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PILGRIMS PRIDE CORP0000802481false00008024812025-07-302025-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 30, 2025
PILGRIM'S PRIDE CORPORATION
(Exact Name of registrant as specified in its charter)
Delaware 1-9273 75-1285071
(State or other jurisdiction of
incorporation or organization)		 (Commission File Number) (IRS Employer Identification No.)
1770 Promontory Circle 80634-9038
Greeley CO (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (970) 506-8000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of Exchange on Which Registered
Common Stock, Par Value $0.01 PPC The Nasdaq Stock Market LLC
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
    Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 Emerging growth company ☐
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02     Results of Operations and Financial Condition.
On July 30, 2025 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information furnished in Item 2.02 and in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any of Pilgrim's Pride Corporation's filings under the Securities Act of 1933, as amended, or the Exchange Act.
Item 8.01 Other Events.
On July 30, 2025, the Board of Directors (the “Board”) authorized and declared a dividend of $2.10 per share on the Company's issued and outstanding common shares of stock and beneficial interest (the“Dividend”). The Dividend will be payable to the stockholders of record at the close of business on August 20, 2025.
The Company included the Dividend announcement in its press release issued July 30, 2025. As noted in Item 2.02, a copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
99.1
104
Cover Page Interactive Data File formatted in iXBRL


SIGNATURE  
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  PILGRIM’S PRIDE CORPORATION
 
Date: July 30, 2025 /s/ Matthew Galvanoni
  Matthew Galvanoni
  Chief Financial Officer and Chief Accounting Officer

EX-99.1 2 a2025_q2ppcex991earningsre.htm EX-99.1 Document

pilgrimslogoa05a01a01a01a03a.jpg



Pilgrim’s Pride Reports Second Quarter 2025 Results with $4.8 Billion in Net Sales, Operating Income of $512.3 Million and Announces Special Dividend of Approximately $500 Million.

GREELEY, Colo., July 30, 2025 (GLOBE NEWSWIRE) - Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's leading food companies, reports its second quarter 2025 financial results.

Second Quarter Highlights:
•Net Sales of $4.8 billion.
•Consolidated GAAP operating income margin of 10.8%.
•GAAP Net Income of $356.0 million and GAAP EPS of $1.49. Adjusted Net Income of $406.2 million and Adjusted EPS of $1.70.
•Adjusted EBITDA of $686.9 million, or a 14.4% margin.
•The U.S. Fresh portfolio grew sales and expanded margins given strong demand, focus on quality and service, and improved operational efficiencies. Case Ready sales to Key Customers increased faster than category averages, whereas Small Bird realized benefits from continued growth with QSRs. Big Bird improved margins from attractive cutout values and improved operations.
•U.S. Prepared Foods continues to diversify its portfolio as net sales have grown over 20% compared to last year. Operations drove record production to support demand growth across retail and food service.
•Just Bare® was awarded the number one ranking on Circana’s Product Pacesetter’s List and now accounts for over 10% market share in fully cooked chicken given incremental distribution and category leading velocity.
•Pilgrim’s Europe increased margins through sales growth with Key Customers, expansion of key brands, optimization of product mix, and realization of cost efficiencies. Innovation continues to accelerate given the upcoming launch of a new chicken lineup in Rollover® and expansion of Fridge Raiders® through incremental distribution and multipack offerings.
•Mexico benefited from supportive demand and strong volumes. Diversification through brands across fresh and prepared categories continued to progress as volumes rose by more than 5% compared to last year. Capacity expansion in fresh and prepared projects remains on schedule.
•Pilgrim’s continues on its growth journey with the recent announcement of a new state-of-the-art prepared foods plant to further diversify the portfolio and support growth in the higher-margin branded products across retail and food service in the U.S. Full utilization will create over 630 jobs and increase U.S. Prepared Foods sales by over 40% from current levels.
•Continued strong liquidity position and balance sheet flexibility after investments in growth projects and with a net leverage ratio of less than 1.0 times Adjusted EBITDA at the end of the second quarter.
•Received approval from the Board of Directors to pay a special dividend totaling approximately $500 million, or $2.10 per share.


1

(Unaudited) Three Months Ended Six Months Ended
June 29,
2025		 June 30,
2024		 Y/Y Change June 29,
2025		 June 30,
2024		 Y/Y Change
(In millions, except per share and percentages)
Net sales $ 4,757.4  $ 4,559.3  +4.3  % $ 9,220.4  $ 8,921.2  +3.4  %
U.S. GAAP EPS $ 1.49  $ 1.37  +8.8  % $ 2.73  $ 2.11  +29.4  %
Operating income $ 512.3  $ 440.8  +16.2  % $ 916.8  $ 691.1  +32.7  %
Adjusted EBITDA(1)
 $ 686.9  $ 655.9  +4.7  % $ 1,220.1  $ 1,027.8  +18.7  %
Adjusted EBITDA margin(1)
 14.4  % 14.4  % 0.0   pts 13.2  % 11.5  % +1.7   pts
(1)     Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release.

“During the quarter, our portfolio captured market upsides from attractive market fundamentals,” said Fabio Sandri, Pilgrim’s President and CEO. “Equally important, demand from Key Customers outpaced the category, and our business became more diversified as sales of prepared offerings expanded.”

In the second quarter, the U.S. business grew sales and profitability compared to last year. U.S. Fresh benefited from elevated commodity cutout values and continued operational improvements. Case Ready further cultivated Key Customer partnerships through higher attribute, differentiated offerings; whereas, Small Bird continued to meet strong demand from leading QSRs. Prepared accelerated its presence given extensive marketplace enthusiasm for its branded portfolio, expanded lineup across retail and food service, and introduction of new offerings.

“The relative availability and affordability of chicken compared to other proteins continues to resonate among consumers,” remarked Sandri. “As such, we continued to drive quality, service, and innovation to ensure ample access and relevant offerings needed to meet demand.”

Europe continued to drive margin expansion through realization of cost efficiencies from manufacturing improvements, enhanced mix, and consolidation of support activities. Key Customer partnerships played a key role as sales grew over 5% compared to last year. Momentum for branded offerings continued, as volumes for Fridge Raiders® and Rollover® increased faster than the category average.

“Over the past few years, we’ve made a tremendous amount of progress in creating a more agile, Key Customer focused organization, along with an even more efficient, flexible manufacturing network,” said Sandri. “I look forward to the next phase of our profitability journey as it emphasizes growth through Key Customer partnerships, branded offerings and innovation.”

Mexico delivered strong results, achieving the second highest adjusted EBITDA on record, supported by favorable fundamentals in the commodity market, continued growth with Key Customers, and branded momentum.

“Given Mexico’s overall growth potential and our performance, we will continue to invest in capacity expansion to drive our strategies, unlocking additional opportunities for profitable growth,” said Sandri.

Pilgrim’s will build a new prepared foods plant in Walker County, Georgia, to meet extensive demand for value-added products across retail and food service, evolve its portfolio into higher margin branded offerings, and expand its supply chain capabilities.

“Prepared Foods products are a significant growth opportunity for Pilgrim’s,” Sandri said. “Given the extensive momentum of our retail brands and growth opportunities within food service, this new facility will accelerate our ability to unlock value for our consumers, customers and shareholders alike.”


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Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, July 31, at 7 a.m. MT (9 a.m. ET). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

To pre-register, go to: https://dpregister.com/sreg/10201340/ff89faa9f4.

You may also reach the pre-registration link by logging in through the investor section of our website at
https://ir.pilgrims.com in the “Events & Presentations” section.

For those who would like to join the call but have not pre-registered, access is available by dialing +1 (844) 883-3889 within the US, or +1 (412) 317-9245 internationally, and requesting the “Pilgrim’s Pride Conference.”

Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor” section of www.pilgrims.com.

###
About Pilgrim’s Pride
Pilgrim’s employs approximately 62,200 people and operates protein processing plants and prepared foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.
Forward-Looking Statements
Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channels, including, but not limited to, the impacts of the Russia-Ukraine conflict; the risk of cyber-attacks, natural disasters, power losses, unauthorized access, telecommunication failures, and other problems on our information systems; and the impact of uncertainties of litigation and other legal matters described in our most recent Form 10-K and Form 10-Q, including the In re Broiler Chicken Antitrust Litigation, as well as other risks described under “Risk Factors” in
3

the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Contact: Andrew Rojeski
Head of Strategy, Investor Relations, & Sustainability
IRPPC@pilgrims.com
www.pilgrims.com

4

PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 29, 2025 December 29, 2024
  (In thousands)
Cash and cash equivalents $ 849,036  $ 2,040,834 
Restricted cash and restricted cash equivalents 9,283  2,324 
Investment in available-for-sale securities —  10,220 
Trade accounts and other receivables, less allowance for credit losses 1,131,334  1,004,334 
Accounts receivable from related parties 9,761  2,608 
Inventories 1,940,603  1,783,488 
Income taxes receivable 67,894  72,414 
Assets held for sale 3,342  3,062 
Prepaid expenses and other current assets 245,958  200,879 
Total current assets 4,257,211  5,120,163 
Deferred tax assets 28,705  29,483 
Other long-lived assets 81,544  62,019 
Operating lease assets, net 243,049  255,713 
Intangible assets, net 859,872  806,234 
Goodwill 1,350,492  1,239,073 
Property, plant and equipment, net 3,297,793  3,137,891 
Total assets $ 10,118,666  $ 10,650,576 
Accounts payable $ 1,486,008  $ 1,411,519 
Accounts payable to related parties 53,967  15,257 
Revenue contract liabilities 49,164  48,898 
Dividends payable —  — 
Accrued expenses and other current liabilities 969,874  1,015,504 
Income taxes payable 59,501  60,097 
Current maturities of long-term debt 865  858 
Total current liabilities 2,619,379  2,552,133 
Noncurrent operating lease liabilities, less current maturities 189,384  195,944 
Long-term debt, less current maturities 3,114,302  3,206,113 
Deferred tax liabilities 425,727  422,952 
Other long-term liabilities 17,338  20,038 
Total liabilities 6,366,130  6,397,180 
Common stock 2,625  2,623 
Treasury stock (544,687) (544,687)
Additional paid-in capital 2,008,442  1,994,259 
Retained earnings 2,313,567  3,157,511 
Accumulated other comprehensive loss (42,200) (370,300)
Total Pilgrim’s Pride Corporation stockholders’ equity 3,737,747  4,239,406 
Noncontrolling interest 14,789  13,990 
Total stockholders’ equity 3,752,536  4,253,396 
Total liabilities and stockholders’ equity $ 10,118,666  $ 10,650,576 

5

PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
  Three Months Ended Six Months Ended
  June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
  (In thousands, except per share data)
Net sales $ 4,757,365  $ 4,559,314  $ 9,220,374  $ 8,921,248 
Cost of sales 4,042,070  3,867,688  7,950,206  7,845,713 
Gross profit 715,295  691,626  1,270,168  1,075,535 
Selling, general and administrative expense 199,457  214,161  333,236  333,237 
Restructuring activities 3,499  36,675  20,111  51,234 
Operating income 512,339  440,790  916,821  691,064 
Interest expense, net of capitalized interest 42,475  31,201  84,213  72,444 
Interest income (11,024) (15,863) (35,977) (26,209)
Foreign currency transaction losses (gains) 4,892  (2,225) 2,839  (6,562)
Miscellaneous, net 414  504  (278) (2,782)
Income before income taxes 475,582  427,173  866,024  654,173 
Income tax expense 119,573  100,650  213,672  152,712 
Net income 356,009  326,523  652,352  501,461 
Less: Net income attributable to noncontrolling interests 489  220  799  737 
Net income attributable to Pilgrim’s Pride Corporation $ 355,520  $ 326,303  $ 651,553  $ 500,724 
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic 237,381  236,943  237,308  236,894 
Effect of dilutive common stock equivalents 1,046  790  1,046  721 
Diluted 238,427  237,733  238,354  237,615 
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic $ 1.50  $ 1.38  $ 2.75  $ 2.11 
Diluted $ 1.49  $ 1.37  $ 2.73  $ 2.11 

6

PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
  June 29, 2025 June 30, 2024
  (In thousands)
Cash flows from operating activities:
Net income $ 652,352  $ 501,461 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 218,022  211,298 
Deferred income tax expense (benefit) (19,493) 8,952 
Stock-based compensation 14,185  6,811 
Loan cost amortization 2,491  2,573 
Loss on property disposals 1,990  2,715 
Loss (gain) on early extinguishment of debt recognized as a component of interest expense 1,419  (11,159)
Accretion of discount related to Senior Notes 1,211  1,289 
Asset impairment 846  13,412 
Gain on equity-method investments (3) (3)
Changes in operating assets and liabilities:
Trade accounts and other receivables (74,961) 62,350 
Inventories (105,692) 146,189 
Prepaid expenses and other current assets (17,434) (43,532)
Accounts payable, accrued expenses and other current liabilities (34,570) 14,290 
Income taxes 8,048  88,631 
Long-term pension and other postretirement obligations (1,469) 3,652 
Other operating assets and liabilities (24,839) (19,273)
Cash provided by operating activities 622,103  989,656 
Cash flows from investing activities:
Acquisitions of property, plant and equipment (259,283) (213,247)
Proceeds from property disposals 2,912  4,551 
Cash used in investing activities (256,371) (208,696)
Cash flows from financing activities:
Payments for dividend (1,495,497) — 
Payments on revolving line of credit, long-term borrowings and finance lease obligations (90,654) (150,895)
Payment on early extinguishment of debt (2,120) (200)
Proceeds from contribution of capital under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation —  1,425 
Payments of capitalized loan costs —  (16)
Cash used in financing activities (1,588,271) (149,686)
Effect of exchange rate changes on cash and cash equivalents 37,700  (28,371)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (1,184,839) 602,903 
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 2,043,158  731,223 
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 858,319  $ 1,334,126 
7

PILGRIM’S PRIDE CORPORATION
Non-GAAP Financial Measures Reconciliation
(Unaudited)

“EBITDA” is defined as the sum of net income plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (1) foreign currency transaction gains, (2) costs related to litigation settlements, (3) restructuring activities losses, and (4) net income attributable to noncontrolling interests. EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA applicable to continuing operations. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP. In addition, other companies in our industry may calculate these measures differently limiting their usefulness as a comparative measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. These limitations should be compensated for by relying primarily on our U.S. GAAP results and using EBITDA and Adjusted EBITDA only on a supplemental basis.
PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In thousands)
Net income $ 356,009  $ 326,523  $ 652,352  $ 501,461 
Add:
Interest expense, net(a)
 31,451  15,338  48,236  46,235 
Income tax expense 119,573  100,650  213,672  152,712 
Depreciation and amortization 113,504  107,948  218,022  211,298 
EBITDA 620,537  550,459  1,132,282  911,706 
Add:
Foreign currency transaction losses (gains)(b)
 4,892  (2,225) 2,839  (6,562)
Litigation settlements(c)
 58,464  71,250  65,714  72,190 
Restructuring activities losses(d)
 3,499  36,675  20,111  51,234 
Minus:
Net income attributable to noncontrolling interest 489  220  799  737 
Adjusted EBITDA $ 686,903  $ 655,939  $ 1,220,147  $ 1,027,831 
(a)Interest expense, net, consists of interest expense less interest income.
(b)Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasured assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasured nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
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(c)This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
(d)Restructuring activities losses are related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment.
9

The summary unaudited consolidated income statement data for the twelve months ended June 29, 2025 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the six months ended June 30, 2024 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 29, 2024 and (2) the applicable unaudited consolidated income statement data for the six months ended June 29, 2025.
PILGRIM'S PRIDE CORPORATION
Reconciliation of LTM Adjusted EBITDA
(Unaudited)
Three Months Ended LTM Ended
September 29,
2024		 December 29,
2024		 March 30,
2025		 June 29,
2025		 June 29,
2025
(In thousands)
Net income $ 349,990  $ 235,772  $ 296,343  $ 356,009  $ 1,238,114 
Add:
Interest expense, net 19,498  22,776  16,785  31,451  90,510 
Income tax expense 131,609  40,725  94,099  119,573  386,006 
Depreciation and amortization 110,470  111,854  104,518  113,504  440,346 
EBITDA 611,567  411,127  511,745  620,537  2,154,976 
Add:
Foreign currency transaction losses (gains) (678) (2,785) (2,053) 4,892  (624)
Litigation settlements —  95,038  7,250  58,464  160,752 
Restructuring activities losses 30,836  11,318  16,612  3,499  62,265 
Loss on settlement of pension from plan termination 10,709  10,940  —  —  21,649 
Inventory write-down as a result of hurricane 8,075  —  —  —  8,075 
Minus:
Net income (loss) attributable to noncontrolling interest 130  (82) 310  489  847 
Adjusted EBITDA $ 660,379  $ 525,720  $ 533,244  $ 686,903  $ 2,406,246 

10

EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by net sales for the applicable period. EBITDA margins are presented because they are used by management and we believe it is frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.

PILGRIM'S PRIDE CORPORATION
Reconciliation of EBITDA Margin
(Unaudited)
Three Months Ended Six Months Ended Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In thousands)
Net income $ 356,009  $ 326,523  $ 652,352  $ 501,461  7.48  % 7.16  % 7.08  % 5.62  %
Add:
Interest expense, net 31,451  15,338  48,236  46,235  0.66  % 0.34  % 0.52  % 0.52  %
Income tax expense 119,573  100,650  213,672  152,712  2.51  % 2.21  % 2.32  % 1.71  %
Depreciation and amortization 113,504  107,948  218,022  211,298  2.38  % 2.36  % 2.36  % 2.36  %
EBITDA 620,537  550,459  1,132,282  911,706  13.03  % 12.07  % 12.28  % 10.21  %
Add:
Foreign currency transaction losses (gains) 4,892  (2,225) 2,839  (6,562) 0.10  % (0.04) % 0.03  % (0.07) %
Litigation settlements 58,464  71,250  65,714  72,190  1.23  % 1.56  % 0.71  % 0.81  %
Restructuring activities losses 3,499  36,675  20,111  51,234  0.07  % 0.80  % 0.22  % 0.57  %
Minus:
Net income attributable to noncontrolling interest 489  220  799  737  0.01  % —  % 0.01  % 0.01  %
Adjusted EBITDA $ 686,903  $ 655,939  $ 1,220,147  $ 1,027,831  14.42  % 14.39  % 13.23  % 11.51  %
Net sales $ 4,757,365  $ 4,559,314  $ 9,220,374  $ 8,921,248  —  —  —  — 

11

Adjusted EBITDA by segment figures are presented because they are used by management and we believe they are frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)
Three Months Ended Three Months Ended
June 29, 2025 June 30, 2024
U.S. Europe Mexico Total U.S. Europe Mexico Total
(In thousands)
Net income $ 239,262  $ 54,880  $ 61,867  $ 356,009  $ 199,076  $ 41,511  $ 85,936  $ 326,523 
Add:
Interest expense, net(a)
 35,651  (174) (4,026) 31,451  24,946  (2,556) (7,052) 15,338 
Income tax expense 78,204  16,001  25,368  119,573  82,117  (14,212) 32,745  100,650 
Depreciation and amortization 71,149  36,929  5,426  113,504  67,200  34,865  5,883  107,948 
EBITDA 424,266  107,636  88,635  620,537  373,339  59,608  117,512  550,459 
Add:
Foreign currency transaction losses (gains)(b)
 4  685  4,203  4,892  (1) (39) (2,185) (2,225)
Litigation settlements(c)
 58,464  —  —  58,464  71,250  —  —  71,250 
Restructuring activities losses(d)
 —  3,499  —  3,499  —  36,675  —  36,675 
Minus:
Net income attributable to noncontrolling interest —  —  489  489  —  —  220  220 
Adjusted EBITDA $ 482,734  $ 111,820  $ 92,349  $ 686,903  $ 444,588  $ 96,244  $ 115,107  $ 655,939 
(a)Interest expense, net, consists of interest expense less interest income.
(b)Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasured assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasured nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
(c)This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
(d)Restructuring activities losses are related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment.
12

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)
Six Months Ended Six Months Ended
June 29, 2025 June 30, 2024
U.S. Europe Mexico Total U.S. Europe Mexico Total
(In thousands) (In thousands)
Net income $ 461,558  $ 97,030  $ 93,764  $ 652,352  $ 301,707  $ 66,023  $ 133,731  $ 501,461 
Add:
Interest expense, net(a)
 61,218  (2,078) (10,904) 48,236  69,532  (4,539) (18,758) 46,235 
Income tax expense (benefit) 149,216  25,923  38,533  213,672  114,177  (4,655) 43,190  152,712 
Depreciation and amortization 137,535  70,066  10,421  218,022  129,885  69,893  11,520  211,298 
EBITDA 809,527  190,941  131,814  1,132,282  615,301  126,722  169,683  911,706 
Add:
Foreign currency transaction losses (gains)(b)
 3  313  2,523  2,839  1  (255) (6,308) (6,562)
Litigation settlements(c)
 65,714  —  —  65,714  72,190  —  —  72,190 
Restructuring activities losses(d)
 —  20,111  —  20,111  —  51,234  —  51,234 
Minus:
Net income attributable to noncontrolling interest —  —  799  799  —  —  737  737 
Adjusted EBITDA $ 875,244  $ 211,365  $ 133,538  $ 1,220,147  $ 687,492  $ 177,701  $ 162,638  $ 1,027,831 
(a)Interest expense, net, consists of interest expense less interest income.
(b)Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasured assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasured nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
(c)This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
(d)Restructuring activities losses are related to costs incurred, such as severance, asset impairment, contract termination, and others, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment.
13

Adjusted Operating Income is calculated by adding to Operating Income certain items of expense and deducting from Operating Income certain items of income. Management believes that presentation of Adjusted Operating Income provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income to adjusted operating income as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted Operating Income
(Unaudited)
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In thousands)
GAAP operating income, U.S. operations $ 354,987  $ 307,988  $ 673,793  $ 487,405 
Litigation settlements 58,464  71,250  65,714  72,190 
Adjusted operating income, U.S. operations $ 413,451  $ 379,238  $ 739,507  $ 559,595 
Adjusted operating income margin, U.S. operations 14.7  % 14.2  % 13.3  % 10.7  %
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In thousands)
GAAP operating income, Europe operations $ 70,419  $ 23,993  $ 119,490  $ 55,109 
Restructuring activities losses 3,499  36,675  20,111  51,234 
Adjusted operating income, Europe operations $ 73,918  $ 60,668  $ 139,601  $ 106,343 
Adjusted operating income margin, Europe operations 5.4  % 4.7  % 5.4  % 4.1  %
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In thousands)
GAAP operating income, Mexico operations $ 86,933  $ 108,809  $ 123,538  $ 148,550 
No adjustments —  —  —  — 
Adjusted operating income, Mexico operations $ 86,933  $ 108,809  $ 123,538  $ 148,550 
Adjusted operating income margin, Mexico operations 15.4  % 18.3  % 11.7  % 13.4  %
14

Adjusted Operating Income Margin for each of our reportable segments is calculated by dividing Adjusted operating income by Net Sales. Management believes that presentation of Adjusted Operating Income Margin provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income margin for each of our reportable segments to adjusted operating income margin for each of our reportable segments is as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin
(Unaudited)
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In percent)
GAAP operating income margin, U.S. operations 12.6  % 11.6  % 12.1  % 9.3  %
Litigation settlements 2.1  % 2.6  % 1.2  % 1.4  %
Adjusted operating income margin, U.S. operations 14.7  % 14.2  % 13.3  % 10.7  %
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In percent)
GAAP operating income margin, Europe operations 5.1  % 1.8  % 4.6  % 2.1  %
Restructuring activities losses 0.3  % 2.9  % 0.8  % 2.0  %
Adjusted operating income margin, Europe operations 5.4  % 4.7  % 5.4  % 4.1  %
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In percent)
GAAP operating income margin, Mexico operations 15.4  % 18.3  % 11.7  % 13.4  %
No adjustments —  % —  % —  % —  %
Adjusted operating income margin, Mexico operations 15.4  % 18.3  % 11.7  % 13.4  %
15

Adjusted net income attributable to Pilgrim's Pride Corporation (“Pilgrim's”) is calculated by adding to Net income attributable to Pilgrim's certain items of expense and deducting from Net income attributable to Pilgrim's certain items of income, as shown below in the table. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is presented because it is used by management, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with U.S. GAAP, to compare the performance of companies. Management also believe that this non-U.S. GAAP financial measure, in combination with our financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of such charges on net income attributable to Pilgrim’s Pride Corporation per common diluted share. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is not a measurement of financial performance under U.S. GAAP, has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under U.S. GAAP. Management believes that presentation of adjusted net income attributable to Pilgrim’s provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of net income (loss) attributable to Pilgrim’s Pride Corporation per common diluted share to adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is as follows:
PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted Net Income
(Unaudited)
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In thousands, except per share data)
Net income attributable to Pilgrim's $ 355,520  $ 326,303  $ 651,553  $ 500,724 
Add:
Foreign currency transaction losses (gains) 4,892  (2,225) 2,839  (6,562)
Litigation settlements 58,464  71,250  65,714  72,190 
Restructuring activities losses 3,499  36,675  20,111  51,234 
Minus:
Gain on early extinguishment of debt —  11,159  —  11,159 
Adjusted net income attributable to Pilgrim's before tax impact of adjustments 422,375  420,844  740,217  606,427 
Net tax impact of adjustments(a)
 (16,178) (22,879) (21,456) (25,580)
Adjusted net income attributable to Pilgrim's $ 406,197  $ 397,965  $ 718,761  $ 580,847 
Weighted average diluted shares of common stock outstanding 238,427  237,733  238,354  237,615 
Adjusted net income attributable to Pilgrim's per common diluted share $ 1.70  $ 1.67  $ 3.02  $ 2.44 
(a)    Net tax expense (benefit) of adjustments represents the tax impact of all adjustments shown above.
16

Adjusted EPS is calculated by dividing the adjusted net income attributable to Pilgrim's stockholders by the weighted average number of diluted shares. Management believes that Adjusted EPS provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of U.S. GAAP to non-U.S. GAAP financial measures is as follows:
PILGRIM'S PRIDE CORPORATION
Reconciliation of GAAP EPS to Adjusted EPS
(Unaudited)
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In thousands, except per share data)
GAAP EPS $ 1.49  $ 1.37  $ 2.73  $ 2.11 
Add:
Foreign currency transaction losses (gains) 0.02  (0.01) 0.01  (0.03)
Litigation settlements 0.25  0.30  0.28  0.30 
Restructuring activities losses 0.01  0.15  0.08  0.23 
Minus:
Gain on early extinguishment of debt —  0.05  —  0.05 
Adjusted EPS before tax impact of adjustments 1.77  1.76  3.10  2.56 
Net tax impact of adjustments(a)
 (0.07) (0.09) (0.08) (0.12)
Adjusted EPS $ 1.70  $ 1.67  $ 3.02  $ 2.44 
Weighted average diluted shares of common stock outstanding 238,427  237,733  238,354  237,615 
(a)    Net tax impact of adjustments represents the tax impact of all adjustments shown above.
17

PILGRIM'S PRIDE CORPORATION
Supplementary Selected Segment and Geographic Data
(Unaudited)
Three Months Ended Six Months Ended
June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
(In thousands)
Sources of net sales by geographic region of origin:
U.S. $ 2,820,385  $ 2,663,965  $ 5,563,574  $ 5,243,297 
Europe 1,371,270  1,301,541  2,602,799  2,569,444 
Mexico 565,710  593,808  1,054,001  1,108,507 
Total net sales $ 4,757,365  $ 4,559,314  $ 9,220,374  $ 8,921,248 
Sources of cost of sales by geographic region of origin:
U.S. $ 2,331,143  $ 2,211,626  $ 4,686,710  $ 4,553,666 
Europe 1,247,137  1,187,671  2,362,362  2,363,409 
Mexico 463,790  468,391  901,134  928,638 
Total cost of sales $ 4,042,070  $ 3,867,688  $ 7,950,206  $ 7,845,713 
Sources of gross profit by geographic region of origin:
U.S. $ 489,242  $ 452,339  $ 876,864  $ 689,631 
Europe 124,133  113,870  240,437  206,035 
Mexico 101,920  125,417  152,867  179,869 
Total gross profit $ 715,295  $ 691,626  $ 1,270,168  $ 1,075,535 
Sources of operating income by geographic region of origin:
U.S. $ 354,987  $ 307,988  $ 673,793  $ 487,405 
Europe 70,419  23,993  119,490  55,109 
Mexico 86,933  108,809  123,538  148,550 
Total operating income $ 512,339  $ 440,790  $ 916,821  $ 691,064 


18