Pilgrim’s Pride, JBS Australia and Seara were highlights; earnings per share of $1.89 up 15% last year
JBS posted record net revenue of US$ 86 billion in 2025, up 12% compared to 2024. In reais, the amount is close to half a trillion. Net income grew 15% in the period, consolidated at US$ 2 billion in the year. The main drivers of these annual results were the operations of Pilgrim’s Pride, JBS Australia and Seara, which operated with strong expansion and value creation.
The year’s performance proves the resilience of the Company’s global multi-protein and multi-platform strategy, which results in discipline and agility in different market contexts. JBS reported IFRS adjusted EBITDA of US$ 6.8 billion and EBITDA margin of 7.9% in consolidated 2025.
“Ending 2025 with 15% revenue growth — the highest in our history — is a testament to the strength and resilience of our diverse platform, both in protein and geographies. At the same time, the 15% increase in profit reinforces the consistency of our execution, sustaining robust margins and our ability to continue generating growth and shareholder value,” said Gilberto Tomazoni, Global CEO of JBS.
The solidity of the results throughout 2025 was also reflected in the evolution of the return on equity (ROE), which was 25% in the last 12 months. Compared to the consolidated result of 2024, the indicator advanced 3.2 percentage points.
The performance was driven by the expansion of operating results, greater discipline in the allocation of resources and focus on generating value for shareholders. Earnings per share (EPS) jumped 15% compared to 2024 and ended 2025 at $1.89.
Leverage in U.S. dollars ended the year at 2.39x, in line with the company’s long-term goal and stable in relation to 3Q25. In addition to this indicator, JBS has a comfortable amortization schedule, with no relevant debt maturities expected until 2031 and with a highly competitive cost of debt, with coupons until 2032 positioned below the rates of U.S. Treasuries.
For Guilherme Cavalcanti, Global CFO of JBS, the 2025 results prove the Company’s efficiency and the discipline of capital allocation. “Our strategy allowed us to maintain our leverage between 2x and 3x, and to work with an extremely elongated debt profile. This brings us the financial security and liquidity needed to get through the volatility of the cycles and continue to deliver solid returns to our investors.” Year-to-date, free cash flow totaled $400 million.
Business Units
Pilgrim’s Pride
With an EBITDA margin of 15.2% for the year, Pilgrim’s Pride continued to grow supported by the strength of its operations and disciplined management. The fresh portfolio benefited from strong demand in the U.S. market and diversification through branded product offerings achieved a historic feat with Just Bare, hitting $1 billion in sales. In the operations in Europe and Mexico, results continued to improve, with factory optimization, management integration and a better product mix.
JBS Australia
JBS Australia posted an EBITDA margin of 11.3%, reflecting the growth in volumes in the domestic and foreign markets. The beef segment was the main driver of profitability. Improved prices and volumes offset the 20% increase in the cost of cattle in 2025, according to Meat & Livestock Australia (MLA). The pork and salmon segments also posted improved margins, driven by operational execution and higher productivity.
Seara
Seara posted an EBITDA margin of 16.9% in 2025, driven by the highest export volume in its history, despite temporary restrictions in key markets such as China and Europe, and sales performance in the domestic market. The growth in sales and volumes was the response of strong commercial execution, continuous brand consolidation and constant innovation, adding greater value to the portfolio. Among the value-added innovations, the brand launched the Seara Protein line, frozen meals with higher protein content, a line of products for preparation in the Air Fryer, as well as snacks in partnership with Netflix.
JBS Brazil
With an EBITDA margin of 6.2% in the year, JBS Brasil posted strong revenue growth. Friboi recorded the highest processing volume in its history, reflecting strong demand and expansion in the foreign market, as well as the strength of the brand, solid commercial execution, improved service levels and the continuous offer of value-added products through Friboi+ in the domestic market. Friboi was once again recognized as Top of Mind, winning in the meat category for the sixth consecutive time and in the barbecue category for the second consecutive time, reinforcing its leadership in Brazil.
Beef North America
In the United States, JBS Beef North America achieved record revenues of US$ 28 billion in 2025, supported by firm demand in the United States. The beef sector continues to have prices at historically high levels, as a reflection of the lower availability of animals in the midst of the current American livestock cycle. The herd is the smallest in 75 years.
In addition, imports of live cattle from Mexico were restricted as of May 2025, because of sanitary issues, impacting the supply of the market in the United States.
JBS USA Pork
JBS USA Pork posted record net revenue for the year, of US$ 8.4 billion. The performance was driven by solid demand and the expansion of the portfolio of branded and value-added products in the domestic market and also in exports. During the year, the Company announced the expansion of production of pre-cooked bacon and breakfast sausages through the acquisition of a manufacturing facility in Iowa, as well as the construction of a new facility announced in Iowa.
“The Company is delivering growth and value, with financial discipline. The high profitability is a reflection of the success of the strategy and the excellence of our team’s execution”, said Tomazoni.
