Highlights

  • Second quarter 2026 net sales were $23.9 billion, up 14%, with IFRS adjusted EBITDA of $1,429 million, down 18%.
  • Net loss attributable to JBS was $102 million, and earnings per share were -$0.10, compared with $0.48 a year earlier.
  • Adjusted earnings per share were $0.20, compared with $0.52, and leverage ended the quarter at 3.10 x net debt to adjusted EBITDA.
  • Wesley Batista Filho will become Global CEO effective January 2027, and Gilberto Tomazoni will become Vice Chairman of the Board.

JBS N.V. (NYSE: JBS) shares were trading at USD 12.10 on October 27, 2026, down 2.38%, with a relative volume at time of 2.26. The food company announced the closure of two U.S. beef plants, paid a $1 billion dividend, raised its revolving credit facility in August, and on August 10, 2026 reported second quarter results and a planned Global CEO transition.

JBS N.V. is incorporated in the Netherlands and lists its principal executive offices in Amstelveen, the Netherlands. It is a global food company with a portfolio that includes poultry, pork, beef, lamb, fish and plant-based proteins. Its brands include Friboi, Seara, Swift, Pilgrim's Pride, Moy Park, Primo and Just Bare. The company reports results for JBS Beef North America, Pilgrim's Pride, JBS Brazil, Seara, JBS Australia and JBS USA Pork. It employs more than 282,000 people and operates in over 20 countries.

Second Quarter Results

The company reports in US dollars under IFRS. Net sales for the second quarter of 2026 were $23,899.6 million, compared with $20,997.7 million a year earlier. Operating income was $597.1 million, compared with $1,105.1 million. The company recorded a loss before taxes of $222.1 million and a net loss of $96.2 million, of which $102.1 million was attributable to company shareholders.

Adjusted EBITDA under IFRS was $1,429 million, compared with $1,754 million, and adjusted operating income under IFRS was $790 million, compared with $1,188 million. Adjusted net income was $218 million. The company listed these main non-recurring items: $172 million in premiums, interest and costs for bond and CRA tender offers, antitrust settlements of $133 million, and an $81 million gain from the final purchase price calculation for Mantiqueira Alimentos.

For the six months, net income attributable to JBS was $118 million, and earnings per share were $0.11, compared with $1,028 million and $0.93.

Segments

Segment net sales were $7,770 million for JBS Beef North America, $4,623 million for Pilgrim's Pride, $4,585 million for JBS Brazil and $2,560 million for Seara. IFRS adjusted EBITDA was negative $78 million for JBS Beef North America and $503 million for Pilgrim's Pride.

The company said industry beef spreads remained pressured in North America, with live cattle imports from Mexico restricted during the quarter. It announced the closure of a processing plant in Souderton, Pennsylvania and a case-ready plant in Memphis, Tennessee, and merged three beef business units into Beef USA. It said Pilgrim's Pride profitability declined from the prior year due to lower commodity pricing.

Balance Sheet, Cash Flow and Capital

At June 30, 2026, cash and cash equivalents were $3,469.1 million, current loans and financing were $1,334.9 million, and non-current loans and financings were $21,315.8 million. Leverage ended the quarter at 3.10 x, compared with 2.27 x a year earlier, and interest coverage was 5.00 x, compared with 7.74 x.

Cash provided by operating activities was $1,242.2 million for the quarter, and purchases of property, plant and equipment were $612.5 million. Free cash flow was a positive $130 million, compared with cash consumption of $55 million in the second quarter of 2025. The company paid dividends of $1,039.1 million. In August, it increased its revolving credit facility from $3.5 billion to $4.2 billion, bringing total liquidity to $7.7 billion.

Leadership and Outlook

On August 10, 2026, JBS announced that Wesley Batista Filho, currently CEO of JBS USA, will become Global CEO effective January 2027. Gilberto Tomazoni will oversee the transition over the next five months before becoming Vice Chairman of the Board and Senior Advisor. The release does not provide numerical guidance. Management said U.S. live cattle imports from Mexico are expected to resume gradually beginning August 24.