Jbs NV (JBS) 2025 Q2 法說會逐字稿

Good morning, and welcome to JBS second quarter of 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

早安，歡迎參加 JBS 2025 年第二季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

Any statements eventually made during this conference call in connection with the company's business outlook, projections, operating and financial targets and potential growth should be understood as merely forecasts based on the company's management expectations in relation to the future of JBS. Such expectations are highly dependent on market conditions, on Brazil's overall economic performance and on industry and international market behavior and therefore, are subject to change.

本次電話會議中最終就公司業務前景、預測、營運和財務目標以及潛在成長做出的任何聲明都應理解為僅是基於公司管理層對 JBS 未來的預期而做出的預測。這種預期在很大程度上取決於市場條件、巴西的整體經濟表現以及行業和國際市場行為，因此可能會發生變化。

Present with us today, Gilberto Tomazoni, Global CEO of JBS; Guilherme Cavalcanti, Global CFO of JBS; Wesley Batista Filho, CEO of JBS USA; and Christiane Assis, Investor Relations Director.

今天與我們一起出席的是 JBS 全球首席執行官 Gilberto Tomazoni； Guilherme Cavalcanti，JBS 全球首席財務官； Wesley Batista Filho，JBS USA 首席執行官；以及投資者關係總監 Christiane Assis。

Now I'll turn the conference over to Gilberto Tomazoni, Global CEO of JBS. Mr. Tomazoni, you may begin your presentation.

現在，我將會議交給 JBS 全球執行長 Gilberto Tomazoni。托馬佐尼先生，您可以開始您的演講了。

Good morning, everyone. Thank you for joining us today for our earnings call. The second quarter of 2025 marked the beginning of a new phase for JBS. With the launch of our shares on the New York Stock Exchange, we completed our dual listing.

大家早安。感謝您今天參加我們的收益電話會議。2025年第二季標誌著JBS新階段的開始。隨著我們的股票在紐約證券交易所上市，我們完成了雙重上市。

This is a strategic milestone that enhances our global visibility, broadens our investor base and reinforces JBS' position as one of the world's leading food company. I want to emphasize that this starts a new chapter of our trajectory.

這是一個策略里程碑，它提高了我們的全球知名度，擴大了我們的投資者基礎，並鞏固了 JBS 作為世界領先食品公司之一的地位。我想強調的是，這開啟了我們發展軌跡的新篇章。

We see a clear path to long-term value creation anchored in operational excellence, diversification, innovation, value-added products and strong brands. It's worth highlighting that over the coming years, we will keep investing consistently to expand our platform and position the company to meet the global demand for protein.

我們看到了一條以卓越營運、多元化、創新、增值產品和強大品牌為基礎的長期價值創造的清晰道路。值得強調的是，在未來幾年，我們將繼續持續投資，擴大我們的平台，使公司能夠滿足全球對蛋白質的需求。

We truly believe JBS is well positioned for the future. We are delivering our long-term strategy with discipline and consistency, and that gives us confidence in the path ahead. At the same time, we will stay fully committed to our mission of returning value to our shareholders evidenced by $1.2 billion in dividends we paid this quarter as well as today's announcement of a $400 million share repurchasing program.

我們堅信 JBS 已為未來做好了準備。我們正在以紀律性和一致性實施我們的長期策略，這使我們對未來的道路充滿信心。同時，我們將繼續全力致力於我們的使命，為股東帶來價值，這體現在我們本季支付的 12 億美元股息以及今天宣布的 4 億美元股票回購計劃上。

Let's take a closer look at some strategic movements we have made this year. During the first half of 2025, we have made several important investment in the United States. In May, we disclosed a plan to build a new fresh sausage facility in Iowa, totaling USD135 million.

讓我們仔細看看我們今年採取的一些策略性舉措。2025年上半年，我們在美國進行了幾項重要投資。5月，我們揭露了在愛荷華州建造新的新鮮香腸工廠的計劃，總投資1.35億美元。

This came in addition to the USD200 million allocated to upgrading our beef plants in Texas and Colorado and the $400 million for a new prepared foods facility that Pilgrim is building in Georgia. Yesterday, we also announced a further USD100 million investment to acquire and expand the Iowa facility, which will be transformed into the largest ready-to-eat bacon and sausage plant in our US operation.

除此之外，我們還撥款 2 億美元用於升級位於德克薩斯州和科羅拉多州的牛肉工廠，並撥款 4 億美元用於 Pilgrim 在喬治亞州建造新的預製食品工廠。昨天，我們也宣布再投資 1 億美元收購和擴大愛荷華州工廠，該工廠將轉型成為我們美國業務中最大的即食培根和香腸工廠。

I want to stress here that all these projects are designed to support the growth of JBS' prepared foods portfolio, helping us to meet the growing demand for customers and consumers for these products.

我想在這裡強調的是，所有這些項目都是為了支持 JBS 預製食品組合的成長，幫助我們滿足客戶和消費者對這些產品日益增長的需求。

Even amid a challenged macroeconomic environment and with ongoing pressure in some business units, our second quarter performance once again reflected the resilience of our diversified global platform. Net sales were record, reaching USD21 billion, a 9% increase year over year.

即使在充滿挑戰的宏觀經濟環境和一些業務部門持續面臨壓力的情況下，我們第二季的業績再次反映了我們多元化全球平台的韌性。淨銷售額創歷史新高，達210億美元，較去年成長9%。

Adjusted EBITDA was $1.8 billion, with a margin of 8.4%. Poultry operation once again stood out as a key highlight. Pilgrim's achieved the highest EBITDA in its history supported by lower grain costs and resilient US demand.

調整後的 EBITDA 為 18 億美元，利潤率為 8.4%。家禽經營再次成為一大亮點。受穀物成本下降和美國需求強勁的推動，Pilgrim's 實現了其歷史上最高的 EBITDA。

Results also reflected continued growth in the prepared foods portfolio, a strong relationship with key customers and solid performance across fresh and case ready segments in US Mexico and Europe delivered strong results as well.

業績也反映出預製食品組合的持續成長、與關鍵客戶的牢固關係以及美國、墨西哥和歐洲新鮮食品和即食食品領域的穩健表現，也取得了強勁的業績。

I'd like to particularly highlight that Seara delivered another quarter of consistent results despite the outbreak of avian influenza in Brazil. The business reached EBITDA margin of 18.1% driven by a disciplined commercial strategy, product mix management and a strong focus on innovation.

我想特別強調的是，儘管巴西爆發了禽流感，Seara 仍在本季取得了穩定的表現。在嚴謹的商業策略、產品組合管理和高度重視創新的推動下，該業務的 EBITDA 利潤率達到了 18.1%。

The results highlights the robustness of our biosecurity protocols and the maturity of Brazilian sanitary system. It is important to note that the swift and technical response in Brazilian sanitary authorities, together with a strict industry-wide controls, ensured that only one isolated case was confirmed in the country at the commercial farm.

結果凸顯了我們的生物安全協議的穩健性和巴西衛生系統的成熟度。值得注意的是，巴西衛生當局迅速而專業的應對措施，加上嚴格的全行業管控，確保了該國商業農場僅確診一例孤立病例。

In the United States, our beef business continued to face pressure from an unfavorable cattle cycle as the spread between the livestock costs and beef prices narrowed. The pork business was affected on a short-term basis by the trade restrictions, and we expect the performance to return to normal levels over the next few quarters.

在美國，隨著牲畜成本和牛肉價格之間的差距縮小，我們的牛肉業務繼續面臨不利的牛週期的壓力。豬肉業務在短期內受到貿易限制的影響，我們預計未來幾季業績將恢復到正常水平。

Diversification remains one of our greatest strengths. In Brazil, Friboi delivered strong results driven by new export approvals and productivity gains. In Australia, we continue to benefit from a favorable livestock cycle, with export growth and operational improvements contributing to another quarter of consistent performance.

多樣化仍然是我們最大的優勢之一。在巴西，受新出口審批和生產率提高的推動，Friboi 取得了強勁業績。在澳大利亞，我們繼續受益於良好的畜牧業週期，出口成長和營運改善為我們另一個季度的穩定業績做出了貢獻。

We also reaffirmed our commitment to financial discipline. The quarter ended with a net leverage at 2.27 times, in line with our long-term targets and reflecting the strength of our capital structure and our financial management.

我們也重申了對財務紀律的承諾。本季末的淨槓桿率為 2.27 倍，符合我們的長期目標，並反映了我們的資本結構和財務管理的實力。

With a stronger, more balanced and more innovative global platform, JBS is well prepared for the next phase of global opportunities. I want to conclude by saying that we remain confident in our team and our ability to create long-term value.

憑藉更強大、更均衡、更具創新性的全球平台，JBS 已為下一階段的全球機會做好了充分準備。最後我想說，我們仍然對我們的團隊和創造長期價值的能力充滿信心。

Thank you again for joining us today. I will now turn the call over to Guilherme, who will walk through the financial results in more details. Guilherme, please go ahead.

再次感謝您今天加入我們。現在我將把電話轉給 Guilherme，他將更詳細地介紹財務結果。吉列爾梅，請繼續。

Thank you, Tomazoni. Let's now move on to the operational and financial highlights of the second quarter of 2025, starting on slide 13, please.

謝謝你，托馬佐尼。現在讓我們從第 13 張投影片開始，討論 2025 年第二季的營運和財務亮點。

Net revenue for the second quarter 2025 reached a record of $21 billion. Adjusted EBITDA totaled $1.8 billion, which represents a margin of 8.4% in the quarter, while adjusted operating income was $1.2 billion with a margin of 5.7%.

2025年第二季淨營收達到創紀錄的210億美元。調整後的 EBITDA 總計 18 億美元，本季利潤率為 8.4%，而調整後的營業收入為 12 億美元，利潤率為 5.7%。

Net profit was $528 million in the quarter and earnings per share was $0.48 per share. Excluding the nonrecurring item, adjusted net income would be $583 million and the EPS would be $0.53. Finally, the return on equity was 25.7% and the return on invested capital was 17%.

本季淨利為 5.28 億美元，每股收益為 0.48 美元。扣除非經常性項目，調整後淨利為5.83億美元，每股收益為0.53美元。最終，股本報酬率為25.7%，投資資本報酬率為17%。

Although the difference in EBITDA between the second quarter 2024 and the second quarter 2025 was only $141 million, the free cash flow difference reached approximately $1.1 billion due mainly to the following factors.

儘管2024年第二季與2025年第二季的EBITDA差額僅1.41億美元，但自由現金流差額達到約11億美元，主要原因如下。

The difference in EBITDA, as mentioned above, $104 million of higher capital expenditures, $242 million increase in finished goods inventories in the US driven by higher prices. This cash is expected to return to the operating results over the coming quarters as sales are made.

EBITDA 的差異，如上所述，資本支出增加 1.04 億美元，美國成品庫存因價格上漲而增加 2.42 億美元。隨著銷售的進行，預計這筆現金將在未來幾季回歸經營業績。

$250 million due to livestock hedging. Future purchase from suppliers such as feedlots at fixed prices are hedged through future contracts, exposing us to the spot price and thus matching with the mid sales. Due to the sharp rise in the cattle and hog prices, there was a negative cash impact on operating results due to the hedge.

2.5億美元是由於牲畜對沖。透過期貨合約對未來從飼養場等供應商處以固定價格進行的採購進行對沖，使我們接觸現貨價格，從而與中期銷售相匹配。由於牛隻和豬價格大幅上漲，避險對經營業績產生了負面現金影響。

This cash is expected to return in the following quarters as the physical purchases are settled. $122 million increase in legal settlements, $257 million in higher tax payments, mainly due to improved results from PPC and Australia in recent quarters.

隨著實物購買的結算，這筆現金預計將在接下來的幾個季度中返回。法律和解增加 1.22 億美元，稅收增加 2.57 億美元，主要原因是 PPC 和澳洲最近幾季的表現有所改善。

$51 million impact on Seara's chicken inventory caused by the market closure due to a single (technical difficulty) it should return to around $4.5 billion based on the following estimated breakdowns, which may change over time due to the variables beyond our control.

由於單一因素（技術故障）導致市場關閉，Seara 雞肉庫存受到了 5,100 萬美元的影響，根據以下估計的細分數據，該數字應會恢復到 45 億美元左右，但由於我們無法控制的變量，該數字可能會隨著時間的推移而發生變化。

So capital expenditures of $2 billion in 2025 and $2 billion in 2026, which already included maintenance CapEx. Working capital of $900 million in 2025 and $250 million in 2026. The additional $650 million in 2025 compared to 2026 is due to the inventory and hedging tax explained earlier. Legal settlements of $300 million in 2025 and assuming zero in 2026. Biological assets of $650 million in 2025 and the same amount for 2026.

因此，2025 年的資本支出為 20 億美元，2026 年的資本支出為 20 億美元，其中已包括維護資本支出。2025 年營運資金為 9 億美元，2026 年營運資金為 2.5 億美元。2025 年與 2026 年相比增加的 6.5 億美元是由於前面解釋過的庫存和對沖稅。2025 年的法律和解金額為 3 億美元，2026 年則為零。2025 年生物資產為 6.5 億美元，2026 年生物資產也為 ​​6.5 億美元。

Interest expenses of $1.15 billion in 2025 and $1.1 billion in 2026. Leasing expenses of $500 million in 2025 and repeating in 2026.

2025 年利息支出為 11.5 億美元，2026 年利息支出為 11 億美元。2025 年租賃費用為 5 億美元，2026 年也是如此。

Moving on to slide 16 to discuss our debt position and leverage. In June, we accessed the bond market to refinance our short-term and 2027 and 2028 and 2030 maturities. Strong investor demand allowed us to upsize the issuance to $3.5 billion while achieving a record low spreads for issuers with our credit ratings, which includes a $1 billion 40-year tranche. In addition, Seara issued approximately $160 million in local debentures.

前往第 16 張投影片來討論我們的債務狀況和槓桿率。6 月份，我們進入債券市場，為短期以及 2027 年、2028 年和 2030 年到期的債券進行再融資。強勁的投資者需求使我們能夠將發行規模擴大到 35 億美元，同時為具有我們信用評級的發行人實現了創紀錄的低利差，其中包括 10 億美元的 40 年期債券。此外，Seara 還發行了約 1.6 億美元的當地債券。

We used $3 billion to efficiently retire debt, creating nearly all maturities through 2031. As a result, our average maturity extended from 11 to 15 years, while the average cost increased by just 25 basis points to 5.6%. We kept the 2029 bond outstanding given its low 3% coupon, along with the 2031 bond at 3.75% and 2022 notes with coupons of 3.625% and 3%.

我們花了 30 億美元來有效償還債務，幾乎所有債務的到期日都在 2031 年之前。結果，我們的平均期限從 11 年延長至 15 年，而平均成本僅增加 25 個基點至 5.6%。我們保留了 2029 年未償還債券，因為其票面利率較低，為 3%，同時保留了 2031 年未償還債券，票面利率為 3.75%，以及 2022 年未償還債券，票面利率分別為 3.625% 和 3%。

From the [$3.5 billion] raised, $500 million was retained as excess cash. Leverage increased to 2.27 times in the second quarter 2025, primarily due to $141 million decline in last 12-month EBITDA and the payment of $1.5 billion in dividends. Interest coverage remained stable at 7.7 times compared to the previous quarter.

在籌集的 35 億美元中，有 5 億美元被保留為多餘現金。2025 年第二季槓桿率增至 2.27 倍，主要原因是過去 12 個月 EBITDA 下降 1.41 億美元以及支付了 15 億美元的股息。利息覆蓋率與上一季相比保持穩定，為7.7倍。

With leverage at the lower end of our comfort range, stable interest coverage in line with recent quarters, no significant debt amortization in the coming years and a strong cash position, we announced a share buyback program of up to $400 million.

由於槓桿率處於我們舒適範圍的低端，利息覆蓋率與最近幾季一致，未來幾年沒有重大債務攤銷，並且現金狀況強勁，我們宣布了高達 4 億美元的股票回購計劃。

We believe this represents an efficient use of excess cash given the current valuation multiples relative to our global peers. The repurchase programs may be implemented through open market purchase, privately negotiated transactions or under Rule 10b5-1 of the Exchange Act.

我們認為，考慮到目前相對於全球同業的估值倍數，這代表著對過剩現金的有效利用。回購計畫可透過公開市場購買、私下協商交易或依據《交易法》10b5-1規則實施。

Even with the share buyback program, we expect to end the year with leverage below 2.5 times and interest coverage consistent with the end of 2024 levels at 7.4 times. Our $3.4 billion in revolving credit lines and available cash of $3 billion, combined with expected cash generation in the second half, provide a robust financial position to continue pursuing value creation opportunities to our shareholders.

即使實施股票回購計劃，我們預計今年年底的槓桿率仍將低於 2.5 倍，利息覆蓋率將與 2024 年底的水平一致，為 7.4 倍。我們擁有 34 億美元的循環信貸額度和 30 億美元的可用現金，加上預計下半年產生的現金，為我們提供了強勁的財務狀況，可以繼續為股東創造價值。

I'll now briefly go through the business units. Starting with Seara on slide 20. During the second quarter -- in the first half of the quarter, we saw a favorable commercial environment, both in the domestic and export markets.

現在我將簡單介紹一下各個業務部門。從第 20 張投影片上的 Seara 開始。在第二季－也就是本季的前半段，我們看到了良好的商業環境，無論是國內市場還是出口市場。

However, in mid-May, Brazil reported its first case of avian flu in a commercial flock. The country was officially declared free of the disease again in June, but some key export markets remain temporarily closed, which affected commercial performance.

然而，五月中旬，巴西報告了第一例商業雞群中發現禽流感病例。該國在 6 月再次正式宣布擺脫疫情，但一些主要出口市場仍暫時關閉，這影響了商業表現。

Even with the temporary headwinds caused by the outbreak, Seara achieved an adjusted EBITDA margin of 18.1% in the quarter, reflecting our strong focus, agility and discipline in pursuing operational and commercial excellence.

即使疫情造成了暫時的不利影響，Seara 本季的調整後 EBITDA 利潤率仍達到 18.1%，這反映了我們在追求卓越營運和商業方面的高度專注、敏捷性和紀律性。

Moving on to slide 21. In the second quarter of 2025, JBS Brazil recorded net revenue of 20% higher than in the second quarter 2024 driven by strong demand in both international and domestic markets, which partially offset the sharp increase in cattle prices. As a result, the EBITDA margin reached 6.4% in the quarter.

翻到第 21 張投影片。2025 年第二季度，JBS 巴西的淨收入比 2024 年第二季度高出 20%，這得益於國際和國內市場的強勁需求，部分抵消了牛價的大幅上漲。因此，本季的 EBITDA 利潤率達到了 6.4%。

Moving on to slide 22. And now speaking in dollars and under US GAAP, JBS Beef North America net revenue in the second quarter grew 14% year over year driven by strong demand, and that drove cutout values to record levels in the US.

翻到第 22 張投影片。現在以美元計算並按照美國公認會計準則，受強勁需求推動，JBS 牛肉北美公司第二季淨收入年增 14%，並推動美國的分割價值達到創紀錄的水平。

However, profitability continues to be pressured by the challenging cattle cycle, which has also kept live cattle prices at record highs as well as by the additional headwinds related to global trade and animal health concerns in Mexico.

然而，獲利能力繼續受到嚴峻的牛市週期的壓力，這也導致活牛價格一直處於歷史高位，此外還有與全球貿易和墨西哥動物健康問題相關的額外不利因素。

On slide 23, we have JBS Australia. In the annual comparison, the 20% revenue growth was primarily driven by higher volumes of beef exports. The EBITDA margin reached 12.7% and increasing 50 basis points compared to the same period last year, reflecting great availability of animals for slaughter and gains in operational efficiency.

第 23 張投影片是 JBS 澳洲公司。與去年同期相比，20%的營收成長主要得益於牛肉出口量的增加。EBITDA 利潤率達到 12.7%，比去年同期增加了 50 個基點，反映出可供屠宰的動物數量充足且運作效率提高。

Turning now to JBS USA. Pork net revenues for the quarter decreased by 5% year over year. The pork business was affected on a short-term basis by trade restrictions, but the expected performance to return to normal levels over the next few quarters.

現在轉向 JBS USA。本季豬肉淨收入較去年同期下降5%。豬肉業務短期內受到貿易限制的影響，但預計未來幾季業績將恢復正常水準。

Pilgrim's Pride, as highlighted on slide 25, reported a 4% increase in net revenue in the quarter. In the second quarter 2025, Pilgrim's delivered record adjusted EBITDA of $687 million. In addition to a favorable commercial environment across its key markets, the strong performance reflects the successful execution of its strategy, including the strengthening partnership with the customers' expansion of value-added and branded products, innovation and efficiency gains.

正如第 25 張投影片所強調的，Pilgrim's Pride 報告本季淨收入成長了 4%。2025 年第二季度，Pilgrim 的調整後 EBITDA 達到創紀錄的 6.87 億美元。除了主要市場良好的商業環境外，強勁的業績還反映了其策略的成功執行，包括加強與客戶的合作夥伴關係、擴大增值和品牌產品、創新和提高效率。

With that in mind, I would like to open for Q&A session.

考慮到這一點，我想開始問答環節。

(Operator Instructions)

（操作員指示）

Lucas Ferreira, JPMorgan.

摩根大通的盧卡斯費雷拉。

Hi, Guilherme and Tomazoni. Thanks for the space for questions. Guilherme, sorry, I think your line broke a little bit in the beginning of the presentation. So I just wanted to explore with you a little better your scenario for the free cash flow breakeven this year and next year. I just wanted to understand, especially if you already have any views on the CapEx given the projects the company is announcing for processed foods.

你好，Guilherme 和 Tomazoni。感謝提供提問空間。吉列爾梅，抱歉，我認為您在演講開始時說的話有點斷斷續續。所以我只是想和你更好地探討今年和明年自由現金流損益兩平的情況。我只是想了解一下，特別是如果您對公司宣布的加工食品項目的資本支出有任何看法。

And if I may, also a quick follow-up on the effect of the hedges. Just wondering if you can explain a little better how much of that $250 million you mentioned is returning to the EBITDA in the following quarters. If you can explain a little better, that would be great.

如果可以的話，我也想快速跟進樹籬的效果。我只是想知道您是否可以更好地解釋一下，您提到的 2.5 億美元中有多少將在接下來的幾個季度中返回 EBITDA。如果您能解釋得更清楚一些，那就太好了。

(multiple speakers)

（多位發言者）

Hello, excuse me. We can't hear you.

你好，打擾一下。我們聽不到你的聲音。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

Okay. So Lucas, basically, I'm going to repeat the numbers that was cut. So capital expenditures, $2 billion for 2025 and $2 billion for 2026, already including the expansions announced. Of course, 2026, we still have to budget. And in the beginning of next year, we will give update on that.

好的。所以盧卡斯，基本上，我要重複被刪減的數字。因此，資本支出為 2025 年 20 億美元，2026 年 20 億美元，其中已包括已宣布的擴張。當然，2026年，我們仍然需要預算。明年年初，我們將對此進行更新。

Working capital, $900 million for this year and $250 million for 2026. This additional (technical difficulty) million in 2025 compared to the next year is due to the inventory and hedge impact that I will explain again. Legal settlements of $300 million this year and assuming zero next year, biological assets of $650 million this year and the same amount for next year, interest expenses of $1.15 billion this year and $1 billion next year and leasing expenses of $500 million in both years.

營運資金，今年為 9 億美元，2026 年為 2.5 億美元。與明年相比，2025 年增加的這一額外（技術難度）百萬是由於庫存和對沖的影響，我將再次解釋。今年的法律和解費用為 3 億美元，假設明年為零；今年的生物資產為 6.5 億美元，明年也為相同金額；今年的利息支出為 11.5 億美元，明年為 10 億美元；兩年的租賃支出均為 5 億美元。

So basically, that's how we get to the $5.5 billion free cash flow breakeven for 2025 and $4.5 billion for 2026. Now the hedging explanation. Basically, we purchased cattle and hogs, for example, for sometimes one year from now at a price fixed because sometimes the feedlots need to have a better prediction of their flows to invest in grains and buy the cattle.

所以基本上，這就是我們如何實現 2025 年 55 億美元自由現金流盈虧平衡以及 2026 年 45 億美元的自由現金流盈虧平衡。現在對沖進行解釋。基本上，我們有時會以固定價格購買一年後的牛和豬，因為有時飼養場需要更好地預測其流量，以便投資穀物和購買牛。

And then we sell futures to be on the spot. So basically, we buy cattle in the future for a fixed price, and we sell futures to be spot and then meet with the sales price of the meat in the future. So basically, this cash flow tends to return as the physical purchases are settled and the meat are sold.

然後我們出售期貨以備現貨。所以基本上，我們以固定價格在未來購買牛，然後以期貨價格出售，以達到現貨價格，然後以未來肉的銷售價格出售。因此基本上，隨著實體購買的結算和肉類的售出，這種現金流往往會回流。

And of course, it all depends on the market at the coming quarters, but that's how it works. And the thing is given that the cattle price raised very fast recently, we had this impact on the hedging, on the derivatives and on the margin that we have to deposit, the cash margin we have to deposit. But again, as the cattle price also comes back and also the cash margins tends to really be released. Is it clear, Lucas?

當然，這一切都取決於未來幾季的市場，但這就是它的運作方式。鑑於最近牛價上漲非常快，我們對沖、衍生性商品以及我們必須存入的保證金、現金保證金都產生了影響。但隨著牛價回升，現金利潤也趨於真正釋放。明白了嗎，盧卡斯？

Mr. Ferreira, you are with your microphone unmuted -- muted.

費雷拉先生，您的麥克風已取消靜音—已靜音。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

Yeah, hi, good morning. Can you guys hear me?

是的，你好，早安。你們聽得到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay. Audio not in our favor today. So two quick ones. So number one, obviously, your business in Australia was really strong this quarter and I'm kind of like surprised on the upside. So I was wondering if you can help us understand or maybe give a little bit more detail, amongst the different categories in Australia. What A, drove the significant top line expansion. But on top of it, also that margin expansion, where was that coming from? Like, which subcategory? And then I have a quick follow-up on the free cash flow.

好的。今天的音頻對我們不利。所以有兩個簡單的問題。所以首先，顯然本季度你們在澳洲的業務非常強勁，我對此感到有點驚訝。所以我想知道您是否可以幫助我們了解或提供一些更詳細的信息，關於澳大利亞的不同類別。A 推動了營業額的大幅擴張。但除此之外，利潤率的擴大又是從何而來的呢？例如，哪個子類別？然後我會快速跟進自由現金流。

Hi Ben, our results in Australia, we increased volume, domestic and external, and we were able to increase price as well. And the strong performance came from beef. And the other business, they are quite at the same level of what they were last quarter, even on the exception of the salmon business, that was a bit lower because of the disease we had and we had less amount of volume of salmon to sell.

你好，本，我們在澳洲的業績是，國內和國外的銷量都有所增加，而且價格也提高了。其中，強勁表現源自牛肉。其他業務與上一季基本持平，但鮭魚業務除外。由於受到疾病的影響，鮭魚銷量減少，其他業務的銷售額略有下降。

But considering the size of our salmon business, it's is not relevant at all. Considering all of our business in Australia, we can tell you that the results, improved results, was in the cattle. And we see it continues for this year.

但考慮到我們的鮭魚業務規模，這根本無關緊要。考慮到我們在澳洲的所有業務，我們可以告訴您，業績、業績的改善都體現在牛身上。我們看到這種情況今年還會持續下去。

Okay. That's very clear. And then one for Gui. Just to be clear on what we've talked about, following up on Lucas' question, the free cash flow. As a starting point, like from a breakeven perspective, we should still use the IFRS EBITDA, correct?

好的。這非常清楚。然後還有一篇給 Gui 的。為了更清楚地了解我們所討論的內容，讓我們來回答盧卡斯的問題，也就是自由現金流。作為起點，例如從損益平衡的角度來看，我們仍然應該使用 IFRS EBITDA，對嗎？

Correct. I'm talking all in the IFRS EBITDA.

正確的。我所說的都是 IFRS EBITDA。

Okay. Just want to clarify that. Perfect. Thank you very much and congrats. I'll pass it on.

好的。我只是想澄清一下。完美的。非常感謝，恭喜。我會傳達的。

Thank you, Ben.

謝謝你，本。

Henrique Brustolin, Bradesco.

亨里克·布魯斯託林，布拉德斯科銀行。

Good morning, Tomazoni, Guilherme, Wesley and Chris. Thank you for taking my questions. I have two that I would like to explore in US beef mainly. We saw this big sequential margin deterioration, right, which was also typically below some of what was reported already by peers.

早安，托馬佐尼、吉列爾梅、韋斯利和克里斯。感謝您回答我的問題。我主要想探索兩種美國牛肉。我們看到了利潤率的大幅連續下降，這通常也低於同業已經報告的水平。

So I would like to understand a little bit more in the quarter, specifically what's behind it, if there were some components that could be seen as one-off given how your operations are structured with the vertical integration on some of the by products, and that we could see some improvement in the coming quarters. So that's the first one.

因此，我想進一步了解本季的情況，特別是背後的原因，考慮到你們的營運結構以及一些副產品的垂直整合，是否存在一些可以看作是一次性的因素，並且我們可能會在未來幾個季度看到一些改善。這是第一個。

And the second also on US beef is, based on the experience you already have on that market and navigating previous cycles' lows, what do you believe will be needed to bring margins back to breakeven levels?

第二個問題同樣是關於美國牛肉的，根據您在該市場已有的經驗以及對之前週期低點的應對，您認為需要做些什麼才能使利潤率恢復到盈虧平衡水平？

And I know this is not an easy one, but I mean, if you think it will mostly depend on cattle supplies coming back to growth once again or there are things that could happen before the capacity adjustments, even the trade barriers being improved, that could bring margins back to those levels sooner than the cattle availability growth. Those would be the two. Thank you.

我知道這不是一件容易的事，但我的意思是，如果你認為這主要取決於牛肉供應再次恢復增長，或者在產能調整之前可能會發生一些事情，甚至貿易壁壘得到改善，這可能會使利潤率比牛肉供應量增長更快地回到這些水平。就是那兩個。謝謝。

Good morning, Henrique. So a few comments. So on our performance during the quarter, it was a very challenging quarter, for sure. And one of the things that makes it very challenging is when the market has a huge increase in volatility and price like we had just, to put it in perspective, right? So cattle at the last quarter of last year was at around $190 per hundred weight, and we went up to $230, $238. And actually during the second quarter was around $225.

早上好，亨利克。有幾點評論。因此，就我們本季的表現而言，這無疑是一個非常具有挑戰性的季度。而當市場波動性和價格大幅上漲時，就會產生很大的挑戰，就像我們剛才看到的那樣，對吧？去年最後一季的牛價約為每百磅 190 美元，而現在漲到了 230 美元、238 美元。實際上第二季的價格約為 225 美元。

And when those swings are really huge like that, sometimes you'll see some gaps, some challenges in the quarter. That's basically positioning, and that's a short-term impact. It's a relevant impact, but it's a short-term impact.

當這些波動真的很大時，有時你會看到季度中的一些差距和挑戰。這基本上就是定位，而且是短期影響。這是一個相關的影響，但只是短期影響。

Actually, we just showed you a picture of our beef plant and all the work that we've been doing from an operational perspective, we're very confident with the work that the plants are doing. And in terms of efficiencies, in terms of uses, they're actually improving versus the previous quarters.

實際上，我們剛剛向您展示了我們的牛肉加工廠的照片以及我們從運營角度所做的所有工作，我們對工廠正在進行的工作非常有信心。就效率和用途而言，與前幾季相比，它們實際上有所改善。

And so we don't think that there is anything regarding operations. I think it's much more to do with positioning and especially when you have an explosive market like what we had in the last quarter. When it comes to where we see from a cycle perspective and, like you said, adjustment in capacity versus cowherd review.

因此我們認為不存在任何與營運有關的問題。我認為這更多地與定位有關，尤其是當你處於像上個季度那樣的爆炸性市場時。當談到我們從週期角度看到的情況時，就像您所說的那樣，產能調整與牛群審查。

Obviously, we talk a lot about cowherd review because that's what we know in the market, what we see, what we have data. And we are confident that we are fully into herd review. One of the two information that's very relevant is cow slaughter is down again this year. And if you look, it's been compounding about 10% to 15% decrease in cow kills year after year.

顯然，我們談論了很多關於牛群評論的事情，因為這是我們在市場上所了解的、我們所看到的、我們所擁有的數據。我們有信心，我們已經完全進入團體審查階段。其中最相關的兩個訊息是，今年牛屠宰量再次下降。如果你仔細觀察你會發現，牛的屠宰量每年都在下降 10% 到 15%。

So that's a good sign. We're seeing less heifer as a percentage of feeder cattle versus previous periods. So those things are encouraging. Obviously, when they start happening, they take a double-hit, right? You already have less cattle.

這是一個好兆頭。與前期相比，我們發現小母牛在肉牛中所佔的比例下降。所以這些事情都是令人鼓舞的。顯然，當它們開始發生時，它們會受到雙重打擊，對嗎？你的牛已經很少了。

Now you have less heifers coming to market because they're being retained, which is good news long term, but short term, it makes it more challenging.

現在，進入市場的母牛數量減少了，因為它們被保留了下來，從長遠來看這是個好消息，但從短期來看，這會使情況變得更具挑戰性。

Talking about capacity adjustments, I can obviously just talk about our own business. I can't talk about the market because I wouldn't be able to answer that. But we're comfortable with our current capacity, and we don't see any changes coming from that end on our side.

談到產能調整，我顯然只能談論我們自己的業務。我無法談論市場，因為我無法回答這個問題。但我們對於目前的產能感到滿意，我們認為這方面不會有任何變化。

That's clear, Wesley, thanks very much.

很清楚，韋斯利，非常感謝。

Andrew Strelzik, Bank of Montreal.

蒙特利爾銀行的安德魯·斯特雷爾齊克。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

Good morning. Thanks for taking the questions. My first one, can you talk about the outlook for Brazil beef? With the US tariffs, how is that impacting the operating environment and the supply-demand balance there? And how should that play out in margins over the balance of the year?

早安.感謝您回答這些問題。第一個問題，您能談談巴西牛肉的前景嗎？美國徵收關稅對當地的經營環境和供需平衡有何影響？那麼，這對全年的利潤率有何影響？

Hi Andrew, thank you for the question. When you look for -- I'll just make a comment first by the impact of the tariff, and then I'll talk about the outlook about the business. The tariffs were recent impairments with no impact in the quarter. When you look globally, the impact on JBS overall will be immaterial. If you look just for Friboi in Brazil, as a whole, the impact is not relevant.

你好，安德魯，謝謝你的提問。當你尋找時——我將首先對關稅的影響發表評論，然後談談業務前景。關稅是近期的減值，對本季沒有影響。從全球角度來看，這對 JBS 整體的影響並不大。如果你只關注巴西的弗里博伊，那麼從整體來看，其影響並不大。

But some specific plants that exported more to US, maybe. But this is the good thing for our global platform that allows production to be redirected and the impact to be very mitigated. I think this is one of the moments that the value of the platform makes it more strong.

但也許有些特定工廠向美國出口了更多產品。但這對我們的全球平台來說是一件好事，因為它可以重新定向生產，並大大減輕影響。我認為這是平台價值變得更強大的時刻之一。

If you talk about the future, it's too early to estimate the real impact. And it will depend how the global market will be rebalancing because this is interconnected. Maybe some countries will be substituted for Brazilian product, Australia and other countries. Even, besides that, some of US product exported today could remain in the market.

如果談論未來，現在估計真正的影響還為時過早。這將取決於全球市場如何重新平衡，因為這是相互關聯的。也許有些國家會用巴西、澳洲和其他國家的產品來替代。甚至除此之外，今天出口的一些美國產品仍可能留在市場上。

And we put -- if Brazil will be replaced with what's delivered to the US, for us, we are not seeing today this really strong impact. It's too early to say the impact, to quantify the impact.

我們認為——如果向巴西交付的產品被向美國交付的產品取代，對我們來說，今天我們不會看到這種真正強烈的影響。現在談論其影響、量化其影響還為時過早。

About the outlook, you see that Friboi showed a strong growth in volume and even in price, domestic and export. We lost a little bit in terms of gross margins, but we gained more than that, we compensated with the higher volume. We see that, for the next quarter, our beef operation in Brazil continues to deliver good results.

展望未來，您會發現 Friboi 的銷售和價格（國內和出口）均呈現強勁成長。我們的毛利率略有損失，但收益卻更大，我們透過更高的銷售彌補了這一損失。我們看到，下個季度我們在巴西的牛肉業務將繼續取得良好的業績。

Okay. That was very helpful color on that. And then I wanted to also ask on the US prepared foods strategy. And you listed a number of investments that you've made there. How much will that increase your US prepared foods volumes when I take all of those projects together?

好的。這對此來說是非常有用的顏色。然後我還想問美國的預製食品策略。您列出了在那裡進行的一些投資。當我把所有這些項目放在一起時，您的美國預製食品產量會增加多少？

And as you think about continuing to build out that strategy, are you comfortable going with internal projects and smaller acquisitions kind of one by one? Or I guess, how are you thinking about achieving the aspirations in US prepared foods?

當您考慮繼續實施該策略時，您是否願意逐一進行內部專案和小型收購？或者我想，您如何考慮實現美國預製食品的願望？

Hi Andrew, so on the prepared foods side, on our chicken, the plant that we announced in Walker County, it's a significant increase. It's almost going to double our capacity on that. But on the other side, on the pork side, on the sausage and cooked sausage, it will probably be at 20%.

你好，安德魯，在熟食方面，就我們的雞肉而言，我們在沃克縣宣布的工廠產量有了顯著的增長。這幾乎會使我們的產能翻倍。但另一方面，就豬肉、香腸和熟香腸而言，這一比例可能達到 20%。

I can probably get more precise numbers afterwards and send that your way, but it will be a significant increase on both sides, maybe an average of 25%, 30% increase of our total capacity on volumes in the US. But we certainly can send you some more precise numbers afterwards.

我可能會在之後獲得更精確的數字並將其發送給您，但這對雙方來說都將是一個顯著的增長，也許我們在美國的總產能平均會增加 25％ 到 30％。但我們之後當然可以向您發送一些更精確的數字。

Our approach to this is pretty simple, on how we're investing and where we're deciding to grow. We're really starting off going by where we're seeing the demand in the market and where we're seeing that the market has a need for products.

我們對此採取的方法非常簡單，即我們如何投資以及我們決定在哪裡發展。我們實際上是從看到市場需求的地方開始的，我們看到市場對產品有需求。

So we have grown a lot our prepared foods side on chicken. And today, we need more capacity to continue to grow. That's our bottleneck for growth in this market. It's actually production capacity. It's much more production capacity than actually being able to sell.

因此，我們在雞肉方面的預製食品方面已經取得了很大進展。今天，我們需要更多的能力來繼續發展。這是我們在這個市場成長的瓶頸。這實際上是生產能力。生產能力遠大於實際銷售能力。

And on the pork side of prepared foods, we've been working a lot with customers. And the demand for these products that we're starting to make are pretty large, and we decided to go there. We will obviously always look at assets for acquisitions.

在預製食品豬肉方面，我們與客戶進行了大量的合作。我們開始生產的這些產品的需求相當大，所以我們決定去那裡。顯然，我們會一直關注資產收購。

And obviously, there is a lot of things that go into play, if there is actually something out in the market for an acquisition or if there isn't and if there is, if the assets are something that we think are good assets for the long term.

顯然，有許多因素會影響收購，例如市場上是否有可供收購的資產，以及我們認為這些資產是否是長期的優質資產。

In these three cases, we've decided that the best thing to do was to build a plant, modern plants that are going to be completely new and ready for the next 10, 15, 20 years. So that's what we decided. We're very excited about these three plants, and we think they're going to be among the best plants in the country.

在這三種情況下，我們認為最好的方法是建造一座工廠，一座全新的現代化工廠，為未來 10 年、15 年、20 年做好準備。所以我們就這麼決定了。我們對這三家工廠感到非常興奮，我們認為它們將成為全國最好的工廠之一。

Great. Thank you very much.

偉大的。非常感謝。

Guilherme Guttilla, BTG.

吉列爾梅·古蒂拉（Guilherme Guttilla），BTG。

Hi guys, morning. So I just want to discuss a bit here about the chicken business. So maybe starting with Seara, just if you guys could give us a bit more color on how the avian flu outbreak impacted the company results? Maybe break down a bit how was the segment profitability and how the outbreak impacted it.

大家好，早安。所以我只想在這裡討論一下雞肉生意。那麼，也許從 Seara 開始，你們能否給我們詳細介紹一下禽流感疫情對公司績效的影響？或許可以稍微分析一下該部門的獲利能力如何，以及疫情對其有何影響。

And also on chicken, but on a different topic, I just want to discuss a little bit more here about the supply and demand scenario. So we discussed here in previous opportunities about how the lower hatchability and higher mortality rates are impacting the supply, the chicken supply.

關於雞肉，也是同樣的話題，但這是一個不同的主題，我只想在這裡稍微討論一下供需情況。我們在先前的機會中討論過較低的孵化率和較高的死亡率如何影響雞肉供應。

But like, what do you guys expect ahead? Like, until when do you guys believe the supply constraints can delay the cycle from turning? So that's it. Thank you.

但是，你們對未來有什麼期待呢？例如，你們認為供應限制可以延緩週期轉換到什麼時候？就是這樣。謝謝。

Guilherme, thank you for the question. I will be very pragmatic in the answer here to you. When the outbreak happened in Brazil, all, practically 100% of the market to export to Brazil closed. And we say that the impact, that moment in June, that was in June, the impact of our EBITDA in June was around 5% not just in chicken, the company as a whole, Seara.

Guilherme，謝謝你的提問。我會非常務實地在這裡回答你。當巴西爆發疫情時，幾乎所有出口到巴西的市場都關閉了。我們說，影響是在六月，也就是六月，六月我們 EBITDA 的影響大約是 5%，不僅僅是雞肉，而是整個公司，Seara。

And with now some of the markets reopened, it remains closed in two important markets, that's Europe and China. We see that the government and the Minister of Agriculture is working to reopen market.

現在一些市場已經重新開放，但兩個重要市場，即歐洲和中國，仍然關閉。我們看到政府和農業部長正在努力重新開放市場。

I saw in the media yesterday that President Lula discussed it with President Xi Jinping about the issue. I'm so confident that it may be reopened, very close, these two markets because there is no technical reason to be closed because all of the technical things was answered, the question that the market made and declared Brazil free.

我昨天在媒體上看到盧拉總統和習近平主席就此問題進行了討論。我非常有信心，這兩個市場可能會重新開放，非常接近，因為沒有技術原因需要關閉，因為所有技術問題都得到了解答，市場提出的問題並宣布巴西自由。

We are so confident that will be reopened in the coming weeks. But the fact that today it's closed, and the impact of these two markets is in the profitability of Seara, that will be around 2 percentage points. Or say, 1.5 percentage points, 2 percentage points that is the impact we have now with this. I think with this, I hope that we answered your question, the first question.

我們非常有信心它將在未來幾週內重新開放。但事實上，今天它已經關閉，這兩個市場對 Seara 的獲利能力的影響將在 2 個百分點左右。或者說，1.5個百分點、2個百分點，這就是我們現在受到的影響。我想，希望我們能夠回答您的問題，第一個問題。

The second question, the outlook of the chicken business. We saw a strong demand for chicken globally, all of the markets, in Brazil, in US, in Europe, in Mexico. All of the markets, we see strong demand because in US, the consumer substitutes beef from chicken, and we see all the international markets have better demand.

第二個問題，雞肉業務的前景。我們發現全球對雞肉的需求強勁，包括巴西、美國、歐洲和墨西哥的所有市場。在所有市場中，我們都看到了強勁的需求，因為在美國，消費者用雞肉代替牛肉，而且我們看到所有國際市場的需求都更好。

Brazil, we had a problem, but the market that opened and we export, there is strong demand for the volume. All the things that you have mentioned before about genetics, about mortality, about productivity, is not changing so far. And we remain confident from the outlook for this year for chicken.

巴西，我們遇到了問題，但市場已經開放，我們出口的產品需求量很大。您之前提到的有關遺傳學、死亡率、生產力的所有內容到目前為止都沒有改變。我們對今年雞肉的前景仍然充滿信心。

Priya Ohri-Gupta, Barclays.

巴克萊銀行的 Priya Ohri-Gupta。

Hi, thank you so much for taking my question. Making sure you guys can hear me, okay?

你好，非常感謝您回答我的問題。確保你們能聽到我的聲音，好嗎？

Yes, we can hear you, Priya.

是的，我們能聽到你的聲音，普里婭。

Okay. Perfect. Wesley, I'd love to just follow up on the comments that you were making around the prepared foods business. You did highlight that the company does consistently look at acquisitions as well as it considers sort of how to approach growing out capacity.

好的。完美的。韋斯利，我很樂意跟進你對預製食品業務的評論。您確實強調過，公司確實在不斷關注收購，同時也在考慮如何擴大產能。

Based on some of these investments that you guys have been talking about, should we assume that the need for acquisitions might be lower in the near future in the prepared side of the business? Or is there still scope to look at inorganic growth?

根據你們談論的一些投資，我們是否可以假設在不久的將來，業務準備的收購需求可能會降低？或是否仍有空間觀察無機成長？

Hi Priya, it's difficult to forecast what's going to be the future, right, on this because these are all based on opportunities, right? Acquisitions are always based on opportunities. So obviously, like we've always done in our history, we're going to look at anything that comes up.

嗨，Priya，很難預測未來會發生什麼，對吧，因為這些都是基於機會的，對吧？收購總是基於機會。因此顯然，就像我們歷史上一直在做的那樣，我們會關注出現的任何問題。

But it's difficult to forecast if it's going to be more, one or more of the other. Obviously, when we want to grow our business, we look at both. So it will be difficult for me to project for you what's going to be the future in this.

但很難預測是否會有更多，一個或更多。顯然，當我們想要發展業務時，我們會同時考慮兩者。因此，我很難為你預測未來會發生什麼。

That's helpful. So it's just more of an ongoing thing. With regards to the beef cycle, it's, I would say, sort of getting to this point of heifer retention has been a little bit more elongated than we've seen in the past. What's your perspective on sort of how long it could take us to really start to see the bottom on profitability? So sort of how are you thinking about getting back to breakeven in the beef segment and then starting to see growth?

這很有幫助。所以這只是一個持續發生的事情。關於牛肉週期，我想說，達到這個小母牛保留點的時間比我們過去看到的要長一些。您認為我們需要多長時間才能真正開始看到盈利能力的底部？那麼您如何考慮讓牛肉業務恢復收支平衡並開始成長呢？

Yeah. I think this year and the beginning of next year are going to be the bottom side of the cycle. And then from there, it's going to be a gradual increase somewhere in end of '27, beginning '28. It's going to be gradual.

是的。我認為今年和明年年初將是周期的底部。然後從那時起，它將在 27 年底到 28 年初的某個時候逐漸增加。這將是漸進的。

It's not going to be overnight, right, that you're going to see a complete change in the business. It's going to be gradual. But I think the worst part of the cycle is going to be right here for the next maybe three, four quarters. And then from there, we're going to see this change and gradually improve.

你不會在一夜之間看到業務發生徹底的變化。這將是漸進的。但我認為，週期最糟糕的部分將出現在接下來的三到四個季度。然後從那時起，我們將看到這種變化並逐步改善。

Okay. That's helpful. And Guilherme, can you remind us again how you think about your ongoing cash balance? We're just shy of about $3 billion at this point if we include some of the margin cash in there. Is that the right level for the near term? Or would you like to have a little bit more of a cushion there around where you maintain cash?

好的。這很有幫助。吉列爾梅，您能否再次提醒我們，您對目前現金餘額有何看法？如果我們將部分保證金現金計入其中，那麼目前的金額將略低於 30 億美元。這是近期的正確水準嗎？或者您希望在保留現金方面擁有更多的緩衝空間？

Hi Priya, no, I think this is more than enough. I think given the company's cash conversion cycle today, a cash of $2 billion worldwide is more than enough for the operation. So we are comfortable with the current levels. And that's one of the reasons that we announced the share buyback program because, as you know, we paid $3 billion in debt.

嗨，Priya，不，我認為這已經足夠了。我認為，考慮到公司目前的現金轉換週期，全球 20 億美元的現金足以維持營運。所以我們對目前的水準感到滿意。這就是我們宣布股票回購計畫的原因之一，因為如你所知，我們已經償還了 30 億美元的債務。

And the other debts that we have up to 2032, they all have coupons lower than 3.75%. So it was not efficient to buy the debt with excess cash. So we announced the share buyback program, but we still have cash above what we need our cash conversion cycle to operate.

截至 2032 年，我們所持有的其他債務的票面利率均低於 3.75%。因此，用過剩現金購買債務是沒有效率的。因此，我們宣布了股票回購計劃，但我們的現金仍然超過了我們營運現金轉換週期所需的現金。

Great. And then just one last administrative question. Where are you guys in terms of updating the bond ticker now that the equity listing has been completed and then putting the shelf in place? Thank you.

偉大的。然後還有最後一個行政問題。既然股票上市已經完成，你們在更新債券行情代碼以及將債券擱置到位方面進展如何？謝謝。

Okay. So first, on the ticker of BZ, it's out of our control. We're talking to Bloomberg for a while now to take the BZ out of the ticker. We'll keep following up on that. And the shelf registration, first, we'll finish all the exchange offer to make all the remaining 144A bonds registered.

好的。首先，對於 BZ 的股票代號來說，這是我們無法控制的。我們目前正在與彭博社商談將 BZ 從股票行情自動收錄器中移除。我們將繼續跟進此事。至於擱置註冊，首先，我們將完成所有交換要約，以使所有剩餘的 144A 債券都進行註冊。

And then we need the first register offer to one year to be a WKSI and have two shelf registrations. So we first need to do an issuance of debt and equity registered for then to ask for the shelf registration on WKSI. So I think maybe we need a new issuance, which currently we don't envision given that, again, as we talked about, we have more than enough cash. We have no maturities in the near term. So I don't see it coming to the market anytime soon.

然後，我們需要第一個註冊提供一年的時間來成為 WKSI 並擁有兩個擱置註冊。因此，我們首先需要發行已註冊的債務和股權，然後在 WKSI 上申請擱置註冊。所以我認為也許我們需要發行新債券，但目前我們還沒有想到，因為正如我們之前提到的，我們擁有足夠的現金。我們近期沒有到期債務。所以我認為它不會很快進入市場。

Great. Thank you so much

偉大的。太感謝了

Gustavo Troyano, Itau BBA.

古斯塔沃·特羅亞諾（Gustavo Troyano），伊塔烏（Itau）BBA。

Hello everyone, can you guys hear me?

大家好，你們聽得到我說話嗎？

Yes, Gustavo, we can hear you.

是的，古斯塔沃，我們聽得到你的聲音。

Thanks, Gui. So actually, my question is on US pork. And earlier in the call, you guys mentioned that margins should recover in the next few quarters. So I just wanted to have more granularity on this topic, maybe the reasons behind the margin compression in US GAAP in this quarter.

謝謝，桂。實際上，我的問題是關於美國豬肉的。在早些時候的電話會議中，你們提到利潤率應該會在未來幾季內恢復。所以我只是想更詳細地了解這個主題，也許是本季美國公認會計準則利潤率壓縮背後的原因。

And why do you believe they are improving in the remainder of the year? And if possible, if we could explore a little bit more like the pace of this recovery and when do you expect these margins to reach your recurring level going forward?

為什麼您認為他們在今年剩餘時間內會有所進步？如果可能的話，我們是否可以進一步探討一下這種復甦的速度，以及您預計這些利潤率何時會達到未來的經常性水準？

And if we could discuss maybe the margin performance in the integrated part of the business compared with the non-integrated part of the business, if that's a fair comparison to do for this quarter, if there are different margin performance between those two operations in there. Thank you very much, Gui.

如果我們可以討論一下綜合業務部分與非綜合業務部分的利潤表現，如果這是本季公平的比較，那麼這兩個業務之間的利潤表現是否不同。非常感謝你，桂。

Gustavo, good morning. So the US pork performance this quarter, a lot of it was because of some of the trade disruptions we had with product going to China and for that period of time, there was 100%-and-some tariff, and we had products coming back, products that we had to reshuffle, and that created the disruption that we did not expect.

古斯塔沃，早安。因此，本季度美國豬肉的表現很大程度上是由於我們在產品銷往中國時遇到了一些貿易中斷，在那段時間裡，關稅高達 100%，我們的產品被退回，我們不得不重新調整產品，這造成了我們沒有預料到的混亂。

We expect that as of the third quarter of 2025, right now, we're back to normal in margins. So that's not something that we're overly concerned about, being a gradual recovery, we think it's an immediate recovery. It's just that it was more of a one-off in the second quarter.

我們預計，截至 2025 年第三季度，我們的利潤率將恢復正常。因此，我們不必太擔心，因為復甦是逐步的，我們認為復甦是立即的。只不過，這更像是第二季的一次性事件。

We actually are quite optimistic about margins in the pork business. We've grown our live production. Like you're saying, you're asking about integrated supply, in the last 5 to 10 years, we've grown that and when we see grain prices being at a relatively low level based on history.

事實上，我們對豬肉業務的利潤率非常樂觀。我們的現場製作已經擴大。就像你說的，你問的是綜合供應，在過去的5到10年裡，我們已經實現了成長，而且我們看到糧食價格處於歷史相對較低的水平。

And on the other side, you see a potential for the cutout of pork to become -- when there is low availability of beef and high prices of beef, pork becomes a very good option. So you could see a little bit of strength there because of that. We're actually quite optimistic about pork margins in the US going forward.

另一方面，你可以看到豬肉的切割潛力——當牛肉供應不足、牛肉價格高漲時，豬肉就成為一個非常好的選擇。因此你可以看到那裡有一點力量。事實上，我們對未來美國豬肉利潤率相當樂觀。

That's super clear. Thank you very much.

這非常清楚。非常感謝。

Leonardo Alencar, XP.

萊昂納多·阿倫卡爾，XP。

Good morning. I hope you can hear me.

早安.我希望你能聽到我的聲音。

Yes, we can hear you. Just speak a little louder, please, Leonardo.

是的，我們能聽到你的聲音。請大聲一點說話，萊昂納多。

Okay, thank you. Good morning Tomazoni, Cavalcanti, Chris and Wesley. Thank you for taking my question. I would like to go a little deeper regarding the US beef. I understand this building is ongoing and that you're expecting that to change the scenario for at least three, four quarters ahead.

好的，謝謝。早安，托馬佐尼、卡瓦爾坎蒂、克里斯和韋斯利。感謝您回答我的問題。我想更深入地了解美國牛肉。我知道這項建設正在進行中，並且您預計這將在未來至少三到四個季度內改變現狀。

But we need to consider the other factors in place, the issue with the cattle import from Mexico that is not really happening right now, and also the impact of the tariffs in Brazil restricting imports of trimmings of beef, lean beef.

但我們需要考慮其他因素，例如目前尚未真正從墨西哥進口牛肉的問題，以及巴西關稅限制進口牛肉、瘦牛肉的影響。

If you could just go a little deeper on the discussion about the cycle in US and if you could expect this average weight of cattle continue to increase or even decreasing maybe. And just to understand how this is going to play in the future because this was a very strong change of metrics, we could say, the average weight of the cattle and that increased probably the production of fatter meat, let's call it. So this was one of my questions.

如果您可以更深入地討論美國的周期，並且您可以預期牛的平均重量會繼續增加甚至減少。只是為了了解這在未來將如何發揮作用，因為這是一個非常強大的指標變化，我們可以說，牛的平均體重可能會增加，這可能會增加肥肉的產量，我們這麼說吧。這是我的一個問題。

And the other one would be a follow-up regarding Seara. I understand that the issue with China, we are expecting this restriction to drop in the foreseeable future. But then what's your read on China, on the market in China, demand in China?

另一個是關於 Seara 的後續報導。我了解中國的問題，我們預計這項限制將在可預見的未來取消。但您對中國、中國市場、中國需求有何看法？

Since they're not importing meat from Brazil for a while now and demand is probably still good, but then I wanted to hear that from you. If stocks are decreasing in China right now, so if you could expect China to resume imports to a previous level we were seeing before the restrictions or there's room for improvement on that. So that's my question. Thank you.

由於他們暫時沒有從巴西進口肉類，而且需求可能仍然良好，所以我想聽聽您的意見。如果中國目前的庫存正在減少，那麼你是否可以預期中國進口量將恢復到限制之前的水平，或者還有改善的空間。這就是我的問題。謝謝。

Morning, Leonardo. So you bring in a few good points. This Mexico situation is obviously quite relevant in the short term. There is about 1 million head, 1.2 million head of feeder cattle that comes to the US and they're fed in the US.

早安，萊昂納多。所以你提出了一些很好的觀點。墨西哥的情況顯然在短期內具有相當重要的意義。大約有 100 萬頭、120 萬頭肉牛被運往美國並在美國飼養。

So as of November last year when the border got shut, and beginning of this year, it opened. It shut down again. And we have been following the situation quite closely. And what we realize is that the Mexican government is doing a lot of work to make sure that, that situation is handled and working with the US government to figure out a way to reopen and continue flow of cattle.

因此，自去年 11 月關閉邊境以來，今年年初，邊境已開放。它又關閉了。我們一直在密切關注事態發展。我們意識到，墨西哥政府正在做大量工作以確保處理這種情況，並與美國政府合作尋找重新開放和繼續牛群流通的方法。

We think that this is going to be very relevant in the medium term, in the short term, but we don't think that necessarily would impact the long term of the cycle of the herd review. So I would disconnect those things. Though it's a very important point that you bring up. And it does create an impact in the US, especially in the south of the US, where a lot of that cattle stays.

我們認為這在中期和短期內將非常重要，但我們不認為這必然會對長期的團體審查週期產生影響。所以我會斷開這些東西。儘管您提出的這個觀點非常重要。這確實對美國產生了影響，尤其是美國南部，那裡有很多牛。

When it comes to imports, and obviously, lean trim is something that the US has imported for a long time. We blend that. The market blends it with a fat trim and make ground beef. So when you lose a source like Brazil, it's significant.

說到進口，顯然，精益內裝是美國長期以來進口的產品。我們將其混合。市場將其與脂肪邊角料混合，製成碎牛肉。因此，當你失去像巴西這樣的來源時，這將是意義重大的。

The impact of that, it's still relatively early to see because there is inventory in the US There was inventory coming to the US. So we haven't seen 100% of what this is going to look like. But certainly, domestic meat or meat that is imported, that's lean is going to appreciate in value and going to have a higher value.

現在還不能看出其影響，因為美國有庫存，有庫存正在運往美國。所以我們還沒有完全了解事情會是什麼樣子。但可以肯定的是，國產肉或進口的瘦肉會升值，價值會更高。

And we'll see exactly how big the impact is going to be when that Brazilian inventory of meat in the US kind of gets used and we will see less flow of Brazilian beef coming in. So it's too early to tell exactly how big is going to be the impact.

我們將確切地看到，當美國消耗掉巴西的肉類庫存時，其影響將有多大，屆時我們將看到巴西牛肉的進口量減少。因此現在判斷其影響到底有多大還為時過早。

Okay. Thank you. What about China chicken in Seara?

好的。謝謝。西阿拉的中國雞怎麼樣？

Leonardo, related to chicken Seara, I don't know what's clear before, but the impact of the avian flu, when we had the month that had the outbreak, really the strong impact was around 5% in the result of Seara. Now after release of markets, the impact is around 1.5% percentage of EBITDA.

萊昂納多，關於雞 Seara，我不知道之前的情況是否清楚，但禽流感的影響，在疫情爆發的那個月份，對 Seara 的影響確實非常大，約為 5%。現在市場發布後，影響約為 EBITDA 的 1.5%。

And we are really confident with the future of this business because demand is strong, domestic and export. Not just in Brazil, we see all of the markets, we see in US, with Pilgrim's releasing the results, and I think Fabio was mentioned that the strong demand in US is not different in Mexico, is not different in Europe.

我們對這個業務的未來充滿信心，因為國內和出口的需求都很強勁。不僅僅是在巴西，我們看到了所有的市場，我們也看到在美國，隨著 Pilgrim 發布了業績，我認為 Fabio 提到美國的強勁需求與墨西哥和歐洲沒有什麼不同。

And when you look for the supply, we have the same restriction we had before. We are discussing about genetics, about mortality, all of the issues remain. It may increase a little bit more the number of bullets. But when you look for the demand, the increase in the percentage of the number of bullets did not make really the difference to impact the results. We remain very positive with the chicken business for this year.

當你尋找供應時，我們受到的限制與以前相同。我們正在討論遺傳學、死亡率，所有問題仍然存在。它可能會增加一點點子彈的數量。但是當你尋找需求時，子彈數量百分比的增加並沒有真正對結果產生影響。我們對今年的雞肉生意仍然非常樂觀。

Okay. Thank you very much for the details

好的。非常感謝您提供詳細信息

John Baumgartner, Mizuho.

瑞穗的約翰·鮑姆加特納。

So look, can you hear me now?

那你看，你現在聽得到我說話嗎？

Yes, thank you.

是的，謝謝。

So thanks for the opportunity. Following up on US prepared foods --

非常感謝有這個機會。追蹤美國預製食品--

Excuse me, ladies and gentlemen, it seems that Mr. Baumgartner has disconnected his line. I'll be moving to the next question, okay?

女士們、先生們，不好意思，鮑姆加特納先生似乎斷線了。我要轉到下一個問題，可以嗎？

Renata Cabral, Citi.

花旗銀行的 Renata Cabral。

Hi everyone, thank you so much for taking my question. My first one will be on the Brazilian beef cycle actually. Initial expectations was that maybe this year, 2025, towards 2026 would have the change in cycle in Brazil.

大家好，非常感謝你們回答我的問題。我的第一個作品實際上是關於巴西牛肉的。最初的預期是，也許今年，即 2025 年或 2026 年，巴西的周期將發生變化。

We had cattle prices with a lot of volatility naturally because of the recent trade tensions. So my question is, the previous expectations remains regarding the cattle cycle in Brazil. If you could discuss it a little bit, it would be really helpful.

由於最近的貿易緊張局勢，牛價自然波動很大。所以我的問題是，之前對巴西牛市週期的預期仍然存在。如果您能稍微討論一下，那將會非常有幫助。

And my second question is on disclosures. Now that you are reporting under US GAAP, it's much easier for us to compare your numbers with US peers. And given your recent announced investments in prepared foods, would you be able to share even a rough sense of range what prepared foods represents in your business today? Or looking ahead, do you see room to provide more details over time to help us have a better comparison on this front? Thank you so much.

我的第二個問題是關於披露的。現在您按照美國公認會計準則進行報告，我們可以更輕鬆地將您的數據與美國同行進行比較。鑑於您最近宣布對預製食品進行投資，您能否大致分享預製食品在目前業務中所佔的範圍？或者展望未來，您是否認為隨著時間的推移可以提供更多細節，以幫助我們在這方面進行更好的比較？太感謝了。

Okay. So I will start with the second question. So basically, Renata, first of all, the thing is our business segment has to be how we manage the company. So that's why we don't have prepared foods as a business segment because we have prepared foods in Europe, in US, in PPC, in Brazil, so on. So that's the reason.

好的。因此我將從第二個問題開始。所以基本上，雷娜塔，首先，我們的業務部門必須專注於如何管理公司。這就是為什麼我們沒有將預製食品作為業務部門，因為我們在歐洲、美國、PPC、巴西等地都有預製食品。這就是原因。

But of course, we can try to make managerial numbers for how much should be prepared foods. But then comes a question on what is the threshold, what's divided, what is prepared or not.

但當然，我們可以嘗試制定管理數字來決定應該準備多少食物。但接下來的問題是，門檻是多少，什麼是分歧，什麼是準備好的，什麼是沒有準備好的。

So let's say, if we get what is really processed process, I would guess that 15% currently would be a good estimate. But of course, if you include, for example, brands, case readies or just brands that you put in the Natura meat, we can go up to 50%, if you put brands on the value-added side.

因此，如果我們得到真正處理的過程，我猜目前 15％ 是一個很好的估計。但當然，如果你包括品牌、盒裝或只是你在 Natura 肉中添加的品牌，如果你把品牌放在增值方面，我們可以提高到 50%。

So that's something in between that. And of course, we will always try to continue to improve our disclosures. And again, as we grow, we'll try to have this number developing to a better disclosure.

這就是介於兩者之間的事物。當然，我們將始終努力繼續改善我們的揭露。而且，隨著我們的成長，我們會嘗試讓這個數字得到更好的揭露。

I think, Renata, related to beef cycle in Brazil, we are very optimistic with the cycle in Brazil. And I believe that the Brazilian sector is in a transformation because Brazil is increasing the feedlot. That feedlot makes possible to reduce the age of the animals to go to processing plants, to have genetic improvements. You have more feedlot because the DDG now is available because of corn ethanol. And this is a kind of change in the livestock sector that will be enhance the production.

雷納塔，我認為，就巴西的牛肉週期而言，我們對巴西的週期非常樂觀。我相信巴西的畜牧業正在轉型，因為巴西正在擴大飼養場。該飼養場可以降低進入加工廠的動物的年齡，從而實現基因改良。由於現在可以透過玉米乙醇獲得 DDG，因此您擁有了更多的飼養場。這是畜牧業的一種變革，將會提高產量。

Producers make a good margin today because if you look for the quarter, the price of the beef increased 20% and the price of livestock increased 40%. It means that this is a good moment for the producers. There is a lot of incentives to raise animals.

如今，生產商的利潤很高，因為如果你看一下這個季度，你會發現牛肉價格上漲了 20%，牲畜價格上漲了 40%。這意味著對於製片人來說這是一個好時刻。飼養動物有許多激勵措施。

And the possibility for increased productivity is huge in Brazil. Brazil has half of the earth's, of US, and we produce the same amount of meat with US that, if you look, this is a huge opportunity for improvement. And today, with the conditions we see in the market already mentioned, we are positive for this year and the next year from the livestock in Brazil.

巴西提高生產力的可能性巨大。巴西的土地面積相當於美國的一半，而我們生產的肉類數量與美國相同，如果你仔細觀察就會發現，這是一個巨大的改進機會。今天，根據我們已經提到的市場狀況，我們對今年和明年巴西的牲畜狀況持樂觀態度。

Thank you so much, Tomazoni and Guilherme, that was helpful.

非常感謝 Tomazoni 和 Guilherme，你們很有幫助。

Mr. John Baumgartner, Mizuho.

瑞穗的約翰·鮑姆加特納先生。

Good morning, thanks for the question. Can you hear me?

早安，感謝您的提問。你聽得到我嗎？

Yes.

是的。

Just wanted to follow up on US prepared foods and your comments there, Wesley. You're making the investments in chicken and bacon and sausage and some of these Italian meats, and you mentioned responding to market demand.

只是想跟進美國食品和你的評論，韋斯利。您正在對雞肉、培根、香腸和一些義大利肉類進行投資，並且您提到要滿足市場需求。

I'm curious, are there any particular white spaces in terms of species or product format that you still see as incremental opportunities for you, maybe more in beef or other types of pork? And then as you develop the portfolio, how do you anticipate the marketing to evolve? Are there opportunities for partnerships like you're doing with Netflix and Seara in Brazil?

我很好奇，在品種或產品形式方面是否存在任何特定的空白，您仍然認為這對您來說是增量機會，也許更多的是在牛肉或其他類型的豬肉方面？那麼，當您開發產品組合時，您預測行銷將如何發展？你們是否有機會建立像與巴西的 Netflix 和 Seara 這樣的合作關係？

John, so we see that where we're investing, where we have announced so far is where we're really seeing the demand, like we mentioned, the sausage, the cooked sausage. Just to explain what that is, a lot of that is what would go into and what we would see in pizza toppings, in salads. And so it's prepared and cooked bacon and sausage. So we're seeing a lot of demand there. That's where we've built.

約翰，我們看到，我們所投資的地方，我們迄今宣布的地方，都是我們真正看到需求的地方，就像我們提到的，香腸，熟香腸。只是為了解釋一下那是什麼，其中很多都是我們會在披薩配料和沙拉中看到的東西。這就是準備好並煮熟的培根和香腸。因此我們看到那裡有很多需求。那就是我們所建造的地方。

We're very confident about that. As we see other opportunities, we might communicate. But so far, that's where we see the opportunities and where we invested.

我們對此非常有信心。當我們看到其他機會時，我們可能會進行交流。但到目前為止，我們看到了機遇，也進行了投資。

On the Pilgrim's side, we've done a fantastic job here in the US with branding our products and a great success story we just bore and achieved pretty large market share in pretty short time, and a lot of distribution. And it's a brand that's continued to grow very much and do a good job.

就 Pilgrim 而言，我們在美國做了出色的產品品牌推廣工作，創造了巨大的成功，在很短的時間內獲得了相當大的市場份額，並獲得了大量的分銷。這個品牌一直在持續快速發展，並且表現良好。

And there is a huge opportunity for us to do that on the pork side, on the red meat side of prepared foods. And we haven't done much of that, but that's something that's, for sure, part of our plans and part of what we see as a potential for this prepared foods business in the US.

在豬肉和紅肉等預製食品方面，我們有巨大的機會實現這一目標。我們還沒有做太多這樣的事，但這肯定是我們計畫的一部分，也是我們認為美國預製食品業務有潛力的一部分。

Thanks, Wesley. And then coming back to US beef and what the market is seeing in terms of resilient demand despite weaker foodservice traffic, the broader economic challenges facing consumers. I'm curious your thoughts on that demand resilience.

謝謝，韋斯利。然後回到美國牛肉問題，儘管餐飲服務量減弱，消費者面臨更廣泛的經濟挑戰，但市場仍看到需求強勁。我很好奇您對需求彈性的看法。

Are you seeing something different in terms of how consumers interact with beef during the cycle? Is it the broader protein movement that's driving consumers to prioritize spending on beef more so than past inflationary cycles? Any observations you have on demand resilience there would be great.

您是否看到消費者在循環過程中與牛肉的互動方式有所不同？與過去的通膨週期相比，是否更廣泛的蛋白質運動促使消費者優先考慮牛肉支出？您對需求彈性的任何觀察都是非常有用的。

Yeah. I think there is one comparison that's very, very illustrative of how resilient beef demand is. We've always compared chicken breast with pork loin and ground beef as accessible, affordable sources of protein.

是的。我認為有一個比較非常能說明牛肉需求的彈性。我們一直將雞胸肉與豬裡肌肉和碎牛肉進行比較，認為它們是容易取得且價格實惠的蛋白質來源。

And we always compare those items as items that the consumer kind of jumps back and forth. And we've obviously seen, with the short supply of cattle and all of that, we've seen the gap of price of ground beef versus those two other sources of protein really open the gap.

我們總是將這些商品與消費者會重複考慮的商品進行比較。而且我們顯然已經看到，由於牛肉供應短缺等原因，碎牛肉與其他兩種蛋白質來源之間的價格差距確實拉大了。

But you mentioned right, foodservices is lower. But on the retail side, and actually, on the overall side, we've seen demand for ground beef to continue to be pretty strong and people choosing to still consume ground beef. Even with this delta, this larger gap in price between pork and chicken, consumers are still really, really going after beef.

但您說得對，食品服務的價格較低。但在零售方面，實際上，從整體來看，我們看到對碎牛肉的需求持續強勁，人們仍然選擇消費碎牛肉。即使豬肉和雞肉之間存在如此大的價格差距，消費者仍然非常熱衷於購買牛肉。

I think there is a few things. I think, yes, there are those trends of people eating more protein, but that benefits all of the categories. People prioritizing protein, all of that is very important. But I think actually, what really, I think, is a testament to it is the quality of US beef and how the US consumer trusts it and really likes it.

我認為有幾件事。我認為，是的，人們確實有吃更多蛋白質的趨勢，但這對所有類別都有好處。人們優先考慮蛋白質，所有這些都非常重要。但我認為，實際上，真正能證明這一點的是美國牛肉的品質以及美國消費者對它的信任和喜愛。

And even at a premium versus other proteins, they're still really looking forward to consume it and seek it. So obviously, this price being so much different than pork and chicken has more to do with the cattle cycle than anything, but the consumer is responding to that and still choosing to consume US beef because of its quality and how much they trust the product. That's what we think.

即使它比其他蛋白質價格更高，他們仍然非常期待食用它並尋求它。因此，很明顯，這種價格與豬肉和雞肉的價格相差如此之大，更多的是與牛的周期有關，但消費者對此做出了反應，仍然選擇消費美國牛肉，因為它的質量和他們對產品的信任程度。我們就是這麼想的。

Thanks, Wesley.

謝謝，韋斯利。

Ricardo Alves, Morgan Stanley.

摩根士丹利的里卡多·阿爾維斯。

Hey everybody, good morning. Thanks for the call. I have three questions, two for Guilherme. Guilherme, on working capital, I believe you mentioned $900 million of consumption this year, right? So that would imply something like $600 million of cash relief into the second half.

大家好，早安。謝謝您的來電。我有三個問題，其中兩個問 Guilherme。Guilherme，關於營運資金，我相信您提到了今年 9 億美元的消耗，對嗎？所以這意味著下半年將有大約 6 億美元的現金救濟。

I just wanted to confirm that level of magnitude at least. And if that's correct, if you could break it down in terms of how much of that would come from inventories or if you can just give some more granularity in terms of working capital relief into the second half and the magnitude. That's the first question.

我只是想至少確認一下這個量級。如果這是正確的，您是否可以將其細分為其中有多少來自庫存，或者您是否可以更詳細地說明下半年營運資本減免的情況和幅度。這是第一個問題。

The second one, also to you, Guilherme, if I may. JBS has been paying a lot of dividends over the past few years, and I think that this year was not different. And now you have the buyback announcement, which is obviously appreciated.

第二個，如果可以的話，也給你，Guilherme。過去幾年，JBS 一直在支付大量股息，我認為今年也不例外。現在你們有了回購公告，顯然值得讚賞。

What is your current mindset on the distribution side? Are you sticking to that idea of returning something like $1 billion per year? Because it actually seems that you're running well above those targets. So I just wanted to get your latest thoughts on the distribution side.

您目前對分銷方面的想法是怎樣的？您是否堅持​​每年返還 10 億美元的想法？因為實際上看起來你已經遠遠超越了這些目標。所以我只是想了解您對分銷方面的最新想法。

My last question to you, Wesley, would be, I thought it was very interesting, the comment you made on pork, that the sequential recovery would be immediate. I think that that's the expression you used as opposed to gradual.

韋斯利，我要問您的最後一個問題是，我認為您關於豬肉的評論非常有趣，即連續復甦將立即發生。我認為這就是你使用的表達方式，而不是「漸進」。

When you look at the beef performance this quarter, do you think that there are elements to the performance of the second quarter that you could also have an immediate sequential recovery? I know that you also made it clear on the US beef side that you're going to have three or four quarters of very tough profitability, which is a view that we tend to share.

當您回顧本季的牛肉錶現時，您是否認為第二季的表現也有可能立即出現連續復甦？我知道您也明確表示，在美國牛肉方面，未來三到四個季度的獲利將非常艱難，我們也傾向於認同這一觀點。

But on a sequential basis, this minus 4%, are there elements, are there factors that you believe you can overcome really fast to improve to, I don't know, maybe closer to low single-digit negative margins? Those are my questions.

但以連續基礎計算，這個負 4%，是否存在一些因素，您認為可以很快克服這些因素，從而提高到，我不知道，也許更接近低個位數的負利潤率？這些都是我的問題。

Okay. Hi Ricardo, so basically, for this year, I think the best estimation in terms of cash generation for the second half is what I mentioned, that the free cash flow breakeven for this year at $5.5 billion. So get whatever is your EBITDA estimation for the whole year, minus $5.5 billion, and then take out 25% effective tax rate. That should give you a good estimation of how much cash we will generate.

好的。你好，里卡多，基本上，對於今年來說，我認為對下半年現金產生的最佳估計就是我提到的，即今年的自由現金流盈虧平衡點為 55 億美元。因此，將全年的 EBITDA 估計值減去 55 億美元，然後減去 25% 的有效稅率。這應該能讓你很好地估計我們將產生多少現金。

And you're right, we'll be releasing cash in the second half as every year we do. And it comes from decreasing inventories and the postpone -- in the last quarter, we always have around at least $400 million of postponement of livestock payments that releases working capital in the fourth quarter.

你說得對，我們會像每年一樣在下半年釋放現金。這是由於庫存減少和延期——在上個季度，我們總是有至少 4 億美元的牲畜付款延期，以便在第四季度釋放營運資金。

So I think that, again, the math of the cash flow breakeven that I mentioned can give you a good estimation of what we are expecting to generate the whole year and, of course, consequently in the second half.

因此，我認為，我提到的現金流損益平衡的數學計算可以讓你很好地估計我們預計全年以及下半年將產生多少收入。

So in terms of the dividends, if you look at how much we paid in dividends since 2020, we had exactly $1 billion -- $975 million average, in fact. So we paid in 2020 around $800 million 2021, another $800 million -- $900 million.

因此，就股息而言，如果您查看我們自 2020 年以來支付的股息，我們實際上正好有 10 億美元——平均 9.75 億美元。因此，我們在 2020 年支付了約 8 億美元，2021 年又支付了 8 億至 9 億美元。

So in 2023, we paid [$450 million], but we promised there the listing that we paid this year. So if we consider that the listing dividend that we paid in June was really promised in 2023, and get back this number, so you'll see that what we've been paying on the average of the last five years is exactly around $1 billion, as I mentioned. And that's why the excess cash, we just turned it on into share buybacks as we did in the past.

因此，我們在 2023 年支付了 [4.5 億美元]，但我們承諾今年支付的上市費用。因此，如果我們考慮到我們在 6 月支付的上市股息實際上是在 2023 年承諾的，並取回這個數字，那麼你會發現，正如我所提到的，我們過去五年平均支付的股息正好是 10 億美元左右。這就是為什麼我們會像過去一樣，把多餘的現金用來回購股票。

In 2021, for example, we used the excess cash for share buybacks. So I think it doesn't change. Going forward, I think we continue with the mindset of paying around $1 billion in dividends every year. And of course, it depends on the M&A opportunity.

例如，2021 年，我們將多餘的現金用於股票回購。所以我認為它不會改變。展望未來，我認為我們將繼續保持每年支付約 10 億美元股息的心態。當然，這取決於併購機會。

So of course, this year, we could increase the share buybacks given there was no relevant M&A this year. So I think it didn't change. So $1 billion of dividends. We continue to think about $1 billion of growth CapEx going forward and also having free cash flow for M&A. If there's no M&A, we can improve the distribution on a buyback, for example.

因此，當然，由於今年沒有相關的併購，我們可以增加股票回購。所以我認為它沒有改變。因此股利為10億美元。我們繼續考慮未來 10 億美元的成長資本支出，並擁有用於併購的自由現金流。例如，如果沒有併購，我們可以透過回購來改善分配。

So Ricardo, on the beef side, we think that our internal performance, again, I think we're going to perform better in the third quarter than we did in the second quarter. And part of that is because the things that we can improve are much more on the mid-margin side, on the buy-and-sell side versus operations. So we think that, that can be a quicker improvement in performance.

因此，里卡多，就牛肉方面而言，我們認為我們的內部表現，我認為我們第三季的表現將比第二季更好。部分原因是我們可以改進的地方更多是在中間利潤方面，在買賣方面，而不是在營運方面。所以我們認為，這可以更快地提高效能。

Having said that, it's a lot more difficult for you to project and to try to predict the beef market today than the pork market because the pork market is a lot more stable today versus the beef market, and it's really tough right now to have a really long-term perspective of exactly what the market itself is going to do on beef. But we think on our own performance, we could have a much better quarter on the third quarter versus the second quarter on the things that depend on us.

話雖如此，預測當今的牛肉市場比預測豬肉市場要困難得多，因為如今的豬肉市場比牛肉市場穩定得多，而且現在很難真正從長遠角度預測市場本身對牛肉的影響。但我們認為，就我們自己的表現而言，在取決於我們自身的事情上，第三季的表現可能會比第二季好得多。

Thank you so much, Wesley. Thanks, Guilherme.

非常感謝，韋斯利。謝謝，Guilherme。

Ricardo Boiati, Safra.

里卡多·博亞蒂，薩夫拉。

Hi, good morning, everyone. Thanks for the opportunity. I have a follow-up question on prepared foods. Wesley, you already gave some nice colors, but I wanted to explore the opportunity in terms of sustainable margin improvement that the ongoing projects could provide for the company. Any estimate of what the incremental normalized margin could be when these projects mature in the future? That's the first question.

大家好，早安。感謝有這個機會。我有一個關於預製食品的後續問題。韋斯利，你已經給出了一些很好的看法，但我想探索正在進行的項目可以為公司提供的可持續利潤率提升的機會。當這些項目在未來成熟時，增量標準化利潤率會是多少？這是第一個問題。

And the second one, I think it goes to Guilherme. Regarding the shareholder base, since the dual listing, how do you see it evolving? Are you seeing already US investors gaining traction? Are you already starting to access fund managers that maybe you previously couldn't? Any color on how that is evolving would be great as well.

第二名，我認為應該屬於 Guilherme。關於股東基礎，自雙重上市以來，您認為它是如何發展的？您是否已經看到美國投資者正在獲得關注？您是否已經開始接觸以前無法接觸的基金經理人了？任何有關其如何演變的細節都很好。

Ricardo, good morning. So we think that the products that we're investing and the categories that we're investing are categories that should have higher double-digit margins, around 15% is our expectation. And so it should bring the average of our EBITDA up.

里卡多，早安。因此，我們認為，我們投資的產品和類別應該具有更高的兩位數利潤率，我們預期約為 15％。因此它應該會提高我們的 EBITDA 平均值。

Ricardo, our expectation in all of the projects that was prepared, the ROI will be around 20%.

里卡多，我們預計所有準備的項目的投資報酬率將在 20% 左右。

So in terms of shareholder base, so first of all, I think since we listed in New York Stock Exchange, our average trading daily volume more than doubled when we compare it to the last year. And our IR team is receiving a lot of reverse inquiries of new investors, new US investors, that is starting to study the story of JBS.

因此就股東基礎而言，首先，我認為自從我們在紐約證券交易所上市以來，與去年相比，我們的平均每日交易量增加了一倍以上。我們的投資人關係團隊收到了許多新投資者、新美國投資者的反向詢問，他們開始研究 JBS 的故事。

We increased already the foreign investor base. And especially on the conferences that we have, for example, we have in September conferences already scheduled, the number of meetings with JBS increased 60%. So we have full day schedules in conference. So I think people are starting to get the story, making their models.

我們已經增加了外國投資者基礎。特別是在我們召開的會議上，例如，我們已經安排了 9 月的會議，與 JBS 的會議次數增加了 60%。因此我們的會議日程安排得很滿。所以我認為人們開始了解這個故事，並建立自己的模型。

And we'll be doing also all the semester non-deal road shows in Boston, New York, Los Angeles, San Francisco, Chicago, Toronto, so on and so forth, until the end of the year, also Nashville, to get these new investors.

我們也將在波士頓、紐約、洛杉磯、舊金山、芝加哥、多倫多等地進行整個學期的非交易路演，直到年底，還有納許維爾，以吸引這些新投資者。

And at the same time, again, as I mentioned before, we start checking the boxes to get to the index, given that today, 54% of the assets under management are passive. And this September, we will have, for example, a FTSE Index, will release their rebalancing. So we'll have a vision where we're going to be, for example, in the Russell next year.

同時，正如我之前提到的，我們開始檢查各個框以獲得指數，因為今天，54% 的管理資產是被動的。例如，今年 9 月，我們將發布富時指數的再平衡報告。因此，我們會對明年的羅素錦標賽有一個願景。

So most likely June next year, we'll be in the Russell. And again, trying to check the boxes and doing developments like we did in terms of releasing numbers in US comparison to be able to be eligible to the most index that we can be.

因此很有可能明年六月我們就會在羅素。再次，我們嘗試檢查方框並進行開發，就像我們在發布與美國比較的數字方面所做的那樣，以便能夠符合我們所能達到的最多指數。

That's great guys. Thank you very much.

太棒了，夥計們。非常感謝。

Guilherme Palhares, Santander.

吉列爾梅·帕哈雷斯，桑坦德銀行。

Good morning, everyone, thank you for taking my question. Just a quick view here on the table egg industry. You guys, of course, had the investment on Mantiqueira. I'd like to hear your thoughts now that you are closer to the business, your prospects.

大家早安，謝謝大家回答我的問題。這裡只是對食用雞蛋產業進行一下簡要的了解。當然，你們對曼蒂凱拉進行了投資。現在您已經更接近業務和前景了，我想聽聽您的想法。

And if you could also read a bit how this is playing out in the US, whether there are opportunities there. We saw the very strong prices of eggs and Brazil also being a player on the exports during Q2. So if you could share a bit your thoughts around that business, what it means for growth in the next couple of years for the company, I would appreciate that.

如果您能了解一下這種情況在美國是如何發生的，那裡是否有機會。我們看到雞蛋價格非常強勁，巴西也是第二季出口的主要參與者。因此，如果您可以分享您對該業務的看法，以及它對公司未來幾年的成長意味著什麼，我將不勝感激。

Guilherme, thank you for the question. When we announced our joint -- we bought 50% of Mantiqueira, and we mentioned that it is a new wave of growth, we are increasing our diversification of our platform. And we want to do with the eggs, what we have done with chicken and pork and beef, to be one of the global leaders of the category. This is the strategy.

Guilherme，謝謝你的提問。當我們宣布合併時——我們收購了 Mantiqueira 50% 的股份，我們提到這是一個新的成長浪潮，我們正在增加我們平台的多樣化。我們希望在雞蛋領域也能取得與雞肉、豬肉和牛肉領域相同的成就，成為該領域全球領導者之一。這就是策略。

We cannot mention one other strategy because this will be responsible for Mantiqueira, not for us to say that what will be acquisition or something. I can see it's our priority for growth, both in Brazil and US in the egg sector.

我們不能提及其他策略，因為這將對曼蒂凱拉負責，而不是由我們來談論什麼是收購或其他什麼。我認為這是我們在巴西和美國雞蛋產業發展的首要任務。

Tomazoni, could you share a bit your thoughts about the growth of this category? Because it seems that when you look in terms of production in Brazil, it has been outpacing your other proteins as well. So what is your thought going forward for the industry as a whole?

Tomazoni，您能否分享一下您對此類別成長的看法？因為從巴西的產量來看，它的產量似乎也已經超過了其他蛋白質。那麼您對整個產業的未來有何看法？

I think it's very positive, Guilherme. We have mentioned in other calls that the consumers, now they get the preference for protein, protein become more healthy. And it is a new trend. And when you look for the types of protein, we see that the eggs is more affordable among all other proteins that are available in the market. It means that eggs keep growing.

我認為這是非常積極的，吉列爾梅。我們在其他電話會議中提到，消費者現在更喜歡蛋白質，蛋白質變得更健康。這是一個新趨勢。當您尋找蛋白質的種類時，我們會發現雞蛋是市面上所有其他蛋白質中更實惠的。這意味著卵子會不斷生長。

And eggs become very, very healthy. And I think there is an opportunity to create trends in eggs as well. And Mantiqueira start to do that already with Happy Eggs. And Mantiqueira and some other brands, they are developing. This is the strategy. We see that this category will be growing and we can enter in the value-added eggs product as well.

雞蛋會變得非常非常健康。我認為雞蛋也有機會引領潮流。Mantiqueira 已開始透過 Happy Eggs 來實現這一目標。Mantiqueira 和其他一些品牌也正在開發中。這就是策略。我們看到這個類別將會成長，我們也可以進入加值雞蛋產品領域。

We are so excited with the growth of this category. And because of that, we made this investment, and we consider this category as one of the categories where we really make a difference in terms of growing in the future.

我們對這一類別的成長感到非常興奮。正因為如此，我們進行了這項投資，並將這個類別視為未來發展中真正發揮作用的類別之一。

Thank you, Tomazoni.

謝謝你，托馬佐尼。

Igor Guedes, Genial.

伊戈爾‧格德斯 (Igor Guedes)，和藹可親。

Good morning, everyone. Thank you for taking my questions. Can you hear me?

大家早安。感謝您回答我的問題。你聽得到我嗎？

Yes, we can hear you. Good morning.

是的，我們能聽到你的聲音。早安.

My question is about the US pork unit. You exceeded our expectations in terms of margins, mainly due to the resilience of domestic pork consumption in the US. But beyond that, you mentioned the expansion of high value-added products, which partially offset the negative pressure on pork offal prices redirect to pet food and animal feed industry due to trade restrictions with China.

我的問題是關於美國豬肉部門的。你們的利潤率超出了我們的預期，這主要歸功於美國國內豬肉消費的彈性。但除此之外，您提到了高附加價值產品的擴張，這部分抵消了由於與中國的貿易限製而導致的豬內臟價格轉向寵物食品和動物飼料行業的負面壓力。

In other words, as we understand it, the margin could have been even better if you realized price had behaved normally. I would like to understand if there is an expectation to resume normal shipments of pork offal to China and restore the realized price in the second half.

換句話說，正如我們所理解的，如果您意識到價格表現正常，利潤率可能會更高。我想了解是否有預期下半年豬雜碎對華出口將恢復正常，實現價格也將恢復。

Igor, good morning. The trade with China, after the trade, a truce has been kind of in place here and postponed. It has already resumed to China and it's normal as of right now.

伊戈爾，早安。與中國的貿易，貿易結束後，這裡的休戰已經到位並被推遲了。中國已經恢復營業，目前一切正常。

So in the next quarter, we can maybe see the realized price of pork US going up?

那麼在下個季度，我們可能會看到美國豬肉的實際價格上漲？

Yes, you should see normalized margins from the third quarter forward. That's our expectation.

是的，從第三季開始你應該會看到利潤率恢復正常。這是我們的期望。

Okay. Thank you very much.

好的。非常感謝。

Isabella Simonato, Bank of America.

伊莎貝拉·西蒙納托，美國銀行。

Thank you. Hi, everyone. Thank you for the call. Just a quick question on US pork and mostly related to accounting actually. We saw a big difference, right, in the IFRS margin and US GAAP, which happened in the past, and you guys put a footnote explaining a little bit of the accounting.

謝謝。大家好。謝謝您的來電。這只是關於美國豬肉的一個簡單問題，實際上主要與會計有關。我們看到，IFRS 利潤率和美國 GAAP 之間存在很大差異，這種情況在過去發生過，你們加了一個腳註來解釋一些會計問題。

But I think our perception, right, is that you took a hit when we think about the US GAAP margin in the end of the quarter because of lower cattle prices, right, while hog prices moved up during the quarter. So back to the discussion, right, of margin improvement in Q3, can we assume that the margin, right, for the average of the quarter was actually a little bit higher than those 6.5%?

但我認為，我們的看法是，當我們考慮本季末的美國 GAAP 利潤率時，你會受到打擊，因為牛價較低，而豬價在本季上漲。那麼回到第三季利潤率改善的討論，我們能否假設本季平均利潤率實際上略高於 6.5%？

Or if you can break down what was the accounting impact regarding biological assets and mark-to-market of inventories, I think that will help to clarify a little bit of the hit on profitability.

或者如果你能分解出生物資產和存貨市價的會計影響，我認為這將有助於澄清盈利能力受到的一點影響。

Isabella, good morning. Look, we manage the business here on a day to day, on a US GAAP basis. So in the US, we manage it in US GAAP. So we don't follow this on IFRS margins on a day-to-day basis. When I mentioned the improvement in margin next quarter and normalizing, going back to normal from where we expect the margins to look like, it's on a US GAAP basis, and it doesn't have really a lot to do with US GAAP IFRS differences.

伊莎貝拉，早安。你看，我們每天都按照美國公認會計準則管理這裡的業務。因此在美國，我們依照美國公認會計準則進行管理。因此，我們不會每天遵循 IFRS 利潤率。當我提到下個季度利潤率的提高和正常化，從我們預期的利潤率水平恢復到正常水平時，這是基於美國 GAAP 的基礎，與美國 GAAP IFRS 差異並沒有太大關係。

I got it. Thank you.

我得到了它。謝謝。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Good morning. Thanks for the question here. Just wanted to parse into Australia a little bit more. I think you mentioned before the other businesses were running about the same as the prior quarter, maybe except for the salmon business. But the strong performance came from beef. It sounds like there's continued favorability in terms of the cattle cycle.

早安.感謝您在這裡提出的問題。只是想更深入地了解澳洲。我想您之前提到過，其他業務的營運情況與上一季大致相同，也許除了鮭魚業務。但強勁的表現來自牛肉。聽起來，牛的周期仍然保持著良好的勢頭。

So I was just wondering, as you look out, I think you said you see room for continued improvement for the year. And I was wondering if you meant that on a sequential basis. Like, when I look at EBITDA margins, do they sequentially improve from these strong levels? Or were you thinking more on kind of a year over year basis?

所以我只是想知道，當你觀察時，我想你說過你看到了今年繼續改進的空間。我想知道您是否是指按順序進行。例如，當我查看 EBITDA 利潤率時，它們是否會從這些強勁的水平持續提高？還是您是在以逐年為基礎進行更多的思考？

Thank you for the question, Pooran. We see that the margin of the Australia business will be two digits in the coming quarters. We see favorable livestock availability. We see that improving our results on the salmon business. And the other business, they are very stable.

謝謝你的提問，Pooran。我們看到，未來幾季澳洲業務的利潤率將達到兩位數。我們看到牲畜供應充足。我們看到鮭魚業務的業績有所改善。其他業務也非常穩定。

Pork is performing very well and prepared food is doing well. 50% of our business in Australia is beef, and we see these results will be above two digits -- no, to be two digits. Sorry for that, it's two digits. And we remain confident because we are talking in the other quarters that the cattle are available, but there is too much rain, they are not able to catch the cattle in the farms.

豬肉表現很好，預製食品也做得很好。我們在澳洲 50% 的業務是牛肉，我們預計這些結果將超過兩位數——不，是兩位數。抱歉，是兩位數。我們仍然充滿信心，因為我們在其他地區聽說牛是可用的，但是雨水太多，他們無法在農場裡趕上牛。

And now the environment condition is much better, and we normalized our operations. We are working in our plants full, and we remain confident of this business.

現在環境條件好多了，我們的生產經營也恢復正常化了。我們的工廠正在全力運轉，我們對這項業務仍然充滿信心。

Great. I appreciate that. And just as a follow-up and I wanted to hone in further on the US and Brazil tariff situation. It sounds like JBS Brazil can find some offsets. You guys mentioned your global platform. And so I think you could find some offsets if you see some weakness there. But I just wanted to ask about the US chicken business, Pilgrim's Pride. Typically, 4Q is a period where you see seasonal weakness for chicken.

偉大的。我很感激。作為後續問題，我想進一步了解美國和巴西的關稅情況。聽起來 JBS 巴西可以找到一些補償。你們提到了你們的全球平台。因此我認為，如果你發現那裡存在一些弱點，你就可以找到一些彌補措施。但我只是想問一下美國雞肉企業 Pilgrim's Pride 的情況。通常，第四季是雞肉價格出現季節性疲軟的時期。

And I think this year, we're seeing just a little bit of incremental supply growth when it comes to egg set. But I'm trying to think about the Brazilian kind of beef situation. Do you think this bodes positively for PPC? And if so, can you help us kind of think about how much room for improvement there can be from a potential lower beef supply because of Brazilian tariffs?

我認為，今年，我們看到的蛋產量供應量只是略有成長。但我正在嘗試思考巴西牛肉的情況。您認為這對 PPC 來說是個好兆頭嗎？如果是這樣，您能否幫助我們思考一下，由於巴西關稅而導致的牛肉供應下降會有多大的改善空間？

I think that it's too early to estimate the real impact because we see that the volume from Brazil that Brazil not export to US, maybe we replace from the other markets, from Australia and from other countries. And as I mentioned before, besides that, some of the US products today that are exported could remain in the domestic market. In the end, I think is the US market will be supplied from the one side, from the other side.

我認為現在估計實際影響還為時過早，因為我們看到巴西沒有向美國出口足夠的量，也許我們會從其他市場、澳洲和其他國家出口。正如我之前提到的，除此之外，目前出口的一些美國產品可能會留在國內市場。最終，我認為美國市場將從一方面獲得供給，並從另一方面獲得供給。

And this will be open, the opportunity for Brazil, because this is an interconnected system. There is no more production of beef globally. If some countries, they directed sales to US, they will be open opportunity for the market that they live.

這對巴西來說是一個開放的機遇，因為這是一個互聯的系統。全球範圍內不再生產牛肉。如果一些國家將銷售導向美國，那麼他們就為他們所處的市場打開了機會。

And I think we need to wait for this rebalance situation that we can more estimate what will be the impact of that. Related to chicken, you are right, there is a little bit increase in terms of eggs. But when you see the demand, I think the egg set, we talk about 1%, 2%, and the demand for protein is much higher than this. And we do not see any reason to not to be according to this normal cycle of the business.

我認為我們需要等待這種重新平衡的情況，以便我們能夠更好地估計其影響。關於雞肉，您說得對，雞蛋的產量確實有一點增加。但當你看到需求時，我認為雞蛋的需求量，我們談論的是 1%、2%，而對蛋白質的需求量遠高於這個數字。我們認為沒有理由不遵循這個正常的業務週期。

Great. Thank you for the color

偉大的。謝謝你的顏色

Thank you, everyone. Ladies and gentlemen, there being no further questions, I would like to pass the floor to Mr. Gilberto Tomazoni.

謝謝大家。女士們、先生們，沒有其他問題了，我想請吉爾伯托‧托馬佐尼先生發言。

I would like to once again thank you, everyone, for joining this earnings call. This quarter marked our listing in NYSE. We reaffirm our focus on growth and deliver value to shareholders, as well our confidence in the strength of our diversified platform, both in terms of geographic and protein.

我想再次感謝大家參加本次財報電話會議。本季我們在紐約證券交易所上市。我們重申專注於成長並為股東創造價值，並對我們多元化平台（無論是在地理上還是在蛋白質上）的實力充滿信心。

Year after year, it's proven to be the right strategy, an excellent tool to protect company for cycles, supply chain disruption or geopolitical impacts. I would likewise take this opportunity to thank all JBS team members. Our company is truly powered by people who share a common mission and are focused on delivering better results every day. Thank you all.

年復一年，事實證明這是正確的策略，是保護公司免受週期、供應鏈中斷或地緣政治影響的絕佳工具。我同樣想藉此機會感謝所有 JBS 團隊成員。我們的公司真正由擁有共同使命並致力於每天取得更好成果的人所推動。謝謝大家。

This is the end of the conference call held by JBS. Thank you very much for your participation, and have a nice day.

JBS電話會議到此結束。非常感謝您的參與，祝您有愉快的一天。