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

We closed 2025 with a consistent performance and a continuous progress in building a stronger, more efficient company. In the fourth quarter, we recorded a revenue of $23 billion with an EBITDA margin of 7.4%.

For the full year, revenue reached $86 billion, a company record, with a consolidated EBITDA margin of 7.9%. The scale and the and diversity of our multi-protein and multi-geography platform remain our greatest strength, allowing JBS to navigate industry cycles or any disruption while capturing structural growth in protein demand.

In both the fourth quarter and the full year, JBS delivered record sales with positive consolidated results, reflecting the resiliency of our global platform. Net income totaled $515 million in the quarter and $2 billion for the year, representing year-over-year growth of 15%, earnings per share of $1.89 for the year.

Free cash flow was $990 million in the quarter and $400 million for the year. Return on equity reached 25%, and return on invested capital was 17%.

Our leverage ratio at the end of the fourth quarter was 2.39 times, in line with our long-term target. We also maintain a very strong debt profile, with an average debt maturity of approximately 15 years and an average cost of the debt of around 5.7%, no significant maturity in the short term.

These strong results reflect our consistent performance in a year marked by a challenging environment in some global protein markets. In US, in United States, the cattle cycle remained under pressure, with a limited supply and high costs.

This is expected to continue in the coming quarters. Despite this environment in US beef sector, our global results remained positive, reflecting the resilience of our diversified platforms.

Australia was one of the highlights of the year, with strong EBITDA growth and margin expansion, as well as the top-line growth of 30% year-over-year in the fourth quarter. Our Australian business benefit from the current imbalance between global supply and demand of beef, combined with the strong execution and supported solid profitability and reinforced the role of region in balancing our global results.

In Brazil, the beef business operated within historical margins range, supported by strong exports and steady domestic demand. The fourth quarter was particularly strong, with the top-line sales growing 26% year-over-year.

At the same time, livestock productivity continued to improve. Country recorded highest beef processing volume in its history, at around 42 million heads.

This reflects structural gain in product in production and reinforces Brazil growing role in the global supply. In this context, Friboi delivered solid results, with growth in both export and domestic sales.

Volume increased in key international markets, including Mexico, Europe, and United States, while the business also strengthened its presence in Brazil. Programs such as the Friboi Plus continues to deepen client relationship and support growth in the domestic market.

At Seara, we continue to advance our strategy in in strengthen brands and expanding high-value-added products. In recent years, Seara has expanded its portfolio, entering new categories, and strengthened in connection with the with consumers.

The business is now one of its strong moments in brand perception, supported by innovation, execution, and more differentiated product mix. In United States, our chicken business continued to benefit from the strong demand in both retails and food service.

Pilgrim's delivered a volume growth above the industry average in segments such as case-ready and small birds. The big birds segment also improved performance through better yields, mix, and cost efficiency.

Brand diversification continues to progress, and Just BARE surpassed $1 billion in retail sales, reflecting the strength of our brand strategy and the significant opportunity we see to capture further further growth across our modern, high-value prepared foods portfolio. In US pork business, performance remained stable, and the business closed the year with solid margins, supported by disciplined operation and balanced supply and demand.

Also, in 2025, we completed the dual-listing process, a milestone in the company history, and became a NYSE-listed company, strengthening our capital market position. Since then, we have seen a clear improvement in how the markets value the company.

Our trade our trading multiple had expanded, reflecting greater visibility and investor confidence, although we although we still trade at a discount to our global peers. Liquidity also has increased significantly, with average trading volume up approximately three times compared to the pre-listing levels.

At the same time, our shareholder base has become more global and diversified. US-based investors now represent nearly 70% of the company free float.

Overall, this change reinforced our position in global capital markets and supported the next phase of growth. Global protein consumption continues to grow, supported by demographic, health awareness, and demand for balanced diets.

JBS is well-positioned to meet this demand across markets and channels. Our strategy remained clear: we will continue to strengthen our brand, expand our value-added product portfolio, and develop solutions that make protein more accessible and more convenient everyday life.

Thank you again for joining us today, and now I will turn the call over to Guilherme, who will walk through the our financial results in more detail.

Thank you, Tomazoni. Let's move to the operational and financial highlights of the fourth quarter and fiscal year of 2025.

Net sales reached a record of $23 billion in the quarter and $86 billion in 2025. Adjusted EBITDA in IFRS totaled $1.7 billion, which represents a margin of 7.4% in the quarter, and $6.8 billion in 2025, with a margin of 7.9%.

Adjusted EBITDA in US GAAP totaled $1.5 billion, which represents a margin of 6.5% in the quarter, and $5.8 billion in 2025, with a margin of 6.7%. Adjusted operating income was $1.1 billion, with a margin of 4.7% in IFRS and 4.8% in US GAAP in the fourth quarter.

In 2025, adjusted operating income was $4.5 billion in IFRS, with a margin of 5.2%, and $4.4 billion in US GAAP, with a margin of 5.1%. Net income was $515 million in the quarter and an earnings per share of 39 cents.

For the year, net income was $2 billion and earnings per share of $1.89. Excluding the nonrecurring items, adjusted net income would be $500 million and earnings per share of 47 cents in the quarter, and for 2025, $2.2 billion, with an earnings per share of $2.10.

Finally, return on equity was 25% and return on invested capital was 17%. Free cash flow in fourth quarter 2025 reached $990 million compared to $906 million in the fourth quarter 2024.

The main positive drivers were related to the deferred livestock, particularly in US, and inventories, reflecting strong revenue growth during the period. Despite an $850 million in working capital consumption in 2025, the cash conversion cycle remained resilient and in line with prior years' levels.

For the full year, free cash flow totaled $400 million. When revisiting the free cash flow breakeven IFRS EBITDA exercise for 2025, the initial estimate EBITDA to a breakeven level was around $6 billion.

However, considering the actual results, the EBITDA breakeven would be approximately $300 million lower. The main difference came from working capital, as mentioned earlier, mainly reflecting the deferred livestock effect and the decrease in inventories.

On the other hand, CapEx came in about $100 million above estimates as we executed $1.1 billion in expansion CapEx during the period. We also saw a higher number of biological assets, largely driven by the increasing livestock volumes and prices, while the remaining items came broadly in line with our estimates.

Finally, the higher cash tax paid in 2025 were mainly related to the tax payments associated with the results of 2024. For 2026, and for the purpose of the EBITDA cash flow breakeven exercise, we can assume a capital expenditures of $2.4 billion, of which $1.3 billion is for expansion and $1.1 billion is for maintenance, interest expenses of $1.15 billion, and leasing expenses of $500 million, and a consolidated effective tax rate of 25%.

Just to highlight, it is still too early to estimate the variation in working capital and biological assets as there are many factors beyond our control, such as grain and livestock prices. However, if you consider the same amount of working capital consumption and biological assets of 2025, EBITDA cash flow breakeven would be $5.7 billion, in line with 2025 numbers mentioned above.

On page 24, we present an historical free cash flow breakdown to help analyst forecasts. Our leverage ended the year at 2.39 times, in line with our long-term target of keeping net debt to EBITDA between 2 and 3 times.

In 2025, we also strengthened our balance sheet by extending our debt maturity profile, reaching an average debt term of approximately 15 years and an average cost of 5.7%. We have no significant debt maturities until 2031.

The coupons of our debt are below Treasury until and including 2032 maturities, with 32% of our gross debt maturing beyond 2052, and approximately 90% of the total debt is at fixed rates. It's worth mentioning that despite the 8% increase in net debt in the last 3 years, net financial expenses remained at the $1.1 billion per year.

Our $3.5 billion in revolving credit lines and $4.8 billion in available cash provide us the flexibility to continue executing our expansion CapEx, value creation projects, and shareholder returns while maintaining a healthy and robust balance sheet. For this reason, and given our strong cash position and leverage, we announced last night the payment of $1 per share in dividends to be paid in June 17th.

With that in mind, I would like to turn the operation for the question-and-answer session.

Hi, guys. Hope you listen to me well.

Thanks for time to ask the questions. I have two.

The first one, if you can give us an update on the business environment for PPC, especially in the US. There were some renovation works at the Russellville plant, wondering if those are completed, if operations are running fine, if this could be an issue at all for the quarter, as well as any update you see in the market regarding prices.

Seems that we are in an environment of a bit more supply than the first quarter of last year. If you see how robust is the market and how balanced the market today.

The second question is on the US beef operations. We saw pretty steep recovery in the beef spreads over the last few weeks.

To what you attribute this? Obviously, demand remains strong, but have been some capacity rationalizations in the industry.

Any updates on the Greeley situation also be welcome, and with regards of how that impacts your business and how you see the market for US beef right now. Thank you very much.

Hi, Lucas. Thank you for your question.

I will start here to talk about update in terms of Pilgrim's, and after that Wesley will give us the perspective of beef in US. As you mentioned before, we completed the transformation of three plants of Pilgrim's, already completed.

One we transformed from a big bird to case-ready because we have a strong demand in the retails, and this strategy was support the retail growth of the demand of chicken. The other two plants in reality is not a transformation, is adequate to produce the raw material for our prepared business.

Before, we sell the breast to the market because we are not able to deliver the appropriate cuts that our prepared foods needs. Now, we invest in machines, and we are not need to sell and rebuy the raw material.

Now, we deliver direct to our prepared business. This, of course, we catch the margin of the third party.

I think and we are keep best quality and able to react quickly in case of the increased demand. I understood there is a second point that you mentioned about supply demand.

I can say to you, the demand for chicken meat in US, not just in US, is a global demand, is very high across all the channels. If you take in consideration in US, the chicken placement in the beginning of the year grew around 3%, and the price of chicken breast increased in the market.

What this showed that a balanced supply and demand, because we increased 3% the placement of chick, and the price of the breast increased. USDA forecast for this year is that will be 2% growth in chicken supply.

If we grow 3% and the price market increase, we can anticipate if the forecast 2% will be a very good year for Pilgrim's in US. I think this is two components: the verticalization of our raw material production, we get more margins in prepared, and the growth of our prepared business in Pilgrim's.

Just BARE have a strong demand, and we are investing in new factories. We see that this year will be a good year for Pilgrim's.

Lucas, good morning. Fourth quarter for us was a pretty good quarter given the market conditions on the beef side.

It's common knowledge that given the market data that the beginning here of the first quarter has been really tough, really difficult, very challenging, probably the most challenging we've seen in this industry in a very long time. I don't know if there's any other time that we had such a negative spread for January and February ever.

It seems now that current data shows that March is showing that it's going to become better, sharply better than where we were from January, February. Let's see what comes out of that.

One of the things that has happened in this scenario that we have very low cattle availability and very low processing volumes, is that the market has become more volatile than we were used to in this market. You see big fluctuations in cutout, big fluctuations in cattle, more so than what we were used to.

That's just a effect of having such a small volume. If the volume is a little bit higher, it has big impact and it's become a little bit more volatile.

When it comes to the strike in Greeley, it's very difficult to forecast how a strike would go on. We have a very good deal in front of that local.

We actually just did a national deal with 14 other unions in red meat, 14 other locals from the same union in red meat. It's a historic union company deal.

We have a variable pension plan. That's the first time in forever that the industry has brought back a pension, something like that for people when they retire, for our team members.

We have a very good deal. Actually, I think I would say it's probably one of the most innovative deals that we've had in a long time in this industry.

Let's see. We hope this gets resolved as soon as possible.

Thank you, guys. Thank you very much.

Hello, everyone. Thanks for taking my question.

My first question is on Seara and related to chicken supply here in Brazil. We acknowledge that discussions on the supply side should always be on a relative basis to demand, which seems quite strong at this point.

Just wanted to get your updated thoughts on the balance between chicken supply here in Brazil, what to expect going forward as we move into the second quarter of 2026. If you guys are expecting that the chicken supply increase to outpace demand in a way that we could see some profitability compression going forward, so that would be the first question.

The second one, still on US beef and a follow-up in the first question actually, is would you say that the current balance between slaughtering capacity in the US and demand and cattle availability will imply some capacity adjustments going forward from other players or even from you guys? What could you say on further capacity adjustments going forward because cattle availability is restricted right now?

Just wanted to get your updated thoughts on that as well. Thank you very much.

Thank you, Gustavo. Talking about chicken in Brazil and Seara and after that, Wesley will complement the answer about beef in US.

If you go to chicken in Brazil, the balance between supply and demand for chicken is still not very clear to us. In one hand, we have strong and growing international demand and new cases of poultry farming influenza in several countries that's a competitor of Brazil.

This could boost demand even further. The other hand, we have 2, 3% increase in chick placement up to February.

This is as a reasonable limit for growth in Brazil. There is some news that chicken breeder stock has increased.

In this scenario, it's difficult to predict the unfolding events if production of exceed market capacity. In this case, the sector industry has many of tools to manage this.

For example, we can export more fertile eggs, we can reduce the average age of the breeding stock, we can reduce the weight of the birds, among others. Means that so far the market is very balanced in the market, and we see strong demand in the international market.

Because if you look for the breeders can increase more the volume in domestic market, each industry needs to take its own decisions. They have a lot of ways to manage of this supply.

Because chicken is still in the farm, is to place it, is in the genetic. I can talk you about what we are doing.

We are focused on to strengthen our export leadership. It's one.

Enrich our value-added mix in domestic market. I think is the both strategy we have.

We have as well well-positioned in the international market and well-positioned in domestic market. We are add value and be more innovate in terms of the way that you present the product to the consumers.

Hey,

good morning, Gustavo. On the US beef, this question about capacity adjustments is very difficult for me to answer about, especially when it's something that's not related to our business directly, right?

It's would be competitors. It's very difficult for me to respond on that.

It's clear that there is more capacity in the US than there is cattle available. The US, not too many years ago, 4 years ago, had processed 33 million head, and now we're going to be below 27.

Or we're around 27, sorry. That in itself shows that, yeah, there is excess capacity.

Having said that, it's very difficult for me to respond about something that's regarding other companies.

Thank you, guys. Super clear.

Hi everyone. Thanks for taking my question.

My first one is related to Brazil beef and Australia. If you could talk to us a bit about how you're thinking about the export environment in the context of Brazil and also Australia eventually reaching the limit of the export quota to China, how you're thinking about how volumes are going to behave perhaps in the second half of this year, what are you thinking about your options here, and potential impact to the business divisions.

The second one for Guilherme. If you could share more details on derivative lines on your P&L that went a bit lower this quarter, that would be helpful.

Also, I know that it's still a bit early to talk about concrete working capital expectations for this year. If you had to evaluate looking at where commodity future is today for grains, for livestock, what would be your assessment on working capital potential as things stand today for the year?

Maybe a little bit below 2025, in line with 2025, if you have any on working capital. Thank you very much, guys.

Thank you, Lucas, for your question. Let me to separate, I think it's Australia is Brazil, there is different scenario.

Australia, we are not seeing many challenge in terms of after the quota in Australia to China, because Australia is a strong market demand, has a very strong presence in Japan, in Korea, in all of the Asian markets, and US as well, and Europe. Then Australia is easy to manage the volume for each one of this market.

Then we are not really worry about this situation. In Brazil, maybe it will be more complicated.

I will talk related to that, but our Friboi team is very confident that they will be able to deliver in 2000 in this year, 2026, the results in with the line that the last year. Why we are confident on that?

Global demand for protein is high, especially for beef. China's quota, if you talk about, we are expecting to end by the mid-year.

In reality, we don't know how China will manage this volume restriction. I believe that some countries will likely not be able to complete their quotas.

We cannot speculate, but this is a fact. Regardless this situation, Friboi has developed a new international market, new sales channels, and investing heavily in value-added and combined with customer service.

An example of this strategy is the program of Friboi Plus. At now, I think it's the last week at the Supermarkets Convention in Rio de Janeiro, Nielsen gave a presentation comparing a store with a regular butcher shop to one with Friboi Plus.

The results showed that the store with the program has a higher revenue and 40% higher overall sales, not just the butcher area, the overall sales. It's a strong program to support the growth of our customers.

At the same time, the retails now face a challenge because they need to improve the quality of the sales in the stores. Because this shift for more protein, this program, what GLP-1, and so on, that is booming the consumption of protein, they need to enhance the portfolio in the retail.

Our program is I think it's fit perfect with this trend, the necessity of the supermarkets. The other point, I believe in the second half of the year, when the supply of feedlot cattle increase, this coinciding with the end of quota of China, which is large and we know that China is the largest export sales channel, the price of cattle will likely be affected.

I think this will be correlation. Because of that, we are so confident that we are able to deliver this year in results in line with last year.

Hi, Lucas. On the derivatives line, what you saw there is any sort of derivatives that's not related to the operations.

With the recent volatility in currencies and other commodity prices made this number higher, despite we have a very limited VAR for those types of derivatives. Now on the working capital cycle side, so far what can I say, it's only about what we're seeing the first quarter.

First quarter 2025, we have a slightly lower working capital consumption than the first quarter of 2024, despite the $200 million higher impact of the deferred livestock. Again, it's too early to say for the whole year, but if considering just the first quarter, we had a little lower consumption of working capital.

Doesn't mean a lower cash consumption, given that the operational side is likely worse.

Very clear, gentlemen. Thank you very much.

Hi. Hello, everybody.

Good morning. Two follow-up questions going back into US beef and then Seara.

Wesley mentioned the strong quarter, considering the circumstances that you had. I'm still wondering what you believe justifies that performance.

A Q-over-Q margin rebound, it's not something typically happens, considering the seasonality in Q4 and even looking at the industry cutout spread. My question, you mentioned the volatility has been something that's even higher than usual, and maybe that has something to do with a particularly good quarter in Q4.

If you could elaborate a little bit more on what you think justifies that in this quarter in particular. The follow-up question on Seara, I think Tomazoni talked a lot about chicken demand and protein demand in general.

My sense is that what really drove this very good margin at the Seara division in the quarter was really related to chicken, fresh chicken, in natura chicken exports as opposed to the domestic prepared food portfolio. My question is really if that understanding is accurate in terms of, again, in natura margin versus prepared food margins for Seara in the quarter.

Thank you.

Thiago, good morning. Especially when when the market is is is has such a a volatility in in cattle prices and and cutout pri- cutout values, it's it's it's very possible, especially when you look at just a quarter, right, that you have a quarter that you position yourself really well, another one that you position yourself a little bit worse.

Between quarters you could have those, just from a positioning perspective, you could be either have a very, very good you look pretty good or look a lot worse than than you expect, and all, just given this such a, intense volatility that more than we're we're expecting. I saw some some some reports, maybe question a little bit about if there was any hedging or derivatives.

There There's no there was nothing significant from that perspective. I think it's just when when markets are more more volatile and, you make positions selling out setting product upfront and all of that, sometimes you get good position, sometimes could get worse.

I I I I would, I think the best way to look at, performance is look at overall, longer term than just one quarter. One quarter could could could kind of be misleading, positive or negative either way, in in this sort of business, especially with this sort of volatility that we've we've been having on on cutout and cattle cattle price.

Yeah. That's that's a little bit.

Thiago, let me to make some position about what you said. It's the margin, if you understood well, your margin, you asked for the margin of prepared foods in domestic market and versus export commodity chicken to international market.

If you take just in consideration the margin, yes, the margin of international chicken was higher than the margin of prepared in domestic market. Say that, we improve the margin of the prepared food in domestic market.

If you remind, some quarters ago, I mentioned that we are advancing as a process to improve our price management in order to get the real value of the brand in domestic market. This is a continuous process.

We are now focus on take the advantage of we have the perception of the brand, Seara in the market, the penetration of the brand, and rebuy of the brand from the consumers. We are strengthened our process in order to get this value.

Because of that, we are continuous improving the margin in domestic market. Yes, you are right.

If you compare this quarter, the margin of international market for chicken was higher than the margin of prepared in domestic market.

Thiago, just to complement something on beef that I meant to say and I forgot. For sure this comparison quarter-by-quarter could create a little bit of that when it comes to positioning of how you sell forward and how you buy and all of that.

Having said that, we're very satisfied with the way we're operating. There's still opportunities for sure.

There's things that we're working on. When we compare our operations, just the things that in how we're running our plants and how we're running our sales strategy, our procurement strategy, compared to few years ago, we think we've made a lot of progress and I think we're doing a lot better than we've been doing in the past.

That's all very clear. Thank you.

Hi. Good morning, everyone.

Thank you for taking the questions. First, it's on the working capital for the quarter, right?

You mentioned the deferred payment of livestock, as well as inventories. Can you just give a little bit more details on the inventory performance and versus what you were expecting, right, when you mentioned in Q3 for the remainder of the year?

What changed? How can that if there is any impact to be postponed or translated into 2026 performance?

Second, on Seara, you were mentioning, right, Tomazoni, about the margins in Brazil. Can you comment how you're seeing Brazilian consumers behaving in the beginning of the year?

If there is room to increase a little bit prices and if volumes have picked up. We noticed that retailers were running with lower inventories in the end of 2025, and there was any significant change in behavior in the beginning of the year.

Finally, if you could give us a brief overview how are your grain inventories and how you're seeing feed costs for the remaining of the year? Thank you.

On the working capital cycle, Isabella. Every fourth quarter is a quarter that we decrease inventories, and we rebuild them in the first quarter.

The same happens to the livestock, which we postpone payments from one year to the other. Between 2024 and 2025 and '26, we postponed this year $600 million in livestock.

Last year, we had postponed $400 million. We had a $200 million better impact on the fourth quarter.

That will be a $200 million worse impact in the first quarter that I mentioned in the previous question. In the inventory side the same thing.

We are seeing the same level of inventory rebuild that we saw in the last years.

Isabella, thank you for your question. When you look for you have two separate question.

One is, if I understood well, one is related to the behavior of the consumer in domestic market with Seara. We see that the market start a little bit weak in the beginning of the year, in January, but they back.

Now, when we look for our sales, we are grow the sales compared to the last year, but with different mix, with a value-added mix growing much faster than the traditional low value-added. It's difficult to say what is value-added or not value-added, it's prepared.

Say, look, I called the traditional, they are selling less than the innovation. We have a huge growth in the innovation line with a high-protein product, air fry, product designed for air frying product, clean label product.

This kind of innovation, they grow much faster than the other ones. Average, when we compare this year with the last year, we are grow.

Even some challenge in some different channels, but is growing. It start just to be clear, it start very tough in the beginning, and recover.

Now, our sales is higher than the last year for prepared. When you talk about the cost, you talk about grains, because there is a lot of consideration.

We have different view in terms of corn and soybean meal with these two key elements for our feed. In the corn market, we see an upward trend.

We should expect higher costs in 2026. Due to, if you look for, reduced a global stock and solid demand, increased the crude oil price that boost in ethanol margin as well, the cost and availability of fertilizers, US acreage at risk given the soybean ratio, and the second crop in Brazil in phase of some climate risk.

Then we are, I think we expect higher costs for corn. In the soybean meal, we see price stability.

Due the, if you look for the, crush margin, they are positive. Has the crush margin are positive, we result in as abundant supply.

In the other part, weak Chinese demand due the tight pork margin in the market. I think for soybean meal, we need to monitor US acreage issue and the biofuel policy.

Anyway, our outlook remained bearish.

Super clear. Thank you very much.

Hello, everyone. Thanks for taking my questions.

I have two. The first, on US beef.

Wesley, if you could comment about the Mexico cattle import, right? They have been shut for a while now.

Maybe this could be a discussion, the reopening could be a discussion amid the higher plat prices in the US. Would be great to hear your thoughts in how relevant that could be in shaping the outlook for 2026 if we saw a reopening of the animal imports from Mexico to the US.

That would be the first one. The second is a quick follow-up on Seara.

Seara has been through a very big investment cycle over the past few years. Would be great just to hear how those investments have already ramped up, and what would you expect for volume growth into 2026 as probably will complete the ramp of some of those plans.

Thank you very much.

Henrique, good morning. On Mexico, it's difficult to tell when that's going to reopen.

It's very meaningful. It's 1.2 to 1.5 million head per year.

It's more than the size of a double-shift plant, right? It's a big volume, and it's very important, especially to the south of the US.

The USDA is doing a good job in doing all it can to keep the disease outside of the US. They are working on the sterile flies and all of that.

Mexico obviously is also trying to get this resolved as soon as possible. For me to be able to tell you I hope that this would get resolved within the year, but I have no way to forecast and to even have an indicator of if that's going to really happen anytime soon.

It's really important. It's probably the most important short-term change that could happen to this whole beef supply and demand equation.

The most relevant in the short term, for sure, is this whole Mexico thing. It's very important, especially for the south of the US.

Again, very difficult for me to tell you a forecast. I hope it opens this year or as soon as possible.

Very difficult to forecast.

Henrique, and about investments of Seara, all of them will be completed this year. We take completed, the additional capacity will be around 10, 13%.

I say 10, 13% because depends on the mix. There's some mix that is less volume, high value.

Depends on that, but you can consider 10, 13% in terms of volume capacity to grow.

Very clear. Thank you very much.

Good morning. Thanks for taking my question.

Just following up real quick on the CapEx side. I think you said about $1.4 billion for expansion.

I know there's a lot that Pilgrim's Pride has as part of that and share of it with their outlook in terms of CapEx. Could you remind us a little bit about some of the other projects you're currently talking and working around as it relates to capacity expansion aside from what Tomazoni just mentioned on Seara?

That would be my first question. I have a quick follow-up as well.

Hi, Ben. Basically the other CapEx is the Pilgrim's Pride extension on the prepared food parts, on the rendering facilities, the pork sausage plant in Iowa, the ones that we announced it.

Also the Oman project, we also announced it, a plant in Paraguay, Cactus, Texas also on the beef side. Anything that everything that we've been announcing, and of course, all these CapEx expansions are phased out throughout the years, and that's the portion for 2026.

Perfect. Then as you kind of like look from just general capital allocation, obviously, you announced the $1 dividend per share and that very large CapEx program.

We're seeing a bit more activity right now as it relates to M&A activity within food companies in generally, but particularly between European and North American companies. Just wanted to get your latest as to your willingness or the opportunities you might be seeing on growth through M&A, which obviously has always been part of JBS's DNA to grow.

Thank you.

We're always looking at opportunities throughout everywhere in the world, but there's nothing that we are looking very keen at the moment. That's one of the reasons that we increased our organic growth, because we're not seeing many opportunities on the acquisition front.

I think that there's nothing that we could say that we expect for now. Anything in terms of M&A, so that's why we increased the expansion CapEx, and that's why we are returning capital to the shareholders, and given that our net interest expenses continue to be at the $1.1 billion level, we are very comfortable with this capital allocation.

Perfect. Thank you.

Hey, guys. Good morning, everyone.

Thank you very much for the questions, and congrats on the results. I have two follow-ups.

The first one, this is on volumes, right? Tomazoni, you have been very vocal on the solid momentum for global protein markets.

To be honest, when I look over the last few quarters, obviously a lot of debate on the margin cycles, but volumes and top line has been consistently surprising everyone to the upside. I think it might be a continued source of upside going forward.

It's difficult to break out for us your sales component between volume and pricing. Internally, from a volume perspective, would you please share with us what business units, segments, and destinations are the ones that are contributing the most with your growth, and which regions make you more excited with the opportunities for 2026, particularly if you could also comment on the opportunities in Africa?

I know you announced a few things last year. Just an update here, and then I can follow up with my second question.

Thank you.

Thiago, thank you for your question. If I understood well, you talk about Seara or

volumes overall. Yeah.

Okay. Overall.

Okay.

Overall, we see that the demand when you say all of the market, it's not just because we try to simplify, but it's the reality. We have a strong demand in Europe.

Friboi increased a lot of the sales of red meat in Europe, as Seara increased the volume in Europe. The demand in chicken in Europe mainly is driven by some avian influenza in some countries, and the demand for beef is because the beef production in Europe decreased.

I think it's not just Brazil sell more in Europe, and Australia sell more in Europe. If Australia and UK now they have a new agreement, and this is the demand is we are expecting grow the demand from beef in Europe.

The other part, we see demand in all of the Asia. Take China out of this component of Asia, but all of the Asia the demand is grow for chicken and for beef as well.

We see the demand and the market there is not new market. We opened a lot of new markets, but in traditional market like Japan, like Korea, we increased the volume from the market.

I believe this is the trend. It's not a trend because price, it's a trend because the demand increased and the local production decreased.

Decreased because of the cycles there or because of some disease in the market. We see Middle East.

Now we are facing a war there, but the flow of the product to the market didn't change so far. They change the logistical of vessels there.

The logistic of internal logistics, we need to change port, and when you change port, we need to use trucks to deliver the product to the customer. The flow is still there, the demand is there.

Because of this, we are investing in the Middle East, a new factory opened some months ago in Jeddah and the investment we are announcing in Oman, because the demand is strong. Then US, there is a strong demand for beef as well.

Australia, Brazil sell a lot of trimmers and to US. When I say a lot, more than before.

I was not say compared to the production in domestic. Sell compared what it's previous for that.

You see, look, we are not see that one market is restriction. We see the demand for all of the market.

Even in Brazil, the demand in Brazil for protein is high. Look for how Brazil have grown in terms of the number of head processed in Brazil, it's amazing.

What is this? This is because the global demand for protein, because there is a reason.

We have talked before about that. There is a trend, it's not a trend, is a structural change in the demand of the market because of regulatory guidelines.

In US, they change the guidelines, they put they need to eat more protein, need to go to 1.1 grams per kilo for 1.6, 2 grams per kilo. You can manage how much we need to produce to fulfill this market.

That there is all of the health habits that for young generation, for old generation, there is a new medicine technology, this GLP-1, and combine all of this, the demand is very high, very high. I think I don't know if I answer your question, Thiago.

Perfectly, Tomazoni. This is very helpful.

Thank you very much for this. On the second one, still talking about the conflict in the Middle East, obviously this is an ongoing situation, but could you help us framing the impacts so far in your freight expenses?

By freight, I'm mentioning seaborne freight, but also truck freight in Brazil, and maybe a sensitivity of how this could impact your profitability if sustained going forward, or how you plan to pass this along?

Thiago, I think I just mentioned before. The flow, the product go to the market didn't change, didn't change from Brazil, didn't change from Australia, any of the other markets, didn't change.

We keep supply the market. We have what we saw the cost.

We have a contract with the marine agents, and they put extra cost because of the risk to navigate in these regions. This is one the cost.

The second cost is the cost that we need to change the port. Some destination was changed from one port to the other port.

When we change destination from the different port, we need to add the truck transportation because there is no closer to the customers, then we need to add this cost of transportation. Far, all of this cost was beard by the market.

We not see impact in our results.

This is also true in Brazil, Tomazoni, with diesel prices?

No, in Brazil we see the increase of price of diesel and we see that increase in terms of the cost of freight. I talk about the Middle East, but when you look for Brazil, yes, you are right, increase the cost of the freight.

I think if the crude oil keep this price and depends of how are the development of this war, I believe that other costs will be increased, the cost of packaging and what is depend of the oil will be increased as a raw material. I think this will be the impact.

I think fertilizer will be impacted, and then I mentioned before when they talk about a cost of the corn, because the fertilizer will be higher, the availability of fertilizer, maybe the use of fertilizer will be reduced, and then the productivity of the crop will be low. I believe it's too early to predict.

Too early, because you don't know how will be the end of this war. I saw this impact in the short term, but could be back.

If they end the war, I think will be all back. I think this is a situation that how we are looking and act in this situation.

Makes sense, Tomazoni. Thank you very much, and congrats on the results.

Hi. Can you hear me okay?

Hi. Good morning, guys.

A lot has been covered already, but I'd like to ask a high-level question to begin. In looking at 2026 versus 2025 just across your global segments, where do you see pockets of improved market fundamentals, and where do you see pockets of maybe not so strong fundamentals throughout the year?

We'll start there.

Ben, thank you for your question. Ben, I think it's room of improvement we've seen in all of our business units, because we have a methodology to mapping the gaps.

It's one of the model that we work. All business unit need to understand, need to know very well where is the opportunity to improve.

Then we call mapping the gaps, right? When you have the budget, we go there and see the gaps and we forecast in our budget some gap up in each one of the operations.

It's not just from the business, but we got the business because we deployed each one of the process and subdivisions of the business. That is if you look for, is a huge opportunity we have yet, because that new technology, new way to do the things.

We are close the gap, we open a bigger gap, and this is the way that we are see or get the operational excellence. I think this is the mentality and the mindset for all of the business.

If you go to a structural, we see that Brazil is one of that has a huge opportunity for growth in terms of meat. Beef in Brazil, I think is if you compare Brazil in US, Brazil has more than double of the herds than US, more than double.

We produce, just this year or last year, Brazil produced a little bit more meat than US. Means that if we are able to get the same productivity than US, we can double the production in Brazil of meat.

Then we see Brazil, in terms of red meat, huge opportunity in the future for growth. Oh, but it's not for all.

All of the protein to produce in Brazil is very competitive, because we are grain competitive in terms of the cost of the grain. You are very competitive, we have a good quality management.

I think it's Brazil is one. We see US good opportunity.

Chicken US performed so well, and we see that the demand in US for chickens grow. Before, US export a lot of red meat leg quarters.

Now, I think it's huge turn of the volume for red meat is stay in the market because they start to appreciate the product made by red meat from chicken, say leg meats. I think it's in US it's an opportunity for growth for chicken, for pork.

The demand in US we have, if you look for the results of our pork business, they are very consistent results for a long period of time, well-managed business. We see that we can grow in pork business, because US is very competitive to produce chicken and pork.

Look, it's difficult for me because we are booming in all of the market that we are present. Australia, we are very excited with the pork business there.

We are delivering a great result there. If Australia now import pork meat.

Australia export grain. When you export grain, the price of grain is international price.

That is not makes sense that you export grain, import meat. You can produce meat there.

We are investing in our pork business, build farms and improving the operation, the productivity of the operation. We are so so excited with the opportunity for Australia.

Our salmon business, we have announced an investment to improve more than 50% our capacity of salmon in Tasmania. We see Europe.

Europe, I think is opportunity for growing chicken and mainly in chicken and value-added. Look, we are excited because we are in a segment, in a sector that is growing, is a protein.

We have a global platforms that we can easily beat this demand. I think is we are in a good situation in advantage to take this opportunity and transform this opportunity in results to the company.

I think this is I don't know if I answered or failed,

Ben. You did.

I really appreciate all the detail. That's very helpful context.

My second and last question would just be around the beef cycles. Just wondering if you're seeing a little bit more progress on US heifer retention, wondering about that.

Also curious about your thoughts on the durability of the Brazil cycle, and then of course the Australian cycle. If you could just kind of summarize that quickly, that would be amazing.

Thank you.

Thank you, Ben. We're seeing the herd rebuild more actively in Canada.

We're seeing that in the dairy business as well in the US, which also obviously impacts the overall supply. When we look at the USDA data, it shows that I think we are retaining heifers, but it's relatively slower than we expected.

I think it's all the economics are there. Everything should be there for us to be doing that.

Actually, I have an information that's pretty interesting is the beef cow slaughter. In 2025, for the full year, we processed 2.3 million head.

In 2022, was 3.9 million head. We're almost half of what the beef cow slaughter was in 2022, not too long ago.

I think that there is some information that kind of makes us more optimistic, but obviously it's slower than we would wish. Ben, related to Australia, we see we are in the middle of the cycle in Australia.

Back to Brazil, we see that the reduction of production in terms of the number of cows. The other side, you have a different force.

The Brazilian, if you look Brazilian in compared to US, or compared to Brazil, you cannot need to compare to US, you can compare for the high-level productivity in Brazil producers and the average of Brazil. The average of Brazil, they bring to harvest the beef at a 4 years age.

The good producer, or the modern farms, they live 2 years to get the product finished, to get the cows finished. Means that, at the same time, we have a reduction the age of the cows, and this combined with increased a lot of feedlot in Brazil.

Before, feedlot in Brazil was not well developed. Now you can see a lot of feedlots in Brazil.

In the other part, we have a improvement in genetic, improvement in nutrition. The corn ethanol industry now they deliver a good byproduct from the ethanol, that is DDG.

It is support a lot the growth of improvements in feed. We see that I think it's Brazil will be able to manage this situation and postpone the cycle, the cattle cycle, that is normal cattle cycle.

Got it. Thanks so much, guys.

Hi, Tomazoni, Cavalcanti, Wesley. Thank you for taking my question.

I wanted to go back to the US beef discussion. Understand we mentioned many points on the supply side.

I wanted to focus probably more on the demand side. If you can get first, a view on the resilience of beef prices.

We've been seeing some amazing beef prices in the beginning or even before the spring season. Just to understand if you feel this is feasible or even if it's possible for us to expect higher price throughout the next few months.

There was an interesting change in Choice and Select spread. I don't know if there's any signal on that point if you could provide us more information.

This discussion on the Product of USA label, understand it's really new, but if you have any early views on that would be interesting as well. Then on the second point, maybe more like an exercise here.

I understand that we've been discussing value-added products and processed foods and that US is the main focus for that. You already have a lot of revenue on that channel.

If we split that from the commodity business in US, would you say the performance for 2026, even for the end of 2025, but mainly for 2026, maybe better than the commodity business? Is this possible to do that exercise?

That's it.

Sorry, I was on mute. Good morning, Leonardo.

Demand remains pretty strong for beef. Obviously, supply is pretty short.

Seems like beef continues to be very resilient. Seems like ground beef is especially ground beef, we've always measured ground beef versus chicken breast versus pork loins, and it seems like the demand for beef in general just there is obviously there is a little bit of a substitution with other proteins, but the demand for beef still remains and remains pretty strong.

We see that going forward. All this labeling requirements and all of that, it's something that we're always, whenever something changes, we discuss with our retailers and our customers, and see what are the impacts and costs on that, but that's not something that I'm super concerned right now.

The value-added products?

Sorry that value-added question was about which business unit? Sorry, I missed that.

Exactly, not related to a business unit. If you could split, remove, or see just the value-added products and remove from the commodity business.

Would you say 2026 expects to be better or not

for that part of the business? Look, our focus is to increase value-added in brand.

Is the focus that investment, if you look for the investment we have done in the past, we prioritized the value-added products. Because is we take the advantage of verticalization of the product, and the second one is as higher margin, is more stable market.

That value-added is one of our priorities.

Okay. Just one more follow-up here on this split-up bill that was being discussed in the US government.

Understand it's more noise than anything, but any comments here?

Seems like doesn't have a lot of support. Right now it's not something that we're concerned about, Leonardo.

Okay. Thank you all.

Are you able to hear me now?

Now yes. Good morning.

Hello?

We can hear you.

Good morning, everyone. Thank you for taking my questions.

Over the last couple of years, one of the main points here of the investment thesis of JBS has been a bit of the geographic diversification, right? You do report each of the businesses individually in terms of Australia, Brazil, the US.

I just wonder if you could share a bit what is I think US is a good indication there in terms of the supply to the market, how much of meat, beef meat, in the US is being sold through JBS? Do you know a bit how much do you are selling today that it's coming from Brazil and Australia?

The point here is a bit of food security, right? Having this geographic diversification, how much you can maintain supply even when the cycle conditions are not there.

If you could give us some color there, I think it would be appreciated. The second question here, Tomazoni.

Over the last 2 years, you guys entered in a new protein, which is table eggs. Of course, you still have a minority stake only investment there.

I just want to hear a bit your thoughts going forward with this year behind you. What is your impression there, and how big is the opportunity there?

Thank you.

Guilherme, sure, it's very relevant to have access to import meat from Australia, from Brazil, when, especially in periods of time when there is a shortage of beef in the US. That does help, and obviously the volumes that Brazil and Australia produce are significant.

There isn't a supply problem when it comes to that. Having said that, the US is a very, very, very, very competitive place in the world, probably one of the most competitive places in the world.

The American rancher is among the most capable in the world to produce beef and high-quality beef. Obviously this shortage is a situational thing right now.

The US is a country that doesn't need to import in the long run. It doesn't need to depend on import.

It doesn't need to have imports to be able to supply its own demand. It should be able to, in the long run, for its domestic production to supply its domestic market, and actually be an important exporter of beef, like it's always been.

Obviously, in the short term, we have the situation that we're importing a little bit more beef than usual. It's useful to have that when there is a shortage, because the demand is still there.

The US is a very, very productive place, and doesn't need for beef and in the long run shouldn't depend on imports.

Guilherme, related to table eggs, we entered in the segment because we see that the affordability of the protein is one of the more affordable protein in the market. We, before to enter, we studied this category, and we are exciting.

The first movement we have done is to buy a company in US, and we are building farms in Brazil. We are excited with the business.

This is one of the business we want to grow.

Tomazoni, and just one follow-up there. You guys are also entering in the US, right?

What is also out there that you want to do on table eggs that you think it is a relevant market that you can play and make a difference?

Look, we just buy this farms in US, and we are without the population of the chick. Now, we are populate our farms, and we are exciting with this.

I think we go the strategy with Mantiqueira, because Mantiqueira has the know-how, and this accelerate all of our plans in the market.

Thank you.

Thanks. Can you hear me okay?

Good morning. Appreciate the question here.

A lot of good content covered. Maybe I could just focus on the first question, maybe just on your US pork business.

We've been hearing from US hog producers that they expect disease impacts to be the same, if not worse than last year. Was just wondering if you can kind of share what you've been hearing regarding hog disease pressure in the US, and if you would expect that to weigh in on margins in FY '26?

It could be. The margin impact it depends on how and when it does impact.

It doesn't necessarily mean that it's actually a negative impact. It could have a short term.

Obviously, we're not expecting disease, and we don't want disease, and we do everything we can not to have them. In the short term, you actually could have a higher, given a shorter supply, you could actually have a better margin if that happens.

Okay.

Appreciate the color there. My follow-up, maybe just wanted to further on some of the comments you made about the listing on the NYSE.

You've mentioned stock has seen some liquidity and valuation benefits, but that you're still expecting to get more. In the past, you all have talked about, I think, index inclusions and the potential to get into some of those, and the timing to get into some of those.

I think as we're looking in FY '26, was just wondering if you could maybe give us an update on what's out there in terms of inclusion on some of these passive indices?

Okay. On the multiple side, if you look at our enterprise value EBITDA, forward-looking, we are trading higher than we used to trade before the listing.

There was a multiple expansion already, but we still traded at a discount to our peers. One of the reason is also the index inclusion.

There was a research that was sent yesterday from Stifel, saying that according to what we released on our financial statements in terms of information of revenues and assets breakdown, we should be included in the Russell, which is next June, and it could bring around 14 million shares demand from passive funds. Again, it's out of our control.

We cannot guarantee that, but that's what is in the short term. On the longer term, at some point, most likely beginning next year, we will start to file to make files of 10-Ks and 10-Qs instead of 6-K in order to be eligible to the S&P family.

Then I think 2027, I think this year Russell is the plan. Next year, the plan is being on the S&P family, first on the S&P 400.

Once we reached $22.7 billion market cap, that's the threshold for the S&P 500, although, again, it's not on our control, it's their committee decision for shares inclusion. Also, one thing mention that our average daily trading volume is three times higher what it used to be before the listing.

The Brazilian investors fell to 10% of our free float, and the US investor today it's already 70% of our free float.

Great. Thank you for the color.

Hi. Good morning, everyone.

Thanks for the opportunity here. My first question goes to Wesley.

I wanted to circle back to the US beef business. You, in fact, already answered part of my question here, which related to the competitiveness of the US ranchers, right?

We're seeing very favorable conditions, right, for a faster herd rebuilding in the US with the beef prices, the cattle prices. My question here would be exactly when you look from the ranchers' perspective, right?

We see some concerns that labor, even succession plans, could be an issue for the ranchers longer term. You expressed a very strong positive outlook for the US beef industry, which is very good.

I would ask you to elaborate a little further on the drivers for the industry, especially from the ranchers' perspective, right? Is there anything that could prevent a more robust business expansion for the ranchers, anything that could be a risk in the horizon?

That would be the first question. The second one, just more broadly looking at the current market environment, the risk environment globally.

Does this situation here of increased volatility could imply an even more conservative approach when it comes to the balance sheet of the company? It's quite clear that the balance sheet is very strong.

In terms of leverage, in terms of debt maturity, you already showed this in details. The very short term, the current environment, does it imply an even greater conservativeness from your side, or nothing relevant so far?

Thank you, guys. Ricardo, so,

yeah, there is obviously issues that are very relevant. Succession is always very relevant, and labor and all that.

At the end of the day, I have a pretty simple view of this. It's the US and obviously interest rates are relevant as well when it comes to herd rebuild, right, because you have to carry more working capital and livestock and all of that.

At the end of the day, I think it's pretty simple. The US has the nature, has the culture, nature, just the environment, right, just the natural resources to do it, to have a thriving beef production.

It has the culture to do it, has the infrastructure like no other country. At the end of the day, we remain very optimistic about it in the medium-long run.

In terms of balance sheet, I think it's worth mentioning that sometimes you should not look at the net debt absolute value itself, but not even on the net debt to EBITDA. I think it's where I mentioned that last 3 years we increased our net debt in 8%, however, financial expenses stayed the same.

Through liability management exercises, we've been able to, despite increases in net debt, to keep the same level of interest expenses. Our capacity of debt repayment didn't change.

As long as we have this comfortable debt capacity repayment, we're not being needed any restrictions in terms of our return to shareholders or our growth, given that we have this comfort. Also, as I mentioned before, we don't have significant maturities in the next 5 years, which gives a lot of comfort that we don't need to go to the market at any interest rates.

Our cash position, it's also we ended the quarter with a $4.8 billion, which is around $1 to $1 billion, $1.5 billion higher than what is our minimum cash given our cash conversion cycle. Again, we have a lot of cushions that currently we don't need to be restricted in any of our initiatives.

Okay. Super clear, Guilherme and Wesley.

Thank you very much.

Can you hear me?

Yeah. Good morning.

Okay. Thank you.

Good morning, everyone. Thank you for the opportunity.

I'd like to talk a little about Seara. Regarding the first part of the question, this quarter, we saw a resumption of shipments to China after several months of suspension due to avian flu last year.

I'd like to understand how the resumption went for you guys. The resumption happened at around November, it didn't cover the entire quarter.

For Q1 '26, should we expect an even stronger quarter in terms of volume? Is this recovery gradual, or do you believe the full effect has already been captured in 4Q?

The second part of the question, I'd like to understand from the perspective of breaking down the positive impact, we have volume growth, as well as price improvements realized through premiums paid on certain chicken cuts destined for China, such as chicken feet. Given the increase in volume, there is also an effect of improved fixed cost dilution.

My question is, if you could break it down a bit, what we saw in terms of margin improvements, what influenced the most? Was it the increase in volume, the price improvements, or the fixed cost dilution?

Thank you very much.

Igor, it's not a simple answer for you. If you talk about the volume to China, when opened, this help a lot in terms of profitability, because we have the best market for chicken wings and for chicken feet is China.

Then we increase in terms of we fit we don't produce, we not market to deliver all of the production. Then, when we open the market, they improve volume and improve price.

About wings, they improve the price, because the value of the wings in China is higher than the other markets. Means that we got part of the benefit, because was in November, I think was October, November.

Now we got the benefit in this first quarter is all of the benefit. When you talk about what is the important, the cost of dilutions of price, of course, the impact of the feed, it's a huge impact in terms of profitability, because this represent 60% of our cost of chicken is goes to feed, around around 50, around 50.

This is huge. That is it's more than that to get increase the volume to compensate.

Of course, volume compensate, but not able to compensate all of this cost.

Okay. Thank you very much.

Great. Thank you for taking the question.

I hope you can hear me. I know a lot of questions have been asked at this point.

I would just like to ask two. First, around just the capital allocation.

You've already announced the $1 dividend per share that's going to be paid in June. That works out roughly to what you've been indicating for some time now around the ability to consistently pay about a billion dollars to shareholders.

Is that sort of how we should think about the dividend for the entirety of the year, or is there room to potentially increase that with a second payment later in the year? Then relatedly, how should we think about share repurchases, just given that you guys did do about $600 million in '25?

Then I'll ask my follow-up.

Hi, Priya. At this moment, we are sticking to what we will try to do as long as our leverage ratio allows to have the $1 billion per year in dividends.

I think this $1 billion is what we plan to pay this year. Then depends on how much excess cash or cash flow generations, then we can reevaluate a share repurchase again or not.

That will depend on the cash generation in the next quarters.

Great. Thank you.

Then I think you were pretty clear just now about not having any maturities in the next 5 years or so and so you don't have any real need to come to market. Some of your bonds do become callable later this year and into early next year.

Is there scope for you to think about addressing those or consider other liability management, or would this rate backdrop not necessarily lend? Thanks.

Yeah. Now, the callable bonds they have a very low interest rate, it's not worth it.

The coupons are below Treasury. There's opportunities to decrease interest rates and extend maturities on the '34 and '33 maturities.

Maybe I think liability management could be targeted on those two bonds, '33s and '34s, which has high coupons and higher than what we could be issued today at 30 year, for example.

Thank you.

Good morning. Thanks for the question.

Two for me on North America. First, on the value-added side.

Traditionally, there's been a focus on value add through M&A. More recently, you've gotten involved in CapEx to build the Italian meats business.

I am curious, alternatively, I know you had a relationship with Wendy's. You had done some test marketing of Wendy's burgers last summer.

I'm curious what you sort of learned from that test market and how you think about maybe licensing third-party brands to get those value-added brands in-house in lieu of making expensive acquisitions or even investing to build brands from scratch? Good

morning. Look, we obviously look at every option.

For us, Greenfield has made more sense recently just because of valuations and the price of building some of these things, and actually some of these businesses that we did Greenfields, it's better to have a new plant instead of buying old assets. That was very specific to those Greenfield projects.

The project with Wendy's was very interesting. It worked out well, and it's great partners.

It's an option as well, we'll look at that, too. We've seen that it's not necessarily, as you mentioned, expensive as in kind of prohibitive to build brands.

Look at what we've done with Just BARE, right? We never had an earnings call or Pilgrim's hasn't had an earnings call that they said that they were, had invested that the results weren't good or

for one reason had a negative impact because we were building brands, right? We build brands as we build the business, and it was sustainable in itself.

Nowadays, it's a $1 billion brand. In revenue.

I think it's possible to do those two things at the same time.

Okay. Thanks for that.

A follow-up, also in North America. Guilherme, I think you mentioned there's really no imminent M&A on the horizon here.

I am curious on the egg industry. You're seeing where prices are for eggs.

I'd imagine there's a fair amount of distressed profitability in the industry. I'm curious, looking at producer capitalization, that business specifically relative to beef, pork, other species where you've made acquisitions in the down point in the cycle.

How do you think about this profitability issue in eggs right now, maybe accelerating your ability to build out and maybe be opportunistic and acquire some assets in eggs? Thank you.

Hi, John. Basically, it all depends on having the opportunity at the asset price.

Sometimes it's not related to the current egg price. We always looking at opportunities, it's difficult to say.

Then that's our approach. It has to be an accretive acquisition.

Thanks for your time.

Thank you.

I would like to thank everyone for joined us today and all JBS team members for their dedication, commitment to deliver the results. Let me close with three key points.

First, growth. We deliver record revenue of $86 billion, a 13% growth for the three prior years, reflecting the strength and consistent of our global platform.

Second, return. We continue to operate with strong capital discipline, with return on equity at 25% and return on invested capital at 17%.

Third, earnings per share. EPS reached $1.89, up 15% year-over-year, growing faster than net income, and reinforce our focus on shareholder value.

As we look ahead, we haven't changed our focus: execution, efficiency, and disciplined capital allocation. That is what allowed us to deliver consistent results and build a long-term value.

Thank you.