  | **—** | 24842 |
| Profit reserves |  | **(2943)** | 18347227 |
| Accumulated other comprehensive loss |  | **333017** | 3579973 |
| Retained earnings |  | **6098939** |  |
| **Attributable to company shareholders** |  | **45949439** | **44780867** |
| Attributable to non-controlling interest |  | **4509057** | 5589559 |
| **TOTAL EQUITY** |  | **50458496** | **50370426** |
| **TOTAL LIABILITIES AND EQUITY** |  | **228196787** | **251936042** |

---

The accompanying notes are an integral part of these condensed interim financial statements.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 2 |

---

![](ex99-1_001.jpg)

**Statements of income for the six-month period ended June 30, 2025 and 2024** 

**In thousands of Brazilian Reais - R$**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** |
|  | <br>**Note** | **2025** | **2024** |
| **NET REVENUE** | 21 | **233101016** | 189753401 |
| Cost of sales | 25 | **(201712018)** | (162560564) |
| **GROSS PROFIT** |  | **31388998** | **27192837** |
| Selling expenses | 25 | **(13780368)** | (11296615) |
| General and administrative expenses | 25 | **(6211453)** | (6251088) |
| Other incomes | 25.1 | **277795** | 195012 |
| Other expenses | 25.1 | **(253164)** | (342437) |
| **NET OPERATING EXPENSES** |  | **(19967190)** | **(17695128)** |
| **OPERATING PROFIT** |  | **11421808** | **9497709** |
| Finance income | 22 | **1770801** | 1855201 |
| Finance expense | 22 | **(5023066)** | (6710754) |
| **NET FINANCE EXPENSE** |  | **(3252265)** | **(4855553)** |
| Share of profit of equity-accounted investees, net of tax | 10 | **60303** | (19813) |
| **PROFIT BEFORE TAXES** |  | **8229846** | **4622343** |
| Current income taxes | 9 | **(2252510)** | (1338816) |
| Deferred income taxes | 9 | **641668** | 546643 |
| **TOTAL INCOME TAXES** |  | **(1610842)** | **(792173)** |
| **NET INCOME** |  | **6619004** | **3830170** |
| **ATTRIBUTABLE TO:** |  |  |  |
| Company shareholders |  | **5915773** | 3361213 |
| Non-controlling interest |  | **703231** | 468957 |
|  |  | **6619004** | **3830170** |
| **Basic and diluted earnings (losses) per share - common shares (R$)** | 23 | **5.33** | 3.03 |

---

The accompanying notes are an integral part of these condensed interim financial statements.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 3 |

---

![](ex99-1_001.jpg)

**Statements of income for the three-month period ended Six and 2024** 

**In thousands of Brazilian Reais - R$**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Three-month period ended <br> June 30,** | **Three-month period ended <br> June 30,** |
|  | <br>**Note** | **2025** | **2024** |
| **NET REVENUE** | 21 | **118973531** | **100606260** |
| Cost of sales | 25 | **(102924357)** | (85094071) |
| **GROSS PROFIT** |  | **16049174** | **15512189** |
| Selling expenses | 25 | **(6839137)** | (5822982) |
| General and administrative expenses | 25 | **(2959281)** | (3631157) |
| Other incomes |  | **100434** | 89974 |
| Other expenses |  | **(89762)** | (230952) |
| **NET OPERATING EXPENSES** |  | **(9787746)** | **(9595117)** |
| **OPERATING PROFIT** |  | **6261428** | **5917072** |
| Finance income | 22 | **393430** | 1021992 |
| Finance expense | 22 | **(2526155)** | (4150221) |
| **FINANCE INCOME (EXPENSE)** |  | **(2132725)** | **(3128229)** |
| Share of profit of equity-accounted investees, net of tax |  | **44315** | 12540 |
| **PROFIT BEFORE TAXES** |  | **4173018** | **2801383** |
| Current income taxes | 9 | **(938672)** | (1319945) |
| Deferred income taxes | 9 | **133054** | 541608 |
| **TOTAL INCOME TAXES** |  | **(805618)** | **(778337)** |
| **NET INCOME** |  | **3367400** | **2023046** |
| **ATTRIBUTABLE TO:** |  |  |  |
| Company shareholders |  | **2992115** | 1715206 |
| Non-controlling interest |  | **375285** | 307840 |
|  |  | **3367400** | **2023046** |
| **Basic and diluted earnings (loss) per share - common shares (R$)** | 23 | **2.70** | 1.55 |

---

The accompanying notes are an integral part of these condensed interim financial statements.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 4 |

---

![](ex99-1_001.jpg)

**Statements of comprehensive income for the six-month period ended June 30, 2025 and 2024** 

**In thousands of Brazilian Reais - R$**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** |
|  | <br>**Note** | **2025** | **2024** |
| **Net income** |  | **6619004** | 3830170 |
| **Other comprehensive income** |  |  |  |
| **Items that are or may be subsequently reclassified to statement of income:** |  |  |  |
| Gain (loss) on foreign currency translation adjustments |  | **449794** | (125635) |
| Gain on cash flow hedge |  | **(151)** | 1985 |
| Deferred income tax on cash flow hedge |  | **(314)** | (675) |
| Other fair value adjustments through other comprehensive income |  | **935** | 13399 |
| **Items that will not be subsequently reclassified to statement of income:** |  |  |  |
| Gain associated with pension and other postretirement benefit obligations |  | **2209** | 53054 |
| Income tax on gain associated with pension and other postretirement benefit obligations |  | **301** | (11143) |
| **Total other comprehensive income (loss)** |  | **452774** | **(69015)** |
| **Comprehensive Income (loss)** |  | **7071778** | **3761155** |
| **Total comprehensive income (loss) attributable to:** |  |  |  |
| Company shareholders |  | **6639876** | 2834786 |
| Non-controlling interest |  | **431902** | 926369 |
|  |  | **7071778** | **3761155** |

---

The accompanying notes are an integral part of these condensed interim financial statements.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 5 |

---

![](ex99-1_001.jpg)

**Statement of comprehensive income for the three-month period ended Six and 2024** 

**In thousands of Brazilian Reais - R$**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Three-month period ended <br> June 30,** | **Three-month period ended <br> June 30,** |
|  | <br>**Note** | **2025** | **2024** |
| **Net income** |  | **3367400** | 2023046 |
| **Other comprehensive income** |  |  |  |
| **Items that are or may be subsequently reclassified to profit or loss:** |  |  |  |
| Loss on foreign currency translation adjustments |  | **747183** | (405119) |
| Gain on cash flow hedge |  | **(2346)** | (524) |
| Deferred income tax on cash flow hedge |  | **233** | 178 |
| Valuation adjustments to equity in subsidiaries |  | **1082** | 1048479 |
| **Items that will not be subsequently reclassified to profit or loss:** |  |  |  |
| Gains associated with pension and other postretirement benefit obligations |  | **5096** | 30778 |
| Income tax on gain associated with pension and other postretirement benefit obligations |  | **393** | (5324) |
| **Total other comprehensive loss** |  | **751641** | **668468** |
| **Comprehensive Income (loss)** |  | **4119041** | **2691514** |
| **Total comprehensive income (loss) attributable to:** |  |  |  |
| Company shareholders |  | **3709809** | 2000034 |
| Non-controlling interest |  | **409232** | 691480 |
|  |  | **4119041** | **2691514** |

---

The accompanying notes are an integral part of these condensed interim financial statements.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 6 |

---

![](ex99-1_001.jpg)

**Statements of changes in equity for the six-month period ended June 30, 2025 and 2024 <br> In thousands of Brazilian Reais - R$**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **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** | **Premium on issue of shares** | **Capital transactions** | **Stock options** |<br>**Other reserves** | **Treasury** | **Legal** | **Investments statutory** | **Tax-incentive reserve** | **VAE** | **FCTA** |<br>**Retained earnings (loss)** |<br>**Total** |<br>**Non-controlling interest** |<br>**Total equity** |
| **BALANCE ON JANUARY 1, 2024** |  | **23576206** | **—** | **211879** | **(1015880)** | **30464** | **30513** | **—** | **2801185** | **8477409** | **4101359** | **168866** | **4969138** | **—** | **43351139** | **3647167** | **46998306** |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | 3361213 | **3361213** | 468957 | **3830170** |
| Gain (loss) on foreign currency translation adjustments (FCTA) |  |  |  |  |  |  |  |  |  |  |  |  | 642729 |  | **642729** | 451556 | **1094285** |
| Loss on net investment in foreign operations |  |  |  |  |  |  |  |  |  |  |  |  | (1219920) |  | **(1219920)** |  | **(1219920)** |
| Gain on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  |  |  | 1310 |  |  | **1310** |  | **1310** |
| Gain associated with pension and other postretirement benefit obligations, net of tax |  |  |  |  |  |  |  |  |  |  |  | 36055 |  |  | **36055** | 5856 | **41911** |
| Valuation adjustments to equity (VAE) in subsidiaries |  |  |  |  |  |  |  |  |  |  |  | 13399 |  |  | **13399** |  | **13399** |
| **Total comprehensive income (loss)** |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **50764** | **(577191)** | **3361213** | **2834786** | **926369** | **3761155** |
| Share-based compensation |  |  |  |  | 30764 |  |  |  |  |  |  |  |  |  | **30764** | 6485 | **37249** |
| Realization of other reserves |  |  |  |  |  |  | (2883) |  |  |  |  |  |  | 2883 | **—** |  | **—** |
| Dividends to non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (13467) | **(13467)** |
| Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (50) | **(50)** |
| **BALANCE ON JUNE 30, 2024** |  | **23576206** | **—** | **211879** | **(985116)** | **30464** | **27630** | **—** | **2801185** | **8477409** | **4101359** | **219630** | **4391947** | **3364096** | **46216689** | **4566504** | **50783193** |
| **BALANCE ON DECEMBER 31, 2024** |  | **23576206** | **—** | **211879** | **(989724)** | **30464** | **24842** | **—** | **3281981** | **7094066** | **7971180** | **265507** | **3314466** | **—** | **44780867** | **5589559** | **50370426** |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | 2923658 | **2923658** | 327946 | **3251604** |
| Gain on net investment in foreign operations |  |  |  |  |  |  |  |  |  |  |  |  | 738688 |  | **738688** |  | **738688** |
| Valuation adjustments to equity in subsidiaries |  |  |  |  |  |  |  |  |  |  |  | (146) |  |  | **(146)** |  | **(146)** |
| Gain (loss) on foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  | (731391) |  | **(731391)** | (304686) | **(1036077)** |
| Gain on cashflow hedge, net of tax |  |  |  |  |  |  |  |  |  |  |  | 1648 |  |  | **1648** |  | **1648** |
| Loss associated with pension and other postretirement benefit obligations, net of tax |  |  |  |  |  |  |  |  |  |  |  | (2390) |  |  | **(2390)** | (590) | **(2980)** |
| **Total comprehensive income (loss)** |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(888)** | **7297** | **2923658** | **2930067** | **22670** | **2952737** |
| Share-based compensation |  |  |  |  | 33794 |  |  |  |  |  |  |  |  |  | **33794** | 7126 | **40920** |
| Realization of other reserves |  |  |  |  |  |  | (2181) |  |  |  |  |  |  | 2181 | **—** |  | **—** |
| Distribution of interim dividends |  |  |  |  |  |  |  |  |  | (4436233) |  |  |  |  | **(4436233)** |  | **(4436233)** |
| Dividends to non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (1521557) | **(1521557)** |
| Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | 1655 | **1655** |
| **JBS S.A. - Corporate Restructuring Implemented on May 23rd** |  | **(23402716)** | **8959710** | **(211879)** | **970793** | **(30464)** | **(22661)** | **(33137)** | **(3281981)** | **(2657833)** | **(7971180)** | **(240867)** | **(3730192)** | **180985** | **(31471422)** | **—** | **(31471422)** |
| **JBS N.V.** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | 2992115 | **2992115** | 375285 | **3367400** |
| Loss on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  |  |  | (2113) |  |  | **(2113)** |  | **(2113)** |
| Gain associated with pension and other postretirement benefit obligations, net of tax |  |  |  |  |  |  |  |  |  |  |  | 5489 |  |  | **5489** |  | **5489** |
| Foreign exchange variation in subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | 32865 | **32865** |
| Cumulative translation adjustment and foreign exchange variation |  |  |  |  |  |  |  |  |  |  |  |  | 714318 |  | **714318** |  | **714318** |
| Other fair value adjustments through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | 1082 | **1082** |
| **Total comprehensive income (loss)** |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **3376** | **714318** | **2992115** | **3709809** | **409232** | **4119041** |
| Cancellation of shares | 20 b.2 | (2228) | 2228 |  |  |  |  |  |  |  |  |  |  |  | **—** |  | **—** |
| Common share contribution | 20 b.6 |  | 10196381 |  |  |  |  |  |  |  |  |  |  |  | **10196381** |  | **10196381** |
| Incorporation of shares | 20 b.4 |  | 22374812 |  |  |  |  |  |  |  |  |  |  |  | **22374812** |  | **22374812** |
| Repurchase of shares | 20 b.7 |  | 1048 |  |  |  |  | (1048) |  |  |  |  |  |  | **—** |  | **—** |
| Share premium distribution | 20 b.1 |  | (2172011) |  |  |  |  |  |  |  |  |  |  |  | **(2172011)** |  | **(2172011)** |
| Listing costs |  |  |  |  | (30015) |  |  |  |  |  |  |  |  |  | **(30015)** |  | **(30015)** |
| Reflexive capital transaction |  |  |  |  | 33390 |  |  |  |  |  |  |  |  |  | **33390** | 6925 | **40315** |
| Transfer of treasury shares |  |  | (31242) |  |  |  |  | 31242 |  |  |  |  |  |  | **—** |  | **—** |
| Dividends to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (7852) | **(7852)** |
| Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | 1299 | **1299** |
| **BALANCE ON JUNE 30, 2025** |  | **171262** | **39330926** | **—** | **18238** | **—** | **—** | **(2943)** | **—** | **—** | **—** | **27127** | **305888** | **6098939** | **45949439** | **4509057** | **50458496** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 7 |

---

![](ex99-1_001.jpg)

**Statements of cash flows for the six-month period ended June 30, 2025 and 2024**

**In thousands of Brazilian Reais - R$**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Six-month period ended<br> June 30,** | **Six-month period ended<br> June 30,** |
|  | <br>**Notes** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |
| Net income |  | **6619004** | **3830170** |
| **Adjustments for:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6, 11, 12 and 13 | **6333116** | 5546846 |
| &nbsp;&nbsp;&nbsp;Expected credit losses | 4 | **77427** | 31269 |
| &nbsp;&nbsp;&nbsp;Share of profit of equity-accounted investees | 10 | **(60303)** | 19813 |
| &nbsp;&nbsp;&nbsp;Result on the sale of fixed assets |  | **(52237)** | (23356) |
| &nbsp;&nbsp;&nbsp;Income tax and social contribution | 9 | **1610842** | 792173 |
| &nbsp;&nbsp;&nbsp;Net financial result | 22 | **3252265** | 4855553 |
| &nbsp;&nbsp;&nbsp;Share-based compensation |  | **81235** | 37249 |
| &nbsp;&nbsp;&nbsp;Provisions | 19 | **90693** | 109341 |
| &nbsp;&nbsp;&nbsp;Loss due to adjustment to recoverable value | 5 | **45153** | 69971 |
| &nbsp;&nbsp;&nbsp;Estimated losses for realizable value of inventories | 19 | **118756** | (68048) |
| &nbsp;&nbsp;&nbsp;DOJ and Antitrust agreements |  | **771415** | 417567 |
| &nbsp;&nbsp;&nbsp;Fair value (market to market) of biological assets | 6 | **(488199)** | (125297) |
| &nbsp;&nbsp;&nbsp;Avian influenza |  | **31799** |  |
| &nbsp;&nbsp;&nbsp;Asset impairment |  | **33094** | **—** |
|  |  | **18464060** | **15493251** |
| **Changes in assets and liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable |  | **949379** | 584363 |
| &nbsp;&nbsp;&nbsp;Inventories |  | **(5526966)** | (1465545) |
| &nbsp;&nbsp;&nbsp;Recoverable taxes |  | **538908** | 116883 |
| &nbsp;&nbsp;&nbsp;Other current and non-current assets |  | **(2103602)** | (522095) |
| &nbsp;&nbsp;&nbsp;Biological assets |  | **(2289639)** | (1032721) |
| &nbsp;&nbsp;&nbsp;Trade accounts payable and supply chain finance |  | **(3358103)** | (2906859) |
| &nbsp;&nbsp;&nbsp;Taxes paid in installments |  | **(295285)** | (177346) |
| &nbsp;&nbsp;&nbsp;Other current and non-current liabilities |  | **1004406** | 75296 |
| &nbsp;&nbsp;&nbsp;Antitrust agreements payment |  | **(1504998)** | (446) |
| &nbsp;&nbsp;&nbsp;Income taxes paid |  | **(3163267)** | (448186) |
| **Changes in operating assets and liabilities** |  | **(15749167)** | **(5776656)** |
| **Cash used in by operating activities** |  | **2714893** | **9716595** |
| &nbsp;&nbsp;&nbsp;Interest paid |  | **(3483198)** | (3509624) |
| &nbsp;&nbsp;&nbsp;Interest received |  | **425047** | 488745 |
| **Net cash flows used in operating activities** |  | **(343258)** | **6695716** |
| **Cash flow from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment |  | **(4093531)** | (3210142) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant and equipment |  | **205703** | 79136 |
| &nbsp;&nbsp;&nbsp;Proceeds of intangible assets |  | **(14950)** | (23015) |
| &nbsp;&nbsp;&nbsp;Additional investments in equity-accounted investees |  | **(936432)** |  |
| &nbsp;&nbsp;&nbsp;Acquisitions/ incorporations, net of cash acquired |  | **—** | (14635) |
| &nbsp;&nbsp;&nbsp;Dividends received |  | **23715** | 32548 |
| &nbsp;&nbsp;&nbsp;Related party transactions |  | **26345** | **2580** |
| **Cash used in investing activities** |  | **(4789150)** | **(3136108)** |
| **Cash flow from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from loans and financings |  | **25854004** | 3574492 |
| &nbsp;&nbsp;&nbsp;Payments of loans and financings |  | **(26809208)** | (8874281) |
| &nbsp;&nbsp;&nbsp;Derivatives instruments received/settled |  | **(301106)** | (732956) |
| &nbsp;&nbsp;&nbsp;Margin cash withdraw/(applied in) |  | **(247607)** | 6079 |
| &nbsp;&nbsp;&nbsp;Dividends paid |  | **(8985323)** |  |
| &nbsp;&nbsp;&nbsp;Dividends paid to non-controlling interest |  | **(1509691)** | (17521) |
| &nbsp;&nbsp;&nbsp;Payments of leasing contracts |  | **(1236096)** | (1072891) |
| **Cash provided (used in) by financing activities** |  | **(13235027)** | **(7117078)** |
| **Effect of exchange rate changes on cash and cash equivalents** |  | **(2649030)** | **1946503** |
| Net change in cash and cash equivalents |  | **(21016465)** | (1608387) |
| Cash and cash equivalents beginning of period |  | **34761540** | 22122405 |
| **Cash and cash equivalents at the end of period** |  | **13745075** | **20514018** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Non-cash transactions:** | **Non-cash transactions:** | **Non-cash transactions:** | **Non-cash transactions:** | **Non-cash transactions:** |
|  |  | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** |
|  | **Notes** | | **2025** | **2024** |
| Non-cash additions to right of use assets and lease liabilities CPC 6 and IFRS 16 | 12 |  | **884,193** | 1052010 |
| Capitalized interests | 11 |  | **100,235** | 87368 |

---

The accompanying notes are an integral part of these condensed interim financial statements.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 8 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**1 Background Information**

**1.1 Reporting entity**

JBS N.V. ("JBS N.V." or the "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 JBS S.A. and its subsidiaries following a corporate reorganization.

The unaudited condensed consolidated interim financial information reflects the operations of the JBS Group ("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:

**Corporate restructuring**

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).

**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 R$4.4 billion, corresponding to R$2.00 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 share capital and 50% of the voting shares of Mantiqueira Alimentos Ltda. by the Company, through its indirect subsidiary JBS Holding Brasil S.A., as a joint venture recorded in Investments in equity-accounted investees, was completed. The transaction was amounted at R$936,431. 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.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 9 |

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---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

&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. 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 13, 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 R$2.22 billion, corresponding to R$1.00 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 R$919.6 million. The offering was concluded on June 4, 2025. The funds raised will be used to finance the purchase of grains.

&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 US$3.5 billion (equivalent to R$19.1 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, and the net proceeds will be used for the repurchase and redemption of existing securities, the repayment of short-term debt, and other general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.7 Bond Repurchase Offer:** 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 June 3, 2025. The first offer consisted of the partial repurchase of approximately US$894 million (equivalent to R$4.9 billion) in principal value of Senior Notes maturing in 2027, equivalent to 89,4% of the total outstanding. In addition, the Company announced, on the same date, the anticipated and full redemption of the Notes maturing in 2028 and 2030. The 2028 Notes, amounting to US$899.7 million (equivalent to R$4.9 billion), were redeemed at 102,478% of the principal value; and the 2030 Notes, totalling US$399.7 million (equivalent to R$2.2 billion), at 102,750%, both increased by the accrued interest that was unpaid up to the settlement date. All 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.

**1.3 Seasonality**

The 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 certain products at specific 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 slaughters in the fourth quarter, as the rainy season affects the availability and transport of cattle. In Brazil, beef sales do not fluctuate significantly during the year. The pork industry in the United States and Australia has 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 in the total amount of US$3.5 billion (equivalent to R$19.1 billion), divided into three series: US$1.25 billion maturing in 2036 with an annual interest rate of 5.50%; US$1.25 billion (equivalent to R$6.8 billion) maturing in 2056 with an annual interest rate of 6.25%; and US$1 billion (equivalent to R$5.5 billion) maturing in 2066 with an annual interest rate 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 used primarily for the repurchase and redemption of notes maturing in 2027, 2028, and 2030, as well as for the repayment of short-term debt, with any remaining balance allocated to 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 (equivalent to R$34.4 millions). 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 (equivalent to R$545 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 (equivalent to R$2.18 billion). 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.

---

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|:---|
| ![](ex99-1_002.jpg) |
| 10 |

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| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**2 Basis of preparation and presentation of financial statements**

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**

These condensed interim financial statements are presented in Brazilian reais (R$), which is the Company's presentation and functional currency. All financial information is presented in thousands of reais, except when indicated otherwise.

**2.2 New standards, amendments and interpretations**

**a.** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Management has defined performance measures, which are disclosed in a single note in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. 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 will adjust the disclosure in accordance with the standard's requirements in the annual financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Cash on hand and at banks | **6497833** | 13609569 |
| CDB (bank certificates of deposit) and National Treasury Bill (Tesouro Selic) <sup>(1)</sup> | **7247242** | 21151971 |
| **Cash and cash equivalents total** | **13745075** | **34761540** |
| Margin cash | **2011700** | 645361 |
| Investments in Treasury bills | **439835** | 200220 |
| **Margin cash total** | **2451535** | **845581** |
| **Total** | **16196610** | **35607121** |

---

 

<sup>(1)</sup> CDBs are held at high quality 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 financial institutions having conditions and characteristics that are similar to CDB's.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 11 |

---

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| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

On June 30, 2025, the availability under Brasil revolving credit facilities was US$2.9 billion (equivalent R$15,8 billion) and on December 31, 2024 US$2.9 billion (equivalent R$18 billion). In the United States the revolving credit facilities on June 30, 2025, was US$500 million (equivalent R$2,7 billion) and on December 31, 2024 US$500 million (equivalent R$3.1 billion).

 

**4 Trade accounts receivable**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Current receivables:** | | |
| &nbsp;&nbsp;&nbsp;Domestic sales | **11778762** | 12351574 |
| &nbsp;&nbsp;&nbsp;Foreign sales | **5391403** | 7285879 |
| **Subtotal** | **17170165** | **19637453** |
| **Overdue receivables:** |  |  |
| &nbsp;&nbsp;&nbsp;From 1 to 30 days | **2227499** | 2753633 |
| &nbsp;&nbsp;&nbsp;From 31 to 60 days | **334796** | 379673 |
| &nbsp;&nbsp;&nbsp;From 61 to 90 days | **77415** | 127583 |
| &nbsp;&nbsp;&nbsp;Above 90 days | **698791** | 810229 |
| Expected credit losses | **(555404)** | (551484) |
| Present value adjustment | **(15881)** | (25503) |
| **Subtotal** | **2767216** | **3494131** |
| **Trade accounts receivable, net** | **19937381** | **23131584** |

---

**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% per year (9,96% per year 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** | **(551484)** | **(411088)** |
| Additions | **(77427)** | (31269) |
| Write-offs (Reversals) | **47307** | 16128 |
| Exchange rate variation | **26200** | (50751) |
| **Balance at the end of the period** | **(555404)** | **(476980)** |

---

**5 Inventories**

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Finished products | **22392214** | 18690228 |
| Work in process | **3581938** | 3046702 |
| Raw materials | **4739626** | 5250509 |
| Supplies | **3599949** | 4073068 |
|  | **34313727** | **31060507** |

---

During the six-month period ended June 30, 2025 and 2024, the Company recognized the net realizable value of inventories, whose additions and write-offs were recorded in cost of goods sold, in the amounts of R$(118.756) and R$68.048, respectively.

 

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 12 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**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** | **9958599** | **8289048** | **3209059** | **2573041** |
| Increase by reproduction (born) and cost absorption including death | **29547201** | 27076858 | **4111420** | 3563054 |
| Reduction for slaughter, sale or consumption | **(33345346)** | (31146141) | **(181864)** | (173255) |
| Purchases | **1431430** | 1093975 | **726798** | 618230 |
| Fair value adjustments | **488301** | 125628 | **(102)** | (331) |
| Reclassification from non-current to current | **2660758** | 2429666 | **(2660758)** | (2429666) |
| Exchange rate variation | **(731605)** | 745303 | **(240725)** | 247066 |
| Amortization | **—** |  | **(1778166)** | (1554553) |
| **Balance at the end of the period** | **10009338** | **8614337** | **3185662** | **2843586** |

---

**7 Recoverable taxes**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Value-added tax on sales and services - ICMS/IVA/VAT/GST | **3999222** | 4029501 |
| Social contribution on billings - PIS and COFINS | **7228673** | 2505857 |
| Withholding income tax - IRRF/IRPJ | **102805** | 5945608 |
| Excise tax - IPI | **1896941** | 100166 |
| Reintegra | **25604** | 47414 |
| Other | **64228** | 66799 |
|  | **13317473** | **12695345** |
| Current Asset | **3562067** | 3949002 |
| Non-current Asset | **9755406** | 8746343 |
|  | **13317473** | **12695345** |

---

**8 Related parties 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.

**<u>Related party receivable</u>**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Laguz I Fundo de Investimento <sup>(1)</sup> | **(915537)** |  |
| J&F S.A. <sup>(2)</sup> | **(343577)** | 479006 |
|  | **(1259114)** | **479006** |

---

<sup>(1)</sup> In May 2025, JBS S.A. 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) R$494.716 receivable, arising from the settlement agreement entered into between JBS S.A., J&F S.A., and certain former executives of the Company, which resulted in the definitive termination of the dispute addressed in arbitration proceeding, under which J&F S.A. committed to settle the amount in accordance with the terms and conditions set forth in the agreement; and (ii) R$(838.293) payable, related to the purchase of the Araputanga Plant, to be settled in 24 installments, with final maturity in May 2027.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 13 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

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

The Group and some of its subsidiaries entered into an agreement with Banco Original, under which Banco Original acquires receivables held against certain domestic and international customers. The assignments are negotiated without recourse, through the definitive transfer of risks and benefits of the receivables to Banco Original. On June 30, 2025, the Group had R$4,338,127 (R$3,205,613 as of December 31, 2024) in assigned receivables. For the six-month period ended June 30, 2025, the Group recorded financial costs related to this operation in the amount of R$311,798 (R$332,209 as of June 30, 2024), which were recorded in the financial statements as financial expenses.

On June 30, 2025, the Group and some of its subsidiaries held balances with Banco Original totaling R$2,620,015 (R$1,877,476 on December 31, 2024), recorded under cash and cash equivalents. Financial investments, including CDBs (Bank Deposit Certificates) and similar instruments, yield returns equivalent to the CDI (Interbank Deposit Certificate) according to the specified term and investment amount, following market practices. For the six-month period ended June 30, 2025, interest earned from these investments amounted to R$82,599 (R$94,307 as of June 30, 2024), recorded in the financial statements as financial income.

The Company has cattle purchase commitments for future delivery with certain suppliers, including the related party JBJ Agropecuária ("JBJ"), ensuring the acquisition of cattle at a fixed or adjustable price, without any cash effect on the Company until these commitments mature. Under this forward delivery contract, JBJ has already advanced financing through banks in a reverse factoring arrangement. On June 30, 2025 the balance of this transaction was R$446,400 (R$299,200 on December 31, 2024).

The Company also engages in bovine by-product purchasing operations for rendering activities with Prima Foods S.A.

The Company is the sponsor of the J&F Institute, a business school for young people aiming to train future leaders, offering free, high-quality education. During the six-month period ended June 30, 2025 the Company made donations totaling R$38,346 (R$65,941 as of June 30, 2024), recorded in the financial statements as administrative expenses.

**** 

On December 30, 2024, the Company entered into an agreement to sell its Hygiene and Beauty operations to the related party Flora Produtos de Higiene e Limpeza S.A. The transaction includes the transfer of assets and operations related to the manufacturing and sale of hygiene and beauty products, as per the terms agreed between the parties. The sale price was set at R$315 million, subject to working capital adjustments, of which R$50 million was advanced on January 9, 2025. The transaction will be completed upon the fulfillment of the conditions precedent stipulated in the agreement. The Company did not classify the operation as discontinued as of March 31, 2025, as it does not represent a significant line of business, accounting for only 0.2% of the Parent Company's net assets.

During the six-month period ended June 30, 2025 and 2024, no expected losses from doubtful debts were recorded, nor were any bad debt expenses recognized related to transactions with related parties.

**Remuneration of key management**

The Company's key management is comprised of its Executive Officers and Board of Directors. The aggregate amount of compensation received by the Company's key management during the six-month period ended June 30, 2025 and 2024 is the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Salaries and wages |  | **23,496** |  | 17942 |
| Variable cash compensation | | **117,257** | | 82,214 |
|  | | **140,753** | | **100,156** |

---

The Chief Executive Officer, the Administrative and Control Officer, the Chief Financial Officer and the Executive Officers are parties to the Brazilian employment contract regime referred to as CLT (which is the Consolidation of Labor Laws), which follows all the legal prerogatives of payments and benefits.

Except for those described above, the Board of Directors members are not part to any employment contract or any other contracts for additional business benefits such as post-employment benefits or other long-term benefits, termination of work that does not conform to those requested by the CLT (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 | **2841907** | 4032292 |
| Deferred income taxes liabilities | **(5955700)** | (6782370) |
|  | **(3113793)** | **(2750078)** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 14 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br> 2024** | **Income** <br> **statement** | **Exchange** <br> **variation** | **Other** <br> **adjustments <sup>(2)</sup>** | **June 30, <br> 2025** |
| Tax losses and negative basis of social contribution | 4206273 | 715231 | (166931) | (1118109) | **3636464** |
| Expected credit losses on trade accounts receivable | 261962 | (67073) | (9093) |  | **185796** |
| Provisions for contingencies | 585092 | (57688) | (14873) |  | **512531** |
| Present value adjustment | (655371) | (111057) | 39769 |  | **(726659)** |
| Tax credits - Foreign subsidiaries | 54482 | 217 | (6865) |  | **47834** |
| Labor accidents accruals - Foreign subsidiaries | 55510 | (15811) | (5912) |  | **33787** |
| Pension plan - Foreign subsidiaries | 19871 | 19954 | (3018) | (606) | **36201** |
| Accrued liabilities | 1547164 | 59102 | (146316) |  | **1459950** |
| Non-deductible interests - Foreign subsidiaries | 1731193 | 277833 | (198779) |  | **1810247** |
| Right of use assets | 160794 | 22493 | (6382) |  | **176905** |
| Goodwill amortization | (4504135) | (100809) | 70238 |  | **(4534706)** |
| Business combination | (2885099) | (96358) | 320751 |  | **(2660706)** |
| Inventory valuation - Foreign subsidiaries. | (517098) | (88405) | 105680 |  | **(499823)** |
| Hedge and hedge accounting operations <sup>(1)</sup> | 284602 | (81201) |  | 233 | **203634** |
| Realization of other reserves | (545623) | 7265 |  |  | **(538358)** |
| Accelerated depreciation and amortization | (2971821) | (49333) | 329748 |  | **(2691406)** |
| Cut-off adjustment | 94581 | 11320 |  |  | **105901** |
| Other temporary differences | 327545 | 195987 | (194917) |  | **328615** |
| **Deferred taxes, net** | **(2750078)** | **641667** | **113100** | **(1118482)** | **(3113793)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **Income** <br> **statement** | **Exchange** <br> **variation** | **Other** <br> **adjustments <sup>(2)</sup>** | **June 30, <br> 2024** |
| Tax losses and negative basis of social contribution | 4067527 | (353755) | 172298 |  | **3886070** |
| Expected credit losses on trade accounts receivable | 184384 | 42811 | 13325 |  | **240520** |
| Provisions for contingencies | 607063 | (4275) | 14445 |  | **617233** |
| Present value adjustment | (340134) | 131473 | (43145) |  | **(251806)** |
| Tax credits - Foreign subsidiaries | 114666 | (1076) | 17037 | (251) | **130376** |
| Labor accidents accruals - Foreign subsidiaries | 38377 | (5145) | 5217 |  | **38449** |
| Pension plan - Foreign subsidiaries | 57882 | (7468) | 7346 | (10665) | **47095** |
| Present value adjustment - Trade accounts payable | 1118141 | 259854 | 157229 |  | **1535224** |
| Non-deductible interests | 1026154 | 289114 | 173701 |  | **1488969** |
| Right of use assets | 123053 | 16368 | 6639 |  | **146060** |
| Goodwill amortization | (4124007) | (37863) | (69614) |  | **(4231484)** |
| Business combination | (2150748) | (158242) | (302040) |  | **(2611030)** |
| Inventory valuation - Foreign subsidiaries. | (720473) | (96436) | (110203) |  | **(927112)** |
| Hedge and hedge accounting operations <sup>(1)</sup> | (122796) | 284971 |  | (675) | **161500** |
| Realization of other reserves | (559848) | 7170 |  |  | **(552678)** |
| Accelerated depreciation and amortization | (2489809) | 175995 | (355642) |  | **(2669456)** |
| Cut-off Adjustment (Revenue Recognition) | 2982 | 138914 |  |  | **141896** |
| Other temporary differences | 333509 | (135767) | 11150 |  | **208892** |
| **Deferred taxes, net** | **(2834077)** | **546643** | **(302257)** | **(11591)** | **(2601282)** |

---

**** 

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

 

<sup>(2)</sup> Changes in deferred tax balance sheet accounts that do not directly impact income statement accounts are presented in a specific column in the explanatory notes. The main adjustment refers to the transfer of tax loss carryforwards and negative CSLL bases from the indirect subsidiary Seara Alimentos and its indirect subsidiaries to JBS S.A., for the settlement of the tax assessment related to the taxation of profits earned abroad (TBU) for the 2016 calendar year. This assessment was upheld in a final decision by the Administrative Council of Tax Appeals (CARF) through a casting vote, and its full settlement was carried out with discounts through the utilization of tax credits. Additionally, deferred taxes on cash flow hedge operations recorded in other comprehensive income by the subsidiary Seara Alimentos were also recognized.

**** 

****

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 15 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

** 

**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** | **8229846** | 4622343 | **4173018** | **2801383** |
| Brazilian statutory corporate tax rate <sup>(3)</sup> | **(34)%** | **(34)%** | **(34)%** | **(34)%** |
| **Expected tax expense** | **(2798148)** | (1571597) | **(1418826)** | **(952470)** |
| **Adjustments to reconcile taxable income tax expense (benefit):** |  |  |  |  |
| Share of profit of equity-accounted investees | **20503** | (6733) | **15067** | 4264 |
| Investment allowances <sup>(4)</sup> | **615500** | 557654 | **317879** | 294401 |
| Difference of tax rates on taxable income from foreign subsidiaries | **270514** | 351844 | **126123** | 176934 |
| Profits taxed by foreign jurisdictions <sup>(5)</sup> | **(484734)** | (195034) | **173850** | (342385) |
| Transfer pricing adjustments | **—** | (24830) | **—** | (12415) |
| Deferred income tax not recognized | **449257** | 23853 | **(147907)** | 33863 |
| Non-taxable interest - Foreign subsidiaries | **36041** | 39104 | **17818** | 8667 |
| Dividends paid abroad | **—** | (54688) | **—** | (54688) |
| Donations and social programs <sup>(6)</sup> | **—** | (10429) | **—** | (33) |
| SELIC interest on tax credits | **182371** | 21299 | **20924** | 17657 |
|  | **7914** |  | **7914** |  |
| Other permanent differences | **89940** | 77384 | **81540** | 47868 |
| **Current and deferred income tax expense** | **(1610842)** | **(792173)** | **(805618)** | **(778337)** |
| Current income tax | **(2252510)** | (1338816) | **(938672)** | (1319945) |
| Deferred income tax | **641668** | 546643 | **133054** | 541608 |
|  | **(1610842)** | **(792173)** | **(805618)** | **(778337)** |
| **Effective income tax rate** | **(19.31)%** | **(17.14)%** | **(19.31)%** | **(27.78)%** |

---

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

According to IAS 12/CPC 32, the effective average tax rate is calculated as the ratio between tax expense (income) and accounting profit. However, it is important to note that this rate may be influenced by transactions that affect the tax expense (income) but are not directly related to net income for the period. Examples of such transactions include the effects of unrecognized deferred taxes, income tax, and social contribution on the realization of the revaluation reserve, which, in our view, 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 Company and its subsidiaries receive grants from state governments in the form of presumed credits, in accordance with each state's regulations. The amounts recognized as income from these tax incentives are excluded from the calculation of income taxes when the requirements under the applicable legislation are met.

<sup>(5)</sup> According to Law No. 12,973/14, the income of foreign subsidiaries is subject to taxation at the nominal rate of 34%, and the taxes paid abroad by these subsidiaries may be credited in Brazil. The income earned by foreign subsidiaries is subject to taxation in the countries where they are located, in accordance with applicable rates and regulations (profits taxed by foreign jurisdictions are included in the reconciliation of income tax and social contribution expense). The Company analyzes the income of each subsidiary in accordance with its local income tax legislation to ensure compliance with tax treaties signed by Brazil and to prevent double taxation.

<sup>(6)</sup> Refers to the donations made by the Company, as described in Note 25 – Expenses by nature.

**Global Minimum Tax:**

Starting from the 2024 calendar year, the Pillar II rules have come into effect in various countries, impacting multinational companies operating in those jurisdictions.

Since the Group operates in multiple jurisdictions that have implemented the global minimum tax from 2024, including Australia, Canada, France, Ireland, Luxembourg, Malta, the Netherlands, and the United Kingdom, the Company has 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) |
| 16 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

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

**Changes in the investments:**

Refers to investments in associate and joint venture:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
|  |<br>**Participation** | **December 31,<br> 2024** | **Additions** | **Profit <br> distribution** | **Changes in the <br> equity of<br> investees** | **Proportionate share<br> of income** | **June 30, <br> 2025** |
| Meat Snacks Partners, LLC. | 50% | 119721 |  | (23715) | (4726) | 29297 | **120577** |
| JBS Foods Ontario, Inc. | 100% | 107573 |  |  | (12940) | 2912 | **97545** |
| Birla Societá Agricola Srl | 20% | 9944 |  |  | (20) | (64) | **9860** |
| Mantiqueira Alimentos <sup>(1)</sup> | 48.5% | **—** | 936431 | **—** | 945 | 28158 | **965534** |
| **Total** |  | **237238** | **936431** | **(23715)** | **(16741)** | **60303** | **1193516** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
|  |<br>**Participation** | **December 31,<br> 2023** | **Profit <br> distribution** | **Changes in the<br> equity of<br> investees** | **Proportionate share of income** | **March 31, <br> 2024** |
| Meat Snacks Partners, LLC. | 50% | 188431 | (32548) | 458 | (22785) | **133556** |
| JBS Foods Ontario, Inc. | 100% | 77430 |  | 12062 | 3026 | **92518** |
| Birla Societá Agricola Srl | 20% | 8160 |  | 916 | (54) | **9022** |
| **Total** |  | **274021** | **(32548)** | **13436** | **(19813)** | **235096** |

---

<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 R$936.431, of which R$560.403 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:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2024** | **Additions net of <br> transferences <sup>(1) (2)</sup>** | **Disposals** | **Depreciation <br> expense** | **Exchange rate <br> variation** | **June 30, <br> 2025** |
| Buildings | 24660693 | 1597681 | (16569) | (718123) | (1558827) | **23964855** |
| Land | 6621997 | 48900 | (8399) |  | (268607) | **6393891** |
| Machinery and equipment | 25005721 | 1704262 | (19198) | (1826450) | (1704843) | **23159492** |
| Facilities | 4225300 | 455352 | (7032) | (149218) | (2866) | **4521536** |
| Computer equipment | 1158977 | 167058 | (8163) | (174249) | (94055) | **1049568** |
| Vehicles (land and air) | 1706489 | 448169 | (50116) | (140331) | (86296) | **1877915** |
| Construction in progress | 7670931 | 206409 | (7951) |  | (392589) | **7476800** |
| Other | 1900638 | 345765 | (2288) | (134247) | (170520) | **1939348** |
|  | **72950746** | **4973596** | **(119716)** | **(3142618)** | **(4278603)** | **70383405** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br> 2023** | **Additions net of <br> transferences <sup>(1)</sup>** | **Disposals** | **Depreciation <br> expense** | **Exchange rate <br> variation** | **June 30, <br> 2024** |
| Buildings | 20842498 | 981711 | (13650) | (654679) | 1710370 | **22866250** |
| Land | 5856709 | 85555 | (3613) |  | 300576 | **6239227** |
| Machinery and equipment | 20868860 | 1972264 | (49806) | (1610014) | 2029352 | **23210656** |
| Facilities | 3698925 | 525111 | (199) | (134148) | 7663 | **4097352** |
| Computer equipment | 805067 | 180823 | (711) | (124178) | 93521 | **954522** |
| Vehicles (land and air) | 1320041 | 98902 | (20128) | (106565) | 73491 | **1365741** |
| Construction in progress | 7923847 | (805708) | (13664) |  | 525681 | **7630156** |
| Other | 1225173 | 159737 | (795) | (99565) | 146915 | **1431465** |
|  | **62541120** | **3198395** | **(102566)** | **(2729149)** | **4887569** | **67795369** |

---

 

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

<sup>(2)</sup> Of the total amount of additions net of transfers, R$1,422 refers to the acquisition of JBS Terminais Ltda.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 17 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

For six-month period ended June 30, 2025, the amount of capitalized interest added to construction in progress and included in additions was R$100,235 (R$87.368 on June 30, 2024) in the Consolidated.

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.

For the six-month period ended June 30, 2025, the Company recognized a fixed asset impairment in the amount of US$846 (equivalent to R$4.617) in reference to the indirect subsidiary Pilgrim's Pride Corporation (PPC).

The capitalization rate used on June 30, 2025 was 6,90% p.y. (6,17% p.y. on June 30, 2024).

**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% p.y. for the six-month period ended June 30, 2025 (5.29% p.y. on June 30, 2024).

**12.1 Right of use asset**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br> 2024** | **Additions <sup>(1)</sup>** | **Terminated contracts** | **Amortization** | **Exchange rate <br> variation** | **June 30, <br> 2025** |
| Growing facilities | 3915188 | 430043 | (55670) | (421114) | (220873) | **3647574** |
| Buildings | 3956761 | 97392 | (69115) | (270162) | (263904) | **3450972** |
| Computer equipment | 33258 | (377) |  | (19236) |  | **13645** |
| Machinery and equipment | 660080 | 97780 | (24325) | (150888) | (25641) | **557006** |
| Operating plants | 53394 | 4365 |  | (9084) | (45) | **48630** |
| Land | 99071 | 2656 | (459) | (7482) | (9434) | **84352** |
| Vehicles (land, air and sea) | 1170565 | 140584 | (36441) | (201462) | (106307) | **966939** |
| Concession Agreement JBS Terminals <sup>(2)</sup> | **—** | 22044 | **—** | (11025) | **—** | **11019** |
|  | **9888317** | **794487** | **(186010)** | **(1090453)** | **(626204)** | **8780137** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br> 2023** | **Additions <sup>(1)</sup>** | **Terminated <br> contracts** | **Amortization** | **Exchange rate <br> variation** | **June 30, <br> 2024** |
| Growing facilities | 3899030 | 273261 | (124785) | (408086) | 264874 | **3904294** |
| Buildings | 2576093 | 489750 | (70871) | (229858) | 265774 | **3030888** |
| Computer equipment | 75203 |  | (569) | (22338) | 3 | **52299** |
| Machinery and equipment | 436204 | 151134 | (14820) | (115723) | 35811 | **492606** |
| Operating plants | 95348 | 2546 | (17905) | (12907) | 1292 | **68374** |
| Land | 92882 | 3094 |  | (6610) | 9089 | **98455** |
| Vehicles (land, air and sea) | 1083095 | 118656 | (4261) | (183190) | 148049 | **1162349** |
|  | **8257855** | **1038441** | **(233211)** | **(978712)** | **724892** | **8809265** |

---

**** 

<sup>(1)</sup> The balance of additions is being reduced and presented as net of the reduction with a tax impact of PIS/COFINS amounting to R$(14135) in the Consolidated (R$(14019) as of June 30, 2024).

<sup>(2)</sup> Of the total amount of additions, R$6,488 refers to the acquisition of JBS Terminais Ltda.

**** 

**12.2 Lease liabilities**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Undiscounted lease payments | **12012992** | 13221353 |
| Present value adjustment | **(2349728)** | (2483726) |
|  | **9663264** | **10737627** |
| **Breakdown:** |  |  |
| Current liabilities | **1918986** | 2078637 |
| Non-current liabilities | **7744278** | 8658990 |
|  | **9663264** | **10737627** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 18 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**Changes in the lease liabilities:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br> 2024** | **Additions** | **Interest accrual** | **Payments** | **Terminated contracts** | **Exchange rate variation** | **June 30, <br> 2025** |
| Lease liabilities | 10737627 | 884193 | 293685 | (1377706) | (236075) | (638460) | **9663264** |

---

**** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br> 2023** | **Additions** | **Interest accrual** | **Payments** | **Terminated <br> contracts** | **Exchange rate <br> variation** | **June 30, 2024** |
| Lease liabilities | 8913933 | 1052010 | 255362 | (1200274) | (265888) | 779677 | **9534820** |

---

**** 

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

---

| | |
|:---|:---|
|  | **June 30, <br> 2025** |
| 2026 | **1400148** |
| 2027 | **1252257** |
| 2028 | **1020589** |
| 2029 | **881918** |
| 2030 | **749539** |
| Maturities thereafter 2030 | **4267478** |
| **Total Future Minimum Lease Payments** | **9571929** |
| Present Value of Lease Liabilities | **(1827651)** |
| **Leases payable - non-current** | **7744278** |

---

**13 Intangible assets**

**Changes in intangible assets:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br> 2024** | **Additions <sup>(1)</sup>** | **Disposals** | **Amortization<br> expenses** | **Exchange rate <br> variation** | **June 30, <br> 2025** |
| **Amortizing:** | | | | | | |
| Trademarks | 1817558 | 2186 |  | (78937) | (48284) | **1692523** |
| Softwares | 189551 | 23507 | (5754) | (20311) | (1190) | **185803** |
| Customer relationships | 2527379 | 4005 |  | (193044) | (191884) | **2146456** |
| Supplier contract | 127242 |  |  | (10413) | (5126) | **111703** |
| Others | 86536 | 13228 | (23075) | (19174) | (202) | **57313** |
| **Non-amortizing:** |  |  |  |  |  |  |
| Trademarks | 6347698 | 853 |  |  | (307910) | **6040641** |
| Water rights | 69985 |  |  |  | (7408) | **62577** |
|  | **11165949** | **43779** | **(28829)** | **(321879)** | **(562004)** | **10297016** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br> 2023** | **Additions** | **Disposals** | **Amortization <br> expenses** | **Exchange rate <br> variation** | **June 30, <br> 2024** |
| **Amortizing:** | | | | | | |
| Trademarks | 1651771 | 2763 |  | (75211) | 175193 | **1754516** |
| Softwares | 120746 | 83224 | (3) | (14994) | 1322 | **190295** |
| Customer relationships | 2353676 |  |  | (183943) | 312923 | **2482656** |
| Supplier contract | 135931 |  |  | (9646) | 6435 | **132720** |
| Others | 5049 | 148 |  | (638) | 359 | **4918** |
| **Non-amortizing:** |  |  |  |  |  |  |
| Trademarks | 5290539 | 2245 |  |  | 596791 | **5889575** |
| Water rights | 55147 |  |  |  | 7796 | **62943** |
|  | **9612859** | **88380** | **(3)** | **(284432)** | **1100819** | **10517623** |

---

<sup>(1)</sup> Of the total amount of additions, R$12,038 refers to the acquisition of JBS Terminais Ltda.

**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.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 19 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

---

| | | |
|:---|:---|:---|
| **Changes in goodwill:** | | |
|  | **June 30, <br> 2025** | **December 31,<br> 2024** |
| Initial balance | **33544518** | **29556234** |
| Acquired in business combination |  | 16655 |
| Business combination adjustments <sup>(1)</sup> | (6349) |  |
| Exchange rate variation | (1558310) | 3971629 |
| **Closing balance** | **31979859** | **33544518** |

---

 

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

**** 

---

| | | |
|:---|:---|:---|
| **CGU** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Brazil Beef | **9069926** | 9069926 |
| Seara | **3724967** | 3733147 |
| USA Pork | **3790142** | 4300762 |
| Australia Smallgoods | **1626407** | 1755152 |
| Australia Meat | **1471212** | 1587675 |
| PPC - Fresh Poultry | **2390876** | 2485564 |
| PPC - Brands & Snacking | **1577599** | 1625051 |
| PPC - Added value | **1206243** | 1254015 |
| PPC - Food Service | **1031201** | 1072042 |
| PPC - Meals | **350006** | 360256 |
| Others <sup>(1)</sup> | **5741280** | 6300928 |
| **Total** | **31979859** | **33544518** |

---

**** 

For the six-month period ended June 30, 2025 there were no indications that goodwill within any CGU was impaired.

 

<sup>(1)</sup> These correspond to 13 Cash Generating Units (CGUs) which, because their individual values are immaterial, have been grouped in the 'Others' category.

 

**15 Trade accounts payable**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Domestic** | | |
| Commodities | **8373002** | 12145523 |
| Materials and services | **17370474** | 19435984 |
| Finished products | **481233** | 505340 |
| Present value adjustment | **(47615)** | (59973) |
|  | **26177094** | **32026874** |
| **Foreign** |  |  |
| Commodities | **45578** | 126058 |
| Materials and services | **1148892** | 1681090 |
| Finished products | **13373** | **10076** |
|  | **1207843** | **1817224** |
| **Total trade accounts payable** | **27384937** | **33844098** |
| **Supply chain finance <sup>(1)</sup>** |  |  |
| Domestic | **5609965** | 4451543 |
| Foreign | **23739** | 60847 |
| **Total supply chain finance** | **5633704** | **4512390** |
| **Total** | **33018641** | **38356488** |

---

<sup>(1)</sup> The Company and its indirect subsidiaries, Seara Alimentos and JBS USA, engage in supply chain financing transactions with top-tier financial institutions for domestic suppliers. It is important to emphasize that, apart from a non-significant extension of payment terms, there were no operational or commercial changes to the process. The supply chain financing transaction does not impact the prices charged by suppliers, maintaining the same pricing structure as before the transaction. Additionally, this operation does not impose any financial burden on the Company and its subsidiaries, as all financial costs are borne by the suppliers.

**Commitment to Purchase for Future Delivery**

The Company has cattle purchase commitments for future delivery established with certain suppliers, ensuring the acquisition of cattle at a fixed or to-be-determined price, without any cash impact on the Company until the cattle are delivered and the transaction matures. Based on these future delivery contracts, suppliers can advance the transaction with banks under the supply chain financing arrangement. As of June 30, 2025, the amount related to this transaction was R$600,877 (R$365,328 as of December 31, 2024), and this transaction has been recorded as Supply Chain Financing - Payables since its inception.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 20 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**16 Loans and financing**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Current** | **Current** | **Non-current** | **Non-current** |
| <br>**Type** | **Average<br> annual**<br> **interest <br> rate** |<br>**Currency** |<br>**Index** | **Payment <br> terms /<br> non-**<br>**current<br> debt** | **June 30, <br> 2025** | **December 31, <br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| ACC - Advances on exchange contracts | **5.94%** | **USD** | **—** | **2025** | **—** | 6285246 | **—** |  |
| Prepayment | **5.69%** | **USD** | **SOFR** | **2025 - 27** | **—** | 621064 | **—** |  |
| FINIMP – Import Financing | **5.46%** | **USD e EUR** | **Euribor** | **2025** | **—** | 3803 | **—** |  |
| Working capital - Dollar | **6.17%** | **USD** | **SOFR** | **2030** | **5616** | 38628 | **10245** | 13768 |
| CRA - Agribusiness Credit Receivable Certificates | **5.36%** | **USD** | **—** | **2029** | **7108** | 4452 | **551176** | 403669 |
| Export credit note | **6.39%** | **USD** | **SOFR** | **2025** | **575917** | 633889 | **—** |  |
| Others | **6.91%** | **Several** | **Several** | **-** | **5070** | 22199 | **9817** | 10471 |
| **Foreign currency** |  |  |  |  | **593711** | **7609281** | **571238** | **427908** |
| FINAME | **6.00%** | **BRL** | **—** | **2025** | **—** | 30 | **—** |  |
| Notes 2,50% JBS Lux 2027 | **2.50%** | **USD** | **—** | **2027** | **62527** | 70951 | **5415452** | 6132352 |
| Notes 5,13% JBS Lux 2028 | **5.13%** | **USD** | **—** | **2028** | **104149** | 118180 | **4861523** | 5506738 |
| Notes 6,50% JBS Lux 2029 | **6.50%** | **USD** | **—** | **2029** | **—** | 5784 | **—** | 432483 |
| Notes 3,00% JBS Lux 2029 | **3.00%** | **USD** | **—** | **2029** | **40377** | 45817 | **3220802** | 3646397 |
| Notes 5,50% JBS Lux 2030 | **5.50%** | **USD** | **—** | **2030** | **54647** | 193893 | **2167937** | 7686458 |
| Notas 3,75% JBS Lux 2031 | **3.75%** | **USD** | **—** | **2031** | **8126** | 9220 | **2670023** | 3027942 |
| Notas 3,00% JBS Lux 2032 | **3.00%** | **USD** | **—** | **2032** | **20464** | 23221 | **5368886** | 6084987 |
| Notas 3,63% JBS Fin 2032 | **3.63%** | **USD** | **—** | **2032** | **87837** | 99671 | **5219433** | 5917027 |
| Notes 5,75% JBS Lux 2033 | **5.75%** | **USD** | **—** | **2033** | **128902** | 146268 | **8886239** | 10070326 |
| Notes 6.75% JBS Lux 2034 | **6.75%** | **USD** | **—** | **2034** | **160368** | 186190 | **8113955** | 9200252 |
| Notes 5,95% JBS USA 2035 | **5.95%** | **USD** | **—** | **2035** | **143413** |  | **5384144** |  |
| Notas 4,38% JBS Lux 2052 | **4.38%** | **USD** | **—** | **2052** | **88340** | 100241 | **4845452** | 5496848 |
| Notes 6,50% JBS Lux 2052 | **6.50%** | **USD** | **—** | **2052** | **44235** | 50195 | **8330236** | 9450062 |
| Notes 7.25% JBS Lux 2053 | **7.25%** | **USD** | **—** | **2053** | **43520** | 49774 | **4821370** | 5469144 |
| Notes 6,38% JBS USA 2055 | **6.38%** | **USD** | **—** | **2055** | **115238** |  | **3986123** |  |
| Notas 4,25% PPC 2031 | **4.25%** | **USD** | **—** | **2031** | **39684** | 46919 | **4426287** | 5227558 |
| Notas 3,50% PPC 2032 | **3.50%** | **USD** | **—** | **2032** | **56798** | 64480 | **4869867** | 5525098 |
| Notas 6,25% PPC 2033 | **6.25%** | **USD** | **—** | **2033** | **156450** | 187534 | **4966654** | 5981767 |
| Notas 6,88% PPC 2034 | **6.88%** | **USD** | **—** | **2034** | **23449** | 26014 | **2656713** | 3009940 |
| Working capital - Euros | **2.58%** | **EUR** | **Euribor** | **2025 - 28** | **194585** | 134921 | **48357** | 53776 |
| Export credit note | **16.67%** | **BRL** | **CDI** | **2025 - 30** | **5297** | 5311 | **3063** | 5243 |
| CDC - Direct Consumer Credit | **15.90%** | **BRL** | **—** | **2028** | **24376** | 57876 | **784** | 5049 |
| Livestock financing - Pre | **10.83%** | **BRL** | **—** | **2025** | **924824** | 2114627 |  |  |
| CRA - Agribusiness Receivables Certificate | **7.06%** | **BRL** | **IPCA** | **2029-55** | **94140** | 70688 | **9241544** | 7544080 |
| Commercial Paper | **5.00%** | **—** | **—** | **2025** | **2209291** | 1251736 | **—** |  |
| Outros | **4.86%** | **Several** | **Several** | **—** | **208623** | 237327 | **659219** | 869737 |
| **Local currency** |  |  |  |  | **5039660** | **5296868** | **100164063** | **106343264** |
|  |  |  |  |  | **5633371** | **12906149** | **100735301** | **106771172** |

---

**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, Euribor, SOFR, IPCA, TJLP, among others.

On June 30, 2025, the availability under Brasil revolving credit facilities was US$500 million (equivalent R$2.7 billion) and on December 31, 2024 US$500 million (equivalent R$3.1 billion). In the United States the revolving credit facilities on June 30, 2025, was US$2.9 billion (equivalent R$15,8 billion) and on December 31, 2024 US$2.9 billion (equivalent R$18 billion).

 

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 21 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

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 |  | **81,489** |
| 2027 |  | **5,543,572** |
| 2028 |  | **5,419,624** |
| 2029 |  | **3,499,710** |
| 2030 |  | **2,958,849** |
| Maturities after 2030 | | **83,232,057** |
|  | | **100,735,301** |

---

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

The Company was in compliance with all of its debt covenant restrictions on June 30, 2025 and until the date that these interim financial statements were approved.

**17 Other taxes payable**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31,<br> 2024** |
| Taxes payable in installments | **239478** | 275097 |
| PIS / COFINS tax payable | **99319** | 95224 |
| ICMS / VAT / GST tax payable | **231585** | 234490 |
| Withholding income taxes | **1889266** | 2147398 |
| IPTU and others | **430353** | 470198 |
| **Subtotal** | **2890001** | **3222407** |
| Income taxes payable | **693734** | 1442971 |
| **Total** | **3583735** | **4665378** |
| **Breakdown:** |  |  |
| Current liabilities | **1360126** | 2147248 |
| Non-current liabilities | **2223609** | 2518130 |
|  | **3583735** | **4665378** |

---

**** 

**18 Payroll and social charge**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Social charges in installments | **1498020** | 2207832 |
| Bonus and vacation along with related social charges | **4390722** | 4982019 |
| Salaries and related social charges | **2966038** | 3480009 |
| Others | **78114** | 404877 |
|  | **8932894** | **11074737** |
| **Breakdown:** |  |  |
| Current liabilities | **7474712** | 8890600 |
| Non-current liabilities | **1458182** | 2184137 |
|  | **8932894** | **11074737** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 22 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**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 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 |  | **865,665** |  | 1738822 |
| Non-current liabilities | | **1,149,759** | | 1,341,615 |
|  | | **2,015,424** | | **3,080,437** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Security** | **Total** | **Labor** | **Civil** | **Tax and Social Security** | **Total** |
| Brazil | 541733 | 334083 | 269351 | **1145167** | 539192 | 370274 | 424269 | **1333735** |
| USA |  | 865665 |  | **865665** |  | 1738816 |  | **1738816** |
| Others jurisdictions | 301 | 131 | 4160 | **4592** | 325 | 277 | 7284 | **7886** |
| **Total** | **542034** | **1199879** | **273511** | **2015424** | **539517** | **2109367** | **431553** | **3080437** |

---

 

**19.1 Labor - Movement of provisions:**

**** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **December 31, <br> 2024** | **Additions, reversals <br> and changes <br> in estimates** | **Payments** | **Indexation** | **Exchange rate <br> variation** | **June 30, <br> 2025** |
| Brazil | 539192 | 144597 | (170008) | 27952 |  | **541733** |
| Other jurisdictions | 325 | (9) |  |  | (15) | **301** |
| **Total** | **539517** | **144588** | **(170008)** | **27952** | **(15)** | **542034** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **December 31,<br> 2023** | **Additions, reversals <br> and changes <br> in estimates** | **Payments** | **Indexation** | **Exchange rate <br> variation** | **June 30, <br> 2024** |
| Brazil | 522569 | 173972 | (177406) | 12709 |  | **531844** |
| Other jurisdictions | 312 | 309 |  | 17 | 25 | **663** |
| **Total** | **522881** | **174281** | **(177406)** | **12726** | **25** | **532507** |

---

**19.2 Civil - Movement of provisions:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **December 31, <br> 2024** | **Additions, reversals <br> and changes <br> in estimates** | **Payments** | **Indexation** | **Exchange rate <br> variation** | **June 30, <br> 2025** |
| Brazil | 370274 | 29624 | (85712) | 19897 |  | **334083** |
| USA | 1738816 | 802725 | (1504998) |  | (170878) | **865665** |
| Others jurisdictions | 277 | (9) | (138) | (2) | 3 | **131** |
| **Total** | **2109367** | **832340** | **(1590848)** | **19895** | **(170875)** | **1199879** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **December 31, <br> 2023** | **Additions, reversals <br> and changes <br> in estimates** | **Payments** | **Indexation** | **Exchange rate <br> variation** | **June 30,<br> 2024** |
| Brazil | 355844 | 57576 | (55828) | 21075 |  | **378667** |
| USA | 955861 | 417564 | (57833) |  | 166350 | **1481942** |
| Others jurisdictions | 232 |  | (22) | 3 | 20 | **233** |
| **Total** | **1311937** | **475140** | **(113683)** | **21078** | **166370** | **1860842** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 23 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**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 - Movement of provisions:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **December 31,<br> 2024** | **Additions, reversals <br> and changes <br> in estimates** | **Payments** | **Indexation** | **Exchange rate <br> variation** | **June 30, <br> 2025** |
| Brazil | 424269 | (114693) | (12019) | (28206) |  | **269351** |
| Other jurisdictions | 7284 | (127) | (2969) |  | (28) | **4160** |
| **Total** | **431553** | **(114820)** | **(14988)** | **(28206)** | **(28)** | **273511** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Jurisdiction** | **December 31, <br> 2023** | **Additions, reversals <br> and changes <br> in estimates** | **Payments** | **Indexation** | **Exchange rate <br> variation** | **June 30, <br> 2024** |
| Brazil | 643924 | (70087) | (8659) | 34260 |  | **599438** |
| Other jurisdictions | 6748 | 21626 |  | (24317) | (727) | **3330** |
| **Total** | **650672** | **(48461)** | **(8659)** | **9943** | **(727)** | **602768** |

---

**In the Consolidated - possible loss contingent liabilities**

In the six-month period ended June 30, 2025, the Company did not identify any significant changes in the amount of the legal proceedings which the probability of loss is considered possible.

**Brazil**

<u>a. Profits Abroad</u>

Between the calendar years 2006 and 2018, the Company was assessed for charges related to the taxation of profits earned abroad that allegedly should have been included in the IRPJ and CSLL tax base, also encompassing disallowances of tax payment slips paid by foreign subsidiaries, under the argument that they could not have been used to offset IRPJ and CSLL due in Brazil. These assessments also include the imposition of default penalties, isolated fines, and interest. The Company clarifies that a significant portion of the IRPJ and CSLL charges on foreign profits relates to earnings from subsidiaries located in jurisdictions with which Brazil has tax treaties to avoid double taxation. Additionally, a relevant portion of the charges involves disputes regarding formal requirements imposed by tax authorities for the consolidation of foreign subsidiary results, whether direct or indirect. The Company disagrees with the criteria applied by the tax authorities and has filed a defense. For nearly all of the assessed amounts, the Company is defending itself in the administrative sphere and is awaiting judgment. In accordance with the technical interpretation CPC/IFRIC 23, Management assessed relevant tax decisions to identify potential discrepancies with the tax positions adopted by the Company. Based on this analysis and considering legal opinions and applicable case law, a provision of R$4,08 billion was recognized regarding differences in the tax treatment of profits from subsidiaries in countries with international treaties, recorded as a reduction in the taxes recoverable account, reflecting the potential future realization of these amounts.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 24 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**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 R$171,262. (R$23.576.206 on December
31, 2024)

**b.** **Capital reserve:** On June 30, 2025, the Company's
capital reserve amounted to R$39,349,164 (R$(747,381) 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 R$1,2 bilhão. On June 15, 2025, an additional distribution from the share premium account was approved in the amount of R$1 bilhão.

**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 R$22,4 billion, based on JBS S.A.'s book value as of the transaction date, with R$1.00 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 R$10,2 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 R$1.048.

**c.** **Dividends: 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 (equivalent to a R$34.38). The payment, totaling US$1.5
billion (equivalent to R$8.2 billion), was made on April 17, 2025, to shareholders. Of this total, US$264.1 million (equivalent to R$1,44
billion) was allocated to non-controlling shareholders.

On May 23, 2025, The Extraordinary General Assembly of JBS S.A. approved the distribution of dividends derived from profit reserves for the fiscal year ending December 31, 2024, amounting to R$2.22 billion, corresponding to R$1.00 per ordinary share. The payment of the dividends was made on June 17, 2025.

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 (equivalent to R$11.46). The payment, totaling approximately US$500.0 million (equivalent to R$2.7 billion), is scheduled to be made on September 3, 2025, to shareholders of record as of August 20, 2025.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 25 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**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 R$660.647
and R$501.649 for the six-month period ended June 30, 2025 and 2024, respectively. The accumulated non-controlling interest in PPC was
R$4.366.630 as of June 30, 2025 (R$4.806.668 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 |  | **50,316,503** |  | 49592326 |
| Net Income |  | **3,559,950** |  | 2787572 |
| **Net cash provided by operating activities** |  | **3,394,878** |  | 5501399 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Total assets | **55218572** | 65951562 |
| Total liabilities | **34740608** | 39613258 |
| Total equity | **20477964** | 26338304 |

---

**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** |
| **GROSS REVENUE** |  |  |  |  |
| **Sales of products and services** |  |  |  |  |
| Domestic sales | **181476263** | 148254818 | **92328349** | 78312657 |
| Export sales | **58954480** | 48083082 | **30213208** | 25664796 |
|  | **240430743** | **196337900** | **122541557** | **103977453** |
| **SALES DEDUCTION** |  |  |  |  |
| Returns and discounts | **(5074512)** | (4462212) | **(2440795)** | (2320758) |
| Sales taxes | **(2255215)** | (2122287) | **(1127231)** | (1050435) |
|  | **(7329727)** | **(6584499)** | **(3568026)** | **(3371193)** |
| **NET REVENUE** | **233101016** | **189753401** | **118973531** | **100606260** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 26 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**21.1 Contract balances - Advances from customer**

Customer advance revenues 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 and settled. The Group recognizes revenue upon fulfilling the related performance obligation. Contract liabilities are presented as advances from customers in the balance sheet.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Trade accounts receivable | 4 | **19937381** | 23131584 |
| Contract liabilities |  | **(1659618)** | (940903) |
| **Total customer contract revenue** |  | **18277763** | **22190681** |

---

**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 | **331191** | 779652 | **28183** | 393879 |
| Fair value adjustments on derivatives | **57965** | (2111431) | **(60254)** | (1734538) |
| Interest expense <sup>(1)</sup> | **(4567251)** | (4332387) | **(2143209)** | (2253542) |
| Interest income <sup>(2)</sup> | **1321393** | 1075549 | **365248** | 628113 |
| Bank fees and others | **(395563)** | (266936) | **(322693)** | (162141) |
|  | **(3252265)** | **(4855553)** | **(2132725)** | **(3128229)** |
| Financial income | **1770801** | 1855201 | **393430** | 1021992 |
| Financial expense | **(5023066)** | (6710754) | **(2526155)** | (4150221) |
|  | **(3252265)** | **(4855553)** | **(2132725)** | **(3128229)** |

---

 

<sup>(1)</sup> For the six-month period ended June 30, 2025 and 2024, the amounts of R$3,483,345 and R$3,009,347, refers to interest expenses from loans and financings expenses recognized under the caption "Interest expense".

 

<sup>(2)</sup> For the six-month period ended June 30, 2025 and 2024, the amounts of R$556,928 and R$278.277, respectively, refers to interest income from short investments recognized under the caption "Interest income".

 

**23 Earnings (loss) per share**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended <br> June 30,** | **Six-month period ended <br> June 30,** | **Three-month period <br> ended June 30,** | **Three-month period <br> ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income attributable to shareholders** | **5915773** | **3361213** | **2992115** | **1715206** |
| **Weighted average - common shares outstanding (basic)** | **1109058185** | **1109058185** | **1109058185** | **1109058185** |
| **Basic and diluted earnings per share - (R$)** | **5.33** | **3.03** | **2.70** | **1.55** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 27 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**24 Operating segments and information by geographic area**

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. JBS Australia also generates revenues through their cattle hoteling business.

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

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 consolidated operational segments is as follows:

**Segments presented for the six-months ended June 30:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Brazil** | **Seara** | **Beef North America** | **Pork USA** | **Pilgrim's Pride** | **Australia** | **Others** | **Total**<br> **reportable**<br> **segments** | **Elimination (\*)** | **Total** |
| Net revenue | **38816413** | **24842181** | **76090476** | **23366066** | **53003820** | **20655324** | **1856908** | **238631188** | **(5530172)** | **233101016** |
| Adjusted EBITDA <sup>(1)</sup> | **2061227** | **4707973** | **(1907335)** | **2882318** | **8492046** | **2581399** | **47642** | **18865270** |  | **18865270** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Brazil** | **Seara** | **Beef North America** | **Pork USA** | **Pilgrim's Pride** | **Australia** | **Others** | **Total**<br> **reportable**<br> **segments** | **Elimination (\*)** | **Total** |
| Net revenue | 29781108 | 21912357 | 58905694 | 20740572 | 45353213 | 15780697 | 1315720 | **193789361** | (4035960) | **189753401** |
| Adjusted EBITDA <sup>(1)</sup> | 1823986 | 3211443 | 102675 | 2805177 | 6563339 | 1791809 | 19264 | **16317693** | (6729) | **16310964** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 28 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**Segments presented for the three-months ended June 30:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Brazil** | **Seara** | **Beef North America** | **Pork USA** | **Pilgrim's Pride** | **Australia** | **Others** | **Total**<br> **reportable**<br> **segments** | **Elimination (\*)** | **Total** |
| Net revenue | **20288683** | **12273249** | **38557818** | **11666861** | **26939645** | **11177904** | **1165092** | **122069252** | **(3095721)** | **118973531** |
| Adjusted EBITDA <sup>(1)</sup> | **1295107** | **2219908** | **(1320096)** | **1436902** | **4633341** | **1644165** | **26772** | **9936099** | **—** | **9936099** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Brazil** | **Seara** | **Beef North America** | **Pork USA** | **Pilgrim's Pride** | **Australia** | **Others** | **Total**<br> **reportable**<br> **segments** | **Elimination (\*)** | **Total** |
| Net revenue | 15546779 | 11594831 | 31262660 | 11278655 | 23767606 | 8616895 | 501175 | **102568601** | (1962341) | **100606260** |
| Adjusted EBITDA <sup>(1)</sup> | 1180667 | 2019469 | 151273 | 1253430 | 4083648 | 1177799 | 19194 | **9885480** | (3365) | **9882115** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 (loss) before taxes | **8229846** | 4622343 | **4173018** | 2801383 |
| Share of profit of equity-accounted investees, net of tax | **(60303)** | 19813 | **(44315)** | (12540) |
| Net finance expense | **3252265** | 4855553 | **2132725** | 3128229 |
| **Operating Income** | **11421808** | **9497709** | **6261428** | **5917072** |
| Depreciation and amortization | **6333116** | 5546846 | **3202413** | 2849924 |
| Antitrust agreements <sup>(1)</sup> | **771415** | 417567 | **306475** | 394330 |
| Donations and social programs <sup>(2)</sup> | **6506** | 73480 | **3428** | 24965 |
| Impairment of assets <sup>(3)</sup> | **73351** | 268151 | **40257** | 194071 |
| Restructuring <sup>(4)</sup> | **125078** |  | **25703** |  |
| Fiscal payments and installments <sup>(5)</sup> | **13472** | 426579 | **13472** | 426579 |
| Rio Grande do Sul claim <sup>(8)</sup> | **—** | 32453 | **—** | 32453 |
| Avian influenza <sup>(6)</sup> | **31799** |  | **31799** |  |
| Other operating income (expense), net <sup>(7)</sup> | **88725** | 48179 | **51123** | 42721 |
| **Total EBITDA - without elimination** | **18865270** | **16310964** | **9936098** | **9882115** |
| Elimination | **—** | **6729** |  | 3365 |
| **Total Adjusted EBITDA for operating segments** | **18865270** | **16317693** | **9936098** | **9885480** |

---

**** 

<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 Amazon Fund.

<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 special payment program for the installment of tax proceedings with exemption from fines and reduction of interest.

<sup>(6)</sup> Refers to the impacts related to avian influenza incurred by the indirect subsidiary Seara Alimentos Ltda.

<sup>(7)</sup> Refers to several adjustments basically in JBS USA's jurisdiction such as third-party advisory expenses related to acquisitions, insurance recovery, among others.

<sup>(8)</sup> Refers to the claim resulting from flooding that occurred in Rio Grande do Sul.

 

The net revenue and total assets are present below segregated by geographic area as additional information.

 

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 29 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**Segments presented for the six-months ended June 30:**

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **North and Central America <sup>(1)</sup>** | **South America** | **Australia** | **Europe** | **Others** | **Total**<br> **reportable**<br> **segments** | **Intercompany elimination** | **Total** |
| Net revenue | **138574763** | **64614670** | **18154155** | **17968662** | **1073426** | **240385676** | **(7284659)** | **233101017** |
| Total assets | **94561944** | **83318690** | **21730893** | **76159176** | **1636436** | **277407139** | **(49210352)** | **228196787** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **North and Central America <sup>(1)</sup>** | **South America** | **Australia** | **Europe** | **Others** | **Total**<br> **reportable**<br> **segments** | **Intercompany elimination** | **Total** |
| Net revenue | 111898525 | 52355032 | 14372928 | 15166247 | 898117 | **194690849** | (4937448) | **189753401** |
| Total assets | 97562091 | 87480859 | 21966483 | 29411467 | 1536815 | **237957715** | (18393865) | **219563850** |

---

**Segments presented for the three-months ended June 30:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **North and Central America <sup>(1)</sup>** | **South America** | **Australia** | **Europe** | **Others** | **Total**<br> **reportable**<br> **segments** | **Intercompany elimination** | **Total** |
| Net revenue | **70218425** | **33043069** | **9759661** | **9425334** | **545888** | **122992377** | **(4018845)** | **118973532** |
| Total assets | **94561944** | **83318690** | **21730893** | **76159176** | **1636436** | **277407139** | **(49210352)** | **228196787** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **North and Central America <sup>(1)</sup>** | **South America** | **Australia** | **Europe** | **Others** | **Total**<br> **reportable**<br> **segments** | **Intercompany elimination** | **Total** |
| Net revenue | 59553077 | 27477784 | 7851373 | 7919842 | 496879 | **103298955** | (2692695) | **100606260** |
| Total assets | 97562091 | 87480859 | 21966483 | 29411467 | 1536815 | **237957715** | (18393865) | **219563850** |

---

<sup>(1)</sup> Including the holdings located in Europe that are part of the North American operation.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 30 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**25 Expenses by nature**

The Company's policy is to present expenses by function on the consolidated statement of income (loss). Expenses by nature are disclosed below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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,** | **Three month period ended <br> June 30,** | **Three month period ended <br> June 30,** | **Three month period ended <br> June 30,** | **Three month period ended <br> June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| **Cost of sales** |  |  |  |  |  |  |  |  |
| Cost of inventories, raw materials and production inputs | **(171620202** | **(171620202)** | (136855078 | (136855078) | **(87777811** | **(87777811)** | (71790769 | (71790769) |
| Salaries and benefits |  | **(24478871)** |  | (20787900) |  | **(12305987)** |  | (10767620) |
| Depreciation and amortization |  | **(5612945)** |  | (4917586) |  | **(2840559)** |  | (2535682) |
|  |  | **(201712018)** |  | **(162560564)** |  | **(102924357)** |  | **(85094071)** |
| **Selling** |  |  |  |  |  |  |  |  |
| Freights and selling expenses |  | **(10701314)** |  | (9371895) |  | **(5262229)** |  | (4827586) |
| Salaries and benefits |  | **(1583424)** |  | (819973) |  | **(808124)** |  | (425735) |
| Depreciation and amortization |  | **(213765)** |  | (140978) |  | **(105816)** |  | (73124) |
| Advertising and marketing |  | **(1020002)** |  | (774807) |  | **(565211)** |  | (395229) |
| Commissions |  | **(226604)** |  | (167457) |  | **(124211)** |  | (91895) |
| Net impairment losses |  | **(35259)** |  | (21505) |  | **26454** |  | (9413) |
|  |  | **(13780368)** |  | **(11296615)** |  | **(6839137)** |  | **(5822982)** |
| **General and administrative** |  |  |  |  |  |  |  |  |
| Salaries and benefits |  | **(3100656)** |  | (3119409) |  | **(1447398)** |  | (1594159) |
| Fees, services held and general expenses |  | **(1788124)** |  | (2152350) |  | **(926582)** |  | (1376585) |
| Depreciation and amortization |  | **(506406)** |  | (488282) |  | **(256038)** |  | (241118) |
| DOJ and Antitrust agreements |  | **(771415)** |  | (417567) |  | **(306475)** |  | (394330) |
| Donations and social programs <sup>(1)</sup> |  | **(44852)** |  | (73480) |  | **(22788)** |  | (24965) |
|  |  | **(6211453)** |  | **(6251088)** |  | **(2959281)** |  | **(3631157)** |

---

**** 

For the six-month period ended June 30, 2025, the Company incurred expenses with internal research and development, in the amount of R$16,047 (R$14,917 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 expenses**

Other Income: As of June 30, 2025, the Group has recorded other income totaling R$277,795 (R$195.012 as of June 30, 2024), primarily related to gains on asset sales amounting to R$103.397 (R$31.367 on June 30, 2024), tax credits from prior periods totaling R$22.281 (R$26.581 on June 30, 2024) and rental income totaling R$10.580 (R$8.687 for the six-month period ended June 30, 2024) among other non-significant items.

Other Expenses: As of June 30, 2025, the Group has recorded other expenses totaling R$253.164 (R$342.437 as of June 30, 2024), mainly related to restructuring expenses amounting to R$125,078 (R$268,151 on June 30, 2025), losses on asset sales totaling R$23.845 (R$62.527 on June 30, 2025), among other non-significant items.

**Restructuring related expenses**

As of June 30, 2025, the Company recognized R$125,078 (R$268,151 in June 30, 2024) related to restructuring expenses, of which R$116.632 refers to restructuring initiatives in its indirect subsidiary Pilgrim's Pride Corporation ("PPC") in Europe. The aim of these activities is to integrate central operations and reallocate processing capacities between production facilities, resulting in the closure of some facilities in Europe.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 31 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

As of June 30, 2025, PPC recognized the following expenses and made the following payments related to each restructuring initiative:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pilgrim's Food <br> Masters** | **Pilgrim's Europe <br> 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 | 108313 | 284812 | 393125 |
| Asset impairment costs | 59411 | 10107 | 69518 |
| Contract termination costs | 4666 | 9534 | 14200 |
| Other exit and disposal costs <sup>(1)</sup> | 53856 | 23034 | 76890 |
| **Total exit and disposal costs** | **226246** | **327487** | **553733** |
| **Costs incurred since earliest implementation date:** |  |  |  |
| Employee-related costs | 108313 | 236964 | 345277 |
| Asset impairment costs | 59411 | 10107 | 69518 |
| Contract termination costs | 4666 | 9534 | 14200 |
| Other exit and disposal costs <sup>(1)</sup> | 53856 | 23034 | 76890 |
| **Total exit and disposal costs** | **226246** | **279639** | **505885** |

---

 

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

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:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** |
|  | **Provisions** | **Expenses** | **Cash Outlays** |
| Pilgrim's Food Masters | 14423 | 4340 | (30241) |
| Pilgrims Europe Central | 35502 | 107724 | (99168) |
| Previous programs substantially completed |  | 4568 | (13015) |
| **Total** | **49925** | **116632** | **(142424)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** |
|  | **Provisions** | **Expenses** | **Cash Outlays** |
| Pilgrim's Food Masters | 15187 | 122291 | (99874) |
| Pilgrims Europe Central | 55850 | 102525 | (44568) |
| Previous programs substantially completed | 17978 | 38629 | (7026) |
| **Total** | **89015** | **263445** | **(151468)** |

---

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2024** | **Restructuring<br> charges <br> incurred** | **Cash payments <br> and disposals** | **Currency translation** | **June 30,<br> 2025** |
| Severance | 27512 | 83704 | (77258) | 410 | 34368 |
| Contract termination | 9369 | 12304 | (17815) | 11 | 3869 |
| Asset impairment | 563 | 419 | (963) | (20) | (1) |
| Other | 30528 | 15637 | (33373) | (1103) | 11689 |
| **Total** | **67972** | **112064** | **(129409)** | **(702)** | **49925** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **Restructuring<br> charges <br> incurred** | **Cash payments <br> and disposals** | **Currency translation** | **June 30,**<br> **2024** |
| Severance | 17676 | 174529 | (135080) | 6079 | 63204 |
| Contract termination | 7732 | 4811 | (9745) | 461 | 3259 |
| Asset impairment | 1738 | 70707 | (72553) | 109 | 1 |
| Other | 22419 | 13398 | (16243) | 2977 | 22551 |
| **Total** | **49565** | **263445** | **(233621)** | **9626** | **89015** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 32 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**26 Risk management and financial instruments**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Assets** |  | | |
| **Fair value through profit or loss <sup>(1)</sup>** |  | | |
| Financial investments | 3 | **7055867** | 20748254 |
| National treasury bills | 3 | **631210** | 603937 |
| Derivative assets |  | **1021346** | 523049 |
| **Loans and receivables at amortized cost <sup>(2)</sup>** |  |  |  |
| Cash at banks | 3 | **6497833** | 13609569 |
| Margin cash | 3 | **2011700** | 645361 |
| Trade accounts receivable | 4 | **19937381** | 23131584 |
| Related party receivables | 8 | **—** | 479006 |
| **Total** |  | **37155337** | **59740760** |
| **Liabilities** |  |  |  |
| **Amortized cost** |  |  |  |
| Loans and financing | 16 | **(106368672)** | (119677321) |
| Trade accounts payable and supply chain finance | 15 | **(33018641)** | (38356488) |
| Debt with related companies | 8 | **(1259114)** |  |
| Lease liabilities | 12.2 | **(9663264)** | (10737627) |
| Other financial liabilities |  | **(181649)** | (352166) |
| **Fair value through profit or loss** |  |  |  |
| Derivative liabilities |  | **(2585202)** | (1647559) |
| **Total** |  | **(153076542)** | **(170771161)** |

---

**** 

<sup>(1)</sup> CDBs are updated at the effective rate but have a really short-term and negotiated with financial institutions, and their recognition is similar to fair value; (ii) national treasury bill is recognized according to market value.

<sup>(2)</sup> Loans and receivables are classified as amortized cost, but without any change in their nature or business model; the accounts receivable are short-term and net from expected losses.

 

**Fair value of assets and liabilities through profit or loss:** The Company and its subsidiaries 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 at short term, equity instruments without an active market and contracts with discretionary characteristics that the fair value can not 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 | **—** | **7055867** | **7055867** |  | 20748254 | **20748254** |
| National treasury bills | **631210** | **—** | **631210** | 603937 |  | **603937** |
| Derivative assets | **—** | **1021346** | **1021346** |  | 523049 | **523049** |
| **Financial liabilities** |  |  |  |  |  |  |
| Derivative liabilities | **—** | **2585202** | **2585202** |  | 1647559 | **1647559** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 33 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**Fair value of assets and liabilities carried at amortized cost:** The fair value of the Notes under Rule 144-A and Regulation S, 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 Company'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 Company'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 loans and financings:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June, 2025** | **June, 2025** | **June, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Descrição** | **Principal** | **Price (% of the <br> Principal)** | **Fair <br> value** | **Principal** | **Price (% of the <br> Principal)** | **Fair<br> value** |
| Notes 2,50% JBS Lux 2027 | **5457100** | **97.10%** | **5299008** | 6192299 | 94.98% | 5881260 |
| Notes 5,13% JBS Lux 2028 | **4909971** | **101.49%** | **4983179** | 5571459 | 99.50% | 5543379 |
| Notes 3,00% JBS Lux 2029 | **3274026** | **94.94%** | **3108262** | 3715113 | 91.20% | 3388183 |
| Notes 6,5% JBS Lux 2029 | **—** | **—** | **—** | 432879 | 100.52% | 435151 |
| Notes 5,5% JBS Lux 2030 | **2181121** | **102.33%** | **2231919** | 7738424 | 99.77% | 7720471 |
| Notes 3,75% JBS Lux 2031 | **2690350** | **93.28%** | **2509586** | 3052804 | 88.93% | 2714919 |
| Notes 3,00% JBS Lux 2032 | **5457100** | **87.35%** | **4766668** | 6192299 | 83.22% | 5153293 |
| Notes 3,625% JBS Lux 2032 | **5286730** | **91.27%** | **4825145** | 5998976 | 87.96% | 5276939 |
| Notes 5,75% JBS Lux 2033 | **9067927** | **102.54%** | **9298253** | 10289589 | 99.54% | 10242360 |
| Notes 6,75% JBS Lux 2034 | **8224101** | **108.70%** | **8939187** | 9332080 | 105.85% | 9877633 |
| Notes 5,95% JBS USA 2035 | **4911390** | **76.72%** | **3768117** |  |  |  |
| Notes 4,375% JBS Lux 2052 | **8447591** | **102.87%** | **8690291** | 5573069 | 110.50% | 6158130 |
| Notes 6,50% JBS Lux 2052 | **4911390** | **111.81%** | **5491573** | 9585679 | 101.53% | 9732628 |
| Notes 7.25% JBS Lux 2053 | **4481987** | **96.46%** | **4323101** | 5573069 | 74.94% | 4176625 |
| Notes 6,375% JBS USA 2055 | **4909207** | **89.91%** | **4413721** |  |  |  |
| Notes 4,25% PPC 2031 | **5034290** | **105.36%** | **5304178** | 5298905 | 92.24% | 4887604 |
| Notes 3,5% PPC 2032 | **2728553** | **109.20%** | **2979495** | 5573069 | 86.34% | 4811621 |
| Notes 6,25% PPC 2033 | **5457100** | **103.25%** | **5634729** | 6068453 | 102.16% | 6199593 |
| Notes 6,875% PPC 2034 | **4092825** | **101.42%** | **4151148** | 3096150 | 106.73% | 3304521 |
|  | **91522759** |  | **90717560** | **99284316** |  | **95504310** |

---

**Risk management:**

In its operational routine, the Company and its subsidiaries are exposed to various market, credit, and liquidity risks. These risks are disclosed in the financial statements as of December 31, 2024. There were no changes in the nature of these risks during the current quarterly reporting period. The following section presents the risks and operations to which the Company is exposed in the current period. Additionally, a sensitivity analysis is provided for each type of risk, showing the potential impact on Financial Results under hypothetical changes: CDI by 50% and 100%, parent company commodities and Seara grain by 25% and 50%, and currency and USA commodities exposures by 15% and 30% in the relevant risk variables. For the probable scenario, the Company deems it appropriate to use the Value at Risk (VaR) methodology with a 99% confidence interval (CI) and a one-day horizon.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 34 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**a. Interest rate risk**

The Company understands that the quantitative data referring to the Company's interest rate exposure risk on June 30, 2025 and December 31, 2024, are in accordance with the Financial and Commodity Risk Management Policy and are representative of the exposure incurred during the period. For informational purposes and in accordance with our Financial and Commodities Risk Management Policy, the notional amounts of assets and liabilities exposed to floating interest rates are presented below:

---

| | | |
|:---|:---|:---|
|  | **30.06.25** | **31.12.24** |
| **Net exposure to the CDI rate:** | | |
| CDB-DI (Bank certificates of deposit) | **3811367** | 4708004 |
| Treasury bills | **387200** | 363838 |
| Margin cash | **2002347** | 644000 |
| Related party transactions | **(915537)** |  |
| Credit note - export | **(8360)** | (10554) |
| **Subtotal** | **5277017** | **5705288** |
| Derivatives (Swap) | **(6406658)** | (7957930) |
| **Total** | **(1129641)** | **(2252642)** |
| **Liabilities exposure to the LIBOR rate:** |  |  |
| Margin cash | **9353** | 23946 |
| Related party transactions | **(343577)** | 479006 |
| Treasury bills | **244010** | 217515 |
| CRA - Agribusiness Credit Receivable Certificates | **(9038409)** | (7201818) |
| **Subtotal** | **(9128623)** | **(6481351)** |
| Derivatives (Swap) | **5823265** | 7125388 |
| **Total** | **(3305358)** | **644037** |
| **Liabilities exposure to the SOFR rate:** |  |  |
| Credit note - export | **(575917)** | (633889) |
| Prepayment |  | (621064) |
| Working capital - USD | **(15861)** | (16094) |
| **Total** | **(591778)** | **(1271047)** |

---

**Sensitivity analysis:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (I) VaR 99% I.C.<br> 1 day** | **Scenario (I) VaR 99% I.C.<br> 1 day** | **Scenario (II) Interest rate<br> variation - 50%** | **Scenario (II) Interest rate<br> variation - 50%** | **Scenario (III) Interest rate variation - 100%** | **Scenario (III) Interest rate variation - 100%** |
| <br>**Contracts exposure** | <br>**Risk** |<br>**Current scenario** | **Rate** | **Effect on income** | **Rate** | **Effect on income** | **Rate** | **Effect on income** |
| CDI | Decrease | 14.90% | 14.81% | 994 | 22.35% | (84158) | 29.80% | (168317) |
|  |  |  |  | **994** |  | **(84158)** |  | **(168317)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (I) VaR 99% I.C. 1 day** | **Scenario (I) VaR 99% I.C. 1 day** | **Scenario (II) Interest rate<br> variation - 25%** | **Scenario (II) Interest rate<br> variation - 25%** | **Scenario (III) Interest rate variation - 50%** | **Scenario (III) Interest rate variation - 50%** |
| <br>**Contracts exposure** | <br>**Risk** |<br>**Current scenario** | **Rate** | **Effect on income** | **Rate** | **Effect on income** | **Rate** | **Effect on income** |
| IPCA | Increase | 5.32% | 5.33% | (231) | 6.65% | (43961) | 7.98% | (87923) |
| SOFR | Increase | 4.45% | 4.46% | (32) | 5.56% | (6586) | 6.68% | (13167) |
|  |  |  |  | **(263)** |  | **(50547)** |  | **(101090)** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **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**<br> **(Asset) - R$** | **Fair value (Liability) - R$** | **Fair value** | **Notional** | **Fair value**<br> **(Asset) - R$** | **Fair value (Liability) - R$** | **Fair value** |
|  | IPCA | 2027 | **978410** | **1064865** | **(1127685)** | **(62820)** | 978410 | 1005956 | (1061850) | **(55894)** |
|  | IPCA | 2031 | **172018** | **222074** | **(254694)** | **(32620)** | 1170787 | 1315264 | (1392276) | **(77012)** |
|  | IPCA | 2032 | **711991** | **834507** | **(941934)** | **(107427)** | 1133951 | 1191798 | (1341565) | **(149767)** |
|  | IPCA | 2034 | **777342** | **816608** | **(853523)** | **(36915)** | 788999 | 770154 | (839982) | **(69828)** |
| *Swap* | IPCA | 2037 | **1136127** | **1416881** | **(1668943)** | **(252062)** | 1171825 | 1332536 | (1630146) | **(297610)** |
|  | IPCA | 2038 | **881290** | **942563** | **(989272)** | **(46709)** | 881290 | 888947 | (986201) | **(97254)** |
|  | IPCA | 2039 | **—** | **—** | **—** | **—** | 129136 | 126091 | (135178) | **(9087)** |
|  | IPCA | 2044 | **500000** | **525767** | **(570607)** | **(44840)** | 500000 | 494642 | (570732) | **(76090)** |
|  |  |  | **5157178** | **5823265** | **(6406658)** | **(583393)** | **6754398** | **7125388** | **(7957930)** | **(832542)** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 35 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**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 Company'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. In the Consolidated, the Company discloses these exposures considering the fluctuations of a exchange rate in particular towards the functional currency of each subsidiary.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **USD** | **USD** | **EUR** | **EUR** | **GBP** | **GBP** |
|  | **30.06.25** | **31.12.24** | **30.06.25** | **31.12.24** | **30.06.25** | **31.12.24** |
| **OPERATING** | | | | | | |
| Cash and cash equivalents | **5869746** | 10153690 | **311103** | 311727 | **22740** | 99680 |
| Trade accounts receivable | **3084550** | 6646802 | **756121** | 1021830 | **812327** | 406736 |
| Sales orders | **8958052** | 6580960 | **743086** | 488288 | **42928** | 336673 |
| Trade accounts payable | **(1455532)** | (1842430) | **(460717)** | (484662) | **(99647)** | (100758) |
| Purchase orders | **(121519)** | (517013) | **(1242921)** | (55287) | **—** |  |
| **Operating subtotal** | **16335297** | **21022009** | **106672** | **1281896** | **778348** | **742331** |
| **FINANCIAL** |  |  |  |  |  |  |
| Margin cash | **9353** | 1363 | **—** |  | **—** |  |
| Advances to customers | **(16519)** | (29001) | **(10882)** | (9672) | **(1604)** | (1184) |
| Loans and financing | **(1164948)** | (7993463) |  | (3803) | **—** |  |
| **Financial subtotal** | **(1172114)** | **(8021101)** | **(10882)** | **(13475)** | **(1604)** | **(1184)** |
| **Operating financial subtotal** | **15163183** | **13000908** | **95790** | **1268421** | **776744** | **741147** |
| **Total exposure** | **15163183** | **13000908** | **95790** | **1268421** | **776744** | **741147** |
| **DERIVATIVES** |  |  |  |  |  |  |
| Future contracts | **2736695** | 11393 | **(433874)** | (530029) | (226177) | (211126) |
| Deliverable Forwards (DF´s) | **(2751967)** | (4112207) | **387236** | 439337 | **(242868)** | (165861) |
| Non-Deliverable Fowards (NDF´s) | **(220854)** | (2583167) | **(162065)** | (121115) | **—** | (38776) |
| **Total derivatives** | **(236126)** | **(6683981)** | **(208703)** | **(211807)** | **(469045)** | **(415763)** |
| **NET EXPOSURE IN US$** | **14927057** | **6316927** | **(112912)** | **1056614** | **307699** | **325384** |

---

 

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

**b1.1 USD - American dollars (amounts in thousands of R$):**

**** 

** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (i) VaR 99% C.I. <br> 1 day** | **Scenario (i) VaR 99% C.I. <br> 1 day** | **Scenario (ii) Interest rate variation - 15%** | **Scenario (ii) Interest rate variation - 15%** | **Scenario (iii) Interest rate variation - 30%** | **Scenario (iii) Interest rate variation - 30%** |
| <br>**Exposure of R$** | <br>**Risk** | **Current**<br>**exchange<br> rate** | **Exchange<br> rate** | **Effect on<br> income** | **Exchange<br> rate** | **Effect on<br> income** | **Exchange<br> rate** | **Effect on<br> income** |
| Operating | Appreciation | 5.4571 | 5.3487 | (324575) | 4.6385 | (2450280) | 3.8200 | (4900589) |
| Financial | Depreciation | 5.4571 | 5.3487 | 23289 | 4.6385 | 175816 | 3.8200 | 351634 |
| Derivatives | Depreciation | 5.4571 | 5.3487 | 4692 | 4.6385 | 35419 | 3.8200 | 70838 |
|  |  |  |  | **(296594)** |  | **(2239045)** |  | **(4478117)** |

---

****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **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> (R$)** | **Fair value** | **Quantity** | **Notional <br> (R$)** | **Fair value** |
| Future Contract | American dollar | Long | **54734** | **2736695** | **(20748)** | 4765 | 11393 | 76 |
|  |  |  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Instrument** | **Risk factor** | **Nature** | **Notional <br> (USD)** | **Notional<br> (R$)** | **Fair value** | **Notional<br> (USD)** | **Notional<br> (R$)** | **Fair value** |
| Deliverable Forwards | American dollar | Short | **(504291)** | **(2751967)** | **89105** | (664084) | (4112207) | (104452) |
| Non-Deliverable Forwards | American dollar | Short | **(40471)** | **(220854)** | **15771** | (417158) | (2583167) | (5881) |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 36 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**b1.2 EUR - EURO (amounts in thousands of R$):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **Cenário (i) VaR 99% I.C. 1 dia** | **Cenário (i) VaR 99% I.C. 1 dia** | **Cenário (II) Variação do câmbio em 15%** | **Cenário (II) Variação do câmbio em 15%** | **Cenário (III) Variação do câmbio em 30%** | **Cenário (III) Variação do câmbio em 30%** |
|  |  | | | **Effect on income** | | **Effect on income** | | **Effect on income** |
| Operating | Appreciation | 6.4230 | 6.5547 | 2188 | 7.3865 | 16001 | 8.3499 | 32001 |
| Financial | Depreciation | 6.4230 | 6.5547 | (223) | 7.3865 | (1632) | 8.3499 | (3265) |
| Derivatives | Depreciation | 6.4230 | 6.5547 | (4281) | 7.3865 | (31305) | 8.3499 | (62611) |
|  |  |  |  | **(2316)** |  | **(16936)** |  | **(33875)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **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**<br> **(EUR)** | **Notional**<br> **(R$)** | **Fair value** | **Notional**<br> **(EUR)** | **Notional**<br> **(R$)** | **Fair value** |
| Future Contract | Euro | Short | **(4355)** | **(433874)** | **(2638)** | 2074 | (530029) | 303 |
| Deliverable Forwards | Euro | Long | **60289** | **387236** | **21626** | 68259 | 439337 | 14713 |
| Non-Deliverable Forwards | Euro | Short | **(25232)** | **(162065)** | **(933)** | (18818) | (121115) | 2601 |

---

**b1.3 GBP - British Pound (amounts in thousands of R$):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (i) VaR 99% C.I. 1 day** | **Scenario (i) VaR 99% C.I. 1 day** | **Scenario (ii) Interest rate variation - 15%** | **Scenario (ii) Interest rate variation - 15%** | **Scenario (iii) Interest rate variation - 30%** | **Scenario (iii) Interest rate variation - 30%** |
| <br>**Exposure of US$** | <br>**Risk** |<br>**Current<br> exchange** | **Exchange<br> rate** | **Effect on<br> income** | **Exchange<br> rate** | **Effect on<br> income** | **Exchange<br> rate** | **Effect on<br> income** |
| Operating | Appreciation | 7.4893 | 7.3428 | (15224) | 6.3659 | (116752) | 5.2425 | (233504) |
| Derivatives | Depreciation | 7.4893 | 7.3428 | 9174 | 6.3659 | 70356 | 5.2425 | 140714 |
|  |  |  |  | (6019) |  | (46155) |  | **(92309)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **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 (R$)** | **Fair value** | **Notional (GBP)** | **Notional<br> (R$)** | **Fair value** |
| Future Contract | British pound | Short | **(1580)** | **(226177)** | **(34 3)** | 1219 | (211126) | 77 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **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<br> (GBP)** | **Notional<br> (R$)** | **Fair value** | **Notional<br> (GBP)** | **Notional<br> (R$)** | **Fair value** |
| Deliverable Forwards | British pound | Short | **(32429)** | **(242868)** | **(3935)** | (21368) | (165861) | (4180) |
| Non-Deliverable Forwards | British pound | Short | **—** | **—** | **—** | (4996) | (38776) | (793) |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 37 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**c. Commodity price risk**

The Company 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 Company and proposing strategies to the Risk Management Committee, in order to mitigate such exposures.

**c1. Position balance in commodities (cattle) and corn (grain) contracts:**

---

| | | |
|:---|:---|:---|
| | **Consolidated** | **Consolidated** |
| <br>**Exposure in Commodities (Cattle)** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Firm contracts of cattle purchase | 19753552 | 22907111 |
| **Subtotal** | **19753552** | **22907111** |
| **DERIVATIVES** |  |  |
| Future contracts | **(36356)** | **687175** |
| Deliverable Forwards | **(11230942)** | **52849548** |
| Non Deliverable Forwards | **417648** | **—** |
| **Subtotal** | **(10849650)** | **53536723** |
| **NET EXPOSURE** | **8903902** | **76443834** |

---

---

| | | |
|:---|:---|:---|
| | **Consolidated** | **Consolidated** |
| <br>**Exposure in Corn (Grain)** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Purchase orders | **335968** | **354573** |
| **Subtotal** | **335968** | **354573** |
| **DERIVATIVES** |  |  |
| Future contracts | **1241634** | **204266** |
| Non Deliverable Forwards | **83646** | **—** |
| **Subtotal** | **1325280** | **204266** |
| **NET EXPOSURE** | **1661248** | **558839** |

---

**Sensitivity analysis (cattle):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Scenario (i) VaR 99% I.C. 1 dia** | **Scenario (i) VaR 99% I.C. 1 dia** | **Scenario (i) VaR 99% I.C. 1 dia** | **Scenario (II) Variation - 15%** | **Scenario (II) Variation - 15%** | **Scenario (III) Variation - 30%** | **Scenario (III) Variation - 30%** |
| <br>**Exposure** | <br>**Risk** | **Current price** | **Price** | **Effect on income** | **Price** | **Effect on income** | **Price** | **Effect on income** |
| Operating(USA) | Depreciation | 225.88 | 221.64 | **(370494)** | 192.00 | **(2963033)** | 158.12 | **(5926066)** |
| Derivatives (Brasil) | Depreciation | 317.40 | 311.74 | **(6802)** | 269.79 | **(57194)** | 222.18 | **(114388)** |
| Derivatives (USA) | Depreciation | 225.88 | 221.64 | **210645** | 192.00 | **1684641** | 158.12 | **3369283** |
|  |  |  |  | **(166651)** |  | **(1335586)** |  | **(2671171)** |

---

**Sensitivity analysis (Grains):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Scenario (i) VaR 99% I.C. 1 dia** | **Scenario (i) VaR 99% I.C. 1 dia** | **Scenario (i) VaR 99% I.C. 1 dia** | **Scenario (II) Variation - 15%** | **Scenario (II) Variation - 15%** | **Scenario (III) Variation - 30%** | **Scenario (III) Variation - 30%** |
| <br>**Exposure** | <br>**Risk** | **Current price** | **Price** | **Effect on income** | **Price** | **Effect on income** | **Price** | **Effect on income** |
| Operating (Brasil) | Depreciation | 67.02 | 65.31 | **(8553)** | 56.97 | **(50395)** | 46.91 | **(100790)** |
| Derivatives (Brasil) | Depreciation | 67.02 | 65.31 | **(33738)** | 56.97 | **(198792)** | 46.91 | **(397584)** |
|  |  |  |  | **(42291)** |  | **(249187)** |  | **(498374)** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 38 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**Details of derivative financial instruments (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 | Short | **(300)** | **(36356)** | **(1127)** | 6548 | 687175 | (16831) |
| Deliverable Forwards | Commodities | Short | **(2058042)** | **(11230942)** | **(1806540)** | 8534720 | 52849548 | (373024) |
| Non Deliverable Forwards | Commodities | Long | **1320000** | **417648** | **12968** |  |  |  |

---

**Details of derivative financial instruments (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** | **1241634** | **(5723)** | 6949 | 204266 | 515 |
| Non Deliverable Forwards | Commodities | Long | **1350000** | **83646** | **(3992)** |  |  |  |

---

**c2. Hedge accounting:**

From the third quarter of 2021, the Company reviewed its hedge policies and started to apply hedge accounting in grain operations, aiming at bringing stability to the subsidiary's 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.

In these hedge relationships, the main sources of ineffectiveness are the effect of the counterparties and the Company'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; and changes in the timing of the hedged transactions.

The effects on the period's results, other comprehensive income, and the balance sheet from derivative financial instruments contracted for foreign exchange, commodity price, and interest rate hedging are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash flow of hedge operations - derivative instruments** | **Risk** | **Quantity** | **Notional** | **Fair value** |
| Future contract | Commodities | **10010** | **286892** | **(1197)** |
| NDF´s | Commodities | **1710** | **203126** | **(607)** |

---

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

**c2.1. Hedge accounting:**

Below is shown the effects on income for the period, on other comprehensive income and on the balance sheet of derivative financial instruments contracted for hedging exchange rates, commodity prices and interest rates (cash flow and fair value hedges):

---

| | | |
|:---|:---|:---|
| | **Consolidated** | **Consolidated** |
| <br>**Statements of Income:** | **2025** | **2024** |
| **Cost of sales before hedge accounting adoption** | **(19600744)** | **(18492938)** |
| **Derivatives operating income (loss)** | **437** | **9084** |
| Commodities | 437 | 9084 |
| **Cost of sales with hedge accounting** | **(19600307)** | **(18483854)** |
| **Financial income (expense), net excluding derivatives** | **207794** | **(117721)** |
| **Derivatives financial income (expense), net** | **(13750)** | **(712154)** |
| Currency | 8844 | (573102) |
| Commodities | (22594) | (137401) |
| Interests |  | (1651) |
| **Financial income (expense), net** | **194044** | **(829875)** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 39 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

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

---

| | | |
|:---|:---|:---|
| | **Consolidated** | **Consolidated** |
| <br>**Statements of other comprehensive income (expense):** | **2025** | **2024** |
| **Financial instruments designated as hedge accounting:** | **(1208)** | **(675)** |
| Currency |  |  |
| Commodities | (1208) | (675) |
| **Other comprehensive income** | **1608** | **1985** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Cash Flow Hedge Movement** | **December 31, <br> 2024** | **OCI** | **June 30, 2025** |
| Hedge accounting operations | 1894 | (685) | 1209 |
| Deferred income tax on hedge accounting | (643) | 233 | (410) |
| **Total of other comprehensive income (expense)** | **1251** | **(452)** | **799** |

---

Below are the effects on balance sheet, after the adoption of hedge accounting:

---

| | | |
|:---|:---|:---|
| | **Consolidated** | **Consolidated** |
| <br>**Balance sheet:** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Derivatives payable/receivable** | **(1803)** | **519** |
| **Derivatives instruments designated as *hedge accounting:*** |  |  |
| Commodities | (1803) | 519 |
| **Derivatives payable/receivable** | **2645** | **430** |
| **Derivatives instruments not designated as hedge accounting:** |  |  |
| Currency | 2645 | 430 |
| **Other comprehensive results** | **(1208)** | **1894** |
| Commodities | (1208) | 1894 |
| **Inventories** | **(5902)** | **124** |
| Commodities | (5902) | 124 |

---

---

| | | |
|:---|:---|:---|
| | **Consolidated** | **Consolidated** |
| **Open balance sheet position of derivative assets and liabilities:**<br>**Assets:** | **June 30, <br> 2025** | **December 31,<br> 2024** |
| Currency |  |  |
| **Designated as hedge accounting** | **842** | **519** |
| Commodities | (1803) |  |
|  | 2645 | 519 |
| **Not designated as hedge accounting** | **—** | **430** |
| Currency |  | 430 |
| **Current assets** | **842** | **949** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 40 |

---

---

| |
|:---|
| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

---

**d. Liquidity risk**

The table below shows the contractual obligation amounts from financial liabilities of the Company 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** |
|  | **Less than 1 year** | **Between 1 and 3 years** | **Between 4 and 5 years** | **More than 5 years** | **Total** | **Less than 1 year** | **Between 1 and 3 years** | **Between 4 and 5 years** | **More than 5 years** | **Total** |
| Trade accounts payable and supply chain finance | **33018637** | **—** | **—** | **—** | **33018637** | 38356488 |  |  |  | **38356488** |
| Loans and financing | **5714861** | **10963196** | **6458559** | **83232056** | **106368672** | 12906149 | 6478710 | 10456892 | 89835570 | **119677321** |
| Estimated interest on loans and financing <sup>(1)</sup> | **2348348** | **17014307** | **10613794** | **47264718** | **77241167** | 15222640 | 15113052 | 5201215 | 35110448 | **70647355** |
| Derivatives liabilities | **2135263** | **449939** | **—** | **—** | **2585202** | 1027793 | 619766 |  |  | **1647559** |
| Payments of leases | **3319134** | **1764515** | **1266575** | **3313040** | **9663264** | 2078637 | 2640421 | 1701630 | 4316939 | **10737627** |
| Other financial liabilities | **600877** | **159363381** | **28748130** | **16964755** | **205677143** | 365328 | 174897702 | 26246504 | 6110381 | **207619915** |
|  | **114149** | **67500** | **—** | **—** | **181649** | 100916 | 101250 |  | 150000 | **352166** |

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

The Company has future commitment for purchase of grains and cattle whose balances on June 30, 2025 in the amount of R$205.7 billion (R$207.6 billion on December 31, 2024).

The Company has securities pledged as collateral for derivative transactions with the commodities and futures whose balance on June 30, 2025 is R$307,909 (R$177,636 on December 31, 2024). This guarantee is larger than its collateral.

The indirect subsidiary JBS USA and its subsidiaries, has securities pledged as collateral for derivative transactions with the commodities and futures whose balance on June 30, 2025 is R$2,002,346 (R$643,999 on December 31, 2024). This guarantee is larger than its collateral.

Also, the direct subsidiary Seara Alimentos has securities pledged as collateral for derivative transactions with the commodities and futures whose balance on June 30, 2025 is R$141,280 (R$23,946 in 31 de dezembro de 2024). This guarantee is larger than its collateral.

**** 

A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Detailed information on the opening of the Group's covenants is disclosed annually.

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 contingent consideration and derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency 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.

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

In view the Company's operations, there is inherent exposure to risks related to climate change. Certain Company 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 these interim financial statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) possible impacts on the determination of fair value in biological
assets due to the effects of climate change, such as temperature rise, scarcity of water resources, may impact some assumptions used
in accounting estimates related to the Company'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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**** 

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| ![](ex99-1_001.jpg) |
| Notes to the condensed financial statements for the six-month period ended June 30, 2025 and 2024<br>(Expressed in thousands of Brazilian reais) |

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**27 Approval of the financial statements**

The issuance of these individual and condensed interim financial statements was approved by the Board of Directors on August 13, 2025.

**BOARD OF DIRECTORS**

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| | |
|:---|:---|
| **Chairman:** | Jeremiah Alphonsus O'Callaghan |
| **Vice-Chairman:** | Wesley Mendonça Batista |
| **Executive Board Member:** | Gilberto Tomazon**i** |
| **Non-executive Board Member:** | Joesley Mendonça Batista |
| **Non-executive Board Member:** | Carlos Hamilton Vasconcelos Araújo |
| **Non-executive Board Member:** | Kátia Regina de Abreu Gomes |
| **Non-executive Board Member:** | Paulo Bernardo Silva |
| **Non-executive Board Member:** | Raul Alfredo Padilla |
| **Non-executive Board Member:** | Henrique de Campos Meirelles |

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**STATUTORY AUDIT COMMITTEE REPORT**

The Statutory Audit Committee reviewed the individual and consolidated condensed interim financial statements for the six-month period ended June 30, 2025, at August 12, 2025. Based on the procedures performed, also considering KPMG Auditores Independentes Ltda. review report, as well as the information and clarifications received during the period, the Committee recommends that these documents are in a position to be considered by the Board of Directors.

**AUDIT COMMITTEE**

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| | |
|:---|:---|
| **Chairman:** | Carlos Hamilton Vasconcelos Araújo |
| **Committee Member:** | Raul Alfredo Padilla |
| **Committee Member:** | Henrique de Campos Meirelles |

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**STATEMENT OF OFFICERS ON THE FINANCIAL STATEMENTS AND ON THE INDEPENDENT AUDITORS REPORT**

The Company's Officers declare at August 13, 2025, for the purposes of Article 25, paragraph 1, item V and VI of CVM Instruction No. 480 of December 7, 2009, that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) They reviewed, discussed and agreed with the independent
auditors report on the individual and consolidated condensed interim financial statements for the six-month period ended June 30, 2025,
and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) They reviewed, discussed and agreed with the condensed interim
financial statements for the six-month period ended June 30, 2025.

**EXECUTIVE BOARD**

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|:---|:---|
| **Global Chief Executive Officer:** | Gilberto Tomazoni |

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|:---|:---|
| **Accounting Director:** | Agnaldo dos Santos Moreira Jr. (CRC SP: 244207/O-4) |

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\* \* \* \* \*

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