Jbs NV (JBS.N): JBS Day 2026 Takeaways: More Ways to Win

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Jbs NV (JBS.N): JBS Day 2026 Takeaways: More Ways to Win

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16 Jun 2026 11:38:14 ET │ 14 pages

Jbs NV (JBS.N)

JBS Day 2026 Takeaways: More Ways to Win

CITI'S TAKE

We attended JBS Day yesterday in New York, an event that notably included

all major business unit CEOs. Three messages stood out. (1) Presented were

self-help initiatives for US Beef recovery, with Wesley Batista Filho Buy

presenting a clear framework for margin recovery toward 2.5% by 2027 with Price (15 Jun 26 16:00) US$12.19

much of the opportunity coming from the commercial side. (2) Closing the

Target price US$22.00valuation gap remains a strategic priority, as liquidity, shareholder value

creation and index inclusion featured prominently throughout the day. (3) Expected share price return 80.5%

Growth ambition remains intact despite tighter capital allocation, with JBS Expected dividend yield 7.8%

reducing 2026 CapEx by US$400mn (to US$2bn) while continuing to

Expected total return 88.3%pursue opportunities across eggs, salmon, biotechnology and value-added

products. Market Cap US$13,519M

US Beef: Creating Margin While Waiting For The Herd. US Beef dominated the Q&A.

Key takeaway (1) the emphasis on self-help initiatives, with the proposed recovery

path relying heavily on actions within management's control rather than a Price Performance

meaningful improvement in the cattle cycle. (2) Regarding the recent Cactus closure, (RIC: JBS.N, BB: JBS US)

management framed the decision as a response to exceptionally challenging market

conditions rather than the central pillar of the recovery strategy. (3) The eventual

normalization of Mexican cattle imports continues to be viewed as an important

potential source of supply relief.

The Valuation Story Is Entering A New Phase.