Q2 2026 Jbs NV Earnings Call Transcript
Key Points
- Adjusted EBITDA improved sequentially across most business units, with JBS Brazil posting its highest-ever second-quarter EBITDA of $269 million.
- US beef EBITDA margin improved from -3.9% to -1.3% year-over-year, driven by operational restructuring and productivity gains.
- The strategic partnership with Danantara provides up to $5 billion for growth in Southeast Asia without stressing the balance sheet.
- Pork business delivered a solid EBITDA margin of 8.9%, up from 6.5% a year ago, despite challenging market conditions.
- Liquidity strengthened with a $4.2 billion revolving credit facility and total liquidity of approximately $7.7 billion, with no significant debt maturities until 2031.
- Net loss of $102 million in Q2 2026, impacted by nonrecurring items including $133 million in antitrust settlements and $81 million in bargain purchase gain adjustments.
- Net leverage rose to 3.1 times, above the long-term target of 2-3 times, due to dividend payments and first-half cash consumption.
- US beef remains under pressure with negative EBITDA margin of -1.3%, reflecting tight cattle supplies and historically high costs.
- Pork demand is weaker than beef and chicken, with lower cutout prices and pressure from prepared foods segment.
- Chicken supply in the US grew 4.5% in Q2, exceeding expectations and pressuring commodity big bird prices, though industry adjustments are expected.
Good morning, and welcome to JBS second quarter of 2026 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.
Any statements eventually made during this conference call in connection with the company business outlook, projections, operating and financial targets and potential growth should be understood as merely forecast based on the company's management expectations in relation to the future of JBS. Such expectations are highly dependent on the industry and market conditions and therefore, are subject to change.
Are present with us today, Gilberto Tomazoni, Global CEO of JBS; Guilherme Cavalcanti, Global CFO of JBS; Wesley Batista Filho, CEO of JBS USA; and Christiane Assis, Investor Relations Director.
Now I'll turn the conference over to Gilberto Tomazoni. Mr. Tomazoni, you may begin your presentation.
is leading the business and ensuring a smooth transition. We have been
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