Diversified processors still need a separate operating logic for every protein

JBS’s third-quarter results, published on 9 November, show that protein categories do not share one business cycle. JBS Beef North America returned to positive adjusted EBITDA of US$21 million, a 0.3% margin under U.S. GAAP. The result had been negative both in the preceding quarter and in the third quarter of 2025. The company attributes the turnaround to improved market conditions, efficiency and operational integration.