Jbs Jbss3 Certo

RELEASE DE
RESULTADOS
JBS ENCERRA 2023 COM R$364 BILHÕES DE RECEITA LÍQUIDA

E EBITDA DE R$17 BILHÕES
SÃO PAULO, 26 DE MARÇO DE 2024 - A JBS S.A. (B3: JBSS3; OTCQX: JBSAY), anuncia hoje seus resultados do
4º trimestre e do ano de 2023. Os comentários referem-se aos resultados em reais, em conformidade com as
normas internacionais de contabilidade (IFRS), salvo quando disposto em contrário.
DESTAQUES 2023
• Gestão de Passivos: Em setembro, dando continuidade à gestão de passivos, a JBS emitiu US$2,5 bilhões em
Notas Sêniores, sendo: (i) US$1,6 bilhão com cupom de 6,75% e vencimento em 2034; e (ii) US$900 milhões com
cupom de 7,25% e vencimento em 2053. Em outubro, foi realizada uma emissão de CRA (Certificados de
Recebíveis do Agronegócio) no montante de R$1,7 bilhão. Com os recursos a JBS ampliou o seu prazo médio de
endividamento para 11 anos. Na Pilgrim’s Pride, subsidiária da Companhia, durante o ano de 2023 foram
emitidos as seguintes Notas Sêniores: (i) US$1 bilhão com cupom de 6,25% e vencimento em 2033; e (ii) US$500
milhões com cupom de 6,875% e vencimento em 2034. Os recursos foram utilizados principalmente para
recompras de Notas Sêniores de própria emissão e pagamentos de dívidas de curto prazo.
• Mercado de capitais: (i) Anúncio do plano de dupla listagem no Brasil (B3) e nos EUA (New York Stock
Exchange) com o objetivo de aumentar o valor de mercado da Companhia, atraindo um público mais amplo de
investidores, e ampliar sua capacidade de investimento; e (ii) registro das 11 Notas Sêniores na SEC (Securities
and Exchange Commission) ampliando a base de investidores, liquidez das notas e confiança dos investidores.
Com este movimento, a JBS passou a ter a obrigação de se adequar às regras da SOX, e ter suas
demonstrações financeiras auditadas de acordo com as normas do PCAOB, estar sujeita às regras do FCPA e a
obrigação de publicação do documento 20-F na SEC.
• ESG: Como parte do seu compromisso com as metas de sustentabilidade, a JBS expandiu sua frota de
caminhões 100% elétricos por meio da No Carbon, totalizando 260 caminhões. Adicionalmente, iniciou o
projeto de introduzir o uso de Biodiesel 100% na frota de caminhões própria no Brasil, produzido pela JBS
Biodiesel. Na frente de combate ao desmatamento, a JBS encerrou o ano com 20 escritórios verdes visando a
regularização e reintegração dos produtores. Desde o início do projeto, já foram quase 20 mil produtores
atendidos, mais de 8 mil regularizados e 3,4 milhões de cabeças de gado reintegradas. Ademais, para contribuir
para a economia circular e energia renovável, já foram investidos mais de R$220 milhões em projetos de captura
de biogás nos EUA, Canadá, Brasil e Austrália, com potencial de reduzir de forma relevante as emissões de
escopo 1.
• Investimentos: (i) Seara inaugurou o complexo industrial de Rolândia (PR), que conta com uma planta de
empanados e uma de salsichas, as maiores e mais automatizadas nestas categorias na América Latina; (ii) a JBS
USA Pork inaugurou sua primeira fábrica de especialidades italianas na América do Norte, dando continuidade a
estratégia de agregação de valor ao portfólio da Companhia; (iii) início da construção da primeira fábrica em
escala comercial de carne cultivada da BioTech Foods na Espanha e do primeiro centro de P&D também em
proteína cultivada em Florianópolis;
• Remuneração aos acionistas: Pagamento de dividendos intermediários no valor de R$2,2 bilhões,
representando R$1 por ação, imputados aos dividendos mínimos obrigatórios referentes ao exercício social de
2023.
Contatos de RI
Guilherme Cavalcanti
JBS (JBSS3) Valor de mercado Base acionária: Christiane Assis
Preço em 26.03.2024 em 26.03.2024 ações Pedro Bueno
Felipe Brindo
R$22,42 R$49,7 Bilhões 2.218.116.370 Vitor Figueira
Amanda Harumi
ri_ir@jbs.com.br
Destaques Financeiros em IFRS
CONSOLIDADO 2023 CONSOLIDADO 4T23

Receita líquida: R$364 bi (-2,9% a/a) Receita líquida: R$96,3 bi (+3,7% a/a)
EBITDA ajustado: R$17,1 bi (-50,4% a/a) EBITDA ajustado: R$5,1 bi (+11,6% a/a)
Margem EBITDA ajustada: 4,7% (-4,5 p.p. a/a) Margem EBITDA ajustada: 5,3% (+0,4 p.p. a/a)
Lucro líquido: -R$1,1 bi Lucro líquido: R$83 mi (-96,5% a/a)
Geração de caixa livre: R$1,9 bi (vs. -R$136 mi em 2022) Geração de caixa livre: R$4,3 bi (+550,4% a/a)
2023 4T23
JBS BEEF NORTH AMERICA JBS BEEF NORTH AMERICA

Receita líquida: R$116,3 bi (+2,0% a/a) Receita líquida: R$31,1 bi (+8,4% a/a)
EBITDA ajustado: R$563,5 mi (-94,7% a/a) EBITDA ajustado: R$-488,5 mi
Margem EBITDA: 0,5% (-8,9 p.p. a/a) Margem EBITDA: -1,6% (-5,2 p.p. a/a)
JBS AUSTRALIA JBS AUSTRALIA

Receita líquida: R$31,0 bi (-5,1% a/a) Receita líquida: R$8,6 bi (+4,1% a/a)
EBITDA ajustado: R$2,2 bi (-1,8% a/a.) EBITDA ajustado: R$883,9 mi (+40,1% a/a.)
Margem EBITDA: 7,2% (+0,2 p.p. a/a) Margem EBITDA: 10,3% (+2,7 p.p. a/a)
JBS USA PORK JBS USA PORK

Receita líquida: R$38,5 bi (-8,5% a/a) Receita líquida: R$10,4 bi (-1,7% a/a)
EBITDA ajustado: R$2,6 bi (-33,6% a/a) EBITDA ajustado: R$966,7 mi (-4,3% a/a)
Margem EBITDA: 6,8% (-2,6 p.p. a/a) Margem EBITDA: 9,3% (-0,3 p.p. a/a)
PPC PPC
EBITDA ajustado: R$7,6 bi (-28,5% a/a) EBITDA ajustado: R$2,2 bi (+145,4% a/a)
Margem EBITDA: 8,8% (-3,0 p.p. a/a) Margem EBITDA: 9,8% (+5,7 p.p. a/a)
SEARA SEARA
Receita líquida: R$41,3 bi (-3,9% a/a) Receita líquida: R$10,5 bi (-5,3% a/a)
EBITDA ajustado: R$1,8 bi (-60,8% a/a) EBITDA ajustado: R$670,4 mi (-4,8% a/a)
Margem EBITDA: 4,4% (-6,4p.p. a/a) Margem EBITDA: 6,4% (0,0 p.p. a/a)
JBS BRASIL JBS BRASIL

EBITDA ajustado: R$2,3 bi (-3,2% a/a) EBITDA ajustado: R$874 mi (+157,1% a/a)
Margem EBITDA: 4,2% (+0,1 p.p. a/a) Margem EBITDA: 5,9% (+3,5 p.p. a/a)
2
MENSAGEM DO
PRESIDENTE
Gilberto Tomazoni, CEO Global JBS
Ano após ano, temos ressaltado a importância de nossa plataforma global. Diante de um cenário desafiador como o que
enfrentamos em 2023, a diversificação de geografias e proteínas em que atuamos consolidou-se como nossa fortaleza.
Isso nos permitiu seguir gerando caixa, distribuindo dividendos e fortalecendo nosso negócio. Apesar da manutenção dos
efeitos negativos do ciclo do boi nos Estados Unidos, as medidas de gestão operacional adotadas no ano passado e a
melhoria do cenário no médio prazo nos permitem entrar em 2024 no caminho da recuperação dos resultados.
Nosso foco em excelência operacional foi a chave para a correção da rota de dois dos nossos negócios que performaram
abaixo do potencial em 2023: JBS USA Beef e Seara. Identificamos os problemas e agimos para adotar medidas de gestão
baseadas em nossa cultura, com foco nas pessoas e disciplina na execução. Os resultados dessas medidas já se fazem
sentir. As perspectivas para 2024 na Seara são positivas, com melhora importante já no primeiro trimestre do ano, que
tradicionalmente é desafiador para o setor. A Seara está hoje bem-posicionada para colher os resultados dos
investimentos em expansão realizados nos últimos anos.
Nossa estratégia multiproteínas em múltiplas geografias nos coloca em inigualável posição na indústria global. Essa força
nos permite capturar os resultados da alta do ciclo bovino no Brasil e na Austrália, enquanto a operação americana
enfrenta queda de margem em decorrência das condições sazonais. Na Austrália, a melhoria do cenário se reflete no
aumento expressivo da margem no 4º trimestre de 2023 ante o mesmo período do ano passado. No Brasil, onde o quadro
se repete, o crescimento significativo no volume de processamento de gado, a expansão das vendas de produtos de valor
agregado, a habilitação de novas plantas para abastecer o mercado chinês, bem como a melhora na rentabilidade da
exportação oferecem perspectivas promissoras para o negócio de carne bovina no curto e longo prazo.
Os negócios de frangos e suínos enfrentaram persistente pressão nos custos de produção ao longo de 2023, mas já se
beneficiam da normalização dos preços dos grãos, como demonstram os resultados da Pilgrim’s e da USA Pork. Também
se reflete na recuperação da margem desses negócios o maior equilíbrio entre oferta e demanda. As margens da Pilgrim’s
tiveram forte evolução, saindo de 1,5% no quarto trimestre de 2022 para 6,8% no quatro trimestre de 2023. Já as
margens da USA Pork saltaram de 4,8% para 9% no mesmo período.
Por meio de nossa plataforma global, atuamos com sucesso em todos os tipos de proteínas relevantes. Com resultados
acima do esperado, nosso crescimento na aquicultura reafirma nossa convicção de que vamos repetir nesse segmento o
que fizemos anteriormente com frango, suínos e produtos de valor agregado. Da mesma maneira, seguimos investindo em
pesquisa e desenvolvimento de proteínas alternativas, como plant-based e proteína cultivada. Em 2024, vamos inaugurar
uma fábrica de proteína bovina cultivada em San Sebastián, na Espanha. Também estamos construindo no Brasil o JBS
Biotech Innovation Center, um Centro de Pesquisa, Desenvolvimento e Inovação em biotecnologia. Somos uma empresa
de alimentos, nosso foco é atender os consumidores com todos os tipos de proteína que desejarem comprar.
Em 2023, mais uma vez, demonstramos nossa solidez financeira. A manutenção de nossa saudável geração de caixa nos
permitiu distribuir US$ 448 milhões em dividendos no acumulado do ano, gerando valor para nossos acionistas. Reduzimos
nossa dívida bruta em US$ 1,6 bilhão, do terceiro para o quatro trimestre de 2023, um processo que planejamos manter em
2024. Como mostra de nossa disciplina financeira, demos início ao processo de desalavancagem da Companhia no final de
2023: o índice registrou redução de 4,87x em dólar no 3º trimestre para 4,42x em dólar no 4º trimestre.
Permanecemos confiantes em nossa estratégia de longo prazo: seguiremos reforçando a nossa plataforma diversificada,
tanto geograficamente quanto por tipo de proteína, investindo em marcas fortes, produtos de valor agregado e parcerias
estratégicas com nossos clientes. Esse conjunto de ações é decisivo para o crescimento e melhoria das margens, com
redução de volatilidade. Os investimentos que entregamos em 2023 são marcos importantes nessa direção. No Brasil,
inauguramos no estado do Paraná duas fábricas que permitirão à Seara avançar em sua estratégia de expansão em
produtos de valor agregado. No mesmo sentido, inauguramos a fábrica de especialidades italianas da Principe em Missouri,
nos Estados Unidos, e investimos na nossa unidade de suínos de King's Lynn, no Reino Unido, para torná-la um centro de
excelência em frios.
A JBS tem demonstrado resiliência e força ao longo dos seus 70 anos. A plataforma diversificada da empresa, o
compromisso com a excelência, inovação e sustentabilidade, o foco nas pessoas e na cultura e, a dupla listagem nos
Estados Unidos e no Brasil, colocam a empresa em uma condição única para abrir um novo ciclo de aceleração de
crescimento e de retorno aos acionistas.
3
DESTAQUES CONSOLIDADOS
374.852 363.817
RECEITA LÍQUIDA
R$363,8Bi
2022 2023
EBITDA AJUSTADO RESULTADO LÍQUIDO
R$17,1Bi (R$1,1Bi)
9,2%
4,7%
34.568
15.458
17.146
2023
2022 2023 2022 (1.061)
GERAÇÃO DE CAIXA LIVRE
R$1,9Bi 1.865
(136)
2022 2023
Nota: gráficos em milhões.

4
DESTAQUES CONSOLIDADOS
96.341
92.865
RECEITA LÍQUIDA
R$96,3Bi
4T22 4T23
EBITDA AJUSTADO RESULTADO LÍQUIDO
R$5,1Bi R$82,6Mi
5,3%
4,9%
4.574 5.104 2.350
83
4T22 4T23 4T22 4T23
GERAÇÃO DE CAIXA LIVRE

4.334
R$4,3Bi
-48,5%
666
4T22 4T23
4Q22 4Q23
Nota: gráficos em milhões.

5
RESULTADOS CONSOLIDADOS
4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

R$ Milhões R$ % ROL R$ % ROL 4T23 vs 3T23 R$ % ROL 4T23 vs 4T22 R$ % ROL R$ % ROL 2023 vs 2022
Receita Líquida 96.340,7 100,0% 91.409,5 100,0% 5,4% 92.865,5 100,0% 3,7% 363.816,5 100,0% 374.851,6 100,0% -2,9%
Custo dos produtos vendidos (85.246,0) -88,5% (80.356,9) -87,9% 6,1% (82.177,6) -88,5% 3,7% (324.167,5) -89,1% (315.373,5) -84,1% 2,8%
Lucro bruto 11.094,8 11,5% 11.052,6 12,1% 0,4% 10.687,9 11,5% 3,8% 39.649,0 10,9% 59.478,1 15,9% -33,3%
Despesas com vendas (5.977,2) -6,2% (5.509,9) -6,0% 8,5% (6.311,9) -6,8% -5,3% (22.941,2) -6,3% (24.184,5) -6,5% -5,1%
Despesas adm. e gerais (3.440,0) -3,6% (2.906,9) -3,2% 18,3% (2.803,6) -3,0% 22,7% (11.547,1) -3,2% (11.829,5) -3,2% -2,4%
Resultado financeiro líquido (1.686,9) -1,8% (1.839,1) -2,0% -8,3% (2.133,8) -2,3% -20,9% (6.748,0) -1,9% (6.352,3) -1,7% 6,2%
Resultado de equivalência patrimonial (1,5) 0,0% 19,7 0,0% - 9,7 0,0% - 47,6 0,0% 60,5 0,0% -21,3%
Outras receitas (despesas) 98,6 0,1% (25,2) 0,0% - 904,7 1,0% -89,1% 141,5 0,0% 1.111,6 0,3% -87,3%
Resultado antes do IR e CS 87,9 0,1% 791,0 0,9% -88,9% 353,0 0,4% -75,1% (1.398,1) -0,4% 18.283,9 4,9% -
Imposto de renda e contribuição social 120,1 0,1% (100,4) -0,1% - 1.861,4 2,0% -93,6% 668,9 0,2% (2.082,6) -0,6% -
Participação dos acionistas não controladores (125,3) -0,1% (118,0) -0,1% 6,2% 135,3 0,1% - (331,8) -0,1% (743,4) -0,2% -55,4%
Lucro líquido/prejuízo 82,6 0,1% 572,7 0,6% -85,6% 2.349,7 2,5% -96,5% (1.061,0) -0,3% 15.457,8 4,1% -
EBITDA Ajustado 5.104,4 5,3% 5.409,4 5,9% -5,6% 4.574,5 4,9% 11,6% 17.146,1 4,7% 34.568,4 9,2% -50,4%
Lucro por ação (R$) 0,04 0,26 -85,6% 1,06 -96,5% n.a. 6,93 -
No 4T23, a JBS registrou uma receita líquida consolidada de R$96,3 bilhões, o que representa um
aumento de 4% em relação ao 4T22.
RECEITA No período, cerca de 76% das vendas globais da JBS foram realizadas nos mercados domésticos
LÍQUIDA em que a Companhia atua e 24% por meio de exportações.
No ano de 2023, a receita líquida atingiu R$363,8 bilhões (US$72,9 bilhões).
No 4T23, o EBITDA ajustado da JBS atingiu R$5,1 bilhões, um crescimento de 12% a/a, enquanto
a margem EBITDA alcançou 5,3%, um aumento de 40 pontos-base em relação ao ano anterior.
Em 2023, o EBITDA ajustado atingiu R$17,1 bilhões (U$3,5 bilhões), uma queda de 50% em
relação ao ano anterior, devido a um cenário de sobreoferta de proteína global e grãos com
preços elevados ainda no primeiro semestre de 2023. A partir do segundo semestre os
EBITDA
resultados melhoram com um melhor equilíbrio da equação oferta e demanda de suínos e aves na
AJUSTADO
América do Norte e de aves no Brasil, além do preço de grãos que caiu ao longo do segundo
semestre do ano. No ano, a margem EBITDA ajustada foi de 4,7%.
R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

Lucro líquido do exercício (incluindo participação dos minoritários) 207,9 690,6 -69,9% 2.214,4 -90,6% (729,1) 16.201,3 -
Resultado financeiro líquido 1.686,9 1.839,1 -8,3% 2.133,8 -20,9% 6.748,0 6.352,3 6,2%
Imposto de renda e contribuição social - corrente e diferido (120,1) 100,4 - (1.861,4) -93,6% (668,9) 2.082,6 -
Depreciação e amortização 2.859,5 2.615,6 9,3% 2.625,0 8,9% 10.725,4 9.853,8 8,8%
Resultado de equivalência patrimonial 1,5 (19,7) - (9,7) - (47,6) (60,5) -21,3%
(=) EBITDA 4.635,7 5.226,1 -11,3% 5.102,1 -9,1% 16.027,7 34.429,5 -53,4%
Outras receitas / despesas operacionais 71,3 109,8 -35,1% (219,7) - 121,5 (240,4) -
Reestruturação 36,7 8,6 327,1% 147,4 -75,1% 261,0 147,4 77,1%
Impairment ativos 26,9 (4,4) - 0,0 - 135,2 85,6 57,9%
Indenização líquida da J&F* 0,0 0,0 - (492,9) - 0,0 (492,9) -
Acordos antitruste 298,7 51,2 482,9% 24,7 1108,1% 510,2 516,4 -1,2%
Doações e programas sociais 35,1 18,1 94,3% 12,9 171,8% 90,4 122,9 -26,5%
(=) EBITDA Ajustado 5.104,4 5.409,4 -5,6% 4.574,5 11,6% 17.146,1 34.568,4 -50,4%
* Valor líquido de PIS/COFINS
6
RESULTADO No 4T23, a despesa financeira da dívida líquida foi de R$1,4 bilhão, valor que
FINANCEIRO LÍQUIDO corresponde a US$285 milhões. Em 2023, esse montante foi de R$5,4 bilhões,
equivalente a US$1,1 bilhão.
R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

Resultado de variações cambiais ativas e passivas (226,0) 223,8 - (117,8) 91,9% 294,6 2.206,6 -86,6%
Ajuste a valor justo de derivativos 690,7 (278,0) - (385,6) - 411,4 (1.797,4) -
Juros Passivos¹ (2.409,5) (2.092,8) 15,1% (1.910,8) 26,1% (8.647,1) (6.930,5) 24,8%
Juros Ativos¹ 503,6 378,4 33,1% 344,8 46,1% 1.627,5 1.387,7 17,3%
Impostos, contribuições, tarifas e outros (245,6) (70,5) 248,3% (64,3) 282,1% (434,3) (1.218,8) -64,4%
Resultado financeiro líquido (1.686,9) (1.839,1) -8,3% (2.133,8) -20,9% (6.748,0) (6.352,3) 6,2%
Juros sobre empréstimos e financiamentos (1.627,8) (1.393,3) 16,8% (1.315,2) 23,8% (5.888,3) (4.696,4) 25,4%
Juros sobre aplicação financeira 218,1 118,4 84,2% 90,9 140,1% 525,6 353,3 48,8%
Despesa financeira da dívida líquida¹ (1.409,7) (1.274,9) 10,6% (1.224,4) 15,1% (5.362,7) (4.343,1) 23,5%
¹Inclui despesa de juros sobre empréstimos e financiamentos incluídos na rubrica de juros passivos, e juros sobre aplicações financeiras incluídos na rubrica de juros ativos.
RESULTADO No 4T23, a JBS registrou um lucro líquido de R$82,6 milhões e no ano um prejuízo de
LÍQUIDO R$1,1 bilhão.
No 4T23 e em 2023, o fluxo de caixa das atividades operacionais foi de R$8,5 bilhões e
de R$17 bilhões, respectivamente. O fluxo de caixa livre, após adição de ativo
FLUXO DE
imobilizado, juros pagos e recebidos, e arrendamento mercantil foi de R$4,3 bilhões
CAIXA
no trimestre e R$1,9 bilhão no ano. Importante ressaltar que, a partir do 4T23, a JBS
OPERACIONAL
passou a incluir as despesas de arrendamento mercantil no cálculo do fluxo de caixa
E LIVRE
livre, visando representar de forma mais precisa a geração de caixa da Companhia e
estar em maior consonância com a variação da dívida líquida.
FLUXO DE CAIXA No 4T23 e 2023, valor total do fluxo de caixa das atividades de investimentos da
DAS ATIVIDADES DE JBS foi de R$1,7 bilhão e R$7 bilhões, respectivamente, sendo o principal
INVESTIMENTOS investimento a adição de ativos imobilizados (CAPEX) em ambos os períodos.
7
A JBS encerrou o trimestre com R$22,8 bilhões em caixa e possui US$3,3 bilhões
disponíveis em linhas de crédito rotativas, sem garantia real, sendo US$2,9 bilhões na JBS
USA e US$450 milhões na JBS Brasil, equivalentes a R$16,1 bilhões pelo câmbio de
fechamento do período. Assim, a disponibilidade total da Companhia é de R$38,9 bilhões.
ENDIVIDAMENTO
No fechamento do ano, a dívida líquida ficou em US$15,3 bilhões (R$74,1 bilhões) um
aumento de aproximadamente US$123 milhões quando comparado ao fechamento de
2022. Contudo, a JBS encerrou o trimestre com uma alavancagem em reais de 4,32x e em
dólares de 4,42x, uma queda em relação ao trimestre anterior dada a melhora operacional
ao longo do trimestre.
R$ Milhões US$ Milhões
4T23 3T23 ∆% 4T22 ∆% 4T23 3T23 ∆% 4T22 ∆%
Dívida bruta 96.821,8 108.113,7 -10,4% 92.354,1 4,8% 19.999,1 21.589,9 -7,4% 17.700,1 13,0%
(+) Curto prazo 4.316,4 9.239,3 -53,3% 8.228,6 -47,5% 891,6 1.845,1 -51,7% 1.577,0 -43,5%
% sobre Dívida Bruta 4% 9% 9% 4% 9% 9%
(+) Longo prazo 92.505,5 98.874,4 -6,4% 84.125,5 10,0% 19.107,6 19.744,9 -3,2% 16.123,1 18,5%
% sobre Dívida Bruta 96% 91% 91% 96% 91% 91%
(-) Caixa e Equivalentes 22.763,7 27.725,1 -17,9% 13.182,2 72,7% 4.702,0 5.536,6 -15,1% 2.526,4 86,1%
Dívida líquida 74.058,1 80.388,6 -7,9% 79.171,9 -6,5% 15.297,2 16.053,3 -4,7% 15.173,7 0,8%
Alavancagem 4,32x 4,84x 2,29x 4,42x 4,87x 2,26x
A Dívida Líquida de 2023 encerrou em US$15,3 bilhões, um crescimento de US$123 milhões

na comparação anual. Os principais impactos que compensaram o EBITDA de US$3,5
BRIDGE DÍVIDA bilhões foram: (i) Capex no montante de US$1,5 bilhão; (ii) juros provisionados no valor de
LÍQUIDA US$1,1 bilhão; (iii) pagamento de US$448 milhões em dividendos; e (iv) US$429 milhões de
arrendamento mercantil. Adicionalmente, a melhora do capital de giro em US$616 milhões
foi parcialmente compensada pelo investimento em ativo biológico em US$530 milhões.
(US$ milhões)
(3.458)
4,42x
2,26x
8
Cronograma de Amortização da
ENDIVIDAMENTO PROFORMA
Dívida (US$ Milhões)¹
Prazo médio Custo médio

Proforma Proforma
11 anos 5,73% a.a.
450
450
2.882
2.882
566
2.943 2.996
4.702 1.904 2.415
4.136 2.109
207
1.103
104 0,1 713 1808 883
97 478
794 151 6
1089 166
20 13
Caixa e Pagamentos Proforma Curto Prazo 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2039 2052 2053
Equivalentes Após à à
12/31/23 2038 2051
até 02/29/24
Caixa e Linhas de crédito Linhas de crédito Pagamentos

equivalentes Rotativas USD Rotativas USD Após 31/12/23
2.9 bi nos EUA 450mi no Brasil Até 29/02/24
ABERTURA POR ABERTURA

MOEDA E CUSTO POR FONTE
Bancos
Bonds Comerciais
BRL
USD²
13,7% 84% 5%
86,3% CRA
10,74% a.a. 11%

5,13% a.a.
¹ Inclui recursos disponíveis em caixa e linhas de crédito rotativas e garantidas da JBS USA e JBS Brasil
² Inclui dívidas em outras moedas, como Euros e dólares canadenses
9
UNIDADES DE NEGÓCIOS
UNIDADES DE NEGÓCIOS – IFRS R$

Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%
Receita Líquida
Seara R$ 10.452,5 10.207,8 2,4% 11.032,4 -5,3% 41.300,3 42.967,8 -3,9%
JBS Brasil R$ 14.904,9 14.441,1 3,2% 14.271,3 4,4% 55.531,8 58.948,9 -5,8%
JBS Beef North America R$ 31.072,8 29.054,2 6,9% 28.663,2 8,4% 116.254,1 113.979,2 2,0%
JBS Australia R$ 8.570,0 7.687,9 11,5% 8.236,4 4,1% 30.974,3 32.630,1 -5,1%
JBS USA Pork R$ 10.413,5 9.890,5 5,3% 10.595,5 -1,7% 38.494,6 42.086,6 -8,5%
Pilgrim's Pride R$ 22.412,5 21.261,4 5,4% 21.675,4 3,4% 86.609,2 90.064,8 -3,8%
Outros R$ 1.244,6 686,7 81,3% 994,1 25,2% 4.473,9 4.340,8 3,1%
Eliminações R$ -2.730,1 -1.820,1 50,0% -2.602,8 4,9% -9.821,6 -10.166,6 -3,4%
Total R$ 96.340,7 91.409,5 5,4% 92.865,5 3,7% 363.816,5 374.851,6 -2,9%
EBITDA Ajustado
Seara R$ 670,4 566,4 18,4% 703,9 -4,8% 1.803,7 4.605,8 -60,8%
JBS Brasil R$ 874,0 484,4 80,4% 339,9 157,1% 2.330,7 2.407,0 -3,2%
JBS Beef North America R$ -488,5 502,7 - 1.027,1 - 563,5 10.712,2 -94,7%
JBS Australia R$ 883,9 664,6 33,0% 631,1 40,1% 2.241,3 2.281,9 -1,8%
JBS USA Pork R$ 966,7 1.020,9 -5,3% 1.010,3 -4,3% 2.605,5 3.922,0 -33,6%
Pilgrim's Pride R$ 2.190,6 2.195,0 -0,2% 892,6 145,4% 7.639,9 10.690,9 -28,5%
Outros R$ 11,1 -21,7 - -27,3 - -25,6 -40,1 -36,1%
Eliminações R$ -3,8 -3,0 27,8% -3,0 27,8% -12,9 -11,2 14,8%
Total R$ 5.104,4 5.409,4 -5,6% 4.574,5 11,6% 17.146,1 34.568,5 -50,4%
Margem EBITDA Ajustada
Seara % 6,4% 5,5% 0,9 p.p. 6,4% 0,0 p.p. 4,4% 10,7% -6,4 p.p.
JBS Brasil % 5,9% 3,4% 2,5 p.p. 2,4% 3,5 p.p. 4,2% 4,1% 0,1 p.p.
JBS Beef North America % -1,6% 1,7% -3,3 p.p. 3,6% -5,2 p.p. 0,5% 9,4% -8,9 p.p.
JBS Australia % 10,3% 8,6% 1,7 p.p. 7,7% 2,7 p.p. 7,2% 7,0% 0,2 p.p.
JBS USA Pork % 9,3% 10,3% -1,0 p.p. 9,5% -0,3 p.p. 6,8% 9,3% -2,6 p.p.
Pilgrim's Pride % 9,8% 10,3% -0,6 p.p. 4,1% 5,7 p.p. 8,8% 11,9% -3,0 p.p.
Outros % 0,9% -3,2% 4,0 p.p. -2,7% 3,6 p.p. -0,6% -0,9% 0,4 p.p.
Total % 5,3% 5,9% -0,6 p.p. 4,9% 0,4 p.p. 4,7% 9,2% -4,5 p.p.
UNIDADES DE NEGÓCIOS – USGAAP US$
Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%
Receita Líquida
JBS Beef North America US$ 6.272,9 5.953,2 5,4% 5.453,6 15,0% 23.303,0 22.069,0 5,6%
JBS Australia US$ 1.730,1 1.575,2 9,8% 1.567,1 10,4% 6.209,0 6.323,3 -1,8%
JBS USA Pork US$ 2.102,2 2.026,6 3,7% 2.015,9 4,3% 7.713,8 8.153,0 -5,4%
Pilgrim's Pride US$ 4.528,3 4.360,2 3,9% 4.127,4 9,7% 17.362,2 17.468,4 -0,6%
Adjusted EBITDA
JBS Beef North America US$ -141,2 93,2 - 112,8 - 12,2 1.932,0 -99,4%
JBS Australia US$ 172,1 103,6 66,2% 78,5 119,3% 423,7 337,1 25,7%
JBS USA Pork US$ 188,3 190,3 -1,0% 96,5 95,1% 472,0 589,6 -19,9%
Pilgrim's Pride US$ 309,5 324,0 -4,5% 62,9 392,4% 1.034,2 1.648,4 -37,3%
Adjusted EBITDA Margin
JBS Beef North America % -2,3% 1,6% -3,8 p.p. 2,1% -4,3 p.p. 0,1% 8,8% -8,7 p.p.
JBS Australia % 9,9% 6,6% 3,4 p.p. 5,0% 4,9 p.p. 6,8% 5,3% 1,5 p.p.
JBS USA Pork % 9,0% 9,4% -0,4 p.p. 4,8% 4,2 p.p. 6,1% 7,2% -1,1 p.p.
Pilgrim's Pride % 6,8% 7,4% -0,6 p.p. 1,5% 5,3 p.p. 6,0% 9,4% -3,5 p.p.
10
SEARA
IFRS - R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

IFRS - R$ Milhões R$ % ROL R$ % ROL QoQ R$ % ROL YoY R$ % ROL R$ % ROL YoY
Receita Líquida 10.452,5 100,0% 10.207,8 100,0% 2,4% 11.032,4 100,0% -5,3% 41.300,3 100,0% 42.967,8 100,0% -3,9%
Custo dos produtos vendidos (8.691,9) -83% (8.614,1) -84% 0,9% (9.261,2) -84% -6,1% (35.265,3) -85% (33.957,8) -79% 3,9%
Lucro bruto 1.760,6 17% 1.593,7 16% 10,5% 1.771,2 16% -0,6% 6.035,0 15% 9.010,0 21% -33,0%
EBITDA Ajustado 670,4 6,4% 566,4 5,5% 18,4% 703,9 6,4% -4,8% 1.803,7 4,4% 4.605,8 10,7% -60,8%
No 4T23, a Seara registrou receita líquida de R$10,5 bilhões, uma queda de 5% em relação ao 4T22. Em 2023 a receita
líquida foi de R$41,3 bilhões, uma queda de 4% na comparação anual. Tanto no trimestre quanto no ano, a menor
receita líquida foi resultado de uma queda nos preços médios em ambos os períodos, mas que foi parcialmente
compensada pelos maiores volumes vendidos.
As vendas no mercado doméstico, que responderam por 52% da receita da unidade no 4T23, totalizaram R$5,5
bilhões, 6% menor que o 4T22, como reflexo dos menores preços no período. Por outro lado, batemos recorde de
venda em relação aos produtos natalinos. A marca Fiesta cresceu 38% em volume em 2023, mais que o dobro do
mercado, que avançou 14%. No ano, a receita líquida foi de R$20,8 bilhões, estável em relação ao mesmo período do
ano anterior. Ao longo do ano, a Companhia seguiu com sua estratégia de fortalecimento da marca Seara, colhendo
bons resultados. Assim, 8 em cada 10 domicílios brasileiros que compraram a marca Seara, também recompraram em
2023. Além disso, é a marca mais presente nos lares brasileiros nas categorias de Lasanha, Bacon e Hambúrguer.
No mercado externo, a receita líquida em dólares atingiu US$1 bilhão, representando um aumento de 1% em relação
ao 4T22, impulsionado por um crescimento de 3% no volume vendido. No entanto, ao longo do ano, a receita líquida
totalizou US$4,1 bilhões (-5% a/a), influenciada pela redução nos preços médios em 10%, resultado do excesso global
de aves, principalmente durante o primeiro semestre.
O ano de 2023 foi muito desafiador. Apesar das melhorias contínuas nas margens trimestre após trimestre, o
resultado ficou aquém do ideal. Enfrentamos desafios tanto internos quanto externos, especialmente devido ao
excesso global de aves no primeiro semestre e aos custos de produção ainda elevados, dado o alto preço dos grãos,
desafios na agropecuária e menor diluição dos custos fixos refletindo o ramp-up das novas plantas em Rolândia. No
entanto, mantivemos nosso foco nos fundamentos do negócio: marcas, inovação, execução comercial e eficiência
fabril. Embora o ano tenha começado com desafios significativos, conseguimos terminá-lo com uma tendência
positiva, o que nos deixa otimistas para um 2024 consideravelmente melhor.
11
JBS BRASIL

Receita Líquida 14.904,9 100,0% 14.441,1 100,0% 3,2% 14.271,3 100,0% 4,4% 55.531,8 100,0% 58.948,9 100,0% -5,8%
Custo dos produtos vendidos (12.302,9) -83% (12.240,6) -85% 0,5% (12.346,1) -87% -0,4% (47.000,5) -85% (50.087,3) -85% -6,2%
Lucro bruto 2.602,0 17% 2.200,6 15% 18,2% 1.925,2 13% 35,2% 8.531,3 15% 8.861,6 15% -3,7%
EBITDA Ajustado 874,0 5,9% 484,4 3,4% 80,4% 339,9 2,4% 157,1% 2.330,7 4,2% 2.407,0 4,1% -3,2%
No 4T23, a JBS Brasil registrou uma receita líquida de R$14,9 bilhões (+4% a/a), cujo crescimento é reflexo
principalmente dos maiores volumes vendidos. No ano, a receita líquida foi de R$55,5 bilhões (-6% a/a), dado a queda
dos preços tanto no mercado doméstico quanto no internacional.
No mercado doméstico, a receita na categoria de carne bovina in natura cresceu 12% no 4T23 e 3% a/a em 2023,
ambos como consequência do maior volume vendido no período. Esse crescimento é atribuído principalmente ao
ciclo favorável pecuário, resultando em maior disponibilidade de animais para abate. De acordo com o IBGE (Instituto
Brasileiro de Geografia e Estatística), o abate total de bovino no ano foi de aproximadamente +14% a/a e no
trimestre de aproximadamente +20% a/a. Ao longo do ano, a Companhia manteve seu foco na execução comercial,
aumentando e melhorando o nível de serviço junto aos parceiros do programa Friboi+, aproximando as marcas Friboi
e Swift junto aos consumidores e melhorando a oferta de produtos de maior valor agregado.
Em 2023, as vendas para o mercado externo apresentaram grande volatilidade entre os trimestres. O início do ano
foi marcado pelo auto embargo nas exportações de carne bovina para a China após a confirmação de um caso atípico
de encefalopatia espongiforme bovina (BSE), impactando negativamente preços e volumes. Com o fim do embargo,
o segundo trimestre acabou sendo beneficiado pela retomada das exportações ao mercado chinês, além de um
mercado internacional mais aquecido. Com o ciclo bovino mais favorável, conforme citado anteriormente, o segundo
semestre foi marcado por menores preços, mas com maior volume de vendas. Desse modo, a receita líquida cresceu
19% a/a no 4T23, mas retraiu 9% no ano.
O EBITDA totalizou R$874 milhões, com margem EBITDA de 5,9% no 4T23 e R$2,3 bilhões, com margem EBITDA de
4,2% em 2023. Vale mencionar que a rentabilidade desta unidade de negócio também foi beneficiada por um menor
preço na compra do gado. Segundo dados publicados pelo CEPEA-ESALQ, o preço do gado vivo durante o trimestre
foi de aproximadamente R$240/arroba (-17% a/a) e no ano R$254/arroba (-20% a/a).
Em 2023, em pesquisa realizada pelo Instituto Datafolha em milhares de lares brasileiros, a marca Friboi foi mais uma
vez Top of Mind, ou seja, a marca mais lembrada e preferida do consumidor brasileiro. A Friboi vence pela quarta vez
a categoria carne e se consolida como líder absoluta.
Nota: Em 1 de março de 2020, através de um processo de reestruturação societária, as lojas Swift foram transferidas para a subsidiária direta
Seara Alimentos. Apesar das lojas Swift estarem na estrutura societária da Seara Alimentos, para fins de análise e apresentação de resultados, a
Administração da Companhia decidiu alocar os resultados da Swift no segmento operacional JBS Brasil.
12
JBS BEEF NORTH AMERICA

Receita Líquida 31.072,8 100,0% 29.054,2 100,0% 6,9% 28.663,2 100,0% 8,4% 116.254,1 100,0% 113.979,2 100,0% 2,0%
Custo dos produtos vendidos (30.316,8) -98% (27.281,3) -94% 11,1% (26.120,2) -91% 16,1% (110.645,7) -95% (97.288,4) -85% 13,7%
Lucro bruto 756,1 2% 1.773,0 6% -57,4% 2.543,0 9% -70,3% 5.608,4 5% 16.690,9 15% -66,4%
EBITDA Ajustado (488,5) -1,6% 502,7 1,7% - 1.027,1 3,6% - 563,5 0,5% 10.712,2 9,4% -94,7%
USGAAP¹ - US$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

USGAAP¹ - US$ Milhões US$ % ROL US$ % ROL QoQ US$ % ROL YoY US$ % ROL US$ % ROL YoY
Receita Líquida 6.272,9 100,0% 5.953,2 100,0% 5,4% 5.453,6 100,0% 15,0% 23.303,0 100,0% 22.069,1 100,0% 5,6%
Lucro bruto (96,7) -2% 156,9 3% - 162,4 3% - 196,4 1% 2.137,8 10% -90,8%
EBIT Ajustado (189,9) -3,0% 49,3 0,8% - 65,5 1,2% - (163,3) -0,7% 1.766,2 8,0% -
EBITDA Ajustado (141,2) -2,3% 93,2 1,6% n.m. 112,8 2,1% - 12,2 0,1% 1.932,0 8,8% -99,4%
Em IFRS e reais, a receita líquida no 4T23 foi de R$31,1 bilhões, um aumento de 8,4% em relação ao 4T22, com um
EBITDA ajustado negativo em R$488,5 milhões e uma margem EBITDA negativa de 1,6%. Esses resultados incluem o
impacto da apreciação de 6% do câmbio médio, que foi de R$ 5,26 no 4T22 para R$ 4,95 no 4T23. Em 2023, a receita
líquida foi de R$116,3 bilhões, um aumento de 2% comparado a 2022, enquanto o EBITDA ajustado foi de R$563,5
milhões, com margem de 0,5%. Em 2023, o câmbio médio foi de R$ 4,99, uma apreciação de 3% na comparação anual.
Em USGAAP e US$, a receita líquida foi de US$6,3 bilhões no 4T23, um aumento de 15% comparado ao 4T22 e o
EBITDA ajustado foi negativo em US$141,2 milhões, com margem negativa de 2,3%. No ano, a receita líquida foi de
US$23,3 bilhões, um aumento de 5,6% comparado a 2022 e o EBITDA ajustado foi de US$12,2 milhões, com margem
de 0,1%.
Tanto no ano quanto no trimestre, as margens da carne bovina na América do Norte sofreram um impacto relevante
em relação ao ano anterior, como consequência do ciclo do gado na região, reduzindo a disponibilidade de animais
para abate e aumentando o custo significativamente. De acordo com os dados divulgados pelo USDA, os preços do
boi gordo permaneceram em patamares elevados, crescendo 16% a/a no 4T23 e 21% a/a em 2023. Desse modo,
como o preço do gado representa 85% do custo do produto vendido, e o crescimento dos custos foi superior ao
crescimento do preço de venda da carne, a rentabilidade ficou pressionada no período.
No ano, as exportações de carne bovina dos EUA caíram 16% a/a, de acordo com o USDA, principalmente por conta
da restrição da oferta aliada a uma menor demanda asiática. Os 3 principais destinos dos EUA continuam sendo
Coréia do Sul, China e Japão.
¹A diferença no EBITDA da JBS Beef North America em IFRS e USGAAP, além do câmbio, se deve aos impactos da adoção do IFRS 16 a partir do
1T19 e a critérios diferentes de contabilização dos estoques: em IFRS os estoques são contabilizados a custo médio, enquanto em USGAAP são
marcados a mercado. Cálculo de volume e preço não consideram impacto de aquisições.
13
JBS AUSTRALIA

Receita Líquida 8.570,0 100,0% 7.687,9 100,0% 11,5% 8.236,4 100,0% 4,1% 30.974,3 100,0% 32.630,1 100,0% -5,1%
Custo dos produtos vendidos (7.029,0) -82% (6.561,8) -85% 7,1% (7.212,0) -88% -2,5% (26.811,8) -87% (28.663,2) -88% -6,5%
Lucro bruto 1.541,0 18% 1.126,1 15% 36,8% 1.024,4 12% 50,4% 4.162,6 13% 3.966,9 12% 4,9%
EBITDA Ajustado 883,9 10,3% 664,6 8,6% 33,0% 631,1 7,7% 40,1% 2.241,3 7,2% 2.281,9 7,0% -1,8%

Receita Líquida 1.730,1 100,0% 1.575,2 100,0% 9,8% 1.567,1 100,0% 10,4% 6.209,0 100,0% 6.323,3 100,0% -1,8%
Custo dos produtos vendidos (1.531,5) -89% (1.448,6) -92% 5,7% (1.480,5) -94% 3,4% (5.701,3) -92% (5.912,1) -93% -3,6%
Lucro bruto 198,6 11% 126,6 8% 56,8% 86,6 6% 129,3% 507,7 8% 411,2 7% 23,5%
EBIT Ajustado 147,8 8,5% 82,1 5,2% 80,1% 50,0 3,2% 195,7% 332,8 5,4% 246,3 1,1% 35,1%
EBITDA Ajustado 172,1 9,9% 103,6 6,6% 66,2% 78,5 5,0% 119,3% 423,7 6,8% 337,1 5,3% 25,7%
Considerando os resultados em IFRS e reais, a receita líquida no 4T23 foi de R$8,6 bilhões (+4% a/a) e R$31,0 bilhões
(-5% a/a) em 2023. O EBITDA ajustado foi de R$883,9 milhões no 4T23, com uma margem EBITDA de 10,3%, e no ano
foi de R$2,2 bilhões, com margem EBITDA de 7,2%. Esses resultados incluem o impacto da apreciação de 6% do
câmbio médio, que foi de R$ 5,26 no 4T22 para R$ 4,95 no 4T23. Em 2023, o câmbio médio foi de R$ 4,99, uma
apreciação de 3% na comparação anual.
Em USGAAP e US$, a receita líquida foi de US$1,7 bilhão (+10% a/a) no 4T23 e US$6,2 bilhões (-2% a/a) em 2023. O
EBITDA ajustado foi de US$172,1 milhões no 4T23, com margem EBITDA de 9,9%, e no ano US$423,7 milhões, com
margem EBITDA de 6,8%. No trimestre, o crescimento da receita é resultante dos maiores volumes vendidos, reflexo
da maior disponibilidade de gado no mercado. Contudo, no ano, o crescimento dos volumes vendidos não foi
suficiente para compensar a queda dos preços no mercado doméstico e no internacional.
O volume do negócio de carne bovina cresceu 11% em comparação com o 4T22, devido ao crescimento das vendas
tanto no mercado doméstico quanto na exportação. Em 2023, a receita líquida foi 3% menor em relação a 2022, como
consequência dos menores preços no mercado doméstico e internacional. A melhora na margem EBITDA em ambos
os períodos refletem o menor preço de aquisição do gado, dado a maior disponibilidade de animais em função do ciclo
mais favorável. Segundo MLA (Meat & Livestock Austrália) o preço do gado na Austrália caiu 55% na comparação
anual no 4T22 e 47% a/a em 2023.
Em relação ao negócio de aquicultura, a rentabilidade crescente no trimestre e no ano é em função do aumento das
eficiências operacionais.
A receita líquida do negócio de suínos continua crescendo como reflexo da melhora de preços no trimestre. No ano o
crescimento é reflexo do programa de melhoria da sanidade do rebanho e melhor otimização da carcaça.
A Primo, unidade de alimentos preparados, registrou um aumento nos preços médios no trimestre e no ano, mas que
foi compensado pelo menor volume vendido, resultado da demanda mais fraca diante da pressão inflacionária.
¹A diferença no EBITDA da JBS Australia em IFRS e USGAAP, além do câmbio, se deve aos impactos da adoção do IFRS 16 a partir do 1T19 e a
critérios diferentes de contabilização dos ativos biológicos, em IFRS estão marcados a mercado, enquanto em USGAAP estão a custo médio.
Cálculo de volume e preço não consideram impacto de aquisições.
14
JBS USA PORK

Receita Líquida 10,413.5 100.0% 9,890.5 100.0% 5.3% 10,595.5 100.0% -1.7% 38,494.6 100.0% 42,086.6 100.0% -8.5%
Custo dos produtos vendidos (8,890.0) -85% (8,371.4) -85% 6.2% (8,890.7) -84% 0.0% (33,584.0) -87% (35,556.2) -84% -5.5%
Lucro bruto 1,523.5 15% 1,519.1 15% 0.3% 1,704.8 16% -10.6% 4,910.6 13% 6,530.4 16% -24.8%
EBITDA Ajustado 966.7 9.3% 1,020.9 10.3% -5.3% 1,010.3 9.5% -4.3% 2,605.5 6.8% 3,922.0 9.3% -33.6%

Receita Líquida 2,102.2 100.0% 2,026.6 100.0% 3.7% 2,015.9 100.0% 4.3% 7,713.8 100.0% 8,153.0 100.0% -5.4%
Custo dos produtos vendidos (1,916.4) -91% (1,841.0) -91% 4.1% (1,915.4) -95% 0.1% (7,237.4) -94% (7,543.4) -93% -4.1%
Lucro bruto 185.8 9% 185.6 9% 0.1% 100.5 5% 84.9% 476.4 6% 609.6 7% -21.9%
EBIT Ajustado 135.5 6.4% 152.1 7.5% -10.9% 63.4 3.1% 113.7% 307.2 4.0% 462.0 2.1% -33.5%
EBITDA Ajustado 188.3 9.0% 190.3 9.4% -1.0% 96.5 4.8% 95.1% 472.0 6.1% 589.6 7.2% -19.9%
Em IFRS e reais, no 4T23, a receita líquida foi de R$10,4 bilhões, queda de 2% em relação ao 4T22 e o EBITDA ajustado
foi de R$966,7 milhões, com margem de 9,3%. Esses resultados incluem o impacto da apreciação de 6% do câmbio
médio, que foi de R$ 5,26 no 4T22 para R$ 4,95 no 4T23. Em 2023, a receita líquida foi de R$38,5 bilhões, o que
corresponde a uma queda de 9% comparado a 2022, enquanto o EBITDA ajustado foi de R$2,6 bilhões, com margem
de 6,8%. Em 2023, o câmbio médio foi de R$ 4,99, uma apreciação de 3% na comparação anual.
Em USGAAP e US$, a receita líquida foi de US$2,1 bilhões, um aumento de 4% em relação ao 4T22, em função do
aumento de 12% no volume vendido. O EBITDA ajustado totalizou US$188,3 milhões no 4T23, com margem de 9%.
Em 2023, a receita líquida foi de US$7,7 bilhões, queda de 5% comparado a 2022, como consequência da retração dos
preços médios em 10%, e o EBITDA ajustado foi de US$472,0 milhões, com margem de 6,1%.
O primeiro semestre do ano de 2023 foi marcado pela maior oferta no mercado doméstico, pressionando os preços e
a rentabilidade. Contudo, ao longo do ano, foi observado um movimento de normalização da oferta e demanda na
indústria. No mercado internacional, os dados do USDA para o ano indicam um aumento de exportações de carne
suína em 13%, especialmente para o México, Japão, Coreia do Sul e Canadá.
Além do melhor equilíbrio da oferta e demanda, a melhora da rentabilidade ao longo do ano é resultado do: (i) menor
custo médio dos grãos em 2023 (-19% a/a); (ii) queda no preço médio do suíno em 2023 (-22% a/a); e (iii) contínuos
esforços visando a ampliação do portfólio de valor agregado, além da melhora na execução comercial, operacional e
logística.
¹A diferença no EBITDA da JBS USA Pork em IFRS e USGAAP, além do câmbio, se deve aos impactos da adoção do IFRS 16 a partir do 1T19 e a
critérios diferentes de contabilização. Em IFRS os ativos biológicos são marcados a mercado e os estoques são contabilizados a custo médio,
enquanto no USGAAP os ativos biológicos são mantidos a custo médio e os estoques marcados a mercado. Cálculo de volume e preço não
consideram impacto de aquisições.
15
PILGRIM’S PRIDE CORPORATION

Receita Líquida 22.412,5 100,0% 21.261,4 100,0% 5,4% 21.675,4 100,0% 3,4% 86.609,2 100,0% 90.064,8 100,0% -3,8%
Custo dos produtos vendidos (19.623,7) -88% (18.505,2) -87% 6,0% (20.028,8) -92% -2,0% (76.595,4) -88% (76.016,2) -84% 0,8%
Lucro bruto 2.788,8 12% 2.756,1 13% 1,2% 1.646,6 8% 69,4% 10.013,8 12% 14.048,7 16% -28,7%
EBITDA Ajustado 2.190,6 9,8% 2.195,0 10,3% -0,2% 892,6 4,1% 145,4% 7.639,9 8,8% 10.690,9 11,9% -28,5%

Receita Líquida 4.528,3 100,0% 4.360,2 100,0% 3,9% 4.127,4 100,0% 9,7% 17.362,2 100,0% 17.468,4 100,0% -0,6%
Lucro bruto 321,0 7% 345,9 8% -7,2% 95,8 2% 235,2% 1.118,4 6% 1.811,8 10% -38,3%
EBIT Ajustado 197,0 4,4% 219,7 5,0% -10,3% (39,3) -1,0% - 614,3 3,5% 1.245,3 5,6% -50,7%
EBITDA Ajustado 309,5 6,8% 324,0 7,4% -4,5% 62,9 1,5% 392,4% 1.034,2 6,0% 1.648,4 9,4% -37,3%
Considerando os resultados em IFRS e Reais, a PPC apresentou receita líquida de R$22,4 bilhões no 4T23, aumento
de 3% em relação ao 4T22, e EBITDA ajustado de R$2,2 bilhões, com margem EBITDA de 9,8%. Esses resultados
incluem o impacto da apreciação de 6% do câmbio médio, que foi de R$ 5,26 no 4T22 para R$ 4,95 no 4T23. Em 2023,
a receita líquida foi de R$86,6 bilhões, o que corresponde a uma queda de 4% comparado a 2022, enquanto o EBITDA
ajustado foi de R$7,6 bilhões (-29% a/a), com margem de 8,8%. Em USGAAP e US$, a receita líquida da PPC no 4T23
foi de US$4,5 bilhões, 10% maior que o 4T22, e o EBITDA ajustado foi de US$309,5 milhões com margem de 6,8%. Em
2023, a receita líquida foi de US$17,4 bilhões, ligeira queda de 0,6% comparado a 2022, e o EBITDA ajustado foi de
US$1,0 bilhão (-37% a/a), com margem de 6,0%. Em 2023, o câmbio médio foi de R$ 4,99, uma apreciação de 3% na
comparação anual.
O ano de 2023 foi marcado por uma alta volatilidade no mercado de commodities. No início do ano, os preços de aves
começaram em patamares historicamente baixos por conta do excesso de oferta e também da menor demanda
resultante do baixo índice de confiança do consumidor. Contudo, ao longo do ano, os preços gradualmente se
normalizaram, mas a inflação de custos permaneceu elevada. Desse modo, apesar dos desafios enfrentados, a
Companhia se manteve focada na execução da estratégia e conseguiu crescer seus resultados ao longo do ano.
Nos Estados Unidos, em 2023, o diversificado portfólio de produtos demonstrou sua resiliência diante de um cenário
desafiador de oferta e demanda ao longo do ano. Além disso, o intenso foco na excelência operacional, melhora no
nível de serviço junto aos clientes-chave e ampliação do portfólio de produtos de valor agregado e com marca
contribuíram positivamente para o crescimento das margens. Desse modo, a PPC nos Estados Unidos encerrou o
4T23 com margem EBITDA de 7,5%, sendo a maior margem do ano.
Durante o ano de 2023, no México, a Pilgrim’s fortaleceu ainda mais suas relações com os clientes-chave, ampliou seu
portfólio de alimentos preparados com marca e seguiu investindo e melhorando a operação de frango vivo. Assim,
mesmo com um quarto trimestre mais fraco, embora melhor que o ano anterior, devido à sazonalidade do período e
ao excesso de oferta, a Companhia apresentou resultados sólidos e consistentes no ano.
Na Europa, o ano de 2023 foi marcado pela trajetória positiva de crescimento de margens, sendo o quarto trimestre o
melhor resultado do ano. Este resultado é reflexo da otimização contínua do parque fabril, esforços de recuperação
de custos, consolidação das atividades de back-office, aumentos das parcerias junto aos clientes-chave, ampliação
do portfólio de produtos com marca e inovação.
¹A diferença no EBITDA entre os resultados em IFRS e USGAAP da PPC, além do câmbio, se deve aos impactos da adoção do IFRS 16 a partir do
1T19 e a critérios diferentes de contabilização da amortização das aves matrizes: em IFRS, a amortização do ativo biológico, por seu caráter de
mais longo prazo, é considerada uma despesa passível de ajuste no EBITDA, enquanto em USGAAP a amortização do ativo biológico é contabilizada
no Custo do Produto Vendido e não é ajustada no EBITDA.
16
Consolidado (IFRS - R$)

Receita Líquida (bilhões) EBITDA (milhões)
e % EBITDA
20.000
92,9 96,3
89,4 91,4
86,7
15.000 5,9% 5,3%
4,9% 5,0%
2,5%
10.000
5.409 5.104
4.574 4.470
5.000 2.162
0
4T22 1T23 2T23 3T23 4T23 4T22 1T23 2T23 3T23 4T23
Seara (IFRS - R$) JBS Brasil (IFRS - R$)

Receita Líquida (bilhões) EBITDA (milhões) Receita Líquida (bilhões) EBITDA (milhões)
e % EBITDA e % EBITDA
11,0
14,9 5,9%
10,5 14,3 14,4 4,8%
10,3 10,3 10,2 14,0
3,4%
6,4% 5,5% 6,4% 12,2 2,4% 2,4%
874
4,1%
676
1,4%
704 484
670 340
566 297
420
147
4T22 1T23 2T23 3T23 4T23 4T22 1T23 2T23 3T23 4T23 4T22 1T23 2T23 3T23 4T23 4T22 1T23 2T23 3T23 4T23
JBS Beef North America (USGAAP - US$) JBS Australia (USGAAP - US$)
Receita Líquida (bilhões) EBITDA (milhões) Receita Líquida (bilhões) EBITDA (milhões)
9,9%
1,7 8,6%
6,0 6,3
5,8 1,6 1,5 1,6
5,5 5,3 6,6%
1,4 5,0% 172
2,1% 1,4% 1,6% 130
1,3% 104
-0,4%
78
-2,3%
113 19
-23 83 93 -141
4T22 1T23 2T23 3T23 4T23 4T22 1T23 2T23 3T23 4T23 4T22 1T23 2T23 3T23 4T23 4T22 1T23 2T23 3T23 4T23
JBS USA Pork (USGAAP - US$) Pilgrim's Pride (USGAAP - US$)
EBITDA (milhões) Receita Líquida (bilhões) EBITDA (milhões)

Receita Líquida (bilhões)
9,4% 9,0% 4,5

4,2 4,3 4,4
2,1 4,1
7,4% 6,8%
2,0 2,0 5,8%
4,8%
3,7% 3,6%
1,8 1,8 1,5% 190 188 1,5%
324 310
249
97 152
66 63
27
4T22 1T23 2T23 3T23 4T23 4T22 1T23 2T23 3T23 4T23
4T22 1T23 2T23 3T23 4T23 4T22 1T23 2T23 3T23 4T23
17
TABELAS E GRÁFICOS ANEXOS
GRÁFICO 1 | EXPORTAÇÕES JBS NO 2023 E NO 2022
Grande China¹
25,4%
2023
Outros
26,2%
US$ -3,8%
18,4 bilhões EUA
2022
13,3%
U.E.
6,7%
Japão África e
Oriente Grande China¹
8,3% 26,2%
Coreia do Médio
Sul 11,6% Outros
8,5% 26,4%
Nota 1. Considera China e Hong Kong US$

19,1 bilhões
África e
Oriente
Médio
U.E. 12,2%
5,9%
Coreia
do Sul EUA
8,1% 11,5%
Japão
9,7%
TABELA 1 | CAPEX
4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

R$ Milhões R$ % CAPEX R$ % CAPEX QoQ R$ % CAPEX YoY R$ % CAPEX R$ % CAPEX YoY
Capex Total 1.990,9 100,0% 1.832,4 100,0% 8,6% 3.440,8 100,0% -42,1% 7.492,3 100,0% 11.226,6 100,0% -33,3%
Expansão e Modernização 887,5 45% 879,3 48% 0,9% 1.921,9 56% -53,8% 3.662,3 49% 6.172,4 55% -40,7%
Manutenção 1.103,3 55% 953,1 52% 15,8% 1.518,9 44% -27,4% 3.830,0 51% 5.054,2 45% -24,2%
TABELA 2 | ABERTURA DO CPV

JBS Beef
4T23 (%) Consolidado JBS Brasil Seara North JBS Australia JBS USA Pork PPC
America
Matéria-Prima 74,5% 87,1% 67,9% 85,2% 74,4% 70,2% 51,8%
Processamento (incluindo
14,6% 7,6% 20,3% 8,1% 8,0% 14,6% 31,0%
insumos e embalagens)
Mão de obra 10,9% 5,3% 11,7% 6,7% 17,7% 15,2% 17,3%
18
DEMONSTRAÇÕES FINANCEIRAS
BALANÇO PATRIMONIAL
(Em milhões de reais) Consolidado
Ativo Circulante 31/12/23 31/12/22
Caixa e equivalentes de caixa 22.122 13.182
Caixa margem 641 679
Contas a receber de clientes 16.416 20.235
Estoques 24.697 28.142
Ativos biológicos 8.289 9.711
Impostos a recuperar 4.450 5.331
Derivativos a receber 425 443
Outros ativos circulantes 1.565 1.668
TOTAL DO CIRCULANTE 78.605 79.391
Ativo Não-Circulante 31/12/23 31/12/22

Impostos a recuperar 8.445 9.166
Ativos biológicos 2.573 2.619
Créditos com empresas ligadas 574 951
Imposto de renda e contribuição social diferidos 3.751 3.161
Derivativos a receber 397 123
Outros ativos não circulantes 1.545 1.118
17.285 17.138
Investimentos controladas, coligadas e joint ventures 274 295

Imobilizado 62.541 62.171
Direito de uso de arrendamentos 8.258 8.375
Intangível 9.613 10.328
Ágio 29.556 30.412
TOTAL DO NÃO CIRCULANTE 127.527 128.720
TOTAL DO ATIVO 206.132 208.111
19
BALANÇO PATRIMONIAL
Passivo Circulante 31/12/23 31/12/22
Fornecedores 25.451 31.010
Fornecedores risco sacado 4.590 3.071
Empréstimos e financiamentos 4.316 8.229
Imposto de renda e contribuição social a pagar 403 475
Obrigações fiscais 697 726
Obrigações trabalhistas e sociais 6.280 6.251
Arrendamentos a pagar 1.707 1.788
Dividendos declarados 2 0
Provisão para riscos processuais 956 909
Derivativos a pagar 698 560
Outros passivos circulantes 2.813 2.142
TOTAL DO CIRCULANTE 47.914 55.160
Passivo Não Circulante 31/12/23 31/12/22

Empréstimos e financiamentos 92.505 84.126
Obrigações fiscais 457 606
Obrigações trabalhistas e sociais 2.375 2.379
Arrendamentos a pagar 7.207 7.196
Imposto de renda e contribuição social diferidos 6.585 7.112
Provisão para riscos processuais 1.530 1.321
Outros passivos não circulantes 561 402
TOTAL DO NÃO CIRCULANTE 111.220 103.141
Patrimônio Líquido 31/12/23 31/12/22

Capital social 23.576 23.576
Reservas de capital (774) (808)
Reserva de reavaliação 31 36
Reserva de lucros 15.380 18.653
Outros resultados abrangentes 5.138 4.886
Atribuído à participação dos controladores 43.351 46.344
Participação dos não controladores 3.647 3.465
TOTAL DO PATRIMÔNIO LÍQUIDO 46.998 49.809

TOTAL DO PASSIVO E PATRIMÔNIO LÍQUIDO 206.132 208.111
20
DEMONSTRAÇÃO DO RESULTADO
Demonstrações do resultado para os anos 2023 e 2022
2023 2022
RECEITA LÍQUIDA 363.817 374.852

Custo dos produtos vendidos (324.168) (315.374)
LUCRO BRUTO 39.649 59.478
Com vendas (22.941) (24.184)

Administrativas e gerais (11.547) (11.830)
Outras despesas (613) (518)
Outras receitas 755 1.630
DESPESAS OPERACIONAIS (34.347) (34.902)
RESULTADO OPERACIONAL 5.302 24.576
Receitas financeiras 2.914 4.215

Despesas financeiras (9.662) (10.567)
DESPESAS FINANCEIRA LÍQUIDAS (6.748) (6.352)
Resultado de equivalência patrimonial 48 61
RESULTADO ANTES DA PROVISÃO PARA IMPOSTO DE RENDA

(1.398) 18.284
E CONTRIBUIÇÃO SOCIAL
Imposto de renda e contribuição social correntes (338) (2.587)

Imposto de renda e contribuição social diferidos 1.007 504
TOTAL DO IMPOSTO DE RENDA E CONTRIBUIÇÃO SOCIAL 669 (2.083)
LUCRO LÍQUIDO (PREJUÍZO) (729) 16.201
ATRIBUÍDO A:
Participação dos controladores (1.061) 15.458
Participação dos não controladores 332 743
(729) 16.201
Resultado por ação ordinária (básica e diluído) - em reais (0,48) 6,93
21
DEMONSTRAÇÃO DO RESULTADO
Demonstrações do resultado para os trimestres findos em 31 de dezembro
4T23 4T22
RECEITA LÍQUIDA 96.341 92.865

Custo dos produtos vendidos (85.246) (82.178)
LUCRO BRUTO 11.095 10.688
Com vendas (5.977) (6.312)

Administrativas e gerais (3.440) (2.804)
Outras despesas (68) (237)
Outras receitas 167 1.142
DESPESAS OPERACIONAIS (9.319) (8.211)
RESULTADO OPERACIONAL 1.776 2.477
Receitas financeiras 1.194 345

Despesas financeiras (2.881) (2.479)
DESPESAS FINANCEIRA LÍQUIDAS (1.687) (2.134)
Resultado de equivalência patrimonial (1) 10
RESULTADO ANTES DA PROVISÃO PARA IMPOSTO DE RENDA

88 353
E CONTRIBUIÇÃO SOCIAL
Imposto de renda e contribuição social correntes 333 2.309

Imposto de renda e contribuição social diferidos (213) (447)
TOTAL DO IMPOSTO DE RENDA E CONTRIBUIÇÃO SOCIAL 120 1.861
LUCRO LÍQUIDO (PREJUÍZO) 208 2.214
ATRIBUÍDO A:
Participação dos controladores 83 2.350
Participação dos não controladores 125 (135)
208 2.214
Resultado por ação ordinária (básico e diluído) - em reais 0,04 1,06
22
DEMONSTRAÇÃO DO FLUXO DE CAIXA

Demonstrações dos fluxos de caixa para os exercícios findos em 31 de dezembro

Fluxo de caixa 2023 2022
Lucro líquido (Prejuízo) (729) 16.201
Ajustes por:
Depreciação e amortização 10.725 9.854
Perdas esperadas com créditos de liquidação duvidosa 50 47
Resultado de equivalência patrimonial (48) (61)
Resultado na venda de imobilizado (72) (99)
Imposto de renda e contribuição social (669) 2.083
Resultado financeiro líquido 6.748 6.352
Plano de opções de ações 34 39
Provisão para riscos processuais 527 225
Perda por ajuste ao valor recuperável 155 104
Indenização J&F - (543)
Ganho por compra vantajosa - (266)
Perdas estimadas para valor realizável dos estoques (30) 68
Fair value (marcação a mercado) dos ativos biológicos 443 (205)
Acordos DOJ e Antitruste 510 516
17.646 34.317
Variação em:
Contas a receber 3.126 (1.297)
Estoques 2.345 (2.339)
Impostos a recuperar 660 (3.654)
Outros ativos circulantes e não circulantes (190) 742
Ativos biológicos (2.646) (4.443)
Fornecedores e fornecedores de risco sacado (4.118) 1.307
Parcelamentos fiscais, trabalhistas e sociais (241) (403)
Outros passivos circulantes e não circulantes 1.213 (644)
Imposto de renda e contribuição social (355) (5.288)
Pagamento dos acordos DOJ e Antitruste (443) (873)
Variações em ativos e passivos operacionais (648) (16.891)
Caixa gerado pelas atividades operacionais 16.998 17.426

Juros pagos (6.438) (4.799)
Juros recebidos 939 706
Caixa líquido de juros gerado pelas (aplicado nas) atividades operacionais 11.499 13.334
Fluxo de caixa das atividades de investimentos

Adição de ativo imobilizado (7.492) (11.227)
Adição de ativo intangível (45) (43)
Alienação de ativo imobilizado 360 253
Adições nos investimentos em joint-ventures e controladas - (11)
Aquisição de controladas, líquido do caixa obtido na aquisição (17) (1.979)
Recebimento de dividendos 63 14
Transações com partes relacionadas 5 4
Outros 103 (136)
Caixa gerado pelas (aplicado nas) atividades de investimentos (7.024) (13.125)
Fluxo de caixa das atividades de financiamentos

Empréstimos e financiamentos captados 44.701 40.928
Pagamentos de empréstimos e financiamentos (35.112) (38.420)
Pagamentos de Arrendamentos (2.142) (2.243)
Derivativos pagos (58) (1.342)
Pagamento de dividendos (2.218) (4.436)
Pagamento de dividendos não-controladores (30) (26)
Caixa margem (131) 570
Aquisição de ações em tesouraria PPC - (966)
Aquisição de ações de emissão própria - (3.648)
Alienação de ações em tesouraria JBS - 824
Caixa gerado pelas (aplicado nas) atividades de financiamentos 5.011 (8.759)
Variação cambial sobre caixa e equivalentes de caixa (545) (1.507)

Variação líquida 8.940 (10.057)
Caixa e equivalentes de caixa inicial 13.182 23.239
Caixa e equivalentes de caixa final 22.122 13.182
23
DEMONSTRAÇÃO DO FLUXO DE CAIXA

Demonstrações dos fluxos de caixa para os trimestres findos em 31 de dezembro
Fluxo de caixa 4T23 4T22
Lucro líquido 208 2.214
Ajustes por:
Depreciação e amortização 2.859 2.625
Perdas esperadas com créditos de liquidação duvidosa 1 (28)
Resultado de equivalência patrimonial 1 (10)
Resultado na venda de imobilizado (39) (66)
Imposto de renda e contribuição social (120) (1.861)
Resultado financeiro líquido 1.687 2.134
Plano de opções de ações 3 6
Provisões para riscos processuais 98 101
Perda por ajuste ao valor recuperável 27 19
Ganho por compra vantajosa - (266)
Indenização J&F - (543)
Perdas estimadas para valor realizável dos estoques 58 70
Fair value (marcação a mercado) dos ativos biológicos 24 (340)
Acordos DOJ e Antitruste 299 25
5.105 4.079
Variação em:
Contas a receber (220) 941
Estoques 1.534 1.860
Impostos a recuperar 343 (638)
Outros ativos circulantes e não circulantes 221 (174)
Ativos biológicos (757) (781)
Fornecedores e fornecedores de risco sacado 1.293 2.353
Parcelamentos fiscais, trabalhistas e sociais (97) (106)
Outros passivos circulantes e não circulantes 1.078 (988)
Imposto de renda e contribuição social (31) (696)
Pagamento dos acordos DOJ e Antitruste - -
Variações em ativos e passivos operacionais 3.363 1.771
Caixa gerado pelas atividades operacionais 8.468 5.849

Juros pagos (1.883) (1.299)
Juros recebidos 286 141
Caixa líquido de juros gerado pelas (aplicado nas) atividades operacionais 6.871 4.691
Fluxo de caixa das atividades de investimentos

Adição de ativo imobilizado (1.991) (3.441)
Adição de ativo intangível (12) (12)
Alienação de ativo imobilizado 263 125
Aquisição de controladas, líquido do caixa obtido na aquisição (7) (1.214)
Recebimento de dividendos 30 8
Transações com partes relacionadas 1 1
Outros - (174)
Caixa gerado pelas (aplicado nas) atividades de investimentos (1.715) (4.706)
Fluxo de caixa das atividades de financiamentos

Empréstimos e financiamentos captados 4.654 2.155
Pagamentos de empréstimos e financiamentos (13.301) (2.319)
Pagamentos de Arrendamentos (546) (584)
Derivativos pagos 46 (203)
Pagamento de dividendos - (2.218)
Pagamento de dividendos não-controladores (6) (16)
Caixa Margem (125) 58
Aquisição de ações em tesouraria PPC - (0)
Caixa gerado pelas (aplicado nas) atividades de financiamentos (9.278) (3.127)
Variação cambial sobre caixa e equivalentes de caixa (545) (341)
Variação líquida (4.667) (3.483)

Caixa e equivalentes de caixa inicial 26.790 16.665
Caixa e equivalentes de caixa no final do período 22.122 13.182
24
DISCLAIMER
Nós fazemos declarações sobre eventos futuros que estão sujeitas a riscos e
incertezas. Tais declarações têm como base crenças e suposições de nossa
Administração e informações a que a Companhia atualmente tem acesso.
Declarações sobre eventos futuros incluem informações sobre nossas
intenções, crenças ou expectativas atuais, assim como aquelas dos membros do
Conselho de Administração e Diretores da Companhia.
As ressalvas com relação a declarações e informações acerca do futuro também

incluem informações sobre resultados operacionais possíveis ou presumidos,
bem como declarações que são precedidas, seguidas ou que incluem as palavras
"acredita", "poderá", "irá", "continua", "espera", "prevê", "pretende", "planeja",
"estima" ou expressões semelhantes.
As declarações e informações sobre o futuro não são garantias de desempenho.

Elas envolvem riscos, incertezas e suposições porque se referem a eventos
futuros, dependendo, portanto, de circunstâncias que poderão ocorrer ou não.
Os resultados futuros e a criação de valor para os acionistas poderão diferir de
maneira significativa daqueles expressos ou sugeridos pelas declarações com
relação ao futuro. Muitos dos fatores que irão determinar estes resultados e
valores estão além da nossa capacidade de controle ou previsão.
25
Earnings
Release
JBS ENDS 2023 WITH US$73 BILLION IN NET REVENUE AND

EBITDA OF US$3.5 BILLION
São Paulo, March 26, 2024 – JBS S.A - (B3: JBSS3; OTCQX: JBSAY), announces today its 4Q23 and 2023 results. The
comments made herein are in US dollars, in accordance with international accounting standards (IFRS), unless
otherwise specified.
HIGHLIGHTS 2023
• Liability Management: In September, JBS issued US$2.5 billion in Senior Notes, of which: (i) US$1.6 billion with
a coupon of 6.75% and maturity in 2034; and (ii) US$900 million with a coupon of 7.25% and maturing in 2053. In
October, CRA (Agribusiness Receivables Certificates) were issued in the amount of R$1.7 billion. With the
resources, JBS increased its average debt term to 11 years. At Pilgrim’s Pride, a subsidiary of the Company, the
following Senior Notes were issued during 2023: (i) US$1 billion with a coupon of 6.25% and maturing in 2033;
and (ii) US$500 million with a coupon of 6.875% and maturing in 2034. The resources were mainly used to
repurchase Senior Notes issued by the company and pay short-term debt.
• Capital Markets: (i) Announcement of the dual listing plan in Brazil (B3) and in the USA (New York Stock
Exchange) with the aim of increasing the Company's market value, attracting a wider base of investors, and
expanding its investment capacity; and (ii) registration of the 11 Senior Notes with the SEC (Securities and
Exchange Commission), with the objective of expanding the investor base, liquidity of the notes and investor
confidence. With this movement, JBS now has the obligation to adapt to SOX rules, have its financial
statements in accordance with PCAOB standards, be subject to FCPA rules, as well as the obligation to publish
a 20-F with the SEC.
• ESG: As part of its commitment to sustainability goals, JBS expanded its 100% electric truck fleet through No
Carbon, totaling 260 trucks. Additionally, the Company began to introduce the use of 100% Biodiesel in its
Brazilian truck fleet, produced by JBS Biodiesel. On the front to combat deforestation, JBS ended the year
with 20 green offices aimed at regularizing and reintegrating ranchers. Since the beginning of the project,
almost 20 thousand ranchers have been assisted, more than 8 thousand have been regularized and 3.4 million
heads of cattle have been reinstated. Furthermore, to contribute to the circular economy and renewable
energy, more than R$220 million have already been invested in biogas capture projects in the USA, Canada,
Brazil and Australia, with the potential to reduce significantly scope 1 emissions.
• Investments: i) Seara inaugurated its industrial complex in Rolândia (PR), the largest and most automated
chicken breaded and hot dog facility in Latin America; (ii) JBS USA Pork began production at its first Italian
specialty meats plant in North America, continuing the strategy of adding value to the Company's portfolio; (iii)
BioTech Foods began construction of its first commercial-scale cultured meat plant in Spain and the first R&D
center for cultured protein in Florianópolis;
• Shareholder Compensation: Payment of interim dividends in the amount of R$2.2 billion, representing R$1
per share, attributed to the minimum mandatory dividends for the 2023 fiscal year.
IR Contact
JBS (JBSS3) Market Value on Total Shares: Christiane Assis
Price on 03.26.2024 03.26.2024 Pedro Bueno
Felipe Brindo
R$22.42 R$49.7 Billion 2,218,116,370 Vitor Figueira
Amanda Harumi
ri_ir@jbs.com.br
CONSOLIDATED HIGHLIGHTS
CONSOLIDATED 2023 CONSOLIDATED 4Q23

Net Revenue: US$73 bn (+0.4% y/y) Net Revenue: US$19.4 bn (+10.1% y/y)
Adjusted EBITDA: US$3.5 bn (-48.6% y/y) Adjusted EBITDA: US$1.0 bn (+18.4% y/y)
Adjusted EBITDA Margin: 4.7% (-4.5 p.p. y/y) Adjusted EBITDA Margin: 5.3% (+0.4 p.p. y/y)
Net Results: -US$199 mn Net Results: US$17 mn (-96.3% y/y)
Free Cash Flow: US$448 mn (vs. -US$30 mn in 2022) Free Cash Flow: US$875 mn (+590.1% y/y)
2023 4Q23

Net Revenue: US$23.3 bn (+5.6% y/y) Net Revenue: US$6.3 bn (+15.0% y/y)
Adjusted EBITDA: US$114.2 mn (-94.5% y/y) Adjusted EBITDA: -US$98.6 mn
EBITDA Margin: 0.5% (-8.9 p.p. y/y) EBITDA Margin: -1.6% (-5.2 p.p. y/y)

Net Revenue: US$6.2 bn (-1.8% y/y) Net Revenue: US$1.7 bn (+10.4% y/y)
Adjusted EBITDA: US$454.7 mn (2.4% y/y.) Adjusted EBITDA: US$178.4 mn (+48.6% y/y.)
EBITDA Margin: 7.3% (+0.3 p.p. y/y) EBITDA Margin: 10.3% (+2.7 p.p. y/y)

Adjusted EBITDA: US$526.9 mn (-30.3% y/y) Adjusted EBITDA: US$195.2 mn (+1.5% y/y)
EBITDA Margin: 6.9% (-2.4 p.p. y/y) EBITDA Margin: 9.3% (-0.3 p.p. y/y)
PPC PPC
Adjusted EBITDA: US$1.5 bn (-26.3% y/y) Adjusted EBITDA: US$442.2 mn (+160.4% y/y)
EBITDA Margin: 8.9% (-3.1 p.p. y/y) EBITDA Margin: 9.8% (+5.7 p.p. y/y)
SEARA SEARA
Adjusted EBITDA: US$364.5 mn (-59.4% y/y) Adjusted EBITDA: US$135.3 mn (+1.1% y/y)
EBITDA Margin: 4.4% (-6.3 p.p. y/y) EBITDA Margin: 6.4% (0.0 p.p. y/y)

Adjusted EBITDA: US$469.3 mn (+0.1% y/y) Adjusted EBITDA: US$176.4 mn (+172.8% y/y)
EBITDA Margin: 4.2% (+0.1 p.p. y/y) EBITDA Margin: 5.9% (+3.5 p.p. y/y)
2
MESSAGE FROM
THE CEO
Gilberto Tomazoni, Global CEO JBS
Year after year, we have emphasized the importance of our global platform. In the face of challenging conditions like
those we encountered in 2023, this platform has proven its strength. It has allowed us to continue generating cash and
distributing dividends. Despite the persistent negative effects of the cattle cycle in the United States, the operational
management measures adopted last year and the improvement in the medium-term outlook enable us to enter 2024
on the path of margin recovery.
Our focus on operational excellence was key to correcting the course of two of our businesses that underperformed
in 2023: USA Beef and Seara. We identified issues and took action to adopt management measures based on our
culture, with a focus on people and discipline in execution. The results of these measures are already being felt. The
outlook at Seara for 2024 is positive, with significant improvement already seen in the first quarter of the year, which
is traditionally challenging for the sector. Seara is now well-positioned to reap the rewards of investments in expansion
made in recent years.
Our multi-protein and multi-geography strategy puts us in an unmatched position in the global industry. This diversity
allows us to capitalize on the cattle cycle upswing in Brazil and Australia, while our American operation faces margin
declines due to current market conditions. In Australia, the improved outlook is reflected in a significant increase in
margin in the fourth quarter of 2023 compared to the same period last year. In Brazil, where the situation is similar,
significant growth in cattle processing volume, increased value-added product sales, the authorization of new plants
to supply the Chinese market, as well as improved profitability of exports offer promising prospects for the beef
business in the short and long term.
The chicken and pork businesses faced persistent pressure on production costs throughout 2023 but are already
benefiting from the normalization of grain prices, as evidenced by the results of Pilgrim's and USA Pork. The recovery
of margins in these businesses also reflects a better balance of supply and demand. Pilgrim's margins saw strong
growth, rising from 1.5% in the fourth quarter of 2022 to 6.8% in the fourth quarter of 2023. Similarly, USA Pork
results jumped from 4.8% to 9% in the same period.
Through our global platform, we operate successfully in all relevant proteins. With results exceeding expectations, our
growth in aquaculture reaffirms our belief that we will replicate what we have done previously with chicken, pork and
value-added products. In 2024, we will complete a cultivated protein facility in San Sebastián, Spain. We are also
building the JBS Biotech Innovation Center in Brazil, which is a Research, Development, and Innovation Biotechnology
Center. We are a food company, and our focus is to meet consumer demand for all types of protein.
In 2023, we once again demonstrated our financial strength. The maintenance of our healthy cash generation allowed
us to distribute US$ 448 million in dividends for the year, creating value for our shareholders. We reduced our gross
debt by US$ 1.6 billion, from the third quarter to the fourth quarter, which is something we plan to continue in 2024. As
a result of our financial discipline, we began the Company's deleveraging process at the end of 2023, decreasing the
leverage ratio from 4.87x in the third quarter to 4.42x in the fourth quarter.
We remain confident in our long-term strategy: we will continue to reinforce our diversified platform, both
geographically and by protein type, investing in strong brands, value-added products, and strategic partnerships with
our customers. This set of actions is crucial for increasing margins and reducing volatility. The investments we made in
2023 are significant milestones that support this direction. In Brazil, we opened two new factories in the state of
Paraná that will allow Seara to advance its expansion strategy in value-added products. Similarly, we commenced
operations at the new Principe Italian meats facility in Columbia, Missouri, and invested in our King's Lynn pork unit in
the UK to make it a center of excellence in cold cuts.
JBS has demonstrated resilience and strength over its 70 years. The company's diversified platform, commitment to
excellence, innovation, and sustainability, focus on people and culture, and the impending dual listing in Brazil and the
United States put the company in a unique position to embark on a new cycle of accelerated growth and shareholder
returns.
3
72,614 72,918
NET REVENUE
$72.9 Bn
2022 2023
ADJUSTED EBITDA NET RESULTS
$3.5Bn ($198.9Mn)
9.2%
4.7%
6,722
2,997
3,458
2023
2022 2023 2022 (199)
FREE CASH FLOW
448
$447.9Mn
(30)
2022 2023
Note: graphs in millions.

4
19,449
17,669
NET REVENUE
$19.4Bn
4Q22 4Q23
ADJUSTED EBITDA NET PROFIT
$1.0Bn $16.7Mn
4.9% 5.3%
447
870 1,030
17
4Q22 4Q23 4Q22 4Q23
FREE CASH FLOW 875
$874.9Mn
127
4Q22 4Q23

5
4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

US$ Million US$ % NR US$ % NR 4Q23 vs 3Q23 US$ % NR 4Q23 vs 4Q22 US$ % NR US$ % NR 2023 vs 2022
Net Revenue 19,449.1 100.0% 18,729.7 100.0% 3.8% 17,669.2 100.0% 10.1% 72,918.1 100.0% 72,613.9 100.0% 0.4%
Cost of Goods Sold (17,209.3) -88.5% (16,465.0) -87.9% 4.5% (15,635.6) -88.5% 10.1% (64,951.0) -89.1% (61,070.2) -84.1% 6.4%
Gross Profit 2,239.8 11.5% 2,264.7 12.1% -1.1% 2,033.5 11.5% 10.1% 7,967.2 10.9% 11,543.7 15.9% -31.0%
Selling Expenses (1,206.7) -6.2% (1,129.0) -6.0% 6.9% (1,201.0) -6.8% 0.5% (4,594.3) -6.3% (4,681.7) -6.4% -1.9%
General and Adm. Expenses (694.5) -3.6% (595.6) -3.2% 16.6% (533.4) -3.0% 30.2% (2,315.1) -3.2% (2,290.0) -3.2% 1.1%
Net Financial Income (expense) (340.5) -1.8% (376.8) -2.0% -9.6% (406.0) -2.3% -16.1% (1,353.4) -1.9% (1,241.7) -1.7% 9.0%
Equity in earnings of subsidiaries (0.3) 0.0% 4.0 0.0% - 1.8 0.0% -116.2% 9.5 0.0% 11.8 0.0% -19.2%
Other Income (expense) 19.9 0.1% (5.2) 0.0% - 172.1 1.0% -88.4% 26.4 0.0% 211.4 0.3% -87.5%
Profit (loss) before taxes 17.7 0.1% 162.1 0.9% -89.1% 67.2 0.4% -73.6% (259.7) -0.4% 3,553.5 4.9% -107.3%
Income and social contribution taxes 24.2 0.1% (20.6) -0.1% - 354.2 2.0% -93.2% 128.0 0.2% (410.0) -0.6% -131.2%
Minority interest (25.3) -0.1% (24.2) -0.1% 4.7% 25.7 0.1% -198.3% (67.1) -0.1% (146.0) -0.2% -54.0%
Net Income (Loss) 16.7 0.1% 117.3 0.6% -85.8% 447.1 2.5% -96.3% (198.9) -0.3% 2,997.5 4.1% -106.6%
Adjusted EBITDA 1,030.5 5.3% 1,108.4 5.9% -7.0% 870.4 4.9% 18.4% 3,457.9 4.7% 6,722.0 9.2% -48.6%
Earnings per Share 0.01 0.04 -79.8% 0.20 -96.3% n.a. 1.35 -
In 4Q23, JBS recorded a consolidated net revenue of US$19.4 billion, which represents an
increase of 10% compared to 4Q22.
NET During the period, around 76% of JBS' global sales were made in the domestic markets in which
REVENUE the Company operates and 24% through exports.
In 2023, net revenue reached US$72.9 billion.
In 4Q23, JBS's adjusted EBITDA reached US$1.0 billion, a growth of 18.4% y/y, while the EBITDA
margin reached 5.3%, an increase of 40 basis points compared to the previous year.
In 2023, adjusted EBITDA reached U$3.5 billion, a 49% reduction compared to the previous year,
given the oversupply of global protein as well as high prices of grains primarily during the 1H23.
From the second half of the year onwards, results improved with a better balance in the supply
ADJUSTED
demand equation for hogs and poultry in North America as well as poultry in Brazil, in addition to
EBITDA
a reduction in the price of grains throughout the second semester. For the year, the adjusted
EBITDA margin was 4.7%.
US$ Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

Net income for the period (including minority interest) 42.0 141.5 -70.3% 421.3 -90.0% (131.7) 3,143.5 -
Financial income (expense), net 340.5 376.8 -9.6% 406.0 -16.1% 1,353.4 1,241.7 9.0%
Current and deferred income taxes (24.2) 20.6 - (354.2) -93.2% (128.0) 410.0 -
Depreciation and amortization 577.3 535.9 7.7% 499.5 15.6% 2,149.1 1,907.9 12.6%
Equity in subsidiaries 0.3 (4.0) - (1.8) - (9.5) (11.8) -
(=) EBITDA 935.8 1,070.8 -12.6% 970.8 -3.6% 3,233.2 6,691.3 -51.7%
Other income / expenses 14.4 22.5 -36.0% (41.8) - 24.5 (18.3) -
Reestructuring 7.4 1.8 320.8% 28.0 -73.6% 53.3 0.0 -
Asset Impairment 5.4 (0.9) - 0.0 - 26.3 17.4 51.0%
Net indemnity J&F* 0.0 0.0 - (93.8) - 0.0 (93.8) -
Antitrust Agreements 60.3 10.5 474.3% 4.7 1181.8% 102.5 101.4 1.0%
Donations and social projects 7.1 3.7 91.5% 2.5 188.4% 18.2 23.9 -24.1%
(=) Adjusted EBITDA 1,030.5 1,108.4 -7.0% 870.4 18.4% 3,457.9 6,722.0 -48.6%
* Value Net of PIS/COFINS
6
NET FINANCIAL In 4Q23, the net debt financial expense was US$285 million. In 2023, this amount was
RESULT US$1.1 billion.
US$ Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

Exchange rate variation (45.6) 45.8 - (22.4) 103.6% 57.5 415.6 -86.2%
Fair value adjustments on derivatives 139.4 (57.0) - (73.4) - 82.9 (343.6) -
Interest expense¹ (486.4) (428.8) 13.4% (363.6) 33.8% (1,732.9) (1,342.5) 29.1%
Interest income¹ 101.7 77.5 31.1% 65.6 55.0% 326.4 268.4 21.6%
Taxes, contribution, fees and others (49.6) (14.5) 243.1% (12.2) 305.4% (87.4) (239.6) -63.5%
Finance income (expense) (340.5) (376.8) -9.6% (406.0) -16.1% (1,353.4) (1,241.7) 9.0%
Interest expenses from loans and financings (328.6) (285.5) 15.1% (250.2) 31.3% (1,179.4) (909.9) 29.6%
Interest income from investments 44.0 24.3 81.5% 17.3 154.7% 105.6 68.5 54.2%
Net debt financial expense¹ (284.6) (261.2) 8.9% (233.0) 22.2% (1,073.8) (841.5) 27.6%
¹Includes interest expense on loans and financing included under passive interest, and interest on financial investments included under active interest.
NET In 4Q23, JBS recorded a net profit of US$16.7 million and a loss of US$198.9 million
RESULTS for the year.
In 4Q23 and 2023, cash flow from operating activities was US$1.7 billion and US$3.5
CASH FLOW FROM billion, respectively. Free cash flow, after addition of fixed assets, interest paid and
OPERATING received, and leasing was US$875 million in the quarter and US$448 million in the year.
ACTIVITIES AND It is important to highlight that, as of 4Q23, JBS began to include leasing expenses in
FREE CASH FLOW the calculation of free cash flow, aiming to more accurately represent the Company's
cash generation and be more in line with the variation in net debt .
NET CASH PROVIDED In 4Q23 and 2023, the total value of cash flow from JBS' investment activities was
(USED) BY INVESTING US$346 million and US$1.4 billion, respectively, with the main investment being the
ACTIVITIES addition of fixed assets (CAPEX) in both periods.
7
JBS ended the quarter with US$4.7 billion in cash and has US$3.3 billion available in
revolving credit lines, without collateral, of which US$2.9 billion is at JBS USA and US$450
million is at JBS Brasil. Thus, the Company's total availability is US$8 billion.
INDEBTEDNESS At the end of the year, net debt was US$15.3 billion, an increase of approximately US$123
million when compared to the end of 2022. However, JBS ended the quarter with its
leverage in dollars of 4.42x, a reduction compared to the previous quarter given the
operational improvement throughout the quarter.
US$ Million
4Q23 3Q23 ∆% 4Q22 ∆%
Gross Debt 19,999.1 21,589.9 -7.4% 17,700.1 13.0%
(+) Short Term Debt 891.6 1,845.1 -51.7% 1,577.0 -43.5%
% of the Gross Debt 4% 9% 9% 0.0%
(+) Long Term Debt 19,107.6 19,744.9 -3.2% 16,123.1 18.5%
% of the Gross Debt 95.5% 91.5% 91.1% 0.0%
(-) Cash and Equivalents 4,702.0 5,536.6 -15.1% 2,526.4 86.1%
Net Debt 15,297.2 16,053.3 -4.7% 15,173.7 0.8%
Leverage 4.42x 4.87x 2.26x
The 2023 Net Debt ended at US$15.3 billion, an increase of US$123 million in the annual
comparison. The main impacts that offset the EBITDA of US$3.5 billion were : (i) Capex in
NET DEBT the amount of US$1.5 billion; (ii) accrued interest in the amount of US$1.1 billion; (iii)
BRIDGE payment of US$448 million in dividends; and (iv) US$429 million from commercial leasing.
Additionally, the improvement in working capital of US$616 million was partially offset by
the investment in biological assets of US$530 million
(US$ million)
(3.458) 4.42x
2.26x
8
Proforma Debt Amortization

PROFORMA INDEBTEDNESS
Schedule (US$ Million)¹
Average Term Average

Proforma Proforma Cost
450
450
11 yrs 5.73% p.a.
2,882
2,882
566
2,943 2,996
4,136 1,904 2,415
4,702 207 2,109
104
1,103
0,1 713 1,808 883
97
478
794 151 6
1,089 166
20 13
Cash and Payments Proforma Short Term 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2039 2052 2053
Equivalents After to to
12/31/23 2038 2051
Until
02/29/24
Cash and Revolving credit Revolving credit Payments

Equivalents facilities USD 2.9 facilities USD After 12/31/23
bn in the US 450 mn in Brazil Until 02/29/24
CURRENCY & COST SOURCE

BREAKDOWN BREAKDOWN
Banks
Bonds
USD² BRL 5%
13.7% 84%
86.3% CRA
10,74% p.a. 11%

5,13% p.a.
¹ Includes funds available in cash and revolving guaranteed credit lines from JBS USA and JBS Brazil
² Includes debts in other currencies, such as Euros and Canadian Dollars
9
BUSINESS UNITS
BUSINESS UNITS – IFRS US$
Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%
Net Revenue
Seara US$ 2,110.1 2,091.6 0.9% 2,099.1 0.5% 8,272.5 8,324.2 -0.6%
JBS Brazil US$ 3,009.0 2,959.0 1.7% 2,715.4 10.8% 11,141.2 11,414.4 -2.4%
JBS Beef North America US$ 6,272.9 5,953.2 5.4% 5,453.6 15.0% 23,303.1 22,069.1 5.6%
JBS Australia US$ 1,730.1 1,575.2 9.8% 1,567.1 10.4% 6,209.0 6,323.3 -1.8%
JBS USA Pork US$ 2,102.3 2,026.6 3.7% 2,016.0 4.3% 7,713.8 8,153.1 -5.4%
Pilgrim's Pride US$ 4,524.6 4,356.4 3.9% 4,124.1 9.7% 17,348.0 17,455.1 -0.6%
Others US$ 251.3 140.7 78.6% 189.1 32.8% 893.5 842.0 6.1%
Eliminations US$ -551.2 -372.9 47.8% -495.2 11.3% -1,962.9 -1,967.2 -0.2%
Total US$ 19,449.1 18,729.7 3.8% 17,669.2 10.1% 72,918.1 72,613.9 0.4%
Adjusted EBITDA
Seara US$ 135.3 116.1 16.6% 133.9 1.1% 364.5 896.7 -59.4%
JBS Brazil US$ 176.4 99.3 77.8% 64.7 172.8% 469.3 468.9 0.1%
JBS Beef North America US$ -98.6 103.0 - 195.4 - 114.2 2,081.7 -94.5%
JBS Australia US$ 178.4 136.2 31.0% 120.1 48.6% 454.7 443.9 2.4%
JBS USA Pork US$ 195.2 209.2 -6.7% 192.2 1.5% 526.9 756.3 -30.3%
Pilgrim's Pride US$ 442.2 449.8 -1.7% 169.8 160.4% 1,536.0 2,084.6 -26.3%
Others US$ 2.2 -4.4 - -5.2 - -5.2 -7.9 -34.0%
Eliminations US$ -0.8 -0.6 26.0% -0.6 35.6% -2.6 -2.2 18.8%
Total US$ 1,030.5 1,108.4 -7.0% 870.4 18.4% 3,457.9 6,722.0 -48.6%
Seara % 6.4% 5.5% 0.9 p.p. 6.4% 0.0 p.p. 4.4% 10.7% -6.4 p.p.
JBS Brazil % 5.9% 3.4% 2.5 p.p. 2.4% 3.5 p.p. 4.2% 4.1% 0.1 p.p.
JBS Beef North America % -1.6% 1.7% -3.3 p.p. 3.6% -5.2 p.p. 0.5% 9.4% -8.9 p.p.
JBS Australia % 10.3% 8.6% 1.7 p.p. 7.7% 2.7 p.p. 7.2% 7.0% 0.2 p.p.
JBS USA Pork % 9.3% 10.3% -1.0 p.p. 9.5% -0.3 p.p. 6.8% 9.3% -2.6 p.p.
Pilgrim's Pride % 9.8% 10.3% -0.6 p.p. 4.1% 5.7 p.p. 8.8% 11.9% -3.0 p.p.
Others % 0.9% -3.2% 4.0 p.p. -2.7% 3.6 p.p. -0.6% -0.9% 0.4 p.p.
Total % 5.3% 5.9% -0.6 p.p. 4.9% 0.4 p.p. 4.7% 9.2% -4.5 p.p.
BUSINESS UNITS– USGAAP US$
Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%
Net Revenue
JBS Australia US$ 1,730.1 1,575.2 9.8% 1,567.1 10.4% 6,209.0 6,323.3 -1.8%
JBS USA Pork US$ 2,102.2 2,026.6 3.7% 2,015.9 4.3% 7,713.8 8,153.0 -5.4%
Adjusted EBITDA
JBS Australia US$ 172.1 103.6 66.2% 78.5 119.3% 423.7 337.1 25.7%
JBS USA Pork US$ 188.3 190.3 -1.0% 96.5 95.1% 472.0 589.6 -19.9%
JBS USA Pork % 9.0% 9.4% -0.4 p.p. 4.8% 4.2 p.p. 6.1% 7.2% -1.1 p.p.
10
BUSINESS UNITS
SEARA
IFRS - US$ Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

IFRS - US$ Million US$ % NR US$ % NR QoQ US$ % NR YoY US$ % NR US$ % NR YoY
Net Revenue 2,110.1 100.0% 2,091.6 100.0% 0.9% 2,099.1 100.0% 0.5% 8,272.5 100.0% 8,324.2 100.0% -0.6%
Cost of Goods Sold (1,754.7) -83% (1,765.0) -84% -0.6% (1,762.1) -84% -0.4% (7,060.4) -85% (6,574.2) -79% 7.4%
Gross Profit 355.4 17% 326.5 16% 8.8% 337.0 16% 5.5% 1,212.1 15% 1,750.0 21% -30.7%
Adjusted EBITDA 135.3 6.4% 116.1 5.5% 16.6% 133.9 6.4% 1.1% 364.5 4.4% 896.7 10.7% -59.4%
In 4Q23, Seara recorded a net revenue of US$2.1 billion, an increase of 1% compared to 4Q22, and in 2023 net
revenue reached US$8.3 billion, a reduction of 0.6% in the annual comparison. For both the quarter and the full year,
net revenue was impacted by lower average prices, despite higher volumes sold.
Sales in the domestic market, which accounted for 52% of the unit's revenue in 4Q23, totaled R$5.5 billion, 6% lower
than 4Q22, reflecting lower prices in the period. On the other hand, sales records were broken for Christmas
products. The Fiesta brand grew 38% in volume in 2023, more than double the market, which grew 14%. For the year,
net revenue was R$20.8 billion, stable in relation to the same period of the previous year. Throughout the year, Seara
continued with its strategy of strengthening its brand, reaping good results: 8 out of 10 Brazilian households that
purchased the Seara brand also repurchased it in 2023. Furthermore, it is the most present brand in Brazilian homes
in the Lasagna, Bacon and Hamburger categories.
In the foreign market, net revenue in dollars reached US$1 billion, representing an increase of 1% compared to 4Q22,
driven by a 3% growth in volumes sold. However, throughout the year, net revenue totaled US$4.1 billion (-5% y/y),
influenced by the 10% reduction in average prices, as a result of the global excess of poultry, mainly during the first
half of the year.
The year 2023 was very challenging. Despite continuous margin improvements quarter over quarter, the result was
below expectations. We faced both internal and external challenges, particularly due to the global oversupply of
poultry in the first half of the year and high production costs, given the high price of grains, challenges in the farming
part of the business, and lower dilution of fixed costs reflecting the ramp-up of new plants. However, we remained
focused on the business fundamentals: brands, innovation, commercial execution, and manufacturing efficiency.
Although the year started with significant challenges, we managed to end it on a positive trend, leaving us optimistic
for a considerably better 2024.
11
BUSINESS UNITS
JBS BRASIL

Net Revenue 3,009.0 100.0% 2,959.0 100.0% 1.7% 2,715.4 100.0% 10.8% 11,141.2 100.0% 11,414.4 100.0% -2.4%
Cost of Goods Sold (2,483.7) -83% (2,508.1) -85% -1.0% (2,349.1) -87% 5.7% (9,427.0) -85% (9,696.6) -85% -2.8%
Gross Profit 525.3 17% 450.9 15% 16.5% 366.3 13% 43.4% 1,714.2 15% 1,717.7 15% -0.2%
Adjusted EBITDA 176.4 5.9% 99.3 3.4% 77.8% 64.7 2.4% 172.8% 469.3 4.2% 468.9 4.1% 0.1%
In 4Q23, JBS Brasil recorded net revenue of US$3 billion (+11% y/y), this growth mainly reflects higher volumes sold.
For the year, net revenue was US$11.1 billion (-2% y/y), given the reduction in prices in both the domestic and
international markets.
In the domestic market, revenue in the fresh beef category grew 12% in 4Q23 and 3% y/y in 2023, both as a result of
higher volumes sold in the period. This growth is mainly attributed to the favorable livestock cycle, resulting in
greater availability of animals for slaughter. According to the IBGE (Brazilian Institute of Geography and Statistics),
total cattle slaughter growth for the year was approximately 14% y/y and for the quarter approximately 20% y/y.
Throughout the year, the Company maintained its focus on commercial execution, increasing and improving the level
of service with partners in the Friboi+ program, bringing the Friboi and Swift brands closer to consumers and
improving the supply of products with greater added value.
In 2023, sales to the foreign market demonstrated higher volatility between quarters. The beginning of the year was
marked by a self-embargo on beef exports to China following the confirmation of an atypical case of bovine
spongiform encephalopathy (BSE), negatively impacting prices and volumes. With the end of the embargo, the
second quarter benefited from the reopening of exports to the Chinese market, in addition to a more favorable
international market. With the better beef cycle, as previously mentioned, the second half of the year was marked
by lower prices, but with higher sales volume. Therefore, net revenue grew 19% y/y in 4Q23, but fell 9% in yearly
comparison.
EBITDA totaled US$176 million, with an EBITDA margin of 5.9% in 4Q23 and US$469 million, with an EBITDA margin
of 4.2% in 2023. It is worth mentioning that the profitability of this business unit also benefited from a lower price of
purchasing cattle. According to data published by CEPEA-ESALQ, the price of live cattle during the quarter was
approximately R$240/arroba (-17% y/y) and for the year R$254/arroba (-20% y/y).
In 2023, in a survey carried out by the Datafolha Institute in thousands of Brazilian homes, the Friboi brand was once
again Top of Mind, that is, the most remembered and preferred brand by the Brazilian consumer. Friboi won the meat
category for the fourth time and consolidated itself as the absolute leader in this category.
Note: On March 1, 2020, through a corporate restructuring process, Swift stores were transferred to the direct subsidiary Seara Alimentos.
Although the Swift stores are part of the corporate structure of Seara Alimentos, for the purposes of analysis and presentation of results, the
Company's Management decided to allocate Swift's results to the JBS Brasil operating segment.
12
BUSINESS UNITS

Net Revenue 6,272.9 100.0% 5,953.2 100.0% 5.4% 5,453.6 100.0% 15.0% 23,303.1 100.0% 22,069.1 100.0% 5.6%
Cost of Goods Sold (6,120.3) -98% (5,589.9) -94% 9.5% (4,969.8) -91% 23.1% (22,178.9) -95% (18,830.9) -85% 17.8%
Gross Profit 152.6 2% 363.3 6% -58.0% 483.8 9% -68.5% 1,124.2 5% 3,238.2 15% -65.3%
Adjusted EBITDA (98.6) -1.6% 103.0 1.7% - 195.4 3.6% - 114.2 0.5% 2,081.7 9.4% -94.5%
USGAAP¹ - US$ Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

USGAAP¹ - US$ Million US$ % NR US$ % NR QoQ US$ % NR YoY US$ % NR US$ % NR YoY
Net Revenue 6,272.9 100.0% 5,953.2 100.0% 5.4% 5,453.6 100.0% 15.0% 23,303.0 100.0% 22,069.1 100.0% 5.6%
Gross Profit (96.7) -2% 156.9 3% - 162.4 3% - 196.4 1% 2,137.8 10% -90.8%
Adjusted EBIT (189.9) -3.0% 49.3 0.8% - 65.5 1.2% - (163.3) -0.7% 1,766.2 8.0% -
Adjusted EBITDA (141.2) -2.3% 93.2 1.6% - 112.8 2.1% - 12.2 0.1% 1,932.0 8.8% -99.4%
In IFRS and US$, net revenue for 4Q23 was US$6.3 billion, an increase of 15% compared to 4Q22, with a negative
adjusted EBITDA of US$98.6 million and a negative EBITDA margin of 1.6 %. In 2023, net revenue was US$23.3 billion,
an increase of 6% compared to 2022, while adjusted EBITDA was US$114.2 million, with a margin of 0.5%.
In US GAAP and US$, net revenue was US$6.3 billion in 4Q23, an increase of 15% compared to 4Q22 and adjusted
EBITDA was negative at US$141.2 million, with a negative margin of 2.3%. In the year, net revenue was US$23.3
billion, an increase of 5.6% compared to 2022 and adjusted EBITDA was US$12.2 million, with a 0.1% margin.
Both for the year and for the quarter, beef margins in North America suffered a relevant impact compared to the
previous year, as a result of the cattle cycle in the region, reducing the availability of animals for slaughter and
significantly increasing costs. According to data released by the USDA, cattle prices remained at high levels, growing
16% y/y in 4Q23 and 21% y/y in 2023. Therefore, as the price of cattle represents 85% of the cost of goods sold, and
growth in costs was higher than the growth in the cutout, profitability came under pressure for the period.
For the year, US beef exports fell 16% y/y, according to the USDA, mainly due to a restricted supply combined with
lower Asian demand. The top 3 US destinations continue to be South Korea, China and Japan.
¹The difference in JBS Beef North America's EBITDA in IFRS and USGAAP, in addition to the exchange rate, is due to the impacts of the adoption of
IFRS 16 as of 1Q19 and different inventory accounting criteria: in IFRS, inventories are accounted for at average cost, while in US GAAP they are
marked to market. Volume and price calculations do not consider the impact of acquisitions.
13
BUSINESS UNITS
JBS AUSTRALIA
Net Revenue 1,730.1 100.0% 1,575.2 100.0% 9.8% 1,567.1 100.0% 10.4% 6,209.0 100.0% 6,323.3 100.0% -1.8%
Cost of Goods Sold (1,419.0) -82% (1,344.5) -85% 5.5% (1,372.2) -88% 3.4% (5,368.9) -86% (5,553.0) -88% -3.3%
Gross Profit 311.1 18% 230.7 15% 34.8% 194.9 12% 59.6% 840.1 14% 770.3 12% 9.1%
Adjusted EBITDA 178.4 10.3% 136.2 8.6% 31.0% 120.1 7.7% 48.6% 454.7 7.2% 443.9 7.0% 2.4%

Net Revenue 1,730.1 100.0% 1,575.2 100.0% 9.8% 1,567.1 100.0% 10.4% 6,209.0 100.0% 6,323.3 100.0% -1.8%
Gross Profit 198.6 11% 126.6 8% 56.8% 86.6 6% 129.3% 507.7 8% 411.2 7% 23.5%
Adjusted EBIT 147.8 8.5% 82.1 5.2% 80.1% 50.0 3.2% 195.7% 332.8 5.4% 246.3 1.1% 35.1%
Adjusted EBITDA 172.1 9.9% 103.6 6.6% 66.2% 78.5 5.0% 119.3% 423.7 6.8% 337.1 5.3% 25.7%
Considering the results in IFRS and US$, net revenue for 4Q23 was US$1.7 billion (+10% y/y) and US$6.2 billion (-2%
y/y) for 2023. Adjusted EBITDA was US$178.4 million for 4Q23, with an EBITDA margin of 10.3%, and for the year it
was US$454.7 million, with an EBITDA margin of 7.2%.
In US GAAP and US$, net revenue was US$1.7 billion (+10% y/y) for 4Q23 and US$6.2 billion (-2% y/y) for 2023.
Adjusted EBITDA was US$172.1 million for 4Q23, with an EBITDA margin of 9.9%, and for the year US$423.7 million,
with an EBITDA margin of 6.8%. For the quarter, revenue growth was the result of higher volumes sold, reflecting
the greater availability of cattle in the market. However, for the year, the growth in volumes sold was not enough to
offset the reduction in prices in the domestic and international markets.
The volume of the beef business grew 11% compared to 4Q22, due to the growth in sales in both the domestic and
export markets. In 2023, net revenue was 3% lower compared to 2022, as a result of lower prices in the domestic and
international markets. However, the improvement in EBITDA margin for both periods is a reflection of lower cattle
prices, given the greater availability of animals due to the more favorable cycle. According to MLA (Meat & Livestock
Australia), the price of cattle in Australia fell 55% y/y in 4Q22 and 47% y/y in 2023.
In relation to the aquaculture business, the growing profitability in the quarter and year is due to increased
operational efficiencies.
Net revenue from the pork business continues to grow as a result of the improvement in prices in the quarter. This
year's growth is a reflection of the program to improve herd health and better carcass optimization.
Primo, the prepared foods unit, recorded an increase in average prices in the quarter and year, but this was offset by
lower volumes sold, a result of weaker demand in the face of inflationary pressure.
¹The difference in JBS Australia's EBITDA in IFRS and USGAAP, in addition to the exchange rate, is due to the impacts of the adoption of IFRS 16
from 1Q19 and different accounting criteria for biological assets, in IFRS they are marked to market, while in USGAAP they are at average cost.
Volume and price calculations do not consider the impact of acquisitions.
14
BUSINESS UNITS
JBS USA PORK

Net Revenue 2,102.2 100.0% 2,026.6 100.0% 3.7% 2,015.9 100.0% 4.3% 7,713.8 100.0% 8,153.1 100.0% -5.4%
Gross Profit 307.6 15% 311.3 15% -1.2% 324.4 16% -5.2% 987.6 13% 1,259.8 15% -21.6%
Adjusted EBITDA 195.2 9.3% 209.2 10.3% -6.7% 192.2 9.5% 1.5% 526.9 6.8% 756.3 9.3% -30.3%

Net Revenue 2,102.2 100.0% 2,026.6 100.0% 3.7% 2,015.9 100.0% 4.3% 7,713.8 100.0% 8,153.0 100.0% -5.4%
Gross Profit 185.8 9% 185.6 9% 0.1% 100.5 5% 84.9% 476.4 6% 609.6 7% -21.9%
Adjusted EBIT 135.5 6.4% 152.1 7.5% -10.9% 63.4 3.1% 113.7% 307.2 4.0% 462.0 2.1% -33.5%
Adjusted EBITDA 188.3 9.0% 190.3 9.4% -1.0% 96.5 4.8% 95.1% 472.0 6.1% 589.6 7.2% -19.9%
In IFRS and US$, in 4Q23, net revenue was US$2.1 billion, an increase of 4% compared to 4Q22 and adjusted EBITDA
was US$195.2 million, with a margin of 9.3%. In 2023, net revenue was US$7.7 billion, which corresponds to a drop of
5% compared to 2022, while adjusted EBITDA was US$527 million, with a margin of 6.8%.
In USGAAP and US$, net revenue was US$2.1 billion, an increase of 4% compared to 4Q22, due to the 12% increase in
volume sold. Adjusted EBITDA totaled US$188.3 million in 4Q23, with a margin of 9%. In 2023, net revenue was
US$7.7 billion, a drop of 5% compared to 2022, as a result of the 10% drop in average prices, and adjusted EBITDA
was US$472.0 million, with a margin of 6.1%.
The first half of 2023 was marked by an excess supply of animals in the domestic market, putting pressure on prices
and profitability. However, throughout the year, a movement towards normalization of supply and demand in the
industry was observed. In the international market, USDA data for the year indicates an increase in pork exports by
13%, especially to Mexico, Japan, South Korea and Canada.
In addition to the better balance of supply and demand, the improvement in profitability throughout the year is the
result of: (i) lower average grain costs in 2023 (-19% y/y); (ii) reduction in the average pork price in 2023 (-22% y/y);
and (iii) continuous efforts aimed at expanding the value-added portfolio, in addition to improving commercial,
operational and logistical execution;
¹The difference in JBS USA Pork's EBITDA in IFRS and USGAAP, in addition to the exchange rate, is due to the impacts of the adoption of IFRS 16
from 1Q19 and different accounting criteria. In IFRS, biological assets are marked to market and inventories are carried at average cost, while in
USGAAP, biological assets are held at average cost and inventories are carried at average cost. Volume and price calculations do not consider the
impact of acquisitions.
15
BUSINESS UNITS

Net Revenue 4,524.6 100.0% 4,356.4 100.0% 3.9% 4,124.1 100.0% 9.7% 17,348.0 100.0% 17,455.1 100.0% -0.6%
Gross Profit 563.0 12% 564.7 13% -0.3% 313.3 8% 79.7% 2,011.4 12% 2,735.9 16% -26.5%
Adjusted EBITDA 442.2 9.8% 449.8 10.3% -1.7% 169.8 4.1% 160.4% 1,536.0 8.8% 2,084.6 11.9% -26.3%

Net Revenue 4,528.3 100.0% 4,360.2 100.0% 3.9% 4,127.4 100.0% 9.7% 17,362.2 100.0% 17,468.4 100.0% -0.6%
Gross Profit 321.0 7% 345.9 8% -7.2% 95.8 2% 235.2% 1,118.4 6% 1,811.8 10% -38.3%
Adjusted EBIT 197.0 4.4% 219.7 5.0% -10.3% (39.3) -1.0% - 614.3 3.5% 1,245.3 5.6% -50.7%
Adjusted EBITDA 309.5 6.8% 324.0 7.4% -4.5% 62.9 1.5% 392.4% 1,034.2 6.0% 1,648.4 9.4% -37.3%
Considering the results in IFRS and US$, PPC presented net revenue of US$4.5 billion in 4Q23, an increase of 10%
compared to 4Q22, and adjusted EBITDA of US$442 million, with an EBITDA margin of 9.8%. In 2023, net revenue was
US$17.3 billion, which corresponds to a drop of 1% compared to 2022, while adjusted EBITDA was R$1.5 billion (-26%
y/y), with a margin of 8.8%. In US GAAP and US$, PPC's net revenue in 4Q23 was US$4.5 billion, 10% higher than
4Q22, and adjusted EBITDA was US$309.5 million with a margin of 6.8%. In 2023, net revenue was US$17.4 billion, a
slight decrease of 0.6% compared to 2022, and adjusted EBITDA was US$1.0 billion (-37% y/y), with a margin of 6.0%.
The year 2023 was marked by high volatility in the commodities market. At the beginning of the year, poultry prices
began at historically low levels due to excess supply and also lower demand resulting from low consumer confidence.
However, over the course of the year, prices gradually normalized, but cost inflation remained high. Therefore,
despite the challenges faced, the Company remained focused on executing its strategy and managed to grow its
results throughout the year.
In the United States, in 2023, the diversified product portfolio demonstrated its resilience in the face of a
challenging supply and demand scenario throughout the year. Furthermore, the intense focus on operational
excellence, improved service levels with key customers and expansion of the portfolio of value-added and branded
products contributed positively to margin growth. Therefore, the PPC in the United States ended 4Q23 with an
EBITDA margin of 7.5%, the highest margin of the year.
During 2023, in Mexico, Pilgrim’s further strengthened its relationships with key customers, expanded its portfolio
of branded prepared foods and continued to invest in and improve the live birds operation. Therefore, even with a
weaker fourth quarter, although better than the previous year, due to the seasonality of the period and excess
supply, the Company presented solid and consistent results for the year.
In Europe, 2023 was marked by a positive trajectory of margin growth, with the fourth quarter being the best result
of the year. This result is a reflection of the continuous optimization of the plants, cost recovery efforts,
consolidation of back-office activities, increased partnerships with key customers, expansion of the portfolio of
branded products and innovation.
¹A diferença no EBITDA entre os resultados em IFRS e USGAAP da PPC, além do câmbio, se deve aos impactos da adoção do IFRS 16 a partir do
1T19 e a critérios diferentes de contabilização da amortização das aves matrizes: em IFRS, a amortização do ativo biológico, por seu caráter de
mais longo prazo, é considerada uma despesa passível de ajuste no EBITDA, enquanto em USGAAP a amortização do ativo biológico é contabilizada
no Custo do Produto Vendido e não é ajustada no EBITDA.
16
BUSINESS UNITS
Consolidated (IFRS - US$)

Net Revenue (billions) EBITDA (millions)
and % EBITDA
3,000
18.7 19.4 2,500

17.7 18.1
16.7 5.9% 5.3%
2,000 4.9% 5.0%
2.5%
1,500 1,108 1,030
870 903
1,000
416
500
0
4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23
Seara (IFRS - US$) JBS Brasil (IFRS - US$)

Net Revenue (billions) EBITDA (millions) Net Revenue (billions) EBITDA (millions)
and % EBITDA and % EBITDA
3.0 3.0 5.9%

2.7 2.8 4.8%
2.1 2.1 2.1 2.1 2.3 3.4%
2.0
2.4% 2.4%
6.4% 5.5% 6.4%
4.1%
176
134 1.4% 135 136
116
85 99
65 57
28
4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23
9.9%
1.7 8.6%
6.0 6.3
5.8 1.6 1.5 1.6
5.5 5.3 6.6%
1.4 5.0% 172
2.1% 1.4% 1.6% 130
1.3%
104
-0.4%
78
-2.3%
113 19
-23 83 93 -141
EBITDA (millions) Net Revenue (billions) EBITDA (millions)

Net Revenue (billions)
9.4% 9.0% 4.5

4.2 4.3 4.4
2.1 4.1
7.4% 6.8%
2.0 2.0 5.8%
4.8%
3.7% 3.6%
1.8 1.8 1.5% 190 188 1.5%
324 310
249
97 152
66 63
27
4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23
4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23
17
ATTACHED TABLES AND GRAPHICS
GRAPHIC 1 | JBS EXPORTS IN 2023 AND 2022
Great China¹
25.4%
2023
Others
26.2%
US$ -3.8%
18.4 billions USA
2022
13.3%
E.U.
6.7%
Japan Africa & Great China¹

8.3% Middle East 26,2%
South 11.6%
Korea Others
8,5% 26,4%
Note 1 Considers China and Hong Kong US$

19.1 billions
Africa &
Middle East
E.U. 12.2%
5,9%
Soth
Korea USA
8.1% 11.5%
Japan
9.7%
TABLE 1 | CAPEX
4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022

US$ Million US$ % CAPEX US$ % CAPEX QoQ US$ % CAPEX YoY US$ % CAPEX US$ % CAPEX
Total Capex 401.9 100.0% 375.5 100.0% 13.5% 654.7 100.0% -25.8% 1,502.1 100.0% 2,172.6 100.0%
Expansion and Modernization 179.2 45% 180.2 48% 0.2% 365.7 56% -36.4% 733.2 49% 1,195.1 55%
Maintenance 222.7 55% 195.3 52% 29.9% 289.0 44% -12.0% 768.9 51% 977.5 45%
TABLE 2 | COGS BREAKDOWN

JBS Beef
4Q23 (%) Consolidated JBS Brazil Seara North JBS Australia JBS USA Pork PPC
America
Raw material (livestock) 74,5% 87,1% 67,9% 85,2% 74,4% 70,2% 51,8%
Processing (including
14,6% 7,6% 20,3% 8,1% 8,0% 14,6% 31,0%
ingredients and packaging)
Labor Cost 10,9% 5,3% 11,7% 6,7% 17,7% 15,2% 17,3%
18
FINANCIAL STATEMENTS
BALANCE SHEET
In million of American Dollars - US$ Consolidated
Current Assets 12/31/23 12/31/22
Cash and cash equivalents 4,570 2,526
Margin cash 132 130
Trade accounts receivable 3,391 3,878
Inventories 5,101 5,394
Biological assets 1,712 1,861
Recoverable taxes 919 1,022
Derivative assets 88 85
Other current assets 323 320
TOTAL CURRENT ASSETS 16,236 15,216
Non-Current Assets 12/31/23 12/31/22

Recoverable taxes 1,744 1,757
Biological assets 531 502
Related party receivables 119 182
Deferred income taxes 775 606
Other non-current assets 319 214
3,570 3,285
Investments equity-accounted investees 57 57

Property, plant and equipment 12,918 11,915
Right of use asset 1,706 1,605
Intangible assets 1,986 1,979
Goodwill 6,105 5,829
-
TOTAL NON-CURRENT ASSETS 26,342 24,670
TOTAL ASSETS 42,578 39,886
19
BALANCE SHEET
Current Liabilities 12/31/23 12/31/22
Trade accounts payable 5,270 5,943
Supply chain finance 935 589
Loans and financing 892 1,577
Income taxes 83 91
Other taxes payable 144 139
Payroll and social charges 1,297 1,198
Lease liabilities 353 343
Dividends payable 0 0
Provisions for legal proceedings 197 174
Derivative liabilities 144 107
Other current liabilities 581 410
TOTAL CURRENT LIABILITIES 9,897 10,572
Non-Current Liabilities 12/31/23 12/31/22

Loans and financing 19,108 16,123
Income and other taxes payable 94 116
Payroll and social charges 491 456
Lease liabilities 1,489 1,379
Deferred income taxes 1,360 1,363
Provision for legal proceedings 316 253
Other non-current liabilities 116 77
TOTAL NON-CURRENT LIABILITIES 22,973 19,768
Equity 12/31/23 12/31/22

Share capital - common shares 13,178 13,178
Capital reserve (186) (193)
Other reserves (36) (35)
Profit reserves 3,624 4,300
Accumulated other comprehensive loss (7,554) (8,349)
Attributable to company shareholders 9,025 8,900
Attributable to non-controlling interest 683 646
TOTAL EQUITY 9,708 9,546

TOTAL LIABILITIES AND EQUITY 42,578 39,886
20
INCOME STATEMENT
Statements of income for the years ended December 31
In million of American Dollars - US$ Consolidado
2023 2022
NET REVENUE 72,918 72,614

Cost of sales (64,951) 61,070
GROSS PROFIT 7,967 11,544
Selling expenses (4,594) (4,682)

General and administrative expenses (2,315) (2,290)
Other expenses 149 311
Other income (122) (100)
NET OPERATING EXPENSES (6,883) (6,760)
OPERATING PROFIT 1,084 4,783
Finance income 584 809

Finance expense (1,938) (2,050)
NET FINANCE EXPENSE (1,353) (1,242)
Share of profit of equity-accounted investees, net of tax 10 12
PROFIT (LOSS) BEFORE TAXES (260) 3,553
Current income taxes (69) (515)

Deferred income taxes 197 105
TOTAL INCOME TAXES 128 (410)
NET INCOME (LOSS) (132) 3,144
ATTRIBUTABLE TO:
Company shareholders (199) 2,997
Non-controlling interest 67 146
(132) 3,144
Basic and diluted earnings (loss) per share - common shares

(US$) (0.09) 1.34
21
INCOME STATEMENT
Statements of income for the three month period ended December 31
4Q23 4Q22

Cost of sales (17,209) (15,636)

General and administrative expenses (694) (533)
Other expenses (14) (45)
Other income 34 217
OPERATING PROFIT 359 471
Finance income 241 66

Finance expense (582) (472)
NET FINANCE EXPENSE (341) (406)
Share of profit of equity-accounted investees, net of tax (0) 2
PROFIT (LOSS) BEFORE TAXES 18 67
Current income taxes 67 439

Deferred income taxes (43) (85)
TOTAL INCOME TAXES 24 354
NET INCOME (LOSS) 42 421
ATTRIBUTABLE TO:
Company shareholders 17 447
Non-controlling interest 25 (26)
42 421
Basic and diluted earnings (loss) per share - common shares

(US$) 0.01 0.20
22
CASH FLOW STATEMENT

Statements of cash flows for the years ended December 31
In million of American Dollars - US$ Consolidado

Cash flow 2023 2022
Net income (loss) (132) 3,144
Adjustments for:
Depreciation and amortization 2,149 1,908
Expected Credit Losses 10 9
Share of profit of equity-accounted investees (10) (12)
Gain on sales of assets (14) (19)
Tax expense (128) 410
Net finance expense 1,353 1,242
Share-based compensation 7 8
Impairment of Goodwill and property, plant and equipment 30 20
Leniency agreement - (103)
Gain from bargain purchase - (47)
Net realizable value inventory adjustments (6) 13
Fair value adjustment of biological assets 85 (36)
DOJ (Department of Justice) and antitrust agreements 103 101
3,554 6,681
Changes in assets and liabilities:
Trade accounts receivable 625 (270)
Inventories 481 (458)
Recoverable taxes 138 (709)
Other current and non-current assets (41) 151
Biological assets (529) (865)
Trade accounts payable and supply chain finance (787) 253
Taxes paid in installments (48) (78)
Other current and non-current liabilities 249 (125)
Income taxes paid (71) (1,039)
DOJ and Antitrust agreements payment (90) (167)
Changes in operating assets and liabilities (74) (3,306)
Cash provided by operating activities 3,480 3,375

Interest paid (1,288) (931)
Interest received 187 137
Net cash flows provided by operating activities 2,379 2,581
Cash flows from investing activities

Purchases of property, plant and equipment (1,502) (2,173)
Purchases of intangible assets (9) (8)
Proceeds from sale of property, plant and equipment 72 49
Additional investments in joint-ventures and subsidiaries - (2)
Acquisitions, net of cash acquired (4) (379)
Dividends received 13 3
Related party transactions 1 1
Other 21 (26)
Cash used in investing activities (1,408) (2,536)
Cash flows from financing activities

Proceeds from loans and financings 9,036 8,012
Payments of loans and financings (7,092) (7,473)
Payments of leasing contracts (429) (434)
Derivative instruments received (settled) (13) (262)
Dividends paid (448) (873)
Dividends paid to non-controlling interest (6) (5)
Margin cash (27) 110
Purchase of PPC treasury shares - (190)
Purchase of treasury shares - (719)
Sales of treasury shares - 168
Cash provided (used in) by financing activities 1,022 (1,667)
Effect of exchange rate changes on cash and cash equivalents 51 (15)

Net change in cash and cash equivalents 2,043 (1,638)
Cash and cash equivalents at the beggining of period 2,526 4,164
Cash and cash equivalents at the end of period 4,570 2,526.4
23
CASH FLOW STATEMENT

Statements of cash flows for the three month period ended December 31
Cash flow 4Q23 4Q22
Net Income (loss) 42 421
Adjustments for:
Depreciation and amortization 577 499
Expected Credit Losses 0 (5)
Share of profit of equity-accounted investees 0 (2)
Taxes expense (24) (354)
Net finance expense 341 406
Gain for bargain purchase - (51)
Net realizable value inventory adjustments 12 13
1,031 776
Changes in assets and liabilities: - -
Trade accounts receivable (44) 179
Inventories 310 354
Other current and non-current assets 45 (33)
Trade accounts payable and supply chain finance 261 448
Taxes paid in installments (20) (20)
Other current and non-current liabilities 218 (188)
Income taxes paid (6) (133)
Changes in operating assets and liabilities 679 337
- -
Cash provided by operating activitiess 1,710 1,113
-
Interest paid (380) (247)
-
Net cash flows provided by operating activities 1,387 892
Cash flow from investing activities

Purchases of property, plant and equipment (402) (655)
Acquisitions, net of cash acquired (1) (231)
Other - (33)
Cash used in investing activities (346) (895)
Cash flow from financing activities
Proceeds from loans and financings 939 410
Payments of loans and financings (2,685) (441)
Derivative instruments received (settled) 9 (39)
Dividends paid - (422)
Margin cash (25) 11
- -
Cash provided (used in) financing activities (1,873) (595)
Effect of exchange rate changes on cash and cash equivalents (110) (65)
- -
Net change in cash and cash equivalents - 964 - 668
Cash and cash equivalents at the end of period 4,570 2,526
24
DISCLAIMER
Nós fazemos declarações sobre eventos futuros que estão sujeitas a riscos e
incertezas. Tais declarações têm como base crenças e suposições de nossa
Administração e informações a que a Companhia atualmente tem acesso.
Declarações sobre eventos futuros incluem informações sobre nossas
intenções, crenças ou expectativas atuais, assim como aquelas dos membros do
Conselho de Administração e Diretores da Companhia.
As ressalvas com relação a declarações e informações acerca do futuro também

incluem informações sobre resultados operacionais possíveis ou presumidos,
bem como declarações que são precedidas, seguidas ou que incluem as palavras
"acredita", "poderá", "irá", "continua", "espera", "prevê", "pretende", "planeja",
"estima" ou expressões semelhantes.
As declarações e informações sobre o futuro não são garantias de desempenho.

Elas envolvem riscos, incertezas e suposições porque se referem a eventos
futuros, dependendo, portanto, de circunstâncias que poderão ocorrer ou não.
Os resultados futuros e a criação de valor para os acionistas poderão diferir de
maneira significativa daqueles expressos ou sugeridos pelas declarações com
relação ao futuro. Muitos dos fatores que irão determinar estes resultados e
valores estão além da nossa capacidade de controle ou previsão.
25
EARNINGS
Release
JBS ENDS 2023 WITH R$364 BILLION IN NET REVENUE AND

EBITDA OF R$17 BILLION
São Paulo, March 26, 2024 – JBS S.A - (B3: JBSS3; OTCQX: JBSAY), announces today its 4Q23 and 2023 results.
The comments made herein are in Brazilian Reais, in accordance with international accounting standards (IFRS),
unless otherwise specified.
2023 HIGHLIGHTS
• Liability Management: In September, JBS issued US$2.5 billion in Senior Notes, of which: (i) US$1.6 billion with
a coupon of 6.75% and maturity in 2034; and (ii) US$900 million with a coupon of 7.25% and maturing in 2053. In
October, CRA (Agribusiness Receivables Certificates) were issued in the amount of R$1.7 billion. With the
resources, JBS increased its average debt term to 11 years. At Pilgrim’s Pride, a subsidiary of the Company, the
following Senior Notes were issued during 2023: (i) US$1 billion with a coupon of 6.25% and maturing in 2033;
and (ii) US$500 million with a coupon of 6.875% and maturing in 2034. The resources were mainly used to
repurchase Senior Notes issued by the company and pay short-term debt.
• Capital Markets: (i) Announcement of the dual listing plan in Brazil (B3) and in the USA (New York Stock
Exchange) with the aim of increasing the Company's market value, attracting a wider base of investors, and
expanding its investment capacity; and (ii) registration of the 11 Senior Notes with the SEC (Securities and
Exchange Commission), with the objective of expanding the investor base, liquidity of the notes and investor
confidence. With this movement, JBS now has the obligation to adapt to SOX rules, have its financial
statements in accordance with PCAOB standards, be subject to FCPA rules, as well as the obligation to publish
a 20-F with the SEC.
• ESG: As part of its commitment to sustainability goals, JBS expanded its 100% electric truck fleet through No
Carbon, totaling 260 trucks. Additionally, the Company began to introduce the use of 100% Biodiesel in its
Brazilian truck fleet, produced by JBS Biodiesel. On the front to combat deforestation, JBS ended the year
with 20 green offices aimed at regularizing and reintegrating ranchers. Since the beginning of the project,
almost 20 thousand ranchers have been assisted, more than 8 thousand have been regularized and 3.4 million
heads of cattle have been reinstated. Furthermore, to contribute to the circular economy and renewable
energy, more than R$220 million have already been invested in biogas capture projects in the USA, Canada,
Brazil and Australia, with the potential to reduce significantly scope 1 emissions.
• Investments: i) Seara inaugurated its industrial complex in Rolândia (PR), the largest and most automated
chicken breaded and hot dog facility in Latin America; (ii) JBS USA Pork began production at its first Italian
specialty meats plant in North America, continuing the strategy of adding value to the Company's portfolio; (iii)
BioTech Foods began construction of its first commercial-scale cultured meat plant in Spain and the first R&D
center for cultured protein in Florianópolis;
• Shareholder Compensation: Payment of interim dividends in the amount of R$2.2 billion, representing R$1
per share, attributed to the minimum mandatory dividends for the 2023 fiscal year.
IR Contact
JBS (JBSS3) Market Value on Total Shares: Christiane Assis
Price on 03.26.2024 03.26.2024 Pedro Bueno
Felipe Brindo
R$22.42 R$49.7 Billions 2,218,116,370 Vitor Figueira
Amanda Harumi
ri_ir@jbs.com.br
CONSOLIDATED 2023 CONSOLIDATED 4Q23

Net Revenue: R$364 bn (-2.9% y/y) Net Revenue: R$96.3 bn (+3.7% y/y)
Adjusted EBITDA: R$17.1 bn (-50.4% y/y) Adjusted EBITDA: R$5.1 bn (+11.6% y/y)
Net Profit: -R$1.1 bn Net Profit: R$83 mn (-96.5% y/y)
Free Cash Flow: R$1.9 bn (vs. -R$136 mi in 2022) Free Cash Flow: R$4.3 bn (+550.4% y/y)
2023 4Q23

Net Revenue: R$116.3 bn (+2.0% y/y) Net Revenue: R$31.1 bn (+8.4% y/y)
Adjusted EBITDA: R$563.5 mn (-94.7% y/y) Adjusted EBITDA: R$-488.5 mn
Adjusted EBITDA Margin: 0.5% (-8.9 p.p. y/y) Adjusted EBITDA Margin: -1.6% (-5.2 p.p. y/y)

Net Revenue: R$31.0 bn (-5.1% y/y) Net Revenue: R$8.6 bn (+4.1% y/y)
Adjusted EBITDA: R$2.2 bn (-1.8% y/y.) Adjusted EBITDA: R$883.9 mn (+40.1% y/y.)
Adjusted EBITDA Margin: 7.2% (+0.2 p.p. y/y) Adjusted EBITDA Margin: 10.3% (+2.7 p.p. y/y)

Net Revenue: R$38.5 bn (-8.5% y/y) Net Revenue:R$10.4 bn (-1.7% y/y)
Adjusted EBITDA: R$2.6 bn (-33.6% y/y) Adjusted EBITDA: R$966.7 mn (-4.3% y/y)
Adjusted EBITDA Margin: 6.8% (-2.6 p.p. y/y) Adjusted EBITDA Margin: 9.3% (-0.3 p.p. y/y)
PPC PPC
Adjusted EBITDA: R$7.6 bn (-28.5% y/y) Adjusted EBITDA: R$2.2 bn (+145.4% y/y)
SEARA SEARA
Net Revenue: R$41.3 bn (-3.9% y/y) Net Revenue: R$10.5 bn (-5.3% y/y)
Adjusted EBITDA: R$1.8 bn (-60.8% y/y) Adjusted EBITDA: R$670.4 mn (-4.8% y/y)
Adjusted EBITDA Margin: 4.4% (-6.4p.p. y/y) Adjusted EBITDA Margin: 6.4% (0.0 p.p. y/y)

Adjusted EBITDA: R$2.3 bn (-3.2% y/y) Adjusted EBITDA: R$874 mn (+157.1% y/y)
Adjusted EBITDA Margin: 4.2% (+0.1 p.p. y/y) Adjusted EBITDA Margin: 5.9% (+3.5 p.p. y/y)
2
MESSAGE FROM
THE CEO
Gilberto Tomazoni, CEO Global JBS
Year after year, we have emphasized the importance of our global platform. In the face of challenging conditions like
those we encountered in 2023, this platform has proven its strength. It has allowed us to continue generating cash and
distributing dividends. Despite the persistent negative effects of the cattle cycle in the United States, the operational
management measures adopted last year and the improvement in the medium-term outlook enable us to enter 2024 on
the path of margin recovery.
Our focus on operational excellence was key to correcting the course of two of our businesses that underperformed in
2023: USA Beef and Seara. We identified issues and took action to adopt management measures based on our culture,
with a focus on people and discipline in execution. The results of these measures are already being felt. The outlook at
Seara for 2024 is positive, with significant improvement already seen in the first quarter of the year, which is
traditionally challenging for the sector. Seara is now well-positioned to reap the rewards of investments in expansion
made in recent years.
Our multi-protein and multi-geography strategy puts us in an unmatched position in the global industry. This diversity
allows us to capitalize on the cattle cycle upswing in Brazil and Australia, while our American operation faces margin
declines due to current market conditions. In Australia, the improved outlook is reflected in a significant increase in
margin in the fourth quarter of 2023 compared to the same period last year. In Brazil, where the situation is similar,
significant growth in cattle processing volume, increased value-added product sales, the authorization of new plants to
supply the Chinese market, as well as improved profitability of exports offer promising prospects for the beef business
in the short and long term.
The chicken and pork businesses faced persistent pressure on production costs throughout 2023 but are already
benefiting from the normalization of grain prices, as evidenced by the results of Pilgrim's and USA Pork. The recovery
of margins in these businesses also reflects a better balance of supply and demand. Pilgrim's margins saw strong
growth, rising from 1.5% in the fourth quarter of 2022 to 6.8% in the fourth quarter of 2023. Similarly, USA Pork results
jumped from 4.8% to 9% in the same period.
Through our global platform, we operate successfully in all relevant proteins. With results exceeding expectations, our
growth in aquaculture reaffirms our belief that we will replicate what we have done previously with chicken, pork and
value-added products. In 2024, we will complete a cultivated protein facility in San Sebastián, Spain. We are also building
the JBS Biotech Innovation Center in Brazil, which is a Research, Development, and Innovation Biotechnology Center.
We are a food company, and our focus is to meet consumer demand for all types of protein.
In 2023, we once again demonstrated our financial strength. The maintenance of our healthy cash generation allowed
us to distribute US$ 448 million in dividends for the year, creating value for our shareholders. We reduced our gross
debt by US$ 1.6 billion, from the third quarter to the fourth quarter, which is something we plan to continue in 2024. As
a result of our financial discipline, we began the Company's deleveraging process at the end of 2023, decreasing the
leverage ratio from 4.87x in the third quarter to 4.42x in the fourth quarter.
We remain confident in our long-term strategy: we will continue to reinforce our diversified platform, both
geographically and by protein type, investing in strong brands, value-added products, and strategic partnerships with
our customers. This set of actions is crucial for increasing margins and reducing volatility. The investments we made in
2023 are significant milestones that support this direction. In Brazil, we opened two new factories in the state of
Paraná that will allow Seara to advance its expansion strategy in value-added products. Similarly, we commenced
operations at the new Principe Italian meats facility in Columbia, Missouri, and invested in our King's Lynn pork unit in
the UK to make it a center of excellence in cold cuts.
JBS has demonstrated resilience and strength over its 70 years. The company's diversified platform, commitment to
excellence, innovation, and sustainability, focus on people and culture, and the impending dual listing in Brazil and the
United States put the company in a unique position to embark on a new cycle of accelerated growth and shareholder
returns.
3
374,852 363,817
NET REVENUE
R$363.8Bn
2022 2023
R$17.1Bn (R$1.1Bn)
9.2%
4.7%
34,568
15,458
17,146
2023
2022 2023 2022 (1,061)
FREE CASH FLOW
R$1.9Bn 1,865
(136)
2022 2023
Note: graphs in millions

4
96,341
92,865
NET REVENUE
R$96.3Bn
4Q22 4Q23
R$5.1Bn R$82.6Mn
5.3%
4.9%
4,574 5,104 2,350
83
4Q22 4Q23 4Q22 4Q23
FREE CASH FLOW

4,334
R$4.3Bn
-48,5%
666
4Q22 4Q23
4Q22 4Q23

5
4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

R$ Million R$ % NR R$ % NR 4Q23 vs 3Q23 R$ % NR 4Q23 vs 4Q22 R$ % NR R$ % NR 2023 vs 2022
Net Revenue 96,340.7 100.0% 91,409.5 100.0% 5.4% 92,865.5 100.0% 3.7% 363,816.5 100.0% 374,851.6 100.0% -2.9%
Cost of Goods Sold (85,246.0) -88.5% (80,356.9) -87.9% 6.1% (82,177.6) -88.5% 3.7% (324,167.5) -89.1% (315,373.5) -84.1% 2.8%
Gross Profit 11,094.8 11.5% 11,052.6 12.1% 0.4% 10,687.9 11.5% 3.8% 39,649.0 10.9% 59,478.1 15.9% -33.3%
Selling Expenses (5,977.2) -6.2% (5,509.9) -6.0% 8.5% (6,311.9) -6.8% -5.3% (22,941.2) -6.3% (24,184.5) -6.5% -5.1%
General and Adm. Expenses (3,440.0) -3.6% (2,906.9) -3.2% 18.3% (2,803.6) -3.0% 22.7% (11,547.1) -3.2% (11,829.5) -3.2% -2.4%
Net Financial Income (expense) (1,686.9) -1.8% (1,839.1) -2.0% -8.3% (2,133.8) -2.3% -20.9% (6,748.0) -1.9% (6,352.3) -1.7% 6.2%
Equity in earnings of subsidiaries (1.5) 0.0% 19.7 0.0% - 9.7 0.0% - 47.6 0.0% 60.5 0.0% -21.3%
Other Income (expense) 98.6 0.1% (25.2) 0.0% - 904.7 1.0% -89.1% 141.5 0.0% 1,111.6 0.3% -87.3%
Profit (loss) before taxes 87.9 0.1% 791.0 0.9% -88.9% 353.0 0.4% -75.1% (1,398.1) -0.4% 18,283.9 4.9% -
Income and social contribution taxes 120.1 0.1% (100.4) -0.1% - 1,861.4 2.0% -93.6% 668.9 0.2% (2,082.6) -0.6% -
Minority interest (125.3) -0.1% (118.0) -0.1% 6.2% 135.3 0.1% - (331.8) -0.1% (743.4) -0.2% -55.4%
Net Income (Loss) 82.6 0.1% 572.7 0.6% -85.6% 2,349.7 2.5% -96.5% (1,061.0) -0.3% 15,457.8 4.1% -
Adjusted EBITDA 5,104.4 5.3% 5,409.4 5.9% -5.6% 4,574.5 4.9% 11.6% 17,146.1 4.7% 34,568.4 9.2% -50.4%
Earnings per Share 0.04 0.26 -85.6% 1.06 -96.5% n.a. 6.93 -
In 4Q23, JBS recorded a consolidated net revenue of R$96.3 billion, which represents an increase
of 4% compared to 4Q22.
NET During the period, around 76% of JBS' global sales were made in the domestic markets in which
REVENUE the Company operates and 24% through exports.
In 2023, net revenue reached R$363.8 billion (US$72.9 billion).
In 4Q23, JBS's adjusted EBITDA reached R$5.1 billion, a growth of 12% y/y, while the EBITDA
margin reached 5.3%, an increase of 40 basis points compared to the previous year.
In 2023, adjusted EBITDA reached R$17.1 billion (U$3.5 billion), a 50% reduction compared to the
previous year, given the oversupply of global protein as well as high prices of grains primarily
during the 1H23. From the second half of the year onwards, results improved with a better
ADJUSTED
balance in the supply demand equation for hogs and poultry in North America as well as poultry
EBITDA
in Brazil, in addition to a reduction in the price of grains throughout the second semester. For
the year, the adjusted EBITDA margin was 4.7%.
R$ Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

Net income for the period (including minority interest) 207.9 690.6 -69.9% 2,214.4 -90.6% (729.1) 16,201.3 -
Financial income (expense), net 1,686.9 1,839.1 -8.3% 2,133.8 -20.9% 6,748.0 6,352.3 6.2%
Current and deferred income taxes (120.1) 100.4 - (1,861.4) -93.6% (668.9) 2,082.6 -
Depreciation and amortization 2,859.5 2,615.6 9.3% 2,625.0 8.9% 10,725.4 9,853.8 8.8%
Equity in subsidiaries 1.5 (19.7) - (9.7) - (47.6) (60.5) -21.3%
(=) EBITDA 4,635.7 5,226.1 -11.3% 5,102.1 -9.1% 16,027.7 34,429.5 -53.4%
Other income / expenses 71.3 109.8 -35.1% (219.7) - 121.5 (240.4) -
Reestructuring 36.7 8.6 327.1% 147.4 -75.1% 261.0 147.4 77.1%
Asset Impairment 26.9 (4.4) - 0.0 - 135.2 85.6 57.9%
Net indemnity J&F* 0.0 0.0 - (492.9) - 0.0 (492.9) -
Antitrust Agreements 298.7 51.2 482.9% 24.7 1108.1% 510.2 516.4 -1.2%
Donations and social projects 35.1 18.1 94.3% 12.9 171.8% 90.4 122.9 -26.5%
(=) Adjusted EBITDA 5,104.4 5,409.4 -5.6% 4,574.5 11.6% 17,146.1 34,568.4 -50.4%
* Value Net of PIS/COFINS
6
CONSOLIDATED RESULTS
NET FINANCIAL In 4Q23, the net debt financial expense was R$1.4 billion, corresponding to US$285
RESULT million. In 2023, this amount was R$5.4 billion, equivalent to US$1.1 billion.
R$ Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

Exchange rate variation (226.0) 223.8 - (117.8) 91.9% 294.6 2,206.6 -86.6%
Fair value adjustments on derivatives 690.7 (278.0) - (385.6) - 411.4 (1,797.4) -
Interest expense¹ (2,409.5) (2,092.8) 15.1% (1,910.8) 26.1% (8,647.1) (6,930.5) 24.8%
Interest income¹ 503.6 378.4 33.1% 344.8 46.1% 1,627.5 1,387.7 17.3%
Taxes, contribution, fees and others (245.6) (70.5) 248.3% (64.3) 282.1% (434.3) (1,218.8) -64.4%
Finance income (expense) (1,686.9) (1,839.1) -8.3% (2,133.8) -20.9% (6,748.0) (6,352.3) 6.2%
Interest expenses from loans and financings (1,627.8) (1,393.3) 16.8% (1,315.2) 23.8% (5,888.3) (4,696.4) 25.4%
Interest income from investments 218.1 118.4 84.2% 90.9 140.1% 525.6 353.3 48.8%
Net debt financial expense¹ (1,409.7) (1,274.9) 10.6% (1,224.4) 15.1% (5,362.7) (4,343.1) 23.5%
¹Includes interest expense on loans and financing included under passive interest, and interest on financial investments included under active interest.
In 4Q23, JBS recorded a net profit of R$82.6 million and a loss of R$1.1 billion for the
NET RESULT year.
In 4Q23 and 2023, cash flow from operating activities was R$8.5 billion and R$17
CASH FLOW
billion, respectively. Free cash flow, after addition of fixed assets, interest paid and
FROM received, and leasing was R$4.3 billion in the quarter and R$1.9 billion in the year. It is
OPERATING important to highlight that, as of 4Q23, JBS began to include leasing expenses in the
ACTIVITIES AND calculation of free cash flow, aiming to more accurately represent the Company's
FREE CASH FLOW cash generation and be more in line with the variation in net debt .
NET CASH
PROVIDED In 4Q23 and 2023, the total value of cash flow from JBS' investment activities was
(USED) BY R$1.7 billion and R$7 billion, respectively, with the main investment being the
INVESTING addition of fixed assets (CAPEX) in both periods.
ACTIVITIES
7
JBS ended the quarter with R$22.8 billion in cash and has US$3.3 billion available in
revolving credit lines, without collateral, of which US$2.9 billion is at JBS USA and US$450
million is at JBS Brasil, equivalent to R$16.1 billion, at the closing exchange rate for the
period. Thus, the Company's total availability is R$38.9 billion.
INDEBTEDNESS
At the end of the year, net debt was US$15.3 billion (R$74.1 billion), an increase of
approximately US$123 million when compared to the end of 2022. However, JBS ended the
quarter with its leverage in reais of 4 .32x and in dollars of 4.42x, a reduction compared to
the previous quarter given the operational improvement throughout the quarter.
R$ Million US$ Million

4Q23 3Q23 ∆% 4Q22 ∆% 4Q23 3Q23 ∆% 4Q22 ∆%
Gross Debt 96,821.8 108,113.7 -10.4% 92,354.1 4.8% 19,999.1 21,589.9 -7.4% 17,700.1 13.0%
(+) Short Term Debt 4,316.4 9,239.3 -53.3% 8,228.6 -47.5% 891.6 1,845.1 -51.7% 1,577.0 -43.5%
% of the Gross Debt 4% 9% 9% 4% 9% 9%
(+) Long Term Debt 92,505.5 98,874.4 -6.4% 84,125.5 10.0% 19,107.6 19,744.9 -3.2% 16,123.1 18.5%
% of the Gross Debt 96% 91% 91% 96% 91% 91%
(-) Cash and Equivalents 22,763.7 27,725.1 -17.9% 13,182.2 72.7% 4,702.0 5,536.6 -15.1% 2,526.4 86.1%
Net Debt 74,058.1 80,388.6 -7.9% 79,171.9 -6.5% 15,297.2 16,053.3 -4.7% 15,173.7 0.8%
Leverage 4.32x 4.84x 2.29x 4.42x 4.87x 2.26x
The 2023 Net Debt ended at US$15.3 billion, an increase of US$123 million in the annual
comparison. The main impacts that offset the EBITDA of US$3.5 billion were : (i) Capex in
NET DEBT the amount of US$1.5 billion; (ii) accrued interest in the amount of US$1.1 billion; (iii)
BRIDGE payment of US$448 million in dividends; and (iv) US$429 million from commercial leasing.
Additionally, the improvement in working capital of US$616 million was partially offset by
the investment in biological assets of US$530 million.
(US$ million)
(3,458)
4.42x
2.26x
8
Proforma Debt Amortization

PROFORMA INDEBTEDNESS
Schedule (US$ Million)¹
Average Term Average

Proforma Proforma Cost
450
450
11 yrs 5.73% a.a.
2,882
2,882
566
2,943 2,996
4,702 1,904 2,415
4,136 207 2,109
104
1,103
0,1 713 1,808 883
97
478
794 151 6
1,089 166
20 13
Cash and Payments Proforma Short Term 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2039 2052 2053
Equivalents After to to
12/31/23 2038 2051
Until
02/29/24
Cash and Revolving credit Revolving credit Payments

Equivalents facilities USD 2.9 facilities USD After 12/31/23
bn in the US 450 mn in Brazil Until 02/29/24
CURRENCY & COST SOURCE

BREAKDOWN BREAKDOWN
Banks
Bonds
USD² BRL 5%
13.7% 84%
86.3% CRA
10.74% a.a. 11%

5.13% a.a.
¹ Includes funds available in cash and revolving guaranteed credit lines from JBS USA and JBS Brazil
² Includes debts in other currencies, such as Euros and Canadian Dollars
9
BUSINESS UNITS
BUSINESS UNITS – IFRS US$

Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%
Net Revenue
Seara R$ 10,452.5 10,207.8 2.4% 11,032.4 -5.3% 41,300.3 42,967.8 -3.9%
JBS Brazil R$ 14,904.9 14,441.1 3.2% 14,271.3 4.4% 55,531.8 58,948.9 -5.8%
JBS Beef North America R$ 31,072.8 29,054.2 6.9% 28,663.2 8.4% 116,254.1 113,979.2 2.0%
JBS Australia R$ 8,570.0 7,687.9 11.5% 8,236.4 4.1% 30,974.3 32,630.1 -5.1%
JBS USA Pork R$ 10,413.5 9,890.5 5.3% 10,595.5 -1.7% 38,494.6 42,086.6 -8.5%
Pilgrim's Pride R$ 22,412.5 21,261.4 5.4% 21,675.4 3.4% 86,609.2 90,064.8 -3.8%
Others R$ 1,244.6 686.7 81.3% 994.1 25.2% 4,473.9 4,340.8 3.1%
Eliminations R$ -2,730.1 -1,820.1 50.0% -2,602.8 4.9% -9,821.6 -10,166.6 -3.4%
Total R$ 96,340.7 91,409.5 5.4% 92,865.5 3.7% 363,816.5 374,851.6 -2.9%
Adjusted EBITDA
Seara R$ 670.4 566.4 18.4% 703.9 -4.8% 1,803.7 4,605.8 -60.8%
JBS Brazil R$ 874.0 484.4 80.4% 339.9 157.1% 2,330.7 2,407.0 -3.2%
JBS Beef North America R$ -488.5 502.7 - 1,027.1 - 563.5 10,712.2 -94.7%
JBS Australia R$ 883.9 664.6 33.0% 631.1 40.1% 2,241.3 2,281.9 -1.8%
JBS USA Pork R$ 966.7 1,020.9 -5.3% 1,010.3 -4.3% 2,605.5 3,922.0 -33.6%
Pilgrim's Pride R$ 2,190.6 2,195.0 -0.2% 892.6 145.4% 7,639.9 10,690.9 -28.5%
Others R$ 11.1 -21.7 - -27.3 - -25.6 -40.1 -36.1%
Eliminations R$ -3.8 -3.0 27.8% -3.0 27.8% -12.9 -11.2 14.8%
Total R$ 5,104.4 5,409.4 -5.6% 4,574.5 11.6% 17,146.1 34,568.5 -50.4%
Seara % 6.4% 5.5% 0.9 p.p. 6.4% 0.0 p.p. 4.4% 10.7% -6.4 p.p.
JBS Brazil % 5.9% 3.4% 2.5 p.p. 2.4% 3.5 p.p. 4.2% 4.1% 0.1 p.p.
JBS USA Pork % 9.3% 10.3% -1.0 p.p. 9.5% -0.3 p.p. 6.8% 9.3% -2.6 p.p.
Others % 0.9% -3.2% 4.0 p.p. -2.7% 3.6 p.p. -0.6% -0.9% 0.4 p.p.
Total % 5.3% 5.9% -0.6 p.p. 4.9% 0.4 p.p. 4.7% 9.2% -4.5 p.p.
BUSINESS UNITS– USGAAP US$
Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%
Net Revenue
JBS Australia US$ 1,730.1 1,575.2 9.8% 1,567.1 10.4% 6,209.0 6,323.3 -1.8%
JBS USA Pork US$ 2,102.2 2,026.6 3.7% 2,015.9 4.3% 7,713.8 8,153.0 -5.4%
Adjusted EBITDA
JBS Australia US$ 172.1 103.6 66.2% 78.5 119.3% 423.7 337.1 25.7%
JBS USA Pork US$ 188.3 190.3 -1.0% 96.5 95.1% 472.0 589.6 -19.9%
JBS USA Pork % 9.0% 9.4% -0.4 p.p. 4.8% 4.2 p.p. 6.1% 7.2% -1.1 p.p.
10
BUSINESS UNITS
SEARA
IFRS - R$ Million 4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

IFRS - R$ Million R$ % NR R$ % NR QoQ R$ % NR YoY R$ % NR R$ % NR YoY
Net Revenue 10,452.5 100.0% 10,207.8 100.0% 2.4% 11,032.4 100.0% -5.3% 41,300.3 100.0% 42,967.8 100.0% -3.9%
Cost of Goods Sold (8,691.9) -83% (8,614.1) -84% 0.9% (9,261.2) -84% -6.1% (35,265.3) -85% (33,957.8) -79% 3.9%
Gross Profit 1,760.6 17% 1,593.7 16% 10.5% 1,771.2 16% -0.6% 6,035.0 15% 9,010.0 21% -33.0%
Adjusted EBITDA 670.4 6.4% 566.4 5.5% 18.4% 703.9 6.4% -4.8% 1,803.7 4.4% 4,605.8 10.7% -60.8%
In 4Q23, Seara recorded a net revenue of R$10.5 billion, a reduction of 5% compared to 4Q22, and in 2023 net
revenue reached R$41.3 billion, a reduction of 4% in the annual comparison. For both the quarter and the full year,
the reduction in net revenue was the result of lower average prices, which were partially offset by higher volumes
sold.
Sales in the domestic market, which accounted for 52% of the unit's revenue in 4Q23, totaled R$5.5 billion, 6% lower
than 4Q22, reflecting lower prices in the period. On the other hand, sales records were broken for Christmas
products. The Fiesta brand grew 38% in volume in 2023, more than double the market, which grew 14%. For the year,
net revenue was R$20.8 billion, stable in relation to the same period of the previous year. Throughout the year, Seara
continued with its strategy of strengthening its brand, reaping good results: 8 out of 10 Brazilian households that
purchased the Seara brand also repurchased it in 2023. Furthermore, it is the most present brand in Brazilian homes
in the Lasagna, Bacon and Hamburger categories.
In the foreign market, net revenue in dollars reached US$1 billion, representing an increase of 1% compared to 4Q22,
driven by a 3% growth in volumes sold. However, throughout the year, net revenue totaled US$4.1 billion (-5% y/y),
influenced by the 10% reduction in average prices, as a result of the global excess of poultry, mainly during the first
half of the year.
The year 2023 was very challenging. Despite continuous margin improvements quarter over quarter, the result was
below expectations. We faced both internal and external challenges, particularly due to the global oversupply of
poultry in the first half of the year and high production costs, given the high price of grains, challenges in the farming
part of the business, and lower dilution of fixed costs reflecting the ramp-up of new plants. However, we remained
focused on the business fundamentals: brands, innovation, commercial execution, and manufacturing efficiency.
Although the year started with significant challenges, we managed to end it on a positive trend, leaving us optimistic
for a considerably better 2024.
11
BUSINESS UNITS
JBS BRASIL

Net Revenue 14,904.9 100.0% 14,441.1 100.0% 3.2% 14,271.3 100.0% 4.4% 55,531.8 100.0% 58,948.9 100.0% -5.8%
Cost of Goods Sold (12,302.9) -83% (12,240.6) -85% 0.5% (12,346.1) -87% -0.4% (47,000.5) -85% (50,087.3) -85% -6.2%
Gross Profit 2,602.0 17% 2,200.6 15% 18.2% 1,925.2 13% 35.2% 8,531.3 15% 8,861.6 15% -3.7%
Adjusted EBITDA 874.0 5.9% 484.4 3.4% 80.4% 339.9 2.4% 157.1% 2,330.7 4.2% 2,407.0 4.1% -3.2%
In 4Q23, JBS Brasil recorded net revenue of R$14.9 billion (+4% y/y), this growth mainly reflects higher volumes sold.
For the year, net revenue was R$55.5 billion (-6% y/y), given the reduction in prices in both the domestic and
international markets.
In the domestic market, revenue in the fresh beef category grew 12% in 4Q23 and 3% y/y in 2023, both as a result of
higher volumes sold in the period. This growth is mainly attributed to the favorable livestock cycle, resulting in
greater availability of animals for slaughter. According to the IBGE (Brazilian Institute of Geography and Statistics),
total cattle slaughter growth for the year was approximately 14% y/y and for the quarter approximately 20% y/y.
Throughout the year, the Company maintained its focus on commercial execution, increasing and improving the level
of service with partners in the Friboi+ program, bringing the Friboi and Swift brands closer to consumers and
improving the supply of products with greater added value.
In 2023, sales to the foreign market demonstrated higher volatility between quarters. The beginning of the year was
marked by a self-embargo on beef exports to China following the confirmation of an atypical case of bovine
spongiform encephalopathy (BSE), negatively impacting prices and volumes. With the end of the embargo, the
second quarter benefited from the reopening of exports to the Chinese market, in addition to a more favorable
international market. With the better beef cycle, as previously mentioned, the second half of the year was marked
by lower prices, but with higher sales volume. Therefore, net revenue grew 19% y/y in 4Q23, but fell 9% in yearly
comparison.
EBITDA totaled R$874 million, with an EBITDA margin of 5.9% in 4Q23 and R$2.3 billion, with an EBITDA margin of
4.2% in 2023. It is worth mentioning that the profitability of this business unit also benefited from a lower price of
purchasing cattle. According to data published by CEPEA-ESALQ, the price of live cattle during the quarter was
approximately R$240/arroba (-17% y/y) and for the year R$254/arroba (-20% y/y).
In 2023, in a survey carried out by the Datafolha Institute in thousands of Brazilian homes, the Friboi brand was once
again Top of Mind, that is, the most remembered and preferred brand by the Brazilian consumer. Friboi won the meat
category for the fourth time and consolidated itself as the absolute leader in this category.
Note: On March 1, 2020, through a corporate restructuring process, Swift stores were transferred to the direct subsidiary Seara Alimentos.
Although the Swift stores are part of the corporate structure of Seara Alimentos, for the purposes of analysis and presentation of results, the
Company's Management decided to allocate Swift's results to the JBS Brasil operating segment.
12
BUSINESS UNITS

Net Revenue 31,072.8 100.0% 29,054.2 100.0% 6.9% 28,663.2 100.0% 8.4% 116,254.1 100.0% 113,979.2 100.0% 2.0%
Gross Profit 756.1 2% 1,773.0 6% -57.4% 2,543.0 9% -70.3% 5,608.4 5% 16,690.9 15% -66.4%
Adjusted EBITDA (488.5) -1.6% 502.7 1.7% - 1,027.1 3.6% - 563.5 0.5% 10,712.2 9.4% -94.7%

Net Revenue 6,272.9 100.0% 5,953.2 100.0% 5.4% 5,453.6 100.0% 15.0% 23,303.0 100.0% 22,069.1 100.0% 5.6%
Gross Profit (96.7) -2% 156.9 3% - 162.4 3% - 196.4 1% 2,137.8 10% -90.8%
Adjusted EBIT (189.9) -3.0% 49.3 0.8% - 65.5 1.2% - (163.3) -0.7% 1,766.2 8.0% -
Adjusted EBITDA (141.2) -2.3% 93.2 1.6% - 112.8 2.1% - 12.2 0.1% 1,932.0 8.8% -99.4%
In IFRS and Reais, net revenue for 4Q23 was R$31.1 billion, an increase of 8.4% compared to 4Q22, with a negative
adjusted EBITDA of R$488.5 million and a negative EBITDA margin of 1.6 %. These results include the impact of the
6% appreciation in the average exchange rate, which went from R$5.26 in 4Q22 to R$4.95 in 4Q23. In 2023, net
revenue was R$116.3 billion, an increase of 2% compared to 2022, while adjusted EBITDA was R$563.5 million, with a
margin of 0.5%. In 2023, the average exchange rate was R$4.99, an appreciation of 3% in the annual comparison.
In US GAAP and US$, net revenue was US$6.3 billion in 4Q23, an increase of 15% compared to 4Q22 and adjusted
EBITDA was negative at US$141.2 million, with a negative margin of 2.3%. In the year, net revenue was US$23.3
billion, an increase of 5.6% compared to 2022 and adjusted EBITDA was US$12.2 million, with a 0.1% margin.
Both for the year and for the quarter, beef margins in North America suffered a relevant impact compared to the
previous year, as a result of the cattle cycle in the region, reducing the availability of animals for slaughter and
significantly increasing costs. According to data released by the USDA, cattle prices remained at high levels, growing
16% y/y in 4Q23 and 21% y/y in 2023. Therefore, as the price of cattle represents 85% of the cost of goods sold, and
growth in costs was higher than the growth in the cutout, profitability came under pressure for the period.
For the year, US beef exports fell 16% y/y, according to the USDA, mainly due to a restricted supply combined with
lower Asian demand. The top 3 US destinations continue to be South Korea, China and Japan.
¹The difference in JBS Beef North America's EBITDA in IFRS and USGAAP, in addition to the exchange rate, is due to the impacts of the adoption of
IFRS 16 as of 1Q19 and different inventory accounting criteria: in IFRS, inventories are accounted for at average cost, while in US GAAP they are
marked to market. Volume and price calculations do not consider the impact of acquisitions.
13
BUSINESS UNITS
JBS AUSTRALIA

Net Revenue 8,570.0 100.0% 7,687.9 100.0% 11.5% 8,236.4 100.0% 4.1% 30,974.3 100.0% 32,630.1 100.0% -5.1%
Cost of Goods Sold (7,029.0) -82% (6,561.8) -85% 7.1% (7,212.0) -88% -2.5% (26,811.8) -87% (28,663.2) -88% -6.5%
Gross Profit 1,541.0 18% 1,126.1 15% 36.8% 1,024.4 12% 50.4% 4,162.6 13% 3,966.9 12% 4.9%
Adjusted EBITDA 883.9 10.3% 664.6 8.6% 33.0% 631.1 7.7% 40.1% 2,241.3 7.2% 2,281.9 7.0% -1.8%

Net Revenue 1,730.1 100.0% 1,575.2 100.0% 9.8% 1,567.1 100.0% 10.4% 6,209.0 100.0% 6,323.3 100.0% -1.8%
Gross Profit 198.6 11% 126.6 8% 56.8% 86.6 6% 129.3% 507.7 8% 411.2 7% 23.5%
Adjusted EBIT 147.8 8.5% 82.1 5.2% 80.1% 50.0 3.2% 195.7% 332.8 5.4% 246.3 1.1% 35.1%
Adjusted EBITDA 172.1 9.9% 103.6 6.6% 66.2% 78.5 5.0% 119.3% 423.7 6.8% 337.1 5.3% 25.7%
Considering the results in IFRS and Reais, net revenue for 4Q23 was R$8.6 billion (+4% y/y) and R$31 billion (-5% y/y)
for 2023. Adjusted EBITDA was R$883.9 million for 4Q23, with an EBITDA margin of 10.3%, and for the year it was
R$2.2 billion, with an EBITDA margin of 7.2%. These results include the impact of the 6% appreciation in the average
exchange rate, which went from R$5.26 in 4Q22 to R$4.95 in 4Q23. In 2023, the average exchange rate was R$4.99,
an appreciation of 3% in the annual comparison.
In US GAAP and US$, net revenue was US$1.7 billion (+10% y/y) for 4Q23 and US$6.2 billion (-2% y/y) for 2023.
Adjusted EBITDA was US$172.1 million for 4Q23, with an EBITDA margin of 9.9%, and for the year US$423.7 million,
with an EBITDA margin of 6.8%. For the quarter, revenue growth was the result of higher volumes sold, reflecting
the greater availability of cattle in the market. However, for the year, the growth in volumes sold was not enough to
offset the reduction in prices in the domestic and international markets.
The volume of the beef business grew 11% compared to 4Q22, due to the growth in sales in both the domestic and
export markets. The improvement in EBITDA margin for both periods is a reflection of lower cattle prices, given the
greater availability of animals due to the more favorable cycle. According to MLA (Meat & Livestock Australia), the
price of cattle in Australia fell 55% y/y in 4Q22 and 47% y/y in 2023.
In relation to the aquaculture business, the growing profitability in the quarter and year is due to increased
operational efficiencies.
Net revenue from the pork business continues to grow as a result of the improvement in prices in the quarter. This
year's growth is a reflection of the program to improve herd health and better carcass optimization.
Primo, the prepared foods unit, recorded an increase in average prices in the quarter and year, but this was offset by
lower volumes sold, a result of weaker demand in the face of inflationary pressure.
¹The difference in JBS Australia's EBITDA in IFRS and USGAAP, in addition to the exchange rate, is due to the impacts of the adoption of IFRS 16
from 1Q19 and different accounting criteria for biological assets, in IFRS they are marked to market, while in USGAAP they are at average cost.
Volume and price calculations do not consider the impact of acquisitions.
14
BUSINESS UNITS
JBS USA PORK

Net Revenue 10,413.5 100.0% 9,890.5 100.0% 5.3% 10,595.5 100.0% -1.7% 38,494.6 100.0% 42,086.6 100.0% -8.5%
Gross Profit 1,523.5 15% 1,519.1 15% 0.3% 1,704.8 16% -10.6% 4,910.6 13% 6,530.4 16% -24.8%
Adjusted EBITDA 966.7 9.3% 1,020.9 10.3% -5.3% 1,010.3 9.5% -4.3% 2,605.5 6.8% 3,922.0 9.3% -33.6%

Net Revenue 2,102.2 100.0% 2,026.6 100.0% 3.7% 2,015.9 100.0% 4.3% 7,713.8 100.0% 8,153.0 100.0% -5.4%
Gross Profit 185.8 9% 185.6 9% 0.1% 100.5 5% 84.9% 476.4 6% 609.6 7% -21.9%
Adjusted EBIT 135.5 6.4% 152.1 7.5% -10.9% 63.4 3.1% 113.7% 307.2 4.0% 462.0 2.1% -33.5%
Adjusted EBITDA 188.3 9.0% 190.3 9.4% -1.0% 96.5 4.8% 95.1% 472.0 6.1% 589.6 7.2% -19.9%
In IFRS and reais, in 4Q23, net revenue was R$10.4 billion, a drop of 2% compared to 4Q22 and adjusted EBITDA was
R$966.7 million, with a margin of 9.3%. These results include the impact of the 6% appreciation in the average
exchange rate, which went from R$5.26 in 4Q22 to R$4.95 in 4Q23. In 2023, net revenue was R$38.5 billion, which
corresponds to a drop of 9% compared to 2022, while adjusted EBITDA was R$2.6 billion, with a margin of 6.8%. In
2023, the average exchange rate was R$4.99, an appreciation of 3% in the annual comparison.
In USGAAP and US$, net revenue was US$2.1 billion, an increase of 4% compared to 4Q22, due to the 12% increase in
volume sold. Adjusted EBITDA totaled US$188.3 million in 4Q23, with a margin of 9%. In 2023, net revenue was
US$7.7 billion, a drop of 5% compared to 2022, as a result of the 10% drop in average prices, and adjusted EBITDA
was US$472.0 million, with a margin of 6.1%.
The first half of 2023 was marked by an excess supply of animals in the domestic market, putting pressure on prices
and profitability. However, throughout the year, a movement towards normalization of supply and demand in the
industry was observed. In the international market, USDA data for the year indicates an increase in pork exports by
13%, especially to Mexico, Japan, South Korea and Canada.
In addition to the better balance of supply and demand, the improvement in profitability throughout the year is the
result of: (i) lower average grain costs in 2023 (-19% y/y); (ii) reduction in the average pork price in 2023 (-22% y/y);
and (iii) continuous efforts aimed at expanding the value-added portfolio, in addition to improving commercial,
operational and logistical execution;
¹The difference in JBS USA Pork's EBITDA in IFRS and USGAAP, in addition to the exchange rate, is due to the impacts of the adoption of IFRS 16
from 1Q19 and different accounting criteria. In IFRS, biological assets are marked to market and inventories are carried at average cost, while in
USGAAP, biological assets are held at average cost and inventories are carried at average cost. Volume and price calculations do not consider the
impact of acquisitions.
15
BUSINESS UNITS

Net Revenue 22,412.5 100.0% 21,261.4 100.0% 5.4% 21,675.4 100.0% 3.4% 86,609.2 100.0% 90,064.8 100.0% -3.8%
Cost of Goods Sold (19,623.7) -88% (18,505.2) -87% 6.0% (20,028.8) -92% -2.0% (76,595.4) -88% (76,016.2) -84% 0.8%
Gross Profit 2,788.8 12% 2,756.1 13% 1.2% 1,646.6 8% 69.4% 10,013.8 12% 14,048.7 16% -28.7%
Adjusted EBITDA 2,190.6 9.8% 2,195.0 10.3% -0.2% 892.6 4.1% 145.4% 7,639.9 8.8% 10,690.9 11.9% -28.5%

Net Revenue 4,528.3 100.0% 4,360.2 100.0% 3.9% 4,127.4 100.0% 9.7% 17,362.2 100.0% 17,468.4 100.0% -0.6%
Gross Profit 321.0 7% 345.9 8% -7.2% 95.8 2% 235.2% 1,118.4 6% 1,811.8 10% -38.3%
Adjusted EBIT 197.0 4.4% 219.7 5.0% -10.3% (39.3) -1.0% - 614.3 3.5% 1,245.3 5.6% -50.7%
Adjusted EBITDA 309.5 6.8% 324.0 7.4% -4.5% 62.9 1.5% 392.4% 1,034.2 6.0% 1,648.4 9.4% -37.3%
Considering the results in IFRS and Reais, PPC presented net revenue of R$22.4 billion in 4Q23, an increase of 3%
compared to 4Q22, and adjusted EBITDA of R$2.2 billion, with an EBITDA margin of 9.8%. These results include the
impact of the 6% appreciation in the average exchange rate, which went from R$5.26 in 4Q22 to R$4.95 in 4Q23. In
2023, net revenue was R$86.6 billion, which corresponds to a drop of 4% compared to 2022, while adjusted EBITDA
was R$7.6 billion (-29% y/y), with a margin of 8.8%. In US GAAP and US$, PPC's net revenue in 4Q23 was US$4.5
billion, 10% higher than 4Q22, and adjusted EBITDA was US$309.5 million with a margin of 6.8%. In 2023, net revenue
was US$17.4 billion, a slight decrease of 0.6% compared to 2022, and adjusted EBITDA was US$1.0 billion (-37% y/y),
with a margin of 6.0%. In 2023, the average exchange rate was R$4.99, an appreciation of 3% in the annual
comparison.
The year 2023 was marked by high volatility in the commodities market. At the beginning of the year, poultry prices
began at historically low levels due to excess supply and also lower demand resulting from low consumer confidence.
However, over the course of the year, prices gradually normalized, but cost inflation remained high. Therefore,
despite the challenges faced, the Company remained focused on executing its strategy and managed to grow its
results throughout the year.
In the United States, in 2023, the diversified product portfolio demonstrated its resilience in the face of a
challenging supply and demand scenario throughout the year. Furthermore, the intense focus on operational
excellence, improved service levels with key customers and expansion of the portfolio of value-added and branded
products contributed positively to margin growth. Therefore, the PPC in the United States ended 4Q23 with an
EBITDA margin of 7.5%, the highest margin of the year.
During 2023, in Mexico, Pilgrim’s further strengthened its relationships with key customers, expanded its portfolio
of branded prepared foods and continued to invest in and improve the live birds operation. Therefore, even with a
weaker fourth quarter, although better than the previous year, due to the seasonality of the period and excess
supply, the Company presented solid and consistent results for the year.
In Europe, 2023 was marked by a positive trajectory of margin growth, with the fourth quarter being the best result
of the year. This result is a reflection of the continuous optimization of the plants, cost recovery efforts,
consolidation of back-office activities, increased partnerships with key customers, expansion of the portfolio of
branded products and innovation.
¹The difference in EBITDA between PPC's IFRS and USGAAP results, in addition to the exchange rate, is due to the impacts of the adoption of IFRS
16 as of 1Q19 and different criteria for accounting for the amortization of parent birds: in IFRS, the amortization of the asset biological, due to its
longer term nature, is considered an expense subject to adjustment in EBITDA, while in USGAAP the amortization of biological assets is recorded in
the Cost of Product Sold and is not adjusted in EBITDA.
16
BUSINESS UNITS
Consolidated (IFRS - R$)

Net Revenue (billions) EBITDA (millions)
and % EBITDA
20,000
92.9 96.3
89.4 91.4
86.7
15,000 5.9% 5.3%
4.9% 5.0%
2.5%
10,000
5,409 5,104
4,574 4,470
5,000 2,162
0
4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23
Seara (IFRS - R$) JBS Brasil (IFRS - R$)

11.0
14.9 5.9%
10.5 14.3 14.4 4.8%
10.3 10.3 10.2 14.0
3.4%
6.4% 5.5% 6.4% 12.2 2.4% 2.4%
874
4.1%
676
1.4%
704 484
670 340
566 297
420
147
9.9%
1.7 8.6%
6.0 6.3
5.8 1.6 1.5 1.6
5.5 5.3 6.6%
1.4 5.0% 172
2.1% 1.4% 1.6% 130
1.3% 104
-0.4%
78
-2.3%
113 19
-23 83 93 -141
EBITDA (millions) Net Revenue (billions) EBITDA (millions)

Net Revenue (billions)
9.4% 9.0% 4.5

4.2 4.3 4.4
2.1 4.1
7.4% 6.8%
2.0 2.0 5.8%
4.8%
3.7% 3.6%
1.8 1.8 1.5% 190 188 1.5%
324 310
249
97 152
66 63
27
4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23
4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23
17
ATTACHED TABLES AND GRAPHICS
GRAPHIC 1 | JBS EXPORTS IN 2023 AND 2022
Greater China¹
25.4%
2023
Others
26.2%
US$ -3.8%
18.4 billions USA
13.3%
E.U
6.7%
2022
Japan Africa &
8.3% Middle East
Soth Korea 11.6% Greater
Others
8,5% China¹
26.4%
26.2%
Note 1. Considers China and Hong Kong
US$
19.1 billions
E.U.
5.9% Africa &
Middle East
12.2%
South
Korea
8.1%
USA
Japan
11.5%
9.7%
TABLE 1 | CAPEX
4Q23 3Q23 ∆% 4Q22 ∆% 2023 2022 ∆%

R$ Million R$ % CAPEX R$ % CAPEX QoQ R$ % CAPEX YoY R$ % CAPEX R$ % CAPEX YoY
Total Capex 1,990.9 100.0% 1,832.4 100.0% 8.6% 3,440.8 100.0% -42.1% 7,492.3 100.0% 11,226.6 100.0% -33.3%
Expansion 887.5 45% 879.3 48% 0.9% 1,921.9 56% -53.8% 3,662.3 49% 6,172.4 55% -40.7%
Maintenance 1,103.3 55% 953.1 52% 15.8% 1,518.9 44% -27.4% 3,830.0 51% 5,054.2 45% -24.2%
TABLE 2 | COGS BREAKDOWN

JBS Beef
4Q23 (%) Consolidated JBS Brazil Seara North JBS Australia JBS USA Pork PPC
America
Raw material (livestock) 74.5% 87.1% 67.9% 85.2% 74.4% 70.2% 51.8%
Processing (including
14.6% 7.6% 20.3% 8.1% 8.0% 14.6% 31.0%
ingredients and packaging)
Labor Cost 10.9% 5.3% 11.7% 6.7% 17.7% 15.2% 17.3%
18
BALANCE SHEET
Balance Sheet
In million of Brazilian Reais - R$ Consolidated
Current Assets 12/31/23 12/31/22
Cash and cash equivalents 22,122 13,182
Margin cash 641 679
Trade accounts receivable 16,416 20,235
Other current assets 1,565 1,668
TOTAL CURRENT ASSETS 78,605 79,391
Non-Current Assets 12/31/23 12/31/22

Related party receivables 574 951
Other non-current assets 1,545 1,118
17,285 17,138
Investments equity-accounted investees 274 295

Property, plant and equipment 62,541 62,171
Right of use asset 8,258 8,375
Intangible assets 9,613 10,328
Goodwill 29,556 30,412
TOTAL NON-CURRENT ASSETS 127,527 128,720
TOTAL ASSETS 206,132 208,111
19
BALANCE SHEET
Balance Sheet
Current Liabilities 12/31/23 12/31/22
Trade accounts payable 25,451 31,010
Supply chain finance 4,590 3,071
Income taxes 403 475
Other taxes payable 697 726
Dividends payable 2 0
Derivative liabilities 698 560
Other current liabilities 2,813 2,142
TOTAL CURRENT LIABILITIES 47,914 55,160
Non-Current Liabilities 12/31/23 12/31/22

Income and other taxes payable 457 606
Provision for legal proceedings 1,530 1,321
Other non-current liabilities 561 402
TOTAL NON-CURRENT LIABILITIES 111,220 103,141
Equity 12/31/23 12/31/22

Share capital - common shares 23,576 23,576
Capital reserve (774) (808)
Other reserves 31 36
Profit reserves 15,380 18,653
Accumulated other comprehensive income 5,138 4,886
Attributable to company shareholders 43,351 46,344
Attributable to non-controlling interest 3,647 3,465
TOTAL EQUITY 46,998 49,809

TOTAL LIABILITIES AND EQUITY 206,132 208,111
20
INCOME STATEMENT
2023 2022
NET REVENUE 363,817 374,852

Cost of sales (324,168) (315,374)

Other income 755 1,630
Finance income 2,914 4,215

Share of profit of equity-accounted investees, net of tax 48 61
PROFIT (LOSS) BEFORE TAXES (1,398) 18,284
Current income taxes (338) (2,587)

Deferred income taxes 1,007 504
TOTAL INCOME TAXES 669 (2,083)
NET INCOME (LOSS) (729) 16,201
ATTRIBUTABLE TO:
Company shareholders (1,061) 15,458
Non-controlling interest 332 743
(729) 16,201
Basic earnings per share - common shares (R$) (0.48) 6.93
21
INCOME STATEMENT
4T23 4T22

Cost of sales (85,246) (82,178)

Other income 167 1,142
Finance income 1,194 345

Share of profit of equity-accounted investees, net of tax (1) 10
PROFIT (LOSS) BEFORE TAXES 88 353
Current income taxes 333 2,309

Deferred income taxes (213) (447)
TOTAL INCOME TAXES 120 1,861
NET INCOME (LOSS) 208 2,214
ATTRIBUTABLE TO:
Company shareholders 83 2,350
Non-controlling interest 125 (135)
208 2,214
Basic earnings per share - common shares (R$) 0.04 1.06
22
CASH FLOW STATEMENT

Statements of cash flows for the years ended December 31

Cash flow 2023 2022
Net income (loss) (729) 16,201
Adjustments for:
Expected Credit Losses 50 47
Share of profit of equity-accounted investees (48) (61)
Tax expense (669) 2,083
Net realizable value inventory adjustments (30) 68
17,646 34,317
Trade accounts receivable 3,126 (1,297)
Inventories 2,345 (2,339)
Recoverable taxes 660 (3,654)
Other current and non-current assets (190) 742
Biological assets (2,646) (4,443)
Trade accounts payable and supply chain finance (4,118) 1,307
Tax paid in installments (241) (403)
Other current and non-current liabilities 1,213 (644)
Income taxes paid (355) (5,288)
DOJ and Antitrust agreements payment (443) (873)
Changes in operating assets and liabilities (648) (16,891)
Cash provided by operating activities 16,998 17,426

Interest paid (6,438) (4,799)
Cash flows from investing activities

Additional investments in joint-ventures and subsidiaries - (11)
Acquisitions, net of cash acquired (17) (1,979)
Other 103 (136)
Cash used in investing activities (7,024) (13,125)
Cash flows from financing activities

Payments of lease (2,142) (2,243)
Derivative instruments received (settled) (58) (1,342)
Dividends paid (2,218) (4,436)
PPC share repurchase - (966)
Purchase of treasury shares - (3,648)
Disposal of treasury shares - 824
Cash provided (used in) by financing activities 5,011 (8,759)
Effect of exchange rate changes on cash and cash equivalents (545) (1,507)
Net change in cash and cash equivalents 8,940 (10,057)
23
CASH FLOW STATEMENT

Statements of cash flows for the three months period ended December 31
Cash flow 4T23 4T22
Net Income (loss) 208 2,214
Adjustments for:
Expected Credit Losses 1 (28)
Share of profit of equity-accounted investees 1 (10)
Taxes expense (120) (1,861)
Net realizable value inventory adjustments 58 70
5,105 4,079
Trade accounts receivable (220) 941
Other current and non-current assets 221 (174)
Trade accounts payable and supply chain finance 1,293 2,353
Tax payable in installments (97) (106)
Other current and non-current liabilities 1,078 (988)
Income taxes paid (31) (696)
DOJ and Antitrust agreements payment - -
Changes in operating assets and liabilities 3,363 1,771
Cash provided by operating activitiess 8,468 5,849

Interest paid (1,883) (1,299)
Cash flow from investing activities

Additional investments in equity-accounted investees (7) (1,214)
Other - (174)
Cash provided by (used in) investing activities (1,715) (4,706)
Cash flow from financing activities

Derivative instruments received (settled) 46 (203)
Dividends paid - (2,218)
Cash used in financing activities (9,278) (3,127)
Effect of exchange rate changes on cash and cash equivalents (545) (341)
Net change in cash and cash equivalents (4,667) (3,483)

24
DISCLAIMER
We make statements about future events that are subject to risks and
uncertainties. Such statements are based on the beliefs and assumptions of our
Management and information to which the Company currently has access.
Statements about future events include information about our current
intentions, beliefs or expectations, as well as those of the members of the
Company's Board of Directors and Officers.
Disclaimers with respect to forward-looking statements and information also

include information on possible or presumed operating results, as well as
statements that are preceded, followed or that include the words "believe,“
"may," "will," "continue," “expects,“ "predicts," "intends," "plans," "estimates," or
similar expressions.
Forward-looking statements and information are not guarantees of performance.

They involve risks, uncertainties and assumptions because they refer to future
events, depending, therefore, on circumstances that may or may not occur.
Future results and shareholder value creation may differ materially from those
expressed or implied by the forward-looking statements. Many of the factors
that will determine these results and values are beyond our ability to control or
predict.
25

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RELEASE DE

JBS ENCERRA 2023 COM R$364 BILHÕES DE RECEITA LÍQUIDA

CONSOLIDADO 2023 CONSOLIDADO 4T23

JBS BEEF NORTH AMERICA JBS BEEF NORTH AMERICA

JBS AUSTRALIA JBS AUSTRALIA

JBS USA PORK JBS USA PORK

JBS BRASIL JBS BRASIL

EBITDA AJUSTADO RESULTADO LÍQUIDO

GERAÇÃO DE CAIXA LIVRE

Nota: gráficos em milhões.

EBITDA AJUSTADO RESULTADO LÍQUIDO

4.574 5.104 2.350

GERAÇÃO DE CAIXA LIVRE

Nota: gráficos em milhões.

4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

A Dívida Líquida de 2023 encerrou em US$15,3 bilhões, um crescimento de US$123 milhões

Prazo médio Custo médio

Caixa e Linhas de crédito Linhas de crédito Pagamentos

ABERTURA POR ABERTURA

10,74% a.a. 11%

UNIDADES DE NEGÓCIOS – IFRS R$

UNIDADES DE NEGÓCIOS – USGAAP US$

Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

IFRS - R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

IFRS - R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

JBS BEEF NORTH AMERICA

IFRS - R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

USGAAP¹ - US$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

IFRS - R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

USGAAP¹ - US$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

JBS USA PORK

IFRS - R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

USGAAP¹ - US$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

PILGRIM’S PRIDE CORPORATION

IFRS - R$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

USGAAP¹ - US$ Milhões 4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

Consolidado (IFRS - R$)

Seara (IFRS - R$) JBS Brasil (IFRS - R$)

JBS USA Pork (USGAAP - US$) Pilgrim's Pride (USGAAP - US$)

EBITDA (milhões) Receita Líquida (bilhões) EBITDA (milhões)

9,4% 9,0% 4,5

GRÁFICO 1 | EXPORTAÇÕES JBS NO 2023 E NO 2022

Nota 1. Considera China e Hong Kong US$

4T23 3T23 ∆% 4T22 ∆% 2023 2022 ∆%

TABELA 2 | ABERTURA DO CPV

TOTAL DO CIRCULANTE 78.605 79.391

Ativo Não-Circulante 31/12/23 31/12/22

Investimentos controladas, coligadas e joint ventures 274 295

TOTAL DO NÃO CIRCULANTE 127.527 128.720

TOTAL DO ATIVO 206.132 208.111

Passivo Não Circulante 31/12/23 31/12/22

Patrimônio Líquido 31/12/23 31/12/22

TOTAL DO PATRIMÔNIO LÍQUIDO 46.998 49.809

RECEITA LÍQUIDA 363.817 374.852

Com vendas (22.941) (24.184)

DESPESAS OPERACIONAIS (34.347) (34.902)

RESULTADO OPERACIONAL 5.302 24.576

Receitas financeiras 2.914 4.215

Resultado de equivalência patrimonial 48 61

RESULTADO ANTES DA PROVISÃO PARA IMPOSTO DE RENDA

Imposto de renda e contribuição social correntes (338) (2.587)

LUCRO LÍQUIDO (PREJUÍZO) (729) 16.201