JBS N.V. (JBS)

We have adjusted our estimates for JBS reflecting a more cautious outlook for Pilgrim’s Pride (see our note published today), US Pork and JBS Brasil offset somewhat by a more constructive outlook for JBS Australia…

JBS reported 2Q26 EBITDA that modestly bested our projection (~$69MM). Outperformance was driven primarily by US Pork and Australia, while US Beef was spot on with our model. Notably, consensus remains comprised largely of IFRS-based…

Despite an improved outlook on Beef (all three regions), our Q2 and full-year estimates move lower. Our Q2 EBITDA estimate (GAAP basis) goes ~5% lower, but our full-year 2026 projection declines just 1% as a…

Q2 markets were characterized by continued margin deterioration. QTD broiler margins improved sequentially but currently lag the Q1 average. Both fresh pork and hog production margins contracted yr/yr and beef margins deteriorated further. Unsurprisingly, the…

JBS reported Q1 results modestly ahead of our estimates (EBITDA ~$30MM) had we adjusted our estimate for Pilgrim’s previously reported Q1 shortfall. Relative to us, outperformance was driven primarily by NA Beef/Pork and JBS Brasil,…

China’s latest (15th) Five-Year Plan (2026-2030) approved this past March echoed the 14th FYP’s emphasis upon foodstuff security as a priority. The latest iteration calls out diversification and modernization of agricultural systems as key to…

JBS reported Q4 results nicely ahead of our expectations driven by outperformance in Australia and JBS Brasil. Within the latter, we believe lower-than-expected corporate expense was the primary driver versus our estimates, while Australia benefited…

Our coverage is greatly impacted by most global conflicts, given its intersection with global grain and energy markets. The Iran conflict’s impact on energy prices was immediate, but reverberations are expanding each day as critical…

We have raised our Q4 estimate (recall our projections are U.S. GAAP) as PPC’s Q4 results were better-than-expected; we also believe Seara and JBS Brasil performed somewhat better than previously anticipated. We did not change…

S&D dynamics should remain favorable for much of our coverage in 2026, but we continue to believe full-year conditions will be looser than last year in both the U.S. and ROW. Given disease and weather,…