Form 8-K

8-K — PILGRIMS PRIDE CORP

Accession: 0000802481-26-000049

Filed: 2026-07-30

Period: 2026-07-29

CIK: 0000802481

SIC: 2015 (POULTRY SLAUGHTERING AND PROCESSING)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ppc-20260729.htm (Primary)

EX-99.1 (a2026_q2ppcex991earningsre.htm)

GRAPHIC (pilgrimslogoa05a01a01a01a11a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ppc-20260729.htm · Sequence: 1

ppc-20260729

PILGRIMS PRIDE CORP0000802481false00008024812026-07-292026-07-29

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 29, 2026

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 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 29, 2026 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Press release dated July 29, 2026.

Exhibit 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 29, 2026 /s/ Matthew Galvanoni

Matthew Galvanoni

Chief Financial Officer and Chief Accounting Officer

EX-99.1

Filename: a2026_q2ppcex991earningsre.htm · Sequence: 2

Document

Pilgrim’s Pride Reports Second Quarter 2026 Results

GREELEY, Colo., July 29, 2026 (GLOBE NEWSWIRE) - Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's leading food companies, reports its second quarter 2026 financial results.

Second Quarter Highlights

•Net Sales of $4.6 billion.

•Consolidated GAAP Operating Income margin of 1.4%.

•GAAP Net Income of $13.2 million and GAAP EPS of $0.06. Adjusted Net Income of $153.9 million, and Adjusted EPS of $0.64.

•Adjusted EBITDA of $360.0 million, or a 7.8% margin, with Adjusted EBITDA margins of 8.7% in the U.S., 7.6% in Europe, and 3.9% in Mexico.

•U.S. Fresh volumes rose from increased demand across both retail and foodservice. Profitability declined from previous year due to commodity market pricing reductions, while margins increased sequentially from last quarter with improvements in our productivity, completion of plant upgrades and gains in live operations. Pilgrim’s continues to improve its portfolio and support key customer growth with the investment in Ellijay, Ga., to increase deboning in the small bird category.

•U.S. Prepared Foods drove profitable growth as sales and margins both rose from last year. Just Bare® retail sales increased over 30% versus prior year, making it the second largest brand in the fully cooked category. Construction of the new prepared foods facility in Walker County, Ga., remains on schedule.

•Europe sales and volumes rose from continued marketplace momentum for poultry and meals offerings. Sales of Rollover® grew double digits whereas Fridge Raiders® remained steady. Margins in the UK pork segment continue to be impacted by excess imports from European countries.

•Mexico volumes grew from last year with improved growing conditions and as retail fresh volumes of Pilgrim’s® rose over 30%. Margins in the live commodity markets were impacted by increased domestic production and imports in chicken, greater egg availability, and additional pork imports. Ramp up of live operations in the Southern Peninsula continues to be on track.

•Pilgrim’s approach to engaging its team members and supporting its communities garnered multiple awards across regions for workplace satisfaction, including “America’s Greatest Workplaces” by Newsweek in the U.S., “Employer of the Year” by The Grocer in Europe, and the “Exceptional Companies Award” by the Institute for the Promotion of Quality in Mexico.

•Maintained strong liquidity position to support future growth opportunities as the company’s net leverage ratio is currently 1.43x Adjusted EBITDA, below the target of 2x to 3x.

(Unaudited) Three Months Ended Six Months Ended

June 28, 2026 June 29, 2025 Y/Y Change June 28, 2026 June 29, 2025 Y/Y Change

(In millions, except per share and percentages)

Net sales $ 4,626.2 $ 4,757.4 (2.8) % $ 9,158.9 $ 9,220.4 (0.7) %

U.S. GAAP EPS $ 0.06 $ 1.49 (96.0) % $ 0.48 $ 2.73 (82.4) %

Operating income $ 66.0 $ 512.3 (87.1) % $ 228.5 $ 916.8 (75.1) %

Adjusted EBITDA(1)

$ 360.0 $ 686.9 (47.6) % $ 668.1 $ 1,220.1 (45.2) %

Adjusted EBITDA margin(1)

7.8 % 14.4 % (6.6) pts 7.3 % 13.2 % (5.9) pts

(1) Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release.

“Throughout the quarter, chicken demand remained firm in all regions as affordability continued to resonate with consumers across retail and foodservice,” said Fabio Sandri, Pilgrim’s President and CEO. “We continued our investments to drive sales growth and reduce volatility, mitigating downsides in the chicken commodity markets.”

In the second quarter, counter-seasonal movements in the jumbo commodity cutout market emerged as values fell more than 25% from the prior year. While profitability declined compared to last year, margins improved sequentially with the completion of plant upgrades and improvements in live operations.

Case Ready and Small Bird volumes grew from incremental distribution with Key Customers. Investments in Big Bird for portioning equipment continue to support the growth of Prepared Foods, moderating the impact of commodity market declines. Additional investments were announced in Ellijay, Ga., to support the long-term growth of Key Customers in the boneless category.

“While consumer interest in chicken continued to be healthy across all channels, supply growth rose faster than demand.” said Sandri. “Our relentless focus on closing operational gaps and further investments in plant upgrades to increase our internal supply capabilities and support Key Customer growth will further improve our ability to mitigate the impact of volatile commodity fundamentals, creating a more resilient earnings profile.”

U.S. Prepared Foods continues to drive profitable growth as sales and margins expanded compared to prior year. Just Bare® continues to lead growth within the frozen fully cooked category, growing market share by nearly 300 basis points over the past year.

“The growth of Just Bare® continues to demonstrate our ability to diversify our portfolio through brands,” Sandri said. “Our investment in Walker County, Ga., will further enhance our operational capabilities, accelerating momentum of our value-added line up.”

In Europe, volumes to Key Customers in retail rose faster than the overall grocery channel, as poultry and meal offerings continued to resonate throughout the market. These growth areas helped compensate for pressured pork margins due to increased European imports to the UK, additional costs driven by the Middle East conflict, and decreases in foodservice traffic.

“Our diversified portfolio continues to demonstrate adaptability needed to meet consumer needs and drive volume growth through Key Customer partnerships,” commented Sandri. “Equally important, we’ve secured additional distribution through our innovation and branded offerings that will further expand our presence.”

Mexico increased volumes through growth in both fresh and prepared. In Fresh, branded offerings in retail rose nearly 30% compared to last year. Prepared experienced similar success as Pilgrims® value-added products grew over double digits in both retail and foodservice.

Margins were compressed versus last year as counter-seasonal growing conditions for chickens, supporting a significant increase in production. Total protein supply also expanded further given additional egg availability and pork imports.

Projects to drive sales and mitigate the impact of commodity volatility remain on schedule. The new prepared foods line in Porvenir started production on schedule, and expansion in the Southern Peninsula proceeds as planned.

“Demand for chicken continues to be robust throughout Mexico despite a significant increase in overall protein supply,” remarked Sandri. “The growth of our branded offerings and prepared foods along with our investments will further mitigate challenges from live commodity markets, improving our margin profile while reducing risk.”

Pilgrim’s was also recognized as a top employer of choice by multiple entities across all regions, resulting from the company’s partnerships with its team members and communities, its training and development programs, and overall workplace satisfaction.

“Culture is paramount to our success,” concluded Sandri. “It attracts talent, retains team members and ultimately drives the success of our business. We will continue to be vigilant in embedding our unique values, strategies, and methods throughout all aspects of our organization.”

Conference Call Information

A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, July 30, 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/10210422/1046c71b5dc

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 63,000 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 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 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

PILGRIM’S PRIDE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 28, 2026 December 28, 2025

(In thousands)

Cash and cash equivalents $ 388,843 $ 640,235

Restricted cash and cash equivalents 9,461 —

Trade accounts and other receivables, less allowance for credit losses 897,865 1,164,903

Accounts receivable from related parties 28,219 13,398

Inventories 2,025,304 2,031,259

Income taxes receivable 79,793 103,702

Prepaid expenses and other current assets 290,745 272,809

Assets held for sale — 11,057

Total current assets 3,720,230 4,237,363

Deferred tax assets 28,869 31,211

Other long-lived assets 153,311 113,195

Operating lease assets, net 249,464 257,784

Intangible assets, net 798,240 832,066

Goodwill 1,315,103 1,338,884

Property, plant and equipment, net 3,764,707 3,533,027

Total assets $ 10,029,924 $ 10,343,530

Accounts payable $ 1,579,442 $ 1,588,569

Accounts payable to related parties 30,591 43,516

Revenue contract liabilities 31,407 37,622

Accrued expenses and other current liabilities 1,008,263 1,095,858

Income taxes payable 94,339 123,769

Current maturities of long-term debt 913 924

Total current liabilities 2,744,955 2,890,258

Noncurrent operating lease liabilities, less current maturities 189,824 199,315

Long-term debt, less current maturities 2,861,359 3,093,113

Deferred tax liabilities 437,530 452,326

Other long-term liabilities 32,858 14,787

Total liabilities 6,266,526 6,649,799

Common stock 2,631 2,627

Treasury stock (544,687) (544,687)

Additional paid-in capital 2,034,816 2,023,609

Retained earnings 2,360,323 2,245,523

Accumulated other comprehensive loss (103,236) (47,022)

Total Pilgrim’s Pride Corporation stockholders’ equity 3,749,847 3,680,050

Noncontrolling interest 13,551 13,681

Total stockholders’ equity 3,763,398 3,693,731

Total liabilities and stockholders’ equity $ 10,029,924 $ 10,343,530

PILGRIM’S PRIDE CORPORATION

CONSOLIDATED AND COMBINED STATEMENTS OF INCOME

(unaudited)

Three Months Ended Six Months Ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In thousands, except per share data)

Net sales $ 4,626,230 $ 4,757,365 $ 9,158,863 $ 9,220,374

Cost of sales 4,286,478 4,042,070 8,473,621 7,950,206

Gross profit 339,752 715,295 685,242 1,270,168

Selling, general and administrative expense 265,103 199,457 445,272 333,236

Restructuring activities 8,699 3,499 11,464 20,111

Operating income 65,950 512,339 228,506 916,821

Interest expense, net of capitalized interest 49,860 42,475 87,707 84,213

Interest income (3,750) (11,024) (10,620) (35,977)

Foreign currency transaction losses (gains) (1,338) 4,892 (416) 2,839

Miscellaneous, net (614) 414 (1,777) (278)

Income before income taxes 21,792 475,582 153,612 866,024

Income tax expense 8,572 119,573 38,942 213,672

Net income 13,220 356,009 114,670 652,352

Less: Net income attributable to noncontrolling interests (157) 489 (130) 799

Net income (loss) attributable to Pilgrim’s Pride Corporation $ 13,377 $ 355,520 $ 114,800 $ 651,553

Weighted average shares of common stock outstanding:

Basic 237,928 237,381 237,820 237,308

Effect of dilutive common stock equivalents 915 1,046 881 1,046

Diluted 238,843 238,427 238,701 238,354

Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding:

Basic $ 0.06 $ 1.50 $ 0.48 $ 2.75

Diluted $ 0.06 $ 1.49 $ 0.48 $ 2.73

PILGRIM’S PRIDE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended

June 28, 2026 June 29, 2025

(In thousands)

Cash flows from operating activities:

Net income $ 114,670 $ 652,352

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization 241,787 218,022

Asset impairment 22,263 846

Loss on early extinguishment of debt recognized as a component of interest expense 17,569 1,419

Stock-based compensation 11,211 14,185

Deferred income tax benefit (5,691) (19,493)

Loan cost amortization 2,689 2,491

Loss on property disposals 2,604 1,990

Accretion of discount related to Senior Notes 1,125 1,211

Gain on equity method investments — (3)

Changes in operating assets and liabilities:

Trade accounts and other receivables 239,435 (74,961)

Inventories (7,604) (105,692)

Prepaid expenses and other current assets (17,457) (17,434)

Accounts payable, accrued expenses and other current liabilities (127,640) (34,570)

Income taxes (6,688) 8,048

Long-term pension and other postretirement obligations 1,259 (1,469)

Other operating assets and liabilities (17,686) (24,839)

Cash provided by operating activities 471,846 622,103

Cash flows from investing activities:

Acquisitions of property, plant and equipment (465,189) (259,283)

Proceeds from property disposals 10,375 2,912

Business acquisitions (3,073) —

Cash used in investing activities (457,887) (256,371)

Cash flows from financing activities:

Payments on revolving line of credit, long-term borrowings and finance lease obligations (313,312) (90,654)

Proceeds from revolving line of credit and long-term borrowings 73,667 —

Payments on early extinguishment of debt (14,548) (2,120)

Payments for dividend — (1,495,497)

Cash used in financing activities (254,193) (1,588,271)

Effect of exchange rate changes on cash and cash equivalents (1,697) 37,700

Increase (decrease) in cash, cash equivalents and restricted cash (241,931) (1,184,839)

Cash, cash equivalents and restricted cash, beginning of period 640,235 2,043,158

Cash, cash equivalents and restricted cash, end of period $ 398,304 $ 858,319

PILGRIM’S PRIDE CORPORATION

Selected Financial Information

(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 losses (gains), (2) costs related to litigation settlements, (3) restructuring activities losses, (4) asset impairment, and (5) net income (loss) attributable to noncontrolling interest. 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 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In thousands)

Net income $ 13,220 $ 356,009 $ 114,670 $ 652,352

Add:

Interest expense, net(a)

46,110 31,451 77,087 48,236

Income tax expense 8,572 119,573 38,942 213,672

Depreciation and amortization 123,306 113,504 241,787 218,022

EBITDA 191,208 620,537 472,486 1,132,282

Add:

Foreign currency transaction losses (gains)(b)

(1,338) 4,892 (416) 2,839

Litigation settlements(c)

135,711 58,464 158,905 65,714

Restructuring activities losses(d)

8,699 3,499 11,464 20,111

Asset impairment(e)

25,558 — 25,558 —

Minus:

Net income (loss) attributable to noncontrolling interest(e)

(157) 489 (130) 799

Adjusted EBITDA $ 359,995 $ 686,903 $ 668,127 $ 1,220,147

(a)Interest expense, net, consists of interest expense less interest income.

(b)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.

(e)Primarily due to the closure announcement of the Chattanooga, TN harvest plant.

The summary unaudited consolidated income statement data for the 12 months ended June 28, 2026 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the six months ended June 28, 2026 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 28, 2025 and (2) the applicable unaudited consolidated income statement data for the six months ended June 28, 2026.

PILGRIM'S PRIDE CORPORATION

Reconciliation of LTM Adjusted EBITDA

(Unaudited)

Three Months Ended LTM Ended June 28, 2026

September 28, 2025 December 28, 2025 March 29, 2026 June 28, 2026

(In thousands)

Net income $ 343,061 $ 87,931 $ 101,450 $ 13,220 $ 545,662

Add:

Interest expense, net 28,990 33,044 30,977 46,110 139,121

Income tax expense 118,319 86,803 30,370 8,572 244,064

Depreciation and amortization 116,426 121,709 118,481 123,306 479,922

EBITDA 606,796 329,487 281,278 191,208 1,408,769

Add:

Foreign currency transaction losses (gains) 5,169 (1,231) 922 (1,338) 3,522

Litigation settlements 19,582 77,363 23,194 135,711 255,850

Restructuring activities losses 1,779 9,464 2,765 8,699 22,707

Asset impairment — — — 25,558 25,558

Minus:

Net income (loss) attributable to

noncontrolling interest 248 (62) 27 (157) 56

Adjusted EBITDA $ 633,078 $ 415,145 $ 308,132 $ 359,995 $ 1,716,350

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 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 EBITDA Margin

(Unaudited)

Three Months Ended Six Months Ended Three Months Ended Six Months Ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In thousands, except percent of net sales)

Net income $ 13,220 $ 356,009 $ 114,670 $ 652,352 0.29 % 7.48 % 1.25 % 7.08 %

Add:

Interest expense, net 46,110 31,451 77,087 48,236 0.99 % 0.66 % 0.84 % 0.52 %

Income tax expense 8,572 119,573 38,942 213,672 0.19 % 2.51 % 0.43 % 2.32 %

Depreciation and amortization 123,306 113,504 241,787 218,022 2.66 % 2.38 % 2.64 % 2.36 %

EBITDA 191,208 620,537 472,486 1,132,282 4.13 % 13.03 % 5.16 % 12.28 %

Add:

Foreign currency transaction

losses (gains)

(1,338) 4,892 (416) 2,839 (0.03) % 0.10 % — % 0.03 %

Litigation settlements 135,711 58,464 158,905 65,714 2.94 % 1.23 % 1.72 % 0.71 %

Restructuring activities losses 8,699 3,499 11,464 20,111 0.19 % 0.07 % 0.13 % 0.22 %

Asset impairment 25,558 — 25,558 — 0.55 % — % 0.28 % — %

Minus:

Net income (loss) attributable to noncontrolling interest (157) 489 (130) 799 — % 0.01 % — % 0.01 %

Adjusted EBITDA $ 359,995 $ 686,903 $ 668,127 $ 1,220,147 7.78 % 14.42 % 7.29 % 13.23 %

Net sales $ 4,626,230 $ 4,757,365 $ 9,158,863 $ 9,220,374

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 28, 2026 June 29, 2025

U.S. Europe Mexico Total U.S. Europe Mexico Total

(In thousands) (In thousands)

Net income (loss) $ (44,045) $ 46,969 $ 10,296 $ 13,220 $ 239,262 $ 54,880 $ 61,867 $ 356,009

Add:

Interest expense, net(a)

47,963 (1,510) (343) 46,110 35,651 (174) (4,026) 31,451

Income tax expense (benefit) (13,610) 15,244 6,938 8,572 78,204 16,001 25,368 119,573

Depreciation and amortization 79,972 36,598 6,736 123,306 71,149 36,929 5,426 113,504

EBITDA 70,280 97,301 23,627 191,208 424,266 107,636 88,635 620,537

Add:

Foreign currency transaction losses (gains)(b)

(1) (169) (1,168) (1,338) 4 685 4,203 4,892

Litigation settlements(c)

135,711 — — 135,711 58,464 — — 58,464

Restructuring activities losses(d)

— 8,699 — 8,699 — 3,499 — 3,499

Asset impairment(e)

25,558 — — 25,558 — — — —

Minus:

Net income (loss) attributable to noncontrolling interest — — (157) (157) — — 489 489

Adjusted EBITDA $ 231,548 $ 105,831 $ 22,616 $ 359,995 $ 482,734 $ 111,820 $ 92,349 $ 686,903

(a)Interest expense, net, consists of interest expense less interest income.

(b)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.

(e)Primarily due to the closure announcement of the Chattanooga, TN harvest plant.

PILGRIM'S PRIDE CORPORATION

Reconciliation of Adjusted EBITDA

(Unaudited)

Six Months Ended Six Months Ended

June 28, 2026 June 29, 2025

U.S. Europe Mexico Total U.S. Europe Mexico Total

(In thousands) (In thousands)

Net income (loss) $ (2,211) $ 100,254 $ 16,627 $ 114,670 $ 461,558 $ 97,030 $ 93,764 $ 652,352

Add:

Interest expense, net(a)

81,826 (3,619) (1,120) 77,087 61,218 (2,078) (10,904) 48,236

Income tax expense (benefit) (1,495) 30,573 9,864 38,942 149,216 25,923 38,533 213,672

Depreciation and amortization 154,477 74,120 13,190 241,787 137,535 70,066 10,421 218,022

EBITDA 232,597 201,328 38,561 472,486 809,527 190,941 131,814 1,132,282

Add:

Foreign currency transaction losses (gains)(b)

(1) (1,139) 724 (416) 3 313 2,523 2,839

Litigation settlements(c)

158,905 — — 158,905 65,714 — — 65,714

Restructuring activities losses(d)

— 11,464 — 11,464 — 20,111 — 20,111

Asset impairment(d)

25,558 — — 25,558 — — — —

Minus:

Net income (loss) attributable to noncontrolling interest — — (130) (130) — — 799 799

Adjusted EBITDA $ 417,059 $ 211,653 $ 39,415 $ 668,127 $ 875,244 $ 211,365 $ 133,538 $ 1,220,147

(a)Interest expense, net, consists of interest expense less interest income.

(b)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.

(e)Primarily due to the closure announcement of the Chattanooga, TN harvest plant.

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 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In thousands)

GAAP operating income (loss), U.S. operations $ (11,112) $ 354,987 $ 75,797 $ 673,793

Litigation settlements 135,711 58,464 158,905 65,714

Asset impairment 25,558 — 25,558 —

Adjusted operating income, U.S. operations $ 150,157 $ 413,451 $ 260,260 $ 739,507

Adjusted operating income margin, U.S. operations 5.7 % 14.7 % 4.9 % 13.3 %

Three Months Ended Six Months Ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In thousands)

GAAP operating income, Europe operations $ 60,551 $ 70,419 $ 125,306 $ 119,490

Restructuring activities losses 8,699 3,499 11,464 20,111

Adjusted operating income, Europe operations $ 69,250 $ 73,918 $ 136,770 $ 139,601

Adjusted operating income margin, Europe operations 5.0 % 5.4 % 5.0 % 5.4 %

Three Months Ended Six Months Ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In thousands)

GAAP operating income, Mexico operations $ 16,511 $ 86,933 $ 27,403 $ 123,538

No adjustments — — — —

Adjusted operating income, Mexico operations $ 16,511 $ 86,933 $ 27,403 $ 123,538

Adjusted operating income margin, Mexico operations 2.8 % 15.4 % 2.4 % 11.7 %

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 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In percent)

GAAP operating income (loss) margin, U.S. operations (0.4) % 12.6 % 1.4 % 12.1 %

Litigation settlements 5.1 % 2.1 % 3.0 % 1.2 %

Asset impairment 1.0 % — % 0.5 % — %

Adjusted operating income margin, U.S. operations 5.7 % 14.7 % 4.9 % 13.3 %

Three Months Ended Six Months Ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In percent)

GAAP operating income margin, Europe operations 4.4 % 5.1 % 4.6 % 4.6 %

Restructuring activities losses 0.6 % 0.3 % 0.4 % 0.8 %

Adjusted operating income margin, Europe operations 5.0 % 5.4 % 5.0 % 5.4 %

Three Months Ended Six Months Ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In percent)

GAAP operating income margin, Mexico operations 2.8 % 15.4 % 2.4 % 11.7 %

No adjustments — % — % — % — %

Adjusted operating income margin, Mexico operations 2.8 % 15.4 % 2.4 % 11.7 %

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 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 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In thousands, except per share data)

Net income attributable to Pilgrim's $ 13,377 $ 355,520 $ 114,800 $ 651,553

Add:

Foreign currency transaction losses (gains) (1,338) 4,892 (416) 2,839

Litigation settlements 135,711 58,464 158,905 65,714

Restructuring activities losses 8,699 3,499 11,464 20,111

Asset impairment 25,558 — 25,558 —

Loss on early extinguishment of debt recognized

as a component of interest expense(a)

17,569 — 17,569 —

Adjusted net income attributable to Pilgrim's before tax impact 199,576 422,375 327,880 740,217

Net tax impact of adjustments(b)

(45,706) (16,178) (52,305) (21,456)

Adjusted net income attributable to Pilgrim's $ 153,870 $ 406,197 $ 275,575 $ 718,761

Weighted average diluted shares of common stock outstanding 238,843 238,427 238,701 238,354

Adjusted net income attributable to Pilgrim's per common diluted share $ 0.64 $ 1.70 $ 1.15 $ 3.02

(a) The loss on early extinguishment of debt recognized as a component of interest expense was due to the repurchase of the Senior Notes due 2032 in the second quarter of 2026.

(b) Net tax impact of adjustments represents the tax impact of all adjustments shown above.

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 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In thousands, except per share data)

U.S. GAAP EPS $ 0.06 $ 1.49 $ 0.48 $ 2.73

Add:

Foreign currency transaction losses (gains) — 0.02 — 0.01

Litigation settlements 0.55 0.25 0.66 0.28

Restructuring activities losses 0.04 0.01 0.05 0.08

Asset impairment 0.11 — 0.11 —

Loss on early extinguishment of debt recognized

as a component of interest expense(a)

0.07 — 0.07 —

Adjusted EPS attributable to Pilgrim's before tax impact 0.83 1.77 1.37 3.10

Net tax impact of adjustments(b)

(0.19) (0.07) (0.22) (0.08)

Adjusted EPS $ 0.64 $ 1.70 $ 1.15 $ 3.02

Weighted average diluted shares of common stock outstanding 238,843 238,427 238,701 238,354

(a) The loss on early extinguishment of debt recognized as a component of interest expense was due to the repurchase of the Senior Notes due 2032 in the second quarter of 2026.

(b) Net tax impact of adjustments represents the tax impact of all adjustments shown above.

PILGRIM'S PRIDE CORPORATION

Supplementary Geographic Data

(Unaudited)

Three Months Ended Six Months Ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

(In thousands)

Sources of net sales by country of origin:

U.S. $ 2,649,242 $ 2,820,385 $ 5,284,640 $ 5,563,574

Europe 1,389,647 1,371,270 2,741,391 2,602,799

Mexico 587,341 565,710 1,132,832 1,054,001

Total net sales $ 4,626,230 $ 4,757,365 $ 9,158,863 $ 9,220,374

Sources of cost of sales by country of origin:

U.S. $ 2,452,286 $ 2,331,143 $ 4,891,126 $ 4,686,710

Europe 1,278,722 1,247,137 2,510,115 2,362,362

Mexico 555,470 463,790 1,072,380 901,134

Total cost of sales $ 4,286,478 $ 4,042,070 $ 8,473,621 $ 7,950,206

Sources of gross profit by country of origin:

U.S. $ 196,956 $ 489,242 $ 393,514 $ 876,864

Europe 110,925 124,133 231,276 240,437

Mexico 31,871 101,920 60,452 152,867

Total gross profit $ 339,752 $ 715,295 $ 685,242 $ 1,270,168

Sources of operating income by country of origin:

U.S. $ (11,112) $ 354,987 $ 75,797 $ 673,793

Europe 60,551 70,419 125,306 119,490

Mexico 16,511 86,933 27,403 123,538

Total operating income $ 65,950 $ 512,339 $ 228,506 $ 916,821

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