JBS N.V. Announces $400M Buyback Amid Mixed Q2 Earnings and Dual-Listing Strategy

JBS N.V. (NYSE: JBS) shares dropped 5.6% to $13.74 on August 14, 2025, despite unveiling a $400 million share repurchase program. The MOVE signals management's confidence in the company's valuation, leveraging its dual-listing on the NYSE and Brazil’s B3 to optimize capital access. With $3 billion in liquidity and a leverage ratio of 2.27x, the buyback aims to bolster EPS without exceeding a 2.5x leverage threshold.

Q2 earnings revealed a paradox: net income growth overshadowed by deepening losses in North American beef operations. Pilgrim’s Pride, a subsidiary, delivered record chicken earnings, but beef margins struggled. Strategic investments—$200 million in beef plant upgrades and a $100 million ready-to-eat bacon facility—aim to counterbalance sectoral pressures.

The dual-listing has already facilitated a $1.2 billion dividend payout in Q2, underscoring JBS’s liquidity strength. CEO Gilberto Tomazoni framed the buyback as an 'efficient use of excess cash,' reflecting a disciplined approach to capital allocation amid volatile protein markets.