JBS N.V. Q2 FY2025 earnings call

• Dual listing on NYSE as a strategic milestone enhancing global visibility and investor base. - Significant investments in the US: $135M new fresh sausage facility in Iowa, $200M upgrading beef plants in Texas and Colorado, $400M prepared foods facility in Georgia, and a further $100M investment to expand the Iowa facility. - Second quarter net sales record at $21B, +9% YOY; adjusted EBITDA $1.8B, 8.4% margin. - Poultry operation standout, prepared foods growth, Seara's resilience despite avian flu, strong results in JBS Brazil and Australia.

Net sales for the second quarter reached a record USD 21 billion, a 9% increase year-over-year. Adjusted EBITDA was $1.8 billion with a margin of 8.4%. Poultry operation (Pilgrim's) achieved the highest EBITDA in its history due to lower grain costs and resilient U.S. demand. Prepared foods portfolio continued to grow. Seara had an EBITDA margin of 18.1% despite avian influenza in Brazil. JBS Brazil saw net revenue 20% higher than Q2 2024 with an EBITDA margin of 6.4%. JBS Australia had 20% revenue growth driven by higher beef export volumes and an EBITDA margin of 12.7%. JBS USA Beef faced pressure from an unfavorable cattle cycle, while JBS USA Pork was affected by short-term trade restrictions but expected to return to normal levels.

• Announced a $400 million share repurchase program. - Expect to end 2025 with leverage below 2.5x and interest coverage consistent with end of 2024 levels at 7.4x. - Capital expenditures $2B in 2025 and $2B in 2026; working capital $900M in 2025 and $250M in 2026. - Confidence in future due to diversified global platform and operational excellence.

• Macroeconomic challenges affecting some business units. - Unfavorable cattle cycle impacting JBS USA Beef. - Short-term trade restrictions affecting JBS USA Pork. - Avian flu outbreak temporarily closing export markets for Seara. - Tariff impacts on Brazilian beef exports.

Q: Discussion on Australia's strong performance A: Gilberto Tomazoni mentioned increased volume in domestic and external markets, price increases, and strong performance in beef, with other businesses stable except for salmon affected by disease Q: Follow-up on US prepared foods investments A: Wesley Mendonca Batista Filho discussed significant capacity increases in chicken and pork prepared foods projects, with an average of 25%-30% increase in total US volumes expected Q: Tariff impact on Brazil beef A: Gilberto Tomazoni stated tariffs on Brazil beef have immaterial impact on JBS overall, with global platform allowing production redirection, and Friboi showing strong growth in volume and price