The results demonstrate the resilience of the Company's global multi-protein and multi-geography strategy. The performance of operations in Brazil and the strength of other business units helped offset the challenges faced due to the North American cattle cycle. During the first quarter of 2026, JBS reported adjusted EBITDA of US$1.13 billion, with a margin of 5.2%. In the same period, return on equity (ROE) was 22.1%.
"In the first quarter of 2026, we remained firmly focused on operational excellence. We understand the environment in which we operate and the natural cycles of each protein, and we manage the business with discipline and responsibility. That is why we adopted an austerity approach to reinforce cash generation and ensure we extract maximum value from our assets and investments," said Gilberto Tomazoni, JBS Global CEO.
He also highlighted that the quarter was particularly pressured by the Company's beef operation in the United States.
Cash flow consumption during the quarter reflects the typical seasonality of the period, marked by the concentration of supplier payments. Another factor affecting cash flow was the 20% increase in CapEx compared to 2025, totaling US$2.4 billion this year.
Dollar-denominated leverage closed the quarter at a balanced 2.77x, within JBS's long-term target range.
According to Guilherme Cavalcanti, JBS Global CFO, the Company's solid financial position provides protection against volatility.
"We executed our Liability Management strategy, extending the average ...
