The company reported an adjusted EBITDA of US$3.5 billion in the full year, down 48.6% year-on-year, while the adjusted EBITDA margin was down to 4.7%. The net result for 2023 was a loss of US$199 million.

In the fourth quarter of the year, JBS achieved net revenue of US$19.4 billion, up 10.1% year-on-year, while adjusted EBITDA came in at US$1 billion, up 18.4%, with a margin up to 5.3%. The net result for the quarter was down 96.3% to US$17 million.

JBS North America reported a net revenue of US$23.3 billion in 2023 (up 5.6% year-on-year) and US$6.3 billion in the fourth quarter (up 15%). The division had an adjusted EBITDA of US$114.2 million in the year (down 94.5%) with a margin of 0.5%. In the fourth quarter, EBITDA was negative US$98.6 million with a margin of -1.6% (down 5.2 p.p.).

JBS Australia had net revenues of US$6.2 billion in the year (down 1.8%) and US$1.7 billion in the quarter (up 10.4%), while adjusted EBITDA was US$454.7 million (up 2.4%) and US$178.4 million (up 48.6%) respectively. Adjusted EBITDA margin was up to 7.3% for the full year and up 2.7 p.p. to 10.3% for the quarter.

Finally, JBS Brazil reported net revenue down 2.4% to US$11.1 billion for the full year and up 10.8% to US$3 billion in the fourth quarter. Adjusted EBITDA for 2023 was up 0.1% to US$469.3 million while the quarterly result was up 172.8% to US$176.4 million. EBITDA margin increased to 4.2% in the year and 5.9% in the quarter.

JBS Global CEO Gilberto Tomazoni said: “Our focus on operational excellence was key to correcting the course of two of our businesses that underperformed in 2023: USA Beef and Seara. We identified issues and took action to adopt management measures based on our culture, with a focus on people and discipline in execution. The results of these measures are already being felt. The outlook at Seara for 2024 is positive, with significant improvement already seen in the first quarter of the year, which is traditionally challenging for the sector. Seara is now well-positioned to reap the rewards of investments in expansion made in recent years.

“Our multi-protein and multi-geography strategy puts us in an unmatched position in the global industry. This diversity allows us to capitalise on the cattle cycle upswing in Brazil and Australia, while our American operation faces margin declines due to current market conditions. In Australia, the improved outlook is reflected in a significant increase in margin in the fourth quarter of 2023 compared to the same period last year. In Brazil, where the situation is similar, significant growth in cattle processing volume, increased value-added product sales, the authorisation of new plants to supply the Chinese market, as well as improved profitability of exports offer promising prospects for the beef business in the short and long term.”