SÃO PAULO — Global meatpacker JBS S.A. kicked off fiscal year 2025 with one of the strongest first quarters in the company’s history. In what is typically a softer quarter for the protein business, JBS net sales increased 8.5%, while net profit jumped 50.5%, with an EBITDA margin of 7.8%, for the period ended March 31, 2025.

“Quarter after quarter, our results continue to validate the strategic decisions we've made in building and managing our platform,” said Gilberto Tomazoni, JBS global chief executive officer, in an earnings call on May 14.

JBS posted total sales accumulating to $19.5 billion, a net profit of $500 million and an adjusted EBITDA of $1.5 billion.

In the earnings call, JBS emphasized its diversified global platform as the company’s strength in achieving such a solid first quarter. Highlights for the period included the poultry and pork business in Brazil and the United States.

“Seara and Pilgrim’s delivered record first quarter EBITDA margins of 19.8% and 14.8%, respectively,” Tomazoni noted. “Seara’s performance reflects a disciplined focus on operational excellence and positioning across domestic and international markets, capturing value through product mix optimization and a strong focus on innovation. With the launch of new categories in Brazil — such as the Airfryer-ready product line and a co-branded partnership with Netflix — the business continues to strengthen its portfolio of high value-added offerings.”

Seara reported a net revenue of $2.15 billion, which is a 3.2% increase compared to the previous year’s $2.08 billion. Sales in the domestic market accounted for 45% of the unit’s total quarterly revenue.

Meanwhile, Pilgrim’s results were driven by solid demand, disciplined portfolio management and stable grain costs. The prepared food category expanded its market presence, with increased distribution across retail and foodservice channels, mainly through the Just Bare brand. In all, the business generated $4.46 billion of net revenue, up 2.3% from last year’s total of $4.36 billion.

JBS USA Pork also performed well this quarter, supported by higher sales volumes and a favorable supply-demand dynamic. The business achieved an EBITDA margin of 12.4% and net revenue of $2 billion, up 4.8% year-over-year from $1.91 billion.

“Pork consumption is … being helped by the average price of beef, which remains high,” explained Guilherme Cavalcanti, chief financial officer of JBS.

“Our strategy of geographic and protein diversification continues to yield positive results, even amid ongoing margin pressure for JBS Beef North America,” Tomazoni added.

Beef margins in North America continue to be pressured by the current cattle cycle. According to data released by the US Department of Agriculture, both cattle prices and wholesale prices reached record levels in the first quarter of 2025. Despite challenges, JBS posted a net revenue of $6.42 billion for its North American beef business, up 15.1% from last year’s $5.58 billion. Its EBITDA margin dropped to -1.6%.

The JBS Brazil business unit increased net revenue by 10.1% to $3.17 billion compared to $2.87 billion in 2024.

JBS Australia reported a net revenue of $1.62 billion, which is up 12.1% from the prior year’s $1.45 billion. Within the beef category, this unit saw an increase in volume sold in the export market, driven by greater availability of animals. Although the cost of cattle rose 7% year-over-year, according to Meat & Livestock Australia, JBS’s growth in profitability reflected the operational efficiencies achieved through cost reduction initiatives and the increase in processed volume. The unit also reported revenue growth from the pork category due to higher volumes sold. However, the unit’s aquaculture business and prepared foods business posted declines in net revenue year-over-year.

In addition to unveiling quarterly results, JBS continues to promote the proposed dual listing of JBS shares in Brazil and the United States. The JBS board of directors unanimously approved the transaction. On May 23, minority shareholders will vote on the proposal.

“Once approved by our minority shareholders, this step will mark a new chapter in the company’s journey,” Tomazoni said. “We believe this dual listing will enhance our international visibility, attract new investors and further strengthen our position as a global leader in food.”