JBS has progress in all business units in 2024
JBS reported one of its best results last year, with improved performance across all business units compared to 2023. Globally, performance was driven by chicken and pork. At a more favorable time in the cycle compared to the United States, beef performance in Brazil and Australia also stood out.
Highlight for operational performance. Adjusted EBITDA in 2024 reached R$39 billion, with an EBITDA margin of 9.4%, a jump of 128% and an increase of 4.7 percentage points in the margin compared to 2023. In the fourth quarter, adjusted EBITDA was R$10 billion, 111% higher than the same period of the previous year, with an EBITDA margin of 9.2% (an increase of 3.9 percentage points).
JBS's free cash generation reached R$13 billion in 2024 and R$5.3 billion in the fourth quarter, with growth of 609% and 22%, respectively, compared to the corresponding periods in 2023. Net income for the year closed at R$9.6 billion , while the fourth quarter recorded a gain of R$2.4 billion. The Company also reduced net debt by US$1.7 billion , ending the year at US$13 billion (R$84 billion).
"In 2024, we saw consistent progress across all our business units. This performance demonstrates the effectiveness of our strategy of operating as a diversified global platform, both in terms of proteins and geographies, driven by strong brands and a portfolio of higher value-added products. In addition, we remain focused on operational excellence, supported by the dedication of our employees", says Gilberto Tomazoni , Global CEO of JBS .
In its poultry and pork units, such as Seara and Pilgrim's, the Company benefited from increased demand for proteins in the domestic and international markets, in addition to improvements in commercial and operational execution and expansion of the value-added portfolio. JBS Pork also recorded an increase in sales volume throughout the year.
In the beef segment, JBS Brazil and JBS Australia stood out due to the growth in demand for fresh beef in the international market, and in the domestic market, at a favorable time in the livestock cycle. JBS Beef North America achieved a positive margin during the year by focusing on optimizing its portfolio, increasing yield per carcass and maximizing factory efficiency.
JBS ended 2024 with reduced dollar leverage, from 4.42x to 1.89x (net debt/EBITDA) . The Company ended the year with R$35 billion in cash and US$3.4 billion available in revolving credit lines (equivalent to R$20 billion).
Throughout the year, JBS and its subsidiaries issued more than R$2.3 billion in Agribusiness Receivables Certificates (CRA) and created its first Commercial Notes program, for the issuance of up to US$1 billion, diversifying its sources of fundraising.
"As expected in the third quarter of 2024, we achieved leverage below 2x, and the results for the year confirm the solidity of our platform. We are optimistic that geographic and multi-protein diversification will continue to provide growth and returns for our shareholders", says Guilherme Cavalcanti, CFO of JBS .
The Company paid dividends to shareholders in the amount of R$6.6 billion in 2024 and reopened the share buyback program in September 2024, to acquire approximately 10% of the outstanding shares, aiming to maximize the generation of value for the shareholder.
Still in the financial field, with a maturity of 30 years, the issuance of a CRA (Certificate of Agribusiness Receivables) by Seara had the longest debt negotiation in the Brazilian capital market. At the beginning of this year, JBS bonds presented to the market on January 6th recorded the lowest corporate spread in the country's history.
Growth in all business units
Seara delivered a strong performance in 2024. Adjusted EBITDA reached R$8.4 billion, a significant increase of 366 % compared to the previous year, with a margin of 17.7%, growth of 13.4 percentage points in the annual comparison. Seara's net revenue reached R$47 billion, an increase of 15% compared to 2023. In the fourth quarter of 2024, adjusted EBITDA was R$2.6 billion, with a margin of 19.8%, and net revenue was R$13 billion.
Pilgrim 's generated US$2.2 billion (R$14 billion) in adjusted EBITDA. This amount represents a growth of 114% compared to the previous year, with an EBITDA margin of 12.4%, an increase of 6.4 percentage points in the annual comparison, and net revenue reached US$17 billion (R$96 billion), an increase of 3% compared to 2023. In the fourth quarter of 2024, adjusted EBITDA was US$525 million (R$3.8 billion), the EBITDA margin was 12%, and net revenue was US$4.3 billion (R$25 billion).
JBS USA Pork 's operations recorded consistent growth of 76% compared to 2023, in adjusted EBITDA, which closed last year at US$ 830 million (R$ 5.8 billion). The EBITDA margin grew 4.1 percentage points compared to the previous year, to 10.2%, and net revenue increased 5.2% compared to 2023, to US$ 8.1 billion (R$ 43.8 billion). In the fourth quarter of 2024, adjusted EBITDA was US$ 192 million (R$ 1.6 billion), the EBITDA margin was 9.6%, and net revenue was US$ 2 billion (R$ 11 billion).
In 2024, JBS Australia reported adjusted EBITDA of US$582 million (R$3.6 billion), an increase of 37.4% compared to the previous year, with an EBITDA margin of 8.8%, an increase of 2.0 percentage points year-on-year. Net revenue was US$6.6 billion (R$36 billion), an increase of 7.1% compared to 2023. In the fourth quarter of 2024, adjusted EBITDA was US$104 million (R$819 million), the EBITDA margin was 5.9%, and net revenue was US$1.7 billion (R$10 billion).
From January to December of last year, JBS Brasil grew 126% compared to 2023, in adjusted EBITDA, which reached R$5.3 billion. The EBITDA margin increased 3.5 percentage points compared to the previous year, reaching 7.7%, and net revenue increased 23% compared to 2023, to R$68 billion. In the fourth quarter of 2024, adjusted EBITDA was R$1.3 billion, the EBITDA margin was 6.6%, and net revenue was R$20 billion.
In 2024, JBS Beef North America had adjusted EBITDA of US$ 146 million, growth of 1.1% compared to the previous year, EBITDA margin of 0.6%, an increase of 0.5 percentage points year-over-year, and net revenue of US$ 24 billion (R$ 131 billion), an increase of 4.2% compared to 2023. In the fourth quarter of 2024, adjusted EBITDA was US$ 82 million (R$ 647 million), the EBITDA margin was 1.3%, and net revenue was US$ 6.3 billion (R$ 37 billion).
These meetings have served to strengthen INTERPORC's institutional relations with Aragon, consoli...
The meeting was attended by members of ABIEC (Brazilian Association of Meat Exporting Industries)...
A tit-for-tat tariff dispute has also raised duties on U.S. meat and other goods shippe...
