EX-99.1 2 ea020603601ex99-1_jbssa.htm UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OF JBS S.A. AS OF MARCH 31, 2024 AND FOR THE THREE- MONTH PERIOD ENDED MARCH 31, 2024 AND 2023

Exhibit 99.1

JBS S.A.

Condensed interim financial statements and the report on review of the interim financial information

As of March 31, 2024 and 2023

Index		Page
Earnings release
Independent auditor’s report		1
Statements of financial position - Assets		3
Statements of financial position - Liabilities and Equity		4
Statements of income for the three month period ended March 31, 2024 and 2023		5
Statements of comprehensive income for the three month period ended March 31, 2024 and 2023		6
Statements of changes in equity for the three month period ended March 31, 2024 and 2023		7
Statements of cash flows for the three month period ended March 31, 2024 and 2023		8
Statements of economic value added for the three month period ended March 31, 2024 and 2023		9
Note 1 - Background information		10
Note 2 - Basis of preparation		10
Note 3 - Cash and cash equivalents and margin cash		11
Note 4 - Trade accounts receivable		11
Note 5 - Inventories		12
Note 6 - Biological assets		12
Note 7 - Recoverable taxes		12
Note 8 - Related parties transactions		13
Note 9 - Income taxes		16
Note 10 - Investments in subsidiaries, associates and joint venture		19
Note 11 - Property, plant and equipment		20
Note 12 - Leases		21
Note 13 - Intangible assets		23
Note 14 - Goodwill		24
Note 15 - Trade accounts payable		25
Note 16 - Loans and financing		25
Note 17 - Other taxes payable		27
Note 18 - Payroll and social charges		27
Note 19 - Provisions for legal proceedings		28
Note 20 - Equity		29
Note 21 - Net revenue		29
Note 22 - Net finance income (expense)		30
Note 23 - Earnings (losses) per share		31
Note 24 - Operating segments and geographic reporting		31
Note 25 - Expenses by nature		33
Note 26 - Risk management and financial instruments		33
Note 27 - Subsequent events		50
Note 28 - Approval of the financial statements		51

KPMG Auditores Independentes Ltda.

Rua Verbo Divino, 1400 - Parte, Chácara Santo Antônio
CEP 04719-911, São Paulo - SP

Caixa Postal 79518 - CEP 04707-970 - São Paulo - SP - Brasil
Telefone 55 (11) 3940-1500

kpmg.com.br

Report on the review of interim financial information (ITR)

To the Shareholders and Board of Directors of

JBS S.A.

São Paulo - SP

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of JBS S.A. (“the Company”) contained in the Quarterly Information Form - ITR for the quarter ended March 31, 2024, which comprises the statement of financial position as of March 31, 2024 and the related statement of income, comprehensive income, changes in equity and cash flows for the three-month period then ended, including the explanatory notes.

The Company’s management is responsible for the preparation of this individual and consolidated interim financial information in accordance with Technical Pronouncement CPC 21 (R1) – Demonstração Intermediária and the international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for the presentation of this information in accordance with standards issued by the Comissão de Valores Mobiliários, applicable to the preparation of Quarterly Information Form - ITR. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with the Brazilian and International standards on review engagements of interim financial information (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for the financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the Quarterly Information Form – ITR referred to above has not been prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34, issued by IASB, applicable to the preparation of Quarterly Information Form - ITR, and presented in accordance with the standards issued by the Comissão de Valores Mobiliários – CVM.

KPMG Auditores Independentes Ltda, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative (“KPMG International”), uma entidade suíça.

KPMG Auditores Independentes Ltda, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Other matters

Statements of Value Added

The interim financial information mentioned above includes Statements of Value Added, individual and consolidated, for the three-month period ended March 31, 2024, prepared under the responsibility of the Company’s management and presented as supplementary information for the purposes of IAS 34. These statements were submitted to review procedures together with the review of the Quarterly Information, with the objective of concluding whether they are reconciled with the interim financial information and accounting records, as applicable, and whether their form and content are in accordance with the criteria defined in Technical Pronouncement CPC 09 – Demonstração do Valor Adicionado. Based on our review, nothing has come to our attention that causes us to believe that it has not been prepared, in all material respects, in accordance with the criteria defined in this Pronouncement and consistent with the individual and consolidated interim financial information taken as a whole.

São Paulo, May 14, 2024

KPMG Auditores Independentes Ltda.
CRC 2SP014428/O-6

Original report in Portuguese signed by

Fabian Junqueira Sousa
Accountant CRC 1SP235639/O-0

Statements of financial position

In thousands of Brazilian Reais - R$

			Company				Consolidated
	Note		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents		3		2,316,628		4,458,670		16,477,431		22,122,405
Margin cash		3		166,668		64,754		845,054		641,283
Trade accounts receivable		4		3,077,935		2,575,423		16,679,679		16,416,149
Inventories		5		4,464,320		4,016,197		26,203,803		24,696,583
Biological assets		6		-		-		8,587,409		8,289,048
Recoverable taxes		7		1,610,886		1,537,885		4,458,112		4,449,734
Derivative assets				29		42,746		216,202		425,043
Other current assets				152,357		314,282		1,637,647		1,564,678
TOTAL CURRENT ASSETS				11,788,823		13,009,957		75,105,337		78,604,923

NON-CURRENT ASSETS
Recoverable taxes		7		6,022,452		5,754,089		8,733,709		8,444,560
Biological assets		6		-		-		2,583,396		2,573,041
Related party receivables		8		872,670		1,807,878		583,100		573,955
Deferred income taxes		9		-		-		3,747,257		3,751,335
Derivative assets				254,621		396,698		254,621		396,698
Other non-current assets				572,091		568,573		1,624,836		1,545,468
				7,721,834		8,527,238		17,526,919		17,285,057
Investments in equity-accounted investees, associates and joint venture		10		42,857,089		41,640,588		229,735		274,021
Property, plant and equipment		11		13,657,165		13,509,618		63,511,344		62,541,120
Right of use assets		12.1		142,259		135,801		8,436,941		8,257,855
Intangible assets		13		194,289		204,312		9,634,664		9,612,859
Goodwill		14		9,085,970		9,085,970		29,875,626		29,556,234
TOTAL NON-CURRENT ASSETS				73,658,606		73,103,527		129,215,229		127,527,146
TOTAL ASSETS				85,447,429		86,113,484		204,320,566		206,132,069

The accompanying notes are an integral part of these condensed interim financial statements.

Statements of financial position

In thousands of Brazilian Reais - R$

			Company						Consolidated
	Note		March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable		15		3,997,429			4,468,136			22,963,539			25,450,974
Supply chain finance		15		1,841,158			1,466,235			4,713,529			4,589,870
Loans and financing		16		988,002			1,297,393			3,814,331			4,316,360
Income taxes		17		-			-			526,729			403,022
Other taxes payable		17		241,036			238,006			686,632			697,157
Payroll and social charges		18		1,128,396			1,208,139			6,042,449			6,280,042
Lease liabilities		12.2		63,585			62,454			1,733,027			1,707,172
Dividends payable				160			160			1,938			1,938
Provisions for legal proceedings		19		-			-			1,009,432			955,866
Derivative liabilities				85,745			42,513			457,443			698,361
Other current liabilities				1,253,449			1,230,467			2,682,947			2,813,379
TOTAL CURRENT LIABILITIES				9,598,960			10,013,503			44,631,996			47,914,141
NON-CURRENT LIABILITIES
Loans and financing		16		10,161,428			11,950,708			92,777,268			92,505,465
Income and other taxes payable		17		219,982			232,324			451,841			456,865
Payroll and social charges		18		1,919,672			1,965,664			2,307,326			2,374,674
Lease liabilities		12		98,216			88,576			7,379,433			7,206,761
Deferred income taxes		9		3,043,789			3,136,770			6,622,397			6,585,412
Provisions for legal proceedings		19		575,532			559,310			1,520,467			1,529,624
Related party payables		8		15,284,988			14,459,311			-			-
Other non-current liabilities				339,577			356,179			542,730			560,821
TOTAL NON-CURRENT LIABILITIES				31,643,184			32,748,842			111,601,462			111,219,622
EQUITY		20
Share capital - common shares				23,576,206			23,576,206			23,576,206			23,576,206
Capital reserve				(754,143	)		(773,537	)		(754,143	)		(773,537	)
Other reserves				29,066			30,513			29,066			30,513
Profit reserves				15,379,953			15,379,953			15,379,953			15,379,953
Accumulated other comprehensive income				4,326,749			5,138,004			4,326,749			5,138,004
Retained earnings				1,647,454			-			1,647,454			-
Attributable to company shareholders				44,205,285			43,351,139			44,205,285			43,351,139
Attributable to non-controlling interest				-			-			3,881,823			3,647,167
TOTAL EQUITY				44,205,285			43,351,139			48,087,108			46,998,306
TOTAL LIABILITIES AND EQUITY				85,447,429			86,113,484			204,320,566			206,132,069

The accompanying notes are an integral part of these condensed interim financial statements.

Statements of income for the three month period ended March 31, 2024 and 2023

In thousands of Brazilian Reais - R$

			Company						Consolidated
	Note		2024			2023			2024			2023
NET REVENUE		21		13,157,545			11,212,439			89,147,141			86,683,729
Cost of sales		25		(11,090,987	)		(9,754,480	)		(77,466,493	)		(79,069,560	)
GROSS PROFIT				2,066,558			1,457,959			11,680,648			7,614,169
Selling expenses		25		(1,133,451	)		(868,956	)		(5,473,633	)		(5,775,307	)
General and administrative expenses		25		(581,699	)		(545,950	)		(2,619,931	)		(2,670,822	)
Other incomes				1,772			5,160			105,038			425,696
Other expenses				(4,840	)		(3,300	)		(111,485	)		(202,938	)
NET OPERATING EXPENSES				(1,718,218	)		(1,413,046	)		(8,100,011	)		(8,223,371	)
OPERATING PROFIT (LOSS)				348,340			44,913			3,580,637			(609,202	)
Finance income		22		218,522			293,042			833,209			631,472
Finance expense		22		(1,009,111	)		(1,148,182	)		(2,560,533	)		(2,185,571	)
FINANCE INCOME (EXPENSE)				(790,589	)		(855,140	)		(1,727,324	)		(1,554,099	)
Share of profit of equity-accounted investees, net of tax		10		1,593,256			(676,261	)		(32,353	)		14,418
PROFIT (LOSS) BEFORE TAXES				1,151,007			(1,486,488	)		1,820,960			(2,148,883	)
Current income taxes		9		402,019			44,302			(18,871	)		(34,840	)
Deferred income taxes		9		92,981			(10,417	)		5,035			754,222
TOTAL INCOME TAXES				495,000			33,885			(13,836	)		719,382
NET INCOME (LOSS)				1,646,007			(1,452,603	)		1,807,124			(1,429,501	)
ATTRIBUTABLE TO:
Company shareholders				1,646,007			(1,452,603	)		1,646,007			(1,452,603	)
Non-controlling interest				-			-			161,117			23,102
				1,646,007			(1,452,603	)		1,807,124			(1,429,501	)
Basic and diluted earnings (losses) per share - common shares (R$)		23		0.74			(0.65	)		0.74			(0.65	)

The accompanying notes are an integral part of these condensed interim financial statements.

Statements of comprehensive income for the three month period ended March 31, 2024 and 2023

In thousands of Brazilian Reais - R$

		Company						Consolidated
	Note	2024			2023			2024			2023
Net income (loss)			1,646,007			(1,452,603	)		1,807,124			(1,429,501	)
Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			470,752			(604,437	)		541,638			(659,590	)
Gain (loss) on net investment in foreign operations			(262,154	)		317,938			(262,154	)		317,938
Gain on cash flow hedge	26 c3.1		2,509			6,241			2,509			6,241
Deferred income tax on cash flow hedge	26 c3.1		(853	)		(2,122	)		(853	)		(2,122	)
Valuation adjustments to equity in subsidiaries			(1,035,080	)		10,482			(1,035,080	)		10,482
Items that will not be subsequently reclassified to statement of income:
Gain associated with pension and other postretirement benefit obligations			18,370			19,485			22,276			23,620
Income tax on gain associated with pension and other postretirement benefit obligations			(4,799	)		(2,841	)		(5,819	)		(3,438	)
Total other comprehensive loss			(811,255	)		(255,254	)		(737,483	)		(306,869	)

Comprehensive income (loss)			834,752			(1,707,857	)		1,069,641			(1,736,370	)
Total comprehensive income (loss) attributable to:
Company shareholders			834,752			(1,707,857	)		834,752			(1,707,857	)
Non-controlling interest			-			-			234,889			(28,513	)
			834,752			(1,707,857	)		1,069,641			(1,736,370	)

The accompanying notes are an integral part of these condensed interim financial statements.

Statements of changes in equity for the three month period ended March 31, 2024 and 2023
In thousands of Brazilian Reais - R$

					Capital reserves										Profit reserves						Other comprehensive income
	Note		Share capital		Premium on issue of shares		Capital transaction⁽¹⁾			Stock options		Other reserves			Legal		Investments statutory		Tax incentive		VAE			FCTA			Retained (loss) earnings			Total			Non- controlling interest			Total equity
BALANCE ON DECEMBER 31, 2022				23,576,206		211,879		(1,050,298	)		30,464		36,497			2,801,185		11,848,048		4,003,823		174,904			4,711,458			-			46,344,166			3,464,765			49,808,931
Net income				-		-		-			-		-			-		-		-		-			-			(1,452,603	)		(1,452,603	)		23,102			(1,429,501	)
Foreign currency translation adjustments				-		-		-			-		-			-		-		-		-			(604,437	)		-			(604,437	)		(55,153	)		(659,590	)
Gain on net investment in foreign operations				-		-		-			-		-			-		-		-		-			317,938			-			317,938			-			317,938
Losses on cash flow hedge, net of tax				-		-		-			-		-			-		-		-		4,119			-			-			4,119			-			4,119
Valuation adjustments to equity in subsidiaries				-		-		-			-		-			-		-		-		10,482			-			-			10,482			-			10,482
Losses associated with pension and other postretirement benefit obligations, net of tax				-		-		-			-		-			-		-		-		16,644			-			-			16,644			3,538			20,182
Total comprehensive income				-		-		-			-		-			-		-		-		31,245			(286,499	)		(1,452,603	)		(1,707,857	)		(28,513	)		(1,736,370	)
Share-based compensation				-		-		6,243			-		-			-		-		-		-			-			-			6,243			1,299			7,542
Realization of other reserves				-		-		-			-		(1,531	)		-		-		-		-			-			1,531			-			-			-
Dividend to non-controlling				-		-		-			-					-		-		-		-			-			-			-			(12,120	)		(12,120	)
Others				-		-		-			-		-			-		-		-		-			-			-			-			(16	)		(16	)
MARCH 31, 2023				23,576,206		211,879		(1,044,055	)		30,464		34,966			2,801,185		11,848,048		4,003,823		206,149			4,424,959			(1,451,072	)		44,642,552			3,425,415			48,067,967

DECEMBER 31, 2023				23,576,206		211,879		(1,015,880	)		30,464		30,513			2,801,185		8,477,409		4,101,359		168,866			4,969,138			-			43,351,139			3,647,167			46,998,306
Net income (loss)				-		-		-			-		-			-		-		-		-			-			1,646,007			1,646,007			161,117			1,807,124
Foreign currency translation adjustments				-		-		-			-		-			-		-		-		-			470,752			-			470,752			70,886			541,638
Gain on net investment in foreign operations (2)				-		-		-			-		-			-		-		-		-			(262,154	)		-			(262,154	)		-			(262,154	)
Losses on cash flow hedge, net of tax		26 c3.1		-		-		-			-		-			-		-		-		1,656			-			-			1,656			-			1,656
Gain associated with pension and other postretirement benefit obligations, net of tax				-		-		-			-		-			-		-		-		13,571			-			-			13,571			2,886			16,457
Valuation adjustments to equity in subsidiaries				-		-		-			-		-			-		-		-		(1,035,080	)		-			-			(1,035,080	)		-			(1,035,080	)
Total comprehensive income				-		-		-			-		-			-		-		-		(1,019,853	)		208,598			1,646,007			834,752			234,889			1,069,641
Share-based compensation				-		-		19,394			-		-			-		-		-		-			-			-			19,394			4,106			23,500
Realization of other reserves				-		-		-			-		(1,447	)		-		-		-		-			-			1,447			-			-			-
Dividend to non-controlling				-		-		-			-		-			-		-		-		-			-			-			-			(3,883	)		(3,883	)
Others				-		-		-			-		-			-		-		-		-			-			-			-			(456	)		(456	)
MARCH 31, 2024				23,576,206		211,879		(996,486	)		30,464		29,066			2,801,185		8,477,409		4,101,359		(850,987	)		5,177,736			1,647,454			44,205,285			3,881,823			48,087,108

⁽¹⁾	Refers to changes in the equity of investees arising from PPC’s share repurchase and share-based compensation.

⁽²⁾

Refers to the net investment on foreign operations of intercompany balances between JBS S.A. and its indirect subsidiaries JBS Luxembourg S.à.r.l. and JBS Investments Luxembourg S.à.r.l.. Thus, since the balances are an extension of that entity’s investment, they are considered as equity instruments.

The accompanying notes are an integral part of these condensed interim financial statements.

Statements of cash flows for the three month period ended March 31, 2024 and 2023

In thousands of Brazilian Reais - R$

			Company						Consolidated
	Notes		2024			2023			2024			2023
Cash flows from operating activities
Net income (loss)				1,646,007			(1,452,603	)		1,807,124			(1,429,501	)
Adjustments for:
Depreciation and amortization		6, 12, 13 e 14		229,343			207,601			2,696,922			2,592,830
Expected credit losses		4		24,662			21,290			22,637			23,280
Share of profit of equity-accounted investees		10		(1,593,256	)		676,261			32,353			(14,418	)
(Gain) Loss on sales of assets				(24,680	)		2,281			(26,048	)		(55,509	)
Tax expense (benefit)		9		(495,000	)		(33,885	)		13,836			(719,382	)
Net finance income/expense		22		790,589			855,140			1,727,324			1,554,099
Share-based compensation				-			-			23,500			7,542
Provisions for legal proceedings		19		50,948			51,243			70,853			107,999
Net realizable value inventory adjustments		5		1,926			(12,301	)		(44,356	)		(10,204	)
Antitrust agreements		19		-			-			23,234			71,166
Impairment of goodwill and property, plant and equipment				-			-			-			107,513
Fair value adjustment for biological assets		6		-			-			(574,022	)		452,924
				630,539			315,027			5,773,357			2,688,339
Changes in assets and liabilities:
Trade accounts receivable				(414,392	)		1,246,042			232,354			1,041,155
Inventories				(450,048	)		181,091			(1,092,152	)		(591,851	)
Recoverable taxes				(306,405	)		(161,651	)		(326,870	)		(390,074	)
Other current and non-current assets				158,352			(58,003	)		(335,196	)		194,375
Biological assets				-			-			(313,259	)		(695,332	)
Trade accounts payable and supply chain finance				(228,520	)		(1,044,947	)		(3,129,462	)		(4,764,504	)
Taxes paid in installments				(62,724	)		(65,625	)		(62,724	)		(65,625	)
Other current and non-current liabilities				223,502			176,941			(485,414	)		(404,561	)
Antitrust agreements payment				-			-			(446	)		-
Income taxes paid				-			-			(138,646	)		(54,627	)
Changes in operating assets and liabilities				(1,080,235	)		273,848			(5,651,815	)		(5,731,044	)
Cash provided by (used in) operating activities				(449,696	)		588,875			121,542			(3,042,705	)
Interest paid				(365,359	)		(292,314	)		(1,621,923	)		(1,641,781	)
Interest received				57,460			52,419			334,386			285,294
Net cash flows provided by (used in) operating activities				(757,595	)		348,980			(1,165,995	)		(4,399,192	)
Cash flow from investing activities
Purchases of property, plant and equipment				(347,978	)		(182,041	)		(1,407,294	)		(1,718,250	)
Proceeds from sale of property, plant and equipment				29,188			7,480			59,378			72,367
Proceeds of intangible assets		13		(1,205	)		(3,953	)		(11,750	)		(10,416	)
Additional investments in equity-accounted investees				(167,951	)		(397,152	)		-			-
Acquisitions/ incorporations, net of cash acquired				-			-			(7,269	)		4,617
Dividends received		10		15,000			7,500			15,000			7,500
Related party transactions				1,434,425			(2,674,150	)		1,290			1,300
Other				-			-			-			8,306
Cash provided by (used in) investing activities				961,479			(3,242,316	)		(1,350,645	)		(1,634,576	)
Cash flow from financing activities
Proceeds from loans and financings				21,820			4,327,501			348,842			5,127,504
Payments of loans and financings				(2,312,601	)		(1,396,417	)		(3,312,015	)		(2,571,611	)
Derivatives instruments received/settled				(12,133	)		12,620			(36,970	)		89,851
Margin cash withdraw/(applied in)				(101,913	)		48,776			65,073			38,220
Dividends paid to non-controlling interest				-			-			(3,883	)		(12,120	)
Payments of leasing contracts				(19,295	)		(9,995	)		(524,166	)		(550,471	)
Cash provided by (used in) financing activities				(2,424,122	)		2,982,485			(3,463,119	)		2,121,373
Effect of exchange rate changes on cash and cash equivalents				78,196			(63,440	)		334,785			(305,089	)
Net change in cash and cash equivalents				(2,142,042	)		25,709			(5,644,974	)		(4,217,484	)
Cash and cash equivalents beginning of period				4,458,670			2,096,334			22,122,405			13,182,158
Cash and cash equivalents at the end of period				2,316,628			2,122,043			16,477,431			8,964,674

Non-cash transactions:

			Company				Consolidated
	Notes		2024		2023		2024		2023
Non-cash additions to right of use assets and lease liabilities		12		29,553		24,807		735,012		568,202
Capitalized interests		11		17,350		33,046		54,596		118,688
Property, plant and equipment transfer				-		-		-		24,493

The accompanying notes are an integral part of these condensed interim financial statements.

Statements of economic value added the three month period ended March 31, 2024 and 2022

In thousands of Brazilian Reais - R$

	Company						Consolidated
	2024			2023			2024			2023
Revenue
Sales of goods and services		13,430,198			11,439,545			90,218,992			87,557,037
Other income (expense)		(268	)		5,671			1,106			203,088
Expected credit losses		(24,662	)		(21,290	)		(22,424	)		(23,280	)
		13,405,268			11,423,926			90,197,674			87,736,845
Goods
Cost of services and goods sold		(9,677,575	)		(8,749,481	)		(54,435,689	)		(56,503,774	)
Materials, energy, services from third parties and others		(1,945,365	)		(1,565,311	)		(16,248,335	)		(17,005,872	)
		(11,622,940	)		(10,314,792	)		(70,684,024	)		(73,509,646	)
Gross added value		1,782,328			1,109,134			19,513,650			14,227,199
Depreciation and Amortization		(229,343	)		(207,601	)		(2,696,922	)		(2,592,830	)
Net added value generated		1,552,985			901,533			16,816,728			11,634,369
Net added value by transfer
Share of profit of equity-accounted investees, net of tax		1,593,256			(676,261	)		(32,353	)		14,418
Financial income		218,522			293,042			833,209			631,472
Others		1,956			(1,285	)		(2,884	)		3,299
		1,813,734			(384,504	)		797,972			649,189
NET ADDED VALUE TOTAL TO DISTRIBUTION		3,366,719			517,029			17,614,700			12,283,558

DISTRIBUTION OF ADDED VALUE
Labor
Salaries		806,973			608,185			9,609,775			9,009,222
Benefits		126,351			104,233			2,015,051			1,853,645
FGTS (Brazilian Labor Social Charge)		54,095			43,682			143,618			121,264
		987,419			756,100			11,768,444			10,984,131
Taxes and contribution
Federal		(473,592	)		(50,875	)		393,499			(397,970	)
State		231,194			103,321			671,290			382,441
Municipal		8,601			6,268			8,856			6,633
		(233,797	)		58,714			1,073,645			(8,896	)
Capital Remuneration from third parties
Interests and exchange variation		896,433			1,119,360			2,432,251			2,128,103
Rents		9,565			10,903			225,844			214,030
Others		61,092			24,555			307,392			395,691
		967,090			1,154,818			2,965,487			2,737,824
Owned capital remuneration
Net income (loss) attributable to company shareholders		1,646,007			(1,452,603	)		1,646,007			(1,452,603	)
Non-controlling interest		-			-			161,117			23,102
		1,646,007			(1,452,603	)		1,807,124			(1,429,501	)
ADDED VALUE TOTAL DISTRIBUTED		3,366,719			517,029			17,614,700			12,283,558

The accompanying notes are an integral part of these condensed interim financial statements.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Background Information

JBS S.A (“JBS” or the “Company”), is a corporation with its headquarters office in Brazil, in the City of São Paulo, and is controlled by J&F Investimentos S.A. The Company has its shares publicly traded and listed on the “Novo Mercado” segment of the São Paulo Stock Exchange (B3 - Bolsa de Valores, Mercadorias & Futuros) under the ticker symbol “JBSS3”. In addition, American Depository Receipts related to shares issued by JBS are also publicly traded in the United States of America under the symbol “JBSAY”. These individual and consolidated financial statements comprise the Company and its subsidiaries (collectively, the ‘Company’) for the period ended March 31, 2024 and were authorized by the Board of Directors on May 14, 2024.

The financial statements presented below include, in addition to the individual operations of JBS in Brazil, the activities of its subsidiaries, in Brazil and abroad.

1.1

Main operating events that occurred during the period:

1.1.1 New York Civil complaint: On February 28, 2024, the New York Attorney General’s Office filed a civil complaint in the state Supreme Court against the indirect subsidiaries JBS USA Food Company and JBS USA Food Company Holdings. The claim assumes that consumers were misled by statements by the Company that assured commitment to reducing greenhouse gas emissions and striving to achieve Net Zero by 2040. The complaint seeks disgorgement of profits, civil penalties, attorney’s fees and other relief. Based on the opinion of the Company’s legal advisors, we are confident that we will be successful in our defense strategy.

1.1.2 Registration of debts with the Securities Exchange Commission (SEC): On March 27, 2024, the Group filed with the securities commission of the United States of America, the Securities and Exchange Commission (“SEC”) the Offer to Exchange the 13 existing series of debt securities (“Old Bonds”), not registered at the SEC, for new registered debt securities (“New Bonds”).

1.2 Seasonality: In the chicken business, globally, fluctuations are historically greater in the first half of the year, in which the sales volume of some of our special product lines suffers, variations resulting from some holidays, such as Christmas, New Year and Easter. For the beef industry in the United States, during the second and third quarters, the beef industry experiences seasonal demand for beef products that is highest in the summer and fall months in the Northern Hemisphere when weather patterns allow for more activity around the world. outdoors, however in Australia at the end of the fourth quarter a reduction in slaughter was observed due to the lower availability of cattle during the rainy season, which makes transporting the animals difficult. As for the pork sector in the United States and Australia, the greatest demand for pork occurs in the first and fourth quarters, when the availability of pigs combined with holidays increase demand.

Basis of preparation and presentation of financial statements

The financial statements were prepared in accordance with the standard CPC 21 (R1) - Interim Statements, approved by the Brazilian Accounting Standards Committee and equivalent to International Accounting Standard “IAS” 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB). Therefore, these Interim Condensed Financial Statements as of March 31, 2024 do not include all footnotes and information required to be considered “complete financial statements” due to redundancy in relation to what is presented in the individual and consolidated annual financial statements (December 31, 2022) prepared in accordance with the accounting practices adopted in Brazil (BRGAAP) and with International Financial Reporting Standards (IFRS), approved by the Board of Directors on March 26, 2024. The parent company’s individual financial statements are identified as “Company” and the consolidated financial statements are identified as “Consolidated”.

2.1

Functional and presentation currency

These condensed interim financial statements are presented in Brazilian reais (R$), which is the Company’s presentation and functional currency. All financial information is presented in thousands of reais, except when indicated otherwise.

2.2

New standards, amendments and interpretations

Standards, amendments and interpretations recently issued and adopted by the Company

IAS 7/CPC 26 and IFRS 7/CPC 40 – Supplier financing agreements (“Risk Withdrawn”)

Effective for periods beginning on or after January 1, 2024 but not required for any interim period presented within the annual reporting period, the changes aim to increase transparency and comparability of financial information in supplier finance arrangements, which involve financing suppliers through a financial institution. Companies will be required to disclose the terms and conditions of transactions with suppliers, the effects of these arrangements on liabilities and cash flows, and on the exposure to liquidity risk related to these arrangements. The Group is monitoring the changes and will adjust the disclosure in the explanatory notes according to the standard’s requirements by the year-end’s financial statements.

New standards, amendments and interpretations that are not yet effective

IAS 21/CPC 02 – IAS 21/CPC 02 – Effect of changes in exchange rates and conversion of financial statements

Starting from January 1, 2025, this amendment establishes accounting requirements for situations where a functional currency cannot be converted into other currencies. In such cases, the Group must use the most recent observable exchange rate to translate the results and financial position of foreign operations into its presentation currency. The entity should also disclose this exchange rate, the date it was observed, and the reasons why the currency is non-exchangeable. The Group is monitoring the changes, and so far, no impacts have been identified.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Cash and cash equivalents and margin cash

	Company				Consolidated
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Cash on hand and at banks		135,799		531,461		6,095,582		8,863,520
CDB (bank certificates of deposit) and National Treasury Bill (Tesouro Selic) ⁽¹⁾		2,180,829		3,927,209		10,381,849		13,258,885
Cash and cash equivalents total		2,316,628		4,458,670		16,477,431		22,122,405

Margin cash		-		-		405,012		88,068
Investments in Treasury bills		166,668		64,754		440,042		553,215
Margin cash total		166,668		64,754		845,054		641,283
Total		2,483,296		4,523,424		17,322,485		22,763,688

⁽¹⁾

CDBs are held at high quality financial institutions and earn interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate (Certificado de Depósito Interbancário - CDI). Tesouro Selic are bonds purchased from financial institutions having conditions and characteristics that are similar to CDB’s.

At March 31, 2024, the availability under Brasil revolving credit facilities was US$450 million (R$2.3 billion at March 31, 2024) and US$450 million (R$2.18 billion at December 31, 2023). In the United States the revolving credit facilities at March 31, 2024, was US$2.9 billion (R$14.5 billion at March 31, 2024) and US$2.9 billion (R$14 billion at December 31, 2023).

Trade accounts receivable

	Company						Consolidated
	March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023
Current receivables:
Domestic sales		1,255,105			746,465			9,115,314			9,296,795
Foreign sales		1,544,231			1,626,049			4,666,865			4,127,529
Subtotal		2,799,336			2,372,514			13,782,179			13,424,324
Overdue receivables:
From 1 to 30 days		185,474			155,627			2,104,729			1,925,636
From 31 to 60 days		47,642			50,765			235,926			451,089
From 61 to 90 days		36,024			6,018			128,582			142,768
Above 90 days		263,985			233,938			874,145			911,619
Expected credit losses		(247,619	)		(232,988	)		(423,425	)		(411,088	)
Present value adjustment		(6,907	)		(10,451	)		(22,457	)		(28,199	)
Subtotal		278,599			202,909			2,897,500			2,991,825
Trade accounts receivable, net		3,077,935			2,575,423			16,679,679			16,416,149

Present value adjustment: The Company discounts its receivables to present value using interest rates directly related to customer credit profiles. The monthly interest rate used to calculate the present value of outstanding receivables on March 31, 2024 was 1.0% per transaction (1.2% per transaction at December 31, 2023).The present value adjustment is recognized as an offset to sales of products and services.

The Company and its subsidiaries enter into credit assignment transactions with financial institutions, where these institutions acquire trade accounts receivable balances held against certain third-party customers in the domestic and foreign markets. The terms of the assignment transactions result in a permanent transfer of the risks and benefits to the financial institutions.

Changes in expected credit losses:	Company						Consolidated
	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Initial balance		(232,988	)		(252,719	)		(411,088	)		(431,170	)
Additions		(24,662	)		(21,290	)		(22,637	)		(23,280	)
Write-offs/ Reversals		7,809			45,548			11,847			52,625
Exchange rate variation		2,222			(8,435	)		(1,547	)		(6,631	)
Closing balance		(247,619	)		(236,896	)		(423,425	)		(408,456	)

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Inventories

	Company				Consolidated
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Finished products		2,799,455		2,514,584		16,279,041		14,990,882
Work in process		646,527		673,840		2,668,247		2,837,178
Raw materials		708,104		523,377		3,899,007		3,674,716
Supplies		310,234		304,396		3,357,508		3,193,807
		4,464,320		4,016,197		26,203,803		24,696,583

Changes in the realizable value of inventories is recognized in the financial statements as “Cost of sales” and is presented below:

	Company						Consolidated
	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Initial balance		(29,878	)		(58,110	)		(276,254	)		(310,581	)
Additions		(1,962	)		(35,092	)		(62,523	)		(149,988	)
Write-offs		36			47,393			106,879			160,192
Exchange rate variation		-			-			(4,917	)		2,753
Closing balance		(31,804	)		(45,809	)		(236,815	)		(297,624	)

Biological assets

Changes in biological assets:

	Consolidated
	Current						Non-current
	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Initial balance		8,289,048			9,710,693			2,573,041			2,619,066
Business combination		-			(117,390	)		-			-
Increase by reproduction (born) and cost to reach maturity		14,017,095			16,067,644			1,694,000			1,131,566
Reduction for slaughter, sale or consumption		(15,480,981	)		(17,080,022	)		(88,608	)		(92,296	)
Purchase		520,674			658,953			294,924			213,852
Decrease by death		(626,861	)		(178,972	)		(16,984	)		(25,393	)
Fair value adjustments		574,022			(452,924	)		-			-
Reclassification from non-current to current		1,164,136			416,048			(1,164,136	)		(416,048	)
Exchange rate variation		130,276			(151,689	)		58,191			(50,826	)
Changes in fair value (including amortization of breeders)		—			—			(767,032	)		(714,606	)
Closing balance		8,587,409			8,872,341			2,583,396			2,665,315

Recoverable taxes

	Company				Consolidated
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Value-added tax on sales and services - ICMS/IVA/VAT/GST		1,132,261		1,128,414		4,584,454		4,452,222
Social contribution on billings - PIS and COFINS		1,690,706		1,751,100		2,306,728		2,432,254
Withholding income tax - IRRF/IRPJ		4,736,214		4,333,343		6,089,367		5,792,623
Excise tax - IPI		19,060		22,645		103,329		106,528
Reintegra		28,745		29,904		42,094		43,111
Other		26,352		26,568		65,849		67,556
		7,633,338		7,291,974		13,191,821		12,894,294

Current Asset		1,610,886		1,537,885		4,458,112		4,449,734
Non-current Asset		6,022,452		5,754,089		8,733,709		8,444,560
		7,633,338		7,291,974		13,191,821		12,894,294

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Related parties transactions

The main balances of assets and liabilities, as well as the transactions resulting in income (loss) for any period, arise from transactions between related parties at market conditions and prices. Amounts charged include borrowing costs, interest and rate differences, when applicable. The following table includes balances and the net effect on income of intercompany financing transactions between the Company and its subsidiaries:

	Company						Consolidated
	March 31, 2024			December 31, 2023			March 31, 2024		December 31, 2023
Related party receivables		872,670			1,807,878			583,100		573,955
Related party payables		(15,284,988	)		(14,459,311	)		—		—
		(14,412,318	)		(12,651,433	)		583,100		573,955

			Statement of financial position accounts						Financial income (expense)
		Transference of costs	March 31,			December 31,
	Currency	(administrative and funding)	2024			2023			2024			2023
8.1 Company

a) Direct subsidiaries
- JBS Investments Luxembourg S.à.r.l	US$	2.52% to 3.64% p.y.		(8,886,476	)		(8,057,016	)		(66,138	)		(70,971	)
- JBS Confinamento Ltda.	R$	CDI + 4% p.y.		6,293			(3,784	)		144			5,747
- JBS Embalagens Metálicas Ltda	R$	CDI + 4% p.y.		592			54			1			1
- Brazservice Ltda.	R$	CDI + 4% p.y.		-			-			-			1,383
- Enersea Ltda.	R$	CDI + 4% p.y.		-			-			-			3
b) Indirect subsidiaries
- Seara Holding Ltda.	R$	-		(6,398,511	)		(6,398,511	)		-			-
- JBS Luxembourg S.à.r.l	US$	1.83% to 7.3% p.y.		-			-			-			(24,409	)
- Seara Alimentos Ltda.	R$	CDI + 4% p.y.		239,093			1,224,227			(4,888	)		(379,039	)
- JBS Leather Paraguay Srl	GUA	7.00% p.y.		9,897			9,642			111			114
- JBS Leather Argentina S.A.U.	US$	-		33,694			-			-			-

8.2 Other related parties
- J&F Investimentos S.A. ⁽¹⁾	R$	IPCA		581,329			570,936			10,394			13,151
- J&F Oklahoma Holdings, Inc.	R$	3.4%		-			-			-			1,876
- Flora Produtos de Higiene e Limpeza S.A.	R$	Selic		1,771			3,019			41			122
Total				(14,412,318	)		(12,651,433	)		(60,335	)		(452,022	)

⁽¹⁾

It refers to the agreement entered into between JBS S.A. and J&F Investimentos S.A. and some former executives of the Group, which represents the definitive settlement of the dispute subject to Arbitration CAM n° 186/21, whereby J&F undertook to pay the total updated amount of R$581,329, to be paid in accordance with the terms and conditions specified in the agreement.

The transactions above refer to working capital funding. Settlement in the future shall be through a capital contribution/ capital reduction or dividends distribution.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

The disclosure of significant intercompany commercial transactions is in accordance with the criteria established by Management, by disclosing individual balances which are equal to or higher than 2% of the total of each transaction (sale of products, purchases, accounts receivable and accounts payable). Additionally, transactions which are below the described criteria will be disclosed if the information is relevant. This analysis is performed for each related party. If any related party has not met this criteria in the past but does in the current period, the comparative balance will be disclosed.

									Purchases/Services				Sale of products/Services
	Accounts receivable				Accounts payable				rendered				provided
COMPANY	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		2024		2023		2024		2023
Direct subsidiaries
JBS Confinamento Ltda.		1,344		2,138		47,239		28,021		45,814		185,809		774		3,913
JBS Toledo N.V.		30,537		11,096		—		—		—		—		67,105		92,235
JBS Chile Limitada		5,087		20,820		20		318		1,015		—		7,860		—
Brazservice Ltda.		—		—		—		—		—		30,034		—		13,527
Conceria Priante Srl		20,535		20,443		—		—		—		—		16,396		2,485
Indirect subsidiaries
Seara Alimentos Ltda.		199,190		228,076		53,151		52,593		59,871		55,292		678,313		598,591
JBS Global UK Limited		93,759		105,667		—		—		—		—		97,837		138,645
JBS Aves Ltda.		5,203		5,658		21,278		20,900		1,818		897		30,571		35,213
Weddel Limited		—		5,497		—		—		—		—		—		21,395
Sampco, LLC		123,909		96,505		—		—		—		—		143,676		222,206
Meat Snacks Partners do Brasil Ltda.		27,745		16,255		—		—		4		—		109,111		100,011
JBS Asia Limited		—		—		326,627		266,286		123,887		43,833		—		—
JBS Leather Asia Limited		107,254		69,532		—		—		—		—		135,152		77,800
JBS USA Holding Lux S.à.r.l.		139,083		260,857		2,772		—		—		20		246,762		436,125
Seara Comércio de Alimentos Ltda.		—		2,197		—		3,859		—		4,811		—		8,559
JBS Australia Pty.Ltd.		—		3,096		—		—		—		—		—		39,123
Other related parties
Agropecuária Santa Luzia Ltda.		—		59		—		122		—		2,204		—		3,054
JBJ Agropecuária Ltda.		3,262		4,252		1,721		1,941		393,188		436,048		6,660		3,943
Flora Produtos de Higiene e Limpeza S.A		54,668		33,536		—		2		—		—		86,365		73,638
Eldorado Brasil Celulose S.A.		—		246		—		—		—		23		—		1,257
Banco Original S.A		—		34		—		—		—		—		—		25
Prima Foods S.A.		—		506		97		2,047		3,643		19,094		4		1,809
Agropecuaria Nelore Parana Ltda		—		—		10,185		3,870		33,962		—		—		—
JBS Australia Pty Limited		8,521		—		344		—		—		—		20,647		—
Guiabolso Pagamentos Ltda		—				16,723				60,032		—		—		—
		820,097		886,470		480,157		379,959		723,234		778,065		1,647,233		1,873,554

Other financial transactions in the Company

The Company and a few of its subsidiaries entered into an agreement in which Banco Original (Related party) acquires trade accounts receivables held against certain of the Company's customers in the domestic and foreign markets. The assignments are measured at market value through a permanent transfer of the risks and benefits to Banco Original of all trade accounts receivable. At March 31, 2024, the unpaid balance of transferred receivables was R$2,719,690 (R$2,664,506 at December 31, 2023) in the Company, and R$5,634,573 (R$5,158,611 at December 31, 2023) in the Consolidated, respectively. For the three month period ended March 31, 2024, the Company incurred financial costs related to this operation in the amount of R$74,874 (R$165,304 at March 31, 2023) in the Company, and R$160,295 (R$375,142 at March 31, 2023) in the Consolidated, respectively, recognized in these interim financial statements as financial expenses.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

At March 31, 2024, the Company and a few of its subsidiaries hold investments with Banco Original, in the amount of R$1,825,588 (R$1,482,874 at December 31, 2023) in the Company and R$4,413,148 (R$3,783,589 at December 31, 2023) in the Consolidated, recognized as cash and cash equivalents, respectively. The short term investments, CDB and similar investments have earnings similar to CDI (Certificado de Depósito Interbancário), according to both maturity and amount established at the start date of the investment, following market practices. For the three month period ended March 31, 2024, the Company earned interest from these investments in the amount of R$17,135 (R$7,478 at March 31, 2023) in the Company, and R$46,797 (R$17,159 at March 31, 2023) in the Consolidated, respectively, recognized in these interim financial statements as financial income.

The Company enters into future delivery agreements for livestock with certain suppliers, including the related party JBJ Agropecuária Ltda.("JBJ"), ensuring a fixed price when purchasing cattle without a cash impact in the Company until the maturity date of these commitments. Based on this contract of future delivery, JBJ already anticipated with the financial institutions in the supply chain finance modality. At March 31, 2024 the balance of this transaction was R$401,100 (R$299.8 at December 31, 2023).

The Company purchases residues generated from cattle slaughter for rendering operations with Prima Foods S.A. (formerly called Mata Boi Alimentos S.A.).

The Company sponsor´s a youth-directed business school, whose mission is to educate future leaders by offering free, high-quality education. During the three month period ended March 31, 2024 the Company made donations in the amount of R$44,915 (R$13,785 at March 31, 2023) recognized in these interim financial statements as general and administrative expenses.

The Company is a member of the JBS Pela Amazônia Fund, a non-profit association whose objective is to promote and finance initiatives and projects aimed at the sustainable development of the Amazon Biome. In the period ended March 31, 2024, the Company made donations in the amount of R$3,600, recorded in the interim financial statements as administrative expenses.

The Company includes the related party Original Corporate Corretora de Seguros Ltda. on the bid for insurance renewal. If hired, the contracts are carried out at market value.

No expected credit losses or bad debts relating to related party transactions were recorded during the three month period ended March 31, 2024 and 2023.

Remuneration of key management

The Company's key management is comprised of its Executive Officers and Board of Directors. The aggregate amount of compensation received by the Company’s key management during the three month period ended March 31, 2024 and 2023 is the following:

	2024		2023
Salaries and wages		8,522		10,156
Variable cash compensation		82,214		96,000
		90,736		106,156

The Chief Executive Officer, the Administrative and Control Officer, the Chief Financial Officer and Investor Relations and the Executive Officers are parties to the Brazilian employment contract regime referred to as CLT (which is the Consolidation of Labor Laws), which follows all the legal prerogatives of payments and benefits.

Except for those described above, the Board of Directors members are not party to any employment contract or any other contracts for additional business benefits such as post-employment benefits or other long-term benefits, termination of work that does not conform to those requested by the CLT.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

9 Income taxes

a. Composition of deferred tax income and social contribution

	Company						Consolidated
	March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023

Deferred income taxes assets		—			—			3,747,257			3,751,335
Deferred income taxes liabilities		(3,043,789	)		(3,136,770	)		(6,622,397	)		(6,585,412	)
		(3,043,789	)		(3,136,770	)		(2,875,140	)		(2,834,077	)

	Company
	December 31, 2023			Income statement			March 31, 2024

Tax losses and negative basis of social contribution		28,991			(28,991	)		—
Expected credit losses on trade accounts receivable		81,170			3,718			84,888
Provisions for contingencies		190,166			5,515			195,681
Present value adjustment - Trade accounts receivable		3,553			(1,205	)		2,348
Right of use assets		5,178			1,466			6,644
Goodwill amortization		(3,277,762	)		—			(3,277,762	)
Present value adjustment - Trade accounts payable		(4,985	)		4,213			(772	)
Hedge operations ⁽²⁾		(134,159	)		74,947			(59,212	)
Accrued liabilities		162,827			(44,790	)		118,037
Realization of other reserves		(254,252	)		745			(253,507	)
Cut-off Adjustment		—			63,116			63,116
Other temporary differences		62,503			14,247			76,750
Deferred taxes, net		(3,136,770	)		92,981			(3,043,789	)

	Company
	December 31, 2022			Income statement			3/31/20243
Tax losses and negative basis of social contribution		—			87,473			87,473
Expected credit losses on trade accounts receivable		88,021			(5,522	)		82,499
Provisions for contingencies		162,583			13,417			176,000
Present value adjustment - Trade accounts receivable		3,318			(315	)		3,003
Right of use assets		2,732			338			3,070
Goodwill amortization		(3,277,762	)		—			(3,277,762	)
Present value adjustment - Trade accounts payable		2,090			(2,061	)		29
Hedge operations ⁽²⁾		61,197			(15,950	)		45,247
Accrued liabilities		184,190			(84,668	)		99,522
Realization of other reserves		(257,332	)		789			(256,543	)
Other temporary differences		35,849			(3,918	)		31,931
Deferred taxes, net		(2,995,114	)		(10,417	)		(3,005,531	)

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

	Consolidated
	December 31, 2023			Income statement			Exchange variation			Other adjustments ⁽¹⁾			March 31, 2024
Tax losses and negative basis of social contribution		4,067,527			(149,959	)		38,465			—			3,956,033
Expected credit losses on trade accounts receivable		184,384			10,566			2,397			—			197,347
Provisions for contingencies		607,063			4,840			3,126			—			615,029
Present value adjustment - Trade accounts receivable		37,024			7,181			—			—			44,205
Tax credits - Foreign subsidiaries		114,666			(121	)		3,667			(119	)		118,093
Labor accidents accruals		38,377			(2,365	)		1,207			—			37,219
Pension plan		57,882			(2,145	)		1,833			(5,528	)		52,042
Accrued liabilities		1,118,141			44,869			29,874			—			1,192,884
Non-deductible interests		1,026,154			46,735			33,240			—			1,106,129
Right of use assets		123,053			4,039			1,348			—			128,440
Goodwill amortization		(4,124,007	)		(21,592	)		(14,576	)		—			(4,160,175	)
Present value adjustment - Trade accounts payable		(29,359	)		9,720			—			—			(19,639	)
Business combination		(2,150,748	)		20,194			(62,188	)		—			(2,192,742	)
Inventory valuation		(1,002,560	)		27,779			(31,844	)		—			(1,006,625	)
Hedge and hedge accounting operations ⁽²⁾		(122,796	)		75,076			—			(853	)		(48,573	)
Realization of other reserves		(559,848	)		3,721			—			—			(556,127	)
Accelerated depreciation and amortization		(2,489,809	)		33,024			(79,373	)		—			(2,536,158	)
Cut-off adjustment		2,982			81,774			—			—			84,756
Other temporary differences		267,797			(188,301	)		33,226			—			112,722
Deferred taxes, net		(2,834,077	)		5,035			(39,598	)		(6,500	)		(2,875,140	)

	Consolidated
	December 31, 2023			Income statement			Exchange variation			Other adjustments ⁽¹⁾			March 31, 2024
Tax losses and negative basis of social contribution		3,387,144			822,043			(44,653	)		—			4,164,534
Expected credit losses on trade accounts receivable		164,732			(10,339	)		(1,181	)		—			153,212
Provisions for contingencies		716,633			(47,552	)		(5,344	)		—			663,737
Present value adjustment - Trade accounts receivable		59,095			(8,662	)		—			—			50,433
Tax credits - Foreign subsidiaries		68,855			(5,114	)		(1,698	)		37			62,080
Labor accidents accruals		32,032			2,088			(889	)		—			33,231
Pension plan		54,708			5,298			(1,556	)		(3,001	)		55,449
Accrued liabilities		1,257,677			(101,724	)		(27,098	)		—			1,128,855
Non-deductible interests		399,481			38,977			(11,369	)		—			427,089
Right of use assets		117,832			44,439			(2,463	)		—			159,808
Goodwill amortization		(4,100,891	)		(14,496	)		11,599			—			(4,103,788	)
Present value adjustment - Trade accounts payable		(42,292	)		3,393			—			—			(38,899	)
Business combination		(2,303,239	)		(4,009	)		55,395			—			(2,251,853	)
Inventory valuation		(572,398	)		(263,567	)		20,859			—			(815,106	)
Hedge and hedge accounting operations ⁽²⁾		42,831			15,862			—			5,563			64,256
Realization of other reserves		(575,927	)		3,873			—			—			(572,054	)
Accelerated depreciation and amortization		(3,061,949	)		265,648			74,730			—			(2,721,571	)
Other temporary differences		404,874			8,064			(15,823	)		10,218			407,333
Deferred taxes, net		(3,950,802	)		754,222			50,509			12,817			(3,133,254	)

⁽¹⁾

Changes in the deferred tax balance sheet accounts that do not directly impact profit & loss accounts, are shown in a specific column in the footnotes. These changes refer mainly to the direct subsidiary Brazservice Ltda. incorporated in the Company; deferred taxes on cash flow hedge operations recognized in equity, carried out by the subsidiary Seara Alimentos; gains associated with pension and other postretirement benefit obligations in the United States of America; impacts related to the acquisitions of the King´s group in Italy and Rivalea in Australia.

⁽²⁾	The hedge and hedge accounting operations are demonstrated in footnote 26 - Risk management and financial instruments.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

b. Reconciliation of income tax and social contribution expense:

	Company						Consolidated
	2024			2023			2024			2023
Profit (loss) before income taxes (PBT)		1,151,007			(1,486,488	)		1,820,960			(2,148,883	)
Brazilian statutory corporate tax rate		-34	%		-34	%		-34	%		-34	%
Expected tax credit (expense)		(391,342	)		505,406			(619,126	)		730,620
Adjustments to reconcile taxable income:
Share of profit of equity-accounted investees		541,707			(229,929	)		(10,997	)		4,902
Investments grants ⁽³⁾		144,955			224,989			263,253			692,487
International rate differences - Foreign subsidiaries		—			—			174,910			(92,877	)
Net income arising from foreign subsidiaries ⁽⁴⁾		181,848			(438,025	)		147,351			(438,025	)
Transfer pricing adjustment		(12,415	)		(7,650	)		(12,415	)		(7,650	)
Unrecognized tax benefits		42,963			—			(52,974	)		(392,450	)
Non-taxable interest - Foreign subsidiaries		—			—			30,437			173,639
Donations and social programs ⁽³⁾		(10,396	)		(12,070	)		(10,396	)		(12,070	)
SELIC interests on tax credits		1,606			950			3,642			5,247
Other permanent differences		(3,926	)		(9,786	)		72,479			55,559
Current and deferred income tax (expense) income		495,000			33,885			(13,836	)		719,382
Current income tax		402,019			44,302			(18,871	)		(34,840	)
Deferred income tax		92,981			(10,417	)		5,035			754,222
		495,000			33,885			(13,836	)		719,382
% IT/PBT		43.01	%		2.28	%		(0.76	)%		33.48	%

Additional information: analysis of the variation in the effective rate:

The Company believes that due to the origin and non-recurrence of specific events certain items should not be excluded from the effective tax rate disclosure such as deferred tax effects on goodwill amortization; unrecognized tax benefits and income tax on realization of the other reserves (since it is not relate to the net operating income); and v) effects of investments grants from priors years. Therefore, the adjusted effective rate excluding the aforementioned effects, in the three month period ended at March 31, 2024 and 2023, the adjusted effective rate would be 39,21% and2,23% in the Company and 3,13% and 42,60% in the Consolidated; and in the three month period ended March 31, 2024 and 2023, the adjusted effective rate would be -6.66% and -0,64% in the Company and -12,37% and -17,35% in Consolidated.

⁽³⁾

The Company and its subsidiaries recognize investments grants given by state governments as a presumed credit, partial and full reduction of the ICMS calculation base of certain goods in its production chain, in accordance with the regulations of each state. The amounts appropriated from these tax incentives as revenue in the income statement are excluded from the calculation of taxes on income, when the requirements set forth in current legislation are achieved. During the three month period ended March 31, 2024, the Company and its subsidiaries recorded the amount of government subsidies in the amount of 5,4 billion (R$2.1 billion as of the three month period ended March 31, 2023), of which R$2.18 billion of presumed credit (R$2.1 billion as of the three month period ended March 31, 2023) and R$3.22 billion of reduction and exemption from ICMS, (zero as of the three month period ended March 31, 2023) excluded from its calculation basis for income tax and social contribution.

The exclusion of this tax benefit from the income tax and social contribution calculation base on net income reflected a tax gain on the fiscal year of 2024 of R$263 million referring to the presumed credit.

On June 12, 2023, the ruling on Special Appeals n. 1,945,110 and 1,987,158 (Repetitive Topic 1182), which discusses the requirement for IRPJ and CSLL on amounts related to ICMS tax incentives, different from those granted in the form of presumed credits. The ruling in question stated that the taxes in question are not due, as long as the requirements of article 30 of Law no. 12,973/2014, given that the Company recorded the profit reserve referred to in article 195-A of Law no. 6,404/76. On August 31, 2023, Provisional Measure No. 1185/23 was published, which changed the investment subsidy regime for tax purposes and revoked article 30 of Law No. 12,973/14, which was converted into Law on December 29, 2023 through Law No. 14,789, the effects of which will be observed for the year 2024.

⁽⁴⁾

According to Law No. 12,973/14, the income from foreign subsidiaries must be taxed at the Brazilian statutory tax rate of 34%, and the income tax paid abroad by these subsidiaries may be used to compensate income taxes to be paid in Brazil. The results obtained from foreign subsidiaries are subject to taxation by the countries where they are based, according to applicable rates and legislation (profits taxed by-foreign jurisdictions included in the reconciliation of income tax and social contribution expense). The Group analyzes the results of each subsidiary for the application of its income tax legislation, in order to respect the treaties signed by Brazil and avoid double taxation.

⁽⁵⁾	Refers to the donations made by the Company, as described in Note 25 – Expenses by nature.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

Global Minimum Tax:

From 2024, Pillar II rules come into force in several countries, impacting multinationals operating in these jurisdictions.

The Company, as it is subject to such global Pillar II standards, decided to apply the exception for recognition and disclosure of information on deferred tax assets and liabilities, as well as estimated additional payment related to income tax due to measurement uncertainties and impacts.

We emphasize that the Company and its subsidiaries are monitoring potential impacts that this new rule could bring to the Group.

10 Investments in equity-accounted investees, associates and joint venture

Changes in the Company's investments:

									Equity
	December 31, 2023		Addition (disposal)			Exchange rate variation			Changes in the equity of investees ⁽¹⁾			Proportionate share of income (loss)			March 31, 2024
JBS Embalagens Metálicas Ltda.		80,639		—			—			—			(613	)		80,026
JBS Confinamento Ltda.		346,365		—			—			—			(13,188	)		333,177
Conceria Priante Srl		93,959		—			808			—			(1,148	)		93,619
JBS Leather International B.V.		550,351		—			17,917			41,649			(6,360	)		603,557
Meat Snacks Partners, LLC. ⁽²⁾		188,431		(15,000	)		6,179			(5,721	)		(39,144	)		134,745
JBS Asset Management Corporation		94,604		—			2,986			—			(4,694	)		92,896
JBS Investments Luxembourg S.à.r.l. ⁽³⁾		40,061,058		167,951			1,278,166			(1,871,855	)		1,652,626			41,287,946
JBS Toledo N.V.		202,936		—			1,775			—			5,103			209,814
JBS Chile Limitada		21,935		—			(1,620	)		—			674			20,989
JBS Finance Luxembourg S.à.r.l.		310		—			10			—			—			320
Total		41,640,588		152,951			1,306,221			(1,835,927	)		1,593,256			42,857,089

⁽¹⁾

Refers to changes in the equity of investees arising from subsidiaries of the functional currency dollar of the direct subsidiary JBS Investments Luxembourg S.à.r.l. (JBS Investments Lux) to the functional currency of its subsidiaries, such as Australian dollar, Canadian dollar, Pound sterling, Euro, Mexican peso, among others.

⁽²⁾	The joint venture Meat Snacks Partners LLC distributed profits to the Company.

⁽³⁾	The Company sent cash to the direct subsidiary JBS Investments Lux.

Changes in the Consolidated's investments:

Refers to investments in associate and joint venture:

									Equity
	Participation			December 31, 2023		Profit distribution			Changes in the equity of investees		Proportionate share of income			March 31, 2024
Meat Snacks Partners, LLC.⁽⁴⁾		50	%		188,431		(15,000	)		458		(39,144	)		134,745
JBS Foods Ontario, Inc.		100	%		77,430		—			2,536		6,845			86,811
Birla Societá Agricola Srl		20	%		8,160		—			73		(54	)		8,179
Total					274,021		(15,000	)		3,067		(32,353	)		229,735

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Property, plant and equipment

Changes in property, plant and equipment:

	December 31,		Additions net of					Depreciation			March 31,
Company	2023		transferences ⁽¹⁾		Disposals			expense			2024
Buildings		3,787,295		21,720		(18	)		(49,071	)		3,759,926
Land		2,278,266		221		-			-			2,278,487
Machinery and equipment		3,136,140		86,725		(567	)		(81,995	)		3,140,303
Facilities		1,926,755		52,160		(1	)		(32,175	)		1,946,739
Computer equipment		75,093		4,458		(60	)		(4,485	)		75,006
Vehicles (land and air)		707,698		1,339		(3,816	)		(24,641	)		680,580
Construction in progress		1,528,857		175,271		-			-			1,704,128
Other		69,514		6,559		(46	)		(4,031	)		71,996
		13,509,618		348,453		(4,508	)		(196,398	)		13,657,165

	December 31,		Additions net of						Depreciation			March 31,
Company	2022		transferences ⁽¹⁾			Disposals			expense			2023
Buildings		3,580,188		22,884			—			(61,899	)		3,541,173
Land		1,749,340		4,179			(81	)		—			1,753,438
Machinery and equipment		3,066,247		91,158			(1,149	)		(77,810	)		3,078,446
Facilities		1,797,795		114,557			(3	)		(28,410	)		1,883,939
Computer equipment		41,814		2,369			(79	)		(3,935	)		40,169
Vehicles (land and air)		515,344		101,661			(8,391	)		(20,469	)		588,145
Construction in progress		2,214,667		(124,509	)		—			—			2,090,158
Other		62,468		2,788			(58	)		(3,004	)		62,194
		13,027,863		215,087			(9,761	)		(195,527	)		13,037,662

	December 31,		Additions net of						Depreciation			Exchange		March 31,
Consolidated	2023		transferences ⁽¹⁾			Disposals			expense			rate variation		2024
Buildings		20,842,498		545,422			(11,594	)		(316,111	)		309,511		21,369,726
Land		5,856,709		62,465			(3,566	)		—			53,990		5,969,598
Machinery and equipment		20,868,860		871,538			(7,018	)		(763,173	)		357,866		21,328,073
Facilities		3,698,925		202,188			(45	)		(63,800	)		3,968		3,841,236
Computer equipment		805,067		83,782			(195	)		(60,445	)		18,935		847,144
Vehicles (land and air)		1,320,041		59,400			(9,675	)		(55,708	)		6,547		1,320,605
Construction in progress		7,923,847		(495,873	)		(971	)		—			84,860		7,511,863
Other		1,225,173		116,093			(266	)		(47,722	)		29,821		1,323,099
		62,541,120		1,445,015			(33,330	)		(1,306,959	)		865,498		63,511,344

	December 31,		Additions net of						Depreciation			Exchange			March 31,
Consolidated	2022		transferences ⁽¹⁾			Disposals			expense			rate variation			2023
Buildings		19,722,714		1,362,023			(7,223	)		(318,404	)		(321,054	)		20,438,056
Land		5,512,969		4,242			(160	)		—			(72,315	)		5,444,736
Machinery and equipment		19,998,538		1,796,168			(84,330	)		(745,539	)		(357,652	)		20,607,185
Facilities		3,001,689		570,658			(29	)		(52,327	)		(192	)		3,519,799
Computer equipment		606,623		43,874			(1,640	)		(47,848	)		(9,449	)		591,560
Vehicles (land and air)		1,121,272		168,675			(10,876	)		(50,510	)		(19,254	)		1,209,307
Construction in progress		11,084,915		(2,150,976	)		—			—			(131,836	)		8,802,103
Other		1,122,072		42,274			(44,606	)		(44,774	)		(17,685	)		1,057,281
		62,170,792		1,836,938			(148,864	)		(1,259,402	)		(929,437	)		61,670,027

⁽¹⁾

Additions for each category includes transfer from construction in progress during the period.

For three month period ended March 31, 2024, the amount of capitalized interest added to construction in progress and included in additions in the Company was R$17.350 (R$33.046 at December 31, 2023) and R$54.596 (R$116.688 at December 31, 2023) in the Consolidated. The capitalization rate used at March 31, 2024 was 9.29% p.y., in the Company and 4.90% p.y. in the Consolidated (8,41% p.y., in The Company and 4.40% p.y. in the Consolidated at December 31, 2023)

Annually, the Company tests the recoverability of its assets that were identified as having any indicator of impairment using the concept of value in use through discounted cash flow models). The tests for recoverability of assets are applied at the end of each fiscal year on December 31, follow by indications of impairment during the course of the year.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Leases

The Company uses the optional exemption to not recognize a right of use asset and lease liability for short term (less than 12 months) and low value leases. The average discount rate used for the present value’s calculation of the lease provision of the identified assets and, consequently, for the monthly accrual of financial interest were 12.62% p.y. in the Company and 8.22% p.y. in the Consolidated, in accordance with the term of each lease agreement and the economic policy of each subsidiary’s domicile.

12.1

Right of use asset

Changes in the right of use assets:

	December 31,				Terminated						March 31,
Company	2023		Additions ⁽¹⁾		contracts			Amortization			2024
Buildings		22,633		5,439		—			(5,225	)		22,847
Computer equipment		51,240		—		—			(7,914	)		43,326
Machinery and equipment		37,956		11,180		(1,378	)		(5,633	)		42,125
Operating plants		11,999		—		—			(1,357	)		10,642
Land		505		—		—			(95	)		410
Vehicles (land)		11,468		12,934		—			(1,493	)		22,909
		135,801		29,553		(1,378	)		(21,717	)		142,259

December 31, March 31,

Company 2022 Additions ⁽¹⁾ Amortization 2023

Buildings 30,041 444 (3,819 ) 26,666

Computer equipment 10,728 — (1,952 ) 8,776

Machinery and equipment 12,747 5,921 (2,309 ) 16,359

Operating plants 623 16,958 (1,101 ) 16,480

Land 253 575 (148 ) 680

Vehicles (land) 272 895 (99 ) 1,068

54,664 24,793 (9,428 ) 70,029

	December 31,				Terminated						Exchange rate			March 31,
Consolidated	2023		Additions ⁽¹⁾		contracts			Amortization			variation			2024
Growing facilities		3,899,030		194,101		(106,250	)		(203,106	)		60,701			3,844,476
Buildings		2,576,093		368,286		(67,170	)		(111,171	)		24,910			2,790,948
Computer equipment		75,203		284		—			(11,736	)		—			63,751
Machinery and equipment		436,204		87,504		(8,107	)		(54,700	)		6,275			467,176
Operating plants		95,348		2,917		—			(7,331	)		157			91,091
Land		92,882		846		—			(3,209	)		(312	)		90,207
Vehicles (land, air and sea)		1,083,095		74,124		(382	)		(92,502	)		24,957			1,089,292
		8,257,855		728,062		(181,909	)		(483,755	)		116,688			8,436,941

	December 31,				Terminated						Exchange rate			March 31,
Consolidated	2022		Additions ⁽¹⁾		contracts			Amortization			variation			2023
Growing facilities		4,299,324		160,344		(37,872	)		(204,651	)		(62,275	)		4,154,870
Buildings		2,227,940		264,357		(6,769	)		(95,381	)		(35,621	)		2,354,526
Computer equipment		48,089		—		(284	)		(5,174	)		(1	)		42,630
Machinery and equipment		547,282		30,993		(400	)		(67,552	)		(9,847	)		500,476
Operating plants		97,601		18,023		—			(7,864	)		(152	)		107,608
Land		102,478		862		—			(3,214	)		(2,925	)		97,201
Vehicles (land, air and sea)		1,052,178		86,133		(4,208	)		(99,417	)		(28,855	)		1,005,831
		8,374,892		560,712		(49,533	)		(483,253	)		(139,676	)		8,263,142

⁽¹⁾

Additions for each category includes PIS and COFINS to be paid.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

12.2

Lease liabilities

Company Consolidated

March 31,
2024 December 31,
2023 March 31,
2024 December 31,
2023

Undiscounted lease payments 180,442 168,452 11,202,682 10,953,118

Present value adjustment (18,641 ) (17,422 ) (2,090,222 ) (2,039,185 )

161,801 151,030 9,112,460 8,913,933

Breakdown:

Current liabilities 63,585 62,454 1,733,027 1,707,172

Non-current liabilities 98,216 88,576 7,379,433 7,206,761

161,801 151,030 9,112,460 8,913,933

Changes in the lease liabilities:

	December 31,				Interest					Terminated			March 31,
Company	2023		Additions		accrual		Payments			contracts			2024
Lease liabilities		151,030		29,553		2,307		(19,295	)		(1,794	)		161,801

	December 31,				Interest					March 31,
Company	2022		Additions		accrual		Payments			2023
Lease liabilities		62,698		24,807		1,547		(9,995	)		79,057

	December 31,				Interest					Terminated			Exchange rate		March 31,
Consolidated	2023		Additions		accrual		Payments			contracts			variation		2024
Lease liabilities		8,913,933		735,012		126,512		(583,356	)		(198,246	)		118,605		9,112,460

	December 31,				Interest					Terminated			Exchange rate			March 31,
Consolidated	2022		Additions		accrual		Payments			contracts			variation			2023
Lease liabilities		8,984,008		568,202		118,833		(606,640	)		(43,768	)		(146,083	)		8,874,552

The amounts recognized as lease expense are shown below:

	Company				Consolidated
	2024		2024		2024		2023
Variable lease payments		2,793		2,404		621,906		681,281
Short term lease liability		6,356		4,945		184,702		191,708
Non-material lease liability		788		1,604		1,386		6,821
		9,937		8,953		807,994		879,810

The non-current portion of the lease liabilities schedule is as follows:

	March 31, 2024
	Company			Consolidated
2025		32,931			1,429,137
2026		30,610			1,222,575
2027		22,428			963,471
2028		18,688			745,023
2029		579			657,135
Maturities thereafter 2029		3,151			4,012,168
Total Future Minimum Lease Payments		108,387			9,029,509
Present Value of Lease Liabilities		(10,171	)		(1,650,076	)
Leases payable - non-current		98,216			7,379,433

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Intangible assets

Changes in intangible assets:

Company	December 31, 2023		Additions		Amortization expenses			March 31, 2024
Amortizing:
Trademarks		171,628		—		(9,831	)		161,797
Softwares		30,448		1,205		(1,397	)		30,256
Others		2,236		—		—			2,236
		204,312		1,205		(11,228	)		194,289

Company	December 31, 2022		Additions		Amortization expenses			March 31, 2023
Amortizing:
Trademarks		10,487		—		(1,240	)		9,247
Softwares		20,534		3,953		(1,406	)		23,081
		31,021		3,953		(2,646	)		32,328

Consolidated	December 31, 2023		Additions		Amortization expenses			Exchange rate variation		March 31, 2024
Amortizing:
Trademarks		1,651,771		1,005		(37,377	)		18,504		1,633,903
Softwares		120,746		8,861		(6,034	)		100		123,673
Customer relationships		2,353,676		—		(90,712	)		59,466		2,322,430
Supplier contract		135,931		—		(4,748	)		1,482		132,665
Others		5,049		83		(305	)		80		4,907
Non-amortizing:
Trademarks		5,290,539		1,801		—			68,534		5,360,874
Water rights		55,147		—		—			1,065		56,212
		9,612,859		11,750		(139,176	)		149,231		9,634,664

Consolidated	December 31, 2022		Additions		Disposals			Amortization expenses			Exchange rate variation			March 31, 2023
Amortizing:
Trademarks		1,648,336		—		—			(28,911	)		(96,953	)		1,522,472
Softwares		109,985		10,618		(292	)		(6,182	)		(253	)		113,876
Customer relationships		2,868,194		—		—			(95,239	)		(57,161	)		2,715,794
Supplier contract		159,187		—		—			(4,886	)		(1,584	)		152,717
Others		4,345		128		(146	)		(351	)		(98	)		3,878
Non-amortizing:
Trademarks		5,479,137		108		—			—			(20,196	)		5,459,049
Water rights		59,205		—		—			—			(1,741	)		57,464
		10,328,389		10,854		(438	)		(135,569	)		(177,986	)		10,025,250

Impairment test:

Annualy, the Company tests the recoverability of its assets using the concept of value in use through cash flow models and at the three month period ended March 31, 2024, there were no indications of impairment.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Goodwill

In the Company, goodwill is recognized under the caption “Investments in subsidiaries, associate and joint venture” because for the investor it is part of its investment in the subsidiary’s acquisition; and as goodwill, in the Consolidated because it refers to expectation of future earnings from the acquired subsidiary, which assets and liabilities are consolidated with the Company’s. Therefore, in the Company there is only goodwill from incorporations in the amount of R$9,085,970 and in the Consolidated all goodwill are recognized as intangible. For tax purposes, all the goodwill recorded in the Company was fully amortized in the year ended December 31, 2021.

Changes in goodwill:

	Consolidated
	March 31, 2024		March 31, 2023
Initial balance		29,556,234		30,412,362
Business combination adjustments		—		64,206
Exchange rate variation		319,392		(920,334	)
Closing balance		29,875,626		29,556,234

	Consolidated
CGU	March 31, 2024		December 31, 2023
Brazil Beef		9,069,926		9,069,926
Seara		3,713,518		3,713,132
Moy Park		3,849,522		3,764,512
USA Pork		3,470,031		3,362,447
Australia Meat		1,343,748		1,359,994
Australia Smallgoods		1,485,735		1,503,698
Pilgrim’s Food Masters (PFM)		1,660,018		1,629,983
Others CGUs without significant goodwill		5,283,128		5,152,542
Total		29,875,626		29,556,234

The Company tests annually. For the three month period ended March 31, 2024 there were no indications that goodwill within any CGU was impaired.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

15	Trade accounts payable

	Company						Consolidated
	March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023
Domestic
Commodities		2,085,778			2,613,599			6,638,897			8,527,807
Materials and services		1,344,555			1,103,675			14,852,095			15,120,057
Finished products		250,324			251,126			184,854			184,266
Present value adjustment		(12,647	)		(36,772	)		(57,895	)		(95,094	)
		3,668,010			3,931,628			21,617,951			23,737,036
Foreign
Commodities		—			55,948			35,990			151,795
Materials and services		329,399			480,235			1,299,606			1,552,561
Finished products		20			325			9,992			9,582
		329,419			536,508			1,345,588			1,713,938
Total trade accounts payable		3,997,429			4,468,136			22,963,539			25,450,974

Supply chain finance ⁽¹⁾
Domestic		1,841,158			1,466,235			4,677,189			4,552,484
Foreign		—			—			36,340			37,386
Total supply chain finance		1,841,158			1,466,235			4,713,529			4,589,870
Total		5,838,587			5,934,371			27,677,068			30,040,844

⁽¹⁾

The Company and its indirect subsidiary Seara Alimentos carry out transactions with financial institutions that allow the suppliers to anticipate their receivables in the domestic market. It should be emphasized, operationally and commercially, there are no identifiable changes to the conditions applied in the negotiations with suppliers such as price or flexibility on payment terms. In addition, this operation did not bring any other cost to the Group and all financial costs of the operation are the responsibility of the suppliers.

The Company enters into purchase agreements for livestock with certain suppliers ensuring a fixed price, or to fix, when purchasing cattle, without a cash impact in the Company until the receiving the cattle or maturity date of these commitments. Based on this future commitment contract, JBJ has already advanced this operation with the banks under the supply chain finance modality. At March 31, 2024 the balance of this transaction was R$509,341 (R$358,139 at December 31, 2023).

16	Loans and financing

	Company
	Average
	annual				Index on				Current				Non-current
	interest				variable		Payment		March 31,		December 31,		March 31,		December 31,
Type	rate			Currency	rate loans		terms		2024		2023		2024		2023
Foreign currency
ACC		8.40	%	USD		—		2024		—		252,514		—		—
Prepayment		7.38	%	USD		SOFR		2024 - 27		—		26,776		—		844,059
FINIMP		6.48	%	USD e EUR		Euribor		2025		89,981		151,490		1,249		3,131
Working capital - American Dollar		8.97	%	USD		SOFR		2024 - 30		1,821		1,751		12,359		12,359
CRA		4.92	%	USD		—		2028		4,533		2,139		192,113		186,218
										96,335		434,670		205,721		1,045,767
Local currency
Credit note - export		14.20	%	BRL		CDI		2024 - 30		1,615		11,066		4,817		1,035,206
CRA		10.38	%	BRL		CDI e IPCA		2024 - 37		778,625		721,645		9,915,942		9,746,977
Working capital - Brazilian Reais		17.45	%	BRL		TJLP		2023 - 28		—		24,597		—		79,061
CDC		15.97	%	BRL		—		2024 - 28		109,859		103,101		34,948		43,670
FINAME		5.98	%	BRL		—		2024 - 25		1,568		2,314		—		27
										891,667		862,723		9,955,707		10,904,941
										988,002		1,297,393		10,161,428		11,950,708

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

	Consolidated
	Average						Current				Non-current
	annual					Payment	March 31,		December 31,		March 31,		December 31,
Type	interest rate			Currency	Indexer	terms	2024		2023		2024		2023

Foreign currency
ACC		8.40	%	USD	—	2024		—		252,514		—		—
Prepayment		7.38	%	USD	SOFR	2024 - 27		—		26,776		—		844,059
FINIMP		6.48	%	USD e EUR	Euribor	2025		89,981		151,490		1,249		3,131
White Stripe credit facility		8.45	%	USD e CAD	—	-		—		14,001		—		—
Working capital - American Dollar		8.97	%	USD	SOFR	2024 - 30		1,821		1,751		12,359		12,359
CRA		4.92	%	USD	—	2028		4,533		2,139		192,113		186,218
Scott credit facilities		2.20	%	USD	—	2023		—		—		—		8,787
Others		7.70	%	USD	—	2024		22,852		—		—		—
								119,187		448,671		205,721		1,054,554
Local currency
FINAME		5.98	%	BRL	—	2024 - 25		1,568		2,314		—		27
Prepayment		8.22	%	GBP, USD	BoE, SOFR	2024 - 25		69,488		265,814		—		290,478
Notes 2,50% JBS Lux 2027		2.50	%	USD	—	2027		26,370		55,878		4,932,474		4,774,587
Notes 5,13% JBS Lux 2028		5.13	%	USD	—	2028		38,411		93,045		4,431,275		4,291,318
Notes 6,50% JBS Lux 2029		6.50	%	USD	—	2029		11,676		5,248		389,149		377,065
Notes 3,00% JBS Lux 2029		3.00	%	USD	—	2029		14,739		36,106		2,932,185		2,838,018
Notes 5,50% JBS Lux 2030		5.50	%	USD	—	2030		72,515		154,486		6,195,473		6,002,878
Notes 3,75% JBS Lux 2031		3.75	%	USD	—	2031		31,226		7,567		2,440,859		2,398,080
Notes 3,00% JBS Lux 2032		3.00	%	USD	—	2032		56,622		18,557		4,901,907		4,746,125
Notes 3,63% JBS Lux 2032		3.63	%	USD	—	2032		38,236		80,990		4,767,804		4,766,124
Notes 5,75% JBS Lux 2033		5.75	%	USD	—	2033		294,466		142,668		10,002,773		9,687,901
Notes 6.75% JBS Lux 2034		6.75	%	USD	—	2034		23,982		149,596		7,877,914		7,630,203
Notes 4,38% JBS Lux 2052		4.38	%	USD	—	2052		32,240		78,957		4,433,383		4,295,380
Notes 6,50% JBS Lux 2052		6.50	%	USD	—	2052		167,787		40,648		7,621,764		7,394,040
Notes 7.25% JBS Lux 2053		7.25	%	USD	—	2053		173,868		90,382		4,414,113		4,275,904
Notes 4,25% PPC 2031		4.25	%	USD	—	2031		97,911		43,436		4,920,943		4,765,795
Notes 3,50% PPC 2032		3.50	%	USD	—	2032		13,115		50,834		4,453,868		4,314,489
Notes 6,25% PPC 2033		6.25	%	USD	—	2033		78,066		212,649		4,918,475		4,763,926
Notes 6,88% PPC 2034		6.88	%	USD	—	2034		80,624		36,983		2,422,862		2,345,983
Working capital - Brazilian Reais		17.45	%	BRL	TJLP	2024 - 28		—		24,597		—		79,061
Working capital - Euros		3.10	%	EUR	Euribor	2024 - 28		80,776		83,507		49,449		49,314
Credit note - export		14.20	%	BRL	CDI	2024 - 30		5,051		14,103		8,511		1,039,597
CDC		15.97	%	BRL	—	2024 - 28		109,859		103,101		34,948		43,670
Rural - Credit note - Prefixed		10.73	%	BRL	—	2024		1,196,835		1,176,088		—		—
CRA		10.38	%	BRL	CDI e IPCA	2024 - 37		778,625		721,645		9,915,942		9,746,977
Scott credit facilities		7.69	%	USD, EUR	—	2025		—		97,247		—		2,561
Beardstown Pace credit facilities		3.65	%	USD	—	2050		—		32,383		—		313,232
JBS Australia feedlot		2.76	%	AUD	—	2028		—		4,807		—		164,861
Others		4.68	%	Several	Several	2031		201,088		44,053		505,476		53,317
								3,695,144		3,867,689		92,571,547		91,450,911
								3,814,331		4,316,360		92,777,268		92,505,465

Average annual interest rate: Refers to the weighted average nominal cost of interest at the reporting date. The loans and financings are fixed by a fixed rate or indexed to rates: CDI, LIBOR, Euribor, SOFR, IPCA, TJLP, among others.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

The non-current portion of the principal payment schedule of loans and financing is as follows:

	March 31, 2024
Maturity	Company		Consolidated
2025		34,609		101,074
2026		7,507		76,868
2027		467,180		5,418,597
2028		880,362		5,491,445
2029		168,822		3,527,308
Maturities thereafter 2029		8,602,948		78,161,976
		10,161,428		92,777,268

16.1

Guarantees and contractual restrictions (“covenants”)

The Company was in compliance with all of its debt covenant restrictions at March 31, 2024 and until the date that these interim financial statements were approved.

17	Other taxes payable

	Company				Consolidated
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Taxes payable in installments		277,301		288,891		316,437		329,110
PIS / COFINS tax payable		48,562		74,531		136,129		158,964
ICMS / VAT / GST tax payable		52,651		52,630		182,237		171,067
Withholding income taxes		77,909		48,137		81,120		50,966
Others		4,595		6,141		422,550		443,915
Subtotal		461,018		470,330		1,138,473		1,154,022
Income taxes payable		—		—		526,729		403,022
Total		461,018		470,330		1,665,202		1,557,044
Breakdown:
Current liabilities		241,036		238,006		1,213,361		1,100,179
Non-current liabilities		219,982		232,324		451,841		456,865
		461,018		470,330		1,665,202		1,557,044

18	Payroll and social charges

	Company				Consolidated
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Social charges in installments		2,292,937		2,344,071		2,317,706		2,369,913
Bonus and vacation along with related social charges		413,610		335,059		3,477,558		3,563,866
Salaries and related social charges		324,506		478,270		2,232,742		2,437,111
Others		17,015		16,403		321,769		283,826
		3,048,068		3,173,803		8,349,775		8,654,716
Breakdown:
Current liabilities		1,128,396		1,208,139		6,042,449		6,280,042
Non-current liabilities		1,919,672		1,965,664		2,307,326		2,374,674
		3,048,068		3,173,803		8,349,775		8,654,716

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

Labor taxes payable in installments: In December 2022, the Federal Supreme Court (STF) in a decision favorable to the Direct Action of Unconstitutionality (ADI No. 4,395), declared that was unconstitutional the subrogation of the collection of social security contributions referring to the Assistance Fund for Rural Workers (FUNRURAL) to slaughterhouses, consumer companies, consignees or cooperatives purchasing production. The Company is also waiting for the approval of the minute of judgment and the decision by the STF that will define the period for which the decision will take effect. On March 31, 2024, the Company and its subsidiaries have recognized under “Social charges in installments” the amount of R$1.62 billion, in the Company and R$1.69 billion, in the Consolidated related to the FUNRURAL. For the three month period ended March 31, 2024, the Company and its subsidiaries paid installments in cash and offset with the balance of recoverable taxes the amount of R$1.25 billion, in the Company and R$1.17 billion in the Consolidated.

19	Provisions for legal proceedings

The Company is part of several lawsuits arising in the ordinary course of business for which provisions are recognized based on estimated costs determined by Management as follows:

	Company				Consolidated
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Labor		250,141		252,703		519,754		522,881
Civil		137,723		128,135		1,377,109		1,311,937
Tax and Social Security		187,668		178,472		633,036		650,672
Total		575,532		559,310		2,529,899		2,485,490
Current liabilities		—		—		1,009,432		955,866
Non-current liabilities		575,532		559,310		1,520,467		1,529,624
		575,532		559,310		2,529,899		2,485,490

Changes in provisions:

	Company
			Additions, disposals
	December 31, 2023		and changes in prognosis		Payments			Monetary correction		March 31, 2024
Labor		252,703		26,784		(33,194	)		3,848		250,141
Civil		128,135		19,266		(14,366	)		4,688		137,723
Tax and social security		178,472		4,898		—			4,298		187,668
Total		559,310		50,948		(47,560	)		12,834		575,532

	Company
	December 31, 2022		Additions, disposals and changes in prognosis		Payments			Monetary correction		March 31, 2023
Labor		252,392		29,537		(33,080	)		8,519		257,368
Civil		77,765		16,345		(3,378	)		8,290		99,022
Tax and social security		148,028		5,361		—			7,868		161,257
Total		478,185		51,243		(36,458	)		24,677		517,647

	Consolidated
	December 31, 2023		Additions, disposals and changes in prognosis			Payments			Monetary correction		Exchange rate variation		March 31, 2024
Labor	522,881		64,148			(77,291)			10,003		13		519,754
Civil		1,311,937		53,016			(29,708	)		11,082		30,782		1,377,109
Tax and social security		650,672		(23,077	)		(1,376	)		6,750		67		633,036
Total		2,485,490		94,087			(108,375	)		27,835		30,862		2,529,899

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

	Consolidated
	December 31, 2022		Additions, disposals and changes in prognosis		Payments			Monetary correction		Exchange rate variation			March 31, 2023
Labor		517,958		57,217		(70,361	)		16,137		(31	)		520,920
Civil		1,162,505		109,832		(22,454	)		20,699		(25,489	)		1,245,093
Tax and social security		550,049		12,116		(463	)		26,887		(54	)		588,535
Total		2,230,512		179,165		(93,278	)		63,723		(25,574	)		2,354,548

In the subsidiary JBS USA:

a. Civil Proceedings: Refers to several class action lawsuits, alleging violations of federal and state antitrust, unfair competition, unfair enrichment, deceptive trade practice, and consumer protection laws on sales of beef, pork and chicken. For the three month period ended March 31, 2024 the indirect subsidiary JBS USA recognized an accrual in the amount of U$4,700 (R$23,482 at March 31, 2024). Also at March 31, 2024, were paid U$90 (R$450 at March 31, 2024). At March 31, 2024, the remaining accrual is U$202,040 (R$1,009,432 at March 31, 2024).

The Company, together with its legal department and hired external offices, continues to monitor the developments of the antitrust proceedings and understand that the accounting provisions measured and known up to the date of approval of these financial statements are sufficient for risk coverage.

20	Equity

a. Share capital: Share capital on March 31, 2024 was R$23,576,206 (R$23,576,206 at December 31, 2023), represented by 2,218,116,370 common shares, having no nominal value.

b. Tax incentive reserve: The Company and its subsidiaries have grants granted by state governments, such as partial and full reduction of the tax base of certain goods in its production chain, in accordance with the regulations of each state and presumed ICMS tax credits. The appropriated amounts of these tax incentives as income in income are excluded in the calculation of taxes on income when the requirements set forth in current legislation are met.

At the three month period ended March 31, 2024, the Company and its subsidiaries calculated the amount of government grants totaling R$7,97 billion, of which R$3,87 billion will be recognized in the tax incentive reserve at the year-end financial statements, as the Company calculates enough accumulated profit.

21	Net revenue

	Company						Consolidated
	2023			2022			2023			2022
GROSS REVENUE
Sales of products and services
Domestic sales		7,988,098			7,167,445			69,942,161			69,430,842
Export sales		5,883,765			4,713,589			22,418,286			20,220,041
		13,871,863			11,881,034			92,360,447			89,650,883
SALES DEDUCTION
Returns and discounts		(441,665	)		(441,489	)		(2,141,454	)		(2,093,846	)
Sales taxes		(272,653	)		(227,106	)		(1,071,852	)		(873,308	)
		(714,318	)		(668,595	)		(3,213,306	)		(2,967,154	)
NET REVENUE		13,157,545			11,212,439			89,147,141			86,683,729

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

22.1

Customer contract balances

Customer contract liabilities relate to payments received in advance of satisfying the performance obligation under the contract. A contract liability is recognized when the Company has an obligation to transfer products to a customer from whom the consideration has already been received. The recognition of the contractual liability occurs at the time when the consideration is received and settled. The Company recognizes revenue upon fulfilling the related performance obligation. Contract liabilities are presented as advances from customers in the balance sheet.

			Company						Consolidated
	Note		2024			2023			2024			2023
Trade accounts receivable		4		3,077,935			2,575,423			16,679,679			16,416,149
Contract liabilities				(676,581	)		(652,228	)		(920,806	)		(1,571,478	)
Total customer contract revenue				2,401,354			1,923,195			15,758,873			14,844,671

Net finance income (expense)

	Company						Consolidated
	2024			2023			2024			2023
Exchange rate variation		96,332			101,143			385,773			280,188
Fair value adjustments on derivatives		(240,161	)		62,357			(376,893	)		(76,505	)
Interest expense ⁽¹⁾		(656,832	)		(1,114,769	)		(2,078,845	)		(2,052,626	)
Interest income ⁽²⁾		122,190			129,542			447,436			351,284
Bank fees and others		(112,118	)		(33,413	)		(104,795	)		(56,440	)
		(790,589	)		(855,140	)		(1,727,324	)		(1,554,099	)

Financial income		218,522			293,042			833,209			631,472
Financial expense		(1,009,111	)		(1,148,182	)		(2,560,533	)		(2,185,571	)
		(790,589	)		(855,140	)		(1,727,324	)		(1,554,099	)

⁽¹⁾	For the three month period ended March 31, 2024 and 2023, the amounts of R$337,205 and R$432,527, respectively, in the Company and R$1,489,398 and R$1,457,887, in the Consolidated refers to interest expenses from loans and financings expenses recognized under the caption “Interest expense”.

⁽²⁾	For the three month period ended March 31, 2024 and 2023, the amounts of R$37,251 and R$30,668, respectively, in the Company and R$137,567 and R$90,718, respectively, in the Consolidated refers to interest income from short investments recognized under the caption “Interest income”.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

Earnings (loss) per share

Basic and diluted: There were no changes in the basic earnings (loss) per share calculation assumptions since the disclosed financial statements from December 31, 2023.

	2024		2023
Net income attributable to Company shareholders		1,646,007		(1,452,603	)
Weighted average common shares outstanding		2,218,116,370		2,218,116,370
Weighted average - common shares outstanding		2,218,116,370		2,218,116,370

Basic earnings (losses) per share - (R$)		0.74		(0.65	)

Operating segments and information by geographic area

There are no changes in the structure of operating segments and geographic reporting since the disclosed financial statements from December 31, 2023.

The information by consolidated operational segments is as follows:

	2024
	Brazil		Seara		Beef North America			Pork USA		Pilgrim’s Pride		Australia		Others		Total reportable segments		Elimination ⁽¹⁾			Total
Net revenue		14,234,329		10,317,526		27,643,034			9,461,917		21,585,607		7,163,802		815,450		91,221,665		(2,074,524	)		89,147,141
Adjusted EBITDA ⁽²⁾		643,319		1,191,974		(48,598	)		1,551,747		2,479,691		614,010		70		6,432,213		(3,364	)		6,428,849

	2023
	Brazil		Seara		Beef North America		Pork USA		Pilgrim’s Pride		Australia			Others			Total reportable segments		Elimination ⁽¹⁾			Total
Net revenue		12,199,593		10,329,562		27,356,840		9,392,635		21,620,618		7,244,949			1,270,387			89,414,584		(2,730,855	)		86,683,729
Adjusted EBITDA ⁽²⁾		296,573		146,954		115,840		231,680		1,395,792		(17,662	)		(3,811	)		2,165,366		(3,011	)		2,162,355

⁽¹⁾	Includes intercompany and intersegment transactions.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

⁽²⁾	The Adjusted EBITDA is reconciled with the consolidated operating profit, as follows below:

	Operating profit (loss)
	2024		2023
Operating profit (loss)		3,580,637		(609,202	)
Depreciation and amortization		2,696,922		2,592,830
Antitrust agreements ⁽¹⁾		23,237		71,166
Donations and social programs ⁽²⁾		48,515		14,186
Impairment assets		—		108,189
Restructuring ⁽³⁾		79,334		53,018
Other operating income (expense), net ⁽⁴⁾		204		(67,832	)
Total Adjusted EBITDA for operating segments - with elimination		6,428,849		2,162,355
Elimination reversal		3,364		3,011
Total Adjusted EBITDA for reportable segments		6,432,213		2,165,366

⁽¹⁾	Refers to the agreements entered by JBS USA and its subsidiaries as described in Note 19 – Provisions for legal proceedings.

⁽²⁾	Refers to the donations, as described in Note 25 – Expenses by nature.

⁽³⁾	Refers to the project to implement multiple restructuring initiatives mainly at the indirect subsidiary Pilgrim’s Pride Corporation (PPC). Refers to the project to implement multiple restructuring initiatives at the indirect subsidiary Pilgrim’s Pride Corporation (PPC).

⁽⁴⁾	Refers to several adjustments basically in JBS USA’s jurisdiction such as third-party advisory expenses acquisitions, marketing of social programs, insurance claims, among others.

For additional information, the net revenue and total assets are present below segregated by geographic area.

	2024
	North and Central America ⁽²⁾		South America		Australia		Europe		Others		Total reportable segments		Intercompany elimination ⁽¹⁾			Total
Net revenue		52,345,448		24,877,247		6,521,555		7,246,404		401,239		91,391,893		(2,244,752	)		89,147,141
Total assets		96,353,840		82,677,348		18,806,806		26,454,723		10,495,276		234,787,993		(30,467,427	)		204,320,566

	2023
	North and Central America ⁽²⁾		South America		Australia		Europe		Others		Total reportable segments		Intercompany elimination ⁽¹⁾			Total
Net revenue		51,257,679		20,755,122		7,244,949		7,427,316		315,797		87,000,863		(317,134	)		86,683,729
Total assets		95,082,776		85,569,078		18,223,728		25,648,160		10,110,309		234,634,051		(28,501,982	)		206,132,069

⁽¹⁾	Includes intercompany and intersegment transactions.

⁽²⁾	Including the holdings located in Europe that are part of the North American operation.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Expenses by nature

The Company’s policy is to present expenses by function on the consolidated statement of income (loss). Expenses by nature are disclosed below:

	Company						Consolidated
	2024			2023			2022			2021
Cost of sales
Cost of inventories, raw materials and production inputs		(10,147,189	)		(9,065,236	)		(65,064,309	)		(67,512,613	)
Salaries and benefits		(782,953	)		(574,356	)		(10,020,280	)		(9,297,514	)
Depreciation and amortization		(160,845	)		(114,888	)		(2,381,904	)		(2,259,433	)
		(11,090,987	)		(9,754,480	)		(77,466,493	)		(79,069,560	)
Selling
Freights and selling expenses		(920,760	)		(710,151	)		(4,544,309	)		(4,905,105	)
Salaries and benefits		(123,092	)		(107,662	)		(394,238	)		(359,951	)
Depreciation and amortization		(7,664	)		(27,968	)		(67,854	)		(86,400	)
Advertising and marketing		(36,008	)		(38,187	)		(379,578	)		(396,113	)
Commissions		(28,448	)		(7,800	)		(75,562	)		(55,641	)
Net impairment losses		(17,479	)		22,812			(12,092	)		27,903
		(1,133,451	)		(868,956	)		(5,473,633	)		(5,775,307	)
General and administrative
Salaries and benefits		(270,503	)		(226,876	)		(1,525,250	)		(1,459,234	)
Fees, services held and general expenses		(201,847	)		(240,143	)		(775,765	)		(879,239	)
Depreciation and amortization		(60,834	)		(64,745	)		(247,164	)		(246,997	)
DOJ and Antitrust agreements		—			—			(23,237	)		(71,166	)
Donations and social programs (1)		(48,515	)		(14,186	)		(48,515	)		(14,186	)
		(581,699	)		(545,950	)		(2,619,931	)		(2,670,822	)

⁽¹⁾

Refers to donations made to Instituto J&F regarding improvements on school’s building, the social program “Fazer o Bem Faz Bem” created by the company to support actions for social transformation where the Company is present and donations to the JBS Fund For The Amazon.

As of March 31, 2024 in the Company and Consolidated, other income (expenses) includes gain (losses) of sale of assets, insurance claim, asset impairment expenses, restructuring expenses, among others.

The Company incurred expenses with internal research and development, in the amount of R$1,072 (R$1,426 at March 31, 2023), in the Company and R$36,114 (R$42,922 at March 31, 2023), in the Consolidated.

Risk management and financial instruments

Financial instruments are recognized in the consolidated financial statements as follows:

		Company						Consolidated
	Notes	March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023
Assets
Fair value through profit or loss ⁽¹⁾
Financial investments	3		1,939,567			3,594,468			9,834,601			12,791,962
National treasury bills	3		407,930			397,495			987,290			1,020,138
Derivative assets			254,650			439,444			470,823			821,741
Loans and receivables at amortized cost ⁽²⁾
Cash at banks	3		135,799			531,461			6,095,582			8,863,520
Margin cash	3		—			—			405,012			88,068
Trade accounts receivable	4		3,077,935			2,575,423			16,679,679			16,416,149
Related party receivables	8		872,670			1,807,877			583,100			573,955
Total			6,688,551			9,346,168			35,056,087			40,575,533
Liabilities
Amortized cost
Loans and financing	16		(11,149,430	)		(13,248,101	)		(96,591,599	)		(96,821,824	)
Trade accounts payable and supply chain finance	15		(5,838,586	)		(5,934,371	)		(27,677,061	)		(30,040,842	)
Related party payables	8		(6,398,511	)		(6,402,295	)		—			—
Lease liabilities	12		(161,801	)		(151,030	)		(9,112,461	)		(8,913,935	)
Other financial liabilities ⁽³⁾			(479,375	)		(473,930	)		(509,147	)		(503,702	)
Fair value through profit or loss
Derivative liabilities			(85,745	)		(42,513	)		(457,443	)		(698,361	)
Total			(24,113,448	)		(26,252,240	)		(134,347,711	)		(136,978,664	)

⁽¹⁾

CDBs are updated at the effective rate but have a really short-term and negotiated with financial institutions, and their recognition is similar to fair value; (ii) national treasury bill is recognized according to market value.

⁽²⁾

Loans and receivables are classified as amortized cost, but without any change in their nature or business model; (ii) the accounts receivable are short-term and net from expected losses.

⁽³⁾

The balances are related to commitments with third parties for investment.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Fair value of assets and liabilities through profit or loss: The Company and its subsidiaries determine fair value measurements in accordance with the hierarchical levels that reflect the significance of the inputs used in the measurement, with the exception of those maturing at short term, equity instruments without an active market and contracts with discretionary characteristics that the fair value can not be measured reliably, according to the following levels:

Level 1 - Quoted prices in active markets (unadjusted) for identical assets or liabilities;

Level 2 - Inputs other than Level 1, in which prices are quoted for similar assets and liabilities, either directly by obtaining prices in active markets or indirectly through valuation techniques that use data from active markets;

Level 3 - Inputs used for fair value calculations which are not derived from an active market. The Company and its subsidiaries do not have any financial instruments that utilize level 3 inputs.

	Company
	March 31, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
Financial assets
Financial investments		-		1,939,567		1,939,567		1,000,451		2,594,017		3,594,468
National treasury bills		407,930		-		407,930		397,495		-		397,495
Derivative assets		-		254,650		254,650		-		439,444		439,444
Financial liabilities
Derivative liabilities		-		85,745		85,745		-		42,513		42,513

	Consolidated
	March 31, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
Financial assets
Financial investments		-		9,834,601		9,834,601		1,000,451		11,791,511		12,791,962
National treasury bills		987,290		-		987,290		1,020,138		-		1,020,138
Derivative assets		-		470,823		470,823		-		821,741		821,741
Financial liabilities
Derivative liabilities		-		457,443		457,443		-		698,361		698,361

Fair value of assets and liabilities carried at amortized cost: The fair value of the Notes under Rule 144-A and Regulation S, are estimated using the closing sale price of these securities informed by a financial newswire on March 31, 2024 and December 31, 2023, considering there is an active market for these financial instruments. The book value of the remaining fixed-rate loans approximates fair value since the interest rate market, the Company’s credit quality, and other market factors have not significantly changed since entering into the loans. The book value of variable-rate loans and financings approximates fair value given the interest rates adjust for changes in market conditions and the quality of the Company’s credit rating has not substantially changed. For all other financial assets and liabilities, book value approximates fair value due to the short duration of the instruments. The following details the estimated fair value of loans and financings:

	Consolidated
	March 31, 2024							December 31, 2023
						Market Value							Market Value
Description	Principal		Price (% of the Principal)			of the Principal		Principal		Price (% of the Principal)			of the Principal
Notes 2,50% JBS Lux 2027		4,996,200		92.25	%		4,608,745		4,841,300		92.10	%		4,458,643
Notes 5,13% JBS Lux 2028		4,495,281		98.51	%		4,428,077		4,357,170		99.66	%		4,342,312
Notes 3,00% JBS Lux 2029		2,997,720		88.62	%		2,656,610		2,904,780		88.24	%		2,563,178
Notes 6,5% JBS Lux 2029		389,569		101.08	%		393,792		377,491		99.27	%		374,746
Notes 5,5% JBS Lux 2030		6,243,677		98.65	%		6,159,137		6,051,625		98.55	%		5,963,876
Notes 3,75% JBS Lux 2031		2,463,127		86.83	%		2,138,610		2,420,650		86.45	%		2,092,652
Notes 3,00% JBS Lux 2032		4,996,200		81.61	%		4,077,249		4,841,300		81.66	%		3,953,212
Notes 3,625% JBS Lux 2032		4,841,818		85.59	%		4,143,918		4,841,300		85.60	%		4,144,298
Notes 5,75% JBS Lux 2033		10,240,552		98.63	%		10,100,052		9,924,665		99.35	%		9,860,452
Notes 6,75% JBS Lux 2034		7,993,921		105.12	%		8,403,449		7,746,080		105.27	%		8,154,530
Notes 4,375% JBS Lux 2052		4,496,580		72.81	%		3,273,780		4,357,170		74.36	%		3,239,817
Notes 6,50% JBS Lux 2052		7,734,118		99.05	%		7,660,257		7,504,015		100.71	%		7,557,218
Notes 7.25% JBS Lux 2053		4,496,580		107.28	%		4,823,931		4,357,170		109.34	%		4,764,129
Notes 4,25% PPC 2031		4,996,200		90.14	%		4,503,625		4,841,300		90.27	%		4,369,999
Notes 3,5% PPC 2032		4,496,580		84.96	%		3,820,385		4,357,170		84.47	%		3,680,371
Notes 6,25% PPC 2033		4,996,200		102.44	%		5,117,958		4,841,300		102.90	%		4,981,794
Notes 6,875% PPC 2034		2,498,100		106.82	%		2,668,396		2,420,646		108.05	%		2,615,416
		83,372,423					78,977,971		80,985,132					77,116,643

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Risk management:

The Company during the regular course of its operations is exposed to a variety of financial risks that include the effects of changes in market prices, (including foreign exchange, interest rate risk and commodity price risk), credit risk and liquidity risk. Such risks are fully disclosed in the financials statements at December 31, 2023. There were no changes in the nature of these risks in the current period. Below are the risks and operations to which the Company is exposed and a sensitivity analysis for each type of risk, consisting in the presentation of the effects in the finance income (expense), net, when subjected to possible changes, of 25% to 50%, in the relevant variables for each risk. For each probable scenario, the Company utilizes the Value at Risk Methodology (VaR),for the confidence interval (C.I.) of 99% and a horizon of one day.

Interest rate risk

The Company understands that the quantitative data referring to the Company's interest rate exposure risk on March 31, 2024 and December 31, 2023, are in accordance with the Financial and Commodity Risk Management Policy and are representative of the exposure incurred during the period. For informational purposes and in accordance with our Financial and Commodities Risk Management Policy, the notional amounts of assets and liabilities exposed to floating interest rates are presented below:

	Company						Consolidated
	March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023
Net exposure to the CDI rate:
CDB-DI (Bank certificates of deposit)		2,347,497			75,631			6,677,515			4,567,894
Margin cash		166,668			64,754			562,467			152,822
Related party transactions		247,749			1,223,516			6,662			3,019
Credit note - export		(6,433	)		(1,046,272	)		(13,563	)		(1,053,700	)
CRA - Agribusiness Credit Receivable Certificates		(286,793	)		(293,753	)		(286,793	)		(293,753	)
Rural - Credit note		—			—			(3,343	)		(5,847	)
Subtotal		2,468,688			23,876			6,942,945			3,370,435
Derivatives (Swap)		(6,125,032	)		(5,992,578	)		(7,066,895	)		(6,910,347	)
Total		(3,656,344	)		(5,968,702	)		(123,950	)		(3,539,912	)
Liabilities exposure to the LIBOR rate:
Margin cash		—			—			305,985			250,540
CRA - Agribusiness Credit Receivable Certificates		(10,407,774	)		(10,174,868	)		(10,407,774	)		(10,174,868	)
Related party transactions		581,329			570,935			581,329			570,935
Treasury bills		—			—			—			134,183
Subtotal		(9,826,445	)		(9,603,933	)		(9,520,460	)		(9,219,210	)
Derivatives (Swap)		6,893,519			6,892,396			6,893,520			6,892,397
Total		(2,932,926	)		(2,711,537	)		(2,626,940	)		(2,326,813	)
Net exposure to the IPCA rate:
Working capital - Reais		—			(3,734	)		—			(3,734	)
Total		—			(3,734	)		—			(3,734	)
Liabilities exposure to the SOFR rate:
Prepayment		—			(870,835	)		—			(1,360,264	)
Working capital - USD		(14,180	)		(14,110	)		(14,180	)		(14,110	)
Total		(14,180	)		(884,945	)		(14,180	)		(1,374,374	)
Assets exposure to the CPI rate:
Margin cash		—			—			247,167			237,921
Total		—			—			247,167			237,921

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Sensitivity analysis:

					Scenario (I) VaR 99% I.C. 1 day									Scenario (II) Interest rate variation - 50%									Scenario (III) Interest rate variation - 100%
								Effect on income									Effect on income									Effect on income
Contracts exposure	Risk	Current scenario			Rate			Company			Consolidated			Rate			Company			Consolidated			Rate			Company			Consolidated
CDI	Increase		10.65	%		10.69	%		(1,455	)		(49	)		15.98	%		(194,700	)		(6,494	)		21.30	%		(389,401	)		(12,988	)
									(1,455	)		(49	)					(194,700	)		(6,494	)					(389,401	)		(12,988	)

					Scenario (I) VaR 99% I.C. 1 day									Scenario (II) Interest rate variation - 25%									Scenario (III) Interest rate variation - 50%
								Effect on income									Effect on income									Effect on income
Contracts exposure	Risk	Current scenario			Rate			Company			Consolidated			Rate			Company			Consolidated			Rate			Company			Consolidated
IPCA	Increase	4.50		%	4.51		%	(309		)	(268		)	5.63		%	(32,995		)	(28,613		)	6.75		%	(65,991		)	(57,226		)
SOFR	Increase		5.34	%		5.34	%		—			—			6.68	%		(189	)		(189	)		8.01	%		(379	)		(379	)
CPI	Decrease		3.20	%		3.19	%		—			(17	)		2.40	%		—			(1,977	)		1.60	%		—			(3,955	)
									(309	)		(285	)					(33,184	)		(30,779	)					(66,370	)		(61,560	)

			Company
			March 31, 2024										December 31, 2023
Instrument	Risk factor	Maturity	Notional		Fair value (Asset) - R$		Fair value (Liability) - R$			Fair value			Notional		Fair value (Asset) - R$		Fair value (Liability) - R$			Fair value
	IPCA	2024		537,534		708,152		(554,035	)		154,117			537,534		689,751		(540,408	)		149,343
	IPCA	2027		387,000		464,395		(424,175	)		40,220			387,000		457,602		(413,456	)		44,146
	IPCA	2028		442,000		532,971		(496,772	)		36,199			442,000		526,622		(484,293	)		42,329
	IPCA	2030		1,400,000		1,705,488		(1,630,628	)		74,860			1,400,000		1,697,548		(1,590,808	)		106,740
Swap	IPCA	2031		1,392,904		1,614,452		(1,612,543	)		1,909			1,398,524		1,616,904		(1,578,406	)		38,498
	IPCA	2032		425,166		502,592		(524,853	)		(22,261	)		425,166		501,657		(510,557	)		(8,900	)
	IPCA	2036		91,135		112,138		(122,468	)		(10,330	)		91,135		113,710		(119,336	)		(5,626	)
	IPCA	2037		1,022,507		1,253,332		(1,313,592	)		(60,260	)		1,040,017		1,288,602		(1,295,723	)		(7,121	)
				5,698,246		6,893,520		(6,679,066	)		214,454			5,721,376		6,892,396		(6,532,987	)		359,409

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Consolidated

March 31, 2024 December 31, 2023

Instrument Risk factor Maturity Notional Fair value (Asset) - R$ Fair value (Liability) - R$ Fair value Notional Fair value (Asset) - R$
Fair value (Liability) - R$
Fair value

CDI 2024 880,000 939,041 (941,863 ) (2,822 ) 880,000 915,329 (917,770 ) (2,441 )

IPCA 2024 537,534 708,152 (554,035 ) 154,117 537,534 689,751 (540,408 ) 149,343

IPCA 2027 387,000 464,395 (424,175 ) 40,220 387,000 457,602 (413,456 ) 44,146

IPCA 2028 442,000 532,971 (496,772 ) 36,199 442,000 526,622 (484,293 ) 42,329

Swap IPCA 2030 1,400,000 1,705,488 (1,630,628 ) 74,860 1,400,000 1,697,548 (1,590,808 ) 106,740

IPCA 2031 1,392,904 1,614,452 (1,612,543 ) 1,909 1,398,524 1,616,904 (1,578,406 ) 38,498

IPCA 2032 425,166 502,592 (524,853 ) (22,261 ) 425,166 501,657 (510,557 ) (8,900 )

IPCA 2036 91,135 112,138 (122,468 ) (10,330 ) 91,135 113,710 (119,336 ) (5,626 )

IPCA 2037 1,022,508 1,253,332 (1,313,593 ) (60,261 ) 1,040,017 1,288,602 (1,295,723 ) (7,121 )

6,578,247 7,832,561 (7,620,930 ) 211,631 6,601,376 7,807,725 (7,450,757 ) 356,968

Exchange rate risk:

Below are presented the risks related to the most significant exchange rates fluctuation given the relevance of these currencies in the Company's operations and the stress analysis scenarios and VaR to measure the total exposure as well as the cash flow risk with B3 and the Chicago Mercantile Exchange. In the Consolidated, the Company discloses these exposures considering the fluctuations of a exchange rate in particular towards the functional currency of each subsidiary.

	Company
	USD						EUR						GBP
	March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023
OPERATING
Cash and cash equivalents		1,811,344			2,767,180			146,785			161,775			14,750			16,901
Trade accounts receivable		1,412,030			1,530,322			325,870			237,649			35,586			38,864
Sales orders		2,605,856			2,345,443			232,166			257,417			65,826			81,782
Trade accounts payable		(286,495	)		(246,588	)		(35,232	)		(27,667	)		(6	)		(237	)
Operating subtotal		5,542,735			6,396,357			669,589			629,174			116,156			137,310
FINANCIAL
Advances to customers		-			(512,091	)		-			(52,330	)		-			—
Loans and financing		(296,345	)		(1,464,859	)		(5,710	)		(15,579	)		—			—
Financial subtotal		(296,345	)		(1,976,950	)		(5,710	)		(67,909	)		—			—
Operating financial subtotal		5,246,390			4,419,407			663,879			561,265			116,156			137,310

Total exposure		5,246,390			4,419,407			663,879			561,265			116,156			137,310
DERIVATIVES
Future contracts		(333,591	)		697,909			(688,502	)		(481,644	)		(155,911	)		(152,117	)
Non-Deliverable Forwards (NDF´s)		(4,696,428	)		(3,582,562	)		—			—			—			—
Total derivatives		(5,030,019	)		(2,884,653	)		(688,502	)		(481,644	)		(155,911	)		(152,117	)
NET EXPOSURE IN R$		216,371			1,534,754			(24,623	)		79,621			(39,755	)		(14,807	)
Net debt in foreign subsidiaries ⁽¹⁾		(75,102,428	)		(71,531,166	)		-			-			-			-

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

	Consolidated
	USD						EUR						GBP						MXN						AUD
	March 31,			December 31,			March 31,			December 31,			March 31,			December 31,			March 31,			December 31,			March 31,			December 31,
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
OPERATING
Cash and cash equivalents		6,253,174			7,604,779			255,966			329,956			81,672			97,319			1,785,682			1,314,427			—			203
Trade accounts receivable		4,628,483			2,806,266			705,999			715,733			293,139			240,823			680,433			649,281			2,243			1,167
Sales orders		5,090,752			4,437,512			527,144			356,147			907,736			1,053,024			—			—			—			—
Trade accounts payable		(722,879	)		(846,168	)		(425,894	)		(362,919	)		(72,126	)		(76,715	)		(1,606,423	)		(1,294,723	)		(949	)		(1,549	)
Purchase orders		(350,116	)		(274,549	)		(102,162	)		(87,203	)		—			—			—			—			—			—
Operating subtotal		14,899,414			13,727,840			961,053			951,714			1,210,421			1,314,451			859,692			668,985			1,294			(179	)
FINANCIAL
Advances to customers		(16,446	)		(539,165	)		(2,783	)		(61,100	)		(473	)		(2,474	)		—			—			—			—
Loans and financing		(318,463	)		(1,485,299	)		(5,710	)		(15,579	)		(69,488	)		—			—			—			—			—
Financial subtotal		(334,909	)		(2,024,464	)		(8,493	)		(76,679	)		(69,961	)		(2,474	)		—			—			—			—
Operating financial subtotal		14,564,505			11,703,376			952,560			875,035			1,140,460			1,311,977			859,692			668,985			1,294			(179	)

Total exposure		14,564,505			11,703,376			952,560			875,035			1,140,460			1,311,977			859,692			668,985			1,294			(179	)
DERIVATIVES
Future contracts		(402,690	)		(1,214,139	)		(791,602	)		(663,598	)		(219,033	)		(213,703	)		—			—			—			—
Deliverable Forwards (DF´s)		(4,286,685	)		(1,926,954	)		269,555			325,834			(63,876	)		(69,565	)		485			—			13,315			13,778
Non-Deliverable Forwards (NDF´s)		(9,103,501	)		(6,326,417	)		(6,420	)		24,550			(409,129	)		(470,206	)		—			—			—			—
Total derivatives		(13,792,876	)		(9,467,510	)		(528,467	)		(313,214	)		(692,038	)		(753,474	)		485			—			13,315			13,778
NET EXPOSURE IN R$		771,629			2,235,866			424,093			561,821			448,422			558,503			860,177			668,985			14,609			13,599

Net debt in foreign subsidiaries ⁽¹⁾		(75,102,428	)		(71,531,166	)		—			—			—			—			—			—			—			—

⁽¹⁾

For currency hedging purposes, the Company includes in its exposure the net debt of foreign subsidiaries. Although these debts do not generate currency exposure in the Company's results (since they are abroad, and in the functional currency of each country), these debts in the consolidation are affected by the exchange rate, impacting shareholders' equity as exchange variation on investment, influencing the consolidated debt of the Company, and consequently the leverage indicators.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

b1. Sensitivity analysis and derivative financial instruments breakdown:

b1.1 USD - American dollars (amounts in thousands of R$):

		Closing		Scenario (I) VaR 99% I.C. 1 day								Scenario (II) Interest rate variation - 25%								Scenario (III) Interest rate variation - 50%
		exchange		Exchange		Effect on income						Exchange		Effect on income						Exchange		Effect on income
Exposure of R$	Risk	rate		Rate		Company			Consolidated			Rate		Company			Consolidated			Rate		Company			Consolidated
Operating	Appreciation		4.9962		4.9220		(82,306	)		(221,246	)		3.7472		(1,385,684	)		(3,724,853	)		2.4981		(2,771,367	)		(7,449,707	)
Financial	Depreciation		4.9962		4.9220		4,401			(42,632	)		3.7472		74,086			(717,751	)		2.4981		148,173			(1,435,501	)
Derivatives	Depreciation		4.9962		4.9220		74,692			204,814			3.7472		1,257,505			3,448,219			2.4981		2,515,009			6,896,438
							(3,213	)		(59,064	)				(54,093	)		(994,385	)				(108,185	)		(1,988,770	)

Closing

Scenario (I) VaR 99% I.C. 1 day

Scenario (II) Interest rate variation - 25%

Scenario (III) Interest rate variation - 50%

exchange

Exchange

Effect on

Exchange

Effect on

Exchange

Effect on

Exposure of R$

Risk

rate

income

rate

income

rate

income

Net debt in foreign subsidiaries

Depreciation

4.9962

5.0704

(1,115,217

)

6.2453

(18,775,607

)

7.4943

(37,551,214

)

			Company
			March 31, 2024									December 31, 2023
Instrument	Risk factor	Nature	Quantity			Notional (R$)			Fair value			Quantity		Notional (R$)		Fair value
Future Contract	American dollar	Short		(6,672	)		(333,591	)		(7,180	)		13,958		697,909		(467	)

			Consolidated
			March 31, 2024									December 31, 2023
Instrument	Risk factor	Nature	Quantity			Notional (R$)			Fair value			Quantity		Notional (R$)			Fair value
Future Contract	American dollar	Short		(5,290	)		(402,690	)		(9,126	)		52,199		(1,214,139	)		(10,061	)

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

			Consolidated
			March 31, 2024									December 31, 2023
Instrument	Risk factor	Nature	Quantity			Notional (R$)			Fair value			Quantity			Notional (R$)			Fair value
Non-Deliverable Forwards	American dollar	Short		(940,000	)		(4,696,428	)		(40,035	)		(740,000	)		(3,582,562	)		35,174

			Consolidated
			March 31, 2024									December 31, 2023
Instrument	Risk factor	Nature	Notional (USD)			Notional (R$)			Fair value			Notional (USD)			Notional (R$)			Fair value
Deliverable Forwards	American dollar	Short		(857,989	)		(4,286,685	)		1,704			(398,024	)		(1,926,954	)		141,124
Non-Deliverable Forwards	American dollar	Short		(1,822,085	)		(9,103,501	)		(78,842	)		(1,306,760	)		(6,326,417	)		67,656

b1.2 EUR - EURO (amounts in thousands of R$):

				Scenario (i) VaR 99% I.C. 1 day								Scenario (ii) Interest rate variation - 25%								Scenario (iii) Interest rate variation - 50%
Exposure		Closing exchange		Exchange		Effect on income						Exchange		Effect on income						Exchange		Effect on income
of R$	Risk	rate		rate		Company			Consolidated			rate		Company			Consolidated			rate		Company			Consolidated
Operating	Appreciation		5.3979		5.3221		(9,401	)		(13,494	)		4.0484		(167,397	)		(240,263	)		2.6990		(334,795	)		(480,527	)
Financial	Depreciation		5.3979		5.3221		80			119			4.0484		1,428			2,123			2.6990		2,855			4,247
Derivatives	Depreciation		5.3979		5.3221		9,667			7,420			4.0484		172,125			132,116			2.6990		344,251			264,234
							346			(5,955	)				6,156			(106,024	)				12,311			(212,046	)

			Company
			March 31, 2024								December 31, 2023
Instrument	Risk factor	Nature	Quantity			Notional (R$)			Fair value		Quantity			Notional (R$)			Fair value
Future Contract	Euro	Long		(12,755	)		(688,502	)		2,269		(9,000	)		(481,644	)		1,805

			Consolidated
			March 31, 2024									December 31, 2023
Instrument	Risk factor	Nature		Notional (EUR)			Notional (R$)			Fair value			Notional (EUR)			Notional (R$)			Fair value
Future Contract	Euro	Short			(10,845	)		(791,602	)		2,609			(5,600	)		(663,598	)		2,486
Deliverable Forwards	Euro	Long			49,937			269,555			590			60,885			325,834			(9,126	)
Non-Deliverable Forwards	Euro	Short			(1,189	)		(6,420	)		25			4,587			24,550			(3,157	)

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

b1.3 GBP - British Pound (amounts in thousands of R$):

		Closing		Scenario (i) VaR 99% I.C. 1 day								Scenario (ii) Interest rate variation - 25%								Scenario (iii) Interest rate variation -50%
		exchange		Exchange		Effect on income						Exchange		Effect on income						Exchange		Effect on income
Exposure of R$	Risk	rate		rate		Company			Consolidated			rate		Company			Consolidated			rate		Company			Consolidated
Operating	Appreciation		6.3122		6.2206		(1,685	)		(17,563	)		4.7342		(29,039	)		(302,605	)		3.1561		(58,078	)		(605,210	)
Financial	Depreciation		6.3122		6.2206		—			1,015			4.7342		—			17,490			3.1561		—			34,981
Derivatives	Depreciation		6.3122		6.2206		2,262			10,041			4.7342		38,978			173,010			3.1561		77,956			346,019
							577			(6,507	)				9,939			(112,105	)				19,878			(224,210	)

			Company
			March 31, 2024								December 31, 2023
Instrument	Risk factor	Nature	Notional (GBP)			Notional (R$)			Fair value		Notional (GBP)			Notional (R$)			Fair value
Future Contract	British pound	Long		(2,470	)		(155,911	)		175		(2,470	)		(152,117	)		761

			Consolidated
			March 31, 2024								December 31, 2023
Instrument	Risk factor	Nature	Notional (GBP)			Notional (R$)			Fair value		Notional (GBP)			Notional (R$)			Fair value
Future Contract	British pound	Long		(1,470	)		(219,033	)		246		(1,470	)		(213,703	)		1,069

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

			Consolidated
			March 31, 2024									December 31, 2023
			Notional			Notional						Notional			Notional
Instrument	Risk factor	Nature	(GBP)			(R$)			Fair value			(GBP)			(R$)			Fair value
Deliverable Forwards	British pound	Short		(10,120	)		(63,876	)		75			(11,296	)		(69,565	)		978
Non-Deliverable Forwards	British pound	Short		(64,816	)		(409,129	)		(5,446	)		(76,350	)		(470,206	)		315

b1.4 MXN - Mexican Peso (amounts in thousands of R$):

				Scenario (i)					Scenario (ii)					Scenario (iii)
		Closing		VaR 99% I.C. 1 day					Interest rate variation - 25%					Interest rate variation - 50%
		exchange		Exchange		Effect on income			Exchange		Effect on income			Exchange		Effect on income
Exposure of R$	Risk	rate		rate		Consolidated			rate		Consolidated			rate		Consolidated
Operating	Appreciation		0.3008		0.2970		(10,803	)		0.2256		(214,923	)		0.1504		(429,846	)
Derivatives	Appreciation		0.3008		0.2970		(6	)		0.2256		(121	)		0.1504		(242	)
							(10,809	)				(215,044	)				(430,088	)

Consolidated

March 31, 2024

December 31, 2023

Notional

Instrument

Risk factor

Nature

(MXN)

(R$)

Fair value

(MXN)

(R$)

Fair value

Deliverable Forwards

Mexican peso

Long

1,611

485

b1.5

AUD - Australian Dollar (amounts in thousands of R$):

				Scenario (i) VaR 99% I.C. 1 day					Scenario (ii) Interest rate variation - 25%					Scenario (iii) Interest rate variation - 50%
		Closing				Effect on income					Effect on income					Effect on income
Exposure of R$	Risk	exchange rate		Exchange rate		Consolidated			Exchange rate		Consolidated			Exchange rate		Consolidated
Operating	Appreciation		3.2600		3.2133		(19	)		2.4450		(324	)		1.6300		(647	)
Derivatives	Appreciation		3.2600		3.2133		(191	)		2.4450		(3,329	)		1.6300		(6,657	)
							(210	)				(3,653	)				(7,304	)

Consolidated

March 31, 2024

December 31, 2023

Instrument

Risk factor

Nature

Notional (AUD)

Notional (R$)

Fair value

Notional (AUD)

Notional (R$)

Fair value

Deliverable Forwards

Australian dollar

Long

4,084

13,315

4,190

13,778

)

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

c.	Commodity price risk

The Company operates globally (the entire livestock protein chain and related business) and during the regular course of its operations is exposed to price fluctuations in feeder cattle, live cattle, lean hogs, corn, soybeans, and energy, especially in the North American, Australian and Brazilian markets. Commodity markets are characterized by volatility arising from external factors including climate, supply levels, transportation costs, agricultural policies and storage costs, among others. The Risk Management Department is responsible for mapping the exposures to commodity prices of the Company and proposing strategies to the Risk Management Committee, in order to mitigate such exposures.

c1.

Position balance in commodities (cattle) contracts of the Company:

	Company
EXPOSURE in Commodities (Cattle)	March 31, 2024			December 31, 2023
DERIVATIVES
Future contracts		(75	)		(491	)
Subtotal		(75	)		(491	)
NET EXPOSURE		(75	)		(491	)

Sensitivity analysis:

				Scenario (i) VaR 99% I.C. 1 day					Scenario (ii) @ Variation - 25%					Scenario (ii) @ Variation - 50%
		Closing		Effect on income					Effect on income					Effect on income
Exposure	Risk	price		price		Company			Price		Company			Price		Company

Derivatives	Cattle arroba depreciation		232.30		242.16		(3	)		290.37		(19	)		348.45		(38	)
							(3	)				(19	)				(38	)

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

Derivatives financial instruments breakdown:

			Company
			March 31, 2024								December 31, 2023
Instrument	Risk factor	Nature	Quantity			Notional			Fair value		Quantity			Notional			Fair value
Future Contracts	Commodities (Cattle)	Short		(1	)		(75	)		1		(6	)		(491	)		1

c2. Position balance in commodities (grain) derivatives financial instruments of Seara Alimentos:

	Seara Alimentos
EXPOSURE in Commodities (Grain)	March 31, 2024		December 31, 2023
OPERATING
Purchase orders		339,538		552,376
Subtotal		339,538		552,376
DERIVATIVES
Future contracts		246,441		—
Subtotal		246,441		—
NET EXPOSURE		585,979		552,376

Sensitivity analysis:

		Scenario (i) VaR 99% I.C. 1 day						Scenario (ii) Price variation - 25%						Scenario (ii) Price variation - 50%
					Effect on income						Effect on income						Effect on income
Exposure	Risk	Price			Seara Alimentos			Price			Seara Alimentos			Price			Seara Alimentos
Operating	Depreciation		(1.95	)%		(6,618	)		(25.00	)%		(84,885	)		(50.00	)%		(169,769	)
Derivatives	Depreciation		(1.95	)%		(4,803	)		(25.00	)%		(61,610	)		(50.00	)%		(123,221	)
						(11,421	)					(146,495	)					(292,990	)

Derivatives financial instruments breakdown:

Seara Alimentos

March 31, 2024

December 31, 2023

Instrument

Risk factor

Nature

Quantity

Notional

Fair value

Quantity

Notional

Fair value

Future contracts

Commodities (Grains)

Long

9,067

246,441

3,014

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

c3. Hedge accounting of Seara Alimentos:

From the third quarter of 2021, the indirect subsidiary Seara Alimentos reviewed its hedge policies and started to apply hedge accounting in grain operations, aiming at bringing stability to the subsidiary’s results. The designation of these instruments is based on the guidelines outlined in the Financial and Commodity Risk Management Policy defined by the Risk Management Committee and approved by the Board of Directors.

Financial instruments designated for hedge accounting were classified as cash flow hedge. The effective amount of the instrument’s gain or loss is recognized under “Other comprehensive income (expense)” and the ineffective amount under “Financial income (expense), net”, and the accumulated gains and losses are reclassified to profit and loss or to the balance sheet when the object is recognized, adjusting the item in which the hedged object was recorded.

In these hedge relationships, the main sources of ineffectiveness are the effect of the counterparties and the Company’s own credit risk on the fair value of the forward foreign exchange contracts, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates; and changes in the timing of the hedged transactions.

The derivative financial instruments designated at the March 31, 2024, as hedge accounting, according to the cash flow method, to protect the operating results in relation to the price of commodities are:

Hedge accounting - Derivative instruments

Risk factor

Quantity

Notional

Fair value

Future contracts

Commodities

9,067

246,441

3,014

Seara Alimentos also designates derivatives to hedge the fair value of debt instruments with floating interest rates through swaps of fixed interest rates, measured in accordance with fair value hedge accounting.

c3.1. Hedge accounting:

Below is shown the effects on income for the period, on other comprehensive income and on the balance sheet of derivative financial instruments contracted for hedging exchange rates, commodity prices and interest rates (cash flow and fair value hedges):

	Seara Alimentos
Income statement:	2024			2023
Cost of sales before hedge accounting adoption		(9,033,673	)		(9,053,797	)
Derivatives operating income (loss)		6,809			6,809
Currency		(55	)		(55	)
Commodities		6,864			6,864
Cost of sales with hedge accounting		(9,026,864	)		(9,046,988	)
Financial income (expense), net excluding derivatives		(74,513	)		(100,559	)

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

Derivatives financial income (expense), net	(137,046	)	(137,046	)
Currency	(14,341	)	(14,341	)
Commodities	(38,920	)	(38,920	)
Interests	(83,785	)	(83,785	)
Financial income (expense), net	(211,559	)	(237,605	)

Below are the effects on other comprehensive income (expense), after the adoption of hedge accounting:

	Seara Alimentos
	2024			2023
Statements of other comprehensive income (expense):
Financial instruments designated as hedge accounting:		(152	)		(152	)
Currency		1			1
Commodities		(153	)		(153	)
Other comprehensive income		2,509			2,509

	December 31, 2023			OCI			March 31, 2024
Cash Flow Hedge Movement
Hedge accounting operations at Company Seara		(2,660	)		2,509			(151	)
Deferred income tax on hedge accounting		905			(853	)		52
Total of other comprehensive income (expense)		(1,755	)		1,656			(99	)

Below are the effects on the balance sheet, after the adoption of hedge accounting:

	Seara Alimentos
	March 31, 2024			December 31, 2023
Balance sheet:
Derivative (liabilities)/assets		3,014			—
Financial instruments designated as hedge accounting:
Commodities		3,014			—
Derivative (liabilities)/assets		(42,994	)		21,656
Financial instruments not designated as hedge accounting:
Commodities		(40,173	)		24,097
Interests		(2,821	)		(2,441	)
Other comprehensive income (expense)		(152	)		(2,660	)
Currency		1			191
Commodities		(153	)		(2,851	)
Inventories		1,737			31,845
Currency		(14	)		660
Commodities		1,751			31,185

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

Open balance sheet position of derivative assets and liabilities:

	Seara Alimentos
	March 31, 2024		December 31, 2023
Assets:
Designated as hedge accounting		3,014		24,097
Commodities		3,014		—
Not designated as hedge accounting
Currency		—		24,097
Current assets		3,014		24,097
(Liabilities):
Not designated as hedge accounting		42,993		2,441
Currency		40,172		—
Interests		2,821		2,441
Current liabilities		42,993		2,441

c4. Position balance in commodities derivatives financial instruments of JBS USA:

	JBS USA
EXPOSURE in Commodities	March 31, 2024			December 31, 2023
OPERATIONAL
Firm contracts of cattle purchase		14,515,811			15,639,117
Subtotal		14,515,811			15,639,117
DERIVATIVES
Deliverable Forwards		(6,259,460	)		1,883,895
Subtotal		(6,259,460	)		1,883,895
NET EXPOSURE		8,256,351			17,523,012

Sensitivity analysis:

		Scenario (i) VaR 99% I.C. 1 day						Scenario (ii) Price variation - 25%						Scenario (iii) Price variation - 50%
					Effect on income						Effect on income						Effect on income
Exposure	Risk	Price			JBS USA			Price			JBS USA			Price			JBS USA
Operating	Depreciation		(1.93	)%		(279,720	)		(25.00	)%		(3,628,953	)		(50.00	)%		(7,257,905	)
Derivatives	Appreciation		(1.93	)%		120,620			(25.00	)%		1,564,865			(50.00	)%		3,129,730
						(159,100	)					(2,064,088	)					(4,128,175	)

Derivatives financial instruments breakdown:

			Consolidated
			March 31, 2024									December 31, 2023
Instrument	Risk factor	Nature	Notional (USD)			Notional (R$)			Fair value			Notional (USD)		Notional (R$)		Fair value
Deliverable Forwards	Commodities (Cattle)	Short		(1,252,844	)		(6,259,460	)		(86,954	)		389,130		1,883,895		(9,595	)

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

d. Liquidity risk

The table below shows the contractual obligation amounts from financial liabilities of the Company according to their maturities:

	Company
	March 31, 2024										December 31, 2023
	Less than 1 year		Between 1 and 3 years		Between 4 and 5 years		More than 5 years		Total		Less than 1 year		Between 1 and 3 years		Between 4 and 5 years		More than 5 years		Total
Trade accounts payable and supply chain finance		5,838,587		—		—		—		5,838,587		5,934,371		—		—		—		5,934,371
Loans and financing		988,002		158,912		1,272,953		8,729,565		11,149,432		1,297,393		434,060		1,020,575		10,496,073		13,248,101
Estimated interest on loans and financing ⁽¹⁾		626,690		1,191,093		1,107,637		2,131,098		5,056,518		—		—		—		—		—
Derivatives liabilities		85,745		—		—		—		85,745		42,513		—		—		—		42,513
Payments of leases		63,585		62,659		32,307		3,250		161,801		53,037		41,810		38,596		17,587		151,030
Other financial liabilities		180,625		298,750		—		—		479,375		72,680		101,250		—		300,000		473,930

	Consolidated
	March 31, 2024										December 31, 2023
	Less than 1 year		Between 1 and 3 years		Between 4 and 5 years		More than 5 years		Total		Less than 1 year			Between 1 and 3 years		Between 4 and 5 years		More than 5 years		Total
Trade accounts payable and supply chain finance		27,677,068		—		—		—		27,677,068		30,040,844			—		—		—		30,040,844
Loans and financing		3,814,331		101,074		5,495,465		87,180,729		96,591,599		4,316,360			828,968		5,870,259		85,806,238		96,821,825
Estimated interest on loans and financing ⁽¹⁾		6,253,806		4,362,922		8,848,128		35,498,573		54,963,429		6,598,186			5,095,409		9,247,444		35,778,473		56,719,512
Derivatives liabilities		457,443		—		—		—		457,443		698,361			—		—		—		698,361
Payments of leases		1,733,027		1,168,044		1,786,671		4,424,718		9,112,460		(13,537	)		1,420,650		2,141,172		5,365,648		8,913,933
Other financial liabilities		210,397		298,750		—		—		509,147		102,452			101,250		—		300,000		503,702

⁽¹⁾	Includes interest on all loans and financing outstanding. Payments are estimated for variable rate debt based on effective interest rates at March 31, 2024 an December 31, 2023. Payments in foreign currencies are estimated using the March 31, 2024 and December 31, 2023 exchange rates.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

The Company has future commitment for purchase of grains and cattle whose balances at March 31, 2024 in the amount of R$509,341 (R$442,817 at December 31, 2023), in the Company and R$181.3 billion (R$172.4 billion at December 31, 2023), in the Consolidated.

The Company has securities pledged as collateral for derivative transactions with the commodities and futures whose balance at March 31, 2024 is R$166,668 (R$64,754 at December 31, 2023). This guarantee is larger than its collateral.

The indirect subsidiary JBS USA and its subsidiaries, has securities pledged as collateral for derivative transactions with the commodities and futures whose balance at March 31, 2024 is R$594,833 (R$325,989 at December 31, 2023). This guarantee is larger than its collateral.

Also, the direct subsidiary Seara Alimentos has securities pledged as collateral for derivative transactions with the commodities and futures whose balance at March 31, 2024 is R$83,553 (R$250,540 in 31 de dezembro de 2023). This guarantee is larger than its collateral.

The Company has a bank loan that contains a loan covenant. A future breach of covenant may require the Company to repay the loan earlier than indicated in the above table.

The interest payments on variable interest rate loans and bond issues in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on contingent consideration and derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.

e. Risks linked to climate change and the sustainability strategy

In view the Company’s operations, there is inherent exposure to risks related to climate change. Certain Company assets, which are mainly biological assets that can be measured at fair value, may be impacted by climate change and are considered in the preparation process of these interim financial statements.

For the three-month period ended March 31, 2024, Management considered as main risk the data and assumptions highlighted below:

(i)	possible impacts on the determination of fair value in biological assets due to the effects of climate change, such as temperature rise, scarcity of water resources, may impact some assumptions used in accounting estimates related to the Company’s biological assets, as follows:

●

losses of biological assets due to heat waves and droughts which occur with greater frequency and intensity;

●

reduction in the expected growth of our biological assets due to natural disasters, fires, pandemics or changes in rainfall patterns; and

●

interruption in the production chain due to adverse weather events, causing power outages, fuel shortages, disruption of transportation channels, among other things.

(ii)

structural changes and their impacts on the business, such as:

●

regulatory and legal: regulation and legislation arising from Brazilian and/or international authorities that encourage the transition to a low-carbon economy and/or with greater biodiversity and that increase the risk of litigation and/or commercial restrictions related to the alleged contribution, even if indirect, for the intensification of climate change;

●

reputational: related to customers’ perceptions and the society in general regarding the positive or negative contribution of an organization to a low carbon economy.

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023

(Expressed in thousands of Brazilian reais)

27	Subsequent events

a. In reference to the floods that occurred in Rio Grande do Sul, the Company is monitoring the evolution, development and potential impacts on its operations. Our poultry and swine units in Rio Grande do Sul were not significantly impacted by the rains and are already operating. The initial impacts suffered in these units were a consequence of flooding and logistical disruption in the region, which we are managing to overcome thanks to the efforts of our team and the State.

The Company is providing support to the families and our employees affected by the tragedy through the donation of food, emergency items and the anticipation of the 13th salary to employees in Rio Grande do Sul. In addition, all our units in Brazil came together to collect and donate inputs to our employees and local communities, through the “Fazer o Bem Faz Bem” program.

b. On May 13, 2024, the Company announced settlements for early redemption of CRA debts due in April of 2028, December of 2031 and December of 2036 and the extraordinary amortization of the series due in November of 2027, totaling the approximate amount of R$1.9 billion to be settled in May of 2024.

* * * * *

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Approval of the financial statements

The issuance of these individual and condensed interim financial statements was approved by the Board of Directors on May 14, 2024.

BOARD OF DIRECTORS

Chairman:

Vice-Chairman:

Board Member:

Independent Board Member:

Jeremiah Alphonsus O’Callaghan

José Batista Sobrinho

Wesley Mendonça Batista

Joesley Mendonça Batista

Alba Pettengill

Gelson Luiz Merisio

Cledorvino Belini

Francisco Turra

Carlos Hamilton Vasconcelos Araújo

Kátia Regina de Abreu Gomes

Paulo Bernardo Silva

STATUTORY AUDIT COMMITTEE REPORT

The Statutory Audit Committee reviewed the individual and consolidated condensed interim financial statements for the three month period ended March 31, 2024, at May 13, 2024. Based on the procedures performed, also considering KPMG Auditores Independentes Ltda. review report, as well as the information and clarifications received during the period, the Committee recommends that these documents are in a position to be considered by the Board of Directors.

STATUTORY AUDIT COMMITTEE

Chairman:	Carlos Hamilton Vasconcelos Araújo
Committee Member:	Paulo Sérgio Cruz Dortas Matos
Committee Member:	Gelson Luiz Merisio

Notes to the condensed financial statements for the three month period ended March 31, 2024 and 2023
(Expressed in thousands of Brazilian reais)

FISCAL COUNCIL REPORT

The Fiscal Council, in the use of its legal and statutory attributions, examined and discussed with the Administration the earnings release and the Company’s individual and consolidated condensed interim financial statements including the proposal for the earning allocation for the three month period ended March 31, 2024, at May 14, 2024, and validated these financial condensed interim financial statements approved by the Company’s Board of Directors on this date.

Based on our review, the information and clarifications received during this period and considering KPMG Auditores Independentes Ltda. audit report on the individual and consolidated financial statements, without reservations, issued on this date, the Fiscal Council was not aware of any additional fact that would lead us to believe that the aforementioned financial statements do not reflect in all material respects the information contained therein and that are in a position to be disclosed by the Company.

FISCAL COUNCIL

Chairman:	Adrian Lima da Hora
Council Member:	Demetrius Nichele Macei
Council Member:	José Paulo da Silva Filho
Council Member:	Orlando Octávio de Freitas Júnior
Council Member:	Patrícia da Silva Barros

STATEMENT OF OFFICERS ON THE FINANCIAL STATEMENTS AND ON THE INDEPENDENT AUDITORS REPORT

The Company’s Officers declare at May 14, 2024, for the purposes of Article 25, paragraph 1, item V and VI of CVM Instruction No. 480 of December 7, 2009, that:

(i)

They reviewed, discussed and agreed with the independent auditors report on the individual and consolidated condensed interim financial statements for the three month period ended March 31, 2024, and

(ii)

They reviewed, discussed and agreed with the condensed interim financial statements for the three month period ended March 31, 2024.

STATUTORY BOARD

Global Chief Executive Officer:	Gilberto Tomazoni
Administrative and Control Officer:	Eliseo Santiago Perez Fernandez
Chief Financial Officer:	Guilherme Perboyre Cavalcanti
Officer:	Jeremiah Alphonsus O’Callaghan
Global Chief Operating Officer:	Wesley Mendonça Batista Filho

Accounting Director:	Agnaldo dos Santos Moreira Jr. (CRC SP: 244207/O-4)

* * * * *