JBS Achieves Strong Growth Across Global Operations in 2024

JBS concluded 2024 with one of the strongest performances in its history, recording solid growth across all business units when compared to 2023. Globally, poultry and pork operations were key drivers, while beef operations in Brazil and Australia also stood out thanks to more favorable cattle cycles than those in the United States.

Robust Operational Performance and Profitability

A standout in 2024 was JBS’s operational efficiency. The company reported an adjusted EBITDA of US$ 7.2 billion, reflecting a 108% year-over-year increase and a 4.6 percentage point expansion in margin, reaching 9.3%. In the fourth quarter alone, adjusted EBITDA totaled US$ 1.8 billion, with a 9.2% margin, up 79% from the same period in 2023.

Free cash flow reached US$ 2.3 billion in 2024 and US$ 906.4 million in Q4—marking annual and quarterly increases of 421% and 4%, respectively. Net income for the year hit US$ 2.6 billion, with US$ 970 million recorded in Q4. The company also reduced its net debt by US$ 1.7 billion, closing the year with a total of US$ 13.6 billion.

“In 2024, we observed consistent progress across all our business units. This performance demonstrates the effectiveness of our strategy as a diversified global platform across proteins and geographies, driven by strong brands and a higher value-added product portfolio. Additionally, we maintain a focus on operational excellence, sustained by the dedication of our employees,” said Gilberto Tomazoni, Global CEO of JBS.

Highlights by Business Unit

Poultry and pork operations—including Seara and Pilgrim’s—benefited from rising protein demand in both domestic and international markets. Enhanced commercial execution, operational improvements, and expansion of value-added offerings contributed significantly to growth. JBS Pork also recorded higher sales volumes year over year.

Beef operations in Brazil and Australia stood out due to robust export demand and favorable supply conditions. In North America, JBS Beef maintained positive margins through portfolio optimization, improved carcass yield, and plant efficiency enhancements.

JBS also significantly reduced its dollar-denominated leverage from 4.42x to 1.89x (Net Debt/EBITDA), ending the year with US$ 5.8 billion in cash and US$ 3.4 billion in available revolving credit.

Throughout the year, JBS and its subsidiaries issued more than US$ 641 million in CRA (Agribusiness Receivables Certificates) and launched their first Commercial Paper Program, enabling up to US$ 1 billion in issuances, further diversifying funding sources.

“As projected in the third quarter of 2024, we achieved leverage below 2x, and the year’s results confirm the strength of our platform. We are optimistic that geographic and multi-protein diversification will continue to drive growth and returns for our shareholders,” said Guilherme Cavalcanti, CFO of JBS.

In 2024, the company paid US$ 759 million in dividends and resumed its share buyback program in September. Notably, Seara’s CRA issuance, with a 30-year maturity, became the longest-term debt transaction in Brazil’s capital markets. Additionally, JBS bonds presented on January 6 registered the lowest corporate spread in the country’s history.