$JBS · JBS N.V.
JBS N.V. reported Q3 2026 results: net sales of $22.7B (up 1% YoY), IFRS adjusted EBITDA of $1,181M (down 36%), and EPS of $0.15 vs $0.52 a year ago. Net income attributable to JBS fell to $164M from $581M. Leverage rose to 3.54x net debt/adjusted EBITDA LTM from 2.39x, and free cash flow was negative $167M in the quarter.
- IFRS adjusted EBITDA fell 36% YoY to $1,181M; USGAAP adjusted EBITDA fell 38% to $1,001M.
- EPS dropped to $0.15 from $0.52; adjusted EPS $0.16 vs $0.54.
- Net leverage rose to 3.54x from 2.39x; free cash flow was negative $167M.
- JBS Beef North America returned to positive USGAAP adjusted EBITDA of $21M.
- Revolving credit facility increased to $4.2B, lifting total liquidity to $8.2B.
Extended-hours trading shows shares at $12.24, down 6.71% vs the $13.12 regular close, signaling a negative reaction to the earnings miss and leverage increase.
A sharp earnings decline and rising leverage across nearly all protein segments signal deteriorating profitability for the world's largest meatpacker.
Broad protein-sector margin compression: Pilgrim's Pride adjusted EBITDA fell 40% YoY and JBS USA Pork fell 83%, reflecting soft pork demand and higher input costs.
Leverage at 3.54x and negative free cash flow raise refinancing and balance-sheet flexibility concerns, though the company cites no material debt maturities over the next five years.