JBS SA is braced for challenging times in its home market as well as in the United States, where beef margins are pressured and pork margins have yet to normalize, management said. The company's plan to list shares in New York has been held back by a request from American Depositary Receipt holders to vote on the proposal, CEO Gilberto Tomazoni told analysts, repeating remarks from the previous day. The dual listing of shares in New York and São Paulo potentially thwarts short-term opportunities to tap capital markets to fund business expansion initiatives, he said.

Tomazoni declined to give a timeline for the deal's conclusion as it is still being scrutinized by the Securities and Exchange Commission (SEC).