JBS SA：停止覆盖

Discontinuing Coverage Discontinuing Coverage Afterthe successful relisting of JBS's shares on the NYSE (JBSUS) and with JBSS3 shares having stopped trading as ofFriday 6/6/25, its shares have been delisted and we hencediscontinue coverage of JBSS3. Our coverage of JBS US begantoday with an OW rating and a $22 price target. JBSS3.SA/JBSS3 BSOVERWEIGHTUnchanged Our final rating on JBS SA (JBSS3 BZ) was Overweight with a R$53/share price target.Aftertheconclusion of the relisting on the NYSE, we now cover JBS US with a $22 price target (see JBSNV: New US Listing and USD Model, 6/16/25). Source: IDCLink to Barclays Live for interactive charting Americas AgribusinessBenjamin M. Theurer+52 55 5241 3322benjamin.theurer@barclays.comBCCB, Mexico Ryan Lavin+1 212 526 8713ryan.lavin1@barclays.comBCI, US Rahi Parikh+1 212 526 0150rahi.parikh@barclays.comBCI, US Barclays | JBS SA Analyst(s) Certification(s):I, Benjamin M. Theurer, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise. In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm. Primary Stocks (Ticker, Date, Price) JBS SA(JBSS3.SA, 06-Jun-2025, BRL 39.03), Overweight/Neutral, E/J/K/L/M/N Materially Mentioned Stocks (Ticker, Date, Price) JBS NV(JBS, 13-Jun-2025, USD 13.87), Overweight/Neutral, J Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication. Disclosure Legend: A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months. B:An employee or non-executive director of Barclays PLC is a director of this issuer. CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer. CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities issued by this issuer. CH:Barclays Bank PLC and/or its group companies makes, or will make, a market in the securities (as defined under paragraph 16.2 (k) of the HK SFCCode of Conduct) in respect of this issuer. D:Barclays Bank PLC and/or anaffiliatehas received compensation for investment banking services