Pilgrim's Pride Corporation (PPC)

Item 1. Business

Company Overview

Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is primarily engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors and foodservice operators. JBS S.A., through its indirect wholly-owned subsidiaries (together, “JBS”), beneficially owns 82.28% of our outstanding common stock.

We market our balanced portfolio of fresh, prepared and value-added meat products to a diverse set of customers across the U.S., the U.K. and Europe, Mexico and in over 120 other countries. Our sales efforts are largely targeted towards the foodservice industry, principally chain restaurants and food processors, such as Chick-fil-A® and retail customers, including grocery store chains and wholesale clubs, such as Kroger®, Costco®, Publix® and H-E-B® in the U.S., chain restaurants such as McDonald’s® and grocery store chains such as Sainsbury’s, Tesco and Waitrose in the U.K. and Europe, and grocery store chains such as Wal-Mart® in Mexico.

As a vertically integrated company, we are able to control nearly every phase of the production process, which helps us manage food safety and quality, control margins and improve customer service. Our plants are strategically located to ensure that customers timely receive fresh products. With our global network of approximately 4,500 growers, 36 feed mills, 50 hatcheries, 39 processing plants, 28 prepared foods cook plants, 38 distribution centers, 10 protein conversion facilities and five pet food plants, we believe we are well-positioned to supply the growing demand for our products.

We operate on the basis of a 52/53-week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example 2025) in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calendar year. Fiscal years 2025 and 2024 were both 52-week fiscal years.

Reportable Segments

We operate in three reportable segments: U.S., Europe, and Mexico. We produce or purchase for resale chicken products through our operations in the U.S., the U.K. and continental Europe, and Mexico and pork and lamb products through our operations in the U.K. We conduct separate operations in the U.S., the U.K., the Republic of Ireland, continental Europe, Puerto Rico and Mexico; however, for geographic reporting purposes, we include Puerto Rico with our U.S. operations. See “Note 20. Reportable Segments” of our Consolidated Financial Statements included in this annual report for additional information.

Products and Markets

Fresh Products Overview. Our fresh products consist of refrigerated whole or cut-up chicken, frozen whole chickens, breast fillets, mini breast fillets and prepackaged case-ready chicken, and in the U.K., primary pork cuts, added value pork, pork ribs and lamb products. Our case-ready chicken includes various combinations of freshly refrigerated, whole chickens, chicken parts in trays, bags or other consumer packs labeled and priced ready for the retail grocer’s fresh meat counter. Additionally, we

Table of Contents

are an important player in the live chicken market in Mexico. In 2025, our fresh product sales accounted for 80.9%, 29.9%, and 83.2% of our total U.S., Europe, and Mexico product sales, respectively.

Prepared Products Overview. Our prepared products include portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties and bone-in chicken parts. These products are sold either refrigerated or frozen and may be fully cooked, partially cooked or raw. In addition, these products may be breaded and/or marinated. Our prepared products include processed sausages, bacon, slow cooked, smoked meat, gammon joints, ready-to-cook variety of meat products, pre-packed meats, sandwich and deli counter meats, pulled pork balls, meatballs and coated foods. In 2025, our prepared foods products sales accounted for 12.0%, 58.6%, and 11.3% of our total U.S., Europe, and Mexico chicken and pork sales, respectively.

Exported Products Overview. Exported products primarily consist of whole chickens and chicken parts sold either refrigerated for distributors in the U.S. or frozen for distribution to export markets and in the U.K., primary pork cuts, hog heads and trotters frozen for distribution to export markets. In 2025, our export product sales accounted for 4.1% and 10.8% of our total U.S. and Europe product sales, respectively.

Market Overview. Our foodservice market principally consists of chain restaurants, food processors, broad-line distributors and certain other institutions. Our retail market consists primarily of grocery store chains, wholesale clubs and other retail distributors. Our export market consists primarily of customers who purchase for distribution in the U.S., U.K. and continental Europe, or for export to Mexico, the Middle East, Asia, and other international markets.

Net Sales for Primary Product Lines and Markets

The following table sets forth, for the periods beginning with 2023, net sales attributable to each of our primary product lines and markets served with those products. We based the table on our internal sales reports and their classification of product types.

	Years Ended
	December 28, 2025		December 29, 2024		December 31, 2023
	(In thousands)
U.S. reportable segment:
Fresh products	$	8,892,558	$	8,731,904	$	8,105,268
Prepared foods	1,316,423		1,094,818		978,423
Export	451,284		468,553		533,205
Other products	338,467		334,654		410,846
Total U.S. reportable segment	10,998,732		10,629,929		10,027,742
Europe reportable segment:
Fresh products	1,607,792		1,178,459		1,074,900
Prepared foods	3,150,863		3,381,178		3,525,359
Export	578,259		477,486		472,657
Other products	41,951		99,624

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Financial statements

data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

From 10-Q filed 2026-10-29 (period ending 2026-09-27).

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Executive Summary

Overview

Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. We reported net income attributable to Pilgrim’s of $232.4 million, or $0.97 per diluted common share, and income before tax totaling $313.9 million, for the nine months ended September 27, 2026. These operating results included net sales of $13.8 billion, gross profit of $1.0 billion and $684.2 million of cash provided by operating activities. We generated a consolidated operating margin of 3.0%. For the nine months ended September 27, 2026, we generated EBITDA and Adjusted EBITDA of $786.2 million and $984.4 million, respectively. A reconciliation of net income to EBITDA and Adjusted EBITDA is included below.

Global Economic Conditions

Our business continues to be subject to global inflationary pressures and broader economic uncertainty. In the U.S., inflation moderated compared to periods of elevated inflation experienced in recent years; however, labor, energy and other operating costs remain subject to market volatility. Consumer demand generally remained resilient during the third quarter of 2026, although ongoing uncertainty related to geopolitical developments, trade policies and broader economic conditions may continue to impact inflation trends and purchasing behavior.

In Europe, inflation continued to moderate during the third quarter of 2026 but remained affected by energy market volatility and broader economic conditions. Economic growth remained subdued in certain markets, and consumer spending patterns continued to reflect the effects of inflationary pressures experienced in recent periods. While inflationary conditions have improved compared to prior periods, geopolitical developments and fluctuations in energy markets continue to create uncertainty within the region.

In Mexico, inflation trends generally remained stable during the third quarter of 2026, although certain categories, including services, continued to experience inflationary pressures. Economic activity remained influenced by domestic demand, trade conditions and broader macroeconomic factors. Foreign currency exchange rates, including fluctuations in the Mexican peso relative to the U.S. dollar, may continue to impact the translation of our operating results and the competitiveness of our operations.

Geopolitical conflicts, including ongoing tensions in the Middle East and the conflict between Russia and Ukraine, continue to contribute to volatility in global commodity, energy and transportation markets. These events have resulted in and may continue to result in, disruptions to trade flows, supply chains and freight networks, as well as increased costs for certain inputs and services. While such conditions did not have a material impact on our costs during the current reporting period, prolonged or expanded hostilities could adversely affect our business, results of operations and financial condition in future periods.

We are monitoring changes in tariffs and trade policies in the U.S. and other countries where we operate and conduct business. Changes to these policies may impact our export sales and international operations. Our U.S. business is primarily characterized by inputs sourced domestically and products sold domestically, with export sales from the U.S. representing less than 5% of our total net sales. While the impact of trade policy changes remains uncertain and continues to evolve, we do not currently anticipate a material impact on our results of operations. We will continue to monitor potential impacts and take mitigation actions, as appropriate.

We generally respond to ongoing challenges in global economic conditions through discussions with customers to help mitigate the impact of extraordinary costs we experience. We also continue to focus on operational initiatives aimed at delivering labor efficiencies, improved agricultural performance and enhanced yields.

Our business continues to be affected by global economic conditions, including inflationary pressures, geopolitical developments, foreign currency fluctuations, trade policy changes and overall consumer demand trends. Inflation in the U.S., Europe and Mexico moderated compared to elevated levels experienced in recent periods; however, labor, energy and other operating costs remain subject to market volatility. Additionally, changes in interest rates, foreign exchange rates and broader economic conditions may continue to impact consumer spending patterns and operating costs in the markets in which we operate.

Announced Walkers Acquisition

On August 14, 2026, Pilgrim’s Europe agreed to acquire Walkers Deli & Sausage Company (Walkers) from Samworth Brothers, subject to approval by the Competition and Markets Authority (“CMA”) and employee consultation requirements in the U.K.. Walkers is a U.K. based producer of premium pork products operating four production facilities in Leicester and employing approximately 1,150 team members.

The proposed acquisition aligns with Pilgrim’s Europe strategy to expand its presence in the U.K. pork market and increase its participation in value-added product categories. The transaction is currently expected to close early in 2027, and therefore had no impact on the Company’s results of operations, financial position, or cash flows for the period presented.

Unsolicited Offer from JBS to Purchase Outstanding Shares of PPC Common Stock

On August 18, 2026, JBS submitted to the Company’s board of directors (the “Board”) a proposal to acquire the outstanding shares of the Company not already owned by JBS or its subsidiaries. JBS’s offer proposes this acquisition at a fixed exchange ratio of 2.086 JBS Class A common shares for each share of our common stock, based on the JBS and Company closing share prices on August 18, 2026 of $13.66 and $28.49, respectively (the “Proposed Transaction”). The Board has established a special committee of independent directors (the “Special Committee”) to review and evaluate the proposal. The Board will not approve the Proposed Transaction without the favorable recommendation of the Special Committee. No assurance can be given regarding whether any transaction will be entered into, approved by our Board and/or stockholders, or completed.

Raw Materials and Pricing

Our U.S. and Mexico segments use corn and soybean meal as the main ingredients for feed production, while our Europe segment uses wheat, soybean meal and barley as the main ingredients for feed production. The following table reflects the highest and lowest prices reached on nearby futures for one bushel of corn, one ton of soybean meal, and one metric ton of wheat during the current and previous years:

	Corn(a)		Soybean Meal(a)		Wheat(a)
	Highest Price	Lowest Price	Highest Price	Lowest Price	Highest Price	Lowest Price
	(In whole dollars)				(In whole pounds sterling)
2026
Third Quarter	5.43	4.02	376.1	303.4	219.3	169.8
Second Quarter	4.77	4.07	342.7	299.8	195.0	172.3
First Quarter	4.70	4.20	332.5	286.4	173.7	160.1
2025
Fourth Quarter	4.51	4.11	330.8	264.7	166.8	155.2
Third Quarter	4.32	3.72	297.2	260.7	180.0	136.5
Second Quarter	4.90	4.10	299.6	270.9	173.6	138.2
First Quarter	5.02	4.36	315.8	285.9	185.6	165.0

(a)We obtain corn and soybean meal prices from the Chicago Board of Trade, and we obtain wheat prices from the London International Financial Futures and Options Exchange.

Market prices for most chicken products during the three months ended September 27, 2026, were below both prior-year levels and the five-year historical average. Boneless skinless breast prices declined during the quarter but remained relatively stable overall, with prices unchanged for several weeks during the period. Supply remained elevated, supported by higher bird counts, particularly within the 6.26-7.75 lb weight category. Eggs set and chick placements continued to exceed prior-year levels, although growth moderated compared to previous quarters. However, live weights were below prior-year levels, partially offsetting overall production growth. As a result, industry ready-to-cook chicken production increased 2.2% year over year, although growth was slower than in the preceding two quarters.

The third quarter of 2026 reflected continued consumer demand for chicken across both retail and foodservice channels. Amid ongoing economic pressures, including elevated fuel and food prices, inflation outpacing income growth, and subdued consumer sentiment, demand patterns became increasingly bifurcated, with value-oriented consumers remaining focused on affordability while higher-income consumers continued to support demand for premium offerings.

This dynamic had varying effects on chicken demand across categories, though overall volume growth remained positive in both retail and foodservice channels. Retail chicken volume increased 1.4% year over year, with all major retail

categories posting positive volume growth. Within fresh chicken, increased promotional activity by retailers drove solid volume gains in boneless skinless breast meat and boneless dark meat products, continuing a trend observed in recent quarters. These gains were partially offset by softer performance in other fresh chicken categories, including bone-in dark meat and wings.

Individually quick frozen chicken continued to deliver strong volume growth, supported by more favorable pricing relative to other chicken categories. In contrast, deli and frozen prepared chicken products experienced modest price increases while maintaining positive volume growth. Frozen Prepared growth is being driven by nuggets, chunks, and popcorn chicken, offsetting declines in tenders and wings. Overall, demand remained favorable across chicken categories, supported by consumers’ continued focus on value, convenience, and product quality.

In foodservice, demand trends reflected the increasingly bifurcated consumer environment. Traffic trends varied by channel, with quick-service restaurants experiencing softer traffic levels as lower-income consumers moderated discretionary spending, while full-service restaurants benefited from continued spending by higher-income consumers. Despite these dynamics, chicken volume remained positive across most foodservice subcategories, although growth moderated compared to prior periods. Full-service restaurants were the only major subcategory to experience volume declines. Continued expansion of chicken-focused menu offerings and restaurant units across foodservice channels supported overall demand for chicken.

Export volumes increased 0.7% year over year from January through August, as geopolitical tensions and elevated energy costs continued to affect global trade flows. Chicken cold storage inventories were 5.0% below prior-year levels and 4.7% below the five-year average, reflecting healthy inventory levels despite increased industry production during the quarter. Breast meat inventories ended September 7.8% below prior-year levels, while dark meat inventories also declined, primarily due to lower leg quarter and drumstick inventories. These trends reflected continued export demand and balanced inventory conditions across the market. In contrast, thigh inventories increased as prices weakened in July before stabilizing over the remainder of the quarter.

Despite a more challenging macroeconomic environment, demand for chicken remained generally stable during the quarter. However, increased industry supply continued to pressure market prices.

While the latest World Agricultural Supply and Demand Estimates outlook has not yet incorporated the final third quarter chicken production numbers, the weaker-than-expected quarter may temper full-year production growth expectation. Pullet placements in August and September were generally in line with prior-year levels after exceeding prior-year levels for most of the year. Production growth is expected to continue moderating as producers adjust production levels to align with recent strong growing conditions resulting in lower mortality rates. Chicken demand is expected to remain favorable, supported by promotional activity and the relative value proposition of chicken compared to competing proteins. Beef supplies remain constrained, while pork production is expected to remain relatively stable, positioning chicken favorably within the protein complex.

Looking ahead, the timing and pace of supply and demand rebalancing are expected to be the primary factors influencing market conditions through year end and into 2027. Consumer spending patterns and broader macroeconomic conditions will continue to play an important role in determining the timing and extent of this rebalancing.

Reportable Segments

We operate in three reportable segments: U.S., Europe, and Mexico. We measure segment profit as operating income. Certain corporate expenses are allocated to the Mexico and Europe reportable segments based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S. For additional information, see “Note 16. Reportable Segments” of our Condensed Consolidated Financial Statements included in this quarterly report.

Results of Operations

Three Months Ended September 27, 2026 Compared to the Three Months Ended September 28, 2025

Net sales. Net sales generated in the three months ended September 27, 2026 decreased $106.1 million, or 2.2%, from net sales generated in the three months ended September 28, 2025. The following table provides net sales information:

Sources of net sales	Three Months Ended September 27, 2026			Change from Three Months Ended September 28, 2025						Impact on Change from Three Months Ended September 28, 2025
				Amount			Percent			Sales Volume		Sales Prices		Foreign Currency Translation Impact
		(In thousands, except percent data)									(In percent)
U.S.		$	2,680,134		$	(156,479)		(5.5)	%		(3.5)	%	(2.0)	%	—	%
Europe		1,374,013			(18,482)			(1.3)	%		(1.4)	%	0.5	%	(0.4)	%
Mexico		599,059			68,825			13.0	%		8.5	%	(3.9)	%	8.4	%
Total net sales		$	4,653,206		$	(106,136)		(2.2)	%

Factors impacting the year-over-year change in net sales for the three months ended September 27, 2026, by reportable segment are as follows:

•U.S. net sales decreased $156.5 million, or 5.5%, driven by the following factors:

◦Decrease in sales price per pound, reducing net sales by $56.0 million, or 2.0%

▪This decrease was driven primarily by unfavorable market pricing conditions with current year market pricing below historical averages

◦Decrease in sales volume of $100.5 million, or 3.5%

▪The decrease was primarily attributable to lower domestic sales volumes due to increased intercompany transfers to Prepared Foods and the impacts of the conversion of Russellville to a Case Ready plant from a Big Bird plant, which was partially offset by increased export volumes

•Europe net sales decreased $18.5 million, or 1.3%, driven by the following factors:

◦Decrease in sales volume, reducing net sales by $19.5 million, or 1.4%

▪The decrease was driven by lower domestic and export volumes compared to the prior year period

◦Unfavorable impact of foreign currency translation of $5.5 million, or 0.4%

▪This impact was driven by a depreciation of the British pound against the U.S. dollar

◦Partially offset by increase in sales price per pound, increasing net sales by $6.5 million, or 0.5%

▪The increase was primarily attributable to improved pricing across domestic and export channels

•Mexico net sales increased $68.8 million, or 13.0%, driven by the following factors:

◦Favorable impact of foreign currency translation of $44.4 million, or 8.4%

▪This impact was driven by a strengthening of the Mexican peso against the U.S. dollar

◦Increase in sales volume of $45.2 million, or 8.5%

▪Volume increase was driven by market demand and favorable growing conditions, with growth in live chicken and processed chicken products

◦Partially offset by a decrease in sales price per pound of $20.8 million, or 3.9%

▪This decrease was driven by a decrease in commodity chicken pricing due to greatly improved year-over-year growing conditions resulting in lower mortality rates

Gross profit and cost of sales. Gross profit decreased by $325.7 million, or 49.4%, from $659.4 million generated in the three months ended September 28, 2025 to $333.7 million generated in the three months ended September 27, 2026. The following tables provide information regarding gross profit and cost of sales information:

Components of gross profit	Three Months Ended September 27, 2026			Change from Three Months Ended September 28, 2025						Percent of Net Sales
										Three Months Ended
				Amount			Percent			September 27, 2026			September 28, 2025
		(In thousands, except percent data)
Net sales		$	4,653,206		$	(106,136)		(2.2)	%		100.0	%		100.0	%
Cost of sales		4,319,534			219,576			5.4	%		92.8	%		86.1	%
Gross profit		$	333,672		$	(325,712)		(49.4)	%		7.2	%		13.9	%

Sources of gross profit	Three Months Ended September 27, 2026			Change from Three Months Ended September 28, 2025
				Amount			Percent
		(In thousands, except percent data)
U.S.		$	183,185		$	(300,132)		(62.1)	%
Europe		112,322			(9,025)			(7.4)	%
Mexico		38,165			(16,555)			(30.3)	%
Total gross profit		$	333,672		$	(325,712)		(49.4)	%

Sources of cost of sales	Three Months Ended September 27, 2026			Change from Three Months Ended September 28, 2025
				Amount			Percent
		(In thousands, except percent data)
U.S.		$	2,496,949		$	143,653		6.1	%
Europe		1,261,691			(9,457)			(0.7)	%
Mexico		560,894			85,380			18.0	%
Total cost of sales		$	4,319,534		$	219,576		5.4	%

Factors impacting the year-over-year change in cost of sales for the three months ended September 27, 2026, by reportable segment are as follows:

•U.S. cost of sales increased $143.7 million, or 6.1%, driven by the following factors:

◦Increase in cost per pound sold of $227.0 million, or 9.6%

▪This increase was driven primarily by an increase in live operations costs, grain costs, grower pay, depreciation, utilities, and other operating costs; partially offset by insurance income recoveries associated with losses from a hurricane

◦Decrease in sales volume of $83.3 million, or 3.5%

•Europe cost of sales decreased $9.5 million, or 0.7%, driven by the following factors:

◦Decrease in sales volume of $17.8 million, or 1.4%

▪The decrease was primarily driven by lower domestic and export volumes, resulting in lower production and operating costs

◦Favorable impact of foreign currency translation of $5.1 million, or 0.4%

▪This impact was driven by the depreciation of the British pound against the U.S. dollar

◦Partially offset by an increase in cost per pound sold of $13.4 million, or 1.1%

▪The increase was primarily driven by higher operating costs, including increased input and utility costs, third-party services, and other operating expenses, reflecting continued inflationary pressures

•Mexico cost of sales increased $85.4 million, or 18.0%, driven by the following factors:

◦Unfavorable impact of foreign currency translation of $41.6 million, or 8.7%

▪This impact was driven by a strengthening of the Mexican peso against the U.S. dollar

◦Increase in sales volume of $40.6 million, or 8.5%

▪This increase was driven by market requirements in product mix

◦Slight increase in cost per pound sold of $3.2 million, or 0.8%

Operating income and SG&A expense. Operating income decreased by $301.1 million, or 61.1%, from income of $492.6 million generated in the three months ended September 28, 2025 to income of $191.5 million generated in the three months ended September 27, 2026. The following tables provide information regarding operating income and selling, general and administrative (“SG&A”) expense:

Components of operating income	Three Months Ended September 27, 2026			Change from Three Months Ended September 28, 2025						Percent of Net Sales
										Three Months Ended
				Amount			Percent			September 27, 2026			September 28, 2025
		(In thousands, except percent data)
Gross profit		$	333,672		$	(325,712)		(49.4)	%		7.2	%		13.9	%
SG&A expense		142,169			(22,828)			(13.8)	%		3.1	%		3.5	%
Restructuring activities		—			(1,779)			(100.0)	%		—	%		(0.1)	%
Operating income		$	191,503		$	(301,105)		(61.1)	%		4.1	%		10.4	%

Sources of operating income	Three Months Ended September 27, 2026			Change from Three Months Ended September 28, 2025
				Amount			Percent
		(In thousands, except percent data)
U.S.		$	105,789		$	(278,334)		(72.5)	%
Europe		63,415			(6,069)			(8.7)	%
Mexico		22,299			(16,702)			(42.8)	%
Total operating income		$	191,503		$	(301,105)		(61.1)	%
Sources of SG&A expense	Three Months Ended September 27, 2026			Change from Three Months Ended September 28, 2025
				Amount			Percent
		(In thousands, except percent data)
U.S.		$	77,396		$	(21,798)		(22.0)	%
Europe		48,907			(1,177)			(2.4)	%
Mexico		15,866			147			0.9	%
Total SG&A expense		$	142,169		$	(22,828)		(13.8)	%

Factors impacting SG&A year-over-year changes for the three months ended September 27, 2026 by reportable segment are as follows:

•U.S. SG&A decreased $21.8 million, or 22.0%, driven primarily by a reduction in litigation settlement costs

•Europe SG&A decreased $1.2 million, or 2.4%, driven by decreases in incentive compensation expense and marketing costs

•Mexico SG&A increased $0.1 million, or 0.9%, driven by unfavorable impact of foreign currency translation

	Three Months Ended September 27, 2026			Change from Three Months Ended September 28, 2025
				Amount			Percent
		(In thousands, except percent data)
Net interest expense		$	30,203		$	1,213		4.2	%

Factors impacting the year-over-year change in net interest expense are as follows:

•Interest expense increased primarily due to a decrease in interest income earned on lower average cash balances, partially offset by a decrease in interest expense on outstanding borrowings.

	Three Months Ended September 27, 2026			Three Months Ended September 28, 2025
	(In thousands, except percent data)
Income tax expense	$	43,977		$	118,319
Effective tax rate	27.4		%	25.6		%

Factors impacting the year-over-year change in income tax expense are as follows:

•A decrease in profit before income taxes

Nine Months Ended September 27, 2026 Compared to the Nine Months Ended September 28, 2025

Net sales. Net sales generated in the nine months ended September 27, 2026 decreased $167.6 million, or 1.2%, from net sales generated in the nine months ended September 28, 2025. The following table provides net sales information:

Sources of net sales	Nine Months Ended September 27, 2026			Change from Nine Months Ended September 28, 2025						Impact on Change from Nine Months Ended September 28, 2025
				Amount			Percent			Sales Volume		Sales Prices		Foreign Currency Translation Impact
		(In thousands, except percent data)									(In percent)
U.S.		$	7,964,774		$	(435,413)		(5.2)	%		(0.8)	%	(4.4)	%	NA
Europe		4,115,404			120,110			3.0	%		(0.1)	%	0.7	%	2.4	%
Mexico		1,731,891			147,656			9.3	%		12.4	%	(14.9)	%	11.8	%
Total net sales		$	13,812,069		$	(167,647)		(1.2)	%

Factors impacting net sales year-over-year changes by reportable segment are as follows:

•U.S. net sales decreased $435.4 million, or 5.2%, driven by the following factors:

◦Decrease in sales price per pound, reducing net sales by $368.3 million, or 4.4%

▪This decrease was driven primarily by unfavorable market pricing conditions with current year market pricing below historical averages

◦Decrease in sales volume, reducing net sales by $67.1 million, or 0.8%

•Europe net sales increased $120.1 million, or 3.0%, driven by the following factors:

◦Increase in sales price per pound of $27.7 million, or 0.7%

▪This increase was primarily attributable to improved pricing across domestic and export channels

◦Favorable impact of foreign currency translation of $95.8 million, or 2.4%

▪This impact was driven by a strengthening of the British pound against the U.S. dollar

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holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM

Next expected filings

~2027-02-11 10-K expected by 2027-02-25 (in 105 days)
~2027-04-29 10-Q expected by 2027-05-07 (in 182 days)
~2027-07-29 10-Q expected by 2027-08-06 (in 273 days)
~2027-10-28 10-Q expected by 2027-11-05 (in 364 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-10-29 10-Q Quarterly Report
2026-10-29 8-K Earnings Release; Financial Statements and Exhibits
2026-10-09 8-K Other Events; Financial Statements and Exhibits
2026-09-23 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
2026-08-28 8-K Other Events; Financial Statements and Exhibits
2026-08-20 8-K Other Events; Financial Statements and Exhibits
2026-08-17 8-K Material Agreement Entered; Regulation FD Disclosure; Financial Statements and Exhibits
2026-07-30 8-K Earnings Release; Financial Statements and Exhibits
2026-07-30 10-Q Quarterly Report
2026-04-30 8-K Earnings Release; Financial Statements and Exhibits
2026-04-30 10-Q Quarterly Report
2026-02-12 10-K Annual Report
2026-02-12 8-K Earnings Release; Financial Statements and Exhibits
2025-10-30 10-Q Quarterly Report
2025-10-30 8-K Earnings Release; Financial Statements and Exhibits

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