Adecoagro SA (AGRO) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Adecoagro's second-quarter 2025 results conference call.

女士們、先生們，早安，感謝你們的等待。現在，我們歡迎大家參加 Adecoagro 2025 年第二季業績電話會議。

Today with us, we have Mr. Mariano Bosch, CEO; Mr. Emilio Gnecco, CFO; Mr. Renato Junqueira Pereira, Sugar, Ethanol and Energy VP; and Mrs. Victoria Cabello. Investor Relations Officer. We would like to inform you that this event is being recorded and all participants will be in a listen-only mode during the company's presentation. (Operator Instructions).

今天與我們一起出席的有執行長 Mariano Bosch 先生、財務長 Emilio Gnecco 先生、糖、乙醇和能源副總裁 Renato Junqueira Pereira 先生以及 Victoria Cabello 女士。投資者關係官。我們想通知您，此次活動正在錄製中，所有參與者在公司演示期間將處於僅收聽模式。（操作員指令）。

Before proceeding, let mention that forward-looking statements are based on the beliefs and assumptions of Adecoagro's management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore, depend on circumstances that may or may not occur in the future.

在繼續之前，讓我們提一下，前瞻性陳述是基於 Adecoagro 管理層的信念和假設以及公司目前掌握的資訊。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或可能不會發生的情況。

Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Adecoagro and could cause results to differ materially from those expressed in such forward-looking statements.

投資人應了解，一般經濟狀況、產業狀況和其他經營因素也可能影響 Adecoagro 的未來業績，並可能導致結果與此類前瞻性陳述中表達的結果有重大差異。

Now I'll turn the conference over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.

現在我將會議交給執行長馬裡亞諾·博世先生。博世先生，您可以開始您的會議了。

Good morning, and thank you for joining Adecoagro's 2025 second quarter results conference. Consolidated adjusted EBITDA during the quarter reached $55 million, while year-to-date amounted to $91 million. From the very beginning, we know that commodity prices and weather risks are to enhance risks in our space.

早安，感謝您參加 Adecoagro 2025 年第二季業績發表會。本季合併調整後 EBITDA 達 5,500 萬美元，年初至今達 9,100 萬美元。從一開始，我們就知道商品價格和天氣風險會增加我們領域的風險。

Therefore, through the years, we set our minds on becoming the lowest-cost producer while also diversifying our operations across geographies and products. We understood that this combination, along with the investment made to consolidate our asset base would act as a natural hedge against these events and enable us to continue delivering results to our shareholders.

因此，多年來，我們致力於成為成本最低的生產商，同時實現跨地域和跨產品經營的多元化。我們明白，這種結合，加上為鞏固我們的資產基礎而進行的投資，將對這些事件起到自然對沖的作用，並使我們能夠繼續為股東帶來績效。

These are the years when our sustainable production models are truly put to the test. Together with our efforts in enhancing day-to-day efficiencies in order to overcome challenging scenarios like this one. In our Sugar, Ethanol and Energy business in Brazil, weather has not been good to us. We experienced extreme dry weather and even a cold front in June in our operations. Despite this, our strategy of increasing year after year, the size of our plantation to secure cane availability enables us to have our crushing forecast in line with the previous year.

這些年正是我們永續生產模式真正受到考驗的時期。我們努力提高日常效率，以克服像這樣的挑戰性情況。在我們位於巴西的糖、乙醇和能源業務中，天氣對我們不太好。6 月份，我們的營運遭遇了極端乾旱天氣，甚至還遭遇了冷鋒。儘管如此，我們採取逐年擴大種植面積以確保甘蔗供應的策略，使我們的壓榨預測與前一年持平。

The same goes with the investment made to have a larger operational flexibility to produce both sugar and ethanol and storage capacity, which today grant us commercial flexibility to switch between products to always get the better margin and to stop production, if needed.

同樣，我們也進行了投資，以獲得更大的營運靈活性，可以同時生產糖和乙醇，並提高儲存能力，這使我們能夠在產品之間進行商業切換，以始終獲得更好的利潤，並在必要時停止生產。

Moving to our Farming business in Argentina and Uruguay, we are focusing on the efficiencies in every stage of the value chain. In rice, prices have significantly come down, but our work on seed genetics allows us to offer customized price varieties at premium prices and cut new markets, which in turn enables us to partially offset the drop in global prices. In dairy, thanks to our growing market presence, we are increasing the processing volumes in our industries while we continue working on expanding our product portfolio to access new destinations.

轉向我們在阿根廷和烏拉圭的農業業務，我們專注於價值鏈每個階段的效率。米價格已大幅下降，但我們在種子遺傳學方面的工作使我們能夠以高價提供客製化價格品種並開拓新市場，這反過來使我們能夠部分抵消全球價格的下跌。在乳製品領域，由於我們不斷增長的市場份額，我們正在增加行業的加工量，同時我們繼續致力於擴大我們的產品組合以進入新的目的地。

In the case of crops, we are finalizing a very challenging campaign in terms of prices and costs. Now our focus is on the upcoming season, where our main goal is to improve the margins of each of our crops. As a consequence, we are reducing our leased area by approximately 30%.

就農作物而言，我們正在完成一場在價格和成本方面非常具有挑戰性的活動。現在我們的重點是即將到來的季節，我們的主要目標是提高每種作物的利潤。因此，我們將租賃面積減少約 30%。

Before passing the word to Emilio, a brief comment on the Memorandum of Understanding that we signed with Tether. We are analyzing the possibility of using a portion of our energy production for Bitcoin mining. We are excited about the potential innovative project as it proves how cutting-edge technology and the agribusiness industry can join forces to maximise the value of our assets and production.

在將訊息傳達給 Emilio 之前，我們先簡單評論一下我們與 Tether 簽署的諒解備忘錄。我們正在分析將部分能源生產用於比特幣挖礦的可能性。我們對這個潛在的創新項目感到興奮，因為它證明了尖端技術和農業綜合企業如何能夠聯手最大限度地提高我們的資產和生產的價值。

Lastly, an update on sustainability. In mid-May, we published our 2024 integrated report in which we explained how in our sector, sustainability is fully aligned with profitability. I would like to express my gratitude to all the people across Adecoagro. These are the moments where our hard work and commitment ends up making difference and allows us to be the lowest cost producers at all time. I am convinced that we have the right people and that we are following the right strategy to generate good returns and value for our shareholders.

最後，關於永續性的最新進展。五月中旬，我們發布了 2024 年綜合報告，其中解釋了在我們的行業中可持續性如何與盈利能力完全一致。我要向 Adecoagro 的所有人們表示感謝。在這些時刻，我們的辛勤工作和承諾最終帶來了改變，並使我們成為有史以來成本最低的生產商。我確信我們擁有合適的人才，並且我們正在遵循正確的策略，為股東創造良好的回報和價值。

Now I will let Emilio walk you through the numbers of the quarter.

現在我將讓艾米利歐向大家介紹本季的數據。

Thank you, Mariano. Good morning, everyone. Please turn to page 4 with a summary of our consolidated financial results. Sales totaled $392 million during the second quarter while on an accumulated basis, they reached $716 million. Higher volumes sold across all our operations more than offset the lower prices seen for most of our products on a year-to-date basis. Adjusted EBITDA marked a 60% year-over-year decline in both periods, reaching $55 million during the quarter and $91 million year-to-date.

謝謝你，馬裡亞諾。大家早安。請翻到第 4 頁，其中列出了我們的合併財務表現摘要。第二季的銷售額總計 3.92 億美元，累計銷售額達到 7.16 億美元。我們所有業務的銷售量增加，足以抵銷年初至今大多數產品價格的下降。調整後的 EBITDA 在兩個時期均年減 60%，本季達到 5,500 萬美元，年初至今達到 9,100 萬美元。

Lower results were mainly explain by losses in our biological assets in line our Sugar, Ethanol and Energy businesses on lower production, as well as in our crops and rice operations on lower prices. In addition, results were also negatively impacted by higher costs in US dollar terms in our farming division together with one-off expenses incurred by the company in connection with Tether standard offer.

業績下滑主要由於我們的糖、乙醇和能源業務因產量下降而導致生物資產損失，以及我們的農作物和大米業務因價格下降導致生物資產損失。此外，農業部門美元成本上升以及公司因 Tether 標準報價而產生的一次性費用也對業績產生了負面影響。

Now please turn to slide 5. Regarding our production figures on the bottom right chart, we can see that crushing volume in our Sugar, Ethanol and Energy business was 20% lower year-over-year due to a combination of less effective milling days during the second quarter and a selective slower milling pace adopted during the first months of the year.

現在請翻到投影片 5。關於我們右下圖中的生產數據，我們可以看到，由於第二季度有效的碾磨天數較少以及今年頭幾個月選擇性地放慢了碾磨速度，我們的糖、乙醇和能源業務的壓榨量同比下降了 20%。

On the other hand, total production in our farming business reported a 12% year-over-year increase, explained by higher planted area as well as a record productivity in our rice operations. In the case of crops, harvesting activities are almost complete for the 2024, '25 season and the average yield obtained was below our initial expectations. We will describe this in more detail during the presentation.

另一方面，由於種植面積增加以及水稻生產效率創歷史新高，我們的種植業務總產量年增 12%。就農作物而言，2024 年和 2025 年的收穫活動已基本完成，平均產量低於我們最初的預期。我們將在演示過程中更詳細地描述這一點。

Let's move to slide 7 with the operational performance of our Sugar, Ethanol and Energy business. After experiencing below-average rainfall during 2024 and early 2025, precipitations received during April aided our sugarcane yields. Nevertheless, the distribution of rains led to a reduction in effective milling days and consequently, a decrease in our crushing volumes during the quarter, which totaled 3.4 million tons. Although productivity indicators remain below the prior year, due to the lagging effect of the dry weather explained before, this saw a significant improvement versus the first quarter of 2025 as anticipated.

讓我們轉到幻燈片 7，其中展示我們的糖、乙醇和能源業務的營運表現。在經歷了 2024 年和 2025 年初低於平均水平的降雨之後，4 月的降水有助於提高我們的甘蔗產量。然而，降雨分佈導致有效碾磨天數減少，從而導致本季我們的壓榨量下降，總計 340 萬噸。儘管由於前面解釋過的乾旱天氣的滯後影響，生產力指標仍低於上年，但與預期的2025年第一季相比，生產力指標有了顯著改善。

On a year-to-date basis, we have already crushed 4.9 million tons of gain, 20% less than the same period of last year. This was due to a selective slower crushing done in early 2025, focused on gain with limited growth potential and a rainy second quarter that consequently slowed down our crushing base.

今年以來，我們已經壓榨了490萬噸玉米，比去年同期減少了20%。這是由於 2025 年初選擇性壓榨速度較慢，專注於成長潛力有限的收益，以及第二季多雨，減緩了我們的壓榨基礎。

In terms of mix, we continue to maximize sugar production throughout the year given its attractive premium. Within our ethanol production, we are maximizing the production of hydrous ethanol, given the better margin.

在產品組合方面，鑑於糖的溢價頗具吸引力，我們全年將繼續最大限度地提高糖的產量。在我們的乙醇生產過程中，為了獲得更好的利潤，我們正在最大限度地生產含水乙醇。

Let's please turn to slide 8. where we describe sales conducted throughout the period. Net sales amounted to $183 million during the quarter, while year-to-date, they reached $302 million. The overall increase in sales was fully explained by our commercial strategy to sell our carryover stock of ethanol from last year as well as our daily production to profit from the recovery in prices and clear out our storage capacity. Consequently, we have already sold 320,000 cubic meters of ethanol at an average net selling price close to BRL2,700 per cubic meter, 18% higher year-over-year.

請翻到第 8 張投影片，其中我們描述了整個期間的銷售情況。本季淨銷售額達 1.83 億美元，年初至今已達 3.02 億美元。銷售額的整體成長完全得益於我們的商業策略，即出售去年結轉的乙醇庫存以及我們的日常產量，以從價格回升中獲利並清理我們的儲存容量。因此，我們已經售出了 32 萬立方米乙醇，平均淨售價接近每立方公尺 2,700 巴西雷亞爾，年增 18%。

Regarding sugar, the combination of lower prices and the decline in production given the lower crushing were the main drivers towards the decline sales year-to-date. Nevertheless we were able to profit from the sale of bagged VHP, during the quarter, which commanded a premium over spot prices.

就糖而言，價格下跌和壓榨量減少導致的產量下降是今年迄今銷量下降的主要原因。儘管如此，我們本季仍能從袋裝 VHP 的銷售中獲利，因為其價格高於現貨價格。

In the case of energy, higher selling prices more than offset the decline in volume exported driven the lower milling year-to-date. Regarding carbon credits, we sold over 390,000 CBios at a average price of $10 per CBios, reaching $4 million in revenues.

就能源而言，銷售價格上漲足以抵銷年初至今導致軋粉產量下降的出口量下降的影響。關於碳信用額，我們以平均每 CBios 10 美元的價格售出了超過 39 萬個 CBios，收入達到 400 萬美元。

Please go to page 9, where we would like to present the financial performance of the Sugar, Ethanol and Energy business. Adjusted EBITDA amounted to $68 million during the second quarter and $98 million for the first half of the year, despite presenting higher sales results were mainly offset by year-over-year losses in the mark-to-market of our biological assets on lower volume of harvested cane, together with a year-over-year losses in the mark-to-market of our commodity hedge position, due to less gains presented compared to the same period of last year.

請翻到第 9 頁，我們將在此展示糖、乙醇和能源業務的財務表現。第二季調整後的 EBITDA 為 6,800 萬美元，上半年調整後的 EBITDA 為 9,800 萬美元，儘管銷售額有所增加，但主要被生物資產因甘蔗收穫量減少而導致的市價同比虧損以及商品對沖頭寸因與去年同期相比收益減少而導致的市價同比虧損所抵消。

Finally, to conclude with the Sugar, Ethanol and Energy business, please turn to slide 10. We would like to briefly talk about the current outlook. As explained in prior releases, our sugarcane plantation has gone through different weather events throughout the last 1.5 years. However, our annual crushing forecast remains unchanged, to, first, our continuous harvest model that enabled us to flexibly advance or delay harvesting activities together with higher cane availability due to the expansion planting made during the last years as well as to higher sourcing of third party cane.

最後，關於糖、乙醇和能源業務的總結，請翻到第 10 張投影片。我們想簡單談談當前的前景。正如先前報導中所解釋的，我們的甘蔗種植園在過去的一年半經歷了不同的天氣事件。然而，我們的年度壓榨預測保持不變，首先，我們的連續收穫模型使我們能夠靈活地提前或推遲收穫活動，同時由於過去幾年擴大種植面積以及第三方甘蔗採購增加，甘蔗供應量也更高。

This in turn, will result in flat to slightly higher cash costs versus the previous year. From a commercial point of view, we are constructive on both sugar and ethanol prices for the upcoming months as we still have the flexibility to switch our maximization strategy to always produce the product that offers the highest marginal contribution.

這反過來會導致現金成本與上一年相比持平或略有上升。從商業角度來看，我們對未來幾個月的糖和乙醇價格都持建設性態度，因為我們仍然可以靈活地轉變我們的最大化策略，始終生產提供最高邊際貢獻的產品。

In the case of sugar, we still have a portion of our 2025 sugar production still unhedged and no commitments for the next year in order to profit from any upside in spot prices as the global supply and demand balance continues to rely on Brazil's production. In ethanol, inventory levels are considerably below the prior year and the industry continues to prioritize sugar production due to its premium.

就糖而言，由於全球供需平衡繼續依賴巴西的產量，我們 2025 年糖產量中仍有一部分未對沖，並且沒有對明年做出任何承諾，因此無法從現貨價格上漲中獲利。在乙醇方面，庫存水準遠低於上年，而且由於糖的溢價，該行業繼續優先考慮糖的生產。

On the demand side, parity at the pump continues to favor ethanol consumption and new demand has emerged with implementation of the E30 mandate. Therefore, any decline in crushing volume could further pressure this tight scenario.

在需求方面，加油站的平價繼續有利於乙醇消費，並且隨著 E30 授權的實施，新的需求已經出現。因此，壓榨量的任何下降都可能進一步加劇這種緊張局面。

Now we would like to move on to the Farming business. Please go to slide 12. As of the beginning of August, we have a say 97% of the total area and produced over 1.2 million tons of agriculture produce. The remaining hectares are expected to be fully harvested during the rest of this month.

現在我們想談談農業業務。請翻到第 12 張投影片。截至8月初，我們的種植面積已佔總面積的97%，農產品產量超過120萬噸。預計本月剩餘時間將完成剩餘土地的收割。

Despite the precipitations received from February onwards, some of our crops were impacted by periods of dry weather and high temperatures excess rainfall or even below average temperatures. Therefore, average yields for this harvest season ended up below our initial expectations in line to below historical average.

儘管從二月開始就有降雨，但我們的一些農作物還是受到了乾旱、高溫、降雨過多甚至低於平均氣溫的影響。因此，本收穫季節的平均產量最終低於我們最初的預期，也低於歷史平均值。

In Rice, our work on seed generics and the implementation of new technologies resulted in an average yield of 8 tons per hectare, a new record for this business. In the case of dairy, we are working on reversing the decline in cow productivity seen year-to-date. At the industry level, we continue to maximize the production of UHT milk for the domestic market, product that offers the highest marginal contribution while developing our brand portfolio across several markets.

在水稻種植方面，我們在種子仿製方面的工作和新技術的實施使每公頃的平均產量達到 8 噸，創下了該行業的新紀錄。就乳製品而言，我們正在努力扭轉今年迄今乳牛生產力下降的趨勢。在產業層面，我們繼續最大限度地為國內市場生產邊際貢獻最高的超高溫滅菌牛奶，同時在多個市場開發我們的品牌組合。

To conclude, we began planting activities for our next campaign starting with wheat and other winter crops. We have foreseen a reduction in planted area of approximately 20,000 hectares versus the prior campaign due to our decision to reduce our exposure in the northern region of the country as well as to diminish the amount of lease area to improve crops margins.

最後，我們開始了下一場活動的種植活動，首先是小麥和其他冬季作物。由於我們決定減少在該國北部地區的業務，並減少租賃面積以提高作物利潤率，我們預計種植面積將比上一季減少約 20,000 公頃。

On the following Page 13, we present the financial performance of our farming business. Adjusted EBITDA for the Farming business totaled $1 million during the quarter, whereas year-to-date amounted to $18 million.

在接下來的第 13 頁中，我們介紹了我們農業業務的財務表現。本季農業業務的調整後 EBITDA 總計 100 萬美元，而年初至今的調整後 EBITDA 總計 1,800 萬美元。

Starting with our Crops segment, the year-over-year decrease in results was mainly driven by an uneven year-over-year comparison as in April 2024, we sold La Pecuaria farm, we generated $15 million in adjusted EBITDA. Furthermore results were also impacted by lower international prices lower-than-expected productivity and higher costs in US dollar terms, which combined continued to pressure margins during the period, mainly for our peanut production.

從我們的農作物部門開始，業績年減主要是由於同比不均衡，因為在 2024 年 4 月，我們出售了 La Pecuaria 農場，產生了 1500 萬美元的調整後 EBITDA。此外，業績也受到國際價格下跌、生產力低於預期以及美元成本上升的影響，這些因素共同導致本期間利潤率持續承壓，主要是花生生產利潤率受到壓力。

Moving on to Rice, the decline in adjusted EBITDA during both periods was mostly explained by the outlier prices reported the prior year coupled with higher cost in US dollar terms, which in turn fully offset the record production at the farm level.

再來看米，兩個時期調整後的 EBITDA 的下降主要是因為上一年報告的異常價格加上美元成本較高，這反過來又完全抵消了農場層面的創紀錄產量。

Lastly, adjusted EBITDA generation in our dairy business was impacted by higher costs in US dollar terms, despite the increase in volumes sold, our work towards improving the mix of higher value-added products and maximizing the production of fluid milk for the domestic market.

最後，儘管銷售量增加，我們致力於改善高附加價值產品的結構，並最大限度地為國內市場生產液態奶，但我們乳製品業務的調整後 EBITDA 受到美元成本上升的影響。

Please turn to page 15 for a broader view of our debt position. Net debt amounted to $699 million, 11% higher year-over-year. This was due to higher short-term borrowings raised to finance working capital in our farming business, given the lower results presented at a consolidated level. Consequently, our net leverage ratio stood at 2.3 times, one turn more than the same period of last year.

請翻到第 15 頁，以更全面地了解我們的債務狀況。淨債務達 6.99 億美元，年增 11%。這是因為，鑑於合併後業績較低，我們增加了短期借款以資助農業業務的營運資金。因此，我們的淨槓桿率為2.3倍，比去年同期高出一倍。

Despite the increase, we continue with our disciplined capital allocation strategy, which also includes investing in growth projects with attractive returns and distributing cash to shareholders while keeping financial flexibility and a strong balance sheet.

儘管增加，我們仍繼續執行嚴格的資本配置策略，其中還包括投資具有可觀回報的成長項目並向股東分配現金，同時保持財務靈活性和強勁的資產負債表。

Subsequent to the end of the quarter, we completed the issuance of $500 million bond with a seven-year tenure and a 7.5% coupon. A portion of the proceeds was used to partially tender our 2027 Senior Notes totaling $150 million.

本季結束後，我們完成了 5 億美元債券的發行，期限為七年，票面利率為 7.5%。部分收益用於部分投標我們的 2027 年優先票據，總額為 1.5 億美元。

This transaction improved our constant work towards anticipating our debt maturities and therefore, having most of our debt in the long term. As an example, the average life of our debt, which got extended from 2.5 years to 4.5 years.

這項交易改善了我們為預測債務到期日所做的持續努力，從而使我們的大部分債務得以長期償還。舉個例子，我們的債務平均期限從 2.5 年延長到 4.5 年。

On the following slide, we describe our CapEX program. Expansion CapEX represented $23 million during the quarter and $53 million on an accumulated basis. In Brazil, expansion CapEx was mostly allocated to increasing our sugar cane implantation size and expanding our harvesting equipment with the acquisition two-row harvesters and grunner trucks.

在下面的幻燈片中，我們描述了我們的資本支出計劃。本季擴張資本支出為 2,300 萬美元，累計為 5,300 萬美元。在巴西，擴張資本支出主要用於增加我們的甘蔗種植規模以及透過購買雙排收割機和甘蔗卡車來擴展我們的收割設備。

Now, Farming business, our main CapEx program consisted on the development of rice production areas, the expansion of our Parboil production capacity at San Salvador rice mill and some industrial improvement in our Monteros milk processing facility.

現在，對於農業業務，我們的主要資本支出計劃包括開發稻米產區、擴大聖薩爾瓦多稻米廠的半熟稻米生產能力以及對蒙特羅斯牛奶加工廠進行一些工業改進。

Let's turn to page 17, where we would like to present our shareholder distribution year-to-date. As of this date, we have already committed $45 million to shareholder distribution. From this amount, $35 million in dividends were approved, the first installment of $17.5 million was paid in May, representing approximately $0.175 per share while the second installment will be payable during November in an equal cash amount. In addition, we have already repurchased $10 million in shares under our buyback program, representing approximately 1.1% of the company's equity.

讓我們翻到第 17 頁，我們想在此展示今年迄今為止的股東分配情況。截至目前，我們已承諾向股東分配 4,500 萬美元。從這筆款項中，批准了 3,500 萬美元的股息，第一期 1,750 萬美元已於 5 月支付，約合每股 0.175 美元，第二期將於 11 月以等額現金支付。此外，我們已經根據回購計畫回購了價值 1,000 萬美元的股票，約占公司股權的 1.1%。

Thank you very much for your time. We will now open the call to questions.

非常感謝您抽出時間。我們現在開始提問。

(Operator Instructions)

（操作員指示）

Gustavo Troyano, Itau BBA.

古斯塔沃·特羅亞諾（Gustavo Troyano），伊塔烏（Itau）BBA。

Hello everyone, thanks for taking my question. Actually, I have two points to explore with you guys. Both of them in the Sugar and Ethanol business. In the earnings report and also earlier in the call, you mentioned that we should expect similar crushing figures year-over-year, for the full year despite the slower-than-anticipated start of the season, right?

大家好，感謝您回答我的問題。其實我有兩點想跟大家探討一下。他們都從事糖和乙醇業務。在收益報告以及早些時候的電話會議中，您提到，儘管本賽季的開局比預期要慢，但我們應該預期全年的同比數據仍然會同樣出色，對嗎？

So I just wanted to catch up with you guys. What are the main drivers behind this crushing acceleration expected for the second half and in which direction do you believe there could be any symmetry here for crushing figures for 2025 full year?

所以我只是想跟上你們的步伐。預計下半年壓裂加速的主要驅動因素是什麼？您認為 2025 年全年壓裂資料在哪個方向會出現對稱性？

And the second question on sugar prices. You already mentioned that you are constructive with both sugar and ethanol prices, but I just wanted to hear from you what are the main triggers or timing for us to be -- to see better sugar prices going forward. And you also mentioned in the earnings release, there are no hedging commitments for 2026 at this point. So I think it could be useful for us to understand a little bit of timing. So we can anticipate a little bit of when do you guys intend to start these commitments for 2026?Thank you very much.

第二個問題是關於糖價的。您已經提到您對糖和乙醇價格都持建設性態度，但我只是想聽聽您說，未來糖價上漲的主要觸發因素或時機是什麼。您也在收益報告中提到，目前還沒有針對 2026 年的對沖承諾。所以我認為了解一點時間觀念對我們很有幫助。那我們可以稍微預測一下你們打算什麼時候開始履行 2026 年的承諾嗎？謝謝非常感謝你。

Thank you, for your question. Renato can answer both of them. Renato?

謝謝您的提問。雷納托可以回答這兩個問題。雷納托？

Thank you, Gustavo, for your question. Regarding the crushing, as Emilio mentioned, we had a difficult first quarter, especially because of the drought of last year. And the second quarter was -- the crushing was impacted by the range in April. But afterwards, we have been crushing very well. Actually in July, we crushed more than 1.5 million tons of sugarcane and we have been crushing a lot in August as well.

謝謝 Gustavo 的提問。關於壓榨，正如埃米利奧所提到的，我們經歷了一個艱難的第一季度，尤其是由於去年的乾旱。第二季度的壓榨量受到四月範圍的影響。但之後我們打得非常出色。實際上，7月份我們壓榨了150多萬噸甘蔗，8月份我們也壓榨了許多甘蔗。

Actually, we reached our daily record last week. So we have been crushing very fast. So we think that it is still possible to crush the same amount of sugarcane that we crushed last year. So we're going to be very similar to what we have crushed last few year. And we think that the yields in the last quarter is going to be much better than the use that we have been obtaining now and in the third quarter because of the frost that we had. So that's why we are optimistic about reaching the same level of crushing.

事實上，我們上週就達到了每日記錄。因此我們的粉碎速度非常快。因此我們認為，壓榨與去年相同數量的甘蔗仍然是可能的。因此，我們將會遇到與過去幾年所遭遇的情況非常相似的情況。我們認為，由於霜凍的影響，上個季度的產量將比現在和第三季的產量好得多。所以這就是我們對達到相同的粉碎水平感到樂觀的原因。

Regarding the price of sugar and ethanol, we think that we are optimist in both cases, especially in the short term. In the case of ethanol, the demand is still very strong. So hydrous demand is almost 2 billion liters per month. Parties is still favoring ethanol consumption. at the pump is at 66%.

對於糖和乙醇的價格，我們認為我們對這兩種情況都持樂觀態度，特別是在短期內。就乙醇而言，需求仍然非常強勁。因此每個月的水需求量接近20億公升。各方仍然傾向於消費乙醇。加油站的乙醇消費率為 66%。

We had the E30 addition in August which represents approximately 700 million liters in additional demand. And we think that the sugarcane -- the amount of sugarcane that Brazil will cross this year is going to be lower because we have been seeing lower TRS content and also yields in all the sugarcane areas in Brazil. So the -- and the mills in most areas are maximizing sugar, so less ethanol supply.

我們在 8 月增加了 E30，這意味著額外需求量約為 7 億公升。我們認為，今年巴西的甘蔗產量將會減少，因為我們看到巴西所有甘蔗產區的 TRS 含量和產量都在下降。因此，大多數地區的糖廠都在最大限度地生產糖，從而減少乙醇的供應。

So if you take the level of stocks today is 30% lower than the same quarter last year. So that's why we think that the price of ethanol is going to increase. We are building inventories to sell our stocks more towards the end of the year. We think there is an upside between 5% and 10%, considering the current price levels.

因此，如果今天的庫存水準比去年同期低 30%。所以這就是我們認為乙醇價格將會上漲的原因。我們正在建立庫存，以便在年底前銷售更多庫存。考慮到目前的價格水平，我們認為上漲空間在 5% 到 10% 之間。

And in the case of sugar, we are also optimists. We think that the price of sugar is under pressure in the short term because of the fund's high short position. And because of the Brazilian higher sugar mix. But as I mentioned, the TRS and the yields are lower than expected. Actually the TRS per hectare is 15% lower than the same period of last year. So we think that the amount of sugar that Brazil is going to produce is lower than initially expected.

對於糖的情況，我們也持樂觀態度。我們認為，由於基金持有較高的空頭部位，短期內糖價將面臨壓力。而且由於巴西的含糖量較高。但正如我所提到的，TRS 和收益率低於預期。實際上每公頃的產量比去年同期低了15%。因此我們認為巴西的糖產量低於最初的預期。

And the world is still very dependent on the Brazilian sugar. We think that the price is going to react, and we are going to see more opportunities to hedge our remaining part of the sugar of this year and also the sugar for next year.

世界仍然非常依賴巴西糖。我們認為價格將會發生反應，我們將看到更多機會對沖今年剩餘的糖以及明年的糖。

And I think it's very important to mention that since the beginning of July, we are maximizing ethanol in the Mato Grosso do Sul. If you consider the tax season in Mato Grosso do Sul and the appreciation of the Brazilian real the parity in Mato Grosso do Sul (inaudible) ethanol part in Mato Grosso do Sul is close to $0.185 per pound. So that's why we're maximizing ethanol. So that's why we are so -- we are positive in both products.

我認為值得一提的是，自 7 月初以來，我們一直在南馬托格羅索州最大限度地生產乙醇。如果考慮到南馬托格羅索州的納稅季節和巴西雷亞爾的升值，南馬托格羅索州（聽不清楚）乙醇部分的平價接近每磅 0.185 美元。這就是我們最大限度地利用乙醇的原因。這就是為什麼我們對這兩種產品都持正面態度。

That's super clear. Thank you very much.

這非常清楚。非常感謝。

Thiago Duarte, BTG.

蒂亞戈·杜阿爾特，BTG。

Hey, hello, guys. Good morning, everybody. Thanks for taking question. Yeah, I have a question on Sugar and Ethanol and then a follow-up on Renato's comments just now, right. The question is about the quality of the cane, Renato just mention a few point about TRS per ton being lowered across the center south of Brazil, and trying to sort of add up to your guidance of keeping the cane crushing volumes flat this year relative to last year.

嘿，大家好。大家早安。感謝您的提問。是的，我有一個關於糖和乙醇的問題，然後想跟進雷納托剛才的評論，對吧。問題是關於甘蔗的質量，雷納托只是提到了巴西中南部地區每噸甘蔗的 TRS 有所降低，並試圖補充您的指導意見，即今年的甘蔗壓榨量與去年持平。

So if I understand correctly, the reason why you believe you're going to be able to crush as much as you did last year is because your harvest area is still significantly lower year-over-year and then you expect to catch up. But obviously, this is being compensated by the fact that yeilds are lower as well, right?

所以，如果我理解正確的話，您之所以相信自己能夠像去年一樣壓榨那麼多，是因為您的收穫面積與去年相比仍然明顯較低，而您預計會趕上來。但顯然，這也被收益率較低所抵消了，對嗎？

So just to sort of clarify if that's the reasoning, so you expect a higher area and lower yields for the full year of 2025 relative to 2024. And perhaps this explain why you're expecting unitary cost to be flat or up this year relative to last year? So that would be the first question.

因此，只是為了澄清一下這是否是原因，所以您預計 2025 年全年的面積將比 2024 年更大，產量將更低。這也許可以解釋為什麼您預計今年的單位成本與去年相比將持平或上升？這是第一個問題。

And the follow-up is regarding the figure, Renato just mentioned. So you said that because of the tax incentives and the freight costs and everything, your ethanol equivalent, sugar equivalent price in Mato Grosso do Sul is over $0.18 a pound, right? So my question to you on that is, how do you think that applies to not only other mills in Mato Grosso do Sul, but also other mills located outside of Sao Paulo.

後續是關於雷納托剛才提到的數字。所以您說，由於稅收優惠和運費等因素，南馬托格羅索州的乙醇當量價格和糖當量價格超過每磅 0.18 美元，對嗎？所以我想問您一下，您認為這不僅適用於南馬托格羅索州的其他工廠，也適用於聖保羅以外的其他工廠。

So think of Minas Gerais or Goias or even state of Mato Grosso which I believe face similar sugar and ethanol price equivalent trade off as you guys. So my question is actually whether you think other mills will not be maximizing the sugar in the second half of 2025 relative to ethanol because of the sugar price right now. Thank you.

所以想想米納斯吉拉斯州、戈亞斯州，甚至馬托格羅索州，我相信它們面臨著與你們類似的糖和乙醇價格等價權衡。所以我的問題實際上是，您是否認為由於目前的糖價，其他工廠在 2025 年下半年不會最大限度地提高糖的產量而不是乙醇的產量。謝謝。

Hi, Thiago, thank you for your questions. Regarding the first question, we think that the yield is going to be very similar to the yield that we had last year. So the area is going to be a bit higher because we are going to acquire a bit less third-party sugarcane. But it is going to be, I would say, flat year-over-year. We think that the TRS content is going to be slightly lower than last year.

你好，蒂亞戈，謝謝你的提問。關於第一個問題，我們認為收益率將與去年的收益率非常相似。因此，面積將會更高一些，因為我們收購的第三方甘蔗將少一些。但我想說的是，與去年同期相比，這一數字將持平。我們認為 TRS 內容將比去年略低。

Especially because of the frost and the sugar cane that we have been crushing in July and August because when we have frost, we are obligated to harvest the sugarcane before the ideal period. So that's the reason why TRS content should be -- is lower.

特別是因為霜凍，我們在七月和八月一直在壓榨甘蔗，因為當霜凍來臨時，我們有義務在理想時期之前收割甘蔗。這就是 TRS 含量應該較低的原因。

Regarding the second part of your question, we think that the mills that are in the same situation that we are -- that they have the same ICMS system and the same distance to the port -- should do the same strategy that we are doing. I don't know precisely how much it represents, but I think it's rational to do what we are doing now that is maximizing ethanol over sugar.

關於你問題的第二部分，我們認為與我們處境相同的工廠——它們擁有相同的 ICMS 系統並且與港口的距離相同——應該採取與我們相同的策略。我不知道它究竟代表了多少，但我認為我們現在的做法是合理的，即最大限度地利用乙醇而不是糖。

Thank you. And when you think of maximizing ethanol versus sugar for the full year 2025? Do you have like a rough estimate of how much that means in terms of mix, ethanol versus sugar?

謝謝。您何時考慮在 2025 年全年最大限度地提高乙醇與糖的產量？您是否粗略估計過乙醇和糖的混合比例是多少？

Yes, I think this is a good point but it's difficult to say because we start maximizing sugar, even at [Gerais] in our Minas Gerais, we are still maximizing sugar -- so the final number will depend on how it progress from now on. I think in Mato Grosso do Sul, when we have a full year maximizing ethanol, we have 7% of potential to produce ethanol this year considering what has already happened. We think that we're going to finish the year in Mato Grosso do Sul with 60% max ethanol.

是的，我認為這是一個很好的觀點，但很難說，因為我們開始最大限度地增加糖的產量，即使在我們米納斯吉拉斯州的[吉拉斯州]，我們仍然在最大限度地增加糖的產量——所以最終的數字將取決於它從現在開始如何發展。我認為，在南馬托格羅索州，當我們有一整年的時間來最大限度地生產乙醇時，考慮到已經發生的情況，我們今年生產乙醇的潛力為 7%。我們認為，今年我們將在南馬托格羅索州以最高 60% 的乙醇含量結束這一年。

Very clear. Thank you, Renato.

非常清楚。謝謝你，雷納托。

Lucas Ferreira, JPMorgan.

摩根大通的盧卡斯費雷拉。

Hi, everyone. I have two questions. The first one, still on the sugar and ethanol business. Renato, can you discuss a little bit in your view, what will be the trigger for you guys to start hedging next season? In other words, do you expect that the sugar market should, at some point, react to what is in your view and several of other sugar and ethanol producers a weaker cane quality coming into the season. So what's the time you guys think of moving ahead with the hedges independent of the scenario? In your view, what's the trigger for sugars to move -- sugar prices to move from here?

大家好。我有兩個問題。第一個，依然是糖和乙醇業務。雷納托，您能否稍微討論一下，從您的角度來看，是什麼促使你們下個賽季開始進行對沖？換句話說，您是否預計糖市場在某個時候會對您以及其他幾家糖和乙醇生產商認為的本季甘蔗品質較弱做出反應。那麼，你們什麼時候考慮獨立於情境推進對沖？您認為，糖價變動的誘因是什麼？

The second question -- my question is regarding if you can speak a little bit about how the Tether entering in the group changed or not, the way you guys think about strategy already announced the MOU that you mentioned in the beginning.

第二個問題——我的問題是，您是否可以稍微談談 Tether 加入該小組是否改變了您們的策略思維方式，是否宣布了您在開始時提到的 MOU。

So how to think about the way you guys think about growth strategy from now and analyze projects, the scope of investments or how that is helping in reshaping or not just the way you guys think about growth? And if you can comment that, that would be great. Thank you.

那麼從現在起，你們如何思考成長策略以及如何分析專案、投資範圍，或者這如何幫助重塑或不僅僅是你們對成長的看法？如果您能對此發表評論，那就太好了。謝謝。

Thank you, Lucas, for your question. Renato will answer the sugar and ethanol and then I will take the third question. Renato?

謝謝盧卡斯的提問。雷納托將回答糖和乙醇的問題，然後我將回答第三個問題。雷納托？

Hi Lucas. As I mentioned before, we think that the sugar price could react in the short term, considering the impact of the Brazilian crop, both in yield and TRS content. As I was mentioning, if you compare it to last year, we had less 15% TRS as per hector than last year. We think that the market didn't realize it yet.

你好，盧卡斯。正如我之前提到的，考慮到巴西作物產量和 TRS 含量的影響，我們認為糖價可能會在短期內做出反應。正如我所提到的，如果與去年相比，我們的每公頃 TRS 比去年少了 15%。我們認為市場尚未意識到這一點。

I think as UNICA is going to start to release the numbers for -- in August, September, it is going to be more clear and price should react and then we should accelerate our hedging for next year. I think it's important to mention that we have already hedged 5% of our next year position at $0.178 per pound. We did this last to last week.

我認為，隨著 UNICA 開始發布 8 月和 9 月的數據，情況將會更加明朗，價格應該會做出反應，然後我們應該會加快對明年的對沖。我認為值得一提的是，我們已經以每磅 0.178 美元的價格對沖了明年 5% 的頭寸。我們上週就做了這件事。

And also -- as I also -- as I mentioned earlier, we have also the flexibility to change the mix towards ethanol, much before than the other players. So we are always more open in terms of hedging than the other players because we have this, I would say, higher flexibility. If you take the same period of last year, we were in a position very similar or even lower than the hedge position that we have today.

而且——正如我之前提到的，我們也可以靈活地將混合物轉向乙醇，比其他參與者更早。因此，我們在對沖方面總是比其他參與者更開放，因為我們具有更高的靈活性。如果以去年同期的情況來看，我們的對沖部位與現在非常相似，甚至更低。

Okay. Thank you, Renato. Lucas, regarding Tether and the new shareholder, as we expressed since the very beginning, we are very happy with them as a shareholder. We have already gone through two Board meetings. We have our new Board with five new members and three of the -- and four of the existing ones. So they are supporting and enhancing the culture of the company this culture of being very disciplined on our capital allocation.

好的。謝謝你，雷納托。盧卡斯，關於 Tether 和新股東，正如我們從一開始就表達的那樣，我們對他們作為股東感到非常高興。我們已經舉行了兩次董事會。我們的新董事會由五名新成員和三名現有成員以及四名現有成員組成。因此，他們支持並加強了公司的文化，對我們的資本配置非常自律的文化。

So all the projects we are looking for this organic growth, what Emilio just expressed on which are the projects, we are following each one of them and what are the returns and the level of returns and how -- what are the synergies that we are getting within each one of them.

因此，我們正在尋求所有項目的有機增長，正如埃米利奧剛才所說，我們正在關注每一個項目，關注它們的回報和回報水平，以及我們在每個項目中獲得的協同效應是什麼。

And then also the focus on day-to-day of the business, we are going through lower results to what we were projecting as you can see in the returns. And as you know, about the catch of this company that we focus on this day-to-day and the level of returns that we need to achieve. So we are very happy with the support we are having with our new shareholder on following this strategy and culture that we have as a company.

然後，我們還將重點關注日常業務，正如您在收益中所看到的，我們的業績低於預期。如您所知，我們每天關注的是這家公司的收益以及我們需要實現的回報水平。因此，我們非常高興新股東能夠支持我們遵循公司現有的策略和文化。

And then very specific on this test on Bitcoin mining that we are doing is a test. This is 5% of the energy that we are generating in Mato Grosso do Sul. So it's a clear test, but we are enthusiastic on the potential returns we can get there, looks like they are very attractive, but we need to see them and as part of the culture and this new shareholder also wants us to continue with this idea of making things happen and then continue growing once we see the returns and we can be sure about what we are doing. So as a whole, we are really happy with what's going on with the company as of today.

然後我們正在進行的比特幣挖礦測試非常具體。這是我們在南馬托格羅索州生產的能源的 5%。所以這是一個明顯的測試，但我們對可以獲得的潛在回報充滿熱情，看起來它們非常有吸引力，但我們需要看到它們，並將其作為文化的一部分，而這位新股東也希望我們繼續這種讓事情發生的想法，然後在看到回報並確定我們正在做的事情后繼續增長。因此，總的來說，我們對公司目前的發展感到非常滿意。

(Operator Instructions)

（操作員指示）

Matheus Enfeldt, UBS.

瑞銀集團 Matheus Enfeldt。

Hi, good morning. Thanks for your time and take my questions. If I could move forward to the crops business, particularly farming in general, I mean, we've seen a pressure in margins coming particularly from cost in an environment where we're likely to see prices to remain sideways for a good while, at least in our view.

嗨，早安。感謝您抽空回答我的問題。如果我可以繼續談論農作物業務，特別是一般的農業，我的意思是，我們已經看到利潤率的壓力，特別是來自成本的壓力，在這種環境下，我們可能會看到價格在相當長的一段時間內保持橫盤，至少在我們看來是這樣。

So my question here is how you're seeing costs advance from here if we could expect normalization into the second half of this year into 2026, if there is any developments on OpEx efficiency and CapEx efficiency that the company may look for given the tightness in margins that we're seeing for the business. So that's my first question.

所以我的問題是，如果我們可以預期今年下半年到 2026 年成本將恢復正常，那麼您認為成本從現在開始會如何成長？考慮到我們看到的業務利潤率緊張，公司可能會尋求營運支出效率和資本支出效率的任何發展。這是我的第一個問題。

And then my second question, sort of a follow-up from the previous question on changes in strategy and the direction that the company is taking. I acknowledge that leverage is perhaps a bit higher than everyone was expecting. But there are a number of opportunities for M&A in the sector, particularly in sugar and ethanol in Brazil, if this is the direction that the company could consider? And if not in Brazil, then if there's a preferred sector for inorganic growth, that we could see at least being studied from here. So those are my two questions. Thank you.

然後是我的第二個問題，有點像是上一個問題的後續，關於公司策略變化和發展方向。我承認槓桿率可能比大家預期的要高一些。但是，如果這是公司可以考慮的方向，那麼該行業，特別是巴西的糖和乙醇行業，有很多併購機會嗎？如果不是在巴西，那麼如果存在一個無機成長的優先領域，我們至少可以看到從這裡進行的研究。這就是我的兩個問題。謝謝。

Thank you, Matheus, for your question. On the farming in Argentina and Uruguay in the whole farming side, I would like to divide it in the three business segments that we have. We have their dairy business that in that specific case, we are not having the problem of prices and costs. So that business is aligned to what was the previous year and improving organically. So there's not an issue in that specific business.

謝謝馬修斯的提問。關於阿根廷和烏拉圭的農業，在整個農業方面，我想將其分為我們的三個業務部門。我們有他們的乳製品業務，在這種特定情況下，我們沒有價格和成本的問題。因此，該業務與去年保持一致並有機改善。因此，該特定業務不存在問題。

Then on the second one that is on the rice, there is a huge drop in terms of prices. So even though we have a very good low-cost production system for rice, and we also have diversified as Emilio was explaining, diversified the varieties to get better prices than the average price of the long rice. The overall prices are coming down, and we cannot do much on that regard. So in terms of the total cost we are improving them.

第二個問題是米，其價格大幅下降。因此，儘管我們擁有非常好的低成本大米生產系統，而且正如埃米利奧所解釋的那樣，我們也實現了品種多樣化，以獲得比長米平均價格更優惠的價格。整體價格正在下降，我們對此無能為力。因此，就總成本而言，我們正在對其進行改進。

And so that business, we continue to see relatively sustainable and maybe some way lower than the previous year, but for the following year, we can see it again at the similar level. So the rice business as a whole is going through difficulties, but not that significant. Although prices of long rice have gone down 50%. So it's a really relevant case the long rice prices.

因此，我們繼續看到該業務相對可持續，並且可能比前一年有所下降，但對於下一年，我們可以再次看到它處於相似的水平。因此，大米行業總體上正在經歷困難，但並不那麼嚴重。儘管長米的價格已經下降了50%。因此，長米價格是一個非常相關的案例。

And then finally, the crop segment, that is the one that is going really through difficulty, in this case, is soybean, corn, wheat and peanuts. The more relevant one is peanut. Peanut is the one that is affecting us more and is probably the more relevant of the four crops. So that drop in prices of 40% in peanut is the one that is really affecting the margins that we are getting.

最後，真正面臨困難的農作物領域是大豆、玉米、小麥和花生。其中最相關的是花生。花生對我們的影響最大，也可能是四種作物中與我們關係最密切的一種。因此，花生價格下跌 40% 才是真正影響我們利潤的因素。

So these four crops goes all in a specific rotation and is what we call the segment crops. In that segment, crops, the year that we are showing the numbers is the campaign that is finishing. And now we are starting to plan the new campaign. For the new campaign, we started renegotiating leases of the land five months ago. So those leases, we are taking them down. So we need to adjust cost and we are working on reducing the total cost, where leases is one of the key elements of reduction of cost.

因此，這四種作物都進行特定的輪作，這就是我們所說的分段作物。在農作物這一部分中，我們展示的數字是即將結束的作物季節。現在我們開始策劃新的活動。為了新的活動，我們五個月前就開始重新談判土地租賃。因此，我們要取消這些租約。所以我們需要調整成本，我們正在努力降低總成本，其中租賃是降低成本的關鍵要素之一。

Because of this reduction of leases, this year, we will be planting 30 to 35 hectares less than the previous year. So this business as a whole is being reduced because of the results and the returns that we are getting there. So that is clearly what's going on and how we are going through that.

由於租賃面積減少，今年我們的種植面積將比去年減少 30 至 35 公頃。因此，由於我們所取得的成果和回報，整個業務的規模正在縮小。顯然這就是正在發生的事情以及我們如何應對。

You were asking about the CapEx and OpEx in rice and they did that in both, we've been doing more CapEx and OpEx than crops in the last two years. Those things are also the ones that are helping us on this lower cost of production or reaching margins even lower because of the drop on prices but still reaching positive margins. That is as a whole, farming -- answering the farming business and how we see the future of this.

您詢問的是水稻的資本支出和營運支出，他們在這兩種作物上都這樣做，過去兩年我們的資本支出和營運支出比農作物要多。這些因素也幫助我們降低了生產成本，或是因為價格下降而達到了更低的利潤率，但仍然實現了正利潤率。總的來說，這就是農業——回答農業業務以及我們如何看待它的未來。

And then going back to the other question on our strategy regarding leverage. Today, as you mentioned, we are increasing leverage. The main increase is because of the reduction of EBITDA. So the main increases in times EBITDA because of this reduction in EBITDA and as a percentage, the total debt is increasing, but not really relevant. And we expect to end the year at around this 2 times EBITDA that is where we feel comfortable, above 2 times EBITDA. We've always said that we have this internal policy that we don't like to be above that level.

然後回到另一個有關槓桿策略的問題。今天，正如您所說，我們正在增加槓桿。主要成長是由於EBITDA的減少。因此，EBITDA 倍數的增加主要是因為 EBITDA 的減少，並且從百分比來看，總債務正在增加，但實際上並不相關。我們預計今年年底的 EBITDA 將達到 2 倍左右，這是我們感到滿意的水平，高於 EBITDA 的 2 倍。我們一直說，我們有這樣的內部政策，我們不喜歡超越這個層次。

Even having said this, and regarding your question about potentially doing something around the Sugar and Ethanol business because there are so many things for sale in the space because of this more difficult results, we are always looking at them. We are growing on our organic basis, but we are also looking at potential inorganic growth in order to get some of this inorganic growth the returns have to be even higher than the returns that we can see in our organic growth.

即便如此，關於您提出的關於在糖和乙醇業務方面可能採取一些行動的問題，因為由於結果更加困難，該領域有太多東西可供出售，我們一直在關注它們。我們在有機基礎上成長，但我們也在關注潛在的無機成長。為了獲得部分無機成長，回報必須高於我們在有機成長中看到的回報。

So are we analyzing? Yes. Are we going to close something. We have no idea that returns have to be very, very clear and attractive in order to move forward there and be above the 3 times EBITDA because we always want to -- above the 2 times EBITDA because we always want to go below that level. So that is a quick answer to your question on this regard.

那我們在分析嗎？是的。我們要關閉某些東西嗎？我們不知道回報是否必須非常非常明確和有吸引力才能向前邁進並超過 3 倍 EBITDA，因為我們一直希望 - 高於 2 倍 EBITDA，因為我們一直希望低於該水平。這就是您這方面問題的快速答案。

Thank you, that was super clear. Thank you.

謝謝，非常清楚。謝謝。

(Operator Instructions)

（操作員指示）

Isabella Simonato, Bank of America.

伊莎貝拉·西蒙納托，美國銀行。

Hi. Good morning, everyone. Thank you for the call. Two questions. First of all, can you give a little bit more details about the partnership right to mine Bitcoin going in the use Energy right in the operation. So any disclosure on the terms, the length of the contract and how should essentially work? I think it's helpful to understand.

你好。大家早安。謝謝您的來電。兩個問題。首先，您能否詳細介紹合作開採比特幣的權利以及在營運過程中使用能源的權利。那麼，是否揭露了有關條款、合約期限以及基本上如何運作的資訊？我認為這有助於理解。

And second, more on the shareholder structure, right? And ultimately, the impact that we are seeing on the stock liquidity recently. How is the company seeing that? And especially that are right regarding the liquidity of the shares, there's anything in mind to eventually change that somehow? Thank you.

第二，更多關於股東結構的問題，對嗎？最終，我們看到了最近對股票流動性的影響。公司對此有何看法？特別是關於股票流動性的問題，有什麼想法最終會以某種方式改變它嗎？謝謝。

Thank you, Isabella, for your question. In terms of the liquidity of the shares, you can see that the liquidity is being pretty reasonable. And according to our history of last 11 years being a public company, we are above the average trading volume that we've been having during the whole history of the company.

伊莎貝拉，謝謝你的提問。就股票的流動性而言，你可以看到流動性相當合理。根據我們過去 11 年作為上市公司的歷史，我們的交易量高於公司整個歷史的平均交易量。

So we are not seeing any issue as of today regarding this. And then regarding the details of the partnership for Bitcoin mining this is a test. This is 5% of the energy that we are producing and so we want to make it happen.

因此，截至今天我們還沒有發現與此相關的任何問題。然後關於比特幣挖礦合作的細節，這是一個測試。這是我們生產的能源的 5%，因此我們希望實現它。

We don't have clarity yet on how to make it happen and how this agreement will exactly be, but we see this as a potential interest in ending up selling our energy at a very attractive price. So as of our own calculation, as of today, it's -- I don't want to mention it, but it's like selling at above $80 per megawatt hour.

我們還不清楚如何實現這一目標以及協議的具體內容，但我們認為這最終會以非常有吸引力的價格出售我們的能源。因此，根據我們自己的計算，截至今天，它是——我不想提及它，但它的售價相當於每兆瓦時 80 美元以上。

And so that is what makes us think about this as something potentially very attractive, but we want to make it happen in order to see if this $80 or $100 or $120 that we are targeting today as a potential sale are possible or not. So that will depend on a lot of things that have to happen, and we need to understand all those conversions and see them happening. So that's a quick answer to this thing that we are enthusiastic on happening.

因此，我們認為這是一個非常有吸引力的潛在產品，但我們希望它能夠實現，以便看看我們今天瞄準的 80 美元、100 美元或 120 美元的潛在銷售額是否可能。所以這將取決於許多必須發生的事情，我們需要了解所有這些轉換並看到它們的發生。這就是對我們熱衷的事物的快速回答。

Okay, thank you very much.

好的，非常感謝。

Thank you. This concludes the question and answer section. At this time, I would like to turn the floor back to Mr. Bosch for any closing remarks.

謝謝。問答部分到此結束。現在，我想把發言權交還給博世先生，請他做最後發言。

Thank you all for joining the call and hope to see you in our next meetings.

感謝大家參加電話會議並希望在下次會議上見到你們。

Thank you. This concludes today's presentation. You may now disconnect at this time and have a nice day.

謝謝。今天的演講到此結束。現在您可以斷開連接並享受美好的一天。