Financial Results for First Quarter Ended

March 31, 2024

Pilgrim’s Pride Corporation

(NASDAQ: PPC)
 Cautionary Notes and Forward-Looking Statements

◼ Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride
Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify
forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that
could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the
ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products;
outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its
poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls;
exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and
potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations
affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing
immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt
its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations,
trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channels,
including, but not limited to, the impacts of the Russia-Ukraine conflict; the risk of cyber-attacks, natural disasters, power losses, unauthorized access,
telecommunication failures, and other problems on our information systems; and the impact of uncertainties of litigation and other legal matters described in our
most recent Form 10-K and Form 10-Q, including the In re Broiler Chicken Antitrust Litigation, as well as other risks described under “Risk Factors” in the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The forward-
looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this
release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
◼ Actual results could differ materially from those projected in these forward-looking statements as a result of these factors, among others, many of which are
beyond our control. In making these statements, we are not undertaking, and specifically decline to undertake, any obligation to address or update each or any
factor in future filings or communications regarding our business or results, and we are not undertaking to address how any of these factors may have caused
changes to information contained in previous filings or communications. Although we have attempted to list comprehensively these important cautionary risk
factors, we must caution investors and others that other factors may in the future prove to be important and affecting our business or results of operations.
◼ This presentation may include information that may be considered non-GAAP financial information as contemplated by SEC Regulation G, Rule 100, including
EBITDA, Adjusted EBITDA, LTM EBITDA, Net Debt, Free Cash Flow, Adjusted EBITDA Margin and others. Accordingly, we have provided tables in the
accompanying appendix and in our previous filings with the SEC that reconcile these measures to their corresponding GAAP-based measures and explain why
these measures are useful to investors, which can be obtained from the Consolidated Statements of Income provided with our previous filings with the SEC. Our
method of computation may or may not be comparable to other similarly titled measures used in filings with the SEC by other companies. See the consolidated
statements of income and consolidated statements of cash flows included in our financial statements.

2
 First Quarter 2024 Financial Review

▪ U.S.: Significant Year-over-Year (YoY) improvement in

commodity market pricing and operational
Main Indicators ($MM) Q1 2024 Q1 2023 improvements benefited Big Bird business; while
Case Ready and Prepared Foods improved YOY and
Net Revenue 4,361.9 4,165.6 Quarter-over-Quarter (QoQ) driven by increased
Gross Profit 383.9 173.0 distribution; Europe: YoY profit improvement due to
product diversification and operational efficiencies;
SG&A 119.1 133.7 Mexico: YoY and QoQ profitability increases due to
improved balance in supply / demand dynamic and
Operating Income 250.3 31.3 lower SG&A.
Net Interest 30.9 39.1 ▪ SG&A lower due to a decrease in legal settlements
Net Income 174.9 5.6 and cost efficiencies achieved in all regions; partially
offset by higher incentive compensation costs in the
Earnings Per Share (EPS) 0.73 0.02 quarter.
▪ Adjusted Q1 2024 EBITDA* growth reflects the
Adjusted EBITDA* 371.9 151.9 benefits of our focus on operational efficiencies,
Adjusted EBITDA 8.5% 3.6%
portfolio balance, Key Customer strategy, and
Margin* geographical diversification.
* This is a non-GAAP measurement considered by management to be In $MM U.S. EU MX
useful in understanding our results. Please see the appendix and most
recent SEC financial filings for definition of this measurement and Net Revenue 2,579.3 1,267.9 514.7
reconciliation to US GAAP.
Adjusted Operating 180.4 45.7 39.7
Income*
Adjusted Operating 7.0% 3.6% 7.7%
Source: PPC Income Margin* 3
 Pullet Placements Increased 1.4% Y/Y in Q1-2024

Intended Pullet Placements

12,000

10,000

8,000

6,000
Thousand Head

4,000

2,000

-
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023 2024 5 Yr. Avg.

▪ Trailing 8-Month placements increased 5.3% vs. year ago.

Source: USDA 4
 Broiler Layer Flock Decreased Y/Y In Q1-24;
Eggs/100 Increased Y/Y In Q1-24

Broiler Type Hatching Layers Eggs/100

65,000 2,000

1,950
64,000
1,900

63,000 1,850

1,800
Head (000)

62,000

Eggs
1,750
61,000 1,700

1,650
60,000
1,600
59,000
1,550

58,000 1,500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023 2024 5 Yr. Avg. 2023 2024 5 Yr. Avg.

▪ Broiler layer flock -0.6% YoY in Q1-24.

▪ Eggs/100 2.9% YoY in Q1-24.

Source: USDA 5
 Egg Sets Increased 0.8% YoY in Q1-24;
Hatchability -0.2% Below Q1-23 Levels

Chicken Egg Sets Chicken Hatchability

by Week - USDA by Week - USDA

250,000
83.0%
245,000
82.0%
240,000
81.0%
235,000
Thousands of Eggs

80.0%
230,000

%
79.0%
225,000

220,000 78.0%

215,000 77.0%

210,000 76.0%

205,000 75.0%

200,000
74.0%

5 Year Range 5 Yr. Avg. 2022 2023 2024 5 Year Range 5 Yr. Avg. 2022 2023 2024

Source: USDA 6
 Broiler Placements In Line With Year Ago Levels

Chicken Broiler Placed

by Week- USDA
200,000

195,000

190,000

185,000
Head (000)

180,000

175,000

170,000

165,000

160,000

5 Year Range 5 Yr. Avg. 2022 2023 2024

Source: USDA 7
 Increased Head Counts in Big Bird Segment in Q1-24

Head Processed by Size

100%

90% 21.4% 20.9% 21.2% 21.7% 23.3% 24.1% 25.7% 25.4% 26.4% 27.3%

80%

70%
20.9% 22.5% 23.6%
25.4%
26.2%
27.6%
60% 28.4% 29.7% 27.6% 26.8%

50%

32.2% 31.2%
40% 30.4%
30.2%
28.7%
27.4%
26.2% 28.2%
30% 27.6% 29.4%

20%

25.5% 25.3% 24.8%

10% 22.7% 21.8% 20.9% 19.7% 17.3% 17.7%
16.6%

0%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
<4.25 4.26-6.25 6.26-7.75 >7.75

Source: USDA 8
 Industry Cold Storage Supplies in Q1-24
Trending Below Year Ago and 5 Year Average

Total Chicken Inventories

950,000

900,000

850,000

800,000

750,000
LBS (000)

700,000

650,000

600,000

550,000

500,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023 2024 5 Yr. Avg.

• Total Inventories at the end March-24 was down -10.5% Y/Y and -8.2% below 5-year
average.
• Breast meat inventories decreased -5.0% Y/Y and -5.3% from previous month.
• Wing inventories continues to decline -19.6% below year ago.
• Dark Meat inventories decreased -12.5% Y/Y and -21.2% below 5-year average
• Other category continues to be large contributor of inventory, also experienced decline
from year ago.

Source: USDA 9
 Jumbo Cutout Pricing Trended Near 5-year Average
Before Accelerating in Late Q1
Jumbo Cutout
170

150

130
Cents/Lb

110

90

70

50
4/28

10/13

11/10
3/31

5/26

6/23

7/21

8/18

9/15

12/8
1/6

2/3

3/3

5 Year Range 5 Yr. Avg. 2022 2023 2024

Source: PPC, EMI 10
 BSB, Tenders and Wings Improved Seasonally;
LQ Continues to Pace Above 5 Year Average
USDA Boneless/Skinless Breast USDA Tenders
375.00 375.00
325.00 325.00
275.00 275.00
Cents/Lb

Cents/Lb
225.00 225.00
175.00 175.00

125.00 125.00

75.00 75.00

9/4
1/7

2/6

3/8

4/7

5/7

6/6

7/6

8/5

10/4

11/3

12/3

1/7

2/6

3/8

4/7

5/7

6/6

7/6

8/5

9/4

10/4

11/3

12/3
5 Year Range 5 Year Average 2022 2023 2024
5 Year Range 5 Year Average 2022 2023 2024

USDA Leg Quarters

USDA Whole Wings
70.00
350
60.00
300
50.00
250
Cents/Lb

Cents/Lb
40.00
200
30.00 150
20.00 100
10.00 50
0.00 0
1/7

2/6

3/8

4/7

5/7

6/6

7/6

8/5

9/4

10/4

11/3

12/3
1/7

2/6

3/8

4/7

5/7

6/6

7/6

8/5

9/4

10/4

11/3

12/3

5 Year Range 5 Year Average 2022 2023 2024

5 Year Range 2022 5 Year Average 2023 2024

Note: On the week of September 2, 2022, USDA revised their reporting of chicken prices from regional prices to one national metric. The old USDA NE Broiler prices
previously used provided the largest sample size and the most accurate reflection of the chicken market. The above pricing indicates the new national price reflected by the 11
USDA reporting from 9/2/22 on.
 WOG Pricing Moving Seasonally
Below Year Ago in Q1-24
EMI WOG 2.5-4.0 LBS
160.0

150.0

140.0

130.0

120.0
Cents/Lb.

110.0

100.0

90.0

80.0

70.0

60.0
8/4
1/6

2/3

3/3

6/9

7/7

9/1

10/13

10/27

11/10

11/24

12/22
1/20

2/17

3/17

3/31

4/14

4/28

5/12

5/26

6/23

7/21

8/18

9/15

9/29

12/8
5 Year Range 5 Yr. Avg. 2022 2023 2024
Source: EMI 12
 Corn Dynamics

▪ US remains on path to rebuild 23/24 corn ending stocks above the psychologically important 2.0B bushel
level.
▪ Weather has continued to support record combined corn production in S. American origins, building 23/24
global corn stocks and creating export competition for the US into the 24/25 crop year
▪ USDA prospective plantings survey shows lower corn plantings this year, raising sensitivity to US growing
season weather

Source: PPC 13
 Soybean Dynamics

▪ US 23/24 ending stocks continue to build with weak export demand, forecast up 28% vs 22/23 crop year
▪ S. American combined soybean production hits new record high as growth in Argentina offsets small decline
in Brazil vs prior year
▪ USDA prospective plantings survey shows higher soy plantings this year, creating potential for another large
increase in soy stocks. Large bean stocks combined with increased US soy processing capacity will keep
pressure on soybean meal prices

Source: PPC 14
 Fiscal Year 2024 Capital Spending
Capex (US$M)

▪ Continued investment in strategic projects will support Key Customers’ growth and
emphasize our focus on further diversification of our portfolio and operational
improvements

Source: PPC 15
APPENDIX
 Appendix: Reconciliation of Adjusted EBITDA
“EBITDA” is defined as the sum of net income (loss) plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting
from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (1) foreign currency transaction losses (gains), (2) transaction costs related to
business acquisitions, (3) costs related to litigation settlements, (4) restructuring activities losses, (5) property insurance recoveries, and (6) net income attributable to noncontrolling interest. EBITDA is
presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity
with accounting principles generally accepted in the U.S. (“U.S. GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how
our management analyzes EBITDA applicable to continuing operations. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance
with U.S. GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its
competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be
considered in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP. In addition, other companies in our industry may calculate these measures differently limiting their
usefulness as a comparative measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as an alternative to net income as indicators of our operating performance or
any other measures of performance derived in accordance with U.S. GAAP. These limitations should be compensated for by relying primarily on our U.S. GAAP results and using EBITDA and Adjusted
EBITDA only on a supplemental basis.

Source: PPC 17
 Appendix: Reconciliation of Adjusted EBITDA
PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)

Three Months Ended

March 31, 2024 March 26, 2023

(In thousands)
Net income $ 174,938 $ 5,631
Add:
Interest expense, net(a) 30,897 39,062
Income tax expense (benefit) 52,062 (8,840)
Depreciation and amortization 103,350 98,257
EBITDA 361,247 134,110
Add:
Foreign currency transaction losses (gains)(b) (4,337) 18,143
Litigation settlements(c) 940 11,200
Restructuring activities losses(d) 14,559 8,026
Minus:
Property insurance recoveries for Mayfield tornado losses(f) — 19,086
Net income attributable to noncontrolling interest 517 444
Adjusted EBITDA $ 371,892 $ 151,949

a) Interest expense, net, consists of interest expense less interest income.

b) The Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities,
other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the
date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements, as well as, from our Europe reportable segment are included in the line
item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
c) This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
d) Restructuring activities losses are primarily related to our Pilgrim's Europe integration.
e) This represents property insurance recoveries for the property damage losses incurred as a result of the tornado in Mayfield, KY in December 2021.

Source: PPC 18
 Appendix: Reconciliation of LTM Adjusted EBITDA
The summary unaudited consolidated income statement data for the twelve months ended March 31, 2024 (the LTM Period) have been calculated
by subtracting the applicable unaudited consolidated income statement data for the three months ended March 26, 2023 from the sum of (1) the
applicable audited consolidated income statement data for the year ended December 31, 2023 and (2) the applicable unaudited consolidated income
statement data for the three months ended March 31, 2024.

PILGRIM'S PRIDE CORPORATION

Reconciliation of LTM Adjusted EBITDA
(Unaudited)

Three Months Ended LTM Ended

June 25, September 24, December 31, March 31, March 31,
2023 2023 2023 2024 2024
(In thousands)
Net income $ 60,908 $ 121,567 $ 134,211 $ 174,938 $ 491,624
Add:
Interest expense, net 39,524 33,530 54,505 30,897 158,456
Income tax expense (benefit) (15,225) 44,553 22,417 52,062 103,807
Depreciation and amortization 104,857 104,300 112,486 103,350 424,993
EBITDA 190,064 303,950 323,619 361,247 1,178,880
Add:
Foreign currency transaction losses
(gains) 16,395 8,924 (22,892) (4,337) (1,910)
Litigation settlements 13,000 10,500 4,700 940 29,140
Restructuring activities losses 29,718 940 5,661 14,559 50,878
Minus:
Property insurance recoveries — — 2,038 — 2,038
Net income (loss) attributable to
noncontrolling interest 452 289 (442) 517 816
Adjusted EBITDA $ 248,725 $ 324,025 $ 309,492 $ 371,892 $ 1,254,134

Source: PPC 19
 Appendix: Reconciliation of EBITDA Margin
EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by net sales for the applicable period. EBITDA margins are presented because they are used by
management and we believe it is frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the
performance of companies.

PILGRIM'S PRIDE CORPORATION

Reconciliation of EBITDA Margin
(Unaudited)

Three Months Ended Three Months Ended

March 31, March 26, March 31, March 26,
2024 2023 2024 2023
(In thousands)
Net income $ 174,938 $ 5,631 4.01 % 0.14 %
Add:
Interest expense, net 30,897 39,062 0.71 % 0.94 %
Income tax expense (benefit) 52,062 (8,840) 1.19 % (0.21)%
Depreciation and amortization 103,350 98,257 2.36 % 2.35 %
EBITDA 361,247 134,110 8.27 % 3.22 %
Add:
Foreign currency transaction losses (gains) (4,337) 18,143 (0.09)% 0.43 %
Litigation settlements 940 11,200 0.02 % 0.27 %
Restructuring activities losses 14,559 8,026 0.33 % 0.19 %
Minus:
Property insurance recoveries for Mayfield tornado losses — 19,086 —% 0.46 %
Net income attributable to noncontrolling interest 517 444 0.01 % 0.01 %
Adjusted EBITDA $ 371,892 $ 151,949 8.52 % 3.64 %

Net sales $4,361,934 $4,165,628 — —

Source: PPC 20
 Appendix: Reconciliation of Adjusted EBITDA by Segment

PILGRIM'S PRIDE CORPORATION

Reconciliation of Adjusted EBITDA
(Unaudited)

Three Months Ended Three Months Ended

March 31, 2024 March 26, 2023
U.S. Europe Mexico Total U.S. Europe Mexico Total
(In thousands) (In thousands)
Net income (loss) $ 102,631 $ 24,512 $ 47,795 $ 174,938 $ (53,590) $ 20,813 $ 38,408 $ 5,631
Add:
Interest expense, net(a) 44,586 (1,983) (11,706) 30,897 41,365 (198) (2,105) 39,062
Income tax expense (benefit) 32,060 9,557 10,445 52,062 (16,822) 5,923 2,059 (8,840)
Depreciation and amortization 62,685 35,028 5,637 103,350 60,237 32,277 5,743 98,257
EBITDA 241,962 67,114 52,171 361,247 31,190 58,815 44,105 134,110
Add:
Foreign currency transaction losses (gains)(b) 2 (216) (4,123) (4,337) 20,313 (616) (1,554) 18,143
Litigation settlements(c) 940 — — 940 11,200 — — 11,200
Restructuring activities losses(d) — 14,559 — 14,559 — 8,026 — 8,026
Minus:
Property insurance recoveries for Mayfield
tornado losses(e) — — — — 19,086 — — 19,086
Net income attributable to noncontrolling
interest — — 517 517 — — 444 444
Adjusted EBITDA $ 242,904 $ 81,457 $ 47,531 $ 371,892 $ 43,617 $ 66,225 $ 42,107 $ 151,949

a) Interest expense, net, consists of interest expense less interest income.

b) The Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities,
other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the
date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements, as well as, from our Europe reportable segment are included in the line
item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
c) This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
d) Restructuring activities losses are primarily related to our Pilgrim's Europe integration.
e) This represents property insurance recoveries for the property damage losses incurred as a result of the tornado in Mayfield, KY in December 2021.

Source: PPC 21
 Appendix: Reconciliation of Adjusted Operating Income
Adjusted Operating Income is calculated by adding to Operating Income certain items of expense and deducting from Operating Income certain items of income. Management believes that presentation of
Adjusted Operating Income provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are
not indicative of our current operating performance. A reconciliation of GAAP operating income to adjusted operating income as follows:

PILGRIM'S PRIDE CORPORATION

Reconciliation of Adjusted Operating Income
(Unaudited)

Three Months Ended

March 31, 2024 March 26, 2023
(In thousands)
GAAP operating income (loss), U.S. operations $ 179,417 $ (28,106)
Litigation settlements 940 11,200
Adjusted operating income (loss), U.S. operations $ 180,357 $ (16,906)

Adjusted operating income (loss) margin, U.S. operations 7.0 % (0.7) %

Three Months Ended

March 31, 2024 March 26, 2023
(In thousands)
GAAP operating income, Europe operations $ 31,116 $ 25,261
Restructuring activities losses 14,559 8,026
Adjusted operating income, Europe operations $ 45,675 $ 33,287

Adjusted operating income margin, Europe operations 3.6 % 2.7 %

Three Months Ended

March 31, 2024 March 26, 2023
(In thousands)
GAAP operating income, Mexico operations $ 39,741 $ 34,175
No adjustments — —
Adjusted operating income, Mexico operations $ 39,741 $ 34,175

Adjusted operating income margin, Mexico operations 7.7 % 6.9 %

Source: PPC 22
 Appendix: Reconciliation of GAAP Operating Income
Margin to Adjusted Operating Income Margin
Adjusted Operating Income Margin for each of our reportable segments is calculated by dividing Adjusted operating income by Net Sales. Management believes that presentation of Adjusted Operating
Income Margin provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not
indicative of our current operating performance. A reconciliation of GAAP operating income margin for each of our reportable segments to adjusted operating income margin for each of our reportable
segments is as follows:

PILGRIM'S PRIDE CORPORATION

Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin
(Unaudited)

Three Months Ended

March 31, 2024 March 26, 2023
(In percent)
GAAP operating income (loss) margin, U.S. operations 7.0 % (1.2) %
Litigation settlements — % 0.5 %
Adjusted operating income (loss) margin, U.S. operations 7.0 % (0.7) %

Three Months Ended

March 31, 2024 March 26, 2023
(In percent)
GAAP operating income margin, Europe operations 2.5 % 2.0 %
Restructuring activities losses 1.1 % 0.6 %
Adjusted operating income margin, Europe operations 3.6 % 2.7 %

Three Months Ended

March 31, 2024 March 26, 2023
(In percent)
GAAP operating income margin, Mexico operations 7.7 % 6.9 %
No adjustments — % — %
Adjusted operating income margin, Mexico operations 7.7 % 6.9 %

Source: PPC 23
 Appendix: Reconciliation of Adjusted Net Income
Adjusted net income attributable to Pilgrim's Pride Corporation (“Pilgrim's”) is calculated by adding to Net income attributable to Pilgrim's certain items of expense and deducting from Net income
attributable to Pilgrim's certain items of income, as shown below in the table. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is presented because it is used by
management, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with U.S. GAAP, to compare
the performance of companies. Management also believe that this non-U.S. GAAP financial measure, in combination with our financial results calculated in accordance with U.S. GAAP, provides
investors with additional perspective regarding the impact of such charges on net income attributable to Pilgrim’s Pride Corporation per common diluted share. Adjusted net income attributable to
Pilgrim’s Pride Corporation per common diluted share is not a measurement of financial performance under U.S. GAAP, has limitations as an analytical tool and should not be considered in isolation or as
a substitute for an analysis of our results as reported under U.S. GAAP. Management believes that presentation of adjusted net income attributable to Pilgrim’s provides useful supplemental information
about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation
of net income (loss) attributable to Pilgrim’s Pride Corporation per common diluted share to adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is as follows:

PILGRIM'S PRIDE CORPORATION

Reconciliation of Adjusted Net Income
(Unaudited)

Three Months Ended

March 31, 2024 March 26, 2023
(In thousands, except per share data)
Net income attributable to Pilgrim's $ 174,421 $ 5,187
Add:
Foreign currency transaction losses (gains) (4,337) 18,143
Litigation settlements 940 11,200
Restructuring activities losses 14,559 8,026
Minus:
Property insurance recoveries for Mayfield tornado losses — 19,086
Adjusted net income attributable to Pilgrim's before tax impact of
adjustments 185,583 23,470
Net tax impact of adjustments(a) (2,701) (4,554)
Adjusted net income attributable to Pilgrim's $ 182,882 $ 18,916
Weighted average diluted shares of common stock outstanding 237,491 237,164
Adjusted net income attributable to Pilgrim's per common diluted
share $ 0.77 $ 0.08

a) Net tax expense (benefit) of adjustments represents the tax impact of all adjustments shown above.

Source: PPC 24
 Appendix: Reconciliation of GAAP EPS to Adjusted EPS
Adjusted EPS is calculated by dividing the adjusted net income attributable to Pilgrim's stockholders by the weighted average number of diluted shares. Management believes that Adjusted EPS provides
useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating
performance. A reconciliation of U.S. GAAP to non-U.S. GAAP financial measures is as follows:

PILGRIM'S PRIDE CORPORATION

Reconciliation of GAAP EPS to Adjusted EPS
(Unaudited)

Three Months Ended

March 31, 2024 March 26, 2023
(In thousands, except per share data)
GAAP EPS $ 0.73 $ 0.02
Add:
Foreign currency transaction losses (gains) (0.02) 0.08
Litigation settlements — 0.05
Restructuring activities losses 0.07 0.03
Minus:
Property insurance recoveries for Mayfield tornado losses — 0.08
Adjusted EPS before tax impact of adjustments 0.78 0.10
Net tax impact of adjustments(a) (0.01) (0.02)
Adjusted EPS $ 0.77 $ 0.08

Weighted average diluted shares of common stock

outstanding 237,491 237,164

a) Net tax impact of adjustments represents the tax impact of all adjustments shown above.

Source: PPC 25
 Appendix: Supplementary Selected Segment and
Geographic Data
PILGRIM'S PRIDE CORPORATION
Supplementary Selected Segment and Geographic Data
(Unaudited)

Three Months Ended

March 31, 2024 March 26, 2023
(In thousands)
Sources of net sales by geographic region of origin:
U.S. $ 2,579,332 $ 2,432,568
Europe 1,267,903 1,239,264
Mexico 514,699 493,796
Total net sales $ 4,361,934 $ 4,165,628

Sources of cost of sales by geographic region of origin:

U.S. $ 2,342,040 $ 2,394,239
Europe 1,175,738 1,155,071
Mexico 460,247 443,284
Elimination — (13)
Total cost of sales $ 3,978,025 $ 3,992,581

Sources of gross profit by geographic region of origin:

U.S. $ 237,292 $ 38,329
Europe 92,165 84,193
Mexico 54,452 50,512
Elimination — 13
Total gross profit $ 383,909 $ 173,047

Sources of operating income (loss) by geographic region of origin:

U.S. $ 179,417 $ (28,106)
Europe 31,116 25,261
Mexico 39,741 34,175
Elimination — 13
Total operating income $ 250,274 $ 31,343

Source: PPC 26