JBS opens 2025 with second-largest Q1 in history
The beginning of the year usually faces the impact of lower consumption after the end-of-year holidays and, in the Northern Hemisphere, a winter that also cools consumption. Adjusted EBITDA for the period was R$8.9 billion, an increase of 38.9% year-on-year. The EBITDA margin closed at 7.8%, an increase of 0.6 percentage points compared to 1Q24. These indicators reflect the success of JBS' strategy of diversifying into proteins and geographies.
Among JBS' figures for the first quarter of 2025, net revenue was R$114.1 billion, 28% higher compared to the same quarter last year. During the period, 76% of global sales were in domestic markets where the Company operates and 24% through exports. Net income was R$2.9 billion from January to March of this year – 77.6% higher than the same period in 2024.
"Quarter after quarter, our results prove that we made the right choices in building and managing our global multi-protein platform", says Gilberto Tomazoni , Global CEO of JBS .
In the poultry and pork units, such as Seara, Pilgrim's and JBS Pork, the Company benefited from the commercial dynamics in the domestic and international markets, in addition to the strategic increase in the portfolio of value-added products. The solid operational execution of the units also helped in the significant improvement in quarterly results.
In the beef segment, with JBS Brazil, JBS Australia and JBS Beef North America, the increase in net revenue reflects the growth in volumes sold, both in the domestic markets in which it operates and internationally. In the sector, the Company maintains its strategic focus on excellence in operational and commercial execution, to preserve its profitability.
JBS concluded the first quarter of 2025 with reduced leverage in dollars, from 3.66x to 1.99x (net debt/EBITDA), in the 12-month period. The Company closed 1Q25 with R$29.7 billion in cash and US$3.4 billion available in revolving credit lines (equivalent to R$19.4 billion). This allows JBS to honor its debts until 2032.
"The reduction in leverage in the 12-month period is the result of JBS's strong performance and the delivery of solid results every quarter", says Guilherme Cavalcanti , CFO of JBS.
Business units advance in net revenue
Seara closed its best first quarter in history. In 1Q25, net revenue was R$12.6 billion, representing a 22% increase compared to 1Q24. In the same period, adjusted EBITDA reached R$2.5 billion and a margin of 19.8%. Compared to the first quarter of last year, there was growth of 109% and 8.2 percentage points, respectively. As a strategy to increase consumer preference, Seara has invested in innovations and new trends, with the launch of snacks in partnership with Netflix and products for air fryers, in addition to the success of the Panelinhas line.
Pilgrim 's also had its best first quarter in history, with net revenue of R$26.1 billion in the period, 21% higher compared to 1Q24. The result reflects the strategy of maintaining robust margins, driven by operational gains and strategic partnerships with key Customers. Between January and March 2025, adjusted EBITDA was R$3.9 billion, which represents a 56% growth compared to the same period in 2024. In the same comparison, the EBITDA margin increased 3.3 percentage points and closed at 14.8% in 1Q25.
The JBS USA Pork operation recorded a 24% growth compared to 1Q24 in net revenue, which closed 1Q25 at R$11.7 billion. EBITDA for the quarter was R$1.4 billion and the margin was 12.4%. The business unit demonstrated consistent results in the quarter, with profitability generated from improved commercial dynamics, solid operational execution and the expansion of the value-added portfolio.
In the first quarter of 2025, JBS Australia reported net revenue of R$9.5 billion, a 32% increase compared to the same period in 2024. In the same comparison, adjusted EBITDA grew 53% and closed 1Q25 at R$937.2 million, while the EBITDA margin increased 1.3 percentage points to 9.9%. The quarter's indicators reflect the growth in volumes sold of beef, aquaculture and pork.
From January to March of this year, JBS Brazil reported net revenue of R$18.5 billion, which, compared to the same period last year, grew 30%. Likewise, adjusted EBITDA grew 19% and closed 1Q25 at R$766.1 million. The EBITDA margin for the period was 4.1%. Friboi continues to gain preference and evolve in understanding consumer needs on different consumption occasions. A reflection of this moment for the brand is the current advertising campaign, which features Valdir, the master butcher at Friboi+ butcher shop (butcher shops that receive support within Friboi's quality standards).
JBS Beef North America reported net revenue of R$37.5 billion in 1Q25, a 36% increase compared to 1Q24. Adjusted EBITDA and margin for the first quarter of this year closed at -R$587.2 million and -1.6%, respectively, reflecting the pressure of the livestock cycle. The business unit continues with its structured strategy of optimizing its product portfolio, increasing yield per carcass and maximizing manufacturing efficiency to overcome the challenges of the period.
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