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• Tyson Foods for chicken and pork globally.
• Perdue Farms, but for chicken and pork internationally.
• Hormel Foods for fresh and prepared chicken and pork.

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• Fresh Chicken Products: Includes pre-marinated or non-marinated whole chickens, breast fillets, and prepackaged case-ready chicken.
• Fresh Pork Products: Offers primary pork cuts, pork, and pork ribs.
• Prepared Chicken Products: Features portion-controlled breast fillets, tenderloins, strips, delicatessen products, salads, formed nuggets, patties, and bone-in chicken parts.
• Processed Meat Products: Comprises sausages, bacon, slow-cooked and smoked meats, gammon joints, pre-packed meats, sandwich and deli counter meats, pulled pork balls, meatballs, and coated foods.
• Exported Meat Products: Involves whole chickens, chicken parts, primary pork cuts, hog heads, and trotters, sold refrigerated or frozen for international distribution.

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Pilgrim's Pride (PPC) sells its products primarily to other companies within the foodservice and retail markets, rather than directly to individuals.

Based on the provided company description, its major customer categories include:

• Chain restaurants
• Food processors
• Broad-line distributors
• Grocery store chains
• Wholesale clubs
• Other retail distributors
• Other institutions

Specific names of major customer companies are not provided in the company description.

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Fabio Sandri, President and Global Chief Executive Officer

Fabio Sandri joined Pilgrim's as Chief Financial Officer in June 2011 and was appointed President and Global Chief Executive Officer in September 2020. Prior to joining Pilgrim's, he served as CFO of Estacio Participações, a large private post-secondary educational institution in Brazil, since 2010. He also served as CFO of Imbra SA, a dental services provider in São Paolo, Brazil, for nearly two years. From 2005 to 2008, Mr. Sandri was the strategy director and corporate controller for Braskem S.A., a New York Stock Exchange-listed petrochemical company.

Matthew Galvanoni, Chief Financial Officer

Matthew Galvanoni joined Pilgrim's as Chief Financial Officer in March 2021. Before this role, he was the Vice President of Finance at Ingredion Incorporated, managing financial responsibilities for its North American division since 2016. He initially joined Ingredion in 2012 as global corporate controller and chief accounting officer. Mr. Galvanoni began his career at PricewaterhouseCoopers LLP in 1994 and held various financial leadership positions at Exelon Corporation, including assistant corporate controller.

Jesus Munoz, President, Pilgrim's Mexico

Jesus Munoz was named President of Pilgrim's Mexico in May 2024. He previously served as the Director of the Fresh business for Pilgrim's Mexico and first joined the company in 2001 as a supervisor at a feed mill.

Ivan Siqueira, President, Pilgrim's Europe

Ivan Siqueira serves as the President of Pilgrim's Europe.

Kendra Waldbusser, Head of Global Food Safety & Quality Assurance

Kendra Waldbusser has been the Head of Food Safety and Quality Assurance at Pilgrim's since March 2010. Prior to joining Pilgrim's, she worked for 13 years at Tyson Foods, where her roles included director of quality assurance for renewable products.

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The key risks to Pilgrim's Pride (PPC) are primarily associated with the inherent nature of the food processing industry, particularly involving poultry and pork production.

1. Disease Outbreaks: Pilgrim's Pride faces significant risks from outbreaks of livestock diseases, such as avian influenza (bird flu) in poultry or African swine fever in pigs. Such outbreaks can severely impact the company's ability to conduct operations, decimate flocks and herds, lead to mass culling, disrupt supply chains, and result in immediate trade restrictions and a reduction in demand for its products. These events can cause substantial financial losses and operational disruption across its global presence.
2. Volatile Commodity Prices: The profitability of Pilgrim's Pride is materially affected by fluctuations in the commodity prices of its primary feed ingredients, such as corn and soybean meal, as well as the market prices of chicken and pork. These raw material costs are key components of poultry and pork production, and their volatility directly impacts the company's production costs and overall profitability, leading to cyclical earnings fluctuations.
3. Food Safety, Product Recalls, and Regulatory Compliance: Operating as a major producer, processor, and distributor of fresh, frozen, and value-added meat products across multiple brands and international markets, Pilgrim's Pride is exposed to considerable risks related to food safety incidents and product recalls. A loss of consumer confidence in the quality or safety of food products or ingredients, or a product contamination event, could lead to widespread recalls, significant reputational damage, and materially adverse effects on product sales and financial condition. Furthermore, the company operates in a highly regulated sector with stringent rules concerning food safety, animal welfare, and environmental impact. Changes in legislation, increased scrutiny from regulatory bodies, or non-compliance can lead to additional operational costs, restrictions, and potential legal liabilities.

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The clear emerging threat for Pilgrim's Pride is the accelerating shift in consumer preferences and technological advancements leading to the growth of alternative protein markets, particularly plant-based meat substitutes and cultivated (lab-grown) meat. These products directly compete with Pilgrim's traditional chicken and pork offerings by providing alternatives that address growing consumer concerns regarding health, environmental sustainability, and animal welfare, thus posing a disruptive challenge to conventional meat demand and market share.

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Pilgrim's Pride Corporation operates in significant addressable markets for its main products, primarily fresh, frozen, and value-added chicken and pork products, across various global regions.

Chicken Products

• The global poultry market, which largely consists of chicken, was estimated at USD 449.61 billion in 2024 and is expected to grow to USD 617.41 billion by 2033.
• In the United States, the chicken market size was approximately USD 116.51 billion in 2024.
• The European chicken market was valued at about USD 110.75 billion in 2024.
• The Middle East poultry meat market, where chicken holds a commanding lead with a 70.74% market share in 2025, was estimated at USD 16.25 billion in 2025 and is projected to reach USD 17.83 billion by 2030.
• The Mexico chicken market was projected at USD 13.44 billion in 2024.

Processed Chicken Products

• The global processed poultry meat market was valued at USD 252.40 billion in 2020 and is projected to reach USD 592.70 billion by 2031. The chicken segment within this market alone accounted for USD 209.9 billion in 2020 and is estimated to reach USD 514.3 billion by 2031.

Pork Products

• The global pork meat market was estimated at USD 293.18 billion in 2023 and is projected to reach USD 424.44 billion by 2030.
• In the United States, the pork industry contributed approximately USD 62.7 billion to the gross national product in 2023. U.S. pork production is expected to reach USD 28.1 billion in 2025.
• The Europe pork meat market was valued at USD 81.21 billion in 2024 and is anticipated to grow to USD 111.66 billion by 2033.
• The Asia Pacific region dominated the global pork market with a 45.0% share in 2023.
• The Middle East pork market had a value of USD 106 million in 2024 and is forecast to reach USD 170 million by 2035.

Processed Pork Products

• The European processed pork market was calculated at USD 3.37 billion in 2024 and is anticipated to be worth USD 5.26 billion by 2033.
• The Asia Pacific processed pork market size was USD 2.65 billion in 2024 and is anticipated to reach USD 4.53 billion by 2033.
• The Middle East and Africa processed pork market size was USD 0.59 billion in 2024 and is anticipated to be worth USD 0.89 billion by 2033.
• The United States processed pork meat market is estimated at USD 5.05 billion in 2025 and is expected to reach USD 5.77 billion by 2030.

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• Expansion of U.S. Prepared Foods and Branded Products: Pilgrim's Pride is focused on expanding its U.S. Prepared Foods segment with innovative, differentiated products and increasing capacity to support this growth. The company's "Just BARE" brand has shown significant market share expansion, and the relaunch of the "Pilgrim's" brand aims to enhance consumer engagement and distribution, contributing to sustained top-line growth.
• Strategic Investments in New Facilities and Capacity Enhancement: The company is undertaking substantial capital expenditures, including a planned $400 million investment in a new Georgia facility, expected to increase sales capacity by 40%. Additionally, Pilgrim's Pride is enhancing its protein conversion capacity, such as increasing small bird capacity and converting a large bird plant into a case-ready facility, to optimize its product portfolio and meet demand.
• Geographical Expansion in Mexico: Pilgrim's Pride sees strong growth opportunities in Mexico, particularly within the fresh and prepared food sectors. The company is increasing its capital deployment in this region, which includes plans for a new poultry complex in Merida.
• Robust Consumer Demand and Increased Penetration of Chicken Offerings: The company is benefiting from steady consumer interest in convenient, protein-focused meal options across both retail and foodservice channels. This consistent demand for chicken products, coupled with increased promotional activity and penetration of chicken offerings, is expected to support revenue growth.

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Share Repurchases

• Pilgrim's has invested a combined total of over $1.8 billion in share repurchases and dividends over the last five years.
• In Q3 2022, Pilgrim's Pride spent $79.6 million on share buybacks.

Share Issuance

• No significant dollar amount of share issuance was explicitly reported within the last 3-5 years. The number of shares outstanding showed minor fluctuations, for example, a 0.32% increase year-over-year for the quarter ending December 31, 2025.

Inbound Investments

• JBS S.A., which owns over 80% of Pilgrim's Pride, attempted to acquire the remaining outstanding shares in 2021, but the offer was deemed to undervalue Pilgrim's Pride by a special board committee and ultimately failed.

Outbound Investments

• Over the last five years, Pilgrim's has invested more than $950 million in acquisitions.

Capital Expenditures

• Pilgrim's Pride's capital expenditures were $476 million in 2024, following a peak of $543 million in 2023, which was focused on new facilities in Mexico and modernization of European assets.
• The company's capital expenditures are forecasted to be between $900 million and $950 million for 2026, an increase from $711 million in 2025.
• These capital expenditures are primarily focused on supporting growth in Mexico, expanding U.S. prepared foods, and plant conversions to optimize product mix, improve operational efficiency, and advance sustainability initiatives.