JBS N.V. Announces Joint Venture with Viva to Create "JBS Viva" Leather Platform

What Happened
On September 15, 2026, JBS N.V. (through its wholly owned Brazilian unit JBS S.A.) entered into a Brazilian-law association agreement with Viva Holding Ltda. to combine their leather-related assets and activities into a new company to be named "JBS Viva." The agreement contemplates that JBS S.A. and Viva Holding will each own 50% of JBS Viva after closing. The transaction requires pre-closing corporate reorganizations and is subject to customary conditions precedent; there is no guarantee it will close.

Key Details

• Parties & structure: JBS S.A. and Viva Holding will each hold 50% of JBS Viva; JBS S.A. will contribute the quotas of a new unit, JBS Couros, that will hold JBS’s leather assets.
• Governance: Board of up to six directors with parity (3 appointed by JBS S.A., 3 by Viva Holding). JBS will appoint the Chairman (no casting vote) and the CFO; Viva will appoint the CEO and COO.
• Scope & exclusions: The Transaction covers leather production, processing and commercialization assets of JBS S.A. (and its foreign subsidiaries) and Viva’s leather and leather-chemical businesses. Excluded: collagen/gelatin activities, JBS’s Cactus, Texas plant operations, JBS leather assets in Germany, Uruguay and Mexico, and Viva assets not used in leather operations. Excluded assets will be segregated and remain with each party.
• Commercial arrangements: JBS S.A. and JBS Viva will sign a Leather Supply Agreement (JBS S.A. supplies raw hides) and a Raw Material Supply Agreement (JBS Viva sells trimmings/shavings back to JBS S.A. for gelatin/collagen use).

Why It Matters
This 50/50 association could consolidate significant leather operations between two major players, potentially creating a more focused leather platform and formal supply arrangements between the parties. For investors, the deal may affect JBS’s operational focus and asset structure in its hides/leather chain, but the agreement is conditional and may not close. The filing also includes standard forward‑looking statement disclosures noting risks and uncertainties that could prevent completion.