JBS Reports Growth Across All Business Units in 2024
26 | 03 | 2025
JBS delivered one of its best results last year, with improved performance across all business units compared to 2023. Globally, the company’s performance was driven by poultry and pork. Additionally, in a more favorable phase of the cattle cycle compared to the United States, beef performance in Brazil and Australia also stood out.
A key highlight was operational performance. Adjusted Ebitda for 2024 reached US$ 7.2 billion, with an Ebitda margin of 9.3%, a 108% increase and a 4.6 percentage point rise compared to 2023. In the fourth quarter, adjusted Ebitda stood at US$ 1.8 billion, up 79% from the same period the previous year, with an Ebitda margin of 9.2% (a 3.9 percentage point increase).
JBS’s free cash flow generation reached US$ 2.3 billion in 2024 and US$ 906.4 million in the fourth quarter, growing 421% and 4%, respectively, compared to the corresponding periods in 2023. Net income for the year totaled US$ 2.6 billion, while the fourth quarter recorded a gain of US$ 970 million. The company also reduced net debt by US$ 1.7 billion, closing the year at 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.
In poultry and pork units such as Seara and Pilgrim’s, the company benefited from increased protein demand in both domestic and international markets, along with improvements in commercial and operational execution and expansion of the value-added portfolio. JBS Pork also recorded increased sales volume throughout the year.
In the beef segment, JBS Brazil and JBS Australia stood out due to growing international demand for fresh beef and favorable cattle cycle conditions in the domestic market. JBS Beef North America maintained a positive margin for the year by optimizing its portfolio, increasing carcass yield, and maximizing plant efficiency.
JBS ended 2024 with reduced dollar-denominated leverage, from 4.42x to 1.89x (net debt/Ebitda). The company closed the year with US$ 5.8 billion in cash and US$ 3.4 billion available in revolving credit lines.
Throughout the year, JBS and its subsidiaries issued over US$ 641 million in Agribusiness Receivables Certificates (CRA) and launched their first Commercial Paper Program, allowing 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.
The company paid US$ 759 million in dividends to shareholders in 2024 and reopened its share buyback program in September 2024.
Additionally, with a 30-year maturity, Seara’s CRA issuance marked the longest-term debt transaction in the Brazilian capital market. At the beginning of this year, JBS bonds presented to the market on January 6 recorded the lowest corporate spread in the country’s history.
Growth Across All Business Units
Seara delivered strong performance in 2024. Adjusted Ebitda reached US$ 1.5 billion, a significant 322% increase compared to the previous year, with a margin of 17.5%, up 13.1 percentage points annually. Seara’s net revenue reached US$ 8.8 billion, a 6% increase over 2023. In the fourth quarter of 2024, adjusted Ebitda stood at US$ 449.6 million, with a margin of 19.8%, and net revenue reached US$ 2.3 billion.
Pilgrim’s generated US$ 2.7 billion in adjusted Ebitda, reflecting a 76% increase from the previous year, with an Ebitda margin of 15.1%, up 6.3 percentage points annually. Net revenue reached US$ 17.9 billion, a 3% increase over 2023. In the fourth quarter of 2024, adjusted Ebitda was US$ 644.1 million, with an Ebitda margin of 14.7% and net revenue of US$ 4.4 billion.
JBS USA Pork recorded consistent 103% growth in adjusted Ebitda compared to 2023, closing the year at US$ 1.1 billion. The Ebitda margin improved by 6.4 percentage points over the previous year, reaching 13.2%, while net revenue increased by 5% from 2023 to US$ 8.1 billion. In the fourth quarter of 2024, adjusted Ebitda was US$ 271 million, with an Ebitda margin of 13.5% and net revenue of US$ 2 billion.
JBS Australia reported adjusted Ebitda of US$ 664.3 million in 2024, a 46% increase from the prior year, with an Ebitda margin of 10%, up 2.7 percentage points annually. Net revenue reached US$ 6.6 billion, a 7% increase over 2023. In the fourth quarter of 2024, adjusted Ebitda was US$ 140.2 million, with an Ebitda margin of 7.9% and net revenue of US$ 1.8 billion.
From January to December 2024, JBS Brazil recorded 106% growth in adjusted Ebitda compared to 2023, reaching US$ 965 million. The Ebitda margin rose by 3.5 percentage points over the previous year, reaching 7.7%, while net revenue increased by 13% over 2023 to US$ 12.6 billion. In the fourth quarter of 2024, adjusted Ebitda was US$ 231.1 million, with an Ebitda margin of 6.6% and net revenue of US$ 3.5 billion.
In 2024, JBS Beef North America posted adjusted Ebitda of US$ 247.3 million, up 117% from the prior year, with an Ebitda margin of 1%, a 0.5 percentage point increase annually, and net revenue of US$ 24.3 billion, a 4% rise from 2023. In the fourth quarter of 2024, adjusted Ebitda was US$ 110.7 million, with an Ebitda margin of 1.7% and net revenue of US$ 6.4 billion.
Escrito por: Oxigenweb