Q2 2026 Pilgrims Pride Corp Earnings Call Transcript
Key Points
- Chicken demand remained firm across all regions, with volumes increasing in both retail and foodservice channels.
- US Prepared Foods volumes grew nearly 14% year-over-year, with Just Bare retail sales up over 30% and achieving nearly 15% market share.
- Operational improvements in the US, including completed plant upgrades and better live operations, led to sequential margin expansion.
- The company completed the Russellville conversion to case-ready operations and is investing in Ellijay to support growing boneless chicken demand.
- China released 17 states from its avian influenza ban, resuming raw poultry shipments and creating export opportunities.
- Adjusted EBITDA margin fell to 7.8% from 14.4% a year ago, driven by a 27% decrease in US jumbo cut-out values.
- Mexico's adjusted EBITDA margin dropped sharply to 3.9% from 16.3% due to increased supply and lower-priced competing proteins.
- Europe faced margin compression from competition with imported pork into the UK and increased costs due to the Middle East conflict.
- The company incurred $136 million in legal-settlement expenses and a $26 million asset impairment charge in the quarter.
- Foodservice traffic declines in Europe led to lower volumes and sales, while Richmond brand growth lagged expectations due to intense competition.
Good morning and welcome to the second quarter of 2026 Pilgrim's Pride earnings conference call and webcast.
(Operator Instructions) At the company's request, this call is being recorded.
Please note that the slides referenced during today's call are available for download from the Investors section of the company's website at www.pilgrims.com.
After today's presentation, there will be an opportunity to ask questions.
I would now like to turn the conference over to Andrew Rojeski, Head of Strategy, Investor Relations, and Sustainability for Pilgrim's Pride.
Good morning and thank you for joining us today, as we review our operating and financial results for the second quarter ended on June 28, 2026.
Yesterday afternoon, we issued a press release providing an overview of our financial performance for the quarter, including a reconciliation of any non-GAAP
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