Jbs NV (JBS) 2025 Q3 法說會逐字稿

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

早安，歡迎參加JBS 2025年第三季業績電話會議。（操作說明）提醒各位，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.

本次電話會議中就公司業務前景、預測、營運和財務目標以及潛在成長所做的任何聲明，都應理解為公司管理層對 JBS 未來發展預期所作出的預測。

Such expectations are highly dependent on the industry and market conditions and therefore, are subject to change. Are 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.

這些預期很大程度上取決於行業和市場狀況，因此可能會發生變化。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.

現在我將把會議交給 JBS 全球執行長吉爾伯托·托馬佐尼。托馬佐尼先生，您可以開始演講了。

Good morning, everyone. Thank you for joining us today. The third quarter of 2025 once again demonstrated the strength and consistency of JBS, a global multi-protein platform and more importantly, how we operate with discipline, agility and resilience. We achieved a record net sales with growth across all business units. This performance reinforced the balance and scales of our operation and show our ability to manage the platform proactively, mitigating the impact of local market cycles.

各位早安。感謝您今天蒞臨。2025 年第三季再次證明了 JBS 作為全球多蛋白平台的實力和穩定性，更重要的是，證明了我們是如何以嚴謹、敏捷和韌性的方式運作的。我們實現了創紀錄的淨銷售額，所有業務部門都實現成長。這一表現鞏固了我們營運的平衡和規模，並展現了我們主動管理平台、減輕本地市場週期影響的能力。

Net income reached $581 million and return on equity over the last 12 months was 23.7%, reflecting solid sustainable performance. We continue to navigate a challenging cattle cycle in the United States, marketed by historical high price and tight supply. Even in this environment, JBS Beef North America delivered a record net revenue, supported by resilient domestic demand while cattle availability remained limited, consumption held steady and the team continues to execute with discipline.

淨利潤達到 5.81 億美元，過去 12 個月的股本回報率為 23.7%，反映出穩健的永續績效。我們繼續應對美國充滿挑戰的牛市週期，市場價格處於歷史高位，而供應卻十分緊張。即使在這種環境下，JBS Beef North America 也實現了創紀錄的淨收入，這得益於國內需求的韌性，儘管牛的供應仍然有限，但消費保持穩定，團隊也繼續以嚴謹的態度執行。

Although cutout value remained elevated, they were not sufficient to offset higher cattle costs. Australia was a clear highlight. Profitability stayed strong, supported by improved cattle availability and healthy global demand. The regions continues to play an important role in diversifying our geographic exposure and balancing results across protein.

儘管分割肉的價值仍然很高，但這不足以抵消更高的牛價。澳洲之行無疑是一大亮點。由於牛群供應增加和全球需求旺盛，獲利能力保持強勁。這些地區在使我們的地理覆蓋範圍多樣化以及平衡蛋白質方面的研究成果方面繼續發揮著重要作用。

In Brazil, Friboi delivered another consistent quarter with solid performance in both export and domestic sales. The team strengthened relationship with the key customer through our value creation approach and remain focused in operational excellence and disciplined execution.

在巴西，Friboi 的業績又是一個穩定的季度，出口和國內銷售都表現穩健。團隊透過價值創造方法加強了與主要客戶的關係，並繼續專注於卓越營運和嚴謹執行。

Seara also posted another quarter of consistent results in a period still impacted by restriction to export to Europe and China, which have recently been refit. The business maintained healthy margins, driven by a disciplined commercial strategy, effective mix management and continuous innovation in its product portfolio.

Seara 也公佈了另一個季度的穩定業績，儘管在此期間仍受到對歐洲和中國出口限制的影響，而這些出口最近進行了改裝。憑藉嚴謹的商業策略、有效的產品組合管理和產品組合的持續創新，公司保持了健康的利潤率。

Initiatives such as the launch of high-protein ready meals, the development of a dedicated Air Fryer portfolio and a partnership that bring the brand closer to the consumer, including with Netflix, illustrate our growing commitment to innovation and value creation.

推出高蛋白即食餐、開發專用氣炸鍋產品組合以及與 Netflix 等機構建立合作夥伴關係，拉近品牌與消費者的距離，這些舉措都體現了我們對創新和價值創造日益增長的承諾。

In the United States, our chicken and Pork business also remained resilient. Pilgrim’s Pride continues to grow, supported by a diversified portfolio and ongoing efficiency gain. The Prepared Foods segment stood out with sales raising more than 25% in US, while operation in Europe and Mexico also outperformed their market. In Pork, lower grain cost and steady demand created a positive environment, though supply constraints continue to limit overall market growth.

在美國，我們的雞肉和豬肉業務也保持了韌性。Pilgrimâ的驕傲持續成長，這得益於多元化的投資組合和持續的效率提升。預製食品業務表現突出，在美國的銷售額增長超過 25%，而在歐洲和墨西哥的業務也超過了其市場表現。豬肉方面，較低的糧食成本和穩定的需求創造了積極的環境，但供應限制仍然限制了整體市場成長。

These results show how we operate in our global platform, managing scale, efficiency, sharing knowledge across the region and make a quick informative decision to protect performance. We continue to invest in innovation and value-added products as part of our long-term strategy, strengthening brands and expanding higher-margin category remain central to sustainable growth. We end the period with a leverage of 2.39 times, fully aligned with our long-term target.

這些結果展示了我們在全球平台上的運作方式，包括管理規模、提高效率、在整個區域內共享知識，以及快速做出明智的決策來保護績效。作為長期策略的一部分，我們將繼續投資於創新和增值產品，加強品牌建立和拓展高利潤品類仍然是實現永續成長的核心。本期結束時，我們的槓桿率為 2.39 倍，完全符合我們的長期目標。

Overall, the company remains stable and well positioned. Global protein demand continues to rise. And JBS is prepared to capture this growth with a balanced portfolio, solid execution and a long-term perspective.

整體而言，公司保持穩定，市場地位良好。全球蛋白質需求持續成長。JBS 已做好準備，透過均衡的投資組合、穩健的執行和長遠的眼光來把握這一成長機會。

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

再次感謝您今天蒞臨。現在我將把電話轉給吉列爾梅，他將更詳細地為大家講解財務業績。

Thank you, Tomazoni. Let's now move on to the operational and financial highlights of the third quarter 2025. Net sales for third quarter 2025 reached a record of $22.6 billion. Adjusted EBITDA in IFRS totaled $1.8 billion, which represents a margin of 8.1% in the quarter.

謝謝你，托馬佐尼。接下來，讓我們來看看2025年第三季的營運和財務亮點。2025年第三季淨銷售額達到創紀錄的226億美元。根據國際財務報告準則調整後的 EBITDA 總計 18 億美元，本季利潤率為 8.1%。

Adjusted EBITDA in US GAAP comparable totaled $1.6 billion, which represents a margin of 7.2% in the quarter. Adjusted operating income was $1.3 billion with a margin of 5.5% in IFRS and 5.6% in US GAAP comparable. Net income was $581 million in the quarter and earnings per share of $0.52. Excluding nonrecurring items, adjusted net income would be $602 million and earnings per share of $0.54 per share.

以美國通用會計準則調整後的 EBITDA 總計 16 億美元，本季利潤率為 7.2%。經調整後的營業收入為 13 億美元，以國際財務報告準則計算的利潤率為 5.5%，以美國通用會計準則計算的利潤率為 5.6%。本季淨利為 5.81 億美元，每股收益為 0.52 美元。剔除非經常性項目後，調整後淨利為 6.02 億美元，每股收益為 0.54 美元。

Finally, the return on equity was 24% and the return on invested capital was 17%. The free cash flow of the third quarter 2025 was $383 million, representing a difference of $612 million compared to the third quarter of 2024, mainly due to the following factors: adjusted EBITDA decreased $319 million, but excluding noncash items, we have a reduction of $230 million, driven by the impact of the beef cycle in US, avian flu in Seara and higher cattle costs in JBS Brazil, an increase of $226 million in capital expenditures, mainly growth CapEx, an increase of $258 million in working capital, mainly reflecting higher revenues and costs resulting from the increase in livestock prices.

最後，權益報酬率為 24%，投資資本報酬率為 17%。2025 年第三季自由現金流為 3.83 億美元，與 2024 年第三季度相比減少了 6.12 億美元，主要原因是以下因素：調整後 EBITDA 減少了 3.19 億美元，但剔除非現金項目後，減少了 2.3 億美元，這主要是由於美國資本支出、Seara 禽流感增加了 2.3 億美元的成本上漲；億美元，主要是成長性資本支出；營運資本增加了 2.58 億美元，主要反映了牲畜價格上漲導致的收入和成本增加。

Our cash conversion cycles in days remained stable in relation to the previous quarter. Not considering a guidance, but simply updating the cash flow breakeven EBITDA exercise, it is expected to increase to $6 billion in 2025 and to $5 billion in 2026, driven by capital expenditures, $2 billion in 2025 and $2 billion in 2026, already including maintenance CapEx, although 2026 budget is still to be approved.

與上一季相比，我們的現金週轉週期（以天為單位）保持穩定。不考慮業績指引，僅更新現金流損益平衡 EBITDA 計算，預計 2025 年將增至 60 億美元，2026 年將增至 50 億美元，主要受資本支出推動，2025 年和 20 億美元，其中已包括維護性資本支出，儘管 2026 年的預算仍待批准。

Working capital expected to increase to $1.3 billion in 2025 and $700 million in 2026. The 2025 increase in nominal terms is related to higher prices, higher sales volumes, increased cost of livestocks and fulfilling the pipeline of organic expansions. It is worth mentioning that 2026 working capital depends on variables not in control of the company like grains and livestock prices.

預計到 2025 年營運資金將增至 13 億美元，到 2026 年將增至 7 億美元。2025 年名目成長與價格上漲、銷售成長、牲畜成本增加以及有機擴張計畫的實現有關。值得一提的是，2026 年的營運資金取決於公司無法控制的變量，例如糧食和牲畜價格。

Legal settlements of $400 million in 2025, biological assets of $650 million in both 2025 and 2026. Interest expenses of $1.15 billion in 2025 and $1.15 billion in 2026. Leasing expenses of $500 million for 2025 and 2026.

2025 年獲得 4 億美元的法律和解金，2025 年和 2026 年獲得 6.5 億美元的生物資產。2025 年利息支出為 11.5 億美元，2026 年利息支出為 11.5 億美元。2025 年和 2026 年的租賃費用為 5 億美元。

Last week, we completed another debt issuance in Brazilian capital markets. The total amount of agribusiness receivables certificate was approximately $570 million, with two-third placed in a 40-year tranche, the longest ever completed in the Brazilian capital markets.

上週，我們在巴西資本市場完成了另一筆債務發行。農業企業應收帳款憑證總額約為 5.7 億美元，其中三分之二的期限為 40 年，是巴西資本市場有史以來完成的期限最長的憑證。

As a result, our pro forma average debt maturity reached 15.4 years with an average cost of 5.6% per year. Leverage increased to 2.39 times in the third quarter against second quarter of 2025, primarily due to $319 million decline in the last 12 months EBITDA and the payment of $362 million in share buyback.

因此，我們的預期平均債務期限達到 15.4 年，平均年成本為 5.6%。第三季槓桿率較 2025 年第二季上升至 2.39 倍，主要原因是過去 12 個月 EBITDA 下降 3.19 億美元以及支付 3.62 億美元用於股票回購。

In this regard, we announced the completion of a $600 million share buyback program. We believe this represents an efficient use of cash given the current valuation multiples relative to our global peers and the leverage at comfortable levels. Even with the share buyback program completed and the $1.2 billion dividends paid and the approximately expansion CapEx of $1 billion, we expect to end the year with leverage below 2.5 times.

為此，我們宣布完成了 6 億美元的股票回購計畫。我們認為，鑑於目前相對於全球同行的估值倍數以及合理的槓桿水平，這代表著對現金的有效利用。即使股票回購計畫已完成，12 億美元的股息已支付，以及約 10 億美元的擴張性資本支出，我們預計年底槓桿率仍將低於 2.5 倍。

Our $3.4 billion revolving credit lines and $4 billion available cash, combined with the expected cash generation in the coming quarter, provide us with the flexibility to continue executing our expansion CapEx and value creation projects while maintaining a healthy and robust balance sheet.

我們擁有 34 億美元的循環信貸額度和 40 億美元的可用現金，加上預計在下一季產生的現金，使我們能夠靈活地繼續執行擴張資本支出和價值創造項目，同時保持健康穩健的資產負債表。

With that in mind, I would like to open to question-and-answer session.

有鑑於此，我想開啟問答環節。

(Operator Instructions) Mr. Lucas Mussi, Morgan Stanley.

（操作說明）摩根士丹利 Lucas Mussi 先生。

I have two quick ones. The first one is related to the expansion CapEx, the ongoing expansion CapEx, especially related to the Pork expansion, the two plants in Iowa. If you could share more details on, what should we expect as it pertains to revenue expansion or volume expansion into next year as you start opening up those additional capacity expansions in US Pork?

我有兩個簡短的問題。第一個與擴建資本支出有關，正在進行的擴建資本支出，特別是與豬肉擴建有關，即愛荷華州的兩家工廠。如果您能分享更多關於明年美國豬肉業務新增產能擴張方面的信息，例如收入增長或銷量增長方面，我們應該期待什麼？

And my second question is related to US Chicken. The third quarter results of PPC were very solid, especially in the US. But given that chicken prices were significantly down -- are significantly down into the fourth quarter, if you could give us an update on what you are seeing in the fourth quarter as it pertains to profitability, especially in the US if maybe the commodity part is suffering a bit, but a bit more resilient on the other part of the portfolio.

我的第二個問題與美國雞肉公司有關。PPC第三季業績非常穩健，尤其是在美國市場。但鑑於雞肉價格大幅下降——第四季度仍大幅下降——您能否向我們介紹一下您在第四季度看到的盈利情況，尤其是在美國，如果大宗商品部分受到一些影響，但投資組合的其他部分更具韌性的話。

And coming into 2026, if you still see a solid supply and demand outlook given USDA is still very constrained outlook on chicken supply in the US also in the light that one of your competitors was talking about cycling through a new genetic line that was a bit better than the one that was being used in the last two years or so. So maybe a little bit more details on US chicken dynamics, both on a bit on the short term and looking in 2026. Those are my questions.

展望 2026 年，鑑於美國農業部對美國雞肉供應的前景仍然非常有限，而且考慮到你的一個競爭對手正在討論輪換使用一種比過去兩年左右使用的基因係更好的新基因係，如果你仍然看到穩健的供需前景，那麼情況就比較樂觀了。所以，或許可以更詳細地介紹美國雞肉市場的動態，包括短期狀況和 2026 年的展望。這就是我的問題。

Lucas, so on the expansion we're doing in prepared foods in the US, so it's two plants that we announced in Iowa, right? So one is the Perry plant that we're going to produce sausage there. And the other one is in Ankeny that we're going to do further ready-to-eat bacon and ready-to-eat sausage. Those are very complementary to what we are doing today. So we produce a lot of bacon in the US.

盧卡斯，關於我們在美國預製食品領域的擴張，我們在愛荷華州宣布新建兩家工廠，對吧？其中一家是佩里工廠，我們將在那裡生產香腸。另一家工廠位於安克尼，我們將在那裡生產更多即食培根和即食香腸。這些與我們今天所做的事情非常互補。所以美國生產大量的培根。

We're going to start producing sausage. That's going to be -- it's going to use a lot of our trims, a lot of our -- the meat that will come from our sow meat that we're going to harvest in that same plant. So it's very complementary on the supply side of our business and very complementary on the business -- on the sell side as well because there is a sales side because there is a lot of demand right now from our customers there.

我們將開始生產香腸。那將會——將會用到我們很多邊角料，很多——來自我們將在同一家工廠宰殺的母豬的肉。因此，它與我們業務的供應端非常互補，與業務的銷售端也非常互補，因為目前我們的客戶對銷售端的需求很大。

So we think it's going to be a quick ramp-up. That's what I'm getting at for those plants. Next year, you're not going to see any impact because they're going to still be under construction, finalizing and we're just breaking ground right now in one of those plants. And the other one it's going to be more putting equipment and lead time for the equipment. So you're not going to see anything for next year.

所以我們認為這將是一個快速成長的過程。這就是我對那些植物的看法。明年不會有任何影響，因為它們還在建設和收尾階段，而我們現在才剛在其中一家工廠破土動工。另一個方面則更涉及設備的購置和設備的交付週期。所以明年你什麼都看不見了。

2027 is when you're going to start seeing a ramp-up and start -- for us to start doing -- starting to see the revenue and the extra margin that's going to come from those businesses in our Pork division. Those two businesses, you could expect something around $750 million -- between $500 million and $750 million of revenues as we ramp it up. So something like that. And we see the margin for this extra business in the higher double-digit margins for that. So we're very excited about that.

2027 年，我們將開始看到業務成長，並開始——對我們來說，開始——看到我們豬肉部門的業務將帶來的收入和額外利潤。這兩個業務，隨著我們逐步擴大規模，預計營收將在 5 億美元到 7.5 億美元之間，約為 7.5 億美元。大概就是這樣。我們看到，這部分額外業務的利潤率高達兩位數。我們對此感到非常興奮。

And we think it's going to be a relatively quick ramp-up for the plants given the complementarity of -- on the supply side and on the sales side.

我們認為，鑑於供應端和銷售端的互補性，這些工廠的產能提升速度將會相對較快。

Related to the chicken that you have mentioned that dropped the price in the US market, we see the drop in the price on the big bird segment. And -- but I think they found the limit for growth in the last weeks, they -- a little bit increase in terms of the price. And we -- but when you look for PPC, PPC has a balanced portfolio. We have a small bird, we have middle birds and big birds, and we have Prepared. And Prepared is part of our portfolio.

關於您提到的美國市場價格下降的雞肉，我們看到大禽類的價格也出現了下降。但我認為他們在最近幾週找到了增長的極限，價格方面略有上漲。我們－但當你尋找PPC時，PPC擁有均衡的產品組合。我們有小型鳥類、中型鳥類和大型鳥類，而且我們已經準備好了。Prepared 是我們產品組合的一部分。

We remain confident about the chicken market next year in US, even in Brazil because even that we see that increase in terms of the one-day chicken, we see that the product is limited because we have a restriction in the infrastructure and the availability of genetic. You mentioned the new genetic of COVID.

我們對明年美國乃至巴西的雞肉市場仍然充滿信心，因為儘管我們看到一日齡雞肉的需求有所增長，但由於基礎設施和基因供應方面的限制，該產品仍然受到限制。你提到了新冠病毒的新基因。

Yes, there is a new genetic of COVID still starting to go to the market, but this is not something that you put in the market is a quick reaction because you talk about genetic, you have time to get to the market. We -- in our view, will be more availability of chicken, but the export market remain very, very strong.

是的，新冠病毒的一種新基因療法仍在陸續上市，但這並不是倉促推向市場的東西，因為談到基因療法，你需要時間將其推向市場。我們認為，雞肉供應量將會增加，但出口市場依然非常非常強勁。

If you have in consideration that Brazil that this year will be -- the year-to-date, they are flat compared to last year and the export market is in a lot of demand because if you just make the comparison with Pork -- Brazilian Pork is 14% more than the last year and chicken is flat. It is because the availability of chicken because of some market was closed, and now also limited as can mention Europe and China. And I think next year will be -- we see that there will be a strong market export from Brazil.

考慮到巴西今年的情況——今年迄今為止，與去年相比持平，但出口市場需求旺盛，因為如果僅與豬肉進行比較——巴西豬肉比去年增長了 14%，而雞肉則持平。這是因為某些市場關閉導致雞肉供應短缺，現在像歐洲和中國這樣的地區雞肉供應也受到限制。我認為明年將會——我們可以看到巴西的市場出口將會非常強勁。

We see the market from US. So look, we are still with this growth in terms of one-day chicken rated, we remain very confident about next year.

我們從美國的角度看市場。所以你看，就一日雞肉評級而言，我們仍然保持著這種成長勢頭，我們對明年仍然非常有信心。

Isabella Simonato, Bank of America.

伊莎貝拉·西蒙納托，美國銀行。

I think as you guys have been mentioning, right, and Guilherme, you mentioned a higher working capital consumption given higher raw material prices, but also given growth, right? And I wanted to maybe reconciliate when you look at the top line growth of this quarter or the year-to-date, right, and you try to look at the volume growth, can you tell us, I mean, how much came from -- first of all, what was the volume growth overall, but -- and how much came from expansion and new operating lines and et cetera?

我認為正如你們剛才提到的，對吧？還有 Guilherme，你也提到了原物料價格上漲導致營運資本消耗增加，但同時也考慮了成長，對吧？我想弄清楚的是，當您查看本季或年初至今的營收成長時，當您嘗試查看銷售成長時，您能否告訴我們，我的意思是，其中有多少來自——首先，整體銷售成長是多少，但是——有多少來自擴張和新的營運線等等？

Because I think at some point, we have a tough time, right, looking at the expansion CapEx you have been doing that you should continue to do but translate that into top line growth, right, which has actually been quite strong. So if you could break down, I mean, what has been as a result of top line growth of your organic expansion, I think that would be quite helpful.

因為我認為在某種程度上，我們會遇到困難，對吧？看看你們一直在進行的擴張性資本支出，你們應該繼續這樣做，但要將其轉化為營收成長，對吧？而實際上，營收成長相當強勁。所以，如果你能詳細說明一下，我的意思是，你的有機擴張帶來的營收成長具體是什麼，我認為這將非常有幫助。

And second, going back to the chicken market and especially in Brazil, right, both bans from Europe and China have been removed. If you guys could explore a little bit how you've been seeing the export market now in fourth quarter and the dynamic also of mix and that includes the domestic market of Seara, I will appreciate.

其次，回到雞肉市場，尤其是在巴西，歐洲和中國的禁令都已經解除。如果各位能稍微探討一下你們對第四季出口市場以及產品組合動態（包括Seara國內市場）的看法，我將不勝感激。

Isabella, so the major part of the working capital consumption was really due to prices. In terms of volumes, I would highlight Pilgrim's Pride and JBS Brazil had an increase in volumes of 3% and Seara, which we have been making investments in organic expansion, we had volumes growing in 8%. So on the other hand, again, we have been in some business units, price going up 16%, sometimes 24%. So basically, the main variable, it was prices that made this first increase revenues, increasing costs and consequently increase in working capital.

伊莎貝拉，所以營運資金消耗的主要部分實際上是由於價格上漲造成的。就銷量而言，我要重點介紹 Pilgrim's Pride 和 JBS Brazil，它們的銷量增長了 3%；而 Seara，我們一直在對其進行有機擴張投資，其銷量增長了 8%。另一方面，我們有些業務部門的價格上漲了 16%，有時甚至高達 24%。所以基本上，主要變數是價格，它首先增加了收入，增加了成本，從而增加了營運資本。

The question about, Isabella, about the chicken market, if I understood well, it's about the Brazilian chicken market, how we see that export market in this next quarter and next year. Is it correct?

伊莎貝拉，關於雞肉市場的問題，如果我理解正確的話，是關於巴西雞肉市場的問題，我們能否預見到下一季和明年的出口市場。這樣說對嗎？

Yes, especially because the main headwind, which was the ban, right, from China and Europe, I understand that's gone. So--

是的，尤其是因為主要的阻力，也就是來自中國和歐洲的禁令，據我了解已經消失了。所以 -

Yes, yes. They just lifted restriction from Europe and from China. I know that this is two important markets from Brazil because Brazil is -- they optimize the needs of the cart, and these two markets play a very important role. Even for Seara, it's much more impact because Seara is -- have a strong market share in Europe and then to reopen Seara, for Seara make a lot of difference. And of course, for China, for all of the markets made a lot of difference.

是的，是的。他們剛剛解除了對歐洲和中國的限制。我知道這是來自巴西的兩個重要市場，因為巴西——他們優化了購物車的需求，而這兩個市場扮演著非常重要的角色。即使對 Seara 來說，影響也更大，因為 Seara 在歐洲擁有強大的市場份額，而重新開業對 Seara 來說意義重大。當然，對中國而言，對所有市場來說，這都產生了很大的影響。

Seara is the leader in the export market from Brazil, they are suffering more than the others. And -- but now I see that the strong market, we not see any constraint in terms of demand. We have strong demand, and we see that next year, we will continue this demand because overall, we see that demand for protein remains very strong, not just for chicken, but for beef and for pork.

Seara是巴西出口市場的領導企業，他們受到的衝擊比其他企業更大。但現在我看到強勁的市場，在需求方面我們沒有看到任何限制。我們的需求強勁，我們預計明年這種需求還將繼續，因為總體而言，我們看到對蛋白質的需求仍然非常強勁，不僅是雞肉，還有牛肉和豬肉。

Look, Brazil exports this year compared to last year, year-to-date, 14% more pork and chicken was stable, stable because of restrictions. But next year, I think Brazil will get the same track as before. And even there is more, I mentioned before when I answered the question, we see there is more chicken in the market. But the limit to grow -- there is a limit to grow because infrastructure, you cannot build a chicken house very easy. You have some genetic restrictions to increase production.

你看，今年巴西的出口量比去年同期增加了 14%，豬肉和雞肉的出口量保持穩定，這是因為受到限制。但我認為明年巴西會和以前一樣擁有同樣的賽道。而且，正如我之前回答這個問題時提到的，市面上雞肉的數量也更多了。但發展是有極限的──發展是有極限的，因為基礎設施有限，你不可能輕易建造一個雞舍。為了提高產量，你們受到一些基因限制。

Even that was mentioned before, the new genetic from COVID, but it will take time to go to the market and to be effective. We not see really -- we see more volume next year, but we see demand more than compensating.

之前也提到新冠病毒的新基因，但它需要時間才能上市並發揮作用。我們並沒有真正看到——我們預計明年銷量會成長，但需求會超過銷售成長帶來的彌補。

Mrs. Heather Jones, Heather Jones.

希瑟瓊斯夫人，希瑟瓊斯。

Are you able to hear me now?

現在你能聽到我說話嗎？

Yes, go ahead.

好的，請繼續。

Okay. My questions are related to the US red meat business. I guess, first on the North American beef business, the volatility that we've seen in the futures curve recently, just wondering if you could help us understand how that may affect your Q4 results?

好的。我的問題與美國紅肉產業有關。我想先談談北美牛肉業務，最近期貨曲線出現了波動，我想知道您能否幫我們分析一下這可能會如何影響您第四季度的業績？

And then my second question is on pork. The sequential improvement in your results stands in sharp contrast to industry benchmarks as well as your competitors. So I was just wondering if you could explain what drove that strong sequential improvement despite what was really tight spreads, et cetera.

我的第二個問題是關於豬肉的。您的業績持續提升，與行業基準以及競爭對手相比，形成了鮮明對比。所以我想知道，您能否解釋一下，儘管價差非常小等等，是什麼因素促成了這種強勁的連續增長。

Heather, this is Wes. So on the beef volatility, for sure, when you have markets -- futures being as volatile as it did, it creates instability in results. So it could impact us. On the other hand, it's showing a decrease in cattle costs. So on the other hand, it could help a little bit too.

希瑟，這位是韋斯。所以，關於牛肉價格波動，可以肯定的是，當市場（尤其是期貨市場）像之前那樣波動時，就會造成結果的不穩定。所以這可能會對我們產生影響。另一方面，數據顯示牛的價格下降。所以從另一個角度來看，它也可能起到一點幫助作用。

Cutout is suffering a little bit in the recent weeks. So -- but when you have instability like that in the future, it's always a challenge because it could create losses for us with our hedging position. So -- but overall, on top of just the futures being more volatile, margins have been tighter on the fourth quarter so far than the third quarter, and they are usually tighter on the fourth quarter than third quarter just historically anyway. So yes, I think that could create a challenge for the fourth quarter on the beef business.

最近幾週，Cutout 的表現略有下滑。所以——但是，當未來出現這樣的不穩定情況時，總是會面臨挑戰，因為它可能會對我們的對沖部位帶來損失。所以——但總的來說，除了期貨波動性更大之外，第四季的利潤率到目前為止比第三季要低，而且從歷史來看，第四季的利潤率通常也比第三季要低。所以，我認為這可能會給第四季度的牛肉業務帶來挑戰。

On the pork side, Heather, this Pork business that we operate in the US, I think there -- I don't know what I can say about our business is, we have very good plants. All of our plants are -- four of our five plants are double shift plants. They're very modern. They're very well invested. We've been adding a lot of value-added in our business.

希瑟，關於豬肉方面，我們在美國經營的豬肉業務，我認為——我不知道我能對我們的業務說些什麼，但我們的工廠非常好。我們所有的工廠－我們五家工廠中有四家是雙班制工廠。它們非常現代。他們的投資非常成功。我們一直在為業務增加很多附加價值。

So if you went back in history, we would be producing very little prepared foods. And nowadays, it's becoming more and more of a bigger business of ours, and we intend to grow, as I mentioned in the last answer to Lucas.

所以，如果回到過去，我們會發現那時生產的加工食品非常少。如今，它已成為我們越來越大的業務，而且我們打算繼續發展壯大，正如我在上次回答盧卡斯的問題時提到的那樣。

The other thing, too, it's a business that we've developed that we're -- it's very integrated. We are integrated on the live side. We're integrated on the prepared side. We have key customers that are very good for us.

另外，這是我們發展起來的一項業務，它非常一體化。我們已在生產端完成整合。我們已經做好了充分的準備。我們有一些對我們非常重要的重要客戶。

I don't know how to pinpoint one thing or another, Heather. I think I couldn't do that because it's a lot of very -- a lot of things. And it's a very consistent business of ours. So operational excellence is a big deal in that business. And if you look at our margins historically, they're pretty stable and it's a pretty stable business for us.

希瑟，我不知道該如何準確地指出是哪件事。我覺得我做不到，因為這牽涉到很多很多事情。而且這是我們一項非常穩定的業務。因此，卓越營運在該行業至關重要。從歷史數據來看，我們的利潤率相當穩定，對我們來說，這是一個相當穩定的業務。

I mentioned on the last call in the second quarter that it was a little bit of a tougher quarter for us that margins were going to come back. And here we are, they are back, and I'm still pretty optimistic about the fourth quarter as well. It's a pretty good business for us. I don't know how to put it in a different way. It's a business that's very consistent and very integrated on both sides and operates at a very high level.

我在第二季度最後一次電話會議上提到，對我們來說，那是一個比較艱難的季度，利潤率將會回升。現在他們回來了，我對第四季仍然相當樂觀。這對我們來說是一筆相當不錯的生意。我不知道該怎麼換個說法。這是一個雙方都非常穩定、高度整合且營運水準很高的企業。

Thiago Duarte, BTG.

Thiago Duarte，BTG。

I have two questions here. The first one is actually extension of the -- some of the remarks that Guilherme made during the presentation regarding capital allocation. You mentioned the share buyback and the dividends, and it remains -- and how comfortable you remain with the leverage of the company towards the end of this year.

我有兩個問題。第一點實際上是 Guilherme 在演講中關於資本配置的一些評論的延伸。您提到了股票回購和分紅，而且這些計劃依然有效——以及您對公司在今年年底的槓桿率仍然感到滿意。

My question is how M&A opportunities fit into this strategy. Over the past several months, there have been rumors about JBS participating in potential bids for different companies, especially in the US.

我的問題是，併購機會如何融入這項策略？過去幾個月來，一直有傳言稱 JBS 可能參與對不同公司的競標，尤其是在美國。

So my first question is really about how confident or not you are that you will have M&A opportunities to invest and particularly in the Prepared Foods segment, which has been one of the main targets, as you have been saying for quite some time. So that's the first question.

所以我的第一個問題是，您對未來是否有併購機會進行投資有多大信心，尤其是在預製食品領域，正如您之前所說，該領域一直是主要目標之一。這是第一個問題。

The second question is, I think, more to Wesley. There's an interesting chart in the company's presentation where you show the retail price for US beef, pork and chicken. And what we have been seeing is that beef retail prices are close to all-time high. Chicken and pork prices haven't really followed suit, even though they remain higher, but they haven't been following suit.

我認為第二個問題更應該問韋斯利。公司簡報中有一張很有趣的圖表，展示了美國牛肉、豬肉和雞肉的零售價格。我們看到的情況是，牛肉零售價格接近歷史最高水準。雞肉和豬肉的價格雖然仍然較高，但並沒有真正跟上這股潮流，只是沒有類似的上漲趨勢。

And the price ratio between beef and the other proteins is also at the all-time high, right? So my question to you, Wesley, is how do you see those trends unfolding going forward, right? Should we think more about beef demand at some point cooling off because of high prices and hampering further price hikes? Or do you believe that the high beef prices will continue to offer support for the other proteins to just continue to rise and catch up with beef, right? I think that's how you see this very unique situation of protein prices and how the consumer will behave on the back of that.

而且牛肉與其他蛋白質的價格比率也處於歷史最高水平，對吧？所以，韋斯利，我想問你的是，你認為這些趨勢未來會如何發展？我們是否應該更多地考慮牛肉需求在某個時候因價格高漲而降溫，從而抑制價格進一步上漲的情況？或者你認為高企的牛肉價格將繼續支撐其他蛋白質的價格繼續上漲，趕上牛肉的價格，對嗎？我認為這就是看待蛋白質價格這種非常特殊的情況以及消費者在這種情況下會如何行事的方式。

Those are my questions.

這就是我的問題。

Thiago, so in terms of capital allocation, I think the small M&As, I think as you can see, we have leverage and we have cash generation to cope with that. There's no big M&A that we are looking at the moment. But in case it appears a good opportunity, the first thing that I'm going to do is because I want to keep investment grade is to higher ratings assessment from rating agencies.

蒂亞戈，就資本配置而言，我認為小型併購，正如你所看到的，我們有槓桿，也有現金流來應對。目前我們沒有正在關注的大型併購交易。但如果出現好機會，我首先要做的是，因為我想維持投資等級評級，所以要爭取評級機構更高的評級評估。

So at the end of the day, rating agencies will tell me what will be the capital structure that I should have in terms to pursue that M&A. And today, we have more flexibility in shares given that we have two class of shares and they are listed in NYSE.

所以歸根究底，評等機構會告訴我，為了進行併購，我應該要有怎樣的資本結構。如今，我們有了兩類股票，並且在紐約證券交易所上市，因此我們在股票方面擁有更大的靈活性。

So at the end of the day, I'm very confident that we can pursue any type of M&A once the opportunity appears. And -- but the end of the capital structure will be dictated by the rating agencies.

所以歸根結底，我非常有信心，一旦機會出現，我們就能進行任何類型的併購。但是－資本結構的最終走向將由評等機構決定。

Thiago, a few things about the beef prices and beef prices versus pork and chicken. So first thing, I mean, just supply and demand, beef prices are going to be at the sort of levels that they are as long as supply is tight. When supplies increase, obviously, you're going to see probably these prices fall and the market adjusts to a more normal level. This is just what we should expect and it's what has happened in the past. So having said that, I think it's a big testament to the demand of beef to see even entry-level beef items like ground beef being at the price levels where they are, and there is still strong demand for it.

蒂亞戈，關於牛肉價格以及牛肉與豬肉和雞肉價格的比較，有幾點需要說明。首先，我的意思是，就供需關係而言，只要供應緊張，牛肉價格就會維持在目前的水平。當供應增加時，很顯然，你會看到這些價格下降，市場調整到一個更正常的水平。這正合我們意料，過去也發生過類似的事情。所以說，我認為即使是像牛肉末這樣的入門級牛肉產品，價格也維持在目前的水平，而且仍然有強勁的需求，這充分證明了牛肉的需求量很大。

So it's just a big testament for the quality of the product and just the structural demand that there is for all those products. Now as it relates to pork and chicken, again, there is some, obviously, substitution between the three proteins. And obviously, when beef is expensive and people -- pork and chicken are good options for somebody who's trying to find an affordable -- a more affordable option than beef. So it kind of generates -- it drives a little bit of demand for pork and chicken.

所以這充分證明了產品的質量，以及市場對這些產品的結構性需求。至於豬肉和雞肉，很顯然，這三種蛋白質之間存在著一些替代關係。顯然，當牛肉價格昂貴時，豬肉和雞肉對於那些想要尋找價格實惠的替代品的人來說，是比牛肉更實惠的選擇。所以它在某種程度上刺激了對豬肉和雞肉的需求。

And we obviously, as long as we have tight beef supplies, we're going to see higher demand for other proteins as well. And yes, so that's what we've been seeing. Now is it going to be a lot more than what it is? I don't know. It depends a lot on the beef supplies.

很顯然，只要牛肉供應緊張，我們就會看到其他蛋白質的需求增加。是的，這就是我們所看到的。現在它會比現在多很多嗎？我不知道。這很大程度上取決於牛肉供應情況。

I think it's -- we're getting very close here to the bottom of the trough of this cattle supply shortage. So I think we'll see what happens. But if we have more demand, if we have more supply for beef, we should see beef fall and that come back to a normality. If not, then obviously, chicken and pork is a big option for a budget -- for a more affordable protein solution.

我認為──我們已經非常接近這場牛隻供應短缺的谷底了。所以我想我們拭目以待吧。但是，如果牛肉需求增加，供應增加，我們應該會看到牛肉價格下跌，價格恢復正常水平。如果不是這種情況，那麼很顯然，雞肉和豬肉是預算有限情況下的好選擇——一種更經濟實惠的蛋白質解決方案。

Gustavo Troyano, Itau.

Gustavo Troyano，伊塔烏。

My first one is on Seara actually and more focus on processed foods here in the domestic markets. So some competitors reported like strong margin than volumes in the quarter. So I just wanted to touch base on how is your margin performing in the segment in the quarter? And what we could expect for these margins going forward? And if you could comment also on the ramp up of the Rolandia plant that we discussed a couple of quarters ago. And if we could expect more volumes to come within the processed food segment here in Brazil would be great.

我的第一家店其實在Seara，主要關注國內市場的加工食品。因此，一些競爭對手報告稱，本季利潤率高於銷量。所以我想了解一下，本季貴公司該業務部門的利潤率表現如何？那麼，未來這些利潤率會如何改變呢？另外，您能否也談談我們幾個季度前討論過的羅蘭迪亞工廠的產能提升情況？如果巴西加工食品產業的銷售能夠進一步成長，那就太好了。

And the second question relates to Australia actually, and we saw higher cattle prices in the region in the quarter. And despite that, margins remain quite resilient. And -- just wanted to understand a little bit more what to expect for the fourth quarter because cattle prices kept increasing. And I just wanted to hear from you guys, how do you see the balance between demand for Australian beef and supply going forward to understand a little bit more on the margins in the region.

第二個問題實際上與澳洲有關，我們看到該地區本季的牛價上漲了。儘管如此，利潤率依然相當穩定。而且——我只是想多了解一下第四季的預期情況，因為牛價一直在上漲。我想聽聽你們的看法，你們如何看待未來澳洲牛肉的需求和供應之間的平衡，以便更好地了解該地區的市場情況。

So if you could comment on the beef margins going forward and also how the other businesses in Australia are performing such as [Walnut] or the processed foods operations compared to the beef margins that you reported in the quarter would be great.

所以，如果您能就未來的牛肉利潤率以及澳洲其他業務（例如核桃業務或加工食品業務）與您在本季度報告的牛肉利潤率相比的表現發表評論，那就太好了。

Thank you for the question, Gustavo. Related to Seara, I think Seara is just mentioned about the performance of the brand. The hold-out penetration of the brand increased compared to the last year. We have increased the penetration. And the good things about the penetration that we grow in repurchasing more than last year means that the brand is strong.

謝謝你的提問，古斯塔沃。關於 Seara，我認為提到 Seara 只是為了說明這個品牌的表現。該品牌的未覆蓋用戶滲透率較去年有所提高。我們提高了滲透率。而我們復購率比去年有所提高，顯示品牌實力強勁，這是個好消息。

We are gaining preference. We gain top of market, top of mind because of our leadership in innovation, we are bringing new things from the market. Then the brand is very, very healthy and we are growing the brand. We are growing the margins, and we are growing the volume in Prepared.

我們正在獲得青睞。我們憑藉著在創新方面的領導地位，贏得了市場領先地位和消費者心目中的首選地位，我們不斷為市場帶來新事物。那麼這個品牌就非常健康，我們正在發展壯大這個品牌。我們正在提高利潤率，同時也正在提高預製食品的銷售量。

You asked about -- specifically about Rolandia. Rolandia is a full, double-sheet and breaded product, and the other part of sauces and hot dogs, and we are working through. And we are now thinking about the expansion of the plant. It means that Rolandia is -- we are -- in reality, we built -- the builder was preparing for the expansion. Now what -- we are investing part of them. We have put machines. Now this machine is full. Now we are considered to expand.

你問的是——特別是關於羅蘭迪亞的。Rolandia 是一款完整的雙層麵包屑產品，另一部分是醬料和熱狗，我們正在努力改進。我們現在正在考慮擴建工廠。這意味著 Rolandia 是——我們——實際上，我們建造了——建造者正在為擴建做準備。現在該怎麼辦——我們要投資其中的一部分。我們已經放置了機器。這台機器已經滿了。現在我們正在考慮擴張。

In terms of volume, we are not disclosed margin by category, but I can share with you that in terms of volume, we have grown in domestic market quarter of last year with quarter of this year, 70% in terms of volume in domestic market. And in terms of price, we have increased 5.5% in terms of price. So we combine all of the products we sell in domestic market.

就銷量而言，我們沒有按類別揭露利潤率，但我可以告訴你們，就銷量而言，我們國內市場銷量較去年同期成長了70%。價格方面，我們上漲了5.5%。因此，我們將我們在國內市場銷售的所有產品合併在一起。

Go to Australia. Australia is -- they are performing very well. I know that the price of live cattle increased, but demand from Australia is very strong. We export 75% of we produce in Australia, and it's -- our operations there is a strong focus on export and export of beef, strong demand. Is demand strong from Brazil? Is strong from Australia?

去澳洲。澳洲隊－他們表現非常出色。我知道活牛價格上漲了，但澳洲的需求非常強勁。我們在澳洲生產的75%用於出口，而且－我們在那裡的業務非常注重出口，牛肉出口需求強勁。巴西的需求強勁嗎？來自澳洲的強勢嗎？

The demand of beef is strong because we increased the income of the population and because of this trend of the new generation want to eat more protein and because of the adoption of the new drugs in the GLP-1 and so on. And look, we see for the next year, we are very confident about the business there. Availability of cattle is good. And the other business like the Salmon business that we have there, we had in the past some challenge in terms of the disease. This is over.

牛肉需求強勁，因為人口收入增加，新一代想要攝取更多蛋白質，以及GLP-1等新藥的普及等等。而且，我們對明年的業務非常有信心。牛群供應充足。而我們在那裡的其他業務，例如鮭魚業務，過去也曾受到這種疾病的挑戰。一切都結束了。

We are outperformers in more than 20% of margin of this business there. Pork is going very, very well. We are increasing the productivity. We're sharing best practices with Brazil, with US that bring a lot of leverage for our business there.

我們在該業務超過 20% 的利潤率方面表現優異。豬肉市場表現非常非常好。我們正在提高生產效率。我們正在與巴西和美國分享最佳實踐，這將為我們在那裡的業務帶來很大的優勢。

We are investing to update all of the farmers that we have there that help us to increase yield, increase productivity. And say, look, we are bullish in Australia business that we have there. And I think next year, we are seeing a strong results from Australia as well.

我們正在投資，以提升我們所有合作農戶的技術水平，幫助我們提高產量和生產力。我們非常看好我們在澳洲的業務。我認為明年澳洲也會取得不錯的成績。

Ben Theurer, Barclays.

本·圖雷爾，巴克萊銀行。

As well, two quick ones. So one, on the beef side, I mean, obviously, a lot being talked about. There's still a lot of like constraints. But maybe, Wesley, can you elaborate a little bit on what you're seeing in the market in terms of rebuild of the herd, how you think about 2026, the challenges maybe with an even tighter market, if there's going to be some retention. So just to get a little bit of a sense how to think about '26 in the US beef business versus 2025?

另外，還有兩個簡短的問題。所以，首先，就牛肉方面而言，我的意思是，顯然，有很多話題正在被討論。仍然存在許多限制。韋斯利，或許你可以詳細說說你​​從市場角度看到的畜群重建情況，你對 2026 年的看法，以及在市場更加緊張的情況下可能會面臨的挑戰，以及是否會有一些留存率。那麼，我們來稍微了解一下2026年和2025年美國牛肉產業的狀況吧？

And then my second question is related to working capital. I remember back in the second quarter, you've talked a lot about building inventory, putting into the cold storage because of the product that was shipped out to China. So I just want to understand how you -- how we should think about the timing and the delay to basically put into our models as to when this inventory is supposed to come down a little bit? How long is it going to take you to ship this out?

我的第二個問題與營運資金有關。我記得在第二季度，你曾多次談到要建立庫存，將產品放入冷庫，因為有產品被運往中國。所以我想了解一下——我們應該如何考慮時間節點和延遲，以便將庫存何時會略微下降納入我們的模型中？你們多久能出貨？

Ben, so when it comes to beef, so 2026, yes, we're going to -- we're seeing half a retention that's happening, female retention overall. Just a piece of data. This quarter, USDA numbers, we processed 545 -- cow slaughter was 545,000. Just as a reference, Q3 of 2022 was 973,000. So we're almost half of the cow of a few years ago.

本，所以說到牛肉，到 2026 年，是的，我們將——我們看到正在發生的一半的留存率，女性整體留存率。只是一條數據而已。根據美國農業部的數據，本季我們加工了 545 頭牛——牛隻屠宰量為 545,000 頭。作為參考，2022 年第三季為 973,000。所以我們現在的牛的數量幾乎只有幾年前的一半了。

So I mean, it's a very important number in my opinion. And we're seeing also just our team members traveling and meeting people seeing that it is happening. So yes, we think 2026 will still be a challenging year from a supply perspective. And then probably from there, it starts getting gradually better. It's not going to be an overnight get completely better, but it's going to be a gradual improvement from '27 forward. So that's how we're seeing this.

所以我覺得，這是一個很重要的數字。我們也看到我們的團隊成員四處旅行，與人見面，親眼見證了這一切的發生。所以，是的，我們認為從供應角度來看，2026年仍然會是充滿挑戰的一年。然後，情況可能會從那時起逐漸好轉。情況不會在一夜之間完全好轉，但從 2027 年開始將會逐步改善。這就是我們目前的看法。

On the working capital side for pork, it was a very, very short-term thing that was restricted to the second quarter of 2025, did not carry forward into the third quarter. We cleared all of that inventory that had issues because of all the tariffs going back and forth. So no worry about that.

就豬肉的營運資金而言，這是一個非常非常短期的事情，僅限於 2025 年第二季度，並沒有延續到第三季度。我們已經清理了所有因關稅反覆波動而出現問題的庫存。所以不用擔心。

The working capital was more related to like out of Brazil on what you had to build because of avian influenza actually on the Seara side. Yes, no, no worries. I mean helpful on the pork side as well.

營運資金更與巴西有關，因為禽流感實際上發生在塞拉島那邊，所以你必須建造一些東西。是的，沒問題。我的意思是，在豬肉方面也很有幫助。

I do not see that Seara, there is -- we are -- we sell all of the additional number. I think it's volume yet because avian flu, I don't see any -- Seara is normal, the inventory of Seara. We don't see pork. We are selling a lot. We are the leader in the pork part. We are the leader in chicken. I think it's normal.

我不認為 Seara 會那樣做，我們——我們——我們出售所有額外的數量。我認為這是數量問題，因為禽流感，我沒看到任何——Seara 的庫存正常。我們沒看到豬肉。我們賣出了很多東西。我們在豬肉加工領域處於領先地位。我們是雞肉產業的領導者。我覺得這很正常。

Mr. Ben Mayhew, Bank of Montreal.

本‧梅休先生，蒙特婁銀行。

First question is just on Seara. I just wanted to revisit the headwind with the China EU export bans on chicken. Is there any way to quantify the headwind during third quarter and the expected recovery pace of that headwind? That will be my first question.

第一個問題只關於Seara。我只是想再談談中國和歐盟對雞肉出口禁令帶來的不利影響。是否有辦法量化第三季的不利因素以及預期的復甦速度？這將是我的第一個問題。

Second question has to do with just the Brazil and Australian cattle offsets for the US. And just remind us on the beef cycles there. So it's my understanding that Brazil, the cycle plays out kind of first where availability gets tighter. And then second is Australia with kind of a longer tail and more of a hedge against the pressures that we're seeing in the US. So if you could just elaborate on that a little more.

第二個問題與美國從巴西和澳洲獲得的牛隻補償有關。也請提醒我們當地的牛肉價格週期。所以我的理解是，在巴西，這種週期性變化先發生，供應會變得越來越緊張。其次是澳大利亞，它的發展週期更長，更能抵抗我們在美國看到的這種壓力。所以，能否再詳細解釋一下？

Yes, that the constraints to the restriction to export to China and Europe plays a big role in terms of Seara export in terms of profitability of Seara because Seara has the strong market share in Europe. And Europe is the premium market of breast. Reopen in Europe make a lot of impact in Seara P&L because we keep producing the breast, and we are not able to export to Europe. We change this volume for the other markets. When we go to the other market with this extra volume, we have a pressure in this market with extra volume.

是的，對中國和歐洲出口的限制對 Seara 的出口和盈利能力產生了很大影響，因為 Seara 在歐洲擁有強大的市場份額。歐洲是高端母乳市場。歐洲重新開業對 Seara 的損益表影響很大，因為我們一直在生產母乳，但我們無法出口到歐洲。我們對其他市場的交易量進行了調整。當我們帶著額外的交易量進入另一個市場時，這個市場就會因為額外的交易量而面臨壓力。

Now we can back to -- reexport to Europe. That means that we reduce the pressure in the other markets. The other market will be helped to increase the margin as well for the breast. Then this is a huge impact. It's difficult to say how is the impact because there is a conjoint impact in the business.

現在我們可以回到──再出口到歐洲。這意味著我們可以減輕其他市場的壓力。另一個市場也將受益，從而提高乳房產品的利潤率。那這將產生巨大的影響。很難說具體影響有多大，因為對業務而言有綜合影響。

The other thing about China, China plays a very important role in terms of the optimization of the carcass. The wings that we sold to China is a premium market compared to the other markets. Of course, it's the same I explained about Europe, about breast, the wings is the same. We moved the wings from China to the other markets. Now we are back to sell wings to China.

另外，中國在胴體優化方面扮演非常重要的角色。與其他市場相比，我們銷往中國的雞翅屬於高端市場。當然，這和我之前解釋的關於歐洲、關於胸部、翅膀的情況是一樣的。我們將翅膀從中國轉移到了其他市場。現在我們又開始向中國賣雞翅了。

And the other thing important that the feet and paws that we are not market for all of the feet and paws that we have. Now we reopen that is reopened that will make really extra revenue from the company.

還有一點很重要，那就是我們不是把所有的腳和爪子都賣給市場。現在我們重新開業，這將為公司帶來額外的收入。

So look, this is a very important impact in the Seara business. About the increased price of livestock in Australia and Brazil, yes, this increased the price, but the cutout more than compensate the increase in the price of the live cattle. We see strong demand from Australia. We have sold out our volume in Australia. We are not seeing that this will be an impact.

所以你看，這對 Seara 的業務影響非常大。關於澳洲和巴西牲畜價格上漲的問題，是的，這確實提高了價格，但分割肉塊的收益足以彌補活牛價格的上漲。我們看到來自澳洲的強勁需求。我們在澳洲的訂單已經全部售罄。我們目前沒有看到這將產生影響。

Next year for Australia will be a strong year. And Brazil, yes, Brazil, there is some reduction in the herds, the availability of -- but the reduction is considered the top we got this year and next year, we grow more than 20%. Now some restrictions, but still much higher than before means that we -- the market in Brazil will be -- we see a strong market next year as well.

明年對澳洲來說將是強勁的一年。巴西，是的，巴西，牲畜數量有所減少，供應量有所下降——但這種減少已經是我們今年和明年所能達到的最高水平了，我們將增長超過 20%。現在有一些限制，但仍然比以前高得多，這意味著我們——巴西市場——我們預計明年市場也會很強勁。

And just to complement, obviously, that there is -- as the US exports a lot less, especially to Asian countries and other North American countries, it is a direct correlation to US or to Australia and Brazil export volumes being stronger, right? As we need more domestic beef in the US, we keep more beef in the US, export less out of the US, automatically, you're going to see an advantage to our businesses in Australia and Brazil. And that's a very important correlation that helps minimize the impact of the beef cycle in the US.

顯然，美國出口大幅減少，尤其是對亞洲國家和其他北美國家的出口減少，這與美國或澳洲和巴西的出口增加直接相關，對吧？由於美國國內對牛肉的需求量更大，我們增加了美國國內牛肉的供應，減少了美國牛肉的出口，這自然會為我們在澳洲和巴西的業務帶來優勢。這是一個非常重要的關聯，有助於最大限度地減少牛肉週期對美國的影響。

Carla Casella, JPMorgan.

卡拉‧卡塞拉，摩根大通。

You mentioned the Brazilian debt financing that you did. I'm just wondering, is that -- was that sold to the public markets? Or are there any concentration there of holders? And then I'm not sure if you gave a rate that you're paying on that.

你提到了你所做的巴西債務融資專案。我只是想知道，那東西──那東西是賣到公開市場了嗎？或者說，那裡是否有持股集中的情況？然後，我不確定你是否給出了你為此支付的費率。

Carla, so about the rate, yes, that depends on the tranches. We had tranches. The longest one was a four-year tranche, was inflation plus 8%. But on a swapped basis, when you swap to dollars, it is dollar plus 6.2%. So all the tranches were launched at the rate that inside our bond curve in US. So that's one condition for any debt issuance is that it has to be inside my investment-grade curve. So that's what happened with these local debentures that we issued.

卡拉，關於利率，是的，這取決於分期付款。我們分批進行。最長的期限為四年，利率為通貨膨脹率加 8%。但以匯率換算成美元，匯率為1美元加6.2%。因此，所有批次的債券都是按照美國債券殖利率曲線內部的利率發行的。所以，任何債務發行的條件之一是，它必須符合我的投資等級評級標準。這就是我們發行的這些地方債券的後續。

There was a lot of individual investors demanded, but also treasuries from banks that generally they continue to be selling to individual investors throughout the next months because individual investors has a tax exemption on this kind of local debentures. And that's the reason why on a swapped basis, it is issued inside my bond curve.

有許多個人投資者對此感興趣，銀行通常會在接下來的幾個月繼續向個人投資者出售國債，因為個人投資者購買這類地方債券可以享受稅收豁免。這就是為什麼在互換的基礎上，它會在我的債券殖利率曲線內發行的原因。

Okay. That's great. And you do need -- I mean, you have cash flow in Brazil. So do you see, over time, putting more or less debt in Brazil? Or are you well balanced where you'd like to be now in terms of Brazilian debt versus US debt?

好的。那太棒了。而且你確實需要——我的意思是，你在巴西有現金流。所以你認為隨著時間的推移，巴西的債務會增加還是減少？或者，就巴西債務與美國債務而言，您目前是否處於理想的平衡狀態？

Great. Yes, of my revenues, 12% of my total revenues is generated in Brazilian reais. Currently, I have around 10% of my debt in Brazilian reais. So I still have some room to put some local debentures debt and to balance and have no need to hedge. So I have this -- I don't have currency exposure.

偉大的。是的，我的總收入中有 12% 是由巴西雷亞爾結算的。目前，我的債務中約有 10% 是以巴西雷亞爾計價的。所以我還有些空間可以投資一些本地債券，以平衡投資組合，無需進行避險。所以，我的情況是──我沒有外匯風險敞口。

So I still have some room to have more real debt, but not that much. So I'm almost where I would want to be in terms of currency exposure balance that is my debt in reais is more or less equivalent to my reais revenues.

所以我還有一定的空間來承擔更多實際債務，但不多。因此，就貨幣風險敞口平衡而言，我幾乎達到了我想要的狀態，也就是說，我的雷亞爾債務與我的雷亞爾收入大致相等。

Okay. That's great. And then just one other question. You mentioned the 2.5 times leverage target for year-end. Is that using IFRS EBITDA or US comp EBITDA?

好的。那太棒了。最後一個問題。您提到年底的槓桿率目標為 2.5 倍。這是採用國際財務報告準則（IFRS）下的 EBITDA 還是美國同等基準下的 EBITDA？

Yes, IFRS EBITDA. So we'll be below 2.5 times in IFRS EBITDA.

是的，IFRS EBITDA。因此，我們的 IFRS EBITDA 倍數將低於 2.5 倍。

Henrique Brustolin, Bradesco BBI.

恩里克·布魯斯託林，布拉德斯科 BBI。

A few follow-ups here on Seara as well. First, the seasonal offerings now at year-end have been gaining, I think, relevance in your portfolio. So I would just like to hear a little more on how your expectations are for this year-end, especially thinking about the domestic market here in Brazil.

這裡還有一些關於Seara的後續報導。首先，我認為，年底推出的季節性產品在您的投資組合中越來越重要。所以我想多了解一下您對今年年底的預期，特別是考慮到巴西國內市場的情況。

The second, on the production growth that we see for the Brazilian market, right? There is the data of 7% growth in the breeder flock placements in Brazil this year. I know there are some bottlenecks. So I would just like to hear from you if you see that as a good proxy for what we should think about supply growth going forward? Or again, if given bottlenecks, it should be -- it could be a smaller number.

第二點，就是我們看到的巴西市場的產量成長，對吧？今年巴西種雞養殖場的安置數量增加了7%，數據顯示這一數字有所上升。我知道存在一些瓶頸。所以我想聽聽您的意見，您是否認為這可以作為我們未來應該考慮的供應成長的一個良好指標？或者說，如果遇到瓶頸，數量應該會更少。

And the third one on the export prices. We see this softening of export prices at the margin, as you mentioned, Tomazoni. The question is whether that's entirely related to the points you mentioned before about relocation of volumes from Europe and China to these other markets?

第三點是關於出口價格的。正如您所提到的，Tomazoni，我們看到出口價格出現了邊際疲軟的趨勢。問題是，這是否完全與您之前提到的將歐洲和中國市場的業務量轉移到其他市場有關？

Or if you also see maybe some signs of weakness in some specific markets. I think that would be really helpful in terms of thinking how Seara will shape up going forward.

或者，如果您還發現某些特定市場出現疲軟跡象的話。我認為這對於思考 Seara 未來的發展方向非常有幫助。

Thank you, Henrique, for the question. First, the question for the -- we see that this has become more and more important because we develop a portfolio of the product to attend this market. It's the crystal market that we have at Fiesta and some other products. And the market is -- we plan to grow above the next year. And we are seeing a strong market. We are just this morning before to have this call, I talked with the people from Seara, how is going the operation -- crystal operation and say they are very confident and happy with the demand so far.

謝謝你的提問，恩里克。首先，對於—我們看到，這個問題變得越來越重要，因為我們正在開發一系列產品來滿足這個市場的需求。這是我們在Fiesta展會上銷售的水晶製品和其他一些產品。市場前景良好—我們計劃在未來一年實現成長。我們看到市場行情強勁。今天早上，在接到這個電話之前，我和 Seara 的人談過，詢問水晶運營的情況，他們說對目前的需求非常有信心和滿意。

Of course, the first demand go to the retail and the second demand you need the consumers buy the product in the shelf. But so far, we are seeing strong demand from the retailers. We are not seeing that any constraint in terms of the volume to sell in the year. And some news about the Brazilian market -- the retail market is constrained. But for our category, we are not seeing this constraint.

當然，第一個需求來自零售商，第二個需求是消費者在貨架上購買產品。但就目前來看，零售商的需求十分強勁。我們目前沒有看到任何關於年銷售量的限制。關於巴西市場的一些消息—零售市場受到限制。但就我們這個類別而言，我們並沒有看到這種限制。

We are selling not just the product for the Christmas event, but just the current product, the portfolio we have, we are selling well. We are not seeing this constraint in our portfolio.

我們不僅銷售聖誕節活動的產品，而且銷售我們目前的產品組合，我們現有的所有產品，都銷售得很好。我們的投資組合中並未出現這種限制。

The second question, if I understood it, about export, correct?

第二個問題，如果我理解正確的話，是關於出口的，對嗎？

It’s about exports and prices, whether that's related to the redirecting of volumes. And the other one was about the production growth if the 7% breeder flock is--

這關乎出口和價格，無論這是否與出口量的重新分配有關。另一個問題是關於如果種雞群佔比為7%，產量成長情況—

Okay. Thank you. About the -- we see now -- with this reopened Europe and reopened China, we see opportunity for increase in price because some of the market with extra volume I mentioned before was depressed because not just us, but all of the Brazilians need to sell in this -- the market share is for this product, mainly for breast and wings and we see now the opportunity for this product to grow in terms of price. We are seeing some movements already in the market. And yes, but the average price for Seara will be higher for sure because even we are not increasing the price, we just access the premium market, it will be increasing our average price.

好的。謝謝。關於——我們現在看到的——隨著歐洲和中國的重新開放，我們看到了價格上漲的機會，因為我之前提到的一些銷量過剩的市場一直處於低迷狀態，因為不僅是我們，所有巴西人都需要銷售這種產品——市場份額主要集中在雞胸肉和雞翅上，我們現在看到了這種產品價格上漲的機會。我們已經看到市場出現了一些波動。是的，但Seara的平均價格肯定會更高，因為即使我們沒有提高價格，只是進入了高端市場，這也會導致我們的平均價格上漲。

And what is the challenge in terms of volume or price in the external market is the small birds that go to Middle East. This remain a very, very challenged market because they are -- there is a local production. And before it was a big market for the Brazilian small birds, the grillers. And now we compete with the local production. This is -- if you consider all of the market, we could see that this is the most difficult market.

而就數量或價格而言，外部市場面臨的挑戰是飛往中東的小鳥。這仍然是一個充滿挑戰的市場，因為——這裡存在著本地生產。此前，巴西小禽類在燒烤界是一個很大的市場。現在我們和本地生產商競爭了。如果把整個市場都考慮進去，我們會發現這是最難進入的市場。

And about the increase in terms of the genetic, you mentioned that the breeders, yes, they increase, but they need to increase in order to replace the old ones because we have restriction in terms of availability of genetic before breeders before and all of the Brazilian producers keep longer the bullets, the breeders in the farms in order to compensate the not availability of the new ones.

關於基因方面的增長，您提到育種者數量確實在增加，但他們需要增加數量來替換舊的，因為以前的育種者在基因供應方面受到限制，而且所有巴西生產商都會在農場裡保留更多的育種者，以彌補新品種的短缺。

Now -- and then this is not good in terms of productivity, in terms of -- because when they get older, you -- the eggs that come from them, it's less achievability, more mortality. And now it's an opportunity to have a more healthy age in terms of breeders. And see, Brazil, I mentioned before that if you look at Brazil in this year, with a strong demand for the external market, strong demand for protein, we are not growing. We are not grow because a lot of restriction that come from the avian flu. I believe that next year, the export from Brazil will be strong as we saw now in the last month was one of the record export from Brazil.

現在——這樣一來，就生產力而言，就——而言，就——因為當它們年紀大了，你——它們下的蛋，成功率就低，死亡率就高。現在，對於育種者來說，這是一個擁有更健康年齡的機會。你看，巴西，我之前提到過，如果你看看今年的巴西，儘管對外市場需求強勁，對蛋白質的需求也很強勁，但我們並沒有成長。由於禽流感帶來的諸多限制，我們無法發展壯大。我相信明年巴西的出口將會強勁，就像我們上個月看到的那樣，巴西的出口額創下了歷史新高。

I believe that Brazil will be compensated next year what we are not able to export this year in foreign market.

我相信，明年巴西將獲得補償，彌補今年無法在國外市場出口的損失。

John Baumgartner, Mizuho.

John Baumgartner，瑞穗銀行。

I'd like to ask about JBS Brazil. Thinking forward from here on the revenue side, can you speak to how resilient you expect domestic demand will be given higher prices? Just your expectations for resilience there? And then second, how export opportunities are evolving for Brazil. And I'm curious about maybe the structural opportunities to diversify exports across Asia, Korea, Japan, maybe some opportunities to supply more into Mexico, the trade deal with the EU and Mercosur.

我想諮詢一下JBS巴西的情況。從收入方面展望未來，您認為在物價上漲的情況下，國內需求的韌性如何？你對那裡的韌性有什麼預期？其次，巴西的出口機會正在發生什麼樣的變化？我很好奇，或許可以透過結構性機遇，出口多元化，覆蓋亞洲、韓國、日本，或許還可以透過增加對墨西哥的供應，以及與歐盟和南方共同市場的貿易協定，來拓展市場。

How do you think about new export opportunities for Brazil that are longer lasting? And in 2026, specifically, the ability for any incremental demand from exports to support prices and minimize the pressure on profit margins from higher cattle costs?

您如何看待巴西更具持久性的新出口機會？而到了 2026 年，出口帶來的任何新增需求能否支撐價格，並最大限度地減少因牛價上漲而對利潤率造成的壓力？

Thank you for the question, John. See, look, JBS Brazil is -- we have other correlated business we put together, but the main business is all of the -- our beef business. We see that the market will be strong for export to Brazil. Brazil in the last -- I think in the last two years opened more than 100 new markets, and they keep open market for Brazilian export for beef. And we see strong demand, and I think will remain next year, the demand from the market.

謝謝你的提問，約翰。你看，JBS巴西公司——我們還有其他相關的業務，但我們的主要業務是——我們的牛肉業務。我們認為對巴西的出口市場將十分強勁。我認為，在過去的兩年裡，巴西開拓了 100 多個新市場，並且他們保持著對巴西牛肉出口的開放市場。我們看到強勁的需求，而且我認為明年市場需求仍將保持強勁。

And they are more than compensate the increase in cost of livestock, more than compensate. And the domestic market is remaining strong as well. I think it's for beef, we see that will be good next year for all of the market, even in the Brazilian market because in Brazilian market, we are developing a special work with our key customers.

而且它們帶來的利益遠遠超過了牲畜成本的上漲，也遠遠超過了上漲的利益。國內市場也依然強勁。我認為這是針對牛肉而言的，我們認為明年這對整個市場，甚至包括巴西市場，都將是好事，因為在巴西市場，我們正在與我們的主要客戶進行一項特別合作。

We manage -- we call category management 2.0 that we are managing the category inside of the retail. We manage the portfolio, we manage the presentation. We train the people that they take care of the butcher area. And the good news from that besides to increase the volume of the beef, they increase the volume for all other categories. It means that the retail they have a partnership with Friboi, they are able to grow not just in beef, but all of the categories that we have a strong product here.

我們進行管理－我們稱之為品類管理 2.0，也就是我們在零售業內部管理品類。我們負責管理投資組合，我們負責管理簡報。我們訓練負責屠宰區的員工。好消息是，除了增加牛肉的產量外，他們還增加了所有其他類別的產量。這意味著，透過與 Friboi 建立合作關係，零售商不僅可以在牛肉領域發展壯大，而且在我們擁有強大產品的所有品類中也能實現成長。

It is a mature product. It's proven results here in Brazil. And the external market, I think the external market demand is huge. We are not seeing a restriction on that.

這是一款成熟的產品。在巴西，這種方法已經成功了。我認為外部市場需求龐大。我們目前沒有看到這方面的限制。

Thiago Bortoluci, Goldman Sachs.

蒂亞戈·博爾托魯奇，高盛。

I also have two. The first one, I think, is for Wesley. I remember, Wesley, early in the year, you mentioned a bunch of investments into your US beef operations, right? And we know, obviously, those are aiming for the medium term, not necessarily the cycle.

我也有兩個。我想，第一個應該是給韋斯利的。我記得，韋斯利，今年年初的時候，你提到過對你在美國的牛肉業務進行一系列投資，對吧？顯然，我們知道這些目標是中期目標，而不是週期目標。

But I'd just like to understand from you, given the run rate profitability that you're delivering there, how much of those investments or any other work you could do in terms of efficiency could help protecting a little bit the sequential evolution into 2026? And how comparable you think margins could go on a sequential year versus where we are year-to-date? This is the first one.

但我想向您了解一下，鑑於您目前實現的盈利水平，您在提高效率方面可以進行多少投資或其他工作，才能在一定程度上保障到 2026 年的持續發展？您認為年比利潤率與年初至今的利潤率相比，可比性如何？這是第一個。

And the second one, I think, is for Guilherme. Guilherme, you have the soft guidance, right, of returning $1 billion per year to shareholders either through dividends and buybacks. I know this year was a very special one because of the listing, but you are delivering so far a run rate closer to $2 billion, maybe $1.5 billion if you exclude the dividends related to the listing. Does it mean maybe there might be space for you guys to be a bit higher on shareholder returns, particularly if, as you mentioned, there is no clear M&A on the table for next year. Those are the questions.

我認為第二個是給吉列爾梅的。Guilherme，你的指導意見比較溫和，就是每年透過股利和股票回購向股東返還 10 億美元。我知道今年因為上市而顯得格外特殊，但到目前為止，你們的年化收入接近 20 億美元，如果排除與上市相關的股息，可能只有 15 億美元。這是否意味著你們或許還有提高股東回報的空間，特別是如果像你提到的那樣，明年沒有明確的併購計畫的話。這就是問題所在。

Thiago, so the investments we're doing are not going to impact 2026. They're going to impact 2027 going forward. So you shouldn't be seeing anything there. Actually, it's perfect timing to think about it because 2026 will still be a low supply for cattle and all of those plants are going to be with their revamp and extra better efficiency, better capacity for use for value-added items, even for more volume in the -- into 2027, which is when things should start to look better, at least better than '26 and then from then on, get better. So it's -- actually the timing there couldn't have been better.

蒂亞戈，所以我們正在進行的投資不會對 2026 年產生影響。它們將對2027年及以後的發展產生影響。所以你應該什麼都看不到。實際上，現在正是考慮這個問題的最佳時機，因為 2026 年牛的供應量仍然很低，而所有這些工廠都將進行改造，提高效率，提高產能，用於生產增值產品，甚至在 2027 年實現更大的產量，屆時情況應該會開始好轉，至少比 2026 年好，然後從那時起，情況會越來越好。所以，實際上，時機再好不過了。

Just overall, we should probably think of 2026 being a year that from a margin perspective, I think will look similar to what 2025 looks like.

總的來說，從利潤率的角度來看，我們應該把 2026 年看成是與 2025 年類似的一年。

Thiago, so in our decision to return money to shareholders. The main variable so far is our leverage, given that we want to keep investment ready, and we are a BBB- company. So that's the main variable for that. So this year, again, we will -- besides having all the return that you mentioned, we'll finish the year below 2.5 times, which is a very comfortable level. So we are now in the process of budgeting for next year.

蒂亞戈，所以我們決定向股東返還資金。目前的主要變數是我們的槓桿率，因為我們希望保持隨時可投資的狀態，而且我們是一家 BBB 級公司。所以這就是主要變數。所以今年，除了您提到的所有回報之外，我們今年的盈虧比將低於 2.5 倍，這是一個非常理想的水平。所以我們現在正在製定明年的預算。

We also have to wait for the first quarter, that's always a cash consumption quarter. So generally, those decisions will start doing in second quarter next year. So probably returns will be more skewed to the second half of 2026. But I think we are confident that we can continue to have the dividends of around $1 billion per year as long as we can keep leverage on our comfort zone. And again, any excess, we will be deciding in terms of share buybacks or extra dividends and also depending on M&A opportunities.

我們還得等到第一季度，那通常是現金消耗旺季。所以一般來說，這些決定將從明年第二季開始實施。因此，收益可能會更集中在 2026 年下半年。但我認為，只要我們能夠保持在舒適區內的槓桿作用，我們就有信心繼續獲得每年約 10 億美元的股息。對於任何盈餘，我們將根據股票回購或額外分紅以及併購機會來決定。

Mr. Lucas Ferreira, JPMorgan.

盧卡斯費雷拉先生，摩根大通。

A quick follow-up to Guilherme, on that $700 million expected working capital investments for 2026. Just ballpark numbers, how much of that is volume growth and how much is pricing? So just we have a sensitivity here of how things could go.

關於 Guilherme 提到的 2026 年預計 7 億美元的營運資本投資，我快速補充一下。只是大概估算一下，其中有多少是銷售成長，有多少是價格上漲？所以我們對事情可能的發展方向有一定的敏感度。

I would say it could be half and half. This $700 million, as I mentioned in the beginning, depends on a lot of variables that is out of our control. So basically, I did an average of many years before. But it all depends on three things, on grains, prices, in livestock prices and finished product prices. This can swing a lot.

我覺得可能是一半一半。正如我開頭所提到的，這7億美元取決於許多我們無法控制的因素。所以基本上，我做的是多年前的平均值。但這完全取決於三件事：糧食價格、牲畜價格和成品價格。這方面可能會有很大的波動。

So this is again the $700 million is working capital is something that is really what can swing more in terms of what we're forecasting for next year. So maybe again, we can even have a neutral value, right, not consuming, not releasing, except for the biological assets that you always be consuming. That's why I separate biological assets. But again, this number was just an average of years before because we will have some volumes that will impact that, especially from the expansion that we do. But the main impact will always be on the prices of these three elements that I mentioned.

所以，這7億美元的營運資金，確實是明年預測中可能波動最大的因素。所以，或許我們甚至可以擁有一個中立的價值，對吧？既不消耗，也不釋放，除了你一直在消耗的生物資產。這就是我為什麼要把生物資產分開存放的原因。但需要再次說明的是，這個數字只是過去幾年的平均值，因為我們的一些業務量會對其產生影響，特別是我們擴張帶來的業務量變化。但主要影響始終會反映在我所提到的這三種元素的價格上。

And a quick follow-up on the biological assets that you're guiding pretty much like a flattish number, right, in dollars. Obviously, there is the FX effect. But can we assume, given all the industry inflation and the cost of grandmothers, et cetera, that this implies also that your -- and obviously, I assume that chicken is most of the biological assets, right, that your placements are sort of flattish or at least not growing significantly. Is it fair to assume?

關於您正在指導的生物資產，我們想快速跟進一下，它們的價格基本上持平，對吧，以美元計價。顯然，這裡存在著特效。但是，考慮到行業通貨膨脹和祖母的成本等等，我們是否可以假設這也意味著你的——顯然，我假設雞肉是大部分生物資產，對吧——你的安置情況比較平穩，或者至少沒有顯著增長。這樣的假設合理嗎？

Because the main variable that impacts this is the grain prices. So basically, we are considering that grain prices will not be much higher next year, so we can consider it flattish, okay? Because the livestock, the chicken and pork, they basically are valued through their cost of feeding, that's the grains.

因為影響這因素的主要變數是糧食價格。所以基本上，我們認為明年糧食價格不會上漲太多，所以我們可以認為糧食價格將保持平穩，好嗎？因為牲畜，例如雞和豬，它們的價值基本上取決於它們的飼料成本，也就是穀物。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Just wanted to follow up on some of the hedges you talked about last quarter. I think you mentioned you put on -- you took a $250 million loss due to some of the hedges. I was just curious if you're able to share how much of that rolled off in three Q? And how much should we expect to see roll off in four Q?

我想就您上個季度提到的一些對沖策略進行後續跟進。我想你提到你投入了資金——由於一些對沖交易，你損失了 2.5 億美元。我只是好奇，您能否分享其中有多少是在三個季度內發生的？那麼，我們預計第四季會有多少降幅？

Yes, bear in mind that you're talking about the cash impact of the derivatives because they offset on the physical purchase. But you're right, on the third quarter, we have this impact, this negative impact that will be -- so far, it's been with the decrease in future market is been offsetting from a cash standpoint in the fourth quarter. Of course, it depends from now to the end of the quarter, how is the behavior. But so far, we are releasing cash on the derivative side. But bear in mind that it is on a margin basis, it's offset by the physical purchases.

是的，請記住，您指的是衍生性商品的現金影響，因為它們可以抵消實體購買的影響。但你說得對，第三季確實存在這種影響，這種負面影響——到目前為止，未來市場的下降已經從現金流的角度在第四季度得到了抵消。當然，這取決於從現在到季度末的情況如何。但就目前而言，我們正在衍生性商品方面釋放現金。但請記住，這是按利潤率計算的，會被實際採購額抵消。

Great. And just thinking about the Pork business here, I was just wondering, you mentioned the supplies -- the industry supplies still remain constrained. And I was just wondering, just given where hog production margins are at, why don't you think you've seen any signs of expansion? And the last hogs and pigs report seem to indicate that we're not going to see any expansion. I think other players within pork processing are also walking away from raising hogs.

偉大的。說到豬肉產業，我就在想，你提到了供應問題——該產業的供應仍然受到限制。我只是想知道，鑑於目前的生豬生產利潤率，為什麼你認為還沒有看到任何擴張的跡象？最新的生豬報告似乎表明，我們不會看到任何擴張。我認為豬肉加工領域的其他企業也逐漸放棄養豬。

So at this point, when you look at your integrated operations, do you see the shorter hog supply situation here in the US as a benefit to your business given just where hog production margins are at? Or is it more of a negative just given it would be impacting your pork packer side of your business? Would just love your thoughts on that.

那麼，就目前而言，從您的綜合營運角度來看，考慮到生豬生產的利潤率，您是否認為美國生豬供應短缺的情況對您的業務有利？或者說，這更多的是一種負面影響，因為它會影響您公司的豬肉加工業務？很想聽聽你的看法。

Yes. So we see, obviously, this year, we have a lower volume of kills. Next year, we're probably going to see higher kills if health is better than this year, and we believe it will be better than this year. So we might see more hogs into next year. Now this whole strategy of how much hogs we raise and how much -- we are basically a quarter -- 25% of our -- more or less 25% of the hogs we process, we raise.

是的。所以很明顯，今年的獵殺數量較少。如果明年動物健康狀況比今年好，我們可能會看到更高的擊殺數，我們相信明年的健康狀況會比今年好。所以明年我們可能會看到更多生豬。現在，我們制定了整個策略，決定飼養多少生豬，以及我們加工的生豬中，大約有四分之一（25%）是我們自己飼養的。

It's a number that we think we like it to be around that. So our hog procurement is very well balanced, taking risk on hog prices, corn risk, hog risk, and there is some cutout businesses as well that's hogs that we buy indexed on cutout.

我們認為這個數字最好就在這個範圍內。因此，我們的生豬採購非常均衡，承擔了生豬價格風險、玉米風險和生豬風險，還有一些分割肉業務，我們購買的生豬價格與分割肉價格掛鉤。

So it's a very -- the way we buy hogs is a way that minimizes volatility on each one of the indicators. So even in years that we don't have a great operations in -- great revenue -- or a great result in hog production, it ends up not being a terrible year for us. I think the way that we buy hogs and the way that we structure our hog procurement allows us not to feel huge impacts if one of these three price indexes cutout, grain or hogs, if they have big swings, we're able to kind of hedge that a little bit. So we're not -- obviously, we want our pork processing and our pork hog production to do well at the same time. But if one does worse and the other one does better, it's almost a hedge for us.

所以，我們購買生豬的方式非常——這種方式可以最大限度地降低每個指標的波動性。所以即使在我們經營不善（收入不高）或生豬生產業績不佳的年份，最終對我們來說也不會是糟糕的一年。我認為，我們購買生豬的方式以及我們建立生豬採購體系的方式，使得即使這三個價格指數中的一個（穀物或生豬）出現大幅波動，我們也不會受到太大影響，因為我們能夠進行一些對沖。所以，我們當然希望我們的豬肉加工和生豬生產能同時發展良好。但如果一個表現較差，另一個表現較好，這對我們來說幾乎就是一種對沖。

Leonardo Alencar, XP.

萊昂納多·阿倫卡爾，XP。

I would like to discuss a little bit further about Brazilian cattle. This year was a positive surprise, a surprise to the upside, but then we don't have much visibility for 2026. So first, what's your base case for cattle availability in the next year?

我想再詳細談談巴西牛的情況。今年是個令人驚喜的好年頭，但對於 2026 年的情況我們卻不太清楚。首先，您對明年牛隻的供應情況有何基本預期？

And second, in a scenario, maybe a potential scenario of a tighter supply of cattle, should we view of this project, the Swift retail stores that we'll be building up for a long time now. Should we view that as a margin hedge or maybe this scenario of retailers with lower margins, squeezed margins will be a good opportunity to increase the pace of growth on that area.

其次，在牛隻供應可能趨緊的情況下，我們應該考慮這個項目，也就是我們將長期建造的 Swift 零售店。我們應該將其視為利潤率對沖，還是說零售商利潤率降低、利潤率受擠壓的這種局面，將是加快該領域成長速度的好機會？

Those are my two questions.

這就是我的兩個問題。

The availability of cattle in Brazil, we see that the information we have that will be less 3% to 5%. This is the market information about different search will be 3% to 5%. But, Leonardo, it's important to see this 3% to 5% for a high level. It's -- and there's still a lot of cattle available in the market because we are not -- if you back to 2023, we see that we are much, much higher than the time. Even that we have some reduction now, the reduction is never in different level, but we remain much more availability than before.

根據我們掌握的信息，巴西的牛供應量將減少 3% 到 5%。根據市場訊息，不同搜尋方式的搜尋量將佔3%到5%。但是，萊昂納多，重要的是要把這 3% 到 5% 看作是一個很高的水平。現在市場上仍然有很多牛，因為我們沒有——如果你回到 2023 年，你會發現我們現在的水平比那時高得多。即使現在供應量減少，但減少的幅度並沒有太大變化，而且供應量仍然比以前多得多。

This is one thing that we see that market and Friboi have a special program to purchase the cattle in the market. We have long-term strategy with the farms in order to have reliable supply along the years is one thing.

我們看到，市場上和 Friboi 有一個專門的項目來收購市場上的牛。我們與農場制定了長期策略，以確保多年來的可靠供應，這是一方面。

The second thing, we see the Brazilian market grow a lot of the feedlot. And the rate of growth, the feedlot, it's incredible rate because with the booming of the ethanol corn industry in Brazil, the availability of DDG helps to enhance the diet of the cattles. And the combination of the improvement of genetic and the improvement of diet, we see that the age, the size of the yield of the Brazilian beef increase.

第二點，我們看到巴西市場對飼養場的需求大幅增加。而且，飼養場的成長速度令人難以置信，因為隨著巴西乙醇玉米產業的蓬勃發展，DDG 的供應有助於改善牛隻的飲食。隨著遺傳改良和飲食改良的結合，我們看到巴西牛肉的年齡、體型和產量都在增加。

And this is another point that we need to put in consideration because of that we improve the quality, we improve -- and we improve the -- let's say, we improve the quality of the product that is going to be harvested. And this is -- because of that, we are so excited about the Brazilian market because if you compare the Brazilian to the US herds, US has less than half of Brazilian herds and they produce more beef.

這也是我們需要考慮的另一點，因為這樣我們就能提高質量，提高——比如說，提高即將收穫的產品的品質。也因為如此，我們對巴西市場感到非常興奮，因為如果將巴西的牛群與美國的牛群進行比較，美國的牛群數量不到巴西的一半，但美國的牛肉產量卻更高。

The opportunity for Brazil grow beef market is a huge, huge opportunity in terms of genetic, in terms of diet, in terms of management of the herds. It is one thing.

巴西牛肉市場的發展機會龐大，無論是在遺傳方面、飲食方面或畜群管理方面。這是一件事。

And the other thing you mentioned about our stock Swift store. Swift store was developed because we believe that the frozen beef there is a market. And they -- and if you sell frozen, we save some waste in the chain, some yields that when you sell fresh, we are losing yield during the process till to go to the consumers. And the consumer attitude, they go to the market, they not go every day to the stores. They go one day, they buy, they go to home and they frozen the meat.

還有您提到的關於我們Swift庫存商店的另一件事。Swift商店的建立是因為我們相信冷凍牛肉有市場。而且，如果銷售冷凍產品，我們就能減少供應鏈中的一些浪費，節省一些產量；而如果銷售新鮮產品，我們在產品到達消費者手中之前，會在加工過程中損失產量。消費者的態度是，他們會去市場，而不是每天都去商店。他們有一天去買肉，然後回家把肉冷凍起來。

And this was the idea to develop the concept, why they frozen at home. When they frozen at home, they don't have the best condition to frozen. Let's frozen the meat inside of the plant that we save the yields, and we get better product. And this was the idea to develop this market.

這就是他們決定在家冷凍的原因，也是他們發展這個概念的初衷。在家冷凍時，它們的冷凍狀態並不理想。讓我們把肉在工廠裡冷凍起來，這樣可以提高產量，也能獲得更好的產品。這就是開發這個市場的想法。

And this market is going well. And we not compete with our customers because we have the solution to put a store in store, some of the customers, they want to have this frozen beef inside of -- in the store. We go there and we build a Swift store inside of the store. This is one segment we are growing. And the other segment is I mentioned before, the category management.

而且這個市場發展勢頭良好。我們不會與顧客競爭，因為我們有辦法在店內開設冷凍店，有些顧客希望在店內買到冷凍牛肉。我們去那裡，然後在商店裡搭建一個 Swift 商店。這是我們正在發展壯大的一個領域。另一個部分就是我之前提到的品類管理。

We are -- we call a soggy Friboi or Friboi butcher that we teach the people that operate the butcher area in order they are preparing to attend better the consumers. And the other way, we help them to define the mix and to define the presentation of each one of the cuts. And then that is a win-win strategy because they don't just sell more meat, but they sell more of the other product inside of the store.

我們稱之為濕漉漉的弗里博伊或弗里博伊屠夫，我們教導在屠宰區工作的人員，以便他們更好地服務顧客。反過來，我們幫助他們確定混音比例，並確定每首曲目的呈現方式。這樣一來，這便是雙贏策略，因為他們不僅賣出了更多的肉類，還賣出了店內其他更多的商品。

Priya Ohri, Barclays.

Priya Ohri，巴克萊銀行。

Guilherme, one follow-up. I know you've gotten some questions around the working capital. But it does seem like relative to what you discussed on the second quarter call, in the breakeven calculation, the working capital need has gone up about $400 million for this year, $450 million for next year. Can you just walk us through sort of what specifically is driving that?

Guilherme，後續報導。我知道你收到了一些關於營運資金的問題。但與您在第二季電話會議上討論的內容相比，在盈虧平衡計算中，今年的營運資金需求增加了約 4 億美元，明年增加了約 4.5 億美元。您能具體解釋一下是什麼原因導致這種情況嗎？

And then my second question is just around any progress you've made with regards to updating your bond ticker. I know that's something that you guys have been discussing for a little bit. So just wanted to see where you were there.

我的第二個問題是關於您在更新債券行情系統方面取得的任何進展。我知道你們已經討論過這個問題一段時間了。所以就想知道你當時在哪裡。

Priya, so basically, this year, the increase was mainly because of livestock prices and also finished product prices. Next year, as I mentioned, there's a lot of variables of the uncertainty. So I just made an average of last year because this is, again, depends on the variance that I mentioned before. So I can tell you what this year, it was mainly for the reasons of livestock prices and finished product prices and some increase in volumes. The ticker, we are in the process of making the NV, our Netherlands company now as a co-issuer as well.

Priya，所以基本上，今年的價格上漲主要是由於牲畜價格和成品價格上漲造成的。正如我之前提到的，明年有很多不確定因素。所以我取了去年的平均值，因為這也取決於我之前提到的各種因素。所以我可以告訴你，今年的主要原因是牲畜價格和成品價格上漲，以及銷售量有所成長。我們正在籌備將我們的荷蘭公司 NV 也納入股票代碼的發行範圍，使其成為共同發行人。

So this will mean restructuring. So maybe with this argument of being restructuring, we will ask Bloomberg if now they can take the ticker -- the BZ from the ticker, but that's what our next try will be once we finish making the NV as a co-issuer.

所以這意味著需要進行重組。所以，或許我們可以以重組為由，詢問彭博社是否可以從股票代碼中移除 BZ，但一旦我們完成 NV 作為共同發行人的組建，這將是我們的下一步嘗試。

Great. Do you have a timeline around that possibly? And then just one final question around whether you've gotten any indications from BNDES around how they're thinking about selling down their existing holding, which is for sale?

偉大的。請問您有相關的時間表嗎？最後還有一個問題，您是否從巴西國家開發銀行（BNDES）得到任何關於他們如何考慮減持現有待售股份的資訊？

No, we don't have a time frame, but I think by next year, we will have the restructuring of the co-issuer in place. And BNDES, we have no news on that.

不，我們沒有具體的時間表，但我認為到明年，我們將完成共同發行人的重組。至於巴西國家開發銀行（BNDES），我們目前還沒有相關消息。

Igor Guedes, Genial.

伊戈爾·格德斯，天才。

Are you listening me?

你在聽我說話嗎？

Yes.

是的。

My question is about US Pork. We understand that although domestic demand remains resilient, supported by consumers switching to cheaper proteins, margins still seems to reflect the effect of weaker prices for byproducts and offal. The operation has made progress in expanding its high value-added portfolio, including the strengthening in Prepared products line, but this has not yet been enough to offset the compression factors. We have an agreement the Chinese products will be subject to a 40% tariff in the US

我的問題是關於美國豬肉的。我們了解到，儘管國內需求依然強勁，消費者轉向更便宜的蛋白質，但利潤率似乎仍反映出副產品和內臟價格走弱的影響。該業務在擴大其高附加價值產品組合方面取得了進展，包括加強預製產品線，但這還不足以抵消壓縮因素。我們已達成協議，中國產品在美國將被徵收40%的關稅。

Do you think this agreement will be enable to return of sales of byproducts and offal to China with the administration of the two countries reaching a better understanding on tariffs. Is it possible to see this margin improving going forward?

你認為這項協議能否促成兩國政府在關稅問題上達成更好的共識，讓副產品和內臟產品重返中國市場？未來這利潤率有可能提高嗎？

So obviously, if we have more markets for our products, including offal, it's always better and always will be better for margins overall to have more options. But margins are not compressed because of that. I mean we're just back to a 10% EBITDA here, close to what we had been operating in the previous quarters, except for the second quarter. So margins are not compressed because of that right now. It's just -- it was compressed in the second quarter because of some backup that we had on the exports, but not anymore.

所以很明顯，如果我們的產品（包括內臟）有更多的市場，那麼擁有更多的選擇總是更好，而且對整體利潤率來說總是更好。但利潤率並不會因此而壓縮。我的意思是，我們現在的 EBITDA 又回到了 10%，這與我們前幾季的營運水準接近，第二季除外。所以目前利潤率並沒有因此而受到壓縮。只是——第二季度因為出口方面有一些積壓，所以有所壓縮，但現在已經沒有了。

And again, obviously, if we have more market access for meat or for offal’s or for any one of our byproducts, it's always positive. But I wouldn't say the margins are compressed because of that though.

當然，如果我們能為肉類、內臟或任何副產品獲得更多市場准入，那總是好事。但我不會因此而說利潤率被壓縮了。

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

謝謝各位女士、先生。沒有其他問題了，我願將發言權交給吉爾伯托·托馬佐尼先生。

Thank you all for joining us today, and it's your continued interest in JBS. This quarter once again highlighted the stretch of our global protein platform and the way that we operate it with discipline and that guides our work every day. As we close, I want to express my appreciation to our more than 280,000 team members around the world. Their commitment to excellence is the foundation of our performance and the reason we continue to deliver consistent and long-term value. Thank you.

感謝各位今天蒞臨，也感謝大家對JBS的持續關注。本季再次凸顯了我們全球蛋白質平台的擴展性，以及我們以嚴謹的態度來經營該平台的方式，而這種嚴謹的態度也引導著我們每天的工作。最後，我要向我們遍佈全球的超過 28 萬名團隊成員表示感謝。他們對卓越的追求是我們業績的基礎，也是我們能夠持續提供長期穩定價值的原因。謝謝。

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

JBS 召開的電話會議到此結束。非常感謝您的參與，祝您有美好的一天。