Good morning, everyone. Thank you for joining us today.

The third quarter of 2025 once again demonstrated the strength and consistency of JBS's global multi-protein platform. More important, how we operate with discipline, agility, and resilience.

We achieved a record net sales with growth across all business units. This performance reinforced the balance and scales of our operation and show our ability to manage the platform proactively, mitigating the impact of local market cycles.

Net income reached $581 million, and return on equity over the last 12 months was 23.7%, reflecting solid, sustainable performance. We continue to navigate a challenging cattle cycle in the United States marked by historic high price and tight supply.

Even in this environment, JBS Beef North America delivered a record net revenue supported by resilient domestic demand while cattle availability remained limited. Consumption held steady, and the team continues to execute with discipline.

Although cutout values remained elevated, they were not sufficient to offset higher cattle costs. Australia was a clear highlight.

Profitability stayed strong, supported by improved cattle availability and healthy global demand. The region continues to play an important role in diversifying our geographic exposure and balancing results across proteins.

In Brazil, Friboi delivered another consistent quarter with solid performance in both export and domestic sales. The team strengthened relationship with key customers through our value creation approach and remained focused on operational excellence and disciplined execution.

Seara also posted another quarter of consistent results in a period still impacted by restriction to export to Europe and China, which have recently been lifted. The business maintained healthy margins driven by a disciplined commercial strategy, effective mix management, and continuous innovation in its product portfolio.

Initiatives such as the launch of high-protein ready meals, the development of a dedicated air fry portfolio, and a partnership that brings the brand closer to the consumer, including with Netflix, illustrate our ongoing commitment to innovation and value creation. In the United States, our chicken and pork business also remained resilient.

Pilgrim's Pride continues to grow, supported by a diversified portfolio and ongoing efficiency gains. The prepared food segment stood out with sales raising more than 25% in US while operation in Europe and Mexico also outperformed their market.

In pork, lower grain cost and steady demand created a positive environment, though supply constraints continue to limit overall market growth. These results show how we operate in our global platform: managing scale, efficiency, sharing knowledge across regions, and making quick, informed decisions to protect profitability.

We continue to invest in innovation and value-added products as part of our long-term strategy. Strengthening brands and expanding higher-margin category remain central to sustainable growth.

We end the period with leverage of 2.39 times, fully aligned with our long-term target. Overall, the company remains stable and well-positioned.

Global protein demand continues to rise, and JBS is prepared to capture this growth with a balanced portfolio, solid execution, and a long-term perspective. Thank you again for joining us today.

I will now turn the call over to Guilherme, who will walk you through the financial results in more details.

Thank you, Tomazoni. Let's now move on to the operational and financial highlights of the third quarter 2025.

Net sales for third quarter 2025 reached a record of $22.6 billion. Adjusted EBITDA in IFRS totaled $1.8 billion, which represents a margin of 8.1% in the quarter.

Adjusted EBITDA in US GAAP comparable totaled $1.6 billion, which represents a margin of 7.2% in the quarter. Adjusted operating income was $1.3 billion with a margin of 5.5% in IFRS and 5.6% in US GAAP comparable.

Net income was $581 million in the quarter and earnings per share of $0.52. Excluding non-recurring items, adjusted net income would be $602 million and earnings per share of $0.54 per share.

Finally, the return on equity was 24%, and the return on invested capital was 17%. The free cash flow of the third quarter 2025 was $383 million, representing a difference of $612 million compared to the third quarter of 2024, mainly due to the following factors: adjusted EBITDA decreased $319 million, but excluding non-cash items, we have a reduction of $230 million driven by the impacts of the beef cycle in US, avian flu in Seara, and higher cattle costs in JBS Brazil; an increase of $226 million in capital expenditures, mainly growth CapEx; an increase of $258 million in working capital, mainly reflecting higher revenues and costs resulting from the increasing livestock prices.

Our cash conversion cycle in days remained stable in relation to the previous quarter. Not considering a guidance, but simply updating the cash flow breakeven EBITDA exercise, it is expected to increase to $6 billion in 2025 and to $5 billion in 2026 driven by capital expenditures, $2 billion in 2025 and $2 billion in 2026, already including maintenance CapEx, although 2026 budget is still to be approved; working capital expected to increase to $1.3 billion in 2025 and $700 million in 2026.

The 2025 increase in nominal terms is related to higher prices, higher sales volumes, increased cost of livestocks, and fulfilling the pipeline of organic expansions. It is worth mentioning that 2026 working capital depends on variables not in control of the company, like grains and livestock prices; legal settlements of $400 million in 2025; biological assets of $650 million in both 2025 and 2026; interest expenses of $1.15 billion in 2025 and $1.15 billion in 2026; leasing expenses of $500 million for 2025 and 2026.

Last week, we completed another debt issuance in Brazilian capital markets. The total amount of agribusiness receivables certificate was approximately $570 million with 2/3 placed in a 40-year tranche, the longest ever completed in the Brazilian capital markets.

As a result, our pro forma average debt maturity reached 15.4 years with an average cost of 5.6% per year. Leverage increased to 2.39 times in the third quarter against second quarter of 2025 primarily due to $319 million decline in the last 12-month EBITDA and the payment of $362 million in share buyback.

In this regard, we announced the completion of a $600 million share buyback program. We believe this represents an efficient use of cash given the current valuation multiples relative to our global peers and the leverage at comfortable levels.

Even with the share buyback program completed, and the $1.2 billion dividends paid, and the approximately expansion CapEx of $1 billion, we expect to end the year with leverage below 2.5 times. Our $3.4 billion revolving credit lines and $4 billion available cash, combined with the expected cash generation in the coming quarter, provide us with the flexibility to continue executing our expansion CapEx and value creation projects while maintaining a healthy and robust balance sheet.

With that in mind, I would like to open to question-and-answer session.

Good morning, everyone. Thanks for taking my question.

I have two quick ones. The first one is related to the ongoing expansion CapEx, especially related to the pork expansion, the two plants in Iowa.

If you could share more details on what should we expect as it pertains to revenue expansion or volume expansion into next year as you start opening up those additional capacity expansions in US pork. My second question is related to US chicken.

The third-quarter results of PPC were very solid, especially in the US, but given that chicken prices are significantly down into the fourth quarter, if you could give us an update on what you are seeing in the fourth quarter as it pertains to profitability, especially in the US, if maybe the commodity part is suffering a bit, but a bit more resilient on the other part of the portfolio. Coming into 2026, if you still see a solid supply and demand outlook given USDA's still very constrained outlook on chicken supply in the US, also in the light that one of your competitors was talking about cycling through a new genetic line that was a bit better than the one that was being used in the last two years or so.

Maybe a little bit more details on US chicken dynamics, both a bit on the short-term and looking in 2026. Those are my questions.

Thank you, everyone.

Lucas, good morning. On the expansions we're doing in in prepared foods in the US, it's two two plants that we announced in Iowa, right?

One is is the Perry plant that we're going to produce sausage there, and the other one is in Ankeny that we're going to do further ready-to-eat bacon and ready-to-eat sausage. Those are very complementary to what we are doing today.

We we produce a lot of bacon in the US. We're going to start producing sausage that's going to be, it's going to use a lot of our trims, a lot of our the meat that will come from our sow sow meat that we're going to harvest in that same plant.

It's very complementary on the supply side of our of our of our business and very complementary on the business on the sales side as well because there is sales side, because there is a lot of a lot of demand right now from our customers there. We think it's going to be a quick ramp-up, that's what I'm getting at, for those plants.

Next year, you're not going to see any impact because they're going to still be under construction, finalizing, and we're just breaking ground right now in in one of those plants, and the other one it's going to be more putting equipments and lead time for equipments. You're not going to see anything for next year.

2027 is when you're going to start seeing a ramp-up and start for us to start doing, get starting to see the revenue and the extra margin that's going to come from those businesses in our pork division. Those two businesses, you could expect something around $750, $500 between $500 and $750 million of revenues as we as we ramp it up, something like that.

We we see the margin for this this this extra business in the in the higher higher double-digit margins for for that. We're very excited about that, and we think we're it's going to be a a relatively quick ramp-up for for these plants given the so complementarity of on the supply side and on the sales side.

Related to the chicken that you are mentioned that the drop the price in the US market, we see that drop on the price on the big bird segment. I think is they they they found the limit for growth.

In the in the last weeks, they a little bit increase in terms of the price. We but when look for PPC, PPC has a balanced portfolio.

We have a small bird, we have middle birds, and the big birds, and we have prepared. Then prepared is part of the is part of our portfolio.

We are remained confident about the about the chicken market next next year in US, even in Brazil, because even that we see that increase in terms of the the one-day chicken, we we we see that the product is limited because we have a restriction in infrastructure and the availability of genetics. You mentioned the new genetic of Cobb.

Yes, there is a new genetic of Cobb. Still start to go to the market, but this is not something that you you put in the market is a quick reaction because you talk about genetics.

You have time to get to the market. We we in our view, we will be more availability of chicken, but the but this the export market remained very, very strong.

If you have in consideration that Brazil that this year will be so if the year-to-date they are flat compared to last year and domestic in export market is in a lot of demand because and if you are just make the comparison with pork, pork Brazilian pork export 14% more than the last year and chicken is flat. It is because chicken they had the availability of chicks to export because of some market was closed and now recently as mentioned Europe and and China.

I think is next year will be we see that there will be a strong market, export market from Brazil. We see the market from US.

See, look, we are still with this growth in terms of one-day chicken placed. We remained very confident about next year.

Very clear. Thank you very much, Tomazoni and Wesley.

Hi, everyone. Thank you very much for taking my question.

I think as you guys have been mentioning, right, and Guilherme, you mentioned a higher working capital consumption given higher raw material prices, but also given growth, right? I wanted to maybe reconcile when you look at the top-line growth of this quarter or the year-to-date, right, and you try to look at the volume growth, can you tell us what was the volume growth overall, and how much came from expansion and new operating lines and etc.

Because I think at some point, we have a tough time, right, looking at the expansion CapEx you have been doing and that you should continue to do and translate that into top-line growth, right, which has actually been quite strong. If you could break down what has been as a result of top-line growth of your organic expansion, I think that would be quite helpful.

Second, going back to the chicken market, and especially in Brazil, right, both bans from Europe and China have been removed. If you guys could explore a little bit how you've been seeing the export market now in fourth quarter and the dynamic also of mix and that includes the domestic market of Seara.

I would appreciate. Thank you.

Hi, Isabella. The major part of the working capital consumption was really due to prices.

In terms of volumes, I would highlight Pilgrim's Pride and JBS Brazil had an increase in volumes of 3%, and Seara, which we have been making investments in organic expansion, we had volumes growing in 8%. On the other hand, again, we have been in some business units price going up 16%, sometimes 24%.

Basically the main variable it was prices that made this, first, increase revenues, increasing costs, and consequently increase in working capital. The question, Isabella, about the chicken market, if I understood well, it's about Brazilian chicken market, how we see that export market in this next quarter and in next year.

Is it correct?

Yes, especially because the main headwind, which was the ban, right, from China and Europe, I understand that that's gone. So.

Yes. Yes, they just lifted the restriction from Europe and from China, and know that this is two important market from Brazil because when Brazil they optimize the mix of the carcass, and these two markets play a very important role.

Even for Seara, it's much more impact because Seara have a strong market share in Europe, and then to reopen Seara, it's for Seara make a lot of difference. Not of course for all of the market made a lot of differences.

Seara is the leader in the export market from Brazil. They are suffered more than the others.

Now, I see that strong market. We not see any constraint in terms of demand.

We are strong demand, and we see that next year we will continue this demand because overall, we see that demand for protein remain very strong. Not just for chicken, but for beef and for pork.

Look, Brazil exports this year compared to last year year-to-date 14% more pork, and chicken was stable. Stable because of restrictions, but next year I think Brazil will be get the same track as before.

Even there is more I mentioned before when they answered the question, we see there is more chicken in the market, but the limit to grow there is a limit to grow because infrastructure, you are not build a chicken house very easy. You have some genetic restriction to increase production.

Even that was mentioned before the new genetic from Cobb, but will take time to go to the market and to be effective. We see more volume next year, but we see demand more than compensate it.

Understood. Thank you very much.

Hello, are you able to hear me now?

Okay. Thank you for taking the questions, and good morning.

My questions are related to the US red meat business. I guess first on the North American beef business, the volatility that we've seen in the futures curve recently, just wondering if you could help us understand how that may affect your Q4 results.

Then my second question is on pork. The sequential improvement in y'all's results stands in sharp contrast to industry benchmarks as well as your competitors.

I was just wondering if you could explain what drove that strong sequential improvement despite what was really tight spreads, etc. Thank you.

Hi, Heather. This is Wesley.

On the beef volatility, for sure, when you have futures being as volatile as it did, it creates instability in results. It could impact us.

On the other hand, it's showing a decrease in cattle costs, on the other hand, it could help a little bit too. Cutout is suffering a little bit in the recent weeks, but when you have instability like that in the futures, it's always a challenge because it could create losses for us with our hedging position.

Overall, on top of just the futures being more volatile, margins have been tighter on the fourth quarter so far than third quarter, and they are usually tighter on the fourth quarter than third quarter, just historically anyway. I think that could create a challenge for the fourth quarter on the beef business.

On the pork side, Heather, this pork business that we operate in the US, what I can say about our business is we have very good plants, four of our five plants are double-shift plants. They're very modern.

They're very well-invested. We've been adding a lot of value-added in our business.

If you went back in history, we would be producing very little prepared foods, and nowadays, it's becoming more and more of a bigger business of ours, and we intend to grow as I mentioned in the last answer to Lucas. The other thing, too, it's a business that we've developed, it's very integrated.

We are integrated on the live side. We're integrated on the prepared side.

We have key customers that are very good for us. I don't know how to pinpoint one thing or another, Heather.

I think I couldn't do that because it's a lot of things. It's a very consistent business of ours.

Operational excellence is a big deal in that business. If you look at our margins historically, they're pretty stable, and it's a pretty stable business for us.

I mentioned on the last call, in the second quarter, that it was a little bit of a tougher quarter for us, that margins were going to come back, and here we are. They are back, and I'm still pretty optimistic about the fourth quarter as well.

It's a pretty good business for us, Heather. I don't know how to put it in a different way.

It's a business that's very consistent, and very integrated on both sides, and operates at a very high level.

Thank you so much.

Thank you.

Hi, good morning. Thank you very much.

Hello, Tomazoni, Wesley, Guilherme, everybody. I have two questions here.

The first one is actually an extension of some of the remarks that Guilherme made during the presentation regarding capital allocation. You mentioned the share buyback and the dividends and how comfortable you remain with the leverage of the company towards the end of this year.

My question is how M&A opportunities fit into this strategy? Over the past several months, there have been rumors about JBS participating in potential bids for different companies, especially in the US.

My first question is really about how confident or not you are that you will have M&A opportunities to invest, particularly in the prepared foods segments, which has been one of the main targets as you have been saying for quite some time. That's the first question.

The second question is, I think, more to Wesley. There's an interesting chart in the company's presentation where you show the retail price for US beef, pork, and chicken.

What we have been seeing is that beef retail prices are close to all-time high. Chicken and pork prices haven't really followed suit, even though they remain higher, but they haven't been following suit, and the price ratio between beef and the other proteins is also at the all-time high, right?

My question to you, Wesley, is how you see those trends unfolding going forward, right? Should we think more about beef demand at some point cooling off because of high prices and hampering further price hikes, or do you believe that this high beef prices will continue to offer support for the other proteins to just continue to rise and catch up with beef, right?

I think that's how you see this very unique situation of protein prices and how the consumer will behave on the back of that. Those are my questions.

Thank you so much.

Hi, Thiago. In terms of capital allocation, I think as you can see, we have leverage and we have cash generation to cope with that.

There's no big M&A that we are looking at the moment. In case it appears a good opportunity, the first thing that I'm going to do is because I want to keep investment grade is to hire ratings assessment from rating agencies.

At the end of the day, rating agencies will tell me what will be the capital structure that I should have in terms to pursue that M&A. Today, we have more flexibility in shares given that we have two class of shares and they are listed in NYSE.

At the end of the day, I'm very confident that we can pursue any type of M&A once the opportunity appears, but the capital structure will be dictated by the rating agencies.

Thiago, a few things about these beef prices and beef prices versus pork and chicken. First thing, just supply and demand.

Beef prices are going to be at the sort of levels that they are as long as supply is tight. When supplies increase, obviously you're going to see probably this price fall, and the market adjusts to a more normal level.

This is just what we should expect, and it's what has happened in the past. Having said that, I think it's a big testament to the demand of beef to see even entry-level beef items like ground beef being at the price levels where they are and there's still strong demand for it.

It's just big testament for the quality of the product and just the structural demand that there is for all those products. Now as it relates to pork and chicken, again, there is some obviously substitution between the three proteins.

Obviously when beef is expensive, pork and chicken are good options for somebody who's trying to find a more affordable option than beef. It kind of drives a little bit of demand for pork and chicken.

Obviously as long as we have tight beef supplies, you're going to see higher demand for other proteins as well. That's what we've been seeing.

Now is it going to be a lot more than what it is? I don't know.

It depends a lot on this beef supplies. I think we're getting very close here to the bottom of the trough of this cattle shortage.

I think we'll see what happens. If we have more supply for beef, we should see beef fall and that come back to a normality.

If not, then obviously chicken and pork is a big option for a more affordable protein solution.

Thank you so much.

Hello, everyone. Thanks for taking my questions.

My first one is on Seara, actually, and more focused on processed foods here in the domestic markets. Some competitors reported strong margins and volumes in the quarter.

I just wanted to touch base on how is your margin performing in the segment in the quarter, and what we could expect for these margins going forward? If you could comment also on the ramp-up of the Rolândia plant that we discussed a couple of quarters ago.

If we could expect more volumes to come within the processed food segment here in Brazil would be great. The second question relates to Australia, actually, and we saw higher cattle prices in the region in the quarter, and despite that, margins remained quite resilient.

Just wanted to understand a little bit more what to expect for the fourth quarter because cattle prices kept increasing. Just wanted to hear from you guys how do you see the balance between demand for Australian beef and supply going forward to understand a little bit more on the margins in the region.

If you could comment on the beef margins going forward, and also how the other businesses in Australia are performing, such as Huon and other processed foods operations compared to the beef margins that you reported in the quarter would be great. Thank you very much.

Thank you for the question, Gustavo. Related to Seara, Seara is just mentioned about the performance of the brand.

The holdout penetration of the brand increased compared to the last year. We have increased the penetration.

In the good things about the penetration that we grow in repurchase more than the last year. Means that the brand is strong.

We are gaining preference, we gain top of market, top of mind because of our leadership in innovation. We are bringing new things for the market.

Then the brand is very, very healthy, and we are growing the margins, and we are growing the volume in prepared. You ask about specific about Rolândia.

Rolândia is a full double shift in breaded products. The other part of sauces and hot dogs and we are working full, and we are now thinking about the expansion of the plants.

Means that Rolândia, in reality, the build was prepared for this expansion. Now we are invest part of then.

We have put machines. Now this machine is full.

Now we are considered to expand. In terms of volume, we are not disclose margin by category, but I can share with you that in terms of volume, we have grow in domestic market quarter last year with quarter of this year 7% in the volume in domestic market.

In terms of price, we have increased 5.5% in terms of price. It's that we combine all of the products we sell in domestic market.

Go to Australia. Australia, they are performance very well.

I know that the price of live cattle increased, but demand for Australia is very strong. We export 75% of we produce in Australia, and it's our operation there is have a strong focus on export.

An export of beef strong demand. Hello, it's demand is strong from Brazil, is strong from Australia.

The demand of beef is strong because we increase the income of the population, and because of this trend of the new generation want to eat more protein, and because of the adoption of the new drugs, the GLP-1 and so on. See look, we see for the next year we are very confident about the business there.

Availability of cattle is good, and the other business like the salmon business that we have there, we had in the past some challenge in terms of the disease. With disease this is over.

We are now performance in more than 20% of margin of this business there. Pork is going very, very well.

We are increased the productivity. We sharing best practice with Brazil with US that bring a lot of leverage for our business there.

We are investing to update all of the farms that we have there. Then it's helped us to increase yield, to increase productivity.

See look, we are bullish in Australian business that we have there. I think that next year we are see a strong results from Australia as well.

That's super clear. Thank you very much.

Good morning, and thank you very much for taking my question. As well two quick ones.

One, on the beef side. Obviously a lot being talked about.

There's still a lot of constraints. Maybe, Wesley, can you elaborate a little bit on what you're seeing in the market in terms of rebuild of the herd, how you think about 2026, the challenges maybe with an even tighter market if there's going to be some retentions, and just to get a little bit of a sense how to think about '26 in the US beef business versus 2025?

Then my second question is related to working capital. I remember back in the second quarter, you've talked a lot about building inventory, putting into the cold storage because of the product that wasn't shipped out to China.

Just want to understand how we should think about the timing and the delay to basically put into our models as to when this inventory is supposed to come down a little bit. How long is it going to take you to ship this out?

Thank you.

Hey, Ben. When it comes to beef, 2026, yeah, we're seeing heifer retention.

It's happening, female retention overall. Just a piece of data, this quarter USDA numbers we processed 545,000 non-fat cows.

The cow slaughter was 545,000. Just as a reference, Q3 of 2022 was 973.

We're almost half of the cow kill of a few years ago. It's a very important number in my opinion.

We're seeing also just our team members traveling and meeting people, seeing that it is happening. We think 2026 will still be a challenging year from a supply perspective, and then probably from there, it started getting gradually better.

It's not going to be an overnight get completely better, but it's going to be a gradual improvement from 2027 forward. That's how we're seeing this.

On the working capital side for pork, it was a very, very short-term thing that was restricted to the second quarter of 2025, did not carry forward into the third quarter. We cleared all of that inventory that had issues because of all the tariffs going back and forth, no worry about that.

No, the working capital was more related to out of Brazil on what you had to build because of avian influenza, actually, on the Seara side. No worries, but helpful on the pork side as well.

Thanks, Wesley.

I not see that the Seara we sell all of the additional volume we had because the avian flu, I don't see any Seara is normal, the inventory of Seara. We don't see pork.

We are sell a lot. We are the leader in export pork.

We are the leader in export chicken. I think it's normal.

I'll take it to the follow-up. Thank you very much.

Hey, thank you for taking the questions. First question is just on Seara.

Just wanted to revisit the headwind with the China-EU export bans on chicken. Is there any way to quantify the headwind during third quarter and the expected recovery pace of that headwind?

That'll be my first question. Second question has to do with just the Brazil and Australian cattle offsets for the US, and just remind us on the beef cycles there.

It's my understanding that Brazil, the cycle plays out kind of first where availability gets tighter, and then second is Australia with kind of a longer tail and more of a hedge against the pressures that we're seeing in the US. If you could just elaborate on that a little more.

Thanks.

Yes, the restriction to export to China and Europe plays a big role in terms of Seara export in terms of profitability of Seara because Seara is have the strong market share in Europe. Europe is the premium market of breast.

Reopen Europe make a lot of impact in the Seara P&L because we keep producing the breast and we are not able to export to Europe, we change this volume for the other market. When we go to the other market with this extra volume, we have a pressure in this market with extra volume.

Now we can back to re-export to Europe, then means that we reduce the pressure in the other market. The other market will be help to increase the margin as well for the breast.

Then this is a huge impact. It's difficult to say how is the impact because there is a conjoint impact in the business.

The other thing about China. China plays a very important role in terms of optimization of the carcass.

The wings that we sold to China is a premium market compared to the other markets. Of course, it's the same I explained about Europe about breast.

Wings is the same. We moved the wings from China to the other markets.

Now we are back to sell wings to China. The other things important that the feet and paws that we are not market for all of the feet and paws that we have.

Now reopen that will make a really extra revenue from the company. Look, this is very important impact in the Seara business.

About the price of livestock in Australia and Brazil, yes, this increase the price, but the cutout more than compensate the increase the price of the live cattle. We see strong demand from Australia.

We are sold out our volume in Australia. We are not see that this will be a impact.

Next year for Australia will be a strong strong year. In Brazil, yes, Brazil there is some reduction in the herds, the availability of cattle, but the reduction isn't considered the top.

We got this year and next year we grow more than 20%. Now some restrictions, but still much higher than the before.

Means that we see a strong market next year as well.

Just to complement, obviously, as the US exports a lot less, especially to Asian countries and other North American countries, it is a direct correlation to US or to Australia and Brazil export volumes being stronger, right? As we need more domestic beef in the US, we keep more beef in the US, export less out of the US, automatically you're going to see an advantage to our businesses in Australia and Brazil, and that's a very important correlation that helps minimize the impact of the beef cycle in the US.

Thank you, guys. That's very helpful.

Hi, thank you for the question. You mentioned the Brazilian debt financing that you did.

I'm just wondering, was that sold to the public markets, or are there any concentration there of holders? I'm not sure if you gave a rate that you're paying on that.

Hi, Carla. About the rate, yes, that depends on the tranches.

We had tranches. The longest one was a 40-year tranche.

Was inflation plus 8%, but on a swapped basis, when you swap to dollars, is dollar plus 6.2%. All the tranches were launched at a rate that inside our bond curve in US.

That's one condition for any debt issuance is that it has to be inside my investment grade curve. That's what happened with this local debentures that we issued.

There was a lot of individual investors demanded, but also treasuries from banks that generally they continues to be selling to individual investors throughout the next months because individual investors has a tax exemption on this kind of local debentures, and that's the reason why on a swapped basis it is issued inside my bond curve.

Okay. That's great.

You have cash flow in Brazil, do you see over time putting more or less debt in Brazil, or are you well-balanced where you'd like to be now in terms of Brazilian debt versus US debt?

Right, yeah. Of my revenues, 12% of my total revenues is generated in Brazilian reais.

Currently, I have around 10% of my debt in Brazilian reais. I still have some room to put some local debentures debt and to balance and have no need to hedge.

I don't have currency exposure. I still have some room to have more real debt, but not that much.

I'm almost where I would want to be in terms of currency exposure balance that is my debt in reais more or less equivalent to my reais revenues.

That's great. Then just one other question.

You mentioned the 2.5 times leverage target for year-end. Is that using IFRS EBITDA or US GAAP EBITDA?

Yes, IFRS EBITDA. We'll be below 2 and 1/2 times in IFRS EBITDA.

Great. Thank you very much.

Thank you, Carla.

Hello, everyone. Thanks for taking my questions.

A few follow-ups here on Seara as well. First, the seasonal offerings now at year-end have been gaining I think relevance in your portfolio, I would just like to hear a little more on how your expectations are for this year-end, especially thinking about the domestic market here in Brazil.

The second, on the production growth that we see for the Brazilian market, right, there is the data of 7% growth in the breeder flock placements in Brazil this year. I know there are some bottlenecks, I would just like to hear from you if you see that as a good proxy for what we should think about supply growth going forward, or again, if given bottlenecks, it could be a smaller number.

The third one, on the export prices, we see this softening of export prices at the margin, as you mentioned, Tomazoni. The question is whether that's entirely related to the point you mentioned before about relocation of volumes from Europe and China to these other markets, or if you also see maybe some signs of weakness in some specific markets.

I think that would be really helpful in terms of thinking how Seara will shape up going forward. Thanks very much.

Thank you, Henrique, for the question. First, the question for the season of that we see that this is becoming more and more important because we develop a portfolio of the product to attend this market.

It's the Christmas market that we have Fiesta and some other product. We plan to grow above the next year, and we see strong market.

Just this morning before to have this call, I talk with the people from Seara, "How is going the Christmas operation?" and say they are very confident and happy with the demand so far.

Of course, is the first demand go to the retail, then the second demand the consumers buy the product in the shelf. Far, we are seeing strong demand from the retails.

We are not see that any constraint in terms of the volume to sell in the end. Beside some news about that the retail market is constrained, but for our category, we are not see this constraint.

We are sell not just the product for the Christmas event, but just the current product portfolio we have. We are selling well.

We are not see this constraint in our portfolio. The second question, if I understood, is about export, correct?

It's about exports and prices, whether that's related to the redirecting of volumes, and the other one was about the production growth if the 7% breeder flock is,

yeah. Thank you.

Thank you. With this reopen Europe and reopen China, we see opportunity for increase the price because some of the market with extra volume, I mentioned before, was depressed because not just us, but all of the Brazilian need to sell in the market there is for this product, mainly for breast and in wings.

See now the opportunity for this product to grow in terms of price. We are see some movements already in the market, and but the average price for Seara will be higher for sure because even we are not increase the price, just to access the premium market, it will be increase our average price.

What is the challenge in terms of volume or price in the external market is the small birds that go to Middle East. This is remain very, very challenged market because there is a local production and the Brazilian before who was a big market for Brazilian small birds, the grillers, and now we compete with the local production.

If you consider all of the market, we consider this is the most difficult market. About the increase in terms of the genetics, you mentioned that the breeders, see yes, but they increase, but they need increase in order to replace the old ones because we have a restriction in terms of availability of breeders before, and all the Brazilian producer keep longer the pullets, the breeders in the farms in order to compensate the not availability of the new ones.

Now and then this is not good in terms of productivity, because when they get older, the eggs that you can come from them, it's less hatchability, more mortality. Now it's an opportunity to have more healthy age in terms of breeders.

See, Brazil I mentioned before that if you look that Brazil in this year with a strong demand from external market, strong demand for protein, we are not grow because a lot of restriction really that come from the avian flu. I believe that next year the export from Brazil will be strong as we saw now in the last month was one of the record export from Brazil.

I believe that Brazil will be compensate next year what we are not able to export this year for foreign market.

That's very clear, Tomazoni. Thanks very much.

Good morning. Thanks for the question.

I'd like to ask about JBS Brazil. Thinking forward from here on the revenue side, can you speak to how resilient you expect domestic demand will be given higher prices, just your expectations for resilience there?

Then second, how export opportunities are evolving for Brazil. I'm curious about maybe the structural opportunities to diversify exports across Asia, Korea, Japan, maybe some opportunities to supply more into Mexico, the trade deal with the EU and Mercosur.

How do you think about new export opportunities for Brazil that are longer lasting, and in 2026 specifically, the ability for any incremental demand from exports to support prices and minimize the pressure on profit margins from higher cattle costs? Thank you.

Thank you for the question, John. Look, we have an other correlated business we put together, but the main business is Friboi, is all of our beef business.

We see that the market will be strong for export from Brazil. Brazil in the last two years open more than 100 new markets, and they keep open market for Brazilian export for beef.

We see strong demand, and I think will be remain next year the demand from the market, and they are more than compensate the increase the cost of livestock, more than compensate. The domestic market is remain strong as well.

I think is for beef we see that will be good next year for all of the market, even Brazilian market, because in Brazilian market, we are developing a special work with our key customers. We call Category Management 2.0 that we are manage the category inside of the retails.

We manage the portfolio, we manage the presentation, we train the people that they take care of the butcher area. The good news from that, beside to increase the volume of the beef, they increase the volume for all other categories.

Means that retail, they have a partnership with Friboi. They are able to grow not just in beef, but show all of the categories.

That we have a strong program here is a mature program is proved the results here in Brazil. External market, I think is external market demand is huge.

We are not see restriction on that.

Thanks, Tomazoni.

Yes. Hi, good morning, everyone.

Thanks very much for taking the questions. I also have two.

The first one, I think it's for Wesley. I remember, Wesley, early in the year, you mentioned a bunch of investments into your US beef operations, right?

We know obviously those are aiming for the medium term, not necessarily this cycle. I'd just like to understand from you, given the run rate profitability that we're delivering there, how much of those investments or any other work you could do in terms of efficiency could help protecting a little bit the sequential evolution into 2026?

How comparable you think margins could go on a sequential year versus where we are year-to-date? This is the first one.

The second one, I think it's for Guilherme. Guilherme, you have this soft guidance, right, of returning $1 billion per year to shareholders either through dividends and buybacks.

I know this year was a very special one because of the listing, but you are delivering so far a run rate closer to $2 billion, maybe $1.5 billion if you exclude the dividends related to the listing. Does it mean maybe there might be space for you guys to be a bit higher on shareholder returns, particularly if, as you mentioned, there is no clear M&A on the table for next year?

Thank you very much. Those are the questions.

Thank you very much.

Thiago, the investments we're doing are not going to impact 2026. They're going to impact 2027 going forward.

We shouldn't be seeing anything there. Actually, it's perfect timing if you think about it because 2026 will still be a low supply for cattle, and all of those plants are going to be with their revamped and better efficiency, better capacity for yields, for value-added items, even for more volume into 2027, which is when things should starting to look better, at least better than '26 and then from then on get better.

It's actually the timing there couldn't have been better. Just overall, we should probably think of 2026 being a year that, from a margin perspective, I think will looks similar to what 2020 2025 looked like.

Hi, Thiago. In our decision to return money to shareholder, the main variable so far is our leverage given that we want to keep investment grade and we are a BBB- company.

That's the main variable for that. This year again, we will, besides having all this return that you mentioned, we will finish the year below 2 and 1/2 times, which is a very comfortable level.

We are now in the process of budgeting for next year. We also have to wait for the first quarter that's always a cash consumption quarter.

Generally, those decisions will start being doing in second quarter next year. Probably returns would be more skewed to the second half of 2026.

I think we are confident that we can continue to have the dividends of around $1 billion per year as long as we can keep leverage on our comfort zone. Again, any excess we would be deciding in terms of share buybacks or extra dividends, and also depending on M&A opportunities.

Fair enough. Thank you very much, both.

Hi, guys. I hope you hear me well.

A quick follow-up to Guilherme on that $700 million expected working capital investments for 2026. Just ballpark numbers, how much of that is volume growth and how much is pricing, just we have a sensitivity here of how things could go.

Thank you.

Hi. I would say could be half-and-half.

This $700 million, as I mentioned in the beginning, depends on a lot of variables that is out of our control. Basically, I did an average of many years before, but it all depends on three things: grains prices, livestock prices, and finished product prices.

This can swing a lot. This is, again, the $700 is working capital is something that is really what can swing more in terms of what we're forecasting for next year.

Maybe, again, we can even have a neutral value, right, not consuming, not releasing, except for the biological assets that will always be consuming. That's why I separate biological assets.

Again, this number was just an average of years before because we will have some volumes that will impact that, especially from the expansion that we did that we do, but the main impact will always be on the prices of these three elements that I mentioned.

Guilherme, sorry, a quick follow-up on the biological assets that you're guiding pretty much like a flattish number, right, in dollars. Obviously there's the FX effect, but can we assume, given all the industry inflation and the cost of grandmothers, etc., that this implies also that your and obviously I assume the chicken is most of this biological assets, right?

That the your placements are sort of flattish, or at least not growing significantly. Is it fair to assume?

Because the main variable that impacts this is the grain prices. Basically, we are considering that grain prices will not be much higher next year, we can consider flattish, okay?

Thank you.

Because the livestock, the chicken and pork, they basically are valued through their cost of feeding. That's the grains.

Perfect. Thank you very much.

Thanks for the question. Just wanted to follow up on some of the hedges you talked about last quarter.

I think you mentioned you took a $250 million loss due to some of the hedges. I was just curious if you're able to share how much of that rolled off in 3Q and how much should we expect to see roll off in 4Q?

Hi, Pooran. Yes.

Bear in mind that we are talking about the cash impact of the derivatives because they offset on the physical purchase. You're right, on the third quarter, we had this negative impact, so far with the decrease in future market, it's been offsetting from a cash standpoint in the fourth quarter.

Of course, this depends from now to the end of the quarter how it be the behavior, but so far we are releasing cash on the derivatives side. Bear in mind that on a margins basis, it's offset by the physical purchases.

Great. Thank you for that color.

Just thinking about the pork business here, you mentioned industry supplies still remain constrained. Was just wondering, just given where hog production margins are at, why don't you think you've seen any signs of expansion?

The last Hogs and Pigs report seemed to indicate that we're not going to see any expansion. I think other players within pork processing are also walking away from raising hogs.

At this point, when you look at your integrated operations, do you see the shorter hog supply situation here in the US as a benefit to your business, given just where hog production margins are at, or is it more of a negative just given it'd be impacting your pork packer side of your business? Would just love your thoughts on that.

Yeah. Poorav, we see obviously this year we had a lower volume of kills.

Next year, we're probably going to see higher kills if health is better than this year, and we believe it will be better than this year. You might see more hogs into next year.

Now this whole strategy of how much hogs we raise and how much, we are basically a quarter, 25% of our, more or less, 25% of our of the hogs we process, we raise. It's a number that we think we like it.

We like it to be around that. Our hog procurement is very well-balanced, taking risk on hog prices, corn, our corn risk, hog risk, and there is some cutout businesses as well that's hogs that we buy indexed on cutout.

The way we buy hogs is a way that minimizes volatility on each one of the indicators. Even in years that we don't have a great revenue or a great result in hog production, it ends up not being a terrible year for us.

I think the way that we buy hogs and the way that we structure our hog procurement allows us not to feel huge impacts if one of these three pricing indexes, cutout, grain, or hogs, if they have big swings, we're able to kind of hedge that a little bit. Obviously we want our pork processing and hog production to do well at the same time, but if one does worse and the other one does better, it's almost a hedge for us.

Great. Thank you very much.

Hi, everyone. Good morning.

Thanks for taking my questions. I would like to discuss a little bit further about Brazilian cattle.

This year was a positive surprise, a surprise to the upside, but then we don't have much visibility for 2026. First, what's our base case for cattle availability the next year?

Second, in a maybe hypothetical scenario of a tighter supply of cattle, should we view this project, the Swift retail stores that you've been building up for a long time now, should we view that as a margin hedge, or maybe this scenario of retailers with lower margin, squeezed margins, would be a good opportunity to increase the pace of growth on that area? Those are my two questions.

Thank you. The the availab-

the availability of cattle in Brazil, we see that the information we have that will be less 3% to 5%. This is the this is the market information about different source.

Could be 3% to 5%. Leonardo, is important to see this 3% to 5% for a high high level.

It's and is still a lot of cattle available in the market because we are not if you back to 2020 to 2023, we are see that we are much, much higher than that time. Even that we have some reduction now, we are the reduction is never in different level, but we are remain much more availability than before.

This is one thing that we see that market. Friboi have an special program to to to purchase in the the the cattle in the market.

We are long-term strategy with the farmers in order to to have reliable supply along the years. It's one thing.

The second thing, we see the Brazilian market grow a lot of feedlot. The the rate of growth the feedlot is it's incredible rate because with the booming of the ethanol corn industry in Brazil, the availability of DDG helps to enhance the diet of the cattle.

The combination of the improvement of genetics and the improvement of diet and we we see that the the age the the the size of the the yield of the Brazilian beef increased. This is another point that you need to put in consideration.

Because of that, we are improved the quality. We improve and we improve the I'd say we improve the availability quality of the product that go to the go to to be harvested.

This is that because of that, we are so so excited about the Brazilian market because if you compare to Brazilian to the US US herds, US has less than a half of Brazilian herds, and they produce more beef. The opportunity for Brazil grow beef market is a huge, huge opportunity to in terms of genetics, in terms of diet, in terms of management of the of the herds.

It is one thing. The other thing you mentioned about our talk on Swift store.

Swift store was developed because we we believe that the frozen beef it's a there is a market. They and if you sell frozen, we we save some some waste in the chain, some yields that when we sell fresh, we are losing yield and during the the process till to go to the consumers.

The the consumer at today go to the market, they not go every day to the to the stores. They go one day, they buy, they go to home, and then they frozen the meat.

This was the idea to develop the concept. Why they frozen at the at home?

When they frozen at home, they don't have the best condition to frozen. Let's let's frozen the meat inside of the plant that we save the yields, and we get better product.

This was the idea to develop this market, and this market going well. We not compete with our customers because we have the solution to put in store-in-store.

Some of the customer, they want to have this frozen frozen beef inside of the in the store. We go there, and we build an Swift store inside of the store.

This is one one segment we are growing. The other segment is I mentioned before, it is a Category Management.

We are we are we call Açougue Friboi or butcher Friboi butcher. That we are we are teach the the the the people that operate the butcher area in order they are preparing to to to to attend better the consumers.

The other way, we help them to define the mix and to define the presentation of the each one of the cuts. Then that is a that is a win-win strategy because they don't just sell more meat, but they sell more the others product inside of the stores.

Okay. That's pretty much detailed.

Thank you. Thank you very much, Tomazoni.

Hi, good morning, and thank you for taking the question. Guilherme, one follow-up, I know we've gotten some questions around the working capital, but it does seem like, relative to what you discussed on the second-quarter call, in the breakeven calculation, the working capital need has gone up about $400 million for this year, $450 million for next year.

Can you just walk us through sort of what specifically is driving that? Then my second question is just around any progress you've made with regards to updating your bond ticker?

I know that's something that you guys have been discussing for a little bit, just wanted to see where you were there. Thank you.

Hi, Priya. Basically, this year, the increase was mainly because of livestock prices and also finished product prices.

Next year, as I mentioned, there's a lot of variables of things uncertain, I just made an average of last years because this is, again, depends on the variables that I mentioned before. I can tell you this year, it was mainly for the reasons of livestock prices and finished product prices and some increase in volumes.

The ticker, we are in the process of making the NV, say our Netherlands company now, as a co-issuer as well. This will mean a restructuring, maybe with this argument of being restructuring, we will ask Bloomberg if now they can take the ticker, the BZ, from the ticker.

Our next try will be once we finish making the NV as a co-issuer.

Great. Thank you.

Do you have a timeline around that possibly? Then just one final question around whether you've gotten any indications from BNDES around how they're thinking about selling down their existing holding, which is for sale?

Thank you.

No, we don't have a timeframe, but I think by next year, we will have the restructuring of the co-issuer in place. BNDES, we have no news on that.

Great. Thank you so much.

Good morning. Good morning, everyone.

Are you listening to me?

Okay. Good morning, everyone.

Thank you for the opportunity. My question is about US pork.

We understand that although domestic demand remains resilient, supported by consumers switching to cheaper proteins, margins still seem to reflect the effect of weaker prices for byproducts and offal. The operation has made progress in expanding its high-value-added portfolio, including the strengthening in prepared products line, but this has not yet been enough to offset the compression factors.

We have an agreement a Chinese products will be subject to a 40% tariff in US. Do you think this agreement will be enabled to return of sales of byproducts and offal to China with the administration of the two countries reaching a better understanding on tariffs?

Is possible to see these margins improving going forward? Thank you very much.

Igor, good morning. Obviously if we have more markets for our product, including offals, it's always better, and always will be better for margins overall to have more options.

Margins are not compressed because of that. We're just back to a 10% EBITDA here close to what we had been operating in the previous quarters, except for the second quarter.

Margins are not compressed because of that right now. It was compressed on the second quarter because of some backup that we had on the exports, but not anymore.

Again, obviously if we have more market access for meat or for offals or for anyone of our byproducts it's always positive, but I wouldn't say that margins are compressed because of that, though.

Okay. Thank you very much.

Thank you all for joining us today, and it's your continuing interest in JBS. This quarter once again highlighted the strength of our global protein platform and the way that we operate it with discipline and that guides our work every day.

As we close, I want to express my appreciation to our more than 280,000 team members around the world. Their commitment to excellence is the foundation of our performance and the reason we continue to deliver consistent and long-term value.

Thank you.