
	Notes	Fair value hierarchy	June 30, 2026	December 31, 2025
Assets
Fair value through profit or loss (1)
Financial / Overnight investments	3	Level 2	2,146,796	1,887,853
National treasury bills	3	Level 1	155,486	123,204
Derivative assets		Level 2	115,199	155,441
Fair Value through Other Comprehensive Income
Investment in financial assets at fair value	3	Level 1	—	49,908
Derivative assets		Level 2	2,971	161
Amortized cost (2)
Cash at banks	3		1,259,842	2,557,740
CME Margin investments	3		75,297	105,993
Trade accounts receivable	4		3,555,443	4,231,924
Dividends Receivable			—	1,465
Related party receivables	8		32,709	41,231
Financial investments	3		50,949	45,780
Total			7,394,692	9,200,700
Liabilities
Amortized cost (2)
Loans and financing	16		(22,650,689)	(21,090,568)
Trade accounts payable and supply chain finance	15		(7,047,210)	(7,332,559)
Debt with related party	8		(142,536)	(190,998)
Lease	12.2		(1,794,217)	(1,767,285)
Dividends Payable			(117)	—
Fair value through profit or loss
Derivative liabilities		Level 2	(217,212)	(267,214)
Fair value through Other Comprehensive Income
Derivative liabilities		Level 2	(1,497)	(3,567)
Total			(31,853,478)	(30,652,191)

Fair value of assets and liabilities: Financial assets and financial liabilities are offset and presented on a net basis when there is a legally enforceable right to offset the recognized amounts and an intention to settle them on a net basis or to realize the asset and settle the liability simultaneously. Fair value measurements are classified into hierarchy levels based on the significance of the inputs used in determining fair value, as defined below:

Fair value of assets and liabilities carried at amortized cost: The fair value of the Notes (Bonds) under Rule 144-A and Regulation S, are estimated using the closing sale price of these securities informed by a financial newswire on June 30, 2026 and December 31, 2025, considering there is an active market for these financial instruments. The carrying amount of the remaining fixed-rate loans approximates fair value since the interest rate market, the Group's credit quality, and other market factors have not significantly changed since entering into the loans. The carrying amount of variable-rate loans and financings approximates fair value given the interest rates adjusted for changes in market conditions and the quality of the Group’s credit rating has not substantially changed. For all other financial assets and liabilities, carrying amount

approximates fair value due to the short duration of the instruments. For the six-month period ended June 30, 2026, the principal amount is US$19,102,688 (US$18,052,688 on December 31, 2025) and the fair value is US$18,799,743 (US$18,157,182 on December 31, 2025).

In its operational routine, the Group is exposed to various market, credit, and liquidity risks. These risks are disclosed in the financial statements as of December 31, 2025. There were no changes in the nature of these risks during the current quarterly reporting period. The following section presents the risks and operations to which the Group is exposed in the current period. Additionally, a sensitivity analysis is provided for each type of risk, showing the potential impact on Financial Results under hypothetical changes: CDI and other rates at 25% and 50%, and currency and commodity exposure at 15% and 30% in the relevant risk variables. For the probable scenario, the Company deems it appropriate to use the Value at Risk (VaR) methodology with a 99% confidence interval (CI) and a one-day horizon.

The Group understands that the quantitative data referring to the Group's interest rate exposure risk on June 30, 2026 and December 31, 2025, are in accordance with the Financial and Commodity Risk Management Policy and are representative of the exposure incurred during the period. For informational purposes and in accordance with our Financial and Commodities Risk Management Policy, the notional amounts of assets and liabilities exposed to floating interest rates are presented below:


	June 30, 2026	December 31, 2025
Net exposure to the CDI/FED rate:
CRA - Agribusiness Credit Receivable Certificates	(139,265)	(54,231)
Credit note - export	(59)	(410)
Rural - Credit note - Prefixed	(198,565)	(114,282)
Related party transactions	(104,842)	(105,892)
CDB-DI (Bank certificates of deposit)	1,211,063	727,695
CME Margin investments	75,297	105,760
Treasury bills	94,910	75,286
Subtotal	938,539	633,926
Derivatives (CDI)	55,688	—
Derivatives (Swap)	(696,006)	(922,938)
Total	298,221	(289,012)

Net exposure to the IPCA rate:
Treasury bills	60,576	47,920
CRA - Agribusiness Credit Receivable Certificates	(2,163,111)	(2,165,193)

Related party transactions	(4,985)	(43,875)
Subtotal	(2,107,520)	(2,161,148)
Derivatives (Swap)	594,253	805,029
Total	(1,513,267)	(1,356,119)

Liabilities exposure to the SOFR rate:
Export credit note	(156,938)	(254,903)

Working Capital - USD	(23,945)	(11,691)
Total	(180,883)	(266,594)

Liabilities exposure to the Euribor rate:
Working Capital - EUR	(45,312)	(55,348)
Revolving credit facility	(31,348)	(33,701)
Total	(76,661)	(89,049)


				Scenario (i) VaR 99% I.C. 1 day			Scenario (ii) Interest rate variation - 25%			Scenario (iii) Interest rate variation - 50%
Contracts exposure	Risk	Current scenario		Rate		Effect on income	Rate		Effect on income	Rate		Effect on income

CDI	Decrease	14.15	%	14.08	%	(215)	10.61	%	(10,550)	7.08	%	(21,099)
IPCA	Increase	4.72	%	4.73	%	(115)	5.90	%	(17,857)	7.08	%	(35,713)
SOFR	Increase	3.68	%	3.68	%	(7)	4.60	%	(1,664)	5.52	%	(3,328)
Euribor	Increase	2.73	%	2.73	%	(2)	3.41	%	(523)	4.09	%	(1,046)
						(339)			(30,594)			(61,186)

June 30, 2026

December 31, 2026

Instrument

Risk factor

Maturity

Notional

Fair value
(Asset) - R$

Fair value (Liability) -
R$

Fair value

Notional

Fair value
(Asset) - R$

Fair value (Liability) -
R$

Fair value

Swap

IPCA

2027 - 2037

474,168

594,253

(696,006)

(101,753)

672,843

805,029

(922,938)

(117,909)

Below are presented the risks related to the most significant exchange rates fluctuation given the relevance of these currencies in the Group’s operations and the stress analysis scenarios and VaR to measure the total exposure as well as the cash flow risk with B3 and the Chicago Mercantile Exchange. The Group discloses these exposures considering the fluctuations of a exchange rate in particular towards the functional currency of each subsidiary.


	USD		EUR		GBP
	June 30, 2026	December 31, 2025	June 30, 2026	December 31, 2025	June 30, 2026	December 31, 2025







Operating (including cash and cash equivalents, trade accounts receivable and sales orders)	3,770,328	4,244,622	334,195	483,608	72,150	123,168



Financial (including loans and financing)	(570,734)	(369,538)	(1,576)	(1,525)	—	(191)
TOTAL EXPOSURE	3,199,594	3,875,084	332,619	482,083	72,150	122,977





Derivatives	660,769	6,334	62,402	1,276	(65,859)	(67,532)
NET EXPOSURE	3,860,363	3,881,418	395,021	483,359	6,291	55,445


		Current exchange rate	Scenario (i) VaR 99% C.I. 1 day		Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure of US$	Risk		Exchange rate	Effect on income	Exchange rate	Effect on income	Exchange rate	Effect on income
Operating	Depreciation	1.00	0.98	(65,230)	0.85	(565,549)	0.70	(1,131,098)
Financial	Appreciation	1.00	1.02	(9,876)	1.15	(85,610)	1.30	(171,220)
Derivatives	Depreciation	1.00	0.98	(11,432)	0.85	(99,115)	0.70	(198,231)
				(86,538)		(750,274)		(1,500,549)


			Scenario (i) VaR 99% I.C. 1 day		Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure of US$	Risk	Current exchange rate	Exchange rate	Effect on income	Exchange rate	Effect on income	Exchange rate	Effect on income
Operating	Depreciation	1.14	1.12	(5,137)	0.97	(50,219)	0.80	(100,258)
Financial	Appreciation	1.14	1.16	(24)	1.31	(236)	1.48	(473)
Derivatives	Depreciation	1.14	1.12	(959)	0.97	(9,360)	0.80	(18,720)
				6,120		59,815		119,451


			Scenario (i) VaR 99% I.C. 1 day		Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure of US$	Risk	Current exchange rate	Exchange rate	Effect on income	Exchange rate	Effect on income	Exchange rate	Effect on income
Operating	Depreciation	1.33	1.31	(1,121)	1.13	(10,822)	0.93	(21,645)

Derivatives	Appreciation	1.33	1.35	(1,024)	1.52	(9,879)	1.72	(19,758)
				(2,145)		(20,701)		(41,403)


			June 30, 2026		December 31, 2025
Instrument	Risk factor	Nature	Notional (US$)	Fair value	Notional (US$)	Fair value
Future Contract	American dollar	Long	203,054	298	241,445	(1,814)
Deliverable Forwards	American dollar	Short	(239,970)	(13,791)	(278,582)	13,069
Non-Deliverable Forwards	American dollar	Long	697,685	11,005	43,471	(4,467)
Future Contract	Euro	Short	(69,251)	40	(79,419)	62
Deliverable Forwards	Euro	Long	140,777	(331)	103,646	(2,039)
Non-Deliverable Forwards	Euro	Short	(9,124)	235	(22,591)	(55)
Future Contract	British pound	Short	(40,043)	9	(40,676)	72
Deliverable Forwards	British pound	Short	(25,816)	(257)	(26,856)	129

The Group operates globally (across the entire livestock protein chain and related business) and during the regular course of its operations is exposed to price fluctuations in feeder cattle, live cattle, lean hogs, corn, soybeans, and energy, especially in the North American, Australian and Brazilian markets. Commodity markets are characterized by volatility arising from external factors including climate, supply levels, transportation costs, agricultural policies and storage costs, among others. The Risk Management Department is responsible for mapping the exposures to commodity prices of the Company and proposing strategies to the Risk Management Committee, in order to mitigate such exposures.


Exposure in Commodities (Live Stock) - Expressed in contract quantity	June 30, 2026	December 31, 2025
OPERATING
Firm contracts	24,425	31,200
Subtotal	24,425	31,200
DERIVATIVES
Future contracts	(3,650)	7,348
Deliverable Forwards	(24,674)	(41,942)

Subtotal	(28,324)	(34,594)
NET EXPOSURE	(3,899)	(3,394)


		Scenario (i) VaR 99% I.C. 1 day			Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure	Risk	Current price	Price	Effect on income	Price	Effect on income	Price	Effect on income
Operating	Decrease	38	38	(18,645)	32	(279,674)	27	(559,347)
Derivatives	Increase	35	36	(18,293)	41	(274,396)	46	(548,792)
				(36,938)		(554,069)		(1,108,139)

June 30, 2026

December 31, 2025

Instrument

Risk factor

Nature

Quantity

Fair value

Quantity

Fair value

Future Contracts

Commodities (Live stocks)

Short

(3,650)

431

7,348

(346)

Deliverable Forwards

Commodities (Live stocks)

Short

(24,674)

(70,640)

(41,942)

(93,782)


Exposure in Commodities (Grains and others) - Expressed in contract quantity	June 30, 2026	December 31, 2025
OPERATING
Purchase orders	6,292	5,403
Subtotal	6,292	5,403
DERIVATIVES
Future B3	50,203	17,515
Future CME	300	155
Deliverable Forwards	19,483	32,783
Non Deliverable Forwards	438,827	—
Subtotal	508,813	50,453
NET EXPOSURE	515,104	55,856


		Scenario (i) VaR 99% I.C. 1 day			Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure	Risk	Current price	Price	Effect on income	Price	Effect on income	Price	Effect on income
Operating	Increase	24	24	(3,913)	28	(58,694)	31	(117,389)
Derivatives	Decrease	6	6	(8,355)	5	(125,322)	4	(250,644)
				(12,268)		(184,016)		(368,033)


			June 30, 2026		December 31, 2025
Instrument	Risk factor	Nature	Quantity	Fair value	Quantity	Fair value
Future Contracts	Commodities (grains and others)	Long	50,203	1,752	17,515	(170)
Deliverable Forwards	Commodities (grains and others)	Long	19,483	15,638	32,783	46,621
Future CME	Commodities (grains and others)	Short	300	456	155	(45)
Non Deliverable Forwards	Commodities (grains and others)	Long	438,827	(1,857)	—	—

The indirect subsidiary Seara Alimentos Ltda. applies hedge accounting for gain purchase, aiming at bringing stability to the subsidiary's results. The designation of these instruments is based on the guidelines outlined in the Financial and Commodity Risk Management Policy defined by the Risk Management Committee and approved by the Board of Directors.

Below is shown the effects on income for the period, on other comprehensive income and on the balance sheet of derivative financial instruments contracted for hedging exchange rates, commodity prices and interest rates (cash flow and fair value hedges):


	June 30, 2026					December 31, 2025
	Less than 1 year	Between 1 and 3 years	Between 4 and 5 years	More than 5 years	Total	Less than 1 year	Between 1 and 3 years	Between 4 and 5 years	More than 5 years	Total
Trade accounts payable and supply chain finance	7,047,210	—	—	—	7,047,210	7,332,559	—	—	—	7,332,559
Loans and financing	1,334,897	841,785	1,545,992	18,928,015	22,650,689	833,085	249,115	794,458	19,213,910	21,090,568
Estimated interest on loans and financing (1)	309,235	659,005	320,065	3,786,567	5,074,872	1,265,226	2,425,415	2,377,113	15,237,492	21,305,246
Derivatives liabilities	116,808	101,901	—	—	218,709	156,405	114,376	—	—	270,781
Payments of leases	368,699	619,220	364,469	780,964	2,133,352	354,887	520,701	351,036	861,409	2,088,033
Commodities and energy forward purchase contracts	289,905	24,126,196	6,813,584	3,811,072	35,040,757	140,956	13,912,887	11,252,506	2,614,618	27,920,967

(1)Includes interest on all loans and financing outstanding. Payments are estimated for variable rate debt based on effective interest rates on June 30, 2026 and December 31, 2025. Payments in foreign currencies are estimated using the June 30, 2026 and December 31, 2025 exchange rates.

The Group has securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of June 30, 2026 is in the amount of US$168,301 (US$159,562 on December 31, 2025). This guarantee is larger than its collateral.

The interest payments on variable interest rate loans and bond issues in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.