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Here are 1-3 brief analogies to describe Pilgrim's Pride (PPC):

• Tyson Foods for chicken.
• The Smithfield Foods of poultry.

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• Fresh Chicken Products: Whole chickens and various fresh cuts, including breasts, thighs, and wings, sold to retailers and foodservice distributors.
• Prepared Chicken Products: Value-added chicken items such as breaded, marinated, pre-cooked, and rotisserie chicken products.
• Fresh Pork Products: A range of fresh pork cuts and primary pork products, primarily offered through their European operations.
• Prepared Pork Products: Processed pork items including bacon, ham, sausages, and gammon steaks, mainly for European markets.

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• Archer Daniels Midland (NYSE: ADM)
• Bunge Global SA (NYSE: BG)

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Fabio Sandri, President and Global Chief Executive Officer

Fabio Sandri joined Pilgrim's Pride as Chief Financial Officer in June 2011. He was appointed interim President and CEO in June 2020 and became permanent President and CEO in September 2020. Before joining Pilgrim's, Mr. Sandri served as CFO of Estacio Participações, a private post-secondary educational institution in Brazil. He also held positions as corporate controller and director of strategy for Braskem S.A., a NYSE-listed petrochemical company, and CFO of Imbra SA, a dental services provider.

Matthew Galvanoni, Chief Financial Officer

Matthew Galvanoni joined Pilgrim's Pride as Global Chief Financial Officer in March 2021. Prior to Pilgrim's, he served as Vice President of Finance at Ingredion Incorporated since 2016, where he managed financial responsibilities for their North American division. He also held the role of Global Corporate Controller and Chief Accounting Officer at Ingredion starting in 2012. Mr. Galvanoni began his career at PricewaterhouseCoopers LLP and held financial leadership positions at Exelon Corporation.

Gilberto Tomazoni, Chairman Executive Board

Gilberto Tomazoni has been the Chairman of Pilgrim's Pride since 2013. He also serves as the Global CEO of JBS S.A., which is the majority owner of Pilgrim's Pride. His previous experience includes serving as President of the Global Poultry Division of JBS and CEO of JBS S.A. Mr. Tomazoni also spent 24 years in various roles at Sadia S.A., including CEO from 2004 to 2009.

Jesus Munoz, President, Pilgrim's Mexico

Jesus Munoz was named President of Pilgrim's Mexico in May 2024.

Ivan Siqueira, President, Pilgrim's Europe

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

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Key Risks to Pilgrim's Pride (PPC)

1. Volatile Commodity Prices: Pilgrim's Pride is significantly exposed to fluctuations in the prices of feed ingredients, such as corn and soybean meal, which are essential components of poultry feed. These price changes directly impact the company's production costs and overall profitability. The poultry industry is inherently cyclical, with earnings materially affected by the commodity prices of feed ingredients and the market prices of chicken and pork, which are determined by supply and demand factors.

2. Intense Market Competition: The company operates in a highly competitive market, both domestically and internationally. This intense competition from other poultry producers can lead to pricing pressures, which may adversely affect Pilgrim's Pride's market share and profitability.

3. Disease Outbreaks and Supply Chain Disruptions: The poultry industry is susceptible to disease outbreaks, such as avian influenza, which can have a significant impact on production volumes and disrupt the entire supply chain. Additionally, disruptions in logistics and transportation can hinder the company's ability to efficiently produce and deliver its products.

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The clear emerging threat to Pilgrims Pride (PPC) is the rapid development and growing consumer acceptance of alternative proteins, specifically plant-based meat substitutes and cultivated (lab-grown) meat. Companies in these sectors are directly competing for the consumer's protein plate by offering products that mimic or replace traditional meat, often appealing to consumers on grounds of sustainability, ethics, or health. As technology improves and production scales, these alternatives pose a direct challenge to the market share and long-term viability of conventional poultry products.

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Pilgrim's Pride Corporation (PPC) operates primarily in the poultry market, with a focus on fresh, frozen, and ready-to-cook chicken products. The company also offers pork products in Europe. Its main addressable markets are the United States, Mexico, and Europe (including the UK and continental Europe).

The estimated market sizes for their main products in these regions are as follows:

• Global Poultry Market: The global poultry market was valued at approximately USD 325.41 billion in 2024 and is projected to reach around USD 412.51 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 2.40% between 2025 and 2034. Another estimate places the global poultry market at USD 373.33 billion in 2024, growing to USD 394.75 billion in 2025 with a CAGR of 5.7%, and is expected to reach USD 499.92 billion by 2029 at a CAGR of 6.1%. Global poultry consumption is projected to increase from 143 million metric tons (MT) in 2025 to 160 million MT in 2033.
• United States Poultry Market: The U.S. poultry market is projected to reach USD 40.97 billion in 2025 and is expected to grow to USD 43.07 billion by 2030, with a CAGR of 1.00% during the forecast period. Total poultry sector sales in the U.S. were $70.2 billion in 2024, with broilers accounting for $45.4 billion of this value. The U.S. chicken market alone was valued at approximately USD 43.5 billion in 2023 and is predicted to grow to around USD 77.9 billion by 2032, at a CAGR of about 6.7% between 2024 and 2032.
• Mexico Poultry Market: The Mexico poultry market size reached USD 5.03 billion in 2024 and is anticipated to reach USD 6.98 billion by 2033, demonstrating a CAGR of 3.72% during the period of 2025-2033. In terms of volume, the market reached approximately 4.94 million metric tons (MMT) in 2024 and is projected to reach around 6.20 MMT by 2034, with a CAGR of 2.30% between 2025 and 2034.
• Europe Poultry Market (including UK): The European poultry meat market size is estimated at USD 56.58 billion in 2025 and is forecast to reach USD 59.26 billion by 2030, with a CAGR of 0.93%. Another source estimates the Europe poultry meat market size at USD 55.98 billion in 2024, projected to reach USD 62.60 billion by 2035, growing at a CAGR of approximately 1.02% from 2025 to 2035. In 2023, the United Kingdom held a leading value share of 19.09 billion Euros in the European poultry meat market.

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• Expansion in U.S. Prepared Foods: Pilgrim's Pride is making significant investments in its U.S. Prepared Foods segment. This includes a planned $400 million investment in a new facility in Georgia, which is projected to expand sales capacity by 40% and boost net sales by a similar margin. The U.S. Prepared Foods segment already saw over 20% growth in net sales year-over-year in Q1 2025. This expansion is designed to access new customer segments and diversify the product portfolio.
• Geographical Expansion, particularly in Mexico: The company is actively pursuing growth in high-growth international markets, with a specific focus on Mexico. Pilgrim's Pride identifies strong opportunities in both the fresh and prepared food sectors in Mexico, including plans for a new poultry complex in Merida. Mexico's revenues increased over 5% year-over-year in Q3 2025 due to higher sales volume. The company plans to continue investing in capacity expansion in Mexico to unlock additional profitable growth opportunities.
• Growth in Branded Offerings and Product Innovation: A key strategy for Pilgrim's Pride is to drive revenue through its branded product portfolio and ongoing innovation. Brands like Just BARE, Fridge Raiders, and Rollover have shown strong momentum and are increasing at a faster rate than their respective categories. The company has also introduced new products, such as a new chicken nugget line, to adapt to consumer preferences and expand its value-added offerings.
• Increased Sales to Key Customers in Retail and Foodservice: Pilgrim's Pride is focused on deepening relationships and driving sales growth with key customers across both retail and foodservice channels. In Q3 2025, U.S. sales growth was fueled by increased volumes with key customers in case-ready and prepared foods. The foodservice distribution channel has demonstrated a trend of higher volume and revenues in both commercial and non-commercial subchannels. Digitally-enabled sales also grew over 35% from the prior year through partnerships with leading retailers, foodservice providers, and online suppliers.

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Share Repurchases

• Pilgrim's Pride generally does not engage in regular share repurchases.
• The company conducted share repurchases in 2022, totaling approximately $199.55 million.
• Over the past five years, Pilgrim's has invested $1.8 billion in share repurchases and dividends.

Share Issuance

• The number of outstanding shares has remained relatively stable over the last 3-5 years, with approximately 237.38 million shares outstanding at the end of 2025.

Inbound Investments

• Pilgrim's Pride received $1.425 billion in proceeds from a contribution of capital under a Tax Sharing Agreement with JBS USA Holdings in the third quarter of 2025.

Outbound Investments

• Over the past five years, Pilgrim's Pride has invested $950 million in acquisitions.
• A significant outbound investment included the acquisition of the European prepared foods business from JBS S.A. in 2021.

Capital Expenditures

• Annual capital expenditures have generally ranged between $350 million and $550 million from 2020 to 2024.
• For the full year 2025, capital expenditures are projected to be between $650 million and $700 million.
• Planned capital expenditures include a new $400 million prepared foods plant in Walker County, Georgia, expected to increase U.S. Prepared Foods sales by over 40% upon its completion in the first half of 2027, alongside over $500 million in other U.S. investments over the next two years.