UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule13a-16 or

15d-16 of the Securities Exchange Act of 1934

For the month of August 2025

Commission File Number: 001-42678

JBS N.V.

(Exact Name as Specified in its Charter)

N/A

(Translation of registrant’s name into English)

Stroombaan 16, 5th Floor,

1181 VX, Amstelveen, Netherlands

(Address of principal executive offices)

(Indicate by check mark whether the registrantfiles or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F: ☒ Form 40-F: ☐

EXHIBIT INDEX

Exhibit Number		Description of Document
99.1		JBS N.V.’s unaudited condensed consolidated interim financial information as of June 30, 2025 and for the three- and six-month periods ended June 30, 2025 and 2024 (in U.S. dollars).
99.2		Earnings release (in U.S. dollars).

SIGNATURES

Pursuant to the requirementsof the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereuntoduly authorized.

Date: August 13, 2025

	JBS N.V.

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

Exhibit 99.1

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

Index	Page
Independent auditor’s report
Statements of financial position - Assets	1
Statements of financial position - Liabilities and Equity	2
Statements of income for the six-month period ended June 30, 2025 and 2024	3
Statements of comprehensive income for the six-month period ended June 30, 2025 and 2024	5
Statements of changes in equity for the six-month period ended June 30, 2025 and 2024	7
Statements of cash flows for the six-month period ended June 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	14
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	21
Note 14 - Goodwill	22
Note 15 - Trade accounts payable	22
Note 16 - Loans and financing	23
Note 17 - Income and other taxes payable	24
Note 18 - Payroll and social charges	24
Note 19 - Provisions for legal proceedings	25
Note 20 - Equity	27
Note 21 - Net revenue	27
Note 22 - Net finance income (expense)	28
Note 23 - Earnings (losses) per share	28
Note 24 - Operating segments	29
Note 25 - Expenses by nature	31
Note 26 - Risk management and financial instruments	34

Unaudited condensed consolidated interim statements of financial position
In thousands of United States dollar - US$

	Note	June 30, 2025		December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3		2,518,751		5,613,672
Margin cash	3		449,238		136,554
Trade accounts receivable	4		3,653,475		3,735,540
Inventories	5		6,287,905		5,015,989
Biological assets	6		1,834,186		1,608,223
Recoverable taxes	7		652,740		637,728
Derivative assets	26		187,159		84,468
Other current assets			374,478		288,842
TOTAL CURRENT ASSETS			15,957,932		17,121,016

NON-CURRENT ASSETS
Recoverable taxes	7		1,787,654		1,412,455
Biological assets	6		583,765		518,234
Related party receivables	8		—		77,355
Deferred income taxes	9		520,773		651,178
Other non-current assets			494,003		268,737
			3,386,195		2,927,959

Investments in equity-accounted investees	10		218,710		38,312
Property, plant and equipment	11		12,897,584		11,780,880
Right of use assets	12.1		1,608,938		1,596,873
Intangible assets	13		1,886,903		1,803,199
Goodwill	14		5,860,230		5,417,134

TOTAL NON-CURRENT ASSETS			25,858,560		23,564,357

TOTAL ASSETS			41,816,492		40,685,373

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

Unaudited condensed consolidated interim statements of financialposition
In thousands of United States dollar - US$

	Note	June 30, 2025			December 31, 2024
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable	15		5,018,222			5,465,513
Supply chain finance	15		1,032,362			728,710
Loans and financing	16		1,032,301			2,084,225
Income taxes	17		127,125			233,027
Other taxes payable	17		122,115			113,734
Payroll and social charges	18		1,369,721			1,435,751
Lease liabilities	12.2		351,649			335,681
Dividends payable			161			358,621
Provisions for legal proceedings	19		158,631			280,804
Derivative liabilities	26		391,282			165,979
Other current liabilities			745,435			455,020
TOTAL CURRENT LIABILITIES			10,349,004			11,657,065

NON-CURRENT LIABILITIES
Loans and financings	16		18,459,493			17,242,571
Income and other taxes payable	17		407,471			406,655
Payroll and social charges	18		267,208			352,718
Lease liabilities	12		1,419,120			1,398,348
Deferred income taxes	9		1,091,367			1,095,291
Provisions for legal proceedings	19		210,690			216,659
Debt with related parties	8		230,730			—
Derivative liabilities	26		82,450			100,087
Other non-current liabilities			52,566			81,615
TOTAL NON-CURRENT LIABILITIES			22,221,095			20,893,944

EQUITY	20
Share capital - common shares			35,114			13,177,841
Capital reserve			7,312,938			(180,586	)
Other reserves			—			(37,470	)
Profit reserves			(580	)		4,211,944
Accumulated other comprehensive loss			(17,094	)		(10,077,264	)
Retained earnings			1,089,742			—
Attributable to company shareholders			8,420,120			7,094,465
Attributable to non-controlling interest			826,273			1,039,899
TOTAL EQUITY			9,246,393			8,134,364
TOTAL LIABILITIES AND EQUITY			41,816,492			40,685,373

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

Unaudited condensed consolidated interim statements of income for the six-month period ended June 30, 2025 and 2024
In thousands of United States dollar - US$ (except for earnings per share)

		Six-month period ended June 30,
	Note	2025			2024

NET REVENUE	21		40,524,176			37,282,879
Cost of sales	25		(35,067,104	)		(31,951,199	)
GROSS PROFIT			5,457,072			5,331,680

Selling expenses	25		(2,394,637	)		(2,221,268	)
General and administrative expenses	25		(1,078,711	)		(1,224,980	)
Other income	25.1		48,070			38,454
Other expenses	25.1		(43,799	)		(66,777	)
NET OPERATING EXPENSES			(3,469,077	)		(3,474,571	)

OPERATING PROFIT			1,987,995			1,857,109

Finance income	22		305,097			364,119
Finance expense	22		(873,047	)		(1,312,482	)
NET FINANCE EXPENSE			(567,950	)		(948,363	)

Share of profit of equity-accounted investees, net of tax	10		10,556			(4,128	)

PROFIT BEFORE TAXES			1,430,601			904,618

Current income taxes	9		(390,457	)		(256,817	)
Deferred income taxes	9		110,504			104,832
TOTAL INCOME TAXES			(279,953	)		(151,985	)
NET INCOME			1,150,648			752,633

ATTRIBUTABLE TO:
Company shareholders			1,028,303			661,097
Non-controlling interest			122,345			91,536
			1,150,648			752,633

Basic and diluted earnings per share - common shares (US$)	23		0.93			0.60

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

Unaudited condensed consolidated interim statements of income for the three-month period ended June 30, 2025 and 2024
In thousands of United States dollar - US$ (except for earnings per share)

		Three-month period ended June 30,
	Note	2025			2024

NET REVENUE	21		20,997,656			19,284,167
Cost of sales	25		(18,165,135	)		(16,310,797	)
GROSS PROFIT			2,832,521			2,973,370

Selling expenses	25		(1,207,040	)		(1,116,147	)
General and administrative expenses	25		(522,284	)		(696,019	)
Other income			17,725			17,247
Other expenses			(15,842	)		(44,268	)
NET OPERATING EXPENSES			(1,727,441	)		(1,839,187	)

OPERATING PROFIT			1,105,080			1,134,183

Finance income	22		69,437			195,895
Finance expense	22		(445,841	)		(795,513	)
NET FINANCE EXPENSE			(376,404	)		(599,618	)

Share of profit of equity-accounted investees, net of tax			7,821			2,404

PROFIT BEFORE TAXES			736,497			536,969

Current income taxes	9		(165,666	)		(253,007	)
Deferred income taxes	9		23,483			103,815
TOTAL INCOME TAXES			(142,183	)		(149,192	)
NET INCOME			594,314			387,777

ATTRIBUTABLE TO:
Company shareholders			528,079			328,770
Non-controlling interest			66,235			59,007
			594,314			387,777

Basic and diluted earnings per share - common shares (US$)	23		0.48			0.30

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

Unaudited condensed consolidated interim statements of comprehensive income for six-month period ended June 30, 2025 and 2024
In thousands of United States dollar - US$

	Six-month period ended June 30,
	2025			2024

Net income		1,150,648			752,633

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments		967,248			(1,331,906	)
Gain (loss) on cash flow hedge		(38	)		359
Deferred income tax on loss on cash flow hedge		(53	)		(90	)
Other fair value adjustments through other comprehensive income		(35	)		(8,010	)
Items that will not be reclassified to statement of income:
Gain associated with pension and other postretirement benefit obligations		406			10,990
Income tax on gain (loss) associated with pension and other postretirement benefit obligations		53			(2,789	)
Total other comprehensive income (loss)		967,581			(1,331,446	)

Comprehensive Income (loss)		2,118,229			(578,813	)

Total comprehensive income (loss) attributable to:
Company shareholders		2,140,345			(758,779	)
Non-controlling interest		(22,116	)		179,966
		2,118,229			(578,813	)

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

Unaudited condensed consolidated interim statements of comprehensive income for three-month period ended June 30, 2025 and 2024
In thousands of United States dollar - US$

	Three-month period ended June 30,
	2025			2024

Net income		594,314			387,777

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain on foreign currency translation adjustments		389,569			(77,653	)
Loss on cash flow hedge		(414	)		(44	)
Deferred income tax on gain (loss) on cash flow hedge		41			(22	)
Other fair value adjustments through other comprehensive income		(10	)		200,972
Items that will not be reclassified to statement of income:
Gain associated with pension and other postretirement benefit obligations		900			6,538
Income tax on gain (loss) associated with pension and other postretirement benefit obligations		69			(1,659	)
Total other comprehensive income		390,155			128,132

Comprehensive income		984,469			515,909

Total comprehensive income (loss) attributable to:
Company shareholders		939,430			383,366
Non-controlling interest		45,039			132,543
		984,469			515,909

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

Unaudited condensed consolidated interim statements of changes in equity for the six-month period ended June 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			—			—			—			—			—			—			—			—			—			—			—			—			661,097		661,097			91,536			752,633
Gain (loss) on foreign currency translation adjustments (FCTA)			—			—			—			—			—			—			—			—			—			—			—			(1,182,671	)				(1,182,671	)		87,278			(1,095,393	)
Loss on net investment in foreign operations			—			—			—			—			—			—			—			—			—			—			—			(236,513	)		—		(236,513	)		—			(236,513	)
Gain on cash flow hedge, net of tax			—			—			—			—			—			—			—			—			—			—			268			—			—		268			—			268
Other fair value adjustments through other comprehensive income			—			—			—			—			—			—			—			—			—			—			(8,010	)		—			—		(8,010	)		—			(8,010	)
Gain associated with pension and other postretirement benefit obligations, net of tax			—			—			—			—			—			—			—			—			—			—			7,050			—			—		7,050			1,152			8,202
Total comprehensive income (loss)			—			—			—			—			—			—			—			—			—			—			(692	)		(1,419,184	)		661,097		(758,779	)		179,966			(578,813	)

Share-based compensation			—			—			—			6,095			—			—			—			—			—			—			—			—			—		6,095			1,285			7,380
Realization of other reserves			—			—			—			—			—			(567	)		—			—			—			—			—			—			567		—			—			—
Dividends to non-controlling interest			—			—			—			—			—			—			—			—			—			—			—			—			—		—			(784	)		(784	)
Others			—			—			—			—			—			—			—			—			—			—			—			—			—		—			(95	)		(95	)
BALANCE ON JUNE 30, 2024			13,177,841			—			36,321			(226,380	)		10,145			(36,980	)		—			603,603			2,232,528			787,501			59,751			(9,033,634	)		661,664		8,272,360			863,114			9,135,474

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	)
JBS N.V.
Net income			—			—			—			—			—			—			—			—			—			—			—			—			528,079		528,079			66,235			594,314
Loss on cash flow hedge, net of tax			—			—			—			—			—			—			—			—			—			—			(373	)		—			—		(373	)		—			(373	)
Gain associated with pension and other postretirement benefit obligations, net of tax			—			—			—			—			—			—			—			—			—			—			969			—			—		969			—			969
Foreign exchangevariation in subsidiaries			—			—			—			—			—			—			—			—			—			—			—						—		—			(21,186	)		(21,186	)
Cumulative translation adjustment and foreign exchange variation in subsidiaries																																				410,755					410,755			—			410,755
Other fair value adjustments through other comprehensive income			—			—			—			—			—			—			—			—			—			—			—			—			—		—			(10	)		(10	)
Total comprehensive income (loss)			—			—			—			—			—			—			—			—			—			—			596			410,755			528,079		939,430			45,039			984,469

Cancellation of shares	20 b.2		(390	)		390			—						—			—			—			—			—			—			—			—			—		—			—			—
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
Reflexive capital transaction			—			—			—			282			—			—			—			—			—			—			—			—			—		282			1,222			1,504
Transfer of treasury shares			—			(6,156	)		—			—			—			—			6,156			—			—			—			—			—			—		—			—			—
Dividends to non-controlling interests			—			—			—			—			—			—			—			—			—			—			—			—			—		—			(1,386	)		(1,386	)
Others			—			—			—			—			—			—			—			—			—			—			—			—			—		—			226			226
BALANCE ON JUNE 30, 2025			35,114			7,310,860			—			2,078			—			—			(580	)		—			—			—			68,186			(85,280	)		1,089,742		8,420,120			826,273			9,246,393

Unaudited condensed consolidated interim statements of cash flows for the six-month period ended June 30, 2025 and 2024
In thousands of United States dollar - US$

		Six-month period ended June 30,
	Note	2025			2024
Cash flows from operating activities
Net income			1,150,648			752,633
Adjustments for:
Depreciation and amortization	6, 11, 12 and 13		1,100,838			1,090,778
Expected credit losses	4		13,258			6,225
Share of profit of equity-accounted investees	10		(10,556	)		4,128
Gain on sales of assets			(8,880	)		(4,743	)
Tax expense	9		279,954			151,985
Net finance expense	22		567,950			948,363
Share-based compensation			14,116			7,380
Provisions for legal proceedings	19		15,565			21,682
Restructuring			—			13,412
Impairment of goodwill and property, plant and equipment			7,951			—
Net realizable value inventory adjustments	5		20,419			(13,496	)
DOJ (Department of Justice) and antitrust agreements	19		133,638			80,277
Fair value adjustment of biological assets	6		(86,487	)		(29,883	)
Impairment of recoverable tax credit			5,662			—
Provision for avian influenza			5,612			—
			3,209,688			3,028,741
Changes in assets and liabilities:
Trade accounts receivable			160,085			114,385
Inventories			(955,245	)		(292,076	)
Recoverable taxes			93,786			19,063
Other current and non-current assets			(362,166	)		(103,501	)
Biological assets			(398,066	)		(201,153	)
Trade accounts payable and supply chain finance			(575,413	)		(589,167	)
Taxes paid in installments			(51,896	)		(34,635	)
Other current and non-current liabilities			179,416			9,472
DOJ and Antitrust agreements payment			(261,212	)		(90	)
Income taxes paid			(550,897	)		(87,325	)
Changes in operating assets and liabilities			(2,721,608	)		(1,165,027	)

Cash provided in by operating activities			488,080			1,863,714

Interest paid			(604,927	)		(689,299	)
Interest received			73,699			97,099

Net cash flows provided (used) in operating activities			(43,148	)		1,271,514

Cash flows from investing activities
Purchases of property, plant and equipment			(714,122	)		(629,700	)
Dividends received			4,124			6,392
Purchases and disposals of intangible assets			(2,554	)		(4,531	)
Acquisitions, net of cash acquired			—			(2,880	)
Related party transactions			4,650			507
Proceeds from sale of property, plant and equipment			35,615			15,775
Additions to investments in joint ventures	10		(165,271	)		—
Cash used in investing activities			(837,558	)		(614,437	)

Cash flows from financing activities
Proceeds from loans and financing			4,494,204			688,722
Payments of loans and financing			(4,676,359	)		(1,734,865	)
Derivative instruments received (settled)			(52,863	)		(140,870	)
Margin cash			(44,400	)		1,830
Dividends paid			(1,573,855	)		—
Dividends paid to non-controlling interest			(266,417	)		(3,398	)
Payments of leasing contracts			(215,060	)		(211,008	)
Cash used in by financing activities			(2,334,750	)		(1,399,589	)

Effect of exchange rate changes on cash and cash equivalents			120,535			(136,703	)
Net change in cash and cash equivalents			(3,094,921	)		(879,215	)
Cash and cash equivalents beginning of period			5,613,672			4,569,517
Cash and cash equivalents at the end of period			2,518,751			3,690,302

Non-cash transactions:		Six-month period ended June 30,
	Note	2025		2024
Non-cash additions to right of use assets and lease liabilities	12		153,798		209,210
Capitalized interest	11		17,374		17,305

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

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

1 Background information

1.1 Reporting entity

JBS N.V. (“Company”) is a corporation incorporated under the laws of the Netherlands on October 9, 2019, and is currently domiciledin Amsterdam. The Company is controlled by J&F S.A. (“J&F”) and became the holding entity of the JBS S.A. and itssubsidiaries following a corporate reorganization.

The unaudited condensedconsolidated interim financial information reflects the operations of JBS N.V. and its subsidiaries (“ JBS Group orGroup”). The Group operates in the processing of animal protein, such as beef, pork, lamb and chicken, and operates in theproduction of convenience foods and other products. In addition, it sells leather, hygiene and cleaning products, collagen, metalpackaging, biodiesel, among others. The Group has a broad portfolio of brands including Seara, Doriana, Pilgrim’s, Moy Park,Primo, Adaptable Meals, Ozo, Friboi, Maturatta and Swift.

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 ultimatecontrolling shareholder, J&F S.A. (“J&F”). In the first phase, completed on December 27, 2023, J&F and its whollyowned investment fund, FIP Formosa, transferred a non-controlling portion of their JBS S.A. common shares to JBS ParticipaçõesSocietárias 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 May23, 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, consolidatingits position as the indirect controlling shareholder of JBS S.A. The transaction was accounted for as a common control transaction, wherebyJBS N.V. recognized the assets, liabilities, and results of JBS S.A. at their historical book values. The restructuring preserved shareholdereconomic interests by applying a consistent exchange ratio to both controlling and non-controlling shareholders, subject only to immaterialadjustments related to fractions of BDRs and share-based payments.

On June 6, 2025, the migration of theshareholder base of JBS S.A. to JBS N.V was completed. As part of this transaction, JBS S.A. shareholders exchanged their shares for LevelII Brazilian Depositary Receipts (BDRs), backed by Class A common shares issued by JBS N.V. These BDRs were delivered to the shareholdersof 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 sharesceased trading on B3 – Brasil, Bolsa, Balcão and were officially replaced by the BDRs of JBS N.V., which began trading underthe 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”.

JBS N.V. is registered as a Foreign PrivateIssuer with the U.S. Securities and Exchange Commission (SEC) and completed the process of registering as a foreign issuer with the BrazilianSecurities and Exchange Commission (CVM), complying with applicable regulatory requirements in the Netherlands, Brazil, and the UnitedStates.

The Company’s only direct subsidiary isJBS Participações Societárias S.A., a wholly owned entity headquartered in São Paulo, Brazil.

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

The Group accounted for the restructuringof entities under common control by recognizing the pre-restructuring carrying amounts in the consolidated financial statements of JBSN.V., without any fair value adjustments. Accordingly, these consolidated financial statements reflect:

(i)

The historical operating results and financial position ofJBS S.A. prior to the restructuring;

(ii)

The consolidated financial performance and position of JBSN.V. subsequent to the completion of the restructuring;

(iii)

The assets and liabilities of JBS N.V. and its subsidiariesstated at historical cost;

(iv)

The number of ordinary shares issued by JBS N.V. as a resultof 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 theircarrying 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 applicableto JBS N.V., were reclassified to the opening balance of capital reserves (see note 20).

For the interim financial informationended June 30, 2025:

As of May 23, 2025, the Company beganreflecting the effects of the Corporate Reorganization in its financial statements. Accordingly, the interim consolidated financial informationfor this period includes the impacts of the new corporate structure, with JBS N.V. as the holding entity of the Group.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

1.2 Main eventsthat occurred during the period:

1.2.1 Dividend payment: On March25, 2025, the Board of Directors of JBS S.A. approved the proposal to distribute dividends from the net profit reserve balance of theyear 2024, in the amount of US$759,018 million, corresponding to US$0.37 per common share. The proposal was approved by the OrdinaryGeneral Meeting of Shareholders held on April 29, 2025, and the payment of the dividends occurred on May 14, 2025.

1.2.2Investment in Mantiqueira Alimentos Ltd.: On April 1, 2025, the acquisition of 48.5% of the total equity and 50% of the votingshares of Mantiqueira Alimentos Ltda. by the Company, through its indirect subsidiary JBS Holding, as a joint venture recorded in “Investments in equity-accounted investees”, was completed. The transactionwas amounted to US$165,271. Mantiqueira is a leadingcompany in the production of organic eggs, produced without antibiotics, hormones, and with free-range hens. The operation wasapproved without restrictions by CADE (Administrative Council for Economic Defense) on February 26, 2025.

1.2.3 The process of dual listingsin both Brazil and the United States is ongoing: On April 22, 2025, the Securities and Exchange Commission (SEC) declared effectivethe registration statement on Form F-4 regarding the offer of Class A shares of JBS N.V., a company incorporated in the Netherlands, tothe shareholders of JBS S.A., at a ratio of one JBS N.V. share, initially in the form of a Brazilian Depositary Receipt (BDR), for everytwo shares of JBS S.A. held. The shareholders’ meeting, held on May 23, 2025, approved the transaction. On May 30, JBS N.V. obtained itsforeign issuer registration and the Level II BDR program registration with the Brazilian Securities and Exchange Commission (CVM), aswell as authorization for BDR trading on B3. On June 6, the merger of all shares of JBS S.A. into JBS Participações S.A.was completed, resulting in JBS S.A. as a wholly owned subsidiary of JBS N.V. The redeemable preferred shares were redeemed by delivering1 JBS N.V. BDR for every 2 common shares of JBS S.A. Starting on June 9, 2025, the BDRs began trading on B3 under the ticker “JBSS32.”On June 5, the NYSE approved the listing of JBS N.V.’s Class A shares, which began trading on June 12, 2025, under the ticker “JBS.”

1.2.4Distribution of dividends: On May 23, 2025, The Extraordinary General Assembly of JBS S.A. approved the distribution ofdividends derived from the profit reserves for the fiscal year ending December 31, 2024, amounting to US$406.8 million,corresponding to US$0.18 per ordinary share. The payment ofthe dividends was made on June 17, 2025.

1.2.5 Certificates of AgribusinessReceivables (CRA): On May 29, 2025, an offering of three series of Agribusiness Receivables Certificates (CRAs) was carried out, issuedby the indirect subsidiary Seara Alimentos Ltda. and guaranteed by JBS S.A., with maturities scheduled for 2035, 2045, and 2055, totalinga principal amount of US$168.5. The offering wasconcluded on June 4, 2025.

1.2.6 Debt registration with theSecurities Exchange Commission (SEC): On June 23, 2025, JBS S.A., through its indirect subsidiaries JBS USA Holding Lux S.a.r.l, JBSUSA Food Company, and JBS USA Foods Group Holdings, Inc., issued $3.5 billion in senior notes maturingin 2036, 2056, and 2066, registered with the Securities and Exchange Commission (SEC) of the United States. The offering was completedon July 3, 2025.

1.2.7 BondRepurchase: On June 23, 2025, JBS USA Food Company, an indirect subsidiary of JBS S.A., simultaneously launched three liability managementtransactions aimed at the repurchase and redemption of Senior Notes issued by group companies in the United States, with effective completionon July 3, 2025. The first transaction consisted of the partial repurchase of approximately US$894 million in principal amount of theSenior Notes due in 2027, representing 89.4% of the total outstanding, at a price of 98.021% of face value, plus accrued and unpaid interest.In addition, on the same date, the Company announced the early and full redemption of the Notes due in 2028 and 2030. The 2028 Notes,totaling US$899.7 million, were redeemed at 102.478% of principal, and the 2030 Notes, totaling US$399.7 million, at 102.750%, both plusaccrued and unpaid interest through the settlement date. These three coordinated transactions are part of JBS’s proactive debt managementstrategy, focusing on capital structure optimization and extension of maturities, reaffirming the Company’s commitment to financialdiscipline and value creation for its stakeholders.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

1.3 Seasonality

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

1.4 Subsequent events:

1.4.1 SeniorNotes (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$1.25billion 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 billionmaturing 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, 2028and 2030, as well as to settle short-term debt, with any remaining balance allocated for general corporate purposes.

1.4.2 Investment in Granjeros Campo9 S.A. (Granjeros Campo): On July 7, 2025, the indirect subsidiary Seara Alimentos Ltda. signed an investment agreement with GranjerosCampo. for the acquisition of 90% of the company’s share capital, represented by the amount of US$ 6.3 million. Granjeros Campo is a companyin the meat processing sector that focuses on the production and slaughter of poultry in Paraguay.

1.4.3 Acquisitionof Production Facility: On August 13, 2025, the Company 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’sportfolio in the United States. The completion of the transaction is subject to the satisfaction of customary closing conditions, andoperations at the plant are expected to begin in mid-2026, following the investments and expansion works.

1.4.4 Approval of New RepurchasePlan: On August 13, 2025, the Board of Directors approved a new repurchase plan authorizing the acquisition of Class A common sharesand Brazilian Depositary Receipts (BDRs) in an aggregate amount of up to US$400 million. The program will commence on August 18, 2025,and remain in effect until the maximum investment is reached or the Board suspends or terminates the plan, whichever occurs first.

2 Basis of preparation

The unaudited condensed consolidated interimfinancial information as of and for the three and six-month period ended June 30, 2025 have been prepared in accordance with IAS 34 InterimFinancial Reporting, as issued by International Accounting Standards Board (IASB), and should be read in conjunction with the Group´slast 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 AccountingStandards. However, selected explanatory notes are included to describe events and transactions that are significant to an understandingof the changes in the Group´s financial position and performance since the last annual financial statements.

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

2.1 Functional and presentation currency

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

These consolidated financial statements are presented in U.Sdollar (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 otherthan an entity’s functional currency are initially measured in the functional currency of the entity using the exchange rate effectiveat the date of each transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the closing exchangerate at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurementat 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”.

2.3 Translation of subsidiaries financial statements

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

i. assets and liabilities aretranslated at the current rate at the date of each closing period;

ii. income and expenses aretranslated at the average rate at the date of each closing period; and

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

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

2.4 New standards, amendments and interpretations

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

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

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

b. New standards, amendments and interpretationsthat are not yet effective

IFRS 18 - Presentation and Disclosure of Financial Statements.

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

●

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

●

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

●

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

Additionally, all entities are required to use the subtotalof 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 standardand, 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 six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

3 Cash and cash equivalents and margin cash

Cash and cash equivalents	June 30, 2025		December 31, 2024
Cash on hand and at banks		1,190,712		2,197,822
CDB (bank certificates of deposit) and National Treasury Bills (Tesouro Selic) ⁽¹⁾		1,328,039		3,415,850
		2,518,751		5,613,672

Margin cash
Margin cash (Restricted cash)		368,639		104,220
Investments in Treasury Bills		80,599		32,334
		449,238		136,554

Total		2,967,989		5,750,226

⁽¹⁾

CDBs are held at financialinstitutions and earn interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate (Certificadode Depósito Interbancário - CDI). Tesouro Selic are bonds purchased from Brazilian government financial institutionshaving conditions and characteristics that are similar to CDB’s.

4 Trade accounts receivable

	June 30, 2025			December 31, 2024
Current receivables:
Domestic sales		2,158,430			1,994,667
Foreign sales		987,961			1,176,603
Subtotal		3,146,391			3,171,270
Overdue receivables:
From 1 to 30 days		408,184			444,687
From 31 to 60 days		61,351			61,314
From 61 to 90 days		14,186			20,603
Above 90 days		128,049			130,845
Expected credit losses		(101,776	)		(89,060	)
Present value adjustment		(2,910	)		(4,119	)
Subtotal		507,084			564,270
Trade accounts receivable, net		3,653,475			3,735,540

Present value adjustment - TheGroup discounts its receivables to present value using interest rates directly related to customer credit profiles. The weighted averagediscount rate used to calculate the present value of trade accounts receivable on June 30, 2025, was 5,45% p.y. (9.96% p.y. on June 30,2024). Realization of the present value adjustment is recognized as deduction item to sales revenue.

Changes in expected credit losses:

	June 30, 2025			June 30, 2024
Balance at the beginning of the period		(89,060	)		(84,913	)
Additions		(13,258	)		(10,564	)
Write-offs/Reversals		8,262			5,483
Exchange rate variation		(7,720	)		4,189
Balance at the end of the period		(101,776	)		(85,805	)

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

5 Inventories

	June 30, 2025		December 31, 2024
Finished products		4,103,317		3,018,302
Work in process		656,381		492,015
Raw materials		868,525		847,909
Supplies		659,682		657,763
		6,287,905		5,015,989

During the six-month period ended June 30, 2025 and 2024, theCompany recognized adjustments to the net realizable value of inventories, which include additions and (write-offs) recorded in the costof goods sold, in the amount of US$(21,762) and US$13,496, respectively.

6 Biological assets

Changes in biological assets:

	Current						Non-current
	June 30, 2025			June 30, 2024			June 30, 2025			June 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		5,129,844			5,326,920			714,114			700,102
Reduction for slaughter, sale or consumption		(5,790,340	)		(6,128,285	)		(31,615	)		(34,115	)
Purchases		249,404			215,014			126,659			121,516
Fair value adjustments		86,470			29,946			(17	)		(63	)
Reclassification from non-current to current		462,293			477,614			(462,293	)		(477,614	)
Exchange rate variation		88,292			(83,714	)		27,788			(23,950	)
Amortization		—			—			(309,105	)		(305,815	)
Balance at the end of the period		1,834,186			1,549,648			583,765			511,538

7 Recoverable taxes

	June 30, 2025		December 31, 2024
Value-added tax on sales and services – ICMS / IVA / VAT / GST		732,847		650,728
Social contribution on billings - PIS and COFINS		347,610		404,673
Withholding income tax - IRRF / IRPJ		1,324,635		960,161
Excise tax – IPI		18,839		16,176
Reintegra		4,692		7,657
Other		11,771		10,788
		2,440,394		2,050,183
Current		652,740		637,728
Non-current		1,787,654		1,412,455
		2,440,394		2,050,183

8 Related party transactions

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

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

Related party payables and receivables

	Reimbursement of administrative and funding costs	June 30, 2025			December 31, 2024
Laguz I Fundo de Investimento ⁽¹⁾	Selic		(167,770	)		—
J&F S.A. ⁽²⁾	IPCA		(62,960	)		77,355
			(230,730	)		77,355

⁽¹⁾

In May 2025, the Group acquired tax credit rights from therelated party Laguz I Fundo de Investimento through an agreement providing for 36 installments, with final maturity in April 2028. Thesetax credits originate from a judicial claim related to the export credit premium incentive. The case has already been definitively settledin favor of the taxpayer, and is currently in the final stage of assessment and confirmation of the credit balance. The credit rightswere acquired at an approximate discount of 35%, and the credits will be used to offset the Company’s tax obligations once thecase is finalized and the use of the credits is authorized by the relevant regulatory authorities. The credits have been recorded under“Other receivables” in the financial statements.

⁽²⁾

The net balance payable to J&F S.A. refers to: (i) US$90,655 receivable, arising from the settlement agreement entered into between JBS S.A., J&F S.A., and certain former executives of the Company, which resulted in the definitive termination of the dispute addressed in arbitration proceeding, under which J&F S.A. committed to settle the amount in accordance with the terms and conditions set forth in the agreement; and (ii) US$(153,615) payable, related to the purchase of the Araputanga Plant, to be settled in 24 installments, with final maturity in May 2027.

Other financial transactions inthe Group

The Group entered into an assignment agreementwith Banco Original S.A, direct subsidiary of the parent Group J&F, pursuant to which Banco Original S.A. acquires credits held againstcertain clients in the domestic and foreign markets. The assignments are negotiated with no right of recourse, through the definitivetransfer of the risks and benefits of the receivables to Banco Original. On June 30, 2025, the Group had US$794,951 (US$517,677 on December31, 2024) of assigned receivables. In the six-month period ended June 30, 2025, the Group incurred in a loss from the sale of the receivablesof US$50,224 (US$65,315 for the six-month period ended June 30, 2024), recorded in interim financial information as financial expenses.

On June 30, 2025, the Group held investmentswith Banco Original in the amount of US$480,111 (US$303,195 on December 31, 2024), recorded in cash and cash equivalents. The cash investmentsand cash equivalents, CDBs and similar have yields equivalent to the CDI (Interbank Deposit Certificate), according to the term and amountinvested, following market practices. In the six-month period ended June 30, 2025, the Group earned interest from these investments ofUS$14,358 (US$18,555 for the six-month period ended June 30, 2024) recognized as financial income.

The Group has commitments to purchasecattle for future delivery signed with certain suppliers, including the related party JBJ, guaranteeing the acquisition of cattle fora fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. On June 30, 2025, the Group has commitmentsagreements in the amount of US$81,802 (US$48,317 on December 31, 2024).

The Group has transactions with PrimaFoods S.A. for the purchase of bovine slaughtering residues for greasing operations.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

The Group is the sponsor of InstituteJ&F, a youth-directed business school, whose goal is to educate future leaders by offering free, high-quality education. For the six-monthperiod ended June 30, 2025, the Company made donations in the amount of US$6,665 (US$13,098 for the six-month period ended June 30, 2024),recognized as general and administrative expenses.

On December 30, 2024, the Group enteredinto an agreement for the sale of its Hygiene and Beauty operation to the related party Flora Produtos de Higiene e Limpeza S.A. The transactioncovers the transfer of assets and operations related to the manufacture and sale of hygiene and beauty products, in accordance with theterms agreed between the parties. The sale value was set at US$54 million, subject to working capital adjustments. The transaction willbe concluded after the conditions precedent stipulated in the contract have been met. The Group did not classify the operation as discontinuedon June 30, 2025, as it does not represent an individually significant line of business, corresponding to only 0.2% of the Parent Company’snet assets.

No expense for doubtful accounts or baddebts relating to related-party transactions were recorded during the six-month period ended June 30, 2025 and 2024.

Remuneration of key management

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

	Six-month period ended June,
	2025		2024
Salaries and wages		4,079		3,527
Variablecash compensation		20,095		16,599
		24,174		20,126

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

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

9 Income taxes

a. Compositionof deferred tax income and social contribution:

	June 30, 2025			December 31, 2024
Deferred income taxes assets		520,773			651,178
Deferred income taxes liabilities		(1,091,367	)		(1,095,291	)
		(570,594	)		(444,113	)

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 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 June 30, 2025
Tax loss and negative social contribution base		679,275			125,091			53,310			(191,303	)		666,373
Expected credit losses on trade accounts receivable		42,304			(11,510	)		3,252			—			34,046
Provisions for contingencies		94,487			(9,822	)		9,255			—			93,920
Fair value adjustment		(105,836	)		(19,730	)		(7,592	)		—			(133,158	)
Tax credits - foreign subsidiaries		8,798			48			(81	)		—			8,765
Provision for work accident insurance - foreign subsidiaries		8,964			(2,773	)		—			—			6,191
Pension plan - foreign subsidiaries		3,209			3,536			(4	)		(107	)		6,634
Trade accounts payable accrual		249,853			11,673			6,007			—			267,533
Non-deductible interest portion - U.S. Tax Reform		279,572			52,150			1			—			331,723
Right of use assets		25,967			3,913			2,538			—			32,418
Goodwill amortization		(727,377	)		(19,205	)		(84,392	)		—			(830,974	)
Business combinations		(465,917	)		(16,763	)		(4,887	)		—			(487,567	)
Inventory valuation		(83,507	)		(16,202	)		8,118			—			(91,591	)
Hedge operations ⁽¹⁾		45,961			(14,235	)		5,541			49			37,316
Realization of other reserves		(88,113	)		1,263			(11,802	)		—			(98,652	)
Accelerated depreciation and amortization		(479,922	)		(13,270	)		(2	)		—			(493,194	)
Cut Off adjustments (sales)		15,274			1,980			2,152			—			19,406
Other temporary differences		52,895			34,360			(27,039	)		—			60,216
Deferred taxes, net		(444,113	)		110,504			(45,625	)		(191,361	)		(570,595	)

	Balance at January 1, 2024			Income statement			Exchange variation			Other Adjustments⁽²⁾			Balance at June 30, 2024
Tax loss and negative social contribution base		840,172			(79,664	)		(71,760	)		—			688,748
Expected credit losses on trade accounts receivable		38,086			8,026			(3,132	)		—			42,980
Provisions for contingencies		78,840			(4,619	)		32,965			—			107,186
Fair value adjustment		7,648			(2,019	)		(933	)		—			4,696
Tax credits - foreign subsidiaries		23,685			(2,412	)		25			(49	)		21,249
Provision for work accident insurance - foreign subsidiaries		7,927			(1,010	)		—			—			6,917
Pension plan - foreign subsidiaries		11,956			(1,453	)		71			(2,102	)		8,472
Trade accounts payable accrual		277,512			41,654			(51,605	)		—			267,561
Non-deductible interest portion - U.S. Tax Reform		211,958			3,630			1			—			215,589
Right of use assets		25,417			3,178			(2,320	)		—			26,275
Goodwill amortization		(851,840	)		(7,478	)		98,108			—			(761,210	)
Present value adjustment - Trade accounts payable		(6,064	)		2,052			564			—			(3,448	)
Business combinations		(444,250	)		(30,126	)		4,673			—			(469,703	)
Inventory valuation		(207,085	)		(9,468	)		(2	)		—			(216,555	)
Hedge operations ⁽¹⁾		(25,364	)		55,391			(836	)		(138	)		29,053
Realization of other reserves		(115,640	)		1,412			14,806			—			(99,422	)
Accelerated depreciation and amortization		(514,285	)		103,212			—			—			(411,073	)
Cut Off adjustments (sales)		—			27,463			(1,937	)		—			25,526
Grains’ Fair Value Adjustment - Subsidiaries		—			25,340			(1,559	)		—			23,781
Other temporary differences		55,931			(28,277	)		(2,225	)		—			25,429
Deferred taxes, net		(585,396	)		104,832			14,904			(2,289	)		(467,949	)

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

⁽²⁾

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

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

b. Reconciliationof income tax and social contribution expense:

	Six-month period ended June 30,						Three-month period ended June 30,
	2025			2024			2025			2024
Profit before taxes		1,430,601			904,618			736,497			536,969
Brazilian statutory corporate tax rate⁽³⁾		(34	)%		(34	)%		(34	)%		(34	)%
Expected tax expense		(486,404	)		(307,570	)		(250,409	)		(182,569	)

Adjustments to reconcile taxable income tax expense (benefit):
Share of profit of equity-accounted investees		3,589			(1,403	)		2,659			817
Non-taxable tax benefits ⁽⁴⁾		107,024			109,579			56,103			56,431
Transfer pricing adjustments		(81,997	)		(4,887	)		30,683			(2,380	)
Difference of tax rates on taxable income from foreign subsidiaries		46,964			69,228			22,259			33,915
Profits taxed by foreign jurisdictions ⁽⁵⁾					(35,878	)		—			(65,628	)
Deferred income tax not recognized		76,067			4,031			(26,104	)		14,726
Dividends paid abroad		—			(10,483	)		—			(10,483	)
Non-taxable interest - foreign subsidiaries		6,263			7,806			3,145			1,661
Donations and social programs ⁽⁶⁾		—			(2,105	)		—			(6	)
SELIC interest on tax credits		31,315			4,119			3,693			3,384
Brazilian tax incentive law - Lei do Bem		1,397			—			1,397			—
Other permanent differences		15,829			15,578			14,391			940
Current and deferred income tax expense		(279,953	)		(151,985	)		(142,183	)		(149,192	)

Current income tax		(390,457	)		(256,817	)		(165,666	)		(253,007	)
Deferred income tax		110,504			104,832			23,483			103,815
		(279,953	)		(151,985	)		(142,183	)		(149,192	)
Effective income tax rate		(19.57	)%		(16.80	)%		(19.31	)%		(27.78	)%

Additional information: analysis ofthe variation in the effective rate:

The average effective tax rate is calculatedas 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 unrecognizeddeferred taxes, income tax, and social contributions on the realization of the revaluation reserve. This information should be consideredwhen analyzing the effective tax rate.

⁽³⁾

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

⁽⁴⁾

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

⁽⁵⁾

According to Law No. 12,973/14, the income from foreign subsidiariesmust be taxed at the Brazilian statutory tax rate of 34%, and the income tax paid abroad by these subsidiaries may be used to compensateincome taxes to be paid in Brazil. The results obtained from foreign subsidiaries are subject to taxation by the countries where theyare based, according to applicable rates and legislation (profits taxed by-foreign jurisdictions included in the reconciliation of incometax 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.

⁽⁶⁾	Refers to donations made by the Group, as described in note25 - Expenses by nature.

GlobalMinimum Tax

Fromthe 2024 calendar year onward, Pillar II rules came into effect in various jurisdictions, impacting multinationals operating in thesemarkets.

Sincethe 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 currentassessments, the Company has not identified any significant tax exposure resulting from this tax.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

10 Investments in equity-accounted investees, associatesand joint venture

Changes in the investments:

Refers to investments in associate andjoint venture:

	Participation		Balance at January 1, 2025		Addition (disposal)		Profit distribution			Changes in the equity of investees		Proportionate share of income			Balance at June 30, 2025
Meat Snacks Partners, LLC		50%		19,334		—		(4,124	)		1,790		5,095			22,095
JBS Foods Ontario, Inc.		100%		17,372		—		—			—		503			17,875
Birla Societá Agricola Srl		20%		1,606		—		—			213		(12	)		1,807
Mantiqueira Alimentos ⁽¹⁾		48.5%		—		165,271		—			6,692		4,970			176,933
Total				38,312		165,271		(4,124	)		8,695		10,556			218,710

	Participation		Balance at January 1, 2024		Profit distribution			Changes in the equity of investees		Proportionate share of income			Balance at June 30, 2024
Meat Snacks Partners, LLC		50%		38,922		(6,392	)		92		(8,596	)		24,026
JBS Foods Ontario, Inc.		100%		15,994		—			2,338		(1,688	)		16,644
Birla Societá Agricola Srl		20%		1,685		—			176		(239	)		1,622
Total				56,601		(6,392	)		2,606		(10,523	)		42,292

⁽¹⁾

The Company, through its subsidiary JBS Holding, formalizedon 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 total transaction value wasUS$165,271, of which US$98.906 referred to the recognized goodwill. The transaction received unconditional approval from CADE (AdministrativeCouncil 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 June 30, 2025
Buildings		3,982,477		279,558		(2,852	)		(124,829	)		257,146		4,391,500
Land		1,069,392		8,548		(1,439	)		—			95,164		1,171,665
Machinery and equipment		4,038,196		295,946		(3,366	)		(317,476	)		230,619		4,243,919
Facilities		682,348		79,419		(1,210	)		(25,945	)		93,948		828,560
Computer equipment		187,164		28,831		(1,403	)		(30,307	)		8,046		192,331
Vehicles (land and air)		275,582		78,127		(8,633	)		(24,421	)		23,468		344,123
Construction in progress		1,238,785		38,611		(1,365	)		—			94,074		1,370,105
Other		306,936		60,306		(400	)		(23,329	)		11,868		355,381
		11,780,880		869,346		(20,668	)		(546,307	)		814,333		12,897,584

	Balance at January 1, 2024		Additions net of transfers⁽¹⁾			Disposals			Depreciation			Exchange rate variation			Balance at June 30, 2024
Buildings		4,305,145		193,748			(2,735	)		(128,719	)		(253,990	)		4,113,449
Land		1,209,739		17,038			(729	)		—			(103,663	)		1,122,385
Machinery and equipment		4,310,590		386,950			(9,619	)		(316,406	)		(196,111	)		4,175,404
Facilities		764,036		102,720			(39	)		(26,365	)		(103,272	)		737,080
Computer equipment		166,291		35,516			(138	)		(24,420	)		(5,539	)		171,710
Vehicles (land and air)		272,663		19,565			(3,957	)		(20,995	)		(21,590	)		245,686
Construction in progress		1,636,719		(159,505	)		(2,629	)		—			(101,983	)		1,372,602
Other		253,006		31,805			(155	)		(19,572	)		(7,575	)		257,509
		12,918,189		627,837			(20,001	)		(536,477	)		(793,723	)		12,195,825

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

⁽²⁾	Of the total amount of additions net of transfers, US$248refers to the acquisition of JBS Terminais Ltda.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

For the six-month period ended June 30,2025, the amount of capitalized interest added to construction in progress and included in additions was US$17,374 (US$17,305 for thesix-month period ended June 30, 2024).

For the six-month period ended June 30,2025, the capitalization rate used was 6.90% p.y. (6.17% p.y. for the six-month period ended June 30, 2024)

The Group assesses the recoverabilityof long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Whenfuture undiscounted cash flows of assets are estimated to be insufficient to recover their related carrying value, the Group comparesthe asset’s estimated future cash flows, discounted to present value using a risk-adjusted discount rate, to its current carryingvalue and records a provision for impairment as appropriate. The Company recognized an impairment of property, plant and equipment inthe amount of US$846, 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 rightof use asset and lease liability for short term (less than 12 months) and low value leases. The average discount rate used for measuringlease liabilities was 5.72% for the six-month period ended June 30, 2025 (5.29% at June 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 June 30, 2025
Growing facilities		632,267		75,011			(9,650	)		(73,184	)		43,964		668,408
Buildings		638,981		16,958			(12,022	)		(46,953	)		35,418		632,382
Vehicles (land)		189,036		24,523			(6,324	)		(34,998	)		4,953		177,190
Machinery and equipment		106,597		17,001			(4,252	)		(26,220	)		8,944		102,070
Operating plants		8,622		755			—			(1,578	)		1,112		8,911
Land		15,999		469			(81	)		(1,300	)		370		15,457
Computer equipment		5,371		(66	)		—			(3,341	)		536		2,500
Concession Agreement ⁽²⁾		—		3,771			—			(1,916	)		165		2,020
		1,596,873		138,422			(32,329	)		(189,490	)		95,462		1,608,938

	Balance at January 1, 2024		Additions⁽¹⁾		Terminated contracts			Amortization			Exchange rate variation			Balance at June 30, 2024
Growing facilities		805,370		54,362		(25,005	)		(80,297	)		(52,080	)		702,350
Buildings		532,104		97,639		(14,271	)		(45,195	)		(25,045	)		545,232
Vehicles (land)		223,720		23,502		(821	)		(36,059	)		(1,245	)		209,097
Machinery and equipment		90,101		29,864		(2,924	)		(22,743	)		(5,682	)		88,616
Operating plants		19,695		518		(3,432	)		(2,549	)		(1,932	)		12,300
Land		19,186		602		—			(1,300	)		(777	)		17,711
Computer equipment		15,534		—		(107	)		(4,401	)		(1,618	)		9,408
		1,705,710		206,487		(46,560	)		(192,544	)		(88,379	)		1,584,714

⁽¹⁾	The additions have been reduced by the PIS/COFINS tax effect.The net impact is US$(2,590) and US$(2,522) in the consolidated total respectively as of June 30, 2025 and 2024.

⁽²⁾	Of the total amount of additions, US$1,130 refers to theacquisition of JBS Terminais Ltda.

12.2 Lease liabilities

	June 30, 2025			December 31, 2024
Undiscounted lease payments		2,201,351			2,135,128
Present value adjustment		(430,582	)		(401,099	)
		1,770,769			1,734,029
Breakdown:
Current liabilities		351,649			335,681
Non-current liabilities		1,419,120			1,398,348
		1,770,769			1,734,029

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

Changes in the lease liability:

		Balance at January 1, 2025				Additions				Interest accrual				Payments				Terminated contracts				Exchange rate variation				Balance at June 30, 2025
Lease liability			1,734,029				153,798				51,043				(239,375	)			(40,914	)			112,188				1,770,769

		Balance at January 1, 2024				Additions				Interest accrual				Payments				Terminated contracts				Exchange rate variation				Balance at June 30, 2024
Lease liability			1,841,227				209,160				50,241				(236,030	)			(52,992	)			(96,371	)			1,715,235

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

	June 30, 2025
2026		256,574
2027		229,473
2028		187,020
2029		161,609
2030		137,351
Maturities after 2030		782,004
Total Future Minimum Lease Payments		1,754,031
Less: Imputed Interest		(334,911	)
Present Value of Lease Liabilities		1,419,120

13 Intangible assets

Changes in intangible assets:

	Balance at January 1, 2025		Additions⁽¹⁾		Disposals			Amortization			Exchange rate variation		Balance at June 30, 2025
Amortizing:
Trademarks		293,519		376		—			(13,717	)		29,973		310,151
Software		30,611		4,111		(985	)		(3,535	)		3,846		34,048
Customer relationships		408,149		685		—			(33,546	)		18,045		393,333
Supplier contracts		20,548		—		—			(1,810	)		1,731		20,469
Others		13,975		2,263		(3,953	)		(3,332	)		1,550		10,503
Non-amortizing:
Trademarks		1,025,095		148		—			—			81,689		1,106,932
Water rights		11,302		—		—			—			165		11,467
		1,803,199		7,583		(4,938	)		(55,940	)		136,999		1,886,903

	Balance at January 1, 2024		Additions		Amortization			Exchange rate variation			Balance at June 30, 2024
Amortizing:
Trademarks		341,183		540		(14,798	)		(11,302	)		315,623
Software		24,941		16,043		(2,935	)		(3,815	)		34,234
Customer relationships		486,166		—		(36,185	)		(3,372	)		446,609
Supplier contracts		28,077		—		(1,898	)		(2,304	)		23,875
Others		1,044		29		(126	)		(63	)		884
Non-amortizing:
Trademarks		1,092,793		449		—			(33,756	)		1,059,486
Water rights		11,391		—		—			(69	)		11,322
		1,985,595		17,061		(55,942	)		(54,681	)		1,892,033

⁽¹⁾	Of the total amount of additions, US$2,149 refers to theacquisition of JBS Terminais Ltda.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

14 Goodwill

Goodwill represents the positive differencebetween 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 toan expectation of future earnings of the acquired subsidiary after assets and liabilities are combined with the Group and cost savingsresulting from synergies expected to be achieved upon the integration of the acquired business.

Changes in goodwill:

	June 30, 2025			June 30, 2024
Balance at the beginning of the period		5,417,134			6,105,020
Business combinations adjustments ⁽¹⁾		(1,086	)		—
Exchange rate variation		444,182			(387,846	)
Balance at the end of the period		5,860,230			5,717,174

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

CGUs	June 30, 2025		December 31, 2024
Brazil Beef		1,662,041		1,464,710
Seara		682,591		602,869
USA Pork		694,534		694,534
Australia Smallgoods		298,035		283,441
Australia Meat		269,596		256,395
PPC - Fresh Poultry		438,122		401,396
PPC - Brands & Snacking		289,091		262,431
PPC - Fresh Pork/Lamb		221,041		202,512
PPC - Food Service		188,965		173,125
PPC - Meals		64,138		58,178
Other ⁽²⁾		1,052,076		1,017,543
Total		5,860,230		5,417,134

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

⁽¹⁾	Correspond to 13 Cash-Generating Units (CGUs) which, due totheir individually immaterial values, have been grouped under the category ‘Other’.

15 Trade accounts payable and Supply chain finance

	June 30, 2025			December 31, 2024
Domestic:
Commodities		1,534,332			1,961,391
Materials and services		3,183,095			3,138,734
Finished products		88,185			81,608
Present value adjustment		(8,725	)		(9,685	)
		4,796,887			5,172,048

Foreign:
Commodities		8,352			20,357
Materials and services		210,532			271,481
Finished products		2,451			1,627
		221,335			293,465

Total trade accounts payable		5,018,222			5,465,513

Supply chain finance ⁽¹⁾
Domestic		1,028,012			718,884
Foreign		4,350			9,826
Total supply chain finance		1,032,362			728,710
Total		6,050,584			6,194,223

⁽¹⁾

The Group initiates transactions with financial institutionsthat 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 that the aforementioned discounted risk transaction does not lead toa change in the prices practiced by suppliers, maintaining the same price composition that was in place prior to the discounted riskoperation by these same suppliers. Additionally, this operation did not incur any other burdens for the Group and all financial costsof the operation are the responsibility of the suppliers.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

Commitment to Purchase for Future Delivery

The Group has commitments to purchasecattle for future delivery signed with certain suppliers, in which the Group guarantees the acquisition of cattle for a fixed price, orto be fixed, with no cash effect on the Group until the cattle are delivered. Based on these future delivery contracts, JBJ AgropecuáriaLtda. has already advanced this operation with the banks under the supply chain finance method. As of June 30, 2025, the amount of thistransaction was US$101,946 (US$58,944 at December 31, 2024), this operation is recognized as supply chain finance.

16 Loans and financing

	Average							Payment		Current				Non-current
	annual							terms / non-		June 30,		December 31,		June 30,		December 31,
Type	interest rate			Currency		Index		current debt		2025		2024		2025		2024
Foreign currency
ACC - Advances on exchange contracts		—			USD		—		2025		—		1,015,010		—		—
Prepayment		—			USD		SOFR		2025 - 27		—		100,296		—		—
FINIMP – Import Financing		5.46	%		EUR		Euribor		—		—		614		—		—
Working capital - Dollar		6.17	%		USD		SOFR		2030		1,029		6,238		1,877		2,223
CRA - Agribusiness Credit Receivable Certificates		5.36	%		USD		—		2029		1,302		719		101,002		65,189
Export credit note		6.39	%		USD		SOFR		2025		105,535		102,367		—		—
Others		6.91	%		Several		Several		—		928		3,584		1,799		1,691
											108,794		1,228,828		104,678		69,103
Local currency
FINAME		6.00	%		BRL		—		2025		—		5		—		—
Notes 2.50% JBS Lux 2027		2.50	%		USD		—		2027		11,458		11,458		992,368		990,319
Notes 5.13% JBS Lux 2028		5.13	%		USD		—		2028		19,085		19,085		890,862		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		7,399		7,399		590,204		588,860
Notes 5.50% JBS Lux 2030		5.50	%		USD		—		2030		10,014		31,312		397,269		1,241,293
Notes 3.75% JBS Lux 2031		3.75	%		USD		—		2031		1,489		1,489		489,275		488,985
Notes 3.00% JBS Lux 2032		3.00	%		USD		—		2032		3,750		3,750		983,835		982,670
Notes 3.63% JBS Fin 2032		3.63	%		USD		—		2032		16,096		16,096		956,448		955,546
Notes 5.75% JBS Lux 2033		5.75	%		USD		—		2033		23,621		23,621		1,628,381		1,626,266
Notes 6.75% JBS Lux 2034		6.75	%		USD		—		2034		29,387		30,068		1,486,862		1,485,757
Notes 5,95% JBS USA 2035		5.95	%		USD		—		2035		26,280		16,188		986,631		887,691
Notes 4.38% JBS Lux 2052		4.38	%		USD		—		2052		16,188		8,106		887,917		1,526,099
Notes 6.50% JBS Lux 2052		6.50	%		USD		—		2052		8,106		8,038		1,526,495		883,217
Notes 7.25% JBS Lux 2053		7.25	%		USD		—		2053		7,975		—		883,504		—
Notes 6,38% JBS USA 2055		6.38	%		USD		—		2055		21,117		7,577		730,447		844,203
Notes 5.88% PPC 2027		5.88	%		USD		—		2027		—		10,413		—		892,253
Notes 4.25% PPC 2031		4.25	%		USD		—		2031		7,272		30,285		811,106		966,001
Notes 3.50% PPC 2032		3.50	%		USD		—		2032		10,408		4,201		892,391		486,078
Notes 6.25% PPC 2033		6.25	%		USD		—		2033		28,669		—		910,127		—
Notes 6.88% PPC 2034		6.88	%		USD		—		2034		4,297		—		486,836		—
PPC Credit Line - Term loan		—			—		—		—		—		21,789		—		8,684
Working capital - Euros		2.58	%		EUR		Euribor		2025 - 28		35,657		858		8,861		847
Working capital - Pound		—			—		—				—		9,346		—		815
Export credit note		16.67	%		BRL		CDI		2025 - 30		971		341,493		561		—
CDC - Direct Consumer Credit		15.90	%		BRL		—		2028		4,467		—		144		—
Livestock financing - Pre		10.83	%		BRL		—		2025		169,472		11,415		—		1,218,300
CRA - Agribusiness Receivables Certificate		7.06	%		BRL		IPCA		2029-55		17,251		—		1,693,490		—
Credit line - Beardstown Pace		3.65	%		USD		—		2050		—		202,144		—		—
Commercial Paper		5.00	%		—		—		2025		404,847				—		—
Others		4.86	%		Several		Several		—		38,231		38,327		120,801		140,454
Total											923,507		855,397		18,354,815		17,173,468

											1,032,301		2,084,225		18,459,493		17,242,571

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

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

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

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

Maturity	June 30, 2025

2026		14,933
2027		1,015,846
2028		993,133
2029		641,313
2030		542,202
Maturities after 2030		15,252,066
		18,459,493

16.1 Guarantees and contractual restrictions (“covenants”)

The Group was in compliance with all of its financial debtcovenants restrictions as of June 30, 2025.

17 Income and other taxes payable

Income and other taxes payable are comprisedof the following:

	June 30, 2025		December 31, 2024

Taxes payable in installments		43,884		44,426
PIS / COFINS tax payable		18,200		15,378
ICMS / VAT / GST tax payable		42,437		37,868
Withholding income taxes		346,203		346,785
IPTU and others		78,862		75,932
Subtotal		529,586		520,389
Income taxes payable		127,125		233,027
Total		656,711		753,416

Breakdown:
Current liabilities		249,240		346,761
Non-current liabilities		407,471		406,655
		656,711		753,416

18 Payroll and social charges

Payroll and social charges are comprisedof the following:

	June 30, 2025		December 31, 2024

Social charges in installments		274,508		356,545
Bonus and vacation along with related social charges		804,589		804,551
Salaries and related social charges		543,518		561,990
Others		14,314		65,383
		1,636,929		1,788,469
Breakdown:
Current liabilities		1,369,721		1,435,751
Non-current liabilities		267,208		352,718
		1,636,929		1,788,469

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

19 Provisions for legal proceedings

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

Breakdown:

	June 30, 2025		December 31, 2024
Current liabilities		158,631		280,804
Non-current liabilities		210,690		216,659
		369,321		497,463

	June 30, 2025		December 31, 2024

Labor		99,326		87,127
Civil		219,875		340,644
Tax and Social Security		50,120		69,692
Total		369,321		497,463

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

Brasil		99,271		61,226		49,359		209,856		87,075		59,796		68,516		215,387
USA		—		158,631		—		158,631		—		280,804		—		280,804
Others jurisdictions		55		18		761		834		52		44		1,176		1,272
Total		99,326		219,875		50,120		369,321		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 June 30, 2025

Brazil		87,075		25,136			(29,560	)		4,872		11,748		99,271
Other jurisdictions		52		(3	)		—			—		6		55
Total		87,127		25,133			(29,560	)		4,872		11,754		99,326

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

Brazil		107,940		34,000			(34,795	)		2,538			(14,009	)		95,674
Other jurisdictions		64		(594	)		790			(99	)		(42	)		119
Total		108,004		33,406			(34,005	)		2,439			(14,051	)		95,793

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

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 June 30, 2025

Brazil		59,796		5,202			(14,978	)		3,446		7,760		61,226
USA		280,804		139,038			(261,211	)		—		—		158,631
Other jurisdictions		44		(2	)		(24	)		—		—		18
Total		340,644		144,238			(276,213	)		3,446		7,760		219,875

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

Brazil		73,502		11,340			(11,000	)		4,153			(9,876	)		68,119
USA		197,440		80,276			(11,090	)		—			(36	)		266,590
Other jurisdictions		47		(541	)		299			(113	)		350			42
Total		270,989		91,075			(21,791	)		4,040			(9,562	)		334,751

Civil legal proceedings (probableloss):

United States

The civil legal proceedings involve class-actionlawsuits alleging violations of federal and state antitrust laws, as well as laws governing unfair competition, unjust enrichment, unusualbusiness 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 departmentand external counsel, continues to monitor the progress of the antitrust cases and believes that the accounting provisions recorded asof the date of these interim financial statements are sufficient to cover the associated risk.

19.3 - Tax and Social Security - Changesin provision:

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

Brazil		68,516		(20,130	)		(2,104	)		(5,135	)		8,212		49,359
Other jurisdictions		1,176		(38	)		(508	)		—			131		761
Total		69,692		(20,168	)		(2,612	)		(5,135	)		8,343		50,120

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

Brazil		133,006		(13,670	)		(1,674	)		6,636			(16,464	)		107,834
Other jurisdictions		1,394		4,381			14			(4,730	)		(460	)		599
Total		134,400		(9,289	)		(1,660	)		1,906			(16,924	)		108,433

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

Legal proceedings (possible loss):

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

●

Brazil

a. Profits abroad

Between the calendar years 2006 and2018, the Group was subject to assessments arising from tax charges on profits earned abroad that were supposed to be included in theIRPJ and CSLL calculation basis, also including invoices disallowances paid by investees abroad, on the grounds that they could not havebeen used to offset IRPJ and CSLL due in Brazil. These charges also involve the imposition of officio fines, isolated fines and interest.The Group clarifies that a large part of the collection of IRPJ and CSLL on profits from abroad refers to profits from investees locatedin jurisdictions with which Brazil has agreements to avoid double taxation. In addition, a relevant part of the charge covers the discussionregarding the formal requirements demanded by the inspection authorities for the purposes of consolidating the results abroad of its director indirect investees, and it is certain that the Group disagrees with the criteria applied by the inspection authorities and has submitteda defense. For almost all of the debts, the Group is defending itself at the administrative level and is awaiting judgment. The Companyassessed the relevant tax rulings, verifying any divergences in relation to the tax positions adopted by the Group. Based on this analysis,and taking into account legal opinions and applicable jurisprudence, the Group has a provision in the total amount of US$748 million,referring to the divergence of positions on the taxation of profits of affiliates abroad in countries with international agreements recordedand reducing the heading of recoverable taxes, reflecting the probability of future realization of these amounts.

20 Equity

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

Capital reserve: On June 30, 2025, the Company’s capital reserve amounted to US$7,312,938 (US$(180,586) on December 31,2024).

During the fiscal year 2025, the following capital transactionsoccurred:

b.1.

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

b.2.

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

b.3.

Contribution of Shares: On May 22, 2025, within thescope of the Dual Listing transaction, the contribution by JBS N.V. of 572,981,486 Class A shares, which were held in treasury, to JBSParticipações 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 resolutionswere approved: (i) the merger, by JBS Participações Societárias S.A., of the JBS S.A. shares held by the minorityshareholders (free float), representing 51.2% of JBS S.A.’s share capital; and (ii) the issuance, by JBS ParticipaçõesSocietárias S.A., of 572,981,486 mandatory redeemable preferred shares (MRPS), in the total amount of U$4 billion, based on JBSS.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 redemptionof JBS Participações Societárias S.A.’s MRPS held by minority shareholders was approved, to be settled throughthe delivery of BDRs to such shareholders.

b.6.

Common Share Contribution: On May 23, 2025, J&FInvestments 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, therepurchase of 19,669,712 class A shares was approved, at no cost to the Company, in the amount of US$192.

Dividends: On March 14, 2025, PPC announced that its Board of Directors had approvedthe 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 April17, 2025, to shareholders. Of this total, US$260.3 million was allocated to non-controlling shareholders.

On July 30, 2025, PPC announced that its Board of Directorshad approved the distribution of a special cash dividend in the amount of US$2.10 per share. The payment, totaling approximately US$500.0million, is scheduled to be made on September 3, 2025, to shareholders of record as of August 20, 2025.

Non-controlling interest: Material non-controlling interest as of June 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 June 30, 2025 (82.4% as of December 31, 2024) of the total. The profit allocated to the PPC non-controlling interest was US$121,062 and US$91,926 for the six-month period ended June 30, 2025 and 2024, respectively. The accumulated non-controlling interest in PPC was US$800,174 as of June 30, 2025 (US$880,810 as of December 31, 2024). For the six-monthperiod ended June 30, 2025, purchase of treasury stock by PPC was nil (nil for the six-month period ended June 30, 2024). Below are thePPC total net sales, net income, cash provided by operations, total assets and total liabilities for the periods indicated.

	Six-month period ended June 30,
	2025		2024

Net Revenue		9,220,374		8,921,248
Net Income		652,352		501,461
Net cash provided by operating activities		622,103		989,656

	June 30, 2025		December 31, 2024

Total assets		10,118,666		10,650,576
Total liabilities		6,366,130		6,397,180
Total equity		3,752,536		4,253,396

21 Net revenue

	Six-month period ended June 30,				Three-month period ended June 30,
	2025		2024		2025		2024
Domestic sales		30,274,385		27,837,233		15,665,322		14,364,749
Export sales		10,249,791		9,445,646		5,332,334		4,919,418
Net revenue		40,524,176		37,282,879		20,997,656		19,284,167

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

21.1 Contract balances - Advances fromcustomer

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

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

	Note	June 30, 2025		December 31, 2024
Trade accounts receivable	4		3,653,475		3,735,540
Contract liabilities			(304,121)		(151,947	)
Total customer contract revenue			3,349,354		3,583,593

22 Net finance expense

	Six-month period ended June 30,						Three-month period ended June 30,
	2025			2024			2025			2024
Exchange rate variation		56,817			153,386			4,974			75,499
Fair value adjustments on derivatives		9,592			(408,570	)		(10,634	)		(332,476	)
Interest expense ⁽¹⁾		(792,994	)		(851,675	)		(378,255	)		(431,958	)
Interest income ⁽²⁾		228,053			210,733			64,463			120,396
Bank fees and others		(69,418	)		(52,237	)		(56,952	)		(31,079	)
		(567,950	)		(948,363	)		(376,404	)		(599,618	)

Finance income		305,097			364,119			69,437			195,895
Finance expense		(873,047	)		(1,312,482	)		(445,841	)		(795,513	)
		(567,950	)		(948,363	)		(376,404	)		(599,618	)

⁽¹⁾	For the six-month period ended June 30, 2025, the amountof US$604,835 (US$592,051 for the six-month period ended June 30, 2024) refers to interest expenses from loans and financings.

⁽²⁾	For the six-month period ended June 30, 2025, the amountof US$96,560 (US$54,746 for the six-month period ended June 30, 2024) refers to interest income from short-term investments.

23 Earnings (loss) per share

	Six-month period ended June 30,				Three-month period ended June 30,
	2025		2024 ⁽¹⁾		2025		2024 ⁽¹⁾
Net income attributable to Company shareholders		1,028,303		661,097		528,079		328,770
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$)		0.93		0.60		0.48		0.30

⁽¹⁾	The weighted average number of common shares outstandingfor 2024 was retrospectively adjusted to reflect the 2025 share structure for comparability.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

24 Operating segments

The Group’s Management has definedoperating 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’sPride, Australia and Others. The segment operating profit or loss is evaluated by the CODM, based on Adjusted EBITDA.

Adjusted EBITDA consists of profit orloss before taxes, applying the same accounting policies described in these financial statements, except for the following adjustmentsas described below: exclusion of profit sharing from equity investments, net of taxes; exclusion of financial income and expenses, exclusionof depreciation and amortization expenses, exclusion of expenses with antitrust agreements; exclusion of donations and social programsexpenses; exclusion impairment of assets; exclusion of restructuring; exclusion of fiscal payments and installments; exclusion of avianinfluenza; and exclusion of certain other operating income (expense), net.

Brazil: this segment includes theoperating activities, mainly represented by slaughter facilities, cold storage and meat processing, fattening, feed and production ofbeef by-products such as leather, collagen and other products produced in Brazil. Revenues are generated from the sale of products predominantlyto restaurant chains, food processing companies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

Seara: this segment includes allthe operating activities of Seara and its subsidiaries, mainly represented by chicken and pork processing, production and commercializationof food products and value-added products. Revenues are generated from the sale of products predominantly to restaurant chains, food processingcompanies, distributors, supermarket chains, wholesale supermarket and other significant food chains.

Beef North America: this segmentincludes JBS USA beef processing operations in North America and the plant-based businesses in Europe. Beef also sells by-products tothe variety meat, feed processing, fertilizer, automotive and pet food industries and also produces value-added meat products includingtoppings for pizzas. Finally, Sampco LLC imports processed meats and other foods such as canned fish, fruits and vegetables to the USand Vivera produces and sells plant-based protein products in Europe.

Pork USA: this segment includesJBS USA’s pork operations, including Swift Prepared Foods. Revenues are generated from the sale of products predominantly to retailersof fresh pork including trimmed cuts such as loins, roasts, chops, butts, picnics and ribs. Other pork products, including hams, belliesand trimmings, are sold predominantly to further processors who, in turn, manufacture bacon, sausage, and deli and luncheon meats. Inaddition, revenues are generated from the sale of case ready products, including the recently acquired TriOak business. As a complementto our pork processing business, we also conduct business through our hog production operations, including four hog farms and five feedmills, from which, JBS Lux will source live hogs for its pork processing operations.

Pilgrim’s Pride: this segmentincludes 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-packagedchicken in various combinations of freshly refrigerated, whole chickens and chicken parts. The prepared chicken products include portion-controlledbreast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties and bone-in chicken parts. These productsare sold either refrigerated or frozen and may be fully cooked, partially cooked or raw. In addition, these products are breaded or non-breadedand either pre-marinated or non-marinated. The segment also generates revenue from the sale of prepared pork products through PPL, a subsidiaryacquired by PPC in October 2019. The segment includes PPC’s PFM subsidiary, acquired in September 2021, and generates revenues frombranded and private label meats, meat snacks, food-to-go products, and ethnic chilled and frozen ready meals.

Australia: Our Australia segmentincludes our fresh, frozen, value-added and branded beef, lamb, pork and fish products in Australia and New Zealand. The majority of ourbeef 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 Rivaleabusinesses. JBS Australia also generates revenues through their cattle hoteling business. We sell these products in the countries wherewe operate our facilities, which we classify as domestic sales, and elsewhere, which we classify as export sales.

Others: includes certain operationsnot directly attributable to the primary segments, such as corporate expenses, international leather operations and other operations inEurope.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

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

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

The information by operational segment are as follows:

	Six-month period ended June 30, 2025
	Brazil		Seara		Beef North America			Pork USA		Pilgrim’s Pride		Australia		Others		Total reportable segments		Elimination (*)			Total
Net revenue		6,750,735		4,316,576		13,226,685			4,060,749		9,214,004		3,594,319		323,992		41,487,060		(962,884	)		40,524,176
Adjusted EBITDA⁽¹⁾		359,652		817,485		(333,457	)		500,901		1,477,940		450,534		8,296		3,281,351		—			3,281,351

	Six-month period ended June 30, 2024
	Brazil		Seara		Beef North America		Pork USA		Pilgrim’s Pride		Australia		Others		Total reportable segments		Elimination (*)			Total
Net revenue		5,853,896		4,305,590		11,573,513		4,072,239		8,913,876		3,098,047		260,520		38,077,681		(794,802	)		37,282,879
Adjusted EBITDA⁽¹⁾		356,195		627,749		19,184		553,553		1,283,399		349,728		3,693		3,193,501		(1,324	)		3,192,177

	Three-month period ended June 30, 2025
	Brazil		Seara		Beef North America			Pork USA		Pilgrim’s Pride		Australia		Others		Total reportable segments		Elimination (*)			Total
Net revenue		3,580,753		2,166,108		6,805,075			2,059,086		4,754,582		1,972,790		205,626		21,544,020		(546,364	)		20,997,656
Adjusted EBITDA⁽¹⁾		228,574		391,792		(232,984	)		253,599		817,739		290,179		4,725		1,753,624		—			1,753,624

	Three-month period ended June 30, 2024
	Brazil		Seara		Beef North America		Pork USA		Pilgrim’s Pride		Australia		Others		Total reportable segments		Elimination (*)			Total
Net revenue		2,980,000		2,222,493		5,992,414		2,161,888		4,555,765		1,651,683		96,065		19,660,308		(376,141	)		19,284,167
Adjusted EBITDA⁽¹⁾		226,310		387,091		28,996		240,257		782,752		225,760		3,679		1,894,845		(645	)		1,894,200

^(*)	Includes intercompany and intersegment transactions.

⁽¹⁾	The Adjusted EBITDAis reconciled with the consolidated profit (loss) before taxes, as follows:

	Six-month period ended June 30,					Three-month period ended June 30,
	2025			2024		2025			2024
Profit before taxes		1,430,601			904,618		736,497			536,969
Share of profit of equity-accounted investees, net of tax		(10,556	)		4,128		(7,821	)		(2,404	)
Net finance expense		567,950			948,363		376,404			599,618
Depreciation and amortization		1,100,838			1,090,778		565,194			546,272
Antitrust agreements ⁽¹⁾		133,638			80,277		54,090			75,585
Donations and social programs ⁽²⁾		1,132			14,580		605			4,785
Impairment of assets ⁽³⁾		12,767			—		7,105			—
Restructuring ⁽⁴⁾		21,538			52,156		4,536			37,199
Rio Grande do Sul claim ⁽⁵⁾		—			6,221		—			6,221
Fiscal payments and installments ⁽⁶⁾		2,378			81,766		2,378			81,766
Avian influenza ⁽⁷⁾		5,612			—		5,612			—
Other operating income (expense), net ⁽⁸⁾		15,453			9,290		9,024			8,189
Total Adjusted EBITDA		3,281,351			3,192,177		1,753,624			1,894,200
Reversal of elimination		—			1,324		—			645
Total Adjusted EBITDA for reportable segments		3,281,351			3,193,501		1,753,624			1,894,845

⁽¹⁾

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

⁽²⁾

Refers to the donations, substantially composed of the Fundo Amazônia.

⁽³⁾

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

⁽⁴⁾

Refers to the project implementation of multiple restructuringinitiatives mainly in the indirect subsidiary Pilgrim’s Pride Corporation (PPC), which are registered as Other expenses, as well as othernon-significant restructuring projects that are registered as General and administrative expenses.

⁽⁵⁾	Refers to the claim resulting from flooding that occurredin Rio Grande do Sul.

⁽⁶⁾

Refers to the special payment program for the installment oftax proceedings with exemption from fines and reduction of interest.

⁽⁷⁾

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

⁽⁸⁾

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

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

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

	Six-month period ended June 30, 2025
	North and Central America ⁽²⁾		South America		Australia		Europe		Others		Total		Intercompany elimination ⁽¹⁾			Total
Net revenue		24,088,214		11,233,485		3,158,731		3,125,191		186,603		41,792,224		(1,268,048	)		40,524,176
Total assets		17,010,909		14,988,341		3,909,207		5,433,587		294,381		41,636,425		180,067			41,816,492

	Six-month period ended June 30, 2024
	North and Central America ⁽²⁾		South America		Australia		Europe		Others		Total		Intercompany elimination ⁽¹⁾			Total
Net revenue		21,983,600		10,289,621		2,821,643		2,981,113		176,250		38,252,227		(969,348	)		37,282,879
Total assets		17,550,611		15,737,081		3,951,588		5,290,879		276,458		42,806,617		(3,308,904	)		39,497,713

	Three-month period ended June 30, 2025
	North and Central America ⁽¹⁾		South America		Australia		Europe		Others		Total		Intercompany elimination			Total
Net revenue		12,392,860		5,831,776		1,722,484		1,663,479		96,344		21,706,943		(709,287	)		20,997,656
Total assets		17,010,909		14,988,341		3,909,207		5,433,587		294,381		41,636,425		180,067			41,816,492

	Three-month period ended June 30, 2024
	North and Central America ⁽¹⁾		South America		Australia		Europe		Others		Total		Intercompany elimination			Total
Net revenue		11,415,110		5,266,931		1,504,948		1,518,072		95,241		19,800,302		(516,135	)		19,284,167
Total assets		17,550,611		15,737,081		3,951,588		5,290,879		276,458		42,806,617		(3,308,904	)		39,497,713

⁽¹⁾

Includes intercompany transactions between the segments.

⁽²⁾

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

25 Expenses by nature

Expenses by nature are disclosed as follows:

	Six-month period ended June 30,						Three-month period ended June 30,
	2025			2024			2025			2024
Cost of sales
Cost of inventories, raw materials and production inputs		(29,836,843	)		(26,897,240	)		(15,491,919	)		(13,760,826	)
Salaries and benefits		(4,254,601	)		(4,087,016	)		(2,171,885	)		(2,063,933	)
Depreciation and amortization		(975,660	)		(966,943	)		(501,331	)		(486,038	)
		(35,067,104	)		(31,951,199	)		(18,165,135	)		(16,310,797	)
Selling
Freight and selling expenses		(1,859,317	)		(1,842,841	)		(928,732	)		(925,351	)
Salaries and benefits		(275,275	)		(161,202	)		(142,626	)		(81,605	)
Depreciation and amortization		(37,148	)		(27,716	)		(18,675	)		(14,016	)
Advertising and marketing		(177,566	)		(152,394	)		(99,754	)		(75,757	)
Net impairment losses (recovery)		(5,890	)		(4,245	)		4,669			(1,804	)
Commissions		(39,441	)		(32,870	)		(21,922	)		(17,614	)
		(2,394,637	)		(2,221,268	)		(1,207,040	)		(1,116,147	)
General and administrative
Salaries and benefits		(538,313	)		(613,514	)		(255,451	)		(305,568	)
Fees, services held and general expenses		(310,933	)		(420,489	)		(163,533	)		(263,863	)
Depreciation and amortization		(88,030	)		(96,120	)		(45,188	)		(46,218	)
DOJ and Antitrust agreements		(133,638	)		(80,277	)		(54,090	)		(75,585	)
Donations and social programs ⁽¹⁾		(7,797	)		(14,580	)		(4,022	)		(4,785	)
		(1,078,711	)		(1,224,980	)		(522,284	)		(696,019	)

⁽¹⁾

Refers to donations made to Instituto J&F regarding improvementson school’s building, the social program “Fazer o Bem Faz Bem” created by the Group to support actions for social transformationwhere the Company is present and donations to Fundo JBS pela Amazônia.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

For the six-month period ended June 30,2025, the Company incurred expenses with internal research and development, in the amount of US$1,189 (US$2,912 for the six-month periodended June 30, 2024).

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

25.1 Other income and other expenses

Other income: For the six-month period ended June 30, 2025,the Companyhas recorded in other income the amount of US$48,070 (US$38,454 for the six-month period ended June 30, 2024), which mainly refers tothe gain on the sale of assets totaling US$18,947 (US$5,748 for the six-month period ended June 30, 2024), tax refunds and extemporaneoustax credits totaling US$4,083 (US$4,871 for the six-month period ended June 30, 2024) and rental income totaling US$1,857 (US$1,592 forthe six-month period ended June 30, 2024) among other non-significant items.

Other expenses: For the six-month periodended June 30, 2025, the Company has recorded in other expenses the amount of US$43,799 (US$66,777 six-month period ended June 30, 2024),which mainly refers to restructuring expenses totaling US$22,920 (US$51,234 for the six-month period ended June 30, 2024), loss on saleof assets totaling US$4,639 (US$11,458) for the six-month period ended June 30, 2024) and other miscellaneous items.

Restructuringrelated expenses

For the six-month period ended June 30,2025 the Group recognized US$21,538 (US$52,156 for the six-month period ended June 30, 2024), related to restructuring expenses, of whichUS$20,111 relates to the subsidiary PPC, as described below.

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

The following table provides a summaryof 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		19,848		52,191		72,039
Asset impairment costs		10,887		1,852		12,739
Contract termination costs		855		1,747		2,602
Other exit and disposal costs ⁽¹⁾		9,869		4,221		14,090
Total exit and disposal costs		41,459		60,011		101,470

Costs incurred since earliest implementation date:

Employee-related costs		19,848		43,423		63,271
Asset impairment costs		10,887		1,852		12,739
Contract termination costs		855		1,747		2,602
Other exit and disposal costs ⁽¹⁾		9,869		4,221		14,090
Total exit and disposal costs		41,459		51,243		92,702

⁽¹⁾

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

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

During the six-monthperiods ended June 30, 2025 and 2024, PPC recognized the following expenses and paid the following cash related to each restructuringinitiative:

	Six-month period ended in June 30, 2024
	Provisions		Expenses			Cash Outlays

Pilgrim’s Food Masters		2,643		(607	)		(1,966	)
Pilgrims Europe Central		6,506		3,895			(13,286	)
Previous programs substantially completed		—		837			(2,385	)
Total		9,149		4,125			(17,637	)

	Six-month period ended in June 30, 2025
	Provisions		Expenses		Cash Outlays

Pilgrim's Food Masters		10,047		19,652		9,974
Pilgrims Europe Central		2,732		24,172		19,491
Previous programs substantially completed		3,234		7,410		1,363
Total		16,013		51,234		30,828

The following table reconciles liabilitiesand reserves associated with each restructuring initiative from December 31, 2024 to June 30, 2025 and from December 31, 2023 to December31, 2024. Ending liability balances for employee termination benefits and other charges are reported in accrued payroll and social chargesin 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, plantand 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 June 30, 2025

Severance		4,443		14,392		(13,564	)		1,027		6,298
Contract termination		1,513		2,107		(3,144	)		233		709
Asset impairment		91		73		(169	)		5		—
Other		4,930		2,702		(5,811	)		321		2,142
Total		10,977		19,274		(22,688	)		1,586		9,149

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

Severance		2,537		34,158		(25,206	)		(119	)		11,370
Contract termination		1,597		928		(1,933	)		(6	)		586
Asset impairment		1,995		13,553		(15,530	)		(18	)		—
Other		4,109		2,595		(2,614	)		(33	)		4,057
Total		10,238		51,234		(45,283	)		(176	)		16,013

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

26 Risk management and financial instruments

Financialinstruments:

Financial instruments are recognized in the unaudited condensedconsolidated financial statements as follows:

	Note	June 30, 2025			December 31, 2024
Assets
Fair value through profit or loss ⁽¹⁾
Financial investments	3		1,292,970			3,350,654
National treasury bills	3		115,668			97,531
Derivative assets			187,159			84,468
Amortized cost ⁽²⁾
Cash at banks	3		1,190,712			2,197,822
Margin cash	3		368,639			104,220
Trade accounts receivable	4		3,653,475			3,735,540
Related party receivables	8		—			77,355
Total			6,808,623			9,647,590
Liabilities
Amortized cost
Loans and financing	16		(19,491,794	)		(19,326,796	)
Trade accounts payable and supply chain finance	15		(6,050,583	)		(6,194,223	)
Debits with related party	8		(230,730	)
Lease	11.2		(1,770,769	)		(1,734,029	)
Other financial liabilities			(33,286	)		(56,872	)
Fair value through profit or loss
Derivative liabilities			(473,732	)		(266,066	)
Total			(28,050,894	)		(27,577,986	)

⁽¹⁾

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

⁽²⁾

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

Fair value of assets and liabilitiesthrough profit or loss: The Group determine fair value measurements in accordance with the hierarchical levels that reflect the significanceof the inputs used in the measurement, with the exception of those maturing in the short term, equity instruments without an active marketand 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, inwhich prices are quoted for similar assets and liabilities, either directly by obtaining prices in active markets or indirectly throughvaluation techniques that use data from active markets;

	June 30, 2025						December 31, 2024
	Level 1		Level 2		Total		Level 1		Level 2		Total
Financial assets
Financial investments		—		1,292,970		1,292,970		—		3,350,654		3,350,654
National treasury bills		115,668		—		115,668		97.531		—		97.531
Derivative assets		—		187,159		187,159		—		84,468		84,468

Financial liabilities
Derivative liabilities		—		473,732		473,732		—		266,066		266,066

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

Fair value of assets and liabilitiescarried at amortized cost: The fair value of the Notes, are estimated using the closing sale price of these securities informed bya financial newswire on June 30, 2025 and December 31, 2024, considering there is an active market for these financial instruments. Thebook 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 financingsapproximates fair value given the interest rates adjust for changes in market conditions and the quality of the Group’s credit ratinghas not substantially changed. For all other financial assets and liabilities, book value approximates fair value due to the short durationof the instruments. The following details the estimated fair value of notes:

	June 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		1,000,000		97.10	%		971,030		1,000,000		94.98	%		949,770
Notes 5.13% JBS Lux 2028		899,740		101.49	%		913,155		899,740		99.50	%		895,205
Notes 3.00% JBS Lux 2029		599,957		94.94	%		569,581		599,957		91.20	%		547,161
Notes 6.5% JBS Lux 2029		—		—			—		69,906		100.52	%		70,273
Notes 5.5% JBS Lux 2030		399,685		102.33	%		408,994		1,249,685		99.77	%		1,246,786
Notes 3.75% JBS Lux 2031		493,000		93.28	%		459,875		493,000		88.93	%		438,435
Notes 3.00% JBS Lux 2032		1,000,000		87.35	%		873,480		1,000,000		83.22	%		832,210
Notes 3.625% JBS Lux 2032		968,780		91.27	%		884,196		968,780		87.96	%		852,178
Notes 5.75% JBS Lux 2033		1,661,675		102.54	%		1,703,882		1,661,675		99.54	%		1,654,048
Notes 6.75% JBS Lux 2034		1,507,046		108.70	%		1,638,084		1,507,046		105.85	%		1,595,148
Notes 5,95% JBS USA 2035		1,000,000		103.25	%		1,032,550		—		—			—
Notes 4.375% JBS Lux 2052		900,000		76.72	%		690,498		900,000		110.50	%		994,482
Notes 6.50% JBS Lux 2052		1,548,000		102.87	%		1,592,474		1,548,000		101.53	%		1,571,731
Notes 7.25% JBS Lux 2053		900,000		111.81	%		1,006,317		900,000		74.94	%		674,487
Notes 6,375% JBS USA 2055		750,000		101.42	%		760,688		—		—			—
Notes 4.25% PPC 2031		821,313		96.46	%		792,198		855,725		92.24	%		789,303
Notes 3.5% PPC 2032		899,600		89.91	%		808,803		900,000		86.34	%		777,033
Notes 6.25% PPC 2033		922,521		105.36	%		971,977		980,000		102.16	%		1,001,178
Notes 6.875% PPC 2034		500,001		109.20	%		545,985		500,000		106.73	%		533,650
		16,771,318					16,623,767		16,033,514					15,423,078

Risk management:

The Group during the regular course ofits 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 financialstatements. There were no changes in the nature of these risks in the current period.

Below are the risks and operations towhich the Group is exposed and a sensitivity analysis for each type of risk, consisting in the presentation of the effects in the financeincome (expense), net, when subjected to possible changes, 50% and 100%,, 25% and 50%, of 15% to 30%, in the relevant variables for eachrisk. For each probable scenario, the Group utilizes the Value at Risk Methodology (VaR),for the confidence interval (C.I.) of 99% anda horizon of one day.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

a. Interest rate risk

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

	June 30, 2025			December 31, 2024
Net exposure to the CDI rate:
CDB-DI (Bank certificates of deposit)		698,424			760,300
Margin cash		366,925			104,000
Related party transactions		(167,770	)		527
Credit note - export		(1,532	)		(1,704	)
National treasury bills		70,953			58,757
Subtotal		967,000			921,880
Derivatives (Swap)		(1,174,004	)		(1,285,134	)
Total		(207,004	)		(363,254	)
Net exposure to the IPCA rate:
CDB-DI (Bank certificates of deposit)		—			—
Margin cash		1,714			3,867
Related party transactions		(62,960	)		77,355
Treasury bills		44,714			35,127
CRA - Agribusiness Credit Receivable Certificates		(1,656,266	)		(1,163,028	)
Subtotal		(1,672,798	)		(1,046,679	)
Derivatives (Swap)		1,067,097			1,150,685
Total		(605,701	)		104,006
Liabilities exposure to the SOFR rate:
Export credit note		(105,535	)		(102,367	)
Prepayment		—			(100,296	)
Prepayment - exchange agreement		(2,906	)		(2,599	)
Total		(108,441	)		(205,262	)

Sensitivity analysis as of June 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	Decrease		14.90	%		14.81	%		175		22.35	%		(14,853	)		29.80	%		(29,706	)
									175					(14,853	)					(29,706	)

					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		5.32	%		5.33	%		(41	)		6.65	%		(7,759	)		7.98	%		(15,518	)
SOFR	Increase		4.45	%		4.46	%		(6	)		5.56	%		(1,162	)		6.68	%		(2,324	)
									(47	)					(8,921	)					(17,842	)

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

				June 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		179,291		195,134		(206,645	)		(11,511	)		158,004		162,453		(171,479	)		(9,026	)
	IPCA		2031		31,522		40,694		(46,672	)		(5,978	)		189,071		212,403		(224,840	)		(12,437	)
	IPCA		2032		130,471		152,921		(172,607	)		(19,686	)		183,123		192,464		(216,650	)		(24,186	)
Swap	IPCA		2034		142,446		149,641		(156,406	)		(6,765	)		127,416		124,373		(135,650	)		(11,277	)
	IPCA		2037		208,192		259,640		(305,830	)		(46,190	)		189,239		215,192		(263,254	)		(48,062	)
	IPCA		2038		161,494		172,722		(181,282	)		(8,560	)		142,320		143,557		(159,263	)		(15,706	)
	IPCA		2039		—		—		—			—			20,854		20,363		(21,830	)		(1,467	)
	IPCA		2044		91,624		96,345		(104,562	)		(8,217	)		80,745		79,880		(92,168	)		(12,288	)
					945,040		1,067,097		(1,174,004	)		(106,907	)		1,090,772		1,150,685		(1,285,134	)		(134,449	)

b. Exchange rate risk

Below are presented the risks relatedto the most significant exchange rates fluctuation given the relevance of these currencies in the Group’s operations and the stressanalysis scenarios and VaR to measure the total exposure as well as the cash flow risk with B3 and the Chicago Mercantile Exchange. TheGroup discloses these exposures considering the fluctuations of an exchange rate in particular towards the functional currency of eachsubsidiary.

	USD						EUR						GBP
	June 30, 2025			December 31, 2024			June 30, 2025			December 31, 2024			June 30, 2025			December 31, 2024
OPERATING
Cash and cash equivalents		1,075,616			1,639,584			57,009			50,341			4,167			16,097
Trade accounts receivable		565,236			1,073,398			138,557			165,016			148,857			65,684
Sales orders		1,641,541			1,062,765			136,169			78,854			7,866			54,370
Trade accounts payable		(266,723	)		(297,536	)		(84,425	)		(78,268	)		(18,260	)		(16,271	)
Purchase orders		(22,268	)		(83,493	)		(227,762	)		(8,928	)		—			—
Subtotal		2,993,402			3,394,718			19,548			207,015			142,630			119,880
FINANCIAL
Margin cash		1,714			220			—			—			—			—
Advances to customers		(3,027	)		(4,683	)		(1,994	)		(1,562	)		(294	)		(191	)
Loans and financing		(213,474	)		(1,290,871	)		—			(614	)		—			—
Subtotal		(214,787	)		(1,295,334	)		(1,994	)		(2,176	)		(294	)		(191	)
Subtotal		2,778,615			2,099,384			17,554			204,839			142,336			119,689

Total exposure		2,778,615			2,099,384			17,554			204,839			142,336			119,689
DERIVATIVES
Future contracts		501,493			1,840			(79,506	)		(85,595	)		(41,446	)		(34,095	)
Deliverable Forwards (DF´s)		(504,291	)		(664,084	)		70,960			70,949			(44,505	)		(26,785	)
Non-Deliverable Forwards (NDF´s)		(40,471	)		(417,158	)		(29,698	)		(19,559	)		—			(6,262	)
Total derivatives		(43,269	)		(1,079,402	)		(38,244	)		(34,205	)		(85,951	)		(67,142	)
NET EXPOSURE		2,735,346			1,019,982			(20,690	)		170,634			56,385			52,547

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

b1 Sensitivity analysis and derivative financialinstruments 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		5.4571		5.3487		(57,284	)		4.6385		(432,450	)		3.8200		(864,906	)
Financial	Depreciation		5.4571		5.3487		4,110			4.6385		31,030			3.8200		62,060
Derivatives	Depreciation		5.4571		5.3487		828			4.6385		6,251			3.8200		12,502
							(52,346	)				(395,169	)				(790,344	)

June 30, 2025

December 31, 2024

Instrument

Risk factor

Nature

Quantity

Notional
(US$)

Fair value

Quantity

Notional
(US$)

Fair value

Future Contract

American dollar

Short

54,734

501,493

(3,802

)

4,765

1,840

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

Deliverable Forwards	American dollar	Long		(504,291	)		(504,291	)		16,328		(664,084	)		(664,084	)		(16,868	)
Non-Deliverable Forwards	American dollar	Long		(40,471	)		(40,471	)		2,890		(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	Depreciation		6.4230		6.5547		386			7.3865		2,824			8.3499		5,648
Financial	Depreciation		6.4230		6.5547		(39	)		7.3865		(288	)		8.3499		(576	)
Derivatives	Depreciation		6.4230		6.5547		(756	)		7.3865		(5,525	)		8.3499		(11,050	)
							(409	)				(2,989	)				(5,978	)

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

Future Contract	Euro	Long		(4,355	)		(79,506	)		(483	)		2,074			(85,595	)		49
Deliverable Forwards	Euro	Short		60,289			70,960			3,963			68,259			70,949			2,376
Non-Deliverable Forwards	Euro	Long		(25,232	)		(29,698	)		(171	)		(18,818	)		(19,559	)		420

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

b1.3 £ - British Pound (amountsin 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		7.4893		7.3428		(2,687	)		6.3659		(20,606	)		5.2425		(41,211	)
Financing	Depreciation		7.4893		7.3428		5			6.3659		43			5.2425		85
Derivatives	Depreciation		7.4893		7.3428		1,619			6.3659		12,417			5.2425		24,835
							(1,063	)				(8,146	)				(16,291	)

			June 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		(1,580	)		(41,446	)		(63	)		1,219		(34,095	)		12

			June 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		(32,429	)		(44,505	)		(721	)		(21,368	)		(26,785	)		(675	)
Non-Deliverable Forwards	British pound	Short		—			—			—			(4,996	)		(6,262	)		(128	)

c. Commodity price risk

The Group operates globally (the entirelivestock protein chain and related business) and during the regular course of its operations is exposed to price fluctuations in feedercattle, live cattle, lean hogs, corn, soybeans, and energy, especially in the North American, Australian and Brazilian markets. Commoditymarkets are characterized by volatility arising from external factors including climate, supply levels, transportation costs, agriculturalpolicies and storage costs, among others. The Risk Management Department is responsible for mapping the exposures to commodity pricesof 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 (Cattle)	June 30, 2025			December 31, 2024
OPERATING
Firm contracts of cattle purchase		3,619,789			3,699,290
Subtotal		3,619,789			3,699,290
DERIVATIVES
Future contracts		(6,662	)		110,972
Deliverable Forwards		(2,058,042	)		8,534,720
Non Deliverable Forwards		76,533			—
Subtotal		(1,988,171	)		8,645,692
NET EXPOSURE		1,631,618			12,344,982

Exposure in Commodities (Grains)	June 30, 2025		December 31, 2024
OPERATING
Purchase orders		61,565		57,260
Subtotal		61,565		57,260
DERIVATIVES
Future contracts		227,526		32,987
Non Deliverable Forwards		15,328		—
Subtotal		242,854		32,987
NET EXPOSURE		304,419		90,247

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

Sensitivity analysis as of June 30, 2025 (cattle):

				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 (USA)	Depreciation		41.39		40.62		(65,389	)		35.18		(522,946	)		28.97		(1,045,892	)
Derivatives (Brazil)	Depreciation		58.16		57.13		(1,200	)		49.44		(10,094	)		40.71		(20,188	)
Derivatives (USA)	Depreciation		41.39		40.62		37,177			35.18		297,323			28.97		594,645
							(29,412	)				(235,717	)				(471,435	)

Sensitivity analysis as of June 30, 2025 (grains):

					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 (Brazil)		Depreciation		12.28		11.97		(1,510	)		10.44		(8,894	)		8.60		(17,788	)
Derivatives (Brazil)		Depreciation		12.28		11.97		(5,954	)		10.44		(35,085	)		8.60		(70,170	)
								(7,464	)				(43,979	)				(87,958	)

Derivatives financialinstruments breakdown (cattle):

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

Future Contracts	Commodities	Long		(300	)		(6,662	)		(207	)		6,548		110,972		(2,645	)
Deliverable Forwards	Commodities	Long		(11,230,942	)		(2,058,042	)		(331,044	)		52,849,548		8,534,720		(60,240	)
Non Deliverable Forwards	Commodities	Short		1,320,000			76,533			2,376			—		—		—

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

Derivatives financial instrumentsbreakdown (grains):

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

Future Contracts	Commodities	Long		38,187		227,526		(1,049	)		6,949		32,987		83
Non Deliverable Forwards	Commodities	Short		1,350,000		15,328		(732	)		—		—		—

c2. Hedge accounting:

The Group applies hedge accounting forgrain purchases, aiming at bringing stability to the results. The designation of these instruments isbased on the guidelines outlined in the Financial and Commodity Risk Management Policy defined by the Risk Management Committee and approvedby the Board of Directors.

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

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

In these hedge relationships, the mainsources of ineffectiveness are the effect of the counterparties and the Group’s own credit risk on the fair value of the forwardforeign exchange contracts, which is not reflected in the change in the fair value of the hedged cash flows attributable to the changein 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 ratesare presented below:

Hedge accounting - Derivative instruments	Risk factor	Quantity		Notional		Fair value
Future contracts	Commodities		10,010		52,572		(219	)
Future contracts	Commodities		1,710		37,222		(111	)

The Company also designates derivatives to hedge the fair value offloating-rate debt instruments through fixed-rate interest rate swaps, measured in accordance with fair value hedge accounting.

c2.1 Effects of hedge instrumentson the financial information:

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

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

Cost of sales before hedge accounting adoption		(3,459,338	)		(3,544,719	)

Derivatives operating income (loss)		77			1,741
Currency		—			—
Commodities		77			1,741
Cost of sales with hedge accounting		(3,459,261	)		(3,542,978	)

Financial income (expense), net excluding derivatives		36,674			(22,565	)

Derivatives financial income (expense), net		(2,427	)		(136,505	)
Currency		1,561			(109,852	)
Commodities		(3,988	)		(26,337	)
Interest		—			(316	)
Financial income (expense), net		34,247			(159,070	)

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

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

Financial instruments designated as hedge accounting:		(213	)		(129	)
Currency		—			—
Commodities		(213	)		(129	)
Gain on cash flow hedge		(121	)		380
Deferred income tax on hedge accounting
Total of other comprehensive income (expense)		(121	)		380

Hedge cash flow movement	December 31, 2024			OCI			June 30, 2025
Hedge accounting operations at the parent company		186			(121	)		65
(-) Income Tax		(63	)		41			(22	)
Impact of Hedge Operations on Subsidiaries		123			(80	)		43

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

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

	June 30, 2025			December 31, 2024
Statement of financial position:
Derivative (liabilities)/assets		(330	)		84
Financial instruments designated as hedge accounting:
Commodities		(330	)		84

Derivative (liabilities)/assets		485			69
Financial instruments not designated as hedge accounting:
Exchange		485			69
Other comprehensive income (expense)		(213	)		306
Commodities		(213	)		306

Inventories		(1,082	)		20
Commodities		(1,082	)		20

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

	June 30, 2025			December 31, 2024

Assets:
Designated as hedge accounting		155			84
Commodities		(330	)		—
Currency derivative		485			—
Current assets		155			84

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

d. Liquidity risk

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

	June 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		6,050,584		—		—		—		6,050,584		6,194,223		—		—		—		6,194,223
Loans and financing		1,047,234		2,008,978		1,183,515		15,252,067		19,491,794		2,084,225		1,046,253		1,688,693		14,507,625		19,326,796
Estimated interest on loans and financing ⁽¹⁾		430,329		3,117,829		1,944,951		8,661,142		14,154,251		2,458,318		2,440,620		839,949		5,670,017		11,408,904
Derivatives liabilities (assets)		391,282		82,450		—		—		473,732		165,979		100,087		—		—		266,066
Payments of leases		608,223		323,343		232,097		607,106		1,770,769		335,681		426,404		274,798		697,146		1,734,029
Future contracts - Commodities		110,109		29,202,943		5,268,023		3,108,749		37,689,824		58,997		28,244,384		4,238,571		986,771		33,528,723
Other liabilities		20,917		12,369		—		—		33,286		16,297		16,351		—		24,224		56,872

⁽¹⁾

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

The Group has future commitment for purchaseof grains and cattle whose balances as of June 30, 2025 is US$36.3 billion (December 31, 2024 is US$33.5 billion).

The Group has securities pledged as collateralfor derivative transactions with the commodities and futures whose balance as of June 30, 2025 is US$56,424 (US$28,687 at December 31,2024). This guarantee exceeds the amount of the collateral.

The indirect subsidiary JBS USA and itssubsidiaries, have securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of June30, 2025 is US$366,925 (US$104,000 at December 31, 2024). This guarantee exceeds the amount of the collateral.

Also, the direct subsidiary Seara Alimentoshas securities pledged as collateral for derivative transactions with the commodities and futures whose balance as of June 30, 2025 isUS$25,889 (US$3,867 at December 31, 2024). This guarantee exceeds the amount of the collateral.

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

The interest payments on variable interestrate loans and bond issues in the table above reflect market forward interest rates at the reporting date and these amounts may changeas market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table asinterest 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 differentamounts.

Notes to unaudited condensed consolidated interim financial information for the six-month period ended June 30, 2025 and 2024
(Expressed in thousands of United States dollar)

e. Risks linked to climatechange and the sustainability strategy

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

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

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

●

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

●

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

●

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

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

●

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

●

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

* * * * *

Exhibit 99.2

Earnings Release Contatos de RI Guilherme Cavalcanti Base acionária: Chri S tiane A SS i S açõe S Pedro Bueno Felipe Brindo 2.218.116.370 Vitor Figueira Amanda Harumi ri_ir@jbs.com.br Total Outstanding Shares: 1,109,058,185 IR Contact Guilherme Cavalcanti (Global CFO) Pedro Bueno Vítor Figueira ri_ir@jbs.com.br Chri S tiane A SS i S (IRO) Felipe Brindo Amanda Harumi RECORD NET REVENUE: US(21 BILLION ADJ. OPERATING INCOME: US(1.2 BILLION EARNINGS PER SHARE: US(0.48 August 13, 2025 – JBS N.V. (NYSE: JBS; B3: JBSS32), announce S today it S 2Q25 re S ult S . The comment S made herein are US dollar S , in accordance with international accounting S tandard S (IFRS), unle SS otherwi S e S pecified. US Comparable (“US Comp”): Con S olidated US Comp number con S ider S adju S tment S in Seara and JBS Brazil for comparative purpo S e S with American peer S (being a managerial number), in addition to the other Bu S ine SS Unit S already in US GAAP. CONSOLIDATED Net Sales: US$21bn (+8.9% y/y) Net Income: US$528 mn (+61% y/y) ROE : 25.7% (+15.7 p.p. y/y) Leverage : 2.27x EPS: US$0.48 (+61% y/y) ROIC : 17.0% (+ 5 p.p. y/y) Interest Coverage: 7.74x • In June, JBS completed it S dual listing proce SS , with it S S hare S beginning to trade on the NYSE (New York Stock Exchange) and its BDRs on B 3 . Thi S wa S a S ignificant S trategic achievement for the Company, a S it expand S acce SS to global inve S tor S , enable S inclu S ion in major international indexe S , and provide S greater flexibility and potential value unlocking for it S S hare S . • In 2 Q 25 , JBS' global and diversified platform wa S once again in S trumental in S u S taining it S growth and profitability trajectory . Net revenue grew 9 % and net income wa S 61 % higher compared to the S ame period of the previou S year . Even in the face of a challenging global geopolitical environment, which put pre SS ure on S ome of it S bu S ine SS unit S , JBS delivered S olid re S ult S . The main highlights were Pilgrim's Pride , which achieved it S highe S t EBITDA in hi S tory ; Seara , which, de S pite the impact S of avian flu in Brazil, recorded an EBITDA margin of 18 . 1 % ; and JBS Australia , which benefited from a favorable live S tock cycle combined with efficient commercial execution, delivering a 12 . 7 % EBITDA margin . • JBS achieved 2 . 27 x leverage at the end of 2 Q 25 . During the period, the Company issued Senior Notes totaling US $ 3 . 5 billion , of which US $ 1 billion wa S allocated to the unprecedented 40 - year tranche . In May, it i SS ued a CRA with Seara for approximately R $ 900 million . Finally, JBS repurcha S ed US $ 2 . 2 billion in Senior Note S during the quarter . On the equity S ide, the Company approved a US $ 400 million buyback program in Augu S t . Adjusted EBITDA: US$1.8 bn ( - 7.4% y/y) Adj. EBITDA Margin : 8.4% ( - 1.4 p.p. y/y) Adj. OPERATING INCOME: US$1.2 bn ( - 11.8% y/y) Adj. OPERATING INCOME Mg. : 5.7% ( - 1.3 p.p. y/y) US COMP IFRS Adjusted EBITDA: US$1.4 bn ( - 19.8% y/y) Adj. EBITDA Margin : 6.5% ( - 2.3 p.p. y/y) Adj. OPERATING INCOME : US$1.0 bn ( - 25.2% y/y) Adj. OPERATING INCOME Mg. : 4.9% ( - 2.3 p.p. y/y)

MESSAGE FROM THE CEO Gilberto Tomazoni, Global CEO JBS 2 The S econd quarter of 2025 marked the beginning of a new pha S e for JBS . With the launch of our S hare S on the New York Stock Exchange (NYSE), we completed our dual li S ting — a S trategic mile S tone that enhance S our global vi S ibility, broaden S our inve S tor ba S e, and reinforce S JBS’ po S ition a S one of the world’ S leading food companie S . Thi S moment S tart S a new chapter in our trajectory . We S ee a clear path to long - term value creation, anchored in operational excellence, diver S ification, innovation, value - added product S , and S trong brand S . In the coming year S , we will continue to inve S t con S i S tently in expanding our platform and preparing the company to meet future global demand for protein . We believe JBS i S well po S itioned for future growth, a S we deliver on our long - term S trategy with di S cipline and con S i S tency . At the S ame time, we remain aligned with our mi SS ion of returning value to our S hareholder S with the payment of $ 1 . 2 billion in dividend S thi S quarter and today’ S announcement of a $ 400 million S hare repurcha S e program . In thi S context, we announced a S erie S of S trategic inve S tment S in the United State S in the fir S t half of the year . In May, we di S clo S ed plan S to build a new fre S h S au S age facility in Iowa, totaling $ 135 million . Thi S came in addition to $ 200 million allocated to upgrading our beef plant S in Cactu S (Texa S ) and Greeley (Colorado), and $ 400 million for a new prepared food S facility Pilgrim’ S i S building in Walker County, Georgia . Today, we al S o announced a further $ 100 million inve S tment to acquire and expand a facility in Iowa, which will be tran S formed into the large S t ready - to - eat bacon and S au S age plant in the company’ S U . S . operation S . All of the S e project S S upport the expan S ion of the JBS prepared food S portfolio and will help meet increa S ed demand for the S e type S of product S by cu S tomer S and con S umer S . Even amid a challenging macroeconomic environment and ongoing pre SS ure S in S ome of our bu S ine SS unit S , our S econd - quarter performance once again reflected the re S ilience of our diver S ified global platform . Net Sale S were record, reaching $ 21 billion, a 9 % increa S e year - over - year . Adju S ted EBITDA in IFRS wa S $ 1 . 8 billion, with a margin of 8 . 4 % . Poultry operation S were once again a highlight . Pilgrim’ S achieved the highe S t EBITDA in it S hi S tory, S upported by lower grain co S t S and re S ilient U . S . demand . Re S ult S al S o reflected continued growth in the prepared food S portfolio, S tronger relation S hip S with key cu S tomer S , and S olid performance acro SS the Fre S h and Ca S e Ready S egment S . Seara delivered another quarter of con S i S tent re S ult S , de S pite an outbreak of avian influenza in Brazil . The bu S ine SS reached an EBITDA margin of 18 . 1 % , driven by a di S ciplined commercial S trategy, product mix management, and a S trong focu S on innovation . Thi S re S ult highlight S the robu S tne SS of the company’ S bio S ecurity protocol S and the maturity of Brazil’ S S anitary S y S tem . The technical and S wift re S pon S e of Brazilian S anitary authoritie S , together with S trict indu S try - wide control S , en S ured that only one i S olated ca S e wa S confirmed in the country at a commercial farm . In the United State S , our beef bu S ine SS continued to face pre SS ure from an unfavorable cattle cycle, a S the S pread between live S tock co S t S and beef price S narrowed . The pork bu S ine SS wa S affected on a S hort - term ba S i S by trade re S triction S , and we expect the performance to return to normal level S over the next few quarter S . Diver S ification remain S one of our greate S t S trength S . Friboi delivered S olid re S ult S , driven by new export approval S and productivity gain S . In Au S tralia, we continue to benefit from a favorable live S tock cycle, with export growth and operational improvement S contributing to another quarter of con S i S tent performance . We al S o reaffirmed our commitment to financial di S cipline . The quarter ended with net leverage at 2 . 27 x, con S i S tent with our long - term target S and reflecting the S trength of our capital S tructure and financial management . With a S tronger, more balanced and more innovative global platform, JBS i S well prepared for the next pha S e of global opportunitie S . We remain confident in our team and ability to create long - term value.

329 528 NET RESULTS & EPS 0.48 0.30 1,056 - 55 2Q24 2Q25 8.8% 1,705 6.5% 1,369 2Q24 2Q25 ADJ. EBIT US COMP 9.8% 1,894 8.4% 1,754 1,382 4.9% 1,034 7.2% 2Q24 2Q25 1,348 1,188 7.0% 5.7% ROE & ROIC Note: Graph S in Million. 2Q24 2Q25 ADJ. EBITDA US COMP NET REVENUE 2Q24 2Q25 ADJUSTED EBIT 2Q24 2Q25 FREE CASH FLOW 11.9% 10.1% 25.7% 17.0% 2Q24 2Q25 ROIC ROE 2Q24 2Q25 ADJUSTED EBITDA CONSOLIDATED HIGHLIGHTS 19,284 3 20,998

∆ % 2Q24 ∆ % 1Q25 2Q25 US$ Million 53.3% 387.8 6.8% 556.3 594.3 Net income for the period (including non - controlling interest) - 37.2% 599.6 96.5% 191.5 376.4 Financial income (expen S e), net - 4.7% 149.2 3.2% 137.8 142.2 Current and deferred income taxe S 3.5% 546.3 5.5% 535.6 565.2 Depreciation and amortization - (2.4) 185.9% (2.7) (7.8) Equity in S ub S idiarie S - 0.6% 1,680.5 17.7% 1,418.6 1,670.3 (=) EBITDA 10.2% 8.2 40.2% 6.4 9.0 Other income / expen S e S - 87.8% 37.2 - 73.3% 17.0 4.5 Ree S tructuring - 0.0 25.5% 5.7 7.1 A SS et Impairment - 28.4% 75.6 - 32.0% 79.5 54.1 Antitru S t Agreement S - 87.4% 4.8 14.9% 0.5 0.6 Donation S and S ocial project S - 6.2 - 0.0 0.0 Rio Grande do Sul Flood S - 97.1% 81.8 - 0.0 2.4 Fi S cal payment S and in S tallment S - 0.0 - 0.0 0.0 Extemporaneou S litigation - 0.0 - 0.0 0.0 Rever S al of tax credit S - 0.0 - 0.0 5.6 Provi S on for Avian Influenza - 7.4% 1,894.2 14.8% 1,527.7 1,753.6 (=) Adjusted EBITDA - 19.8% 1,705.4 4.2% 1,312.8 1,368.5 (=) Adjusted EBITDA US Comp LTM 2Q25 2,365.6 1,289.4 871.4 2,199.6 (17.6) 6,708.3 38.2 64.9 12.8 307.1 9.0 13.1 2.4 61.0 58.7 5.6 7,281.0 6,036.8 LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ 2Q25 vs 2Q24 % NR US$ 2Q25 vs 1Q25 % NR US$ % NR US$ US$ Million 100.0% 80,423.8 8.9% 100.0% 19,284.2 7.5% 100.0% 19,526.5 100.0% 20,997.7 Net Revenue - 85.4% (68,710.2) 11.4% - 84.6% (16,310.8) 7.5% - 86.6% (16,902.0) - 86.5% (18,165.1) Co S t of Good S Sold 14.6% 11,713.6 - 4.7% 15.4% 2,973.4 7.9% 13.4% 2,624.6 13.5% 2,832.5 Gross Profit - 6.2% (5,000.7) 8.1% - 5.8% (1,116.1) 1.6% - 6.1% (1,187.6) - 5.7% (1,207.0) Selling Expen S e S - 2.7% (2,132.1) - 25.0% - 3.6% (696.0) - 6.1% - 2.8% (556.4) - 2.5% (522.3) General and Adm. Expen S e S - 1.6% (1,289.4) - 37.2% - 3.1% (599.6) 96.5% - 1.0% (191.5) - 1.8% (376.4) Net Financial Income (expen S e) 0.0% 17.6 - 0.0% 2.4 185.9% 0.0% 2.7 0.0% 7.8 Equity in earning S of S ub S idiarie S - 0.1% (72.1) - - 0.1% (27.0) - 21.1% 0.0% 2.4 0.0% 1.9 Other Income (expen S e) 4.0% 3,237.0 37.2% 2.8% 537.0 6.1% 3.6% 694.1 3.5% 736.5 Profit (loss) before taxes - 1.1% (871.4) - 4.7% - 0.8% (149.2) 3.2% - 0.7% (137.8) - 0.7% (142.2) Income and S ocial contribution taxe S - 0.3% (231.5) 12.2% - 0.3% (59.0) 18.0% - 0.3% (56.1) - 0.3% (66.2) Minority intere S t 9.1% 7,281.0 - 7.4% 9.8% 1,894.2 14.8% 7.8% 1,527.7 8.4% 1,753.6 Adjusted EBITDA 7.5% 6,036.8 - 19.8% 8.8% 1,705.4 4.2% 6.7% 1,312.8 6.5% 1,368.5 Adjusted EBITDA US Comp 6.3% 5,081.4 - 11.8% 7.0% 1,347.9 19.8% 5.1% 992.1 5.7% 1,188.4 Adjusted EBIT 5.9% 4,725.1 - 25.2% 7.2% 1,382.3 3.6% 5.1% 998.8 4.9% 1,034.3 Adjusted EBIT US Comp 2.7% 2,134.1 60.6% 1.7% 328.8 5.6% 2.6% 500.2 2.5% 528.1 Net Income (Loss) 1.92 60.6% 0.30 5.6% 0.45 0.48 Earnings per Share NET REVENUE ADJUSTED EBITDA CONSOLIDATED HIGHLIGHTS In 2Q25, JBS recorded con S olidated net revenue of US$21billion, repre S enting an 9% increa S e compared to 2Q24. During the period, approximately 75% of JBS' global S ale S were generated in the dome S tic market S where the Company operate S , and 25% through export S . 4 In 2 Q 25 , JBS' adju S ted EBITDA reached US $ 1 . 8 billion, while it S EBITDA margin reached 8 . 4 % . Profitability reflect S the S till - challenging US beef cycle and the global geopolitical environment, which primarily impacted the re S ult S of JBS Beef North America and JBS USA Pork . On the other hand, re S ult S from Pilgrim' S Pride, Seara, and JBS Au S tralia partially off S et the decline in the EBITDA margin . Economic Adju S ted EBITDA, which include S JBS’ proportional S hare in joint venture S (Mantiqueira, Birla, Ontario, and Meat Snack S ), totaled US $ 1 . 775 billion, with an EBITDA margin of 8 . 39 % , re S ulting in leverage of 2 . 25 x

∆ % 2Q24 ∆ % 1Q25 2Q25 US$ Million - 93.4% 75.5 - 90.4% 51.8 5.0 Exchange rate variation - 96.8% (332.5) - 20.2 (10.6) Fair value adju S tment S on derivative S - 12.4% (432.0) - 8.8% (414.7) (378.3) Intere S t expen S e¹ - 46.5% 120.4 - 60.6% 163.6 64.5 Intere S t income¹ 83.2% (31.1) - (12.5) (57.0) Taxe S , contribution, fee S and other S - 37.2% (599.6) 96.5% (191.5) (376.4) Finance income (expense) - 0.6% (291.3) - 8.1% (315.2) (289.6) Intere S t expen S e S from loan S and fi nancing S 54.3% 27.0 - 24.2% 54.9 41.6 Intere S t income from inve S tment S - 6.2% (264.4) - 4.7% (260.3) (248.0) Net debt financial expense¹ LTM 2Q25 41.8 (84.5) (1,588.4) 471.1 (129.3) (1,289.4) (1,165.7) 224.6 (941.1) NET FINANCIAL RESULT ¹Include S intere S t expen S e S on loan S and financing included under the pa SS ive intere S t item, and intere S t on financial inve S tment S included under the financial intere S t item. NET RESULTS CASH FLOW FROM OPERATING ACTIVITIES AND FREE CASH FLOW NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES CONSOLIDATED HIGHLIGHTS Net debt financial expen S e wa S US$248 million in the quarter. 5 JBS reported net income of US $ 528 million in 2 Q 25 and EPS of US $ 0 . 48 . Excluding the non - recurring item S de S cribed on the previou S page, adju S ted net income wa S US $ 583 million in the quarter and adju S ted EPS of US $ 0 . 53 . In 2 Q 25 , ca S h flow from operating activitie S totaled US $ 773 million, while free ca S h flow — after inve S tment S in property, plant and equipment, intere S t paid and received, and lea S e payment S — wa S negative, amounting US $ 55 million . Free ca S h flow generation in 2 Q 25 wa S US $ 1 . 1 billion lower than the S ame period la S t year . The main factor S impacting thi S re S ult were : (i) increa S ed inventorie S in the US, mainly due to higher price S , and at Seara, due to the negative effect S of avian flu ; (ii) the impact of hedging on live S tock purcha S e S (cattle and hog S ) . It i S worth noting that, in the ca S e of inventorie S , ca S h tend S to return a S S ale S are made, and in the ca S e of hedging, ca S h S hould return a S phy S ical live S tock purcha S e S occur ; (iii) impact S related to antitru S t S ettlement S ; (iv) higher inve S tment S (CAPEX) in the period ; and (v) increa S ed tax payment S , reflecting the improved re S ult S in recent quarter S , e S pecially at Pilgrim' S Pride and JBS Au S tralia . In 2 Q 25 , the total value of ca S h flow from JBS' inve S tment activitie S wa S US $ 594 million, with the main inve S tment being the purcha S e of property, plant and equipment (CAPEX) .

US$ Million ∆ % 2Q24 ∆ % 1Q25 2Q25 4.7% 18,612.2 - 2.2% Gross Debt 19,491.8 19,925.4 17.9% 875.8 29.9% 1,032.3 794.9 (+) Short Term Debt % of the Gro SS Debt (+) Long Term Debt % of the Gro SS Debt ( - ) Ca S h and Equivalent S 5% 5% 4% 4.1% 17,736.5 - 3.5% 18,459.5 19,130.4 95% 95% 96% - 23.0% 3,852.8 - 42.6% 2,968.0 5,173.0 12.0% 14,759.4 12.0% Net Debt 16,523.8 14,752.3 2.77x 1.99x 2.27x Leverage 4.92x 7.75x 7.74x Intere S t Coverage NET DEBT BRIDGE INDEBTEDNESS (US$ million) CONSOLIDATED HIGHLIGHTS The main variation S in ca S h con S umption were : (i) US $ 1 . 5 billion in dividend payment S ; (ii) Capex in the amount of US $ 449 million ; (iii) tax payment S in the amount of US $ 317 million ; (iv) intere S t payment S in the amount of US $ 301 million ; (v) US $ 238 million in working capital ; (vi) US $ 207 million in biological a SS et S ; and (vii) US $ 117 million in lea S ing contract S . JBS ended the quarter with US $ 3 billion in ca S h and US $ 3 . 4 billion available in un S ecured revolving credit line S , of which US $ 2 . 9 billion i S available from JBS USA and US $ 500 million i S available from JBS Brazil . In addition, the Company ha S a US $ 1 billion Commercial Paper program in the US . The Company' S total ca S h availability i S S ufficient to meet all it S debt obligation S through 2032 . In 2 Q 25 , net debt reached US $ 16 . 5 billion, an increa S e of approximately US $ 1 . 8 billion compared to the prior year . For the quarter, leverage ended at 2 . 27 x and intere S t coverage at 7 . 74 x . 14,752 238 207 301 449 117 317 153 1,460 122 162 16,524 Net debt 1Q25 Adjusted EBITDA Working Capital Biological Interest Paid Assets and Received CAPEX Lease Payments Taxes Exchange Rate Dividends Variaton +Margin Cash +Derivatives Non recurring Others* Net debt 2Q25 2.27x 1.99x (1,754) *Con S idering acqui S ition S , non - ca S h item S and Other S . 6

3,776 627 15 122 0 641 142 1,388 2,916 2,548 2,311 579 2,416 881 2,907 1,116 1,422 1,250 926 1,000 Cash and Equiv. Proforma Short Term 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 to 2051 2052 2053 2055 2056 2066 500 Bonds 89% Banks 2% CRA 9% SOURCE BREAKDOWN PROFORMA CONSOLIDATED HIGHLIGHTS PROFORMA INDEBTEDNESS (A S of July 31 S t)¹ Proforma Debt Amortization Schedule (USS Million) Average Term Proforma 15.1 years Average Proforma Cost 5.6% p.a. Ca S h and equivalent S Revolving credit line S US$ 2.9 billion in the US + US$ 500 million in Brazil ¹Including the US$3.5 billion in bond i SS uance in July and the repurcha S e of the 2027/2028/2030 S enior note S . 7

∆ % 2Q24 ∆ % 1Q25 Million 2Q25 Net Revenue - 2.5% 2,222.5 0.7% 2,150.5 Seara US$ 2,166.1 20.2% 2,980.0 13.0% 3,170.0 JBS Brazil US$ 3,580.8 13.6% 5,992.4 6.0% 6,421.6 JBS Beef North America US$ 6,805.1 19.4% 1,651.7 21.7% 1,621.5 JBS Au S tralia US$ 1,972.8 - 4.8% 2,161.9 2.9% 2,001.7 JBS USA Pork US$ 2,059.1 4.4% 4,555.8 6.6% 4,459.4 Pilgrim' S Pride US$ 4,754.6 21.7% - 280.1 14.3% - 298.2 Elimination S & Other S US$ - 340.7 8.9% 19,284.2 7.5% 19,526.5 Total US$ 20,997.7 Adjusted EBITDA 1.2% 387.1 - 8.0% 425.7 Seara US$ 391.8 1.0% 226.3 74.4% 131.1 JBS Brazil US$ 228.6 - 29.0 131.9% - 100.5 JBS Beef North America US$ - 233.0 28.5% 225.8 81.0% 160.4 JBS Au S tralia US$ 290.2 5.6% 240.3 2.5% 247.3 JBS USA Pork US$ 253.6 4.5% 782.8 23.9% 660.2 Pilgrim' S Pride US$ 817.7 55.7% 3.0 32.3% 3.6 Elimination S & Other S US$ 4.7 - 7.4% 1,894.2 14.8% 1,527.7 Total US$ 1,753.6 Adjusted EBITDA Margin 0.7 p.p. 17.4% - 1.7 p.p. 19.8% Seara % 18.1% - 1.2 p.p. 7.6% 2.2 p.p. 4.1% JBS Brazil % 6.4% - 3.9 p.p. 0.5% - 1.9 p.p. - 1.6% JBS Beef North America % - 3.4% 1.0 p.p. 13.7% 4.8 p.p. 9.9% JBS Au S tralia % 14.7% 1.2 p.p. 11.1% 0.0 p.p. 12.4% JBS USA Pork % 12.3% 0.0 p.p. 17.2% 2.4 p.p. 14.8% Pilgrim' S Pride % 17.2% - 0.3 p.p. - 1.1% - 0.2 p.p. - 1.2% Elimination S & Other S % - 1.4% - 1.5 p.p. 9.8% 0.5 p.p. 7.8% Total % 8.4% Adjusted EBIT 0.3% 292.3 - 12.9% 336.7 Seara US$ 293.2 1.3% 171.4 118.2% 79.6 JBS Brazil US$ 173.6 - - 25.6 85.0% - 158.3 JBS Beef North America US$ - 292.9 34.4% 193.5 99.1% 130.6 JBS Au S tralia US$ 260.1 9.3% 169.1 3.2% 179.1 JBS USA Pork US$ 184.7 4.2% 552.4 33.7% 430.6 Pilgrim' S Pride US$ 575.8 18.7% - 5.2 - 0.6% - 6.2 Elimination S & Other S US$ - 6.2 - 11.8% 1,347.9 19.8% 992.1 Total US$ 1,188.4 Adjusted EBIT Margin 0.4 p.p. 13.2% - 2.1 p.p. 15.7% Seara % 13.5% - 0.9 p.p. 5.8% 2.3 p.p. 2.5% JBS Brazil % 4.8% - 3.9 p.p. - 0.4% - 1.8 p.p. - 2.5% JBS Beef North America % - 4.3% 1.5 p.p. 11.7% 5.1 p.p. 8.1% JBS Au S tralia % 13.2% 1.2 p.p. 7.8% 0.0 p.p. 8.9% JBS USA Pork % 9.0% 0.0 p.p. 12.1% 2.5 p.p. 9.7% Pilgrim' S Pride % 12.1% 0.0 p.p. 1.9% - 0.3 p.p. 2.1% Elimination S & Other S % 1.8% - 1.3 p.p. 7.0% 0.6 p.p. 5.1% Total % 5.7% LTM 2Q25 8,785.5 13,487.3 25,939.0 7,144.3 8,104.1 18,163.2 - 1,199.6 80,423.8 1,728.4 968.4 - 105.4 765.1 1,018.6 2,897.9 8.1 7,281.0 19.7% 7.2% - 0.4% 10.7% 12.6% 16.0% - 0.7% 9.1% 1,361.4 759.7 - 346.8 638.7 732.6 1,969.9 - 34.1 5,081.4 15.5% 5.6% - 1.3% 8.9% 9.0% 10.8% 2.8% 6.3% BUSINESS UNITS – IFRS USS BUSINESS UNITS 8

∆ % 2Q24 ∆ % 1Q25 Million 2Q25 Net Revenue - 2.5% 2,222.5 0.7% 2,150.5 Seara* US$ 2,166.1 20.2% 2,980.0 13.0% 3,170.0 JBS Brazil* US$ 3,580.8 13.6% 5,992.4 6.0% 6,421.6 JBS Beef North America US$ 6,805.1 19.4% 1,651.7 21.7% 1,621.5 JBS Au S tralia US$ 1,972.8 - 4.8% 2,161.9 2.9% 2,001.7 JBS USA Pork US$ 2,059.1 4.3% 4,559.3 6.6% 4,463.0 Pilgrim' S Pride US$ 4,757.4 21.1% - 283.6 13.8% - 301.7 Elimination and Other S * US$ - 343.5 8.9% 19,284.2 7.5% 19,526.5 Total* US$ 20,997.7 Adjusted EBITDA 0.5% 332.3 - 10.3% 372.1 Seara* US$ 333.8 - 0.1% 223.7 78.5% 125.2 JBS Brazil* US$ 223.5 - 16.1 134.2% - 112.9 JBS Beef North America US$ - 264.4 24.2% 201.7 48.5% 168.8 JBS Au S tralia US$ 250.6 - 51.0% 272.7 - 40.0% 222.7 JBS USA Pork US$ 133.6 4.7% 655.9 28.8% 533.2 Pilgrim' S Pride US$ 686.9 49.7% 3.1 26.2% 3.6 Elimination and Other S * US$ 4.6 - 19.8% 1,705.4 4.2% 1,312.8 Total* US$ 1,368.5 Adjusted EBITDA Margin 0.5 p.p. 14.9% - 1.9 p.p. 17.3% Seara* % 15.4% - 1.3 p.p. 7.5% 2.3 p.p. 3.9% JBS Brazil* % 6.2% - 4.2 p.p. 0.3% - 2.1 p.p. - 1.8% JBS Beef North America % - 3.9% 0.5 p.p. 12.2% 2.3 p.p. 10.4% JBS Au S tralia % 12.7% - 6.1 p.p. 12.6% - 4.6 p.p. 11.1% JBS USA Pork % 6.5% 0.1 p.p. 14.4% 2.5 p.p. 11.9% Pilgrim' S Pride % 14.4% - 0.3 p.p. - 1.1% - 0.1 p.p. - 1.2% Elimination and Other S * % - 1.3% - 2.3 p.p. 8.8% - 0.2 p.p. 6.7% Total* % 6.5% Adjusted EBIT 0.2% 289.3 - 12.6% 331.4 Seara* US$ 289.8 - 0.1% 171.7 120.9% 77.6 JBS Brazil* US$ 171.5 - - 27.4 97.2% - 158.4 JBS Beef North America US$ - 312.3 28.3% 180.0 55.0% 149.0 JBS Au S tralia US$ 231.0 - 61.4% 225.9 - 50.6% 176.6 JBS USA Pork US$ 87.2 4.6% 548.0 33.7% 428.7 Pilgrim' S Pride US$ 573.4 21.7% - 5.1 1.7% - 6.2 Elimination and Other S * US$ - 6.3 - 25.2% 1,382.3 3.6% 998.8 Total* US$ 1,034.3 Adjusted EBIT Margin 0.4 p.p. 13.0% - 2.0 p.p. 15.4% Seara* % 13.4% - 1.0 p.p. 5.8% 2.3 p.p. 2.4% JBS Brazil* % 4.8% - 4.1 p.p. - 0.5% - 2.1 p.p. - 2.5% JBS Beef North America % - 4.6% 0.8 p.p. 10.9% 2.5 p.p. 9.2% JBS Au S tralia % 11.7% - 6.2 p.p. 10.4% - 4.6 p.p. 8.8% JBS USA Pork % 4.2% 0.0 p.p. 12.0% 2.4 p.p. 9.6% Pilgrim' S Pride % 12.1% 0.0 p.p. 1.8% - 0.2 p.p. 2.0% Elimination and Other S * % 1.8% - 2.2 p.p. 7.2% - 0.2 p.p. 5.1% Total* % 4.9% LTM 2Q25 8,785.5 13,487.3 25,939.0 7,144.3 8,104.1 18,177.4 - 1,213.8 80,423.8 1,512.5 941.9 - 258.2 667.8 758.6 2,406.2 8.1 6,036.8 17.2% 7.0% - 1.0% 9.3% 9.4% 13.2% - 0.7% 7.5% 1,346.3 746.2 - 449.4 583.8 566.6 1,965.9 - 34.3 4,725.1 15.3% 5.5% - 1.7% 8.2% 7.0% 10.8% 2.8% 5.9% BUSINESS UNITS – USGAAP USS BUSINESS UNITS * US Comp 9

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ US COMP - US$ Million 17.2% 1,512.5 0.5% 14.9% 332.3 - 10.3% 17.3% 372.1 15.4% 333.8 Adjusted EBITDA US Comp 15.3% 1,346.3 0.2% 13.0% 289.3 - 12.6% 15.4% 331.4 13.4% 289.8 Adjusted EBIT US Comp LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 8,785.5 - 2.5% 100.0% 2,222.5 0.7% 100.0% 2,150.5 100.0% 2,166.1 Net Revenue - 71% (6,257.0) - 2.7% - 74% (1,637.1) 4.7% - 71% (1,521.7) - 74% (1,593.1) Co S t of Good S Sold 29% 2,528.6 - 2.1% 585.4 26% - 8.9% 29% 628.7 26% 573.0 Gro SS Profit 19.7% 1,728.4 1.2% 17.4% 387.1 - 8.0% 19.8% 425.7 18.1% 391.8 Adjusted EBITDA 15.5% 1,361.4 0.3% 13.2% 292.3 - 12.9% 15.7% 336.7 13.5% 293.2 Adjusted EBIT SEARA BUSINESS UNITS In 2 Q 25 , Seara reported a net revenue of US $ 2 . 2 billion, a 3 % decrea S e over the S ame period of the previou S year . During the fir S t part of the quarter, trade dynamic S were favorable, both dome S tically and internationally . However, in mid - May, Brazil identified the fir S t outbreak of avian influenza on a commercial farm . The Mini S try of Agriculture and Live S tock quickly adopted containment mea S ure S to prevent the S pread of the di S ea S e, and in June, the country wa S once again declared free of avian influenza . Neverthele SS , important market S remained temporarily clo S ed, impacting trade dynamic S . In export S , net revenue in dollar S totaled US $ 1 . 1 billion in 2 Q 25 , a 7 % decrea S e compared to the S ame period in 2024 . Thi S reduction i S primarily due to lower export volume S of fre S h chicken, a S well a S a S mall drop in the average dollar price S for the category . On the other hand, the pork category partially off S et the temporary wor S ening commercial dynamic S of chicken, a S S trong international demand boo S ted both price S and volume . Part of the chicken S ale S originally meant for the export market S were redirected to the dome S tic market, impacting market dynamic S . Year - over - year, net revenue in the dome S tic market grew 11 % , primarily due to the increa S e in average price S . De S pite the negative impact S of avian flu, adju S ted EBITDA in the quarter wa S US $ 391 . 8 million, with a margin of 18 . 1 % in 2 Q 25 , reflecting the focu S , agility and di S cipline in the pur S uit of operational and commercial excellence . 10

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ US COMP - US$ Million 7.0% 941.9 - 0.1% 7.5% 223.7 78.5% 3.9% 125.2 6.2% 223.5 Adjusted EBITDA US Comp 5.5% 746.2 - 0.1% 5.8% 171.7 120.9% 2.4% 77.6 4.8% 171.5 Adjusted EBIT US Comp LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 13,487.3 20.2% 100.0% 2,980.0 13.0% 100.0% 3,170.0 100.0% 3,580.8 Net Revenue - 83% (11,199.0) 25.0% - 81% (2,426.2) 12.2% - 85% (2,701.2) - 85% (3,032.0) Co S t of Good S Sold 17% 2,288.4 - 0.9% 553.8 19% 17.1% 15% 468.8 15% 548.8 Gro SS Profit 7.2% 968.4 1.0% 7.6% 226.3 74.4% 4.1% 131.1 6.4% 228.6 Adjusted EBITDA 5.6% 759.7 1.3% 5.8% 171.4 118.2% 2.5% 79.6 4.8% 173.6 Adjusted EBIT JBS BRAZIL Note : On March 1 , 2020 , through a corporate re S tructuring proce SS , Swift S tore S were tran S ferred to the direct S ub S idiary Seara Alimento S . Although the Swift S tore S are part of the corporate S tructure of Seara Alimento S , for the purpo S e S of analy S i S and pre S entation of re S ult S , the Company' S Management decided to allocate Swift' S re S ult S to the JBS Bra S il operating S egment . BUSINESS UNITS In 2 Q 25 , JBS Brazil reported net revenue of US $ 3 . 6 billion, 20 % higher than the 2 Q 24 . Thi S S ignificant growth in net revenue reflect S both increa S ed S ale S volume S and higher price S . In the export market, net revenue from fre S h beef grew 45 % in 2 Q 25 compared to the S ame period of la S t year, driven by increa S ed S ale S volume S and higher average price S in dollar S . In addition to S olid international demand, geographic diver S ification wa S crucial in the export market, driving S ale S to S everal S trategic region S . In the dome S tic market, net revenue from the fre S h beef category increa S ed 15 % compared to 2 Q 24 , driven by higher price S and volume S , partially off S etting the S harp increa S e in cattle co S t S during the period . Adju S ted EBITDA totaled US $ 228 . 6 million, with an EBITDA margin of 6 . 4 % in 2 Q 25 . According to data publi S hed by CEPEA - ESALQ, the average price of live cattle during the quarter wa S approximately R $ 315 /arroba, a S ignificant 40 % increa S e compared to 2 Q 24 . Therefore, de S pite the increa S e in net revenue, profitability wa S pre SS ured by the increa S e in cattle price S year - over - year . 11

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ USGAAP¹ - US$ Million 100.0% 25,939.0 13.6% 100.0% 5,992.4 6.0% 100.0% 6,421.6 100.0% 6,805.1 Net Revenue - 101% (26,072.9) 18.3% - 99% (5,950.7) 8.1% - 101% (6,511.3) - 103% (7,040.2) Co S t of Good S Sold - 1% (133.9) - 41.7 1% 162.2% - 1% (89.7) - 3% (235.1) Gro SS Profit - 1.0% (258.2) - 0.3% 16.1 134.2% - 1.8% (112.9) - 3.9% (264.4) Adjusted EBITDA - 1.7% (449.4) - - 0.5% (27.4) 97.2% - 2.5% (158.4) - 4.6% (312.3) Adjusted EBIT LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 25,939.0 13.6% 100.0% 5,992.4 6.0% 100.0% 6,421.6 100.0% 6,805.1 Net Revenue - 97% (25,223.0) 18.7% - 96% (5,768.2) 8.3% - 98% (6,323.6) - 101% (6,846.9) Co S t of Good S Sold 716.0 3% - 224.2 4% - 2% 98.0 - 1% (41.8) Gro SS Profit - 0.4% (105.4) - 0.5% 29.0 131.9% - 1.6% (100.5) - 3.4% (233.0) Adjusted EBITDA - 1.3% (346.8) - - 0.4% (25.6) 85.0% - 2.5% (158.3) - 4.3% (292.9) Adjusted EBIT JBS BEEF NORTH AMERICA ¹The difference in JBS Beef North America' S EBITDA in IFRS and USGAAP, in addition to the exchange rate, i S due to the impact S of the adoption of IFRS 16 a S of 1Q19 and different inventory accounting criteria: in IFRS, inventorie S are accounted for at average co S t, while in US GAAP they are BUSINESS UNITS In IFRS, net revenue in 2 Q 25 wa S US $ 6 . 8 billion, a 14 % increa S e compared to 2 Q 24 , with a negative adju S ted EBITDA of US $ 233 million and a negative EBITDA margin of 3 . 4 % . In US GAAP, net revenue wa S US $ 6 . 8 billion in 2 Q 25 , a 14 % increa S e compared to 2 Q 24 , and a negative adju S ted EBITDA of US $ 264 . 4 million, with a negative margin of 3 . 9 % . Net revenue growth wa S driven by S trong demand in the United State S . Even with cutout price S at record high S , dome S tic con S umption remained re S ilient . On the other hand, the indu S try i S facing po SS ibly the wor S t moment of the cycle, with low availability of animal S for S laughter . In addition to the current live S tock cycle, the United State S temporarily S u S pended import S of Mexican cattle during the quarter due to animal health concern S . With cattle S upplie S at re S tricted level S , live cattle price S al S o remain at hi S torically high level S , and therefore cattle price S have outpaced whole S ale price growth . The indu S try al S o faced additional challenge S related to acce SS ing international market S , reflecting change S in the North American regulatory land S cape . The Company maintain S it S S trategic focu S on excellence in operational and commercial execution, aiming to pre S erve and S trengthen it S profitability . Among the ongoing initiative S , the optimization of the product portfolio, the increa S e in carca SS yield, and the maximization of plant efficiency S tand out . Additionally, JBS ha S inten S ified it S effort S in efficient S upply chain management, with inve S tment S ranging from increa S ing plant efficiency to capacity expan S ion . marked to market. Volume and price calculation S do not con S ider the impact of acqui S ition S . 12

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ USGAAP¹ - US$ Million 100.0% 7,144.3 19.4% 100.0% 1,651.7 21.7% 100.0% 1,621.5 100.0% 1,972.8 Net Revenue - 89% (6,369.4) 18.6% - 86% (1,424.1) 17.9% - 88% (1,432.1) - 86% (1,689.0) Co S t of Good S Sold 774.9 11% 24.7% 227.6 14% 49.8% 12% 189.4 14% 283.8 Gro SS Profit 9.3% 667.8 24.2% 12.2% 201.7 48.5% 10.4% 168.8 12.7% 250.6 Adjusted EBITDA 8.2% 583.8 28.3% 10.9% 180.0 55.0% 9.2% 149.0 11.7% 231.0 Adjusted EBIT LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 7,144.3 19.4% 100.0% 1,651.7 21.7% 100.0% 1,621.5 100.0% 1,972.8 Net Revenue - 83% (5,944.8) 16.4% - 81% (1,332.3) 13.1% - 85% (1,371.2) - 79% (1,550.2) Co S t of Good S Sold 17% 1,199.5 32.3% 319.4 19% 68.8% 15% 250.3 21% 422.6 Gro SS Profit 10.7% 765.1 28.5% 13.7% 225.8 81.0% 9.9% 160.4 14.7% 290.2 Adjusted EBITDA 8.9% 638.7 34.4% 11.7% 193.5 99.1% 8.1% 130.6 13.2% 260.1 Adjusted EBIT JBS AUSTRALIA ¹The difference in JBS Au S tralia' S EBITDA in IFRS and USGAAP, in addition to the exchange rate, i S due to the impact S of the adoption of IFRS 16 from 1Q19 and different accounting criteria for biological a SS et S , in IFRS they are marked to market, while in USGAAP they are at average co S t. BUSINESS UNITS Con S idering re S ult S in IFRS, net revenue in 2 Q 25 wa S US $ 2 billion (+ 19 % yoy) and adju S ted EBITDA wa S US $ 290 . 2 million, with an EBITDA margin of 14 . 7 % for the period . In US GAAP, net revenue totaled US $ 2 billion in 2 Q 25 , a 19 % increa S e compared to 2 Q 24 , driven by a 14 % increa S e in volume S S old and a 5 % increa S e in average price S . Adju S ted EBITDA wa S US $ 250 . 6 million in 2 Q 25 , with an EBITDA margin of 12 . 7 % . Net revenue from the beef bu S ine SS grew compared to 2 Q 24 , driven by increa S ed S ale S volume both in the dome S tic and export market S . The S egment maintained a high EBITDA margin, reflecting operational efficiency gain S , co S t reduction initiative S , and higher proce SS ed volume S , driven by increa S ed animal availability . Net revenue from the pork bu S ine SS increa S ed in 2 Q 25 compared to the S ame period la S t year, driven by higher S ale S volume . Additionally, the improved profitability i S a re S ult of operational efficiency gain S . Primo, the prepared food unit, reported a S light increa S e in net revenue in the quarter compared to 2 Q 24 . The 8 % growth in S ale S volume compared to the S ame period la S t year wa S off S et by lower price S , a S con S umer demand continue S to be pre SS ured by inflation . Volume and price calculation S do not con S ider the impact of acqui S ition S . 13

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 8,104.1 - 4.8% 100.0% 2,161.9 2.9% 100.0% 2,001.7 100.0% 2,059.1 Net Revenue - 82% (6,646.8) - 6.3% - 84% (1,813.3) 4.0% - 82% (1,633.8) - 83% (1,699.9) Co S t of Good S Sold 18% 1,457.3 3.0% 348.6 16% - 2.4% 18% 367.9 17% 359.2 Gro SS Profit 12.6% 1,018.6 5.6% 11.1% 240.3 2.5% 12.4% 247.3 12.3% 253.6 Adjusted EBITDA 9.0% 732.6 9.3% 7.8% 169.1 3.2% 8.9% 179.1 9.0% 184.7 Adjusted EBIT LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ USGAAP¹ - US$ Million 100.0% 8,104.1 - 4.8% 100.0% 2,161.9 2.9% 100.0% 2,001.7 100.0% 2,059.1 Net Revenue - 90% (7,319.3) 1.5% - 87% (1,887.7) 8.2% - 88% (1,771.1) - 93% (1,916.3) Co S t of Good S Sold 784.8 10% - 47.9% 274.2 13% - 38.1% 12% 230.6 7% 142.8 Gro SS Profit 9.4% 758.6 - 51.0% 12.6% 272.7 - 40.0% 11.1% 222.7 6.5% 133.6 Adjusted EBITDA 7.0% 566.6 - 61.4% 10.4% 225.9 - 50.6% 8.8% 176.6 4.2% 87.2 Adjusted EBIT JBS USA PORK ¹The difference in JBS USA Pork' S EBITDA in IFRS and USGAAP, in addition to the exchange rate, i S due to the impact S of the adoption of IFRS 16 from 1 Q 19 and different accounting criteria . In IFRS, biological a SS et S are marked to market and inventorie S are carried at average co S t, while in USGAAP, biological a SS et S are held at average co S t and inventorie S are marked to market . Volume and price calculation S do not con S ider the impact BUSINESS UNITS In IFRS, in 2 Q 25 , net revenue wa S US $ 2 . 1 billion, a 5 % decrea S e compared to 2 Q 24 , and adju S ted EBITDA wa S US $ 253 . 6 million, with a margin of 12 . 3 % . In US GAAP, net revenue wa S US $ 2 . 1 billion, a 5 % decrea S e compared to 2 Q 24 . Adju S ted EBITDA totaled US $ 133 . 6 million in 2 Q 25 , with a margin of 6 . 5 % . In the dome S tic market, net revenue declined 6 % in 2 Q 25 compared to the S ame period of the prior year . Although dome S tic demand remained S olid . The pork bu S ine SS wa S al S o affected on a S hort - term ba S i S by trade re S triction S , and we expect the performance to return to normal level S over the next few quarter S . JBS continue S it S S trategy of expanding it S portfolio of value - added product S , focu S ing on S olid operational execution and a SS et efficiency . Therefore, the Company announced a US $ 135 million inve S tment to build a new S au S age production facility in Iowa . The plant will have the capacity to produce 130 million pound S per year and will proce SS approximately 500 , 000 hog S annually . of acqui S ition S . 14

LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ USGAAP¹ - US$ Million 100.0% 18,177.4 4.3% 100.0% 4,559.3 6.6% 100.0% 4,463.0 100.0% 4,757.4 Net Revenue - 86% (15,670.0) 4.5% - 85% (3,867.7) 3.4% - 88% (3,908.1) - 85% (4,042.1) Co S t of Good S Sold 14% 2,507.4 3.4% 691.6 15% 28.9% 12% 554.9 15% 715.3 Gro SS Profit 13.2% 2,406.2 4.7% 14.4% 655.9 28.8% 11.9% 533.2 14.4% 686.9 Adjusted EBITDA 10.8% 1,965.9 4.6% 12.0% 548.0 33.7% 9.6% 428.7 12.1% 573.4 Adjusted EBIT LTM 2Q25 ∆ % 2Q24 ∆ % 1Q25 2Q25 % NR US$ YoY % NR US$ QoQ % NR US$ % NR US$ IFRS - US$ Million 100.0% 18,163.2 4.4% 100.0% 4,555.8 6.6% 100.0% 4,459.4 100.0% 4,754.6 Net Revenue - 81% (14,737.8) 4.7% - 80% (3,638.9) 3.8% - 82% (3,670.8) - 80% (3,810.9) Co S t of Good S Sold 19% 3,425.4 2.9% 916.9 20% 19.7% 18% 788.6 20% 943.7 Gro SS Profit 16.0% 2,897.9 4.5% 17.2% 782.8 23.9% 14.8% 660.2 17.2% 817.7 Adjusted EBITDA 10.8% 1,969.9 4.2% 12.1% 552.4 33.7% 9.7% 430.6 12.1% 575.8 Adjusted EBIT PILGRIM’S PRIDE CORPORATION ¹The difference in EBITDA between PPC' S IFRS and USGAAP re S ult S , in addition to the exchange rate, i S due to the impact S of the adoption of IFRS 16 a S of 1Q19 and different criteria for accounting for the amortization of parent bird S : in IFRS, the amortization of the a SS et biological, due to it S longer term nature, i S con S idered an expen S e S ubject to adju S tment in EBITDA, while in USGAAP the amortization of biological a SS et S i S recorded in BUSINESS UNITS Con S idering re S ult S in IFRS, PPC reported net revenue of US $ 4 . 8 billion in 2 Q 25 , a 4 % increa S e compared to the S ame period la S t year, and an adju S ted EBITDA of US $ 817 . 7 million, with an EBITDA margin of 17 . 2 % . In US GAAP, PPC' S net revenue in 2 Q 25 wa S US $ 4 . 8 billion, 4 % higher than in 2 Q 24 , and adju S ted EBITDA wa S US $ 686 . 9 million, a record re S ult for a quarter, with an EBITDA margin of 14 . 4 % . In 2 Q 25 , Pilgrim' S reported record adju S ted EBITDA . In addition to the favorable commercial dynamic S in the variou S market S in which it operate S , the S olid re S ult S reflect the execution of the Company' S S trategy, with empha S i S on the S trengthening of partner S hip S with key cu S tomer S , expan S ion of the portfolio of value - added and branded product S , innovation, efficiency gain S , among other S . In the United State S , the chicken category reported S ale S growth, with profitability expanding, driven by S trong demand, a focu S on product quality, S ervice level S , and increa S ed operational efficiencie S . Furthermore, Pilgrim' S continue S to expand it S higher - value portfolio through prepared and branded product S , e S pecially at a time when chicken protein price S are more competitive compared to other protein S . In Mexico, the Company reported one of the be S t re S ult S in it S hi S tory . Strong demand, combined with a greater offering of prepared and branded product S , a S well a S the continued growth of partner S hip S with key cu S tomer S , contributed po S itively to re S ult S . Therefore, the Company continue S to inve S t in capacity expan S ion and operational excellence . Europe continued to report improvement S in profitability, reflecting : (i) operational efficiency gain S and con S olidation of S upport activitie S ; (ii) improved product mix ; (iii) expan S ion and improved S ervice level S with key cu S tomer S ; (iv) a greater offering of branded product S ; and (v) a broader innovation pipeline . the Co S t of Product Sold and i S not adju S ted in EBITDA. 15

Net Revenue (billion) EBITDA (million) and % EBITDA 224 369 224 125 223 3.9% 6.4% 6.2% EBITDA (million) and % EBITDA 11.3% 7.5% 2Q24 3Q24 4Q24 1Q25 2Q25 JBS Brazil (US Comp) JBS Beef North America (USGAAP - US$) 2Q24 3Q24 4Q24 1Q25 2Q25 Seara (US Comp) Consolidated (US Comp) 19.3 19.9 20.0 19.5 21.0 2Q24 3Q24 4Q24 1Q25 2Q25 1,382 1,503 1,189 999 1,034 7.2% 7.5% 6.0% 5.1% 4.9% 2Q24 3Q24 4Q24 1Q25 2Q25 2.2 2.2 2.3 2.2 2.2 2Q24 3Q24 4Q24 1Q25 2Q25 332 407 400 372 334 14.9% 18.5% 17.6% 17.3% 15.4% 2Q24 3Q24 4Q24 1Q25 2Q25 289 366 359 331 290 13.0% 16.7% 15.8% 15.4% 13.4% 2Q24 3Q24 4Q24 1Q25 2Q25 3.0 3.3 3.5 3.2 3.6 2Q24 3Q24 4Q24 1Q25 2Q25 172 318 179 78 171 5.8% 2.4% 4.8% EBIT (million) and % EBIT 9.8% 5.1% 2Q24 3Q24 4Q24 1Q25 2Q25 16 3 0.3% 0.6% 1.3% - 1.8% - 3.9% 0.4% - 2.5% - 0.1% - 0.5% 7 82 - 113 - 264 - 27 - 6 28 - 158 2Q24 3Q24 4Q24 1Q25 2Q25 6.0 6.3 6.4 6.4 6.8 2Q24 3Q24 4Q24 1Q25 2Q25 - 312 - 4.6% 2Q24 3Q24 4Q24 1Q25 2Q25 BUSINESS UNITS EBIT (million) and % EBIT Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT Net Revenue (billion) Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT 1,705 16 1,827 1,528 1,313 1,369 8.8% 9.2% 7.7% 6.7% 6.5%

656 660 526 533 687 14.4% 14.4% 12.0% 11.9% 14.4% 2Q24 3Q24 4Q24 1Q25 2Q25 4.6 4.6 4.4 4.5 4.8 2Q24 3Q24 4Q24 1Q25 2Q25 Pilgrim's Pride (USGAAP - US$) JBS USA Pork (USGAAP - US$) 273 210 192 223 134 12.6% 10.3% 9.6% 11.1% 6.5% 2Q24 3Q24 4Q24 1Q25 2Q25 2.2 2.0 2.0 2.0 2.1 2Q24 3Q24 4Q24 1Q25 2Q25 1.7 1.8 1.8 1.6 2.0 2Q24 3Q24 4Q24 1Q25 2Q25 JBS Australia (USGAAP - US$) 202 144 104 169 251 12.2% 8.1% 5.9% 10.4% 12.7% 2Q24 3Q24 4Q24 1Q25 2Q25 548 550 414 429 573 12.0% 12.0% 9.5% 9.6% 12.1% 2Q24 3Q24 4Q24 1Q25 2Q25 226 164 139 177 87 10.4% 8.0% 7.0% 8.8% 4.2% 2Q24 3Q24 4Q24 1Q25 2Q25 180 122 82 149 231 10.9% 6.8% 4.6% 9.2% 11.7% 2Q24 3Q24 4Q24 1Q25 2Q25 Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT Net Revenue (billion) EBITDA (million) and % EBITDA EBIT (million) and % EBIT BUSINESS UNITS 17

FINANCIAL STATEMENTS BALANCE SHEET Consolidated In million of American Dollars - US$ 12/31/24 06/30/25 Current Assets 5,614 2,519 Ca S h and ca S h equivalent S 137 449 Margin ca S h 3,736 3,653 Trade account S receivable 5,016 6,288 Inventorie S 1,608 1,834 Biological a SS et S 638 653 Recoverable taxe S 84 187 Derivative a SS et S 289 374 Other current a SS et S 17,121 15,958 TOTAL CURRENT ASSETS 12/31/24 06/30/25 Non - Current Assets 1,412 1,788 Recoverable taxe S 518 584 Biological a SS et S 77 - Related party receivable S 651 521 Deferred income taxe S 269 494 Other non - current a SS et S 2,928 3,386 38 219 Inve S tment S in equity - accounted inve S tee S 11,781 12,898 Property, plant and equipment 1,597 1,609 Right of u S e a SS et 1,803 1,887 Intangible a SS et S 5,417 5,860 Goodwill 23,564 25,859 TOTAL NON - CURRENT ASSETS 40,685 41,816 TOTAL ASSETS 19

Consolidated In million of American Dollars - US$ 12/31/24 06/30/25 Current Liabilities 5,466 5,018 Trade account S payable 729 1,032 Supply chain finance 2,084 1,032 Loan S and financing 233 127 Income taxe S 114 122 Other taxe S payable 1,436 1,370 Payroll and S ocial charge S 336 352 Lea S e liabilitie S 359 0 Dividend S payable 281 159 Provi S ion S for legal proceeding S 166 391 Derivative liabilitie S 455 745 Other current liabilitie S 11,657 10,349 TOTAL CURRENT LIABILITIES 12/31/24 06/30/25 Non - Current Liabilities 17,243 18,459 Loan S and financing 407 407 Income and other taxe S payable 353 267 Payroll and S ocial charge S 1,398 1,419 Lea S e liabilitie S 1,095 1,091 Deferred income taxe S 217 211 Provi S ion for legal proceeding S 100 82 Derivative liabilitie S 82 53 Other non - current liabilitie S 20,894 22,221 TOTAL NON - CURRENT LIABILITIES 12/31/24 06/30/25 Equity 13,178 35 Share capital - common S hare S (181) 7,313 Capital re S erve (37) - Other re S erve S 4,212 (1) Profit re S erve S (10,077) (17) Accumulated other comprehen S ive income - 1,090 Retained Earning S 7,094 8,420 Attributable to company shareholders 1,040 826 Attributable to non - controlling interest 8,134 9,246 TOTAL EQUITY 40,685 41,816 TOTAL LIABILITIES AND EQUITY BALANCE SHEET FINANCIAL STATEMENTS 20

FINANCIAL STATEMENTS INCOME STATEMENT Statements of income for the three month period ended June 30 Consolidated In million of American Dollars - US$ 2Q24 2Q25 19,284 20,998 NET REVENUE (16,311) (18,165) Co S t of S ale S 2,973 2,833 GROSS PROFIT (1,116) (1,207) Selling expen S e S (696) (522) General and admini S trative expen S e S (44) 18 Other expen S e S 17 (16) Other income (1,839) (1,727) NET OPERATING EXPENSES 1,134 1,105 OPERATING PROFIT 196 69 Finance income (796) (446) Finance expen S e (600) (376) NET FINANCE EXPENSE 2 8 Share of profit of equity - accounted inve S tee S , net of tax 537 736 PROFIT BEFORE TAXES (253) (166) Current income taxe S 104 23 Deferred income taxe S (149) (142) TOTAL INCOME TAXES 388 594 NET INCOME ATTRIBUTABLE TO: 329 528 Company S hareholder S 59 66 Non - controlling intere S t 388 594 0.30 0.48 Basic and diluted earnings (loss) per share - common shares (US$) 21

Statements of cash flows for the three months period ended June 30 Consolidated In million of American Dollars - US$ 2Q24 2Q25 Cash flow 388 594 Net Income (loss) Adjustments for: 546 565 Depreciation and amortization 2 0 Expected Credit Lo SS e S (2) (8) Share of profit of equity - accounted inve S tee S 1 2 Gain on S ale S of a SS et S 149 142 Tax expen S e 600 376 Net finance expen S e 3 7 Share - ba S ed compen S ation 7 2 Provi S ion S for legal proceeding S 13 7 Impairment of goodwill and property, plant and equipment (5) 3 Net realizable value inventory adju S tment S 86 (96) Fair value adju S tment of biological a SS et S 76 54 DOJ (Department of Ju S tice) and antitru S t agreement S - 6 Provi S ion S for Avian Influenza 1,863 1,656 Changes in assets and liabilities: 67 (77) Trade account S receivable (72) (314) Inventorie S 85 52 Recoverable taxe S (36) (74) Other current and non - current a SS et S (138) (207) Biological a SS et S 43 (28) Trade account S payable and S upply chain finance (22) (45) Taxe S paid in in S tallment S 107 248 Other current and non - current liabilitie S (59) (317) Income taxe S paid - (122) DOJ and Antitru S t agreement S payment (24) (883) Changes in operating assets and liabilities 1,839 773 Cash provided by operating activitiess (362) (293) Intere S t paid 30 32 Intere S t received 1,507 511 Net cash flows provided by operating activities Cash flow from investing activities (346) (449) Purcha S e S of property, plant and equipment (2) 0 Purcha S e S and di S po S al S of intangible a SS et S 4 14 Proceed S from S ale of property, plant and equipment - (165) Addition S to inve S tment S in joint venture S (1) - Acqui S ition S , net of ca S h acquired 3 2 Dividend S received 0 5 Related party tran S action S (342) (594) Cash provided used in investing activities Cash flows from financing activities 618 2,313 Proceed S from loan S and financing (1,066) (2,926) Payment S of loan S and financing (105) (117) Payment S of lea S ing contract S (133) (44) Derivative in S trument S received ( S ettled) - (1,194) Dividend S paid (3) (266) Dividend S paid to non - controlling intere S t (11) (67) Margin ca S h (700) (2,300) Cash provided (used in) by financing activities (72) 75 Effect of exchange rate changes on cash and cash equivalents 392 (2,307) Net change in ca S h and ca S h equivalent S 3,298 4,826 Ca S h and ca S h equivalent S at the beggining of period 3,690 2,519 Cash and cash equivalents at the end of period CASH FLOW STATEMENT FINANCIAL STATEMENTS 22

DISCLAIMER We make S tatement S about future event S that are S ubject to ri S k S and uncertaintie S . Such S tatement S are ba S ed on the belief S and a SS umption S of our Management and information to which the Company currently ha S acce SS . Statement S about future event S include information about our current intention S , belief S or expectation S , a S well a S tho S e of the member S of the Company' S Board of Director S and Officer S . Di S claimer S with re S pect to forward - looking S tatement S and information al S o include information on po SS ible or pre S umed operating re S ult S , a S well a S S tatement S that are preceded, followed or that include the word S "believe,“ "may," "will," "continue," “expect S ,“ "predict S ," "intend S ," "plan S ," "e S timate S ," or S imilar expre SS ion S . Forward - looking S tatement S and information are not guarantee S of performance . They involve ri S k S , uncertaintie S and a SS umption S becau S e they refer to future event S , depending, therefore, on circum S tance S that may or may not occur . Future re S ult S and S hareholder value creation may differ materially from tho S e expre SS ed or implied by the forward - looking S tatement S . Many of the factor S that will determine the S e re S ult S and value S are beyond our ability to control or predict . 23