DEBT

12 Months Ended

Dec. 28, 2025

Debt Disclosure [Abstract]

DEBT

DEBT

Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the following components:

	Maturity	December 28, 2025		December 29, 2024
		(In thousands)
Senior notes payable, net of discount, at 6.875%	2034	$	492,251	$	491,329
Senior notes payable, net of discount, at 6.25%	2033	917,852		974,381
Senior notes payable at 3.50%	2032	899,600		900,000
Senior notes payable, net of discount, at 4.25%	2031	791,946		850,342
U.S. Credit Facility (defined below) at SOFR plus 1.35%	2028	—		—
Europe Credit Facility (defined below) with notes payable at SONIA plus 1.25%	2027	—		—
Mexico BBVA Credit Facility (defined below) with notes payable at TIIE plus 1.35%	2028	—		—
Mexico Bajio Credit Facility (defined below) with notes payable at TIIE plus 1.41%	2030	—		—
Live Oak CHP Project PACE Loan 5.15%	2053	19,163		20,599
Finance lease obligations	Various	1,389		1,792
Long-term debt		3,122,201		3,238,443
Less: Current maturities of long-term debt		(924)		(858)
Long-term debt, less current maturities		3,121,277		3,237,585
Less: Capitalized financing costs		(28,164)		(31,472)
Long-term debt, less current maturities, net of capitalized financing costs		$	3,093,113	$	3,206,113

The future minimum principal payments due in each of the next five fiscal years subsequent to the year ended December 28, 2025, related to the Live Oak CHP Project PACE Loan discussed below, are $0.1 million. See “Note 3. Leases” for future minimum payments of finance lease obligations.

Bond Repurchase Program

On May 1, 2024, the Board approved a bond repurchase program which permits the Company to repurchase an aggregate amount of $200.0 million of the Company’s outstanding senior notes. On May 1, 2025, the Board approved an increase to the bond repurchase program for an additional amount of $500.0 million. In year ended December 28, 2025, the Company repurchased $59.6 million of outstanding principal of the Senior Notes due 2031 (defined below), $0.4 million of outstanding principal of the Senior Notes due 2032 (defined below), and $57.5 million of outstanding principal of the Senior Notes due 2033 (defined below), resulting in $1.0 million gross realized gains recognized. The gross realized gains on early extinguishment of debt are recognized in interest expense. The original discount and capitalized financing costs associated with the amount repurchased are immaterial and are partially offsetting the gross gains on early extinguishment of debt, along with a nominal amount of transaction fees. To date under the program, the Company has repurchased $203.9 million of outstanding principal of the Senior Notes due 2031, $0.4 million of Senior Notes due 2032, and $77.5 million of outstanding principal of the Senior Notes due 2033.

U.S. Senior Notes

U.S. Senior Notes Due 2031

On April 8, 2021, the Company completed a sale of $1.0 billion aggregate principal amount of its 4.25% sustainability-linked unsecured, unregistered senior notes due 2031 (“Senior Notes due 2031”). The Company used the net proceeds, together with cash on hand, to redeem previously issued senior notes. The issuance price of this offering was 98.994%, which created gross proceeds of $989.9 million. The $10.1 million discount will be amortized over the remaining life of the Senior Notes due 2031.

The Senior Notes due 2031 are governed by, and were issued pursuant to, an indenture dated as of April 8, 2021 by and among the Company, its guarantor subsidiaries and Regions Bank, as trustee (the “April 2021 Indenture”). The April 2021 Indenture provides, among other things, that the Senior Notes due 2031 bear interest at a rate of 4.25% per annum payable semi-annually on April 15 and October 15 of each year. From and including October 15, 2026, the interest rate payable on the notes shall be increased to 4.50% per annum unless the Company has notified the trustee at least 30 days prior to October 15, 2026 that in respect of the year ended December 31, 2025, (1) the Company’s greenhouse gas emissions intensity reduction target of 17.679% by December 31, 2025 from a 2019 baseline (the “Sustainability Performance Target”) has been satisfied and (2) the satisfaction of the Sustainability Performance Target has been confirmed by a qualified provider of third-party assurance or attestation services appointed by the Company to review the Company’s statement of the greenhouse gas emissions intensity in accordance with its customary procedures.

U.S. Senior Notes Due 2032

On September 2, 2021, the Company completed a sale of $900.0 million in aggregate principal amount of its 3.50% unsecured, unregistered senior notes due 2032 (“Senior Notes due 2032”). The Company used the proceeds, together with borrowings under the delayed draw term loan under its U.S. Credit Facility, to finance the acquisition of the Kerry Consumer Foods’ meats and meals businesses (now Pilgrim’s Food Masters) and to pay related fees and expenses.

The Senior Notes due 2032 are governed by, and were issued pursuant to, an indenture dated as of September 2, 2021 by and among the Company, its guarantor subsidiaries and Regions Bank, as trustee (the “September 2021 Indenture”). The September 2021 Indenture provides, among other things, that the Senior Notes due 2032 bear interest at a rate of 3.50% per annum payable semi-annually on March 1 and September 1 of each year.

On September 22, 2022, the Company announced the expiration and receipt of the requisite consents in its consent solicitations for certain amendments to the indentures governing its Senior Notes due 2031 and Senior Notes due 2032. The amendments conformed certain provisions and restrictive covenants in each indenture to (1) reflect PPC’s investment-grade status and (2) the corresponding provisions and restrictive covenants set forth in the September 2021 Indenture. The amendments permanently eliminated certain covenants for the Company, including limitations on incurrence of additional debt and issuance of capital stock, restricted payments, asset sales, restrictions on distributions from restricted subsidiaries, affiliate transactions, guarantees of debt by restricted subsidiaries and certain provisions related to mergers and consolidations. In addition, provisions related to limitation on liens, sale and leaseback transactions, substitution of the Company as an issuer and measuring compliance were amended.

U.S. Senior Notes Due 2033

On April 19, 2023, the Company completed a sale of $1.0 billion aggregate principal amount of its 6.25% unsecured, registered senior notes due 2033 (“Senior Notes due 2033”). The Company used the net proceeds to repay the term loans and

the outstanding balance under the U.S. Credit Facility as defined below. The remaining proceeds were used for general corporate purposes, including repaying existing debt. The issuance price of this offering to the public was 99.312%, which created gross proceeds of $993.1 million before transaction costs. The $6.9 million discount will be amortized over the remaining life of the Senior Notes due 2033. The Senior Notes due 2033 bear interest at a rate of 6.25% per annum from the date of issuance until maturity, payable semiannually on January 1 and July 1 of each year.

U.S. Senior Notes Due 2034

On October 12, 2023, the Company completed a sale of $500.0 million aggregate principal amount of its 6.875% unsecured, registered senior notes due 2034 (“Senior Notes due 2034”). The Company used the net proceeds from the offering of the Senior Notes due 2034, together with cash on hand, to repurchase pursuant to a tender offer and redeem all of its outstanding 5.875% Senior Notes due 2027. The issuance price of this offering to the public was 98.041%, which created gross proceeds of $490.2 million before transaction costs. The $9.8 million discount will be amortized over the remaining life of the Senior Notes due 2034. The Senior Notes due 2034 bear interest at a rate of 6.875% per annum from the date of issuance until maturity, payable semiannually in arrears on May 15 and November 15 of each year.

The Senior Notes due 2031, 2032, 2033, and 2034 are the Company’s senior unsecured obligations and will rank equally with all of the Company’s existing and future senior unsecured debt and rank senior to all of the Company’s existing and future subordinated debt.

U.S. Credit Facility

On October 4, 2023, the Company and certain of the Company’s subsidiaries entered into a Revolving Syndicated Facility Agreement (the “U.S. Credit Facility”) with CoBank, ACB as administrative agent and the other lenders party thereto. The U.S. Credit Facility provides for a revolving loan commitment of up to $850 million. The loan commitment matures on October 4, 2028. The U.S. Credit Facility is unsecured and will be used for general corporate purposes. Outstanding borrowings under the U.S. Credit Facility bear interest at a per annum rate equal to either the Secured Overnight Financing Rate (“SOFR”) or the prime rate plus applicable margins based on the Company’s credit ratings. As of December 28, 2025, the Company had outstanding letters of credit and available borrowings under the revolving credit commitment of $4.0 million and $846.0 million, respectively, and there were no outstanding borrowings under this agreement.

The U.S. Credit Facility is not guaranteed by any of the Company’s subsidiaries. Following the Collateral Cure (defined below), each wholly-owned subsidiary of each borrower is required to become a guarantor (other than certain excluded subsidiaries that are not required to become a guarantor).

The U.S. Credit Facility imposes certain limitations and restrictions on the Company and its restricted subsidiaries, including limitations on 1) liens, 2) indebtedness, 3) sales and other dispositions of assets, 4) dividends, distributions, and other payments in respect of equity interest, 5) investments, and 6) voluntary prepayments, redemptions or repurchases of junior debt. In each case, clauses 1 to 6 are subject to certain exceptions which can be material and certain of such clauses only apply to the Company upon the occurrence of certain triggering events. In addition, the U.S. Credit Facility and subject to the Collateral Cure, includes a financial maintenance covenant that requires the Company not to permit its interest coverage ratio to be less than 3.50:1.00, which shall be tested at the end of each fiscal quarter of the Company (the “Financial Maintenance Covenant”).

After the end of any fiscal quarter, the Company may give notice that it will not be in compliance with the Financial Maintenance Covenant and instead may elect to cause the borrowers and each subsidiary guarantor to provide security interests in the collateral that secured the Company’s prior secured credit facility (the “Collateral Cure”). From and after the date of the Collateral Cure, the Financial Maintenance Covenant will no longer be in effect and availability under the U.S.Credit Facility will be limited and subject to collateral coverage utilizing a 75% advance rate on U.S. receivables and a 50% advance rate on U.S. inventory, subject to certain exceptions.

The Company is currently in compliance with the covenants under the U.S. Credit Facility.

Europe Credit Facility

On June 24, 2022, Moy Park Holdings (Europe) Ltd. (“MPH(E)”) and other Pilgrim’s entities located in the U.K. and Republic of Ireland entered into an unsecured multicurrency revolving facility agreement (the “Europe Credit Facility”) with the Governor and Company of the Bank of Ireland, as agent, and the other lenders party thereto. The Europe Credit Facility provides for a multicurrency revolving loan commitment of up to £150.0 million. The loan commitment matures on June 24, 2027. Outstanding borrowings bear interest at the current Sterling Overnight Index Average (“SONIA”) interest rate plus 1.25%. All obligations under this agreement are guaranteed by certain of the Company’s subsidiaries. As of December 28, 2025, both the U.S. dollar-equivalent loan commitment and borrowing availability were $202.5 million and there were no outstanding borrowings under this agreement.

The Europe Credit Facility contains representations and warranties, covenants, indemnities and conditions, in each case, that the Company believes are customary for transactions of this type. Pursuant to the terms of the agreement, the Company is required to meet certain financial and other restrictive covenants. Additionally, the Company is prohibited from taking certain actions without consent of the lenders, including, without limitation, incurring additional indebtedness, entering into certain mergers or other business combination transactions, permitting liens or other encumbrances on its assets and making restricted payments, including dividends, in each case, except as expressly permitted under the Europe Credit Facility. The Company is currently in compliance with the covenants under the Europe Credit Facility.

Mexico BBVA Credit Facility

On December 18, 2025, certain of the Company’s Mexican subsidiaries extended an unsecured credit agreement (the “Mexico BBVA Credit Facility”) with BBVA México as lender. The loan commitment under the Mexico BBVA Credit Facility is Mex$1.3 billion and can be borrowed on a revolving basis. Outstanding borrowings under the Mexico BBVA Credit Facility accrue interest at a rate equal to The Interbank Equilibrium Interest (“TIIE”) rate plus 1.35%. The Mexico BBVA Credit Facility contains covenants and defaults that the Company believes are customary for transactions of this type. The Mexico BBVA Credit Facility will be used for general corporate and working capital purposes. The Mexico BBVA Credit Facility will mature on December 18, 2028. As of December 28, 2025, the U.S. dollar-equivalent of the loan commitment and borrowing availability was $71.2 million. As of December 28, 2025, there were no outstanding borrowings under the Mexico BBVA Credit Facility. The Company is currently in compliance with the covenants under the Mexico BBVA Credit Facility.

Mexico Bajio Credit Facility

On October 30, 2025, certain of the Company’s Mexican subsidiaries entered into an unsecured credit agreement (the “Mexico Bajio Credit Facility”) with Banco del Bajio as lender. The loan commitment under the Mexico Bajio Credit Facility is Mex$1.5 billion and can be borrowed on a revolving basis. Outstanding borrowings under the Mexico Bajio Credit Facility accrue interest at a rate equal to TIIE rate plus 1.41%. The Mexico Bajio Credit Facility contains covenants and defaults that the Company believes are customary for transactions of this type. The Mexico Bajio Credit Facility will be used for general corporate and working capital purposes. The Mexico Bajio Credit Facility will mature on October 30, 2030. As of December 28, 2025, the U.S. dollar-equivalent of the loan commitment and borrowing availability was $83.8 million. As of December 28, 2025, there were no outstanding borrowings under the Mexico Bajio Credit Facility. The Company is currently in compliance with the covenants under the Mexico Bajio Credit Facility.

Live Oak CHP Project PACE Loan

On October 10, 2022, the Company entered into a property assessed clean energy (“PACE”) financing program, required by Section 15 of the Property Assessed Clean Energy Act to fund various energy projects, with the city of Live Oak, Florida. The loan bears interest at 5.15%, and is secured by a special assessment on the property. The repayment of the loan is assessed and amortized over a 30-year term, payable in equal annual installments including principal, interest, and assessment administrative fees at the same time and in the same installments as the general taxes on the property. As of December 28, 2025, there were $19.2 million of outstanding principal under the Live Oak CHP Project PACE Loan.