JBS N.V. and the FTSE All-World Index: Strategic Implications for Global Investors

The recent dual listing of JBS N.V. (NYSE: JBS) on the New York Stock Exchange and Brazil's B3 has reignited discussions about the company's potential inclusion in global equity indices, including the FTSE All-World Index. While no official announcement has confirmed JBS's addition to the FTSE All-World Index as of September 2025, the strategic implications of such a move—should it materialize—warrant close scrutiny for investors seeking exposure to high-growth agribusiness equities.

Strategic Rationale for Index Inclusion

JBS's dual listing, approved by minority shareholders in May 2025 and operational since June 12, 2025, aligns the company with global capital markets and enhances its visibility to institutional investorsFTSE Index Rebalancing: 14 Indian Companies^[1]. The move, which includes Brazilian Depositary Receipts (BDRs) on B3, is designed to reduce the company's cost of capital and expand its investor baseJBS Begins Trading on the NYSE, Completes Dual Listing with Brazil’s B3^[3]. Such structural changes often precede index inclusion, as global indices like the FTSE All-World prioritize liquidity, market capitalization, and accessibility for international investorsJBS N.V. – Financial Statements & Analysis^[4].

The FTSE All-World Index, which includes large- and mid-cap stocks from 49 countries, typically rebalances its constituents quarterly. While JBS has not yet been explicitly named in the index's 2025 updates, the company's Q2 2025 financials—$118.974 billion in revenue and $3.036 billion in net incomeJBS N.V. – Financial Statements & Analysis^[4]—suggest it meets the size and profitability criteria for inclusion. Analysts note that JBS's dual listing could accelerate its eligibility, particularly if its U.S. liquidity metrics meet the index's thresholdsJBS Begins Trading on the NYSE, Completes Dual Listing with Brazil’s B3^[3].

Liquidity, Visibility, and Institutional Demand

Inclusion in the FTSE All-World Index would amplify JBS's liquidity by attracting passive and active institutional investors. Passive funds tracking the index are obligated to purchase JBS shares, while active managers may increase exposure to capitalize on the company's dominant position in the global protein market. According to a report by Bloomberg, index additions typically drive inflows of 1–2% of a company's market capitalization within months of inclusionJBS N.V. – Financial Statements & Analysis^[4]. For JBS, with a market cap exceeding $50 billion post-dual listingJBS N.V. – Financial Statements & Analysis^[4], this could translate to billions in new capital.

The visibility boost would also enhance JBS's brand equity, particularly in emerging markets. As noted by Reuters, the FTSE All-World Index's inclusion of 14 Indian companies in March 2025 spurred $1.4–$1.6 billion in inflows into Indian equitiesFTSE Index Rebalancing: 14 Indian Companies^[1]. A similar dynamic could play out for JBS, given its role as the world's largest meat processor and its strategic pivot toward sustainable supply chainsJBS Begins Trading on the NYSE, Completes Dual Listing with Brazil’s B3^[3].

Long-Term Investment Case in a Shifting Protein Market

The global protein market is undergoing structural shifts, driven by rising demand for plant-based alternatives and regulatory pressures on traditional meat producers. JBS, however, has positioned itself as a leader in this transition. The company's investment in Beyond Meat and its own plant-based brand, “JBS Vegetarian,” demonstrates a diversified approach to capturing market shareJBS Begins Trading on the NYSE, Completes Dual Listing with Brazil’s B3^[3].

Financially, JBS's Q2 2025 results underscore its resilience. A gross profit of $16.049 billion and operating income of $6.267 billion highlight its ability to maintain margins despite volatile commodity pricesJBS N.V. – Financial Statements & Analysis^[4]. For investors, the dual listing and potential index inclusion add another layer of appeal: enhanced governance under U.S. regulatory scrutiny, which may mitigate risks associated with past controversies over environmental practicesJBS Shareholders Approve Dual Listing — JBS Foods^[2].

Risks and Considerations

Critics caution that JBS's dual-class share structure—where Class B shares carry ten times the voting power of Class A shares—could concentrate control among insidersJBS N.V. – Financial Statements & Analysis^[4]. Additionally, the company's exposure to environmental litigation and supply chain risks remains a concern for ESG-focused investorsJBS Shareholders Approve Dual Listing — JBS Foods^[2]. While the FTSE All-World Index does not explicitly exclude companies with governance issues, such factors could limit its appeal to certain institutional buyers.

Conclusion

While JBS N.V.'s inclusion in the FTSE All-World Index remains unconfirmed, the company's dual listing and financial performance position it as a compelling candidate for global investors. If added, the move would enhance liquidity, visibility, and institutional demand, aligning with broader trends in the protein market. For now, investors should monitor FTSE Russell's quarterly reviews and JBS's progress in addressing governance and sustainability challenges.