JBS Adjusted EBITDA Falls 36% to $1.18 Billion as Net Sales Edge Up 1%

JBS N.V. (NYSE: JBS) reported third-quarter net sales of $22.7 billion, up 1% from a year earlier, and adjusted earnings per share of $0.16, against $0.54 in the third quarter of 2025, according to an 8-K filed Monday, Nov. 9, 2026.

IFRS adjusted EBITDA was $1,181 million, down 36% from $1,835 million a year earlier. Net income attributable to JBS was $164 million, or $0.15 per share, compared with $581 million, or $0.52 per share, in the prior-year quarter.

Segment results

JBS Beef North America returned to positive adjusted EBITDA under US GAAP, at $21 million, the company said. On an IFRS basis the segment posted a loss of $2 million. Pilgrim's Pride's IFRS adjusted EBITDA fell 40% to $462 million, with its margin at 9.9%. JBS USA Pork's IFRS adjusted EBITDA dropped 83% to $37 million, which the company attributed to softer domestic and export demand for pork. Seara's IFRS adjusted EBITDA rose 2.5% to $331 million.

JBS Brazil's adjusted EBITDA fell 54% to $141 million, which the company linked to lower exports to China after the 2026 quota was completed. JBS Australia's adjusted EBITDA declined 21% to $198 million.

Cash flow and leverage

Free cash flow was negative $167 million, a $551 million decline from a year earlier, which the company attributed to the drop in adjusted EBITDA and higher working capital in Brazil. Net leverage ended the quarter at 3.54x. The company said it increased its revolving credit facility to $4.2 billion from $3.5 billion and that total liquidity reached $8.2 billion.

Outlook

Chief Executive Gilberto Tomazoni said that JBS Beef North America and JBS Brazil show more constructive market dynamics at the start of the fourth quarter, as Chinese demand strengthened ahead of the 2027 quota. The company will host a conference call on Tuesday, Nov. 10, 2026, at 9:00 a.m. Eastern Time.