Archer-Daniels-Midland Co (ADM) 2026 Q2 法說會逐字稿

Good morning, and welcome to the ADM second quarter 2026 earnings conference call. (Operator Instructions)

早安，歡迎參加 ADM 2026 年第二季財報電話會議。(接線員指示)

As a reminder, this conference call is being recorded. I would now like to introduce your host for today's call, Kate Walsh, Director, Investor Relations for ADM. Ms. Walsh, you may begin.

提醒各位，本次電話會議將被錄音。現在我想介紹今天會議的主持人：ADM 投資人關係總監 Kate Walsh。Walsh 女士，您可以開始了。

Welcome to the second quarter of 2026 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 Executive Vice President and Chief Financial Officer.

歡迎參加 ADM 2026 年第二季財報電話會議。今天的預先準備發言將由董事會主席兼執行長 Juan Luciano，以及執行副總裁兼財務長 Monish Patolawala 主講。

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

我們已準備簡報投影片以補充今天電話會議中的發言，投影片已張貼於 ADM 官網的投資人關係專區，並可透過網路直播連結取得。我們的部分評論與資料可能構成前瞻性陳述，反映管理階層對未來經濟情勢、產業狀況、公司表現與財務結果的目前觀點與估計。這些陳述與資料係基於多項假設與因素，並可能受到眾多風險與不確定性影響。

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 presented in these materials. Unless otherwise required by law, ADM assumes no obligation to update any forward-looking statements due to new information or future events.

ADM 已在向美國證券交易委員會（SEC）提交的報告中提供更多資訊，說明可能導致實際結果與本資料所呈現內容出現重大差異的假設與因素。除非法律另有要求，ADM 不承擔因新資訊或未來事件而更新任何前瞻性陳述之義務。

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，我們將提及若干非 GAAP 或調整後的財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，已載於我們的財報新聞稿與簡報投影片中，可於 ADM 官網投資人關係專區查閱。

I will now turn the call over to Juan.

接下來我把電話交給 Juan。

Thank you, Kate. Hello, and welcome to all who have joined the call. Please turn to slide 4, where we have outlined this quarter's performance highlights. Today, ADM reported adjusted earnings per share of $1.84 and total segment operating profit of $1.5 billion for the second quarter of 2026. Our trailing fourth quarter adjusted ROIC was 7.8%, and cash flow from operations before working capital changes was $1.8 billion for the first half of 2026.

謝謝你，Kate。各位好，歡迎所有加入本次電話會議的朋友。請翻到第 4 張投影片，我們在那裡概述了本季的績效重點。今天，ADM 公布 2026 年第二季調整後每股盈餘（EPS）為 1.84 美元，分部合計營業利益為 15 億美元。我們過去四季（TTM）的調整後投入資本報酬率（ROIC）為 7.8%，而 2026 年上半年在扣除營運資金變動前的營運現金流為 18 億美元。

Total segment operating profit increased significantly compared to the prior year quarter, driven by several positive factors, including robust commercial and operational execution by our team, a constructive biofuels margin environment, elevated global energy prices, and momentum in Nutrition led by flavors and progress in Specialty Ingredients.

分部合計營業利益較去年同期大幅成長，主要受多項正面因素帶動，包括團隊強勁的商務與營運執行力、有利的生質燃料利差環境、全球能源價格走高，以及營養事業在香料帶動下的動能與特殊原料（Specialty Ingredients）的進展。

Based on our first half performance and a constructive outlook for the second half, we are again raising our full year 2026 adjusted EPS guidance, now to a range of $5.15 to $5.60, up from the previous guidance range of $4.15 to $4.70.

基於上半年表現以及對下半年相對正向的展望，我們再次上調 2026 全年調整後 EPS 指引，最新區間為 5.15 至 5.60 美元，高於先前的 4.15 至 4.70 美元。

As we look to the second half of the year, we are focused on continuing to deliver on our financial and operational commitments and that same discipline extends to how we allocate capital and return value to our shareholders. During the second quarter, we paid our 378th consecutive quarterly dividend, and we remain steadfast in our commitment to creating and returning value to our stakeholders.

展望下半年，我們將持續專注於兌現財務與營運承諾；同樣的紀律也延伸到我們如何配置資本並為股東創造與回饋價值。第二季期間，我們支付了連續第 378 次季度股利，並將堅定致力於為利害關係人創造並回饋價值。

Please turn to slide 5. The second quarter of this year was an important one for us, and the team once again delivered while progressing our 2026 priorities. I'll run through a few highlights.

請翻到第 5 張投影片。今年第二季對我們而言相當重要，團隊再次交出成果，同時推進我們 2026 年的優先事項。我將快速說明幾項重點。

During the quarter, energy markets were supportive of North American biofuel margins following the finalization in March of the renewable volume obligations for 2026 and 2027. Additionally, global energy volatility was also supportive of biofuel, including crush margins. Our business executed well across our asset footprint amid this constructive backdrop increasing global oilseed process volumes by close to 5% compared to the prior year period, driven by higher asset utilization.

本季能源市場在 3 月完成 2026 與 2027 年再生燃料配額義務（RVO）定案後，對北美生質燃料利差形成支撐。此外，全球能源波動也對生質燃料（包括壓榨利差）帶來支撐。在此有利背景下，我們的業務在整體資產版圖上執行良好，透過更高的資產利用率，全球油籽加工量較去年同期增加近 5%。

Ag Services also delivered strong results in the second quarter. Driven by the team strategically leveraging ADM's global asset network in a complex operating environment to deliver value across the agricultural supply chain.

農業服務（Ag Services）在第二季也交出強勁成果。這主要得益於團隊在複雜的營運環境中，策略性運用 ADM 的全球資產網絡，於農業供應鏈各環節創造價值。

South American operations also benefited from the grain export terminal in Barcarena, Brazil, returning to full operations along with increased soybean exports, which were supported by higher farmer selling. North American ethanol margins were robust in the second quarter as favorable economics incentivize higher domestic blend rates. Additionally, elevated global energy prices, coupled with lower US corn prices, enabled US ethanol to be price competitive globally, which provided a favorable US industry-wide export backdrop.

南美營運也受惠於巴西 Barcarena 穀物出口碼頭恢復全面運作，以及大豆出口增加；出口成長並受到農民銷售增加的支撐。北美乙醇利差在第二季表現強勁，因有利的經濟條件促使國內摻混比率提高。此外，全球能源價格走高，加上美國玉米價格較低，使美國乙醇在全球具備價格競爭力，為全美產業的出口環境提供有利支撐。

Our Nutrition business contributed to robust operating profit results this quarter, led by flavors and supported by progress at Decatur East, and benefits from our portfolio actions in Animal Nutrition. Flavor sales grew across every key region, with particular strength in EMEA. And we delivered a record quarter for flavors in Asia Pacific.

本季我們的營養事業對強勁的營業利益表現有所貢獻，主要由香料帶動，並受益於 Decatur East 的進展，以及我們在動物營養組合調整所帶來的效益。香料銷售在各主要區域皆成長，其中以 EMEA 表現尤為強勁。我們也在亞太地區創下香料業務的單季新高。

To summarize, in AS&O, our team executed well in a complex and volatile environment, strategically leveraging ADM's global asset footprint to drive margin and volume uplift in Ag Services, capture strong crush margins in a constructive biofuels environment, and deliver nearly 5% crush volume growth year over year.

總結而言，在 AS&O 方面，我們的團隊在複雜且波動的環境中執行到位，策略性運用 ADM 的全球資產版圖，推動農業服務的利差與量能提升，在有利的生質燃料環境中掌握強勁的壓榨利差，並實現壓榨量年增近 5%。

In Carb Solutions, ethanol production rose in a strong margin environment and we sequestered 337,000 metric tonnes of carbon this quarter. In Nutrition, the team built on the momentum in the first quarter with continued improvement in both Human Nutrition and Animal Nutrition. The robust cash flow that our business generates funds our capital allocation and growth priorities. Our growth plan focuses on accretive targeted organic investments across our platform where we see the most compelling opportunities such as expanding domestic crushing and ethanol capacity at existing facilities.

在 Carb Solutions 方面，乙醇產量在強勁利差環境下提升，本季我們封存了 337,000 公噸的碳。在營養事業方面，團隊延續第一季的動能，人類營養與動物營養均持續改善。我們業務所產生的強勁現金流，為資本配置與成長優先事項提供資金。我們的成長計畫聚焦於在平台內最具吸引力的機會上進行具增益性的、目標明確的有機投資，例如在既有設施擴增國內壓榨與乙醇產能。

Given the strength of biofuel demand, we have identified four US crush facilities for this first phase of expansion, which together are expected to deliver a meaningful increase in our North American capacity. Additionally, we are building out precision fermentation capabilities and expanding our natural colors footprint to capitalize on the shift toward cleaner labels and higher plant protein reformulations already underway.

鑑於生質燃料需求強勁，我們已為第一階段擴產選定美國四座壓榨設施，預期合計將為北美產能帶來顯著提升。此外，我們正建置精準發酵能力並擴大天然色素的布局，以掌握市場朝向更潔淨標示（cleaner labels）與更高植物蛋白配方重整的趨勢，而這些趨勢已在進行中。

Our growth plan is built upon the foundation of operating safely and responsibly. That commitment runs through everything we do. And I'm proud that two of our North American facilities were recently recognized by Workplace Safety Awards and were recently inducted into Illinois Manufacturing (sic – Manufacturers') Association's Hall of Fame.

我們的成長計畫建立在安全且負責任營運的基礎之上。這項承諾貫穿我們所做的一切。我也很自豪，近期我們在北美的兩座設施獲得職場安全獎項肯定，並且最近入選伊利諾伊製造（原文誤植為 sic – Manufacturers'）協會名人堂。

That same commitment to our people shapes how we think about the world around us. While the commercial environment supported our results, I will be remiss not to acknowledge the conflict in the Middle East and the escalation of conflict between Russia and Ukraine. Our thoughts are with all those affected.

對員工的同樣承諾，也形塑我們看待周遭世界的方式。儘管商業環境支撐了我們的業績，但若不提及中東衝突以及俄羅斯與烏克蘭之間衝突升級，將有失周全。我們的心與所有受影響的人同在。

We have operations in Ukraine, and the safety and security of our employees in the region remain our primary concern. While we expect any disruption to our Ukrainian operations to have a limited financial impact to ADM, the region is an important contributor to global food security and further disruption to grain export could weigh on global grain stocks and increased food prices.

我們在烏克蘭有營運據點，該地區員工的安全與保障仍是我們最優先的考量。雖然我們預期烏克蘭營運若出現任何中斷，對 ADM 的財務影響將相對有限，但該地區是全球糧食安全的重要貢獻者；若穀物出口進一步受阻，可能對全球穀物庫存造成壓力並推升食品價格。

As for what this means for our business, navigating global disruptions is not new to ADM, and we will remain focused on executing on our 2026 priorities and delivering on our long-term plan. Please turn to slide 6 to discuss our long-term growth plans.

至於這對我們業務的意義，應對全球性干擾對 ADM 而言並不陌生，我們將持續專注於落實 2026 年的優先事項並推進我們的長期計畫。請翻到第 6 張投影片，討論我們的長期成長計畫。

We are making purposeful investments now in the platform set to drive the next phase of our growth. We have outlined before the next wave of value creations run through five distinct pathways that include a mix of near-term drivers already showing up in our results and longer-term opportunities that will keep scaling. Importantly, each sit in a market we know well, tied to customers' needs we understand, and with the infrastructure largely in place to deliver.

我們正以明確目的在當下對平台進行投資，以推動下一階段的成長。我們先前已概述，下一波價值創造將透過五條明確路徑實現，涵蓋已在我們業績中顯現的短期驅動因素，以及將持續擴大的長期機會。重要的是，每一條路徑都位於我們熟悉的市場，連結到我們理解的客戶需求，且交付所需的基礎設施大多已到位。

I'll take a few moments now to highlight our Advanced Nutrition platform in more detail, where we are developing innovative solutions as customers shift from artificial to natural ingredients, particularly in North America, where we believe we are well-positioned to capitalize on this structural change in the food we eat.

我將花幾分鐘更詳細說明我們的先進營養（Advanced Nutrition）平台；隨著客戶從人工成分轉向天然成分，我們正在開發創新解決方案，尤其是在北美。我們相信自己已具備良好條件，可把握食品結構性變化所帶來的機會。

One of the more exciting near-term opportunity is the transition from artificial to natural colors. We believe this represents a total addressable US market of roughly $1 billion in revenue. And our target is to capture $80 million to $100 million of operating profit for ADM over time, as we partner with our customers to launch new solutions.

其中一個更令人振奮的短期機會，是從人工色素轉向天然色素。我們相信這代表美國約 10 億美元營收規模的可服務總市場（TAM）。而我們的目標是，隨著與客戶合作推出新解決方案，長期為 ADM 帶來 8,000 萬至 1 億美元的營業利益。

We have a well-established global colors business that helped bring similar solutions to our European customers over a decade ago. Our experienced team is well suited to provide a full suite of solutions to our customers as they navigate the complexities with color, flavor, and functionality changes across products of various scales from craft to industrial scale production.

我們擁有成熟的全球色彩（colors）業務，十多年前就曾協助歐洲客戶導入類似解決方案。我們經驗豐富的團隊非常適合在客戶面對色彩、風味與功能性變更的複雜性時，提供全套解決方案，涵蓋從手作到工業化量產等不同規模的產品。

Our natural colors pipeline has grown significantly year-to-date, with several notable customer wins. I highlight two contracts that we recently signed both to convert artificial red, yellow, and orange shades to natural alternatives, one across a well-known packaged food line, the other in flavored beverages. These wins reflect the shift towards cleaner labels, we believe ADM is well positioned to capture and that will add durable recurring sales as the product reach store shelves.

今年迄今，我們的天然色素產品管線顯著成長，並取得數個重要客戶勝利。我特別指出我們近期簽署的兩份合約，皆是將人工紅、黃與橘色調轉換為天然替代方案：一份涵蓋某知名包裝食品產品線，另一份則在調味飲料領域。這些勝利反映了市場朝向更潔淨標示（cleaner labels）的轉變；我們相信 ADM 已具備良好條件可掌握此趨勢，且當產品上架後，將帶來穩健且可持續的經常性銷售。

Natural colors represent just one of several growth engines built into our business. Together with the organic projects we're executing today, they build an enduring growth pipeline that is expected to compound over the years ahead.

天然色素只是我們業務中內建的多個成長引擎之一。結合我們目前正在推進的有機專案，它們共同打造一條可長期延續的成長管線，預期在未來數年持續複利成長。

I want to close by recognizing the people who make all of this possible and to thank the ADM team for all their hard work and everything they do each day to strengthen our company. It is their commitment to executing on our immediate priorities while advancing our long-term strategy, that is the foundation of our success in a shifting global landscape.

最後，我想表彰讓這一切成為可能的同仁，並感謝 ADM 團隊的辛勤付出，以及他們每天為強化公司所做的一切。他們在推動短期優先事項的同時，也持續推進長期策略；這份承諾正是我們在變動的全球環境中取得成功的基礎。

With that, I will hand it to Monish to walk you through our second quarter financials and full year outlook.

接下來，我把時間交給 Monish，帶各位回顧我們第二季財務表現與全年展望。

Thank you, Juan, and I wish you all a very good morning. Please turn to slide 7. AS&O segment operating profit for the second quarter of 2026 was $867 million, up 129% compared to the prior year quarter. Included in the second quarter results was around $100 million of net positive mark-to-market and timing impacts, led by a net positive impact in crushing, a modest net positive benefit attributable to Ag Services and partially offset by a net negative impact attributable to refined products and other of around $50 million.

謝謝你，Juan，也祝各位早安。請翻到第 7 張投影片。2026 年第二季 AS&O 事業群營業利益為 8.67 億美元，較去年同期成長 129%。第二季結果包含約 1 億美元的淨正向按市價評價（mark-to-market）與時點影響，主要來自壓榨（crushing）的淨正向影響；農業服務（Ag Services）亦有小幅淨正向貢獻，但部分被精煉產品及其他（refined products and other）約 5,000 萬美元的淨負向影響所抵銷。

The Ag Services subsegment in the current quarter generated operating profit of $293 million, representing an increase of 159% compared to the prior year quarter. The increase was primarily as a result of strategically leveraging ADM's global asset network in a complex operating environment to deliver value across the agricultural supply chain. In addition, we benefited from improved performance in South America, partially as a result of the Brazilian export terminal in Barcarena returning to full operation.

本季農業服務（Ag Services）子事業群的營業利益為 2.93 億美元，較去年同期增加 159%。成長主要來自在複雜的營運環境中，策略性運用 ADM 的全球資產網絡，於農業供應鏈各環節創造價值。此外，我們也受惠於南美表現改善，部分原因是位於 Barcarena 的巴西出口碼頭恢復全面運作。

For the Crushing subsegment, operating profit was $363 million for the quarter, an increase of approximately $330 million from the prior year quarter as the business performed well in a constructive biofuels margin environment. The constructive margin environment was driven by higher domestic demand resulting from the RVO policy, combined with higher global energy prices. Additionally, crush results for the quarter include positive mark-to-market and timing impacts.

在壓榨（Crushing）子事業群方面，本季營業利益為 3.63 億美元，較去年同期增加約 3.30 億美元，因業務在有利的生質燃料利差環境下表現良好。此有利的利差環境由更高的國內需求所驅動，需求提升源自 RVO 政策，並叠加全球能源價格上漲。此外，本季壓榨結果亦包含正向的按市價評價與時點影響。

Further, as Juan mentioned, manufacturing performance further improved year over year with global crush volumes increasing close to 5%. Additionally, soybean meal sales remained strong throughout the quarter, driven by elevated global demand for pork and poultry, which led to a record quarter for the US and Brazilian soybean meal exports.

另外，如 Juan 所提，製造表現年對年進一步改善，全球壓榨量增加接近 5%。此外，在全球豬肉與家禽需求走高的帶動下，豆粕銷售在整個季度維持強勁，促成美國與巴西豆粕出口創下單季新高。

Lastly, included in this quarter's results are insurance proceeds related to Decatur East of approximately $20 million. For the Refined Products and Other subsegment, operating profit was $151 million, down by 3% compared to the prior year quarter. The year-over-year decrease was largely attributable to net negative mark-to-market and timing impacts, driven by improved refining margins as a result of RVO and global energy volatility in North America and Europe.

最後，本季結果包含與 Decatur East 相關的保險理賠款約 2,000 萬美元。在精煉產品及其他（Refined Products and Other）子事業群方面，營業利益為 1.51 億美元，較去年同期下降 3%。年對年下滑主要歸因於淨負向的按市價評價與時點影響；該影響由北美與歐洲因 RVO 與全球能源波動而改善的精煉利差所驅動。

Margins were somewhat pressured in South America due to oversupply conditions. For our investment in Wilmar, equity earnings were $60 million for the quarter, down 22% compared to the prior year quarter.

南美因供給過剩狀況，利差受到一定壓力。就我們對 Wilmar 的投資而言，本季權益法收益為 6,000 萬美元，較去年同期下降 22%。

Turning now to slide 8. For the second quarter, Carbohydrate Solutions segmenting operating profit was $411 million, representing an increase of 22% compared to the prior year quarter. In Starches and Sweeteners, operating profit was $326 million, up 7% year over year. Ethanol margin strength, including policy incentives drove the improvement.

接著請看第 8 張投影片。第二季碳水化合物解決方案（Carbohydrate Solutions）事業群營業利益為 4.11 億美元，較去年同期增加 22%。在澱粉與甜味劑（Starches and Sweeteners）方面，營業利益為 3.26 億美元，年增 7%。乙醇利差走強（包含政策激勵）帶動了改善。

Strength in ethanol more than offset the ongoing pressure on liquid sweetener volumes and margins, which were most pronounced in North America. Further, starch demand stabilized during the quarter, while global wheat milling volumes remain relatively stable in a more competitive environment. In the Vantage Corn Processors subsegment, operating profit was $85 million representing a $52 million increase from the prior year quarter as our corn dry milling ethanol operations benefited from stronger ethanol margins, along with support from policy incentives and effective risk management.

乙醇的強勁表現，已足以抵銷液態甜味劑銷量與利差持續承壓的影響，而壓力在北美最為明顯。此外，本季澱粉需求趨於穩定；在競爭更激烈的環境下，全球小麥製粉量仍相對穩定。在 Vantage Corn Processors 子事業群，營業利益為 8,500 萬美元，較去年同期增加 5,200 萬美元；我們的玉米乾磨乙醇業務受惠於更強的乙醇利差、政策激勵支持，以及有效的風險管理。

Overall, base ethanol EBITDA margins for the quarter were higher both sequentially and compared to the prior year quarter. Now turning to slide 9.

整體而言，本季基礎乙醇 EBITDA 利差不論較前一季或較去年同期皆有所提升。接著請看第 9 張投影片。

For Nutrition, segment revenues in the second quarter were $1.9 billion, down 5% compared to the prior year quarter and inclusive of foreign exchange gains. Human Nutrition revenue decreased by 4% against the prior quarter that included a $55 million benefit from a contract cancellation in Health and Wellness. Animal Nutrition revenue decreased by 6% year over year primarily reflecting our previously disclosed portfolio actions and the formation of the Akralos joint venture.

在營養（Nutrition）方面，第二季事業群營收為 19 億美元，較去年同期下降 5%，並已包含外匯收益。人類營養（Human Nutrition）營收較前一季下降 4%；前一季包含健康與保健（Health and Wellness）一項合約取消所帶來的 5,500 萬美元利益。動物營養（Animal Nutrition）營收年減 6%，主要反映我們先前揭露的產品組合調整行動，以及 Akralos 合資企業的成立。

Nutrition segment operating profit was $172 million for the second quarter, representing an increase of 51% compared to the prior year quarter. Human Nutrition operating profit was $139 million, up 51% compared to the prior year quarter, driven primarily by the growth in flavors. Progress with the Decatur East plant also contributed to positive year-over-year results.

營養（Nutrition）事業群第二季營業利益為 1.72 億美元，較去年同期增加 51%。人類營養（Human Nutrition）營業利益為 1.39 億美元，較去年同期增加 51%，主要由風味（flavors）成長所帶動。Decatur East 工廠的進展也對年對年結果帶來正向貢獻。

Animal Nutrition operating profit was $33 million for the quarter, up 50% and compared to the prior year quarter, primarily attributable to ongoing improvements and benefits from portfolio actions taken during 2025. Corporate expense declined year over year, driven by lower interest expense this year and the nonrecurrence of prior year impairment losses partially offset by higher performance-based compensation this year.

動物營養本季營業利益為3,300萬美元，年增50%，相較去年同期的成長主要歸因於2025年所採取之投資組合行動帶來的持續改善與效益。公司費用較去年同期下降，主要受惠於本年度利息費用較低，以及去年減損損失不再發生，但部分被本年度較高的績效型薪酬所抵銷。

Now turning to slide 10. For the first half of 2026, ADM generated cash flow from operations before working capital of approximately $1.8 billion. We continue to be very disciplined in the areas in which we invest.

現在請看第10頁投影片。2026年上半年，ADM在扣除營運資金變動前的營運活動現金流約為18億美元。我們在投資領域上持續保持高度紀律。

During the first half of 2026, we invested $466 million in our footprint and maintain our expectations of full-year 2026 CapEx being in the range of $1.3 billion to $1.5 billion. During the quarter, we distributed $256 million in dividends, marking our 378th consecutive quarter of paying a dividend. Our dividends and organic growth projects continue to be core to our capital allocation priorities, and we will continue to be very disciplined with respect to bolt-on M&A opportunities that complement our core businesses.

2026年上半年，我們在營運版圖上投資了4.66億美元，並維持對2026年全年資本支出（CapEx）落在13億至15億美元區間的預期。本季我們發放股利2.56億美元，為連續第378個季度發放股利。股利與有機成長專案仍是我們資本配置的核心優先事項；同時，對於能補強核心業務的補強型併購（bolt-on M&A）機會，我們也將持續保持高度紀律。

Our net leverage ratio at June 30 was 1.6 times. Our year-end net leverage ratio expectations remain at approximately 2 times. Additionally, given the strength of our balance sheet, cash flow generation and leverage position we are evaluating a return to opportunistic share repurchases later this year.

截至6月30日，我們的淨槓桿比率為1.6倍。我們對年底淨槓桿比率的預期仍約為2倍。此外，鑑於我們資產負債表的強勁、現金流創造能力與槓桿水位，我們正在評估於今年稍晚恢復機會型庫藏股回購。

Now turning to slide 11, where we have provided updated details regarding our 2026 outlook. Earlier today, as Juan mentioned, we've raised our outlook for 2026 adjusted EPS to a range of $5.15 to $5.60, up from the previous range of $4.15 to $4.70. In addition to our year-to-date performance, our raised guidance was based on three primary factors.

現在請看第11頁投影片，我們在此提供了2026年展望的更新細節。如Juan先前提到的，我們今天稍早已將2026年調整後每股盈餘（adjusted EPS）展望上調至5.15至5.60美元區間，高於先前的4.15至4.70美元區間。除了年初至今的表現外，我們上調指引主要基於三項因素。

First, we anticipate our team will continue delivering successfully against our plan through the balance of the year. Second, we expect the favorable margin backdrop across our crushing and ethanol businesses to hold throughout the second half of this year. And third, we expect Nutrition to continue improving operating performance while capturing growth opportunities. As a reminder, the fourth quarter is the seasonal low for our Flavors business.

第一，我們預期團隊在今年剩餘期間將持續成功地依計畫交付成果。第二，我們預期壓榨與乙醇業務的有利利差環境將在今年下半年持續。第三，我們預期營養業務將在掌握成長機會的同時，持續改善營運表現。提醒一下，第四季是我們香精（Flavors）業務的季節性低點。

Additionally, our guidance range reflects a number of assumptions. For AS&O, we are assuming that China continues buying North American soybeans, which is expected to benefit our Ag Services sub-segment. We have seen good progress thus far with China well underway with executing on its commitment to buy 25 million tonnes of US soybeans in 2026.

此外，我們的指引區間也反映若干假設。就AS&O而言，我們假設中國將持續購買北美大豆，預期將有利於我們的農業服務（Ag Services）次分部。目前我們已看到良好進展，中國正積極履行其於2026年購買2,500萬公噸美國大豆的承諾。

For crushing an RPO, we expect the constructive biofuels environment to support strong growth year over year throughout the second half of this year, further supported by the realization of the reversal of net negative mark-to-market and timing impacts that we are carrying from the first half of the year. As a reminder, we do not include new mark-to-market and timing impacts in our forward guidance. Additional adjustments could arise in future quarters depending on where commodity prices move.

就壓榨與RPO而言，我們預期具建設性的生質燃料環境將在今年下半年持續支撐強勁的年增成長，並進一步受惠於我們自上半年延續至今所承擔之淨負的按市價評價（mark-to-market）與時點影響的回轉逐步實現。提醒一下，我們在前瞻指引中不納入新的按市價評價與時點影響。未來季度仍可能因大宗商品價格走勢而產生額外調整。

For Carb Solutions, we expect strength in ethanol margins, including policy incentives to continue to more than offset the softness we are seeing primarily in liquid sweeteners. As a result, we are raising our net benefit from 45Z to approximately $250 million for 2026, up from our prior expectations of approximately $150 million. Our year-over-year momentum for Nutrition remains intact with operating profit increasing primarily as a result of higher flavor sales, measured progress with Decatur East, and improvements in Animal Nutrition.

就碳解決方案（Carb Solutions）而言，我們預期乙醇利差的強勁表現（包含政策誘因）將持續且足以抵銷我們主要在液態甜味劑所見的疲弱。因此，我們將2026年來自45Z的淨受益上調至約2.5億美元，高於先前預期的約1.5億美元。營養業務的年增動能仍然完好，營業利益的提升主要來自更高的香精銷售、Decatur East的穩健進展，以及動物營養的改善。

In Corporate, we expect cost to be higher than in 2025 driven primarily by performance-based compensation, along with continued investments in research and development and automation and digitization.

在公司層面（Corporate），我們預期成本將高於2025年，主要由績效型薪酬所帶動，並包含對研發以及自動化、數位化的持續投資。

And just a quick reminder on modeling incentive compensation. All incentive compensation adjustments are recorded in corporate during the year, with the impact to our operating segments occurring when the nonequity-related payments are made in the first quarter of 2027. As always, we continue to closely monitor external factors across the macroeconomic, geopolitical policy, and overall trade environment with particular attention to the impact volatility could have on our second half results.

另外快速提醒一下關於獎酬薪酬的建模方式。所有獎酬薪酬調整在年度內皆記錄於公司層面，其對各營運事業部的影響將在2027年第一季支付非股權相關款項時才會反映。一如既往，我們將持續密切監控外部因素，涵蓋總體經濟、地緣政治政策與整體貿易環境，並特別關注波動性可能對我們下半年結果造成的影響。

We also continue to progress our enterprise-wide cost saving programs and remain on track to achieve our targeted aggregated cost savings of $500 million to $750 million over the three- to five-year period, which commenced in 2025. And I'll take a moment to highlight progress across the corporate functions in driving reductions in transaction costs.

我們也持續推進全企業的成本節省計畫，並維持在軌道上，以達成自2025年啟動、為期三至五年的累計成本節省目標5億至7.5億美元。我也花點時間強調公司各職能在推動交易成本降低方面的進展。

Just to give you a couple of examples, in finance, under an umbrella that we call frictionless finance, we have paired lean methodology with daily management to systematically reduce cost across our transactional processes. Accounts payable is a clear example. Daily management routines surfaced recurring friction in the invoice to pay cycle, and the global shared services team has reduced cost per transaction by roughly 25% since the beginning of the year.

舉幾個例子，在財務方面，在我們稱為「無摩擦財務」（frictionless finance）的架構下，我們將精實方法與日常管理結合，系統性地降低交易流程的成本。應付帳款就是一個明顯例子。日常管理例行作業揭示了從發票到付款（invoice to pay）循環中的反覆摩擦點，而全球共享服務團隊自年初以來已將單筆交易成本降低約25%。

Within global technology, we are consolidating to fewer core platforms, eliminating waste and resetting cost structures with our vendor partners. We are building deeper strategic relationships with fewer vendors. And the global technology team also has line of sight to meaningful savings over the next few years while increasing investments in digital advancements and cybersecurity.

在全球科技方面，我們正整併至更少的核心平台，消除浪費，並與供應商夥伴一同重設成本結構。我們正與較少的供應商建立更深層的策略關係。同時，全球科技團隊也已掌握未來幾年可實現的顯著節省空間，並在增加對數位進展與資安的投資。

In summary, the second quarter reflected strong commercial and operational execution by the team in a complex but constructive global trade and biofuels environment with solid growth momentum in Nutrition, all of which contributing positively to results.

總結而言，第二季在複雜但具建設性的全球貿易與生質燃料環境下，團隊展現了強勁的商業與營運執行力，營養業務亦具穩健成長動能，以上因素皆對業績帶來正面貢獻。

We expect the second half of this year will represent more than half of our operating profit for 2026 with the potential for the third quarter to be higher than the fourth quarter largely dependent on how executed crush margins develop in the fourth quarter.

我們預期今年下半年將貢獻2026年營業利益的一半以上；第三季可能高於第四季，其主要取決於第四季已執行的壓榨利差如何發展。

In closing, I want to thank our ADM team members for the focus, discipline, and execution they brought to this quarter. It is their hard work in delivering strong commercial and operational performance across all three segments and generating the cash flow that funds our priorities. This positions us well to raise our outlook and continue navigating a dynamic global landscape while delivering on our financial commitments and creating and returning value to our stakeholders.

最後，我要感謝ADM團隊成員在本季展現的專注、紀律與執行力。正是他們的辛勤付出，使我們在三大事業部皆能交出強勁的商業與營運表現，並創造支持我們優先事項的現金流。這讓我們具備良好條件上調展望，並在動態的全球局勢中持續前行，同時履行我們的財務承諾，為利害關係人創造並回饋價值。

With this, I'll hand it back over to Juan.

接下來我把時間交還給Juan。

Thanks, Monish. To recap, our second quarter results reflect a marked step-up in our earnings, driven by a constructive biofuels environment, strong commercial and operational execution, and momentum in Nutrition. That combination allow us to again raise our full year 2026 outlook.

謝謝你，Monish。回顧一下，我們第二季的結果顯示獲利明顯提升，主要受惠於具建設性的生質燃料環境、強勁的商業與營運執行力，以及營養業務的動能。這樣的組合使我們得以再次上調2026年全年展望。

Beyond 2026, we have compelling growth engines already embedded in the business, the organic investment we're making across our platform and the five growth pathways we have outlined, including the natural colors opportunity I discussed today.

展望2026年之後，我們的業務中已內嵌具吸引力的成長引擎，包括我們在平台上的有機投資，以及我們所提出的五大成長路徑，其中也包含我今天談到的天然色素機會。

We're excited about the strength of this organic growth plan, while we continue to be very disciplined with respect to bolt-on M&A. As we execute the journey ahead, we will remain steadfast in our commitment to creating and returning value to our stakeholders.

我們對這項有機成長計畫的強勁動能感到振奮，同時我們在附加型併購（bolt-on M&A）方面仍將保持高度紀律。在推進未來旅程的同時，我們將堅定不移地致力於為利害關係人創造並回饋價值。

And finally, before we open the call up for questions, I would like to welcome Jeff Rowe to ADM, who will assume the newly created role of Executive Vice President and Chief Operating Officer, effective August 17. Jeff brings more than 30 years of experience driving growth, operational excellence, and commercial success. He joins us from Syngenta, where he serves as CEO of one of the world's largest agricultural technology companies with more than 50,000 employees across over 90 countries.

最後，在我們開放提問之前，我想歡迎 Jeff Rowe 加入 ADM；他將自 8 月 17 日起生效，出任新設立的執行副總裁兼營運長一職。Jeff 擁有超過 30 年推動成長、營運卓越與商業成功的經驗。他從先正達（Syngenta）加入我們，在那裡他擔任全球最大農業科技公司之一的執行長，該公司在 90 多個國家擁有超過 50,000 名員工。

A fifth generation Illinois farmer Jeff is a proven industry leader whose appointment complements an already strong management team and build on ADM's momentum around driving innovation and delivering on our long-term growth plan.

身為伊利諾伊州第五代農民，Jeff 是經過驗證的產業領袖；他的任命不僅與既有強大的管理團隊相得益彰，也將在 ADM 推動創新、落實長期成長計畫的動能之上再接再厲。

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

接下來，我們現在開始回答各位的問題。接線員，請開放線路。

(Operator Instructions) Manav Gupta, UBS.

(接線員指示) UBS 的 Manav Gupta。

Good morning, Juan. Good morning, Monish. First, congrats on a very strong quarter and another guidance rates. You continue to surprise the Street on the upside.

早安，Juan。早安，Monish。首先，恭喜本季表現非常強勁，並再次上調指引。你們持續在上行面給市場帶來驚喜。

My question here is, as I understand, sir, and you can let me know if the understanding is wrong, the reason you are moving ahead with some of these debottlenecking facilities at existing plants is because the actual cost in dollars per tonne will be significantly less than if these were actually greenfield expansions.

我的問題是，先生，依我的理解（若有誤請指正），你們之所以推進現有工廠的一些去瓶頸設施，是因為以每噸計的實際美元成本，將顯著低於若改為新建（greenfield）擴產。

So by moving ahead with this brownfield expansions, your return on investment will be materially higher versus if these actually were going to be greenfield expansions. Could you actually talk about that a little?

因此，推進這些既有場址（brownfield）擴產，你們的投資報酬率將明顯高於若採新建擴產。能否請你稍微談談這一點？

Sure, Manav. And I will pass the congrats to the team. Listen, of course, we're always looking for opportunities to deploy capital wisely. As you know, our capital allocation, that's the priority, cost and growth part of the organic plan is the first one also with dividends.

當然可以，Manav。我也會把恭喜轉達給團隊。你看，我們一向在尋找更明智部署資本的機會。如你所知，我們的資本配置優先順序中，有機計畫裡的「成本與成長」部分是第一順位，股利也是同等重要。

So as part of that, in Crush, we've been expanding. We expanded last year in Brazil where actually capital intensity is -- capital is cheaper in Brazil to be implemented. So we expanded to, and we completed Uberlandia this year.

在這個框架下，就壓榨（Crush）業務而言，我們一直在擴張。去年我們在巴西擴產，因為在巴西的資本強度——也就是投入資本——在落地執行上更便宜。因此我們擴產，並在今年完成了 Uberlandia 專案。

In the US, we have identified 10 plants with potential for capacity unlocks. When we look at the overall portfolio, the capital intensity is about one-fourth of what we -- will cost to build greenfield. So certainly very attractive opportunities.

在美國，我們已辨識出 10 座工廠具有釋放產能的潛力。從整體組合來看，其資本強度約為新建（greenfield）所需成本的四分之一。因此這些機會確實非常具吸引力。

We have decided to have a phased approach to allow for off-ramps to see how the industry develops over time. So in this, what we call phase one, we have announced 4 of those 10 plants we are moving forward, which, of course, are the most attractive returns.

我們決定採取分階段方式，以便保留退出選項（off-ramps），觀察產業隨時間的發展。因此在我們所稱的第一階段（phase one），我們已宣布在這 10 座中的 4 座工廠推進，當然它們具備最具吸引力的報酬。

That is still keeping within our range of CapEx from $1.3 billion to $1.5 billion. At times when we find these opportunities that are very compelling, we might go a little bit higher than that. At times like last year, when we didn't find anything, we were a little bit lower than that. But nothing that it swings completely the range. This phase one, although it's early on, it could be in the range of $100 million overall for the four plants.

這仍然符合我們 13 億至 15 億美元的資本支出（CapEx）區間。有時當我們發現非常具吸引力的機會時，可能會略高於該區間。有時像去年，當我們沒有找到任何機會時，就會略低於該區間。但不至於讓整個區間出現大幅擺動。第一階段雖然仍在初期，四座工廠合計可能約在 1 億美元的範圍。

So it's not huge. So we feel very good about that. And as we are building this both in North America and Brazil, because these are markets where there are strong domestic biofuels markets, and they are very favorable in terms of margins.

所以規模並不大。因此我們對此感到非常放心。而且我們在北美與巴西同步推進，因為這些市場都有強勁的國內生質燃料市場，且在利潤率方面非常有利。

We are also looking at potentially debottlenecks in ethanol that are driven mostly by our operational excellence efforts. As we continue to drive yields and cost improvements in the ethanol plants, naturally, some of that yields some debottlenecking on that. So we're very good about the strength of our organic plan.

我們也在評估乙醇業務可能的去瓶頸機會，這主要由我們的營運卓越（operational excellence）工作所驅動。隨著我們持續提升乙醇工廠的收率並改善成本，自然也會帶來一些去瓶頸效果。因此我們對有機計畫的強度感到非常有信心。

Manav, I'll just add to Juan's comments that the other benefit of this debottlenecking is manufacturing cost, Manav. And as you know, there's a lot of fixed cost in these plants. So the modern throughput, the average cost per unit comes down. So all that adds to a very good return in addition to the volume that we get.

Manav，我補充 Juan 的評論：去瓶頸的另一個好處是製造成本，Manav。如你所知，這些工廠有很多固定成本。因此當吞吐量提高，平均單位成本就會下降。除了我們增加的產量之外，這些因素都會帶來非常好的報酬。

Perfect. Well understood Monish. My second and a quick follow-up is, can you talk a little bit about the Broadwing project. We see it as something which is a milestone for industrial decarbonization. Can you talk a little bit about that project and the benefits of that project?

完美。Monish，我完全理解。我的第二個問題、也是一個快速追問：能否談談 Broadwing 專案？我們認為它是工業去碳化的一個里程碑。能否請你談談該專案以及其效益？

Yes. We have a broad strategy of decarbonization. And that's a very important project to bring low carbon intensity energy and steam into Decatur. So is a large project. We continue to move forward with that. And as I said, this is one of the several elements that we have in our decarbonization path.

可以。我們有一套廣泛的去碳化策略。而那是一個非常重要的專案，將低碳強度的能源與蒸汽導入迪凱特（Decatur）。因此這是一個大型專案。我們持續推進。如我所說，這是我們去碳化路徑中的數個要素之一。

A reminder, we've been leaders in carbon capture and sequestration that we started like 11 years ago in our wells. We believe that -- I think we sequestered 337,000 tonnes of carbons in this quarter, up from 300,000 in the last quarter.

提醒一下，我們在碳捕捉與封存方面一直是領先者；大約 11 年前我們就在自有井場開始進行。我們相信——我想本季我們封存了 337,000 噸二氧化碳，高於上季的 300,000 噸。

So again, it's just a multiyear program and continue to decarbonize and drive based on our sustainability trend that we have put together as part of the strategy about 10 years ago. So we continue to execute on the strategy and the plans as per schedule.

所以再次強調，這是一個多年期計畫；我們持續去碳化並推進，並以我們約 10 年前納入策略、所建立的永續發展趨勢為依據。因此我們持續按進度執行策略與計畫。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones Research。

Good morning. Congratulations on the quarter. I wanted to start with Ag Services. That was much stronger than I was anticipating. And given that the tensions in the Ukraine area of escalated, if China continues their bean purchases as you're assuming, do you think Q2 is a high point for the year or could we have Q3 and Q4 look better than Q2?

早安。恭喜本季表現。我想先從農業服務（Ag Services）談起。這部分比我預期強很多。考量到烏克蘭地區緊張局勢升高，若中國如你們假設般持續採購大豆，你認為第二季會是全年高點，還是第三、第四季可能比第二季更好？

Yes, Heather. A lot going on in the world, as you know. So we continue to price the team in Ag Services and the system we have. At times like this, it's my experience over the last 14 years in ADM that the market rewards our footprint and our flexibility.

是的，Heather。如你所知，世界上正在發生很多事情。因此我們持續肯定農業服務團隊以及我們所建立的系統。在這種時刻，以我在 ADM 過去 14 年的經驗來看，市場會回報我們的佈局版圖與彈性。

And all the assets that we have, whether it's transportation and options for origination and destination marketing offices, are basically built to provide the resilience for all these environments, in which our role is to make sure that food shows up wherever it needs to show up. At times of crisis or at times of disruptions, is when our team does better because we can flex much more all this ability and all this optionality that we have built in the model.

我們所擁有的所有資產，無論是運輸能力，或是在產地與目的地的行銷辦公室所提供的各種選項，基本上都是為了在各種環境下提供韌性而建構；而我們的角色就是確保食品能在需要出現的地方出現。在危機或干擾發生的時候，我們的團隊反而表現得更好，因為我們可以更大幅度地運用我們在模式中建立的所有能力與彈性選擇。

So as you said, weather across the world is threatening some crops. I mean there are some issues right now with China, especially for corn and maybe wheat and rice, whether it has become too hot and too dry. Certainly, effectively, basically, Ukraine has ceased export through the sea. We've been hit several times, whether it was our vessels and our terminals, and I think the whole industry is in the same pace. So very difficult to get cruise to come to pick up vessels.

所以如你所說，全球各地的天氣正在威脅某些作物。我的意思是，目前中國確實有一些問題，特別是玉米，可能還有小麥與稻米，因為天氣是否變得太熱、太乾。當然，實際上烏克蘭已經停止透過海運出口。我們也多次受到衝擊，不論是我們的船舶或碼頭，我想整個產業都面臨同樣的情況。因此要讓船員來接船非常困難。

So I would say China continues to buy from the US I think that China wants to honor the commitment of 25 million tonnes of soybean this year. And certainly, there may be purchases of sorghum or barley later on that are less political maybe than corn.

所以我會說，中國仍持續向美國採購；我認為中國希望履行今年2,500萬噸大豆的承諾。而且當然，之後可能會採購高粱或大麥，這些品項在政治層面上或許比玉米更不敏感。

So I would say probably Ag Services will be slightly lower, only for our own reasons, in Q3 than it was in Q2. But Q4, it will depend on some of how those exports come into the US and how much can we build sorghum and corn program on top of the soybean program that seems to be built in for the later part of the year.

所以我會說，農業服務（Ag Services）在第三季可能會比第二季略低，這主要是我們自身的原因。但第四季則取決於部分出口如何進入美國，以及我們能在看來已為下半年建立好的大豆計畫之上，再建立多少高粱與玉米的計畫。

But the team continues to execute well. Global trade results were higher in Q2, driven by very strong commercial execution, taking advantage of some favorable market conditions. We continue to have improved destination marketing margins in Asia and good grain trading results. So all in all, I think even our transportation run well, as ocean freight, but also domestic freight. So I would say all the elements have been having good execution and good performance.

但團隊持續執行得很好。全球貿易在第二季的結果更高，主要由非常強勁的商業執行所帶動，並把握了一些有利的市場條件。我們在亞洲的目的地行銷利潤率持續改善，穀物交易結果也不錯。總體而言，我認為我們的運輸也運作良好，包括海運運費以及國內運輸。所以我會說，各個要素都展現了良好的執行與表現。

On RPO, I understand biodiesel margins have been strong for obvious reasons. I was wondering if you could talk about the refining margin for veg oil's backdrop and how -- I believe those have been relatively weak. I'm just wondering how you expect that to evolve throughout this year as EU biofuel policy is implemented, the RVO is fully implemented? Just I thought what are your thinking about that setup?

關於RPO，我理解生質柴油利潤率因為顯而易見的原因一直很強。我想請你談談植物油精煉利潤率的背景，以及——我相信那些相對偏弱。我只是想了解，隨著歐盟生質燃料政策落地、RVO全面實施，你預期今年這會如何演變？想請教你對這個局面的看法。

Yeah. Heather, I would go back to the same comment we made about RPO. We are seeing constructive margins in total. For Q2, we were lower year on year, driven by a negative mark-to-market that we took in Q2 that impacted the results of RPO. I would say when you think about from a capacity perspective, we see the industry doing a pretty good job from restarting capacity and the plants are running well.

是的。Heather，我會回到我們先前對RPO所做的同樣評論。我們看到整體利潤率是具建設性的。第二季我們年對年較低，主要是因為我們在第二季認列了一筆負的按市價評價（mark-to-market），影響了RPO的結果。我會說，從產能角度來看，我們看到產業在重啟產能方面做得相當不錯，工廠運轉也良好。

And I think what ultimately, as we said, we are watching a lot of factors in the market, whether it is macroeconomics, whether it's geopolitical, et cetera, as well as what does inflation do. That may determine what the food margins are for food oil go, as well as we've always said that sitting right now, we see a constructive biofuels market.

而我認為最終，如同我們所說，我們正在觀察市場中的許多因素，不論是總體經濟、地緣政治等等，以及通膨會如何發展。這些因素可能會決定食用油的食品端利潤率走向；同時我們也一直說，就目前而言，我們看到生質燃料市場是具建設性的。

And we expect that to continue. So therefore, the assumption is that these mark-to-markets, one will reverse, from Q2 into Q3 and Q4, we continue to have a constructive market. Ultimately, it will depend on what happens with all the factors that we've just talked about.

而我們預期這種情況會持續。因此，我們的假設是，這些按市價評價的影響，其中一部分會在第三季與第四季相對於第二季出現回轉，而我們仍將處於一個具建設性的市場環境。最終仍將取決於我們剛才談到的所有因素會如何發展。

Ben Theurer, Barclays.

Ben Theurer，巴克萊。

Good morning, Juan, Monish. Also from my side, congrats on a very strong second quarter. My first question would really like to dig in and understand a little bit as you think about the back half and then maybe early into 2027. You said you've done obviously a little bit of a release on MTM. You still have something built into it.

早安，Juan、Monish。我這邊也要恭喜你們第二季表現非常強勁。我的第一個問題想更深入了解：當你們看下半年，甚至可能到2027年初時，你提到你們顯然在MTM上做了一些釋放。但你們仍然在其中保留了一些。

But as you look into the overall environment, particularly biofuel policies, et cetera, if you would have to stretch for the second half a little bit, the high end versus the low end of your new guidance, just wanted to understand what is the scenario to get it closer to that $5.50, $5.60, and what would be a scenario to be more on the lower end of the $5, and how you think about this moving into 2027, if you have some preliminary thoughts as to the cadence of growth in 2027. That would be my first question.

但當你看整體環境，特別是生質燃料政策等等，如果要把下半年稍微拉開來看，你們新指引區間的高端與低端——我想了解，什麼情境會讓結果更接近每股5.50到5.60美元？什麼情境會更偏向每股5美元的低端？以及你們如何看待這在2027年的延伸，如果你們對2027年的成長節奏有一些初步想法的話。這是我的第一個問題。

Listen, I think sometimes the good results that the team are getting underscore the difficulties of the environment and how many decisions we need to get right to do this.

聽著，我認為有時候團隊取得的好結果，反而凸顯了環境的艱難，以及我們需要做對多少決策才能做到這些。

So I think Monish said it, and I said it in my remarks, probably the first condition for this to happen is the team is expected to continue delivering successfully against the plan that we put together, because it doesn't happen just by policy or by chance.

所以我想Monish提過，我在發言中也提過，這要發生的第一個條件，可能是團隊必須如預期般持續依照我們制定的計畫成功交付，因為這不會只是靠政策或運氣就能發生。

We think that the favorable margin backdrop across biofuels will continue. We see that in policies around the world. And there certainly has been a disruption in the energy markets that has benefited us this year. There has been a structural damage on that, so we don't think that there's going to be a correction that's going to make us robustly supplied overnight. That has some tail.

我們認為生質燃料整體有利的利潤率背景將會持續。我們從全球各地的政策中都看得到這一點。而且今年能源市場確實出現了一些干擾，對我們有利。那裡存在結構性的損害，因此我們不認為會出現一種修正，讓供給在一夜之間變得非常充裕。這還會延續一段時間。

And we also expect Nutrition to continue improving their operational performance. You see their margins have been up 50% again this quarter. So there is a lot of operating leverage there. Of course, as we go into -- we are lapping Q2, which is our strongest quarter of the year, as we are leaning more towards flavors, beverages in the summer. Then we go into the Q4, which is a seasonal low for flavors. But we like our Q3, we like the book of business we have there.

我們也預期營養（Nutrition）業務會持續改善其營運表現。你可以看到他們本季的利潤率又提升了50%。因此那裡有很大的營運槓桿。當然，隨著我們進入——我們正在與第二季相比（第二季是我們一年中最強的季度），而夏季我們更偏向香精、飲料等品類。接著進入第四季，對香精而言是季節性低點。但我們看好第三季，也看好我們在那裡的訂單組合（book of business）。

So if you think about what will drive us to the higher side of the range, I think our assumptions are that Ag Services benefits from China continued buying from North America soybeans. They've been buying around maybe 1 million tonnes per week, so they've been leaning towards delivering on those 25 million tonnes of soybean purchases. And we think that we're going to have good exports also of corn and milo going forward. That's part of the assumption.

所以如果你思考什麼會驅動我們走向區間的高端，我認為我們的假設是：農業服務（Ag Services）將受益於中國持續向北美採購大豆。他們每週大約買進可能100萬噸，因此他們正朝著履行2,500萬噸大豆採購的方向前進。而我們也認為，未來玉米與milo（高粱）的出口也會表現良好。這是部分假設。

I think crushing, when you think about the big needle mover, North America crushing is basically 90% lock at this point in time for Q3, still open for Q4 is about 30%. So a lot will depend on where we execute those margins in Q4. So we'll have to see we. We have, as I said, confidence in our team and the market fundamentals, but we still have Q4 to see.

我認為就壓榨而言，當你想到最大的關鍵驅動因素時，截至目前北美壓榨在第三季基本上已鎖定約90%，而第四季仍未鎖定的約為30%。因此，很多將取決於我們在第四季以何種水準去落實那些利潤。所以我們還得再看看。如我所說，我們對團隊與市場基本面有信心，但第四季仍需觀察。

In terms of Carb Solutions, ethanol margin strength continue to offset the sweetener, the liquid sweeteners softness, if you will. And we continue to raise our full year guidance on 45Z as the team continues to get more clarity based on implementing processes and operational enhancements, we continue to see ourselves producing more out of that. We had the previous estimate of about $150 million, now we're talking about $250 million.

就碳解決方案（Carb Solutions）而言，乙醇利差的強勁持續抵消甜味劑、也就是液態甜味劑的疲弱。隨著團隊在流程導入與營運改善上取得更多明確性，我們也持續上調全年45Z指引，並且持續看到我們能從中產出更多效益。先前的估計約為1.5億美元，現在我們談的是2.5億美元。

So again, the team continues to operate well. That doesn't just happen. You need to get all your ducks in a row for that. Again, Nutrition, we expect momentum to continue. We do a very good job of maximizing margins and drive for margins, whether it is product mix or geographic mix or some of the improvements in portfolio that we have done in Animal Nutrition.

所以再次強調，團隊持續運作得很好。這不是自然而然就會發生的。你必須把所有事情都安排妥當。再者，在營養（Nutrition）方面，我們預期動能將持續。我們非常擅長把利潤最大化並推動利潤提升，不論是產品組合、地理組合，或是我們在動物營養（Animal Nutrition）產品組合上所做的一些改善。

So overall, we feel good about the rest of the year and moving into with a good exit rate in '26, moving into '27. But you have to consider, we are being attacking Ukraine, although it's not financially material for us, that could bring uncertainty in global food prices that could bring volatility.

因此整體而言，我們對今年剩餘時間感到樂觀，並且預期在2026年以良好的退出水準（exit rate）進入2027年。但你必須考量，我們正遭遇對烏克蘭的攻擊，雖然對我們而言在財務上並不重大，但這可能為全球食品價格帶來不確定性，進而帶來波動。

There is weather with a big potential El Nino coming. There is still a conflict in the Middle East that every day swings oil prices depending on the statements of the leaders by $3 or $4. And remember that a lot of those increase in oil prices are hitting us as higher energy cost and higher packaging, and a lot of things that Nutrition is undertaking, and we're managing through.

還有天氣因素，可能會出現強烈的聖嬰現象（El Nino）。中東仍有衝突，每天都會因領導人的發言讓油價上下波動3到4美元。而且請記得，油價上漲有很大一部分會以更高的能源成本與更高的包材成本反映到我們身上，以及營養事業正在承擔的許多成本，我們也正在加以管理與因應。

So a lot of external variables. And as Monish always remind everybody, we don't forecast future mark-to-market. We expect that the accumulated mark-to-market will probably revert back in the second half, mostly in Q3. So Q4 will depend again on what level of crush margins we execute. But other than that, we feel very solid about it.

所以外部變數很多。而且如Monish一再提醒大家，我們不會去預測未來的按市價評價（mark-to-market）。我們預期累積的按市價評價可能會在下半年回轉，主要在第三季。因此第四季仍將取決於我們實際執行到何種壓榨利差水準。除此之外，我們對整體狀況感到非常穩健。

And when we think forward, Ben, if I can go a little bit further, is we feel excited about the bottlenecks I mentioned that brings capacity between now and 2028, 2029, depending on the location. And then we have the five growth platforms that we have highlighted before, which are basically having the different horizons to cover the full next five years. So we feel good of where we are, we feel good about where we are going.

而當我們往前看，Ben，如果我可以再多延伸一點，我們對我提到的那些瓶頸改善感到興奮，這些改善將在現在到2028、2029年之間帶來產能，視地點而定。此外，我們也有先前強調過的五大成長平台，基本上涵蓋不同的時間軸，以覆蓋未來五年的整體布局。所以我們對目前的位置感到踏實，也對我們將前往的方向感到樂觀。

Perfect. That was very complete. And actually, on that, one quick follow up. You have talked about it in today's presentation, a little more detailed about the transition to natural colors, which you have just mentioned as part of these value creation pathways.

很好。這非常完整。而且就此我有一個快速追問。你在今天的簡報中談到、也更詳細說明了向天然色素轉型的議題，你剛才也提到這是這些價值創造路徑的一部分。

As you think about it, and I know it is still early on, but what -- how fast do you think customers of yours will have to launch new products and basically apply these more natural colors instead of artificial chemical colors? And with that and the expertise you are bringing from Europe, having done it over there into the US, allows you to actually leverage that and potentially even gain market share with your customers. So, how should we think about this?

當你思考這件事時，我知道現在仍在早期階段，但你認為客戶需要多快推出新產品，並基本上改用這些較天然的色素，而不是人工化學色素？另外，憑藉你們從歐洲帶來的專業、在那邊做過並導入到美國，是否能讓你們加以運用，甚至可能在客戶端取得更多市占？所以，我們應該如何看待這件事？

Yes. I think, as you said, this is an opportunity that fits us like a glove. We did it before. We are prepared for this. It's a company based on natural products.

是的。我認為如你所說，這是一個與我們高度契合的機會。我們以前做過。我們已為此做好準備。我們是一家以天然產品為基礎的公司。

So we have a lot of expertise. What we learned before, and this is where the technology and the knowledge we bring to our customers is that these things are not sometimes a one-to-one replacement because pH is affecting colors differently, stability of the formulation.

因此我們有很多專業能力。我們之前學到的是——這也是我們帶給客戶的技術與知識所在——這些東西有時並不是一對一的替換，因為pH值會以不同方式影響顏色，以及配方的穩定性。

So you need to -- this gives you an opportunity to almost redefine the whole formulation when you're going to change a color. And that's why it takes a little bit longer. And rightfully so, customers are being prudent and they have a sequence of implementation depending on the different product lines, which for us, from a supply chain perspective, is very beneficial because it's not like you have one day in which everybody changes and they create a lot of issues for supply.

所以你需要——當你要更換色素時，這其實給了你一個幾乎重新定義整個配方的機會。這也是為什麼它需要更長一點時間。而且理所當然地，客戶會謹慎行事，並依不同產品線安排導入順序；對我們而言，從供應鏈角度看這非常有利，因為不會出現某一天大家同時更換、對供應造成大量問題的情況。

We have projects. And over time, we're going to be supplying. So we have said about the $1 billion potential market over time, it's going to give us probably $80 million to $100 million OP for Nutrition, and it's going to happen over the few years. we have a pipeline for that, and we are executing through that pipeline, and we feel good about it. I think that as this gains momentum, probably things will accelerate.

我們有專案在進行。而且隨著時間推進，我們將會供應。因此我們提過，長期來看這是約10億美元的潛在市場，對營養事業而言可能帶來約8,000萬到1億美元的營業利潤（OP），並且會在未來幾年逐步發生。我們有相應的專案管線（pipeline），也正在沿著這個管線執行，我們對此感到樂觀。我認為隨著這件事動能增強，進展可能會加速。

So I'm optimistic that, that was happened in the past as products start to be launched and they look good and they have customer acceptance, people get more confidence about expanding more swaps and switch. So early days, but we feel very good about it.

所以我很樂觀，因為過去也發生過：當產品開始上市、外觀表現良好且獲得客戶接受後，大家對於擴大更多替換與切換會更有信心。目前仍在早期，但我們對此感到非常有信心。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Congrats on the results to you, Juan and to the whole team. I wanted to maybe understand outlook a little bit better. And Monish, you alluded to the back half being predicated on higher crush margins, higher ethanol margins. I believe in the past, you used to give us the crush margin levels that are kind of assumed in the back half. I was wondering if we were able to get that level of detail here.

恭喜你們的業績表現，Juan以及整個團隊。我想更深入了解一下展望。Monish，你提到下半年是以更高的壓榨利差、更高的乙醇利差為前提。我記得過去你們會提供下半年假設的壓榨利差水準。我想請問這次我們是否也能取得同樣細節？

And then just on the follow-up, I just want to make sure I heard this correctly. On the coverage, you said 90% covered for Q3 and about 30% covered for Q4. Is that correct?

另外再追問一下，我想確認我是否聽對了。關於覆蓋（coverage），你說第三季覆蓋90%，第四季覆蓋約30%。是這樣嗎？

That's correct. For North America crushing. Globally, we are more like a 70% covered for Q3 and a little bit lower for Q4.

沒錯。針對北美壓榨而言。若以全球來看，我們第三季大約覆蓋70%，第四季則略低一些。

So Pooran, to answer your first question on guidance, as Juan has also talked about it, and I said the same in my earnings pre-read, Q2 was an important quarter for us. And the team executed well, and we were able to capture a lot of the commercial and operational opportunities that were presented to us.

所以Pooran，回答你第一個關於指引的問題，正如Juan也談到的、而我在財報預讀（earnings pre-read）中也說過，第二季對我們而言是重要的一季。團隊執行得很好，我們也得以掌握許多當時呈現給我們的商業與營運機會。

On operations, you saw us increasing manufacturing volume from a crush perspective by nearly 5%. And then on the commercial side, Juan also covered that nicely in his prior question. Then you think about Q3 and Q4, if you think about our guide of $5.15 to $5.60 and you take our first half, which is around $2.55, you would -- you can see that our first second half will definitely be higher than the first half, provided we hit that range of $5.15 to $5.60, which we feel good about right now.

在營運方面，從壓榨的角度來看，你看到我們將製造量提高了將近5%。接著在商業端，Juan 也在他前一個問題中很好地說明了。然後你再看第三季和第四季，如果你看我們給出的指引為每股盈餘 $5.15 到 $5.60，並且把我們上半年大約 $2.55 納入計算，你就會——你可以看到，只要我們達到 $5.15 到 $5.60 這個區間，我們下半年肯定會高於上半年，而我們目前對此感覺良好。

So then comes the question of cadence, Q3 versus Q4. And as we have talked about that in the prepared remarks, I said there's a possibility that Q3 will be higher than Q4. And that's partly driven by the fact that Juan also mentioned, we have book already on for crush, so that helps, continued execution in Nutrition. Ethanol continues to remain strong, offset partially by the lower liquid sweeteners volumes.

接著問題就來到節奏，也就是第三季相對第四季。正如我們在事先準備的講稿中談到的，我說過第三季有可能高於第四季。這部分原因在於 Juan 也提到，我們在壓榨方面已經有既定訂單，因此有所助益；同時營養業務也持續執行到位。乙醇仍然維持強勁，部分被液態甜味劑銷量較低所抵銷。

How the Q3 becomes higher than Q4 will also largely depend on where crush margins get locked in for Q4 because we just said we are 30% locked in, in North America for Q4. Then when you think about the margins that you have asked me, I always go back to -- I know a lot of you look at only board crush and you look at board crush and you'll correlate or try to correlate.

第三季是否會高於第四季，也將在很大程度上取決於第四季的壓榨利差會在什麼水準被鎖定，因為我們剛才說過，在北美我們第四季目前已鎖定30%。然後當你想到你問我的利差時，我總是回到——我知道你們很多人只看期貨盤面的壓榨利差，你們看盤面壓榨利差，然後會去做關聯或嘗試去做關聯。

At the end, what will matter, Pooran, is what does cash margins become in Q3 and Q4. What we have baked in is what we think is a constructive biofuels market and good demand for ethanol. Where that will land, I think Pooran, will have to see. There's a lot of volatility in the market. But based on everything that we are seeing right now, we believe that the $5.15 to $5.60 is a good guide to be.

最後真正重要的，Pooran，是第三季和第四季的現金利差會變成什麼樣。我們納入假設的是：我們認為生質燃料市場具建設性，且乙醇需求良好。最終會落在什麼水準，我想 Pooran，還需要再觀察。市場波動很大。但基於我們目前看到的一切，我們相信 $5.15 到 $5.60 是一個合適的指引區間。

And as things evolve, we'll definitely keep you posted.

隨著情勢演變，我們一定會持續向各位更新。

(Operator Instructions) Andrew Strelzik, BMO Capital Markets.

（接線員指示）BMO Capital Markets 的 Andrew Strelzik。

The first one is on the 45Z outlook, which continues to move higher. Can you talk about kind of what's underpinning that? And do you feel like now kind of we've reached the appropriate level?

第一個問題是關於 45Z 的展望，這個數字持續上修。你能談談是什麼在支撐這個上升趨勢嗎？以及你是否覺得現在大致上已經達到合適的水準？

And then my real question is more on the Nutrition segment and primarily on Human Nutrition. With Decatur East back, it seems like the momentum in Human Nutrition is kind of rolling. How should we think about the durable growth rate of that subsegment?

然後我真正的問題比較是關於營養事業部，主要是人類營養。隨著 Decatur East 回到正常運作，看起來人類營養的動能正在延續。我們應該如何看待該子領域可持續的成長率？

And you've talked about colors, but kind of what are some of the other opportunities or drivers moving forward?

你也談到色素，但往前看，還有哪些其他機會或驅動因素？

Sure. Thank you, Andrew, for the questions. On 45Z, as I said, we are increasing our full year expectation from $150 million to $250 million. And I think as I mentioned before, we are basically every month we go, we're increasing the line of sight into realizing the benefits of this as we continue carbon intensity verification, and we're building the operational processes across our ethanol plants in North America.

好的。謝謝你，Andrew，提出這些問題。關於 45Z，如我所說，我們把全年預期從 1.5 億美元提高到 2.5 億美元。而且我想如同我之前提到的，基本上每過一個月，隨著我們持續進行碳強度驗證，並在北美各乙醇工廠建立營運流程，我們對於實現其效益的可視性都在提升。

As a reminder, this is not easy. It's a very complex and there are so many factors that determine the benefit when you have the carbon intensity score that you need to go plant by plant. We have the issues of prevailing wages. The amount of carbon sequestered is also important.

提醒一下，這並不容易。這非常複雜，而且影響效益的因素很多；當你要達到所需的碳強度分數時，必須逐廠評估。我們也面臨現行工資（prevailing wages）相關的問題。封存的碳量也同樣重要。

I mentioned the 337,000 tonnes that we did this quarter higher than last quarter. Certainly, the production volumes in ethanol. That's why we are working on operational excellence, improving yields and trying to make quick debottlenecks and the industry pricing development. So many, many factors that we put together to come up with these estimates. And this is the best we can see at this point in time that is $250 million, hopefully not the maximum as we continue potentially to implement the bottlenecks or some benefits in operational excellence that make us produce more ethanol, but certainly in the right direction.

我提到本季我們做到 337,000 公噸，比上一季更高。當然，乙醇的產量也很關鍵。這就是為什麼我們在推動營運卓越、提升收率、並嘗試快速消除瓶頸，以及關注產業定價的發展。我們把非常多的因素整合起來，才得出這些估算。就目前時間點我們所能看到的最佳結果是 2.5 億美元；希望這不是上限，因為隨著我們可能持續消除瓶頸，或在營運卓越上取得一些效益、讓我們能生產更多乙醇，這個數字有機會再提升，但方向肯定是正確的。

Moving to Nutrition and Human nutrition, as you described. Of course, the colors that you just said, but many, many things are going on. I went, for example, to -- I was very pleased to see our performance in flavors in Asia, which certainly, we are originally a Western world type of company with wild flavors and our participation in North America. And we've been growing 20% flavors year-over-year in Asia Pacific, and it's been happening all in local customers. And our success with local heroes wherever we go, has been something spectacular because it's not that we're doing copy and paste or Western companies going there is we are winning with the local people in the different geographies in China and the different geographies in Asia.

再談到營養與人類營養，如你所描述的。當然有你剛提到的色素，但還有很多很多事情正在發生。例如，我去了——我很高興看到我們在亞洲的香精（flavors）表現；我們原本是一家偏西方市場的公司，擁有 Wild Flavors，並在北美參與度很高。而我們在亞太地區的香精業務年增長達 20%，而且這些成長都來自本地客戶。我們在各地與「本地英雄」客戶合作的成功非常驚人，因為這不是把西方的做法複製貼上，或是西方公司去那裡就能成功；而是我們在中國不同地區、以及亞洲不同地區，與當地團隊一起贏得市場。

So that's very exciting. And as you said before, Specialty Ingredients is improving. It's not only improving because Decatur plant is making inroads. And these plants are very complex. It's far from me to say that everything is being solved.

所以這非常令人振奮。而且如你先前所說，特殊成分（Specialty Ingredients）正在改善。這不只是因為 Decatur 工廠正在取得進展。這些工廠非常複雜。我也不敢說所有問題都已經解決。

We continue to make progress, and we will see that. But we are showing up in the market with more volume. And in that sense, we are recapturing some of the volume that we lost over the 18 months, we were not present there. Emulsifiers is also doing better. We see early success in people having more -- paying more attention and incorporating more postbiotics.

我們持續取得進展，你們也會看到。但我們正以更大的供應量出現在市場上。在這個意義上，我們正在收復過去 18 個月因為未能供應而流失的一部分銷量。乳化劑（Emulsifiers）表現也更好。我們看到初步的成功：大家更——更重視並把後生元（postbiotics）納入產品中。

Of course, the supplement segment has been suffering a little bit because of affordability of consumers, and some consumers have moved more to functionalized food and beverages and replacing maybe expensive supplements. But we still see a lot of opportunity and traction in postbiotics.

當然，補充品（supplement）領域因為消費者負擔能力而受到一些影響，有些消費者轉向機能性食品與飲料，可能用來取代較昂貴的補充品。但我們仍然在後生元上看到很多機會與動能。

And we see the people's attention to bring fiber more into their diets also growing into our P&L. So we have so many elements of growth that are driving this that we feel good about going forward. Difficult given that there are so many bits and pieces to assign a growth rate, we always said that medium term, we will be growing mid-single digit in terms of flavors, and that maybe gives you an estimation of what we're seeing going forward. And of course, we always think that we're going to have operational leverage to that. So OP will grow higher than that.

我們也看到人們更關注在飲食中增加纖維，這也逐步反映到我們的損益表上。因此，有很多成長要素在驅動這些表現，讓我們對未來感到樂觀。由於牽涉的面向很多、零碎因素也多，要精準給出一個成長率並不容易；我們一直說中期來看，香精的成長會是中個位數，這或許能讓你對我們往前看到的情況有個估計。當然，我們也一直認為會有營運槓桿。因此營業利益（OP）會成長得更快。

But we've been growing faster than that. So we'll try to continue that. But long term, you should think about that. Flavor being the main piece will grow at least mid-single digit and operationally, profit will grow a little bit higher than that.

但我們的成長速度一直比那更快。所以我們會努力延續這樣的表現。但從長期來看，你應該以那樣的水準來思考。香精作為主要板塊，至少會以中個位數成長；而在營運面，獲利會比那再高一些。

Steven Haynes, Morgan Stanley.

Steven Haynes，摩根士丹利。

Bunch of things covered, but maybe I could ask a question on precision fermentation. You're talking about on the natural color side of it, $80 million to $100 million uplift from operating profit. Can you -- maybe it's too early, but can you maybe put the precision fermentation piece of it in context with that and maybe what the timeframe might be for seeing an uplift from that growth opportunity as well?

涵蓋了很多事情，但也許我可以就精準發酵問一個問題。你們談到天然色素這一塊，營業利益可提升8,000萬到1億美元。你能否——也許還太早——但你能否把精準發酵這一塊放在這個背景下做個對照，並談談大概什麼時間框架內也可能看到這個成長機會帶來的提升？

And thank you for the question on precision fermentation. I love these future platform questions. We are believers that from a food perspective, at the end of the day, in order to feed 10 billion people in the planet, we will have to feed ourselves with animal proteins, with vegetable proteins, and with microbial-based protein.

謝謝你關於精準發酵的提問。我很喜歡這類未來平台的問題。我們相信，從食品的角度來看，歸根結底，為了養活地球上100億人口，我們必須以動物蛋白、植物蛋白以及以微生物為基礎的蛋白來供養自己。

But this precision fermentation is a platform that we are building for many reasons and many synergies to ADM. We are a fermentation company, and we have many fermenters that we can -- they are underutilized that we can utilize forward.

但精準發酵是我們正在打造的一個平台，原因很多，且與ADM有許多協同效益。我們是一家發酵公司，我們有許多發酵槽——目前利用率不足——未來可以加以運用。

There is the benefit of having dextrose to provide to that, and that will pull from the fight for the grind that we have in Carb Solutions. But the important thing is we needed to prove that this was feasible, and we could produce this at good growth rates with good quality products and at good margins and cost.

此外，我們也具備提供葡萄糖（dextrose）的優勢，而這將帶動我們在Carb Solutions中「爭奪研磨量」的拉動效應。但重要的是，我們需要證明這是可行的，並且我們能以良好的生長速率、良好的產品品質，以及良好的毛利與成本來生產。

And we have -- so we are very happy that we have two projects that are demonstrating that with EVERY and Bond. Of course, on EVERY, we're making egg replacement and with Bond, we're making lamb for pet food. So we're very excited about that. It shows that we can go to human and we can go to pet. And we also have an opportunity. We're planning to launch at least one natural color based on precision fermentation as well to make sure that we alleviate some of the burden on supply chain for some of these natural products.

而我們——因此我們非常高興，我們有兩個專案正在透過EVERY與Bond來驗證這一點。當然，在EVERY方面，我們製作的是雞蛋替代品；在Bond方面，我們為寵物食品製作羊肉。所以我們對此非常興奮。這顯示我們既可以走向人用市場，也可以走向寵物市場。而且我們也有一個機會。我們也計畫至少推出一款以精準發酵為基礎的天然色素，以確保能減輕部分天然產品供應鏈的壓力。

So we feel it's very synergistic in terms of everything we are doing. And we have a lot of potential. I don't feel comfortable to go public with a number for comparing to the $80 million to $100 million that we're going to be making natural because these are early days, and there are a lot of customer engagement that I also want to respect and to a certain degree, if I aggregate something, I aggregate their own forecast, and I want to be respectful for that. But we are very excited about what this is going to bring to ADM in the years to come.

因此，我們認為這與我們正在做的一切在協同上非常契合。而且我們有很大的潛力。我不太方便公開給出一個數字來與我們在天然色素方面將帶來的8,000萬到1億美元做比較，因為這些都還在早期階段，且有很多客戶互動我也希望尊重；在某種程度上，如果我把某些東西加總起來，其實是在加總他們自己的預測，我希望對此保持尊重。但我們對這將在未來幾年為ADM帶來的貢獻感到非常興奮。

Understood. And then a quick follow-up on insurance proceeds. Maybe I misheard, but was there a benefit from that in the quarter? And then is there anything else expected for the balance of the year on that front?

了解。那再快速追問一下保險理賠款。也許我聽錯了，但本季是否因此有受益？另外，今年剩餘期間在這方面還會有其他進一步的進帳嗎？

Yes. So we -- you heard it right. We've got $20 million of proceeds for Decatur East that show up in our AS&O subsegment -- in our AS&O segment. And then depending on whether we get more or not, we are still working with insurance providers. And as and when we know more, we'll definitely keep you all posted.

是的。所以——你聽得沒錯。我們收到迪凱特（Decatur）東廠2,000萬美元的理賠款，這筆金額反映在我們AS&O分部——AS&O事業群中。至於是否還會有更多，我們仍在與保險提供方合作處理。一旦我們有更多資訊，肯定會向各位更新。

Matthew Blair, TPH

Matthew Blair，TPH。

Congrats on the strong results. It seems like the commentary on starches has improved as the year has progressed. I remember you being somewhat cautious on starches at the beginning of the year. I think today, you mentioned that starches demand is stabilizing. Is that a fair characterization? And if so, are you seeing better trends in the cardboard or beer? Or what's helping out starches?

恭喜你們交出強勁的業績。看起來隨著年度推進，關於澱粉的評論有所改善。我記得你們在年初對澱粉還相對謹慎。我想今天你們提到澱粉需求正在趨於穩定。這樣的描述公平嗎？如果是的話，你們是在紙箱或啤酒方面看到更好的趨勢嗎？或者是什麼在支撐澱粉？

Yes. Thank you, Matthew. Yes, we see stabilization in the starch market. And yes, part is card boxes, packaging, all that area, I think that of industrial, so domiciliary deliveries is certainly doing better. So yes, it's a good counterbalance, if you will, to what maybe is happening in liquid sweeteners.

是的。謝謝你，Matthew。是的，我們看到澱粉市場正在穩定。而且是的，其中一部分來自紙箱、包裝等領域；我認為在工業端，居家配送確實表現更好。所以是的，這在某種程度上可作為對液態甜味劑可能發生情況的一個良好平衡。

And so it underscores a little bit the importance of deriving like 22 different products or more from corn. And we see that what we call biosolutions and is part of that platform and continues to grow finding nonfood or feed uses to some of our corn derivatives.

因此，這也再次凸顯了從玉米中衍生出大約22種或更多產品的重要性。我們看到我們所稱的生物解決方案（biosolutions）作為該平台的一部分，持續成長，並為我們的一些玉米衍生物找到非食品或飼料用途。

And that's something we started several years ago. It's a profitable business and continues to grow and help us to put resilience into that. Resilience that you can see in our cash flow generation. And I think that it continues to -- we continue to feel good about the $1.8 billion that we do -- that we have done so far. And that we will continue to deploy in organic investments.

這是我們幾年前就開始做的事情。這是一項獲利的業務，並持續成長，幫助我們提升韌性。這種韌性你可以在我們的現金流創造能力中看到。而且我認為它仍在——我們仍對目前已投入的18億美元感到滿意。並且我們將持續把資金部署於有機投資。

And given the market environment and strong financial conditions, we may even be evaluating opportunistic share repurchase in this year.

在目前的市場環境與強勁的財務狀況下，我們甚至可能在今年評估機會性股票回購。

There are no further questions at this time. I will now turn the call back to Ms. Kate Walsh for closing.

目前沒有其他問題。我現在把電話會議交回給Kate Walsh女士作結語。

Thank you all for joining the call today. We appreciate your continued interest and support of ADM and wish you a great rest of your day. Goodbye.

感謝各位今天參加電話會議。我們感謝各位持續對ADM的關注與支持，並祝各位今天剩餘時間愉快。再見。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。各位現在可以掛線。