JBS reports profit of US$221 million in the first quarter of 2026
The results demonstrate the resilience of the Company's global multi-protein and multi-geographic strategy. The performance of operations in Brazil and the strength of other business units helped offset the challenges faced due to the cattle cycle in North America. During the first quarter of 2026, JBS reported adjusted EBITDA of US$1.13 billion, with a margin of 5.2%. In the same period, the return on equity (ROE) was 22.1%.
“In the first quarter of 2026, we remain firmly focused on operational excellence. We understand the environment in which we operate and the natural cycles of each protein, and we manage the business with discipline and responsibility. Therefore, we adopted an austerity approach to strengthen cash generation and ensure that we extract maximum value from our assets and investments ,” stated Gilberto Tomazoni , Global CEO of JBS . He also highlighted that the quarter was particularly pressured by the Company's beef operation in the United States.
Cash flow consumption during the quarter reflects the typical seasonality of the period, marked by the concentration of payments to suppliers. Another factor that affected cash flow was the 20% increase in Capex compared to 2025, totaling US$ 2.4 billion this year.
Dollar leverage ended the quarter at a balanced level of 2.77x, within the range of JBS's long-term target. According to Guilherme Cavalcanti , Global CFO of JBS , the company's solid financial position offers protection against volatility.
“ We executed our Liability Management strategy, extending the average maturity of our debt to 15.6 years, with an attractive average cost of 5.7% per year and no significant maturities foreseen until 2031 ,” stated Cavalcanti.
According to the CFO , this disciplined capital allocation strategy provides security and liquidity to navigate the volatility of operating cycles, while JBS continues investing in expansion. JBS Beef North America
Business Units
The US beef operation recorded revenue of US$7.167 billion in 1Q26. EBITDA was negative US$267 million, with a margin of -3.7%. The business faced a "perfect storm": lower cattle availability amidst one of the most acute phases of the cattle cycle impacted operations and further increased cattle acquisition costs for processing.D
uring the period, the Company made progress on organizational and operational adjustments in its US beef platform, focusing on simplifying the structure and improving efficiency in response to the more adverse environment. The initiative also reflects a broader focus on capturing synergies between businesses, increasing efficiencies and further strengthening the platform for long-term performance.
Pilgrim's Pride
With an EBITDA margin of 9.9% in 1Q26, Pilgrim's Pride was also impacted by extreme winter weather events. Even so, the Company reported net revenue of US$4.529 billion during the period. In addition, the Company took advantage of seasonality to carry out planned maintenance shutdowns and modernize production facilities, improving its product mix to support growth and strategic customers in the coming months.
In Europe, the operation maintained stable results compared to last year, supported by its balanced portfolio of proteins and consumption occasions. In Mexico, the operation expanded its brand portfolio in fresh and prepared foods.
JBS USA Pork
The pork business in the US recorded an EBITDA margin of 13.5% and record net revenue for a first quarter of US$2.032 billion. The consistent results reflect excellent execution, strong domestic consumer demand for affordable proteins, and ongoing efforts to expand the portfolio of branded and value-added products.
JBS Brazil
With record net revenue for a first quarter of US$3.78 billion and an EBITDA margin of 4.4%, JBS Brazil was one of the highlights of the period. The results were driven by strong volumes, supported by global demand and the geographic diversification of export destinations. Domestically, Friboi continues to deepen partnerships with key clients and focus on offering value-added products.
According to Cepea-Esalq, the average price of finished cattle during the quarter was R$ 338 per arroba, a 6% increase compared to Q1 2025. As a result, despite higher net revenue, profitability was pressured by high cattle costs, reflecting strong international demand.
Seara
Seara reported an EBITDA margin of 15.5% in Q1 2026. Sustained sales growth in exports and the domestic market, which generated US$2.379 billion in net revenue, reflects operational discipline and commercial excellence.
Even amidst a more challenging operating environment in key markets resulting from the conflict in Iran, the Company maintained its growth rate. Seara continues to invest heavily in the fundamentals of its brand, focusing on expanding its value-added portfolio and innovation.
JBS Australia
The Australian operation maintained strong execution, reporting net revenue of US$2.145 billion, supported by higher volumes in domestic and international markets, which offset increases in livestock costs of almost 30% over the last 12 months.
The EBITDA margin for the first quarter of 2026 was 6.2%, driven by operational execution and higher productivity, especially in the salmon and pork segments. The devaluation of the Australian dollar against the US dollar impacted the conversion of results to dollars.
The figures reported here are presented in accordance with International Financial Reporting Standards (IFRS).
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