JBS S.A. is a global leader in the processing of animal protein and operates in the food sector with a diversified portfolio of products and brands. The company specializes in beef, pork, lamb, chicken, and fish processing, along with the production of prepared foods and alternative proteins. JBS also engages in value-added operations such as leather production, biodiesel, and biotechnology.
- Beef North America - Processes beef and plant-based products in North America and Europe, including fresh and prepared foods.
- Pilgrim’s Pride - Produces chicken and prepared foods in the United States, Mexico, United Kingdom, and France.
- Brazil Segment - Operates slaughter facilities, cold storage, meat processing, and produces beef by-products like leather and collagen.
- Seara - Focuses on chicken and pork processing, along with the production of food products and value-added items.
- Pork USA - Manages pork processing operations, including Swift Prepared Foods and hog production.
- Australia Segment - Produces fresh, frozen, value-added, and branded beef, lamb, pork, and fish products in Australia and New Zealand.
- Others Segment - Includes operations such as corporate expenses and international leather production.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Wesley Mendonça Batista Filho ExecutiveBoard | Executive Officer of JBS S.A. | Wesley Mendonça Batista Filho has been serving as the Executive Officer of JBS S.A. since 2017 and as the CEO of JBS USA since May 2023, while also holding board positions across various JBS Group companies. Previously, he served as CEO of Seara Alimentos. | ||
Eliseo Santiago Perez Fernandez Executive | Director of Administration and Control | Eliseo Santiago Perez Fernandez is the Director of Administration and Control at JBS with an executive role. There is no further background or previous role information provided in the documents. | ||
Gilberto Tomazoni Executive | Chief Executive Officer of JBS S.A. | Member of the International Advisory Council of Fundação Dom Cabral (FDC) | Gilberto Tomazoni is the Chief Executive Officer of JBS S.A. since October 2019 and has also served as Global CEO since December 2018, contributing over three decades of leadership in the food industry. | View Report → |
Guilherme Perboyre Cavalcanti Executive | Chief Financial Officer | Guilherme Perboyre Cavalcanti is the Chief Financial Officer at JBS since October 2019 and also serves as Global Chief Financial Officer and Investor Relations Officer since January 2019. He has extensive experience in financial management and investor relations, having held key roles at companies such as Fibria Celulose, Vale, and Grupo Globo. | ||
Wesley Mendonça Batista Executive | Executive Officer of JBS S.A. | Wesley Mendonça Batista has been the Executive Officer of JBS S.A. since 2017 and the CEO of JBS USA since May 2023. He also serves on various boards within the JBS Group, demonstrating his extensive leadership across the organization. | ||
Alba Virginia Pettengill Vacca Board | Independent Member of the Board of Directors | Alba Virginia Pettengill Vacca serves as an Independent Member of the Board of Directors at JBS as of end of 2024 and was present at the Board meeting on April 22, 2025. | ||
Carlos Hamilton Vasconcelos Araújo Board | Independent member of JBS S.A.'s board of directors | Chief Risk Officer at Brasilcap Capitalização | Carlos Hamilton Vasconcelos Araújo has served as an independent board member at JBS since January 2022 and is currently the chief risk officer at Brasilcap Capitalização, bringing extensive expertise in finance and risk management. | |
Cledorvino Belini Board | Independent Board Member | Cledorvino Belini serves as an Independent Board Member at JBS. No further details about his career history or contributions are provided in the documents. | ||
Francisco Sérgio Turra Board | Independent Member of the Board of Directors | Francisco Sérgio Turra currently serves as an Independent Member of the Board of Directors at JBS. The documents do not provide additional details on prior roles or his start date. | ||
Gelson Luiz Merisio Board | Independent Board Member | Gelson Luiz Merisio is an Independent Board Member at JBS. Additional details about his career history and previous roles are not available in the documents. | ||
Jeremiah O’Callaghan Board | Chairman of the Board of Directors of JBS S.A. | Jeremiah O’Callaghan has been serving as the Chairman of the Board of Directors at JBS S.A. since October 2017 and also holds the role of Executive Officer since January 15, 2019, playing a key part in the company’s strategic governance. | ||
Joesley Mendonça Batista Board | Member of the Board of Directors | Member of the Board of Directors at PPC; Co-controlling Shareholder at J&F; President of the J&F Institute | Joesley Mendonça Batista has served as a member of the board of directors at JBS S.A. since April 2024. He brings over 35 years of experience in the protein industry and is known for his roles as a co-controlling shareholder of J&F and leadership positions at affiliated companies. | |
José Batista Sobrinho Board | Vice-Chairman of the Board of Directors | José Batista Sobrinho founded JBS S.A. in 1953 and has served as Vice-Chairman of the Board of Directors since 2007. | ||
Kátia Regina de Abreu Gomes Board | Independent Member of the Board of Directors | Kátia Regina de Abreu Gomes has been an independent board member at JBS since July 2023, bringing extensive experience from her previous roles in Brazilian politics and agriculture. | ||
Paulo Bernardo Silva Board | Independent Member of JBS S.A.'s Board of Directors | Paulo Bernardo Silva has been serving as an independent board member at JBS since July 2023, bringing extensive experience from public administration and finance roles. |
Research analysts who have asked questions during JBS earnings calls.
Andrew Strelzik
BMO Capital Markets
1 question for JBS
Benjamin Theurer
Barclays Corporate & Investment Bank
1 question for JBS
Guilherme Guttilla
BTG Pactual
1 question for JBS
Guilherme Palhares
Santander
1 question for JBS
Gustavo Troyano
Itau BBA
1 question for JBS
Henrique Brustolin
Bradesco BBI
1 question for JBS
Igor Guedes
Genial Investimentos
1 question for JBS
Isabella Simonato Alonso
Bank of America Merrill Lynch
1 question for JBS
John Baumgartner
Mizuho Securities
1 question for JBS
Leonardo Alencar
XP Investimentos
1 question for JBS
Lucas Ferreira
JPMorgan Chase & Co.
1 question for JBS
Pooran Sharma
Stephens Inc.
1 question for JBS
Priya Ohri-Gupta
Barclays Capital
1 question for JBS
Renata Cabral
Citigroup
1 question for JBS
Ricardo Alves
Morgan Stanley
1 question for JBS
Ricardo Boiati
Safra
1 question for JBS
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Mantiqueira Alimentos Ltda | 2025 | JBS acquired 48.5% of total capital stock and 50% of voting shares for an enterprise value of R$1.9 billion, marking its entry into the egg sector with a focus on organic and cage-free eggs; the deal was finalized on April 1, 2025. |
JBS Terminais Ltda | 2025 | The acquisition secured a 70% stake via Seara Alimentos, completed on January 1, 2025, enhancing JBS’s logistics capabilities at the Port of Itajaí, and included a business combination adjustment of US$1,086. |
BioTech Foods, SL | 2022 | Acquired for €36 million in a cash deal on May 9, 2022, JBS Global Luxembourg obtained a 51% stake in BioTech Foods, SL, which positions the company to enter the cultivated protein market while recognizing associated goodwill. |
Grupo King's | 2022 | JBS, through Rigamonti Salumificio SpA, acquired 100% of Grupo King's on February 4, 2022 for €84 million (subject to adjustments), strengthening its presence in premium Italian meat products and expanding its international market footprint. |
Rivalea Holdings Pty Ltd | 2022 | Primo Foods Pty. Ltd. acquired 100% of Rivalea Holdings and Oxdale Dairy Enterprise Pty Ltd for USD 125.9 million on January 4, 2022, bolstering JBS’s position as the leader in pork processing in Australia through a vertically integrated operation. |
Recent press releases and 8-K filings for JBS.
- At the May 23, 2025 EGM, JBS declared a R$2.218 billion dividend (R$1.00 per common share) from 2024 profit reserves, payable June 17, 2025.
- Dividend record date is the close of B3 trading on May 23, 2025, with no interest or monetary adjustment, and payment via bank credit in local currency.
- Domestic recipients: dividend income exempt from Income Tax; non-resident shareholders: subject to withholding to satisfy tax obligations from the JBS S.A.–JBS Participações merger (effective June 6, 2025), including possible 25% tax on gains if reporting requirements are unmet.
- Merger of Shares and Redemption implemented on June 6, 2025; JBS S.A. shares are now fully owned by JBS Participações and have ceased trading on B3.
- BDRs of JBS N.V. begin trading on B3 on June 9, 2025 under ticker JBSS32; Class A shares expected to start trading on the NYSE on June 12, 2025 under ticker JBS.
- Fractions of BDRs will be aggregated and sold on B3, with net proceeds distributed to shareholders proportionally.
- JBS N.V. will subsidize fees for converting BDRs into NYSE-listed Class A shares during the 30-day period starting June 11, 2025.
- The Extraordinary General Meeting was held on May 23, 2025 at JBS S.A.’s headquarters in São Paulo.
- The presiding board was composed of Jeremiah O’Callaghan as Chairman and Daniel Schmidt Pitta as Secretary.
- Shareholders representing 92.74% of voting shares and 86.47% of outstanding shares attended, achieving the required quorum.
- The meeting approved the appointment of KPMG as appraiser and set the book value at R$20.19 per share for the merger into JBS Participações.
- Interim dividends of R$1.00 per share (R$2.218 billion total) were declared, with shares trading ex-dividend from May 26, 2025.
- JBS N.V. obtained registration as a foreign issuer and approval for its Level II BDR Program by the CVM, with BDRs admitted to trading on B3 as of May 30, 2025 .
- On June 6, 2025, JBS Participações will merge all JBS S.A. shares into itself and immediately redeem the resulting Redeemable Shares for BDRs at a rate of 2 BDRs per Redeemable Share; this is also the last trading day for JBS S.A. shares on B3 .
- The first trading day for JBS N.V. BDRs on B3 is set for June 9, 2025, followed by the start of Class A common share trading on the NYSE around June 12, 2025 .
- Subsequent steps include fraction calculations (June 10), BDR delivery and cancellation requests (June 11), and an estimated cash dividend payment on June 16, 2025 .
- The EGM ratified the hiring of KPMG Auditores Independentes to prepare an appraisal report of JBS S.A. shares as of December 31, 2024, to support the proposed share merger into JBS Participações.
- Shareholders approved the appraisal report, the Protocol and Justification for the dual listing (including the Merger of Shares and redemption) and resolved on the Merger of Shares itself.
- The meeting resolved on the non-listing of JBS N.V. on B3’s “Novo Mercado,” resulting in the cessation of JBS S.A. share trading on B3 due to legal impediments.
- Management was authorized to implement all approved resolutions—including the share merger and subscription of new JBS Participações shares—and the declaration of a cash dividend was approved.
- Shareholders ratified corporate approvals for a dual listing of JBS N.V. (currently JBS B.V.) securities on the NYSE (Class A shares) and as Level II BDRs on B3 at the EGM on May 23, 2025 .
- The dual listing structure involves a 1-for-2 exchange of JBS S.A. shares into mandatorily redeemable preferred shares, immediately redeemed for BDRs backed by one JBS N.V. Class A share .
- JBS N.V. will convert from JBS B.V. to a Dutch NV and is subject to obtaining NYSE approval and CVM registration of a Sponsored Level II BDR program .
- Key proposals on the appraisal report, protocol and justification, and merger of shares under the dual listing framework were rejected by approximately 52% of votes .
- The resolution to delist JBS S.A. shares from B3 “Novo Mercado” was rejected, with 52.09% voting against and 47.28% in favor .
- Only 48% of votes supported ratifying KPMG as the appraiser for the share merger valuation .
- Management’s authorization to implement EGM resolutions and proposal for a cash dividend failed to secure majority support (51.85%–51.92% voting against) .
- Net revenue of US$19.5 billion and net income of US$0.6 billion in Q1 2025, up from US$18.0 billion and US$0.4 billion in Q1 2024, respectively.
- Issued US$1.75 billion of senior notes in January 2025 (US$1.0 billion at 5.95% due 2035; US$0.75 billion at 6.375% due 2055).
- Acquired 70% of JBS Terminais Ltda. (port terminal operations) and 48.5% of Mantiqueira Alimentos Ltda. (egg sector joint venture) in Q1 2025.
- Completed US$140 million offering of Agribusiness Receivables Certificates with maturities in 2035, 2045 and 2055.
- Adopted IAS 21 amendment on translation of non-exchangeable currencies effective January 1 2025, with no material impact identified.
- A Form F-4 registration statement (File No. 333-273211) has been filed and declared effective, with detailed restructuring materials and Exhibit 99.1 FAQ outlining transaction mechanics .
- JBS B.V. is reorganizing through a share merger—every two JBS S.A. common shares become one Brazil HoldCo redeemable share—coupled with a R$2,218 million cash dividend, creating JBS N.V. as the ultimate holding company .
- Upon completion, JBS N.V. Class A common shares will be listed on the NYSE and Brazilian Depositary Receipts on B3, while JBS S.A. common shares will be delisted, subject to shareholder approval .
- The dual listing is designed to enhance governance, broaden global investor access, unlock share value, and lower capital costs without materially altering operations .
- An Extraordinary General Meeting is scheduled for May 23, 2025 to vote on the merger, delisting, and dividend, with key dates including ADS dividend record on May 23, suspension on June 5–6, dual listing closing on June 9, and first trading on B3 and NYSE on June 10 and June 12, 2025 respectively .
- Strong financial backing is highlighted by US$14.2 billion free cash flow (excl. expansion capex) versus US$4.6 billion expansion capex (2019–2024), driving net leverage down to 3.66× at Q4 2024 .
- JBS S.A. will hold an Extraordinary General Meeting on May 23, 2025, at 10:00 a.m. in São Paulo to resolve on the proposed dual listing of its shares through JBS N.V..
- The dual listing contemplates JBS N.V. registering as a foreign issuer with the CVM and SEC, enabling Level II BDRs on B3 and Class A shares on the NYSE, and ceasing JBS S.A. trading on B3’s Novo Mercado.
- The transaction involves a merger of all JBS S.A. shares not held by JBS Participações, with shareholders receiving 1 redeemable preferred share per 2 JBS S.A. shares, immediately exchanged for one Level II BDR backed by one JBS N.V. Class A share.
- The dual listing will be executed in two stages, the first of which makes JBS N.V. the indirect controlling shareholder through controlling-shareholder contributions.