JBS (JBS): Q2’26 earnings preview

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JBS (JBS): Q2’26 earnings preview

Equity Research

22 July 2026 | 10:38AM BRT

We update our JBS model to preview its Q2 results and incorporate management’s Thiago Bortoluci

+55(11)3372-0104 |

latest public commentary and high-frequency data. Our consolidated Q2 EBITDA is thiago.bortoluci@gs.com

Goldman Sachs do Brasil CTVM S.A.

-5% lower than prior and -4% below Bloomberg consensus. The bulk of the earnings

Nicolas Sussmann

change is explained by US Chicken, where lower commodity prices and growing +55(11)3371-9880 |

supply should drive margins to high-single-digit (yet +110bp higher q/q, better than nicolas.sussmann@gs.comGoldman Sachs do Brasil CTVM S.A.

Tyson’s -40bp, given the easier comps from the one-off impacts related to weather

and capacity shifts). Elsewhere, we continue to see sustained demand across the

business units, especially Brazil beef exports (where we expect sales to grow +16%

y/y in BRL). We cut our target price by -13% and see muted free-cash-flow

generation in FY2026 (even after incorporating the lower capex guide of US$2.0B).

We are Buy rated on JBS shares. JBS is scheduled to report results on August 10.

We are Buy rated on JBS shares with 12-month target prices of US$17.10 for the

Class A shares (down -13% from US$19.70 before) and R$86.70 on the BDRs (down

-13% from R$99.20 before), based on a sum-of-the-parts valuation where our

Q5-Q8 implied IFRS EV/EBITDA multiple is now 5.75x, down from 6.00x before. The

change to our target prices is essentially driven by US Beef.

Key downside risks to our investment view include: 1. A domestic over-supply of

chicken and/or pork in the U.S. or Brazil; 2. FX volatility; 3. A longer-than-expected

cyclical downturn in U.S. Beef; 4. Global trade bottlenecks on the back of rising

geopolitical risks; 5.