Andersons Inc (ANDE) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to The Andersons 2025 second-quarter earnings conference call. My name is Joe, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

女士們、先生們，早安，歡迎參加安德森 2025 年第二季財報電話會議。我叫喬，今天我將擔任你們的協調員。（操作員指示）提醒一下，本次電話會議將會被錄音以供重播。

I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corporate Controller, and Investor Relations. Please proceed.

現在，我將把簡報交給今天的主持人、公司財務長和投資者關係副總裁 Mike Hoelter 先生。請繼續。

Thanks, Joe. Good morning, everyone, and thank you for joining us for The Andersons second-quarter earnings call. We have provided a slide presentation that will enhance today's discussion. If you are viewing this presentation from our webcast, the slides and commentary will be in sync. This webcast is being recorded, and the recording and the supporting slides will be made available on the Investors page of our website shortly.

謝謝喬。大家早安，感謝大家參加安德森公司第二季財報電話會議。我們提供了幻燈片演示，以加強今天的討論。如果您透過我們的網路廣播觀看此簡報，投影片和評論將同步。本次網路直播正在錄製中，錄音和支援幻燈片將很快在我們網站的投資者頁面上發布。

Please direct your attention to the disclosure statement on slide 2, as well as the disclaimers in the press release, related to forward-looking statements. Certain information discussed today constitutes forward-looking statements that reflect the company's current views with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Actual results could differ materially as a result of many factors, which are described in the company's reports on file with the SEC. We encourage you to review these factors.

請注意投影片 2 上的揭露聲明以及新聞稿中與前瞻性陳述相關的免責聲明。今天討論的某些資訊構成前瞻性陳述，反映了公司對未來事件、財務表現和行業狀況的當前看法。這些前瞻性陳述受到各種風險和不確定性的影響。由於多種因素的影響，實際結果可能會有重大差異，這些因素在公司提交給美國證券交易委員會的報告中有所描述。我們鼓勵您審查這些因素。

This presentation and today's prepared remarks contain non-GAAP financial measures. Reconciliations of the GAAP to non-GAAP measures are included within the appendix of this presentation.

本簡報和今天的準備好的發言包含非公認會計準則財務指標。本簡報的附錄中包含了 GAAP 與非 GAAP 指標的對帳。

On the call with me today are Bill Kruger, President and Chief Executive Officer; and Brian Valentine, Executive Vice President and Chief Financial Officer. After our prepared remarks, we will be happy to take your questions.

今天與我一起通話的有總裁兼執行長比爾·克魯格 (Bill Kruger) 和執行副總裁兼財務長布萊恩·瓦倫丁 (Brian Valentine)。在我們準備好發言之後，我們將很樂意回答您的問題。

I will now turn the call over to Bill.

我現在將電話轉給比爾。

Thanks, Mike, and good morning, everyone. Thank you for joining the call to discuss our second-quarter results and outlook for the remainder of 2025.

謝謝，麥克，大家早安。感謝您參加電話會議，討論我們的第二季業績以及 2025 年剩餘時間的展望。

I'd like to start off by thanking all our employees for their continued hard work navigating the current markets while also evaluating several growth and M&A opportunities. Since our last earnings call, we have been able to advance our strategy through a number of projects. The most significant action was the purchase of our partner's share of our four ethanol plants. We have evaluated several ethanol opportunities and determined that this acquisition was the best use of our capital. I will talk more about this on the next slide.

首先，我要感謝我們所有的員工，感謝他們在當前市場中持續努力工作，同時評估一些成長和併購機會。自從上次財報電話會議以來，我們已經能夠透過一系列專案來推進我們的策略。最重要的措施是購買了我們合作夥伴在四家乙醇工廠中的股份。我們評估了幾種乙醇機會，並確定此次收購是我們資本的最佳利用方式。我將在下一張幻燈片中詳細討論這一點。

We have two significant long-term construction projects that we expect to have fully completed by mid-2026. Construction continues at the Port of Houston, which include improvements to the grain facility, as well as the expansion that will allow us to export soybean meal. In June, the EPA released the proposed RVOs for 2026 and 2027. This signaled further regulatory support for biomass-based diesel production which, in turn, should drive increased domestic soybean crush, allowing the Houston expansion project to be well-positioned to export the surplus meal.

我們有兩個重要的長期建設項目，預計將於 2026 年中期全面完成。休士頓港的建設仍在繼續，包括對糧食設施的改進以及使我們能夠出口豆粕的擴建。6 月，美國環保署公佈了 2026 年和 2027 年的 RVO 提案。這顯示監管部門將進一步支持生質柴油的生產，進而推動國內大豆壓榨量的增加，使休士頓擴建工程能夠很好地出口剩餘的豆粕。

We have another project that builds on current capacity and serves a commercial need for a major energy company. We expect financial contributions from both projects starting in 2026. We have also recently completed projects to convert excess capacity at four of our grain elevators to perform light processing of premium ingredients for CPG companies, allowing us to better serve our customers and further improve our strong farmer relationships.

我們還有另一個項目，該項目以現有產能為基礎，滿足一家大型能源公司的商業需求。我們預計這兩個項目將從 2026 年開始提供資金貢獻。我們最近也完成了將四個穀物升降機的過剩產能轉化為為 CPG 公司進行優質原料輕加工的項目，這使我們能夠更好地服務客戶並進一步改善與農民的牢固關係。

With the current macro conditions in the ag industry, we remain focused on working hard for our customers and furthering our strategy. Our Renewables business had a solid quarter with strong production numbers, including record yields and increased demand. In Agribusiness, we had improved fertilizer results with increased volume and margin, as the increase in corn acres required additional nitrogen. We recently completed the wheat harvest and our facilities are prepared for the increased corn volumes expected at harvest.

在當前農業產業的宏觀條件下，我們將繼續致力於為客戶服務並推進我們的策略。我們的再生能源業務本季表現穩健，產量強勁，包括創紀錄的產量和不斷增長的需求。在農業綜合企業中，我們透過增加肥料用量和利潤來改善肥料效果，因為玉米種植面積的增加需要額外的氮。我們最近完成了小麥收割，我們的設施已為收穫時預計增加的玉米產量做好了準備。

With the next slide, we'll discuss the ethanol acquisition. Our process to evaluate plants includes both strategic and financial criteria, and we have been disciplined in our approach. The strategic requirements include large and efficient production, the right geographic location to support the ethanol supply chain, and the capability to produce low-carbon intensity ethanol.

在下一張投影片中，我們將討論乙醇的收購。我們評估工廠的過程包括戰略和財務標準，我們的方法非常嚴謹。戰略要求包括大規模高效生產、支持乙醇供應鏈的合適地理位置以及生產低碳強度乙醇的能力。

As we were actively evaluating options, we kept returning to our own plants. We know the plants since we have been operating them for over a decade and know that they have been well maintained. We have plans to improve both efficiency and profitability moving forward. Completing this transaction affirms our commitment to the ethanol industry.

當我們積極評估各種選擇時，我們不斷回到自己的工廠。我們了解這些工廠，因為我們已經運作它們十多年了，並且知道它們一直得到良好的維護。我們計劃提高未來的效率和獲利能力。完成此交易肯定了我們對乙醇產業的承諾。

Details of the transaction are listed on the slide. We purchased approximately 250 million gallons for $1.54 per gallon before considering working capital. We have a limited integration risk given that we already manage and operate these sites. Plant management, marketing, and administrative support will remain the same going forward under the new name of The Andersons Renewables LLC.

幻燈片上列出了交易的詳細資訊。在考慮營運資金之前，我們以每加侖 1.54 美元的價格購買了大約 2.5 億加侖。由於我們已經管理和營運這些站點，因此我們的整合風險有限。工廠管理、行銷和行政支援將在新名稱「The Andersons Renewables LLC」下保持不變。

We were able to fund this transaction with cash on hand of $300 million and borrowings under our existing credit facility. This transaction should be immediately accretive to EPS and will better align our reported EPS and EBITDA, as we now control 100% of the EBITDA within the Renewables segment. Cash can be managed across the enterprise, allowing more flexibility and will drive efficiencies and profitability.

我們能夠利用 3 億美元現金和現有信貸額度下的借款為這筆交易提供資金。此次交易應立即增加每股收益，並將更好地協調我們報告的每股收益和息稅折舊攤銷前利潤，因為我們現在控制著再生能源部門 100% 的息稅折舊攤銷前利潤。現金可以在整個企業內進行管理，從而提供更大的靈活性並提高效率和獲利能力。

Next, Brian will cover some key financial data on the second quarter. After that, I'll be back to discuss our forward strategy and outlook.

接下來，Brian將介紹第二季的一些關鍵財務數據。之後，我會回來討論我們的未來策略和前景。

Thanks, Bill. We're now turning to our second-quarter results on slide number 6.

謝謝，比爾。我們現在來看幻燈片 6 上的第二季業績。

In the second quarter of 2025, the company's reported and adjusted net income attributable to The Andersons was $8 million, resulting in earnings per diluted share of $0.23 and $0.24 on an adjusted basis. This compares to adjusted net income of $39 million or $1.15 per share in the second quarter of 2024.

2025 年第二季度，公司報告和調整後的歸屬於安德森家族的淨收入為 800 萬美元，調整後每股攤薄收益為 0.23 美元，調整後每股攤薄收益為 0.24 美元。相比之下，2024 年第二季的調整後淨收入為 3,900 萬美元，即每股 1.15 美元。

Revenues increased slightly with the addition of Skyland, despite overall lower commodity prices. Gross profit declined due to challenging ag fundamentals and an outsized year-over-year comparative in renewables. Expenses also increased with the majority relating to the addition of Skyland. Adjusted pre-tax earnings were $15 million for the quarter compared to $45 million in 2024, with a decline coming from both segments. Adjusted EBITDA for the second quarter was $65 million compared to $98 million in 2024.

儘管整體商品價格較低，但隨著 Skyland 的加入，收入仍略有增加。由於農業基本面嚴峻以及再生能源年比大幅成長，導致毛利下降。支出也有所增加，其中大部分與 Skyland 的加入有關。本季調整後的稅前收益為 1,500 萬美元，而 2024 年為 4,500 萬美元，兩個部門的收益均有所下降。第二季調整後的 EBITDA 為 6,500 萬美元，而 2024 年為 9,800 萬美元。

Our effective tax rate varies each quarter, based primarily on the amount of income or loss attributable to non-controlling interests, as well as tax credits. With the ethanol transaction Bill discussed and the reduction in income attributable to non-controlling interests, our full-year adjusted effective tax rate is now expected to be in the range of 22% to 25%.

我們的有效稅率每季都會有所不同，主要取決於歸屬於非控制權益的收入或損失金額以及稅收抵免。隨著乙醇交易法案的討論以及歸屬於非控制權益的收入的減少，我們預計全年調整後的有效稅率將在 22% 至 25% 之間。

Next, we'll move to slide 7 to discuss cash, liquidity, and debt. We generated cash flow from operations before changes in working capital of $43 million in the second quarter, compared to $89 million in the second quarter of 2024. While down year over year, this continues to demonstrate our ability to generate positive cash flows throughout the ag cycle. Our readily marketable grain inventories continue to be well in excess of our short-term debt, and we ended the quarter with a cash balance of more than $350 million.

接下來，我們將轉到投影片 7 來討論現金、流動性和債務。我們第二季營運資本變動前的經營現金流為 4,300 萬美元，而 2024 年第二季為 8,900 萬美元。儘管同比有所下降，但這仍然證明了我們在整個農業週期中產生正現金流的能力。我們的易銷售糧食庫存繼續遠遠超過我們的短期債務，本季末我們的現金餘額超過 3.5 億美元。

Next, we'll take a look at capital spending and long-term debt on slide 8. Second-quarter capital spending was $49 million compared to $29 million in 2024, with the increase attributable to spending on long-term growth projects, as well as normal maintenance capital on the addition of the Skyland Grain assets.

接下來，我們來看看第 8 張投影片上的資本支出和長期債務。第二季資本支出為 4,900 萬美元，而 2024 年為 2,900 萬美元，成長歸因於長期成長項目的支出，以及增加 Skyland Grain 資產的正常維護資本。

We continue to take a disciplined, responsible approach to capital spending, which we expect could reach $200 million for the year, excluding acquisitions. Our long-term debt to EBITDA is approximately 1.9 times, which remains well below our stated target of less than 2.5 times.

我們繼續採取嚴謹、負責的態度對待資本支出，預計今年的資本支出（不包括收購）將達到 2 億美元。我們的長期債務與 EBITDA 比率約為 1.9 倍，遠低於我們設定的低於 2.5 倍的目標。

We funded the post-quarter ethanol transaction using cash on hand and borrowings on our line of credit and continue to have a balance sheet with significant capacity to support further growth investments. We are evaluating additional projects in our pipeline, including projects to improve efficiency and increase capacity at our existing facilities, as well as further M&A opportunities that align with our growth strategy.

我們利用庫存現金和信用額度借款為季度後的乙醇交易提供資金，並繼續擁有具有強大能力的資產負債表來支持進一步的成長投資。我們正在評估我們正在進行的其他項目，包括提高效率和增加現有設施產能的項目，以及符合我們成長策略的進一步併購機會。

Now, we'll move on to a review of each of our businesses, beginning with Agribusiness on slide 9. The Agribusiness business reported pre-tax income attributable to the company of $18 million and adjusted pre-tax income of $17 million, compared to adjusted pre-tax income of $33 million in the second quarter of 2024. As expected, our nutrient business benefited from strong demand driven by the high corn plantings.

現在，我們將繼續回顧我們的每項業務，從幻燈片 9 上的農業綜合企業開始。農業綜合企業報告稱，公司應佔稅前收入為 1,800 萬美元，調整後稅前收入為 1,700 萬美元，而 2024 年第二季調整後稅前收入為 3,300 萬美元。正如預期的那樣，我們的營養業務受益於玉米種植面積增加帶來的強勁需求。

Volumes were up substantially, and we saw a modest increase in margins as well. Similar to the first quarter, oversupplies of grain and weak demand in the western grain belt impacted our asset locations and merchandising businesses, as end users continued to make short-term purchasing decisions. We continue to evaluate opportunities to optimize our business portfolio, as well as achieve efficiencies from combining the management of the former trade and nutrient business segments.

銷量大幅增加，利潤率也略有增加。與第一季類似，西部糧食帶的糧食供應過剩和需求疲軟影響了我們的資產位置和商品銷售業務，因為最終用戶繼續做出短期購買決策。我們將繼續評估優化業務組合的機會，並透過合併前貿易和營養業務部門的管理來實現效率。

During the quarter, we made the decision to exit a few underperforming businesses and minority investments that no longer align with our strategy. We will continue to review our portfolio, which could result in some additional changes going forward. Agribusiness had adjusted EBITDA for the quarter of $46 million, compared to $56 million in the second quarter of 2024.

在本季度，我們決定退出一些不再符合我們策略的表現不佳的業務和少數股權投資。我們將繼續審查我們的投資組合，這可能會導致未來的一些額外變化。農業綜合企業本季調整後的 EBITDA 為 4,600 萬美元，而 2024 年第二季為 5,600 萬美元。

Moving to slide 10. Renewables generated pre-tax income attributable to the company of $10 million, compared to $23 million in the second quarter of 2024. Ethanol margins remained favorable on efficient plant operations and elevated demand. Plant production remained high, with record yields and gallons produced up year over year.

移至投影片 10。再生能源為公司創造了 1000 萬美元的稅前收入，而 2024 年第二季為 2300 萬美元。由於工廠高效運作和需求增加，乙醇利潤率仍然保持良好。植株產量維持高位，單產創歷史新高，產量逐年增加。

Partially offsetting these factors were lower ethanol board crush and increased input costs, including higher eastern corn basis and natural gas costs. Feed values were lower and are expected to remain challenged with a surplus of soybean meal on the market. Renewables had EBITDA of $30 million in the second quarter, compared to $52 million last year.

部分抵銷這些因素的是乙醇紙板壓榨量下降和投入成本增加，包括東部玉米基礎成本和天然氣成本上升。飼料價值較低，預計由於市場上豆粕過剩，飼料價值仍將面臨挑戰。再生能源第二季的 EBITDA 為 3,000 萬美元，而去年同期為 5,200 萬美元。

And with that, I'll turn things back over to Bill for some comments about our outlook for the remainder of the year.

說完這些，我將把話題轉回給比爾，請他談談我們對今年剩餘時間的展望。

Thanks, Brian. We were positive about the last half of the year. We're prepared for the fall harvest and are excited about the opportunities ahead of us.

謝謝，布萊恩。我們對下半年持樂觀態度。我們已經為秋收做好了準備，並對未來的機會感到興奮。

In our Renewables segment, the recent uptick in board crush and continuing increased demand suggests a stronger margin environment through the end of 2025. We could see record exports and expect that a large harvest will lower eastern corn basis.

在我們的再生能源領域，近期板材壓榨量的上升和持續成長的需求表明，到 2025 年底，利潤環境將會更加強勁。我們可以看到創紀錄的出口量，並預計大豐收將降低東部玉米基差。

We're interested in pursuing additional opportunities in ethanol and renewable feedstocks. We continue to make progress on plans to improve efficiencies, increase capacity, and lower the carbon intensity of our ethanol. We expect that all four of our plants will begin to generate 45Z tax credits over the next year. A Class VI well permit has been filed on our behalf for a potential carbon sequestration project at our Clymers, Indiana, production facility which, if approved, would allow us to generate additional tax credits through on-site sequestration in the future.

我們有興趣在乙醇和再生原料領域尋求更多機會。我們繼續在提高效率、增加產能和降低乙醇碳強度的計劃上取得進展。我們預計，我們所有的四家工廠明年都將開始產生 45Z 稅收抵免。我們已為位於印第安納州克萊默斯的生產設施的潛在碳封存項目提交了一份 VI 級井許可證，如果獲得批准，我們將來可以通過現場封存獲得額外的稅收抵免。

Agribusiness should see improvement in the last half of the year as wheat harvest includes and fall harvest has the potential to be one of the largest in recent history. Our US grain asset footprint should allow us additional storage and handling opportunities as we accumulate large quantities of grain at reasonable values. That will be positioned for both domestic and export use. Additional clarity on trade negotiations will help reduce market uncertainties.

由於小麥收成良好，且秋季收成有可能成為近代史上最大的收成之一，農業綜合企業在下半年應該會有所改善。隨著我們以合理的價值累積大量糧食，我們的美國糧食資產足跡應該為我們提供額外的儲存和處理機會。該產品將同時適用於國內和出口。貿易談判的進一步明確將有助於減少市場不確定性。

The third quarter is generally quiet for the fertilizer business, but we could see increased post-harvest application as weather permits. We are going to primarily focus on completing our long-term capital projects and integration in agribusiness. We continue to evaluate additional growth projects and acquisitions aligned with our strategy.

第三季化肥業務整體較為平靜，但如果天氣允許，我們可能會看到收穫後施用量增加。我們將主要致力於完成我們的長期資本項目和農業綜合企業的整合。我們將持續評估符合我們策略的額外成長項目和收購。

As mentioned earlier, with the near-term macro challenges in US agricultural markets, we are taking this opportunity to assess our portfolio businesses and the enterprise organizations that support them to extract more value for the shareholder. We will continue to invest in our safety practices and culture, particularly around assets newer to our portfolio.

如前所述，鑑於美國農業市場近期面臨的宏觀挑戰，我們藉此機會評估我們的投資組合業務以及支持這些業務的企業組織，以便為股東創造更多價值。我們將繼續投資於我們的安全實踐和文化，特別是圍繞我們投資組合中較新的資產。

We had previously provided a run rate target of $475 million of EBITDA by 2026. With the acquisition of the minority interest in our ethanol plant and the potential impact of tax credits to be delivered from our Renewables segment, we are now converting our existing EBITDA target into an EPS measure. At the time we set the target, the $475 million EBITDA would have equated to EPS of approximately $4.30 per share. We anticipate meeting the run rate EPS target by the end of 2026.

我們先前設定的 2026 年 EBITDA 運行率目標為 4.75 億美元。隨著我們收購乙醇工廠的少數股權以及再生能源部門帶來的稅收抵免的潛在影響，我們現在將現有的 EBITDA 目標轉換為 EPS 指標。在我們設定目標時，4.75 億美元的 EBITDA 相當於每股盈餘約 4.30 美元。我們預計到 2026 年底將達到每股盈餘運行率目標。

I'm proud of our team's resilience in this dynamic environment. Our balance sheet remains strong, allowing us to fund additional growth. We will continue to make responsible decisions that benefit our customers and maximize shareholder value as we execute on our strategy.

我為我們團隊在這種動態環境中的韌性感到自豪。我們的資產負債表依然強勁，使我們能夠為進一步的成長提供資金。在執行我們的策略時，我們將繼續做出負責任的決策，使我們的客戶受益並實現股東價值最大化。

And with that, we are happy to answer your questions.

我們很樂意回答您的問題。

(Operator Instructions) Ben Klieve, Lake Street Capital.

（操作員指示）Ben Klieve，Lake Street Capital。

All right. Thanks for taking my questions, and congratulations on the transaction. It's really great to see.

好的。感謝您回答我的問題，並祝賀交易成功。看到這個真是太好了。

First question on this -- you noted the regulatory dynamic here is supportive of the space, which just seems to certainly be clear in an accelerating fashion. And I'm wondering two things. One, did the timing of the transaction -- was that correlated to this regulatory tailwind? And then also, you noted that there are some opportunities to unlock more capacity within the existing four facilities given regulatory tailwinds. Can you talk about the incremental capacity that you could potentially introduce into these four facilities here given the regulatory dynamic?

關於這個問題的第一個問題——您注意到這裡的監管動態支持該領域，這似乎正在以加速的方式顯現出來。我有兩件事想知道。第一，交易的時間是否與監管順風有關？而且，您還指出，鑑於監管方面的利好，現有的四個設施中有一些機會可以釋放更多產能。考慮到監管動態，您能否談談可能引入這四個設施的增量容量？

Yeah, thanks. Good morning. I would tell you that we've been pretty clear over the past eight quarters that we've been looking at additional ethanol capacity. I would not say that the recent regulatory changes, which were actually only signed into law July 4, really had a material effect on the transaction. We'd been working on this transaction for a few months prior to that.

是的，謝謝。早安.我想告訴你，在過去的八個季度裡，我們已經非常清楚，我們一直在尋找額外的乙醇產能。我不會說最近的監管變化（實際上只是在 7 月 4 日簽署成為法律）確實對交易產生了實質影響。在此之前，我們已經為這筆交易工作了幾個月。

In terms of additional capacity that we can unlock, as I mentioned in my stated remarks, Ben, is that we do have a Class VI well permit that was filed on our behalf that we're waiting for approval, which would unlock more opportunity at the Clymers, Indiana, facility. If we do that, both our Clymers, Indiana, facility and potentially Albion would be locations where we have plenty of corn supply, again, meeting our criteria that we could look at expansion opportunities.

就我們可以釋放的額外產能而言，正如我在我的聲明中提到的那樣，本，我們確實擁有代表我們提交的 VI 級井許可證，我們正在等待批准，這將為印第安納州克萊默斯的工廠釋放更多機會。如果我們這樣做，我們位於印第安納州克萊默斯的工廠和潛在的阿爾比恩都將成為我們擁有充足玉米供應的地點，再次滿足了我們可以考慮擴張機會的標準。

Got it. Thank you. On the Agribusiness segment, you noted some non-strategic exits. Can you characterize what those businesses were and what the financial impact was, either in the quarter or on a full-year basis?

知道了。謝謝。在農業綜合企業領域，您注意到了一些非策略性退出。您能否描述一下這些業務的特點以及對本季或全年的財務影響是什麼？

Yeah. Sure, Ben. We can go through those. I would say it's a couple things. There were a couple minority investments that were probably -- it was an impact of about $7 million in the adjustments, and then there was a wind-down in sale of a couple facilities. We sold a facility in Idaho and also announced some closure on some of our contract manufacturing business on the fertilizer side. So net-net, those were probably a few million dollars. Actually, there was a small gain on one of those sales. And then, there were a few other modest adjustments, but those were the main pieces.

是的。當然，本。我們可以討論這些。我想說有幾件事。有幾項少數股權投資可能——在調整中產生了約 700 萬美元的影響，然後還有一些設施的出售。我們出售了愛達荷州的一家工廠，並宣布關閉部分化肥合約製造業務。所以，淨額大概是幾百萬美元。實際上，其中一筆銷售還獲得了小幅收益。然後，還有一些其他的適度調整，但這些是主要部分。

Got it. Okay, that's helpful. Thank you, Brian. And then I guess one more for me, and I'll get back in queue. You talked about the conditions on the ground here where you've got a stale grain network here over the past quarter and then also a bumper crop coming up. Given these conditions, can you talk about the outlook here for the mix between merchandising and storage for the second half of the year?

知道了。好的，這很有幫助。謝謝你，布萊恩。然後我想我再多做一點，然後我就會回到隊列。您談到了這裡的實際情況，過去一個季度，這裡的糧食網絡已經陳舊，但即將迎來豐收。有鑑於這些情況，您能否談談今年下半年商品銷售和倉儲組合的前景？

Sure, Ben. As we look at the wheat harvest that was just completed, there's been more opportunity on space utilization than pure merchandising opportunities. And obviously, we still have to finish what appears to be a very large corn crop, but that also should allow us to generate more income from our elevators than from our traditional merchandising. But with the size of the crop that we're looking at, we expect both of those opportunities to be improved in the second half of the year.

當然，本。當我們看到剛完成的小麥收割時，我們發現空間利用的機會比純粹的商品銷售機會更多。顯然，我們仍然需要完成看起來非常大的玉米收成，但這也應該能讓我們從玉米升降機中獲得比傳統商品銷售更多的收入。但考慮到我們所關注的作物產量，我們預計這兩個機會都會在今年下半年得到改善。

Got it. Very good. All right. Well, plenty more to talk about, but I'll leave it there. Congratulations again, and I'll get back in queue.

知道了。非常好。好的。好吧，還有很多話要說，但我就講到這裡。再次恭喜你，我會重新排隊。

Ben Mayhew, BMO Capital.

Ben Mayhew，BMO Capital。

Hey. Good morning, guys. Congratulations on the deal. I think it's great that you're bringing it in-house.

嘿。大家早安。祝賀交易成功。我認為你把它帶進公司內部真是太好了。

So on that topic, can you discuss why acquiring the balance of TAMH ethanol assets was the right move now for The Andersons? And how does this deal fit into your longer-term strategic objectives to grow your EBITDA? And I think you said at the end of the prepared remarks there that you expected to hit your EBITDA run rate by '26. So I'm assuming that this all kind of ties into that, but if you could just elaborate, please. Thank you.

那麼關於這個話題，您能否討論為什麼收購 TAMH 乙醇資產的餘額對安德森家族來說是正確的舉措？這筆交易如何符合您提高 EBITDA 的長期策略目標？我認為您在準備好的發言結束時說過，您預計到 26 年將達到 EBITDA 運行率。所以我假設這一切都與此有關，但請您詳細說明一下。謝謝。

Thanks for the question, Ben. I will hit the first part of the question and then have Brian address the EBITDA versus EPS portion of the question.

謝謝你的提問，本。我將回答問題的第一部分，然後請 Brian 回答問題中的 EBITDA 與 EPS 部分。

So from our perspective, if we want to invest more in ethanol, taking the opportunity to acquire 50% of four plants -- three of which we've built, the fourth one we've been operating since 2014 -- felt like a better deployment of capital, allowing us to be able to capture more EPS for shareholders and, quite honestly, as I mentioned, very little integration risk. All the employees are Anderson employees. The management, the marketing will all remain the exact same. We just simply have more financial opportunity from this investment versus buying plants that may need additional capital investment and that we don't know the marketplace as well as we do around the four plants that we already own.

因此，從我們的角度來看，如果我們想在乙醇方面投入更多資金，那麼藉此機會收購四家工廠 50% 的股份（其中三家是我們自己建造的，第四家工廠我們自 2014 年以來一直在運營）似乎是更好的資本配置方式，這使我們能夠為股東獲取更多的每股收益，而且坦白說，正如我提到的，整合風險非常小。所有員工都是安德森員工。管理和行銷都將保持不變。與購買可能需要額外資本投資的工廠相比，這項投資為我們帶來了更多的財務機會，而且我們對市場的了解不如對我們已經擁有的四家工廠的了解那麼多。

So in terms of something right down the center of the fairway for us, this feels like it couldn't hardly be better. Second of all, it also allows us to grow in the space and not have to take additional risk in terms of integration, allowing us to continue to look at additional plants and/or opportunities in renewable feedstocks simultaneously.

因此，對我們來說，就球道正中央而言，這感覺簡直不能更好了。其次，它還使我們能夠在該領域發展，而不必在整合方面承擔額外的風險，從而使我們能夠同時繼續尋找其他工廠和/或可再生原料的機會。

And Ben, just to comment on the EBITDA versus EPS. Since Andersons was already consolidating TAMH into the results, our EBITDA already included 100% of TAMH because EBITDA is before non-controlling interest. But from a practical perspective, Andersons shareholders were really only benefiting from about 50% of that plant EBITDA. So now, going forward, we'll really have the full earnings benefit as well as the full cash flow benefit and impact to those cash flows on sort of an unrestricted basis because it won't be in a joint venture anymore.

本，我只是想評論一下 EBITDA 與 EPS 的關係。由於 Andersons 已經將 TAMH 合併到業績中，我們的 EBITDA 已經包含了 100% 的 TAMH，因為 EBITDA 是在非控制權益之前計算的。但從實際角度來看，安德森股東實際上只從該工廠 EBITDA 的 50% 左右中受益。因此，現在，展望未來，我們將真正獲得全部收益收益以及全部現金流收益，並且對這些現金流產生無限的影響，因為它不再是合資企業了。

And I guess just to kind of frame the context from an EPS perspective, if we kind of did a pro forma over the last four years, the incremental EPS impact for us would be sort of in the range of $0.70 to $0.75 per share on an annual basis. If you look at '21 to '24 and in a peak year like 2023, it frankly could be north of $1 a share. So that's why between now owning 100% of it and getting the full earnings per share, as well as going forward, things like tax credits aren't factored in to an EBITDA number either, we felt it made more sense to convert to an earnings per share number and focus on that going forward.

我想，從每股盈餘的角度來看，如果我們對過去四年做了一個預測，那麼每股盈餘的增量影響將在每年每股 0.70 美元到 0.75 美元之間。如果你看一下 2021 年至 2024 年以及像 2023 年這樣的高峰年，坦白說，每股價格可能會超過 1 美元。因此，這就是為什麼從現在擁有 100% 的股份到獲得全部每股收益，以及從未來來看，稅收抵免等因素也不計入 EBITDA 數字，我們認為將其轉換為每股收益數字並在未來關注這一點更有意義。

Got it. That's very clear. Thank you for the context there.

知道了。這很清楚。感謝您提供的背景資訊。

And then just staying on ethanol, just the fundamental environment, it seems like -- I mean, clearly first half had its struggles, higher corn basis in the eastern belt, higher nat gas costs there during periods of time. But it seems like we may have turned a corner here headed into the second half. And I was just hoping if you guys could just give a little more updated outlook kind of detail-wise on where you think things are headed margin-wise and if you think '26 could potentially be better with all of the policy stuff that's going on. Thank you.

然後只談乙醇，只是基本環境，看起來——我的意思是，顯然上半年有其困難，東部地帶的玉米基礎較高，那裡的天然氣成本在一段時間內較高。但看起來我們可能在進入下半場時已經扭轉了局面。我只是希望你們能夠提供一些更詳細的更新展望，說明你們認為事情的發展方向，以及你們是否認為 26 年在所有正在進行的政策下可能會更好。謝謝。

Yeah. I'll take that question, Ben. So again, until we get to new crop harvest, where we will have some relief to the eastern corn basis, we will have to focus on the current margin structure. However, I would tell you that I believe our team has done an excellent job in getting ownership of the corn basis in the East at or below the market through this period of time. So that's one of the benefits that having the large corn program has brought to us.

是的。我來回答這個問題，本。因此，在新作物收穫之前，東部玉米基差將有所緩解，我們必須關注當前的利潤結構。然而，我想告訴你們，我相信我們的團隊在這段時間內以市價或低於市價的價格獲得東部玉米基礎所有權方面做得非常出色。這就是大型玉米計畫帶給我們的好處之一。

But if you look at exports, you look at driving demand, the balance of '25 feels like it should be better than the first half of '25 has been. And then as you look into '26, there are a lot of opportunities that we are evaluating today in order to drive more free cash flow out of our plants using the entire set of regulatory and traditional methods of managing the ethanol plants.

但如果你看一下出口，看看推動需求，25 年的平衡似乎應該比 25 年上半年更好。然後，當你展望 26 年時，你會發現我們今天正在評估很多機會，以便利用管理乙醇工廠的整套監管和傳統方法從我們的工廠中獲得更多自由現金流。

I do think it's important to understand that these plants have been successful without regulatory changes for a number of years. And we feel very confident in their location and their ability to continue to generate profits like they have in the past with the potential addition of some regulatory benefits with the extension of 45Z through 2029.

我確實認為，重要的是要了解這些工廠多年來在沒有監管變化的情況下取得了成功。我們對他們的位置和繼續像過去一樣創造利潤的能力非常有信心，隨著 45Z 延長至 2029 年，可能會增加一些監管優惠。

Okay, I'm going to sneak one more in here. On the Port of Houston investment, soybean meal prices have been falling, crush capacity is expanding in the US. Obviously, the RVO has very important implications for that. Can you just walk us through how this investment works, even with lower prices?

好的，我要再偷偷地再說一次。在休士頓港投資方面，豆粕價格一直在下跌，美國的壓榨能力正在擴大。顯然，RVO 對此有著非常重要的意義。您能否向我們介紹一下這種投資如何運作，即使價格較低？

I mean, is it a situation where you're taking advantage of the elevation margin aspect of the soybean meal transaction? And this might actually be more beneficial because you're getting it at cheaper interior costs, and then you're shipping it overseas for more expensive prices. Just kind of allay any concerns over lower soybean meal prices and the impact it might have on that investment. And that'll be it for me. Thanks.

我的意思是，您是否正在利用豆粕交易的抬高保證金方面的優勢？這實際上可能更有利，因為您可以以更便宜的國內成本獲得它，然後以更昂貴的價格將其運送到海外。這在一定程度上緩解了人們對豆粕價格下跌及其對投資可能產生的影響的擔憂。對我來說就這樣了。謝謝。

Yeah, good question. So for the export execution of soybean meal, the flat price or even the basis of the meal is not nearly as relevant as the fact that the US is likely going to produce more soybean meal than there is demand. So with the shelf life of soybean meal being very different than wheat or corn because it has to ship, we believe that there's going to be opportunities where soybean meal is forced to move to export parity.

是的，好問題。因此，對於豆粕的出口執行而言，固定價格甚至豆粕基礎都遠不如美國可能生產的豆粕超過需求這一事實那麼重要。因此，由於豆粕需要運輸，其保質期與小麥或玉米有很大不同，我們相信豆粕將有機會被迫轉向出口平價。

That's going to be driven by price. That's going to be driven by much more than just the US crush industry. It's going to be driven by global S&Ds, specifically South America, of soybean meal. So as that price drop goes lower, it actually will make us more competitive. So as you think through it, for the export arm of our facility in Houston, the price of the meal only matters in order to drive it to export parity versus how it affects the crush margin for the soybean plant.

這將由價格決定。推動這項進程的因素遠不止美國壓榨產業。這將受到全球大豆粕價格上漲和下跌的推動，特別是南美洲。因此，隨著價格下降，我們實際上會更具競爭力。因此，仔細想想，對於我們休士頓工廠的出口部門來說，豆粕價格唯一重要的是推動其達到出口平價，而不是影響大豆工廠的壓榨利潤。

Thank you very much.

非常感謝。

(Operator Instructions) Pooran Sharma, Stephens Inc.

（操作員指示）Pooran Sharma，Stephens Inc.

Good morning. Thanks for the question. I just wanted to ask about Skyland. You mentioned in the prepared comments that there was some revenue contribution. Was wondering if you could detail what that was from the quarter. And I believe last time, you had mentioned that you were anticipating achieving the lower end of the $30 million to $40 million EBITDA guide. And was just wondering if you could provide some updated thoughts on Skyland.

早安.謝謝你的提問。我只是想問一下關於 Skyland 的情況。您在準備好的評論中提到有一些收入貢獻。想知道您是否可以詳細說明本季的情況。我相信上次您曾提到，您預計 EBITDA 將達到 3000 萬至 4000 萬美元的下限。我只是想知道您是否可以提供一些關於 Skyland 的最新想法。

Yeah. I will start with that, Pooran. Good to talk to you this morning.

是的。我將從那開始，Pooran。很高興今天早上和你聊天。

So as we mentioned in the first-quarter results, the lack of export demand for milo, or sorghum specifically, and hard wheat had made it very difficult for Western assets to generate the expected profitability that we were looking at. That did not change in Q2 as we had hoped it had. So the Skyland assets were faced with an environment where they had to compete for the domestic feed demand, which was lower due to the cattle on feed in the region.

因此，正如我們在第一季業績中提到的那樣，由於缺乏對高粱（特別是高粱）和硬質小麥的出口需求，西方資產很難產生我們所期望的盈利能力。正如我們所希望的那樣，這種情況在第二季度並沒有改變。因此，Skyland 資產面臨著必須爭奪國內飼料需求的環境，而由於該地區飼養的牛隻數量較少，國內飼料需求較低。

As we sit here today looking forward, the setup for Western grain assets looks very good. We had above expected wheat handle at Skyland. The carries in the wheat market are very good to pay us for our space income. And following right behind that is a corn crop that in that area sometimes can run the risk of not yielding quite as good because there is a fair amount of dry land corn.

今天我們在這裡展望未來，西方糧食資產的配置看起來非常好。Skyland 的小麥產量超出了我們的預期。小麥市場的收益非常好，可以支付給我們空間收入。緊隨其後的是玉米作物，由於該地區有相當多的旱地玉米，因此有時可能會面臨產量不佳的風險。

So from our perspective, the results coming out of Skyland for the first half were below expectations. The results coming out of Skyland potentially for the last half should meet and hopefully exceed expectations. But all -- just to be clear, and as I said after Q1, Western grain assets had a struggle in the first half of 2025. Skyland was not immune to that.

因此從我們的角度來看，Skyland 上半年的業績低於預期。Skyland 下半年的業績預計將達到甚至超過預期。但所有——只是為了清楚起見，正如我在第一季之後所說的那樣，西方糧食資產在 2025 年上半年陷入困境。Skyland 也未能倖免。

Yeah. Pooran, just to provide a little context from a financial perspective, you asked about revenue. It was about $200 million in each of the first two quarters, so just a little under $400 million year to date. And with regard to the full-year EBITDA outlook, you're right. We previously said we thought it would be on the low end of that $30 million to $40 million range. If we had to characterize it today, I would probably put it somewhere in the $25 million to $30 million EBITDA range for the full year.

是的。Pooran，為了從財務角度提供一些背景信息，你詢問了收入問題。前兩個季度每季的金額約為 2 億美元，因此今年迄今的金額略低於 4 億美元。關於全年 EBITDA 前景，您說得對。我們之前說過，我們認為這個價格應該在 3000 萬美元到 4000 萬美元這個範圍內。如果我們今天必須對其進行描述，我可能會將其全年的 EBITDA 定在 2500 萬美元至 3000 萬美元的範圍內。

Okay. Appreciate the color there, gentlemen. Wanted to also ask about -- you mentioned in the prepared comments that all four plants did get 45Z tax credits over the next year. Was just wondering if you could help us flesh that out a little bit. What type of CI score are you ultimately trying to get to? Or how much of a tax credit do you think you could squeeze out of your plants?

好的。先生們，請欣賞那裡的色彩。也想問一下——您在準備好的評論中提到，所有四家工廠在明年都獲得了 45Z 稅收抵免。我只是想知道您是否可以幫助我們稍微充實一下這一點。您最終想要獲得什麼類型的 CI 分數？或者您認為您可以從您的工廠獲得多少稅收抵免？

Pooran, I would tell you that today, we are still working on the benefit of that tax credit. And we will be much more prepared to talk about that at the end of Q3 and into Q4 as we get some clarity on the legislation that was passed on July 4, 2025.

普蘭，我想告訴你，今天我們仍在努力享受稅收抵免的福利。隨著我們對 2025 年 7 月 4 日通過的立法有了更清晰的了解，我們將在第三季末和第四季做好更充分的準備來討論這個問題。

Okay. I appreciate that. Nonetheless, I think it's positive that you will be getting those credits.

好的。我很感激。儘管如此，我認為你獲得這些學分是肯定的。

But maybe we could understand the deal a little bit more here. You mentioned in the prepared comments, I believe you said you bought the incremental 250 at $1.54 a gallon. So from a per-gallon perspective, what else is out there? Do you think -- because $1.54 sounds like a steal, but I am assuming -- I am comparing this to a Red Trail and Gevo asset that was at $3.23 a gallon, but that had all the bells and whistles in terms of sequestration. So I just wanted to get a sense of what you saw out there in the marketplace and why ultimately $1.54 was the best choice for you.

但也許我們可以在這裡更多地了解這筆交易。您在準備好的評論中提到，我相信您說您以每加侖 1.54 美元的價格購買了增量 250。那麼從每加侖的角度來看，還有什麼呢？您認為——因為 1.54 美元聽起來很便宜，但我假設——我將其與每加侖 3.23 美元的 Red Trail 和 Gevo 資產進行比較，但在封存方面擁有所有的花哨功能。所以我只是想了解您在市場上看到了什麼，以及為什麼 1.54 美元最終是您的最佳選擇。

To be clear, that $1.54 was for the structural assets. And when we add back working capital, it is closer to $1.70, but we have to compare it against the new builds or the expansion gallons. And so that is why we used the $1.54, but you can do the math when you add the $40 million back.

需要明確的是，這 1.54 美元是用於結構性資產的。當我們加上營運資本時，它接近 1.70 美元，但我們必須將其與新建或擴建加侖進行比較。這就是我們使用 1.54 美元的原因，但是當您加上 4000 萬美元時，您就可以進行計算了。

Ethanol plants are very interesting, and we have looked at many, certainly more than 20 plants over the course of the last 18 months. And to be able to say what we have been able to see out there, as we have talked about location, size, technology, and the ability to originate corn, all bring in a different dynamic for, as I mentioned, both the strategic and financial criteria. But as an organization, we felt like the purchase price that we paid for the remaining 49.9% was fair to both parties.

乙醇工廠非常有趣，在過去的 18 個月裡，我們考察了許多工廠，肯定超過 20 家。正如我們所討論的，位置、規模、技術和種植玉米的能力，都為策略和財務標準帶來了不同的動態。但作為一個組織，我們覺得我們為剩餘 49.9% 支付的購買價格對雙方來說都是公平的。

Okay. Appreciate that detail. I will jump back in the queue.

好的。感謝這個細節。我將重新回到隊列中。

And this will conclude our question-and-answer session. I'd like to turn the conference back over to Mike Hoelter for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Mike Hoelter 並請他做結束語。

Thanks, Joe. We want to thank you all for joining us this morning. Our next earnings conference call is scheduled for Wednesday, November 5, at 8:30 AM, Eastern Time, when we will review our third-quarter results. As always, thank you for your interest in The Andersons, and we look forward to speaking with you again soon.

謝謝喬。感謝大家今天上午的參與。我們的下一次財報電話會議定於美國東部時間 11 月 5 日星期三上午 8:30 舉行，屆時我們將回顧第三季的業績。像往常一樣，感謝您對安德森一家的關注，我們期待很快再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。