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JBS & Danantara Go Big On Southeast Asia — A $2.5 Billion Expansion Play!

JBS S.A. reported second-quarter 2026 results amid a complex global environment involving regional supply-demand imbalances, currency volatility, trade disruptions, and geopolitical challenges. Adjusted net income excluding nonrecurring items was USD 218 million. Adjusted EBITDA totaled USD 1.43 billion under IFRS with a 6% margin and USD 1.3 billion under U.S. GAAP with a 5.3% margin. Profitability improved sequentially across most business units. However, JBS reported a USD 102 million net loss, primarily reflecting nonrecurring financial expenses, antitrust settlements, and mark-to-market derivative losses. Global beef fundamentals remained generally constructive, supported by limited supply in several regions and resilient demand. In Brazil, JBS generated record second-quarter EBITDA of USD 269 million with a 5.9% margin, supported by export demand, disciplined commercial execution, and improved cattle availability despite higher raw material costs. The company balanced exports, particularly to China, with domestic sales to protect margins.