Financial Analysis

COMMITMENTS AND CONTINGENCIES General The Company is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks. Among other considerations, the Company has not recorded a liability for any of these indemnities because, based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on its financial condition, results of operations and cash flows. Purchase Obligations The Company will sometimes enter into noncancelable contracts to purchase capital equipment and certain commodities such as corn, soybean meal, wheat and energy. As of December 28, 2025, the Company was party to outstanding purchase contracts totaling $483.7 million payable in 2026, $281.6 million payable in 2027, $1.8 million payable in 2028, $1.7 million payable in 2029 and $9.0 million payable thereafter. Operating Leases Additional information regarding operating leases is included in Note 3. Leases. Financial Instruments The Companys loan agreements generally obligate the Company to reimburse the applicable lender for incremental increased costs due to a change in law that imposes (1) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (2) any tax, duty or other charge with respect to the loan (except standard income tax) or (3) capital adequacy requirements. In addition, some of the Companys loan agreemen …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the following components: Maturity December 28, 2025 December 29, 2024 (In thousands) Senior notes payable, net of discount, at 6.875% 2034 $ 492,251 $ 491,329 Senior notes payable, net of discount, at 6.25% 2033 917,852 974,381 Senior notes payable at 3.50% 2032 899,600 900,000 Senior notes payable, net of discount, at 4.25% 2031 791,946 850,342 U.S. Credit Facility (defined below) at SOFR plus 1.35% 2028 Europe Credit Facility (defined below) with notes payable at SONIA plus 1.25% 2027 Mexico BBVA Credit Facility (defined below) with notes payable at TIIE plus 1.35% 2028 Mexico Bajio Credit Facility (defined below) with notes payable at TIIE plus 1.41% 2030 Live Oak CHP Project PACE Loan 5.15% 2053 19,163 20,599 Finance lease obligations Various 1,389 1,792 Long-term debt 3,122,201 3,238,443 Less: Current maturities of long-term debt (924) (858) Long-term debt, less current maturities 3,121,277 3,237,585 Less: Capitalized financing costs (28,164) (31,472) Long-term debt, less current maturities, net of capitalized financing costs $ 3,093,113 $ 3,206,113 The future minimum principal payments due in each of the next five fiscal years subsequent to the year ended December 28, 2025, related to the Live Oak CHP Project PACE Loan discussed below, are $0.1 million. See Note 3. Leases for future minimum payments of finance lease obligations. Bond Repurchase Program On May 1, …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue has been disaggregated into the following categories below to show how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows: Year Ended December 28, 2025 Fresh Prepared Export Other (a) Total (In thousands) U.S. $ 8,892,558 $ 1,316,423 $ 451,284 $ 338,467 $ 10,998,732 Europe 1,607,792 3,150,863 578,259 41,951 5,378,865 Mexico 1,763,169 239,426 117,361 2,119,956 Total net sales $ 12,263,519 $ 4,706,712 $ 1,029,543 $ 497,779 $ 18,497,553 Year Ended December 29, 2024 Fresh Prepared Export Other (a) Total (In thousands) U.S. $ 8,731,904 $ 1,094,818 $ 468,553 $ 334,654 $ 10,629,929 Europe 1,178,459 3,381,178 477,486 99,624 5,136,747 Mexico 1,777,815 220,270 113,530 2,111,615 Total net sales $ 11,688,178 $ 4,696,266 $ 946,039 $ 547,808 $ 17,878,291 Year Ended December 31, 2023 Fresh Prepared Export Other (a) Total (In thousands) U.S. $ 8,105,268 $ 978,423 $ 533,205 $ 410,846 $ 10,027,742 Europe 1,074,900 3,525,359 472,657 130,406 5,203,322 Mexico 1,796,670 212,651 121,832 2,131,153 Total net sales $ 10,976,838 $ 4,716,433 $ 1,005,862 $ 663,084 $ 17,362,217 (a) Included in Other sales shown above are sales of commodity grains and protein byproducts. Additional disaggregation of revenue by sales channel is provided below: Year Ended December 28, 2025 Retail Foodservice Export Other Total (In thousands) U.S. $ 6,129,565 $ 4,024,380 $ 451,284 $ 393,503 $ 10,998,732 Europe 3,331,499 932,128 578,259 536,979 5,378,865 Mexico (a) 570,112 942 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

INCENTIVE COMPENSATION The Company sponsors short-term incentive plans that provide the grant of either cash or stock-based bonus awards payable upon achievement of specified performance goals. As of December 28, 2025, the Company has accrued $87.2 million, $30.3 million, and $6.5 million related to cash bonus awards that are recognized in the U.S., Europe, and Mexico reportable segments, respectively. The Company also sponsors a performance-based, omnibus long-term incentive plan that provides for the grant of a broad range of long-term equity-based and liability-based awards to the Companys officers and other employees, members of the Board of Directors and any consultants (the LTIP). Awards that may be granted under the LTIP include incentive stock options, within the meaning of the IRC, nonqualified stock options, stock appreciation rights, restricted stock awards and restricted stock units (RSUs). Equity-based awards are converted into shares of the Companys common stock shortly after award vesting. Compensation cost to be recognized for an equity-based awards grant is determined by multiplying the number of awards granted by the closing price of a share of the Companys common stock on the award grant date. Liability-based awards granted under the LTIP are converted into cash shortly after award vesting. Compensation cost to be recognized for a liability-based awards grant is first determined by multiplying the number of awards granted by the closing price of a share of …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities measured at fair value must be categorized into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or Level 3 Unobservable inputs, such as discounted cash flow models or valuations. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. As of December 28, 2025 and December 29, 2024, the Company held fixed income securities, derivative assets and derivative liabilities that were required to be measured at fair value on a recurring basis. Fixed income securities consist of investments, such as money market funds and commercial paper. Derivative assets and liabilities consist of long and short positions on exchange-traded commodity futures instruments, commodity options instruments, sales contracts instruments, foreign currency instruments to manage translation and remeasurement risk. The following items were measured at fair value on a recurr …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLE ASSETS The activity in goodwill by reportable segment for the years ended December 28, 2025 and December 29, 2024 were as follows: December 29, 2024 Currency Translation December 28, 2025 (In thousands) U.S. $ 41,936 $ $ 41,936 Europe 1,097,643 86,277 1,183,920 Mexico 99,494 13,534 113,028 Total $ 1,239,073 $ 99,811 $ 1,338,884 December 31, 2023 Currency Translation December 29, 2024 (In thousands) U.S. $ 41,936 $ $ 41,936 Europe 1,116,521 (18,878) 1,097,643 Mexico 127,804 (28,310) 99,494 Total $ 1,286,261 $ (47,188) $ 1,239,073 Intangible assets consisted of the following: December 29, 2024 Amortization Currency Translation December 28, 2025 (In thousands) Carrying amount Trade names not subject to amortization $ 569,357 $ $ 44,179 $ 613,536 Trade names subject to amortization 112,016 2,746 114,762 Customer relationships 431,861 24,554 456,415 Accumulated amortization Trade names (61,527) (3,957) (568) (66,052) Customer relationships (245,473) (29,165) (11,957) (286,595) Total $ 806,234 $ (33,122) $ 58,954 $ 832,066 December 31, 2023 Amortization Currency Translation December 29, 2024 (In thousands) Carrying amount Trade names not subject to amortization $ 580,473 $ $ (11,116) $ 569,357 Trade names subject to amortization 112,681 (665) 112,016 Customer relationships 441,719 (9,858) 431,861 Accumulated amortization Trade names (57,762) (3,893) 128 (61,527) Customer relationships (223,128) (28,503) 6,158 (245,473) Total $ 853,983 $ (32,396) $ (15,353) $ …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Income (loss) before income taxes by jurisdiction is as follows: Year Ended December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) U.S. $ 1,363,533 $ 1,428,497 $ 26,887 Foreign 138,605 (16,228) 338,335 Total $ 1,502,138 $ 1,412,269 $ 365,222 The components of income tax expense (benefit) are set forth below: Year Ended December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Current Federal $ 244,524 $ 172,269 $ (19,727) Foreign 121,437 113,194 59,326 State and other 42,794 34,752 (3,369) Total current 408,755 320,215 36,230 Deferred Federal 19,293 21,334 12,783 Foreign (16,577) (25,697) (10,573) State and other 7,323 9,194 4,465 Total deferred 10,039 4,831 6,675 Current and Deferred Federal 263,817 193,603 (6,944) Foreign 104,860 87,497 48,753 State and other 50,117 43,946 1,096 Total Current and Deferred $ 418,794 $ 325,046 $ 42,905 The effective tax rate for 2025 was 28.0% compared to 23.0% for 2024 and 11.7% for 2023. The following table reconciles the statutory U.S. federal income tax rate to the Companys effective income tax rate: Year Ended December 28, 2025 December 29, 2024 December 31, 2023 (In thousands, except percent data) U.S. federal statutory tax rate $ 315,449 21.0 % $ 296,577 21.0 % $ 76,697 21.0 % United States Changes in valuation allowances 820 0.1 3,278 0.2 (1,071) (0.3) Effect of cross-border tax laws Global intangible low-taxed income (434) 1,501 0.1 9,294 2.6 Other 6,502 0.3 5,936 0.4 (2,986) (0.8) Nontaxable or …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Company is party to operating lease agreements for warehouses, office space, vehicle maintenance facilities and livestock growing farms in the U.S., distribution centers, hatcheries and office space in Mexico and farms, processing facilities and office space in Europe. Additionally, the Company leases equipment, over-the-road transportation vehicles and other assets in all three reportable segments. The Company is also party to a limited number of finance lease agreements in the U.S. The Companys leases have remaining lease terms of less than one year to 17 years, some of which may include options to extend the lease for up to five years and some of which may include options to terminate the lease within one year. The exercise of options to extend lease terms is at the Companys sole discretion. Certain leases also include options to purchase the leased property. Certain lease agreements include rental payment increases over the lease term that can be either fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index are recognized as incurred. Certain lease agreements contain residual value guarantees, primarily vehicle and transportation equipment leases. The following table presents components of lease expense (in thousands). Operating lease cost, finance lease amortization and finance l …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Adopted in 2025 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires additional disclosures for income taxes to enhance transparency and usefulness of income tax disclosures. The guidance requires additional disclosures for the tabular rate reconciliation, income taxes paid, and the disaggregation of domestic, federal and state, and foreign components within income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. The provisions of the new guidance is effective for years beginning after December 15, 2024. The Company adopted this guidance effective for fiscal year 2025. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. Additional information regarding segments is included in Note 12. Income Taxes. Recent Accounting Pronouncements Adopted in 2024 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires additional disclosures for reportable segments. The guidance requires disclosures about significant segment expenses that are regularly provided to the chief operating decision maker along with additional measures of segment profit that are regularly used by the chief operating decision maker in assessing segment performance and deciding how to all …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

PENSION AND OTHER POSTRETIREMENT BENEFITS The Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans such as the Pilgrims Pride Retirement Plan for Union Employees (the Union Plan) the Pilgrims Pride Pension Plan for Legacy Gold Kist Employees (the GK Pension Plan), the Tulip Limited Pension Plan and the Geo Adams Group Pension Fund, nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plan. Expenses recognized under all retirement plans totaled $33.0 million, $56.9 million and $32.0 million in 2025, 2024 and 2023, respectively. The expenses recognized in 2024 include $21.7 million of loss recognized on the settlement of the terminated GK and Union pension plans, defined below. The Company used a year-end measurement date of December 28, 2025 for its pension and postretirement benefits plans. Certain disclosures are listed below. Other disclosures are not material to the financial statements. Qualified Defined Benefit Pension Plans The Company sponsored four qualified defined benefit pension plans named the Pilgrims Pride Retirement Plan for Union Employees (the Union Plan), the Pilgrims Pride Pension Plan for Legacy Gold Kist Employees (the GK Pension Plan), the Tulip Limited Pension Plan (the Tulip Plan) and the Geo Adams Group Pension Fund (the Geo Adams Plan and, together with the Tulip Plan …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Pilgrims has been and, in some cases, continues to be a party to certain transactions with affiliated companies. Year Ended December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Sales to related parties JBS Toledo N.V. $ 41,947 $ $ JBS USA Food Company (a) 23,307 28,230 27,687 JBS Chile Ltd. 2,797 3,143 1,733 Other related parties 7,483 1,960 6,383 Total sales to related parties $ 75,534 $ 33,333 $ 35,803 Year Ended December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Cost of goods purchased from related parties JBS USA Food Company (a) $ 145,324 $ 159,264 $ 185,258 Seara Meats B.V. 89,131 28,170 28,828 Penasul UK LTD 41,804 10,670 13,932 JBS Asia CO Limited 11,027 6,248 4,953 Other related parties 2,560 2,130 7,168 Total cost of goods purchased from related parties $ 289,846 $ 206,482 $ 240,139 Year Ended December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Expenditures paid by related parties JBS USA Food Company (b) $ 249,329 $ 121,962 $ 156,439 Other related parties 15 Total expenditures paid by related parties $ 249,329 $ 121,962 $ 156,454 Year Ended December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Expenditures paid on behalf of related parties JBS USA Food Company (b) $ 12,931 $ 14,593 $ 22,734 Other related parties 5 Total expenditures paid on behalf of related parties $ 12,931 $ 14,593 $ 22,739 Year Ended December 28, 2025 December 29, 2024 December 31, 2023 (In thousands) Ot …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

RESTRUCTURING-RELATED ACTIVITIE S In 2022, the Company began restructuring initiatives in its Europe reportable segment. Additional restructuring initiatives also commenced in 2023 and 2024. The purpose of our ongoing restructuring activities is to integrate central operations and reallocate processing capacities between production facilities resulting in closures of some facilities in the Europe reportable segment. The following table provides a summary of our estimates of timelines and costs associated with these restructuring initiatives by major type of cost: Pilgrims Food Masters 2024 Pilgrims Europe Central Total (In thousands) Earliest implementation date April 2024 January 2024 Predominant completion date March 2025 June 2025 Costs incurred and expected to be incurred Employee-related costs $ 19,413 $ 53,350 $ 72,763 Asset impairment costs 10,865 1,855 12,720 Contract termination costs 845 1,745 2,590 Other exit and disposal costs (a) 7,938 5,584 13,522 Total exit and disposal costs (b) $ 39,061 $ 62,534 $ 101,595 Costs incurred since earliest implementation date Employee-related costs $ 19,413 $ 53,350 $ 72,763 Asset impairment costs 10,865 1,855 12,720 Contract termination costs 845 1,745 2,590 Other exit and disposal costs (a) 7,938 5,584 13,522 Total exit and disposal costs (b) $ 39,061 $ 62,534 $ 101,595 (a) Comprised of other costs directly related to the restructuring initiatives including flock depletion, the write-off of prepaid maintenance costs, consulting …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE RECOGNITION Disaggregated Revenue Revenue has been disaggregated into the following categories below to show how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows: Year Ended December 28, 2025 Fresh Prepared Export Other (a) Total (In thousands) U.S. $ 8,892,558 $ 1,316,423 $ 451,284 $ 338,467 $ 10,998,732 Europe 1,607,792 3,150,863 578,259 41,951 5,378,865 Mexico 1,763,169 239,426 117,361 2,119,956 Total net sales $ 12,263,519 $ 4,706,712 $ 1,029,543 $ 497,779 $ 18,497,553 Year Ended December 29, 2024 Fresh Prepared Export Other (a) Total (In thousands) U.S. $ 8,731,904 $ 1,094,818 $ 468,553 $ 334,654 $ 10,629,929 Europe 1,178,459 3,381,178 477,486 99,624 5,136,747 Mexico 1,777,815 220,270 113,530 2,111,615 Total net sales $ 11,688,178 $ 4,696,266 $ 946,039 $ 547,808 $ 17,878,291 Year Ended December 31, 2023 Fresh Prepared Export Other (a) Total (In thousands) U.S. $ 8,105,268 $ 978,423 $ 533,205 $ 410,846 $ 10,027,742 Europe 1,074,900 3,525,359 472,657 130,406 5,203,322 Mexico 1,796,670 212,651 121,832 2,131,153 Total net sales $ 10,976,838 $ 4,716,433 $ 1,005,862 $ 663,084 $ 17,362,217 (a) Included in Other sales shown above are sales of commodity grains and protein byproducts. Additional disaggregation of revenue by sales channel is provided below: Year Ended December 28, 2025 Retail Foodservice Export Other Total (In thousands) U.S. $ 6,129,565 $ 4,024,380 $ 451,284 $ 393,503 $ 10,998,732 Europe 3,331,499 932,128 578,25 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

REPORTABLE SEGMENTS The Company operates in three reportable segments: U.S., Europe and Mexico. The Companys reportable segments are identified by a combination of factors, including geographic area, regulatory environment, economic environment and product portfolios. Each reportable segment is managed separately through a local management team. The results of each operating, or reportable, segment are provided to the chief operating decision maker (CODM) on a regular basis. The Companys CODM is the President and Chief Executive Officer. The information provided to the CODM at the operating segment level is then used to assess performance and make decisions regarding allocation of key resources. The CODM primarily measures segment profit and evaluates performance based on operating income. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We conduct separate operations in the continental U.S. and in Puerto Rico. For segment reporting purposes, the Puerto Rico operations are included in the U.S. reportable segment. The chicken products processed by the U.S. reportable segment are sold to foodservice, retail and frozen entree customers. The segments primary distribution is through retailers, foodservice distributors and restaurants. The Europe reportable segment processes primarily fresh chicken, pork products, lamb products, specialty meats, ready meals and other prepared foods that are sold to foodservic …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY Accumulated Other Comprehensive Loss (AOCL) The following tables provide information regarding the changes in AOCL during 2025 and 2024: 2025 Losses Related to Foreign Currency Translation Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges Losses Related to Pension and Other Postretirement Benefits Losses on Available-for-Sale Securities Total (In thousands) Balance, beginning of year $ (337,243) $ (2,007) $ (31,028) $ (22) $ (370,300) Other comprehensive income (loss) before reclassifications 324,025 (2,318) (185) (113) 321,409 Amounts reclassified from accumulated other comprehensive loss to net income 2,814 (1,275) 118 1,657 Currency translation 36 176 212 Net current year other comprehensive income (loss) 324,025 532 (1,284) 5 323,278 Balance, end of year $ (13,218) $ (1,475) $ (32,312) $ (17) $ (47,022) 2024 Losses Related to Foreign Currency Translation Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges Losses Related to Pension and Other Postretirement Benefits Losses on Available-for-Sale Securities Total (In thousands) Balance, beginning of year $ (114,850) $ (1,914) $ (59,714) $ (5) $ (176,483) Other comprehensive income (loss) before reclassifications (222,393) 1,767 12,062 45 (208,519) Amounts reclassified from accumulated other comprehensive loss to net income (1,849) 17,000 (62) 15,089 Currency translation (11) (376) (387) Net current year other comprehensive income (loss) (2 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES General The Company is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks. Among other considerations, the Company has not recorded a liability for any of these indemnities because, based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on its financial condition, results of operations and cash flows. Financial Instruments The Companys loan agreements generally obligate the Company to reimburse the applicable lender for incremental increased costs due to a change in law that imposes (1) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (2) any tax, duty or other charge with respect to the loan (except standard income tax) or (3) capital adequacy requirements. In addition, some of the Companys loan agreements contain a withholding tax provision that requires the Company to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law. These increased costs and withholding tax provisions continue for the entire term of the applicable transaction and there is no limitation on the maximum additional amounts the Company could be obligated to pay under such provisions. Any failure to pay am …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the following components: Maturity June 28, 2026 December 28, 2025 (In thousands) Senior notes payable, net of discount, at 6.875% 2034 $ 492,712 $ 492,251 Senior notes payable, net of discount, at 6.25% 2033 669,343 917,852 Senior notes payable at 3.50% 2032 899,600 899,600 Senior notes payable, net of discount, at 4.25% 2031 792,343 791,946 U.S. Credit Facility (defined below) at SOFR plus 1.35% 2028 Europe Credit Facility (defined below) with notes payable at SONIA plus 1.00% 2031 Mexico BBVA Credit Facility (defined below) with notes payable at TIIE plus 1.35% 2028 10,564 Mexico Bajio Credit Facility (defined below) with notes payable at TIIE plus 1.41% 2030 Live Oak CHP Project PACE Loan 5.15% 2053 20,276 19,163 Finance lease obligations Various 1,101 1,389 Long-term debt 2,885,939 3,122,201 Less: Current maturities of long-term debt (913) (924) Long-term debt, less current maturities 2,885,026 3,121,277 Less: Capitalized financing costs (23,667) (28,164) Long-term debt, less current maturities, net of capitalized financing costs $ 2,861,359 $ 3,093,113 The future minimum principal payments due in each of the next five fiscal years as of June 28, 2026, related to the Live Oak CHP Project PACE Loan, are $0.1 million. Tender Offer On March 30, 2026, the Company commenced a tender offer pursuant to which it offered to acquire up to $250.0 million aggregate principal …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Disaggregated Revenue Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows: Three Months Ended June 28, 2026 (In thousands) Fresh Prepared Export Other (a) Total U.S. $ 2,088,722 $ 339,121 $ 115,508 $ 105,891 $ 2,649,242 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 (In thousands) Fresh Prepared Export Other (a) Total U.S. $ 2,328,944 $ 308,479 $ 99,638 $ 83,324 $ 2,820,385 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 Six Months Ended June 28, 2026 (In thousands) Fresh Prepared Export Other (a) Total U.S. $ 4,173,934 $ 696,501 $ 216,721 $ 197,484 $ 5,284,640 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 Six Months Ended June 29, 2025 (In thousands) Fresh Prepared Export Other (a) Total U.S. $ 4,543,829 $ 632,388 $ 208,803 $ 178,554 $ 5,563,574 Europe 737,178 1,553,522 270,148 41,951 2,602,799 Mexico 893,470 106,329 54,202 1,054,001 Total net sales $ 6,174,477 $ 2,292,239 $ 478,951 $ 274,707 $ 9,220,374 (a) Included in Other sales shown above are sales of commodity grains and protein byproducts Additional …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENT Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities measured at fair value must be categorized into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation: Level 1 Unadjusted quoted prices available in active markets for identical assets or liabilities at the measurement date; Level 2 Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or Level 3 Unobservable inputs, such as discounted cash flow models or valuations. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. As of June 28, 2026 and December 28, 2025, the Company held fixed income securities, derivative assets and derivative liabilities that were required to be measured at fair value on a recurring basis. Fixed income securities consist of investments, such as money market funds and commercial paper. Derivative assets and liabilities consist of long and short positions on exchange-traded commodity futures instruments, commodity options instruments, sales contracts instruments, foreign currency instruments to manage translation and remeasurement risk. The following items were measured at fair value on a r …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLE ASSETS The activity in goodwill by segment for the six months ended June 28, 2026 was as follows: December 28, 2025 Additions Currency Translation June 28, 2026 (In thousands) U.S. $ 41,936 $ $ $ 41,936 Europe 1,183,920 1,122 (27,442) 1,157,600 Mexico 113,028 2,539 115,567 Total $ 1,338,884 $ 1,122 $ (24,903) $ 1,315,103 On January 13, 2026, the Company acquired 100% of the equity of Hermitage AI Ltd. from Hermitage Group for 2.3 million, or about $3.1 million. The acquisition was funded with cash on hand. Transaction costs were immaterial and expensed as incurred. The fair value of the net assets acquired was 1.4 million, resulting in goodwill which is reflected in additions in the table above. Intangible assets consisted of the following: December 28, 2025 Amortization Currency Translation June 28, 2026 (In thousands) Cost: Trade names not subject to amortization $ 613,536 $ $ (13,583) $ 599,953 Trade names subject to amortization 114,762 (863) 113,898 Customer relationships 456,415 (6,362) 450,053 Accumulated amortization: Trade names (66,052) (488) (1,257) (67,797) Customer relationships (286,595) (7,377) (3,895) (297,867) Intangible assets, net $ 832,066 $ (7,865) $ (25,960) $ 798,240 Intangible assets are amortized over the estimated useful lives of the assets as follows: Customer relationships 3-18 years Trade names subject to amortization 15-20 years At June 28, 2026, the Company assessed if events or changes in circumstances indicated that any …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The Company recorded income tax expense of $38.9 million, a 25.4% effective tax rate, for the six months ended June 28, 2026, compared to income tax expense of $213.7 million, a 24.7% effective tax rate, for the six months ended June 29, 2025. The decrease in income tax expense in 2026 resulted primarily from the decrease in profit before income taxes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income and tax-planning strategies in making this assessment. As of June 28, 2026, the Company did not believe it had sufficient positive evidence to conclude that a portion of its foreign net deferred tax assets are more likely than not to be realized. For the six months ended June 28, 2026 and June 29, 2025, there are immaterial tax effects reflected in other comprehensive income. For the six months ended June 28, 2026 and June 29, 2025, there are immaterial tax effects reflected in income tax expense due to excess tax windfalls and shortfalls related to stock-based compensation. The Co …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Not Yet Adopted as of March 29, 2026 In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40), which requires additional disclosures for certain costs and expenses to help investors better understand major components of an entitys income statement. The guidance requires additional disclosures for costs and expenses such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The provisions of the new guidance will be effective for annual reporting years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company plans to adopt this guidance as it becomes effective and is assessing the impacts on our Consolidated Financial Statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

PENSION AND OTHER POSTRETIREMENT BENEFITS The Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans in the U.K., such as the Tulip Limited Pension Plan and the Geo Adams Group Pension Fund, nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plan. Expenses recognized under all retirement plans totaled $7.7 million and $6.4 million in the three months ended June 28, 2026 and June 29, 2025, respectively, and $17.9 million and $16.1 million in the six months ended June 28, 2026 and June 29, 2025, respectively. The Company used a quarter-end measurement date of June 28, 2026 for its pension and postretirement benefits plans. Certain disclosures are listed below. Other disclosures are not material to the financial statements. Net Periodic Benefit Costs Net defined benefit pension and other postretirement costs included the following components: Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Pension Benefits Other Benefits Pension Benefits Other Benefits Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) (In thousands) Interest cost $ 1,577 $ 11 $ 1,581 $ 13 $ 3,165 $ 19 $ 3,068 $ 22 Estimated return on plan assets (1,920) (2,019) (3,840) (3,905) Settlement gains (1,611) (1,611) Expenses paid from assets 113 105 228 230 Amortiz …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Pilgrims has been and, in some cases, continues to be a party to certain transactions with affiliated companies. Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands) Sales to related parties JBS Toledo N.V. $ 12,076 $ 10,530 $ 23,422 $ 20,645 JBS USA Food Company (a) 12,845 4,963 20,532 9,781 Other related parties 3,166 1,447 5,729 1,740 Total $ 28,087 $ 16,940 $ 49,683 $ 32,166 Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands) Cost of goods purchased from related parties JBS USA Food Company (a) $ 40,756 $ 37,024 $ 77,888 $ 73,516 Seara Meats B.V. 17,121 10,662 29,193 37,322 Penasul UK LTD 8,312 10,417 16,295 20,075 JBS Asia Co Limited 4,256 1,667 9,581 3,935 JBS Toledo N.V. 4,822 4,822 Other related parties 1,819 324 4,130 1,035 Total $ 77,086 $ 60,094 $ 141,910 $ 135,883 Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands) Expenditures paid by related parties JBS USA Food Company (b) $ 36,716 $ 167,291 $ 63,903 $ 185,381 Total $ 36,716 $ 167,291 $ 63,903 $ 185,381 Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands) Expenditures paid on behalf of related parties JBS USA Food Company (b) $ 3,241 $ 2,299 $ 8,536 $ 6,817 Total $ 3,241 $ 2,299 $ 8,536 $ 6,817 June 28, 2026 December 28, 2025 (In thousands) Accounts receivable from relat …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE RECOGNITION The vast majority of the Companys revenue is derived from contracts which are based upon a customer ordering its products. While there may be master agreements, the contract is only established when the customers order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable. The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), and depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Companys facilities, in which case control transfers to the customer at that point and the Company recognizes revenue. The Companys performance obligations are typically fulfilled within days to weeks of the acceptance of the order. The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"REPORTABLE SEGMENTS The Company operates in three reportable segments: U.S., Europe, and Mexico. The Companys reportable segments are identified by a combination of factors, including geographic area, regulatory environment, economic environment and product portfolios. Each reportable segment is managed separately through a local management team. The results of each operating, or reportable, segment are provided to the chief operating decision maker (CODM) on a regular basis. The Companys CODM is the President and Chief Executive Officer. The information provided to the CODM at the operating segment level is then used to assess performance and make decisions regarding allocation of key resources. The CODM primarily measures segment profit and evaluates performance based on operating income. We conduct separate operations in the continental U.S. and in Puerto Rico. For segment reporting purposes, the Puerto Rico operations are included in the U.S. reportable segment. The chicken products processed by the U.S. reportable segment are sold to foodservice, retail and frozen entree customers. The segments primary distribution is through retailers, foodservice distributors and restaurants. The Europe reportable segment processes primarily fresh chicken, pork products, lamb products, specialty meats, ready meals and other prepared foods that are sold to foodservice, retail and direct to consumer customers. The segments primary distribution is through retailers, foodservice distribut …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY Accumulated Other Comprehensive Income (Loss) The following tables provide information regarding the changes in accumulated other comprehensive loss: Six Months Ended June 28, 2026 Losses Related to Foreign Currency Translation Losses on Derivative Financial Instruments Classified as Cash Flow Hedges Losses Related to Pension and Other Postretirement Benefits Losses on Available-for-Sale Securities Total (In thousands) Balance, beginning of period $ (13,218) $ (1,475) $ (32,312) $ (17) $ (47,022) Other comprehensive income (loss) before reclassifications (55,677) 447 (871) (26) (56,127) Amounts reclassified from accumulated other comprehensive loss (income) to net income (56) (56) 39 (73) Currency translation 1 (15) (14) Net current period other comprehensive income (loss) (55,677) 392 (942) 13 (56,214) Balance, end of period $ (68,895) $ (1,083) $ (33,254) $ (4) $ (103,236) Six Months Ended June 29, 2025 Losses Related to Foreign Currency Translation Losses on Derivative Financial Instruments Classified as Cash Flow Hedges Losses Related to Pension and Other Postretirement Benefits Losses on Available-for-Sale Securities Total (In thousands) Balance, beginning of period $ (337,243) $ (2,007) $ (31,028) $ (22) $ (370,300) Other comprehensive income (loss) before reclassifications 325,927 1,658 141 (64) 327,662 Amounts reclassified from accumulated other comprehensive loss (income) to net income 1,282 (1,152) 77 207 Currency translation 86 145 231 Net curre …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing