JBS N.V. reported record net sales of $21 billion for the second quarter of 2025, marking a 9% increase year-over-year. The company achieved an adjusted EBITDA of $1.8 billion, translating to an 8.4% margin, and a net profit of $528 million, with earnings per share of $0.48.
Performance across segments was mixed, highlighting the value of JBS's diversification. Pilgrim's Pride, the poultry operation, achieved its highest EBITDA in history at $687 million, driven by lower grain costs and robust U.S. demand. Seara delivered consistent results with an 18.1% EBITDA margin, despite a temporary 5% EBITDA impact from an avian influenza outbreak.
JBS Brazil's Friboi segment saw net revenue increase by 20% year-over-year, reaching a 6.4% EBITDA margin, while JBS Australia delivered a strong performance with 20% revenue growth and a 12.7% EBITDA margin. Conversely, the U.S. beef business faced significant pressure from an unfavorable cattle cycle, and the U.S. pork business experienced short-term disruptions due to trade restrictions.
The company ended Q2 2025 with net leverage at 2.27x and stable interest coverage at 7.7x, well within its long-term targets. JBS proactively refinanced $3.5 billion in debt, extending its average maturity from 11 to 15 years, and maintains $3 billion in available cash and $3.4 billion in revolving credit lines.
Management projects capital expenditures at $2 billion for both 2025 and 2026, with working capital expected to consume $900 million in 2025 before normalizing in 2026. JBS anticipates an immediate recovery in U.S. pork margins as of Q3 2025 and a gradual improvement in U.S. beef from late 2027 or early 2028.
JBS remains committed to shareholder returns, targeting approximately $1 billion in annual dividends, and initiated a $400 million share repurchase program. This program underscores management's belief that the company's shares are undervalued relative to global peers, representing an efficient use of excess cash.
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