JBS N.V.

Previous wording

This section should be read in conjunction with, and is qualified in its entirety by reference to: (1) JBS N.V.’s unaudited condensed consolidated interim financial information as of June 30, 2026 and for the three- and six-month periods ended June 30, 2026 and 2025, and the related notes thereto (our “unaudited interim financial statements”), which are included in Part I, Item I of this Quarterly Report; (2) JBS N.V.’s audited consolidated financial statements as of December 31, 2025 and 2024 and for each of the years in the three-year period ended December 31, 2025, and the related notes thereto, which are included in our Form 20-F (our “audited financial statements” and, together with our unaudited interim financial statements, our “financial statements”); and (3) the information presented under the section of our Form 20-F entitled “Presentation of Financial and Other Information.”

Current wording

This section should be read in conjunction with, and is qualified in its entirety by reference to: (1) JBS N.V.’s unaudited condensed consolidated interim financial information as of September 30, 2026 and for the three- and nine-month periods ended September 30, 2026 and 2025, and the related notes thereto (our “unaudited interim financial information”), which are included in Part I, Item I of this Quarterly Report; (2) JBS N.V.’s audited consolidated financial statements as of December 31, 2025 and 2024 and for each of the years in the three-year period ended December 31, 2025, and the related notes thereto, which are included in our Form 20-F (our “audited financial statements” and, together with our unaudited interim financial information, our “financial statements”); and (3) the information presented under the section of our Form 20-F entitled “Presentation of Financial and Other Information.”

Previous wording

We are the largest protein company and one of the largest food companies in the world in terms of net revenue for the year ended December 31, 2025, according to Bloomberg’s Food Index and publicly available sources. Our net revenue was US$45.5 billion and US$40.5 billion for the six-month periods ended June 30, 2026 and 2025, respectively, and US$86.2 billion, US$77.2 billion and US$72.9 billion for the years ended December 31, 2025, 2024 and 2023, respectively. We recorded a net income of US$145.4 million and US$1.2 billion for the six-month period ended June 30, 2026 and 2025, respectively. We recorded a net income of US$2.2 billion for the year ended December 31, 2025, a net income of US$2.0 billion for the year ended December 31, 2024, and a net loss of US$0.1 billion for the year ended December 31, 2023. Our Adjusted EBITDA was US$2.6 billion and US$3.3 billion for the six-month periods ended June 30, 2026 and 2025, respectively, and US$6.8 billion, US$7.2 billion and US$3.5 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Through strategic acquisitions and capital investment, we have created a diversified global platform that allows us to prepare, package and deliver fresh and frozen, value-added and branded beef, poultry, pork, fish, lamb and egg products to leading retailers and foodservice customers. We sell our products to more than 330,000 customers worldwide in approximately 197 countries on six continents.

Current wording

We are the largest protein company and one of the largest food companies in the world in terms of net revenue for the year ended December 31, 2025, according to Bloomberg’s Food Index and publicly available sources. Our net revenue was US$68.2 billion and US$63.1 billion for thenine-month periods ended September 30, 2026 and 2025, respectively, and US$86.2 billion, US$77.2 billion and US$72.9 billion for the years ended December 31, 2025, 2024 and 2023, respectively. We recorded a net income of US$334.3 million and US$1.8 billion for thenine-month periods ended September 30, 2026 and 2025, respectively. We recorded a net income of US$2.2 billion for the year ended December 31, 2025, a net income of US$2.0 billion for the year ended December 31, 2024, and a net loss of US$0.1 billion for the year ended December 31, 2023. Our Adjusted EBITDA was US$3.7 billion and US$5.1 billion for thenine-month periods ended September 30, 2026 and 2025, respectively, and US$6.8 billion, US$7.2 billion and US$3.5 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Through strategic acquisitions and capital investment, we have created a diversified global platform that allows us to prepare, package and deliver fresh and frozen, value-added and branded beef, poultry, pork, fish, lamb and egg products to leading retailers and foodservice customers. We sell our products to more than 330,000 customers worldwide in approximately 197 countries on six continents.

Previous wording

We are geographically diversified, with production facilities strategically located to optimize both raw material supply and proximity to consumer markets. In the six-month period ended June 30, 2026, the United States accounted for the largest share of our net revenue, in terms of production, representing 50%, followed by Brazil at 27%, as detailed in the table below.

Current wording

We are geographically diversified, with production facilities strategically located to optimize both raw material supply and proximity to consumer markets. In the nine-month period ended September 30, 2026, the United States accounted for the largest share of our net revenue, in terms of production, representing 50%, followed by Brazil at 29%, as detailed in the table below.

Previous wording

In terms of consumption, in the six-month periods ended June 30, 2026 and 2025 and in the year ended December 31, 2025, we generated 73%, 75% and 74% of our net revenue from sales in the countries where we operate our facilities, which we classify as domestic sales, and 27%, 25% and 26% of our net revenue represented export sales. The United States, Brazil and Australia are leading exporters of protein to many fast-growing markets, including Asia, Africa and the Middle East. Asia represented 51%, 49% and 50% of our net revenue from export sales in the six-month periods ended June 30, 2026 and 2025 and in the year ended December 31, 2025, respectively, primarily from sales in China, Japan and South Korea. Africa and the Middle East collectively represented 11%, 12% and 12% of our net revenue from export sales in the six-month periods ended June 30, 2026 and 2025 and in the year ended December 31, 2025, respectively.

Current wording

In terms of consumption, in thenine-month periods ended September 30, 2026 and 2025 and in the year ended December 31, 2025, we generated 74%, 74% and 74% of our net revenue from sales in the countries where we operate our facilities, which we classify as domestic sales, and 26%, 26% and 26% of our net revenue represented export sales. The United States, Brazil and Australia are leading exporters of protein to many fast-growing markets, including Asia, Africa and the Middle East. Asia represented 49%, 50% and 50% of our net revenue from export sales in the nine-month periods ended September 30, 2026 and 2025 and in the year ended December 31, 2025, respectively, primarily from sales in China, Japan and South Korea. Africa and the Middle East collectively represented 12%, 12% and 12% of our net revenue from export sales in the nine-month periods ended September 30, 2026 and 2025 and in the year ended December 31, 2025, respectively.

Previous wording

Our management has defined our operating segments based on the reports that are used to make strategic decisions, analyzed by our chief operating decision maker, who is our chief executive officer. We operate in the following six reportable business segments: (1) Brazil; (2) Seara; (3) Beef North America; (4) Pork USA; (5) Pilgrim’s Pride; and (6) Australia. For additional information, see note 23 to our unaudited interim financial statements, which are included in Part I, Item I of this Quarterly Report, and note 25 to our audited financial statements, which are included in our Form 20-F, and “Item 4. Information on the Company—B. Business Overview—Description of Business Segments” in our Form 20-F. Each segment’s operating performance is evaluated by our chief operating decision maker based on Adjusted EBITDA. See “—Reconciliation of Adjusted EBITDA” below for more information about Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to net income (loss).

Current wording

Our management has defined our operating segments based on the reports that are used to make strategic decisions, analyzed by our chief operating decision maker, who is our chief executive officer. We operate in the following six reportable business segments: (1) Brazil; (2) Seara; (3) Beef North America; (4) Pork USA; (5) Pilgrim’s Pride; and (6) Australia. For additional information, see note 23 to our unaudited interim financial information, which are included in Part I, Item I of this Quarterly Report, and note 25 to our audited financial statements, which are included in our Form 20-F, and “Item 4. Information on the Company—B. Business Overview—Description of Business Segments” in our Form 20-F. Each segment’s operating performance is evaluated by our chief operating decision maker based on Adjusted EBITDA. See “—Reconciliation of Adjusted EBITDA” below for more information about Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to net income (loss).

Previous wording

Shipping and handling activities are performed before a customer obtains control of the goods and its obligation is fulfilled upon transfer of the goods to a customer. Shipping and handling costs are recorded within cost of sales. We can incur incremental costs to obtain or fulfill a contract, such as payment of commissions, which are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred and included in deductions from sales.

Current wording

Shipping and handling activities are performed before a customer obtains control of the goods and its obligation is fulfilled upon transfer of the goods to a customer. Shipping and handling costs are recorded within cost of sales. We can incur incremental costs to obtain or fulfill a contract, such as payment of commissions. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred and included in deductions from sales.

Previous wording

We also disaggregate our net revenues between Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride and Australia segments to align with our segment presentation in note 23 to our unaudited interim financial statements, which are included in Part I, Item I of this Quarterly Report, and note 25 to our audited financial statements, which are included in our Form 20-F.

Current wording

We also disaggregate our net revenues between Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride and Australia segments to align with our segment presentation in note 23 to our unaudited interim financial information, which are included in Part I, Item I of this Quarterly Report, and note 25 to our audited financial statements, which are included in our Form 20-F.

Previous wording

Revenues, expenses and cash flows of acquired businesses are recorded for transactions consummated commencing after the closing date of the business acquired.

Current wording

Revenues, expenses and cash flows of acquired businesses are recorded for transactions consummated commencing after the closing date of the acquisition.

Previous wording

Any depreciation or appreciation of the foreign currency exchange rate compared to an entity´s functional currency may impact our revenues, costs and expenses incurred in such functional currency or currencies other than our reporting currency, causing a monetary increase or decrease, provided that the other variables remain unchanged. In addition, a portion of our loans and financing is denominated in foreign currencies (foreign currency indicates loans denominated in a different currency from an entity´s functional currency). For this reason, any movement of the currency exchange rate compared to an entity´s functional currency may significantly increase or decrease our finance expense and our current and non-current loans and financing. Additionally, the results and financial position of all entities with a functional currency different from our functional currency (Brazilian real) have been translated to Brazilian real and then translated into the Group’s presentation currency (U.S. dollar).

Current wording

Any depreciation or appreciation of the foreign currency exchange rate compared to an entity´s functional currency may impact our revenues, costs and expenses incurred in such functional currency or currencies other than our reporting currency, causing a monetary increase or decrease, provided that the other variables remain unchanged. In addition, a portion of our loans and financing is denominated in foreign currencies (foreign currency indicates loans denominated in a different currency from an entity´s functional currency). For this reason, any movement of the currency exchange rate compared to an entity´s functional currency may significantly increase or decrease our finance expense and our current and non-current loans and financing. The functional currency of JBS N.V. is the U.S. dollar (US$), which reflects the primary economic environment in which it operates. The consolidated financial statements are presented in U.S. dollars (US$), and all financial information is expressed in thousands of U.S. dollars, unless otherwise indicated.

Previous wording

Our risk management department enters into derivative instruments previously approved by our board of directors to protect financial assets and liabilities and future cash flow from commercial activities and net investments in foreign operations. Our board of directors has approved financial instruments to hedge our exposure to loans, investments, cash flows from interest payments, export estimate, acquisition of raw material, and other transactions, whenever they are quoted in currencies different than our or our subsidiaries’ functional currency. The primary exposures to exchange rate risk are in U.S. dollars, euros, British pounds, Mexican pesos and Australian dollars.

Current wording

Our risk management department enters into derivative instruments previously approved by our board of directors to protect financial assets and liabilities and future cash flow from commercial activities and net investments in foreign operations. Our board of directors has approved financial instruments to hedge our exposure to loans, investments, cash flows from interest payments, export forecasts, acquisition of raw material, and other transactions, whenever they are quoted in currencies different than our or our subsidiaries’ functional currency. The primary exposures to exchange rate risk are in U.S. dollars, euros, British pounds, Mexican pesos and Australian dollars.

Previous wording

Our principal raw materials are livestock and feed ingredients for our chicken, pork and fish operations. Raw materials accounted for a majority of the total cost of products sold during the six-month period ended June 30, 2026 and the year ended December 31, 2025. Changes in the price of cattle, pork and feed ingredients have a direct impact on operating costs and are based on factors beyond our management’s control, such as climate, the supply volume, transportation costs, agricultural policies and others. We seek to hedge the price paid for cattle purchased through financial instruments in order to attempt to protect ourselves from price variations between their date of the purchase and their date of the delivery. Our risk management department is responsible for mapping the exposures to commodity prices of the JBS Group and proposing strategies to our risk management committee, in order to mitigate such exposures. Biological assets are a very important raw material used by us. In order to maintain future supply of these materials, we participate in forward contracts to anticipate purchases with suppliers. To complement these forward purchases, we use derivative instruments to mitigate each specific exposure, most notably futures contracts, to mitigate the impact of price fluctuations - on inventories and sales contracts. We take the historical average amount spent on materials as an indication of the operational value to be protected by firm contracts.

Current wording

Our principal raw materials are livestock and feed ingredients for our chicken, pork and fish operations. Raw materials accounted for a majority of the total cost of products sold during the nine-month period ended September 30, 2026 and the year ended December 31, 2025. Changes in the price of cattle, pork and feed ingredients have a direct impact on operating costs and are based on factors beyond our management’s control, such as climate, the supply volume, transportation costs, agricultural policies and others. We seek to hedge the price paid for cattle purchased through financial instruments in order to attempt to protect ourselves from price variations between their date of the purchase and their date of the delivery. Our risk management department is responsible for mapping the exposures to commodity prices of the JBS Group and proposing strategies to our risk management committee, in order to mitigate such exposures. Biological assets are a very important raw material used by us. In order to maintain future supply of these materials, we participate in forward contracts to anticipate purchases with suppliers. To complement these forward purchases, we use derivative instruments to mitigate each specific exposure, most notably futures contracts, to mitigate the impact of price fluctuations - on inventories and sales contracts. We take the historical average amount spent on materials as an indication of the operational value to be protected by firm contracts.

Previous wording

For a description of our recent developments, see notes 1.2 and 1.3 to our unaudited interim financial statements, which are included in Part I, Item I of this Quarterly Report.

Current wording

For a description of our recent developments, see notes 1.2 and 1.3 to our unaudited interim financial information, which are included in Part I, Item I of this Quarterly Report.

Previous wording

We recorded a net income of US$145.4 million for the six-month period ended June 30, 2026, as compared to a net income of US$1,150.6 million for the six-month period ended June 30, 2025.

Current wording

We recorded a net income of US$334.3 million for the nine-month period ended September 30, 2026, as compared to a net income of US$1,794.8 million for the nine-month period ended September 30, 2025.

Previous wording

For the reasons described below, our net income decreased by US$1,005.2 million, or 87.4%, in the six-month period ended June 30, 2026, as compared to the same period in 2025. Our net margin (net income as percentage of net revenue) was 0.3% for the six-month period ended June 30, 2026, compared to 2.8% for the same period in 2025.

Current wording

For the reasons described below, our net income decreased by US$1,460.5 million, or 81.4%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025. Our net margin (net income as percentage of net revenue) was 0.5% for the nine-month period ended September 30, 2026, compared to 2.8% for the same period in 2025.

Previous wording

Our net revenue increased by US$4,984.0 million, or 12.3%, in the six-month period ended June 30, 2026, as compared to the same period in 2025. Our net revenue was positively impacted by an overall 10.4% increase in our average sales prices and by a 1.7% increase in sales volumes considering all segments. For more information, see “—Segment Results” below.

Current wording

Our net revenue increased by US$5,124.9 million, or 8.1%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025. Our net revenue was positively impacted by an overall 7.9% increase in our average sales prices and by a 0.2% increase in sales volumes considering all segments. For more information, see “—Segment Results” below.

Previous wording

Our cost of sales increased by US$5,528.6 million, or 15.8%, in the six-month period ended June 30, 2026, as compared to the same period in 2025, primarily due to a 16.5% increase in the cost of inventories, raw materials and production inputs to US$34,756.4 million in the six-month period ended June 30, 2026 from US$29,836.8 million in the same period in 2025, primarily due to the increase in the cost of cattle, which reached record levels.

Current wording

Our cost of sales increased by US$6,228.2 million, or 11.4%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025, primarily due to an 11.5% increase in the cost of inventories, raw materials and production inputs to US$52,076.8 million in the nine-month period ended September 30, 2026 from US$46,716.1 million in the same period in 2025, primarily due to the increase in the cost of cattle, which reached record levels.

Previous wording

Our selling expenses increased by US$318.9 million, or 13.3%, in the six-month period ended June 30, 2026, as compared to the same period in 2025, primarily due to: (1) a 13.8% increase in freight and selling expenses to US$2,115.1 million in the six-month period ended June 30, 2026 from US$1,859.3 million in the same period in 2025, primarily due to the increase in sales volumes and fuel prices; and (2) a 13.8% increase in salaries and benefits to US$313.4 million in the six-month period ended June 30, 2026 from US$275.3 million in the same period in 2025, mainly related to increase in wages and performance bonus.

Current wording

Our selling expenses increased by US$520.9 million, or 14.3%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025, primarily due to: (1) a 15.7% increase in freights and selling expenses to US$3,272.4 million in the nine-month period ended September 30, 2026 from US$2,827.5 million in the same period in 2025, primarily due to the increase in fuel prices and sales volumes; and (2) a 13.6% increase in salaries and benefits to US$478.6 million in the nine-month period ended September 30, 2026 from US$421.1 million in the same period in 2025, mainly related to increases in wages and performance bonus.

Previous wording

Our general and administrative expenses increased by US$65.0 million, or 6.0%, in the six-month period ended June 30, 2026, as compared to the same period in 2025, primarily due to:

Current wording

Our general and administrative expenses increased by US$7.0 million, or 0.4%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025, primarily due to:

Previous wording

•Fees, services held and general expenses – Fees, services held and general expenses increased by US$45.4 million, or 14.6%, to US$356.3 million in the six-month period ended June 30, 2026 from US$310.9 million in the same period in 2025, primarily as a result of increased fees, mainly related to legal services; and

Current wording

•Fees, services held and general expenses – Fees, services held and general expenses increased by US$42.1 million, or 8.6%, to US$529.1 million in the nine-month period ended September 30, 2026 from US$487.0 million in the same period in 2025, primarily due to higher fees related to legal services;

Previous wording

•DOJ and antitrust agreements – U.S. Department of Justice and antitrust agreements increased by US$23.7 million, to US$157.4 million in the six-month period ended June 30, 2026 from US$133.6 million in the same period in 2025, primarily as a result of addition of new agreements in relation to our Pork USA and Beef North America segments in the period ended June 30, 2026.

Current wording

•DOJ and antitrust agreements – U.S. Department of Justice and antitrust agreements increased by US$14.1 million, to US$157.8 million in the nine-month period ended September 30, 2026 from US$143.7 million in the same period in 2025, primarily as a result of addition of new agreements in relation to our Pork USA and Beef North America segments in the period ended September 30, 2026.

Previous wording

Our other income increased by US$21.7 million, or 45.2%, in the six-month period ended June 30, 2026, as compared to the same period in 2025. This increase is primarily related to (1) an increase in gain related to the sales of assets, to US$33.5 million in the six-month period ended June 30, 2026, from US$18.9 million in the same period in 2025, (2) an increase in tax credits from prior periods to US$8.6 million in the six-month period ended June 30, 2026, from US$4.1 million in the same period in 2025, (3) an increase in rental income to US$4.1 million in the six-month period ended June 30, 2026 from US$1.9 million in the same period in 2025, and (4) carbon credits of US$2.7 million recognized in the six-month period ended June 30, 2026, with no corresponding effect recognized in the six-month period ended June 30, 2025.

Current wording

Our other income increased by US$23.7 million, or 30.7%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025. This increase is primarily related to (1) an increase in tax credits from prior periods to US$20.0 million in the nine-month period ended September 30, 2026, from US$6.9 million in the same period in 2025; (2) an increase in gain related to the sales of assets, to US$38.8 million in the nine-month period ended September 30, 2026, from US$29.4 million in the same period in 2025; (3) an increase in rental income to US$5.3 million in the nine-month period ended September 30, 2026 from US$2.2 million in the same period in 2025; and (4) carbon credits of US$3.5 million recognized in the nine-month period ended September 30, 2026, with no corresponding effect recognized in the nine-month period ended September 30, 2025.

Previous wording

Our other expenses decreased by US$0.4 million, or 0.8%, in the six-month period ended June 30, 2026, as compared to the same period in 2025, primarily due to the decrease in restructuring expenses to US$20.1 million in the six-month period ended June 30, 2026 from US$22.9 million in the same period in 2025 and the increase in losses on asset sales to

Current wording

Our other expenses increased by US$1.7 million, or 2.9%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025, primarily due to the increase in losses on asset sales to US$34.7 million in the nine-month period ended September 30, 2026 from US$12.7 million in the same period in 2025, partially offset by the decrease in restructuring expenses to US$11.5 million in the nine-month period ended September 30, 2026 from US$21.9 million in the same period in 2025 and by other non-significant items.

Previous wording

Our net finance expense increased by US$441.8 million, or 77.8%, in the six-month period ended June 30, 2026, as compared to the same period in 2025, primarily due to:

Current wording

Our net finance expense increased by US$342.5 million, or 35.1%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025, primarily due to:

Previous wording

•Interest expense – Interest expense increased by US$205.5 million, or 25.9%, in the six-month period ended June 30, 2026, as compared to the same period in 2025. This was primarily due to a US$148.8 million increase in interest expenses from loans and financing;

Current wording

•Interest expense – Interest expense increased by US$179.6 million, or 14.1%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025. This was primarily due to a US$180.8 million increase in interest expenses from loans and financing; and

Previous wording

•Interest income – Interest income decreased by US$74.8 million, or 32.8%, in the six-month period ended June 30, 2026, as compared to the same period in 2025. This was primarily due to a decrease in interest income from financial investments, mainly as a result of a reduction in cash and cash position during the six-month period ended June 30, 2026.

Current wording

•Interest income – Interest income decreased by US$143.8 million, or 39.6%, in the nine-month period ended September 30, 2026, as compared to the same period in 2025. This was primarily due to a decrease in interest income from financial investments, mainly as a result of a reduction in the average balance of cash and cash equivalents in Brazilian Reais throughout the period.

Previous wording

Effective income tax rate increased by 87.5 p.p. to a credit of 67.9% in relation to the profit before taxes in the six-month period ended June 30, 2026, compared to an expense of 19.6% in relation to the profit before taxes in the same period in 2025.

Current wording

Effective income tax rate increased by 38.3p.p. to a credit of 18.2% in relation to the profit before taxes in the nine-month period ended September 30, 2026, compared to an expense of 20.1% in relation to the profit before taxes in the same period in 2025.

Previous wording

For the six-month period ended June 30, 2026, the operations of PPC (United States) and Seara (Brazil) reported slight growth in profit, while JBS Australia and JBS USA Pork reported significant profits, with the corresponding payment of taxes in their respective jurisdictions. Conversely, the consolidated results were also impacted by significant losses incurred by JBS Beef North America (operations in the United States, Mexico and Canada), as well as by the tax loss recorded by JBS S.A. This combination of factors reduced total taxable income in Brazil and, at the same time, increased the significance of foreign tax credits available for utilization.

Current wording

For the nine-month period ended September 30, 2026, the operations of PPC (United States) and Seara (Brazil) reported lower profits compared to the same period in 2025, while JBS Australia and JBS USA Pork, although also with lower results, continued to report significant profits, with the corresponding payment of taxes in their respective jurisdictions. In addition, the consolidated results were impacted by significant losses incurred by JBS Beef North America (operations in the United States and Canada), as well as by the tax loss recorded by JBS S.A. This combination of factors reduced total taxable income in Brazil and, at the same time, increased the significance of foreign tax credits available for utilization.

Previous wording

In this context, we recognized an income tax credit for the six-month period ended June 30, 2026, primarily driven by the positive impact of utilizing these foreign tax credits mentioned above.

Current wording

In this context, we recognized an income tax credit for the nine-month period ended September 30, 2026, primarily driven by the positive impact of utilizing these foreign tax credits mentioned above.

Previous wording

We measure our segment profitability using Adjusted EBITDA, which is calculated by making the following adjustments to net income, as further described below under “—Reconciliation of Adjusted EBITDA”: exclusion of current and deferred income taxes; exclusion of share of profit of equity-accounted investees, net of tax; exclusion of net finance expense; exclusion of depreciation and amortization expenses; exclusion of antitrust agreements expenses; exclusion of donations and social programs expenses; exclusion of impairment of assets expenses; exclusion of restructuring expenses; exclusion of fiscal payments and installments; exclusion of Rio Grande do Sul claim losses; exclusion of extemporaneous litigation expenses; exclusion of reversal of tax credits; exclusion of avian influenza impacts; exclusion of certain tax assessment notice; exclusion of closure of plants expenses; and exclusion of certain other operating income (expense), net.

Current wording

We measure our segment profitability using Adjusted EBITDA, which in the periods ended September 30 2026 and September 30 2025, is calculated by making the following adjustments to net income, as further described below under “—Reconciliation of Adjusted EBITDA”: exclusion of current and deferred income taxes; exclusion of share of profit of equity-accounted investees, net of tax; exclusion of net finance expense; exclusion of depreciation and amortization expenses; exclusion of antitrust agreements expenses; exclusion of donations and social programs expenses; exclusion of impairment of assets expenses; exclusion of restructuring expenses; exclusion of fiscal payments and installments; exclusion of avian influenza impacts; exclusion of closure of plants expenses; and exclusion of certain other operating income (expense), net.

Previous wording

Net Revenue. The increase in our Brazil segment net revenue was mainly impacted by a 17.2% increase in sales prices, especially fresh meat in both domestic and export markets.

Current wording

Net Revenue. The increase in our Brazil segment net revenue was mainly impacted by a 13.5% increase in sales prices, especially fresh meat in both domestic and export markets.

Previous wording

Net Revenue. The increase in our Seara segment net revenue was impacted by (1) a 8.7% increase in sales volumes, especially fresh poultry in the export market; and (2) a 5.3% increase in sales prices, especially fresh poultry in the export market, and prepared food in the domestic market.

Current wording

Net Revenue. The increase in our Seara segment net revenue was impacted by (1) a 5.8% increase in sales volumes, especially fresh poultry in the export market; and (2) a 5.4% increase in sales prices, especially fresh poultry in the export market, and prepared food in the domestic market.

Previous wording

Adjusted EBITDA. Adjusted EBITDA in our Seara segment decreased by US$67.8 million, or 8.3%, to US$749.7 million in the six-month period ended June 30, 2026 from US$817.5 million in the same period in 2025, primarily due to higher raw material costs, reflecting higher slaughter volumes, as well as wages due to the improvement in performance bonus and annual adjustments.

Current wording

Adjusted EBITDA. Adjusted EBITDA in our Seara segment decreased by US$59.8 million, or 5.2%, to US$1,080.3 million in the nine-month period ended September 30, 2026 from US$1,140.1 million in the same period in 2025, primarily due to higher raw material costs, specially grains, reflecting higher slaughter volumes, as well as wages due to the improvement in performance bonus and annual adjustments.

Previous wording

Net Revenue. The increase in our Beef North America segment net revenue was impacted by a 21.0% increase in average sales price, mainly in the domestic market, partially offset by a 6.7% decrease in sales volume.

Current wording

Net Revenue. The increase in our Beef North America segment net revenue was impacted by a 17.1% increase in average sales price, in both domestic and export markets, partially offset by a 6.2% decrease in sales volume.

Previous wording

Adjusted EBITDA. Adjusted EBITDA in our Beef North America segment decreased by US$11.6 million, or 3.5%, to a loss of US$345.0 million in the six-month period ended June 30, 2026 from a loss of US$333.5 million in the same period in 2025, primarily due to the significant increase in cattle prices, that was partially offset by the increase in net revenue.

Current wording

Adjusted EBITDA. Adjusted EBITDA in our Beef North America segment increased by US$28.2 million, or 7.5%, to a loss of US$346.9 million in the nine-month period ended September 30, 2026 from a loss of US$375.1 million in the same period in 2025, primarily due to the increase in net revenue, partially offset by the significant increase in cattle prices.

Previous wording

Net Revenue. The increase in our Pork USA segment net revenue of US$50.3 million, or 1.2%, in the six-month period ended June 30, 2026 was mainly impacted by a 1.7% increase in sales prices, in both export and domestic markets, partially offset by a 0.4% decrease in sales volumes, in both export and domestic markets.

Current wording

Net Revenue. The decrease in our Pork USA segment net revenue of US$289.0 million, or 4.6%, in the nine-month period ended September 30, 2026 was mainly impacted by a 2.8% decrease in sales prices, in both export and domestic markets, and by a 1.9% decrease in sales volumes, in both export and domestic markets.

Previous wording

Adjusted EBITDA. Adjusted EBITDA in our Pork USA segment decreased by US$110.1 million, or 22.0%, to US$390.8 million in the six-month period ended June 30, 2026 from US$500.9 million in the same period in 2025, primarily due to the increase in costs driven by a loss in fair value of live hogs, compared to a gain in the six-month period ended June 30, 2025.

Current wording

Adjusted EBITDA. Adjusted EBITDA in our Pork USA segment decreased by US$291.3 million, or 40.5%, to US$427.8 million in the nine-month period ended September 30, 2026 from US$719.1 million in the same period in 2025, primarily due to the decrease in net revenue in addition to the increase in costs driven by a loss in fair value of live hogs in the nine-month period ended September 30, 2026, compared to a gain in the nine-month period ended September 30, 2025.

Previous wording

Net Revenue. The decrease in our Pilgrim’s Pride segment net revenue was mainly impacted by a 0.5% decrease in sales volumes, especially in the domestic market.

Current wording

Net Revenue. The decrease in our Pilgrim’s Pride segment net revenue was mainly impacted by a 1.7% decrease in sales volumes, especially in the domestic market.

Previous wording

Adjusted EBITDA. Adjusted EBITDA in our Pilgrim’s Pride segment decreased by US$525.3 million, or 35.5%, to US$952.6 million in the six-month period ended June 30, 2026 from US$1,477.9 million in the same period in 2025, primarily due to (1) higher live operation costs; (2) the unfavorable impact of currency rate changes in Europe and Mexico; and (3) increase in legal settlements.

Current wording

Adjusted EBITDA. Adjusted EBITDA in our Pilgrim’s Pride segment decreased by US$832.7 million, or 37.0%, to US$1,415.0 million in the nine-month period ended September 30, 2026 from US$2,247.7 million in the same period in 2025, primarily due to (1) higher live operation costs; and (2) the unfavorable impact of currency rate changes in Mexico.

Previous wording

Net Revenue. The increase in our Australia segment net revenue was impacted by (1) an increase of 15.8% in sales volumes, in both domestic and export markets, and (2) an increase of 13.1% in average sales prices, in both domestic and export markets.

Current wording

Net Revenue. The increase in our Australia segment net revenue was impacted by (1) an increase of 15.5% in sales volumes, in both domestic and export markets, and (2) an increase of 7.8% in average sales prices, in both domestic and export markets.

Previous wording

Adjusted EBITDA. Adjusted EBITDA in our Australia segment decreased by US$87.0 million, or 19.3%, to US$363.5 million in the six-month period ended June 30, 2026 from US$450.5 million in the same period in 2025, primarily due to the increase in cattle prices, that was partially offset by the increase in net revenue.

Current wording

Adjusted EBITDA. Adjusted EBITDA in our Australia segment decreased by US$138.3 million, or 19.8%, to US$561.2 million in the nine-month period ended September 30, 2026 from US$699.4 million in the same period in 2025, primarily due to the increase in cattle prices, that was partially offset by the increase in net revenue.