JBS Reports Record Net Sales in the Second Quarter of 2026

Free Cash Flow was positive at US$130 million, improving by US$185 million compared with the second quarter of 2025

JBS reported record second-quarter net sales of US$23.9 billion, an increase of 14% compared with the prior year, reflecting strong performance across its diversified global protein platform. Adjusted EBITDA totaled US$1.257 billion, and profitability improved sequentially across most business units despite ongoing challenges in the U.S. beef sector.

“We once again delivered record revenue, reflecting the strength of our diversified portfolio across geographies, proteins and brands. Despite varying market conditions around the world, our operating teams remained focused on execution, efficiency and disciplined capital allocation,” said Gilberto Tomazoni, Global CEO of JBS.

Net leverage ended the quarter at 3.10x.  JBS continues to maintain a strong liquidity position, with an average debt maturity exceeding 15 years and an average cost of debt of 5.7%.

“We have a solid capital structure and adequate liquidity to navigate the different cycles of our businesses. Our focus remains on maximizing returns from investments already made,” said Guilherme Cavalcanti, Global CFO of JBS.

Free Cash Flow was positive at US$130 million, improving by US$185 million compared with the second quarter of 2025. The improvement was driven by working capital management initiatives, including receivables discounting, export-related customer advances in Brazil and stronger accounts payable performance.

Performance during the quarter reflected the benefits of JBS’s diversified operating platform, with strong results in poultry, pork and international operations helping offset continued pressure in the North American beef industry.

Business Units

JBS Beef North America reported record net sales of US$7.8 billion, up 14.2% from 2Q25, supported by historically high beef prices and resilient U.S. consumer demand. The increase in live cattle prices, however, outpaced the increase in beef prices, keeping industry spreads under pressure. The business reported Adjusted EBITDA of negative US$100 million, a significant improvement compared with the negative US$264 million reported in the same period of 2025. The business remained focused on operational efficiency, yield improvements and value maximization as industry cattle supplies continued to constrain margins.

Pilgrim’s Pride reported net sales of US$4.6 billion and Adjusted EBITDA of US$360 million, with an EBITDA margin of 7.8%. Chicken demand remained firm across the United States, Europe and Mexico. In the U.S., profitability improved compared with the first quarter, supported by productivity gains, plant upgrades and greater efficiency in live operations.  The Prepared Foods segment continued to deliver growth in both sales and margins, led by strong performance from the Just Bare brand.

JBS Brazil delivered record net sales of US$4.6 billion, up 28% from 2Q25, and its highest-ever second-quarter Adjusted EBITDA, totaling US$273 million, up 22.1% from the same period last year, despite a 12% increase in average live cattle prices. The business posted an EBITDA margin of 5.9%.

Performance was driven by exports, with higher prices and volumes, supported by the Company’s market diversification strategy. In the domestic market, the business remained focused on key customers, expanding its portfolio of value-added products while strengthening commercial execution.

Seara maintained an Adjusted EBITDA margin of 12.3%, supported by volume growth, operational efficiency and commercial expansion in both the domestic and international markets. Adjusted EBITDA totaled US$315 million.

The business achieved net sales of US$2.5 billion, up 18.2% from the second quarter of 2025, and volumes exceeded 1 million metric tons during the quarter. Performance reflects higher capacity utilization, continued investments in automation and industrial efficiency, and the expansion of its value-added product portfolio.

JBS USA Pork maintained profitability within its historical range despite softer domestic demand. Net sales totaled US$2.1 billion during the quarter, while Adjusted EBITDA increased 38% year over year to US$184 million, resulting in an EBITDA margin of 8.9%.

Results benefited from disciplined commercial execution, a favorable sales mix and continued growth in branded and value-added products, which help lessen exposure to commodity market volatility and support more consistent earnings across market cycles.

JBS Australia generated 30% net sales growth compared with the second quarter of last year, reaching US$2.6 billion, supported by higher prices and volumes.

The beef segment delivered solid performance across both the domestic and export markets, while the pork, prepared foods and salmon businesses contributed to a more diversified earnings profile. Adjusted EBITDA totaled US$218 million during the quarter, with an EBITDA margin of 8.5%.

“Looking ahead, we remain focused on improving operational performance, strengthening our branded portfolio and generating cash flow while maintaining the flexibility to navigate different market cycles,” concluded Tomazoni.