Archer-Daniels-Midland Co (ADM) 2025 Q1 法說會逐字稿

Good morning and welcome to the ADM first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加 ADM 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I'd now like to introduce your host for today's call, Megan Britt, Vice President, Investor Relations for ADM. Ms. Britt, you may begin.

現在我想介紹今天電話會議的主持人，ADM 投資者關係副總裁 Megan Britt。布里特女士，你可以開始了。

Welcome to the first quarter earnings conference call for ADM. Our prepared remarks today will be led by Juan Luciano, Chair of the Board and Chief Executive Officer; and Monish Patolawala, our EVP and Chief Financial Officer.

歡迎參加 ADM 第一季財報電話會議。我們今天的準備演講將由董事會主席兼執行長 Juan Luciano 主持；以及我們的執行副總裁兼財務長 Monish Patolalawala。

We have prepared presentation slides to supplement our remarks on the call today, which are posted on the investor relations section of the ADM website and through the link to our webcast.

我們準備了演示幻燈片來補充我們今天在電話會議上的發言，這些幻燈片發佈在 ADM 網站的投資者關係部分並透過我們的網路廣播連結發布。

Some of our comments and materials may constitute forward-looking statements that reflect management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results. These statements and materials are based on many assumptions of factors that are subject to numerous risks and uncertainties.

我們的一些評論和資料可能構成前瞻性陳述，反映管理層對未來經濟狀況、行業狀況、公司業績和財務結果的當前看法和估計。這些聲明和資料是基於許多受諸多風險和不確定性影響的因素的假設。

ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those in this presentation and the materials. Unless otherwise required by law, ADM assumes no obligation to update any forward-looking statements due to new information or future events.

ADM 在其提交給美國證券交易委員會的報告中提供了有關可能導致實際結果與本簡報和資料中的結果大不相同的假設和因素的補充資訊。除非法律另有要求，否則 ADM 不承擔因新資訊或未來事件而更新任何前瞻性聲明的義務。

In addition, during today's call, we will refer to certain non-GAAP or adjusted financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available in our earnings press release and presentation slides, which can be found in the investor relations section of the ADM website.

此外，在今天的電話會議中，我們將參考某些非公認會計準則或調整後的財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳可在我們的收益新聞稿和簡報幻燈片中找到，這些幻燈片可在 ADM 網站的投資者關係部分找到。

I'll now turn the call over to Juan.

我現在將電話轉給胡安。

Thank you, Megan. Hello, and welcome to all who have joined the call. Please turn to slide 4. Today, ADM reported adjusted earnings per share of $0.70. Total segment operating profit was $747 million for the quarter. Our trailing four quarter adjusted ROIC was 7%, and cash flow from operations before working capital changes was $439 million.

謝謝你，梅根。大家好，歡迎所有參加電話會議的人。請翻到幻燈片 4。今天，ADM 公佈調整後每股收益為 0.70 美元。本季分部總營業利潤為 7.47 億美元。我們過去四個季度調整後的 ROIC 為 7%，營運資本變動前的營運現金流量為 4.39 億美元。

ADM's first quarter results were aligned with our outlook and market expectations and our business operated well in a dynamic external environment. With uncertainty related to global trade and regulatory policy continuing to have an impact on the business, we were able to drive positive momentum in focused areas.

ADM 第一季的業績與我們的展望和市場預期一致，我們的業務在動態的外部環境中運作良好。由於全球貿易和監管政策的不確定性持續對業務產生影響，我們能夠在重點領域推動積極勢頭。

Our Carbohydrate Solutions team delivered solid results supported by positive margins in sweeteners, along with strong execution in ethanol. Nutrition's performance in the first quarter, specifically in our flavors and animal nutrition portfolios, is on a path to recovery. We also made important progress in getting our Decatur East facility back online as it moves into the final stages of recommissioning.

我們的碳水化合物解決方案團隊取得了穩健的業績，這得益於甜味劑的正利潤以及乙醇的強勁執行力。第一季營養產品的表現，特別是我們的調味品和動物營養產品組合，正走上復甦之路。我們的迪凱特東部工廠恢復營運也取得了重要進展，目前已進入重新調試的最後階段。

Ag Services and Oilseeds was impacted by challenging conditions and overall market uncertainty and took actions to drive organizational realignment and network optimization.

農業服務和油籽部門受到嚴峻形勢和整體市場不確定性的影響，採取行動推動組織調整和網路優化。

And thanks to our team's continued diligence in safety, I'm pleased to report that our Q1 total recordable incident rate was the lowest it has been in the history of ADM. These examples highlight our team's ability to drive our strategy forward while focusing attention on the self-help and execution excellence agenda we outlined earlier in the year.

並且由於我們團隊在安全方面的持續努力，我很高興地報告，我們第一季的總可記錄事故率是 ADM 歷史上最低的。這些例子凸顯了我們團隊推動策略向前發展的能力，同時將注意力集中在我們今年稍早概述的自助和執行卓越議程上。

Let's take a closer look at our progress in the first quarter. Please turn to slide 5. In our last call, we shared a slate of self-help activities to enable us to deliver on execution and cost goals, drive simplification and strategic growth while maintaining continued capital discipline. We're taking a balanced approach to these efforts across the business. Let me share a few highlights.

讓我們仔細看看第一季的進展。請翻到投影片 5。在我們上次電話會議中，我們分享了一系列自助活動，以使我們能夠實現執行和成本目標，推動簡化和策略成長，同時保持持續的資本紀律。我們在整個業務範圍內採取平衡的方式來進行這些工作。讓我分享一些亮點。

From a cost perspective, we made important progress on our target of $500 million to $750 million in cost savings over the next three to five years. This included a targeted workforce reduction to align our organization to our most critical priorities, along with a thorough review of third-party consulting spend. With this, we are seeing a reduction in our overall SG&A costs.

從成本角度來看，我們在未來三到五年內節省 5 億至 7.5 億美元的成本目標上取得了重要進展。其中包括有針對性的裁員，以使我們的組織與最關鍵的優先事項保持一致，以及對第三方諮詢支出進行徹底審查。這樣一來，我們的整體銷售、一般及行政費用 (SG&A) 成本就減少了。

We made the strategic decisions to deliver optimization across the network, including the recently announced closure of our Kershaw, South Carolina crush facility, exit of domestic trading operations in China and Dubai, as well as the consolidation of several grain warehouses.

我們做出了策略決策，以實現整個網路的優化，包括最近宣布關閉位於南卡羅來納州克肖的壓榨設施、退出中國和杜拜的國內貿易業務，以及合併幾個糧食倉庫。

We don't take actions that impact our colleagues and the communities where we operate lightly. I have engaged with these groups to clearly explain the rationale for our decisions and provide them with necessary transition support. We're also addressing challenges with operations uptime from our North America soy assets and we are now live with Decatur East and expect to have the plant at full run rate by the end of the second quarter.

我們不會採取對我們的同事和我們營運所在社區造成輕微影響的行動。我已經與這些團體進行了接觸，清楚地解釋了我們做出這些決定的理由，並為他們提供了必要的過渡支持。我們也正在解決北美大豆資產運作正常運作時間的挑戰，目前我們已與迪凱特東部工廠合作，預計該工廠將在第二季末達到滿載運轉。

The focus on our Nutrition business is beginning to show positive results. Addressing demand fulfilment issues and leveraging our innovation capabilities in Flavors has supported a strong year over year operating profit.

我們對營養業務的關注開始顯現出正面的成果。解決需求滿足問題並利用我們在香精方面的創新能力支持了強勁的同比營業利潤。

We've unlocked both simplification and growth potential in our recent Mitsubishi MOU announcement, focusing our combined teams on what they do best. We advance automation and digitization across our global manufacturing network, scaling successful pilots, improving reliability and efficiency and driving over a dozen new projects to deliver cost savings and smarter operations.

我們在最近的三菱諒解備忘錄公告中釋放了簡化和成長潛力，使我們的聯合團隊專注於他們最擅長的領域。我們在全球製造網路中推動自動化和數位化，擴大成功的試點，提高可靠性和效率，並推動十幾個新項目，以實現成本節約和更智慧的營運。

We continue to invest in R&D related to Health and Wellness solutions. And in February, we announced a partnership with Asahi Global Foods Corporation to distribute an innovative postbiotic design to address challenges with the stress, mood and sleep.

我們繼續投資與健康和保健解決方案相關的研發。今年 2 月，我們宣布與朝日全球食品公司合作，推廣一種創新的後生元設計，以應對壓力、情緒和睡眠方面的問題。

The expansion of our Regen Ag partnership and BioSolutions business is playing an important role in driving farmer resiliency, creating new high-value avenues for the sale of differentiated crops. Underpinning all this work, we remain focused on capital discipline and actively managing traditional channels to return cash to shareholders.

我們與 Regen Ag 的合作夥伴關係和 BioSolutions 業務的擴展在提高農民復原力方面發揮著重要作用，為差異化作物的銷售創造了新的高價值途徑。在所有這些工作的支撐下，我們仍然注重資本紀律，並積極管理傳統管道，向股東返還現金。

As we look ahead to the remainder of the year, this self-help agenda will be critical to positioning ADM to manage through what continues to be an uncertain external landscape. We remain confident in our team's ability to take the balance of actions needed to support the result that matches the high expectations we have set for ourselves. Our team is keeping close to our customers and remain alert to both the challenges and the opportunities that we're seeing in the market.

展望今年剩餘時間，這項自助議程對於 ADM 應對持續不確定的外部環境至關重要。我們仍然相信我們的團隊有能力採取必要的平衡行動來支持符合我們為自己設定的高期望的結果。我們的團隊與客戶保持密切聯繫，並對市場上看到的挑戰和機會保持警惕。

We're taking full advantage of the breadth of the investment we have made in our business over the past decade and the agility that provides. From our crush and export capabilities across the US, Argentina and Brazil to our expansive origination network, to our expertise in formulation, to our portfolio of ingredients, including all natural colors and flavors- all of these add to ADM's ability to support rapidly evolving needs.

我們正在充分利用過去十年來在業務上進行的投資廣度及其提供的靈活性。從我們在美國、阿根廷和巴西的壓榨和出口能力，到我們廣泛的原產地網絡，到我們在配方方面的專業知識，到我們的成分組合，包括所有天然色素和香料——所有這些都增強了 ADM 支持快速變化的需求的能力。

With that, let me hand it over to Monish to share a deeper dive into first quarter financial results and our 2025 outlook.

接下來，請容許我把時間交給 Monish，讓他更深入地介紹第一季的財務表現和 2025 年的展望。

Thank you, Juan. Please turn to slide 6. To start, let me provide some perspective on the operating backdrop that shaped the first quarter for the AS&O segment. As we expected, market disruptions related to biofuel policy uncertainty negatively impacted biodiesel and renewable diesel margins and US vegetable oil demand.

謝謝你，胡安。請翻到幻燈片 6。首先，讓我對影響 AS&O 部門第一季的經營背景提供一些看法。正如我們預期的那樣，與生物燃料政策不確定性相關的市場混亂對生物柴油和再生柴油的利潤率以及美國植物油需求產生了負面影響。

We also experienced higher global soybean stock levels and an increase in Argentinian crush rates, which pressured global soybean meal values. Additionally, trade policy uncertainty, particularly with Canada and China, created volatility throughout the quarter for canola meal and oil. Taken together, these factors resulted in significantly lower meal and vegetable oil values, pulling down margins across our businesses.

我們也經歷了全球大豆庫存水準上升和阿根廷壓榨率上升，這給全球豆粕價格帶來壓力。此外，貿易政策的不確定性，尤其是與加拿大和中國的貿易政策，導致整個季度菜籽油和菜籽粕價格波動。綜合起來，這些因素導致粕和植物油的價值大幅下降，拉低了我們所有業務的利潤率。

Overall, against this backdrop, AS&O segment operating profit for the first quarter was $412 million, down 52% compared to the prior year quarter with declines across all subsegments.

總體而言，在此背景下，AS&O 部門第一季的營業利潤為 4.12 億美元，與去年同期相比下降 52%，所有子部門均出現下滑。

In the Ag Services subsegment, operating profit was $159 million, down 31% versus the prior year quarter, driven primarily by lower North American origination export volumes as order flow was impacted by trade policy uncertainty. North American origination results also reflect the additional expense of $34 million recorded in the period for anticipated export duty. Global Trade results were lower relative to the same quarter last year, largely due to the negative timing impact, partially offset by higher destination marketing volumes and margins. Total net timing impacts were approximately $48 million year over year.

在農業服務子部門，營業利潤為 1.59 億美元，較去年同期下降 31%，主要原因是貿易政策不確定性影響了訂單流，導致北美原產出口量下降。北美原產結果也反映了該期間預期出口關稅的 3,400 萬美元額外費用。全球貿易業績較去年同期有所下降，主要是由於時間方面的負面影響，但目的地行銷量和利潤率的提高部分抵消了這一影響。與去年同期相比，總淨時間影響約為 4,800 萬美元。

In the Crushing subsegment, operating profit was $47 million, down 85%. Consistent with the previously provided outlook, both global soybean and canola crush execution margins was significantly lower than the prior year quarter. Global executed crush margins were approximately $13 per ton lower in soybeans compared to the prior year quarter and approximately $40 per ton lower in canola. By region, crush margins were down significantly in North America. North America soybean crush margins were negatively impacted by additional capacity from new crushing facilities and lower soybean oil demand stemming from biofuel policy uncertainty. North America canola crush margins were negatively impacted by trade policy uncertainty and lower canola oil demand for biofuel production. There were net negative timing impacts of approximately $36 million year over year.

在破碎子部門，營業利潤為 4,700 萬美元，下降 85%。與先前的預測一致，全球大豆和油菜籽壓榨執行利潤率均大幅低於去年同期。與去年同期相比，全球大豆壓榨利潤每噸下降約 13 美元，油菜籽壓榨利潤每噸下降約 40 美元。以地區來看，北美地區的壓榨利潤大幅下降。北美大豆壓榨利潤受到新壓榨設施產能增加以及生質燃料政策不確定性導致大豆油需求下降的負面影響。貿易政策的不確定性以及生物燃料生產對菜籽油需求的下降對北美菜籽油壓榨利潤產生了負面影響。與去年同期相比，淨負面時間影響約為 3,600 萬美元。

In the Refined Products and Other subsegment, operating profit was $134 million, down 21% compared to the prior year quarter due to lower biodiesel and refining margins. In EMEA, margins declined due to significantly lower biodiesel export volume. In North America, refining margins were negatively impacted by additional industry crush capacity and lower demand for vegetable oil, due to biofuel policy uncertainty. There were net positive timing impact of approximately $34 million year over year. Equity earnings on the company's investment in Wilmar was $72 million, down 52% compared to the prior year quarter.

在成品油及其他子部門，營業利潤為 1.34 億美元，較去年同期下降 21%，原因是生質柴油和煉油利潤率下降。在歐洲、中東和非洲地區，由於生質柴油出口量大幅下降，利潤率也出現下降。在北美，由於生物燃料政策的不確定性，煉油利潤率受到產業壓榨能力增加和植物油需求下降的負面影響。與去年同期相比，淨正向時間效應約為 3,400 萬美元。該公司對豐益集團的投資股權收益為 7,200 萬美元，較去年同期下降 52%。

Overall, during a challenging quarter, the AS&O team executed on operational improvement like plant and network consolidation and took actions to accelerate cost savings, starting with targeted organization realignment to partially mitigate the less favorable market conditions and be in an excellent position to capture opportunities as we move through the remainder of the year.

總體而言，在這個充滿挑戰的季度中，AS&O 團隊實施了工廠和網路整合等營運改善措施，並採取行動加速成本節約，首先進行有針對性的組織調整，以部分緩解不太有利的市場條件，並處於有利位置，以便在我們度過今年剩餘時間時抓住機會。

Turning to slide 7. For the first quarter, Carbohydrate Solutions segment operating profit was $240 million, down 3% compared to the prior year quarter. Operating profit for this segment came in slightly ahead of our previously provided segment guidance for the quarter.

翻到幻燈片 7。第一季度，碳水化合物解決方案部門營業利潤為 2.4 億美元，較去年同期下降 3%。該部門的營業利潤略高於我們先前提供的本季部門預期。

In the Starches and Sweeteners subsegment, operating profit was $207 million, down 21% compared to the prior year quarter. In North America, S&S results were lower due to lower starch margins from demand softness in the paper and corrugated markets, as well as lower North American Wet Mill ethanol results due to lower ethanol margins. In EMEA, S&S volumes and margins declined as higher corn costs and increased competition negatively impacted results. As a partial offset, North American liquid sweetener margins improved relative to the prior year quarter due to better product mix. Global wheat milling margins and volumes also improved relative to the prior year quarter, largely due to volume growth with key customers.

澱粉和甜味劑子部門的營業利潤為 2.07 億美元，較去年同期下降 21%。在北美，由於紙張和瓦楞紙市場需求疲軟導致澱粉利潤率下降，S&S 業績較低，同時由於乙醇利潤率較低，北美濕磨乙醇業績也較低。在歐洲、中東和非洲地區，由於玉米成本上升和競爭加劇對業績產生負面影響，S&S 銷量和利潤率下降。作為部分抵消，由於產品組合改善，北美液體甜味劑利潤率較去年同期有所提高。全球小麥製粉利潤和產量也較去年同期有所提高，主要得益於主要客戶的產量成長。

In the Vantage Corn Processors subsegment, operating profit was $33 million, up compared to the prior year quarter due to higher ethanol volumes and improved ethanol margins relative to the prior year quarter. Overall, ethanol EBITDA margins per gallon were slightly negative in the quarter.

在 Vantage 玉米加工商子部門，營業利潤為 3,300 萬美元，較去年同期有所成長，原因是乙醇產量增加且乙醇利潤率較去年同期有所提高。整體而言，本季每加侖乙醇 EBITDA 利潤率略為負值。

Turning to slide 8. In the first quarter, Nutrition segment revenues were $1.8 billion, down 1% compared to the prior year quarter, primarily due to negative currency impact. Human Nutrition revenue was up 4% due to strong Flavors growth and M&A, which offset headwinds related to supply chain challenges from Decatur East. Animal Nutrition revenue was down 6%, as negative currency impacts and lower volumes offset mix benefits.

翻到幻燈片 8。第一季度，營養部門營收為 18 億美元，較去年同期下降 1%，主要原因是負面貨幣影響。由於口味強勁增長和併購，人類營養收入增長了 4%，抵消了迪凱特東部供應鏈挑戰的不利因素。動物營養收入下降 6%，因為負面貨幣影響和銷售下降抵消了產品組合效益。

Nutrition segment operating profit was $95 million for the first quarter, up 13% versus the prior year quarter. Human Nutrition subsegment operating profit was $75 million, down 1% compared to the prior year quarter, as improved performance in Flavors was more than offset by declines in Specialty Ingredients and Health and Wellness. Animal Nutrition subsegment operating profit of $20 million was higher than the prior year quarter due to higher margins supported by ongoing turnaround actions.

第一季營養部門營業利潤為 9,500 萬美元，較去年同期成長 13%。人類營養子部門的營業利潤為 7,500 萬美元，與去年同期相比下降 1%，因為調味品業務的業績成長被特種配料和健康與保健業務的下滑所抵消。動物營養子部門的營業利潤為 2,000 萬美元，高於去年同期，這得益於持續的扭虧為盈措施帶來的利潤率提高。

Please turn to slide 9. Through the end of the first quarter, the company generated cash flow from operations before working capital of approximately $439 million, down relative to the prior quarter due to lower total segment operating profit. Solid cash generation and our strong balance sheet remain a critical differentiator for the company.

請翻到第 9 張投影片。截至第一季末，該公司營運資本前的營運現金流約為 4.39 億美元，由於部門總營運利潤下降，較上一季下降。穩健的現金產生能力和強勁的資產負債表仍然是公司的關鍵差異化因素。

We will continue to seek opportunities to further strengthen our balance sheet to provide financial flexibility to organically invest in the business to enhance returns and create long-term value. We are also taking actions to ensure working capital excellence through stronger rigor on working capital planning, inventory rationalization, improvement of key account payable metrics, and more timely collection of past due balances. At the same time, we remain committed to returning cash to shareholders and we returned $247 million to shareholders in the form of dividends in the quarter.

我們將繼續尋找機會進一步加強我們的資產負債表，以提供財務靈活性，並有機地投資於業務，以提高回報並創造長期價值。我們也採取行動，透過加強營運資本規劃、庫存合理化、改善關鍵應付帳款指標以及更及時地收取逾期餘額來確保營運資本的卓越性。同時，我們仍然致力於向股東返還現金，本季我們以股息的形式向股東返還了 2.47 億美元。

Turning to slide 10. We have provided details to support our 2025 consolidated outlook. Earlier today, we affirmed our full year adjusted EPS guidance. We continue to expect adjusted earnings per share to be between $4 to $4.75 per share, though we now expect to be at the lower end of the guidance range given the current market backdrop.

翻到第 10 張投影片。我們已提供詳細資訊來支持我們的 2025 年綜合展望。今天早些時候，我們確認了全年調整後的每股盈餘指引。我們仍然預計調整後的每股收益將在 4 美元至 4.75 美元之間，但考慮到當前的市場背景，我們現在預計該收益將處於指導範圍的低端。

In particular, we remain cautious about our second half outlook for crush margin improvement as current domestic crush replacement margins are below our outlook. With the uncertainty related to tariff policy and macroeconomic conditions, we are not providing segment operating profit guidance for future quarters. We are providing directional guidance at the segment level for the full year.

特別是，我們對下半年壓榨利潤率改善的前景保持謹慎，因為目前國內壓榨替代利潤率低於我們的預期。由於關稅政策和宏觀經濟條件的不確定性，我們不會為未來幾季提供分部營業利潤指引。我們正在為全年的各個部門提供方向性指導。

Our directional guidance for operating profit for the full year for Carbohydrate Solutions and Nutrition has not changed from our previously provided indication. With performance to date and continued pressure on crush margins in the second quarter, we are lowering our directional guidance for AS&O for the full year to be lower than the prior year. As an additional data point, current crush margins for the second quarter are trending lower than the first quarter.

我們對碳水化合物解決方案和營養全年營業利潤的方向性指導與我們先前提供的指示相比沒有變化。鑑於迄今為止的業績以及第二季壓榨利潤率的持續壓力，我們將 AS&O 全年的方向性指導下調至低於上一年。另外一個數據點是，第二季的當前壓榨利潤率低於第一季。

I also want to share some updates on our overall assumptions. We still expect better crush and biodiesel margins in the second half of the year as clarity on Renewable Volume Obligations or RVOs is expected to support strong US demand for crop-based vegetable oil.

我還想分享一些關於我們總體假設的更新。我們仍預計下半年壓榨和生質柴油利潤率將會更高，因為再生能源產量義務（RVOs）的明確性預計將支持美國對農作物植物油的強勁需求。

We also expect to deliver our $200 million to $300 million cost savings target for the year, and have already taken several actions that are delivering savings. We are working thoughtfully to accelerate saving realization where possible.

我們也預計今年將實現 2 億至 3 億美元的成本節約目標，並且已經採取了多項措施來實現節省。我們正在認真努力，盡可能加快實現節約。

We have seen some signs of weakening customer demand, particularly in Carb Solutions and have lowered our volume expectations for select markets and products. While we are not embedding any significant macroeconomic slowdown in our guide, we are actively monitoring consumer demand.

我們已經看到一些客戶需求減弱的跡象，特別是在 Carb Solutions 方面，我們降低了對特定市場和產品的銷售預期。雖然我們的指南中沒有包含任何重大的宏觀經濟放緩，但我們正在積極監控消費者需求。

To conclude, as we navigate 2025, our focus will remain on what is within our control. A full commitment to remediating the material weakness and making strides to strengthen our internal controls, driving execution to improve operational performance and lower cost while sustaining functional excellence, and simplifying our portfolio to enhance focus on core competencies while unlocking additional capital to drive value and position the company for long-term success. These efforts position us in our ability to navigate the current dynamic environment and reinforce our confidence in delivering on our commitments.

總而言之，當我們展望2025年時，我們的重點仍將放在我們能夠控制的事情上。全力致力於彌補重大缺陷，大力加強內部控制，推動執行以提高營運績效和降低成本，同時保持卓越的功能，並簡化我們的產品組合以增強對核心競爭力的關注，同時釋放額外資本以推動價值並為公司的長期成功做好準備。這些努力使我們能夠應對當前的動態環境，並增強我們履行承諾的信心。

Before I hand it back to Juan, I want to take a few minutes to thank all my ADM colleagues for their dedication and focus in delivering for our customers and helping to create long-term value for our shareholders.

在將權力交還給胡安之前，我想花幾分鐘時間感謝所有 ADM 同事，感謝他們為客戶服務和幫助股東創造長期價值所付出的奉獻和專注。

Back to you, Juan.

回到你身邊，胡安。

Thanks, Monish. I'll briefly close by recapping our focus as we continue the path into 2025. As I said at the top of the call, we will continue to focus on both execution agility and our self-help agenda. Our teams are monitoring the evolving geopolitical and macroeconomic landscape, and they are taking actions as we get more clarity about both the short and long-term situation.

謝謝，莫尼什。最後，我將簡要回顧我們邁向 2025 年的重點。正如我在電話會議開始時所說，我們將繼續專注於執行敏捷性和自助議程。我們的團隊正在監測不斷變化的地緣政治和宏觀經濟形勢，並在我們對短期和長期情況更加清晰時採取行動。

Importantly, we are leveraging cost management, strategic simplification, targeted investments and capital discipline to ensure we are prepared for a multitude of scenarios. The potential impacts on our mitigating actions look different for each part of the business.

重要的是，我們正在利用成本管理、策略簡化、有針對性的投資和資本紀律來確保我們為多種情況做好準備。我們的緩解措施對業務各個部分的潛在影響看起來有所不同。

For Carbohydrate Solutions and Nutrition, we are paying close attention to overall consumer sentiment and the potential for an economic slowdown to mitigate against this, we're taking aggressive action on our manufacturing and SG&A costs.

對於碳水化合物解決方案和營養，我們密切關注整體消費者情緒和經濟放緩的可能性，為緩解這種影響，我們正在對製造和銷售、一般及行政費用採取積極措施。

In Nutrition specifically, we are focused on getting our East plant fully ramped up, optimizing our animal nutrition business model, leveraging our leading specialty ingredients portfolio, including all natural colors and flavors, and ensuring we are continuing to execute against a healthy opportunity pipeline in Flavors and Health and Wellness.

具體來說，在營養領域，我們專注於全面提升東部工廠的產能，優化動物營養業務模式，利用領先的特種配料組合（包括所有天然色素和香料），並確保我們繼續在風味、健康和保健領域開展健康機會。

For Ag Services and Oilseeds, we are monitoring the global trade and biofuel policy environment to ensure that we can enable the export market for our robust origination footprint and take advantage of improving demand conditions later in the year.

對於農業服務和油籽，我們正在監測全球貿易和生物燃料政策環境，以確保我們能夠為出口市場提供強大的原產地足跡，並利用今年稍後改善的需求條件。

On trade policy, we have seen positive signals with both delays in implementing tariffs to potential avoidance of tariffs and counter tariffs. The decision regarding USTR's Section 301 proposal have mitigated some of the potential impact of transporting commodity products between China and the US. And more broadly, for China exports, we will need to see where things stand as we approach the US soybean harvest in the October to December period.

在貿易政策方面，我們看到了正面的訊號，既有推遲實施關稅，也有可能避免徵收關稅和反徵收關稅。美國貿易代表辦公室關於301條款提案的決定減輕了中美之間商品運輸的一些潛在影響。更廣泛地說，對於中國的出口而言，我們需要觀察10月至12月期間美國大豆收穫季節的臨近情況。

Beyond trade, strong policy support for biofuels, including clarity on RVOs is expected to support strong US demand for crop-based vegetable oils. In this business, beyond general market improvements, we will continue our focus on both cost management and strategic simplification self-help efforts to manage through uncertainty.

除了貿易之外，對生物燃料的強大政策支持，包括對 RVO 的明確規定，預計將支持美國對作物植物油的強勁需求。在這個業務中，除了一般的市場改善之外，我們還將繼續專注於成本管理和策略簡化自助努力，以應對不確定性。

As noted by Monish, these factors support our confidence in our full year guidance for 2025, though with current fundamentals, we will be at the lower end of our range. We are a US company that is fundamental to the global food, feed and energy supply chains, connecting consumers with farmers to fuel the world and keep the US agriculture sector competitive. We have a long track record of navigating cycles and are focused on resiliency, which comes from our unparalleled asset network and our employees commitment to excellence.

正如莫尼什所指出的，這些因素支撐了我們對 2025 年全年指引的信心，儘管從目前的基本面來看，我們的指引將處於區間的低端。我們是一家美國公司，對全球食品、飼料和能源供應鏈至關重要，將消費者與農民聯繫起來，為世界提供燃料，並維持美國農業部門的競爭力。我們在應對週期變化方面有著長期的記錄，並且注重彈性，這源於我們無與倫比的資產網絡和員工對卓越的承諾。

As in the past, regardless of external challenges and market disruptions, ADM is working with our farmers and customers to be a source of strength in the economy, always fulfilling our mission to unlock the power of nature to enrich the quality of life.

與過去一樣，無論面臨何種外部挑戰和市場動盪，ADM 始終與我們的農民和客戶攜手合作，成為經濟的力量源泉，始終履行我們的使命，釋放自然的力量，豐富生活品質。

With that, we'll take your questions now. Operator, please open the line.

現在我們就來回答你們的問題。接線員，請接通線路。

(Operator Instructions)

（操作員指示）

Tom Palmer, Citi.

花旗銀行的湯姆·帕爾默。

Good morning and thanks for the question. Maybe just to start out, I wanted to ask on your expectation for the RVO and how this guides your outlook for 2025? So when we think about biodiesel margins in the back half of the year? Should we be thinking that we could see a return to last year's levels.

早安，感謝您的提問。首先，我想問一下您對 RVO 的期望以及它如何引導您對 2025 年的展望？那麼，我們該如何考慮下半年生質柴油的利潤率呢？我們是否應該認為我們會看到回到去年的水平？

When we look at crush margins, is the assumption that we could see a return to kind of the original guidance, which I think was $45 to $55 per metric ton per soy and $50 to $70 for canola? Just any help on kind of the shape of the year in terms of the second half and how the RVO influences that. Thank you.

當我們查看壓榨利潤時，是否假設我們可以看到恢復到最初的指導水平，我認為最初的指導水平是每公噸大豆 45 至 55 美元，油菜籽 50 至 70 美元？只是關於下半年的情況以及 RVO 對此有何影響的任何幫助。謝謝。

Thank you, Tom, for the question. As you pointed out, we see a strong RVO as the most important driver for the biofuel outlook. We understand that the RVO's rule is being developed, and we are engaged with the administration on the important role of the RFS and strong RVOs to support the domestic market for US farmers, and to support a strong American energy independence. And we are confident that EPS views this as a priority.

謝謝湯姆提出的問題。正如您所指出的，我們認為強勁的 RVO 是生物燃料前景的最重要驅動力。我們了解到 RVO 的規則正在製定中，我們正在與政府就 RFS 和強大的 RVO 的重要作用進行合作，以支持美國農民的國內市場，並支持強大的美國能源獨立。我們相信 EPS 會將此視為優先事項。

So, of course, at the moment, the industry is not running at rates to satisfy mandated volumes. And we expect, and the logic implies that margins need to go up to bring run rates higher in the second half.

因此，當然，目前該產業的運作速度還無法滿足規定的產量。我們預計，而且邏輯顯示利潤率需要上升，才能在下半年提高運行率。

When we go to crush, and we're probably going to see that by RINs improving as we go forward. When we go to crush, we have seen strong demand for soybean meal. Of course, there has been a strong crush rates in Argentina, Brazil, and the US. But we've seen that leg is supported. Of course, when we cannot produce all these biofuels in the US, oil goes to fight for export markets. And that's the weak leg at this point in time.

當我們進行粉碎時，我們可能會看到 RIN 隨著我們的前進而不斷改進。當我們去壓榨時，我們看到了對豆粕的強勁需求。當然，阿根廷、巴西和美國的壓榨率也很高。但我們已經看到那條腿得到了支撐。當然，當美國無法生產所有這些生質燃料時，石油就會去爭奪出口市場。而這正是我們目前的弱點。

So we expect that with RVOs coming back, we will be able to come back to the original expectations and maybe we had at the beginning of the year.

因此，我們預計，隨著 RVO 的回歸，我們將能夠恢復到最初的預期，甚至可能達到年初的預期。

Just from a math perspective, since you asked specific comp. First quarter we -- as my script says, we ended $13 below last year, so around $40 -- $43 in Q1 in soy. Canola was -- last year was around $100. So we are somewhere -- we were $40 -- $35 to $40 lower. Q2 is currently trending lower than Q1 from a crush rate perspective. Part of it is timing because we do get book on before the quarter is in. So Q2 is lower both in canola and in soy.

僅從數學角度來看，因為你詢問了具體的計算。正如我的腳本所示，第一季我們的大豆價格比去年同期低 13 美元，因此第一季大豆價格約為 40 至 43 美元。去年油菜籽的價格約為 100 美元。因此，我們的水平大約是 - 低了 40 美元 - 35 美元到 40 美元。從壓榨率來看，第二季目前的趨勢低於第一季。部分原因在於時間，因為我們確實在本季開始之前就收到了訂單。因此，油菜籽和大豆的 Q2 都較低。

And then as Juan said, we are expecting a ramp-up in the second half. Of course, now it's going to be a wider range because Q1 and Q2 are lower. So when we originally said we would be in the $40 to -- we had said $45 to $55, we are now saying $40 to $65 for the year on soy. And then canola, we had said $50 to $70, we are at the $45 to $65.

正如胡安所說，我們預計下半年會成長。當然，現在範圍會變得更廣，因為 Q1 和 Q2 較低。因此，當我們最初說大豆價格將在 40 美元到 45 美元之間時，我們現在說的是 40 美元到 65 美元。然後是油菜籽，我們說的是50到70美元，我們現在的價格是45到65美元。

So as Juan explained it, when we do come back in the second half, you would come back to margins that we had originally expected. But since the first half is lower, the total number gets impacted. So hopefully, I answered your question.

正如胡安所解釋的那樣，當我們在下半年回來時，你會回到我們最初預期的利潤率。但由於上半部較低，總數受到影響。希望我回答了你的問題。

Thank you. That was very helpful.

謝謝。這非常有幫助。

Andrew Strelzik, BMO.

蒙特利爾銀行 (BMO) 的 Andrew Strelzik。

Hey, good morning. Thanks for taking the question. I actually wanted to follow up on the RVO. Just wanted to follow up on the kind of RVO line of questioning. Is there a specific RVO kind of number or range that you're assuming to get to those types of outcomes? Or how do you maybe think about that, number one.

嘿，早安。感謝您回答這個問題。我實際上想跟進 RVO。只是想跟進 RVO 的相關問題。您是否假設特定的 RVO 數字或範圍可以達到這些類型的結果？或者首先，您對此有何看法？

And number two, just more broadly, what is a positive RVO outcome for ADM? Is there like a breakeven RVO above which you see it as a positive outcome below, which is negative. We've obviously seen the reporting north of $5 billion. So I'm just curious how you think about maybe the range of outcomes and how it impacts your business? Thanks.

第二，更廣泛地說，對於 ADM 來說，正面的 RVO 結果是什麼？是否存在盈虧平衡的 RVO，高於該值則視為正結果，低於該值則視為負結果。我們顯然已經看到了 50 億美元以上的報導。所以我只是好奇您如何看待結果範圍以及它如何影響您的業務？謝謝。

Yeah. Thank you, Andrew. I would say the industry ask to a certain degree is like [5.2 billion of biomass based biodiesel and maybe 15 billion conventional, so a total of 20 billion, 20.5 billion] (corrected by company after the call). I think, as I said, we are engaged with administration. We understand that the EPA understands the importance of this.

是的。謝謝你，安德魯。我想說，產業在某種程度上要求[52 億生質基生質柴油和約 150 億傳統柴油，所以總計 200 億、205 億]（電話會議後公司進行了更正）。我認為，正如我所說，我們正在從事行政管理工作。我們了解到，環保署了解這一點的重要性。

It helps with all the priorities the administration has set up, which is to help the agricultural farming. We need to do that by expanding export markets but also by solidifying internal consumption, and biofuel is an excellent way to do that and also to improve energy dominance, which another objective.

它有助於政府制定的所有優先事項，即幫助農業耕作。我們需要透過擴大出口市場和鞏固國內消費來實現這一目標，而生物燃料是實現這一目標的絕佳途徑，同時也能提高能源主導地位，這也是另一個目標。

So we're engaged. I mean we -- as you know, the guidance on all these ended on the 90-day comment period ended in April. So we are expecting that the administration is tackling these hopefully soon. So -- but the industry depends on that.

所以我們訂婚了。我的意思是——如你所知，所有這些指導都在 4 月 90 天的評論期結束時結束。因此，我們期望政府能夠盡快解決這些問題。所以——但該行業依賴於此。

Just Andrew, I'll build on you asked the impact to ADM -- I'll just talk second half of 2025 because the assumption is that replacement margins would move up. So if replacement margins did not move up between now to the end of the year, then that's a $0.50 additional headwind. So that's the impact that we are counting on a recovery in the second half from an RVO perspective or from crush margins, which is heavily driven by what RVOs become.

安德魯，我會根據你對 ADM 的影響進行討論——我只談論 2025 年下半年，因為假設替代利潤率會上升。因此，如果從現在到年底替代利潤率沒有上升，那麼這將是 0.50 美元的額外阻力。因此，從 RVO 的角度或壓榨利潤來看，我們預計下半年會出現復甦，而復甦很大程度上取決於 RVO 的表現。

Got it. Thank you very much.

知道了。非常感謝。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Okay. Thank you for the question. I had a question about RPO. So I know there was a -- I think it was a $34 million year on year positive timing benefit. But even adjusted for that, given how weak the environment was in the US and the lower -- much lower export volumes out of EMEA. Just curious what drove the strength there?

好的。謝謝你的提問。我對 RPO 有疑問。所以我知道有——我認為這是一筆 3400 萬美元的年比正向時機收益。但即使對此進行調整，考慮到美國的經濟環境是多麼疲軟，以及歐洲、中東和非洲地區的出口量低得多。只是好奇是什麼推動了那裡的力量？

And I know it's significantly lower than the past few years, but prior to the RD rush we saw over the past few years, I mean that was a pretty good showing. But just wondering what were the positives in that given the very challenged backdrop here in the US?

我知道這比過去幾年要低得多，但在過去幾年我們看到的研發熱潮之前，我的意思是這是一個相當不錯的表現。但我只是想知道，考慮到美國目前面臨的巨大挑戰，這樣做有什麼正面意義？

So Heather, I would say, yes, in the short run, it was a little better. But when you look at it for the whole year and how our guide is based, I would say, in total, we still continue to see RPO to be softer. And you have seen most of the items, biodiesel margins have already come off significantly. And part of it is driven by just extra volume, pre-treatment capacity, et cetera.

所以希瑟，我想說，是的，從短期來看，情況確實好一點。但是，當你縱觀全年情況並根據我們的指南進行分析時，我會說，總體而言，我們仍然認為 RPO 會更加疲軟。如您所見，大多數商品的生質柴油利潤率已經大幅下降。其中一部分是由額外的容量、預處理能力等驅動的。

In EMEA, the margins are also significantly lower than the prior year, where again, we experienced benefits from US SME market flows. And then third, when you just think about the backdrop with the implementation of 45Z as well as all the extra refining capacity that exists, that will continue to weigh on margins.

在歐洲、中東和非洲地區，利潤率也明顯低於前一年，我們再次從美國中小企業市場流動中獲益。第三，當你考慮 45Z 的實施背景以及現有的所有額外煉油能力時，這將繼續對利潤率造成壓力。

So I would say, in total, taken together, RPO will be significantly lower versus the prior year. And that's what we had thought coming into the year, and that's what we continue to think sitting as of right now.

因此我想說，總體而言，RPO 將比上一年大幅下降。這就是我們今年的想法，也是我們現在繼續的想法。

Okay. Thank you.

好的。謝謝。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

Hi everyone, This is Rahi on for Ben. Thank you so much for the color today. Just regarding tariffs. Can you give us more color on trade flow shift, i.e., how you're replacing Chinese demand? And maybe how much of a drop in volume was related to China and Ag Services. Do you have a percentage of profit or revenue that normally relates to China? Thank you so much.

大家好，我是 Rahi，為 Ben 主持節目。非常感謝您今天的顏色。僅涉及關稅。您能否向我們詳細介紹貿易流向轉變，也就是您如何取代中國的需求？也許交易量的下降幅度與中國和農業服務有關。您的利潤或收入中是否有一定比例通常與中國有關？太感謝了。

Yeah, hi, Rahi. Listen, at the end of the day, I would say, if you look at Q1. If you think how all these tariffs or this thing has settled, the impact has not been that significant in Q1. Probably the biggest impact we have had has been from speculation about what the USTR Section 301 maritime issue was going to be. But in reality, when USTR issued a ruling, it basically almost removed all the risk from agricultural exports.

是的，你好，拉希。聽著，到最後我想說，如果你看 Q1。如果你想想所有這些關稅或這件事是如何解決的，那麼對第一季的影響並不是那麼顯著。對我們影響最大的可能是有關美國貿易代表辦公室第 301 條海事問題的猜測。但實際上，當USTR做出裁決時，它基本上消除了農產品出口的所有風險。

So we've been pleased to see the administration have paused for 90 days, the implementation of some of these while we still try to negotiate agreements with the different parties. But if you think about Mexico and Canada export tariffs, basically 98% of our products are exempt from that. So we didn't feel any impact there.

因此，我們很高興看到政府暫停了 90 天的實施，同時我們仍在嘗試與各方談判達成協議。但如果你想想墨西哥和加拿大的出口關稅，基本上我們 98% 的產品都免關稅。所以我們沒有感受到任何影響。

Corn Europe, they delayed the retaliation on corn until July and in soybean until December. And although on China, we escalated, the reality is the US is not going to be competitive to China for the second and third quarter because that's when Brazil and Argentina become most competitive. And we come back in October when there is the US harvest. So we have until then to see how this clarifies.

玉米歐洲，他們將玉米的報復行動延後到7月，將大豆的報復行動延後到12月。儘管我們對中國的威脅不斷升級，但現實情況是，美國在第二季和第三季將無法與中國競爭，因為巴西和阿根廷的競爭力將達到頂峰。十月美國收成的時候我們再回來。因此，我們必須到那時才能看到事情如何得到澄清。

So that's where we see the situation today. Again, we are working as you said, how to offset the impact of that, for us. We work directly in the US with 60,000 farmers. It's important for them the access to export markets. So there are going to be export markets where we're going to be gaining share.

這就是我們今天看到的情況。再說一次，正如您所說，我們正在努力抵消這種影響。我們直接與美國 60,000 名農民合作。對他們來說，進入出口市場非常重要。因此，我們將在出口市場上獲得更大的份額。

Remember also that China has moved to Brazil to a certain -- to a bigger extent in the previous issue with trade in 2017 or '18. So the reliance on US export into China is not that big, probably for soybeans is in the range of 20 million tons, if you will, if that were the total impact.

還要記住的是，在 2017 年或 2018 年的貿易中，中國已經在一定程度上——更大程度地——轉向了巴西。因此，中國對美國出口的依賴程度並不是那麼大，如果這是整體影響的話，那麼對美國大豆出口的依賴程度大概在 2,000 萬噸左右。

And then I think China export, so I think that's the thing, impact at this point in time, we were pleased to see, as I said, USTR Section 301 was solved favorably for agricultural experts.

然後我認為中國出口，所以我認為這就是目前的影響，我們很高興看到，正如我所說，美國貿易代表辦公室第 301 條對農業專家來說得到了有利的解決。

Okay. Thank you so much.

好的。太感謝了。

You're welcome.

不客氣。

Pooran Sharma, Stevens.

普蘭夏爾馬、史蒂文斯。

Good morning. Hello.

早安.你好。

Sorry, Poorna, your line is now open. Please go ahead.

抱歉，Poorna，您的線路現已開通。請繼續。

Apologies about that. Hey, good morning. Thanks for the question here. Just wanted to ask about the soy crush industry. Just with all the announcements with new crush capacity coming online in North America and then just with the weak fundamental backdrop that we've had over the last several months, have you heard of any signs of rationalization or signs of pause in adding this new capacity in the industry? Do you anticipate anything to come online or be delayed in 2026 and beyond?

對此我深表歉意。嘿，早安。感謝您在這裡提出的問題。只是想詢問有關大豆壓榨產業的情況。隨著北美不斷發布新的壓榨產能上線公告，再加上過去幾個月基本面疲軟的背景，您是否聽說過該行業有任何合理化跡像或暫停增加新產能的跡象？您預計 2026 年及以後會有什麼新事物上線或延期嗎？

Yeah. Listen, we cannot speculate for what others are doing. I mean we try to manage what we can control. As you heard in the prepared remarks, I mean we are in the process of shutting down one of our plants in Kershaw. And I think we continue to see -- continue to check for the competitiveness of our plants.

是的。聽著，我們不能猜測別人在做什麼。我的意思是我們盡力管理我們能夠控制的事情。正如您在準備好的演講中所聽到的，我們正在關閉位於克肖的工廠。我認為我們會繼續觀察——繼續檢查我們工廠的競爭力。

We have a lot of self-help agenda to try to continue to improve that. Volumes have been improving there on an unplanned nature. Of course, the industry will take some plant shutdowns when demand is not there. We have seen it also in biodiesel where a lot of the non-integrated plants have to go down.

我們有很多自助議程來嘗試繼續改善這一點。那裡的銷量一直在無計劃地增加。當然，當沒有需求時，該行業將關閉一些工廠。我們在生物柴油領域也看到這種情況，許多非綜合工廠不得不關閉。

I think it's important to know that all these capacity, the crush capacity has been brought to comply with the expected RVO mandates, and that's what we think is so important to bring clarity into that because we were in the process of building a renewable green diesel industry and everybody built in anticipation of that supporting US manufacturing. So I think it's important that at the moment we clarify the rules, all this capacity that has been invested in will make sense.

我認為重要的是要知道所有這些產能，壓榨產能都已達到預期的 RVO 要求，我們認為明確這一點非常重要，因為我們正在建立可再生綠色柴油產業，每個人都預期這將支持美國製造業。因此我認為現在重要的是我們要明確規則，這樣所有投入的能力才會有意義。

Thank you.

謝謝。

Steven Haynes, Morgan Stanley.

摩根士丹利的史蒂文·海恩斯。

Good morning and thanks for taking my question. I wanted to ask on Argentina, you said it's a headwind for crush in the quarter. But we've been kind of seeing some headlines that farmer selling there is off to a historically slow start. So maybe you could just put a finer point around what you've assumed for the commercialization of that crop for the balance of the year as it relates to the guidance? Thank you.

早上好，感謝您回答我的問題。我想問一下關於阿根廷的問題，您說這是本季壓榨的阻力。但我們看到一些頭條新聞稱，農民的銷售起步比以往更加緩慢。那麼，您是否可以更詳細地說明一下，您對今年剩餘時間該作物商業化的預期與指導情況有何關係？謝謝。

Yeah, Steven. In Argentina, the farmer basically kept about 7 million tons of the old crop waiting for the valuation that in reality did not happen. So I would say, you should expect now the farmer to become a little bit more regular commercializer of the crop as they need to take advantage of the tax advantages they get from the government before they expire in about two months. So I think you're going to see a little bit of an acceleration. But yeah, as an Argentine farmer myself, we withheld about 7 million tons of this expecting a devaluation that didn't come.

是的，史蒂文。在阿根廷，農民基本上保留了約 700 萬噸舊作物，等待實際上並未發生的估價。所以我想說，現在你應該期待農民更加規律地進行農作物商業化，因為他們需要在政府給予的稅收優惠大約兩個月後到期之前充分利用這些優惠。所以我認為你會看到一點加速。但是，作為一名阿根廷農民，我們扣留了大約 700 萬噸黃金，預計人民幣會貶值，但事實並沒有發生。

Thank you.

謝謝。

Tami Zakaria, JP Morgan.

摩根大通的塔米·扎卡里亞。

Hi, good morning. Thank you so much. So my question is on Starches and Sweeteners. Could you comment what volume growth was for S&S in the quarter? And more importantly, what volume growth you expect for the full year? I heard you say you're seeing some weakness in some customer demand and adjusted volume outlook because of that. So any thoughts on volume growth as we think about 2025?

嗨，早安。太感謝了。我的問題是關於澱粉和甜味劑。您能否評論一下本季 S&S 的銷售成長情況？更重要的是，您預計全年銷售量將成長多少？我聽說您說您發現一些客戶需求疲軟，因此調整了銷售前景。那麼，當我們考慮 2025 年時，對於銷售成長有什麼想法？

Yeah. Thank you for the question, Tami. Listen, when I think about the overall Carb Solutions business, and we have said our guidance was slightly lower than last year, and we are reiterating that guidance. We see, in general, solid demand, solid volumes and margins across the business. There are some pockets of weakness here or there.

是的。謝謝你的提問，塔米。聽著，當我考慮整體 Carb Solutions 業務時，我們說過我們的指導略低於去年，並且我們正在重申這一指導。總體而言，我們看到整個業務的需求、銷售和利潤都很穩健。這裡或那裡存在一些薄弱環節。

One, our results in Europe are going to be a little bit lower because we have higher corn costs in Europe and a little bit lower volumes. And there is some weakness in starches in either the paper industry, maybe not running in all cylinders.

首先，我們在歐洲的表現將會略低一些，因為歐洲的玉米成本較高，而產量則略低。造紙業的澱粉方面也存在一些弱點，可能無法全面運作。

And some of the exports to Mexico with all this uncertainty about tariffs or no tariffs, I think that maybe some of the exports from the US to Mexico has been a little bit soft in March, maybe picking up a little bit in April. So I would say the overall tone is in general solid but not very robust, if you will.

由於關稅或無關稅的不確定性，我認為美國對墨西哥的部分出口在 3 月可能略有疲軟，4 月可能會略有回升。因此，如果你願意的話，我想說整體基調總體上是穩固的，但不是很強勁。

Understood. Thank you.

明白了。謝謝。

You're welcome.

不客氣。

Salvator Tiano, Bank of America.

美國銀行的 Salvator Tiano。

Yes, good morning. I want to ask about a couple of things that -- to clarify a couple of things about your Q1 earnings and the outlook. In VCP, firstly, you had some pretty solid operating income, even though AS&O margins by calculations were at multiyear lows. So how was it so much better both year on year and quarter on quarter? And how should we think about it for the rest of the year?

是的，早安。我想問幾個問題——澄清一些有關您第一季收益和前景的事情。首先，在 VCP 中，儘管按計算得出的 AS&O 利潤率處於多年來的最低水平，但您仍然獲得了相當可觀的營業收入。那麼，為什麼同比和環比都有如此大的改善？那麼，我們該如何思考今年剩下的時間呢？

And similarly, on Nutrition, I think the Q1 guidance was for a 50% drop year on year and said you delivered 13% growth. So what was the difference versus expectations? And does this mean that the full year directional guidance that you reiterated now implies much stronger earnings growth than before?

同樣，在營養方面，我認為第一季的預期是年減 50%，但你們實現了 13% 的成長。那麼與預期相比有什麼差異呢？這是否意味著您現在重申的全年方向性指導意味著比以前更強勁的獲利成長？

Yeah. Thank you, Salvator. So let me take that by pieces. So on the ethanol side, as you pointed out, I think our team outperformed the markets and the industry. I think it was good risk management by the team. So kudos to the team.

是的。謝謝你，薩爾瓦托。所以讓我逐一解釋一下。因此，在乙醇方面，正如您所指出的，我認為我們的團隊表現優於市場和產業。我認為團隊的風險管理很好。因此，向團隊表示敬意。

In general, we see, hopefully, margins improving over the year for ethanol. But ethanol in this environment is a little bit of a question mark. We believe that ethanol could potentially see some benefits from higher exports as some of these trade agreements get resolved because there are opportunities as a very cheap oxygenate for ethanol to make it into blends around the world.

總體而言，我們希望看到乙醇的利潤率在今年有所提高。但在這種環境下，乙醇還是有點問題。我們相信，隨著部分貿易協定得到解決，乙醇可能會從出口增加中受益，因為乙醇作為一種非常廉價的含氧化合物，有機會在世界各地製成混合燃料。

When we think about Nutrition, I think we've been highlighting that we've been doing a lot of foundational improvements in Nutrition. And at one point in time, they start to come into the P&L. So we started to see the fruits of some of these improvements.

當我們考慮營養時，我認為我們一直在強調我們在營養方面做了很多基礎性的改進。在某個時間點，它們開始進入損益表。因此，我們開始看到一些改進的成果。

I think that our value proposition continues to resonate strongly in the Flavor area, in the Health and Wellness area, especially Health and Wellness, a lot of the biotics coming into play. They do very well there. I think we have had a lot of successes or we are working a lot in terms of things like [egg replacement or egg extension, dairy] replacement. Beverage industry continues to favor some of our solutions. And we have seen a lot of activity and requests for our line of natural colors, and we see our teams engaging with our customers on that.

我認為我們的價值主張在風味領域、健康和保健領域繼續引起強烈共鳴，特別是許多生物製劑開始發揮作用。他們在那裡做得很好。我認為我們在（雞蛋替代或雞蛋延伸、乳製品）替代等方面已經取得了很多成功，或者說我們正在做很多工作。飲料業繼續青睞我們的一些解決方案。我們看到很多針對我們天然色素系列的活動和需求，我們看到我們的團隊正在與客戶互動。

So it was purely driven by the improvement in Flavors, the strength in Health and Wellness and also the improvements in Animal Nutrition. Animal Nutrition, although not a revenue growth story, it's a margin improvement story and the team has been working hard at that, and we started to see the improvements to that as well.

因此，它純粹是由風味的改善、健康和保健的力量以及動物營養的改善所推動的。動物營養，雖然不是一個收入成長的故事，但它是一個利潤率提高的故事，團隊一直為此努力，我們也開始看到這方面的改善。

Of course, Specialty Ingredients has been the downside of Nutrition and the headwind, and we have been to report that finally, the East plant is being commissioned right now. So it's starting to operate. And we expect that to be a positive year over year for the second half of the year if the plant gets to full capacity.

當然，特種配料一直是營養方面的不利因素和逆風，我們最終報告說，東部工廠現在正在投入使用。所以它開始運作了。如果工廠達到滿載生產，我們預計下半年的業績將比去年同期有所成長。

Salvator, just one more for you on ethanol cadence. We were slightly below breakeven in Q1, and we expect to be slightly above breakeven in Q2 based on where we are today.

薩爾瓦托，關於乙醇節奏，我再給你提一個。我們在第一季的獲利略低於損益兩平點，根據目前的狀況，我們預計在第二季獲利會略高於損益兩平點。

Thank you.

謝謝。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Good morning guys. I just wanted to confirm, Decatur would be fully restarted by the second quarter. So should we assume some contribution for the second quarter? Or should we assume the contribution starting in second half? And remind us of all the benefits for the company once this plant is fully up and running and operational. Thank you.

大家早安。我只是想確認一下，迪凱特將在第二季全面重新開始。那麼我們是否應該假設第二季會有一些貢獻？或者我們應該假設貢獻從下半年開始？並提醒我們一旦工廠全面投入運行，將為公司帶來的所有好處。謝謝。

Yeah, Manav. I think you should consider, given that it is a very complex plant, that the impact will be in the second half of the year. So the plant is ramping up capacity right now, but effectively, it will impact the P&L in the second half. And we have said before, the impact of this plant being down was about $25 million per quarter for Nutrition. So that's kind of the expectation for the second half of the year.

是的，馬納夫。我認為你應該考慮到，鑑於它是一個非常複雜的工廠，其影響將在下半年顯現。因此，工廠目前正在提高產能，但實際上，這將影響下半年的損益。我們之前說過，工廠停工對營養品的影響每季約 2,500 萬美元。這就是對今年下半年的期待。

Thank you.

謝謝。

Thank you, Manav.

謝謝你，馬納夫。

At this time, I will now turn the call back to Megan Britt for any further remarks.

現在，我將把電話轉回給梅根布里特 (Megan Britt)，讓她發表進一步的評論。

We'd like to thank everyone for joining the call today and for their ongoing interest in ADM. If there are additional questions following the call today, please feel free to reach out directly to me. Have a wonderful rest of your day.

我們要感謝大家今天參加電話會議以及對 ADM 的持續關注。如果今天通話後還有其他問題，請隨時直接與我聯絡。祝您今天剩餘的時間過得愉快。

Thank you all for joining today's call. You may now disconnect your lines.

感謝大家參加今天的電話會議。現在您可以斷開線路了。