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    Priya Ohri-Gupta • Barclays Capital

    Priya Ohri-Gupta's questions to Coty Inc (COTY) leadership

    Priya Ohri-Gupta's questions to Coty Inc (COTY) leadership • Q4 2025

    Question

    Priya Ohri-Gupta inquired about the refinancing expectations for the 2026 debt maturity, specifically its structure, and asked whether the deleveraging path in calendar 2026 will be driven more by EBITDA improvement or the Wella stake sale.

    Answer

    CFO Laurent Mercier confirmed that the refinancing of the 2026 maturity will be consistent with the current secured structure. He explained that the deleveraging agenda will be driven by a combination of factors: disciplined working capital management in H1, followed by EBITDA growth in H2 (calendar 2026), with the divestiture of the Wella stake intended to help accelerate the process.

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    Priya Ohri-Gupta's questions to JBS N.V. (JBS) leadership

    Priya Ohri-Gupta's questions to JBS N.V. (JBS) leadership • Q2 2025

    Question

    Priya Ohri-Gupta of Barclays followed up on the prepared foods strategy, the timeline for the U.S. beef cycle to bottom out, the company's target cash balance, and administrative matters regarding the bond ticker and shelf registration.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, projected the beef cycle would bottom out over the next 3-4 quarters. Global CFO & IR Guilherme Cavalcanti stated the current cash balance is more than sufficient, justifying the share buyback, and provided updates on the administrative processes for the bond ticker and shelf registration.

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    Priya Ohri-Gupta's questions to Pilgrims Pride Corp (PPC) leadership

    Priya Ohri-Gupta's questions to Pilgrims Pride Corp (PPC) leadership • Q1 2025

    Question

    Priya Ohri-Gupta asked for an explanation of the sizable working capital use in the first quarter and the outlook for the full year. She also inquired about the rationale behind the company's open market bond purchases during the quarter.

    Answer

    CFO Matt Galvanoni explained that Q1 is typically a period of working capital use due to factors like incentive payouts, and that the prior year was an anomaly. He expects the trend to reverse over the remainder of the year. He described the bond repurchases as an opportunistic use of capital, noting the company expects to generate significant cash and is considering all allocation options.

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    Priya Ohri-Gupta's questions to Pilgrims Pride Corp (PPC) leadership • Q4 2024

    Question

    Priya Ohri-Gupta asked about the 2025 outlook for working capital's contribution to free cash flow, given input cost volatility. She also inquired about the potential business impact of proposed tariffs, particularly with Mexico.

    Answer

    CFO Matthew Galvanoni stated that after a significant working capital benefit in 2024, he anticipates a more 'flattish' impact in 2025, not a major drag but not the same level of uplift. CEO Fabio Sandri expressed doubt about major tariff disruptions with Mexico, citing Mexico's concern for food inflation, but noted that Pilgrim's large in-country operation provides a natural hedge against potential trade policy changes.

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