실적분석 2026년 8월 10일

JBS ($JBS) Q2 2026 Earnings Analysis — Adjusted EPS and Revenue Both Miss Estimates, Modest After-Hours Rebound

Earnings Scorecard

Revenue: $23.9 billion (+14% year-over-year, estimate $117.044 billion) ❌ Miss

EPS: Adjusted $0.20 (estimate $1.77) ❌ Miss · GAAP (IFRS) EPS -$0.10

Guidance: Not provided — no next-quarter or full-year revenue/EPS outlook in the press release

Stock reaction: After-hours +0.60% ($13.49) — as of 08:11 05:54 Korea time

Positives

Record revenue: Q2 2026 net revenue of $23.9 billion, +14% year-over-year

Cash conversion: Free cash flow of $1.30 billion in the quarter, swinging from a year-ago outflow into positive territory

Brazil and Seara: Brazil revenue +28%; Seara revenue +18% with adjusted EBITDA margin of 14.9%

The multi-region, multi-protein platform delivered record revenue, while improved working capital swung cash flow back to positive. Growth engines such as Brazil and Seara partially offset margin pressure in North American beef.

Negatives

Profit shock: Adjusted EPS of $0.20 missed the $1.77 estimate by a wide margin

Attributable loss: Net loss attributable to common shareholders of -$102 million in Q2 2026, reversing the year-ago profit of $528 million

North American beef and leverage: Adjusted EBITDA loss in North American beef persisted; net debt/adjusted EBITDA at 3.10x exceeded the long-term target

Tough year-over-year comparisons in the poultry segment and one-off charges (including bond and domestic-bond premiums and an antitrust settlement) weighed on net income. Leverage above target levels leaves financial flexibility management as an open challenge.

What Management Said

Global CEO Gilberto Tomazoni attributed the record revenue to the multi-region, multi-protein platform. He acknowledged that the prior-year Q2 poultry results had set a high bar, making profit comparisons difficult, and stressed that profitability across most business units improved sequentially versus Q1.

Market Reaction and Key Points Ahead

Despite missing consensus on both earnings and revenue, the stock traded slightly positive after-hours, suggesting the market placed greater weight on the record revenue, the return to positive free cash flow, and the narrative of sequential improvement.

Impact of the North American beef spread and the gradual resumption of live cattle imports from Mexico (beginning August 24) on margins

Whether adjusted earnings momentum continues into the next quarter once one-off charges are stripped out

The pace of cash generation and investment needed to bring the net debt ratio (3.10x) back below the long-term target