JBS N.V. reported record full‑year 2025 revenue of $86.184 billion, up 12% from $77.18 billion in 2024, and net income of $2.0 billion, a 15% increase from $1.767 billion the prior year. The company’s adjusted EBITDA reached $6.8 billion, giving an adjusted EBITDA margin of 7.9% under IFRS.
The fourth‑quarter results showed revenue of $23.063 billion, a 15% rise from $20.0 billion in Q4 2024, and net income of $415 million, up 1% from $413 million. Adjusted EBITDA for the quarter was $1.715 billion, down 7% from $1.847 billion in Q4 2023. The company’s Q4 EPS was $0.39, slightly below the consensus estimate of $0.3994 and $0.41, marking a modest miss.
Management highlighted that the record sales were driven by strong performance across all business units, with Pilgrim’s Pride, JBS Australia, and Seara posting robust growth. JBS Beef North America and JBS Brazil also delivered record sales, while higher cattle prices in the U.S. outpaced cut‑out values, compressing margins in the North American beef segment. CEO Gilberto Tomazoni said the 15% revenue growth “demonstrates the strength and resilience of our diversified platform across proteins and geographies.”
The company’s full‑year EPS of $1.89 matched the consensus estimate, but the Q4 EPS miss reflected the impact of higher cattle costs and margin compression in the U.S. beef business. The adjusted EBITDA margin remained strong at 7.9%, indicating that the company’s cost‑control and pricing strategies offset some of the headwinds. CFO Guilherme Cavalcanti noted that the company’s strategy has allowed it to maintain leverage and continue investing in capacity expansion and efficiency initiatives.
Analysts reacted to the results with a mixed view. Morgan Stanley reiterated an “Overweight” rating, noting that the company’s earnings momentum is not the core pillar of its bullish thesis but that it “outperformed peers again, operationally speaking.” JPMorgan highlighted that the North American beef division performed better than expected, with margin compression still under control. Santander analysts pointed out that derivatives contracts helped offset elevated U.S. cattle prices, and that beef demand remained strong despite higher prices.
The market reaction was tempered by the EPS miss and margin pressure in the U.S. beef segment, but the record revenue and dividend announcement of $1.1 billion (6.3% yield) were viewed positively. The results reinforce JBS’s position as the world’s largest meatpacker and suggest that its diversified platform can sustain growth even amid commodity price volatility.
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