Archer-Daniels-Midland Co (ADM) 2025 Q2 法說會逐字稿

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

早上好，歡迎參加 ADM 2025 年第二季財報電話會議。（操作員指令）。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 second 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 第二季財報電話會議。我們今天的準備演講將由董事會主席兼執行長 Juan Luciano 和執行副總裁兼財務長 Monish Patolalawala 主持。

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 and 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。這些聲明和材料基於許多假設和因素，這些假設和因素受許多風險和不確定性的影響。

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'll 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.

謝謝你，梅根。大家好，歡迎所有參加電話會議的人。

Please turn to slide 4. Today, ADM reported adjusted earnings per share of $0.93. Total segment operating profit was $830 million for the quarter. Our trailing fourth quarter adjusted ROIC was 6.9%, and cash flow from operations before working capital changes was $1.2 billion for the first half of the year.

請翻到幻燈片 4。ADM今日公佈調整後每股收益0.93美元。本季部門總營業利潤為8.3億美元。我們第四季調整後的 ROIC 為 6.9%，上半年營運資本變動前的營運現金流量為 12 億美元。

The team's focus has been on managing what we can control in a dynamic environment, and we continue to drive positive momentum in those areas in the second quarter. Our Carbohydrate Solutions team again delivered steady results with a strong execution and disciplined risk management.

團隊的重點一直是管理我們在動態環境中可以控制的事情，我們在第二季度繼續在這些領域推動積極的勢頭。我們的碳水化合物解決方案團隊再次憑藉強大的執行力和嚴謹的風險管理取得了穩定的成果。

The Nutrition team drove another quarter of sequential improvement, led by our Flavors and Animal Nutrition portfolios. We also made important progress in getting our Decatur East plant back online, already ramping to our planned run rates.

營養團隊又推動了另一個季度的連續成長，其中以我們的調味品和動物營養產品組合為首。我們在恢復迪凱特東部工廠生產方面也取得了重要進展，並已達到計劃的運行率。

Ag Services and Oilseeds performed in line with our expectations. The team worked to offset lower margins this quarter through targeted organizational realignment and network consolidation, enabling us to be well positioned to take advantage of expected improved conditions in the second half of the year.

農業服務和油籽的表現符合我們的預期。該團隊透過有針對性的組織調整和網路整合來抵消本季的利潤率下降，使我們能夠充分利用下半年預期的改善條件。

Across our global operations network, our efforts to improve operational resilience delivered outstanding results. We achieved our best performance in limiting unscheduled and unplanned downtime in more than five years. We're also proud to have been named as one of America's greatest workplaces in manufacturing, a testament to the tireless efforts of our colleagues across the ADM operations workforce.

在我們的全球營運網絡中，我們為提高營運彈性所做的努力取得了卓越的成果。我們在限制非計劃和非計劃停機時間方面取得了五年多以來的最佳成績。我們也很自豪地被評為美國製造業最偉大的工作場所之一，這證明了 ADM 營運團隊同事的不懈努力。

The external environment became clear in some critical areas for our business throughout the quarter. The US administration drove positive tax and biofuel policies that are helping biofuel producers make better decisions about production rates and feedstock demand, while also supporting an uplift in crush and biodiesel margins.

整個季度，我們業務的一些關鍵領域的外部環境變得明朗。美國政府推行積極的稅收和生質燃料政策，幫助生質燃料生產商更好地決定生產力和原料需求，同時也支持壓榨和生質柴油利潤的提升。

The agility in which we managed the first half of 2025 demonstrates our team's ability to drive our strategy forward and manage the dynamics of the external environment while focusing attention on the self-help and execution excellence agenda we outlined earlier in the year.

我們在 2025 年上半年表現出的敏捷性表明，我們的團隊有能力推動策略向前發展，並管理外部環境的動態，同時將注意力集中在我們今年早些時候概述的自助和執行卓越議程上。

Let's take a closer look at our progress on key strategic objectives in the quarter. Please turn to slide 5. We're making strong progress against the areas of self-help we identified at the beginning of the year. The balance of efforts across cost management, execution excellence, targeted simplification, strategic growth and capital discipline are providing an important foundation to work from.

讓我們仔細看看本季我們在關鍵策略目標上的進展。請翻到投影片 5。我們在年初確定的自助領域取得了重大進展。成本管理、卓越執行、目標簡化、策略成長和資本紀律等方面的努力平衡為工作提供了重要的基礎。

Let me share a few examples of what we accomplished in the quarter. We are continuing our portfolio management activities. We made decisions to cease operations at certain facilities that no longer align with our long-term goals, including several AS&O origination sites globally, a port transload facility in Florida, an aquaculture plant in Ecuador, a pet and animal nutrition plant in Brazil and two assets no longer strategic to the Specialty Ingredients business.

讓我分享一些我們在本季取得的成就的例子。我們正在繼續我們的投資組合管理活動。我們決定停止某些不再符合我們長期目標的設施的運營，包括全球範圍內的幾個 AS&O 原產地、佛羅裡達州的一個港口轉運設施、厄瓜多爾的一個水產養殖廠、巴西的一個寵物和動物營養廠以及兩項對特種成分業務不再具有戰略意義的資產。

We focused on optimizing our AS&O network and aligning our asset base to the most critical parts of the business while ensuring we effectively manage uptime and production capacity, and we announced our intention to move our Lubbock, Texas cottonseed plant into a joint venture.

我們專注於優化我們的 AS&O 網絡，並將我們的資產基礎與業務的最關鍵部分相結合，同時確保我們有效地管理正常運行時間和生產能力，並且我們宣布了將位於德克薩斯州拉伯克的棉籽工廠遷至合資企業的意圖。

As I mentioned earlier, we achieved a critical milestone in recommissioning in our Decatur East facility and are currently ramping up to planned production levels. This will have a positive impact on costs within our Specialty Ingredients business, as we move through the back half of the year. Through a combination of these efforts and others throughout the first half of the year, we remain on track for our targeted $500 million to $750 million in aggregate cost savings over the next three to five years.

正如我之前提到的，我們在迪凱特東部工廠的重新調試中取得了一個關鍵的里程碑，目前正在逐步達到計劃的生產水平。隨著我們進入下半年，這將對我們的特種原料業務的成本產生積極影響。透過這些努力以及今年上半年的其他努力，我們有望實現未來三到五年內節省 5 億至 7.5 億美元總成本的目標。

We're also continuing our capital discipline focus with an eye on returning capital to shareholders. And following our Q1 earnings call, we announced our 374 consecutive quarterly dividend. And while we've been keeping our efforts in cost and capital management at the forefront, we have never stopped smart organic investments that provide us options to accelerate growth at the appropriate time.

我們也將持續關注資本紀律，並著眼於向股東返還資本。在第一季財報電話會議之後，我們宣布了連續第 374 個季度派發股息。雖然我們一直將成本和資本管理放在首位，但我們從未停止明智的有機投資，這些投資為我們提供了在適當的時候加速成長的選擇。

ADM's integrated business model provides significant advantage to generate value across our entire production ecosystem. A few examples include repositioning coproducts from our operations into new solutions such as converting fatty acid residues, found in waste materials into biofuels; addressing a growing carbon economy through the expansion of our decarbonization capabilities in Carb Solutions; and taking advantage of available capacity in nutrition plants to expand product lines and enter new markets.

ADM 的整合業務模式為我們的整個生產生態系統創造價值提供了顯著優勢。一些例子包括將我們營運中的副產品重新定位為新的解決方案，例如將廢料中的脂肪酸殘基轉化為生質燃料；透過擴展我們在 Carb Solutions 的脫碳能力來應對不斷增長的碳經濟；並利用營養工廠的可用產能來擴展產品線並進入新市場。

All of these represent ways ADM can reduce waste, accretively deploy capital and increase returns. As we look to the back half of 2025 from an external perspective, we anticipate increasing biofuels and trade policy clarity that accelerate our ability to create positive economic opportunities and drive additional investments such as these throughout our business and the agriculture sector.

所有這些都代表了 ADM 減少浪費、增加資本部署和提高回報的方法。從外部視角展望 2025 年下半年，我們預計生物燃料和貿易政策將更加清晰，這將加速我們創造積極經濟機會的能力，並推動我們整個業務和農業部門的額外投資。

As public policy increasingly supports the agricultural sector, ADM is poised to play a pivotal role in driving that progress. In the US, for instance, as policies are finalized to accelerate the adoption of renewable fuels, ADM is ready to lead, advancing innovative solutions that open new, high-value markets for American farmers and strengthen the broader bio economy.

隨著公共政策越來越多地支持農業部門，ADM 將在推動這一進步方面發揮關鍵作用。例如，在美國，隨著加速採用再生燃料的政策最終確定，ADM 已準備好發揮領導作用，推動創新解決方案，為美國農民開闢新的高價值市場，並加強更廣泛的生物經濟。

We will also continue to shape our own path through the self-help agenda that is already driving impact that help offset some of the market dynamics seen in the first half of the year. Because several external factors and self-help efforts will activate in the third and fourth quarters, we are tightening our expectations for adjusted earnings per share and expect it to land around $4 per share for full year 2025.

我們也將繼續透過自助議程來塑造自己的道路，該議程已經產生了影響，有助於抵消今年上半年出現的一些市場動態。由於第三季和第四季將出現多種外部因素和自救措施，我們收緊了對調整後每股收益的預期，預計 2025 年全年每股收益將達到 4 美元左右。

We believe ADM is in a solid position to exit 2025 with operational momentum, and we are confident that our team's ability to execute against our strategy will set the company up for a strong finish to the year and launch into 2026.

我們相信，ADM 擁有穩固的實力，能夠在 2025 年結束時保持良好的營運勢頭，並且我們堅信，我們的團隊有能力按照我們的策略執行，這將使公司在今年取得強勁的業績，並邁入 2026 年。

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

接下來，請容許我把時間交給 Monish，讓他更深入地介紹第二季的財務表現和 2025 年的展望。莫尼什？

Thank you, Juan. Please turn to slide 6. AS&O segment operating profit for the second quarter was $379 million, down 17% compared to the prior year quarter as limited clarity on legislative and biofuel policy continued to impact margins in the segment.

謝謝你，胡安。請翻到幻燈片 6。AS&O 部門第二季營業利潤為 3.79 億美元，較去年同期下降 17%，原因是立法和生物燃料政策的不明確性繼續影響該部門的利潤率。

In the Ag Services subsegment, operating profit was $113 million, down 7% versus the prior year quarter, driven primarily by lower global trade and South American origination results. Global trade results were lower relative to the same quarter last year, largely due to the lower trading volumes, partially related to the trade policy uncertainty as well as lower margins due to lower commodity prices, negative freight timing and currency impacts.

在農業服務子部門，營業利潤為 1.13 億美元，較去年同期下降 7%，主因是全球貿易下降和南美洲原產地表現下降。全球貿易結果與去年同期相比有所下降，主要是由於交易量下降，部分原因與貿易政策的不確定性有關，以及由於大宗商品價格下跌、貨運時機不利和貨幣影響導致的利潤率下降。

South American origination results were lower primarily due to lower volume and margins stemming from the loss of operations at a key port facility in Brazil and foreign exchange impacts. North American origination results improved in the quarter due to higher margins and volumes as well as from a timing benefit associated with receiving $19 million in proceeds from a USDA grant earlier this year compared to in 2024.

南美洲出貨業績較低，主要是由於巴西一個主要港口設施的營運損失以及外匯影響導致出貨量和利潤率下降。本季北美起源業績有所改善，這得益於利潤率和銷量的提高，以及今年稍早從美國農業部獲得 1,900 萬美元撥款所帶來的時間優勢（與 2024 年相比）。

There were net negative timing impacts of approximately $27 million year-over-year. In the Crushing subsegment, operating profit was $33 million, down 75% from the prior year quarter. Consistent with our expectations for the quarter, both global soybean and canola crush execution margins were lower than the prior year quarter.

與去年同期相比，淨負面時間影響約為 2,700 萬美元。在破碎子部門，營業利潤為 3,300 萬美元，較去年同期下降 75%。與我們對本季的預期一致，全球大豆和油菜籽壓榨執行利潤率均低於去年同期。

Global executed crush margins were approximately $7 per ton lower in soybeans compared to the prior year quarter and approximately $29 per ton lower in canola. By region, crush margins were down significantly in North America. North America soybean crush margins were negatively impacted by higher crush rates and lower soybean oil demand stemming from biofuel policy uncertainty early in the quarter.

與去年同期相比，全球大豆壓榨利潤每噸下降約 7 美元，油菜籽壓榨利潤每噸下降約 29 美元。以地區來看，北美地區的壓榨利潤大幅下降。本季初，由於生物燃料政策的不確定性導致壓榨率上升和大豆油需求下降，北美大豆壓榨利潤受到負面影響。

North America canola crush margins were approximately $50 per tonne lower due to headwinds from trade policy and lower canola oil demand for biofuel production. There were net positive timing impact of approximately $37 million year-over-year.

由於貿易政策不利以及生物燃料生產對菜籽油的需求下降，北美菜籽油壓榨利潤下降了約 50 美元/噸。與去年同期相比，淨正向時間效應約為 3,700 萬美元。

In the Refined Products and Other subsegment, operating profit was $156 million, up 14% compared to the prior year quarter as positive timing impacts offset lower biodiesel and refining margins.

在成品油及其他子部門，營業利潤為 1.56 億美元，較去年同期成長 14%，因為正面的時機影響抵消了生質柴油和煉油利潤率的下降。

In EMEA, margins declined due to significantly lower biodiesel export volumes. In North America, positive timing impacts offset lower biodiesel and refining margins, which were negatively impacted by additional industry crush capacity and lower demand for vegetable oils due to biofuel policy uncertainty.

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，正面的時機影響抵消了生物柴油和煉油利潤率的下降，而生物柴油和煉油利潤率的下降則受到行業壓榨能力增加和生物燃料政策不確定性導致的植物油需求下降的負面影響。

There were net positive timing impacts of approximately $119 million year-over-year. Equity earnings from the company's investment in Wilmar were $77 million, up 13% compared to the prior year quarter.

與去年同期相比，淨正向時間效應約為 1.19 億美元。該公司對豐益集團的投資股權收益為 7,700 萬美元，較去年同期成長 13%。

Turning now to slide 7. For the second quarter, Carbohydrate Solutions segment operating profit was $337 million, down 6% compared to the prior year quarter. In Starches and Sweeteners subsegment, operating profit was $304 million, down 6% compared to the prior year quarter.

現在翻到幻燈片 7。第二季度，碳水化合物解決方案部門營業利潤為 3.37 億美元，較去年同期下降 6%。澱粉和甜味劑子部門的營業利潤為 3.04 億美元，較去年同期下降 6%。

In EMEA, Sweeteners and Starches volumes and margins declined as higher corn costs due to crop quality issues continued to negatively impact results. In North America, Sweeteners and Starches results were up slightly as higher liquid sweetener and corn co-product margins offset the negative impact of weaker starch margins and volumes and lower wet mill ethanol margins. Global wheat milling margins and volumes also improved relative to the prior year quarter largely due to volume growth with key customers.

在歐洲、中東和非洲地區，由於作物品質問題導致玉米成本上升，甜味劑和澱粉的銷售和利潤率持續下降，對業績產生負面影響。在北美，甜味劑和澱粉的表現略有上升，因為液體甜味劑和玉米副產品利潤率的提高抵消了澱粉利潤率和產量下降以及濕磨乙醇利潤率下降的負面影響。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, flat relative to the prior year quarter as higher ethanol volumes and improved risk management largely offset lower ethanol margins. Overall, ethanol EBITDA margins per gallon were positive in the quarter, though lower than the prior year quarter.

Vantage 玉米加工商子部門的營業利潤為 3,300 萬美元，與去年同期持平，因為乙醇產量增加和風險管理改善在很大程度上抵消了乙醇利潤率的下降。總體而言，本季每加侖乙醇 EBITDA 利潤率為正，但低於去年同期。

Turning to slide 8. In the second quarter, Nutrition segment revenues were $2 billion, up approximately 5% compared to the prior year quarter. The increase includes a $55 million benefit from a contract cancellation in Health and Wellness, the full amount of which is not included in the Nutrition segment operating profit.

翻到幻燈片 8。第二季度，營養部門營收為 20 億美元，較去年同期成長約 5%。此次成長包括因健康與保健部門合約取消而獲得的 5,500 萬美元收益，但該收益並未全部計入營養部門的營業利潤。

Excluding this benefit, Human Nutrition revenue was up approximately 4% primarily driven by Flavors growth, partially offset by headwinds related to supply challenges from Decatur East. Animal Nutrition revenue was down 2% as negative currency impacts and lower volumes offset mix benefits.

除此收益外，人類營養收入增長約 4%，主要受調味品增長的推動，但迪凱特東部供應挑戰帶來的不利因素部分抵消了這一增長。由於負面貨幣影響和銷售下降抵消了產品組合效益，動物營養收入下降了 2%。

Nutrition segment operating profit was $114 million for the second quarter, up 5% versus the prior year quarter. Human Nutrition subsegment operating profit was $92 million, down 11% compared to the prior year quarter, as improved performance in Flavors was more than offset by declines in Specialty Ingredients and Health and Wellness.

營養部門第二季營業利潤為 1.14 億美元，較去年同期成長 5%。人類營養子部門的營業利潤為 9,200 萬美元，與去年同期相比下降 11%，因為食用香精的業績成長被特種配料和健康與保健的下滑所抵消。

In Specialty Ingredients, operating profit declined due to lower margins and impacts related to the Decatur East plant. In Health and Wellness, higher margins from Biotics and improved product mix were more than offset by reduced tolling margins from a contract cancellation.

在特種原料業務方面，由於利潤率較低以及迪凱特東部工廠的影響，營業利潤有所下降。在健康和保健領域，生物製品利潤率的提高和產品組合的改善被合約取消導致的加工利潤率的降低所抵消。

Animal Nutrition subsegment operating profit of $22 million was higher than the prior year quarter due to higher margins supported by ongoing turnaround actions.

動物營養子部門的營業利潤為 2,200 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. For the first half of the year, the company generated cash flow from operations before working capital of approximately $1.2 billion, down relative to the prior year period due to lower segment operating profit.

請翻到第 9 張投影片。今年上半年，該公司扣除營運資本前的經營活動現金流約為 12 億美元，由於部門營運利潤下降，較去年同期下降。

We continue to make progress with our actions to ensure working capital excellence through stronger rigor on working capital planning, inventory rationalization, improvement of key accounts payable metrics and more timely collection of past due balances.

我們將繼續採取行動，透過更嚴格地進行營運資本規劃、庫存合理化、改善關鍵應付帳款指標和更及時地收取逾期餘額，確保營運資本的卓越性，從而取得進展。

For example, inventories decreased by $2.2 billion during the first half of this year as compared to a $1.4 billion decrease in the prior year period in part due to improved management of volumes. Solid cash generation and our strong balance sheet remain important differentiators for the company. Our leverage ratio was 2.1 times for the quarter end, and we will continue to seek opportunities to further strengthen our balance sheet to enhance financial flexibility.

例如，今年上半年庫存減少了 22 億美元，而去年同期庫存減少了 14 億美元，部分原因是庫存管理得到改善。穩健的現金產生和強勁的資產負債表仍然是公司的重要差異化因素。本季末我們的槓桿比率為 2.1 倍，我們將繼續尋找機會進一步加強我們的資產負債表，以提高財務靈活性。

We are dedicated to organically investing in the business to elevate returns and create long-term value. To this end, we have been very prudent with our CapEx spending. Year-to-date, we have invested $596 million in capital expenditures and have lowered our expected CapEx spend range to $1.3 billion to $1.5 billion for 2025, down from previous expectations of $1.5 billion to $1.7 billion.

我們致力於對業務進行有機投資，以提高回報並創造長期價值。為此，我們對資本支出非常謹慎。年初至今，我們已投資 5.96 億美元的資本支出，並將 2025 年的預期資本支出範圍下調至 13 億美元至 15 億美元，低於先前預期的 15 億美元至 17 億美元。

At the same time, we remain steadfast in our commitment to returning cash to shareholders and we returned $495 million to shareholders in the form of dividends during the first half of 2025.

同時，我們堅定不移地履行向股東返還現金的承諾，並在 2025 年上半年以股息的形式向股東返還了 4.95 億美元。

Turning to slide 10. We have provided details to support our 2025 outlook. With greater visibility regarding the third quarter and additional clarity on emerging policy tailwinds, we have tightened our range and now expect adjusted earnings per share to be approximately $4 per share for the full year 2025.

翻到第 10 張投影片。我們已經提供了詳細資訊來支持我們的 2025 年展望。隨著第三季的可見度增強以及新興政策順風的進一步明朗，我們收緊了預期範圍，目前預計 2025 年全年調整後每股收益約為 4 美元。

Tax and biofuel policy proposals introduced towards the end of the second quarter and beyond have now created market insight to incentivize higher biofuel and renewable diesel production levels.

第二季末及以後推出的稅收和生物燃料政策提案現已為市場帶來了洞察力，以激勵更高的生物燃料和再生柴油生產水平。

In June, the Environmental Protection Agency released its first Renewable Volume Obligation, or RVO, proposal for 2026 and 2027 with favorable provisions for domestic feedstock. In July, the tax reconciliation package signed by the Administration improved and extended the 45Z biofuel producer tax credit for an additional two years to 2029 and clarified that the credit is limited to fuels created from North American feedstocks.

今年 6 月，美國環保署發布了第一份《再生能源總量義務》（RVO）提案，該提案針對 2026 年和 2027 年，其中對國內原料做出了優惠規定。7月，政府簽署的稅收協調方案改善了45Z生物燃料生產者稅收抵免，並將其延長兩年至2029年，並明確規定該抵免僅限於由北美原料生產的燃料。

With the favorable proposed RVO and finalization of the 45Z producer tax credit, soybean oil has rallied and board crush margins have improved. Combined with the focused actions of our teams on network consolidation and cost savings, we expect to be in a better position to capture opportunities as we enter the fourth quarter and move through the final months of the year.

隨著有利的 RVO 提案和 45Z 生產者稅收抵免的最終確定，大豆油價格上漲，紙板壓榨利潤率也有所提高。結合我們團隊在網路整合和成本節約方面的重點行動，我們預計在進入第四季度並度過今年最後幾個月時將能夠更好地抓住機會。

Let me provide some color on several assumptions for the second half. We are closely monitoring customer demand and have embedded expectations for lower volumes in certain pockets and geographies in our guidance.

讓我對下半年的幾個假設做一些說明。我們正在密切關注客戶需求，並在我們的指導中嵌入了對某些地區和地區的銷售下降的預期。

With policy developments coming at the end of the second quarter, we had already booked a portion of our third quarter business, which will limit our ability to take full advantage of higher expected margins from these developments in the third quarter.

由於第二季末政策的出台，我們已經預定了第三季的部分業務，這將限制我們在第三季充分利用這些政策發展帶來的更高預期利潤率的能力。

We expect soybean crush margins in the third quarter to be in a similar range to the second quarter. We expect improved AS&O margins will primarily benefit our fourth quarter results where we project global soybean crush margins to be in the range of $60 to $70 per metric tonne and global canola crush margins to be in the range of $55 to $65 per metric tonne.

我們預計第三季大豆壓榨利潤將與第二季持平。我們預計 AS&O 利潤率的提高將主要有利於我們第四季度的業績，我們預測全球大豆壓榨利潤率將在每公噸 60 至 70 美元之間，全球油菜籽壓榨利潤率將在每公噸 55 至 65 美元之間。

We also expect improvement in Ag Services in the fourth quarter as we expect strong crops in North America and a solid North American export season supported by increased trade policy clarity.

我們也預計第四季度農業服務業將有所改善，因為我們預計北美農作物將豐收，且貿易政策更加明晰，北美出口季節也將穩健。

We expect Carb Solutions to continue to be impacted by softness in starch demand for paper and corrugated box and higher corn costs in EMEA related to corn quality issues. Robust industry-wide ethanol production is expected to sustain pressure on margins and we anticipate for the year 2025, a mid-single-digit decline in overall ethanol EBITDA margins compared to the prior full year.

我們預計，Carb Solutions 將繼續受到紙張和瓦楞紙箱澱粉需求疲軟以及 EMEA 地區因玉米品質問題導致的玉米成本上漲的影響。預計全產業乙醇產量強勁將對利潤率造成持續壓力，我們預計 2025 年整體乙醇 EBITDA 利潤率將與上一年度相比出現中等個位數下降。

We anticipate continued improvement in Nutrition through a focus on supply chain excellence and our Decatur East plant returning to planned full production.

我們預計，透過專注於卓越的供應鏈以及迪凱特東部工廠恢復計劃的全面生產，營養狀況將繼續改善。

Finally, just a reminder, during the second half of 2024, we had $231 million in insurance proceeds with $96 million in the third quarter and the balance in the fourth quarter. The third quarter insurance proceeds were largest in Carb Solutions and will impact third quarter year-over-year comparisons in that segment.

最後，提醒一下，2024 年下半年，我們的保險收益為 2.31 億美元，其中第三季為 9,600 萬美元，餘額在第四季。第三季的保險收益是 Carb Solutions 最大的收益，並將影響該部門第三季的年比數據。

To close, we are making progress. My top priority coming to ADM was to remediate the material weakness. And this quarter, we announced that we have successfully remediated the material weakness in internal controls for segment disclosures related to reporting, pricing and measurement.

最後，我們正在取得進展。我來到 ADM 的首要任務是彌補材料缺陷。本季度，我們宣布已成功修復與報告、定價和計量相關的分部揭露內部控制中的重大缺陷。

Going forward, we will continue to focus on broader initiatives that will enhance our transparency and compliance processes while maintaining an effective operating environment. We have also aggressively acted on opportunities to improve operational performance and lower costs. And we are seeing through these actions that our assets are running better, and we are benefiting from the restored and ramping operations at our Decatur East plant.

展望未來，我們將繼續專注於更廣泛的舉措，以提高我們的透明度和合規流程，同時保持有效的營運環境。我們也積極抓住機會提高營運績效並降低成本。透過這些行動，我們看到我們的資產運作得更好，我們也從迪凱特東部工廠的恢復和擴張運作中受益。

We also continue to work in a measured manner to simplify our portfolio to enhance focus on core competencies while unlocking additional capital to drive value and position the company for long-term success.

我們也將繼續以審慎的方式簡化我們的投資組合，以增強對核心競爭力的關注，同時釋放更多資本來推動價值並為公司的長期成功做好準備。

In particular, on cash, we have delivered an improvement in working capital efficiency, and we have taken actions to further optimize our CapEx. These efforts position us in our ability to navigate the current dynamic environment and reinforce our confidence in delivering on our commitments.

特別是在現金方面，我們提高了營運資本效率，並採取措施進一步優化我們的資本支出。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 moment 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，我想花點時間感謝所有 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. Let me wrap up by highlighting some of the ways we are setting our business up for the back half of 2025 and into 2026, along with the positive signals we see that are providing momentum. Overall, we will continue to drive operational excellence through our focus on cost savings and cash and by simplifying our business through targeted portfolio optimization including the recent examples I mentioned earlier in today's call.

謝謝，莫尼什。最後，我想重點介紹我們為 2025 年下半年和 2026 年制定業務計劃的一些方法，以及我們看到的正在提供動力的積極信號。總體而言，我們將繼續透過專注於成本節約和現金並透過有針對性的投資組合優化（包括我在今天的電話會議中提到的最近的例子）來簡化我們的業務，從而推動卓越營運。

In Carbohydrate Solutions, we will continue to drive operational excellence and closely monitor both consumer sentiment and broader economic signals, while maintaining momentum around our decarbonization and cost reduction initiatives.

在碳水化合物解決方案方面，我們將繼續推動卓越運營，密切關註消費者情緒和更廣泛的經濟訊號，同時保持脫碳和降低成本計劃的勢頭。

For Nutrition, the ramp-up of Decatur East and optimized portfolio will support continued recovery of the business. While we focus on building upon our strong opportunity pipeline in segments like Flavors and Health and Wellness.

對於營養業務而言，迪凱特東部業務的成長和產品組合的最佳化將支持業務的持續復甦。我們專注於在風味、健康和保健等領域建立強大的機會管道。

In Ag Services and Oilseeds, our active network optimization and operations focus is positioning us with the agility to capture opportunities from improved market conditions in the back half of the year. Additionally, we're closely monitoring global trade developments, particularly in relation to China and broader export market dynamics, as we head into the critical US harvest season later this year. These factors will play an important role in shaping opportunities in the months ahead.

在農業服務和油籽領域，我們積極的網路優化和營運重點使我們能夠靈活地抓住下半年市場條件改善帶來的機會。此外，隨著今年稍後美國將迎來關鍵的收穫季節，我們正在密切關注全球貿易發展，特別是與中國和更廣泛的出口市場動態相關的發展。這些因素將在塑造未來幾個月的機會方面發揮重要作用。

We are seeing selective market share increases that are offsetting sluggish markets elsewhere, and we are sharpening our focus on good risk management practices.

我們看到選擇性市場佔有率的成長正在抵消其他地區市場低迷的影響，我們也正在更加重視良好的風險管理實踐。

Looking to the fourth quarter of 2025 and onwards, we see several reasons for optimism. Clarity in biofuel policy and legislative support for agriculture are creating a favorable environment for market access for our farmer partners and enhance ADM's ability to deliver economic value to the broader sector.

展望 2025 年第四季及以後，我們看到了幾個樂觀的理由。清晰的生物燃料政策和對農業的立法支持為我們的農民合作夥伴創造了有利的市場准入環境，並增強了 ADM 為更廣泛行業帶來經濟價值的能力。

The foundational work we've done in the first half of 2025 sets us up for stronger operational momentum. Our investments in innovative spaces such as postbiotics, natural flavors and colors and decarbonization position us to capture growth in high potential markets.

我們在 2025 年上半年所做的基礎工作為我們更強勁的營運動能奠定了基礎。我們對後生元、天然香料和色素以及脫碳等創新領域的投資使我們能夠在高潛力市場中實現成長。

We have recalibrated many variables as we navigate the current complexities and our confidence in ADM's resilience stems from the dedication and expertise of our team. Their ability to adapt to challenges and execute against our strategy has been evident throughout the year. We are a company built to endure cycles and our unparalleled asset network, combined with the ingenuity of our workforce, ensures we remain a source of strength for our farmers, customers and partners.

在應對當前的複雜情況時，我們重新調整了許多變量，我們對 ADM 的韌性的信心源於我們團隊的奉獻精神和專業知識。他們適應挑戰和執行我們策略的能力在全年都得到了充分體現。我們是一家能夠經受週期考驗的公司，我們無與倫比的資產網絡，加上員工的聰明才智，確保我們始終是農民、客戶和合作夥伴的力量來源。

As we move forward, our focus on self-help initiatives, execution excellence and disciplined capital allocation will continue to drive value for our shareholders and position ADM for success in 2026 and beyond.

隨著我們不斷前進，我們對自助計劃、卓越執行和嚴謹資本配置的關注將繼續為股東創造價值，並為 ADM 在 2026 年及以後取得成功奠定基礎。

With that, let's open the line for questions. Operator?

現在，讓我們開始回答問題。操作員？

(Operator Instructions) Andrew Strelzik, BMO.

（操作員指示） Andrew Strelzik，BMO。

You gave a lot of helpful color for the back half of the year, but I was hoping you could maybe a little bit more explicitly give us kind of the earnings split between 3Q and 4Q or at least a little bit more guide kind of at the total company level?

您為今年下半年提供了許多有用的信息，但我希望您能更明確地告訴我們第三季和第四季之間的收益分配情況，或至少在整個公司層級提供更多指導？

And if I take that, does it make sense to, as we start to think about 2026 annualized 4Q as kind of a starting point? I know it's a bit of a bigger quarter, so we can make some mental math adjustments around that. But is there any reason why that kind of doesn't make sense to you?

如果我這樣認為，那麼當我們開始考慮將 2026 年年度化第四季作為起點時，這是否有意義？我知道這是一個更大的季度，所以我們可以圍繞這一點進行一些心算調整。但有什麼理由讓您覺得這毫無意義嗎？

Thank you for the question. As you said or as are you implying in your question, we see the prospects for ADM improving and getting more clear as we go into the second half. Of course, first half had a lot of headwinds; second half, with the benefits now of a little bit more clarity on RVOs and 45Z, we certainly see the potential for soybean oil to be much more demanded and that will be the preferred feedstock for North America.

謝謝你的提問。正如您所說的，或者您在問題中暗示的那樣，隨著進入下半年，我們看到 ADM 的前景正在改善，並且變得更加清晰。當然，上半年有很多阻力；下半年，隨著 RVO 和 45Z 情況的進一步明朗，我們當然看到大豆油的需求潛力大大增加，並將成為北美首選的原料。

Unfortunately, by the time this was announced, we have already contracted most of our Q3. So you will see the impact for us mostly in Q4. So as such is probably going to be something in the, I don't know, 35-65 type of split between Q3 and Q4.

不幸的是，當我們宣布這一消息時，我們已經完成了大部分第三季的合約。因此，您主要會在第四季度看到對我們的影響。因此，我不確定 Q3 和 Q4 之間是否會有 35-65 類型的劃分。

If you think about what are the things that we have in Q4 coming for us? We continue with our improvement in cost position. We're going to see an improvement in crush margins if all these RVO numbers are finally confirmed. We're going to see the benefit of our Decatur East plant in Nutrition being back into production.

如果您想想第四季我們將會遇到哪些事情？我們持續改善成本狀況。如果所有這些 RVO 數字最終得到確認，我們將看到壓榨利潤率的提高。我們將看到迪凱特東部營養工廠恢復生產的好處。

And we're going to see better earnings from Ag Services as we get into our export season from a global trade perspective as well. So we have high expectations for that quarter, provided all these RVOs are confirmed. In terms of 2026, probably too early, but most of the time, we said the rate that we exit 2025 becomes the rate that we entered 2026, whether that's going to be multiplied by 4, too early to speculate at this point.

從全球貿易角度來看，隨著出口季節的到來，我們將看到農業服務業務的收益有所提高。因此，如果所有這些 RVO 都得到確認，我們對該季度抱有很高的期望。就 2026 年而言，可能為時過早，但大多數時候，我們說 2025 年退出時的利率會變成 2026 年進入時的利率，無論這個利率是否會乘以 4，現在推測還為時過早。

Just Andrew, a couple more data points to Juan's point, 1/3, 2/3 split Q3, Q4. Secondly, just as you're modeling, just remember, last year, we had $230 million of insurance proceeds, $96 million of it was in Q3 and the balance was in Q4, and you can see the segment. So in Q3, Carbs will be the biggest impact on a year-over-year basis.

只是安德魯，還有幾個資料指向胡安的觀點，1/3、2/3 分割 Q3、Q4。其次，正如您所建模的那樣，請記住，去年，我們有 2.3 億美元的保險收益，其中 9,600 萬美元是在第三季度，餘額是在第四季度，您可以看到該部分。因此，在第三季度，碳水化合物將受到年比最大的影響。

If crush margins don't move up or the replacement curve doesn't move up, that's another $0.15 headwind if the curve doesn't move. Corporate, usually second half is usually higher than the first half due to some naturally seasonal item will continue to drive our cost and cash initiatives that we have.

如果壓榨利潤不上升或替代曲線不上升，那麼如果曲線不動，那將又是 0.15 美元的逆風。企業通常下半年的業績通常高於上半年，因為一些自然的季節性項目將繼續推動我們的成本和現金計劃。

Ethanol. When you think about Ethanol, it's still lower on a year-over-year basis, while the second quarter was positive, it was still lower than last year and so we continue to see ethanol to be a little softer in the second half.

乙醇。當您考慮乙醇時，它與去年同期相比仍然較低，儘管第二季度是積極的，但它仍然低於去年，因此我們繼續看到乙醇在下半年會略微疲軟。

But all of that is currently baked into our guide, except of course the headwind if the replacement curve doesn't work. And timing is another item that could move between quarters or where our mark comes at the end of the year. But hopefully, that answers your question.

但所有這些都已融入我們的指南中，當然，如果替換曲線不起作用，就會出現逆風。時間是另一個可能在不同季度之間變化的因素，或者我們的標記會在年底出現。但希望這能回答你的問題。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

Congrats on the solid results for the second quarter. I wanted to dive into the outlook for the Nutrition segment into the back half. Obviously, with Decatur East coming back, as we look into this and kind of like have like an LTM run rate kind of, call it about $400 million operating income now in that segment.

恭喜第二季度取得的穩健業績。我想深入了解後半部營養領域的前景。顯然，隨著迪凱特東部的回歸，當我們研究這個問題時，就會發現有點像 LTM 運行率，現在該部門的營業收入約為 4 億美元。

But clearly, with all these headwinds, what would you suggest us assuming has been kind of like that incremental cost that you called out for not having Decatur East over the last couple of quarters? And as we ramp this through 3Q into 4Q and then particularly into 2026, where do you think like kind of like a current run rate is for that business on a stand-alone basis?

但顯然，面對所有這些不利因素，您建議我們假設過去幾個季度中由於沒有迪凱特東部而產生的增量成本是什麼樣的？隨著我們將這項業務從第三季度提升到第四季度，特別是到 2026 年，您認為該業務目前的獨立運作率是多少？

Yes. Thank you for the question, Ben. Let me address Nutrition and how is it going. So Nutrition continue its recovery. We're very pleased with that. If I take it into pieces. If you take Human Nutrition. Human Nutrition is being driven by flavors, strong revenue growth. We are holding to our EBITDA margin. So we are very pleased with that, mostly driven by beverages in North America, but also strength in Europe. And we have an opportunity to grow geographically as our plants in Asia Pacific are increasing output.

是的。謝謝你的提問，本。讓我來談談營養狀況以及進展如何。因此營養繼續恢復。我們對此感到非常高興。如果我把它拆成碎片。如果您服用人類營養學。人類營養受到口味和強勁收入成長的推動。我們保持著 EBITDA 利潤率。因此，我們對此感到非常高興，這主要得益於北美飲料市場的推動，但歐洲市場也表現強勁。隨著我們亞太地區工廠產量的不斷增加，我們也有機會實現地理上的成長。

In terms of Health and Wellness, Biotics has grown so far 9% revenue. So that's going very, very well, and we are very pleased with that. And we will releasing some data of studies that we performed in 2025. We're going to be releasing it in '25 and '26 that will give much more opportunities for us to penetrate more applications, especially in the heat-treated post biotic area where ADM is one of the leading companies.

在健康和保健方面，Biotics 的收入迄今已增加了 9%。一切進展非常順利，我們對此感到非常滿意。我們將發布我們在 2025 年進行的一些研究數據。我們將在 25 年和 26 年發布它，這將為我們提供更多機會滲透到更多的應用領域，特別是在 ADM 作為領先公司之一的熱處理後生物領域。

In terms of Specialty Ingredients was the headwinds for the Human Nutrition part. And as you said, we have mentioned before, the headwinds in terms of cost or having the Decatur plant down was about $20 million to $25 million per quarter, that will be hopefully behind us as we go into 2026.

就特殊成分而言，這是人類營養部分面臨的阻力。正如您所說，我們之前提到過，成本方面的阻力或迪凱特工廠停工每季度約為 2000 萬至 2500 萬美元，希望到 2026 年，這些阻力能夠得到緩解。

So then you have the Animal Nutrition. The Animal Nutrition side has been an improvement story, if you will, a margin-up story. Remember, I mentioned that from the time that from like three or four years ago, and they've been executing on that. They've been executing for the last, I think, seven quarters, they've been presenting better results based on self-help.

這樣你就有了動物營養。動物營養方面一直在改善，或者說利潤正在上升。記住，我從三、四年前就提到這一點，他們一直在執行這一點。我認為，在過去的七個季度裡，他們一直在執行，並且基於自助取得了更好的結果。

The market is a relatively good market in the sense that all the protein customers are making money. Feed is relatively cheap right now. So profitability is there. And our portfolio is slightly shifting into more specialty products as we go along. So we are deemphasizing some of the commodities and emphasizing a little bit more our innovation in those segments. So we feel good about that piece continue.

從所有蛋白質客戶都在賺錢的意義上來說，這個市場是一個相對較好的市場。目前飼料相對便宜。所以盈利能力是存在的。隨著我們的發展，我們的產品組合正在略微轉向更多特色產品。因此，我們不再強調某些商品，而是更強調我們在這些領域的創新。因此，我們對作品的繼續創作感到滿意。

So I think we are setting up well for continued growth into 2026. Numbers-wise, a run rate, I wouldn't like to venture at this point in time. But I think you can, for sure, add about $100 million of Specialty Ingredient headwinds that we're not going to have in 2026. The plant so far is running well since it started up back. The team brought it back safely. So we're very proud of the team. So, so far, so good.

因此我認為我們已經為2026年的持續成長做好了準備。從數字上看，就運行率而言，目前我還不想冒險。但我認為，你肯定會增加約 1 億美元的特殊成分逆風，而 2026 年我們不會遇到這種逆風。該工廠自恢復運作以來，目前運作良好。團隊將它安全帶回。所以我們為這個團隊感到非常自豪。所以，到目前為止，一切都很好。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Monish, I just want a little bit of a clarification. I know you had been working very closely with SEC responding to all their queries. And now basically, you're putting out a statement that the material weakness is no longer there. So am I -- are we to understand that you reached out to SEC, you gave them what they wanted and then they did not come back with additional questions.

莫尼什，我只是想稍微澄清一下。我知道您一直與美國證券交易委員會密切合作並回應他們的所有詢問。現在基本上，你要發表聲明說，物質弱點不再存在。我也是——我們是否可以理解為，你聯繫了美國證券交易委員會 (SEC)，給了他們想要的東西，然後他們就沒有再提出其他問題。

So at this point, would it be fair to say that SEC is okay with where your financials are being constructed? And what can also be done to make sure this never happens again, if you could just talk about those things.

那麼，從這一點來看，我們可以公平地說，美國證券交易委員會 (SEC) 同意你們的財務狀況嗎？如果您能談談這些事情，我們還能做些什麼來確保這種事情不再發生？

Yes, so Manav, I think there are two different points that maybe I can make. Number one is, yes, we did remediate the material weakness this quarter. And the team did a really heavy job. They had created -- if you think it's 18 months that the company has worked on this. Robust remediation plan. So we designed and implemented a lot of enhanced internal controls, especially in related to our intersegment policies, pricing and measurement controls, which was the reason for the material weakness.

是的，Manav，我認為我可以提出兩個不同的觀點。第一，是的，我們確實在本季彌補了重大缺陷。這個團隊確實做了非常繁重的工作。他們已經創造了——如果你認為公司已經花了 18 個月的時間來實現這一點。強而有力的補救計畫。因此，我們設計並實施了許多強化的內部控制，特別是與我們的分部間政策、定價和測量控制相關的控制，這是造成重大缺陷的原因。

We improved our training, we upgraded talent, we have tested these controls -- and we test them over multiple periods. And right now, we believe these are effective. The way we do this, Manav, just for your benefit, is management tests it, they have their controls, they test it.

我們改進了培訓，提升了人才，測試了這些控制措施——並且我們在多個時期對它們進行了測試。目前，我們相信這些是有效的。Manav，我們這樣做只是為了您的利益，管理層會對其進行測試，他們有自己的控制措施，他們會對其進行測試。

And then at the end of the day, we consult with the Audit Committee as well as our auditors to make sure that what we are doing has robust internal controls. So we have actively engaged our auditors and while the audit will not be complete until the 10-K is filed, the auditors do have an obligation to make sure that what we are publicly disclosing is accurate as well as they feel good that our internal controls have been met.

最後，我們會與審計委員會以及審計師進行協商，以確保我們所做的事情具有強有力的內部控制。因此，我們積極聘請審計師，雖然審計要等到提交 10-K 報表後才能完成，但審計師有義務確保我們公開披露的內容是準確的，並且他們對我們的內部控制得到滿足感到滿意。

So based on all of that, that we have made sure that our controls are working, we as management feel that the material weakness has been remediated. And as I said, it's in consultation with our auditors and the Audit Committee.

因此，基於所有這些，我們確保我們的控制措施有效，我們作為管理層認為重大缺陷已經得到糾正。正如我所說，這是與我們的審計師和審計委員會協商的結果。

I would say going forward, we will continue this journey. So we will continue to keep focusing on broader initiatives that will enhance our transparency and compliance processes while continuing to maintain an effective operating [environment] (added by company after the call).

我想說，展望未來，我們將繼續這趟旅程。因此，我們將繼續關注更廣泛的舉措，以提高我們的透明度和合規流程，同時繼續維持有效的營運[環境]（通話後由公司新增）。

So hopefully, I answered your question, Manav, this is based on a robust remediation plan, and we have tested it and we feel that over the last few quarters that these -- our controls have been effective, and that's why we felt that we are in a position to remediate the material weakness this quarter.

所以希望我回答了你的問題，Manav，這是基於一個強有力的補救計劃，我們已經對其進行了測試，我們認為在過去幾個季度中，這些 - 我們的控制措施是有效的，這就是為什麼我們認為我們能夠在本季度補救重大缺陷。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

I had a two-part question on Crush. And first part was just a clarification. Wondering when you say if the replacement curve doesn't move up from here, are you referring to physical?

我對 Crush 有兩個問題。第一部分只是澄清。想知道當您說如果替代曲線從這裡不上升時，您指的是物理上的嗎？

And then secondly, more a big-picture question. If the RVO SREs play out as benignly as expected, just wondering the benefits to your biodiesel business, but more importantly, to your global Crush business. When we think about how that business was doing in '22-'23, how would you think about how ADM with the decision going into '26 and '27, if that plays out -- if the policy picture plays out as we're expecting?

其次，這是一個更宏觀的問題。如果 RVO SRE 的表現如預期般溫和，那麼您的生質柴油業務將會受益，更重要的是，您的全球壓榨業務將會受益。當我們思考該業務在 22-23 年的表現時，您會如何看待 ADM 在 26 年和 27 年做出的決策（如果政策情況如我們預期的那樣）？

So just a quick one, Heather, to answer your question. When we think about the replacement curve, yes, we do look at board crush. But at the end of the day, margins have to show up on the cash side, and that's the curve that I've mentioned. So we're combining both, and that's where I came up with the math that I gave you. Now that will move every day depending on how markets move, but this is where we are at this point in time.

希瑟，我來快速回答你的問題。當我們考慮替換曲線時，是的，我們確實會考慮板材擠壓。但最終，利潤必須體現在現金方面，這就是我提到的曲線。所以我們將兩者結合起來，這就是我給你的數學計算結果。現在，這將根據市場走勢而每天發生變化，但這就是我們目前的狀況。

Yes. Heather, on the big picture perspective, as you said, the RVOs have been very positive for soybean oil, and that can certainly increase demand. There are going to be adjustments. If you think about at this point in time or in the first half, we were exporting soybean oil, and we probably won't do that. And some of our customers are already -- some of our food customers we are already offering different mixes of products.

是的。希瑟，從總體來看，正如你所說，區域供應協議對大豆油非常有利，這肯定會增加需求。將會有調整。如果您想想此時或上半年，我們正在出口大豆油，而我們可能不會這樣做。我們的一些客戶——我們的一些食品客戶——已經提供不同組合的產品。

Of course, we have peanut oil and cotton oil and rapeseed oil, and we have many different blends because soybean oil will be a preferred feedstock for biofuel. So I think that we will adjust and we will maximize the profitability for the envelope. If you think about where the margins will fall, so I think initially, we will probably have to see RINs popping up.

當然，我們有花生油、棉油和菜籽油，而且我們有許多不同的混合物，因為大豆油將成為生物燃料的首選原料。所以我認為我們會進行調整，並最大限度地提高信封的獲利能力。如果你考慮利潤率會下降到哪裡，那麼我認為最初我們可能會看到 RIN 的出現。

We will see probably the benefits landing in the crush because we're going to have these very strong legs in terms of oil but also in biodiesel. I think refining will probably be a little bit squeezed refining margins because of all the pretreatment capacity, and we will have to see how many people run this pretreatment capacity, how many of the refineries come on stream.

我們可能會看到其在壓榨過程中帶來的好處，因為我們在石油和生質柴油方面都將擁有非常強大的實力。我認為，由於所有的預處理能力，煉油利潤可能會受到一點擠壓，我們必須看看有多少人運行這種預處理能力，有多少煉油廠投入生產。

But that's the way we see it. We feel very comfortable that the places where we have a crush, where you have Brazil and you're going to have B14 to B15 and then the progression of increasing that, the US will have the RVOs. And then in Europe, Germany has abolished the double accounting, which also is going to be good for oil.

但我們就是這麼看的。我們感到非常放心，我們所青睞的地方，例如巴西，將會有 B14 到 B15，然後逐步增加，美國將有 RVO。然後在歐洲，德國已經廢除了雙重核算，這也對石油有利。

So all in all, you can see about 6 million tonnes of extra feedstock coming into the biofuel area that you add about 800,000 tonnes of growth in the food it gives a very good perspective for this. You will see oil taking about 50% of the share of the crush, which hasn't happened in quite a while. And every time that happens, of course, margins pop up. So we will have to put pencil to all that when the RVOs are done. But I think if all this is confirmed and the SREs are kept in check, I think it plays very well for ADM going forward.

總而言之，您可以看到約有 600 萬噸額外原料進入生質燃料領域，而糧食產量又增加了約 80 萬噸，這為此提供了一個非常好的前景。你會看到石油佔了壓榨量的 50% 左右，這種情況已經很久沒有發生過了。當然，每當這種情況發生時，利潤就會出現。因此，當 RVO 完成後，我們必須將所有這些都記下來。但我認為，如果所有這些都得到確認，並且 SRE 得到控制，我認為這對 ADM 未來的發展非常有利。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

I was wondering, if maybe we could get a little bit more detail on the network optimization plan? I know you mentioned some detail in your prepared remarks, including some facilities that you had shut down in different geographies. But you also mentioned that there's some room to go. And so was, a, just wondering, where do you see the most room for kind of your further optimization? Is it more Ag Services, processing? I would just love a little bit of color there?

我想知道，我們是否可以了解有關網路優化計劃的更多細節？我知道您在準備好的演講中提到了一些細節，包括您在不同地區關閉的一些設施。但您也提到還有一些發展空間。所以，我只是想知道，您認為哪些方面最有進一步優化的空間？是更多的農業服務和加工嗎？我只是喜歡那裡有一點顏色？

And then also how does this optimize your processing kind of OpEx? Should we be looking at like a $5 per metric tonne improvement or how should we think about it from a crush perspective?

那麼這又如何優化您的處理類型的 OpEx？我們是否應該考慮每公噸 5 美元的改進，或者我們應該如何從壓榨角度來考慮它？

Yes. Thank you. Yes, I think that performance improvement around operations is one of the things that we highlighted early in the year, we were going to focus on, and we are delivering on that. I'm very proud of the improvements of the team. We were preparing our footprint for all these potential RVO improvements and the ability to have to crush at full rates going forward.

是的。謝謝。是的，我認為營運績效的改進是我們年初強調的事情之一，也是我們將要關注的事情之一，而且我們正在實現這一目標。我為球隊的進步感到非常自豪。我們正在為所有這些潛在的 RVO 改進以及未來以全速粉碎的能力做好準備。

So thankfully, we have the means to do that, and we needed to have the plants in good shape. So we spend a lot of time optimizing the network. I'm pleased to report, as we said in our prepared remarks, that some of our unscheduled downtime is on rates that we haven't seen since 2000. So it's been -- 2020, sorry, not 2000, it's been very good in that regard.

值得慶幸的是，我們有辦法做到這一點，我們需要讓植物保持良好的狀態。因此我們花費大量時間來優化網路。我很高興地報告，正如我們在準備好的演講中所說的那樣，我們的一些計劃外停機時間的停機率是自 2000 年以來從未見過的。所以，2020 年，抱歉，不是 2000 年，在這方面表現非常好。

I would say, selectively, we tend to look at -- we have many plants, and we tend to look instead of having individual plants and pockets of that. We tend to look at the network and what optimizations can we do to keep plants or expanding plants that are -- that have lower cost position and maybe retiring plants that have a challenged cost position.

我想說，我們傾向於有選擇地觀察——我們有許多工廠，我們傾向於觀察而不是觀察單一工廠和一些工廠。我們傾向於關注網絡，以及我們可以做哪些優化來保留或擴大那些成本較低的工廠，或者可能淘汰那些成本較低的工廠。

We do that across the portfolio. We've done it in Milling, we do it in Oilseeds and Ag Services. In Ag Services, we constantly shifting the elevators that we own. At times, we sell them, at times we trade them or we swap them for others. At times, we shut them down or we sell them.

我們在整個投資組合中都會這樣做。我們在製粉、油籽和農業服務領域都做過這樣的事情。在農業服務中，我們不斷地轉移我們擁有的電梯。有時，我們出售它們，有時我們會交易它們，或用它們來交換其他東西。有時，我們會關閉它們或出售它們。

The same happened with the facilities. We announced the Kershaw shutdown. We announced in the joint venture of Lubbock which is for cottonseed oil. So you're going to see that no spectacular announcement, but a continued trickle down of optimization. We have a large footprint, and we have targets to optimize our cost base.

設施方面也出現了同樣的情況。我們宣布關閉 Kershaw。我們宣佈在拉伯克成立合資企業，生產棉籽油。因此，您將會看到，沒有引人注目的公告，但有持續的優化。我們的足跡遍佈全球，並且我們有優化成本基礎的目標。

I'm not going to disclose them right now. I want to see more stability of the run rates, and we still have a few things that we need to get done before maybe we give those numbers. But needless to say, we're very happy with how our plants are operating in the face of, again, hopefully a few years of very high crush rates.

我現在不會透露它們。我希望看到運行率更加穩定，在給出這些數字之前，我們還有一些事情需要完成。但毋庸置疑，我們對我們的工廠的運作感到非常滿意，希望未來幾年我們的壓榨率還能再高一些。

Steven Haynes, Morgan Stanley.

摩根士丹利的史蒂文·海恩斯。

I wanted to come back to something on the RVO. It seems like since the proposal, RD margins have kind of remained pressured and almost all the value has kind of accrued back to the crush complex. So would be curious to hear some thoughts on why you think that is and whether or not you would expect that to kind of remain that way?

我想回顧一下 RVO 的一些事情。似乎自提案提出以來，研發利潤率一直處於壓力之下，幾乎所有的價值都回到了壓榨綜合體。所以我很想聽聽您為什麼會這樣想，以及您是否希望這種情況保持下去？

Yes. Well, this is a very difficult period, you need to understand. We were giving an indication of what it may happen. But then there are a lot of rumors one day or the other that are shifting this because the whole numbers have not been confirmed.

是的。嗯，這是一個非常困難的時期，你需要理解。我們正在暗示可能發生的事情。但由於整個數字尚未得到證實，遲早會出現許多謠言來改變這一事實。

So although we feel optimistic about the future, we are in an uncertain period until the final numbers are clarified. What are the final RVOs, how we're going to treat SREs. So I would say we shouldn't take a lot of cues from right now what's happening. I think that we know what happened with industry crush margins when oil in the past have taken about 50%, 52% of the crush. So I wouldn't read that much right now until we get more clarity. This is still a forecast.

因此，儘管我們對未來感到樂觀，但在最終數字明朗之前，我們仍處於不確定時期。最終的 RVO 是什麼，我們將如何處理 SRE。所以我想說，我們不應該從現在發生的事情中得到太多的暗示。我認為我們知道當石油在過去佔據壓榨量的 50% 到 52% 左右時，產業壓榨利潤率發生了什麼變化。因此，在我們獲得更清晰的資訊之前，我現在不會讀那麼多。這仍然是一個預測。

And I think you need to see we have produced very little to comply with the mandates in the first half as an industry. So we will have to pick up those rates in the second half when all this clarity is given. So we see accelerated production, and you're going to see RINs reacting first.

我認為你需要看到，作為一個行業，我們在上半年的產量很少，無法滿足要求。因此，當所有這一切都明朗起來時，我們必須在下半年提高這些利率。因此，我們看到了生產的加速，並且您將首先看到 RIN 做出反應。

So at this point in time, there's still -- I mean they are much bigger and much higher than they were last year. They moved like from $0.40 to $1.15 or $1.16 or whatever they are. So -- but we still have room to grow there. So I think that we are watching it closely. As I said, in the meantime, we're getting ready. There is a big crop coming. Our plants are ready to crush. So when we have the indication, we are well positioned to do so.

因此，目前來看，它們仍然比去年更大、更高。它們的價格從 0.40 美元漲到了 1.15 美元或 1.16 美元，或其他價格。所以——但我們仍然有成長空間。所以我認為我們正在密切關注此事。正如我所說，與此同時，我們正在做好準備。大豐收即將來臨。我們的植物已準備好被粉碎。因此，當我們有跡象表明時，我們可以採取適當的行動。

Salvator Tiano, Bank of America.

美國銀行的 Salvator Tiano。

Yes. Firstly, if you can -- I may have misunderstood or missed it before, if you can clarify a little bit the $100 million benefit from the Decatur restart, is that '26 versus '25 or the eventual benefit, which includes 2025 tailwinds?

是的。首先，如果您可以的話——我之前可能誤解或錯過了，如果您可以稍微澄清一下，迪凱特重啟帶來的 1 億美元收益是 26 年對 25 年的收益，還是最終的收益，其中包括 2025 年的順風？

But my primary question is on high fructose corn syrup, we all saw the news a few weeks ago about Coca-Cola potentially shifting away into cane sugar. And I'm just wondering if you can help us a little bit better understand how big this business is for you in terms of perhaps anything like volume, revenues, EBIT as well as what is the risk if other companies follow suit to the industry?

但我的主要問題是關於高果糖玉米糖漿，幾週前我們都看到了有關可口可樂可能轉而使用蔗糖的新聞。我只是想知道您是否可以幫助我們更好地了解這項業務對您來說有多大，例如數量、收入、息稅前利潤，以及如果其他公司效仿該行業會面臨什麼風險？

Yes, Salvator. So what's the first question?

是的，薩爾瓦托。那麼第一個問題是什麼？

The Decatur if you can clarify that?

迪凱特，您能澄清一下嗎？

Yes. Sorry for that. Yes, Decatur cost us basically when it was shut down about $20 million to $25 million per quarter. So Decatur is back up now. So you should consider that the start in Q4 for a full quarter, that's going to be an impact of run rate from that moment onward.

是的。很抱歉。是的，當迪凱特關閉時，我們每季的損失基本上在 2000 萬到 2500 萬美元之間。所以迪凱特現在又回來了。因此，您應該考慮從第四季度開始對整個季度產生影響，從那一刻起這將對運行率產生影響。

And then hopefully, if it continues to run and nothing happens, you will put that into it. But I would say for 2025, you should consider that we have like three quarter of that cost still with us because the plant is ramping up, and we still probably have inventory of material that we have bought that needs to go and run through the cost of goods sold.

然後希望，如果它繼續運行並且沒有發生任何事情，你就會把它放進去。但我想說，對於 2025 年，你應該考慮到我們仍然有四分之三的成本，因為工廠正在擴大規模，而且我們可能仍然有購買的材料庫存，需要用於支付銷售成本。

On the high fructose corn syrup listen, this is -- we have relationships here in this market that go back decades with the key players. And we have relationship at every level. And at this point in time, we have no indication of any changes in their order pattern or their projections nor we have seen any volume changes based on any announcement.

關於高果糖玉米糖漿，我們與這個市場的主要參與者的關係可以追溯到幾十年前。我們在各個層面都有關係。目前，我們沒有發現他們的訂單模式或預測有任何變化，也沒有看到任何基於公告的交易量變化。

So I would say in that regard, we are not planning on any change. I would say this business has been working on what we call the fight for the grind. We make more than 22 products in our wet mill. And if you think about it, high fructose corn syrup has been a slightly decline in 1% or 1.5% since I've been here. So -- and we've been managing to have a Carb Solution business that is very stable based on optimization, product mix, development of new products like when we highlight BioSolutions, products like glucose for fermentation.

因此我想說，在這方面，我們不打算做出任何改變。我想說，這項業務一直在努力實現我們所說的「艱苦奮鬥」。我們的濕磨機生產超過 22 種產品。如果你仔細想想，自從我來到這裡以來，高果糖玉米糖漿的銷量已經略微下降了 1% 或 1.5%。所以——我們一直在努力打造一個非常穩定的碳水化合物解決方案業務，該業務基於優化、產品組合、新產品開發，例如我們重點介紹的生物解決方案、用於發酵的葡萄糖等產品。

So there are a lot of opportunities for us to do. This is a big market, and we plan to continue to supply it. But we've been servicing the beverage industry again for multiple decades. And we've always been very flexible and adjusting to the conditions and at times is with natural colors or flavors; at times is with high fructose corn syrup; at times is with other solutions to reduce sweetness. So we will continue to be a major player in that. But at this point in time, I want to tell you there's no change in our volumes in high fructose corn syrup.

所以我們有很多機會可以做。這是一個很大的市場，我們計劃繼續供應它。但我們已經為飲料業服務了幾十年。我們一直非常靈活地適應各種情況，有時使用天然色素或香料；有時使用高果糖玉米糖漿；有時使用其他解決方案來降低甜度。因此，我們將繼續在該領域發揮重要作用。但目前，我想告訴你們，我們的高果糖玉米糖漿產量並沒有改變。

Just one I wanted to add on the Specialty Ingredients Decatur East. As Juan mentioned, the operating improvement is the $20 million to $25 million [per quarter] (added by company after the call). At the same time, we have seen higher insurance premiums. And of course, we'll have to see where utility costs, et cetera, keep going and driving the cost out that the team is doing. So just keep that in mind. At the end, when we come to 2026, we'll give you the right guidance.

我只想補充一點關於迪凱特東部特色配料的內容。正如胡安所提到的，營運改善是[每季] 2,000 萬至 2,500 萬美元（公司在電話會議後增加）。同時，我們看到保險費上漲。當然，我們必須觀察公用事業成本等的走向，並看看團隊正在做哪些成本削減。所以請記住這一點。最後，當我們來到2026年時，我們會給你正確的指導。

Salvator, maybe also I would say in terms of the segments in beverage and snacks and all that, we mentioned in our prepared remarks, we've seen some pockets of sluggish demand that I think that you can tell that there is a consumer out there that there is a little bit more stressed and maybe making more prudent choices where they're spending.

薩爾瓦托，也許我想說，就飲料和零食等領域而言，我們在準備好的發言中提到過，我們看到了一些需求低迷的現象，我認為你可以看出，有些消費者的壓力有點大，也許在消費方面會做出更謹慎的選擇。

So I would say across ADM, where there is a snack and sweet, we have seen pockets of softness that I think our team has been very good to neutralize or navigator around, but there is some caution from a consumer perspective.

因此我想說，在 ADM 的各個零食和甜食市場，我們看到了一些疲軟的跡象，我認為我們的團隊非常善於中和或引導這些跡象，但從消費者的角度來看，我們仍需保持謹慎。

At this time, we currently have no further questions for today. So that concludes today's conference call. Thank you all for joining. You may now disconnect your lines.

目前，我們今天沒有其他問題。今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路了。