# EDGAR Filing Document

**Accession Number:** 0001450123
**File Stem:** 0001213900-25-076750
**Filing Date:** 2025-8
**Character Count:** 222021
**Document Hash:** 58a4e6caee4f6920fd6297c49c8ac1a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-076750.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001213900-25-076750

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250814

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-155412
- **FILM NUMBER:** 251220402

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

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

**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: 333-155412**

**JBS S.A.**

(Exact Name as Specified in its Charter)

**N/A**

(Translation of registrant's name into English)

**Av. Marginal Direita do Tietê**

**500, Bloco I, 3rd Floor**

**São Paulo, SP, Brazil**

(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 S.A.'s unaudited condensed 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).](ea025323101ex99-1_jbssa.htm) |

---

**SIGNATURES**

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

Date: August 14, 2025

---

| | |
|:---|:---|
| JBS S.A. | JBS S.A. |
| By: | /s/ Guilherme Perboyre Cavalcanti |
| Name: | Guilherme Perboyre Cavalcanti |
| Title: | Chief Financial and Investment Relations Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

---

| |
|:---|
| **JBS S.A.** |
| **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 June 30, 2025 and 2024 | 4 |
| Statements of comprehensive income for the six-month period ended June 30, 2025 and 2024 | 5 |
| Statement of comprehensive income for the three-month period ended June 30, 2025 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 |
| Statements of economic value added for the six-month period ended June 30, 2025 and 2024 | 9 |
| Note 1 - Background information | 10 |
| Note 2 - Basis of preparation | 13 |
| Note 3 - Cash and cash equivalents and margin cash | 14 |
| Note 4 - Trade accounts receivable | 14 |
| Note 5 - Inventories | 15 |
| Note 6 - Biological assets | 15 |
| Note 7 - Recoverable taxes | 16 |
| Note 8 - Related parties transactions | 16 |
| Note 9 - Income taxes | 20 |
| Note 10 - Investments in subsidiaries, associates and joint venture | 24 |
| Note 11 - Property, plant and equipment | 25 |
| Note 12 - Leases | 27 |
| Note 13 - Intangible assets | 29 |
| Note 14 - Goodwill | 30 |
| Note 15 - Trade accounts payable | 31 |
| Note 16 - Loans and financing | 32 |
| Note 17 - Other taxes payable | 33 |
| Note 18 - Payroll and social charges | 33 |
| Note 19 - Provisions for legal proceedings | 34 |
| Note 20 - Equity | 38 |
| Note 21 - Net revenue | 38 |
| Note 22 - Net finance income (expense) | 39 |
| Note 23 - Earnings (losses) per share | 39 |
| Note 24 - Operating segments and geographic reporting | 40 |
| Note 25 - Expenses by nature | 42 |
| Note 26 - Risk management and financial instruments | 44 |
| Note 27 - Approval of the financial statements | 55 |

---

---

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

---

![](ex99-1_001.jpg)

**Statements of financial position**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | <br>**Note** | **June 30,<br> 2025** | **December 31, <br> 2024** | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **ASSETS** |  | | | | |
| **CURRENT ASSETS** |  |  |  |  |  |
| Cash and cash equivalents | 3 | **2776744** | 4525210 | **13670463** | 34761540 |
| Margin cash | 3 | **307909** | 177636 | **2451535** | 845581 |
| Trade accounts receivable | 4 | **4391998** | 5525252 | **19937381** | 23131584 |
| Inventories | 5 | **5600903** | 4468478 | **34313727** | 31060507 |
| Biological assets | 6 | **—** | **—** | **10009338** | 9958599 |
| Recoverable taxes | 7 | **1267122** | 1847885 | **3562059** | 3949002 |
| Derivative assets | 26 | **12968** | 25641 | **1021346** | 523049 |
| Other current assets |  | **158924** | 157081 | **2043587** | 1788594 |
| **TOTAL CURRENT ASSETS** |  | **14516568** | **16727183** | **87009436** | **106018456** |
| **NON-CURRENT ASSETS** |  |  |  |  |  |
| Recoverable taxes | 7 | **7494379** | 6278786 | **9755406** | 8746343 |
| Biological assets | 6 | **—** | **—** | **3185662** | 3209059 |
| Related party receivables | 8 | **1294801** | 494269 | **—** | 479006 |
| Deferred income taxes | 9 | **—** | **—** | **2841907** | 4032292 |
| Other non-current assets |  | **1299000** | 278961 | **2695823** | 1664118 |
|  |  | **10088180** | **7052016** | **18478798** | **18130818** |
| Investments in equity-accounted investees, associates and joint venture | 10 | **33714578** | 34774762 | **1193516** | 237238 |
| Property, plant and equipment | 11 | **14823022** | 13733213 | **70383405** | 72950746 |
| Right of use assets | 12.1 | **185748** | 194295 | **8780137** | 9888317 |
| Intangible assets | 13 | **211384** | 226023 | **10297016** | 11165949 |
| Goodwill | 14 | **9085970** | 9085970 | **31979859** | 33544518 |
| **TOTAL NON-CURRENT ASSETS** |  | **68108882** | **65066279** | **141112731** | **145917586** |
| **TOTAL ASSETS** |  | **82625450** | **81793462** | **228122167** | **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$**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | <br>**Note** | **June 30,<br> 2025** | **December 31, <br> 2024** | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **LIABILITIES AND EQUITY** |  | | | | |
| **CURRENT LIABILITIES** |  | | | | |
| Trade accounts payable | 15 | **4838690** | 5995099 | **27384813** | 33844098 |
| Supply chain finance | 15 | **2393856** | 1994034 | **5633704** | 4512390 |
| Loans and financing | 16 | **89829** | 113677 | **5633371** | 12906149 |
| Income taxes | 17 | **—** | **—** | **693734** | 1442971 |
| Other taxes payable | 17 | **171269** | 187836 | **666392** | 704277 |
| Payroll and social charges | 18 | **1358101** | 1484449 | **7469861** | 8890600 |
| Lease liabilities | 12.2 | **75324** | 79643 | **1918986** | 2078637 |
| Dividends payable |  | **248** | 2218300 | **879** | 2220687 |
| Provisions for legal proceedings | 19 | **—** | **—** | **865665** | 1738822 |
| Derivative liabilities | 26 | **157522** | 327673 | **2135263** | 1027793 |
| Other current liabilities |  | **2083936** | 1254589 | **4067906** | 2817627 |
| **TOTAL CURRENT LIABILITIES** |  | **11168775** | **13655300** | **56470574** | **72184051** |
| **NON-CURRENT LIABILITIES** |  |  |  |  |  |
| Loans and financing | 16 | **6750180** | 6509313 | **100735301** | 106771172 |
| Income and other taxes payable | 17 | **148539** | 177014 | **2223609** | 2518130 |
| Payroll and social charges | 18 | **1140294** | 1814171 | **1458182** | 2184137 |
| Lease liabilities | 12.2 | **140196** | 144826 | **7744278** | 8658990 |
| Deferred income taxes | 9 | **2665018** | 2520549 | **5955700** | 6782370 |
| Provisions for legal proceedings | 19 | **434557** | 476817 | **1149759** | 1341615 |
| Related party payables | 8 | **13772392** | 10834039 | **1259114** | **—** |
| Derivative liabilities | 26 | **448654** | 618479 | **449939** | 619766 |
| Other non-current liabilities |  | **77050** | 262087 | **286860** | 505385 |
| **TOTAL NON-CURRENT LIABILITIES** |  | **25576880** | **23357295** | **121262742** | **129381565** |
| **EQUITY** | 20 |  |  |  |  |
| Share capital - common shares |  | **23576206** | 23576206 | **23576206** | 23576206 |
| Capital reserve |  | **(680197)** | (747381) | **(680197)** | (747381) |
| Other reserves |  | **21344** | 24842 | **21344** | 24842 |
| Profit reserves |  | **11579941** | 18347227 | **11579941** | 18347227 |
| Accumulated other comprehensive income |  | **5419574** | 3579973 | **5419574** | 3579973 |
| Retained earnings |  | **5962927** | **—** | **5962927** | **—** |
| **Attributable to company shareholders** |  | **45879795** | **44780867** | **45879795** | **44780867** |
| **Attributable to non-controlling interest** |  | **—** | **—** | **4509056** | 5589559 |
| **TOTAL EQUITY** |  | **45879795** | **44780867** | **50388851** | **50370426** |
| **TOTAL LIABILITIES AND EQUITY** |  | **82625450** | **81793462** | **228122167** | **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$**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | <br>**Note** | **2025** | **2024** | **2025** | **2024** |
| **NET REVENUE** | 21 | **36221892** | 27610935 | **233101016** | 189753401 |
| Cost of sales | 25 | **(30832030)** | (22819244) | **(201712018)** | (162560564) |
| **GROSS PROFIT** |  | **5389862** | **4791691** | **31388998** | **27192837** |
| Selling expenses | 25 | **(2636553)** | (2369892) | **(13780368)** | (11296615) |
| General and administrative expenses | 25 | **(1471180)** | (1605029) | **(6206319)** | (6251088) |
| Other incomes | 25.1 | **5837** | 1804 | **277795** | 195012 |
| Other expenses | 25.1 | **(11280)** | (11026) | **(253164)** | (342437) |
| **NET OPERATING EXPENSES** |  | **(4113176)** | **(3984143)** | **(19962056)** | **(17695128)** |
| **OPERATING PROFIT** |  | **1276686** | **807548** | **11426942** | **9497709** |
| Finance income | 22 | **847432** | 736767 | **1770756** | 1855201 |
| Finance expense | 22 | **(1656570)** | (2876535) | **(4984499)** | (6710754) |
| **NET FINANCE EXPENSE** |  | **(809138)** | **(2139768)** | **(3213743)** | **(4855553)** |
| Share of profit of equity-accounted investees, net of tax | 10 | **5576964** | 4097494 | **60303** | (19813) |
| **PROFIT BEFORE TAXES** |  | **6044512** | **2765274** | **8273502** | **4622343** |
| Current income taxes | 9 | **59386** | 193189 | **(2252508)** | (1338816) |
| Deferred income taxes | 9 | **(144469)** | 402750 | **641667** | 546643 |
| **TOTAL INCOME TAXES** |  | **(85083)** | **595939** | **(1610841)** | **(792173)** |
| **NET INCOME** |  | **5959429** | **3361213** | **6662661** | **3830170** |
| **ATTRIBUTABLE TO:** |  |  |  |  |  |
| Company shareholders |  | **5959429** | 3361213 | **5959429** | 3361213 |
| Non-controlling interest |  | **—** | **—** | **703232** | 468957 |
|  |  | **5959429** | **3361213** | **6662661** | **3830170** |
| **Basic and diluted earnings (losses) per share - common shares (R$)** | 23 | **2.69** | 1.52 | **2.69** | 1.52 |

---

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 June 30, 2025 and 2024** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | <br>**Note** | **2025** | **2024** | **2025** | **2024** |
| **NET REVENUE** | 21 | **19071505** | **14453390** | **118973531** | **100606260** |
| Cost of sales | 25 | **(16154666)** | (11728257) | **(102924357)** | (85094071) |
| **GROSS PROFIT** |  | **2916839** | **2725133** | **16049174** | **15512189** |
| Selling expenses | 25 | **(1329247)** | (1236441) | **(6839137)** | (5822982) |
| General and administrative expenses | 25 | **(665668)** | (1023330) | **(2954147)** | (3631157) |
| Other incomes |  | **5819** | 32 | **100434** | 89974 |
| Other expenses |  | **(5240)** | (6186) | **(89762)** | (230952) |
| **NET OPERATING EXPENSES** |  | **(1994336)** | **(2265925)** | **(9782612)** | **(9595117)** |
| **OPERATING PROFIT** |  | **922503** | **459208** | **6266562** | **5917072** |
| Finance income | 22 | **181433** | 518245 | **393385** | 1021992 |
| Finance expense | 22 | **(629221)** | (1867424) | **(2487588)** | (4150221) |
| **FINANCE INCOME (EXPENSE)** |  | **(447788)** | **(1349179)** | **(2094203)** | **(3128229)** |
| Share of profit of equity-accounted investees, net of tax |  | **2333013** | 2504238 | **44315** | 12540 |
| **PROFIT BEFORE TAXES** |  | **2807728** | **1614267** | **4216674** | **2801383** |
| Current income taxes | 9 | **256711** | (208830) | **(938670)** | (1319945) |
| Deferred income taxes | 9 | **(28668)** | 309769 | **133053** | 541608 |
| **TOTAL INCOME TAXES** |  | **228043** | **100939** | **(805617)** | **(778337)** |
| **NET INCOME** |  | **3035771** | **1715206** | **3411057** | **2023046** |
| **ATTRIBUTABLE TO:** |  |  |  |  |  |
| Company shareholders |  | **3035771** | 1715206 | **3035771** | 1715206 |
| Non-controlling interest |  | **—** | **—** | **375286** | 307840 |
|  |  | **3035771** | **1715206** | **3411057** | **2023046** |
| **Basic and diluted earnings (loss) per share - common shares (R$)** | 23 | **1.37** | 0.77 | **1.37** | 0.77 |

---

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$**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | <br>**Note** | **2025** | **2024** | **2025** | **2024** |
| **Net income** |  | **5959429** | 3361213 | **6662661** | 3830170 |
| **Other comprehensive income** |  |  |  |  |  |
| **Items that are or may be subsequently reclassified to statement of income:** |  |  |  |  |  |
| Gain on foreign currency translation adjustments |  | **791163** | 642729 | **519341** | 1094285 |
| Gain (loss) on net investment in foreign operations |  | **1045768** | (1219920) | **1045768** | (1219920) |
| Gain (losses) on cash flow hedge | 26 c2.1 | **(698)** | 1985 | **(698)** | 1985 |
| Deferred income tax on cash flow hedge | 26 c2.1 | **233** | (675) | **233** | (675) |
| Other fair value adjustments through other comprehensive income |  | **35** | 13399 | **35** | 13399 |
| **Items that will not be subsequently reclassified to statement of income:** |  |  |  |  |  |
| Gain associated with pension and other postretirement benefit obligations |  | **2774** | 45207 | **3198** | 53054 |
| Income tax on gain associated with pension and other postretirement benefit obligations |  | **326** | (9152) | **394** | (11143) |
| **Total other comprehensive income (loss)** |  | **1839601** | **(526427)** | **1568271** | **(69015)** |
| **Comprehensive income** |  | **7799030** | **2834786** | **8230932** | **3761155** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| Company shareholders |  | **7799030** | 2834786 | **7799030** | 2834786 |
| Non-controlling interest |  | **—** |  | **431902** | 926369 |
|  |  | **7799030** | **2834786** | **8230932** | **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 June 30, 2025 and 2024** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | <br>**Note** | **2025** | **2024** | **2025** | **2024** |
| **Net income** |  | **3035771** | 1715206 | **3411057** | 2023046 |
| **Other comprehensive income** |  |  |  |  |  |
| **Items that are or may be subsequently reclassified to profit or loss:** |  |  |  |  |  |
| Gain on foreign currency translation adjustments |  | **1522554** | 171977 | **1555418** | 552647 |
| Gain (loss) on net investment in foreign operations |  | **307080** | (957766) | **307080** | (957766) |
| Loss on cash flow hedge | 26 c2.1 | **(2893)** | (524) | **(2893)** | (524) |
| Deferred income tax on cash flow hedge | 26 c2.1 | **780** | 178 | **780** | 178 |
| Valuation adjustments to equity in subsidiaries |  | **181** | 1048479 | **181** | 1048479 |
| **Items that will not be subsequently reclassified to profit or loss:** |  |  |  |  |  |
| Gain associated with pension and other postretirement benefit obligations |  | **5089** | 26837 | **6085** | 30778 |
| Income tax on gain (loss) associated with pension and other postretirement benefit obligations |  | **401** | (4353) | **487** | (5324) |
| **Total other comprehensive income** |  | **1833192** | **284828** | **1867138** | **668468** |
| **Comprehensive income** |  | **4868963** | **2000034** | **5278195** | **2691514** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| Company shareholders |  | **4868963** | 2000034 | **4868963** | 2000034 |
| Non-controlling interest |  |  |  | **409232** | 691480 |
|  |  | **4868963** | **2000034** | **5278195** | **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** 

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Capital reserves** | **Capital reserves** | **Capital reserves** | | **Profit reserves** | **Profit reserves** | **Profit reserves** | **Other comprehensive income** | **Other comprehensive income** | | | | |
|  | <br>**Note** |<br>**Share<br> capital** | **Premium<br> on issue<br> of shares** | **Capital<br> transaction <sup>(1)</sup>** | **Stock<br> options** |<br>**Other<br> reserves** | **Legal** | **Investments<br> statutory** | **Tax<br> incentive** | **VAE** | **FCTA** |<br>**Retained<br> (loss)<br> earnings** |<br>**Total** |<br>**Non-controlling<br> interest** |<br>**Total equity** |
| **BALANCE ON DECEMBER 31, 2023** |  | **23576206** | **211879** | **(1015880)** | **30464** | **30513** | **2801185** | **8477409** | **4101359** | **168866** | **4969138** | **—** | **43351139** | **3647167** | **46998306** |
| Net income |  |  |  |  |  |  |  |  |  |  |  | 3361213 | **3361213** | 468957 | **3830170** |
| Foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  | 642729 |  | **642729** | 451556 | **1094285** |
| Gain on net investment in foreign operations |  |  |  |  |  |  |  |  |  |  | (1219920) |  | **(1219920)** |  | **(1219920)** |
| Gain on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  | 1310 |  |  | **1310** |  | **1310** |
| Valuation adjustments to equity in subsidiaries |  |  |  |  |  |  |  |  |  | 36055 |  |  | **36055** | 5856 | **41911** |
| Losses associated with pension and other postretirement benefit obligations, net of tax |  |  |  |  |  |  |  |  |  | 13399 |  |  | **13399** |  | **13399** |
| **Total comprehensive income** |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **50764** | **(577191)** | **3361213** | **2834786** | **926369** | **3761155** |
| Share-based compensation |  |  |  | 30764 |  |  |  |  |  |  |  |  | **30764** | 6485 | **37249** |
| Realization of other reserves |  |  |  |  |  | (2883) |  |  |  |  |  | 2883 | **—** |  | **—** |
| Dividend to non-controlling |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (13467) | **(13467)** |
| Others |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (50) | **(50)** |
| **JUNE 30, 2024** |  | **23576206** | **211879** | **(985116)** | **30464** | **27630** | **2801185** | **8477409** | **4101359** | **219630** | **4391947** | **3364096** | **46216689** | **4566504** | **50783193** |
| **DECEMBER 31, 2024** |  | **23576206** | **211879** | **(989724)** | **30464** | **24842** | **3281981** | **7094066** | **7971180** | **265507** | **3314466** | **—** | **44780867** | **5589559** | **50370426** |
| Net income (loss) |  |  |  |  |  |  |  |  |  |  |  | 5959429 | **5959429** | 703232 | **6662661** |
| Foreign currency translation adjustments <sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  | 791163 |  | **791163** | (271822) | **519341** |
| Gain on net investment in foreign operations <sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  | 1045768 |  | **1045768** |  | **1045768** |
| Losses on cash flow hedge, net of tax <sup>(5)</sup> | 26 c2.1 |  |  |  |  |  |  |  |  | (465) |  |  | **(465)** |  | **(465)** |
| Gain associated with pension and other postretirement benefit obligations, net of tax |  |  |  |  |  | **—** |  |  |  | 3100 |  |  | **3100** | 492 | **3592** |
| Other fair value adjustments through other comprehensive income <sup>(4)</sup> |  |  |  |  |  |  |  |  |  | 35 |  |  | **35** |  | **35** |
| **Total comprehensive income** |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **2670** | **1836931** | **5959429** | **7799030** | **431902** | **8230932** |
| Share-based compensation |  |  |  | 67184 |  |  |  |  |  |  |  |  | **67184** | 14051 | **81235** |
| Realization of other reserves |  |  |  |  |  | (3498) |  |  |  |  |  | 3498 | **—** |  | **—** |
| Proposed dividends |  |  |  |  |  |  |  | (6767286) |  |  |  |  | **(6767286)** |  | **(6767286)** |
| Dividend to non-controlling |  |  |  |  |  |  |  |  |  |  |  |  | **—** | (1529409) | **(1529409)** |
| Others |  |  |  |  |  |  |  |  | **—** |  |  |  | **—** | 2953 | **2953** |
| **JUNE 30, 2025** |  | **23576206** | **211879** | **(922540)** | **30464** | **21344** | **3281981** | **326780** | **7971180** | **268177** | **5151397** | **5962927** | **45879795** | **4509056** | **50388851** |

---

<sup>(1)</sup> Refers to reflective equity variations primarily arising from stock-based compensation of subsidiaries.

<sup>(2)</sup> Refers to the net investment on foreign operations of intercompany balances between JBS S.A. and its indirect subsidiaries JBS Investments Luxembourg S.à.r.l.. Thus, since the balances are an extension of that entity's investment, they are considered as equity instruments

<sup>(3)</sup> Foreign Currency Translation Adjustments (FCTA) and exchange variation in subsidiaries

<sup>(4)</sup> Mainly related to derivative financial instruments

<sup>(5)</sup> Refers to the hedge accounting mainly in the indirect subsidiary Seara Alimentos..

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

---

| |
|:---|
| ![](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$**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |  |  |
| Net income |  | **5959429** | **3361213** | **6662661** | **3830170** |
| **Adjustments for:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6, 11, 12 and 13 | **480237** | 472268 | **6333116** | 5546846 |
| &nbsp;&nbsp;&nbsp;Expected credit losses | 4 | **56071** | 32288 | **77427** | 31269 |
| &nbsp;&nbsp;&nbsp;Share of profit of equity-accounted investees | 10 | **(5576964)** | (4097494) | **(60303)** | 19813 |
| &nbsp;&nbsp;&nbsp;Result on the sale of fixed assets |  | **11394** | (27993) | **(52237)** | (23356) |
| &nbsp;&nbsp;&nbsp;Income tax and social contribution | 9 | **85083** | (595939) | **1610841** | 792173 |
| &nbsp;&nbsp;&nbsp;Net financial result | 22 | **809138** | 2139768 | **3213743** | 4855553 |
| &nbsp;&nbsp;&nbsp;Share-based compensation |  | **—** |  | **81235** | 37249 |
| &nbsp;&nbsp;&nbsp;Provisions | 19 | **45696** | 70748 | **90693** | 109341 |
| &nbsp;&nbsp;&nbsp;Estimated result of realizable value of inventories | 5 | **2248** | (8288) | **118756** | (68048) |
| &nbsp;&nbsp;&nbsp;DOJ and Antitrust agreements | 19 | **—** |  | **771415** | 417567 |
| &nbsp;&nbsp;&nbsp;Avian Influenza |  | **—** |  | **31799** |  |
| &nbsp;&nbsp;&nbsp;Fair value (market to market) of biological assets | 6 | **—** |  | **(488199)** | (125297) |
| &nbsp;&nbsp;&nbsp;Asset impairment |  | **51367** |  | **78247** | 69971 |
|  |  | **1923699** | **1346571** | **18469194** | **15493251** |
| **Changes in assets and liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable |  | **728810** | (696895) | **949379** | 584363 |
| &nbsp;&nbsp;&nbsp;Inventories |  | **(1134673)** | (333323) | **(5526966)** | (1465545) |
| &nbsp;&nbsp;&nbsp;Recoverable taxes |  | **457420** | 83995 | **538916** | 116883 |
| &nbsp;&nbsp;&nbsp;Other current and non-current assets |  | **(53081)** | 110353 | **(2103602)** | (522095) |
| &nbsp;&nbsp;&nbsp;Biological assets |  | **—** |  | **(2289639)** | (1032721) |
| &nbsp;&nbsp;&nbsp;Trade accounts payable and supply chain finance |  | **(900002)** | (257021) | **(3358103)** | (2906859) |
| &nbsp;&nbsp;&nbsp;Taxes paid in installments |  | **(266588)** | (177346) | **(295285)** | (177346) |
| &nbsp;&nbsp;&nbsp;Other current and non-current liabilities |  | **375415** | 386851 | **999211** | 75296 |
| &nbsp;&nbsp;&nbsp;Antitrust agreements payment |  | **—** |  | **(1504998)** | (446) |
| &nbsp;&nbsp;&nbsp;Income taxes paid |  | **—** |  | **(3163267)** | (448186) |
| **Changes in operating assets and liabilities** |  | **(792699)** | **(883386)** | **(15754354)** | **(5776656)** |
| **Cash provided by operating activities** |  | **1131000** | **463185** | **2714840** | **9716595** |
| &nbsp;&nbsp;&nbsp;Interest paid |  | **(439220)** | (928950) | **(3444638)** | (3509624) |
| &nbsp;&nbsp;&nbsp;Interest received |  | **68617** | 99193 | **425047** | 488745 |
| **Net cash flows provided by (used in) operating activities** |  | **760397** | **(366572)** | **(304751)** | **6695716** |
| **Cash flow from investing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment |  | **(793673)** | (723353) | **(4093531)** | (3210142) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant and equipment |  | **13256** | 43706 | **205703** | 79136 |
| &nbsp;&nbsp;&nbsp;Proceeds of intangible assets | 13 | **(11671)** | (6240) | **(14950)** | (23015) |
| &nbsp;&nbsp;&nbsp;Additional investments in equity-accounted investees |  | **3200441** | (2882452) | **(936431)** |  |
| &nbsp;&nbsp;&nbsp;Acquisitions/ incorporations, net of cash acquired |  | **—** |  | **—** | (14635) |
| &nbsp;&nbsp;&nbsp;Dividends received | 10 | **23715** | 32548 | **23715** | 32548 |
| &nbsp;&nbsp;&nbsp;Related party transactions |  | **4827132** | 2678704 | **(89669)** | 2580 |
| **Cash provided by (used in) investing activities** |  | **7259200** | **(857087)** | **(4905163)** | **(3133528)** |
| **Cash flow from financing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from loans and financings |  | **—** | 2847396 | **25854004** | 3574492 |
| &nbsp;&nbsp;&nbsp;Payments of loans and financings |  | **(39113)** | (4124980) | **(26809208)** | (8874281) |
| &nbsp;&nbsp;&nbsp;Derivatives instruments received/settled |  | **(249347)** | (540945) | **(301106)** | (732956) |
| &nbsp;&nbsp;&nbsp;Margin cash withdraw/(applied in) |  | **(130273)** | (141585) | **(247607)** | 6079 |
| &nbsp;&nbsp;&nbsp;Dividends paid |  | **(8985323)** |  | **(8985323)** |  |
| &nbsp;&nbsp;&nbsp;Dividends paid to non-controlling interest |  | **—** |  | **(1509691)** | (17521) |
| &nbsp;&nbsp;&nbsp;Payments of leasing contracts |  | **(51166)** | (39337) | **(1236096)** | (1072891) |
| **Cash used in financing activities** |  | **(9455222)** | **(1999451)** | **(13235027)** | **(7117078)** |
| **Effect of exchange rate changes on cash and cash equivalents** |  | **(312841)** | **608708** | **(2646135)** | **1946503** |
| Net change in cash and cash equivalents |  | **(1748466)** | (2614402) | **(21091077)** | (1608387) |
| Cash and cash equivalents beginning of period |  | **4525210** | 4458670 | **34761540** | 22122405 |
| **Cash and cash equivalents at the end of period** |  | **2776744** | **1844268** | **13670463** | **20514018** |

---

**Non-cash transactions:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| Additions of contracts CPC 06 (R2)/IFRS 16 | 12 | **38658** | 45202 | **884193** | 1052010 |
| Capitalized interests CPC 20 (R1) | 11 | **4831** | 24280 | **100235** | 87368 |
| Capital reduction with debt settlement |  | **(4274009)** | (8827181) | **—** |  |

---

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

---

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

---

![](ex99-1_001.jpg)

**Statements of economic value added the six-month period ended June 30, 2025 and 2024**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| Sales of goods and services | **36773548** | 28158908 | **235356231** | 191875687 |
| Other income (expense) | **(84160)** | (70377) | **(5437)** | (53771) |
| Expected credit losses | **(56071)** | (22937) | **(77427)** | (21918) |
|  | **36633317** | **28065594** | **235273367** | **191799998** |
| **Goods** |  |  |  |  |
| Cost of services and goods sold | **(27585198)** | (19817644) | **(146769153)** | (115085806) |
| Materials, energy, services from third parties and others | **(4710854)** | (4041660) | **(39287274)** | (33954335) |
|  | **(32296052)** | **(23859304)** | **(186056427)** | **(149040141)** |
| **Gross added value** | **4337265** | **4206290** | **49216940** | **42759857** |
| **Depreciation and Amortization** | **(480237)** | (472268) | **(6333116)** | (5546846) |
| **Net added value generated** | **3857028** | **3734022** | **42883824** | **37213011** |
| **Net added value by transfer** |  |  |  |  |
| Share of profit of equity-accounted investees, net of tax | **5576964** | **4097494** | **60303** | (19813) |
| Financial income | **847432** | **736767** | **1770756** | 1855201 |
| Others | **14926** | **17835** | **(23692)** | (118049) |
|  | **6439322** | **4852096** | **1807367** | **1717339** |
| **NET ADDED VALUE TOTAL TO DISTRIBUTION** | **10296350** | **8586118** | **44691191** | **38930350** |
| **DISTRIBUTION OF ADDED VALUE** |  |  |  |  |
| **Labor** |  |  |  |  |
| Salaries | **2426501** | 1689147 | **23875801** | 19903264 |
| Benefits | **321949** | 264029 | **5017906** | 4206153 |
| FGTS (Brazilian Labor Social Charge) | **123277** | 110801 | **332803** | 294104 |
|  | **2871727** | **2063977** | **29226510** | **24403521** |
| **Taxes and contribution** |  |  |  |  |
| Federal | **(639647)** | (592244) | **1452334** | 1401254 |
| State | **512401** | 851450 | **1696010** | 1783013 |
| Municipal | **21550** | 16891 | **28906** | 17438 |
|  | **(105696)** | **276097** | **3177250** | **3201705** |
| **Capital Remuneration from third parties** |  |  |  |  |
| Interests and exchange variation | **1432269** | 2704240 | **4528961** | 6449108 |
| Rents | **23716** | 20248 | **627420** | 516317 |
| Others | **114905** | 160343 | **468389** | 529529 |
|  | **1570890** | **2884831** | **5624770** | **7494954** |
| **Owned capital remuneration** |  |  |  |  |
| Net income attributable to company shareholders | **5959429** | **3361213** | **5959429** | **3361213** |
| Non-controlling interest | **—** | **—** | **703232** | **468957** |
|  | **5959429** | **3361213** | **6662661** | **3830170** |
| **ADDED VALUE TOTAL DISTRIBUTED** | **10296350** | **8586118** | **44691191** | **38930350** |

---

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

---

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

---

---

| |
|:---|
| ![](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** |

---

JBS S.A. ("JBS" or the "Company"), is a corporation with its headquarters in the City of São Paulo, Brazil, and is controlled by J&F S.A. (formerly J&F Investimentos S.A.). Until June 6, 2025, the Company's shares were listed on the "Novo Mercado" segment of the São Paulo Stock Exchange (B3 - Bolsa de Valores, Mercadorias & Futuros) under the ticker symbol "JBSS3", and its American Depositary Receipts (ADRs) publicly traded in the United States of America under the symbol "JBSAY". (ALTERNATIVE - and traded in the United States over-the-counter market (Level I ADR program), under the ticker symbol "JBSAY")

Following the implementation of the Dual Listing transaction, completed June 6, 2025, JBS S.A. became a wholly-owned subsidiary of JBS Participações S.A., which is controlled by JBS N.V., a company incorporated in accordance with the laws of the Netherlands. As a result, JBS S.A. merged its shares and ceased direct trading on B3.

JBS N.V. became the ultimate holding company of the JBS Group, having its Class A ordinary shares ("Class A Shares") listed on the New York Stock Exchange (NYSE) under the ticker symbol "JBS" as of June 12, 2025, and its Level II Brazilian Depositary Receipts (BDRs) listed on B3 under the ticker symbol "JBSS32" as of June 9, 2025.

The Company remains registered with the United States Securities and Exchange Commission ("SEC") on account of the trade of it Class A shares on the NYSE as well as the issuance of debt securities (bonds), and is subjected to the applicable regulatory requirements for foreign issuers (Foreign Private Issuer - FPI).

The approval of these individual and consolidated interim financial statements occurred at the Board of Directors' (Conselho de Administração) meeting on August 13, 2025.

The following condensed interim financial statements include, in addition to the individual operations of JBS in Brazil, the activities of its subsidiaries in Brazil and internationally.

**1.1** **Main operating events that occurred during the period:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.1 Payment of dividends:** On March 25, 2025, the Board of Directors of JBS S.A. approved the proposal for the distribution of dividends from the retained earnings of the 2024 fiscal year, 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 dividend payment occurred on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.2 Investment in Mantiqueira Alimentos Ltda.:** On April 1, 2025, JBS concluded the acquisition of 48.5% of the total share capital and 50% of the voting shares of Mantiqueira Alimentos Ltda., registered as a joint venture, as disclosed in the explanatory note "Investments in subsidiaries, associate, and joint venture" through its subsidiary JBS Holding Brasil S.A. The total value of transaction was of R$936.431. Mantiqueira is the leader company in the organic egg segment, producing eggs free from antibiotics and hormones, sourced from cage-free hens. The operation was approved without requirements by CADE (Conselho Administrativo de Defesa Econômica) on February 26, 2025.

---

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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) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.3 Continuation of the Dual Listing process in Brazil and the United States:** On April 22, 2025, JBS S.A. summoned a general shareholders' meeting to deliberate a series of topics related to the proposed dual listing of the group in Brazil and the United States of America, in accordance with the applicable legal and regulatory requirements. This decision is in line with the material facts that were previously disclosed on July 12, 2023, September 4, 2023, and March 17, 2025. On April 22, 2025, the Securities and Exchange Commission (SEC) declared effective the registration statement on the F-4 form, referring to an offer to the shareholders of JBS S.A. of Class A shares of JBS N.V., a company incorporated in the Netherlands. The general shareholders' meeting of JBS S.A. held to deliberate about topics related to the dual listing occurred on May 23, 2025, and the operation was approved. On May 30, 2025, JBS N.V. obtained its foreign issuer registration and the registration of its sponsored Level II Brazilian Depositary Receipts (BDRs) with the Brazilian Securities and Exchange Commission (CVM), as well as authorization for the BDRs to be admitted for trading on B3 (Brasil, Bolsa, Balcão). On June 6, 2025, the merger of all JBS S.A issued shares into JBS Participações S.A. was completed, transforming JBS S.A into its wholly-owned subsidiary. On the same date, the redeemable preferred shares issued by JBS Participações were repurchased, with each shareholder of JBS S.A receiving one BDR of JBS N.V for every two common shares held. Starting on June 9, 2025, the BDRs of JBS N.V. started being traded on B3 under the ticker symbol "JBSS32". On June 5, 2025, the New York Stock Exchange (NYSE) approved the listing of ordinary Class A shares of JBS N.V., with an initial trading date set for June 13, 2025, under the ticker symbol "JBS".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.4 Distribution of dividends:** On May 23, 2025, the Ordinary General Meeting of Shareholders of JBS S.A. approved the distribution of dividends from the retained earnings on December 31, 2024, in the amount of R$2.22 billion, corresponding to R$1.00 per common share. The payment of the dividends was exercised on June 17, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.5 Certificates of Agribusiness Receivables (CRA):** On May 29, 2025, an offer of three Agribusiness Receivables Certificates (CRAs) was made by the indirect subsidiary Seara Alimentos Ltda., guaranteed by JBS S.A., with maturities expected in 2035, 2045, and 2055, totaling a principal amount of R$919.6 million. The closing of the offer occurred on June 4, 2025. The proceeds will be used to finance the purchase of grains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.6 Debt registration with the Securities Exchange Commission (SEC):** On June 23, 2025, JBS S.A., via 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$19.1billion) in senior notes maturing 2036, 2056, and 2066, registered on the United States Securities and Exchange Commission (SEC). The offer was complete 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;**1.1.7 Bond Repurchase:** On June 23, 2025, JBS USA Food Company, an indirect subsidiary of JBS S.A., simultaneously launched three liability management transactions aimed at the repurchase and redemption of Senior Notes issued by group companies in the United States, with effective completion on July 3, 2025. The first transaction consisted of the partial repurchase of approximately US$894 million in principal amount of the Senior Notes due in 2027, representing 89.4% of the total outstanding, at a price of 98.021% of face value, plus accrued and unpaid interest. In addition, on the same date, the Company announced the early and full redemption of the Notes due in 2028 and 2030. The 2028 Notes, totaling US$899.7 million, were redeemed at 102.478% of principal value, and the 2030 Notes, totaling US$399.7 million, 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.

---

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

---

---

| |
|:---|
| ![](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) |

---

**1.2** **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 fluctuation in pork quantities in other locations.

**1.3** **Subsequent Events** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.1 Senior Notes (Bonds):** On July 3, 2025, the indirect subsidiaries of JBS S.A., JBS USA Holding Lux S.à r.l., JBS USA Food Company, and JBS USA Foods Group Holdings, Inc., completed the issuance of senior notes totaling US$3.5 billion, divided into three series: US$1.25 billion maturing in 2036 with an annual interest rate of 5.50%; US$1.25 billion maturing in 2056 with an annual interest rate of 6.25%; and US$1 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 to repurchase and redeem notes maturing in 2027, 2028 and 2030, as well as to settle short-term debt, with any remaining balance allocated for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.2 Investment in Granjeros Campo 9 S.A. (Granjero Campos):** On July 7, 2025, the indirect subsidiary Seara Alimentos Ltda. signed an investment agreement with Granjeros Campo 9 S.A. to acquire 90% of the company's share capital, represented by the amount of US$6.3 million (equivalent to R$34.4 million). Granjeros Campo 9 S.A. (Granjero Campos) 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;**1.3.3 Acquisition of Production Facility:** On August 13, 2025, the Company entered into an agreement to acquire a production facility in Ankeny, Iowa (USA) for US$100 million, with the purpose of expanding it to become the largest ready-to-eat bacon and sausage plant in the Company's portfolio in the United States. The completion of the transaction is subject to the satisfaction of customary closing conditions, and operations at the plant are expected to begin in mid-2026, following the investments and expansion works.

---

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

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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 financial statements were prepared in accordance with the standard CPC 21 (R1) - Interim Statements, approved by the Brazilian Accounting Standards Committee and equivalent to International Accounting Standard "IAS" 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB). Therefore, these Interim Condensed Financial Statements as of June 30, 2025, do not include all footnotes and information required to be considered "complete financial statements" due to redundancy in relation to what is presented in the individual and consolidated annual financial statements (December 31, 2024) prepared in accordance with the accounting practices adopted in Brazil (BRGAAP) and with International Financial Reporting Standards (IFRS), approved by the International Accounting Standards Board (IASB). The parent company's individual financial statements are identified as "Company" and the consolidated financial statements are identified as "Consolidated".

**2.1** **Functional and presentation currency** 

The Company's functional currency is the currency of the primary economic environment in which it operates. These individual and consolidated 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, unless otherwise indicated.

**2.2** **New IFRS standards, amendments and interpretations approved by the IASB and applicable to the Brazilian Accounting Standards Committee that are yet to be adopted by the Company** 

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

**IAS 21/CPC 02 – The Effects of Changes in Foreign Exchange Rates and Translation of Financial Statements**

Effective January 1, 2025, this amendment specifies the accounting requirements for situations where a functional currency cannot be exchanged for other currencies. In such cases, the Company must use 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 the exchange rate used, the date it was observed, and the reasons for which the currency is not exchangeable. The Company has reviewed the amendments and has not identified any impacts resulting from this change.

**b.** **New standards, amendments, and interpretations not yet effective in the Company** 

**IFRS 18 - Presentation and Disclosure of Financial Statements.<br>** 

<br> As of January 1, 2027, IFRS 18 will replace CPC 26/IAS 1 Presentation of Financial Statements. The new standard introduces the following new main requirements;

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

● Performance measures defined by management are disclosed in a single note in the financial statements.

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

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

The Company is still in the process of evaluating the impact of the new standard, and will adjust the disclosure in accordance with the standard's requirement in the annual financial statements in the period in which they are issued.

---

| |
|:---|
| ![](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) |

---

---

| | |
|:---|:---|
| **3** | **Cash and cash equivalents and margin cash** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30,<br> 2025** | **December 31, <br> 2024** | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Cash on hand and at banks | **1412435** | 1805546 | **6423221** | 13609569 |
| CDB (bank certificates of deposit) and National Treasury Bill (Tesouro Selic) <sup>(1)</sup> | **1364309** | 2719664 | **7247242** | 21151971 |
| **Cash and cash equivalents total** | **2776744** | **4525210** | **13670463** | **34761540** |
| Margin cash | **—** |  | **2011700** | 645361 |
| Investments in Treasury bills | **307909** | 177636 | **439835** | 200220 |
| **Margin cash total** | **307909** | **177636** | **2451535** | **845581** |
| **Total** | **3084653** | **4702846** | **16121998** | **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 with conditions and characteristics that are similar to CDB's.

On June 30, 2025, the credit availability under Brazil's revolving credit facilities was US$500 million (equivalent to R$2.7 billion), and on December 31, 2024, US$500 million (equivalent to R$3.1 billion). In the United States, the available credit on June 30, 2025, was US$2.9 billion (equivalent R$15.8 billion), and on December 31, 2024, was US$2.9 billion (equivalent R$18 billion).

 

---

| | |
|:---|:---|
| **4** | **Trade accounts receivable** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30,<br> 2025** | **December 31,<br> 2024** | **June 30,<br> 2025** | **December 31, <br> 2024** |
| **Current receivables:** | | | | |
| &nbsp;&nbsp;&nbsp;Domestic sales | **1382290** | 1862524 | **11778762** | 12351574 |
| &nbsp;&nbsp;&nbsp;Foreign sales | **2691301** | 3173479 | **5391403** | 7285879 |
| **Subtotal** | **4073591** | **5036003** | **17170165** | **19637453** |
| **Overdue receivables:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From 1 to 30 days | **285210** | 357595 | **2227499** | 2753633 |
| &nbsp;&nbsp;&nbsp;From 31 to 60 days | **72246** | 100778 | **334796** | 379673 |
| &nbsp;&nbsp;&nbsp;From 61 to 90 days | **19638** | 23200 | **77415** | 127583 |
| &nbsp;&nbsp;&nbsp;Above 90 days | **284472** | 348353 | **698791** | 810229 |
| Expected credit losses | **(334951)** | (332769) | **(555404)** | (551484) |
| Present value adjustment | **(8208)** | (7908) | **(15881)** | (25503) |
| **Subtotal** | **318407** | **489249** | **2767216** | **3494131** |
| **Trade accounts receivable, net** | **4391998** | **5525252** | **19937381** | **23131584** |

---

---

| |
|:---|
| ![](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) |

---

**Adjustment to present value:** The Company discounts its receivables to present value using the interest rates in effect under its contracts. The monthly interest used to calculate the present value of outstanding receivables on June 30, 2025 was 0.45% per transaction (0.83% per transaction on June 30, 2024). Realization of the present value adjustment is recognized as an offsetting item to sales revenue.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Changes in expected credit losses:** | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30,<br> 2025** | **June 30,<br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2024** |
| **Balance at the beginning of the period** | **(332769)** | **(232988)** | **(551484)** | **(411088)** |
| Additions | **(56071)** | (32288) | **(77427)** | (31269) |
| Write-offs (Reversals) | **25599** | 9384 | **47307** | 16128 |
| Exchange rate variation | **28290** | (35363) | **26200** | (50751) |
| **Balance at the end of the period** | **(334951)** | **(291255)** | **(555404)** | **(476980)** |

---

---

| | |
|:---|:---|
| **5** | **Inventories** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30,<br> 2025** | **December 31, <br> 2024** | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Finished products | **3585408** | 2785220 | **22392214** | 18690228 |
| Work in process | **749693** | 680823 | **3581938** | 3046702 |
| Raw materials | **957059** | 694130 | **4739626** | 5250509 |
| Supplies | **308743** | 308305 | **3599949** | 4073068 |
|  | **5600903** | **4468478** | **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$(2.248) and R$8.288, respectively, in the Parent Company, and R$(118.756) and R$68.048, respectively, in the Consolidated.

 

---

| | |
|:---|:---|
| **6** | **Biological assets** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| <br>**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** |
| **Initial balance** | **9958599** | **8289048** | **3209059** | **2573041** |
| Increase by reproduction born and cost to reach maturity | **29547201** | 27076858 | **4111420** | 3563054 |
| Reduction by slaughter, sale or consumption | **(33345346)** | (31146141) | **(181864)** | (173255) |
| Increase by purchase | **1431430** | 1093975 | **726798** | 618230 |
| Changes fair value | **488301** | 125628 | **(102)** | (331) |
| Transfer between current and non-current | **2660758** | 2429666 | **(2660758)** | (2429666) |
| Exchange rate variation | **(731605)** | 745303 | **(240725)** | 247066 |
| Amortization | **—** |  | **(1778166)** | (1554553) |
| **Closing balance** | **10009338** | **8614337** | **3185662** | **2843586** |

---

---

| |
|:---|
| ![](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) |

---

---

| | |
|:---|:---|
| **7** | **Recoverable taxes** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30,<br> 2025** | **December 31, <br> 2024** | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Value-added tax on sales and services - ICMS/IVA/VAT/GST | **718090** | 784609 | **3999222** | 4029501 |
| Social contribution on billings - PIS and COFINS | **1419481** | 1888070 | **1896941** | 2505857 |
| Withholding income tax - IRRF/IRPJ | **6567194** | 5381306 | **7228665** | 5945608 |
| Excise tax - IPI | **19966** | 17892 | **102805** | 100166 |
| Reintegra | **7811** | 30577 | **25604** | 47414 |
| Other | **28959** | 24217 | **64228** | 66799 |
|  | **8761501** | **8126671** | **13317465** | **12695345** |
| **Breakdown:** |  |  |  |  |
| Current Asset | **1267122** | 1847885 | **3562059** | 3949002 |
| Non-current Asset | **7494379** | 6278786 | **9755406** | 8746343 |
|  | **8761501** | **8126671** | **13317465** | **12695345** |

---

---

| | |
|:---|:---|
| **8** | **Related parties transactions** |

---

The main balances of assets and liabilities, as well as the transactions resulting in income (loss) for the period, arise from operations between JBS and its related parties under market conditions and prices. Amounts charged include borrowing costs, interest, and foreign exchange differences, when applicable. The following table includes balances and the net effect on income of intercompany financing transactions between the Company and its subsidiaries:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30, <br> 2025** | **December 31, <br> 2024** | **June 30, <br> 2025** | **December 31,<br> 2024** |
| Related party receivables | **1294801** | 494269 | **—** | 479006 |
| Related party payables | **(13772392)** | (10834039) | **(1259114)** |  |
|  | **(12477591)** | **(10339770)** | **(1259114)** | **479006** |

---

---

| |
|:---|
| ![](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) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Statement of financial <br>position accounts** | **Statement of financial <br>position accounts** | **Financial income (expense)** | **Financial income (expense)** |
|  | <br>**Currency** | <br>**Transference of costs<br> (administrative and funding)** | **June 30,<br> 2025** | **December 31, <br> 2024** | **2025** | **2024** |
| **8.1 Company** |  |  |  |  |  |  |
| **a) Direct subsidiaries** |  |  |  |  |  |  |
| - JBS Investments Luxembourg S.à.r.l. (1) | US$ | 2,52% a 6,09% a.a. | **(5499342)** | (10660515) | **(141155)** | (143616) |
| - JBS Confinamento Ltda. | R$ | CDI + 1% a.a. | **(55335)** | 1075 | **(3003)** | (3356) |
| - JBS Embalagens Metálicas Ltda | R$ | CDI + 1% a.a. | **2345** | 2188 | **152** | 1 |
| - JBS Terminais Ltda. (2) | R$ | CDI + 3% a.a. | **104441** |  | **8563** |  |
| **b) Indirect subsidiaries** |  |  |  |  |  |  |
| - Seara Alimentos Ltda. (3) | R$ | CDI + 1% a.a. | **1177502** | (173524) | **96395** | 21904 |
| - JBS Leather Paraguay Srl | GUA | 7,00% a.a. | **10513** | 12000 | **233** | 227 |
| - JBS USA Holding Lux S.à.r.l. (4) | US$ | 6,72% a.a. | **(6958601)** |  | **(138526)** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **8.2 Consolidated** |  |  | | | | |
| **a) Other related parties** |  |  | | | | |
| &nbsp;&nbsp;&nbsp;- J&F Investimentos S.A. <sup>(5)</sup> | R$ | IPCA | **(343577)** | 479006 | **15711** | 16225 |
| &nbsp;&nbsp;&nbsp;- Laguz I Fundo de Investimento <sup>(6)</sup> | R$ | Selic | **(915537)** |  |  |  |
| &nbsp;&nbsp;&nbsp;- Flora Produtos de Higiene Limpeza S.A. | R$ | IPCA |  |  |  | 41 |
| **Total Company** |  |  | **(12477591)** | **(10339770)** | **(161630)** | **(108574)** |

---

The transactions recorded in Company, both direct and indirect, refer to remittances for working capital that will be/have been settled through an increase/reduction in capital, dividends paid, or cash, except when explained in the footnotes.

<sup>(1)</sup> Refers to the balance of export prepayment (PPE) payable to the direct subsidiary JBS Investments Luxembourg S.à.r.l.

<sup>(2)</sup> Company acquired on January 1, 2025.

<sup>(3)</sup> Refers to the purchase of tax credits from the indirect subsidiary Seara Alimentos for the settlement of tax liabilities.

<sup>(4)</sup> Refers to the outstanding balance of export prepayment (PPE) payable to the indirect subsidiary JBS USA Holding Lux S.à.r.l.

<sup>(5)</sup> The net balance payable to J&F S.A. pertains to (i) the R$494,716 receivable, relating to the agreement signed between JBS S.A., J&F S.A., and certain former executives of the Company, resulting in the final settlement of the dispute in the Arbitration Case CAM No 186/21, under which J&F S.A. agreed to settle the matter pursuant to the terms and conditions specified in the agreement; (ii) the R$(838293) payable, relating to the Planta Araputanga purchase, to be settled in 24 installments ending May, 2027.

<sup>(6)</sup> The Company acquired from Laguz I Fundo de Investimento in May,2025, via the contract foreseeing 36 installments ending April, 2028, tax credit rights arising from legal action related to the Export Credit Premium, noting that the lawsuit has already been resolved, with a final and unappealable ruling in favor of the tax credit right, and is currently in the process of assessment and final confirmation of the balance calculation. The mentioned credit right was acquired at a discount of approximately 35%, and the credit will be used to pay the Company's taxes as soon as the legal action is concluded and its utilization is authorized by the regulatory authorities. The credit was recorded under other accounts receivable.

**** 

---

| |
|:---|
| ![](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) |

---

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

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| J&F S.A. <sup>(5)</sup> | **(343577)** | **479006** |
| Laguz I Fundo de Investimentos | **(915537)** | **—** |
|  | **(1259114)** | **479006** |

---

The disclosure of significant intercompany commercial transactions is in accordance with the criteria established by Management, by disclosing the individual balances equal to or higher than 2% of the total of each transaction (sale of products, purchases, accounts receivable and accounts payable). Additionally, the transactions recorded below the described criteria will be disclosed if the information is relevant. This analysis is performed for each related party. If any related party has not met this criteria in the past but does in the current period, the comparative balance will be disclosed.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Accounts receivable** | **Accounts receivable** | **Accounts payable** | **Accounts payable** | **Purchases/Services<br> rendered** | **Purchases/Services<br> rendered** | **Sale of<br> products/Services<br> provided** | **Sale of<br> products/Services<br> provided** |
| <br>**COMPANY** | **June 30,<br> 2025** | **December 31, <br> 2024** | **June 30,<br> 2025** | **December 31, <br> 2024** | **2025** | **2024** | **2025** | **2024** |
| **Direct subsidiaries** |  |  |  |  |  |  |  |  |
| JBS Confinamento Ltda. | **1570** | 1139 | **98596** | 133844 | **100092** | 51477 | **1481** | 1368 |
| JBS Toledo N.V. | **119416** | 48220 | **—** |  | **—** |  | **221311** | 152256 |
| JBS Chile Limitada | **15051** | 12081 | 71 | 81 | **214** | 1059 | **30922** | 45918 |
| Conceria Priante Srl | **34951** | 43776 | **—** |  | **—** |  | **52959** | 41395 |
| **Indirect subsidiaries** |  |  |  |  |  |  |  |  |
| Seara Alimentos Ltda. | **217695** | 170651 | **46300** | 60555 | **121676** | 116266 | **1285374** | 1315388 |
| JBS Global UK Limited | **228986** | 132911 | **—** |  | **—** |  | **355101** | 199828 |
| JBS Aves Ltda. | **3465** | 5763 | **22333** | 20936 | **4177** | 2668 | **62873** | 60510 |
| Weddel Limited | **17958** | 16838 | **—** |  | **—** |  | **48004** |  |
| Sampco, LLC | **283832** | 188815 | **—** |  | **—** |  | **657709** | 298773 |
| Meat Snacks Partners do Brasil Ltda. | **45293** | 22953 | **—** |  | **3** | 4 | **341968** | 235541 |
| JBS Asia Limited | **—** |  | **346535** | 335298 | **233695** | 237390 | **—** |  |
| JBS Leather Asia Limited | **153623** | 173978 | **—** | 125 | **—** |  | **215865** | 283029 |
| JBS USA Holding Lux S.à.r.l. | **424792** | 431350 | **—** |  | **81** |  | **1382751** | 606983 |
| Seara Comércio de Alimentos Ltda. | **1772** | 1785 | **1015** | 2929 | **14954** |  | **6626** |  |
| JBS Australia Pty.Ltd. | **552** | 2607 | **—** |  | **746** |  | **21843** | 68993 |
| **Other related parties** |  |  |  |  |  |  |  |  |
| Agropecuária Santa Luzia Ltda. | **1825** |  | **948** | 11992 | **142214** | **—** | **7341** | **—** |
| JBJ Agropecuária Ltda. | **4066** | 1925 | **21766** | 2963 | **1185181** | 687455 | **12516** | 15421 |
| Flora Produtos de Higiene e Limpeza S.A | **51587** | 26302 | **—** |  | **2** | 1 | **163851** | 168907 |
| Eldorado Brasil Celulose S.A. | **376** | 1399 | **—** |  | **—** |  | **1507** | **—** |
| Prima Foods S.A. | **396** | 306 | **6896** | 3 | **13365** | 3747 | **6797** | 592 |
| Agropecuaria Nelore Parana Ltda | **—** |  | **—** |  | **—** | 53843 | **—** | **—** |
| Guiabolso Pagamentos Ltda | **—** | 8 | **—** | 12405 | **—** | 106393 | **—** |  |
| JBS Ontario | **415** | 5313 | **—** | **—** | **—** |  | **8601** | **—** |
|  | **1607621** | **1288120** | **544460** | **581131** | **1816400** | **1260303** | **4885400** | **3494902** |

---

---

| |
|:---|
| ![](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) |

---

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

The Company 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. As of June 30, 2025, the Company had R$2,699,951 (R$1,585,092 as of December 31, 2024) in the Parent Company, and R$4,338,127 (R$3,205,613 as of December 31, 2024) in the Consolidated group of assigned receivables. For the six-month period ended June 30, 2025, the Company recorded financial costs related to this operation in the amount of R$164,408 (R$153,153 as of June 30, 2024) in the Parent Company, and R$311,798 (R$332,209 as of June 30, 2024) in the Consolidated, which were recorded in the financial statements as financial expenses.

On June 30, 2025, the Company and some of its subsidiaries held balances with Banco Original totaling R$1,239,680 (R$327,246 on December 31, 2024) in the Parent Company, and R$2,620,015 (R$1,877,476 on December 31, 2024) in the Consolidated, 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$39,208 (R$29,409 as of June 30, 2024) in the Company, and R$82,599 (R$94,307 as of June 30, 2024) in the Consolidated group, 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.

The Company is also a member of the JBS Fund for the Amazon, a non-profit association aimed at fostering and financing initiatives and projects for the sustainable development of the Amazon biome. In the period ended June 30, 2025, the Company made donations totaling R$6,506 (R$7,200 as of June 30, 2024), recorded in the financial statements as administrative expenses.

In its insurance contracting and renewal processes, the Company includes Original Corporate Corretora de Seguros Ltda., a related party, in its panel of insurance brokers, with contracts awarded under standard market conditions.

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.

**** 

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 June 30, 2025, as it does not represent a significant line of business, accounting for only 0.2% of the Parent Company's net assets.

---

| |
|:---|
| ![](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) |

---

**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 |  | **22,901** |  | 17942 |
| Variable cash compensation | | **115,812** | | 82,214 |
|  | | **138,713** | | **100,156** |

---

The Chief Executive Officer, the Administrative and Control Officer, the Chief Financial Officer, and the Executive Officers are parties of the Brazilian employment contract regime referred to as CLT (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 of any employment contract or any other contracts that provide additional business benefits such as post-employment benefits or other long-term benefits, and 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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30,<br> 2025** | **December 31,<br> 2024** | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Deferred income taxes assets | **—** |  | **2841907** | 4032292 |
| Deferred income taxes liabilities | **(2665018)** | (2520549) | **(5955700)** | (6782370) |
|  | **(2665018)** | **(2520549)** | **(3113793)** | **(2750078)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Company** | **Company** | **Company** |
|  | **December 31, <br> 2024** | **Income<br> statement**  | **June 30,<br> 2025** |
| Expected credit losses on trade accounts receivable | 115096 | 742 | **115838** |
| Provisions for contingencies | 162118 | (14369) | **147749** |
| Present value adjustment | 13111 | (24) | **13087** |
| Right of use assets | 10259 | 7358 | **17617** |
| Goodwill amortization | (3277762) |  | **(3277762)** |
| Hedge operations <sup>(1)</sup> | 285246 | (81201) | **204045** |
| Accrued liabilities | 247433 | (92120) | **155313** |
| Realization of other reserves | (251330) | 1363 | **(249967)** |
| Cut-off Adjustment | 69832 | (5480) | **64352** |
| Other temporary differences | 105448 | 39262 | **144710** |
| **Deferred taxes, net** | **(2520549)** | **(144469)** | **(2665018)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Company** | **Company** | **Company** |
|  | **December 31, <br> 2023** | **Income<br> statement** | **June 30,<br> 2024** |
| Tax losses and negative basis of social contribution | 28991 | (28991) | **—** |
| Expected credit losses on trade accounts receivable | 81170 | 17228 | **98398** |
| Provisions for contingencies | 190166 | (2911) | **187255** |
| Present value adjustment | (1432) | 5600 | **4168** |
| Right of use assets | 5178 | 2020 | **7198** |
| Goodwill amortization | (3277762) |  | **(3277762)** |
| Hedge operations <sup>(1)</sup> | (134159) | 284410 | **150251** |
| Present value adjustment - Trade accounts payable | 162827 | (3185) | **159642** |
| Realization of other reserves | (254252) | 1485 | **(252767)** |
| Cut-off Adjustment |  | 113759 | **113759** |
| Other temporary differences | 62503 | 13335 | **75838** |
| **Deferred taxes, net** | **(3136770)** | **402750** | **(2734020)** |

---

---

| |
|:---|
| ![](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) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **December 31, <br> 2024** | **Income<br> statement** | **Income<br> statement** | **Exchange<br> variation** | **Exchange<br> variation** | **Other<br> adjustments<sup>(2)</sup>** | **Other<br> adjustments<sup>(2)</sup>** | **June 30,<br> 2025** |
| Tax losses and negative basis of social contribution | 4206273 | 715231 | 715231 | (166931 | (166931) | (1118109 | (1118109) | **3636464** |
| Expected credit losses on trade accounts receivable | 261962 | (67073 | (67073) | (9093 | (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 (1) | 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)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **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 | 38377 | (5145) | 5217 |  | **38449** |
| Pension plan | 57882 | (7468) | 7346 | (10665) | **47095** |
| Accrued liabilities | 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 | (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.. The aforementioned loss was used to settle 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, as well as the pension plan in the United States.

**** 

---

| |
|:---|
| ![](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) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **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** | **2024** | **2025** | **2024** |
| **Profit (loss) before income taxes (PBT)** | **6044512** | 2765274 | **8273502** | 4622343 |
| **Brazilian statutory corporate tax rate** | **-34%** | -34% | **-34%** | -34% |
| Expected tax credit (expense) | **(2055134)** | (940193) | **(2812991)** | (1571597) |
| **Adjustments to reconcile taxable income:** |  |  |  |  |
| Share of profit of equity-accounted investees | **1896168** | 1393148 | **20503** | (6733) |
| Investments grants <sup>(3)</sup> | **371012** | 298698 | **615500** | 557654 |
| International rate differences - Foreign subsidiaries | **—** |  | **270934** | 351844 |
| Net income arising from foreign subsidiaries <sup>(4)</sup> | **(440197)** | (170877) | **(484734)** | (195034) |
| Transfer pricing adjustment | **—** | (24830) | **—** | (24830) |
| Unrecognized tax benefits | **—** | 48219 | **463678** | 23853 |
| Non-taxable interest - Foreign subsidiaries | **—** |  | **36041** | 39104 |
| Dividends Paid Abroad | **—** |  | **—** | (54688) |
| Donations and social programs <sup>(3)</sup> | **—** | (10429) | **—** | (10429) |
| SELIC interests on tax credits | **167566** | 12123 | **182371** | 21299 |
| Brazilian Tax Incentive Law - Lei do Bem | **—** | **—** | **7914** | **—** |
| Other permanent differences | **(24498)** | **(9920)** | **89943** | **77384** |
| **Current and deferred income tax (expense) income** | **(85083)** | **595939** | **(1610841)** | **(792173)** |
| Current income tax | **59386** | 193189 | **(2252508)** | (1338816) |
| Deferred income tax | **(144469)** | 402750 | **641667** | 546643 |
|  | **(85083)** | **595939** | **(1610841)** | **(792173)** |
| **% IT/PBT** | **-1.41%** | **21.55%** | **-19.47%** | **-17.14%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **three month period ended June 30,** | **three month period ended June 30,** | **three month period ended June 30,** | **three month period ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Profit (loss) before income taxes (PBT)** | **2807728** | 1614267 | **4216674** | 2801383 |
| **Brazilian statutory corporate tax rate** | **-34%** | -34% | **-34%** | -34% |
| Expected tax credit (expense) | **(954628)** | (548851) | **(1433669)** | (952470) |
| **Adjustments to reconcile taxable income:** |  |  |  |  |
| Share of profit of equity-accounted investees | **793225** | 851441 | **15067** | 4264 |
| Investments grants <sup>(3)</sup> | **185619** | 153744 | **317879** | 294401 |
| Transfer pricing adjustment |  | (12415) |  | (12415) |
| International rate differences - Foreign subsidiaries |  |  | **126543** | 176934 |
| Net income arising from foreign subsidiaries <sup>(4)</sup> | **202062** | (352725) | **173850** | (342385) |
| Unrecognized tax benefits |  | 5256 | **(133485)** | 33863 |
| Dividends Paid Abroad |  |  |  | (54688) |
| Non-taxable interest - Foreign subsidiaries |  |  | **17818** | 8667 |
| Donations and social programs <sup>(3)</sup> |  | (33) |  | (33) |
| SELIC interests on tax credits | **10810** | 10517 | **20925** | 17657 |
| Brazilian Tax Incentive Law - Lei do Bem | **—** |  | **7914** |  |
| Other permanent differences | **(9045)** | (5995) | **81541** | 47868 |
| **Current and deferred income tax (expense) income** | **228043** | **100939** | **(805617)** | **(778337)** |
| Current income tax | **256711** | (208830) | **(938670)** | (1319945) |
| Deferred income tax | **(28668)** | 309769 | **133053** | 541608 |
|  | **228043** | **100939** | **(805617)** | **(778337)** |
| **% IT/PBT** | **8.12%** | **6.25%** | **-19.11%** | **-27.78%** |

---

---

| |
|:---|
| ![](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) |

---

**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 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>(4)</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>(5)</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 the analyses conducted to date, no significant tax exposure has been identified as a result of the implementation of this tax.

---

| |
|:---|
| ![](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) |

---

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Changes in the Company's investments:** | **Changes in the Company's investments:** | **Changes in the Company's investments:** | **Changes in the Company's investments:** | **Changes in the Company's investments:** | **Changes in the Company's investments:** | **Changes in the Company's investments:** |
|  | | | | **Equity** | **Equity** | |
|  | **December 31, <br> 2024** | **Addition<br> (disposal)** | **Exchange<br> rate<br> variation** | **Changes in<br> the equity of<br> investees<sup>(1)</sup>** | **Proportionate<br> share of<br> income (loss)** | **June 30,<br> 2025** |
| JBS Embalagens Metálicas Ltda. | 80946 |  |  |  | (161) | **80785** |
| JBS Confinamento Ltda. | 339462 |  |  |  | (7181) | **332281** |
| Conceria Priante Srl | 85890 |  | (166) |  | (1826) | **83898** |
| JBS Leather International B.V. | 833489 | 508 | (99150) | 5631 | (4647) | **735831** |
| Meat Snacks Partners, LLC <sup>(2)</sup> | 119721 | (23715) | (20182) | 15456 | 29297 | **120577** |
| JBS Asset Management Corporation | 118579 |  | (14133) |  | 712 | **105158** |
| JBS Investments Luxembourg S.à.r.l. <sup>(3)</sup> | 32901953 | (8390215) | (4104756) | 5079799 | 5498681 | **30985462** |
| JBS Toledo N.V. | 264217 |  | (401) |  | 4797 | **268613** |
| JBS Chile Limitada | 30156 |  | (1985) |  | 4839 | **33010** |
| JBS Finance Luxembourg S.à.r.l. | 349 |  | (41) |  | (32) | **276** |
| JBS Terminais Ltda. <sup>(4)</sup> |  | (21175) |  |  | 24327 | **3152** |
| JBS Holding <sup>(5)</sup> |  | 936432 |  | 945 | 28158 | **965535** |
| **Total** | **34774762** | **(7498165)** | **(4240814)** | **5101831** | **5576964** | **33714578** |

---

<sup>(1)</sup> Includes transactions reflecting equity movements of subsidiaries, from the functional currency (USD) of the direct subsidiary JBS Investments Luxembourg S.à.r.l. (JBS Investments Lux) to the functional currencies of its investees, such as Australian dollar, Canadian dollar, British pound, euro, Mexican peso, among others.

<sup>(2)</sup> The joint venture Meat Snacks Partners LLC distributed profits to the Company.

<sup>(3)</sup> Capital reduction through partial settlement of intercompany account.

<sup>(4)</sup> Entity acquired on January 1, 2025.

<sup>(5)</sup> The Company, via its subsidiary JBS Holding, concluded on January 27, 2025, an agreement to acquire 48.5% of the total share capital and 50% of total voting shares of Mantiqueira Alimentos Ltda., leading company in the organic egg segment (produced without antibiotics, hormones, and sourced from cage-free hens). The total value of transaction was of R$936,431, of which R$560,403 relating to the goodwill recognized. The transaction was approved without requirements by CADE (Conseho Administrativo de Defesa Econômica) on February 26, 2025, and was concluded on April 1, 2025.

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Equity** | **Equity** | |
|  |<br>**December 31, <br> 2023** |<br>**Addition<br> (disposal)** |<br>**Exchange<br> rate<br> variation** | **Changes in<br> the equity of<br> investees<sup>(1)</sup>** | **Proportionate<br> share of<br> income (loss)** |<br>**June 30,<br> 2024** |
| JBS Embalagens Metálicas Ltda. | 80639 |  |  |  | 407 | **81046** |
| JBS Confinamento Ltda. | 346365 |  |  |  | (25364) | **321001** |
| Conceria Priante Srl | 93959 |  | 10116 |  | (6973) | **97102** |
| JBS Leather International B.V. | 550351 |  | 87325 | 55299 | 1838 | **694813** |
| Meat Snacks Partners, LLC | 188431 | (32548) | 21446 | (20988) | (22785) | **133556** |
| JBS Asset Management Corporation | 94604 |  | 13547 |  | (3199) | **104952** |
| JBS Investments Luxembourg S.à.r.l. | 40061058 | (5944729) | 5812091 | (5280197) | 4139561 | **38787784** |
| JBS Toledo N.V. | 202936 |  | 23655 |  | 9068 | **235659** |
| JBS Chile Limitada | 21935 |  | 1920 |  | 4952 | **28807** |
| JBS Finance Luxembourg S.à.r.l. | 310 |  | 45 |  | (11) | **344** |
| **Total** | **41640588** | **(5977277)** | **5970145** | **(5245886)** | **4097494** | **40485064** |

---

---

| |
|:---|
| ![](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) |

---

**Changes in the Consolidated's investments:**

Refers to investments in associate and joint venture:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Equity** | **Equity** | |
|  |<br>**Participation** |<br>**December 31, <br> 2024** |<br>**Addition<br> (disposal)** |<br>**Profit<br> distribution** | **Changes in <br> the equity<br> of investees** | **Proportionate <br> share of<br> income** |<br>**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>(5)</sup> | 485% |  | 936431 |  | 945 | 28158 | **965534** |
| **Total** |  | **237238** | **936431** | **(23715)** | **(16741)** | **60303** | **1193516** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Equity** | **Equity** | |
|  |<br>**Participation** |<br>**December 31, <br> 2023** |<br>**Profit<br> distribution** | **Changes in <br> the equity<br> of investees** | **Proportionate <br> share of <br> income** |<br>**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** |

---

---

| | |
|:---|:---|
| **11** | **Property, plant and equipment** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **December 31, <br> 2024** | **Additions net of<br> transferences <sup>(1)</sup>** | **Disposals** | **Depreciation <br> expense** | **June 30, <br> 2025** |
| Buildings | 3718780 | 878621 | (182) | (61506) | **4535713** |
| Land | 2362195 | 24239 | (693) |  | **2385741** |
| Machinery and equipment | 3349213 | 262066 | (2488) | (173670) | **3435121** |
| Facilities | 2215745 | 307109 | (888) | (72354) | **2449612** |
| Computer equipment | 77100 | 7510 | (178) | (9108) | **75324** |
| Vehicles (land and air) | 817411 | 149053 | (20102) | (62767) | **883595** |
| Construction in progress | 1119390 | (137469) |  |  | **981921** |
| Other | 73379 | 11024 | (119) | (8289) | **75995** |
|  | **13733213** | **1502153** | **(24650)** | **(387694)** | **14823022** |

---

---

| |
|:---|
| ![](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) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **December 31, <br> 2023** | **Additions net of<br> transferences <sup>(1)</sup>** | **Disposals** | **Depreciation <br> expense** | **June 30, <br> 2024** |
| Buildings | 3787295 | 42339 | (18) | (99614) | **3730002** |
| Land | 2278266 | 9099 |  |  | **2287365** |
| Machinery and equipment | 3136140 | 336321 | (1574) | (169783) | **3301104** |
| Facilities | 1926755 | 328947 | (81) | (69021) | **2186600** |
| Computer equipment | 75093 | 9300 | (115) | (9046) | **75232** |
| Vehicles (land and air) | 707698 | 4193 | (13802) | (46813) | **651276** |
| Construction in progress | 1528857 | (91227) |  |  | **1437630** |
| Other | 69514 | 9546 | (133) | (8125) | **70802** |
|  | **13509618** | **648518** | **(15723)** | **(402402)** | **13740011** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated** | **December 31, <br> 2024** | **Additions net of<br> transferences <sup>(1) (2)</sup>** | **Disposals** | **Depreciation <br> expense** | **Exchange <br> rate 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** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated** | **December 31, <br> 2023** | **Additions net of<br> transferences <sup>(1)</sup>** | **Disposals** | **Depreciation <br> expense** | **Exchange <br> rate 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> The additions for each category are presented along with transfers from the construction in progress during the period.

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

For the six-month period ended June 30, 2025, the amount of capitalized interest added to the construction in progress, as shown in additions of the Company, was R$4,831 (R$24,280 on June 30, 2024), and R$100,235 (R$87,368 on June 30, 2024) for the Consolidated, respectively. The capitalization rate used on June 30, 2025 was 14.26% p.y., in the Company and 6.90% p.y. in the Consolidated (8.00% p.y., in the Company and 6.17% p.y. in the Consolidated on June 30, 2024).

Every year, the Company tests the recoverability of its assets, using the concept of value in use through discounted cash flow models. The test for recoverability of assets is applied at the end of each fiscal year on December 31, followed by indications of impairment during the course of the year. For the six month period ended June 30, 2025, the Company recognized a fixed asset impairment of the amount US$846 (equivalent to R$4,617), relating to the restructuring of the subsidiary Pilgrim's Pride Corporation (PPC).

---

| |
|:---|
| ![](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) |

---

---

| | |
|:---|:---|
| **12** | **Leases** |

---

**** 

The Company does not recognize a right-of-use asset and lease liability for short term contracts (less than 12 months) and/or low-value leases. The weighted average discount rate in effect is used to calculate the present value of the lease provision for identified assets, and consequently, for the monthly accrual of financial interest. As of June 30, 2025, the rate for the Parent Company was 7.64% p.y., and for the Consolidated group was 5.72% p.y. (6.48% p.y. for the Parent Company and 5.29% p.y. for the Consolidated as of June 30, 2024), in accordance with the term of each lease agreement and the economic policy of the country in which each subsidiary is domiciled.

 **12.1 Right-of-use asset**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **December 31,<br> 2024** | **Additions <sup>(1)</sup>** | **Terminated <br> contracts** | **Amortization** | **June 30, <br> 2025** |
| Buildings | 50176 | 5633 |  | (5964) | **49845** |
| Computer equipment | 19584 |  |  | (15828) | **3756** |
| Machinery and equipment | 83258 | 30786 | (3015) | (24873) | **86156** |
| Operating plants | 2737 | 782 |  | (1758) | **1761** |
| Land | 448 |  |  | (204) | **244** |
| Vehicles (land) | 38092 | 1459 |  | (6584) | **32967** |
| Concession Agreement JBS Terminals |  | 22041 |  | (11022) | **11019** |
|  | **194295** | **60701** | **(3015)** | **(66233)** | **185748** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **December 31, <br> 2023** | **Additions <sup>(1)</sup>** | **Terminated <br> contracts** | **Amortization** | **June 30, <br> 2024** |
| Buildings | 22633 | 7849 | (2732) | (9886) | **17864** |
| Computer equipment | 51240 |  |  | (15828) | **35412** |
| Machinery and equipment | 37956 | 22619 | (1378) | (12637) | **46560** |
| Operating plants | 11999 |  | (1171) | (2580) | **8248** |
| Land | 505 | 92 |  | (190) | **407** |
| Vehicles (land) | 11468 | 14643 |  | (3516) | **22595** |
|  | **135801** | **45203** | **(5281)** | **(44637)** | **131086** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated** | **December 31, <br> 2024** | **Additions <sup>(1) (2)</sup>** | **Terminated <br> contracts** | **Amortization** | **Exchange <br> rate 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** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated** | **December 31,<br> 2023** | **Additions <sup>(1)</sup>** | **Terminated <br> contracts** | **Amortization** | **Exchange <br> rate 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$(14135) for the Consolidated (R$(14019) as of June 30, 2024).

 

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

---

| |
|:---|
| ![](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) |

---

**12.2 Lease liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30, <br> 2025** | **December 31,<br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Undiscounted lease payments | **245140** | 254515 | **12012992** | 13221353 |
| Present value adjustment | **(29620)** | (30046) | **(2349728)** | (2483726) |
|  | **215520** | **224469** | **9663264** | **10737627** |
| **BREAKDOWN:** |  |  |  |  |
| Current liabilities | **75324** | 79643 | **1918986** | 2078637 |
| Non-current liabilities | **140196** | 144826 | **7744278** | 8658990 |
|  | **215520** | **224469** | **9663264** | **10737627** |

---

**Changes in the lease liabilities:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **December 31,<br> 2024** | **Additions** | **Interest <br> accrual** | **Payments** | **Terminated <br> contracts** | **June 30, <br> 2025** |
| Lease liabilities | 224469 | 38658 | 7612 | (51166) | (4053) | **215520** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **December 31, <br> 2023** | **Additions** | **Interest <br> accrual** | **Payments** | **Terminated <br> contracts** | **June 30, <br> 2024** |
| Lease liabilities | 151030 | 45202 | 4526 | (39337) | (9164) | **152257** |

---

---

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

---

**** 

---

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

---

**** 

The amounts recognized in the results for the six-month period ended June 30 as lease expenses are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **2025** | **2024** | **2025** | **2024** |
| Variable lease payments | **5455** | 5257 | **1627008** | 1620028 |
| Short term lease liability | **14459** | 14022 | **448372** | 406571 |
| Non-material lease liability | **4142** | 1692 | **5587** | 3194 |
|  | **24056** | **20971** | **2080967** | **2029793** |

---

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

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** |
|  | **Company** | **Consolidated** |
| 2026 | **31303** | **1400148** |
| 2027 | **58228** | **1252257** |
| 2028 | **43095** | **1020589** |
| 2029 | **16338** | **881918** |
| 2030 | **2231** | **749539** |
| Maturities thereafter 2030 | **5056** | **4267478** |
| **Total Future Minimum Lease Payments** | **156251** | **9571929** |
| Present Value of Lease Liabilities | **(16055)** | **(1827651)** |
| **Leases payable - non-current** | **140196** | **7744278** |

---

---

| |
|:---|
| ![](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) |

---

---

| | |
|:---|:---|
| **13** | **Intangible assets** |

---

**Changes in intangible assets:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **December 31,<br> 2024** | **Additions** | **Amortization <br> expenses** | **June 30, <br> 2025** |
| **Amortizing:** |  |  |  |  |
| Trademarks | 132302 |  | (17749) | **114553** |
| Softwares | 91485 | 11671 | (8561) | **94595** |
| Others | 2236 |  |  | **2236** |
|  | **226023** | **11671** | **(26310)** | **211384** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **December 31,<br> 2023** | **Additions** | **Amortization <br> expenses** | **June 30, <br> 2024** |
| **Amortizing:** |  |  |  |  |
| Trademarks | 171628 |  | (19663) | **151965** |
| Softwares | 30448 | 71605 | (5566) | **96487** |
| Others | 2236 |  |  | **2236** |
|  | **204312** | **71605** | **(25229)** | **250688** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated** | **December 31, <br> 2024** | **Additions <sup>(1)</sup>** | **Disposals** | **Amortization <br> expenses** | **Exchange <br> rate 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** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated** | **December 31, <br> 2023** | **Additions** | **Disposals** | **Amortization <br> expenses** | **Exchange <br> rate 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> The amount of R$11,726 in additions refers to the acquisition of JBS Terminais Ltda.

**Impairment test:**

Annualy, on December 31, the Company tests the recoverability of its assets using the concept of value in use through the cash flow models, and for the six-month period ended June 30, 2025, there were no indications of impairment.

---

| |
|:---|
| ![](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) |

---

---

| | |
|:---|:---|
| **14** | **Goodwill** |

---

In the Company, goodwill is recognized under the caption "Investments in subsidiaries, associate and joint venture" because the investor considers it a part of its investment in the subsidiary's acquisition; and as goodwill in the Consolidated because it refers to the expectation of future earnings from the acquired subsidiary, whose assets and liabilities are consolidated with the Company's. Therefore, in the Company there is only goodwill that has already been incorporation in the amount of R$9,085,970, and in the Consolidated all goodwill are recognized as intangible. For tax purposes, all the goodwill recorded in the Company was fully amortized in the year ended December 31, 2021.

---

| | | |
|:---|:---|:---|
| | **Consolidated** | **Consolidated** |
| <br>**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.

**** 

---

| | | |
|:---|:---|:---|
| | **Consolidated** | **Consolidated** |
| <br>**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 - Fresh Pork/Lamb | **1206243** | 1254015 |
| PPC - Food Service | **1031201** | 1072042 |
| PPC - Meals | **350006** | 360256 |
| Others CGUs without significant goodwill <sup>(1)</sup> | **5741280** | 6300928 |
| **Total** | **31979859** | **33544518** |

---

**** 

The Company tests annually the recoverability of the goodwill of each one of its goodwill-containing CGUs (Cash Generating Units). For the six-month period ended June 30, 2025, there were no indications of impairment and the Company did not recognize any expenses..

 

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

---

| |
|:---|
| ![](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) |

---

---

| | |
|:---|:---|
| **15** | **Trade accounts payable** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30, <br> 2025** | **December 31, <br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Domestic** | | | | |
| &nbsp;&nbsp;&nbsp;Commodities | **2643459** | 3856320 | **8373002** | 12145523 |
| &nbsp;&nbsp;&nbsp;Materials and services | **1208999** | 1140081 | **17370350** | 19435984 |
| &nbsp;&nbsp;&nbsp;Finished products | **534858** | 565631 | **481233** | 505340 |
| &nbsp;&nbsp;&nbsp;Present value adjustment | **(12391)** | (10741) | **(47615)** | (59973) |
|  | **4374925** | **5551291** | **26176970** | **32026874** |
| **Foreign** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commodities | **—** |  | **45578** | 126058 |
| &nbsp;&nbsp;&nbsp;Materials and services | **459832** | 442265 | **1148892** | 1681090 |
| &nbsp;&nbsp;&nbsp;Finished products | **3933** | 1543 | **13373** | **10076** |
|  | **463765** | **443808** | **1207843** | **1817224** |
| **Total trade accounts payable** | **4838690** | **5995099** | **27384813** | **33844098** |
| **Supply chain finance <sup>(1)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic | **2393856** | 1994034 | **5609965** | 4451543 |
| &nbsp;&nbsp;&nbsp;Foreign | **—** |  | **23739** | 60847 |
| **Total supply chain finance** | **2393856** | **1994034** | **5633704** | **4512390** |
| &nbsp;&nbsp;&nbsp;**Total** | **7232546** | **7989133** | **33018517** | **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) |
| 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) |

---

---

| | |
|:---|:---|
| **16** | **Loans and financing** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** |
| | | | | | **Current** | **Current** | **Non-current** | **Non-current** |
| <br>**Type** | <br>**Average annual <br> interest rate** | <br>**Currency** | <br>**Index on variable <br> rate loans** | <br>**Payment <br> terms** | **June 30,<br> 2025** | **December 31, <br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| FINIMP | **5.46%** | **EUR** | **Euribor** | **2025** | **—** | 3803 | **—** |  |
| Working capital - American Dollar | **7.94%** | **USD** | **SOFR** | **2030** | **2084** | 2327 | **10245** | 13768 |
| CRA | **5.36%** | **USD** | **—** | **2029** | **3876** | 4452 | **359058** | 403669 |
| **Foreign currency** |  |  |  |  | **5960** | **10582** | **369303** | **417437** |
| Credit note - export | **18.22%** | **BRL** | **CDI** | **2028** | **1610** | 1612 | **2852** | 3639 |
| CRA | **6.99%** | **BRL** | **CDI and IPCA** | **2028 - 44** | **58811** | 53312 | **6377819** | 6084083 |
| CDC | **16.04%** | **BRL** | **—** | **2028** | **23448** | 48141 | **206** | 4154 |
| FINAME | **6.00%** | **BRL** | **—** | **2025** | **—** | 30 | **—** |  |
| **Local currency** |  |  |  |  | **83869** | **103095** | **6380877** | **6091876** |
|  |  |  |  |  | **89829** | **113677** | **6750180** | **6509313** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | | | | **Current** | **Current** | **Non-current** | **Non-current** |
| <br>**Type** | <br>**Average annual <br> interest rate** | <br>**Currency** | <br>**Index** | <br>**Payment <br> terms** | **30.06.25** | **31.12.24** | **30.06.25** | **31.12.24** |
| 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 |
| Notes 3,75% JBS Lux 2031 | **3.75%** | **USD** | **—** | **2031** | **8126** | 9220 | **2670023** | 3027942 |
| Notes 3,00% JBS Lux 2032 | **3.00%** | **USD** | **—** | **2032** | **20464** | 23221 | **5368886** | 6084987 |
| Notes 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** |  |
| Notes 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** |  |
| Notes 4,25% PPC 2031 | **4.25%** | **USD** | **—** | **2031** | **39684** | 46919 | **4426287** | 5227558 |
| Notes 3,50% PPC 2032 | **3.50%** | **USD** | **—** | **2032** | **56798** | 64480 | **4869867** | 5525098 |
| Notes 6,25% PPC 2033 | **6.25%** | **USD** | **—** | **2033** | **156450** | 187534 | **4966654** | 5981767 |
| Notes 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 | **—** |  |
| Others | **4.86%** | **Several** | **Several** | **—** | **208623** | 237327 | **659219** | 869737 |
| **Local currency** |  |  |  |  | **5039660** | **5296868** | **100164063** | **106343264** |
|  |  |  |  |  | **5633371** | **12906149** | **100735301** | **106771172** |

---

---

| |
|:---|
| ![](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) |

---

**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 Brazil 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 availability at revolving credit facilities on June 30, 2025, was US$2.9 billion (equivalent R$15.9 billion) and on December 31, 2024 US$2.9 billion (equivalent R$18 billion).

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

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** |
| <br>**Maturity** | **Company** | **Consolidated** |
| 2026 | **1925** | **81489** |
| 2027 | **77070** | **5543572** |
| 2028 | **338665** | **5419624** |
| 2029 | **124150** | **3499710** |
| 2030 | **747757** | **2958849** |
| Maturities after 2030 | **5460613** | **83232057** |
|  | **6750180** | **100735301** |

---

**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** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30, <br> 2025** | **December 31, <br> 2024** | **June 30, <br> 2025** | **December 31,<br> 2024** |
| Taxes payable in installments | **213534** | 239996 | **239478** | 275097 |
| PIS / COFINS tax payable | **—** |  | **99319** | 95224 |
| ICMS / VAT / GST tax payable | **56751** | 62856 | **231585** | 234490 |
| Withholding income taxes | **36051** | 49226 | **1889266** | 2147398 |
| IPTU and others | **13472** | 12772 | **430353** | 470198 |
| **Subtotal** | **319808** | **364850** | **2890001** | **3222407** |
| Income taxes payable | **—** |  | **693734** | 1442971 |
| **Total** | **319808** | **364850** | **3583735** | **4665378** |
| **Breakdown:** |  |  |  |  |
| Current liabilities | **171269** | 187836 | **1360126** | 2147248 |
| Non-current liabilities | **148539** | 177014 | **2223609** | 2518130 |
|  | **319808** | **364850** | **3583735** | **4665378** |

---

**** 

---

| | |
|:---|:---|
| **18** | **Payroll and social charges** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30, <br> 2025** | **December 31,<br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Social charges in installments | **1494868** | 2204454 | **1498020** | 2207832 |
| Bonus and vacation along with related social charges | **556040** | 393421 | **4390722** | 4982019 |
| Salaries and related social charges | **425786** | 676675 | **2961187** | 3480009 |
| Others | **21701** | 24070 | **78114** | 404877 |
|  | **2498395** | **3298620** | **8928043** | **11074737** |
| **Breakdown:** |  |  |  |  |
| Current liabilities | **1358101** | 1484449 | **7469861** | 8890600 |
| Non-current liabilities | **1140294** | 1814171 | **1458182** | 2184137 |
|  | **2498395** | **3298620** | **8928043** | **11074737** |

---

---

| |
|:---|
| ![](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) |

---

---

| | |
|:---|:---|
| **19** | **Provisions for legal proceedings** |

---

The Company is involved in legal and administrative proceedings of labor, civil, tax, and social security nature arising from the ordinary course of its business. These are recorded based on the initial assessments determined by Management, as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **June 30, <br> 2025** | **December 31, <br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Breakdown:** | | | | |
| Current liabilities | **—** |  | **865665** | 1738822 |
| Non-current liabilities | **434557** | 476817 | **1149759** | 1341615 |
|  | **434557** | **476817** | **2015424** | **3080437** |

---

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Company** | **Company** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **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 | 253021 | 100796 | 80740 | **434557** | 257414 | 140051 | 79352 | **476817** |
| **Total** | **253021** | **100796** | **80740** | **434557** | **257414** | **140051** | **79352** | **476817** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **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** |

---

---

| |
|:---|
| ![](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) |

---

**19.1 Labor - Movement of provisions:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Company** | **Company** | **Company** | **Company** | **Company** |
| <br>**Jurisdiction** | **December 31, <br> 2024** | **Additions, <br> reversals and<br> changes in <br> estimates** | **Payments** | **Indexation** | **June 30, <br> 2025** |
| Brazil | 257414 | 45469 | (61873) | 12011 | 253021 |
| **Total** | **257414** | **45469** | **(61873)** | **12011** | **253021** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Company** | **Company** | **Company** | **Company** | **Company** |
| <br>**Jurisdiction** | **December 31,<br> 2023** | **Additions, <br> reversals and <br> changes in <br> estimates** | **Payments** | **Indexation** | **June 30, <br> 2024** |
| Brazil | 252703 | 86837 | (80322) | 2843 | 262061 |
| **Total** | **252703** | **86837** | **(80322)** | **2843** | **262061** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| <br>**Jurisdiction** | **December 31, <br> 2024** | **Additions, <br> reversals and<br> changes in <br> 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** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| <br>**Jurisdiction** | **December 31,<br> 2023** | **Additions, <br> reversals and<br> changes in <br> 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** |

---

---

| |
|:---|
| ![](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) |

---

**19.2 Civil - Movement of provisions:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Company** | **Company** | **Company** | **Company** | **Company** |
| <br>**Jurisdiction** | **December 31, <br> 2024** | **Additions, <br> reversals and <br> changes in <br> estimates** | **Payments** | **Indexation** | **June 30, <br> 2025** |
| Brazil | 140051 | 15155 | (59274) | 4864 | 100796 |
| **Total** | **140051** | **15155** | **(59274)** | **4864** | **100796** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Company** | **Company** | **Company** | **Company** | **Company** |
| <br>**Jurisdiction** | **December 31,<br> 2023** | **Additions, <br> reversals and <br> changes in <br> estimates** | **Payments** | **Indexation** | **June 30, <br> 2024** |
| Brazil | 128135 | 38531 | (29736) | 8034 | 144964 |
| **Total** | **128135** | **38531** | **(29736)** | **8034** | **144964** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| <br>**Jurisdiction** | **December 31, <br> 2024** | **Additions, <br> reversals and<br> changes in <br> 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** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| <br>**Jurisdiction** | **December 31, <br> 2023** | **Additions, <br> reversals and <br> changes in <br> 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** |

---

**<u>In the consolidated - JBS USA:</u>**

**Civil Proceedings:** Refer to class action lawsuits alleging violations of federal and state antitrust laws, as well as laws regarding unfair competition, unjust enrichment, unusual business practices, and consumer protection in the sale of beef, pork, and poultry products. In the six-month period ended June 30, 2025, a provision was recognized, a payment was made, and a remaining amount continues to be provisioned.

The Company, together with its legal department and hired external offices, continues to monitor the developments of the antitrust proceedings and understand that the accounting provisions measured and known up to the date of approval of these financial statements are sufficient for risk coverage.

---

| |
|:---|
| ![](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) |

---

**19.3 Tax and Social Security - Movement of provisions:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Company** | **Company** | **Company** | **Company** | **Company** |
| <br>**Jurisdiction** | **December 31,<br> 2024** | **Additions, <br> reversals and <br> changes in <br> estimates** | **Payments** | **Indexation** | **June 30, <br> 2025** |
| Brazil | 79352 | (14928) | (8154) | 24470 | 80740 |
| **Total** | **79352** | **(14928)** | **(8154)** | **24470** | **80740** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Company** | **Company** | **Company** | **Company** | **Company** |
| <br>**Jurisdiction** | **December 31, <br> 2023** | **Additions, <br> reversals and <br> changes in <br> estimates** | **Payments** | **Indexation** | **June 30, <br> 2024** |
| Brazil | 178472 | (54620) | (646) | 20518 | 143724 |
| **Total** | **178472** | **(54620)** | **(646)** | **20518** | **143724** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| <br>**Jurisdiction** | **December 31, <br> 2024** | **Additions, <br> reversals and <br> changes in <br> 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** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| <br>**Jurisdiction** | **December 31, <br> 2023** | **Additions, <br> reversals and<br> changes in <br> 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** |

---

**<u>Possible Processes</u>**

a. **Brazil** 

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>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.

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

During the six months ended March 31, 2025, the Company did not identify significant changes in the amount of claims with a possible likelihood of loss.

---

| |
|:---|
| ![](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) |

---

---

| | |
|:---|:---|
| **20** | **Equity** |

---

**a. Share capital:** The share capital on June 30, 2025 was R$23,576,206 (R$23,576,206 on December 31, 2024), represented by 2,218,116,370 common shares, having no nominal value.

**b. Dividends:** On March 14, 2025, PPC announced that its Board of Directors approved the distribution of a special cash dividend of US$6.30 per share (equivalent to 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 March 25, 2025, the Board of Directors of JBS S.A. approved the proposal to distribute dividends from the profit reserve balance for the 2024 fiscal year, totaling R$4.4 billion, equivalent to R$2.00 per common share. The proposal was approved at the Annual General Meeting of Shareholders held on April 29, 2025, with the dividend payment scheduled for May 14, 2025

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.

---

| | |
|:---|:---|
| **21** | **Net revenue** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Company** | **Company** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **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,** | **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** | **2025** | **2024** | **2025** | **2024** |
| **GROSS REVENUE** |  |  |  |  |  |  |  |  |
| **Sales of products and services** |  |  |  |  |  |  |  |  |
| Domestic sales | **19608040** | 16388071 | **9821869** | 8399973 | **181476263** | 148254818 | **92328349** | 78312657 |
| Export sales | **18328318** | 12690638 | **10091132** | 6806873 | **58954480** | 48083082 | **30213208** | 25664796 |
|  | **37936358** | **29078709** | **19913001** | **15206846** | **240430743** | **196337900** | **122541557** | **103977453** |
| **SALES DEDUCTION** |  |  |  |  |  |  |  |  |
| Returns and discounts | **(1162810)** | (919801) | **(563742)** | (478136) | **(5074512)** | (4462212) | **(2440795)** | (2320758) |
| Sales taxes | **(551656)** | (547973) | **(277754)** | (275320) | **(2255215)** | (2122287) | **(1127231)** | (1050435) |
|  | **(1714466)** | **(1467774)** | **(841496)** | **(753456)** | **(7329727)** | **(6584499)** | **(3568026)** | **(3371193)** |
| **NET REVENUE** | **36221892** | **27610935** | **19071505** | **14453390** | **233101016** | **189753401** | **118973531** | **100606260** |

---

---

| |
|:---|
| ![](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) |

---

**21.1 Customer contract balances for advance payments**

Revenue from advances to customers refers to contracts with customers in which payments are received prior to satisfying the performance obligation under the contract. In addition, a contractual liability is recognized when the Company has an obligation to transfer products to a customer from whom the consideration has already been received. The contractual liability is recognized when the consideration is received and settled. The Company recognizes revenue when it fulfills the performance obligation. Contractual liabilities are presented as advances from customers in the balance sheet.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  |<br>**Note** | **June 30, <br> 2025** | **December 31,<br> 2024** | **June 30, <br> 2025** | **December 31,<br> 2024** |
| Trade accounts receivable | 4 | **4391998** | 5525252 | **19937381** | 23131584 |
| Contract liabilities |  | **(1410884)** | (704101) | **(1659618)** | (940903) |
| **Total customer contract revenue** |  | **2981114** | **4821151** | **18277763** | **22190681** |

---

---

| | |
|:---|:---|
| **22** | **Net finance income (expense)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Company** | **Company** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **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,** | **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** | **2025** | **2024** | **2025** | **2024** |
| Exchange rate variation | **(190558)** | 489104 | **102275** | 392772 | **331191** | 779652 | **28183** | 393879 |
| Fair value adjustments on derivatives | **77955** | (1399603) | **(42562)** | (1159442) | **57965** | (2111431) | **(60254)** | (1734538) |
| Interest expense <sup>(1)</sup> | **(1115897)** | (1293349) | **(523127)** | (636517) | **(4567251)** | (4332387) | **(2143209)** | (2253542) |
| Interest income <sup>(2)</sup> | **624640** | 247663 | **79158** | 125473 | **1321348** | 1075549 | **365203** | 628113 |
| Bank fees and others | **(205278)** | (183583) | **(63532)** | (71465) | **(356996)** | (266936) | **(284126)** | (162141) |
|  | **(809138)** | **(2139768)** | **(447788)** | **(1349179)** | **(3213743)** | **(4855553)** | **(2094203)** | **(3128229)** |
| Financial income | **847432** | 736767 | **181433** | 518245 | **1770756** | 1855201 | **393385** | 1021992 |
| Financial expense | **(1656570)** | (2876535) | **(629221)** | (1867424) | **(4984499)** | (6710754) | **(2487588)** | (4150221) |
|  | **(809138)** | **(2139768)** | **(447788)** | **(1349179)** | **(3213743)** | **(4855553)** | **(2094203)** | **(3128229)** |

---

 

<sup>(1)</sup> For the six-month period ended June 30, 2025 and 2024, the amounts of R$463,840 and R$651,925, respectively, in the Company and R$3,483,345 and R$3,009,347, in the Consolidated 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$62,689 and R$64,127, respectively, in the Company and R$556,928 and R$278.277, respectively, in the Consolidated refers to interest income from short investments recognized under the caption "Interest income".

---

| | |
|:---|:---|
| **23** | **Earnings (loss) per share** |

---

**Basic and diluted:** There were no changes in the basic earnings (loss) per share calculation assumptions since the disclosed financial statements from December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
| **Net income attributable to shareholders** | **5959429** | **3361213** | **3035771** | **1715206** |
| **Weighted average - common shares outstanding (basic)** | **2218116370** | **2218116370** | **2218116370** | **2218116370** |
| **Basic and diluted earnings per share - (R$)** | **2.69** | **1.52** | **1.37** | **0.77** |

---

---

| |
|:---|
| ![](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) |

---

---

| | |
|:---|:---|
| **24** | **Operating segments and information by geographic area** |

---

The Company's Management has defined the reportable operating segments based on the reports used for strategic decision-making, analyzed by the chief operating decision maker (CODM) - the Company's president (CEO). The Company has seven reportable segments: Brazil, Seara, North American Beef, US Pork, PPC Chicken, Australia and Others. The segment's operating profit or loss is assessed by the CODM, based on adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization).

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 equity in the income statement, exclusion of financial result, exclusion of depreciation and amortization expenses, exclusion of expenses with DOJ and antitrust agreements described in note 19, exclusion of donations and expenses with social programs, exclusion of expenses with restructuring projects, exclusion of asset impairment, and exclusion of some other revenues (expenses).

There were no changes in the structure of operating segments and geographic reporting since the disclosed financial statements from December 31, 2024.

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<br> America** | **Pork USA** | **Pilgrim's <br> Pride** | **Australia** | **Others** | **Total<br> reportable <br> segments** | **Elimination<sup>(1)</sup>** | **Total** |
| Net revenue | **38816414** | **24842181** | **76090476** | **23366066** | **53003820** | **20655324** | **1856908** | **238631189** | (5530173) | **233101016** |
| Adjusted EBITDA(2) | **2061229** | **4707972** | **(1907335)** | **2882318** | **8492046** | **2581399** | **52775** | **18870404** |  | **18870404** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Brazil** | **Seara** | **Beef North <br> America** | **Pork USA** | **Pilgrim's Pride** | **Australia** | **Others** | **Total <br> reportable <br> segments** | **Elimination<sup>(1)</sup>** | **Total** |
| Net revenue | **29781108** | **21912357** | **58905694** | **20740572** | **45353213** | **15780697** | **1315720** | **193789361** | (4035960) | **189753401** |
| Adjusted EBITDA (2) | **1823986** | **3211443** | **102675** | **2805177** | **6563339** | **1791809** | **19264** | **16317693** | (6729) | **16310964** |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Brazil** | **Seara** | **Beef North<br> America** | **Pork USA** | **Pilgrim's <br> Pride** | **Australia** | **Others** | **Total<br> reportable**<br> **segments** | **Elimination<sup>(1)</sup>** | **Total** |
| Net revenue | 20288683 | 12273249 | 38557818 | 11666861 | 26939645 | 11177904 | 1165093 | **122069253** | (3095722) | **118973531** |
| Adjusted EBITDA <sup>(2)</sup> | 1295106 | 2219907 | (1320096) | 1436902 | 4633341 | 1644165 | 31907 | **9941232** |  | **9941232** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Brazil** | **Seara** | **Beef North<br> America** | **Pork USA** | **Pilgrim's <br> Pride** | **Australia** | **Others** | **Total**<br> **reportable**<br> **segments**  | **Elimination<sup>(1)</sup>** | **Total** |
| Net revenue | 15546779 | 11594831 | 31262660 | 11278655 | 23767606 | 8616895 | 501175 | **102568601** | (1962341) | **100606260** |
| Adjusted EBITDA <sup>(2)</sup> | 1180667 | 2019469 | 151273 | 1253430 | 4083648 | 1177799 | 19194 | **9885480** | (3365) | **9882115** |

---

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

<sup>(2)</sup> The Adjusted EBITDA is reconciled with the consolidated operating profit, as follows below:

---

| |
|:---|
| ![](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) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Operating profit (loss)** | **Operating profit (loss)** | **Operating profit (loss)** | **Operating profit (loss)** |
|  | **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 | **8273502** | 4622343 | **4216674** | 2801383 |
| Share of profit of equity-accounted investees, net of tax | **(60303)** | 19813 | **(44315)** | (12540) |
| Net finance expense | **3213743** | 4855553 | **2094203** | 3128229 |
| **Operating Income** | **11426942** | 9497709 | **6266562** | **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** |  | **40257** |  |
| Restructuring <sup>(4)</sup> | **125078** | 268151 | **25703** | 194071 |
| Rio Grande do Sul claim | **—** | 32453 | **—** | 32453 |
| Fiscal payments and installments <sup>(5)</sup> | **13472** | 426579 | **13472** | 426579 |
| Avian influenza <sup>(6)</sup> | **31799** |  | **31799** |  |
| Other operating income (expense), net | **88725** | **48179** | **51123** | **42721** |
| **Total EBITDA - without elimination** | **18870404** | **16310964** | **9941232** | **9882115** |
| Elimination | **—** | **6729** |  | 3365 |
| **Total Adjusted EBITDA for operating segments** | **18870404** | **16317693** | **9941232** | **9885480** |

---

**** 

<sup>(1)</sup> Refers to the Agreements entered by JBS USA and its subsidiaries.

<sup>(2)</sup> Refers to the donations made by the Company to the Amazon Fund.

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

<sup>(3)</sup> Refers to multiple restructuring initiatives (including related impairments), primarily those 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 various adjustments, primarily abroad, such as acquisition expenses, insurance indemnities, among others.

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

For additional information, the net revenue and total assets are present below segregated by geographic area.

 

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

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **North and <br> Central <br> America <sup>(1)</sup>** | **South <br> America** | **Australia** | **Europe** | **Others** | **Total**<br> **reportable**<br> **segments** | **Intercompany elimination** | **Total** |
| Net revenue | **138574763** | **64614670** | **18154155** | **17968662** | **1073426** | **240385676** | (7284660) | **233101016** |
| Total assets | **94561944** | **83318690** | **21730893** | **30204767** | **1636436** | **231452730** | (3330563) | **228122167** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **North and <br> Central <br> America <sup>(1)</sup>** | **South <br> 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** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 41 |

---

---

| |
|:---|
| ![](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** |
|  | **North and <br> Central<br> America <sup>(2)</sup>** | **South <br> America** | **Australia** | **Europe** | **Others** | **Total**<br> **reportable**<br> **segments**  | **Intercompany elimination <sup>(1)</sup>** | **Total** |
| Net revenue | 70218425 | 33043069 | 9759661 | 9425333 | 545889 | **122992377** | (4018846) | **118973531** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **North and <br> Central <br> America <sup>(2)</sup>** | **South <br> America** | **Australia** | **Europe** | **Others** | **Total<br> reportable <br> segments** | **Intercompany <br> elimination<sup>(1)</sup>** | **Total** |
| Net revenue | 59553077 | 27477784 | 7851373 | 7919842 | 496879 | **103298955** | (2692695) | **100606260** |

---

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

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

---

| | |
|:---|:---|
| **25** | **Expenses by nature** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Company** | **Company** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **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,** | **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** | **2025** | **2024** | **2025** | **2024** |
| **Cost of sales** |  |  |  |  |  |  |  |  |
| Cost of inventories, raw materials and production inputs | **(28618066)** | (20846188) | **(15014706)** | (10698999) | **(171620202)** | (136855078) | **(87777811)** | (71790769) |
| Salaries and benefits | **(1833601)** | (1619094) | **(948136)** | (836141) | **(24478871)** | (20787900) | **(12305987)** | (10767620) |
| Depreciation and amortization | **(380363)** | (353962) | **(191824)** | (193117) | **(5612945)** | (4917586) | **(2840559)** | (2535682) |
|  | **(30832030)** | **(22819244)** | **(16154666)** | **(11728257)** | **(201712018)** | **(162560564)** | **(102924357)** | **(85094071)** |
| **Selling** |  |  |  |  |  |  |  |  |
| Freights and selling expenses | **(2027212)** | (1918616) | **(1029277)** | (997856) | **(10701314)** | (9371895) | **(5262229)** | (4827586) |
| Salaries and benefits | **(287125)** | (253536) | **(144643)** | (130444) | **(1583424)** | (819973) | **(808124)** | (425735) |
| Depreciation and amortization | **(14176)** | (14547) | **(7312)** | (6883) | **(213765)** | (140978) | **(105816)** | (73124) |
| Advertising and marketing | **(164375)** | (91826) | **(102898)** | (55818) | **(1020002)** | (774807) | **(565211)** | (395229) |
| Commissions | **(111087)** | (67292) | **(65738)** | (38844) | **(226604)** | (167457) | **(124211)** | (91895) |
| Net impairment losses | **(32578)** | (24075) | **20621** | (6596) | **(35259)** | (21505) | **26454** | (9413) |
|  | **(2636553)** | **(2369892)** | **(1329247)** | **(1236441)** | **(13780368)** | **(11296615)** | **(6839137)** | **(5822982)** |
| **General and administrative** |  |  |  |  |  |  |  |  |
| Salaries and benefits | **(751003)** | (575993) | **(331763)** | (305490) | **(3095522)** | (3119409) | **(1442264)** | (1594159) |
| Fees, services held and general expenses | **(589627)** | (851797) | **(265494)** | (649950) | **(1788124)** | (2152350) | **(926582)** | (1376585) |
| Depreciation and amortization | **(85698)** | (103759) | **(45623)** | (42925) | **(506406)** | (488282) | **(256038)** | (241118) |
| DOJ and Antitrust agreements | **—** |  | **—** |  | **(771415)** | (417567) | **(306475)** | (394330) |
| Donations and social programs <sup>(1)</sup> | **(44852)** | (73480) | **(22788)** | (24965) | **(44852)** | (73480) | **(22788)** | (24965) |
|  | **(1471180)** | **(1605029)** | **(665668)** | **(1023330)** | **(6206319)** | **(6251088)** | **(2954147)** | **(3631157)** |

---

<sup>(1)</sup> Refers to donations made to Instituto J&F for the renovation of school facilities and to the JBS Fund for the Amazon.

The Company incurred expenses with internal research and development, in the amount of R$6,262 (R$3,887 on June 30, 2024), for the Parent Company and R$16,047 (R$14,917 on December 31, 2024), for the Consolidated.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 42 |

---

---

| |
|:---|
| ![](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) |

---

**25.1 Other income and expenses**

Other Income: As of June 30, 2025, the Company 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 totalling R$10.580 (R$8.687 on June 30, 2024) and other non-material items.

Other Expenses: As of June 30, 2025, the Company has recorded other expenses totaling R$253.165 (R$342.437 as of June 30, 2024), mainly related to restructuring expenses amounting to R$125,078 (R$268,151 on June 30, 2024), losses on asset sales totaling R$23.845 (R$62.527 on June 30, 2024) and other non-material items..

**Restructuring related expenses**

As of June 30, 2025, the Company recognized R$125,078 (R$268,151 in March 31, 2024) related to restructuring expenses, of which R$116,632 (R$263,445 on June 30, 2024) 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.

As of March 31, 2025, PPC recognized the following expenses and made the following payments related to each restructuring initiative:

---

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

---

---

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

---

These expenses are recorded under the "other expenses" line item in the income statements for the period.

The table below reconciles liabilities and provisions associated with each restructuring initiative from their respective inception through June 30, 2025. These balances are accounted for under other current liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31,**<br> **2024** | **Restructuring <br> charges incurred** | **Cash payments<br> and disposals** | **Currency<br> 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 incurred** | **Cash payments <br> and disposals** | **Currency<br> 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) |
| 43 |

---

---

| |
|:---|
| ![](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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  |<br>**Notes** | **June 30, <br> 2025** | **December 31, <br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Assets** | | | | | |
| **Fair value through profit or loss <sup>(1)</sup>** | | | | | |
| Financial investments | 3 | **1285018** | 2533462 | **7055867** | 20748254 |
| National treasury bills | 3 | **387200** | 363838 | **631210** | 603937 |
| Derivative assets |  | **12968** | 25641 | **1021346** | 523049 |
| **Loans and receivables at amortized cost <sup>(2)</sup>** |  |  |  |  |  |
| Cash at banks | 3 | **1412435** | 1805546 | **6423221** | 13609569 |
| Margin cash | 3 | **—** |  | **2011700** | 645361 |
| Trade accounts receivable | 4 | **4391998** | 5525252 | **19937381** | 23131584 |
| Related party receivables | 8 | **1294801** | 494269 | **—** | 479006 |
| **Total** |  | **8784420** | **10748008** | **37080725** | **59740760** |
| **Liabilities** |  |  |  |  |  |
| **Amortized cost** |  |  |  |  |  |
| Loans and financing | 16 | **(6840009)** | (6622990) | **(106368672)** | (119677321) |
| Trade accounts payable and supply chain finance | 15 | **(7232546)** | (7989133) | **(33018517)** | (38356488) |
| Debt with related companies | 8 | **(8273051)** | (173524) | **(1259114)** |  |
| Lease liabilities | 12.2 | **(215520)** | (224469) | **(9663264)** | (10737627) |
| Other financial liabilities |  | **(181649)** | (352166) | **(181649)** | (352166) |
| **Fair value through profit or loss** |  |  |  |  |  |
| Derivative liabilities |  | **(606176)** | (946152) | **(2585202)** | (1647559) |
| **Total** |  | **(23348951)** | **(16308434)** | **(153076418)** | **(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.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 44 |

---

---

| |
|:---|
| ![](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 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;

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** |
|  | **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 | **—** | **1285018** | **1285018** |  | 2533462 | **2533462** |
| National treasury bills | **387200** | **—** | **387200** | 363838 |  | **363838** |
| Derivative assets | **—** | **12968** | **12968** |  | 25641 | **25641** |
| **Financial liabilities** |  |  |  |  |  |  |
| Derivative liabilities | **—** | **606176** | **606176** |  | 946152 | **946152** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **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** |

---

**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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **30.06.2025** | **30.06.2025** | **30.06.2025** | **31.12.24** | **31.12.24** | **31.12.24** |
| <br>**Descrição** | **Principal** | **Price (% of the <br> Principal)** | **Fair value** | **Principal** | **Price (% of the <br> Principal)** | **Fair 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 4.375% JBS Lux 2052 | **4911390** | **76.72%** | **3768117** | 5573069 | 110.50% | 6158130 |
| Notes 6.50% JBS Lux 2052 | **8447591** | **102.87%** | **8690291** | 9585679 | 101.53% | 9732628 |
| Notes 7.25% JBS Lux 2053 | **4911390** | **111.81%** | **5491573** | 5573069 | 74.94% | 4176625 |
| Notes 4.25% PPC 2031 | **4481987** | **96.46%** | **4323101** | 5298905 | 92.24% | 4887604 |
| Notes 3.5% PPC 2032 | **4909207** | **89.91%** | **4413721** | 5573069 | 86.34% | 4811621 |
| Notes 6.25% PPC 2033 | **5034290** | **105.36%** | **5304178** | 6068453 | 102.16% | 6199593 |
| Notes 6.875% PPC 2034 | **2728553** | **109.20%** | **2979495** | 3096150 | 106.73% | 3304521 |
| Notes 5.95% JBS USA 2035 | **5457100** | **103.25%** | **5634729** |  |  |  |
| Notes 6.375% JBS USA 2055 | **4092825** | **101.42%** | **4151148** |  |  |  |
|  | **91522759** |  | **90717560** | **99284316** |  | 95504310 |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 45 |

---

---

| |
|:---|
| ![](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) |

---

**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.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Consolidated** | **Consolidated** |
|  | **30.06.25** | **31.12.24** | **30.06.25** | **31.12.24** |
| **Net exposure to the CDI rate:** | | | | |
| CDB-DI (Bank certificates of deposit) | **1285018** | 2533462 | **3811367** | 4708004 |
| Treasure shares | **387200** | 363838 | **387200** | 363838 |
| Margin cash | **—** |  | **2002347** | 644000 |
| Related party transactions | **313416** | (170261) | **(915537)** |  |
| Credit note - export | **(4463)** | (5251) | **(8360)** | (10554) |
| **Subtotal** | **1981171** | **2721788** | **5277017** | **5705288** |
| Derivatives (Swap) | **(6406658)** | (7957930) | **(6406658)** | (7957930) |
| **Total** | **(4425487)** | **(5236142)** | **(1129641)** | **(2252642)** |
| **Liabilities exposure to the LIBOR rate:** |  |  |  |  |
| Treasury bills | **—** | **—** | **244010** | **217515** |
| Margin cash | **—** | **—** | **9353** | 23946 |
| Related party transactions | **(343577)** | **478888** | **(343577)** | 479006 |
| CRA - Agribusiness Credit Receivable Certificates | **(6139355)** | **(5842328)** | **(9038409)** | (7201818) |
| **Subtotal** | **(6482932)** | **(5363440)** | **(9128623)** | **(6481351)** |
| Derivatives (Swap) | **5823265** | 7125388 | **5823265** | 7125388 |
| **Total** | **(659667)** | **1761948** | **(3305358)** | **644037** |
| **Liabilities exposure to the SOFR rate:** |  |  |  |  |
| Credit note - export | **—** |  | **(575917)** | (633889) |
| Prepayment | **—** |  |  | (621064) |
| Working capital - USD | **(12329)** | (16094) | **(15861)** | (16094) |
| **Total** | **(12329)** | **(16094)** | **(591778)** | **(1271047)** |

---

**Sensitivity analysis:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario (I) VaR 99% I.C. <br> 1 day** | **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 (II) Interest rate <br> variation - 50%** | **Scenario (III) Interest rate <br> variation - 100%** | **Scenario (III) Interest rate <br> variation - 100%** | **Scenario (III) Interest rate <br> variation - 100%** |
| | | | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** |
| <br>**Contracts exposure** | <br>**Risk** |<br>**Current scenario** |<br>**Rate** | **Company** | **Consolidated** |<br>**Rate** | **Company** | **Consolidated** |<br>**Rate** | **Company** | **Consolidated** |
| CDI | Decrease | 14.90% | 14.81% | 3894 | 994 | 22.35% | (329699) | (84158) | 29.80% | (659398 | (168317) |
|  |  |  |  | **3894** | **994** |  | **(329699)** | **(84158)** |  | **(659398** | **(168317)** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **Scenario (I) VaR 99% I.C.<br> 1 day** | **Scenario (I) VaR 99% I.C.<br> 1 day** | **Scenario (I) VaR 99% I.C.<br> 1 day** | **Scenario (II) Interest rate <br> variation - 25%** | **Scenario (II) Interest rate <br> variation - 25%** | **Scenario (II) Interest rate <br> variation - 25%** | **Scenario (III) Interest rate <br> variation - 50%** | **Scenario (III) Interest rate <br> variation - 50%** | **Scenario (III) Interest rate <br> variation - 50%** |
|  |  | | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** |
| **Contracts exposure** | **Risk** | **Current scenario** | **Rate** | **Company** | **Consolidated** | **Rate** | **Company** | **Consolidated** | **Rate** | Company | **Consolidated** |
| IPCA | Increase | 5.32% | 5.33% | (46) | (231) | 6.65% | (8774) | (43961) | 7.98% | (17547) | (87923) |
| SOFR | Increase | 4.45% | 4.46% | (1) | (32) | 5.56% | (137) | (6586) | 6.68% | (274 | (13167) |
|  |  |  |  | **(47)** | **(263)** |  | **(8911)** | **(50547)** |  | **(17821** | **(101090)** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 46 |

---

---

| |
|:---|
| ![](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) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** |
| | | | **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 <br> factor** | <br>**Maturity** | **Notional** | **Fair value<br> (Asset) - R$** | **Fair value<br> (Liability) - R$** | **Fair value** | **Notional** | **Fair value<br> (Asset) - R$** | **Fair value<br> (Liability) - R$** | **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) |
| *Swap* | IPCA | 2034 | **777342** | **816608** | **(853523)** | **(36915)** | 788999 | 770154 | (839982) | (69828) |
|  | 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)** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | | **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 <br> factor** | <br>**Maturity** | **Notional** | **Fair value <br> (Asset) - R$** | **Fair value<br> (Liability) - R$** | **Fair value** | **Notional** | **Fair value <br> (Asset) - R$** | **Fair value<br> (Liability) - R$** | **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)** |
| *Swap* | IPCA | 2034 | **777342** | **816608** | **(853523)** | **(36915)** | 788999 | 770154 | (839982) | **(69828)** |
|  | 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)** |

---

**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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** |
|  | **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 | **2300791** | 1901064 | **54456** | 58407 | **12027** | 6623 |
| Trade accounts receivable | **1299671** | 3314422 | **229200** | 223559 | **85356** | 55743 |
| Sales orders | **4760207** | 3240158 | **250782** | 137284 | **42928** | 25200 |
| Trade accounts payable | **(347803)** | (424353) | **(86041)** | (38385) | **—** | (3) |
| **Operating subtotal** | **8012866** | **8031291** | **448397** | **380865** | **140311** | **87563** |
| **FINANCIAL** |  |  |  |  |  |  |
| Loans and financing | **(375263)** | (424216) | **—** | (3803) | **—** |  |
| **Financial subtotal** | **(375263)** | **(424216)** | **—** | **(3803)** | **—** | **—** |
| **Operating financial subtotal** | **7637603** | **7607075** | **448397** | **377062** | **140311** | **87563** |
| Net related party | **(6958601)** | **(620487)** | **—** | **—** | **—** | **—** |
| **Total exposure** | **679002** | **6986588** | **448397** | **377062** | **140311** | **87563** |
| **DERIVATIVES** |  |  |  |  |  |  |
| Future contracts | **1650049** | (227086) | **(356798)** | (396154) | **(172254)** | (116430) |
| Non Deliverable Forwards (NDF´s) | **—** | (2167305) | **—** | **—** | **—** | **—** |
| **Total derivatives** | **1650049** | **(2394391)** | **(356798)** | **(396154)** | **(172254)** | **(116430)** |
| **NET EXPOSURE IN US$** | **2329051** | **4592197** | **91599** | **(19092)** | **(31943)** | **(28867)** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 47 |

---

---

| |
|:---|
| ![](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) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **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 (i) VaR 99% C.I. <br> 1 day** | **Scenario (ii) Interest rate<br> variation - 15%** | **Scenario (ii) Interest rate<br> variation - 15%** | **Scenario (ii) Interest rate<br> variation - 15%** | **Scenario (iii) Interest rate <br> variation - 30%** | **Scenario (iii) Interest rate <br> variation - 30%** | **Scenario (iii) Interest rate <br> variation - 30%** |
| | | | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** |
| <br>**Exposure of R$** | <br>**Risk** |<br>**Current <br> exchange rate** |<br>**Exchange rate** | **Company** | **Consolidated** |<br>**Exchange rate** | **Company** | **Consolidated** |<br>**Exchange rate** | **Company** | **Consolidated** |
| Operating | Appreciation | 5.4571 | 5.3487 | (159212) | (324575) | 4.6385 | (1201923) | (2450280) | 3.8200 | (2403860) | (4900589) |
| Financial | Depreciation | 5.4571 | 5.3487 | 7456 | 23289 | 4.6385 | 56289 | 175816 | 3.8200 | 112579 | 351634 |
| Derivatives | Depreciation | 5.4571 | 5.3487 | (32786) | 4692 | 4.6385 | (247506) | 35419 | 3.8200 | (495015) | 70838 |
|  |  |  |  | **(184542)** | **(296594)** |  | **(1393140)** | **(2239045)** |  | **(2786296)** | **(4478117)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** |
| | | | **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 (R$)** | **Fair value** | **Quantity** | **Notional (R$)** | **Fair value** |
| Future Contract | American dollar | Long | **33001** | **1650049** | **(11472)** | (4542) | (227086) | 4 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | | **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 (R$)** | **Fair value** | **Quantity** | **Notional (R$)** | **Fair value** |
| Future Contract | American dollar | Long | **54734** | **2736695** | **(20748)** | 4765 | 11393 | 76 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** |
| | | | **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 (R$)** | **Fair value** | **Quantity** | **Notional (R$)** | **Fair value** |
| NDF´s | American dollar | Short |  |  |  | (350000) | (2167305) | (98) |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 48 |

---

---

| |
|:---|
| ![](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) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Notional (USD)** | **Notional (R$)** | **Fair value** | **Notional (USD)** | **Notional (R$)** | **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) |

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Cenário (i) VaR 99% I.C.<br> 1 dia** | **Cenário (i) VaR 99% I.C.<br> 1 dia** | **Cenário (i) VaR 99% I.C.<br> 1 dia** | **Cenário (II) Variação do câmbio em 15%** | **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%** | **Cenário (III) Variação do câmbio em 30%** |
| | | | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** |
| <br>**Exposure of R $** | <br>**RIsk** | <br>**Current exchange** |<br>**Exchange rate** | **Company** | **Consolidated** |<br>**Exchange rate** | **Company** | **Consolidated** |<br>**Exchange rate** | **Company** | **Consolidated** |
| Operating | Appreciation | 6.4230 | 6.5547 | 9197 | 2188 | 7.3865 | 67260 | 16001 | 8.3499 | 134519 | 32001 |
| Financial | Depreciation | 6.4230 | 6.5547 |  | (223) | 7.3865 |  | (1632) | 8.3499 |  | (3265) |
| Derivatives | Depreciation | 6.4230 | 6.5547 | (7318) | (4281) | 7.3865 | (53520) | (31305) | 8.3499 | (107039) | (62611) |
|  |  |  |  | **1879** | **(2316)** |  | **13740** | **(16936)** |  | **27480** | **(33875)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** |
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Notional (EUR)** | **Notional (R$)** | **Fair value** | **Notional (EUR)** | **Notional (R$)** | **Fair value** |
| Future Contract | Euro | Short | **(5555)** | **(356798)** | **(2169)** | (6155) | (396154) | 1 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Notional (EUR)** | **Notional (R$)**  | **Fair value** | **Notional (EUR)**  | **Notional (R$)**  | **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. <br> 1 day** | **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 (ii) Interest rate variation - 15%** | **Scenario (iii) Interest rate variation - 30%** | **Scenario (iii) Interest rate variation - 30%** | **Scenario (iii) Interest rate variation - 30%** |
| | | | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** | | **Effect on income** | **Effect on income** |
| <br>**Exposure of US $** | <br>**Risk** |<br>**Current exchange** |<br>**Exchange rate** | **Company** | **Consolidated** |<br>**Exchange rate** | **Company** | **Consolidated** |<br>**Exchange rate** | **Company** | **Consolidated** |
| Operating | Appreciation | 7.4893 | 7.3428 | (2744) | (15224) | 6.3659 | (21047) | (116752) | 5.2425 | (42093) | (233504) |
| Financial | Depreciation | 7.4893 | 7.3428 |  | 31 | 6.3659 |  | 241 | 5.2425 |  | 481 |
| Derivatives | Depreciation | 7.4893 | 7.3428 | 3369 | 9174 | 6.3659 | 25838 | 70356 | 5.2425 | 51676 | 140714 |
|  |  |  |  | **625** | **(6019)** |  | **4791** | **(46155)** |  | **9583** | **(92309)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** |
| | | | **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$)** | **Fair value** | **Notional (GBP)** | **Notional (R$)**  | **Fair value** |
| Future Contract | British pound | Short | **(2300)** | **(172254)** | **(261)** | (1500) | (116430) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | | **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** | **Notiona (GBP)** | **Notional (R$)** | **Fair value** | **Notional (GBP)**  | **Notional (R$)**  | **Fair value** |
| Future Contract | British pound | Short | **(1580)** | **(226177)** | **(343)** | 1219 | (211126) | 77 |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 49 |

---

---

| |
|:---|
| ![](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) |

---

---

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

---

**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 of JBS S.A.:**

---

| | | |
|:---|:---|:---|
| | **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. <br> 1 day** | **Scenario (i) VaR 99% I.C. <br> 1 day** | **Scenario (ii) Price variation - 25%** | **Scenario (ii) Price variation - 25%** | **Scenario (ii) Price variation - 50%** | **Scenario (ii) Price variation - 50%** |
| | | | | **Effect on income** | | **Effect on income** | | **Effect on income** |
| <br>**Exposure** | <br>**Risk** |<br>**Current Price** |<br>**Price** | **Consolidated** |<br>**Price** | **Consolidated** |<br>**Price** | **Consolidated** |
| Operational (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)** |

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 50 |

---

---

| |
|:---|
| ![](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) |

---

**Sensitivity analysis (grain):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Scenario (i) VaR 99% I.C. <br> 1 day** | **Scenario (i) VaR 99% I.C. <br> 1 day** | **Scenario (i) VaR 99% I.C. <br> 1 day** | **Scenario (ii) Price variation - 15%** | **Scenario (ii) Price variation - 15%** | **Scenario (ii) Price variation - 30%** | **Scenario (ii) Price variation - 30%** |
| | | | | **Effect on income** | | **Effect on income** | | **Effect on income** |
| <br>**Exposure** | <br>**Risk** | <br>**Current Price** |<br>**Price** | **Consolidated** |<br>**Preço** | **Consolidated** |<br>**Preço** | **Consolidated** |
| Operational (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)** |

---

**Details of derivative financial instruments (cattle):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | | **30.06.25** | **30.06.25** | **30.06.25** | **31.12.24** | **31.12.24** | **31.12.24** |
| <br>**Instrument** | <br>**Risk factor** | <br>**Nature** | **Quantity** | **Notional** | **Fair value** | **Quantity** | **Notional** | **Fair value** |
| Future B3 | 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 (grain):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | | **30.06.25** | **30.06.25** | **30.06.25** | **31.12.24** | **31.12.24** | **31.12.24** |
| <br>**Instrument** |<br>**Risk factor** |<br>**Nature** | **Quantity** | **Notional** | **Fair value** | **Quantity** | **Notional** | **Fair value** |
| Future B3 | Commodities (Grains) | 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 indirect subsidiary Seara Alimentos 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.

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 51 |

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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) |

---

**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)** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
|  | **2025** | **2024** |
| **Statements of other comprehensive income (expense):** |  |  |
| **Financial instruments designated as hedge accounting:** | **(1208)** | **(675)** |
| Commodities | (1208) | (675) |
| **Other comprehensive income** | **(685)** | **1985** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Cash Flow Hedge Movement** | **December 31, <br> 2024** | **OCI** | **June 30, <br> 2025** |
| Hedge accounting operations at Company Seara | 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** |
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Balance sheet:** | | |
| **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 |

---

---

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

---

---

| |
|:---|
| ![](ex99-1_002.jpg) |
| 52 |

---

---

| |
|:---|
| ![](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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** | **Company** |
|  | **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 | **7232546** | **—** | **—** | **—** | **7232546** | 7989133 |  |  |  | **7989133** |
| Loans and financing | **91754** | **415735** | **871907** | **5460613** | **6840009** | 113677 | 78306 | 493805 | 5937202 | **6622990** |
| Estimated interest on loans and financing <sup>(1)</sup> | **1205793** | **1584140** | **1326566** | **3656489** | **7772988** | 453479 | 894074 | 760095 | 2324491 | **4432139** |
| Derivatives liabilities | **157522** | **448654** | **—** | **—** | **606176** | 327673 | 618479 |  |  | **946152** |
| Payments of leases | **106627** | **88303** | **16184** | **4406** | **215521** | 79643 | 94258 | 46190 | 4378 | **224469** |
| Future contracts - Commodities | **600877** | **—** | **—** | **—** | **600877** | 365328 |  |  |  | **365328** |
| Other financial liabilities | **114149** | **67500** | **—** | **—** | **181649** | 100916 | 101250 |  | 150000 | **352166** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **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 | 33018517 |  |  |  | **33018517** | 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** |
| Future contracts - Commodities | 600877 | 159363381 | 28748130 | 16964755 | **205677143** | 365328 | 174897702 | 26246504 | 6110381 | **207619915** |
| Other financial liabilities | 114149 | 67500 |  |  | **181649** | 100916 | 101250 |  | 150000 | **352166** |

---

<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$600,877 (R$365,328 on December 31, 2024), in the Company and R$205.7 billion (R$207.6 billion on December 31, 2024), in the Consolidated.

---

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|:---|
| ![](ex99-1_002.jpg) |
| 53 |

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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) |

---

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 at 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 on December 31, 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 six-month period ended June 30, 2025, Management considered as main risk the data and assumptions highlighted below:

(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.

(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.

---

| | |
|:---|:---|
| **27** | **Approval of the financial statements** |

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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:** | Wesley Mendonça Batista Filho |
| **Vice-Chairman:** | Joesley Mendonça Batista |
| **Advisorr:** | Gilberto Tomazoni |
| **Independent advisor:** | Carlos Hamilton Vasconcelos Araújo |

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| |
|:---|
| ![](ex99-1_002.jpg) |
| 54 |

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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) |

---

**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, on 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.

**STATUTORY 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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| |
|:---|
| ![](ex99-1_002.jpg) |
| 55 |

---

---

| |
|:---|
| ![](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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**STATEMENT OF OFFICERS ON THE FINANCIAL STATEMENTS AND ON THE INDEPENDENT AUDITORS REPORT**

The Company's Officers declare on 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:

(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

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

**STATUTORY BOARD**

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| | |
|:---|:---|
| **Global Chief Executive Officer:** | Gilberto Tomazoni |
| **Administrative and Control Officer:** | Eliseo Santiago Perez Fernandez |
| **Chief Financial Officer:** | Guilherme Perboyre Cavalcanti |
| **Director:** | Wesley Mendonça Batista Filho |

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

\* \* \* \* \*

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|:---|
| ![](ex99-1_002.jpg) |
| 56 |

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