JBS N.V.

Good morning and welcome to JBS second quarter of 2026 results conference call. At this time, all participants are in listen-only mode. Following management's remarks, we will open the floor to a question-and-answer session, and instructions on how to participate will be provided at that time. Please note that to ensure all analysts have an opportunity to ask a question, we kindly request that each analyst limit themselves to just one question. As a reminder, this conference is being recorded. Any statements eventually made during this conference call in connection with the company business outlook, projections, operating and financial targets, and potential growth should be understood as merely forecasts based on the company's management expectations in relation to the future of JVS. Such expectations are highly dependent on the industry and market conditions and therefore are subject to change. Our president with us today, Gilberto Tomazoni, Global CEO of JVS, Guilherme Cavalcanti, Global CFO of JBS, Wesley Batista Fidio, CEO of JBS USA, and Christiana Seas, Investor Relations Director. Now I'll turn the conference over to Gilberto Tomazoni. Mr. Tomazoni, you may begin your presentation.

is on leading the business and ensuring a smooth transition. We have been planning this succession carefully from a position of stress and nothing changed in our strategy, our priorities, or the way we operate. This decision reflects the strength of the company we have built. Over the past several years, we have transformed JBS in many ways. Building a more diversified, more global, and more resilient business. Our dual listing was a defining milestone in that journey, positioning the company for its next phase on value creation. With a strategy clear and a strong leadership team in place, I believe this is the right moment for JBS to begin in the next chapter of Underweight Leadership. Turning to our results, the second quarter once again demonstrated the resilience of our global operating model in an environment that remains complex and volatile. Supply and demand dynamics vary across geographies and proteins. While currency movements take disruption in geopolitical events under far more complexity. Against this backdrop, our priorities are clear. Improving efficiency, protecting margin, and assessing commercial performance, allocation production to the markets where we create the most value. Adjusted net income was 218 million U.S. dollars. Adjusted EBITDA, totaled 1.143 billion U.S. dollars under IFRS, with a margin of 6%, and 1.3 billion U.S. dollars under U.S. GAAP, with a 5.3% margin. Compared to the first quarter, profitability already showed an improvement in the majority of our business units. Net income was significantly affected by not recurring items. While important to understand, these items do not change how we assess the business. Our focus is on operating performance, cash generation, and Balance Sheets Discipline. Performance improved across several businesses during the quarter, although important parts of our portfolio still operate in a challenging environment. While USB continues to operate in a challenging environment, we have reorganized our operating structure and are very confident as a result of those I will leave the discussion to the business to ask who will provide more details on the quarter and our outlook for beef and pork in North America. In Australia, results improve further, supported by robust global demand for beef and attractive export opportunities. Before moving on, I would like to comment briefly on the strategic partnership we announced last Friday with Danantara Investment Management. The transaction includes a US$2.5 billion equity investment by Danantara in exchange for a 25% stake in our Australia and New Zealand operations. Together, the additional Funding capacity expected through the joint venture. This gives us access to up to US$5 billion to fund acquisition, greenfield projects and other growth opportunities across Indonesia and Southeast Asia. This creates a well-capitalized platform to accelerate our expansion in one of the fastest-growing Protein consumption region in the world. While preserving the strength of GBS balance sheets and reinforcing Australia as a strategic hub within our global operations. Importantly, does not change how we manage the business. Our Australia-New Zealand operations remain fully consolidated under the same leadership and operating model. With that, let's turn to our operation reforms. Global beef fundamentally remains constructive, although conditions vary considerably across markets. Supply is limited in several regions. Demand remains resilient, and our global footprint allows us to direct products to the market where returns are the strongest. JVF Brazil delivered a strong quarter, driven by export demand and disciplined commercial execution. Under IFRS, adjusted EBITDA totalled to $169 million, with a margin of 5.9%. Even with elevated CAO price, JVF reported its highest EBITDA for a second quarter. A CAO Availability has improved in Brazil. Our focus has been on maximizing the value of every animal through our integrated commercial network. China remains an important destination. A recent shift in trade flow reinforced the importance of maintaining balanced exposure across export and domestic markets. By balancing volumes across China, other markets Export markets and the domestic market, we protect margins and maximize value per animal. Our domestic business is another important competitive advantage. Through the Friboi brand and a long-standing customer relationship, we work alongside retailers and categories partners, helping them to grow value across the beef categories. During the quarter, our barbecue portfolio performed particularly well. We have expanded commercial initiatives with major retailers across Brazil. In chicken, both Fluvis Pride and Seara delivered solid results, although market dynamics evolved differently across regions. At PPC, demand remained healthy across retail and food service. Although industry supply expanded faster than demand, even so, results improved from the first quarter as operating conditions normalized. Plans of upgrades were completed and expended assets continued to mature. At CR, margins remained strong despite a tougher year-over-year comparison. Unless a favorable... Sorry... led several accuracy environments in changing export market dynamics. The business grew volumes, reflecting improvements in operating, quality, and commercial execution. We see further opportunities to improve mix, distribution, and execution in domestic markets, while converting volume growth into sustainable profitability. Our priorities for the second half are clear, execution and cash generation. We expect an average increase during the quarter and reducing the remaining priorities. We are focused on strong cash generation, disciplined work in capital management, and a prudent capital allocation. The environment remains dynamic, but our priorities are unchanging. We are focused on execution, regeneration, and disciplinary capital allocation. With a diversified portfolio, strong market position, and experienced teams around the world, we believe we are well positioned to create value through the cycle. Thank you, and I will turn now the call over to Wes.

Amazoni, thank you for everything you've done for JBS over the past 15 years, and congratulations on the leadership you have shown. You have lived our values every day, challenged our teams to keep raising the bar, and helped us deliver stronger results. We've worked together for more than a decade, and I've learned a lot from working alongside you, and I'm very grateful for the trust and partnership we've built over the past years, which will help ensure a smooth transition and continuity in our strategy and priorities. My focus remains the same, operational excellence, Discipline Capital Location, Customer Service, and creating long-term value across our diversified global platform. We'll continue to live our values, strengthen our culture, and build on the tremendous work you've done over the past eight years. We'll keep evolving, growing, and making JBS an even stronger company for the future. With that, let me turn to our U.S. operations. The second quarter reflected resilient protein consumption in the United States, Despite a challenging environment for the beef industry, where tight cattle supplies and historically high cattle costs continue to pressure margins, even so, U.S. beef delivered a quarter of solid improvement. Our beef EBITDA margin improved from a negative 3.9% in the second quarter of last year to a negative 1.3% this year, reflecting an important step forward despite the ongoing challenges of the cattle cycle. Over the past several quarters, we have improved plant performance, optimized our operating footprint, strengthened our commercial capabilities, and increased productivity across our plants. Many of the operational initiatives we've been working on are already translating into better results, and the announced capacity optimization will continue to contribute progressively as they are fully implemented. At the same time, we are beginning to see early signs that industry fundamentals are moving in the right direction. The gradual reopening of the Mexican border and the first indications of herd rebuilding reinforce our confidence that supply and demand are heading towards a healthier balance over time. The reopening of the Mexican border is particularly important. The expected reopening of the three ports of entry should restore most of the historical flow of cattle from Mexico into the United States. Cattle from Mexico have represented about 5% of U.S. water, so restoring that flow is very meaningful for the industry. We also expect many of the first cattle crossing the border to be heavier than what they used to be prior to the border closure. That should allow them to reach water weight much sooner than normal. Assuming the ports reopen as expected, we believe we'll continue to see an increasing demand Cattle available for slaughter during the first quarter of 2027, with slaughter volumes returning to a more normal level by the second quarter. Turning to pork. Market fundamentals proved more challenging during this quarter. Even so, our pork business delivered another quarter of solid performance. The down margin reached 8.9% compared to 6.5% a year ago. Our pork business once again demonstrated its ability to compete at the highest level. We'll continue focusing on operational excellence, customer service, disciplined capital allocation, and continuous improvement. Those are the levers we control, and they position us to create greater value over the long term as cattle supplies recover. I'll now turn the call over to Guilherme.