Pilgrim's Pride Corp reports $4.65B revenue

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For the quarterly period ended June 28, September 27, 2026

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Number of shares outstanding of the issuer s common stock, $0.01 par value per share, as of June 28, September 27, 2026, was 238,108,524 238,112,010

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Business 1 change

Pilgrim s Pride Corporation (referred to herein as Pilgrim s, PPC, the Company, we, us, our, or similar terms) is one of the largest food companies in the world, with operations in the United States ( U.S. ), the United Kingdom ( U.K. ), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. Pilgrim s is primarily a chicken producer, with pork and lamb operations in the U.K. Pilgrim s products are sold to foodservice, retail and frozen entr e customers. The Company s primary distribution is through retailers, foodservice distributors and restaurants throughout the countries listed above. Additionally, the Company exports chicken and pork products (from its U.K. operations) to over 120 countries. Our fresh products consist of refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, pork ribs, and lamb products. The Company s prepared products include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meatballs. The Company s other products include plant-based protein offerings, ready-to-eat meals, multi-protein frozen foods, vegetarian foods and desserts. The Company also provides direct-to-consumer meals and hot food to-go solutions in the U.K. and the Republic of Ireland. We operate feed mills, hatcheries, processing plants and distribution centers in 14 U.S. states, the U.K., Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. As of June 28, September 27, 2026, JBS S.A., N.V., through its indirect wholly-owned subsidiaries (collectively, JBS ), beneficially owned 82.1 % of the Company s outstanding common stock.

Financial statements 460 changes

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. ( U.S. GAAP ) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission ( SEC ). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the six nine months ended June 28, September 27, 2026 are not necessarily indicative of the results that may be expected for the year ending December 27, 2026. For further information, refer to the consolidated financial statements and notes thereto included in the Company s annual report on Form 10-K for the year ended December 28, 2025.

The Company operates on the basis of a 52/53 week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example, 2026) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The six nine months ended June 28, September 27, 2026 represents the period from December 29, 2025 through June 28, September 27, 2026. The six nine months ended June 29, September 28, 2025 represents the period from December 30, 2024 through June 29, September 28, 2025.

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Walkers Sale and Purchase Agreement

On August 14, 2026, the Company entered into a sale and purchase agreement (the SPA ) with Samworth Brothers Limited, a company incorporated in England and Wales (the Seller ). Pursuant to the SPA, a wholly-owned subsidiary of the Company, Onix Investments UK Limited, a company incorporated in England and Wales (the Designated Buyer ), has agreed to acquire the entire issued share capital of Walkers Deli & Sausage Company Limited ( Walkers ), a wholly-owned subsidiary of the Seller that conducts the Seller s pork products business in the U.K. The aggregate purchase price for the acquisition is 141.5 million (or approximately $ 191.9 million based on a USD to GBP exchange rate of 1.36 as of August 13, 2026), to be paid by the Designated Buyer (or, failing which, by the Company) in cash upon closing, subject to certain routine closing adjustments with respect to working capital and net indebtedness. Closing is expected to occur early in 2027.

Recent Accounting Pronouncements Not Yet Adopted as of March 29, September 27, 2026

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Three Months Ended June 28, 2026

Three Months Ended September 27, 2026

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Europe 468,551 750,299 155,098 15,699 1,389,647

Mexico 484,686 68,525 34,130 587,341

Total net sales $ 3,041,959 $ 1,157,945 $ 270,606 $ 155,720 $ 4,626,230

Three Months Ended June 29, 2025

Europe 454,222 761,824 139,188 18,779 1,374,013

Mexico 499,513 62,145 37,401 599,059

Total net sales $ 2,997,812 $ 1,196,908 $ 269,705 $ 188,781 $ 4,653,206

Three Months Ended September 28, 2025

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Europe 415,124 794,844 146,287 15,015 1,371,270

Mexico 481,575 55,914 28,221 565,710

Total net sales $ 3,225,643 $ 1,159,237 $ 245,925 $ 126,560 $ 4,757,365 (In thousands)

Europe 441,162 796,788 154,545 1,392,495

Mexico 439,265 60,887 30,082 530,234

Total net sales $ 3,165,728 $ 1,208,917 $ 274,372 $ 110,325 $ 4,759,342

Nine Months Ended September 27, 2026

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Europe 902,616 1,514,502 308,530 15,743 2,741,391

Mexico 930,801 136,767 65,264 1,132,832

Total net sales $ 6,007,351 $ 2,347,770 $ 525,251 $ 278,491 $ 9,158,863 (In thousands)

Europe 1,356,838 2,276,326 447,718 34,522 4,115,404

Mexico 1,430,314 198,912 102,665 1,731,891

Total net sales $ 9,005,163 $ 3,544,678 $ 794,956 $ 467,272 $ 13,812,069

Nine Months Ended September 28, 2025

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Europe 737,178 1,553,522 270,148 41,951 2,602,799

Mexico 893,470 106,329 54,202 1,054,001

Europe 1,178,340 2,350,310 424,693 41,951 3,995,294

Mexico 1,332,735 167,216 84,284 1,584,235

Total net sales $ 6,174,477 9,340,205 $ 2,292,239 3,501,156 $ 478,951 753,323 $ 274,707 385,032 $ 9,220,374 13,979,716 (a) Included in Other sales shown above are sales of commodity grains and protein byproducts

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Three Months Ended June 28, 2026

Three Months Ended September 27, 2026

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Europe 829,360 229,165 155,098 176,024 1,389,647

Total net sales $ 2,467,744 $ 1,434,497 $ 270,606 $ 453,383 $ 4,626,230

Three Months Ended June 29, 2025

Europe 818,569 240,178 139,188 176,078 1,374,013

Total net sales $ 2,478,213 $ 1,419,140 $ 269,705 $ 486,148 $ 4,653,206

Three Months Ended September 28, 2025

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Europe 850,374 230,723 146,287 143,886 1,371,270

Total net sales $ 2,522,260 $ 1,583,057 $ 245,925 $ 406,123 $ 4,757,365 (In thousands)

Europe 851,509 242,759 154,545 143,682 1,392,495

Total net sales $ 2,564,366 $ 1,527,278 $ 274,372 $ 393,326 $ 4,759,342

Nine Months Ended September 27, 2026

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Europe 1,669,761 498,594 308,530 264,506 2,741,391

Total net sales $ 4,999,285 $ 2,814,158 $ 525,251 $ 820,169 $ 9,158,863 (In thousands)

Europe 2,488,330 738,772 447,718 440,584 4,115,404

Total net sales $ 7,477,498 $ 4,233,298 $ 794,956 $ 1,306,317 $ 13,812,069

Nine Months Ended September 28, 2025

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Europe 1,622,228 457,267 270,148 253,156 2,602,799

Europe 2,473,737 700,026 424,693 396,838 3,995,294

Total net sales $ 4,961,820 7,526,186 $ 3,024,889 4,552,167 $ 478,951 753,323 $ 754,714 1,148,040 $ 9,220,374 13,979,716 (a) Included in Mexico s foodservice channel are sales to wholesale public meat markets that typically sell product on to foodservice customers. Included in Mexico s other channel are sales to live chicken markets.

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Revenue recognized ( 17,835 )

Balance as of June 28, 2026 $ 31,407

Revenue recognized ( 19,410 )

Cash received, excluding amounts recognized as revenue during the period 11,460 10,319

Currency translation 160 78

Balance as of September 27, 2026 $ 28,609

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Sales contract derivative assets 630

June 28, September 27, 2026 December 28, 2025

Commodity derivative assets $ 9,831 17,323 $ 9,509

Commodity derivative liabilities ( 12,956 8,249 ) ( 1,343 )

Foreign currency derivative assets 335 1,660 95

Foreign currency derivative liabilities ( 223 138 ) ( 205 )

Sales contract derivative liabilities ( 4,826 ) ( 2,638 )

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Soybean meal 18.0 13.0 % 13.8 %

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Corn July December 2027 December 2026

Soybean meal May July 2027 December 2026

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Three Months Ended Six Nine Months Ended

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Commodity derivatives $ ( 6,756 ) $ ( 14,819 ) $ ( 4,744 ) $ ( 22,004 ) Cost of sales

Sales contract derivatives 3,027 798 3,269 3,228 Net sales

Total $ ( 3,729 ) $ ( 14,021 ) $ ( 1,475 ) $ ( 18,776 )

June 28, September 27, 2026 June 29, 2025 June September 28, 2025 September 27, 2026 June 29, September 28, 2025 Affected Line Item in the Condensed Consolidated Statements of Income (In thousands)

Commodity derivatives $ 16,824 $ 7,260 $ 12,080 $ ( 14,744 ) Cost of sales

Sales contract derivatives ( 5,457 ) ( 5,527 ) ( 2,188 ) ( 2,299 ) Net sales

Foreign currency derivatives 1,592 1,592 Foreign currency transaction losses

Total $ 12,959 $ 1,733 $ 11,484 $ ( 17,043 )

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and 380 more changes in the filing

MD&A 330 changes

Pilgrim s Pride Corporation (referred to herein as Pilgrim s, PPC, the Company, we, us, our, or similar terms) is one of the largest chicken producers in the world, with operations in the United States ( U.S. ), the United Kingdom ( U.K. ), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. We reported net income attributable to Pilgrim s of $114.8 $232.4 million, or $0.48 $0.97 per diluted common share, and income before tax totaling $153.6 $313.9 million, for the six nine months ended June 28, September 27, 2026. These operating results included net sales of $9.2 $13.8 billion, gross profit of $685.2 million $1.0 billion and $471.8 $684.2 million of cash provided by operating activities. We generated a consolidated operating margin of 2.5%. 3.0%. For the six nine months ended June 28, September 27, 2026, we generated EBITDA and Adjusted EBITDA of $472.5 $786.2 million and $668.1 $984.4 million, respectively. A reconciliation of net income to EBITDA and Adjusted EBITDA is included below.

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Our business continues to be subject to global inflationary trends as seen during the second quarter of 2026. U.S. inflation increased through May, primarily driven by higher energy costs associated with geopolitical tensions in the Middle East, before moderating in June as energy prices declined. Food inflation remained elevated but relatively contained compared to energy-related price movements. While inflationary pressures eased toward the end of the quarter, ongoing geopolitical developments continue to present risks to the inflation outlook. In the E.U. region, inflation remained above the European Central Bank s target during the second quarter, largely due to elevated energy prices and their indirect impact on goods and services. Inflation increased during the early part of the quarter and then eased modestly in June as energy price pressures began to moderate. The ECB responded to these inflationary pressures by increasing interest rates in June 2026 while continuing to monitor the effects of higher energy costs on economic growth and consumer prices. In Mexico, inflation generally trended lower during the second quarter following elevated levels in the first quarter, although services inflation remained persistent and economic growth weakened amid reduced domestic demand and continued uncertainty surrounding trade and investment conditions. The Mexican peso appreciated during much of the quarter, supported by monetary policy and a weaker U.S. dollar, but future exchange rate and inflation trends remain subject to uncertainties related to trade policy, economic conditions in the U.S., and global geopolitical developments.

Since its inception the armed conflict involving Iran and the Gulf led, and may continue to lead, to, among other things, increased volatility and higher prices for commodities, such as energy products and freight on input material costs, increased inflation in various countries, disruptions to global trade and supply chains, including key energy transit routes. Actual or threatened disruptions to maritime shipping lanes and other escalating security tensions increased various costs. While the supply constraints related to the conflict did not have a material impact on our costs during the current reporting period, continued and prolonged or expanded hostilities could have a more pronounced effect in future periods. Additionally, the Russia-Ukraine war s impact on the global feed ingredient and energy markets continues to be less pronounced than during the initial onset of the war, but there remain many risks and uncertainties that may impact global markets.

Our business continues to be subject to global inflationary pressures and broader economic uncertainty. In the U.S., inflation moderated compared to periods of elevated inflation experienced in recent years; however, labor, energy and other operating costs remain subject to market volatility. Consumer demand generally remained resilient during the third quarter of 2026, although ongoing uncertainty related to geopolitical developments, trade policies and broader economic conditions may continue to impact inflation trends and purchasing behavior.

In Europe, inflation continued to moderate during the third quarter of 2026 but remained affected by energy market volatility and broader economic conditions. Economic growth remained subdued in certain markets, and consumer spending patterns continued to reflect the effects of inflationary pressures experienced in recent periods. While inflationary conditions have improved compared to prior periods, geopolitical developments and fluctuations in energy markets continue to create uncertainty within the region.

In Mexico, inflation trends generally remained stable during the third quarter of 2026, although certain categories, including services, continued to experience inflationary pressures. Economic activity remained influenced by domestic demand, trade conditions and broader macroeconomic factors. Foreign currency exchange rates, including fluctuations in the Mexican peso relative to the U.S. dollar, may continue to impact the translation of our operating results and the competitiveness of our operations.

Geopolitical conflicts, including ongoing tensions in the Middle East and the conflict between Russia and Ukraine, continue to contribute to volatility in global commodity, energy and transportation markets. These events have resulted in and may continue to result in, disruptions to trade flows, supply chains and freight networks, as well as increased costs for certain inputs and services. While such conditions did not have a material impact on our costs during the current reporting period, prolonged or expanded hostilities could adversely affect our business, results of operations and financial condition in future periods.

We are monitoring changes in tariffs and trade policies both in the U.S. and throughout other countries where we operate and do conduct business. Changes to these policies may impact our export sales and international operations. Our U.S. business is primarily characterized with by inputs being made in country sourced domestically and our products being sold in country, demonstrated by our domestically, with export sales from the U.S. accounting for representing less than 5% of our total net sales. While the impact of trade policy changes is remains uncertain and evolving; however, continues to evolve, we do not currently anticipate a material impacts to impact on our results of operations. We will continue to monitor potential impacts and take mitigation actions, as necessary. appropriate.

We generally respond to ongoing challenges in global economic conditions through discussions with customers to help mitigate the impact of extraordinary costs we experience. We also continue to focus on operational initiatives that aim to deliver aimed at delivering labor efficiencies, better improved agricultural performance and improved enhanced yields.

Our business continues to be affected by global economic conditions, including inflationary pressures, geopolitical developments, foreign currency fluctuations, trade policy changes and overall consumer demand trends. Inflation in the U.S., Europe and Mexico moderated compared to elevated levels experienced in recent periods; however, labor, energy and other operating costs remain subject to market volatility. Additionally, changes in interest rates, foreign exchange rates and broader economic conditions may continue to impact consumer spending patterns and operating costs in the markets in which we operate.

Announced Walkers Acquisition

On August 14, 2026, Pilgrim s Europe agreed to acquire Walkers Deli & Sausage Company (Walkers) from Samworth Brothers, subject to approval by the Competition and Markets Authority ( CMA ) and employee consultation requirements in the U.K.. Walkers is a U.K. based producer of premium pork products operating four production facilities in Leicester and employing approximately 1,150 team members.

The proposed acquisition aligns with Pilgrim s Europe strategy to expand its presence in the U.K. pork market and increase its participation in value-added product categories. The transaction is currently expected to close early in 2027, and therefore had no impact on the Company s results of operations, financial position, or cash flows for the period presented.

Unsolicited Offer from JBS to Purchase Outstanding Shares of PPC Common Stock

On August 18, 2026, JBS submitted to the Company s board of directors (the Board ) a proposal to acquire the outstanding shares of the Company not already owned by JBS or its subsidiaries. JBS s offer proposes this acquisition at a fixed exchange ratio of 2.086 JBS Class A common shares for each share of our common stock, based on the JBS and Company closing share prices on August 18, 2026 of $13.66 and $28.49, respectively (the Proposed Transaction ). The Board has established a special committee of independent directors (the Special Committee ) to review and evaluate the proposal. The Board will not approve the Proposed Transaction without the favorable recommendation of the Special Committee. No assurance can be given regarding whether any transaction will be entered into, approved by our Board and/or stockholders, or completed.

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Third Quarter 5.43 4.02 376.1 303.4 219.3 169.8

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U.S. commodity market prices for most chicken products during the three months ended June 28, 2026, remained below prior-year levels and the historical five-year average. Boneless breast prices declined through most of the quarter before stabilizing near quarter-end. Supply remained elevated as record egg sets and favorable hatchability during the first quarter supported higher chick placements and increased flock headcounts, particularly in the 6.3 to 7.8 pound weight category. Average liveweights were also modestly higher, contributing to increased production. Per the July 2026 U.S. Department of Agriculture ( USDA ) report on poultry slaughter, estimated industry ready-to-cook production increased approximately 4.5% during the second quarter of 2026 compared to the prior year levels.

U.S. chicken demand remained solid across both retail and foodservice channels during the second quarter of 2026. Chicken continued to offer a favorable value proposition relative to competing proteins amid ongoing pressure on consumer spending. Retail volume growth accelerated to 2.8%, with gains across all major product categories, supported by promotional activity and competitive pricing. In foodservice, operators continued to expand chicken offerings as a value-oriented alternative to higher-priced beef products, with growth led by chicken-focused limited-service restaurant chains.

Export shipment volumes increased approximately 0.3% compared to the prior year, while export pricing remained below prior-year levels. U.S. chicken cold storage inventories ended the quarter approximately 1.1% above prior-year levels and 1.0% above the historical five-year average, reflecting increased industry production. Breast meat inventories remained below prior-year levels, while dark meat inventories declined, driven by lower leg quarter and drum inventories and supported by favorable pricing and export demand. In contrast, thigh meat inventories increased as prices remained elevated throughout the quarter.

Despite solid demand trends, industry supply exceeded expectations during the quarter due to continued productivity improvements, including higher hatchability, increased headcounts, and modestly higher liveweights. As a result, the USDA increased its forecast for second quarter production growth during the quarter, and increased production continued to pressure market prices.

Industry production during the first half of 2026 exceeded expectations, although recent trends indicate moderating growth as egg sets and chick placements have declined from peak levels and liveweights have stabilized. Demand is expected to remain supported by chicken's favorable price position relative to competing proteins, constrained beef supplies, and consumer preference for affordable protein options.

U.K. poultry market conditions remained relatively stable during the second quarter of 2026. Production increased compared to the first quarter as liveweights normalized and flock placements supported supply growth. Poultry headkill remained generally consistent with prior-year levels, while egg placements continued to exceed prior year levels. Chicken prices were relatively stable compared to the first quarter but remained modestly below prior-year levels due to ample supply. Demand remained steady across retail and foodservice channels.

Commodity chicken prices in Mexico remained below prior-year levels during the second quarter of 2026 despite stable consumer demand. Production levels remained elevated as strong bird health and lower mortality rates contributed to increased supply. Lower feed costs, including corn and soybean meal, continued to support production economics, while adequate market supply and low priced competing proteins continued to pressure pricing.

U.K. pork prices remained below prior-year levels during the second quarter of 2026, reflecting ample supply and competitive protein market conditions. Production remained above prior-year levels, supported by favorable slaughter volumes and carcass weights. Across Europe, pork prices continued to face pressure from adequate supply and mixed export demand, although market conditions improved modestly toward quarter-end as production growth moderated.

Global market prices for the remainder of the year will depend on (1) the evolution of foodservice, retail and export meat demand, (2) factors such as feed production input costs, further spread of avian influenza, or other bird diseases, both domestically and abroad, (3) uncertainty surrounding the general economy, (4) shifts in trade policy that could influence consumer spending dynamics in price-sensitive market segments, and (5) overall meat protein supply.

Market prices for most chicken products during the three months ended September 27, 2026, were below both prior-year levels and the five-year historical average. Boneless skinless breast prices declined during the quarter but remained relatively stable overall, with prices unchanged for several weeks during the period. Supply remained elevated, supported by higher bird counts, particularly within the 6.26-7.75 lb weight category. Eggs set and chick placements continued to exceed prior-year levels, although growth moderated compared to previous quarters. However, live weights were below prior-year levels, partially offsetting overall production growth. As a result, industry ready-to-cook chicken production increased 2.2% year over year, although growth was slower than in the preceding two quarters.

The third quarter of 2026 reflected continued consumer demand for chicken across both retail and foodservice channels. Amid ongoing economic pressures, including elevated fuel and food prices, inflation outpacing income growth, and subdued consumer sentiment, demand patterns became increasingly bifurcated, with value-oriented consumers remaining focused on affordability while higher-income consumers continued to support demand for premium offerings.

This dynamic had varying effects on chicken demand across categories, though overall volume growth remained positive in both retail and foodservice channels. Retail chicken volume increased 1.4% year over year, with all major retail categories posting positive volume growth. Within fresh chicken, increased promotional activity by retailers drove solid volume gains in boneless skinless breast meat and boneless dark meat products, continuing a trend observed in recent quarters. These gains were partially offset by softer performance in other fresh chicken categories, including bone-in dark meat and wings.

Individually quick frozen chicken continued to deliver strong volume growth, supported by more favorable pricing relative to other chicken categories. In contrast, deli and frozen prepared chicken products experienced modest price increases while maintaining positive volume growth. Frozen Prepared growth is being driven by nuggets, chunks, and popcorn chicken, offsetting declines in tenders and wings. Overall, demand remained favorable across chicken categories, supported by consumers continued focus on value, convenience, and product quality.

In foodservice, demand trends reflected the increasingly bifurcated consumer environment. Traffic trends varied by channel, with quick-service restaurants experiencing softer traffic levels as lower-income consumers moderated discretionary spending, while full-service restaurants benefited from continued spending by higher-income consumers. Despite these dynamics, chicken volume remained positive across most foodservice subcategories, although growth moderated compared to prior periods. Full-service restaurants were the only major subcategory to experience volume declines. Continued expansion of chicken-focused menu offerings and restaurant units across foodservice channels supported overall demand for chicken.

Export volumes increased 0.7% year over year from January through August, as geopolitical tensions and elevated energy costs continued to affect global trade flows. Chicken cold storage inventories were 5.0% below prior-year levels and 4.7% below the five-year average, reflecting healthy inventory levels despite increased industry production during the quarter. Breast meat inventories ended September 7.8% below prior-year levels, while dark meat inventories also declined, primarily due to lower leg quarter and drumstick inventories. These trends reflected continued export demand and balanced inventory conditions across the market. In contrast, thigh inventories increased as prices weakened in July before stabilizing over the remainder of the quarter.

Despite a more challenging macroeconomic environment, demand for chicken remained generally stable during the quarter. However, increased industry supply continued to pressure market prices.

While the latest World Agricultural Supply and Demand Estimates outlook has not yet incorporated the final third quarter chicken production numbers, the weaker-than-expected quarter may temper full-year production growth expectation. Pullet placements in August and September were generally in line with prior-year levels after exceeding prior-year levels for most of the year. Production growth is expected to continue moderating as producers adjust production levels to align with recent strong growing conditions resulting in lower mortality rates. Chicken demand is expected to remain favorable, supported by promotional activity and the relative value proposition of chicken compared to competing proteins. Beef supplies remain constrained, while pork production is expected to remain relatively stable, positioning chicken favorably within the protein complex.

Looking ahead, the timing and pace of supply and demand rebalancing are expected to be the primary factors influencing market conditions through year end and into 2027. Consumer spending patterns and broader macroeconomic conditions will continue to play an important role in determining the timing and extent of this rebalancing.

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Three Months Ended June 28, September 27, 2026 Compared to the Three Months Ended June 29, September 28, 2025

Net sales. Net sales generated in the three months ended June 28, September 27, 2026 decreased $131.1 $106.1 million, or 2.8%, 2.2%, from net sales generated in the three months ended June 29, September 28, 2025. The following table provides net sales information:

Sources of net sales Three Months Ended June 28, September 27, 2026 Change from Three Months Ended June 29, September 28, 2025 Impact on Change from Three Months Ended June 29, September 28, 2025

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Europe 1,389,647 18,377 1.3 % 0.9 % (0.1) % 0.5 %

Mexico 587,341 21,631 3.8 % 17.0 % (24.5) % 11.3 %

Total net sales $ 4,626,230 $ (131,135) (2.8) %

Europe 1,374,013 (18,482) (1.3) % (1.4) % 0.5 % (0.4) %

Mexico 599,059 68,825 13.0 % 8.5 % (3.9) % 8.4 %

Total net sales $ 4,653,206 $ (106,136) (2.2) %

Factors impacting the year-over-year change in net sales for the three months ended June 28, September 27, 2026, by reportable segment are as follows:

U.S. net sales decreased $171.1 $156.5 million, or 6.1%, 5.5%, driven by the following factors:

Decrease in sales price per pound, reducing net sales by $186.2 $56.0 million, or 6.6% 2.0%

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Partially offset by an increase in sales volume of $15.1 million, or 0.5%

Increase in sales volume of $11.9 million, or 0.9%

Decrease in sales volume of $100.5 million, or 3.5%

The decrease was primarily attributable to lower domestic sales volumes due to increased intercompany transfers to Prepared Foods and the impacts of the conversion of Russellville to a Case Ready plant from a Big Bird plant, which was partially offset by increased export volumes

Europe net sales increased $18.4 decreased $18.5 million, or 1.3%, driven by the following factors:

Decrease in sales volume, reducing net sales by $19.5 million, or 1.4%

The decrease was driven by lower domestic and export volumes compared to the prior year period

Favorable Unfavorable impact of foreign currency translation of $7.7 $5.5 million, or 0.5% 0.4%

This impact was driven by a strengthening depreciation of the British pound against the U.S. dollar

Partially offset by decrease increase in sales price per pound, of $1.2 increasing net sales by $6.5 million, or 0.1% 0.5%

The increase was primarily attributable to improved pricing across domestic and export channels

Mexico net sales increased $21.6 $68.8 million, or 3.8%, 13.0%, driven by the following factors:

Favorable impact of foreign currency translation of $63.7 $44.4 million, or 11.3% 8.4%

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Increase in sales volume of $96.4 $45.2 million, or 17.0% 8.5%

Volume increase was driven by market demand and a favorable product mix, growing conditions, with growth in live chicken and processed chicken products

Partially offset by a decrease in sales price per pound of $138.5 $20.8 million, or 24.5% 3.9%

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Amount Percent June 28, 2026 June 29, 2025

Gross profit and cost of sales. Gross profit decreased by $375.5 $325.7 million, or 52.5%, 49.4%, from $715.3 $659.4 million generated in the three months ended June 29, September 28, 2025 to $339.8 $333.7 million generated in the three months ended June 28, September 27, 2026. The following tables provide information regarding gross profit and cost of sales information:

Components of gross profit Three Months Ended June 28, September 27, 2026 Change from Three Months Ended June 29, September 28, 2025 Percent of Net Sales

Amount Percent September 27, 2026 September 28, 2025

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Net sales $ 4,626,230 $ (131,135) (2.8) % 100.0 % 100.0 %

Cost of sales 4,286,478 244,408 6.0 % 92.7 % 85.0 %

Gross profit $ 339,752 $ (375,543) (52.5) % 7.3 % 15.0 %

Europe 110,925 (13,208) (10.6) %

Mexico 31,871 (70,049) (68.7) %

Total gross profit $ 339,752 $ (375,543) (52.5) %

Europe 1,278,722 31,585 2.5 %

Mexico 555,470 91,680 19.8 %

Total cost of sales $ 4,286,478 $ 244,408 6.0 %

Increase in sales volume of $12.4 million, or 0.5%

This increase was driven by higher input costs, such as labor and utilities

Increase in sales volume of $10.9 million, or 0.9%

Net sales $ 4,653,206 $ (106,136) (2.2) % 100.0 % 100.0 %

Cost of sales 4,319,534 219,576 5.4 % 92.8 % 86.1 %

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and 250 more changes in the filing

Market risk 10 changes

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Three Months Ended June 28, 2026

Three Months Ended September 27, 2026

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(a) Based on our feed consumption, a 10% increase in the price of our feed ingredient purchases would have increased cost of sales for the three months ended June 28, September 27, 2026.

(b) A 10% increase in ending feed ingredient prices would have increased inventories as of June 28, September 27, 2026.

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Net commodity derivative liabilities assets (a)

(a) We purchase commodity derivative financial instruments, specifically exchange-traded futures and options, in an attempt to mitigate price risk related to our anticipated consumption of commodity inputs for the next 12 months. A 10% increase in corn, soybean meal, soybean oil and wheat prices would have resulted in a change in the fair value of our net commodity derivative position, including margin cash, as of June 28, September 27, 2026.

Fixed-rate debt. Market risk for fixed-rate debt is estimated as the potential decrease in fair value resulting from a hypothetical increase in interest rates of 10%. Using a discounted cash flow analysis, a hypothetical 10% increase in interest rates would have decreased the fair value of our fixed-rate debt by $76.5 $79.9 million as of June 28, September 27, 2026.

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Net Assets. As of June 28, September 27, 2026, our Mexican subsidiaries that are denominated in Mexican peso had net assets of $743.8 $748.6 million. A 10% weakening in Mexican peso against the U.S. dollar exchange rate would cause a decrease in the net assets of our Mexican subsidiaries by $67.6 $68.1 million. A 10% strengthening in the Mexican peso against the U.S dollar exchange rate would cause an increase in the net assets of our Mexican subsidiaries of $82.6 $83.2 million.

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Net Assets. As of June 28, September 27, 2026, our Europe subsidiaries that are denominated in British pounds had net assets of $913.3 $960.9 million. A 10% weakening in British pound against the U.S. dollar exchange rate would cause a decrease in the net assets of our Europe subsidiaries by $83.0 $87.4 million. A 10% strengthening in the British pound against the U.S dollar exchange rate would cause an increase in the net assets of our Europe subsidiaries of $101.5 $106.8 million.

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The U.S., Mexico, and most of Europe continue to experience inflation at above-historical levels, though to a lesser degree than in the prior year. be impacted by inflationary pressures. None of the locations in which we operate are experiencing hyperinflation. We have responded to these inflationary challenges by continuing negotiations with customers to recoup the extraordinary costs we have experienced. We also continue to focus on operational initiatives that aim to deliver labor efficiencies, better agricultural performance and improved yields.

Forward-looking statements 1 change

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Other risks described herein and under Part II Item 1A Risk Factors, as well as under Part I Item 1A Risk Factors in our 2025 Annual Report.

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Controls and procedures 3 changes

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As of June 28, September 27, 2026, the Company s management, with the participation of the Company s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company s disclosure controls and procedures. Based on that evaluation and subject to the foregoing, the Company s Chief Executive Officer and Chief Financial Officer concluded that, as of June 28, September 27, 2026, the Company s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that information we are required to disclose in our reports filed with the SEC is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

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During the second quarter of 2026, the Company completed the final phase of a multi-year implementation of an enterprise resource planning ( ERP ) system. The implementation did not materially affect our internal control over financial reporting during the three months ended June 28, 2026.

The Company s management, including the Chief Executive Officer and Chief Financial Officer, identified no change in the Company s internal control over financial reporting that occurred during the three months ended June 28, September 27, 2026 that has materially affected, or is reasonably likely to materially affect, the Company s internal control over financial reporting.

Risk factors 3 changes

For a discussion of our potential risks and uncertainties, please see Part I Item 1A Risk Factors and Part II Item 7 Management s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Annual Report and Part I Item 2 Management s Discussion and Analysis of Financial Condition and Results of Operations herein, in each case as updated by the Company s periodic filings with the SEC. There have been no material changes to the risk factors previously disclosed in our 2025 Annual Report, except as disclosed below.

We have received an unsolicited proposal from our majority stockholder to acquire the shares of our common stock it does not already own. The outcome of this proposal is uncertain, may result in significant costs, and may impact the trading price and volatility of our common stock.

On August 18, 2026, our Board received an unsolicited proposal from our majority stockholder JBS (which currently beneficially owns, through its indirect wholly-owned subsidiaries, approximately 82.1% of our outstanding common stock), to acquire all outstanding shares of our common stock not already owned by JBS or its subsidiaries. For more information on the Proposed Transaction, see Part I Item 2 Management s Discussion and Analysis of Financial Condition and Results of Operations Unsolicited Offer from JBS to Purchase Outstanding Shares of PPC Common Stock. There can be no assurance as to whether any agreement relating to the Proposed Transaction or any similar or other transaction will be reached, or that the Proposed Transaction or any similar or other transaction will be pursued, approved by our Board and/or stockholders, or consummated, or as to its terms. The Proposed Transaction is an expression of interest only and may be withdrawn or modified at any time. The Special Committee may decline to recommend or may terminate its consideration of the Proposed Transaction, or any transaction, at any time, and any transaction remains subject to numerous factors, including market conditions, industry trends, regulatory developments, and litigation. While the Special Committee s evaluations are underway, the primary focus of the Company s executive management team will continue to be the effective management of the Company. We may also need to expend monetary costs, as well as the time and attention of our Board and management, in connection with the evaluation of, and response to, the Proposed Transaction. The outcome of the Proposed Transaction may contribute to fluctuations in the trading price, the market s perception of our prospects, and trading volume of our common stock and/or subject us to litigation.

Other information 1 change

None of the Company s directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the fiscal quarter ended June 28, September 27, 2026.

Exhibits 8 changes

3.1 Amended and Restated Certificate of Incorporation of the Company (incorporated by reference from Exhibit 3.1 of the Company's Company s Current Form 8-K (No. 001-09273) filed on May 3, 2021). December 30 , 202 4 ).

3.2 Amended and Restated Corporate Bylaws of the Company. (incorporated by reference from Exhibit 3.2 of the Company's Company s Current Form 8-K (No. 001-09273) filed on May 3, 2021). December 30, 2024 ).

4.1 Indenture, dated as of September 23, 2026 among the Company and Pilgrim s Europe Finance PLC, as co-issuers, and Citibank, N.A., London Branch, as trustee (incorporated by reference from Exhibit 4.1 of the Company's Current Report on Form 8-K (No. 001-09273) filed on September 23, 2026).

4.2 Form of 4.75% Note due 2034 (included in Exhibit 4.1).

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10.1 Multicurrency Revolving Facility Agreement, dated as of June 2 6 , 202 6 , by and among Pilgrim 's Shared Services Ltd . and other Pilgrim's subsidiaries, the Governor and Company of the Bank of Ireland, as agent, and the other lenders party thereto. *

10.1 Share Purchase Agreement, dated as of August 15, 2026, between Samworth Brothers Limited, Onix Investments UK Limited, and Walkers Deli & Sausage Co. Ltd.*+

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+ Pursuant to Item 601(b) of Regulation S-K, the Company has omitted portions of the referenced exhibit that are (a) not material and (b) of the type of information it customarily and actually treats as private and confidential. Additionally, pursuant to Item 601(a) of Regulation S-K, the Company has omitted certain schedules that are not material.

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Date: July 29, October 28, 2026 /s/ Matthew Galvanoni

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