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Priya Ohri

Managing Director and Co-Head of US High Grade Research at Barclays

Priya Ohri-Gupta is a Managing Director and Co-Head of US High Grade Research at Barclays Corporate & Investment Bank, specializing in fixed income research with a primary focus on the high-grade credit sector. She covers a diverse portfolio of large-cap companies within the US investment grade space, including those with major 2026 debt maturities and complex refinancing challenges, and has established a strong reputation for insightful analysis and strategic guidance in corporate debt markets. Ohri-Gupta has served in senior roles at Barclays across both US and India, rising through research and governance positions to her current position in New York, demonstrating leadership in credit strategy since at least the mid-2010s. She holds top sector credentials, is FINRA registered, and is recognized for her rigorous approach to working capital management and debt structure evaluations.

Priya Ohri's questions to JBS (JBS) leadership

Question · Q3 2025

Priya Ohri followed up on working capital, asking for specifics driving the increased need for 2025 and 2026 compared to previous discussions. She also inquired about progress on updating JBS's bond ticker and any indications from BNDES regarding selling down its existing holding.

Answer

Guilherme Cavalcanti (Global CFO, JBS) attributed the 2025 working capital increase mainly to higher livestock and finished product prices, and some volume increase. He reiterated that 2026 working capital is highly variable, depending on grain, livestock, and finished product prices. He stated that JBS is in the process of making its Netherlands company a co-issuer, which might allow them to request Bloomberg to remove "BZ" from the ticker, expecting this restructuring to be in place by next year. He had no news regarding BNDES's plans to sell its holding.

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Question · Q3 2025

Priya Ohri followed up on working capital, noting an increase in the break-even calculation for 2025 and 2026 compared to previous discussions, and asked for specific drivers. She also inquired about progress on updating JBS's bond ticker and any indications from BNDES regarding the sale of their existing holding.

Answer

Guilherme Cavalcanti, Global CFO of JBS, attributed the 2025 working capital increase mainly to higher livestock and finished product prices, with 2026 projections being an average due to variable prices. He stated that JBS is in the process of making its Netherlands company a co-issuer, which will be the next attempt to request Bloomberg to remove 'BZ' from the ticker, with a timeline expected by next year. He reported no news regarding BNDES's plans to sell its holding.

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