EX-99.1 2 ea021133601ex99-1_jbssa.htm JBS S.A.'S UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS OF JUNE 30, 2024 AND FOR THE THREE- AND SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023 (IN BRAZILIAN REAIS) (ENGLISH TRANSLATION)

Exhibit 99.1

JBS S.A.

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

As of June 30, 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 six month period ended June 30, 2024 and 2023		5
Statements of income for the three month period ended June 30, 2024 and 2023		6
Statements of comprehensive income for the six month period ended June 30, 2024 and 2023		7
Statement of comprehensive income for three month period ended June 30, 2024 and 2023		8
Statements of changes in equity for the six month period ended June 30, 2024 and 2023		9
Statements of cash flows for the six month period ended June 30, 2024 and 2023		10
Statements of economic value added for the six month period ended June 30, 2024 and 2023		11
Note 1 - Background information		12
Note 2 - Basis of preparation		12
Note 3 - Cash, cash equivalents and margin cash		13
Note 4 - Trade accounts receivable		14
Note 5 - Inventories		14
Note 6 - Biological assets		15
Note 7 - Recoverable taxes		15
Note 8 - Related parties transactions		16
Note 9 - Income taxes		18
Note 10 - Investments in subsidiaries, associates and joint venture		22
Note 11 - Property, plant and equipment		24
Note 12 - Leases		25
Note 13 - Intangible assets		28
Note 14 - Goodwill		29
Note 15 - Trade accounts payable		30
Note 16 - Loans and financing		31
Note 17 - Other taxes payable		33
Note 18 - Payroll and social charges		34
Note 19 - Provisions for legal proceedings		34
Note 20 - Equity		36
Note 21 - Net revenue		36
Note 22 - Net finance income (expense)		37
Note 23 - Earnings (losses) per share		37
Note 24 - Operating segments and geographic reporting		37
Note 25 - Expenses by nature		40
Note 26 - Risk management and financial instruments		42
Note 27 - Approval of the financial statements		56

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 June 30, 2024, which comprises the statement of financial position as of June 30, 2024 and the related statement of income, comprehensive income for the three and six-month periods then ended, changes in equity and cash flows for the six-month periods 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 six-month period ended June 30, 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, August 13, 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	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3		1,844,268		4,458,670		20,514,018		22,122,405
Margin cash	3		206,339		64,754		903,428		641,283
Trade accounts receivable	4		3,651,925		2,575,423		18,291,752		16,416,149
Inventories	5		4,357,808		4,016,197		28,665,929		24,696,583
Biological assets	6		—		—		8,614,337		8,289,048
Recoverable taxes	7		1,520,885		1,537,885		3,708,206		4,449,734
Derivative assets			—		42,746		224,341		425,043
Other current assets			196,974		314,282		2,098,022		1,564,678
TOTAL CURRENT ASSETS			11,778,199		13,009,957		83,020,033		78,604,923

NON-CURRENT ASSETS
Recoverable taxes	7		5,538,316		5,754,089		8,253,835		8,444,560
Biological assets	6		—		—		2,843,586		2,573,041
Related party receivables	8		638,524		1,807,878		588,084		573,955
Deferred income taxes	9		—		—		3,923,524		3,751,335
Derivative assets			49,478		396,698		49,478		396,698
Other non-current assets			576,336		568,573		1,746,756		1,545,468
			6,802,654		8,527,238		17,405,263		17,285,057
Investments in equity-accounted investees, associates and joint venture	10		40,485,064		41,640,588		235,096		274,021
Property, plant and equipment	11		13,740,011		13,509,618		67,795,369		62,541,120
Right of use assets	12.1		131,086		135,801		8,809,265		8,257,855
Intangible assets	13		250,688		204,312		10,517,623		9,612,859
Goodwill	14		9,085,970		9,085,970		31,781,201		29,556,234
TOTAL NON-CURRENT ASSETS			70,495,473		73,103,527		136,543,817		127,527,146
TOTAL ASSETS			82,273,672		86,113,484		219,563,850		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 June 30,
2024 December 31,
2023 June 30,
2024 December 31,
2023

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Trade accounts payable 15 4,191,637 4,468,136 24,998,841 25,450,974

Supply chain finance 15 1,759,759 1,466,235 5,227,330 4,589,870

Loans and financing 16 1,886,663 1,297,393 4,868,280 4,316,360

Income taxes 17 — — 630,237 403,022

Other taxes payable 17 173,471 238,006 692,975 697,157

Payroll and social charges 18 1,326,747 1,208,139 7,314,786 6,280,042

Lease liabilities 12.2 60,235 62,454 1,850,000 1,707,172

Dividends payable 160 160 160 1,938

Provisions for legal proceedings 19 — — 1,481,947 955,866

Derivative liabilities 511,204 42,513 1,278,015 698,361

Other current liabilities 1,368,469 1,230,467 2,843,596 2,813,379

TOTAL CURRENT LIABILITIES 11,278,345 10,013,503 51,186,167 47,914,141

NON-CURRENT LIABILITIES

Loans and financing 16 10,195,008 11,950,708 98,595,351 92,505,465

Income and other taxes payable 17 230,546 232,324 482,751 456,865

Payroll and social charges 18 1,858,765 1,965,664 2,280,608 2,374,674

Lease liabilities 12 92,022 88,576 7,684,820 7,206,761

Deferred income taxes 9 2,734,020 3,136,770 6,524,806 6,585,412

Provisions for legal proceedings 19 550,749 559,310 1,514,170 1,529,624

Related party payables 8 8,822,799 14,459,311 — —

Derivative liabilities — — 1,134 —

Other non-current liabilities 294,729 356,179 510,850 560,821

TOTAL NON-CURRENT LIABILITIES 24,778,638 32,748,842 117,594,490 111,219,622

EQUITY 20

Share capital - common shares 23,576,206 23,576,206 23,576,206 23,576,206

Capital reserve (742,773 ) (773,537 ) (742,773 ) (773,537 )

Other reserves 27,630 30,513 27,630 30,513

Profit reserves 15,379,953 15,379,953 15,379,953 15,379,953

Accumulated other comprehensive income 4,611,577 5,138,004 4,611,577 5,138,004

Retained earnings 3,364,096 — 3,364,096 —

Attributable to company shareholders 46,216,689 43,351,139 46,216,689 43,351,139

Attributable to non-controlling interest — — 4,566,504 3,647,167

TOTAL EQUITY 46,216,689 43,351,139 50,783,193 46,998,306

TOTAL LIABILITIES AND EQUITY 82,273,672 86,113,484 219,563,850 206,132,069

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

Statements of income for the six month period ended June 30, 2024 and 2023
In thousands of Brazilian Reais - R$

		Company						Consolidated
	Note	2024			2023			2024			2023
NET REVENUE	21		27,610,935			24,264,764			189,753,401			176,066,360
Cost of sales	25		(22,819,244	)		(20,809,519	)		(162,560,564	)		(158,564,713	)
GROSS PROFIT			4,791,691			3,455,245			27,192,837			17,501,647

Selling expenses	25		(2,369,892	)		(1,864,438	)		(11,296,615	)		(11,454,023	)
General and administrative expenses	25		(1,605,029	)		(1,144,192	)		(6,251,088	)		(5,200,168	)
Other incomes	25.1		1,804			7,148			195,012			500,795
Other expenses	25.1		(11,026	)		(15,722	)		(342,437	)		(432,670	)
NET OPERATING EXPENSES			(3,984,143	)		(3,017,204	)		(17,695,128	)		(16,586,066	)

OPERATING PROFIT			807,548			438,041			9,497,709			915,581

Finance income	22		736,767			816,676			1,855,201			1,117,556
Finance expense	22		(2,876,535	)		(2,186,527	)		(6,710,754	)		(4,339,537	)
FINANCE INCOME (EXPENSE)			(2,139,768	)		(1,369,851	)		(4,855,553	)		(3,221,981	)

Share of profit of equity-accounted investees, net of tax	10		4,097,494			(652,328	)		(19,813	)		29,426

PROFIT (LOSS) BEFORE TAXES			2,765,274			(1,584,138	)		4,622,343			(2,276,974	)

Current income taxes	9		193,189			116,801			(1,338,816	)		(192,971	)
Deferred income taxes	9		402,750			(248,890	)		546,643			842,277
TOTAL INCOME TAXES			595,939			(132,089	)		(792,173	)		649,306
NET INCOME (LOSS)			3,361,213			(1,716,227	)		3,830,170			(1,627,668	)

ATTRIBUTABLE TO:
Company shareholders			3,361,213			(1,716,227	)		3,361,213			(1,716,227	)
Non-controlling interest			—			—			468,957			88,559
			3,361,213			(1,716,227	)		3,830,170			(1,627,668	)

Basic and diluted earnings (losses) per share - common shares (R$)	23		1.52			(0.77	)		1.52			(0.77	)

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

Statements of income for the three month period ended June 30, 2024 and 2023
In thousands of Brazilian Reais - R$

		Company						Consolidated
	Note	2024			2023			2024			2023
NET REVENUE	21		14,453,390			13,052,325			100,606,260			89,382,631
Cost of sales	25		(11,728,257	)		(11,055,039	)		(85,094,071	)		(79,495,153	)
GROSS PROFIT			2,725,133			1,997,286			15,512,189			9,887,478

Selling expenses	25		(1,236,441	)		(995,482	)		(5,822,982	)		(5,678,716	)
General and administrative expenses	25		(1,023,330	)		(598,242	)		(3,631,157	)		(2,529,346	)
Other incomes	25.1		32			1,988			89,974			75,099
Other expenses	25.1		(6,186	)		(12,422	)		(230,952	)		(229,732	)
NET OPERATING EXPENSES			(2,265,925	)		(1,604,158	)		(9,595,117	)		(8,362,695	)

OPERATING PROFIT			459,208			393,128			5,917,072			1,524,783

Finance income	22		518,245			523,634			1,021,992			486,084
Finance expense	22		(1,867,424	)		(1,038,345	)		(4,150,221	)		(2,153,966	)
FINANCE INCOME (EXPENSE)			(1,349,179	)		(514,711	)		(3,128,229	)		(1,667,882	)

Share of profit of equity-accounted investees, net of tax			2,504,238			23,933			12,540			15,008

PROFIT (LOSS) BEFORE TAXES			1,614,267			(97,650	)		2,801,383			(128,091	)

Current income taxes	9		(208,830	)		72,499			(1,319,945	)		(158,131	)
Deferred income taxes	9		309,769			(238,473	)		541,608			88,055
TOTAL INCOME TAXES			100,939			(165,974	)		(778,337	)		(70,076	)
NET INCOME (LOSS)			1,715,206			(263,624	)		2,023,046			(198,167	)

ATTRIBUTABLE TO:
Company shareholders			1,715,206			(263,624	)		1,715,206			(263,624	)
Non-controlling interest			—			—			307,840			65,457
			1,715,206			(263,624	)		2,023,046			(198,167	)

Basic and diluted earnings (loss) per share - common shares (R$)	23		0.77			(0.12	)		0.77			(0.12	)

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

Statements of comprehensive income for the six month period ended June 30, 2024 and 2023
In thousands of Brazilian Reais - R$

		Company						Consolidated
	Note	2024			2023			2024			2023
Net income (loss)			3,361,213			(1,716,227	)		3,830,170			(1,627,668	)

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			642,729			(1,005,487	)		1,094,285			(1,153,013	)
Gain (loss) on net investment in foreign operations			(1,219,920	)		925,436			(1,219,920	)		925,436
Gain (losses) on cash flow hedge	26 c3.1		1,985			(14,978	)		1,985			(14,978	)
Deferred income tax on cash flow hedge	26 c3.1		(675	)		5,093			(675	)		5,093
Valuation adjustments to equity in subsidiaries			13,399			(20,723	)		13,399			(20,723	)
Items that will not be subsequently reclassified to statement of income:
Gain associated with pension and other postretirement benefit obligations			45,207			45,520			53,054			54,776
Income tax on gain associated with pension and other postretirement benefit obligations			(9,152	)		(5,638	)		(11,143	)		(8,445	)
Total other comprehensive loss			(526,427	)		(70,777	)		(69,015	)		(211,854	)

Comprehensive income (loss)			2,834,786			(1,787,004	)		3,761,155			(1,839,522	)

Total comprehensive income (loss) attributable to:
Company shareholders			2,834,786			(1,787,004	)		2,834,786			(1,787,004	)
Non-controlling interest			—			—			926,369			(52,518	)
			2,834,786			(1,787,004	)		3,761,155			(1,839,522	)

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

Statement of comprehensive income for the three month period ended June 30, 2024 and 2023
In thousands of Brazilian Reais - R$

		Company						Consolidated
	Note	2024			2023			2024			2023
Net income (loss)			1,715,206			(263,624	)		2,023,046			(198,167	)

Other comprehensive income (loss)
Items that are or may be subsequently reclassified to profit or loss:
Gain (loss) on foreign currency translation adjustments			171,977			(401,050	)		552,647			(493,423	)
Gain (loss) on net investment in foreign operations			(957,766	)		607,498			(957,766	)		607,498
Loss on cash flow hedge	26 c3.1		(524	)		(21,219	)		(524	)		(21,219	)
Deferred income tax on cash flow hedge	26 c3.1		178			7,215			178			7,215
Valuation adjustments to equity in subsidiaries			1,048,479			(31,205	)		1,048,479			(31,205	)
Items that will not be subsequently reclassified to profit or loss:
Gain associated with pension and other postretirement benefit obligations			26,837			26,035			30,778			31,156
Income tax on gain associated with pension and other postretirement benefit obligations			(4,353	)		(2,797	)		(5,324	)		(5,007	)
Total other comprehensive income			284,828			184,477			668,468			95,015

Comprehensive income (loss)			2,000,034			(79,147	)		2,691,514			(103,152	)

Total comprehensive income (loss) attributable to:
Company shareholders			2,000,034			(79,147	)		2,000,034			(79,147	)
Non-controlling interest			—			—			691,480			(24,005	)
			2,000,034			(79,147	)		2,691,514			(103,152	)

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

Statements of changes in equity for the six month period ended June 30, 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				—		—		—			—		—			—		—		—		—			—			(1,716,227	)		(1,716,227	)		88,559			(1,627,668	)
Foreign currency translation adjustments				—		—		—			—		—			—		—		—		—			(1,005,487	)		—			(1,005,487	)		(147,526	)		(1,153,013	)
Gain on net investment in foreign operations				—		—		—			—		—			—		—		—		—			925,436			—			925,436			—			925,436
Losses on cash flow hedge, net of tax				—		—		—			—		—			—		—		—		(9,885	)		—			—			(9,885	)		—			(9,885	)
Valuation adjustments to equity in subsidiaries				—		—		—			—		—			—		—		—		39,882			—			—			39,882			6,449			46,331
Losses associated with pension and other postretirement benefit obligations, net of tax				—		—		—			—		—			—		—		—		(20,723	)		—			—			(20,723	)		—			(20,723	)

Total comprehensive income				—		—		—			—		—			—		—		—		9,274			(80,051	)		(1,716,227	)		(1,787,004	)		(52,518	)		(1,839,522	)
Share-based compensation				—		—		16,305			—		—			—		—		—		—			—			—			16,305			3,418			19,723
Realization of other reserves				—		—		—			—		(3,049	)		—		—		—		—			—			3,049			—			—			—
Distribution of interim dividends				—		—		—			—		—			—		—		—		—			—			(2,218,116	)		(2,218,116	)		—			(2,218,116	)
Dividend to non-controlling				—		—		—			—		—			—		—		—		—			—			—			—			(22,662	)		(22,662	)
Others				—		—		—			—		—			—		—		—		—			—			—			—			(1,734	)		(1,734	)
JUNE 30, 2023				23,576,206		211,879		(1,033,993	)		30,464		33,448			2,801,185		11,848,048		4,003,823		184,178			4,631,407			(3,931,294	)		42,355,351			3,391,269			45,746,620

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)				—		—		—			—		—			—		—		—		—			—			3,361,213			3,361,213			468,957			3,830,170
Foreign currency translation adjustments				—		—		—			—		—			—		—		—		—			642,729			—			642,729			451,556			1,094,285
Gain on net investment in foreign operations ⁽²⁾				—		—		—			—		—			—		—		—		—			(1,219,920	)		—			(1,219,920	)		—			(1,219,920	)
Losses on cash flow hedge, net of tax		26 c3.1		—		—		—			—		—			—		—		—		1,310			—			—			1,310			—			1,310
Gain associated with pension and other postretirement benefit obligations, net of tax				—		—		—			—		—			—		—		—		36,055			—			—			36,055			5,856			41,911
Valuation adjustments to equity in subsidiaries				—		—		—			—		—			—		—		—		13,399			—			—			13,399			—			13,399
Total comprehensive income				—		—		—			—		—			—		—		—		50,764			(577,191	)		3,361,213			2,834,786			926,369			3,761,155
Share-based compensation				—		—		30,764			—		—			—		—		—		—			—			—			30,764			6,485			37,249
Realization of other reserves				—		—		—			—		(2,883	)		—		—		—		—			—			2,883			—			—			—
Dividend to non-controlling				—		—		—			—		—			—		—		—		—			—			—			—			(13,467	)		(13,467	)
Others				—		—		—			—		—			—		—		—		—			—			—			—			(50	)		(50	)
JUNE 30, 2024				23,576,206		211,879		(985,116	)		30,464		27,630			2,801,185		8,477,409		4,101,359		219,630			4,391,947			3,364,096			46,216,689			4,566,504			50,783,193

(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 six month period ended June 30, 2024 and 2023

In thousands of Brazilian Reais - R$

		Company						Consolidated
	Notes	2024			2023			2024			2023
Cash flows from operating activities
Net income (loss)			3,361,213			(1,716,227	)		3,830,170			(1,627,668	)
Adjustments for:
Depreciation and amortization	6, 12, 13 e 14		472,268			422,732			5,546,846			5,250,371
Expected credit losses	4		32,288			25,338			31,269			32,526
Share of profit of equity-accounted investees	10		(4,097,494	)		652,328			19,813			(29,426	)
(Gain) Loss on sales of assets			(27,993	)		11,180			(23,356	)		(40,771	)
Tax expense (benefit)	9		(595,939	)		132,089			792,173			(649,306	)
Net finance income/expense	22		2,139,768			1,369,851			4,855,553			3,221,981
Share-based compensation			—			—			37,249			19,723
Provisions for legal proceedings	19		70,748			99,506			109,341			216,629
Net realizable value inventory adjustments	5		(8,288	)		(39,261	)		(68,048	)		(14,624	)
Antitrust agreements	19		—			—			417,567			160,291
Loss due to adjustment to recoverable value			—			—			69,971			125,942
Fair value adjustment for biological assets			—			—			(125,297	)		466,519
			1,346,571			957,536			15,493,251			7,132,187
Changes in assets and liabilities:
Trade accounts receivable			(696,895	)		1,884,489			584,363			2,260,829
Inventories			(333,323	)		346,293			(1,465,545	)		336,358
Recoverable taxes			83,995			(47,016	)		116,883			(113,366	)
Other current and non-current assets			110,353			8,720			(522,095	)		(154,111	)
Biological assets			—			—			(1,032,721	)		(1,337,166	)
Trade accounts payable and supply chain finance			(257,021	)		(865,442	)		(2,906,859	)		(5,335,760	)
Taxes paid in installments			(177,346	)		(106,073	)		(177,346	)		(106,073	)
Other current and non-current liabilities			386,851			299,829			75,296			(110,799	)
Antitrust agreements payment			—			—			(446	)		(150,027	)
Income taxes paid			—			—			(448,186	)		(204,134	)
Changes in operating assets and liabilities			(883,386	)		1,520,800			(5,776,656	)		(4,914,249	)

Cash provided by operating activities			463,185			2,478,336			9,716,595			2,217,938
Interest paid			(928,950	)		(564,120	)		(3,509,624	)		(3,340,764	)
Interest received			99,193			107,364			488,745			487,547
Net cash flows provided by (used in) operating activities			(366,572	)		2,021,580			6,695,716			(635,279	)
Cash flow from investing activities
Purchases of property, plant and equipment			(723,353	)		(419,723	)		(3,210,142	)		(3,669,062	)
Proceeds from sale of property, plant and equipment			43,706			9,584			79,136			82,602
Proceeds of intangible assets	13		(6,240	)		(4,804	)		(23,015	)		(15,396	)
Additional investments in equity-accounted investees			(2,882,452	)		(9,541	)		—			—
Acquisitions/ incorporations, net of cash acquired			—			654			(14,635	)		(2,603	)
Dividends received	10		32,548			17,500			32,548			17,500
Related party transactions			2,678,704			(3,681,010	)		2,580			2,599
Other			—			—			—			102,788
Cash used in investing activities			(857,087	)		(4,087,340	)		(3,133,528	)		(3,481,572	)

Cash flow from financing activities
Proceeds from loans and financings			2,847,396			10,267,773			3,574,492			20,746,314
Payments of loans and financings			(4,124,980	)		(4,747,332	)		(8,874,281	)		(12,997,962	)
Derivatives instruments received/settled			(540,945	)		(124,301	)		(732,956	)		(47,070	)
Margin cash withdraw/(applied in)			(141,585	)		61,826			6,079			(59,721	)
Dividends paid	20.b2		—			(2,218,116	)		—			(2,218,116	)
Dividends paid to non-controlling interest			—			—			(17,521	)		(22,662	)
Payments of leasing contracts			(39,337	)		(22,024	)		(1,072,891	)		(1,104,144	)
Cash provided by (used in) financing activities			(1,999,451	)		3,217,826			(7,117,078	)		4,296,639

Effect of exchange rate changes on cash and cash equivalents			608,708			(176,713	)		1,946,503			(623,234	)
Net change in cash and cash equivalents			(2,614,402	)		975,353			(1,608,387	)		(443,446	)
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			1,844,268			3,071,687			20,514,018			12,738,712

Non-cash transactions:

		Company					Consolidated
	Notes	2024			2023		2024		2023
Non-cash additions to right of use assets and lease liabilities	12		45,202			47,055		1,052,010		1,387,562
Capitalized interests	11		24,280			69,551		87,368		(211,095	)
Property, plant and equipment transfer			65,365			—		65,365		—
Capital reduction with debt settlement ⁽¹⁾			(8,827,181	)		—		—		—

⁽¹⁾

Refers to the settlement through capital reduction of the transfer of the current account between the indirect parent company of Seara Alimentos Ltda. to its parent company Seara Holding Ltda.

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

Statements of economic value added the six month period ended June 30, 2024 and 2022

In thousands of Brazilian Reais - R$

	Company						Consolidated
	2024			2023			2024			2023
Revenue
Sales of goods and services		28,158,908			24,734,268			191,875,687			177,831,387
Other income (expense)		(70,377	)		4,811			(53,771	)		190,318
Expected credit losses		(22,937	)		(25,338	)		(21,918	)		(32,526	)
		28,065,594			24,713,741			191,799,998			177,989,179
Goods
Cost of services and goods sold		(19,817,644	)		(18,611,889	)		(115,085,806	)		(113,961,178	)
Materials, energy, services from third parties and others		(4,041,660	)		(3,373,132	)		(33,954,335	)		(33,526,754	)
		(23,859,304	)		(21,985,021	)		(149,040,141	)		(147,487,932	)
Gross added value		4,206,290			2,728,720			42,759,857			30,501,247
Depreciation and Amortization		(472,268	)		(422,732	)		(5,546,846	)		(5,250,371	)
Net added value generated		3,734,022			2,305,988			37,213,011			25,250,876
Net added value by transfer
Share of profit of equity-accounted investees, net of tax		4,097,494			(652,328	)		(19,813	)		29,426
Financial income		736,767			816,676			1,855,201			1,117,556
Others		17,835			8,464			(118,049	)		(109,328	)
		4,852,096			172,812			1,717,339			1,037,654
NET ADDED VALUE TOTAL TO DISTRIBUTION		8,586,118			2,478,800			38,930,350			26,288,530

DISTRIBUTION OF ADDED VALUE
Labor
Salaries		1,689,147			1,334,735			19,903,264			17,836,950
Benefits		264,029			225,338			4,206,153			3,637,615
FGTS (Brazilian Labor Social Charge)		110,801			93,346			294,104			254,474
		2,063,977			1,653,419			24,403,521			21,729,039
Taxes and contribution
Federal		(592,244	)		50,776			1,401,254			(87,671	)
State		851,450			279,209			1,783,013			904,472
Municipal		16,891			11,885			17,438			12,594
		276,097			341,870			3,201,705			829,395
Capital Remuneration from third parties
Interests and exchange variation		2,704,240			2,121,550			6,449,108			4,212,731
Rents		20,248			19,247			516,317			386,817
Others		160,343			58,941			529,529			758,216
		2,884,831			2,199,738			7,494,954			5,357,764
Owned capital remuneration
Net income (loss) attributable to company shareholders		3,361,213			(1,716,227	)		3,361,213			(1,716,227	)
Non-controlling interest		—			—			468,957			88,559
		3,361,213			(1,716,227	)		3,830,170			(1,627,668	)
ADDED VALUE TOTAL DISTRIBUTED		8,586,118			2,478,800			38,930,350			26,288,530

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

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

1 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 June 30, 2024 and were authorized by the Board of Directors on August 13, 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 Floods in Rio Grande do Sul: The poultry and swine units were not significantly impacted by the floods and are already operating normally. The impacts suffered were estimated at an amount of R$32,453, which was recorded in administrative expenses in the period’s result, which mainly refer to losses of goods, losses of live animals and warehouses, and operating costs, as a result of the flooding and logistical disruption in the region.

The Company provides support to the families and our employees affected by the tragedy by donating food, emergency items and by advancing the 13th salary to employees in Rio Grande do Sul. In addition, all of our units in Brazil have come together to collect and donate supplies to our employees and local communities, through the “Doing Good Does Good” program.

1.1.2 Early redemption of CRA: On May 13, 2024, the Company announced the early redemption settlements of CRA debts maturing in April 2028, December 2031, December 2036 and the extraordinary amortization of the series maturing in November 2027, totaling the amount of R$1.9 billion.

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.

1.3 Subsequent events

On 19 July 2024, following the announcement of an outbreak of Newcastle disease virus (NDV) on a poultry farm in the State of Rio Grande do Sul (RS), the Brazilian government announced that it had suspended poultry exports from that State to several countries. Seara adjusted its production to export from other states and is monitoring the economic effects on its operations as a result of this virus, and as of the date of approval of these financial statements, no significant impacts have been generated.

Distribution of interim dividends: On August 13, 2024, the Company approved the distribution of interim dividends referring to the profit reserves in the amount of R$4.44 billion, corresponding to R$2.00 per ordinary share, in accordance with the shareholder’s base at June 30, 2024. The interim dividends will be distributed on October 7, 2024.

2 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 June 30, 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, 2023) 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 August 13, 2024. The parent company’s individual financial statements are identified as “Company” and the consolidated financial statements are identified as “Consolidated”.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

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

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

IAS 1/CPC 26 – Presentation of financial statements

The amendments issued in 2020 and 2023 aim to clarify the requirements for determining whether a liability is current or non-current and require new disclosures for non- currents liabilities that are subject to future covenants. The amendments apply to annual periods beginning on or after January 1, 2024. The Company is monitoring the amendments and has not identified any impacts as a result of this amendment.

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.

b. 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.

3 Cash, cash equivalents and margin cash

	Company				Consolidated
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Cash on hand and at banks		767,845		531,461		7,349,722		8,863,520
CDB (bank certificates of deposit) and National Treasury Bill (Tesouro Selic) ⁽¹⁾		1,076,423		3,927,209		13,164,296		13,258,885
Cash and cash equivalents total		1,844,268		4,458,670		20,514,018		22,122,405
Margin cash		—		—		504,531		88,068
Investments in Treasury bills		206,339		64,754		398,897		553,215
Margin cash total		206,339		64,754		903,428		641,283
Total		2,050,607		4,523,424		21,417,446		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 June 30, 2024, the availability under Brasil revolving credit facilities was US$450 million (R$2.5 billion at June 30, 2024) and US$450 million (R$2.18 billion at December 31, 2023). In the United States the revolving credit facilities at June 30, 2024, was US$2.9 billion (R$16.1 billion at June 30, 2024) and US$2.9 billion (R$14 billion at December 31, 2023).

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

4 Trade accounts receivable

	Company						Consolidated
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Current receivables:
Domestic sales		1,241,638			746,465			10,211,107			9,296,795
Foreign sales		1,854,440			1,626,049			4,934,670			4,127,529
Subtotal		3,096,078			2,372,514			15,145,777			13,424,324
Overdue receivables:
From 1 to 30 days		315,706			155,627			2,215,722			1,925,636
From 31 to 60 days		152,770			50,765			363,959			451,089
From 61 to 90 days		85,353			6,018			164,829			142,768
Above 90 days		302,706			233,938			903,335			911,619
Expected credit losses		(291,255	)		(232,988	)		(476,980	)		(411,088	)
Present value adjustment		(9,433	)		(10,451	)		(24,890	)		(28,199	)
Subtotal		555,847			202,909			3,145,975			2,991,825
Trade accounts receivable, net		3,651,925			2,575,423			18,291,752			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 June 30, 2024 was 0.83% 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
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Initial balance		(232,988	)		(252,719	)		(411,088	)		(431,170	)
Additions		(32,288	)		(25,338	)		(31,269	)		(32,526	)
Write-offs/ reversals		9,384			36,496			16,128			44,415
Exchange rate variation		(35,363	)		(4,721	)		(50,751	)		1,114
Closing balance		(291,255	)		(246,282	)		(476,980	)		(418,167	)

5 Inventories

	Company				Consolidated
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Finished products		2,766,492		2,514,584		17,928,437		14,990,882
Work in process		660,449		673,840		2,892,606		2,837,178
Raw materials		609,151		523,377		4,046,679		3,674,716
Supplies		321,716		304,396		3,798,207		3,193,807
		4,357,808		4,016,197		28,665,929		24,696,583

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

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

	Company						Consolidated
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Initial balance		(29,878	)		(58,110	)		(276,254	)		(310,581	)
Additions		(1,962	)		(9,766	)		(78,018	)		(174,225	)
Incorporation		—			(332	)		—			—
Write-offs		10,250			49,027			146,066			188,849
Exchange rate variation		—			—			(21,078	)		7,740
Closing balance		(21,590	)		(19,181	)		(229,284	)		(288,217	)

6 Biological assets

Changes in biological assets:

	Consolidated
	Current						Non-current
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Initial balance		8,289,048			9,710,693			2,573,041			2,619,066
Business combination		—			(127,014	)		—			—
Increase by reproduction (born) and cost to reach maturity		28,253,601			32,176,058			3,596,611			2,326,075
Reduction for slaughter, sale or consumption		(31,146,141	)		(34,349,474	)		(173,255	)		(148,400	)
Purchase		1,093,975			1,232,353			618,230			446,545
Decrease by death		(1,176,743	)		(297,376	)		(33,557	)		(48,615	)
Fair value adjustments		125,628			(466,519	)		(331	)		—
Reclassification from non-current to current		2,429,666			931,196			(2,429,666	)		(931,196	)
Exchange rate variation		745,303			(418,264	)		247,066			(142,842	)
Changes in fair value (including amortization of breeders)		—			—			(1,554,553	)		(1,465,897	)
Closing balance		8,614,337			8,391,653			2,843,586			2,654,736

7 Recoverable taxes

	Company				Consolidated
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Value-added tax on sales and services - ICMS/IVA/VAT/GST		832,058		1,128,414		4,349,779		4,452,222
Social contribution on billings - PIS and COFINS		1,637,546		1,751,100		2,221,848		2,432,254
Withholding income tax - IRRF/IRPJ		4,517,470		4,333,343		5,185,126		5,792,623
Excise tax - IPI		18,472		22,645		101,954		106,528
Reintegra		29,257		29,904		43,197		43,111
Other		24,398		26,568		60,137		67,556
		7,059,201		7,291,974		11,962,041		12,894,294
Current Asset		1,520,885		1,537,885		3,708,206		4,449,734
Non-current Asset		5,538,316		5,754,089		8,253,835		8,444,560
		7,059,201		7,291,974		11,962,041		12,894,294

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

8 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
	June 30, 2024			December 31, 2023			June 30, 2024		December 31, 2023
Related party receivables		638,524			1,807,878			588,084		573,955
Related party payables		(8,822,799	)		(14,459,311	)		—		—
		(8,184,275	)		(12,651,433	)		588,084		573,955

			Statement of financial position accounts						Financial income (expense)
		Transference of costs	June 30,			December 31,
	Currency	(administrative and funding)	2024			2023			2024			2023
8.1 Company
a) Direct subsidiaries
- JBS Investments Luxembourg S.à.r.l ⁽¹⁾	US$	2.52% to 6.09% p.y.		(7,592,603	)		(8,057,016	)		(143,616	)		(113,515	)
- JBS Confinamento Ltda.	R$	CDI + 4% p.y.		—			(3,784	)		(3,356	)		9,690
- JBS Embalagens Metálicas Ltda	R$	CDI + 4% p.y.		2,068			54			1			1
- Brazservice Ltda.	R$	CDI + 4% p.y.		—			—			—			1,546
- Enersea Ltda.	R$	CDI + 4% p.y.		—			—			—			4
b) Indirect subsidiaries
- Seara Holding Ltda. ⁽²⁾	R$	—		—			(6,398,511	)		—			—
- JBS Luxembourg S.à.r.l	US$	1.83% to 7.3% p.y.		—			—			—			(66,320	)
- Seara Alimentos Ltda.	R$	CDI + 4% p.y.		(1,230,196	)		1,224,227			21,904			(595,408	)
- JBS Leather Paraguay Srl	GUA	7.00% p.y.		10,895			9,642			227			226
- JBS Leather Argentina S.A.U.	US$	—		37,477			—						—

8.2 Other related parties
- J&F Investimentos S.A. ⁽³⁾	R$	IPCA		587,161			570,936			16,225			21,815
- J&F Oklahoma Holdings, Inc.	R$	3.4%		—			—			—			3,773
- Flora Produtos de Higiene e Limpeza S.A.	R$	Selic		923			3,019			41			223
Total				(8,184,275	)		(12,651,433	)		(108,574	)		(737,965	)

⁽¹⁾

Refers to the balance of export prepayment (PPE) receivable from the direct subsidiary JBS Investments Luxembourg S.à.r.l.

⁽²⁾

Refers to the settlement through capital reduction of the transfer of the current account between the indirect controlling company of Seara Alimentos Ltda to its controlling company Seara Holding Ltda.

⁽³⁾

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$587,161, 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 six month period ended June 30, 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
	June 30,		December 31,		June 30,		December 31,
COMPANY	2024		2023		2024		2023		2024		2023		2024		2023
Direct subsidiaries
JBS Confinamento Ltda.		2,370		2,138		49,949		28,021		51,477		400,979		1,368		7,075
JBS Toledo N.V.		9,831		11,096		—		—		—		—		152,256		177,602
JBS Chile Limitada		32,413		20,820		—		318		1,059		4,386		45,918		62,349
Brazservice Ltda.		—		—		—		—		—		39,846		—		16,704
Conceria Priante Srl		32,993		20,443		—		—		—		—		41,395		10,265
Indirect subsidiaries
Seara Alimentos Ltda.		201,141		228,076		50,330		52,593		116,266		118,557		1,315,388		1,209,326
JBS Global UK Limited		101,539		105,667		—		—		—		—		199,828		236,258
JBS Aves Ltda.		5,441		5,658		20,744		20,900		2,668		1,378		60,510		70,598
Weddel Limited		—		5,497		—		—		—		—		—		40,747
Sampco, LLC		91,865		96,505		—		—		—		—		298,773		454,935
Meat Snacks Partners do Brasil Ltda.		34,030		16,255		—		—		4		—		235,541		177,397
JBS Asia Limited		—		—		366,083		266,286		237,390		89,350		—		—
JBS Leather Asia Limited		116,590		69,532		—		—		—		—		283,029		159,050
JBS USA Holding Lux S.à.r.l.		320,900		260,857		—		—		—		20		606,983		624,383
Seara Comércio de Alimentos Ltda.		—		2,197		—		3,859		—		12,321		—		10,601
JBS Australia Pty.Ltd.		—		3,096		—		—		—		—		—		88,728
Other related parties
Agropecuária Santa Luzia Ltda.		—		59		—		122		—		9,587		—		3,245
JBJ Agropecuária Ltda.		4,534		4,252		17,006		1,941		687,455		971,810		15,421		11,249
Flora Produtos de Higiene e Limpeza S.A		50,003		33,536		—		2		1		4		168,907		155,658
Eldorado Brasil Celulose S.A.		—		246		—		—		—		59		—		1,865
Banco Original S.A		—		34		—		—		—		—		—		50
Prima Foods S.A.		194		506		73		2,047		3,747		35,605		592		2,174
Agropecuaria Nelore Parana Ltda		—		—		1,847		3,870		53,843		—		—		—
JBS Australia Pty Limited		7,782		—		—		—		—		—		68,993		—
Guiabolso Pagamentos Ltda		—		—		346		—		106,393		—		—		—
		1,011,626		886,470		506,378		379,959		1,260,303		1,683,902		3,494,902		3,520,259

Other financial transactions in the Company

The Company and a few of its subsidiaries entered into an agreement in which Banco Original, 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 June 30, 2024, the unpaid balance of transferred receivables was R$2,888,398 (R$2,664,506 at December 31, 2023) in the Company, and R$6,011,281 (R$5,158,611 at December 31, 2023) in the Consolidated, respectively. For the six month period ended June 30, 2024, the Company incurred financial costs related to this operation in the amount of R$153,153 (R$92,467 at June 30, 2023) in the Company, and R$332,209 (R$296,978 at June 30, 2023) in the Consolidated, respectively, recognized in these interim financial statements as financial expenses.

At June 30, 2024, the Company and a few of its subsidiaries hold investments with Banco Original, in the amount of R$910,808 (R$1,482,874 at December 31, 2023) in the Company and R$3,743,520 (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 six month period ended June 30, 2024, the Company earned interest from these investments in the amount of R$29,409 (R$4,426 at June 30, 2023) in the Company, and R$94,307 (R$41,125 at June 30, 2023) in the Consolidated, respectively, recognized in these interim financial statements as financial income.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

The Company enters into future delivery agreements for livestock with certain suppliers, including the 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 June 30, 2024 the balance of this transaction was R$330,200 (R$299.8 at December 31, 2023).

The Company purchases residues generated from cattle slaughter for rendering operations with Prima Foods 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 six month period ended June 30, 2024 the Company made donations in the amount of R$65,941 (R$58,700 at June 30, 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 June 30, 2024, the Company made donations in the amount of R$7,200 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 six month period ended June 30, 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 six month period ended June 30, 2024 and 2023 is the following:

	2024		2023
Salaries and wages		17,942		21,200
Variable cash compensation		82,214		96,876
		100,156		118,076

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.

9 Income taxes

a. Composition of deferred tax income and social contribution

	Company						Consolidated
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Deferred income taxes assets		—			—			3,923,524			3,751,335
Deferred income taxes liabilities		(2,734,020	)		(3,136,770	)		(6,524,806	)		(6,585,412	)
		(2,734,020	)		(3,136,770	)		(2,601,282	)		(2,834,077	)

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

	Company
	December 31, 2023			Income statement			June 30, 2024
Tax losses and negative basis of social contribution		28,991			(28,991	)		—
Expected credit losses on trade accounts receivable		81,170			17,228			98,398
Provisions for contingencies		190,166			(2,911	)		187,255
Present value adjustment - Trade accounts receivable		3,553			(347	)		3,206
Right of use assets		5,178			2,020			7,198
Goodwill amortization		(3,277,762	)		—			(3,277,762	)
Present value adjustment - Trade accounts payable		(4,985	)		5,947			962
Hedge operations ⁽²⁾		(134,159	)		284,410			150,251
Accrued liabilities		162,827			(3,185	)		159,642
Realization of other reserves		(254,252	)		1,485			(252,767	)
Cut-off Adjustment (Revenue Recognition)		—			113,759			113,759
Other temporary differences		62,503			13,335			75,838
Deferred taxes, net		(3,136,770	)		402,750			(2,734,020	)

	Company
	December 31, 2022			Income statement			Other Adjustments		June 30, 2023
Expected credit losses on trade accounts receivable		88,021			(2,331	)		—		85,690
Provisions for contingencies		162,583			14,273			—		176,856
Present value adjustment - Trade accounts receivable		3,318			(198	)		—		3,120
Right of use assets		2,732			659			—		3,391
Goodwill amortization		(3,277,762	)		—			—		(3,277,762	)
Present value adjustment - Trade accounts payable		2,090			(7,432	)		—		(5,342	)
Hedge operations ⁽²⁾		61,197			(165,198	)		—		(104,001	)
Accrued liabilities		184,190			(84,652	)		2		99,540
Realization of other reserves		(257,332	)		1,566			—		(255,766	)
Other temporary differences		35,849			(5,577	)		88		30,360
Deferred taxes, net		(2,995,114	)		(248,890	)		90		(3,243,914	)

	Consolidated
	December 31, 2023			Income statement			Exchange variation			Other adjustments⁽¹⁾			June 30, 2024
Tax losses and negative basis of social contribution		4,067,527			(353,755	)		172,298			—			3,886,070
Expected credit losses on trade accounts receivable		184,384			42,811			13,325			—			240,520
Provisions for contingencies		607,063			(4,275	)		14,445			—			617,233
Present value adjustment - Trade accounts receivable		37,024			(10,917	)		—			—			26,107
Tax credits - Foreign subsidiaries		114,666			(1,076	)		17,037			(251	)		130,376
Labor accidents accruals		38,377			(5,145	)		5,217			—			38,449
Pension plan		57,882			(7,468	)		7,346			(10,665	)		47,095
Accrued liabilities		1,118,141			259,854			157,229			—			1,535,224
Non-deductible interests		1,026,154			289,114			173,701			—			1,488,969
Right of use assets		123,053			16,368			6,639			—			146,060
Goodwill amortization		(4,124,007	)		(37,863	)		(69,614	)		—			(4,231,484	)
Present value adjustment - Trade accounts payable		(29,359	)		10,192			—			—			(19,167	)
Business combination		(2,150,748	)		(158,242	)		(302,040	)		—			(2,611,030	)
Inventory valuation		(1,002,560	)		(96,436	)		(153,351	)		—			(1,252,347	)
Hedge and hedge accounting operations⁽²⁾		(122,796	)		284,971			—			(675	)		161,500
Realization of other reserves		(559,848	)		7,170			—			—			(552,678	)
Accelerated depreciation and amortization		(2,489,809	)		175,995			(355,642	)		—			(2,669,456	)
Cut-off Adjustment (Revenue Recognition)		2,982			138,914			—			—			141,896
Fair Value Adjustment Grains - Subsidiaries		—			132,198			—			—			132,198
Other temporary differences		267,797			(135,767	)		11,153			—			143,183
Deferred taxes, net		(2,834,077	)		546,643			(302,257	)		(11,591	)		(2,601,282	)

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

	Consolidated
	December 31, 2022			Income statement			Exchange variation			Other adjustments ⁽¹⁾			June 30, 2023
Tax losses and negative basis of social contribution		3,387,144			1,170,484			(145,442	)		—			4,412,186
Expected credit losses on trade accounts receivable		164,732			893			(3,676	)		—			161,949
Provisions for contingencies		716,633			(39,132	)		(15,148	)		—			662,353
Present value adjustment - Trade accounts receivable		59,095			(14,528	)		—			—			44,567
Tax credits - Foreign subsidiaries		68,855			1,409			(5,097	)		73			65,240
Labor accidents accruals		32,032			5,779			(2,695	)		—			35,116
Pension plan		54,708			2,427			(4,332	)		(15,596	)		37,207
Accrued liabilities		1,257,677			218,352			(87,609	)		2			1,388,422
Non-deductible interests		399,481			363,833			(41,999	)		—			721,315
Right of use assets		117,832			91,394			(8,601	)		—			200,625
Goodwill amortization		(4,100,891	)		(28,314	)		34,158			—			(4,095,047	)
Present value adjustment - Trade accounts payable		(42,292	)		2,520			—			—			(39,772	)
Business combination		(2,303,239	)		(23,307	)		163,087			—			(2,163,459	)
Inventory valuation		(572,398	)		(508,561	)		69,306			—			(1,011,653	)
Hedge and hedge accounting operations ⁽²⁾		42,831			(133,387	)		—			12,778			(77,778	)
Realization of other reserves		(575,927	)		8,311			—			—			(567,616	)
Accelerated depreciation and amortization		(3,061,949	)		(234,029	)		227,995			—			(3,067,983	)
Other temporary differences		404,874			(41,867	)		(59,744	)		9,367			312,630
Deferred taxes, net		(3,950,802	)		842,277			120,203			6,624			(2,981,698	)

⁽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.

b. Reconciliation of income tax and social contribution expense:

	Company						Consolidated
	2024			2023			2024			2023
Profit (loss) before income taxes (PBT)		2,765,274			(1,584,138	)		4,622,343			(2,276,974	)
Brazilian statutory corporate tax rate		-34	%		-34	%		-34	%		-34	%
Expected tax credit (expense)		(940,193	)		538,607			(1,571,597	)		774,171
Adjustments to reconcile taxable income:
Share of profit of equity-accounted investees		1,393,148			(221,792	)		(6,733	)		10,005
Investments grants ⁽³⁾		298,698			478,948			557,654			1,202,565
International rate differences - Foreign subsidiaries		—			—			351,844			(146,310	)
Net income arising from foreign subsidiaries ⁽⁴⁾		(170,877	)		(889,336	)		(195,034	)		(889,336	)
Transfer pricing adjustment		(24,830	)		(9,427	)		(24,830	)		(9,427	)
Unrecognized tax benefits		48,219			—			23,853			(728,065	)
Non-taxable interest - Foreign subsidiaries		—			—			39,104			324,814
Dividends Paid Abroad		—			—			(54,688	)		—
Donations and social programs ⁽³⁾		(10,429	)		(19,958	)		(10,429	)		(19,958	)
SELIC interests on tax credits		12,123			4,898			21,299			12,456
Other permanent differences		(9,920	)		(14,029	)		77,384			118,391
Current and deferred income tax (expense) income		595,939			(132,089	)		(792,173	)		649,306
Current income tax		193,189			116,801			(1,338,816	)		(192,971	)
Deferred income tax		402,750			(248,890	)		546,643			842,277
		595,939			(132,089	)		(792,173	)		649,306
% IT/PBT		21.55	%		-8.34	%		-17.14	%		28.52	%

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

	Company						Consolidated
	2024			2023			2024			2023
Profit (loss) before income taxes (PBT)		1,614,267			(97,650	)		2,801,383			(128,091	)
Brazilian statutory corporate tax rate		-34	%		-34	%		-34	%		-34	%
Expected tax credit (expense)		(548,851	)		33,201			(952,470	)		43,551
Adjustments to reconcile taxable income:
Share of profit of equity-accounted investees		851,441			8,137			4,264			5,102
Investments grants ⁽³⁾		153,744			253,959			294,401			510,077
International rate differences - Foreign subsidiaries		—			—			176,934			(53,433	)
Net income arising from foreign subsidiaries ⁽⁴⁾		(352,725	)		(451,309	)		(342,385	)		(451,309	)
Transfer pricing adjustment		(12,415	)		(1,776	)		(12,415	)		(1,776	)
Unrecognized tax benefits		5,256			—			33,863			(335,615	)
Non-taxable interest - Foreign subsidiaries		—			—			8,667			151,175
Dividends Paid Abroad		—			—			(54,688	)		—
Donations and social programs ⁽³⁾		(33	)		(7,888	)		(33	)		(7,888	)
SELIC interests on tax credits		10,517			3,948			17,657			7,209
Other permanent differences		(5,995	)		(4,246	)		47,868			62,831
Current and deferred income tax (expense) income		100,939			(165,974	)		(778,337	)		(70,076	)
Current income tax		(208,830	)		72,499			(1,319,945	)		(158,131	)
Deferred income tax		309,769			(238,473	)		541,608			88,055
		100,939			(165,974	)		(778,337	)		(70,076	)
% IT/PBT		6.25	%		-169.97	%		(27.78	)%		-54.71	%

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

According to IAS 12/CPC 32, the average effective tax rate is calculated by the ratio between tax expense (revenue) and accounting profit. However, it is important to note that this rate may be influenced by transactions that impact tax expense (revenue) but are not directly related to net profit for the period. Examples of such transactions include the effects of unrecognized deferred taxes, income tax and social contribution on the realization of the revaluation reserve, dividends paid abroad, and investment subsidies from previous years. In our understanding, this information should be considered when analyzing the effective tax rate.

⁽³⁾ The Company and its subsidiaries have subsidies granted by state governments, as presumed credit, in accordance with the regulations of each state. The amounts appropriated from this tax incentive as revenue in the result are excluded in the calculation of taxes on profit, when the requirements set forth in the current legislation are met. During the six-month period ended June 30, 2024, the Company and its subsidiaries recorded the amount of government subsidies in the amount of R$1.64 billion (R$3.53 billion on June 30, 2023), of which R$1.64 billion of presumed credit (R$1.44 billion on June 30, 2023) was excluded from its income tax and social contribution calculation basis.

This exclusion of this tax benefit from the income tax and social contribution calculation basis on net income reflected a tax gain in 2024 of R$557,654 million related to the presumed credit (R$490,709 million on June 30, 2023).

On June 12, 2023, when considering Repetitive Theme 1182, the STJ understood that the requirement of IRPJ and CSLL on amounts related to ICMS tax incentives, other than those granted in the form of presumed credits, is undue, provided that the requirements of article 30 of Law No. 12,973/14 are met, given that the Company recorded the profit reserve referred to in the legislation. Law No. 14,789/23 changed the investment subsidy regime for tax purposes and revoked article 30 of Law No. 12,973/14 and its effects are being complied with by the Company for the year 2024, except with regard to presumed ICMS credits, the taxation of which was ruled out by the unified understanding of the STJ Panels that deal with tax matters in the judgment of ERESP 1,517,492/PR.

⁽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 six month period ended June 30, 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)			June 30, 2024
JBS Embalagens Metálicas Ltda.		80,639		—			—		—			407			81,046
JBS Confinamento Ltda.		346,365		—			—		—			(25,364	)		321,001
Conceria Priante Srl		93,959		—			10,116		—			(6,973	)		97,102
JBS Leather International B.V.		550,351		—			87,325		55,299			1,838			694,813
Meat Snacks Partners, LLC. ⁽²⁾		188,431		(32,548	)		21,446		(20,988	)		(22,785	)		133,556
JBS Asset Management Corporation		94,604		—			13,547		—			(3,199	)		104,952
JBS Investments Luxembourg S.à.r.l. ⁽³⁾		40,061,058		(5,944,729	)		5,812,091		(5,280,197	)		4,139,561			38,787,784
JBS Toledo N.V.		202,936		—			23,655		—			9,068			235,659
JBS Chile Limitada		21,935		—			1,920		—			4,952			28,807
JBS Finance Luxembourg S.à.r.l.		310		—			45		—			(11	)		344
Total		41,640,588		(5,977,277	)		5,970,145		(5,245,886	)		4,097,494			40,485,064

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			June 30, 2024
Meat Snacks Partners, LLC.⁽²⁾		50%		188,431		(32,548.45944	)		458		(22,785	)		133,556
JBS Foods Ontario, Inc.		100%		77,430		—			12,062		3,026			92,518
Birla Societá Agricola Srl		20%		8,160		—			916		(54	)		9,022
Total				274,021		(32,548	)		13,436		(19,813	)		235,096

⁽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 its direct subsidiary JBS Investments Lux and reduced capital by settling the credit assignment from the current account of the indirect parent company Seara Holding Ltda.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Changes in the Company’s investments:

										Equity
	December 31, 2022			Addition (disposal)			Exchange rate variation			Changes in the equity of investees⁽¹⁾			Proportionate share of income			June 30, 2023
JBS Embalagens Metálicas Ltda.		80,777			—			—			—			(69	)		80,708
JBS Confinamento Ltda.		377,409			—			—			—			(58,655	)		318,754
Conceria Priante Srl		120,500			—			(6,265	)		—			(8,942	)		105,293
JBS Leather International B.V.		635,828			19,314			(48,150	)		4,346			(3,401	)		607,937
Brazservice Ltda.		43,940			(43,304	)		—			—			(636	)		—
Meat Snacks Partners, LLC		209,092			(17,500	)		(2	)		—			28,242			219,832
Enersea Ltda.		350			(356	)		—			—			6			—
JBS Asset Management Corporation		111,742			—			(8,649	)		—			2,703			105,796
JBS Investments Luxembourg S.à.r.l.		53,603,571			(10,063	)		(4,211,681	)		3,302,283			(625,927	)		52,058,183
JBS B.V.		(27	)		290			(1	)		(1	)		(235	)		26
JBS Toledo N.V.		195,970			—			(11,149	)		—			8,515			193,336
JBS Chile Limitada		19,953			—			(610	)		—			6,102			25,445
JBS Finance Luxembourg S.à.r.l.		404			—			(29	)		—			(31	)		344
Total		55,399,509			(51,619	)		(4,286,536	)		3,306,628			(652,328	)		53,715,654

								Equity
	Participation		December 31, 2023		Profit distribution			Changes in the equity of investees			Proportionate share of income			June 30, 2023
Meat Snacks Partners, LLC		50%		209,092		(17,500	)		(2	)		28,242			219,832
JBS Foods Ontario, Inc.		100%		75,720		—			(5,875	)		2,769			72,614
Birla Societá Agricola Srl		20%		10,025		—			(451	)		(1,585	)		7,989
Total				294,837		(17,500	)		(6,328	)		29,426			300,435

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

11 Property, plant and equipment

Changes in property, plant and equipment:

Company	December 31, 2023		Additions net of transferences ⁽¹⁾			Disposals			Depreciation expense			June 30, 2024
Buildings		3,787,295		42,339			(18	)		(99,614	)		3,730,002
Land		2,278,266		9,099			—			—			2,287,365
Machinery and equipment		3,136,140		336,321			(1,574	)		(169,783	)		3,301,104
Facilities		1,926,755		328,947			(81	)		(69,021	)		2,186,600
Computer equipment		75,093		9,300			(115	)		(9,046	)		75,232
Vehicles (land and air)		707,698		4,193			(13,802	)		(46,813	)		651,276
Construction in progress		1,528,857		(91,227	)		—			—			1,437,630
Other		69,514		9,546			(133	)		(8,125	)		70,802
		13,509,618		648,518			(15,723	)		(402,402	)		13,740,011

Company	December 31, 2022		Additions net of transferences ⁽¹⁾		Disposals		Incorporation			Depreciation expense			June 30, 2023
Buildings		3,580,188		85,098		14,402		(3	)		(125,612	)		3,554,073
Land		1,749,340		115,546		276		(82	)		—			1,865,080
Machinery and equipment		3,066,247		134,264		14,181		(2,376	)		(155,904	)		3,056,412
Facilities		1,797,795		124,398		7,852		(19	)		(56,984	)		1,873,042
Computer equipment		41,814		7,831		178		(149	)		(7,978	)		41,696
Vehicles (land and air)		515,344		261,821		371		(17,998	)		(44,491	)		715,047
Construction in progress		2,214,667		29,756		—		—			—			2,244,423
Other		62,468		5,402		642		(137	)		(6,077	)		62,298
		13,027,863		764,116		37,902		(20,764	)		(397,046	)		13,412,071

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Consolidated	December 31, 2023		Additions net of transferences ⁽¹⁾			Disposals			Depreciation expense			Exchange rate variation		June 30, 2024
Buildings		20,842,498		981,711			(13,650	)		(654,679	)		1,710,370		22,866,250
Land		5,856,709		85,555			(3,613	)		—			300,576		6,239,227
Machinery and equipment		20,868,860		1,972,264			(49,806	)		(1,610,014	)		2,029,352		23,210,656
Facilities		3,698,925		525,111			(199	)		(134,148	)		7,663		4,097,352
Computer equipment		805,067		180,823			(711	)		(124,178	)		93,521		954,522
Vehicles (land and air)		1,320,041		98,902			(20,128	)		(106,565	)		73,491		1,365,741
Construction in progress		7,923,847		(805,708	)		(13,664	)		—			525,681		7,630,156
Other		1,225,173		159,737			(795	)		(99,565	)		146,915		1,431,465
		62,541,120		3,198,395			(102,566	)		(2,729,149	)		4,887,569		67,795,369

Consolidated	December 31, 2022		Additions net of transferences ⁽¹⁾			Disposals			Depreciation expense			Exchange rate variation			June 30, 2023
Buildings		19,722,714		1,843,222			(15,772	)		(639,696	)		(903,529	)		20,006,939
Land		5,512,969		118,622			(935	)		—			(194,091	)		5,436,565
Machinery and equipment		19,998,538		2,444,256			(106,285	)		(1,488,711	)		(985,317	)		19,862,481
Facilities		3,001,689		620,889			(1,406	)		(107,639	)		(1,079	)		3,512,454
Computer equipment		606,623		144,436			(2,087	)		(106,310	)		(27,157	)		615,505
Vehicles (land and air)		1,121,272		353,314			(21,091	)		(103,399	)		(48,594	)		1,301,502
Construction in progress		11,084,915		(1,468,258	)		—			—			(326,698	)		9,289,959
Other		1,122,072		98,518			(44,863	)		(85,634	)		(51,779	)		1,038,314
		62,170,792		4,154,999			(192,439	)		(2,531,389	)		(2,538,244	)		61,063,719

⁽¹⁾

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

For six month period ended June 30, 2024, the amount of capitalized interest added to construction in progress and included in additions in the Company was R$24,280 (R$69.551 at June 30, 2023) and R$87,368 (R$211.095 at June 30, 2023) in the Consolidated. The capitalization rate used at June 30, 2024 was 7.66% p.y in Brazil and 4.90% p.y in the United States of America (8.41% per year in Brazil and 4.40% per year in the United States of America on December 31, 2023 )

The Company tests the recoverability of its assets annually using the value in use concept through cash flow models. The test is formalized at the end of the fiscal year on December 31, and monitors indicators of impairment during the course of the fiscal year. In the semester ended June 30, 2024, the Company recognized impairment of fixed assets in the amount of US$8.9 million (equivalent to R$49.5 million), related to the restructuring of the indirect subsidiary Pilgrim’s Pride Corporation (PPC).

12 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 6.48% p.y. in the Company and 5.29% p.y. in the Consolidated, in accordance with the term of each lease agreement and the economic policy of each subsidiary’s domicile.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

12.1 Right of use asset

Changes in the right of use assets:

Company	December 31, 2023		Additions ⁽¹⁾		Terminated contracts			Amortization			June 30, 2024
Buildings		22,633		7,849		(2,732	)		(9,886	)		17,864
Computer equipment		51,240		—		—			(15,828	)		35,412
Machinery and equipment		37,956		22,619		(1,378	)		(12,637	)		46,560
Operating plants		11,999		—		(1,171	)		(2,580	)		8,248
Land		505		92		—			(190	)		407
Vehicles (land)		11,468		14,643		—			(3,516	)		22,595
		135,801		45,203		(5,281	)		(44,637	)		131,086

Company	December 31, 2022		Additions ⁽¹⁾		Terminated contracts			Amortization			June 30, 2023
Buildings		30,041		4,006		—			(7,670	)		26,377
Computer equipment		10,728		—		—			(3,905	)		6,823
Machinery and equipment		12,747		23,956		(263	)		(5,827	)		30,613
Operating plants		623		16,958		—			(2,671	)		14,910
Land		253		576		—			(287	)		542
Vehicles (land)		272		1,535		(54	)		(263	)		1,490
		54,664		47,031		(317	)		(20,623	)		80,755

Consolidated	December 31, 2023		Additions ⁽¹⁾		Terminated contracts			Amortization			Exchange rate variation		June 30, 2024
Growing facilities		3,899,030		273,261		(124,785	)		(408,086	)		264,874		3,904,294
Buildings		2,576,093		489,750		(70,871	)		(229,858	)		265,774		3,030,888
Computer equipment		75,203		—		(569	)		(22,338	)		3		52,299
Machinery and equipment		436,204		151,134		(14,820	)		(115,723	)		35,811		492,606
Operating plants		95,348		2,546		(17,905	)		(12,907	)		1,292		68,374
Land		92,882		3,094		—			(6,610	)		9,089		98,455
Vehicles (land)		1,083,095		118,656		(4,261	)		(183,190	)		148,049		1,162,349
		8,257,855		1,037,872		(232,642	)		(978,712	)		724,892		8,809,265

Consolidated	December 31, 2022		Additions ⁽¹⁾		Terminated contracts			Amortization			Exchange rate variation			June 30, 2023
Growing facilities		4,299,324		517,747		(51,011	)		(432,890	)		(176,692	)		4,156,478
Buildings		2,227,940		515,415		(22,504	)		(203,574	)		(97,063	)		2,420,214
Computer equipment		48,089		—		(592	)		(10,348	)		(2	)		37,147
Machinery and equipment		547,282		88,559		(5,259	)		(129,133	)		(24,862	)		476,587
Operating plants		97,601		19,986		(635	)		(16,166	)		(749	)		100,037
Land		102,478		2,902		—			(6,429	)		(7,579	)		91,372
Vehicles (land)		1,052,178		228,909		(3,485	)		(187,848	)		(76,455	)		1,013,299
		8,374,892		1,373,518		(83,486	)		(986,388	)		(383,402	)		8,295,134

⁽¹⁾

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

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

12.2 Lease liabilities

	Company						Consolidated
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Undiscounted lease payments		170,003			168,452			11,711,130			10,953,118
Present value adjustment		(17,746	)		(17,422	)		(2,176,310	)		(2,039,185	)
		152,257			151,030			9,534,820			8,913,933
Breakdown:
Current liabilities		60,235			62,454			1,850,000			1,707,172
Non-current liabilities		92,022			88,576			7,684,820			7,206,761
		152,257			151,030			9,534,820			8,913,933

Changes in the lease liabilities:

Company		December 31, 2023				Additions				Interest accrual				Payments				Terminated contracts				June 30, 2024
Lease liabilities			151,030				45,202				4,526				(39,337	)			(9,164	)			152,257

Company		December 31, 2022				Additions				Interest accrual				Payments				Terminated contracts				June 30, 2023
Lease liabilities			62,698				47,055				3,289				(22,024	)			(290	)			90,728

Consolidated		December 31, 2023				Additions				Interest accrual				Payments				Terminated contracts				Exchange rate variation				June 30, 2024
Lease liabilities			8,913,933				1,052,010				255,362				(1,200,274	)			(265,888	)			779,677				9,534,820

Consolidated		December 31, 2022				Additions				Interest accrual				Payments				Terminated contracts				Exchange rate variation				June 30, 2023
Lease liabilities			8,984,008				1,387,562				245,604				(1,227,414	)			(79,250	)			(403,931	)			8,906,579

The amounts recognized as lease expense are shown below:

	Company				Consolidated
	2024		2023		2024		2023
Variable lease payments		5,257		10,148		1,620,028		1,533,437
Short term lease liability		14,022		3,337		406,571		332,718
Non-material lease liability		1,692		3,888		3,194		10,725
		20,971		17,373		2,029,793		1,876,880

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

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

	June 30, 2024
	Company			Consolidated
2025		40,159			1,481,388
2026		25,139			1,296,774
2027		17,943			995,096
2028		14,783			785,524
2029		546			679,800
Maturities thereafter 2029		3,032			4,191,106
Total Future Minimum Lease Payments		101,602			9,429,688
Present Value of Lease Liabilities		(9,580	)		(1,744,868	)
Leases payable - non-current		92,022			7,684,820

13 Intangible assets

Changes in intangible assets:

Company	December 31, 2023		Additions		Amortization expenses			June 30, 2024
Amortizing:
Trademarks		171,628		—		(19,663	)		151,965
Softwares		30,448		71,605		(5,566	)		96,487
Others		2,236		—		—			2,236
		204,312		71,605		(25,229	)		250,688

Company	December 31, 2022		Additions		Amortization expenses			June 30, 2023
Amortizing:
Trademarks		10,487		—		(2,480	)		8,007
Softwares		20,534		4,804		(2,583	)		22,755
		31,021		4,804		(5,063	)		30,762

Consolidated	December 31, 2023		Additions		Disposals			Amortization expenses			Exchange rate variation		June 30, 2024
Amortizing:
Trademarks		1,651,771		2,763		—			(75,211	)		175,193		1,754,516
Softwares		120,746		83,224		(3	)		(14,994	)		1,322		190,295
Customer relationships		2,353,676		—		—			(183,943	)		312,923		2,482,656
Supplier contract		135,931		—		—			(9,646	)		6,435		132,720
Others		5,049		148		—			(638	)		359		4,918
Non-amortizing:
Trademarks		5,290,539		2,245		—			—			596,791		5,889,575
Water rights		55,147		—		—			—			7,796		62,943
		9,612,859		88,380		(3	)		(284,432	)		1,100,819		10,517,623

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

	December 31,							Amortization			Exchange rate			June 30,
Consolidated	2022		Additions		Disposals			expenses			variation			2023
Amortizing:
Trademarks		1,648,336		—		—			(56,651	)		(124,798	)		1,466,887
Softwares		109,985		15,518		(292	)		(12,411	)		(795	)		112,005
Customer relationships		2,868,194		—		(318	)		(187,298	)		(163,165	)		2,517,413
Supplier contract		159,187		—		—			(9,632	)		(4,497	)		145,058
Others		4,345		159		(146	)		(705	)		(287	)		3,366
Non-amortizing:
Trademarks		5,479,137		475		—			—			(183,901	)		5,295,711
Water rights		59,205		—		—			—			(4,613	)		54,592
		10,328,389		16,152		(756	)		(266,697	)		(482,056	)		9,595,032

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 six month period ended June 30, 2024, there were no indications of impairment.

14 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
	June 30, 2024		December 31, 2023
Initial balance		29,556,234		30,412,362
Business combination adjustments		—		64,206.464
Exchange rate variation		2,224,967		(920,334.464	)
Closing balance		31,781,201		29,556,234

	Consolidated
CGU	June 30, 2024		December 31, 2023
Brazil Beef		9,069,926		9,069,926
Seara		3,714,915		3,713,132
Moy Park		4,291,415		3,764,512
USA Pork		3,860,845		3,362,447
Australia Meat		1,529,248		1,359,994
Australia Smallgoods		1,690,845		1,503,698
Pilgrim’s Food Masters (PFM)		1,843,787		1,629,983
Others CGUs without significant goodwill		5,780,220		5,152,542
Total		31,781,201		29,556,234

The Company tests annually. For the six month period ended June 30, 2024 there were no indications that goodwill within any CGU was impaired.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

15 Trade accounts payable

	Company						Consolidated
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Domestic
Commodities		2,115,604			2,613,599			7,543,815			8,527,807
Materials and services		1,252,757			1,103,675			15,643,669			15,120,057
Finished products		82,851			251,126			24,634			184,266
Present value adjustment		(13,482	)		(36,772	)		(60,202	)		(95,094	)
		3,437,730			3,931,628			23,151,916			23,737,036
Foreign
Commodities		—			55,948			10,312			151,795
Materials and services		753,907			480,235			1,826,123			1,552,561
Finished products		—			325			10,490			9,582
		753,907			536,508			1,846,925			1,713,938

Total trade accounts payable		4,191,637			4,468,136			24,998,841			25,450,974

Supply chain finance ⁽¹⁾
Domestic		1,759,759			1,466,235			5,182,627			4,552,484
Foreign		—			—			44,703			37,386
Total supply chain finance		1,759,759			1,466,235			5,227,330			4,589,870
Total		5,951,396			5,934,371			30,226,171			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.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

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 June 30, 2024 the balance of this transaction was R$381,900 (R$358,139 at December 31, 2023).

16 Loans and financing

	Company
	Average annual		Index on variable		Current				Non-current
Type	interest rate	Currency	rate loans	Payment terms	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Foreign currency
ACC	6.15%	USD	—	2024		973,733		252,514		—		—
Prepayment	7.38%	USD	SOFR	2024 - 27		—		26,776		—		844,059
FINIMP	6.48%	USD e EUR	Euribor	2025		60,353		151,490		—		3,131
Working capital - American Dollar	8.97%	USD	SOFR	2024 - 30		2,049		1,751		13,305		12,359
CRA	4.92%	USD	—	2024 - 38		5,123		2,139		360,616		186,218
						1,041,258		434,670		373,921		1,045,767
Local currency
Credit note - export	14.20%	BRL	CDI	2024 - 30		1,614		11,066		4,425		1,035,206
CRA	9.88%	BRL	CDI e IPCA	2024 - 37		748,855		721,645		9,793,008		9,746,977
Working capital - Brazilian Reais	17.45%	BRL	TJLP	2023 - 28		—		24,597		—		79,061
CDC	15.97%	BRL	—	2024 - 28		94,090		103,101		23,654		43,670
FINAME	5.98%	BRL	—	2024 - 25		846		2,314		—		27
						845,405		862,723		9,821,087		10,904,941
						1,886,663		1,297,393		10,195,008		11,950,708

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

	Consolidated
	Average annual				Current				Non-current
Type	interest rate	Currency	Indexer	Payment terms	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Foreign currency
ACC	6.15%	USD	—	2024		973,733		252,514		—		—
Prepayment	7.38%	USD	SOFR	2024 - 27		—		26,776		—		844,059
FINIMP	6.48%	USD e EUR	Euribor	2025		60,353		151,490		—		3,131
White Stripe credit facility	8.45%	USD e CAD	—	—		—		14,001		—		—
Working capital - American Dollar	8.97%	USD	SOFR	2024 - 30		33,260		1,751		13,305		12,359
CRA	5.37%	USD	—	2024 - 38		5,123		2,139		360,616		186,218
Scott credit facilities	2.20%	USD	—	2029		—		—		—		8,787
Others	7.47%	USD	—	2024		27,489		—		—		—
						1,099,958		448,671		373,921		1,054,554
Local currency
FINAME	5.98%	BRL	—	2024 - 25		846		2,314		—		27
Prepayment	7.09%	GBP, USD	BoE, SOFR	2024 - 25		71,859		265,814		—		290,478
Notes 2,50% JBS Lux 2027	2.50%	USD	—	2027		64,083		55,878		5,493,689		4,774,587
Notes 5,13% JBS Lux 2028	5.13%	USD	—	2028		106,803		93,045		4,934,725		4,291,318
Notes 6,50% JBS Lux 2029	6.50%	USD	—	2029		5,264		5,248		388,172		377,065
Notes 3,00% JBS Lux 2029	3.00%	USD	—	2029		41,414		36,106		3,266,165		2,838,018
Notes 5,50% JBS Lux 2030	5.50%	USD	—	2030		175,116		154,486		6,895,571		6,002,878
Notes 3,75% JBS Lux 2031	3.75%	USD	—	2031		8,566		7,567		2,716,573		2,398,080
Notes 3,00% JBS Lux 2032	3.00%	USD	—	2032		21,307		18,557		5,456,094		4,746,125
Notes 3,63% JBS Lux 2032	3.63%	USD	—	2032		90,049		80,990		5,308,438		4,766,124
Notes 5,75% JBS Lux 2033	5.75%	USD	—	2033		132,780		142,668		9,028,488		9,687,901
Notes 6.75% JBS Lux 2034	6.75%	USD	—	2034		164,933		149,596		8,260,231		7,630,203
Notes 4,38% JBS Lux 2052	4.38%	USD	—	2052		90,593		78,957		4,933,324		4,295,380
Notes 6,50% JBS Lux 2052	6.50%	USD	—	2052		46,611		40,648		8,481,231		7,394,040
Notes 7.25% JBS Lux 2053	7.25%	USD	—	2053		45,338		90,382		4,913,923		4,275,904
Notes 4,25% PPC 2031	4.25%	USD	—	2031		42,715		43,436		4,690,856		4,765,795
Notes 3,50% PPC 2032	3.50%	USD	—	2032		58,368		50,834		4,956,977		4,314,489
Notes 6,25% PPC 2033	6.25%	USD	—	2033		169,296		212,649		5,365,284		4,763,926
Notes 6,88% PPC 2034	6.88%	USD	—	2034		23,887		36,983		2,697,845		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		94,481		83,507		54,524		49,314
Credit note - export	14.20%	BRL	CDI	2024 - 30		5,177		14,103		7,422		1,039,597
CDC	15.97%	BRL	—	2024 - 28		94,090		103,101		23,654		43,670
Rural - Credit note - Prefixed	10.73%	BRL	—	2024		1,202,274		1,176,088		—		—
CRA	9.88%	BRL	CDI e IPCA	2024 - 37		748,855		721,645		9,793,008		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		263,617		44,053		555,236		53,317
						3,768,322		3,867,689		98,221,430		91,450,911
						4,868,280		4,316,360		98,595,351		92,505,465

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

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.

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

	June 30, 2024
Maturity	Company		Consolidated
2025		21,343		69,795
2026		2,695		79,230
2027		447,998		5,966,411
2028		351,114		5,494,018
2029		117,275		3,813,616
Maturities thereafter 2029		9,254,583		83,172,281
		10,195,008		98,595,351

16.1 Guarantees and contractual restrictions (“covenants”)

The Company was in compliance with all of its debt covenant restrictions at June 30, 2024 and until the date that these interim financial statements were approved.

17 Other taxes payable

	Company				Consolidated
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Taxes payable in installments		293,333		288,891		331,593		329,110
PIS / COFINS tax payable		19,452		74,531		108,985		158,964
ICMS / VAT / GST tax payable		57,388		52,630		181,580		171,067
Withholding income taxes		28,726		48,137		31,599		50,966
Others		5,118		6,141		521,969		443,915
Subtotal		404,017		470,330		1,175,726		1,154,022
Income taxes payable		—		—		630,237		403,022
Total		404,017		470,330		1,805,963		1,557,044

Breakdown:
Current liabilities		173,471		238,006		1,323,212		1,100,179
Non-current liabilities		230,546		232,324		482,751		456,865
		404,017		470,330		1,805,963		1,557,044

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

18 Payroll and social charges

	Company				Consolidated
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Social charges in installments		2,235,771		2,344,071		2,242,555		2,369,913
Bonus and vacation along with related social charges		504,377		335,059		4,369,191		3,563,866
Salaries and related social charges		417,994		478,270		2,605,052		2,437,111
Others		27,370		16,403		378,596		283,826
		3,185,512		3,173,803		9,595,394		8,654,716
Breakdown:
Current liabilities		1,326,747		1,208,139		7,314,786		6,280,042
Non-current liabilities		1,858,765		1,965,664		2,280,608		2,374,674
		3,185,512		3,173,803		9,595,394		8,654,716

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 June 30, 2024, the Company and its subsidiaries have recognized under “Social charges in installments” the amount of R$1.55 billion, in the Company and R$1.56 billion, in the Consolidated related to the FUNRURAL. For the six month period ended June 30, 2024, the Company and its subsidiaries paid installments in cash and offset with the balance of recoverable taxes the amount of R$1.37 billion, in the Company and R$1.43 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
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Current liabilities		—		—		1,481,947		955,866
Non-current liabilities		550,749		559,310		1,514,170		1,529,624
		550,749		559,310		2,996,117		2,485,490

	Company
	June 30, 2024								December 31, 2023
					Tax and								Tax and
	Labor		Civil		Social Security		Total		Labor		Civil		Social Security		Total
Brazil		262,061		144,964		143,724		550,749		252,703		128,135		178,472		559,310
Total		262,061		144,964		143,724		550,749		252,703		128,135		178,472		559,310

	Consolidated
	June 30, 2024								December 31, 2023
	Labor		Civil		Tax and Social Security		Total		Labor		Civil		Tax and Social Security		Total
Brazil		531,844		378,667		599,438		1,509,949		522,569		355,844		643,924		1,522,337
USA		—		1,481,942		—		1,481,942		—		955,861		—		955,861
Other jurisdictions		663		233		3,330		4,226		312		232		6,748		7,292
Total		532,507		1,860,842		602,768		2,996,117		522,881		1,311,937		650,672		2,485,490

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

	Company
	Labor			Civil			Tax and Social Security
December 31, 2023		252,703			128,135			178,472
Additions, disposals and changes in prognosis		86,837			38,531			(54,620	)
Payments		(80,322	)		(29,736	)		(646	)
Monetary correction		2,843			8,034			20,518
June 30, 2024		262,061			144,964			143,724
December 31, 2022		252,392			77,765			148,028
Additions, disposals and changes in prognosis		59,627			31,705			8,174
Payments		(82,026	)		(11,894	)		—
Monetary correction		13,150			11,586			11,657
June 30, 2023		243,143			109,162			167,859

	Consolidated
	Labor						Civil									Tax and Social Security
Jurisdiction	Brazil			Others			Brazil			USA			Others			Brazil			Others
December 31, 2023		522,569			312			355,844			955,861			232			643,924			6,748
Additions, disposals and changes in prognosis		173,972			309			57,576			417,564			—			(70,087	)		21,626
Payments		(177,406	)		—			(55,828	)		(57,833	)		(22	)		(8,659	)		—
Monetary correction		12,709			17			21,075			—			3			34,260			(24,317	)
Exchange rate variation		—			25			—			166,350			20			—			(727	)
June 30, 2024		531,844			663			378,667			1,481,942			233			599,438			3,330
December 31, 2022		517,526			432			253,262			909,127			111			543,296			6,753
Additions, disposals and changes in prognosis		137,699			—			60,324			160,291			(1	)		25,371			(6,764	)
Payments		(165,182	)		(44	)		(40,076	)		(150,027	)		—			(3,416	)		1,566
Monetary correction		27,257			—			42,812			—			4			68,060			(28,242	)
Exchange rate variation		—			(94	)		—			(72,952	)		(5	)		—			(217	)
June 30, 2023		517,300			294			316,322			846,439			109			633,311			(26,904	)

In the subsidiary JBS USA:

a. Civil Proceedings: Refer to class action lawsuits alleging violations of federal and state antitrust laws and laws addressing unfair competition, unjust enrichment, unusual business practices, and consumer protection laws in the sale of pork and chicken. In the six-month period ended June 30, 2024, a provision in the amount of US$80,276 (equivalent to R$446,246) was recognized. In the six-month period, there was a payment of US$90 (equivalent to R$500), leaving the provisioned amount of US$266,590 (equivalent to R$1,481,947).

The Company, together with its legal department and hired external offices, continues to monitor the developments of the antitrust legal 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.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

In Consolidated - possible lawsuits:

In the semester ended June 30, 2024, the Company did not identify any relevant changes in the amount of lawsuits whose probability of loss is possible.

20 Equity

a. Share capital: Share capital on June 30, 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 six month period ended June 30, 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
	Six month period ended June 30,						Three month period ended June 30,						Six month period ended June 30,						Three month period ended June 30,
	2024			2023			2024			2023			2024			2023			2024			2023
GROSS REVENUE
Sales of products and services
Domestic sales		16,388,071			14,797,737			8,399,973			7,630,292			148,254,818			137,972,067			78,312,657			68,541,225
Export sales		12,690,638			10,779,342			6,806,873			6,065,753			48,083,082			44,003,124			25,664,796			23,783,083
		29,078,709			25,577,079			15,206,846			13,696,045			196,337,900			181,975,191			103,977,453			92,324,308
SALES DEDUCTION
Returns and discounts		(919,801	)		(842,811	)		(478,136	)		(401,322	)		(4,462,212	)		(4,143,804	)		(2,320,758	)		(2,049,958	)
Sales taxes		(547,973	)		(469,504	)		(275,320	)		(242,398	)		(2,122,287	)		(1,765,027	)		(1,050,435	)		(891,719	)
		(1,467,774	)		(1,312,315	)		(753,456	)		(643,720	)		(6,584,499	)		(5,908,831	)		(3,371,193	)		(2,941,677	)
NET REVENUE		27,610,935			24,264,764			14,453,390			13,052,325			189,753,401			176,066,360			100,606,260			89,382,631

21.1 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		June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Trade accounts receivable		4		3,651,925			2,575,423			18,291,752			16,416,149
Contract liabilities				(787,490	)		(652,228	)		(1,039,396	)		(1,571,478	)
Total customer contract revenue				2,864,435			1,923,195			17,252,356			14,844,671

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

22 Net finance income (expense)

	Company												Consolidated
	Six month period ended June 30,						Three month period ended June 30,						Six month period ended June 30,						Three month period ended June 30,
	2024			2023			2024			2023			2024			2023			2024			2023
Exchange rate variation		489,104			200,237			392,772			99,094			779,652			296,867			393,879			16,679
Fair value adjustments on derivatives		(1,399,603	)		362,251			(1,159,442	)		299,894			(2,111,431	)		(1,293	)		(1,734,538	)		75,212
Interest expense ⁽¹⁾		(1,293,349	)		(2,119,266	)		(636,517	)		(1,004,497	)		(4,332,387	)		(4,144,836	)		(2,253,542	)		(2,092,210	)
Interest income ⁽²⁾		247,663			254,188			125,473			124,646			1,075,549			745,477			628,113			394,193
Bank fees and others		(183,583	)		(67,261	)		(71,465	)		(33,848	)		(266,936	)		(118,196	)		(162,141	)		(61,756	)
		(2,139,768	)		(1,369,851	)		(1,349,179	)		(514,711	)		(4,855,553	)		(3,221,981	)		(3,128,229	)		(1,667,882	)
Financial income		736,767			816,676			518,245			523,634			1,855,201			1,117,556			1,021,992			486,084
Financial expense		(2,876,535	)		(2,186,527	)		(1,867,424	)		(1,038,345	)		(6,710,754	)		(4,339,537	)		(4,150,221	)		(2,153,966	)
		(2,139,768	)		(1,369,851	)		(1,349,179	)		(514,711	)		(4,855,553	)		(3,221,981	)		(3,128,229	)		(1,667,882	)

⁽¹⁾

For the six month period ended June 30, 2024 and 2023, the amounts of R$651,925 and R$890,305, respectively, in the Company and R$3,009,347 and R$2,867,242, in the Consolidated refers to interest expenses from loans and financings expenses recognized under the caption “Interest expense”.

⁽²⁾

For the six month period ended June 30, 2024 and 2023, the amounts of R$64,127 and R$68,314, respectively, in the Company and R$278,277 and R$189,083, respectively, in the Consolidated refers to interest income from short investments recognized under the caption “Interest income”.

23 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.

	Six month period ended June 30,					Three month period ended June 30,
	2024		2023			2024		2023
Net income attributable to Company shareholders		3,361,213		(1,716,227	)		1,715,206		(263,624	)
Weighted average common shares outstanding		2,218,116,370		2,218,116,370			2,218,116,370		2,218,116,370
Weighted average - common shares outstanding		2,218,116,370		2,218,116,370			2,218,116,370		2,218,116,370
Basic and diluted earnings (losses) per share - (R$)		1.52		(0.77	)		0.77		(0.12	)

24 Operating segments and information by geographic area

The Company’s Management has defined the reportable operating segments based on the reports used for strategic decision-making, analyzed by the chief operating decision maker (CODM) - the Company’s president (CEO). The Company has seven reportable segments: Brazil, Seara, North American Beef, US Pork, PPC Chicken, Australia and Others. The segment’s operating profit or loss is assessed by the CODM, based on adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization).

Adjusted EBITDA consists of profit or loss before taxes, applying the same accounting policies described in these financial statements, except for the following adjustments as described below: exclusion of equity in the income statement, exclusion of financial result, exclusion of depreciation and amortization expenses, exclusion of expenses with DOJ and antitrust agreements described in note 19, exclusion of donations and expenses with social programs, exclusion of asset impairment, exclusion of expenses with restructuring projects, exclusion of claims - Rio Grande do Sul, payment and tax installments - special program and exclusion of some other revenues (expenses).

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

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

The information by consolidated operational segments is as follows:

	Six month period ended June 30, 2024
	Brazil		Seara		Beef North America		Pork USA		Pilgrim’s Pride		Australia		Others		Total reportable segments		Elimination ⁽¹⁾			Total
Net revenue		29,781,108		21,912,357		58,905,694		20,740,572		45,353,213		15,780,697		1,315,720		193,789,361		(4,035,960	)		189,753,401
Adjusted EBITDA⁽²⁾		1,823,986		3,211,443		102,675		2,805,177		6,563,339		1,791,809		19,264		16,317,693		(6,729	)		16,310,964

	Six month period ended June 30, 2023
	Brazil		Seara		Beef North America		Pork USA		Pilgrim’s Pride		Australia		Others			Total reportable segments		Elimination ⁽¹⁾			Total
Net revenue		26,185,807		20,640,010		56,127,075		18,190,603		42,935,284		14,716,393		2,542,583			181,337,755		(5,271,395	)		176,066,360
Adjusted EBITDA⁽²⁾		972,228		566,845		549,328		618,006		3,254,277		692,782		(15,108	)		6,638,358		(6,022	)		6,632,336

	Three month period ended June 30, 2024
	Brazil		Seara		Beef North America		Pork USA		Pilgrim’s Pride		Australia		Others		Total reportable segments		Elimination ⁽¹⁾			Total
Net revenue		15,546,779		11,594,831		31,262,660		11,278,655		23,767,606		8,616,895		501,175		102,568,601		(1,962,341	)		100,606,260
Adjusted EBITDA⁽²⁾		1,180,667		2,019,469		151,273		1,253,430		4,083,648		1,177,799		19,194		9,885,480		(3,365	)		9,882,115

	Three month period ended June 30, 2023
	Brazil		Seara		Beef North America		Pork USA		Pilgrim’s Pride		Australia		Others			Total reportable segments		Elimination ⁽¹⁾			Total
Net revenue		13,986,214		10,310,448		28,770,236		8,797,968		21,314,666		7,471,444		1,272,197			91,923,173		(2,540,542	)		89,382,631
Adjusted EBITDA⁽²⁾		675,655		419,890		433,488		386,326		1,858,485		710,444		(11,296	)		4,472,992		(3,011	)		4,469,981

⁽¹⁾

Includes intercompany and intersegment transactions.

⁽²⁾

The Adjusted EBITDA and reconciled with the consolidated profit before consolidated income tax as follows below:

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

	Six month period ended June 30,					Three month period ended June 30,
	2024		2023			2024			2023
Profit before Income Tax		4,622,343		(2,276,974	)		2,801,383			(128,091	)
Equity		19,813		(29,426	)		(12,540	)		(15,008	)
Financial result		4,855,553		3,221,981			3,128,229			1,667,882
Operating profit		9,497,709		915,581			5,917,072			1,524,783
Depreciation and amortization		5,546,846		5,250,371			2,849,924			2,657,541
Antitrust agreements ⁽¹⁾		417,567		160,291			394,330			89,125
Donations and social programs ⁽²⁾		73,480		37,236			24,965			23,050
Impairment assets		—		112,734			—			4,545
Restructuring ⁽³⁾		268,151		215,689			194,071			162,671
Accident - Rio Grande do Sul ⁽⁴⁾		32,453		—			32,453			—
Tax payments and installments - Extraordinary ⁽⁵⁾		426,579		—			426,579			—
Other operating income (expense), net ⁽⁶⁾		48,179		(59,566	)		42,721			8,266
Total Adjusted EBITDA for operating segments - with elimination		16,310,964		6,632,336			9,882,115			4,469,981
Elimination reversal		6,729		6,022			3,365			3,011
Total Adjusted EBITDA for reportable segments		16,317,693		6,638,358			9,885,480			4,472,992

⁽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 multiple restructuring initiatives, primarily those in the indirect subsidiary Pilgrim’s Pride Corporation (PPC), which are registered as Other expenses, as well as other non-significant restructuring projects that are registered as General and administrative expenses.

⁽⁴⁾

Refers to the loss resulting from the floods that occurred in Rio Grande do Sul.

⁽⁵⁾

Refers to the special program for paying tax processes in installments with exemption from fines and reduced interest.

⁽⁶⁾

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.

	Six month period ended June 30, 2024
	North and Central America ⁽²⁾		South America		Australia		Europe		Others		Total reportable segments		Intercompany elimination ⁽¹⁾			Total
Net revenue		111,898,525		52,355,032		14,372,928		15,166,247		898,117		194,690,849		(4,937,448	)		189,753,401
Total assets		97,562,091		87,480,859		21,966,483		29,411,467		1,536,815		237,957,715		(18,393,865	)		219,563,850

	Six month period ended June 30, 2023
	North and Central America ⁽²⁾		South America		Australia		Europe		Others		Total reportable segments		Intercompany elimination ⁽¹⁾			Total
Net revenue		104,610,151		43,584,385		13,612,998		14,920,105		561,406		177,289,045		(1,222,686	)		176,066,359
Total assets		95,082,776		85,569,078		18,223,728		25,648,160		10,110,308		234,634,050		(28,501,981	)		206,132,069

	Three month period ended June 30, 2024
	North and Central America ⁽²⁾		South America		Australia		Europe		Others		Total reportable segments		Intercompany elimination ⁽¹⁾			Total
Net revenue		59,553,077		27,477,784		7,851,373		7,919,842		496,879		103,298,955		(2,692,695	)		100,606,260

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

	Three month period ended June 30, 2023
	América do Norte e Central ⁽²⁾		América do Sul		Austrália		Europa		Outros		Total reportable segments		Intercompany elimination ⁽¹⁾			Total
Net revenue		53,352,471		22,829,264		6,368,049		7,492,789		245,609		90,288,182		(905,551	)		89,382,631

⁽¹⁾

Includes intercompany and intersegment transactions.

⁽²⁾

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

25 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
	Six month period ended June 30,						Three month period ended June 30,						Six month period ended June 30,						Three month period ended June 30,
	2024			2023			2024			2023			2024			2023			2022			2021
Cost of sales
Cost of inventories, raw materials and production inputs		(20,846,188	)		(19,272,585	)		(10,698,999	)		(10,207,349	)		(136,855,078	)		(135,457,284	)		(71,790,769	)		(67,944,671	)
Salaries and benefits		(1,619,094	)		(1,280,600	)		(836,141	)		(706,244	)		(20,787,900	)		(18,499,489	)		(10,767,620	)		(9,201,975	)
Depreciation and amortization		(353,962	)		(256,334	)		(193,117	)		(141,446	)		(4,917,586	)		(4,607,940	)		(2,535,682	)		(2,348,507	)
		(22,819,244	)		(20,809,519	)		(11,728,257	)		(11,055,039	)		(162,560,564	)		(158,564,713	)		(85,094,071	)		(79,495,153	)
Selling
Freights and selling expenses		(1,918,616	)		(1,489,813	)		(997,856	)		(779,662	)		(9,371,895	)		(9,634,355	)		(4,827,586	)		(4,729,250	)
Salaries and benefits		(253,536	)		(218,758	)		(130,444	)		(111,096	)		(819,973	)		(735,004	)		(425,735	)		(375,053	)
Depreciation and amortization		(14,547	)		(44,421	)		(6,883	)		(16,453	)		(140,978	)		(161,601	)		(73,124	)		(75,201	)
Advertising and marketing		(91,826	)		(75,852	)		(55,818	)		(37,665	)		(774,807	)		(782,723	)		(395,229	)		(386,610	)
Commissions		(67,292	)		(44,593	)		(38,844	)		(36,793	)		(167,457	)		(135,794	)		(91,895	)		(80,153	)
Net impairment losses		(24,075	)		8,999			(6,596	)		(13,813	)		(21,505	)		(4,546	)		(9,413	)		(32,449	)
		(2,369,892	)		(1,864,438	)		(1,236,441	)		(995,482	)		(11,296,615	)		(11,454,023	)		(5,822,982	)		(5,678,716	)
General and administrative
Salaries and benefits		(575,993	)		(482,873	)		(305,490	)		(255,997	)		(3,119,409	)		(2,788,886	)		(1,594,159	)		(1,329,652	)
Fees, services held and general expenses		(851,797	)		(506,969	)		(649,950	)		(266,826	)		(2,152,350	)		(1,737,788	)		(1,376,585	)		(858,549	)
Depreciation and amortization		(103,759	)		(121,977	)		(42,925	)		(57,232	)		(488,282	)		(480,830	)		(241,118	)		(233,833	)
DOJ and Antitrust agreements		—			—			—			—			(417,567	)		(160,291	)		(394,330	)		(89,125	)
Donations and social programs ⁽¹⁾		(73,480	)		(32,373	)		(24,965	)		(18,187	)		(73,480	)		(32,373	)		(24,965	)		(18,187	)
		(1,605,029	)		(1,144,192	)		(1,023,330	)		(598,242	)		(6,251,088	)		(5,200,168	)		(3,631,157	)		(2,529,346	)

⁽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.

The Company incurred expenses with internal research and development, in the amount of R$3,887 (R$2,311 at June 30, 2023), in the Company and R$14,917 (R$20,380 at June 30, 2023), in the Consolidated.

25.1 Other income and expenses

Other income: As of June 30, 2024, the Company has recorded in other income the amount of R$195,012 (R$500,795 as of June 30, 2023), of which mainly refers to the gain on the sale of assets, extemporaneous tax credits, receipt of claim, among other insignificant items.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Other expenses: As of June 30, 2024, the Company has recorded in other expenses the amount of R$342,437 (R$432,670 as of June 30, 2023), of which mainly refer to restructuring expenses, loss on sale of assets, among other non-significant items.

Restructuring expenses

The Company recorded in other expenses the amount of R$263,445 (R$188,887 as of June 30, 2023) related to restructuring initiatives in its indirect subsidiary Pilgrim’s Pride Corporation (“PPC”) in the reportable segment Europe. The purpose of these activities is to integrate core operations and reallocate processing capacity among production facilities, resulting in the closure of some facilities in the Europe reportable segment.

For the six month period ended June 30, 2024, PPC has recognized the following expenses and paid the following amounts related to restructuring initiatives:

	June 30, 2024
	Provisions		Expenses		Payments
Pilgrim’s Europe Central		15,187		122,291		99,874
Pilgrim’s Food Masters		55,850		102,525		44,568
Pilgrim’s Pride Ltd.		6,265		38,629		3,589
Moy Park		11,713		—		3,437
Total		89,015		263,445		151,468

These expenses are recorded under other expenses in the income statement for the period.

The following table reconciles liabilities and reserves associated with each restructuring initiative from its inception through June 30, 2024. These balances are accrued in other current liabilities.

	December 31, 2023		Complement		Payments			Exchange rate variation		June 30, 2024
Labor termination		17,676		174,529		(135,080	)		6,079		63,204
Termination		7,732		4,811		(9,745	)		461		3,259
Adjustment to recoverable value of assets		1,738		70,707		(72,553	)		109		1
Others		22,419		13,398		(16,243	)		2,977		22,551
Total (*)		49,565		263,445		(233,621	)		9,626		89,015

(*)

Recognized in other current liabilities.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

26 Risk management and financial instruments

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

		Company						Consolidated
	Notes	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Assets
Fair value through profit or loss ⁽¹⁾
Financial investments	3		924,568			3,594,468			12,885,590			12,791,962
National treasury bills	3		358,194			397,495			677,603			1,020,138
Derivative assets			49,478			439,444			273,819			821,741
Loans and receivables at amortized cost ⁽²⁾
Cash at banks	3		767,845			531,461			7,349,722			8,863,520
Margin cash	3		—			—			504,531			88,068
Trade accounts receivable	4		3,651,925			2,575,423			18,291,752			16,416,149
Related party receivables	8		601,047			1,807,877			588,084			573,955
Total			6,353,057			9,346,168			40,571,101			40,575,533
Liabilities
Amortized cost
Loans and financing	16		(12,081,671	)		(13,248,101	)		(103,463,631	)		(96,821,825	)
Trade accounts payable and supply chain finance	15		(5,951,396	)		(5,934,371	)		(30,226,171	)		(30,040,844	)
Related party payables	8		(1,230,196	)		(6,402,295	)		—			—
Lease liabilities	12		(152,257	)		(151,030	)		(9,534,821	)		(8,913,933	)
Other financial liabilities ⁽³⁾			(397,500	)		(473,930	)		(427,272	)		(503,702	)
Fair value through profit or loss
Derivative liabilities			(511,204	)		(42,513	)		(1,279,149	)		(698,361	)
Total			(20,324,224	)		(26,252,240	)		(144,931,044	)		(136,978,665	)

⁽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 six month period ended June 30, 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
	June 30, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
Financial assets
Financial investments		—		924,568		924,568		1,000,451		2,594,019		3,594,470
National treasury bills		358,194		—		358,194		397,493		—		397,493
Derivative assets		—		49,478		49,478		—		439,444		439,444
Financial liabilities
Derivative liabilities		—		511,204		511,204		—		42,513		42,513

	Consolidated
	June 30, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
Financial assets
Financial investments		—		12,885,590		12,885,590		1,000,451		11,791,511		12,791,962
National treasury bills		677,603		—		677,603		1,020,138		—		1,020,138
Derivative assets		—		273,819		273,819		—		821,741		821,741
Financial liabilities
Derivative liabilities		—		1,279,149		1,279,149		—		698,361		698,361

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

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 June 30, 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
	June 30, 2024							December 31, 2023
Description	Principal		Price (% of the Principal)			Market Value of the Principal		Principal		Price (% of the Principal)			Market Value of the Principal
Notes 2,50% JBS Lux 2027		5,558,900		92.88	%		5,163,162		4,841,300		92.10	%		4,458,643
Notes 5,13% JBS Lux 2028		5,001,565		98.77	%		4,940,096		4,357,170		99.66	%		4,342,312
Notes 3,00% JBS Lux 2029		3,335,340		89.13	%		2,972,855		2,904,780		88.24	%		2,563,178
Notes 6,5% JBS Lux 2029		388,600		100.00	%		388,604		377,491		99.27	%		374,746
Notes 5,5% JBS Lux 2030		6,946,874		98.50	%		6,842,671		6,051,625		98.55	%		5,963,876
Notes 3,75% JBS Lux 2031		2,740,538		87.48	%		2,397,368		2,420,650		86.45	%		2,092,652
Notes 3,00% JBS Lux 2032		5,558,900		85.99	%		4,779,987		4,841,300		81.66	%		3,953,212
Notes 3,625% JBS Lux 2032		5,387,130		85.99	%		4,632,285		4,841,300		85.60	%		4,144,298
Notes 5,75% JBS Lux 2033		9,237,085		99.44	%		9,185,635		9,924,665		99.35	%		9,860,452
Notes 6,75% JBS Lux 2034		8,377,518		105.77	%		8,860,482		7,746,080		105.27	%		8,154,530
Notes 4,375% JBS Lux 2052		5,003,010		74.11	%		3,707,631		4,357,170		74.36	%		3,239,817
Notes 6,50% JBS Lux 2052		8,605,177		99.55	%		8,566,626		7,504,015		100.71	%		7,557,218
Notes 7.25% JBS Lux 2053		5,003,010		108.58	%		5,432,118		4,357,170		109.34	%		4,764,129
Notes 4,25% PPC 2031		4,760,681		91.07	%		4,335,695		4,841,300		90.27	%		4,369,999
Notes 3,5% PPC 2032		5,003,010		84.62	%		4,233,747		4,357,170		84.47	%		3,680,371
Notes 6,25% PPC 2033		5,447,722		101.52	%		5,530,528		4,841,300		102.90	%		4,981,794
Notes 6,875% PPC 2034		2,779,450		106.08	%		2,948,441		2,420,646		108.05	%		2,615,416
		89,134,510					84,917,931		80,985,132					77,116,643

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.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

a. Interest rate risk

The Company understands that the quantitative data referring to the Company’s interest rate exposure risk on June 30, 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
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Net exposure to the CDI rate:
CDB-DI (Bank certificates of deposit)		1,076,423			75,631			6,253,480			4,567,894
Margin cash		206,339			64,754			504,531			152,822
Related party transactions		(1,229,051	)		1,223,516			923			3,019
Credit note - export		(6,038	)		(1,046,272	)		(12,598	)		(1,053,700	)
CRA - Agribusiness Credit Receivable Certificates		—			(293,753	)		—			(293,753	)
Rural - Credit note		—			—			(836	)		(5,847	)
Subtotal		47,673			23,876			6,745,500			3,370,435
Derivatives (Swap)		(8,382,899	)		(5,992,578	)		(9,348,601	)		(6,910,347	)
Total		(8,335,226	)		(5,968,702	)		(2,603,101	)		(3,539,912	)
Liabilities exposure to the LIBOR rate:
Margin cash		—			—			102,875			250,540
CRA - Agribusiness Credit Receivable Certificates		(10,247,220	)		(10,174,868	)		(10,247,220	)		(10,174,868	)
Related party transactions		587,161			570,935			587,161			570,935
Treasury bills		—			—			126,852			134,183
Subtotal		(9,660,059	)		(9,603,933	)		(9,430,332	)		(9,219,210	)
Derivatives (Swap)		8,928,788			6,892,396			8,928,789			6,892,396
Total		(731,271	)		(2,711,537	)		(501,543	)		(2,326,814	)
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		(15,354	)		(14,110	)		(15,354	)		(14,110	)
Total		(15,354	)		(884,945	)		(15,354	)		(1,374,374	)
Assets exposure to the CPI rate:
Margin cash		—			—			89,682			237,921
Total		—			—			89,682			237,921

Sensitivity analysis:

					Scenario (I) VaR 99% I.C. 1 day									Scenario (II) Interest rate variation - 50%									Scenario (III) Interest rate variation - 100%
Contracts		Current						Effect on income									Effect on income									Effect on income
exposure	Risk	scenario			Rate			Company			Consolidated			Rate			Company			Consolidated			Rate			Company			Consolidated
CDI	Increase		10.40	%		10.44	%		(3,583	)		(1,119	)		15.60	%		(433,432	)		(135,361	)		20.80	%		(866,864	)		(270,723	)
									(3,583	)		(1,119	)					(433,432	)		(135,361	)					(866,864	)		(270,723	)

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

					Scenario (I) VaR 99% I.C. 1 day									Scenario (II) Interest rate variation - 25%									Scenario (III) Interest rate variation - 50%
Contracts		Current						Effect on income									Effect on income									Effect on income
exposure	Risk	scenario			Rate			Company			Consolidated			Rate			Company			Consolidated			Rate			Company			Consolidated
IPCA	Increase		3.93	%		3.94	%		(44	)		(30	)		4.91	%		(7,188	)		(4,930	)		5.90	%		(14,369	)		(9,855	)
SOFR	Increase		5.33	%		5.33	%		—			—			6.66	%		(205	)		(205	)		8.00	%		(409	)		(409	)
CPI	Decrease		3.30	%		3.30	%		—			(4	)		2.48	%		—			(740	)		1.65	%		—			(1,480	)
									(44	)		(34	)					(7,393	)		(5,875	)					(14,778	)		(11,744	)

			Company
			June 30, 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		712,426		(543,984	)		168,442			537,534		689,751		(540,408	)		149,343
	IPCA	2027		1,365,410		1,439,548		(1,414,388	)		25,160			387,000		457,602		(413,456	)		44,146
	IPCA	2028		—		—		—			—			442,000		526,622		(484,293	)		42,329
	IPCA	2030		1,400,000		1,645,613		(1,571,848	)		73,765			1,400,000		1,697,548		(1,590,808	)		106,740
	IPCA	2031		1,508,691		1,675,026		(1,703,334	)		(28,308	)		1,398,524		1,616,904		(1,578,406	)		38,498
Swap	IPCA	2032		1,153,205		1,232,057		(1,302,565	)		(70,508	)		425,166		501,657		(510,557	)		(8,900	)
	IPCA	2036		—		—		—			—			91,135		113,710		(119,336	)		(5,626	)
	IPCA	2034		800,000		810,426		(822,388	)		(11,962	)		—		—		—			—
	IPCA	2038		881,290		933,614		(964,717	)		(31,103	)		—		—		—			—
	IPCA	2039		129,136		133,273		(133,826	)		(553	)		—		—		—			—
	IPCA	2037		1,208,988		1,413,692		(1,568,377	)		(154,685	)		1,040,017		1,288,602		(1,295,723	)		(7,121	)
				8,984,254		9,995,675		(10,025,427	)		(29,752	)		5,721,376		6,892,396		(6,532,987	)		359,409

			Consolidated
			June 30, 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		961,610		(965,702	)		(4,092	)		880,000		915,329		(917,770	)		(2,441	)
	IPCA	2024		537,534		712,426		(543,984	)		168,442			537,534		689,751		(540,408	)		149,343
	IPCA	2027		1,365,410		1,439,548		(1,414,388	)		25,160			387,000		457,602		(413,456	)		44,146
	IPCA	2028		—		—		—			—			442,000		526,622		(484,293	)		42,329
	IPCA	2030		1,400,000		1,645,613		(1,571,848	)		73,765			1,400,000		1,697,548		(1,590,808	)		106,740
	IPCA	2031		1,508,691		1,675,026		(1,703,334	)		(28,308	)		1,398,524		1,616,904		(1,578,406	)		38,498
Swap	IPCA	2032		1,153,205		1,232,057		(1,302,565	)		(70,508	)		425,166		501,657		(510,557	)		(8,900	)
	IPCA	2034		800,000		810,426		(822,388	)		(11,962	)		—		—		—			—
	IPCA	2036		—		—		—			—			91,135		113,710		(119,336	)		(5,626	)
	IPCA	2037		1,208,988		1,413,692		(1,568,377	)		(154,685	)		1,040,017		1,288,602		(1,295,723	)		(7,121	)
	IPCA	2038		881,290		933,614		(964,717	)		(31,103	)		—		—		—			—
	IPCA	2039		129,136		133,273		(133,826	)		(553	)		—		—		—			—
				9,864,254		10,957,285		(10,991,129	)		(33,844	)		6,601,376		7,807,725		(7,450,757	)		356,968

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

b. 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
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
OPERATING
Cash and cash equivalents		2,356,096			2,767,180			122,488			161,775			5,562			16,901
Trade accounts receivable		1,931,441			1,530,322			378,316			237,649			42,984			38,864
Sales orders ⁽¹⁾		2,923,935			2,345,443			256,486			257,417			73,269			81,782
Trade accounts payable		(360,827	)		(246,588	)		(50,892	)		(27,667	)		(3	)		(237	)
Operating subtotal		6,850,645			6,396,357			706,398			629,174			121,812			137,310
FINANCIAL
Loans and financing		(1,401,501	)		(1,464,859	)		(13,679	)		(15,579	)		—			—
Financial subtotal		(1,401,501	)		(1,464,859	)		(13,679	)		(15,579	)		—			—
Operating financial subtotal		5,449,144			4,931,498			692,719			613,595			121,812			137,310

Total exposure		5,449,144			4,931,498			692,719			613,595			121,812			137,310
DERIVATIVES
Future contracts		(486,811	)		697,909			(551,107	)		(481,644	)		(117,333	)		(152,117	)
Non-Deliverable Forwards (NDF´s)		(5,503,311	)		(3,582,562	)		—			—			—			—
Total derivatives		(5,990,122	)		(2,884,653	)		(551,107	)		(481,644	)		(117,333	)		(152,117	)
NET EXPOSURE IN R$		(540,978	)		2,046,845			141,612			131,951			4,479			(14,807	)

	Consolidated
	USD						EUR						GBP						MXN					AUD
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023			June 30, 2024		December 31, 2023			June 30, 2024			December 31, 2023
OPERATING
Cash and cash equivalents		8,870,113			7,604,779			266,470			329,956			40,722			97,319			—		1,314,427			745			203
Trade accounts receivable		3,581,139			2,806,266			886,861			715,733			357,500			240,823			—		649,281			2,624			1,167
Sales orders ⁽¹⁾		5,758,587			4,437,512			462,655			356,147			698,867			1,053,024			—		—			—			—
Trade accounts payable		(1,429,230	)		(846,168	)		(379,171	)		(362,919	)		(59,917	)		(76,715	)		—		(1,294,723	)		(516	)		(1,549	)
Purchase orders		(467,931	)		(274,549	)		(108,528	)		(87,203	)		—			—			—		—			—			—
Operating subtotal		16,312,678			13,727,840			1,128,287			951,714			1,037,172			1,314,451			—		668,985			2,853			(179	)
FINANCIAL
Advances to customers		(21,780	)		(27,074	)		(5,982	)		(8,770	)		(6,551	)		(2,474	)		—		—			—			—
Loans and financing		(1,424,214	)		(1,485,299	)		(13,679	)		(15,579	)		(71,859	)		—			—		—			—			—
Financial subtotal		(1,445,994	)		(1,512,373	)		(19,661	)		(24,349	)		(78,410	)		(2,474	)		—		—			—			—
Operating financial subtotal		14,866,684			12,215,467			1,108,626			927,365			958,762			1,311,977			—		668,985			2,853			(179	)

Total exposure		14,866,684			12,215,467			1,108,626			927,365			958,762			1,311,977			—		668,985			2,853			(179	)
DERIVATIVES
Future contracts		(984,616	)		(1,214,139	)		(664,842	)		(663,598	)		(187,592	)		(213,703	)		—		—			—			—
Deliverable Forwards (DF´s)		(3,927,407	)		(1,926,954	)		280,624			325,834			(121,078	)		(69,565	)		—		—			11,674			13,778
Non-Deliverable Forwards (NDF´s)		(11,185,257	)		(6,326,417	)		(31,091	)		24,550			(299,969	)		(470,206	)		—		—			—			—
Total derivatives		(16,097,280	)		(9,467,510	)		(415,309	)		(313,214	)		(608,639	)		(753,474	)		—		—			11,674			13,778

NET EXPOSURE IN R$		(1,230,596	)		2,747,957			693,317			614,151			350,123			558,503			—		668,985			14,527			13,599

(1) Sales orders, although not recorded in the Balance Sheet, are part of the Company’s risk analysis and exchange rate exposure for the purpose of contracting protection derivatives.

Notes to the condensed financial statements for the six month period ended June 30, 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$):

			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		Company			Consolidated			Exchange rate		Company			Consolidated			Exchange rate		Company			Consolidated
Operating	Appreciation	5.5589		5.4742		(104,333	)		(248,436	)		6.9486		1,712,668			4,078,184			8.3384		3,425,323			8,156,339
Financial	Depreciation	5.5589		5.4742		21,344			22,022			6.9486		(350,376	)		(361,500	)		8.3384		(700,750	)		(722,997	)
Derivatives	Depreciation	5.5589		5.4742		91,227			245,156			6.9486		(1,497,536	)		(4,024,335	)		8.3384		(2,995,061	)		(8,048,640	)
						8,238			18,742					(135,244	)		(307,651	)				(270,488	)		(615,298	)

		Closing	Scenario (i) VaR 99% I.C. 1 day				Scenario (ii) Interest rate variation - 25%					Scenario (iii) Interest rate variation - 50%
Exposure of R$	Risk	exchange rate	Exchange rate	Effect on income			Exchange rate		Effect on income			Exchange rate		Effect on income
Net debt in foreign subsidiaries	Depreciation	5.5589	5.6436		(1,163,905	)		6.9486		(19,105,990	)		8.3384		(38,211,842	)

			Company
			June 30, 2024									December 31, 2023
Instrument	Risk factor	Nature	Quantity			Notional (R$)			Fair value			Quantity		Notional (R$)		Fair value
Future Contract	American dollar	Short		(9,736	)		(486,811	)		(13,925	)		13,958		697,909		(467	)

			Consolidated
			June 30, 2024								December 31, 2023
Instrument	Risk factor	Nature	Quantity		Notional (R$)			Fair value			Quantity		Notional (R$)			Fair value
Future Contract	American dollar	Short		220		(984,616	)		(27,024	)		52,199		(1,214,139	)		(10,061	)

			Consolidated
			June 30, 2024								December 31, 2023
Instrument	Risk factor	Nature	Quantity			Notional (R$)			Fair value		Quantity			Notional (R$)			Fair value
Non-Deliverable Forwards	American dollar	Short		(990,000	)		(5,503,311	)		—		(740,000	)		(3,582,562	)		35,174

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

			Consolidated
			June 30, 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		(706,508	)		(3,927,407	)		88,887			(398,024	)		(1,926,954	)		141,124
Non-Deliverable Forwards	American dollar	Short		(2,012,135	)		(11,185,257	)		(348,315	)		(1,306,760	)		(6,326,417	)		67,656

b1.2 EUR - EURO (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%
Exposure		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		5.9547		5.8724		(9,762	)		(15,592	)		4.4660		(176,599	)		(282,071	)		2.9774		(353,199	)		(564,143	)
Financial	Depreciation		5.9547		5.8724		189			272			4.4660		3,420			4,915			2.9774		6,840			9,831
Derivatives	Depreciation		5.9547		5.8724		7,616			5,739			4.4660		137,776			103,827			2.9774		275,554			207,655
							(1,957	)		(9,581	)				(35,403	)		(173,329	)				(70,805	)		(346,657	)

			Company
			June 30, 2024								December 31, 2023
Instrument	Risk factor	Nature	Quantity			Notional (R$)			Fair value		Quantity			Notional (R$)			Fair value
Future Contract	Euro	Short		(9,255	)		(551,107	)		—		(9,000	)		(481,644	)		1,805

			Consolidated
			June 30, 2024									December 31, 2023
Instrument	Risk factor	Nature	Notional (EUR)			Notional (R$)			Fair value			Notional (EUR)			Notional (R$)			Fair value
Future Contract	Euro	Short		(7,345	)		(664,842	)		(37	)		(5,600	)		(663,598	)		2,486
Deliverable Forwards	Euro	Long		47,127			280,624			(6,320	)		60,885			325,834			(9,126	)
Non-Deliverable Forwards	Euro	Short		(5,221	)		(31,091	)		467			4,587			24,550			(3,157	)

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	7.0259	6.9260		(1,732	)		(14,749	)		5.2694		(30,453	)		(259,292	)		3.5130		(60,906	)		(518,586	)
Financial	Depreciation	7.0259	6.9260		-			1,115			5.2694		-			19,602			3.5130		-			39,205
Derivatives	Depreciation	7.0259	6.9260		1,668			8,655			5.2694		29,333			152,159			3.5130		58,666			304,320
					(64	)		(4,979	)				(1,120	)		(87,531	)				(2,240	)		(175,061	)

			Company
			June 30, 2024								December 31, 2023
Instrument	Risk factor	Nature	Notional (GBP)			Notional (R$)			Fair value		Notional (GBP)			Notional (R$)			Fair value
Future Contract	British pound	Short		(1,670	)		(117,333	)		74		(2,470	)		(152,117	)		761

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

			Consolidated
			June 30, 2024								December 31, 2023
Instrument	Risk factor	Nature	Notional (GBP)			Notional (R$)			Fair value		Notional (GBP)			Notional (R$)			Fair value
Future Contract	British pound	Short		(670	)		(187,592	)		118		(1,470	)		(213,703	)		1,069

Consolidated

June 30, 2024 December 31, 2023

Instrument Risk factor Nature Notional
(GBP) Notional
(R$) Fair value Notional
(GBP) Notional
(R$) Fair value

Deliverable Forwards British pound Short (42,695 ) (299,969 ) (3,913 ) (11,296 ) (69,565 ) 978

Non-Deliverable Forwards British pound Short (17,233 ) (121,078 ) 1,329 (76,350 ) (470,206 ) 315

b1.4 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 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	3.7106	3.6598		(39	)		2.7830		(713	)		1.8553		(1,427	)
Derivatives	Appreciation	3.7106	3.6598		(160	)		2.7830		(2,918	)		1.8553		(5,837	)
					(199	)				(3,631	)				(7,264	)

Consolidated

June 30, 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

3,146

11,674

4,190

13,778

)

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)	June 30, 2024		December 31, 2023
DERIVATIVES
Future contracts		801,732		(491	)
Subtotal		801,732		(491	)
NET EXPOSURE		801,732		(491	)

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

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		225.15		217.63		(26,786	)		168.86		(200,433	)		112.57		(400,866	)
							(26,786	)				(200,433	)				(400,866	)

Derivatives financial instruments breakdown:

Company

June 30, 2024

December 31, 2023

Instrument

Risk factor

Nature

Quantity

Notional

Fair value

Quantity

Notional

Fair value

Future Contracts

Commodities (Cattle)

Short

10,177

801,732

(2,785

)

(491

)

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

	Seara Alimentos
EXPOSURE in Commodities (Grain)	June 30, 2024		December 31, 2023
OPERATING
Purchase orders		365,143		552,376
Subtotal		365,143		552,376
DERIVATIVES
Future contracts		214,153		—
Subtotal		214,153		—
NET EXPOSURE		579,296		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		(1.69	)%		(6,160	)		(25.00	)%		(91,286	)		(50.00	)%		(182,572	)
Derivatives	Depreciation		(1.69	)%		(3,613	)		(25.00	)%		(53,538	)		(50.00	)%		(107,077	)
						(9,773	)					(144,824	)					(289,649	)

Derivatives financial instruments breakdown:

Seara Alimentos

June 30, 2024

December 31, 2023

Instrument

Risk factor

Nature

Quantity

Notional

Fair value

Quantity

Notional

Fair value

Future contracts

Commodities (Grains)

Long

7,698

214,153

(3,706

)

—

Notes to the condensed financial statements for the six month period ended June 30, 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 June 30, 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

7,698

214,153

(3,706

)

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		(18,492,938	)		(18,488,583	)
Derivatives operating income (loss)		9,084			9,084
Commodities		9,084			9,084
Cost of sales with hedge accounting		(18,483,854	)		(18,479,499	)
Financial income (expense), net excluding derivatives		(117,721	)		(179,147	)
Derivatives financial income (expense), net		(712,154	)		(712,154	)
Currency		(573,102	)		(573,102	)
Commodities		(137,401	)		(137,401	)
Interests		(1,651	)		(1,651	)
Financial income (expense), net		(829,875	)		(891,301	)

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

	Seara Alimentos
Statements of other comprehensive income (expense):	2024			2023
Financial instruments designated as hedge accounting:		(675	)		(675	)
Commodities		(675	)		(675	)
Other comprehensive income		1,985			1,985

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

Cash Flow Hedge Movement	December 31, 2023			OCI			June 30, 2024
Hedge accounting operations at Company Seara	(2,660)			1,985			(675)
Deferred income tax on hedge accounting		905			(675	)		230
Total of other comprehensive income (expense)		(1,755	)		1,310			(445	)

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

	Seara Alimentos
	June 30, 2024			December 31, 2023
Balance sheet:
Derivative (liabilities)/assets		(3,706	)		—
Financial instruments designated as hedge accounting:
Commodities		(3,706	)		—
Derivative (liabilities)/assets		(365,577	)		21,656
Financial instruments not designated as hedge accounting:
Commodities		(361,485	)		24,097
Interests		(4,092	)		(2,441	)
Other comprehensive income (expense)		(675	)		(2,660	)
Currency		—			191
Commodities		(675	)		(2,851	)
Inventories		306			31,845
Currency		508			660
Commodities		(202	)		31,185

Open balance sheet position of derivative assets and liabilities:

	Seara Alimentos
	June 30, 2024		December 31, 2023
Assets:
Not designated as hedge accounting		—		24,097
Currency		—		24,097
Current assets		—		24,097
(Liabilities):
Designated as hedge accounting		3,706		—
Commodities		3,706		—
Not designated as hedge accounting		365,577		2,441
Currency		361,485		—
Interests		4,092		2,441
Current liabilities		369,283		2,441

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

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

	JBS USA
EXPOSURE in Commodities	June 30, 2024			December 31, 2023
OPERATIONAL
Firm contracts of cattle purchase		15,952,993			15,639,117
Subtotal		15,952,993			15,639,117
DERIVATIVES
Deliverable Forwards		(3,738,327	)		1,883,895
Subtotal		(3,738,327	)		1,883,895
NET EXPOSURE		12,214,666			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		(2.08	)%		(331,982	)		(25.00	)%		(3,988,248	)		(50.00	)%		(7,976,496	)
Derivatives	Appreciation		(2.08	)%		77,795			(25.00	)%		934,582			(50.00	)%		1,869,164
						(254,187	)					(3,053,666	)					(6,107,332	)

Derivatives financial instruments breakdown:

			Consolidated
			June 30, 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		(672,494	)		(3,738,327	)		(95,129	)		389,130		1,883,895		(9,595	)

Notes to the condensed financial statements for the six month period ended June 30, 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
	June 30, 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		5,951,396		—		—		—		5,951,396		5,934,371		—		—		—		5,934,371
Loans and financing		1,886,663		24,038		447,998		9,722,972		12,081,671		1,297,393		434,060		1,020,575		10,496,073		13,248,101
Estimated interest on loans and financing ⁽¹⁾		625,922		888,121		586,115		3,593,172		5,693,330		860,094		788,465		1,499,084		3,092,861		6,240,504
Derivatives liabilities		511,204		—		—		—		511,204		42,513		—		—		—		42,513
Payments of leases		60,235		59,141		16,251		16,630		152,257		53,037		41,810		38,596		17,587		151,030
Other financial liabilities		98,750		298,750		—		—		397,500		72,680		101,250		—		300,000		473,930

	Consolidated
	June 30, 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		30,226,171		—		—		—		30,226,171		30,040,844		—		—		—		30,040,844
Loans and financing		4,868,280		69,795		6,045,641		92,479,915		103,463,631		4,316,360		828,968		5,870,259		85,806,238		96,821,825
Estimated interest on loans and financing ⁽¹⁾		7,558,499		4,348,783		8,884,326		43,989,250		64,780,858		6,598,186		5,095,409		9,247,444		35,778,473		56,719,512
Derivatives liabilities		1,278,015		—		—		—		1,278,015		698,361		—		—		—		698,361
Payments of leases		1,850,000		1,230,569		1,867,783		4,586,468		9,534,820		1,707,172		1,420,650		2,141,172		3,644,939		8,913,933
Other financial liabilities		113,761		299,482		—		84		413,327		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 June 30, 2024 an December 31, 2023. Payments in foreign currencies are estimated using the June 30, 2024 and December 31, 2023 exchange rates.

The Company has future commitment for purchase of grains and cattle whose balances at June 30, 2024 in the amount of R$16,875 (R$442,817 at December 31, 2023), in the Company and R$178.9 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 June 30, 2024 is R$206,339 (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 June 30, 2024 is R$594,213 (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 June 30, 2024 is R$102,875 (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.

Notes to the condensed financial statements for the six month period ended June 30, 2024 and 2023
(Expressed in thousands of Brazilian reais)

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 six-month period ended June 30, 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.

27 Approval of the financial statements

The issuance of these individual and condensed interim financial statements was approved by the Board of Directors on August 13, 2024.

BOARD OF DIRECTORS

Chairman:	Jeremiah Alphonsus O’Callaghan
Vice-Chairman:	José Batista Sobrinho
Board Member:	Wesley Mendonça Batista
Board Member:	Joesley Mendonça Batista
Independent Board Member:	Alba Pettengill
Independent Board Member:	Gelson Luiz Merisio
Independent Board Member:	Cledorvino Belini
Independent Board Member:	Francisco Turra
Independent Board Member:	Carlos Hamilton Vasconcelos Araújo
Independent Board Member:	Kátia Regina de Abreu Gomes
Independent Board Member:	Paulo Bernardo Silva

STATUTORY AUDIT COMMITTEE REPORT

The Statutory Audit Committee reviewed the individual and consolidated condensed interim financial statements for the six month period ended June 30, 2024, at August 12, 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 six month period ended June 30, 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 six month period ended June 30, 2024, at August 13, 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 August 13, 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 six month period ended June 30, 2024, and

(ii) They reviewed, discussed and agreed with the condensed interim financial statements for the six month period ended June 30, 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)

* * * * *