The Group’s Management has defined operating segments based on the reports that are used to make strategic decisions, analyzed by the Chief Operating Decision Maker (CODM) - our Chief Executive Officer (CEO), there are six reportable segments: Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride and Australia. The segment performance is evaluated by the CODM, based on Adjusted EBITDA.

Adjusted EBITDA consists of profit or loss before taxes, applying the same accounting policies described in these financial statements, except for the following adjustments as described below: exclusion of share of profit of equity-accounted investees, net of tax, exclusion of net finance expense, exclusion of depreciation and amortization expenses, exclusion of antitrust agreements expenses, exclusion of donations and social programs expenses, exclusion of impairment of assets expenses, exclusion of restructuring expenses, exclusion of fiscal payments and installments expense, exclusion of Avian influenza expense, exclusion of closure of plants expenses, and exclusion of certain other operating income (expenses), net.

Brazil: this segment includes all the operating activities of the Group, mainly represented by slaughter facilities, cold storage and meat processing, fat, feed and production of cattle by-products such as leather, collagen and other products produced in Brazil. Revenues are generated from the sale of products predominantly to restaurant chains, food processing companies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

Seara: this segment includes all the operating activities of Seara and its subsidiaries, mainly represented by chicken and pork processing, production and commercialization of food products and value-added products. Revenues are generated from the sale of products predominantly to restaurant chains, food processing companies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

Beef North America: this segment includes JBS USA beef processing operations in North America and the plant-based businesses in Europe. Beef also sells by-products to the variety meat, feed processing, fertilizer, automotive and pet food industries and also produces value-added meat products including toppings for pizzas. Finally, Sampco LLC imports processed meats and other foods such as canned fish, fruits and vegetables to the US and Vivera produces and sells plant-based protein products in Europe.

Pork USA: this segment includes JBS USA’s pork operations, including Swift Prepared Foods. Revenues are generated from the sale of products predominantly to retailers of fresh pork including trimmed cuts such as loins, roasts, chops, butts, picnics and ribs. Other pork products, including hams, bellies and trimmings, are sold predominantly to further processors who, in turn, manufacture bacon, sausage, and deli and luncheon meats. In addition, revenues are generated from the sale of case ready products, including the recently acquired TriOak business. As a complement to our pork processing business, we also conduct business through our hog production operations, including thirty-one hog farms and eight feed mills, from which, JBS Lux will source live hogs for its pork processing operations.

Pilgrim’s Pride: this segment includes PPC’s operations, including Moy Park, Tulip and Pilgrim's Consumer Foods as well, mainly represented by chicken processing, production and commercialization of food products and prepared foods in the United States of America, Mexico, United Kingdom and France. The fresh chicken products consist of refrigerated (non-frozen) whole or cut-up chicken, either pre-marinated or non-marinated, and pre-packaged chicken in various combinations of freshly refrigerated, whole chickens and chicken parts. The prepared chicken products include portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties and bone-in chicken parts. These products are sold either refrigerated or frozen and may be fully cooked, partially cooked or raw. In addition, these products are breaded or non-breaded and either pre-marinated or non-marinated. The segment also generates revenue from the sale of prepared pork products through PPL, a subsidiary acquired by PPC in October 2019. The segment includes PPC’s PFM subsidiary, acquired in September 2021, and generates revenues from branded and private label meats, meat snacks, food-to-go products, and ethnic chilled and frozen ready meals.

Australia: This segment includes our fresh, frozen, value-added and branded beef, lamb, pork and fish products in Australia and New Zealand. The majority of our beef revenues from our operations in Australia are generated from the sale of fresh beef products (including fresh and frozen chuck cuts, rib cuts, loin cuts, round cuts, thin meats, ground beef, offal and other products). This segment also sells value-added and branded beef products (including frozen cooked and pre-cooked beef, corned cooked beef, beef cubes and consumer-ready products, such as hamburgers and sausages). This segment also operates lamb, pork, and fish, processing facilities in Australia and New Zealand including Huon and Rivalea businesses. JBS Australia also generates revenues through their cattle hoteling business. We sell these products in the countries where we operate our facilities, which we classify as domestic sales, and elsewhere, which we classify as export sales.


Six-month period ended June 30, 2026
	Brazil	Seara	Beef North America	Pork USA	Pilgrim’s Pride	Australia	Total reportable segments	All others segments	Elimination (*)	Total
Revenue from customers	7,432,115	4,784,375	14,829,280	4,045,338	9,137,540	4,709,421	44,938,069	570,136	—	45,508,205
Intersegment revenue	941,252	155,292	107,215	65,678	15,063	865	1,285,365	97,357	(1,382,722)	—
Net revenue	8,373,367	4,939,667	14,936,495	4,111,016	9,152,603	4,710,286	46,223,434	667,493	(1,382,722)	45,508,205
Adjusted EBITDA (1)	436,934	749,698	(345,039)	390,842	952,580	363,488	2,548,503	14,170	—	2,562,673


Six-month period ended June 30, 2025
	Brazil	Seara	Beef North America	Pork USA	Pilgrim’s Pride	Australia	Total reportable segments	All others segments	Elimination (*)	Total
Revenue from customers	6,201,914	4,173,623	13,133,168	3,976,113	9,200,612	3,589,653	40,275,083	249,093	—	40,524,176
Intersegment revenue	548,821	142,953	93,517	84,636	13,392	4,666	887,985	74,899	(962,884)	—
Net revenue	6,750,735	4,316,576	13,226,685	4,060,749	9,214,004	3,594,319	41,163,068	323,992	(962,884)	40,524,176
Adjusted EBITDA (1)	359,652	817,485	(333,457)	500,901	1,477,940	450,534	3,273,055	8,296	—	3,281,351


Three-month period ended June 30, 2026
	Brazil	Seara	Beef North America	Pork USA	Pilgrim’s Pride	Australia	Total reportable segments	All others segments	Elimination (*)	Total
Revenue from customers	4,171,343	2,466,409	7,708,435	2,054,185	4,614,722	2,564,928	23,580,022	319,558	—	23,899,580
Intersegment revenue	413,184	93,965	61,495	25,168	8,494	460	602,766	49,147	(651,913)	—
Net revenue	4,584,527	2,560,374	7,769,930	2,079,353	4,623,216	2,565,388	24,182,788	368,705	(651,913)	23,899,580
Adjusted EBITDA (1)	269,242	380,439	(78,280)	116,726	502,923	230,728	1,421,778	7,564	—	1,429,342


Three-month period ended June 30, 2025
	Brazil	Seara	Beef North America	Pork USA	Pilgrim’s Pride	Australia	Total reportable segments	All others segments	Elimination (*)	Total
Revenue from customers	3,258,992	2,088,869	6,769,877	2,022,115	4,748,516	1,970,082	20,858,451	139,205	—	20,997,656
Intersegment revenue	321,761	77,239	35,198	36,971	6,066	2,708	479,943	66,421	(546,364)	—
Net revenue	3,580,753	2,166,108	6,805,075	2,059,086	4,754,582	1,972,790	21,338,394	205,626	(546,364)	20,997,656
Adjusted EBITDA (1)	228,574	391,792	(232,984)	253,599	817,739	290,179	1,748,899	4,725	—	1,753,624


	Six-month period ended June 30,		Three-month period ended June 30,
	2026	2025	2026	2025
Profit (loss) before taxes	86,609	1,430,601	(222,084)	736,497
Share of profit of equity-accounted investees, net of tax	(14,794)	(10,556)	123,621	(7,821)
Net finance expense	1,009,781	567,950	695,572	376,404
Depreciation and amortization	1,256,587	1,100,838	639,099	565,194
Antitrust agreements (1)	157,375	133,638	132,731	54,090
Donations and social programs (2)	535	1,132	—	605
Impairment of assets	—	12,767	—	7,105
Restructuring (3)	20,117	21,538	17,334	4,536
Fiscal payments and installments (4)	9,605	2,378	9,605	2,378
Avian influenza	—	5,612	—	5,612
Closure of plants (5)	24,142	—	24,142	—

Other operating income (expense), net (6)	12,716	15,453	9,322	9,024
Total Adjusted EBITDA for operating segments	2,562,673	3,281,351	1,429,342	1,753,624

(3)Refers to the project implementation of multiple restructuring initiatives mainly in the indirect subsidiary Pilgrim’s Pride Corporation (PPC), which are registered as Other expenses, as well as other non-significant restructuring projects that are registered as General and administrative expenses.


Six-month period ended June 30, 2026
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Net revenue	22,699,788	3,170,995	12,676,481	4,016,454	4,576,963	630,162	47,770,843	(2,262,638)	45,508,205


Six-month period ended June 30, 2025
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Net revenue	21,125,919	2,962,295	10,912,648	3,158,731	3,125,191	224,902	41,509,687	(985,511)	40,524,176


Three-month period ended June 30, 2026
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Net revenue	11,781,407	1,568,270	6,692,802	2,157,651	2,924,521	443,418	25,568,069	(1,668,489)	23,899,580


Three-month period ended June 30, 2025
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Net revenue	10,846,470	1,546,390	5,793,475	1,722,484	1,663,479	134,644	21,706,943	(709,287)	20,997,656


June 30, 2026
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Total assets	13,605,097	3,307,372	16,288,433	4,170,094	8,761,020	468,570	46,600,586	(762,210)	45,838,376

December 31, 2025
	United States of America (2)	Mexico and Canada	Brazil (3)	Australia	Europe	Minor regions	Total	Intercompany elimination (1)	Total
Total assets	13,940,917	5,468,199	15,934,286	4,350,848	14,340,561	435,728	54,470,539	(9,314,053)	45,156,486

(2)Amounts previously disclosed under the 'North and Central America' geographic area are now presented disaggregated into two distinct geographic areas: 'United States of America' and 'Mexico and Canada'. This disaggregation was performed retrospectively for information comparability purposes.

(3) Amounts previously disclosed under the 'South America' geographic area are now presented on a disaggregated basis, with Brazil presented as a separate geographic area, while the remaining countries in the region are now grouped under 'Minor regions'. Prior-period information has been presented on a consistent basis for comparability purposes.