JBS N.V. (Form: 6-K, Received: 11/13/2025 17:29:40)

Exhibit 99.1

	JBS N.V.
	Unaudited condensed consolidated interim financial information
	as of and for three and nine-month period ended September 30, 2025
	In thousands of United States dollar - US$

Index		Page
Statements of financial position - Assets		1
Statements of financial position - Liabilities and Equity		2
Statements of income for the nine-month period ended September 30, 2025 and 2024		3
Statements of income for the three-month period ended September 30, 2025 and 2024		4
Statements of comprehensive income for the nine-month period ended September 30, 2025 and 2024		5
Statement of comprehensive income for the three-month period September 30, 2025 and 2024		6
Statements of changes in equity for the nine-month period ended September 30, 2025 and 2024		7
Statements of cash flows for the nine-month period ended September 30, 2025 and 2024		8
Note 1 - Background information		9
Note 2 - Basis of preparation		11
Note 3 - Cash and cash equivalents and margin cash		13
Note 4 - Trade accounts receivable		13
Note 5 - Inventories		14
Note 6 - Biological assets		14
Note 7 - Recoverable taxes		14
Note 8 - Related parties transactions		15
Note 9 - Income taxes		16
Note 10 - Investments in subsidiaries, associates and joint venture		19
Note 11 - Property, plant and equipment		19
Note 12 - Leases		20
Note 13 - Intangible assets		22
Note 14 - Goodwill		22
Note 15 - Trade accounts payable		23
Note 16 - Loans and financing		24
Note 17 - Income and other taxes payable		25
Note 18 - Payroll and social charges		26
Note 19 - Provisions for legal proceedings		26
Note 20 - Equity		28
Note 21 - Net revenue		30
Note 22 - Net finance income (expense)		30
Note 23 - Earnings (losses) per share		31
Note 24 - Operating segments		31
Note 25 - Expenses by nature		34
Note 26 - Risk management and financial instruments		37

Unaudited condensed consolidated interim statements of financial position

In thousands of United States dollar - US$

	Note	September 30, 2025		December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3		3,558,215		5,613,672
Margin cash	3		553,846		136,554
Trade accounts receivable	4		3,847,840		3,735,540
Inventories	5		6,568,664		5,015,989
Biological assets	6		1,820,815		1,608,223
Recoverable taxes	7		670,077		637,728
Derivative assets	26		262,706		84,468
Other current assets			389,522		288,842
TOTAL CURRENT ASSETS			17,671,685		17,121,016

NON-CURRENT ASSETS
Long-term investments	3		45,831		—
Recoverable taxes	7		1,914,060		1,412,455
Biological assets	6		602,189		518,234
Related party receivables	8		—		77,355
Deferred income taxes	9		511,482		651,178
Other non-current assets			558,552		268,737
			3,632,114		2,927,959

Investments in equity-accounted investees	10		226,539		38,312
Property, plant and equipment	11		13,263,866		11,780,880
Right of use assets	12.1		1,644,803		1,596,873
Intangible assets	13		1,848,912		1,803,199
Goodwill	14		5,898,192		5,417,134
TOTAL NON-CURRENT ASSETS			26,514,426		23,564,357

TOTAL ASSETS			44,186,111		40,685,373

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

Unaudited condensed consolidated interim statements of financial position

In thousands of United States dollar - US$

	Note	September 30, 2025			December 31, 2024
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable	15		5,447,368			5,465,513
Supply chain finance	15		1,141,182			728,710
Loans and financing	16		999,408			2,084,225
Income taxes	17		242,634			233,027
Other taxes payable	17		123,683			113,734
Payroll and social charges	18		1,489,505			1,435,751
Lease liabilities	12.2		356,358			335,681
Dividends payable			165			358,621
Provisions for legal proceedings	19		100,940			280,804
Derivative liabilities	26		454,986			165,979
Other current liabilities			677,127			455,020
TOTAL CURRENT LIABILITIES			11,033,356			11,657,065

NON-CURRENT LIABILITIES
Loans and financings	16		19,769,235			17,242,571
Income and other taxes payable	17		415,957			406,655
Payroll and social charges	18		276,091			352,718
Lease liabilities	12.2		1,441,340			1,398,348
Deferred income taxes	9		1,073,116			1,095,291
Provisions for legal proceedings	19		224,723			216,659
Debt with related parties	8		212,989			—
Derivative liabilities	26		116,682			100,087
Other non-current liabilities			113,465			81,615
TOTAL NON-CURRENT LIABILITIES			23,643,598			20,893,944

EQUITY	20
Share capital - common shares			35,114			13,177,841
Capital reserve			7,299,425			(180,586	)
Other reserves			—			(37,470	)
Profit reserves			(360,887	)		4,211,944
Accumulated other comprehensive loss			73,048			(10,077,264	)
Retained earnings			1,670,631			—
Attributable to company shareholders			8,717,331			7,094,465
Attributable to non-controlling interest			791,826			1,039,899
TOTAL EQUITY			9,509,157			8,134,364
TOTAL LIABILITIES AND EQUITY			44,186,111			40,685,373

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

Unaudited condensed consolidated interim statements of income for the nine-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$ (except for earnings per share)

		Nine-month period ended September 30,
	Note	2025			2024

NET REVENUE	21		63,121,151			57,208,885
Cost of sales	25		(54,691,633	)		(48,597,318	)
GROSS PROFIT			8,429,518			8,611,567

Selling expenses	25		(3,650,662	)		(3,438,825	)
General and administrative expenses	25		(1,592,447	)		(1,712,565	)
Other income	25.1		77,298			60,323
Other expenses	25.1		(56,674	)		(109,079	)
NET OPERATING EXPENSES			(5,222,485	)		(5,200,146	)

OPERATING PROFIT			3,207,033			3,411,421

Finance income	22		508,017			517,594
Finance expense	22		(1,484,115	)		(1,827,047	)
NET FINANCE EXPENSE			(976,098	)		(1,309,453	)

Share of profit of equity-accounted investees, net of tax	10		15,008			(231	)

PROFIT BEFORE TAXES			2,245,943			2,101,737

Current income taxes	9		(576,398	)		(399,199	)
Deferred income taxes	9		125,228			(193,301	)
TOTAL INCOME TAXES			(451,170	)		(592,500	)
NET INCOME			1,794,773			1,509,237

ATTRIBUTABLE TO:
Company shareholders			1,609,192			1,354,020
Non-controlling interest			185,581			155,217
			1,794,773			1,509,237

Basic and diluted earnings per share - common shares (US$)	23		1.45			1.22

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

Unaudited condensed consolidated interim statements of income for the three-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$ (except for earnings per share)

		Three-month period ended September 30,
	Note	2025			2024

NET REVENUE	21		22,596,984			19,926,006
Cost of sales	25		(19,624,537	)		(16,646,119	)
GROSS PROFIT			2,972,447			3,279,887

Selling expenses	25		(1,256,019	)		(1,217,556	)
General and administrative expenses	25		(513,737	)		(487,585	)
Other income			29,221			21,869
Other expenses			(12,874	)		(42,301	)
NET OPERATING EXPENSES			(1,753,409	)		(1,725,573	)

OPERATING PROFIT			1,219,038			1,554,314

Finance income	22		202,920			153,475
Finance expense	22		(611,069	)		(514,565	)
NET FINANCE EXPENSE			(408,149	)		(361,090	)

Share of profit of equity-accounted investees, net of tax			4,452			3,897

PROFIT BEFORE TAXES			815,341			1,197,121

Current income taxes	9		(185,942	)		(142,382	)
Deferred income taxes	9		14,725			(298,133	)
TOTAL INCOME TAXES			(171,217	)		(440,515	)
NET INCOME			644,124			756,606

ATTRIBUTABLE TO:
Company shareholders			580,887			692,923
Non-controlling interest			63,237			63,683
			644,124			756,606

Basic and diluted earnings per share - common shares (US$)	23		0.52			0.62

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

Unaudited condensed consolidated interim statements of comprehensive income for nine-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$

	Nine-month period ended September 30,
	2025			2024

Net income		1,794,773			1,509,237

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments		1,049,377			(944,063	)
Gain (loss) on cash flow hedge		(865	)		1,292
Deferred income tax on loss on cash flow hedge		(74	)		(328	)
Other fair value adjustments through other comprehensive income		(380	)		(7,491	)
Items that will not be reclassified to statement of income:
Gain (loss) associated with pension and other postretirement benefit obligations		(1,823	)		8,828
Income tax on gain (loss) associated with pension and other postretirement benefit obligations		737			(2,240	)
Total other comprehensive income (loss)		1,046,972			(944,002	)

Comprehensive Income		2,841,745			565,235

Total comprehensive income attributable to:
Company shareholders		2,811,376			317,942
Non-controlling interest		30,369			247,293
		2,841,745			565,235

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

Unaudited condensed consolidated interim statements of comprehensive income for three-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$

	Three-month period ended September 30,
	2025			2024

Net income		644,124			756,606

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain on foreign currency translation adjustments		82,131			197,502
Gain (loss) on cash flow hedge		(826	)		460
Deferred income tax on gain (loss) on cash flow hedge		(22	)		236
Other fair value adjustments through other comprehensive income		(344	)		518
Items that will not be reclassified to statement of income:
Loss associated with pension and other postretirement benefit obligations		(2,228	)		(1,065	)
Income tax on gain (loss) associated with pension and other postretirement benefit obligations		683			(549	)
Total other comprehensive income		79,394			197,102

Comprehensive income		723,518			953,708

Total comprehensive income loss attributable to:
Company shareholders		671,031			886,381
Non-controlling interest		52,487			67,327
		723,518			953,708

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

Unaudited condensed consolidated interim statements of changes in equity for the nine-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$

					Capital reserves															Profit reserves												Other comprehensive income
	Note	Share capital			Share premium			Premium on issue of shares			Capital transactions			Stock options			Other reserves			Treasury			Legal			Investments statutory			Tax- incentive reserve			VAE			FCTA			Retained earnings (loss)			Total			Non- controlling interest			Total equity
BALANCE ON JANUARY 1, 2024			13,177,841			—			36,321			(232,475	)		10,145			(36,413	)		—			603,603			2,232,528			787,501			60,443			(7,614,450	)		—			9,025,044			682,742			9,707,786
Net income			—			—			—			—			—			—			—			—			—			—			—			—			1,354,019			1,354,019			155,218			1,509,237
Gain (loss) on foreign currency translation adjustments (FCTA)			—			—			—			—			—			—			—			—			—			—			—			(832,990	)		—			(832,990	)		90,922			(742,068	)
Loss on net investment in foreign operations			—			—			—			—			—			—			—			—			—			—			—			(201,995	)		—			(201,995	)		—			(201,995	)
Gain on cash flow hedge, net of tax			—			—			—			—			—			—			—			—			—			—			964			—			—			964			—			964
Gain associated with pension and other postretirement benefit obligations, net of tax			—			—			—			—			—			—			—			—			—			—			5,435			—			—			5,435			1,153			6,588
Other fair value adjustments through other comprehensive income			—			—			—			—			—			—			—			—			—			—			(7,491	)		—			—			(7,491	)		—			(7,491	)
Total comprehensive income (loss)			—			—			—			—			—			—			—			—			—			—			(1,092	)		(1,034,985	)		1,354,019			317,942			247,293			565,235

Share-based compensation			—			—			—			8,389			—			—			—			—			—			—			—			—			—			8,389			1,700			10,089
Realization of other reserves			—			—			—			—			—			(821	)		—			—			—			—			—			—			821			—			—			—
Distribution of interim dividends			—			—			—			—			—			—			—			—			—			—			—			—			(799,983	)		(799,983	)		—			(799,983	)
Dividends to non-controlling interest			—			—			—			—			—			—			—			—			—			—			—			—			—			—			(3,081	)		(3,081	)
Others			—			—			—			—			—			—			—			—			—			—			—			—			—			—			348			348
BALANCE ON SEPTEMBER 30, 2024			13,177,841			—			36,321			(224,086	)		10,145			(37,234	)		—			603,603			2,232,528			787,501			59,351			(8,649,435	)		554,857			8,551,392			929,002			9,480,394

BALANCE ON JANUARY 1, 2025			13,177,841			—			36,321			(227,052	)		10,145			(37,470	)		—			691,999			2,070,113			1,449,832			67,583			(10,144,847	)		—			7,094,465			1,039,899			8,134,364
Net income			—			—			—			—			—			—			—			—			—			—			—			—			500,224			500,224			56,110			556,334
Gain (loss) on foreign currency translation adjustments			—			—			—			—			—			—			—			—			—			—			—			574,457			—			574,457			(123,164	)		451,293
Gain on net investment in foreign operations			—			—			—			—			—			—			—			—			—			—			—			126,386			—			126,386			—			126,386
Gain on cash flow hedge, net of tax			—			—			—			—			—			—			—			—			—			—			282			—			—			282			—			282
Loss associated with pension and other postretirement benefit obligations, net of tax			—			—			—			—			—			—			—			—			—			—			(409	)		—			—			(409	)		(101	)		(510	)
Other fair value adjustments through other comprehensive income			—			—			—			—			—			—			—			—			—			—			(25	)		—			—			(25	)		—			(25	)
Total comprehensive income (loss)			—			—			—			—			—			—			—			—			—			—			(152	)		700,843			500,224			1,200,915			(67,155	)		1,133,760

Share-based compensation			—			—			—			5,782			—			—			—			—			—			—			—			—			—			5,782			1,219			7,001
Realization of other reserves			—			—			—			—			—			(374	)		—			—			—			—			—			—			373			(1	)		—			(1	)
Distribution of interim dividends			—			—			—			—			—			—			—						(759,018	)		—			—			—			—			(759,018	)		—			(759,018	)
Dividends to non-controlling interest			—			—			—			—			—			—			—			—			—			—			—			—			—			—			(260,331	)		(260,331	)
Others			—			—			—			—			—			—			—			—			—			—			—			—			—			—			285			285
JBS S.A. - Corporate Restructuring Implemented on May 23rd			(13,142,337	)		1,899,391			(36,321	)		216,947			(10,145	)		37,844			(6,544	)		(691,999	)		(1,311,095	)		(1,449,832	)		159			8,947,969			61,066			(5,484,897	)		67,255			(5,417,642	)
Net income			—			—			—			—			—			—			—			—			—			—			—			—			1,108,968			1,108,968			129,471			1,238,439
Loss on cash flow hedge, net of tax			—			—			—			—			—			—			—			—			—			—			(373	)		—			—			(373	)		(848	)		(1,221	)
Loss associated with pension and other postretirement benefit obligations, net of tax			—			—			—			—			—			—			—			—			—			—			(576	)		—			—			(576	)		—			(576	)
Foreign exchange variation in subsidiaries			—			—			—			—			—			—			—			—			—			—			—						—			—			(30,744	)		(30,744	)
Cumulative translation adjustment and foreign exchange variation in subsidiaries			—																														(3,100	)		505,542						502,442			—			502,442
Other fair value adjustments through other comprehensive income			—			—			—			—			—			—			—			—			—			—			—			—			—			—			(355	)		(355	)
Total comprehensive income (loss)			—			—			—			—			—			—			—			—			—			—			(4,049	)		505,542			1,108,968			1,610,461			97,524			1,707,985

Cancellation of shares	20 b.2		(390	)		390			—						—			—			—			—			—			—			—			—			—			—			(1,263	)		(1,263	)
Common share contribution	20 b.6		—			1,808,187			—			—			—			—			—			—			—			—			—			—			—			1,808,187			—			1,808,187
Incorporation of shares	20 b.4		—			3,995,860			—			—			—			—			—			—			—			—			—			—			—			3,995,860			—			3,995,860
Repurchase of shares	20 b.7		—			192			—			—			—			—			(192	)		—			—			—			—			—			—			—			—			—
Share premium distribution	20 b.1		—			(387,004	)		—			—			—			—			—			—			—			—			—			—			—			(387,004	)		—			(387,004	)
Listing costs			—			—			—			6,119			—			—			—			—			—			—			—			—			—			6,119			—			6,119
Stock Option Plan			—			—			—			4,871			—			—			—			—			—			—			—			—			—			4,871			1,222			6,093
Transfer of treasury shares			—			(6,156	)		—			—			—			—			6,156			—			—			—			—			—			—			—			—			—
Stock Based Compensation			—			—						4,545			—			—			2,156																					6,701			931			7,632
Dividends to non-controlling interests			—			—			—			—			—			—			—			—			—			—			—			—			—			—			(89,265	)		(89,265	)
Acquisition of treasury shares	20 b.8		—			—			—			—			—			—			(362,463	)		—			—			—			—			—			—			(362,463	)		—			(362,463	)
Others			—			(44	)		—			(22,603	)		—			—			—			—			—			—			—			—			—			(22,647	)		1,505			(21,142	)
BALANCE ON SEPTEMBER 30, 2025			35,114			7,310,816			—			(11,391	)		—			—			(360,887	)		—			—			—			63,541			9,507			1,670,631			8,717,331			791,826			9,509,157

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

Unaudited condensed consolidated interim statements of cash flows for the nine-month period ended September 30, 2025 and 2024

In thousands of United States dollar - US$

		Nine-month period ended September 30,
	Note	2025			2024
Cash flows from operating activities
Net income			1,794,773			1,509,237
Adjustments for:
Depreciation and amortization	6, 11, 12 and 13		1,684,857			1,633,620
Expected credit losses	4		22,864			9,121
Share of profit of equity-accounted investees	10		(15,008	)		231
Gain on sales of assets			(15,272	)		(4,605	)
Tax expense	9		451,170			592,500
Net finance expense	22		976,098			1,309,454
Share-based compensation			19,844			10,089
Provisions for legal proceedings			60,435			31,177
Impairment of goodwill and property, plant and equipment			12,767			26,633
Net realizable value inventory adjustments	5		20,172			8,821
DOJ (Department of Justice) and antitrust agreements	24		143,720			80,977
Fair value adjustment of biological assets	6		(67,062	)		(55,967	)
Provision for avian influenza related costs			13,122			—
			5,102,480			5,151,288
Changes in assets and liabilities:
Trade accounts receivable			(18,754	)		53,381
Inventories			(1,203,272	)		(574,378	)
Recoverable taxes			43,236			13,013
Other current and non-current assets			(556,893	)		(93,156	)
Biological assets			(572,720	)		(355,132	)
Trade accounts payable and supply chain finance			(90,204	)		(303,239	)
Taxes paid in installments			(54,529	)		(48,065	)
Other current and non-current liabilities			151,580			116,250
DOJ and Antitrust agreements payment			(339,063	)		(56,630	)
Income taxes paid			(652,196	)		(188,753	)
Changes in operating assets and liabilities			(3,292,815	)		(1,436,709	)

Cash provided in by operating activities			1,809,665			3,714,579

Interest paid			(948,160	)		(1,176,584	)
Interest received			134,857			151,706

Net cash flows provided by (used in) operating activities			996,362			2,689,701

Cash flows from investing activities
Purchases of property, plant and equipment			(1,261,012	)		(950,558	)
Purchases of intangible assets			(4,717	)		(6,086	)
Proceeds from sale of property, plant and equipment			56,922			26,003
Acquisitions, net of cash acquired			—			(4,219	)
Dividends received			6,197			8,652
Related party transactions			(22,914	)		675
Additions to investments in joint ventures			(186,489	)		—
Acquisition of investments funds			(45,831	)		—
Cash used in investing activities			(1,457,844	)		(925,533	)

Cash flows from financing activities
Proceeds from loans and financing			9,455,280			2,034,828
Payments of loans and financing			(8,465,136	)		(2,637,753	)
Derivative instruments received			(91,629	)		(172,543	)
Margin cash			8,473			(1,162	)
Dividends paid			(1,573,855	)		—
Dividends paid to non-controlling interest			(355,682	)		(3,127	)
Repurchase of share			(362,463	)		—
Payments of leasing contracts			(325,026	)		(314,038	)
Acquisition of non-controlling interests in the subsidiary PPC			(1,294	)		—
Other			(22,603	)		—
Cash used in financing activities			(1,733,935	)		(1,093,795	)

Effect of exchange rate changes on cash and cash equivalents			139,960			(169,835	)
Net change in cash and cash equivalents			(2,055,457	)		500,538
Cash and cash equivalents beginning of period			5,613,672			4,569,517
Cash and cash equivalents at the end of period			3,558,215			5,070,055

Non-cash transactions:		Nine-month period ended September 30,
	Note	2025		2024
Non-cash additions to right of use assets and lease liabilities	12		306,439		330,988
Capitalized interest	11		25,509		26,153

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

1 Background information

1.1 Reporting entity

JBS N.V. (“JBS N.V.” or “Company”) is a corporation incorporated under the laws of the Netherlands and is domiciled in Amsterdam. The Company is the holding entity of the JBS Group.

JBS N.V. and its subsidiaries ("Group") primarily operates in the processing of animal proteins, encompassing activities related to beef, pork, lamb, and poultry, as well as the production and marketing of prepared foods and other related products. Additionally, the Group carries out operations in the leather, collagen, hygiene and cleaning products, metal packaging, biodiesel, and other complementary businesses, integrated within its value chain, with a global presence in several countries, including Brazil, the United States, Canada, Mexico, Australia, the United Kingdom, Argentina, and Uruguay. The portfolio includes internationally recognized brands such as Seara, Doriana, Pilgrim’s, Moy Park, Primo, Friboi, Maturatta, Swift, Ozo, and Adaptable Meals, among others.

JBS N.V. is registered as a FPI - Foreign Private Issuer with the United States Securities and Exchange Commission (SEC) and as a foreign issuer with the Brazilian Securities and Exchange Commission (CVM), in compliance with the applicable regulatory requirements in the Netherlands, Brazil, and the United States. The Class A ordinary shares of JBS N.V. are listed on the New York Stock Exchange (NYSE) under the ticker symbol “JBS,” and its Level II Brazilian Depositary Receipts (BDRs) are traded on B3 - Brasil, Bolsa, Balcão, under the code “JBSS32.”

The unaudited condensed consolidated interim financial statements reflect the operations of the Group.

The approval of these unaudited condensed consolidated interim financial information occurred at the Board of Directors’ meeting on November 13, 2025.

Corporate restructuring

As part of its corporate restructuring, JBS N.V. became the indirect controlling shareholder of JBS S.A. through the completion of a two-phase contribution process by its ultimate controlling shareholder, J&F. In the first phase, completed on December 27, 2023, J&F and its wholly owned investment fund, FIP Formosa, transferred a non-controlling portion of their JBS S.A. common shares to JBS Participações Societárias S.A., which were subsequently contributed to J&F Investments Luxembourg S.à r.l. and then to JBS N.V.

The second phase was completed on May 23, 2025, with J&F transferring its remaining JBS S.A. common shares through the same corporate structure. As a result, JBS N.V., via JBS Participações Societárias S.A., now holds all shares previously owned directly by J&F, consolidating its position as the indirect controlling shareholder of JBS S.A. The transaction was accounted for as a common control transaction, whereby JBS N.V. recognized the assets, liabilities, and results of JBS S.A. at their historical book values. The restructuring preserved shareholder economic interests by applying a consistent exchange ratio to both controlling and non-controlling shareholders, subject only to immaterial adjustments related to fractions of BDRs and share-based payments.

On June 6, 2025, the migration of the shareholder base of JBS S.A. to JBS N.V was completed. As part of this transaction, JBS S.A. shareholders exchanged their shares for Level II Brazilian Depositary Receipts (BDRs), backed by Class A common shares issued by JBS N.V. These BDRs were delivered to the shareholders of JBS S.A., effectively establishing JBS N.V. as the new holding company of the JBS Group.

On June 9, 2025, JBS S.A.’s shares ceased trading on B3 – Brasil, Bolsa, Balcão and were officially replaced by the BDRs of JBS N.V., which began trading under the ticker symbol “JBSS32.” In addition, JBS N.V.’s Class A common shares commenced trading on the New York Stock Exchange (NYSE) on June 12, 2025, under the ticker symbol “JBS”.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

The Group accounted for the Reorganization as a common control transaction, and the pre-reorganization carrying amounts of JBS S.A. were included in the consolidated financial statements of JBS N.V. at book value. Accordingly, these consolidated financial statements reflect the following:

(i) The historical operating results and financial position of JBS S.A. prior to the restructuring;

(ii) The consolidated financial performance and position of JBS N.V. subsequent to the completion of the restructuring;

(iii) The assets and liabilities of JBS N.V. and its subsidiaries stated at historical cost;

(iv) The number of ordinary shares issued by JBS N.V. as a result of the restructuring, which is reflected retrospectively from January 1, 2024, for the purpose of calculating earnings per share;

(v) The shares of JBS S.A. were contributed to JBS N.V. at their carrying amount in three tranches: December 27, 2023, May 23, 2025, and June 9, 2025;

(vi) The remaining retained earnings of JBS S.A., no longer applicable to JBS N.V., were reclassified to the opening balance of capital reserves (see note 20).

1.2 Main events that occurred during the period:

1.2.1 Senior Notes (Bonds): On July 3, 2025, the indirect subsidiaries of JBS S.A., JBS USA Holding Lux S.à r.l., JBS USA Food Company, and JBS USA Foods Group Holdings, Inc., completed the issuance of senior notes totaling US$3.5 billion, divided into three series: US$1.25 billion maturing in 2036 with an annual coupon of 5.50%; US$1.25 billion maturing in 2056 with an annual coupon of 6.25%; and US$1 billion maturing in 2066 with an annual coupon of 6.375%. Interest payments will be made semiannually, starting between January and April 2026, depending on each series. The net proceeds from the issuance were primarily used to repurchase and redeem notes maturing in 2027, 2028 and 2030, as well as to settle short-term debt, with any remaining balance allocated for general corporate purposes.

1.2.2 Investment in Granjeros Campo 9 S.A. (Granjeros Campo): On July 7, 2025, the indirect subsidiary Seara Alimentos Ltda. entered into an investment agreement for the acquisition of 90% of Granjeros Campo’s capital, represented by the amount of US$ 6.3 million. Granjeros Campo 9 S.A (Granjeros Campos) is a company in the meatpacking sector that focuses on poultry production and slaughter in Paraguay.

1.2.3 Acquisition of Production Facility: On August 13, 2025, the Company, through its indirect subsidiary JBS USA, entered into an agreement to acquire a production facility in Ankeny, Iowa (USA) for US$100 million, with the purpose of expanding it to become the largest ready-to-eat bacon and sausage plant in the Company’s portfolio in the United States. The completion of the transaction is subject to the satisfaction of customary closing conditions, and operations at the plant are expected to begin in mid-2026, following the investments and expansion works.

1.2.4 Approval of New Repurchase Plan: On August 13, 2025, the Board of Directors approved a new share repurchase plan authorizing the acquisition of Class A common shares and Brazilian Depositary Receipts (BDRs) for an aggregate amount of up to US$400 million. Subsequently, on October 14, 2025, the Board approved an increase in the maximum limit of funds available under the plan to US$600 million. The program was completed on November 10, 2025, with the Company repurchasing a total of 41,008,292 shares, totaling US$600 million.

1.2.5 Agribusiness Receivables Certificates (CRA): On September 29, 2025, the indirect subsidiary Seara Alimentos Ltda. filed with the Brazilian Securities and Exchange Commission (CVM) a registration request for a new offering of four series of Agribusiness Receivables Certificates (CRAs), guaranteed by JBS S.A. and JBS N.V., maturing in 2035, 2035, 2045 and 2065, with an aggregate principal amount of US$569 million. The bookbuilding process was concluded on October 31, 2025 and the settlement on November 5, 2025. The net proceeds from the issuance will be primarily used for the purchase of raw materials, notably unprocessed corn, in the ordinary course of the company’s operations.

1.2.6 Dividends distribution: During the three-month period ended September 30, 2025, the Company received dividends from its indirect subsidiary JBS S.A., totaling US$ 420.5 million. The payments were made on August 14, 2025, August 20, 2025, August 27, 2025, and September 3, 2025, in the amounts of US$60.5 million, US$150.0 million, US$120.0 million, and US$90.0 million, respectively. These amounts correspond to the distribution of interim and special dividends approved on the respective dates.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

1.3 Seasonality

Demand for chicken is relatively stable throughout the year in the United States, Europe and Brazil, but there are seasonal variations in the sales volume of some specific products at certain times of the year, such as: Christmas, New Year and Easter. Demand in the United States beef industry is highest in the second and third quarters, due to favorable weather conditions for outdoor activities. In Australia, the beef industry faces a drop in slaughter in the fourth quarter, as the rainy season affects cattle’s availability and transport. In Brazil, beef sales do not fluctuate significantly during the year. The pork industry in The United States and Australia have peaks in demand in the first and fourth quarters, due to the supply of pork and the holidays, which stimulate the consumption of certain pork products, with no significant fluctuation in pork numbers in other locations.

1.4 Subsequent events:

1.4.1 Investment in Pico Paco Ltda.: On October 14, 2025, the indirect subsidiary Seara Alimentos Ltda. entered into agreement for the acquisition of 100% of Pico Paco Ltda.’s capital, represented by the amount of US$1.3 million. Pico Paco Ltda. is a company in the meatpacking sector that focuses on poultry slaughter in Minas Gerais.

1.4.2 Dividends distribution: In October 2025, the Company received dividends from its indirect subsidiary JBS S.A. totaling US$200.0 million. The payments were made on October 15, 2025, October 21, 2025 and October 31, 2025, in the amounts of US$75.0 million, US$75.0 million and US$50.0 million, respectively. These amounts correspond to the distribution of interim dividends approved on the respective dates.

2 Basis of preparation

The unaudited condensed consolidated interim financial information as of and for the three and nine-month period ended September 30, 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by International Accounting Standards Board (IASB), and should be read in conjunction with the Group´s last annual consolidated financial statements as of and for the year ended December 31, 2024 (“last annual financial statements”). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to describe events and transactions that are significant to an understanding of the changes in the Group´s financial position and performance since the last annual financial statements.

In preparing these unaudited condensed consolidated interim financial statements, Management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

2.1 Functional and presentation currency

The financial statements of each subsidiary included in the consolidation are prepared using the functional currency of the primary economic environment in which it operates.

These consolidated financial statements are converted and presented in U.S dollar (US$). The Group selected the US$ as its presentation currency to facilitate a more direct comparison to other competitors.

2.2 Foreign currencies

Transactions in foreign currencies other than an entity’s functional currency are initially measured in the functional currency of the entity using the exchange rate effective at the date of each transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the closing exchange rate at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, under the caption “Finance income” or “Finance expense”.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

2.3 Translation of subsidiaries financial statements

The consolidated financial statements of foreign subsidiaries are prepared using each subsidiary’s respective functional currency. The results and financial position of all entities with a functional currency different from its ultimate parent’s functional currency (R$) have been translated to R$ and then these financial statements have been translated from the parent´s functional currency (R$) into the Group’s presentation currency (US$). As follows:

(i) assets and liabilities are translated at the current rate at the date of each closing period;

(ii) income and expenses are translated at the average rate at the date of each closing period; and

(iii) all exchange rate translation differences are recognized in other comprehensive income (loss) and are presented in the statement of comprehensive income (loss) as foreign currency translation adjustments.

2.4 New standards, amendments and interpretations

a. Standards, amendments and interpretations recently issued and adopted by the Group

IAS 21 – Effects of changes in exchange rates and translation of financial statements.

As of January 1, 2025, this amendment establishes the accounting requirements for when a functional currency cannot be converted into other currencies. In such cases, the Group is required to utilize the most recent observable exchange rate to translate the results and financial position of the foreign operation into its presentation currency. The entity must also disclose this exchange rate, the date on which it was observed, and the reasons why the currency is not exchangeable. The Group has not identified any impacts as a result of this change.

b. New standards, amendments and interpretations that are not yet effective

IFRS 18 - Presentation and Disclosure of Financial Statements.

As of January 1, 2027, IFRS 18 will replace IAS 1 Presentation of Financial Statements. The new standard introduces the following main new requirements:

●

Companies are required to classify all income and expenses into five categories in the income statement: operating, investing, financing, discontinued operations, and income tax. Entities are also required to present a newly defined operating profit subtotal. The entities’ net income will not change.

●

Management defined performance measures, which are disclosed in a single note in the financial statements.

●

Enhanced guidance will be provided on how to group information in the financial statements.

All entities are required to use the subtotal of operating profit as the starting point for the cash flow statement when presenting operating cash flows using the indirect method.

The Group is currently evaluating the impact of the new standard and, if material, will adjust the disclosure in accordance with the standard’s requirements in the annual financial statements.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

3 Cash and cash equivalents, margin cash and long-term investments

Cash and cash equivalents	September 30, 2025		December 31, 2024
Cash on hand and at banks		1,962,794		2,197,822
CDB (bank certificates of deposit) / Overnight investments ⁽¹⁾		1,595,421		3,415,850
		3,558,215		5,613,672

Margin cash
CME (Chicago Mercantile Exchange) Margin investments ⁽²⁾		524,040		104,220
Investments in Treasury Bills ⁽³⁾		29,806		32,334
		553,846		136,554

Investment funds
Investment funds ⁽⁴⁾		45,831		—
		45,831		—

Total		4,157,892		5,750,226

⁽¹⁾

CDBs are held at financial institutions and earn interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate (Certificado de Depósito Interbancário - CDI). Overnight investments at JBS USA are equivalent to fixed-income instruments, earning interest at the FED rate + 0.05%.

⁽²⁾	CME margin investments represent margin deposits allocated to fixed-income equivalent instruments. These investments accrue interest based on the Interest Rate on Reserve Balances (IORB).

⁽³⁾	Government securities (such as Tesouro Selic) are public debt instruments issued by the Brazilian Treasury, acquired through financial institutions with conditions and characteristics similar to bank certificates of deposit (CDBs).

⁽⁴⁾	Investment of US$45.1 million in a FIDC (Credit Rights Investment Fund) maturing in 2035, with a fixed interest rate of 5% per year.

4 Trade accounts receivable

	September 30, 2025			December 31, 2024
Current receivables:
Domestic sales		2,167,147			1,994,667
Foreign sales		1,148,661			1,176,603
Subtotal		3,315,808			3,171,270
Overdue receivables:
From 1 to 30 days		433,003			444,687
From 31 to 60 days		56,165			61,314
From 61 to 90 days		15,515			20,603
Above 90 days		138,947			130,845
Expected credit losses		(108,772	)		(89,060	)
Present value adjustment		(2,826	)		(4,119	)
Subtotal		532,032			564,270
Trade accounts receivable, net		3,847,840			3,735,540

Present value adjustment - The Group discounts its receivables to present value using interest rates directly related to customer credit profiles. The weighted average discount rate used to calculate the present value of trade accounts receivable on September 30, 2025, was 5.60% p.y. (5.64% p.y. on September 30, 2024). Realization of the present value adjustment is recognized as deduction item to sales revenue.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Changes in expected credit losses:

	September 30, 2025			September 30, 2024
Balance at the beginning of the period		(89,060	)		(84,913	)
Additions		(22,864	)		(13,460	)
Write-offs/Reversals		10,009			8,488
Exchange rate variation		(6,857	)		752
Balance at the end of the period		(108,772	)		(89,133	)

5 Inventories

	September 30, 2025		December 31, 2024
Finished products		4,171,772		3,018,302
Work in process		601,280		492,015
Raw materials		1,117,092		847,909
Supplies		678,520		657,763
		6,568,664		5,015,989

During the nine-month period ended September 30, 2025 and 2024, the Company recognized adjustments to the net realizable value of inventories, which include additions and (write-offs) recorded in the cost of goods sold, in the amount of US$20,172 and US$8,821, respectively.

6 Biological assets

Changes in biological assets:

	Current						Non-current
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Balance at the beginning of the period		1,608,223			1,712,153			518,234			531,477
Increase by reproduction (born) and cost absorption including death		7,872,422			7,946,809			1,083,884			1,044,216
Reduction for slaughter, sale or consumption		(8,897,041	)		(9,087,750	)		(49,494	)		(52,962	)
Purchases		370,420			324,336			192,529			180,481
Fair value adjustments		67,080			56,074			(18	)		(108	)
Reclassification from non-current to current		697,342			704,768			(697,342	)		(704,768	)
Exchange rate variation		102,369			(66,386	)		30,731			(21,790	)
Amortization		—			—			(476,335	)		(449,194	)
Balance at the end of the period		1,820,815			1,590,004			602,189			527,352

7 Recoverable taxes

	September 30, 2025		December 31, 2024
Value-added tax on sales and services – ICMS / IVA / VAT / GST		767,136		650,728
Social contribution on billings - PIS and COFINS		392,844		404,673
Withholding income tax - IRRF / IRPJ		1,388,960		960,161
Excise tax – IPI		17,778		16,176
Reintegra		4,997		7,657
Other		12,422		10,788
		2,584,137		2,050,183

Current		670,077		637,728
Non-current		1,914,060		1,412,455
		2,584,137		2,050,183

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

8 Related party transactions

The main balances and transactions between related parties are presented and described below. Amounts charged include borrowing costs, interest and management fees, when applicable.

Related party payables and receivables

	Reimbursement of administrative and funding costs	September 30, 2025			December 31, 2024
Laguz I Fundo de Investimento ⁽¹⁾	Selic		(162,764	)		—
J&F ⁽²⁾	IPCA		(50,225	)		77,355
			(212,989	)		77,355

⁽¹⁾

In May 2025, the indirect subsidiary JBS S.A. acquired tax credit rights from the related party Laguz I Fundo de Investimento through an agreement providing for 31 installments, with final maturity in April 2028. These tax credits originate from a judicial claim related to the export credit premium incentive. The case has already been definitively settled in favor of the taxpayer, and is currently in the final stage of assessment and confirmation of the credit balance. The credit rights were acquired at an approximate discount of 35%, and the credits will be used to offset JBS S.A.’s tax obligations once the case is finalized and the use of the credits is authorized by the relevant regulatory authorities. The credits have been recorded under “Other receivables”.

⁽²⁾

The net balance payable to J&F refers to: (i) US$93,379 receivable, arising from the settlement agreement entered into between JBS S.A., J&F, and certain former executives of the Company, which resulted in the definitive termination of the dispute addressed in arbitration proceeding, under which J&F committed to settle the amount in accordance with the terms and conditions set forth in the agreement; and (ii) US$143,604 payable, related to the purchase of the Araputanga Plant, to be settled in 19 installments, with final maturity in May 2027.

Other financial transactions in the Group

The indirect subsidiary JBS S.A. and certain of its subsidiaries entered into an assignment agreement with Banco Original S.A, direct subsidiary of the parent Group J&F, pursuant to which Banco Original S.A. acquires credits held against certain clients in the domestic and foreign markets. The assignments are negotiated with no right of recourse, through the definitive transfer of the risks and benefits of the receivables to Banco Original. On September 30, 2025, the Group had US$836,391 (US$517,677 on December 31, 2024) of assigned receivables. In the nine-month period ended September 30, 2025, the Group incurred in a loss from the sale of the receivables of US$86,291 (US$97,333 for the nine-month period ended September 30, 2024), recorded in interim financial information as financial expenses.

On September 30, 2025, JBS S.A. and certain of its subsidiaries held investments with Banco Original in the amount of US$481,914 (US$303,195 on December 31, 2024), recorded in cash and cash equivalents. The cash investments and cash equivalents, CDBs and similar have yields equivalent to the CDI (Interbank Deposit Certificate), according to the term and amount invested, following market practices. In the nine-month period ended September 30, 2025, the Group earned interest from these investments of US$36,432 (US$25,736 for the nine-month period ended September 30, 2024) recognized as financial income.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

JBS S.A. has commitments to purchase cattle for future delivery signed with certain suppliers, including the related party JBJ, guaranteeing the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. On September 30, 2025, the Group has commitments agreements in the amount of US$116,765 (US$48,317 on December 31, 2024).

JBS S.A. has transactions with Prima Foods S.A. for the purchase of bovine slaughtering residues for greasing operations.

JBS S.A. is the sponsor of Institute J&F, a youth-directed business school, whose goal is to educate future leaders by offering free, high-quality education. For the nine-month period ended September 30, 2025, the Company made donations in the amount of US$9,812 (US$15,975 for the nine-month period ended September 30, 2024), recognized as general and administrative expenses.

On December 30, 2024, JBS S.A. entered into an agreement for the sale of its Hygiene and Beauty operation to the related party Flora Produtos de Higiene e Limpeza S.A. The transaction covers the transfer of assets and operations related to the manufacture and sale of hygiene and beauty products, in accordance with the terms agreed between the parties. The sale value was set at US$59.2 million, subject to working capital adjustments. The transaction will be concluded after the conditions precedent stipulated in the contract have been met. The Group did not classify the operation as discontinued on September 30, 2025, as it does not represent an individually significant line of business, corresponding to only 0.2% of the JBS S.A.'s net assets.

No expense for expected credit losses relating to related-party transactions were recorded during the nine-month period ended September 30, 2025 and 2024.

Remuneration of key management

The Group’s key management is comprised of its executive officers and members of the Board of Directors. The aggregate amount of compensation received by the Group’s key management during the nine-month period ended September 30, 2025 and 2024 was:

	Nine-month period ended September 30
	2025		2024
Salaries and wages		6,082		5,336
Variable cash compensation ⁽¹⁾		25,602		16,599
		31,684		21,935

⁽¹⁾

Includes US$3,054 paid to certain JBS USA executives related to performance bonuses. These balances were settled through treasury shares of JBS N.V. instead of cash payment.

The Chief Executive Officer, the Administrative and Control Officer, the Chief Financial Officer and the Executive Officer are employed under the Brazilian employment contract regime referred to as CLT (Consolidation of Labor Laws), which sets legal prerogatives for employee benefits.

Except for those described above, the Board of Directors members are not party to any employment contract or any other contracts for additional employee benefits such as post-employment benefits, other long-term benefits or termination benefits that do not conform to Brazilian Labor Law.

9 Income taxes

a. Composition of deferred tax income and social contribution:

	September 30, 2025			December 31, 2024
Deferred income taxes assets		511,482			651,178
Deferred income taxes liabilities		(1,073,116	)		(1,095,291	)
		(561,634	)		(444,113	)

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

	Balance at January 1, 2025			Income statement			Exchange variation			Other adjustments ⁽²⁾			Balance at September 30, 2025
Tax loss and negative social contribution base		679,275			74,199			61,927			(191,303	)		624,098
Expected credit losses on trade accounts receivable		42,304			(9,833	)		3,970			—			36,441
Provisions for contingencies		94,487			(6,265	)		11,143			—			99,365
Fair value adjustment		(105,836	)		(14,833	)		(9,281	)		—			(129,950	)
Tax credits - foreign subsidiaries		8,798			(88	)		(79	)		—			8,631
Provision for work accident insurance - foreign subsidiaries		8,964			(4,446	)		—			—			4,518
Pension plan - foreign subsidiaries		3,209			4,740			(80	)		(3,224	)		4,645
Trade accounts payable accrual		249,853			37,794			7,270			—			294,917
Non-deductible interest portion - U.S. Tax Reform		279,572			84,158			1			—			363,731
Right of use assets		25,967			1,036			3,092			—			30,095
Goodwill amortization		(727,377	)		(29,175	)		(103,271	)		—			(859,823	)
Business combinations		(465,917	)		(15,989	)		(5,640	)		(912	)		(488,458	)
Inventory valuation		(83,507	)		(13,298	)		9,897			—			(86,908	)
Hedge operations ⁽¹⁾		45,961			(6,648	)		6,704			19			46,036
Realization of other reserves		(88,113	)		1,922			(14,356	)		—			(100,547	)
Accelerated depreciation and amortization		(479,922	)		(4,985	)		(2	)		—			(484,909	)
Cut Off adjustments (sales)		15,274			1,433			2,644			—			19,351
Other temporary differences		52,895			25,506			(21,268	)		—			57,133
Deferred taxes, net		(444,113	)		125,228			(47,329	)		(195,420	)		(561,634	)

	Balance at January 1, 2024			Income statement			Exchange variation			Other Adjustments ⁽²⁾			Balance at September 30, 2024
Tax loss and negative social contribution base		840,172			(238,772	)		(63,233	)		(553	)		537,614
Expected credit losses on trade accounts receivable		38,086			12,365			(2,640	)		—			47,811
Provisions for contingencies		78,840			(2,364	)		34,771			—			111,247
Fair value adjustment		(56,683	)		(19,172	)		(2,683	)		—			(78,538	)
Tax credits - foreign subsidiaries		23,685			19			48			(74	)		23,678
Provision for work accident insurance - foreign subsidiaries		7,927			(928	)		—			—			6,999
Pension plan - foreign subsidiaries		11,956			1,188			(40	)		(8,340	)		4,764
Trade accounts payable accrual		277,512			76,153			(50,671	)		—			302,994
Non-deductible interest portion - U.S. Tax Reform		211,958			(10,418	)		2			—			201,542
Right of use assets		25,417			8,199			(1,963	)		—			31,653
Goodwill amortization		(851,840	)		(10,269	)		84,639			—			(777,470	)
Business combinations		(444,250	)		(36,524	)		3,649			—			(477,125	)
Inventory valuation		(148,818	)		(37,903	)		(1,676	)		—			(188,397	)
Hedge operations ⁽¹⁾		(25,364	)		39,653			(534	)		(496	)		13,259
Realization of other reserves		(115,640	)		2,033			12,795			—			(100,812	)
Accelerated depreciation and amortization		(514,285	)		17,175			(1	)		—			(497,111	)
Cut Off adjustments (sales)		—			25,890			(1,446	)		—			24,444
Other temporary differences		55,931			(19,626	)		(13,378	)		—			22,927
Deferred taxes, net		(585,396	)		(193,301	)		(2,361	)		(9,463	)		(790,521	)

⁽¹⁾	Hedge and hedge accounting operations are demonstrated in Note 26 - Risk management and financial.

⁽²⁾

Mainly refers to the transfer of tax loss carryforwards and negative Social Contribution on Net Profit (CSLL) bases from the indirect subsidiary Seara Alimentos and its indirect subsidiaries to JBS S.A. These tax losses were used to settle a tax assessment related to the taxation of profits earned abroad (TBU) for the 2016 calendar year, which was upheld in a final decision by the Administrative Council of Tax Appeals (CARF) through a casting vote. This enabled full settlement with reductions in fines and interest by using the accumulated tax loss carryforwards. The adjustment also includes deferred taxes related to the gain on the purchase of Agro Alfa and Via Rovigo, as well as cash flow hedge operations recognized in other comprehensive income by the subsidiary Seara Alimentos, and the pension plan in the United States of America.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

b. Reconciliation of income tax and social contribution expense:

The nominal tax rate of 34% was adopted in the income tax reconciliation as it reflects the expected tax burden on the Group’s profit, since the profits of international subsidiaries located under the JBS S.A. structure are taxed in Brazil at a rate of 34% through the Taxation of Foreign Profits (TBU) mechanism. This rate adequately represents the consolidated nominal tax burden, as provided for in paragraph 85 of IAS 12 – Income Taxes.

	Nine-month period ended September 30,						Three-month period ended September 30,
	2025			2024			2025			2024
Profit before taxes		2,245,943			2,101,737			815,341			1,197,121
Brazilian statutory corporate tax rate		(34	)%		(34	)%		(34	)%		(34	)%
Expected tax expense		(763,621	)		(714,591	)		(277,216	)		(407,021	)

Adjustments to reconcile taxable income tax expense (benefit):
Share of profit of equity-accounted investees		5,103			(79	)		1,520			1,324
Non-taxable tax benefits ⁽³⁾		165,056			164,991			58,032			55,412
Transfer pricing adjustments		—			(7,126	)		—			59,613
Difference of tax rates on taxable income from foreign subsidiaries		96,902			128,842			49,938			(2,239	)
Profits taxed by foreign jurisdictions ⁽⁴⁾		(37,591	)		25,925			44,406			61,803
Deferred income tax not recognized		86,093			(199,592	)		10,026			(203,623	)
Dividends paid abroad		(10,809	)		(10,483	)		(10,809	)		—
Non-taxable interest - foreign subsidiaries		9,414			11,715			3,151			3,909
Donations and social programs ⁽⁵⁾		—			(929	)		—			1,176
SELIC interest on tax credits		33,946			5,169			2,631			1,050
Brazilian tax incentive law - Lei do Bem		1,397			—			—			—
Other permanent differences		(37,060	)		3,658			(52,896	)		(11,919	)
Current and deferred income tax expense		(451,170	)		(592,500	)		(171,217	)		(440,515	)

Current income tax		(576,398	)		(399,199	)		(185,942	)		(142,382	)
Deferred income tax		125,228			(193,301	)		14,725			(298,133	)
		(451,170	)		(592,500	)		(171,217	)		(440,515	)
Effective income tax rate		(20.09	)%		(28.19	)%		(21.00	)%		(36.80	)%

Additional information - Analysis of the variation in the effective rate:

The average effective tax rate is calculated as the ratio between tax expense (income) and accounting profit. This rate can be influenced by operations that impact tax expense (income), but which have no direct relationship with net income for the period. The following are examples of these operations: the effects of unrecognized deferred taxes, income tax, and social contributions on the realization of the revaluation reserve. This information should be considered when analyzing the effective tax rate.

⁽³⁾

The Group and its subsidiaries have subsidies granted by state governments, as a presumed credit, in accordance with the regulations of each state. The amounts appropriated from this tax incentive as revenue in the income statement are excluded in the calculation of taxes on profit, when the requirements set out in current legislation are met.

⁽⁴⁾

According to Law No. 12,973/14, the income from foreign subsidiaries must be taxed at the Brazilian statutory tax rate of 34%, and the income tax paid abroad by these subsidiaries may be used to compensate income taxes to be paid in Brazil. The results obtained from foreign subsidiaries are subject to taxation by the countries where they are based, according to applicable rates and legislation (profits taxed by-foreign jurisdictions included in the reconciliation of income tax and social contribution expense). The Group analyzes the results of each subsidiary for the application of its income tax legislation, in order to respect the treaties signed by Brazil and avoid double taxation.

⁽⁵⁾	Refers to donations made by the indirect subsidiary JBS S.A., as described in note 25 - Expenses by nature.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Global Minimum Tax

From the 2024 calendar year onward, Pillar II rules came into effect in various jurisdictions, impacting multinationals operating in these markets.

Since the Group operates in several jurisdictions that adopted the global minimum tax from 2024, including Australia, Canada, France, Ireland, Luxembourg, Malta, the Netherlands, and the United Kingdom, the Company assessed the potential impact of these regulations. Based on current assessments, the Company has not identified any significant tax exposure resulting from this tax.

10 Investments in equity-accounted investees, associates and joint venture

Refers to investments in associate and joint venture:

									Equity
	Participation	Balance at January 1, 2025		Addition (disposal)		Profit distribution			Changes in the equity of investees		Proportionate share of income		Balance at September 30, 2025
Meat Snacks Partners, LLC	50%		19,334		—		(6,197	)		2,367		7,243		22,747
JBS Foods Ontario, Inc.	100%		17,372		—		—			14		841		18,227
Birla Societá Agricola Srl	20%		1,606		—		—			212		57		1,875
Mantiqueira Alimentos ⁽¹⁾	48.5%		—		165,271		—			11,552		6,867		183,690
Total			38,312		165,271		(6,197	)		14,145		15,008		226,539

							Equity
	Participation	Balance at January 1, 2024		Profit distribution			Changes in the equity of investees			Proportionate share of income			Balance at September 30, 2024
Meat Snacks Partners, LLC	50%		38,922		(8,460	)		(3,414	)		(977	)		26,071
JBS Foods Ontario, Inc.	100%		15,994		—			—			757			16,751
Birla Societá Agricola Srl	20%		1,685		—			15			(11	)		1,689
Total			56,601		(8,460	)		(3,399	)		(231	)		44,511

⁽¹⁾

The Company, through its subsidiary JBS Holding, formalized on January 27, 2025, an agreement to acquire 48.5% of the total share capital and 50% of the voting shares of Mantiqueira Alimentos Ltda., a leading company in organic eggs (produced without antibiotics, hormones, and with free-range hens). The transaction received unconditional approval from CADE (Administrative Council for Economic Defense) on February 26, 2025 and was finalized on April 1^st, 2025.

11 Property, plant and equipment

Changes in property, plant and equipment:

	Balance at January 1, 2025		Additions net of transfers ⁽¹⁾⁽²⁾		Disposals			Depreciation			Exchange rate variation		Balance at September 30, 2025
Buildings		3,982,477		404,688		(207	)		(189,956	)		294,657		4,491,659
Land		1,069,392		15,674		(5,677	)		—			108,956		1,188,345
Machinery and equipment		4,038,196		594,619		(5,420	)		(488,467	)		262,560		4,401,488
Facilities		682,348		110,843		(1,763	)		(40,553	)		115,397		866,272
Computer equipment		187,164		44,398		(1,794	)		(46,964	)		8,466		191,270
Vehicles (land and air)		275,582		91,350		(13,757	)		(37,932	)		28,295		343,538
Construction in progress		1,238,785		77,596		(3,259	)		—			104,972		1,418,094
Other		306,936		86,285		(12,874	)		(37,590	)		20,443		363,200
		11,780,880		1,425,453		(44,751	)		(841,462	)		943,746		13,263,866

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

	Balance at January 1, 2024		Additions net of transfers ⁽¹⁾			Disposals			Depreciation			Exchange rate variation			Balance at September 30, 2024
Buildings		4,305,145		215,591			(10,647	)		(192,967	)		(199,101	)		4,118,021
Land		1,209,739		22,758			(4,053	)		—			(86,076	)		1,142,368
Machinery and equipment		4,310,590		520,599			(22,461	)		(478,107	)		(141,903	)		4,188,718
Facilities		764,036		129,345			(405	)		(39,469	)		(87,682	)		765,825
Computer equipment		166,291		53,346			(2,013	)		(37,544	)		(4,347	)		175,733
Vehicles (land and air)		272,663		72,166			(7,587	)		(33,638	)		(15,601	)		288,003
Construction in progress		1,636,719		(147,140	)		(4,301	)		—			(79,357	)		1,405,921
Other		253,006		69,936			(836	)		(30,308	)		(5,257	)		286,541
		12,918,189		936,601			(52,303	)		(812,033	)		(619,324	)		12,371,130

⁽¹⁾	Additions for each category includes transfers from construction in progress during the period.

⁽²⁾	Of the total amount of additions net of transfers, US$267 refers to the acquisition of JBS Terminais Ltda.

For the nine-month period ended September 30, 2025, the amount of capitalized interest added to construction in progress and included in additions was US$25,509 (US$26,156 for the nine-month period ended September 30, 2024).

For the nine-month period ended September 30, 2025, the capitalization rate used was 5.15% p.y. (5.82% p.y. for the nine-month period ended September 30, 2024)

The Group assesses the recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When future undiscounted cash flows of assets are estimated to be insufficient to recover their related carrying value, the Group compares the asset’s estimated future cash flows, discounted to present value using a risk-adjusted discount rate, to its current carrying value and records a provision for impairment as appropriate. The indirect subsidiary JBS USA recognized an impairment of property, plant and equipment in the amount of US$844, related to the restructuring of its indirectly held subsidiary, Pilgrim’s Pride Corporation (PPC).

12 Leases

The Group uses the optional exemption to not recognize a right of use asset and lease liability for short term (less than 12 months) and low value leases. The average discount rate used for measuring lease liabilities was 5.45% at September 30, 2025 (5.08% at September 30, 2024).

12.1 Right of use asset

Changes in the right of use asset:

	Balance at January 1, 2025		Additions ⁽¹⁾		Terminated contracts			Amortization			Exchange rate variation		Balance at September 30, 2025
Growing facilities		632,267		117,112		(25,095	)		(109,866	)		53,580		667,998
Buildings		638,981		73,042		(25,841	)		(71,438	)		36,785		651,529
Vehicles (land)		189,036		60,683		(12,385	)		(53,616	)		5,305		189,023
Machinery and equipment		106,597		23,411		(4,968	)		(38,659	)		10,363		96,744
Operating plants		8,622		1,685		(150	)		(2,386	)		1,298		9,069
Land		15,999		3,965		(81	)		(2,078	)		415		18,220
Computer equipment		5,371		6,474		—			(1,468	)		806		11,183
Concession Agreement ⁽²⁾		—		3,780		—			(2,935	)		192		1,037
		1,596,873		290,152		(68,520	)		(282,446	)		108,744		1,644,803

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

	Balance at January 1, 2024		Additions ⁽¹⁾			Terminated contracts			Amortization			Exchange rate variation			Balance at September 30, 2024
Growing facilities		805,370		64,590			(25,761	)		(119,279	)		(44,794	)		680,126
Buildings		532,104		161,995			(14,929	)		(67,582	)		(11,490	)		600,098
Vehicles (land)		223,720		36,458			(2,417	)		(54,947	)		1,065			203,879
Machinery and equipment		90,101		63,805			(4,313	)		(34,949	)		(3,356	)		111,288
Operating plants		19,695		(59	)		(4,035	)		(3,373	)		(1,678	)		10,550
Land		19,186		663			(14	)		(1,953	)		(582	)		17,300
Computer equipment		15,534		—			(158	)		(6,415	)		(1,464	)		7,497
		1,705,710		327,452			(51,627	)		(288,498	)		(62,299	)		1,630,738

⁽¹⁾	The additions have been reduced by the PIS/COFINS tax effect. The net impact is US$3,821 and US$5,304 in the consolidated total respectively as of September 30, 2025 and 2024.

⁽²⁾	Of the total amount of additions, US$1,220 refers to the acquisition of JBS Terminais Ltda.

12.2 Lease liabilities

	September 30, 2025			December 31, 2024
Undiscounted lease payments		2,221,827			2,135,128
Present value adjustment		(424,129	)		(401,099	)
		1,797,698			1,734,029
Breakdown:
Current liabilities		356,358			335,681
Non-current liabilities		1,441,340			1,398,348
		1,797,698			1,734,029

Changes in the lease liability:

		Balance at January 1, 2025				Additions				Interest accrual				Payments				Terminated contracts				Exchange rate variation				Balance at September 30, 2025
Lease liability			1,734,029				306,439				77,089				(362,028	)			(84,837	)			127,006				1,797,698

		Balance at January 1, 2024				Additions				Interest accrual				Payments				Terminated contracts				Exchange rate variation				Balance at September 30, 2024
Lease liability			1,841,227				330,988				74,935				(352,079	)			(56,013	)			(67,431	)			1,771,627

The non-current portion of the lease liability schedule is as follows:

	September 30, 2025
2026		242,930
2027		241,683
2028		208,728
2029		187,317
2030		194,679
Maturities after 2030		692,774
Total Future Minimum Lease Payments		1,768,111
Less: Imputed Interest		(326,771	)
Present Value of Lease Liabilities		1,441,340

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

13 Intangible assets

Changes in intangible assets:

	Balance at January 1, 2025		Additions ⁽¹⁾		Disposals			Amortization			Exchange rate variation		Balance at September 30, 2025
Amortizing:
Trademarks		293,519		835		—			(21,065	)		29,345		302,634
Software		30,611		5,546		(1,422	)		(5,148	)		4,664		34,251
Customer relationships		408,149		2,126		(735	)		(50,763	)		15,396		374,173
Supplier contracts		20,548		—		—			(2,732	)		2,091		19,907
Others		13,975		2,268		(4,471	)		(5,057	)		1,759		8,474
Non-amortizing:
Trademarks		1,025,095		570		—			—			72,337		1,098,002
Water rights		11,302		—		—			—			169		11,471
		1,803,199		11,345		(6,628	)		(84,765	)		125,761		1,848,912

	Balance at January 1, 2024		Additions		Disposals			Amortization			Exchange rate variation			Balance at September 30, 2024
Amortizing:
Trademarks		341,183		682		—			(22,056	)		653			320,462
Software		24,941		17,210		(7	)		(4,635	)		(3,151	)		34,358
Customer relationships		486,166		—		—			(54,213	)		6,590			438,543
Supplier contracts		28,077		—		—			(2,815	)		(1,999	)		23,263
Others		1,044		33		—			(178	)		(53	)		846
Non-amortizing:
Trademarks		1,092,793		484		—			—			8,042			1,101,319
Water rights		11,391		214		—			—			52			11,657
		1,985,595		18,623		(7	)		(83,897	)		10,134			1,930,448

⁽¹⁾	Of the total amount of additions, US$2,205 refers to the acquisition of JBS Terminais Ltda.

14 Goodwill

Goodwill represents the positive difference between consideration paid to purchase a business and the net fair value of identifiable assets and liabilities of the acquired entity. Goodwill is recognized as an asset and included in “Goodwill” in the Statement of Financial Position. Goodwill is related to an expectation of future earnings of the acquired subsidiary after assets and liabilities are combined with the Group and cost savings resulting from synergies expected to be achieved upon the integration of the acquired business.

Changes in goodwill:

	September 30, 2025			September 30, 2024
Balance at the beginning of the period		5,417,134			6,105,020
Business combinations adjustments ⁽¹⁾		(695	)		—
Exchange rate variation		481,753			(256,698	)
Balance at the end of the period		5,898,192			5,848,322

⁽¹⁾	Refers to the business combination adjustment for the acquisition of JBS Terminais Ltda.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

CGUs	September 30, 2025		December 31, 2024
Brazil Beef		1,705,322		1,464,710
Seara		700,704		602,869
USA Pork		694,534		694,534
Australia Smallgoods		298,331		283,441
Australia Meat		269,864		256,395
PPC - Fresh Poultry		427,811		401,396
PPC - Brands & Snacking		—		262,431
PPC - Fresh Pork/Lamb		215,839		202,512
PPC - Food Service		184,518		173,125
PPC - Meals		—		58,178
PPC - Added Value ⁽¹⁾		347,499		—
Others CGUs without significant goodwill ⁽²⁾		1,053,770		1,017,543
Total		5,898,192		5,417,134

For the nine-month period ended September 30, 2025 and for December 31, 2024 there were no indicators of impairment of goodwill within any CGU.

⁽¹⁾

On August 5, 2025, the indirect subsidiary JBS USA completed the reorganization of its Cash-Generating Units (CGUs), driven by restructuring initiatives at its indirect subsidiary, Pilgrim’s Pride Corporation (“PPC”), in Europe. This reorganization resulted in the redefinition of the structure of the CGUs “PPC - Brands and Snacking” and “PPC - Meals”, which were consolidated into the new CGU “PPC - Added Value.” No impairment loss was recognized for the nine-month period ended September 30, 2025 as a result of this reorganization.

⁽²⁾	Correspond to 12 Cash-Generating Units (CGUs) which, due to their individually immaterial values, have been grouped under the category ‘Other’.

15 Trade accounts payable and Supply chain finance

	September 30, 2025			December 31, 2024
Domestic:
Commodities		1,829,733			1,961,391
Materials and services		3,169,716			3,138,734
Finished products		99,853			81,608
Present value adjustment		(8,537	)		(9,685	)
		5,090,765			5,172,048

Foreign:
Commodities		17,063			20,357
Materials and services		338,758			271,481
Finished products		782			1,627
		356,603			293,465

Total trade accounts payable		5,447,368			5,465,513

Supply chain finance ⁽¹⁾
Domestic		1,136,944			718,884
Foreign		4,238			9,826
Total supply chain finance		1,141,182			728,710
Total		6,588,550			6,194,223

⁽¹⁾

JBS S.A. initiates transactions with financial institutions that allow the suppliers to anticipate their receivables in the domestic market. Apart from an insignificant extension of payment terms, there was no operational or commercial change in the process, and the aforementioned discounted risk transaction does not lead to a change in the prices practiced by suppliers, maintaining the same price composition that was in place prior to the discounted risk operation by these same suppliers. Additionally, this operation did not incur any other burdens for the Group and all financial costs of the operation are the responsibility of the suppliers.

Commitment to Purchase for Future Delivery

The indirect subsidiary JBS S.A. has commitments to purchase cattle for future delivery signed with certain suppliers, in which the Group guarantees the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. Based on these future delivery contracts, JBJ Agropecuária Ltda. has already advanced this operation with the banks under the supply chain finance method. As of September 30, 2025, the amount of this transaction was US$155,840 (US$58,944 at December 31, 2024), this operation is recognized as supply chain finance.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

16 Loans and financing

	Average					Payment	Current				Non-current
Type	annual interest rate			Currency	Index	terms / non- current debt	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024

Foreign currency
ACC - Advances on exchange		5.04	%	USD	—	2025		241,272		1,015,010		—		—
Prepayment		5.69	%	USD	SOFR	2025 - 27		—		100,296		—		—
FINIMP		5.46	%	EUR	Euribor	2025		—		614		—		—
Working Capital - Dollars		4.14	%	USD	SOFR	2030		2,435		6,238		1,925		2,223
CRA - Agribusiness Receivables Certificates		5.36	%	USD	—	2029		2,554		719		100,361		65,189
Export credit note		4.94	%	USD	SOFR	2025		251,707		102,367		—		—
Others		6.88	%	Several	Several	-		2,087		3,584		1,736		1,691
								500,055		1,228,828		104,022		69,103
Local currency
FINAME		6.00	%	BRL	—	2025		—		5		—		—
Notes 2.50% JBS Fin 2027		2.50	%	USD	—	2027		544		11,458		105,133		990,319
Notes 5.13% JBS Lux 2028		5.13	%	USD	—	2028		—		19,085		—		889,288
Notes 6.5% JBS Lux 2029		6.50	%	USD	—	2029		—		934		—		69,842
Notes 3.00% JBS Lux 2029		3.00	%	USD	—	2029		2,850		7,399		590,875		588,860
Notes 5.5% JBS Lux 2030		5.50	%	USD	—	2030		—		31,312		—		1,241,293
Notes 3.75% JBS Lux 2031		3.75	%	USD	—	2031		6,060		1,489		489,420		488,985
Notes 3.00% JBS Lux 2032		3.00	%	USD	—	2032		11,167		3,750		984,417		982,670
Notes 3.63% JBS Fin 2032		3.63	%	USD	—	2032		7,219		16,096		956,900		955,546
Notes 5.75% JBS Lux 2033		5.75	%	USD	—	2033		47,242		23,621		1,629,438		1,626,266
Notes 6.75% JBS Lux 2034		6.75	%	USD	—	2034		3,956		30,068		1,487,415		1,485,757
Notes 5.95% JBS USA 2035		5.95	%	USD	—	2035		40,989		—		986,961		—
Notes 4.38% JBS Lux 2052		4.38	%	USD	—	2052		6,234		16,188		888,030		887,691
Notes 6.50% JBS Lux 2052		6.50	%	USD	—	2052		32,981		8,106		1,526,693		1,526,099
Notes 7.25% JBS Lux 2053		7.25	%	USD	—	2053		24,288		8,038		883,647		883,217
Notes 5.5% JBS Lux 2036		5.50	%	USD	—	2036		16,424		—		1,230,880		—
Notes 6.25% JBS Lux 2056		6.25	%	USD	—	2056		18,663		—		1,234,907		—
Notes 6.38% JBS Lux 2066		6.38	%	USD	—	2066		15,229		—		983,964		—
Notes 6.38% JBS USA 2055		6.38	%	USD	—	2055		4,516		—		730,609		—
Notes 4.25% PPC 2031		4.25	%	USD	—	2031		15,415		7,577		786,715		844,203
Notes 3.50% PPC 2032		3.50	%	USD	—	2032		2,449		10,413		892,658		892,253
Notes 6.25% PPC 2033		6.25	%	USD	—	2033		14,094		30,285		910,519		966,001
Notes 6.88% PPC 2034		6.88	%	USD	—	2034		12,795		4,201		487,215		486,078
Working Capital - Euros		2.48	%	EUR	Euribor	2025 - 28		37,959		21,789		14,681		8,684
Working Capital - Pounds		5.65	%	GBP	—	2025		9,543		—		—		—
Export credit note		16.76	%	BRL	CDI	2025 - 30		902		858		463		847
CDC - Direct credit to consumers		16.64	%	BRL	—	2028		1,590		9,346		27		815
Livestock financing - Pre		10.83	%	BRL	—	2025		—		341,493		—		—
Livestock financing		14.90	%	BRL	CDI	2026		114,174		—		—		—
CRA - Agribusiness Receivables Certificates		7.05	%	BRL	IPCA	2029-55		15,933		11,415		1,744,717		1,218,300
Commercial Paper		5.00	%	—	—	-		—		202,144		—		—
Others		0.44	%	Several	Several	-		36,137		38,327		118,929		140,454
Total								499,353		855,397		19,665,213		17,173,468

								999,408		2,084,225		19,769,235		17,242,571

Average annual interest rate: Refers to the weighted average nominal cost of interest at the reporting date. The loans and financings are fixed by a fixed rate or indexed to rates: CDI, TJLP (the Brazilian government’s long-term interest rate), LIBOR and EURIBOR, among others.

The availability of revolving credit facilities for JBS USA was US$2.9 billion as of September 30, 2025 (US$2.9 billion as of December 31, 2024). In Brazil, the availability of revolving credit facilities was US$500,000 (US$500,000 at December 31, 2024).

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

The non-current portion of the principal payment schedule of loans and financing is as follows:

Maturity	September 30, 2025

2026		11,208
2027		131,923
2028		104,538
2029		642,609
2030		149,214
Maturities after 2030		18,729,743
		19,769,235

16.1 Guarantees and contractual restrictions (“covenants”)

The Group was in compliance with all of its financial debt covenants restrictions as of September 30, 2025.

17 Income and other taxes payable

Income and other taxes payable are comprised of the following:

	September 30, 2025		December 31, 2024

Taxes payable in installments		28,839		44,426
PIS / COFINS tax payable		18,604		15,378
ICMS / VAT / GST tax payable		38,487		37,868
Withholding income taxes		347,092		346,785
IPTU and others		106,618		75,932
Subtotal		539,640		520,389
Income taxes payable		242,634		233,027
Total		782,274		753,416

Breakdown:
Current liabilities		366,317		346,761
Non-current liabilities		415,957		406,655
		782,274		753,416

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

18 Payroll and social charges

Payroll and social charges are comprised of the following:

	September 30, 2025		December 31, 2024

Social charges in installments		288,062		356,545
Bonus and vacation along with related social charges		919,071		804,551
Salaries and related social charges		543,355		561,990
Others		15,108		65,383
		1,765,596		1,788,469
Breakdown:
Current liabilities		1,489,505		1,435,751
Non-current liabilities		276,091		352,718
		1,765,596		1,788,469

19 Provisions for legal proceedings

The Group is party to several lawsuits arising in the ordinary course of business for which provisions are recognized for those deemed probable of loss based on estimated costs determined by management as follow:

Breakdown:
	September 30, 2025		December 31, 2024
Current liabilities		100,940		280,804
Non-current liabilities		224,723		216,659
		325,663		497,463

	September 30, 2025		December 31, 2024

Labor		102,275		87,127
Civil		164,408		340,644
Tax and Social Security		58,980		69,692
Total		325,663		497,463

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

	September 30, 2025								December 31, 2024
	Labor		Civil		Tax and Social Security		Total		Labor		Civil		Tax and Social Security		Total

Brasil		102,215		63,455		58,970		224,640		87,075		59,796		68,516		215,387
USA		—		100,940		—		100,940		—		280,804		—		280,804
Others jurisdictions		60		13		10		83		52		44		1,176		1,272
Total		102,275		164,408		58,980		325,663		87,127		340,644		69,692		497,463

19.1 - Labor - Changes in provisions:

Jurisdiction	Balance at January 1, 2025		Additions, reversals and changes in estimates		Payments			Indexation		Exchange rate variation		Balance at September 30, 2025

Brazil		87,075		46,995		(53,537	)		7,339		14,343		102,215
Other jurisdictions		52		4		—			—		4		60
Total		87,127		46,999		(53,537	)		7,339		14,347		102,275

Jurisdiction	Balance at January 1, 2024		Additions, reversals and changes in estimates		Payments			Indexation		Exchange rate variation			Balance at September at 30, 2024

Brazil		107,940		49,708		(52,202	)		5,352		(12,043	)		98,755
Other jurisdictions		64		4,220		(4,381	)		495		(338	)		60
Total		108,004		53,928		(56,583	)		5,847		(12,381	)		98,815

19.2 - Civil - Changes in provisions:

Jurisdiction	Balance at January 1, 2025		Additions, reversals and changes in estimates			Payments			Indexation			Exchange rate variation		Balance at September 30, 2025

Brazil		59,796		11,238			(21,127	)		4,184			9,364		63,455
USA		280,804		159,198			(339,062	)		—			—		100,940
Other jurisdictions		44		(2	)		(29	)		(6	)		6		13
Total		340,644		170,434			(360,218	)		4,178			9,370		164,408

Jurisdiction	Balance at January 1, 2024		Additions, reversals and changes in estimates			Payments			Indexation			Exchange rate variation			Balance at September at 30, 2024

Brazil		73,502		15,133			(15,923	)		5,715			(8,483	)		69,944
USA		197,440		81,226			(68,640	)		—			30			210,056
Other jurisdictions		47		(4,320	)		108			(257	)		4,465			43
Total		270,989		92,039			(84,455	)		5,458			(3,988	)		280,043

Civil legal proceedings (probable loss):

United States

The civil legal proceedings involve class-action lawsuits alleging violations of federal and state antitrust laws, as well as laws governing unfair competition, unjust enrichment, unusual business practices, and consumer protection related to beef, pork and chicken sales, as well as Canada and US State Matters.

The Group, together with its legal department and external counsel, continues to monitor the progress of the antitrust cases and believes that the accounting provisions recorded as of the date of these interim financial statements are sufficient to cover the associated risk.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

19.3 - Tax and Social Security - Changes in provision:

Jurisdiction	Balance at January 1, 2025		Additions, reversals and changes in estimates			Payments			Indexation			Exchange rate variation		Balance at September 30, 2025

Brazil		68,516		(13,241	)		(3,435	)		(2,565	)		9,695		58,970
Other jurisdictions		1,176		(38	)		(508	)		(752	)		132		10
Total		69,692		(13,279	)		(3,943	)		(3,317	)		9,827		58,980

Jurisdiction	Balance at January 1, 2024		Additions, reversals and changes in estimates			Payments			Indexation			Exchange rate variation			Balance at September at 30, 2024

Brazil		133,006		(23,804	)		(1,875	)		8,251			(14,427	)		101,151
Other jurisdictions		1,394		627			81			(318	)		(480	)		1,304
Total		134,400		(23,177	)		(1,794	)		7,933			(14,907	)		102,455

Legal proceedings (possible loss):

In the nine-month period ended September 30, 2025, the Company did not identify significant changes in the estimates of range of loss related to legal provisions which the probability of loss is considered possible.

●

Brazil

a. Profits abroad

Between the calendar years 2006 and 2018, the indirect subsidiary JBS S.A. was subject to assessments arising from tax charges on profits earned abroad that were supposed to be included in the IRPJ and CSLL calculation basis, also including invoices disallowances paid by investees abroad, on the grounds that they could not have been used to offset IRPJ and CSLL due in Brazil. These charges also involve the imposition of officio fines, isolated fines and interest. JBS S.A. clarifies that a large part of the collection of IRPJ and CSLL on profits from abroad refers to profits from investees located in jurisdictions with which Brazil has agreements to avoid double taxation. In addition, a relevant part of the charge covers the discussion regarding the formal requirements demanded by the inspection authorities for the purposes of consolidating the results abroad of its direct or indirect investees, and it is certain that JBS S.A. disagrees with the criteria applied by the inspection authorities and has submitted a defense. For almost all of the debts, JBS S.A. is defending itself at the administrative level and is awaiting judgment. JBS S.A. assessed the relevant tax rulings, verifying any divergences in relation to the tax positions adopted by JBS S.A.. Based on this analysis, and taking into account legal opinions and applicable jurisprudence, JBS S.A. has a provision in the total amount of US$750 million, referring to the divergence of positions on the taxation of profits of affiliates abroad in countries with international agreements recorded and reducing the heading of recoverable taxes, reflecting the probability of future realization of these amounts.

20 Equity

a.	Share capital: On September 30, 2025, the Company’s share capital consisted of 814,216,001 class A common shares and 294,842,184 class B common shares, totaling US$35,114. (US$13,177,841 on December 31, 2024).

b.	Capital reserve: On September 30, 2025, the Company’s capital reserve amounted to US$7,299,425 (US$(180,586) on December 31, 2024).

During the nine-month period ended September 30, 2025, the following capital transactions occurred:

b.1. Share Premium Distribution: On May 9, 2025, the shareholders approved a distribution from the share premium account in the amount of US$193,432. On June 15, 2025, an additional distribution from the share premium account was approved in the amount of US$193,572.

b.2. Cancellation of Class B Shares: On May 20, 2025, by shareholders’ resolution of JBS N.V., the share capital reduction was approved through the cancellation of 3,468,538 Class B shares held by J&F Investments Luxembourg S.à r.l., without any financial compensation

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

b.3. Contribution of Shares: On May 22, 2025, within the scope of the Dual Listing transaction, the contribution by JBS N.V. of 572,981,486 Class A shares, which were held in treasury, to JBS Participações Societárias S.A., at the book value of JBS S.A.’s shares, was approved.

b.4. Merger of Shares: On May 23, 2025, the following resolutions were approved: (i) the merger, by JBS Participações Societárias S.A., of the JBS S.A. shares held by the minority shareholders (free float), representing 51.2% of JBS S.A.’s share capital; and (ii) the issuance, by JBS Participações Societárias S.A., of 572,981,486 mandatory redeemable preferred shares (MRPS), in the total amount of U$4 billion, based on JBS S.A.’s book value as of the transaction date, with U$0.18 allocated to share capital and the remainder to share premium.

b.5. Redemption of Shares: On May 23, 2025, the full redemption of JBS Participações Societárias S.A.’s MRPS held by minority shareholders was approved, to be settled through the delivery of BDRs to such shareholders.

b.6. Common Share Contribution: On May 23, 2025, J&F Investments Luxembourg S.à r.l. contributed 522,224,559 common shares of JBS Participações Societárias S.A., in the amount of U$1.8 billion, to share premium.

b.7. Repurchase of Class A Shares: On June 12, 2025, the repurchase of 19,669,712 class A shares was approved, at no cost to the Company, in the amount of US$192.

b.8. New Repurchase Plan: On August 13, 2025, the Board of Directors approved a new share repurchase plan authorizing the acquisition of Class A common shares and Brazilian Depositary Receipts (BDRs) for an aggregate amount of up to US$400 million. Subsequently, on October 14, 2025, the Board approved an increase in the maximum limit of funds available under the plan to US$600 million. During the period ended September 30, 2025, the Company repurchased 23,211,318 shares, in the amount of US$362.5 million.

Dividends: On March 13, 2025, PPC announced that its Board of Directors had approved the distribution of a special cash dividend in the amount of US$6.30 per share. The payment, totaling US$1.5 billion, was made on April 17, 2025, to shareholders. Of this total, US$264.1 million was allocated to non-controlling shareholders.

On July 30, 2025, PPC announced that its Board of Directors had approved the distribution of a special cash dividend in the amount of US$2.10 per share. The payment, totaling approximately US$500.0 million, was made on September 3, 2025, to shareholders. Of this total, US$88.4 million was allocated to non-controlling shareholders.

During the three-month period ended September 30, 2025, the Company received dividends from its subsidiary JBS S.A., totaling US$ 420.5 million. The payments were made on August 14, 2025, August 20, 2025, August 27, 2025, and September 3, 2025, in the amounts of US$60.5 million, US$150.0 million, US$120.0 million, and US$90.0 million, respectively. These amounts correspond to the distribution of interim and special dividends approved on the respective dates.

In October 2025, the Company received dividends from its subsidiary JBS S.A. totaling US$200.0 million. The payments were made on October 15, 2025, October 21, 2025 and October 31, 2025, in the amounts of US$75.0 million, US$75.0 million and US$50.0 million, respectively. These amounts correspond to the distribution of interim dividends approved on the respective dates.

Non-controlling interest: Material non-controlling interest as of September 30, 2025 consisted of the 17.7% (17.6% as of December 31, 2024), of PPC common stock not owned by JBS USA. JBS USA’s voting rights in PPC are limited to 82.3% as of September 30, 2025 (82.4% as of December 31, 2024) of the total. The profit allocated to the PPC non-controlling interest was US$176,621 and US$151,553 for the nine-month period ended September 30, 2025 and 2024, respectively. The accumulated non-controlling interest in PPC was US$710,146 as of September 30, 2025 (US$880,810 as of December 31, 2024). For the nine-month period ended September 30, 2025, purchase of treasury stock by PPC was nil (nil for the nine-month period ended September 30, 2024). Below are the PPC total net sales, net income, cash provided by operations, total assets and total liabilities for the periods indicated.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

	Nine-month period ended September 30,
	2025		2024

Net Revenue		13,979,716		13,506,227
Net Income		995,413		851,451
Net cash provided by operating activities		1,080,440		1,640,792

	September 30, 2025		December 31, 2024

Total assets		9,952,401		10,650,576
Total liabilities		6,396,724		6,397,180
Total equity		3,555,677		4,253,396

21 Net revenue

	Nine-month period ended September 30,				Three-month period ended September 30,
	2025		2024		2025		2024
Domestic sales		46,876,131		42,500,372		16,601,753		14,663,139
Export sales		16,245,020		14,708,513		5,995,231		5,262,867
Net revenue		63,121,151		57,208,885		22,596,984		19,926,006

21.1 Contract balances - Advances from customer

Advances from customers are related to payments received in advance of satisfying the performance obligation under the contract. Moreover, a contract liability is recognized when the Group has an obligation to transfer products to a customer from whom the consideration has already been received. The recognition of the contractual liability occurs at the time when the consideration is received. The Group recognizes revenue upon fulfilling the related performance obligation. Contract liabilities are presented as advances from customers in the statement of financial position.

The following table provides information about trade accounts receivable and contract liabilities from contracts with customers:

	Note	September 30, 2025			December 31, 2024
Trade accounts receivable	4		3,847,840			3,735,540
Contract liabilities			(285,466	)		(151,947	)
Total accounts receivable, net of advances			3,562,374			3,583,593

22 Net finance expense

	Nine-month period ended September 30,						Three-month period ended September 30,
	2025			2024			2025			2024
Exchange rate variation		123,246			84,655			66,424			(68,731	)
Fair value adjustments on derivatives		(54,088	)		(353,763	)		(63,681	)		54,807
Interest expense ⁽¹⁾		(1,273,198	)		(1,251,090	)		(480,203	)		(399,416	)
Interest income ⁽²⁾		363,080			309,401			135,030			98,668
Bank fees and others		(135,138	)		(98,656	)		(65,719	)		(46,418	)
		(976,098	)		(1,309,453	)		(408,149	)		(361,090	)

Finance income		508,017			517,594			202,920			153,475
Finance expense		(1,484,115	)		(1,827,047	)		(611,069	)		(514,565	)
		(976,098	)		(1,309,453	)		(408,149	)		(361,090	)

⁽¹⁾

For the nine-month period ended September 30, 2025, the amount of US$909,415 (US$864,371 for the nine-month period ended September 30, 2024) refers to interest expenses from loans and financings.

⁽²⁾

For the nine-month period ended September 30, 2025, the amount of US$132,735 (US$136,247 for the nine-month period ended September 30, 2024) refers to interest income from short-term investments.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

23 Earnings (loss) per share

	Nine-month period ended September 30,				Three-month period ended September 30,
	2025		2024 ⁽¹⁾		2025		2024 ⁽¹⁾
Net income attributable to Company shareholders		1,609,192		1,354,020		580,887		692,923
Weighted average - common shares outstanding		1,109,058,185		1,109,058,185		1,109,058,185		1,109,058,185

Basic and diluted earnings (loss) per share - (US$)		1.45		1.22		0.52		0.62

⁽¹⁾

The weighted average number of common shares outstanding for 2024 was retrospectively adjusted to reflect the 2025 share structure for comparability.

24 Operating segments

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 seven reportable segments: Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride, Australia and Miscellaneous segments. The segment operating profit or loss 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 profit sharing from equity investments, net of taxes; exclusion of financial income and expenses, exclusion of depreciation and amortization expenses, exclusion of expenses with antitrust agreements; exclusion of donations and social programs expenses; exclusion impairment of assets; exclusion of restructuring; exclusion of fiscal payments and installments; exclusion of avian influenza; and exclusion of certain other operating income (expense), net.

Brazil: this segment includes the indirect subsidiary JBS S.A.’s operating activities, mainly represented by slaughter facilities, cold storage and meat processing, fattening, feed and production of beef 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 the indirect subsidiary Seara Alimentos Ltda. 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 the indirect subsidiary 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 the indirect subsidiary 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 four hog farms and five feed mills, from which, JBS Lux will source live hogs for its pork processing operations.

Pilgrim’s Pride: this segment includes the indirect subsidiary 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: Our Australia 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). We also sell 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). We also operate lamb, pork, and fish, processing facilities in Australia and New Zealand, including the recently acquired 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.

Miscellaneous segments (previously labeled as “Others”): includes certain operations not directly attributable to the primary segments, such as corporate expenses, international leather operations and other operations in Europe.

There are no revenues arising out of transactions with any single customer that represents 5% or more of the total revenues.

The Group manages its loans and financing and income taxes at the corporate level and not by segment.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

The information by operational segment are as follows:

	Nine-month period ended September 30, 2025
	Brazil		Seara		Beef North America			Pork USA		Pilgrim’s Pride		Australia		Miscellaneous segments		Total reportable segments		Elimination (*)			Total
Net revenue		10,910,259		6,677,595		20,474,828			6,280,690		13,970,054		5,786,692		524,333		64,624,451		(1,503,300	)		63,121,151
Adjusted EBITDA⁽¹⁾		666,881		1,140,147		(375,108	)		719,109		2,247,679		699,410		17,824		5,115,942		—			5,115,942

	Nine-month period ended September 30, 2024
	Brazil		Seara		Beef North America		Pork USA		Pilgrim’s Pride		Australia		Miscellaneous segments		Total reportable segments		Elimination (*)			Total
Net revenue		9,110,276		6,499,556		17,886,153		6,114,728		13,494,937		4,882,634		412,639		58,400,923		(1,192,038	)		57,208,885
Adjusted EBITDA⁽¹⁾		733,874		1,088,992		136,531		800,249		2,059,291		524,075		3,608		5,346,620		(1,324	)		5,345,296

	Three-month period ended September 30, 2025
	Brazil		Seara		Beef North America			Pork USA		Pilgrim’s Pride		Australia		Miscellaneous segments		Total reportable segments		Elimination (*)			Total
Net revenue		4,159,524		2,361,019		7,248,143			2,219,941		4,756,050		2,192,373		200,350		23,137,400		(540,416	)		22,596,984
Adjusted EBITDA⁽¹⁾		307,229		322,662		(41,651	)		218,208		769,739		248,876		9,529		1,834,592		—			1,834,592

	Three-month period ended September 30, 2024
	Brazil		Seara		Beef North America		Pork USA		Pilgrim’s Pride		Australia		Miscellaneous segments			Total reportable segments		Elimination (*)			Total
Net revenue		3,256,380		2,193,966		6,312,640		2,042,489		4,581,061		1,784,587		152,119			20,323,242		(397,236	)		19,926,006
Adjusted EBITDA⁽¹⁾		377,679		461,243		117,347		246,696		775,892		174,347		(85	)		2,153,119		—			2,153,119

^(*)

Includes intercompany and intersegment transactions.

⁽¹⁾

The Adjusted EBITDA is reconciled with the consolidated profit (loss) before taxes, as follows:

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

	Nine-month period ended September 30,					Three-month period ended September 30,
	2025			2024		2025			2024
Profit before taxes		2,245,943			2,101,737		815,341			1,197,121
Share of profit of equity-accounted investees, net of tax		(15,008	)		231		(4,452	)		(3,897	)
Net finance expense		976,098			1,309,453		408,149			361,090
Depreciation and amortization		1,684,857			1,633,620		584,019			542,842
Antitrust agreements ⁽¹⁾		143,720			80,977		10,082			700
Donations and social programs ⁽²⁾		1,747			18,171		615			3,591
Impairment of assets ⁽³⁾		12,767			—		—			—
Restructuring ⁽⁴⁾		23,771			82,991		2,233			30,835
Rio Grande do Sul claim ⁽⁵⁾		—			19,313		—			13,092
Fiscal payments and installments ⁽⁶⁾		2,378			81,766		—			—
Avian influenza ⁽⁷⁾		13,122			—		7,510			—
Other operating income (expense), net ⁽⁸⁾		26,547			17,037		11,095			7,745
Total Adjusted EBITDA		5,115,942			5,345,296		1,834,592			2,153,119
Reversal of elimination		—			1,324		—			—
Total Adjusted EBITDA for reportable segments		5,115,942			5,346,620		1,834,592			2,153,119

⁽¹⁾

Refers to the Agreements entered by JBS USA and its subsidiaries as described in Note 19 – Provisions for legal proceedings.

⁽²⁾

Refers to the donations made by JBS S.A., substantially composed of the Fundo JBS pela Amazônia.

⁽³⁾

This mainly refers to the impairment of fixed assets and the impairment of recoverable tax credits.

⁽⁴⁾

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.

⁽⁵⁾

Refers to the claim resulting from flooding that occurred in Rio Grande do Sul in the indirect subsidiary Seara Alimentos Ltda.

⁽⁶⁾

Refers to the special payment program for the installment of tax proceedings with exemption from fines and reduction of interest of the indirect subsidiary JBS S.A.

⁽⁷⁾

Refers to the impacts related to avian influenza incurred by the indirect subsidiary Seara Alimentos Ltda.

⁽⁸⁾

Refers to several adjustments basically in JBS USA’s jurisdiction such as third-party advisory expenses related to acquisitions, insurance recovery, among others.

Below is net revenue and total assets based on geography, presented for supplemental information.

	Nine-month period ended September 30, 2025
	North and Central America ⁽²⁾		South America		Australia		Europe		Minor regions		Total		Intercompany elimination ⁽¹⁾			Total
Net revenue		37,088,581		17,847,716		5,059,539		4,755,661		361,493		65,112,990		(1,991,839	)		63,121,151
Total assets		18,694,257		25,315,995		4,021,447		14,210,427		297,076		62,539,202		(18,353,091	)		44,186,111

	Nine-month period ended September 30, 2024
	North and Central America ⁽²⁾		South America		Australia		Europe		Minor regions		Total		Intercompany elimination ⁽¹⁾			Total
Net revenue		33,616,750		15,812,391		4,467,637		4,514,802		273,847		58,685,427		(1,476,542	)		57,208,885
Total assets		17,850,381		15,352,126		4,221,281		5,605,971		295,385		43,325,144		(1,737,131	)		41,588,013

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

	Three-month period ended September 30, 2025
	North and Central America ⁽²⁾		South America		Australia		Europe		Minor regions		Total		Intercompany elimination ⁽¹⁾			Total
Net revenue		13,000,367		6,614,231		1,900,808		1,630,470		174,899		23,320,775		(723,791	)		22,596,984
Total assets		18,694,257		25,315,995		4,021,447		14,210,427		297,076		62,539,202		(18,353,091	)		44,186,111

	Three-month period ended September 30, 2024
	North and Central America ⁽²⁾		South America		Australia		Europe		Minor regions		Total		Intercompany elimination ⁽¹⁾			Total
Net revenue		11,633,150		5,522,770		1,645,994		1,533,689		97,597		20,433,200		(507,194	)		19,926,006
Total assets		17,850,381		15,352,126		4,221,281		5,605,971		295,385		43,325,144		(1,737,131	)		41,588,013

⁽¹⁾

Includes intercompany transactions between the segments.

⁽²⁾

Including the holdings located in Europe that are part of the North American operation.

25 Expenses by nature

Expenses by nature are disclosed as follows:

	Nine-month period ended September 30,						Three-month period ended September 30,
	2025			2024			2025			2024
Cost of sales
Cost of inventories, raw materials and production inputs		(46,716,115	)		(40,962,307	)		(16,879,276	)		(14,065,067	)
Salaries and benefits		(6,480,401	)		(6,187,989	)		(2,225,800	)		(2,100,973	)
Depreciation and amortization		(1,495,117	)		(1,447,022	)		(519,461	)		(480,079	)
		(54,691,633	)		(48,597,318	)		(19,624,537	)		(16,646,119	)
Selling
Freight and selling expenses		(2,827,525	)		(2,686,014	)		(968,208	)		(843,173	)
Salaries and benefits		(421,103	)		(415,795	)		(145,822	)		(254,592	)
Depreciation and amortization		(58,228	)		(46,127	)		(21,080	)		(18,412	)
Advertising and marketing		(264,817	)		(231,120	)		(87,251	)		(78,726	)
Net impairment losses (recovery)		(14,268	)		(6,929	)		(8,378	)		(2,684	)
Commissions		(64,721	)		(52,840	)		(25,280	)		(19,969	)
		(3,650,662	)		(3,438,825	)		(1,256,019	)		(1,217,556	)
General and administrative
Salaries and benefits		(818,550	)		(898,891	)		(280,237	)		(285,377	)
Fees, services held and general expenses		(487,044	)		(574,055	)		(176,116	)		(153,566	)
Depreciation and amortization		(131,512	)		(140,471	)		(43,478	)		(44,351	)
DOJ and Antitrust agreements		(143,720	)		(80,977	)		(10,082	)		(700	)
Donations and social programs ⁽¹⁾		(11,621	)		(18,171	)		(3,824	)		(3,591	)
		(1,592,447	)		(1,712,565	)		(513,737	)		(487,585	)

⁽¹⁾

Refers to donations made to Instituto J&F regarding improvements on school’s building, the social program “Fazer o Bem Faz Bem” created by the Group to support actions for social transformation where the indirect subsidiary JBS S.A. is present and donations to Fundo JBS pela Amazônia.

For the nine-month period ended September 30, 2025, JBS S.A. incurred expenses with internal research and development, in the amount of US$2.319 (US$4,194 for the nine-month period ended September 30, 2024).

For the nine-month period ended September 30, 2025 and 2024, other income (expenses) includes gain (losses) of sale of assets, insurance recovery, asset impairment expenses, restructuring expenses, among others.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

25.1 Other income and other expenses

Other income: For the nine-month period ended September 30, 2025,the Group has recorded in other income the amount of US$77,298 (US$60,323 for the nine-month period ended September 30, 2024), which mainly refers to the gain on the sale of assets totaling US$29,422 (US$15,607 for the nine-month period ended September 30, 2024), tax refunds and extemporaneous tax credits totaling US$6,872 (US$5,933 for the nine-month period ended September 30, 2024), rental income totaling US$2,215 (US$1,592 for the nine-month period ended September 30, 2024), among other non-significant items.

Other expenses: For the nine-month period ended September 30, 2025, the Group has recorded in other expenses the amount of US$56,674 (US$109,079 for the nine-month period ended September 30, 2024), which mainly refers to restructuring expenses totaling US$21,890 (US$82,070 for the nine-month period ended September 30, 2024), loss on sale of assets totaling US$12,682 (US$12,760 for the nine-month period ended September 30, 2024) and other miscellaneous items.

Restructuring related expenses

For the nine-month period ended September 30, 2025 the indirect subsidiary JBS USA recognized US$21,890 (US$82,070 for the nine-month period ended September 30, 2024) in restructuring expenses related to its subsidiary PPC.

In 2022, PPC began restructuring initiatives in its European operations. Additional restructuring initiatives also commenced in 2023 and 2024. The purpose of the ongoing restructuring activities is to integrate central operations and reallocate processing capacities between production facilities resulting in closures of some facilities in the European operations.

The following table provides a summary of PPC’s estimates of timelines and costs associated with these restructuring initiatives by major type of cost:

	Pilgrim’s Food Masters		Pilgrim’s Europe Central		Total

Earliest implementation date		April 2024		January 2024
Expected predominant completion date		March 2025		June 2025

Costs incurred and expected to be incurred:

Employee-related costs		19,537		50,963		70,500
Asset impairment costs		10,903		1,847		12,750
Contract termination costs		845		1,588		2,433
Other exit and disposal costs ⁽¹⁾		8,657		5,234		13,891
Total exit and disposal costs		39,942		59,632		99,574

Costs incurred since earliest implementation date:

Employee-related costs		19,537		45,806		65,343
Asset impairment costs		10,903		1,847		12,750
Contract termination costs		845		1,588		2,433
Other exit and disposal costs ⁽¹⁾		8,657		5,234		13,891
Total exit and disposal costs		39,942		54,475		94,417

⁽¹⁾

Comprised of other costs directly related to the restructuring initiatives, including maintenance costs and Pilgrim’s Food Masters consulting fees.

During the nine-month periods ended September 30, 2025 and 2024, PPC recognized the following expenses and paid the following cash related to each restructuring initiative:

	Nine-month period ended September 30, 2025
	Provisions		Expenses			Cash Outlays

Pilgrim’s Food Masters		1,578		(793	)		4,668
Pilgrims Europe Central		5,497		21,782			18,919
Previous programs substantially completed		—		901			467
Total		7,075		21,890			24,054

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

	Nine-month period ended September 30, 2024
	Provisions		Expenses		Cash Outlays

Pilgrim’s Food Masters		14,980		34,774		14,452
Pilgrims Europe Central		2,571		27,965		23,585
Previous programs substantially completed		4,351		19,331		3,181
Total		21,902		82,070		41,218

The following table reconciles liabilities and reserves associated with each restructuring initiative from December 31, 2024 to September 30, 2025 and from December 31, 2023 to September 30, 2024. Ending liability balances for employee termination benefits and other charges are reported in accrued payroll and social charges in the Consolidated Statements of financial position. The ending reserve balance for inventory adjustments is reported in inventories, net in the Consolidated Statements of financial position. The ending reserve balance for asset impairments is reported in property, plant and equipment, net in the Consolidated Statements of financial position.

	Liability reserve as of December 31, 2024		Restructuring charges incurred		Cash payments and disposals			Currency translation		Liability reserve as of September 30, 2025

Severance		4,443		17,794		(19,782	)		896		3,351
Contract termination		1,513		1,789		(3,095	)		217		424
Asset impairment		91		84		(180	)		5		—
Other		4,930		2,223		(2,889	)		262		4,526
Total		10,977		21,890		(25,946	)		1,380		8,301

	Liability reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals			Currency translation			Liability reserve as of September 30, 2024

Severance		3,651		41,565		(32,185	)		573			13,604
Contract termination		1,597		2,028		(3,096	)		23			552
Asset impairment		359		26,846		(27,200	)		(5	)		—
Other		4,631		11,631		(8,809	)		293			7,746
Total		10,238		82,070		(71,290	)		884			21,902

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

26 Risk management and financial instruments

Financial instruments:

Financial instruments are recognized in the unaudited condensed consolidated interim financial information as follows:

	Note	September 30, 2025			December 31, 2024
Assets
Fair value through profit or loss ⁽¹⁾
Financial / Overnight investments	3		1,501,596			3,350,654
National treasury bills	3		124,088			97,531
Derivative assets			262,706			84,468
Amortized cost ⁽²⁾
Cash at banks	3		1,962,794			2,197,822
CME Margin investments	3		523,583			104,220
Trade accounts receivable	4		3,847,840			3,735,540
Related party receivables	8		—			77,355
Financial investments	3		45,831			—
Total			8,268,438			9,647,590
Liabilities
Amortized cost
Loans and financing	16		(20,768,643	)		(19,326,796	)
Trade accounts payable and supply chain finance	15		(6,588,550	)		(6,194,223	)
Debt with related party	8		(212,989	)		—
Lease	12.2		(1,797,698	)		(1,734,029	)
Fair value through profit or loss
Derivative liabilities			(571,668	)		(266,066	)
Total			(29,939,548	)		(27,521,114	)

⁽¹⁾

CDBs are updated at the contractual rate but have a short-term and the counterparties are financial institutions, and their carrying amount is approximate to fair value; (ii) national treasury bill are measured at fair value.

⁽²⁾

Loans and receivables are classified as amortized cost. The trade accounts receivable are short-term and net of expected losses.

Fair value of assets and liabilities through profit or loss: The Group determine fair value measurements in accordance with the hierarchical levels that reflect the significance of the inputs used in the measurement, with the exception of those maturing in the short term, equity instruments without an active market and contracts with discretionary characteristics that the fair value cannot be measured reliably, according to the following levels:

Level 1 - Quoted prices in active markets (unadjusted) for identical assets or liabilities;

Level 2 - Inputs other than Level 1, in which prices are quoted for similar assets and liabilities, either directly by obtaining prices in active markets or indirectly through valuation techniques that use data from active markets;

	September 30, 2025						December 31, 2024
	Level 1		Level 2		Total		Level 1		Level 2		Total
Financial assets
Financial investments		—		1,501,596		1,501,596		—		3,350,654		3,350,654
National treasury bills		124,088		—		124,088		97,531		—		97,531
Derivative assets		—		262,706		262,706		—		84,468		84,468

Financial liabilities
Derivative liabilities		—		571,668		571,668		—		266,066		266,066

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Fair value of assets and liabilities carried at amortized cost: The fair value of the Notes, are estimated using the closing sale price of these securities informed by a financial newswire on September 30, 2025 and December 31, 2024, considering there is an active market for these financial instruments. The book value 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 book value of variable-rate loans and financings approximates fair value given the interest rates adjust 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, book value approximates fair value due to the short duration of the instruments. The following details the estimated fair value of notes:

	September 30, 2025							December 31, 2024
Description	Principal		Price (% of the Principal)			Fair value		Principal		Price (% of the Principal)			Fair value
Notes 2.50% JBS Lux 2027		105,951		97.61	%		103,416		1,000,000		94.98	%		949,770
Notes 5.13% JBS Lux 2028		—		—			—		899,740		99.50	%		895,205
Notes 3.00% JBS Lux 2029		599,957		95.82	%		574,885		599,957		91.20	%		547,161
Notes 6.50% JBS Lux 2029		—		—			—		69,906		100.52	%		70,273
Notes 5.50% JBS Lux 2030		—		—			—		1,249,685		99.77	%		1,246,786
Notes 3.75% JBS Lux 2031		493,000		94.58	%		466,270		493,000		88.93	%		438,435
Notes 3.00% JBS Lux 2032		1,000,000		89.32	%		893,240		1,000,000		83.22	%		832,210
Notes 3.63% JBS Lux 2032		968,780		93.21	%		903,029		968,780		87.96	%		852,178
Notes 5.75% JBS Lux 2033		1,661,675		104.30	%		1,733,094		1,661,675		99.54	%		1,654,048
Notes 6.75% JBS Lux 2034		1,507,046		110.44	%		1,664,397		1,507,046		105.85	%		1,595,148
Notes 4.38% JBS Lux 2052		900,000		78.51	%		706,599		900,000		110.50	%		994,482
Notes 6.50% JBS Lux 2052		1,548,000		105.01	%		1,625,477		1,548,000		101.53	%		1,571,731
Notes 7.25% JBS Lux 2053		900,000		114.02	%		1,026,180		900,000		74.94	%		674,487
Notes 5.5% JBS Lux 2036		1,250,000		101.57	%		1,269,575		—		—			—
Notes 6.25% JBS Lux 2056		1,250,000		102.09	%		1,276,138		—		—			—
Notes 6.38% JBS Lux 2066		1,000,000		102.53	%		1,025,270		—		—			—
Notes 5.95% JBS USA 2035		1,000,000		104.88	%		1,048,800		—		—			—
Notes 6.38% JBS USA 2055		750,000		103.85	%		778,838		—		—			—
Notes 4.25% PPC 2031		796,158		96.70	%		769,901		855,725		92.24	%		789,303
Notes 3.5% PPC 2032		899,600		91.34	%		821,695		900,000		86.34	%		777,033
Notes 6.25% PPC 2033		922,521		106.53	%		982,771		980,000		102.16	%		1,001,178
Notes 6.88% PPC 2034		500,000		110.34	%		551,720		500,000		106.73	%		533,650
		18,052,688					18,221,295		16,033,514					15,423,078

Risk management:

The Group during the regular course of its operations is exposed to a variety of financial risks that include the effects of changes in market prices (including foreign exchange, interest rate risk and commodity price risk), credit risk and liquidity risk. Such risks are fully disclosed in the last annual financial statements. There were no changes in the nature of these risks in the current period.

Below are the risks and operations to which the Group is exposed and a sensitivity analysis for each type of risk, consisting in the presentation of the effects in the finance income (expense), net, when subjected to possible changes, CDI by 50% and 100%, other rates by 25% and 50% and currency and commodities exposure by of 15% to 30%, in the relevant variables for each risk. For each scenario, the Group utilizes the Value at Risk Methodology (VaR), for the confidence interval (C.I.) of 99% and a horizon of one day.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

a. Interest rate risk

The quantitative data referring to the risk of exposure to the Group’s interest rates on September 30, 2025 and December 31, 2024, are in accordance with the Financial and Commodity Risk Management Policy of the Group and are representative of the exposure incurred during the period. The main exposure to financial risks as of September 30, 2025 and December 31, 2024 are shown below:

	September 30, 2025			December 31, 2024
Net exposure to the CDI / FED rate:
CDB-DI (Bank certificates of deposit) / Overnight investments		832,077			760,300
CME Margin investments		523,583			104,000
Related party transactions		(162,765	)		527
Credit note - export		(1,364	)		(1,704	)
National treasury bills		68,347			58,757
Livestock financing - Pre		(114,174	)		—
Subtotal		1,145,704			921,880
Derivatives (Swap)		(936,290	)		(1,285,134	)
Total		209,414			(363,254	)
Net exposure to the IPCA rate:
Margin cash		—			3,867
Related party transactions		(50,224	)		77,355
Treasury bills		48,401			35,127
CRA - Agribusiness Credit Receivable Certificates		(1,706,599	)		(1,163,028	)
Subtotal		(1,708,422	)		(1,046,679	)
Derivatives (Swap)		814,994			1,150,685
Total		(893,428	)		104,006
Liabilities exposure to the SOFR rate:
Export credit note		(251,707	)		(102,367	)
Prepayment		—			(100,296	)
Prepayment - exchange agreement		(4,360	)		(2,599	)
Total		(256,067	)		(205,262	)

Sensitivity analysis as of September 30, 2025:

					Scenario (I) VaR 99% C.I. 1 day						Scenario (II) Interest rate variation - 50%						Scenario (III) Interest rate variation - 100%
Contracts exposure	Risk	Current scenario			Rate			Effect on income			Rate			Effect on income			Rate		Effect on income
CDI / FED	Decrease		14.90	%		14.83	%		(153	)		7.45	%		(15,232	)		—		—
									(153	)					(15,232	)				—

					Scenario (I) VaR 99% C.I. 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
IPCA	Increase		5.13	%		5.14	%		(53	)		6.41	%		(11,191	)		7.70	%		(22,374	)
SOFR	Increase		4.24	%		4.24	%		(10	)		5.30	%		(2,650	)		6.36	%		(5,300	)
									(63	)					(13,841	)					(27,674	)

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

			September 30, 2025										December 31, 2024
Instrument	Risk factor	Maturity	Notional		Fair value (Asset) - US$		Fair value (Liability) - US$			Fair value			Notional		Fair value (Asset) - US$		Fair value (Liability) - US$			Fair value

	IPCA	2027		183,960		205,686		(219,908	)		(14,222	)		158,004		162,453		(171,479	)		(9,026	)
	IPCA	2031		—		—		—			—			189,071		212,403		(224,840	)		(12,437	)
	IPCA	2032		132,021		155,844		(181,597	)		(25,753	)		183,123		192,464		(216,650	)		(24,186	)
Swap	IPCA	2034		146,155		153,138		(166,492	)		(13,354	)		127,416		124,373		(135,650	)		(11,277	)
	IPCA	2037		240,785		300,326		(368,293	)		(67,967	)		189,239		215,192		(263,254	)		(48,062	)
	IPCA	2038		—		—		—			—			142,320		143,557		(159,263	)		(15,706	)
	IPCA	2039		—		—		—			—			20,854		20,363		(21,830	)		(1,467	)
	IPCA	2044		—		—		—			—			80,745		79,880		(92,168	)		(12,288	)

				702,921		814,994		(936,290	)		(121,296	)		1,090,772		1,150,685		(1,285,134	)		(134,449	)

b. Exchange rate risk

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 an exchange rate in particular towards the functional currency of each subsidiary.

	USD						EUR						GBP
	September 30, 2025			December 31, 2024			September 30, 2025			December 31, 2024			September 30, 2025			December 31, 2024
OPERATING
Cash and cash equivalents		1,880,059			1,639,584			65,302			50,341			19,473			16,097
Trade accounts receivable		835,127			1,073,398			136,706			165,016			211,821			65,684
Sales orders		1,455,130			1,062,765			173,190			78,854			16,869			54,370
Trade accounts payable		(303,485	)		(297,536	)		(96,310	)		(78,268	)		(19,973	)		(16,271	)
Purchase orders		(76,189	)		(83,493	)		(28,891	)		(8,928	)		—			—
Subtotal		3,790,642			3,394,718			249,997			207,015			228,190			119,880
FINANCIAL
Margin cash		457			220			—			—			—			—
Advances to customers		(3,796	)		(4,683	)		(2,202	)		(1,562	)		(122	)		(191	)
Loans and financing		(602,050	)		(1,290,871	)		—			(614	)		—			—
Subtotal		(605,389	)		(1,295,334	)		(2,202	)		(2,176	)		(122	)		(191	)
Subtotal		3,185,253			2,099,384			247,795			204,839			228,068			119,689

Total exposure		3,185,253			2,099,384			247,795			204,839			228,068			119,689
DERIVATIVES
Future contracts		622,477			1,840			(79,270	)		(85,595	)		(40,607	)		(34,095	)
Deliverable Forwards (DF´s)		(387,723	)		(664,084	)		21,024			70,949			(18,833	)		(26,785	)
Non-Deliverable Forwards (NDF´s)		274,312			(417,158	)		(22,416	)		(19,559	)		—			(6,262	)
Total derivatives		509,066			(1,079,402	)		(80,662	)		(34,205	)		(59,440	)		(67,142	)
NET EXPOSURE		3,694,319			1,019,982			167,133			170,634			168,628			52,547

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

b1 Sensitivity analysis and derivative financial instruments breakdown:

b1.1 US Dollar (amounts in thousands of US$):

		Current		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		Exchange rate		Effect on income			Exchange rate		Effect on income			Exchange rate		Effect on income

Operating	Appreciation		1.0000		0.9813		(69,354	)		0.8500		(555,131	)		0.7000		(1,110,262	)
Financial	Depreciation		1.0000		0.9813		11,076			0.8500		88,658			0.7000		177,316
Derivatives	Appreciation		1.0000		0.9813		(9,314	)		0.8500		(74,552	)		0.7000		(149,103	)
							(67,592	)				(541,025	)				(1,082,049	)

September 30, 2025

December 31, 2024

Instrument

Risk factor

Nature

Quantity

Notional

(US$)

Fair value

Quantity

Notional

(US$)

Fair value

Future Contract

American dollar

Long

62,247

622,477

359

4,765

1,840

			September 30, 2025									December 31, 2024
Instrument	Risk factor	Nature	Notional (US$)			Notional (US$)			Fair value			Notional (US$)			Notional (US$)			Fair value

Deliverable Forwards	American dollar	Short		(387,723	)		(387,723	)		6,657			(664,084	)		(664,084	)		(16,868	)
Non-Deliverable Forwards	American dollar	Long		274,312			274,312			(7,102	)		(417,158	)		(417,158	)		(950	)

b1.2 € - EURO (amounts in thousands of US$):

				Scenario (i) VaR 99% C.I. 1 day					Scenario (ii) Interest rate variation - 15%					Scenario (iii) Interest rate variation - 30%
Exposure of US$	Risk	Current exchange		Exchange rate		Effect on income			Exchange rate		Effect on income			Exchange rate		Effect on income

Operating	Appreciation		0.8521		0.8688		(4,681	)		1.0025		(36,611	)		1.2174		(73,223	)
Financial	Depreciation		0.8521		0.8688		41			1.0025		323			1.2174		645
Derivatives	Depreciation		0.8521		0.8688		1,510			1.0025		11,813			1.2174		23,626
							(3,130	)				(24,475	)				(48,952	)

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

September 30, 2025

December 31, 2024

Instrument

Risk factor

Nature

Quantity

Notional

(US$)

Fair value

Quantity

Notional

(US$)

Fair value

Future Contract

Euro

Short

(6,755

)

(79,270

)

(31

)

2,074

(85,595

)

			September 30, 2025									December 31, 2024
Instrument	Risk factor	Nature	Notional (EUR)			Notional (US$)			Fair value			Notional (EUR)			Notional (US$)			Fair value

Deliverable Forwards	Euro	Long		17,916			21,024			1,120			68,259			70,949			2,376
Non-Deliverable Forwards	Euro	Short		(19,102	)		(22,416	)		(414	)		(18,818	)		(19,559	)		420

b1.3 £ - British Pound (amounts in thousands of US$):

				Scenario (i) VaR 99% C.I. 1 day					Scenario (ii) Interest rate variation - 15%					Scenario (iii) Interest rate variation - 30%
Exposure of US$	Risk	Current exchange		Exchange rate		Effect on income			Exchange rate		Effect on income			Exchange rate		Effect on income

Operating	Appreciation		0.7437		0.7571		(3,937	)		0.8750		(33,418	)		1.0624		(66,836	)
Financing	Depreciation		0.7437		0.7571		2			0.8750		18			1.0624		36
Derivatives	Depreciation		0.7437		0.7571		1,025			0.8750		8,705			1.0624		17,410
							(2,910	)				(24,695	)				(49,390	)

			September 30, 2025									December 31, 2024
Instrument	Risk factor	Nature	Notional (GBP)			Notional (US$)			Fair value			Notional (GBP)		Notional (US$)			Fair value

Future Contract	British pound	Long		(3,020	)		(40,607	)		(24	)		1,219		(34,095	)		12

			September 30, 2025								December 31, 2024
Instrument	Risk factor	Nature	Notional (GBP)			Notional (US$)			Fair value		Notional (GBP)			Notional (US$)			Fair value

Deliverable Forwards	British pound	Long		(14,006	)		(18,833	)		171		(21,368	)		(26,785	)		(675	)
Non-Deliverable Forwards	British pound	—		—			—			—		(4,996	)		(6,262	)		(128	)

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

c. Commodity price risk

The Group operates globally (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 Group and proposing strategies to the Risk Management Committee, in order to mitigate such exposures.

c1. Position balance in commodities and corn contracts:

Exposure in Commodities (Livestock) - Expressed in contract quantity	September 30, 2025			December 31, 2024
OPERATING
Firm contracts		35,267			31,028
Subtotal		35,267			31,028
DERIVATIVES
Future contracts		3,000			6,548
Deliverable Forwards		(28,560	)		(38,658	)
Subtotal		(25,560	)		(32,110	)
NET EXPOSURE		9,707			(1,082	)

Sensitivity analysis as of September 30, 2025:

				Scenario (i) VaR 99% C.I. 1 day					Scenario (ii) @ Variation - 15%					Scenario (ii) @ Variation - 30%
Exposure	Risk	Current price		Price		Effect on income			Price		Effect on income			Price		Effect on income

Operating	Depreciation		39		39		(26,807	)		33		(402,107	)		27		(804,213	)
Derivatives	Appreciation		32		33		(17,488	)		37		(262,327	)		42		(524,654	)
							(44,295	)				(664,434	)				(1,328,867	)

Derivatives financial instruments breakdown:

			September 30, 2025						December 31, 2024
Instrument	Risk factor	Nature	Quantity			Fair value			Quantity			Fair value

Future Contracts	Commodities (livestock)	Long		3,000			(283	)		6,548			(3,080	)
Deliverable Forwards	Commodities (livestock)	Short		(28,560	)		(277,295	)		(38,658	)		(45,524	)

Exposure in Commodities (Grains and others) - Expressed in contract quantity	September 30, 2025			December 31, 2024
OPERATING
Firm contracts		5,152			8,681
Subtotal		5,152			8,681
DERIVATIVES
Future contracts		22,632			6,949
Deliverable Forwards		(25,573	)		16,144
Non Deliverable Forwards		2,250,000			—
Subtotal		2,247,059			23,093
NET EXPOSURE		2,252,211			31,774

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

Sensitivity analysis as of September 30, 2025:

				Scenario (i) VaR 99% C.I. 1 day					Scenario (ii) @ Variation - 15%					Scenario (ii) @ Variation - 30%
Exposure	Risk	Current price		Price		Effect on income			Price		Effect on income			Price		Effect on income

Operating	Appreciation		66		67		(4,204	)		76		(63,060	)		86		(126,120	)
Derivatives	Appreciation		12		12		(12,143	)		14		(182,143	)		15		(364,287	)
							(16,347	)				(245,203	)				(490,407	)

Derivatives financial instruments breakdown:

			September 30, 2025						December 31, 2024
Instrument	Risk factor	Nature	Quantity			Fair value			Quantity		Fair value

Future Contracts	Commodities (grains and others)	Long		22,632			(2,097	)		6,949		97
Deliverable Forwards	Commodities (grains and others)	Short		(25,573	)		(147,049	)		16,144		(15,984	)
Non Deliverable Forwards	Commodities (grains and others)	Long		2,250,000			(1,498	)		—		—

c2. Hedge accounting:

The indirect subsidiary Seara Alimentos Ltda. applies hedge accounting for grain purchases, aiming at bringing stability to the 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.

Financial instruments designated for hedge accounting were classified as cash flow hedge. The effective amount of the instrument’s gain or loss is recognized under “Other comprehensive income (expense)” and the ineffective amount under “Financial income (expense), net”, and the accumulated gains and losses are reclassified to profit and loss or to the balance sheet when the object is recognized, adjusting the item in which the hedged object was recorded.

In these hedge relationships, the main sources of ineffectiveness are the effect of the counterparties and the Group’s own credit risk on the fair value of the forward foreign exchange contracts, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates; changes in commodities prices; and changes in the timing of the hedged transactions.

The effects on the income for the period, on other comprehensive income, and on the balance sheet of derivative financial instruments contracted for hedging foreign exchange, commodity prices, and interest rates are presented below:

Hedge accounting - Derivative instruments

Risk factor

Quantity

Notional

Fair value

Future contracts

Commodities

5,488

30,312

(371

)

The indirect subsidiary Seara Alimentos Ltda. also designates derivatives to hedge the fair value of floating-rate debt instruments through fixed-rate interest rate swaps, measured in accordance with fair value hedge accounting.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

c2.1 Effects of hedge instruments on the financial information:

The following table presents the effects on income (loss) for the period, other comprehensive income, and the on the statement of financial position of derivative financial instruments contracted for hedging foreign exchange, commodity prices, and interest rates (cash flow and fair value hedges):

	September 30, 2025			September 30, 2024
Statements of income:

Cost of sales before hedge accounting adoption		(5,697,535	)		(5,053,872	)

Derivatives operating income (loss)		(1,255	)		98
Commodities		(1,255	)		98
Cost of sales with hedge accounting		(5,698,790	)		(5,053,774	)

Financial income (expense), net excluding derivatives		20,210			(56,114	)

Derivatives financial income (expense), net		(2,935	)		(106,698	)
Currency		—			(84,351	)
Commodities		(2,935	)		(22,047	)
Interest		—			(300	)

Financial income (expense), net		17,275			(162,812	)

Below are the effects on other comprehensive income (expense), after the adoption of hedge accounting:

	September 30, 2025			September 30, 2024
Statements of other comprehensive income (expense):

Financial instruments designated as hedge accounting:		(287	)		932
Commodities		(287	)		932
Other comprehensive income		(61	)		1,412

Hedge cash flow movement	December 31, 2024			OCI			September 30, 2025
Hedge accounting operation		186			(61	)		125
(-) Income Tax		(63	)		21			(42	)
Total of other comprehensive income (expense)		123			(40	)		83

Below are the effects on the statement of financial position, after the adoption of hedge accounting:

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

	September 30, 2025			December 31, 2024
Statement of financial position:
Derivative (liabilities)/assets		(371	)		84
Financial instruments designated as hedge accounting:
Commodities		(371	)		84

Derivative (liabilities)/assets		225			69
Financial instruments not designated as hedge accounting:
Exchange		225			69
Other comprehensive income (expense)		(287	)		306
Commodities		(287	)		306

Inventories		446			20
Commodities		446			20

Open amounts in statement of financial position of derivative assets and liabilities:

	September 30, 2025			December 31, 2024
Assets:

Designated as hedge accounting		—			84
Exchange derivaties		—			84
Not designated as hedge accounting		—			69
Exchange		—			69
Current assets		—			153

(Liabilities):
Designated as hedge accounting		371			—
Commodities		371			—

Not designated as hedge accounting		(219	)		—
Commodities		6			—
Currency		(225	)		—
Current liabilities		152			—

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

d. Liquidity risk

The table below shows the contractual obligation amounts from financial liabilities of the Group according to their maturities:

	September 30, 2025										December 31, 2024
	Until 1 year		Between 2 and 3 years		Between 4 and 5 years		More than 5 years		Total		Until 1 year		Between 2 and 3 years		Between 4 and 5 years		More than 5 years		Total

Trade accounts payable and supply chain finance		6,588,550		—		—		—		6,588,550		6,194,223		—		—		—		6,194,223
Loans and financing		999,408		247,669		791,824		18,729,742		20,768,643		2,084,225		1,046,253		1,688,693		14,507,625		19,326,796
Estimated interest on loans and financing ⁽¹⁾		1,212,956		2,435,277		2,315,745		13,640,832		19,604,810		2,458,318		2,440,620		839,949		5,670,017		11,408,904
Derivatives liabilities (assets)		454,986		116,682		—		—		571,668		165,979		100,087		—		—		266,066
Payments of leases		356,358		565,203		311,398		564,739		1,797,698		335,681		426,404		274,798		697,146		1,734,029
Future contracts - Commodities		155,840		24,515,209		5,732,972		3,131,762		33,535,783		58,997		28,244,384		4,238,571		986,771		33,528,723

⁽¹⁾

Includes interest on all loans and financing outstanding. Payments are estimated for variable rate debt based on effective interest rates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024. Payments in foreign currencies are estimated using the September 30, 2025 and December 31, 2024 exchange rates.

The Group has future commitment for purchase of grains and cattle whose balances as of September 30, 2025 is US$33.5 billion (December 31, 2024 is US$33.5 billion).

The Group has securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of September 30, 2025 is US$553,846 (US$136,554 at December 31, 2024). This guarantee exceeds the amount of the collateral.

A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table.

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 derivative 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.

Notes to unaudited condensed consolidated interim financial information for the nine-month period ended September 30, 2025 and 2024

(Expressed in thousands of United States dollar)

e. Risks linked to climate change and the sustainability strategy

In view the Group’s operations, there is inherent exposure to risks related to climate change. Certain Group assets, which are mainly biological assets that can be measured at fair value, may be impacted by climate change and are considered in the preparation process of this interim financial information.

For the nine-month period ended September 30, 2025, Management considered the data and assumptions highlighted below as the main risks:

(i) possible impacts on the determination of fair value in biological assets due to the effects of climate change, such as temperature rise and scarcity of water resources which may impact some assumptions used in accounting estimates related to the Group’s biological assets, as follows:

●

losses of biological assets due to heat waves and droughts which occur with greater frequency and intensity;

●

reduction in the expected growth of our biological assets due to natural disasters, fires, pandemics or changes in rainfall patterns; and

●

interruption in the production chain due to adverse weather events, causing power outages, fuel shortages, disruption of transportation channels, among other things.

(ii) structural changes and their impacts on the business, such as:

●

regulatory and legal: regulation and legislation arising from Brazilian and/or international authorities that encourage the transition to a low-carbon economy and/or with greater biodiversity and that increase the risk of litigation and/or commercial restrictions related to the alleged contribution, even if indirect, for the intensification of climate change;

●

reputational: related to customers’ perceptions and the society in general regarding the positive or negative contribution of an organization to a low carbon economy.

* * * * *

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Exhibit Number		Description of Document
99.1		JBS N.V.’s unaudited condensed consolidated interim financial information as of September 30, 2025 and for the three- and nine-month periods ended September 30, 2025 and 2024 (in U.S. dollars).
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations (in U.S. dollars).
99.3		Earnings release (in U.S. dollars).
101.INS		Inline XBRL Instance Document. The instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Linkbase Document.
104		Cover page interactive data (formatted as Inline XBRL and contained in Exhibit 101).

Date: November 13, 2025
	JBS N.V.

	By:	/s/ Guilherme Perboyre Cavalcanti
	Name:	Guilherme Perboyre Cavalcanti
	Title:	Chief Financial Officer

	For the nine-month period ended September 30,
	2025			2024			Change		% Change
	(in millions of US$, unless otherwise indicated)

Net income		1,794.8			1,509.2			285.6		18.9	%
Net margin (net income as percentage of net revenue)		2.8	%		2.6	%		0.2 p.p.		—

Type	Average annual interest rate			Currency	Index	Maturity	As of September 30, 2025
							(in millions of US$)
Foreign currency:
ACC - Advances on Exchange		5.04	%	USD	—	2025		241.3
Working capital – Dollar		4.14	%	USD	SOFR	2030		4.4
CRA - Agribusiness Receivables Certificates		5.36	%	USD	—	2029		102.9
Export Credit Note		4.94	%	USD	SOFR	2025		251.7
Others		6.88	%	Several	Several	—		3.8
Total foreign currency								604.1

Local currency:
Notes 2.50% JBS USA 2027		2.50	%	USD	—	2027		105.7
Notes 3.00% JBS USA 2029		3.00	%	USD	—	2029		593.7
Notes 3.75% JBS USA 2031		3.75	%	USD	—	2031		495.5
Notes 3.00% JBS USA 2032		3.00	%	USD	—	2032		995.6
Notes 3.63% JBS USA 2032		3.63	%	USD	—	2032		964.1
Notes 5.75% JBS USA 2033		5.75	%	USD	—	2033		1,676.7
Notes 6.75% JBS USA 2034		6.75	%	USD	—	2034		1,491.4
Notes 5.95% JBS USA 2035		5.95	%	USD	—	2035		1,028.0
Notes 4.38% JBS USA 2052		4.38	%	USD	—	2052		894.3
Notes 6.50% JBS USA 2052		6.50	%	USD	—	2052		1,559.7
Notes 7.25% JBS USA 2053		7.25	%	USD	—	2053		907.9
Notes 5,5% JBS USA 2036		5.50	%	USD	—	2036		1,247.3
Notes 6,25% JBS USA 2056		6.25	%	USD	—	2056		1,253.6
Notes 6,38% JBS USA 2066		6.38	%	USD	—	2066		999.2
Notes 6.38% JBS USA 2055		6.38	%	USD	—	2055		735.1
Notes 4.25% PPC 2031		4.25	%	USD	—	2031		802.1
Notes 3.50% PPC 2032		3.50	%	USD	—	2032		895.1
Notes 6.25% PPC 2033		6.25	%	USD	—	2033		924.6
Notes 6.88% PPC 2034		6.88	%	USD	—	2034		500.0
Working capital – Euros		2.48	%	EUR	Euribor	2025 – 28		52.6
Working capital – Pounds		5.65	%	GBP	—	2025		9.5
Export Credit Note		16.76	%	BRL	CDI	2025 – 30		1.4
CDC – Direct credit to consumers		16.64	%	BRL	—	2028		1.6
Livestock financing		14.90	%	BRL	CDI	2026		114.2
CRA – Agribusiness Credit Receivable Certificates		7.05	%	BRL	IPCA	2029 – 55		1,760.7
Others		4.86	%	Several	Several	—		155.1
Total local currency								20,164.6
Total								20,768.6
Breakdown:
Current loans and financings								999.4
Non-current loans and financings								19,769.2
Total								20,768.6

	As of September 30, 2025
	(in millions of US$)		(%)

Total current		999.4		4.8	%
2026		11.2		0.1	%
2027		131.9		0.6	%
2028		104.5		0.5	%
2029		642.6		3.1	%
2030		149.2		0.7	%
After 2030		18,729.7		90.2	%
Total non-current		19,769.2		95.2	%
Total		20,768.6		100.0	%

Security	Outstanding Principal Amount		Final Maturity
	(in millions)

JBS USA 2.500% Notes due 2027 (1)(2)	US$	106.0	July 2027
JBS USA 3.000% Notes due 2029 (1)	US$	600.0	February 2029
JBS USA 3.750% Notes due 2031 (1)	US$	493.0	December 2031
JBS USA 3.625% Sustainability-Linked Notes due 2032 (1)(2)	US$	968.8	January 2032
JBS USA 3.000% Sustainability-Linked Notes due 2032 (1)	US$	1,000.0	May 2032
JBS USA 5.750% Notes due 2033 (1)	US$	1,661.7	April 2033
JBS USA 6.750% Notes due 2034 (1)	US$	1,507.0	March 2034
JBS USA 5.950% Notes due 2035 (1)	US$	1,000.0	April 2035
JBS USA 4.375% Notes due 2052 (1)	US$	900.0	February 2052
JBS USA 6.500% Notes due 2052 (1)	US$	1,548.0	December 2052
JBS USA 7.250% Notes due 2053 (1)	US$	900.0	November 2053
JBS USA 5.500% Notes due 2036	US$	1,250.0	January 2036
JBS USA 6.250% Notes due 2056	US$	1,250.0	March 2056
JBS USA 6.375% Notes due 2066	US$	1,000.0	April 2066
JBS USA 6.375% Notes due 2055 (1)	US$	750.0	February 2055
PPC 4.250% Sustainability-Linked Notes due 2031 (3)	US$	796.2	April 2031
PPC 3.500% Notes due 2032 (3)	US$	899.6	March 2032
PPC 6.250% Notes due 2033 (3)	US$	922.5	July 2033
PPC 6.875% Notes due 2034 (3)	US$	500.0	May 2034

	As of September 30, 2025
Contractual obligations	Less than 1 year		Between 2 and 3 years		Between 4 and 5 years		More than 5 years		Total
	(in millions of US$)
Trade accounts payable and supply chain finance		6,588.7		-		-		-		6,588.7
Loans and financing		999.4		247.7		791.8		18,729.7		20,768.6
Estimated interest on loans and financings (1)		1,213.0		2,435.3		2,315.7		13,640.8		19,604.8
Derivatives liabilities (assets)		455.0		116.7		-		-		571.7
Payment of leases		356.4		565.2		311.4		564.7		1,797.7
Future contracts – Commodities		155.8		24,515.2		5,733.0		3,131.8		33,535.8

	For the nine-month period ended September 30,						For the year ended December 31,
	2025			2024			2024			2023			2022
	(in millions of US$)

Net income (loss)		1,794.8			1,509.2			1,967.6			(131.7	)		3,143.5
Current and deferred income taxes		451.2			592.5			743.4			(128.0	)		410.0
Net finance expense		976.1			1,309.5			1,669.8			1,353.4			1,241.7
Depreciation and amortization expenses		1,684.9			1,633.6			2,189.5			2,149.1			1,907.9
Share of profit of equity-accounted investees, net of tax		(15.0	)		0.2			(2.9	)		(9.5	)		(11.8	)
Antitrust agreements expenses (a)		143.7			81.0			253.7			102.5			101.4
Donations and social programs expenses (b)		1.7			18.2			22.5			18.2			23.9
J&F Leniency expenses refund (c)		—			—			—			—			(93,8	)
Impairment of assets (d)		12.8			—			—			26.3			17.4
Restructuring expenses (e)		23.8			83.0			95.6			52.2			—
Fiscal payments and installments (f)		2.4			81.8			81.8			—			—
Rio Grande do Sul losses (g)		—			19.3			19.3			—			—
Extemporaneous litigation expenses (h)		—			—			61.0			—			—
Reversal of tax credits (i)		—			—			58.7			—			—
Avian influenza (j)		13.1			—			—			—			—
Other operating income (expense), net (k)		26.5			17.0			32.0			25.5			(18.3	)
Adjusted EBITDA		5,115.9			5,345.3			7,191.9			3,457.9			6,722.0

Adjusted EBITDA by segment:
Brazil		666.9			733.9			965.0			469.3			468.9
Seara		1,140.1			1,089.0			1,538.6			364.5			896.7
Beef North America		(375.1	)		136.5			247.3			114.2			2,081.7
Pork USA		719.1			800.2			1,071.2			526.9			756.3
Pilgrim’s Pride		2,247.7			2,059.3			2,703.4			1,536.0			2,084.6
Australia		699.4			524.1			664.3			454.7			443.9
Others		17.8			3.6			3.5			(5.2	)		(7.9	)
Total reportable segments		5,115.9			5,346.6			7,193.2			3,460.4			6,724.2
Eliminations (l)		—			(1.3	)		(1.3	)		(2.6	)		(2.2	)
Adjusted EBITDA		5,115.9			5,345.3			7,191.9			3,457.9			6,722.0

	As of and for the nine-month period ended September 30, 2025		As of and for the year ended December 31, 2024
	(in millions of US$)
Statement of financial position data:
Current assets:
Due from non-obligor subsidiaries and related parties		242.3		208.3
Other current assets		2,766.5		2,701.1
Total current assets		3,008.7		2,909.4
Non-current assets:
Due from non-obligor subsidiaries and related parties		72.0		77.0
Other non-current assets		12,506.0		4,891.7
Total non-current assets		12,578.0		4,968.7
Current liabilities:
Due to non-obligor subsidiaries and related parties		105.0		94.3
Other current liabilities		2,175.7		2,205.1
Total current liabilities		2,280.7		2,299.4
Non-current liabilities:
Due to non-obligor subsidiaries and related parties		2,407.0		1,748.0
Other non-current liabilities		2,237.3		5,520.0
Total non-current liabilities		4,644.3		7,268.0

Statement of income data (1):
Net revenue		10,181.7		11,701.5
Gross profit		1,550.7		2,130.3
Net income (loss) attributable to Company shareholders		234.1		185.6
Net income (loss)		234.1		185.6

	Third Quarter						Nine Months Ended
	2025			2024			2025			2024
Net Sales	$	22,597		$	19,926		$	63,121		$	57,209
Adjusted EBITDA (IFRS)¹ ²	$	1,835		$	2,153		$	5,116		$	5,345
Adjusted EBITDA (US COMP)¹	$	1,624		$	1,826		$	4,305		$	4,512
Adjusted Operating Income (IFRS)¹ ²	$	1,251		$	1,610		$	3,431		$	3,712
Adjusted Operating Income (US COMP)¹	$	1,276		$	1,502		$	3,309		$	3,548
Net Income Attributable to JBS²	$	581		$	693		$	1,609		$	1,354
Earnings Per Share Attributable to JBS²	$	0.52		$	0.62		$	1.45		$	1.22
Leverage (Net Debt / Adjusted EBITDA LTM)¹ ²		2.4	x		2.2	x		2.4	x		2.2	x
Interest Coverage (Adjusted EBITDA LTM / Net Interest Expenses LTM)¹ ²		6.8	x		6.3	x		6.8	x		6.3	x
ROE LTM ¹ ²		23.7	%		16.7	%		23.7	%		16.7	%
ROIC LTM ¹ ²		16.7	%		14.9	%		16.7	%		14.9	%

JBS Beef North America
	Third Quarter									Nine Months Ended
IFRS - US$ Million	2025			2024			Var %			2025			2024			Var %
Net Sales	$	7,248		$	6,313			14.8	%	$	20,475		$	17,886			14.5	%
Cost of Sales	$	(7,078	)	$	(5,971	)		18.5	%	$	(20,228	)	$	(17,124	)		18.1	%
Gross Profit	$	170		$	341			-50.2	%	$	247		$	762			-67.5	%
Adjusted EBITDA	$	(42	)	$	117			-		$	(375	)	$	137			-
Margin (%)		-0.6	%		1.9	%		-2.5	p.p.		-1.8	%		0.8	%		-2.6	p.p.
Adjusted Operating Income	$	(102	)	$	63			-		$	(554	)	$	(26	)		-
Margin (%)		-1.4	%		1.0	%		-2.4	p.p.		-2.7	%		-0.1	%		-2.6	p.p.

	Third Quarter									Nine Months Ended
USGAAP - US$ Million	2025			2024			Var %			2025			2024			Var %
Net Sales	$	7,248		$	6,313			14.8	%	$	20,475		$	17,886			14.5	%
Cost of Sales	$	(7,249	)	$	(6,230	)		16.4	%	$	(20,800	)	$	(17,719	)		17.4	%
Gross Profit	$	(1	)	$	83			-		$	(325	)	$	167			-
Adjusted EBITDA	$	(46	)	$	37			-		$	(424	)	$	64			-
Margin (%)		-0.6	%		0.6	%		-1.2	p.p.		-2.1	%		0.4	%		-2.5	p.p.
Adjusted Operating Income	$	(95	)	$	(6	)		-		$	(566	)	$	(64	)		-
Margin (%)		-1.3	%		-0.1	%		-1.2	p.p.		-2.8	%		-0.4	%		-2.4	p.p.

JBS Brazil
	Third Quarter									Nine Months Ended
IFRS - US$ Million	2025			2024			Var %			2025			2024			Var %
Net Sales	$	4,160		$	3,256			27.7	%	$	10,910		$	9,110			19.8	%
Cost of Sales	$	(3,497	)	$	(2,535	)		37.9	%	$	(9,230	)	$	(7,423	)		24.4	%
Gross Profit	$	662		$	721			-8.1	%	$	1,680		$	1,688			-0.5	%
Adjusted EBITDA	$	307		$	378			-18.7	%	$	667		$	734			-9.1	%
Margin (%)		7.4	%		11.6	%		-4.2	p.p.		6.1	%		8.1	%		-2.0	p.p.
Adjusted Operating Income	$	253		$	324			-21.8	%	$	506		$	570			-11.1	%
Margin (%)		6.1	%		9.9	%		-3.8	p.p.		4.6	%		6.3	%		-1.7	p.p.

	Third Quarter									Nine Months Ended
USCOMP - US$ Million	2025			2024			Var %			2025			2024			Var %
Net Sales	$	4,160		$	3,256			27.7	%	$	10,910		$	9,110			19.8	%
Adjusted EBITDA	$	312		$	369			-15.6	%	$	660		$	720			-8.3	%
Margin (%)		7.5	%		11.3	%		-3.8	p.p.		6.1	%		7.9	%		-1.8	p.p.
Adjusted Operating Income	$	258		$	318			-18.9	%	$	507		$	565			-10.2	%
Margin (%)		6.2	%		9.8	%		-3.6	p.p.		4.6	%		6.2	%		-1.6	p.p.

JBS USA Pork
	Third Quarter									Nine Months Ended
IFRS - US$ Million	2025			2024			Var %			2025			2024			Var %
Net Sales	$	2,220		$	2,042			8.7	%	$	6,281		$	6,115			2.7	%
Cost of Sales	$	(1,890	)	$	(1,695	)		11.5	%	$	(5,224	)	$	(4,989	)		4.7	%
Gross Profit	$	330		$	347			-5.0	%	$	1,057		$	1,125			-6.1	%
Adjusted EBITDA	$	218		$	247			-11.5	%	$	719		$	800			-10.1	%
Margin (%)		9.8	%		12.1	%		-2.3	p.p.		11.4	%		13.1	%		-1.7	p.p.
Adjusted Operating Income	$	148		$	175			-15.1	%	$	512		$	586			-12.6	%
Margin (%)		6.7	%		8.6	%		-1.9	p.p.		8.2	%		9.6	%		-1.4	p.p.

JBS Australia
	Third Quarter									Nine Months Ended
IFRS - US$ Million	2025			2024			Var %			2025			2024			Var %
Net Sales	$	2,192		$	1,785			22.9	%	$	5,787		$	4,883			18.5	%
Cost of Sales	$	(1,835	)	$	(1,501	)		22.2	%	$	(4,778	)	$	(4,075	)		17.2	%
Gross Profit	$	357.3		$	283			26.2	%	$	1,009		$	808			24.9	%
Adjusted EBITDA	$	249		$	174			42.7	%	$	699		$	524			33.5	%
Margin (%)		11.4	%		9.8	%		1.6	p.p.		12.1	%		10.7	%		1.4	p.p.
Adjusted Operating Income	$	217		$	141			53.5	%	$	608		$	427			42.2	%
Margin (%)		9.9	%		7.9	%		2.0	p.p.		10.5	%		8.7	%		1.8	p.p.

	Adjusted EBITDA 3Q25
	JBS Beef North America			PPC			JBS Brazil			Seara			JBS USA Pork			Australia			Others and Eliminations			Total
Adjusted EBITDA IFRS	$	(41.7	)	$	769.7		$	307.2		$	322.7		$	218.2		$	248.9		$	9.5		$	1,834.6
Leasing adjustments		(13.8	)		(20.7	)		(2.6	)		(14.5	)		(24.0	)		(12.9	)		(0.6	)		(89.1	)
Inventory adjustments at market value		9.2			-			-			-			1.9			-			-			11.1
Biological assets adjustments		-			(116.3	)		6.9			(46.7	)		31.4			(8.8	)		-			(133.5	)
Other adjustments		0.1			0.3			-			-			-			-			0.2			0.7
Adjusted EBITDA US COMP	$	(46.2	)	$	633.1		$	311.5		$	261.5		$	227.5		$	227.1		$	9.2		$	1,623.8

	Adjusted EBITDA 3Q24
	JBS Beef North America			PPC			JBS Brazil			Seara			JBS USA Pork			Australia			Others and Eliminations			Total
Adjusted EBITDA IFRS	$	117.3		$	775.9		$	377.7		$	461.2		$	246.7		$	174.3		$	(0.1	)	$	2,153.1
Leasing adjustments		(13.0	)		(19.6	)		(3.8	)		(13.7	)		(29.2	)		(13.4	)		(1.6	)		(94.3	)
Inventory adjustments at market value		(67.5	)		-			-			-			(2.4	)		-			-			(69.9	)
Biological assets adjustments		-			(96.7	)		(4.7	)		(41.0	)		(4.8	)		(16.7	)		-			(163.9	)
Other adjustments		(0.2	)		0.8			-			-			-			-			0.3			0.9
Adjusted EBITDA US COMP	$	36.7			660.4		$	369.1		$	406.6		$	210.3		$	144.2		$	(1.4	)	$	1,825.9

	Adjusted EBITDA 9M25
	JBS Beef North America			PPC			JBS Brazil			Seara			JBS USA Pork			Australia			Others and Eliminations			Total
Adjusted EBITDA IFRS	$	(375.1	)	$	2,247.7		$	666.9		$	1,140.1		$	719.1		$	699.4		$	17.8		$	5,115.9
Leasing adjustments		(43.0	)		(60.2	)		(10.5	)		(43.9	)		(75.7	)		(38.1	)		(1.9	)		(273.5	)
Inventory adjustments at market value		(5.4	)		-			-			-			(21.9	)		-			-			(27.4	)
Biological assets adjustments		-			(335.2	)		3.8			(128.8	)		(37.6	)		(14.8	)		-			(512.5	)
Other adjustments		0.1			0.9			-			-			-			-			1.0			2.0
Adjusted EBITDA US COMP	$	(423.5	)		1,853.2		$	660.1		$	967.5		$	583.8		$	646.5		$	16.9		$	4,304.5

	Adjusted EBITDA 9M24
	JBS Beef North America			PPC			JBS Brazil			Seara			JBS USA Pork			Australia			Others and Eliminations			Total
Adjusted EBITDA IFRS	$	136.5		$	2,059.3		$	733.9		$	1,089.0		$	800.2		$	524.1		$	2.3		$	5,345.3
Leasing adjustments		(38.0	)		(65.6	)		(10.3	)		(43.2	)		(85.9	)		(39.2	)		(2.4	)		(284.6	)
Inventory adjustments at market value		(34.2	)		-			-			-			(32.3	)		-			-			(66.5	)
Biological assets adjustments		-			(306.0	)		(3.3	)		(124.0	)		(43.5	)		(6.7	)		-			(483.5	)
Other adjustments		(0.1	)		0.5			-			-			-			-			0.949			1.4
Adjusted EBITDA US COMP	$	64.2		$	1,688.2		$	720.2		$	921.8		$	638.6		$	478.2		$	0.9		$	4,512.1

	Adjusted Operating Income (Loss) 3Q25
	JBS Beef North America			PPC			JBS Brazil			Seara			JBS USA Pork			Australia			Others and Eliminations			Total
Adjusted Operating Income IFRS	$	(102.4	)	$	518.9		$	253.1		$	217.1		$	148.3		$	216.9		$	(1.3	)	$	1,250.6
Leasing adjustments		(2.3	)		(3.1	)		(1.9	)		(3.3	)		(3.0	)		(2.2	)		(0.0	)		(15.8	)
Inventory adjustments at market value		9.2			-			-			-			1.9			-			-			11.1
Biological assets adjustments		-			-			6.9			-			31.4			(8.8	)		-			29.5
Other adjustments		0.4			0.8			-			-			-			-			(0.2	)		1.0
Adjusted Operating Income US COMP	$	(95.1	)	$	516.7		$	258.1		$	213.8		$	178.7		$	205.8		$	(1.6	)	$	1,276.3

	Adjusted Operating Income (Loss) 3Q24
	JBS Beef North America			PPC			JBS Brazil			Seara			JBS USA Pork			Australia			Others and Eliminations			Total
Adjusted Operating Income IFRS	$	62.8		$	549.4		$	323.6		$	368.9		$	174.6		$	141.3		$	(10.3	)	$	1,610.3
Leasing adjustments		(1.8	)		(2.0	)		(0.6	)		(2.9	)		(3.7	)		(2.5	)		-			(13.6	)
Inventory adjustments at market value		(67.5	)		-			-			-			(2.4	)		-			-			(69.9	)
Biological assets adjustments		-			-			(4.7	)		-			(4.8	)		(16.7	)		-			(26.2	)
Other adjustments		0.1			2.5			-			-			-			-			(1	)		1.2
Adjusted Operating Income US COMP	$	(6.4	)	$	549.9		$	318.3		$	365.9		$	163.8		$	122.1		$	(11.8	)	$	1,501.8

	Adjusted Operating Income (Loss) 9M25
	JBS Beef North America			PPC			JBS Brazil			Seara			JBS USA Pork			Australia			Others and Eliminations			Total
Adjusted Operating Income IFRS	$	(553.6	)	$	1,525.4		$	506.4		$	846.9		$	512.1		$	607.5		$	(13.7	)	$	3,431.1
Leasing adjustments		(7.7	)		(8.9	)		(2.9	)		(12.0	)		(10.1	)		(7.0	)		(0.0	)		(48.7	)
Inventory adjustments at market value		(5.4	)		-			-			-			(21.9	)		-			-			(27.4	)
Biological assets adjustments		-			-			3.8			-			(37.6	)		(14.8	)		-			(48.6	)
Other adjustments		0.9			2.3			-			-			-			-		$	(0.4	)		2.8
Adjusted Operating Income US COMP	$	(565.8	)	$	1,518.8		$	507.3		$	834.9		$	442.5		$	585.7		$	(14.2	)	$	3,309.2

	Adjusted Operating Income (Loss) 9M24
	JBS Beef North America			PPC			JBS Brazil			Seara			JBS USA Pork			Australia			Others and Eliminations			Total
Adjusted Operating Income IFRS	$	(25.8	)	$	1,373.8		$	569.5		$	804.9		$	586.3		$	427.1		$	(24.2	)	$	3,711.7
Leasing adjustments		(5.0	)		(13.1	)		(1.2	)		(9.3	)		(10.8	)		(7.0	)		-			(46.4	)
Inventory adjustments at market value		(34.2	)		-			-			-			(32.3	)		-			-			(66.5	)
Biological assets adjustments		-			-			(3.3	)		-			(43.5	)		(6.7	)		-			(53.5	)
Other adjustments		0.8			5.8			-			-			-			-			(4.3	)		2.2
Adjusted Operating Income US COMP	$	(64.2	)		1,366.4		$	565.0		$	795.6		$	499.7		$	413.5		$	(28.5	)	$	3,547.5

	Third Quarter						Nine Months Ended					Twelve Months Ended
	2025			2024			2025			2024		3Q25			3Q24
Profit before Taxes	$	815.3		$	1,197.1		$	2,245.9		$	2,101.7	$	2,855.2		$	2,119.5
Share of profit of equity-accounted investees, net of tax		(4.5	)		(3.9	)		(15.0	)		0.2		(18.2	)		0.5
Net finance results		408.1			361.1			976.1			1,309.5		1,336.4			1,650.0
(+) Depreciation and amortization		584.0			542.8			1,684.9			1,633.6		2,240.8			2,210.9
EBITDA	$	1,803.1		$	2,097.2		$	4,891.9		$	5,045.0	$	6,414.2		$	5,980.9
Adjustments to EBITDA:
Other income / expenses	$	11.1		$	7.7		$	26.6		$	17.0	$	41.5		$	31.4
Reestructuring		2.2			30.8			23.8			83.0		36.3			90.4
Asset Impairment		-			-			12.8			-		12.8			5.4
Antitrust agreements		10.1			0.7			143.7			81.0		316.5			141.3
Donationsand Social Programs		0.6			3.6			1.7			18.2		6.0			25.3
Rio Grande do Sul Floods		-			13.1			-			19.3		-			19.3
Fiscal payments and installments		-			-			2.4			81.8		2.4			81.8
Extemporaneous litigation		-			-			-			-		61.0			-
Reversal of tax credits		-			-			-			-		58.7			-
Avian Flu		7.5			-			13.1			-		13.1			-
Total Adjusted EBITDA	$	1,834.6		$	2,153.1		$	5,115.9		$	5,345.3	$	6,962.5		$	6,375.8
(-) Depreciation and amortization		584.0			542.8			1,684.9			1,633.6		2,240.8			2,210.9
Adjusted Operating Income (IFRS)	$	1,250.6		$	1,610.3		$	3,431.1		$	3,711.7	$	4,721.7		$	4,164.9
Total Gross Debt		20,768.6			18,958.0			20,768.6			18,958.0		20,768.6			18,958.0
(-)Cash and Equivalents		3,558.2			5,070.1			3,558.2			5,070.1		3,558.2			5,070.1
(-) Cash Margin		553.8			167.5			553.8			167.5		553.8			167.5
(-) Financial Investments		45.8			-			45.8			-		45.8			-
Total Net Debt	$	16,610.8		$	13,720.5		$	16,610.8		$	13,720.5	$	16,610.8		$	13,720.5
Ratio Calculations:
Gross Debt/Adjusted EBITDA													2.98	x		2.97	x
Net Debt/Adjusted EBITDA													2.39	x		2.15	x

	Last twelve months ended in September 30,
	2025			2024
Net Income LTM (A)	$	2,253.1		$	1,551.2
Average Shareholder Equity (B)	$	9,494.8		$	9,285.1
Current Shareholder Equity	$	9,509.2		$	9,480.4
Previous Year Shareholder Equity	$	9,480.4		$	9,089.8
ROE (A/B)		23.7	%		16.7	%