JBS N.V.

- No new fundraising through debt or equity is currently planned. - Focus this year is on cash generation rather than starting new projects. - Current growth CapEx projects are ongoing (e.g., in Paraguay and Oman), but no additional new projects are in the pipeline. - Company has strong liquidity with $3.4 billion in revolving credit lines and $3.5 billion in available cash. - Recent debt activity included issuance of $2.5 billion bonds and $1.45 billion tender offer to extend debt maturity. - Leverage target remains between 2x and 3x net debt to EBITDA, with disciplined capital allocation. - Potential bond repurchases may occur in the second semester if excess cash is available, but no firm plans announced.

- JBS has allocated around $1 billion for growth CapEx in 2026, focused on capacity expansion across multiple business units globally. - Current projects include greenfield developments in Paraguay and Oman, with the Oman acquisition not being a cash effort. - Investments are prioritized in value-added and prepared foods, including expansion in U.S. breakfast sauces and branded plants. - Capacity expansion initiatives are particularly active in the U.S. pork and beef processing facilities (e.g., Walker County prepared foods, Perry Iowa fresh sausage plant, and beef plant modernizations). - No new projects are planned beyond those underway; focus is on cash generation and execution. - CapEx has more than doubled compared to Q1 2025, reflecting accelerated platform expansion but may be reviewed or postponed depending on cash flow. - Expansion projects aim to leverage strong demand while balancing operational efficiency and disciplined capital allocation.

- JBS is focusing on strong cash generation for the second half of the year, indicating confidence in future operational strength (Page 17). - No immediate plans for new major projects beyond current expansions in Paraguay and Oman; focus is on developing these existing greenfield projects (Page 16). - Expansion CapEx of ~$1 billion planned, primarily for capacity expansions and renovation projects across different business units (Page 16). - Growth expected through value-added and prepared food products, which have stable demand and higher margins, with ongoing investments in brands and prepared foods in the U.S. and Brazil (Page 14). - Australia operations expected to have a strong year supported by favorable climate conditions and strong demand from premium markets (Page 10). - Beef supply constraints in key markets and solid poultry demand underpin positive fundamentals for protein sales volume growth (Page 2).

- JBS anticipates 2026 to be a more challenging year than 2025, particularly for U.S. beef margins, which may be 1 to 1.5 percentage points worse than the previous year. - The company is focused on operational excellence, cost discipline, efficiency, and value creation to drive consistent results despite market volatility. - No new major projects are planned beyond existing expansions (e.g., Paraguay, Oman); emphasis is on developing current greenfield projects. - CapEx is elevated due to expansion but may be reviewed and postponed if cash generation remains strong. - Free cash flow breakeven is estimated between $5.7 billion and $6 billion, reflecting uncertainty in energy and grain prices. - JBS remains committed to disciplined capital allocation, balancing growth CapEx with dividends while targeting net leverage between 2x and 3x EBITDA. - Investments in value-added and prepared foods are prioritized for stable, higher-margin growth.

The transcript does not explicitly mention current, expected orderbook, or pending orders figures. However, relevant insights include: - Strong demand observed across various markets, including Brazil and Australia. - Brazil is focused on fulfilling the China quota (around 120,000 tons per month of beef), which impacts production and cattle harvest volumes. - Domestic demand for value-added/prepared foods remains stable and strong. - There is some front-loading of China quotas, potentially reducing cattle prices and harvest numbers later in the year. - The company mentions “strong demand” in export markets such as Japan and Korea, particularly for Australian beef. - No specific numerical details on orderbook or pending orders were disclosed.