JBS NV

Q2 FY2026 Earnings2Q26 results showed a significant top-line beat with record revenue of $23.9B vs. ~$21.4B expected (converted from BRL), though profitability faced pressure. Adjusted EBITDA fell 18% YoY to $1.43B, and GAAP EPS of -$0.10 missed the $0.32 mean consensus significantly due to $172M in bond premiums and $133M in antitrust settlements. While North American beef margins remained tight at -1.0%, strong performance in Seara (14.9% margin) and Brazil beef helped mitigate the impact of low cattle availability in the U.S.