JBS NV

Q2 FY2026 Earnings3Q26 results significantly missed consensus expectations across nearly all profitability metrics despite revenue being largely in-line. Reported revenue of $22.74B was within 1% of the $22.61B expected, but Adjusted EBITDA (IFRS) fell 36% YoY to $1.18B, while Net Income of $164M was substantially below the ~$230M implied by consensus. Margin pressure was most acute in JBS USA Pork (EBITDA down 83% YoY) and JBS Brazil, leading to a rise in net leverage to 3.54x.