Andersons Inc (ANDE) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Andersons 2026 first-quarter earnings conference call. My name is Joe, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President - Corporate Controller and Investor Relations. Please proceed.

各位女士、先生，早安，歡迎參加 Andersons 2026 年第一季財報電話會議。我叫 Joe，今天將擔任您的會議協調人。（接線員指示）提醒各位，本次會議將錄音以供重播之用。接下來我將把簡報交給今天的主持人——公司副總裁（企業控管與投資人關係）Mike Hoelter 先生。請開始。

Good morning, everyone, and thank you for joining us for the Andersons first-quarter earnings call. We have provided a slide presentation that will enhance today's discussion. If you are viewing this presentation via the 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. 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.

各位早安，感謝各位參加 Andersons 第一季財報電話會議。我們已提供投影片簡報，以協助今天的討論。如果您透過網路直播觀看本簡報，投影片與講稿將會同步。本次網路直播將錄製，錄影與相關投影片將於稍後上傳至我們網站的投資人專區。請各位留意第 2 頁投影片的揭露聲明，以及新聞稿中與前瞻性陳述相關的免責聲明。

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. This presentation and today's prepared remarks contain non-GAAP financial measures.

今天討論的部分資訊構成前瞻性陳述，反映公司目前對未來事件、財務表現及產業狀況的看法。這些前瞻性陳述受多項風險與不確定性影響。由於多種因素，實際結果可能出現重大差異；相關因素已載於公司向美國證券交易委員會（SEC）提交之報告中。我們建議您查閱這些因素。本簡報及今天的預先準備講稿包含非 GAAP 財務衡量指標。

Reconciliations of the GAAP to non-GAAP measures are included within the appendix of this presentation. On the call with me today are Bill Krueger, 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.

GAAP 與非 GAAP 指標之調節表已收錄於本簡報附錄。今天與我一同出席電話會議的有：總裁暨執行長 Bill Krueger，以及執行副總裁暨財務長 Brian Valentine。在我們的預先準備講稿結束後，我們很樂意回答各位的提問。

I will now turn the call over to Bill.

接下來我將把電話會議交給 Bill。

Thanks, Mike, and good morning, everyone. Thank you for joining the call to discuss our first-quarter 2026 results and outlook. I am pleased to report that we delivered our strongest first quarter ever, achieving record net income and earnings per share. These results reflect the strength of our diversified portfolio, improved market conditions and above all, the dedication of our teams who continue to execute in an increasingly dynamic environment. From an industry standpoint, the quarter included a significant positive development with the finalization of the largest ever renewable volume obligations for 2026 and 2027.

謝謝你，Mike，各位早安。感謝各位參加本次電話會議，與我們一同討論 2026 年第一季的業績與展望。我很高興向各位報告，我們交出了史上最強的第一季表現，創下淨利與每股盈餘的歷史新高。這些成果反映了我們多元化投資組合的韌性、市場環境的改善，更重要的是，我們團隊在日益動態的環境中持續落實執行的投入與努力。從產業面來看，本季也出現一項重大利多：2026 與 2027 年可再生燃料義務量（RVO）定案，為史上最大規模。

The RVO will support domestic demand for US corn and soybeans, along with providing greater regulatory clarity for our Agribusiness and renewables platforms. In Agribusiness, fertilizer margins improved year-over-year due to strong product positioning amid supply disruptions. Increased volatility and better premium ingredients results drove merchandising performance. Our grain asset inventory basis appreciation was delayed this quarter, and we anticipate positive changes in the next quarter.

RVO 將支撐美國國內對玉米與黃豆的需求，同時為我們的農業事業與再生能源平台提供更高的法規明確性。在農業事業方面，由於供應中斷期間我們的產品配置得宜，肥料利差較去年同期改善。波動性上升以及高附加價值原料（premium ingredients）業績更佳，帶動了商品行銷（merchandising）表現。本季我們穀物資產庫存的基差（basis）升值認列有所延後，預期下一季將出現正向變化。

We continue to pursue organic growth through strategic investments to enhance customer service and respond to changes in demand trends. Construction at our Port of Houston facility is progressing with full operations expected in the third quarter. Our Carlsbad Mineral plant is now operational and the upgrades to increase clean corn capacity at our Mansfield, Illinois facility are underway. In renewables, we are making strategic investments in our large high-efficiency ethanol plants, including preparations for the previously announced debottlenecking project in Clymers, Indiana, which is expected to be completed by late 2027. We continue to assess further opportunities to expand production and lower the carbon intensity of ethanol at all of our plants.

我們持續透過策略性投資追求有機成長，以提升客戶服務並回應需求趨勢的變化。我們休士頓港（Port of Houston）設施的工程正持續推進，預計第三季可全面營運。我們位於 Carlsbad 的礦物工廠目前已投入營運，而伊利諾州 Mansfield 設施用以提升潔淨玉米（clean corn）產能的升級工程也正在進行中。在再生能源方面，我們正對大型高效率乙醇工廠進行策略性投資，包括為先前已公告、位於印第安納州 Clymers 的去瓶頸（debottlenecking）專案做準備，預計於 2027 年底前完成。我們也持續評估進一步擴產的機會，並在所有工廠降低乙醇的碳強度（carbon intensity）。

Production volumes within renewables have consistently surpassed those of previous periods, driven by efficient operations and robust demand. Although market fundamentals remain favorable in the quarter, increased corn basis and natural gas prices reduced our improved margins. Despite ongoing global uncertainty, we believe the trough of the grain cycle occurred in 2025 and underlying conditions continue to improve.

再生能源事業的產量持續高於以往期間，主要受惠於高效率營運與強勁需求。儘管本季市場基本面仍然有利，但玉米基差與天然氣價格上升，壓縮了我們改善後的利差。儘管全球不確定性仍在，我們認為穀物循環的谷底已於 2025 年出現，且基本面條件持續改善。

With that overview, I will turn the call over to Brian to discuss our financial results.

以上為整體概述，接下來我將把電話會議交給 Brian，請他說明我們的財務結果。

Thanks, Bill, and good morning, everyone. We're now turning to our first quarter results on slide 5. In the first quarter of 2026, the company reported net income attributable to the Andersons of $33 million or $0.97 per diluted share and adjusted net income of $38 million or $1.12 per diluted share. This compares to adjusted net income of $4 million or $0.12 per diluted share in the first quarter of 2025.

謝謝你，Bill，各位早安。現在我們看第 5 頁投影片的第一季結果。2026 年第一季，公司歸屬於 Andersons 的淨利為 3,300 萬美元，稀釋後每股盈餘為 0.97 美元；調整後淨利為 3,800 萬美元，稀釋後每股盈餘為 1.12 美元。相較之下，2025 年第一季的調整後淨利為 400 萬美元，稀釋後每股盈餘為 0.12 美元。

Gross profit increased as ag fundamentals were improved compared to the difficult market conditions in the first quarter of 2025. Operating expenses were down slightly year-over-year. Adjusted pretax earnings were $44 million compared to $3 million in 2025, with improvements realized across both agribusiness and renewables, including the recognition of 45Z producer tax credits in 2026. Adjusted EBITDA for the quarter was $91 million compared to $57 million in 2025.

毛利增加，主因農業基本面相較 2025 年第一季的艱困市場環境已有改善。營業費用較去年同期小幅下降。調整後稅前盈餘為 4,400 萬美元，較 2025 年的 300 萬美元大幅提升；改善來自農業事業與再生能源兩大部門，並包含 2026 年認列的 45Z 生產者稅額抵減（producer tax credits）。本季調整後 EBITDA 為 9,100 萬美元，2025 年同期為 5,700 萬美元。

Our effective tax rate varies each quarter based primarily on tax credits earned and the amount of income or loss attributable to noncontrolling interests. We recorded taxes at an effective tax rate of 14% for the first quarter and expect our full year adjusted tax rate to be in the range of 14% to 18%.

我們的有效稅率每季會有所變動，主要取決於取得的稅額抵減，以及歸屬於非控制權益的損益金額。第一季我們以 14% 的有效稅率認列所得稅，並預期全年調整後稅率將落在 14% 至 18% 的區間。

Next, we'll move to slide 6 to discuss cash, liquidity and debt. We generated cash flow from operations before changes in working capital of $68 million in the first quarter of 2026 compared to $57 million in 2025. This continues to demonstrate our ability to generate strong cash flows in various market conditions.

接下來我們看第 6 頁投影片，討論現金、流動性與負債。2026 年第一季，在營運資金變動前的營運活動現金流量為 6,800 萬美元，2025 年同期為 5,700 萬美元。這再次展現我們在不同市場環境下創造強勁現金流的能力。

Our short-term borrowings are up compared to the prior year as we funded the purchase of our partner's share of the ethanol plants last summer, and we have seen a recent increase in market volatility. However, our readily marketable grain inventories continue to be well in excess of our short-term debt, which is consistently the case throughout the ag cycle.

相較去年，我們的短期借款增加，原因是我們於去年夏天出資收購合作夥伴在乙醇工廠的持股，且近期市場波動性上升。然而，我們可迅速變現的穀物庫存仍持續遠高於短期負債，這在整個農業循環中一向如此。

Next, we'll take a look at capital spending and long-term debt on slide 7. First quarter capital spending was $52 million compared to $47 million in 2025, which includes the funding of previously announced long-term growth projects as well as normal maintenance capital.

接著我們看第 7 頁投影片的資本支出與長期負債。第一季資本支出為 5,200 萬美元，2025 年同期為 4,700 萬美元，其中包含先前已公告的長期成長專案資金投入，以及例行維護性資本支出。

We continue to take a disciplined, responsible approach to capital spending, which we expect will be approximately $225 million for the year, excluding acquisitions. Our long-term debt-to-EBITDA is 1.6x, which remains well below our stated target of less than 2.5x. We continue to evaluate various acquisitions and internal growth projects and have a strong balance sheet that will support investments that meet our strategic and financial criteria.

我們持續以審慎且負責任的方式進行資本支出，預期全年約為 2.25 億美元（不含併購）。我們的長期負債對 EBITDA 比率為 1.6 倍，仍明顯低於我們所設定的低於 2.5 倍目標。我們持續評估各項併購與內生成長專案，並擁有強健的資產負債表，可支持符合我們策略與財務標準的投資。

Now we'll move on to a review of each of our segments, beginning with Agribusiness on slide 8. The Agribusiness segment reported adjusted pretax income attributable of $18 million compared to breakeven results in the first quarter of 2025.

現在我們將開始檢視各事業部門的表現，先從第 8 頁投影片的農業事業（Agribusiness）開始。農業事業部門的調整後稅前利益（歸屬）為 1,800 萬美元，相較 2025 年第一季損益兩平。

Agribusiness saw considerable improvement year-over-year as volatility returned to the ag markets. As prices rallied, old crop bushels still on farm came to market, which provided more opportunities for our merchandising businesses. However, with the shifting market dynamics, our asset footprint saw limited basis appreciation.

農業事業在年對年比較上顯著改善，因農產品市場波動性回升。隨著價格走揚，仍留在農場的舊作（old crop）數量開始進入市場，為我們的商品行銷業務帶來更多機會。然而，隨著市場動態轉變，我們的資產據點在基差升值方面的表現有限。

Our premium ingredients business had improved earnings as we continue to focus on serving our CPG customers, including through recent investments in our corn and wheat cleaning capabilities. Our fertilizer assets were well positioned, and we were able to capture higher margins leading up to the spring application season. Agribusiness had adjusted EBITDA of $49 million compared to $31 million in the first quarter of 2025.

我們的高端配料業務獲利改善，因為我們持續聚焦服務我們的 CPG 客戶，並透過近期對玉米與小麥清理能力的投資加以強化。我們的肥料資產布局良好，並在春季施肥季節前成功掌握較高的利潤率。農業事業部調整後 EBITDA 為 4,900 萬美元，相較於 2025 年第一季的 3,100 萬美元。

Moving to slide 9. Renewables had another strong quarter, generating pretax income of $40 million compared to pretax income attributable of $15 million in the first quarter of 2025. Our ethanol plants continue to perform well with efficient operations resulting in record first quarter production. Ethanol crush margins were up significantly year-over-year on continued strong demand.

接著看第 9 張投影片。再生能源業務本季再度表現強勁，稅前收益為 4,000 萬美元，相較於 2025 年第一季歸屬的稅前收益 1,500 萬美元。我們的乙醇工廠持續表現良好，憑藉高效率營運，第一季產量創下歷史新高。在需求持續強勁的帶動下，乙醇壓榨利差（crush margins）年增幅度顯著。

We did have some of the first quarter margins hedged at historically favorable levels, which limited a portion of the upside as margins started to run early in the quarter. Ethanol margins were also challenged with higher Eastern corn basis and natural gas costs.

我們確實將第一季部分利差以歷史上相對有利的水準進行避險，這在本季初利差開始走強時，限制了部分上行空間。乙醇利差也受到東部玉米基差與天然氣成本上升的壓力。

As expected, we qualified for the next tier of 45Z tax credits in 2026, recording $26 million of these credits in the first quarter. Our merchandising businesses also performed well as corn oil prices and volumes improved compared to the prior year. Renewables had EBITDA of $54 million compared to $37 million in the first quarter of 2025.

如預期，我們在 2026 年符合 45Z 稅額抵免的下一級距，並於第一季認列 2,600 萬美元的此類抵免。我們的商品行銷（merchandising）業務也表現良好，玉米油價格與銷量較去年同期提升。再生能源業務 EBITDA 為 5,400 萬美元，相較於 2025 年第一季的 3,700 萬美元。

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

接下來我把時間交回給 Bill，請他就我們的展望做一些評論。

Thanks, Brian. We remain optimistic about 2026, supported by a favorable outlook for our agribusiness portfolio and reduced uncertainty regarding renewable fuels regulations. Recent initiatives have concentrated on enhancing the efficiency of enterprise support functions as well as reinforcing our commitment to safe operations within production facilities.

謝謝，Brian。我們對 2026 年仍保持樂觀，主要受惠於我們農業事業組合的有利展望，以及再生燃料法規不確定性降低。近期的各項倡議聚焦於提升企業支援職能的效率，同時也強化我們對生產設施安全營運的承諾。

In agribusiness, we anticipate a year-over-year shift from corn to soybeans, although corn plantings are expected to remain above the five-year average. On-farm storage levels are substantial and should enter the market following spring planting.

在農業事業方面，我們預期種植結構將較去年由玉米轉向大豆，儘管玉米播種面積預計仍將高於五年平均。農場端庫存水準可觀，並應會在春季播種後進入市場。

The positive RVO and rising ethanol blend rates are projected to drive domestic demand for both corn and soybeans, thereby improving farm gate economics for the US farmer. Our investments in premium ingredients, specifically those for human consumption and pet food manufacturing continue to deliver profitable growth. Global fertilizer supply issues will continue due to the Iran conflict. And while we were well positioned for spring planting, ongoing tensions in the Middle East will continue to influence agribusiness dynamics.

正向的 RVO 與乙醇摻混率上升，預期將帶動國內對玉米與大豆的需求，進而改善美國農民的農場出場（farm gate）經濟性。我們在高端配料方面的投資，特別是用於人類食用與寵物食品製造的投資，持續帶來獲利性成長。由於伊朗衝突，全球肥料供應問題將持續。雖然我們在春季播種季節的布局良好，但中東地區持續緊張仍將影響農業事業的動態。

In the Renewables segment, the finalization of the RVO has had industry-wide impacts, supporting renewable diesel and ethanol production. Ethanol exports remain strong with several countries increasing blend rates. Elevated crude prices, especially in nations dependent on Middle Eastern supply have further enhanced ethanol's appeal as a gasoline additive. We would like to see the enactment of year-round E15 this year. However, voluntary blend rate increases are already occurring based on the comparative economics of ethanol versus gasoline.

在再生能源部門，RVO 的最終定案已對全產業產生影響，支撐再生柴油與乙醇的生產。乙醇出口仍然強勁，且多個國家提高摻混率。原油價格走高，特別是在依賴中東供應的國家，進一步提升乙醇作為汽油添加劑的吸引力。我們希望今年能推動全年 E15 的立法通過。不過，基於乙醇相對於汽油的比較經濟性，市場上已經出現自發性的摻混率提升。

Our renewable diesel feedstock merchandising business has experienced increased activity this year, which is expected to continue. Spring maintenance shutdowns were completed in April, and our plants are operating well above nameplate capacity. We are actively pursuing projects aimed at improving production processes and reducing the carbon intensity of ethanol. As previously stated, our facilities are benefiting from higher tax credits this year under the current guidelines. Additionally, preparations are underway for carbon sequestration at our Clymers, Indiana site.

我們的再生柴油原料商品行銷業務今年活動增加，預期將持續。春季歲修停機已於四月完成，我們的工廠運轉水準遠高於名目產能。我們正積極推動專案，以改善生產流程並降低乙醇的碳強度。正如先前所述，在現行指引下，我們的設施今年受惠於更高的稅額抵免。此外，我們也正在為印第安納州 Clymers 場址的碳封存做準備。

The Class 6 well permit continues to progress through regulatory review. And if approved and operational, this initiative will further reduce the carbon intensity score of our ethanol, enabling additional tax credit generation. We are evaluating investment opportunities for the cash generated from operations and available tax credits in our renewables business.

Class 6 井的許可仍在監管審查流程中持續推進。若獲核准並投入運作，該計畫將進一步降低我們乙醇的碳強度評分，從而產生額外的稅額抵免。我們正在評估再生能源業務中由營運所產生的現金以及可用稅額抵免的投資機會。

Given our strong balance sheet and growth ambitions, we will continue to assess potential investments within our existing infrastructure as well as acquisitions aligned with our financial and strategic objectives. We reaffirm our long-range EPS target of $7 per share by the end of 2028. Achieving this milestone will require successful completion of key projects and sustained operational excellence. I am grateful for the dedication and focus demonstrated by our team in pursuit of these goals.

鑑於我們強健的資產負債表與成長企圖心，我們將持續評估在既有基礎設施內的潛在投資，以及符合我們財務與策略目標的併購。我們重申長期 EPS 目標：在 2028 年底前達到每股 7 美元。達成此里程碑需要關鍵專案的成功完成，以及持續的卓越營運。我感謝團隊為追求這些目標所展現的投入與專注。

We will now take your questions.

我們現在開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Ben Mayhew, BMO.

Ben Mayhew，BMO。

Congratulations on the strong performance out of the gate here in 2026. And my first question actually has to do with the first quarter and kind of where it stands in your usual cadence of annual earnings. So first quarter tends to usually be your weakest earnings quarter of the year. So I was wondering if you could frame up and maybe extrapolate what first quarter '26 might signal about the rest of your year? And what is your level of confidence in the sustainability and potential acceleration of current market fundamentals as the year progresses?

恭喜 2026 年一開始就有強勁表現。我第一個問題其實與第一季有關，以及它在你們年度獲利通常節奏中的位置。第一季通常是你們一年中獲利最弱的季度。所以我想請你們說明一下，並可能外推 2026 年第一季對今年其餘時間可能代表什麼訊號？以及隨著年度推進，你們對目前市場基本面可持續性與可能加速的信心程度如何？

Thanks, Ben. This is Brian. Yes, good question. What I would say is you're right, the first quarter for us does tend to be a slower start out of the gate. But as we think about the cadence to the year, I would say it's the typical cadence that you've seen from us in the past, where usually for us, I would say our fourth quarter tends to be really our strongest quarter.

謝謝，Ben。我是 Brian。是的，這是個好問題。我會說你說得沒錯，第一季對我們而言通常是起步較慢。不過就年度節奏來看，我會說仍是你過去看到的典型節奏；對我們而言，通常第四季才是最強的一季。

And then obviously, in the second quarter, we're usually see stronger fertilizer performance depending on the spring planting season. But so from our perspective, the overall cadence is really expected to be relatively the same. One exception I would note is certainly 45Z tax credits are something that would be earned ratably throughout the year with ethanol production.

然後很明顯地，第二季通常會看到較強的肥料表現，取決於春季播種季節。因此從我們的角度來看，整體節奏預期仍會大致相同。我想指出的一個例外是，45Z 稅額抵免會隨乙醇產量在全年按比例（ratably）取得。

Got it. And then you mentioned you had some hedges on your ethanol margins in the first quarter, which might have prevented some upside especially at the beginning of the quarter when margins started to run. are you still utilizing hedges in the second quarter? Like how should we think about that? Because when you look at the paper margins, they look very strong.

了解。接著你提到第一季你們對乙醇利差做了一些避險，可能在季度初利差開始走強時，阻擋了一些上行空間。你們第二季還在使用避險嗎？我們應該如何看待這件事？因為從紙上利差來看，似乎非常強勁。

Some of your peers have reported very strong ethanol operating results. I think the expectation is things are still going to be really good and likely accelerate. So could you just touch on the ethanol trajectory and what you're seeing maybe Q2 to date and your level of confidence in things looking pretty attractive there?

你們的一些同業已公布非常強勁的乙醇營運結果。我想市場預期情況仍會非常好，且可能加速。你們能否談談乙醇的走勢，以及你們目前看到的第二季迄今狀況，還有你們對那邊看起來相當有吸引力的信心程度？

Ben, this is Bill. Yes. Your analysis is pretty much spot on. So I'll take them in two different parts. If you look back historically over the last three years, Q1 board crush has been just below breakeven.

Ben，我是 Bill。是的，你的分析大致非常到位。我會分兩部分回答。若回顧過去三年，第一季的期貨盤面壓榨利差（board crush）一直略低於損益兩平。

So I think it's [$0.005] under for the last three years. We were able to put on hedges in the first quarter that were well above that. And as we look back, we felt like it was a good decision. We do not have any hedges on -- we did not have any hedges on past Q1, which we traditionally don't hedge any production other than Q1, and we only do that when it gets close to double digits over board crush. So hopefully, that answered that question.

我想過去三年大約是低於損益兩平 [$0.005]。我們在第一季建立的避險水準遠高於那個水準。回頭看，我們認為那是個好的決策。我們在第一季之後沒有任何避險——我們傳統上除了第一季之外不會對任何產量做避險；而且只有當利差接近比盤面壓榨利差高出接近兩位數時，我們才會這麼做。希望這回答了你的問題。

In terms of looking forward, you can do the math. Board crush looks good for Q2 and Q3 today. You do have to keep in mind that natural gas prices are slightly elevated for everyone. And corn basis in the East will ebb and flow. And so when you put it all together, I would characterize our ethanol results in Q1 as very good also. So I think we're no different than our peers in terms of your comment there.

至於往前看，你可以自己算，今天看起來第二季與第三季的盤面壓榨利差都不錯。但你必須記住，天然氣價格對所有人而言都略為偏高，而東部玉米基差也會起起落落。綜合來看，我會形容我們第一季的乙醇表現也非常好。因此就你剛才的評論而言，我認為我們與同業並沒有不同。

Okay. Great. And then if I could just sneak in one more quick question about -- on the capital investment side, can you remind us why the Port of Houston soybean meal investment is so important for the Andersons? Like outside of the obvious, like what does it get you? What is it now?

好的。很棒。然後如果我可以再偷偷塞進一個關於——資本投資面的快速問題，您能提醒我們為什麼休士頓港豆粕投資對 The Andersons 如此重要嗎？撇開顯而易見的部分不談，它究竟能為你們帶來什麼？它現在是什麼狀況？

Where does it position you in the world of soybean crush? I know you're not going to be crushing soybeans, but it does get you into that flow, right? And so I just want you to talk about that and remind the investment community why this is such an important growth investment.

它讓你們在全球大豆壓榨（soybean crush）的版圖中處於什麼位置？我知道你們不會去壓榨大豆，但它確實讓你們進入那個流通鏈條，對吧？所以我想請你談談這點，並提醒投資界為什麼這是一項如此重要的成長型投資。

That's a great question. And you are correct, it will not get us into the soybean crush industry. But with the RVOs coming out for '26 and '27, we know there's going to be substantially more demand for soybean oil. 80% of the soybean that gets crushed goes out in meal. So we will have a continued increase in soybean meal produced in the United States.

這是個很好的問題。你說得沒錯，它不會讓我們進入大豆壓榨產業。但隨著 2026 年與 2027 年的 RVOs 出爐，我們知道對大豆油的需求將大幅增加。被壓榨的大豆有 80% 會以豆粕形式流出。因此，美國的豆粕產量將持續增加。

We've seen nice growth on domestic consumption of soybean meal recently, but the domestic growth is not going to be able to keep up with the increased supply. And so from our perspective, our timing is about perfect to have another outlet for soybean meal to be able to export -- to be able to be exported into the global market. So it's just another step down a traditional path where we tend to look out into the future and find opportunities that we think are going to deliver value to our shareholders. And we continue to be very optimistic on the potential results for the soybean meal export program coming out of Houston.

我們最近看到國內豆粕消費有不錯的成長，但國內成長無法跟上供給增加。因此從我們的角度來看，我們的時點幾乎完美——能多一個豆粕出口的去化管道——把豆粕出口到全球市場。這只是沿著一條傳統路徑再往前一步：我們往往會放眼未來，尋找我們認為能為股東帶來價值的機會。我們也持續對從休士頓推動的豆粕出口計畫之潛在成果保持非常樂觀。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Congrats on the strong results. I wanted to start off maybe just asking about ethanol demand, both domestic and export, has been very robust since the start of the year, kind of against expectations. Have you seen any incremental strength from the war? Does it make ethanol more appealing domestically? And just to tag on to that, do you see a situation where ethanol remains favorable for a longer period of time in terms of blending?

恭喜你們繳出強勁的結果。我想先從乙醇需求談起，無論是國內或出口，自年初以來都非常強勁，某種程度上與原先預期相反。你們有看到戰爭帶來任何額外的需求增量嗎？它是否讓乙醇在國內更具吸引力？另外再延伸問一下，你們是否看到一種情況：就混配（blending）而言，乙醇在更長一段時間內都會維持有利？

I think we've seen a substantial uplift in demand for ethanol. And as I mentioned in my outlook, you have crude trading at or around $100 a barrel, at least last night, I've not looked at it this morning. And the biggest piece that we've seen in the US is ethanol was trading at as much as [$1.30, $1.35] a gallon recently. I think this morning, it's at $1.25 a gallon under ARBOB.

我認為我們確實看到乙醇需求大幅提升。正如我在展望中提到的，原油交易價格在每桶 100 美元左右——至少昨晚是這樣，我今天早上還沒看。而我們在美國看到的最大因素是，乙醇最近的交易價格一度高達每加侖 [$1.30, $1.35]。我想今天早上，它相對 ARBOB 的價差是每加侖低 $1.25。

So the blending economics and the ability to drive the overall cost of gasoline, which I think I read this morning is over $4.45 a gallon nationally, really will drive demand for ethanol in the US and Canada, which is our largest export partner for ethanol. And then as you look globally, there are a whole host of countries that are increasing their blend rate of ethanol, which is going to continue to drive global demand outside of North America. And so yes, as I look forward, Pooran, I think there's going to be substantial demand for ethanol just as a gasoline additive in order to reduce the overall cost.

因此，混配的經濟性以及降低汽油整體成本的能力——我想我今天早上讀到全美汽油均價已超過每加侖 4.45 美元——將真正推動美國與加拿大對乙醇的需求；加拿大是我們最大的乙醇出口夥伴。再放眼全球，有許多國家正在提高乙醇的混配比例，這將持續推動北美以外的全球需求。所以是的，Pooran，往前看，我認為乙醇作為汽油添加劑以降低整體成本，將會有相當可觀的需求。

Appreciate the color, Bill. Maybe just shifting to agribusiness and on the outlook on some of your prepared comments, you mentioned maybe getting that basis appreciation in the coming quarter. But I just wanted to get a better sense of how to frame this up. If we get another spike in grain prices, does that again push out your basis appreciation opportunity?

感謝說明，Bill。接著我想把話題轉到農業事業（agribusiness）以及你在部分事先準備的評論中提到的展望：你提到可能在接下來一季看到基差（basis）走強。但我想更清楚該如何理解。如果穀物價格再度飆升，是否又會把你們基差走強的機會往後推？

Great question. And it leads right back to the story we've been talking about for the last several years. The Andersons over the last five or six years has diversified its portfolio. So let's go right to your example. You can't predict the future, but as corn prices, wheat prices rally, your basis tends to break, okay?

很好的問題。這也正好回到我們過去幾年一直在談的故事。The Andersons 在過去五、六年已經讓投資組合更加多元化。就直接用你的例子來說：你無法預測未來，但當玉米價格、小麥價格上漲時，你的基差往往會走弱，對吧？

So in your scenario, yes, that would push out potential basis appreciation in our assets. However, the offset to that is the volatility that price spikes bring to the Andersons collectively as a whole, allowing our merchandising group to take advantage. And we saw that very clearly in Q1. And so that's what we really like about the portfolio that we have today is under most market conditions, we're able to take advantage of the opportunities that the market presents.

所以在你的情境下，是的，那會把我們資產的潛在基差走強往後推。不過相對的，價格飆升帶來的波動性，會在 The Andersons 整體層面形成抵銷，讓我們的貿易（merchandising）團隊能夠把握機會。我們在第一季非常清楚地看到這點。因此，我們很喜歡目前的投資組合：在大多數市場環境下，我們都能利用市場提供的機會。

The short answer is, yes, if we see a rally in corn, we would expect the basis at our grain assets to lag. But simultaneously, we would expect merchandising results to perform.

簡短的答案是：是的，如果我們看到玉米上漲，我們預期我們穀物資產的基差會落後。但同時，我們也預期貿易業績會表現良好。

Great. Appreciate the color there. And just on my last question, really just kind of follow-up here. On the tax rate, 14% to 18%, can you remind me, is that because we should be flowing 45Z tax credits through and basically taxing everything else at a higher tax rate? Is that higher tax rate, should we assume that to be like 25%?

很好，感謝補充。最後一個問題，算是延伸追問：關於稅率 14% 到 18%，你能提醒我一下，這是因為我們會把 45Z 稅額抵減（tax credits）流入，然後基本上對其他項目以較高稅率課稅嗎？那個較高的稅率，我們是否可以假設大約是 25%？

Yes, Pooran, I think that's fair. I mean, the 45Z tax credits are recorded above the line in other income, and those are nontaxable tax credits. So I think the way that you're thinking about it is the right way. The only -- the other impact, but it's pretty small, is noncontrolling interest. But the vast majority of it is exactly what you cited.

是的，Pooran，我認為這樣理解是合理的。45Z 稅額抵減是以損益表「線上」（above the line）的其他收入入帳，而且這些是免稅的稅額抵減。所以我認為你思考的方式是對的。唯一——另外一個影響，但相當小——是非控制權益（noncontrolling interest）。但絕大部分就是你所提到的那樣。

Ben Klieve, Benchmark.

Ben Klieve，Benchmark。

Congratulations on a really great first quarter. First, I wanted to ask about the merchandising business, specifically within the agribusiness sector. I'm wondering if you can help us understand the degree to which this improvement that you cited was relative to kind of a stale macro backdrop last year? Or has that business kind of returned to kind of more -- well beyond that to more kind of historic levels? That's my first question.

恭喜第一季表現非常出色。首先我想問關於貿易（merchandising）業務，特別是在農業事業部門內。我想請你們協助我們理解：你提到的改善，有多少是相對於去年較為停滯的總體環境所帶來的對比？或者該業務是否已經回到——甚至超過——更接近歷史常態的水準？這是我的第一個問題。

Ben, this is Bill. I think it's a combination of the 2. 2025 was, in your words, stale, low volatility, burdensome balance sheet. And so the opportunities just simply didn't present themselves.

Ben，我是 Bill。我認為兩者兼而有之。2025 年如你所說，是停滯的、低波動、資產負債表供給壓力沉重。因此機會就是不太會出現。

And as we mentioned, I do believe that the trough of the cycle was likely set in 2025. How fast we come out, and as I think you and I have talked about before, the slope is obviously to be determined. But yes, when you have market disruptors like the war in Iran, it's going to generate additional volatility. Overall, we're still looking at very ample global supplies of corn and soybeans. But we do have to get the 2026 crop planted and obviously harvested.

而且如我們提到的，我確實相信本輪循環的谷底很可能已在 2025 年形成。我們會多快走出來——正如我想你我之前談過的——斜率顯然仍有待觀察。但沒錯，當你遇到像伊朗戰爭這樣的市場擾動因素時，就會帶來額外的波動。整體而言，我們仍看到全球玉米與大豆供應非常充裕。但我們必須把 2026 年作物種下去，當然也要收成。

But we do see an underlying increase in domestic demand, obviously coming from corn to ethanol, beans to soy crush, but we also are seeing it in the poultry market and other end users where we are feeling a little bit more of a shot in the arm for increased demand that was a little unexpected. And then lastly, if you look at our corn export program out of the US, it is very strong, even if you consider the years that we had big Chinese programs. So yes, I think a combination of those are creating a better outlook for our merchandising businesses in agribusiness.

但我們確實看到國內需求有一個底層的增加，顯然來自玉米用於乙醇、黃豆用於大豆壓榨（soy crush）；同時我們也在家禽市場以及其他終端用戶看到這種趨勢，我們感受到一點「強心針」式的需求增長，且有些出乎意料。最後，如果你看我們從美國出發的玉米出口計畫，它非常強勁，即便把過去那些中國採購規模很大的年份納入比較也是如此。所以是的，我認為這些因素的組合，正在為我們農業事業的貿易業務帶來更好的展望。

Got it. Great. Good to hear that there's some broad-based drivers there, and it's not specific to the outbreak of the war of Iran. Okay. Very good.

了解。很好。很高興聽到那裡有一些廣泛性的驅動因素，而不是特別與伊朗戰爭爆發有關。好。非常好。

And then you cited a doubling of the ingredient business. And I know this is a small part of the agribusiness sector, but I'm wondering if you can elaborate on that a bit. I mean that's doubling is -- that's pretty significant. So can you talk about kind of the drivers behind this, the degree to which there's any kind of lumpy items within that? Or is that kind of a growth rate something that we can expect here in coming quarters? And then what the drivers were behind that, et cetera?

接著您提到配料業務翻倍。我知道這在農業綜合企業部門中只是一小部分，但我想請您再多說一點。我的意思是，翻倍——這相當顯著。所以您能談談背後的驅動因素、其中是否有任何一次性或波動性較大的項目嗎？還是說這樣的成長率是我們在接下來幾個季度可以期待的？以及當時推動翻倍的因素等等？

To answer your question in terms of doubling, I think that was I think you're referencing Q1 over Q1, '26 over '25 premium ingredients financial results, Doug?

就您關於翻倍的問題來回答，我想那是——我想您指的是第一季相較第一季，也就是 2026 年相較 2025 年的高端配料（premium ingredients）財務結果，Doug？

Yes. That's correct.

是的。沒錯。

Okay. So we've talked to the investing community and analysts for well over 18 months about our desire to continue to grow our premium ingredients. Those investments take a while to get completed. And as we've talked through the recent calls, those investments are all coming online, and we are now working on a new one in Mansfield, Illinois.

好的。我們在過去超過 18 個月裡，已經和投資社群與分析師談過我們希望持續成長高端配料業務的目標。這些投資需要一些時間才能完成。正如我們在最近幾次電話會議中所談到的，這些投資都在陸續上線，而我們現在也正在伊利諾伊州曼斯菲爾德（Mansfield）推進一個新的項目。

But yes, we have a very strong opinion that the way our premium ingredients business is set up, structured and operates, we have quite a long runway for us to continue to build out that business, working with anywhere from the largest CPG companies in the US at least down to private companies that manufacture our products.

不過是的，我們非常堅信，以我們高端配料業務目前的設置、架構與營運方式來看，我們有相當長的跑道可以持續擴建這項業務，合作對象從至少美國最大的 CPG（民生消費品）公司，到製造我們產品的私人公司都有。

So will we be able to double it over time? Yes, we will. It will take some investment, and it is a smaller part of our business today, but that doesn't mean that we're not focused on improving it because, in general, those returns are higher.

所以我們能否隨時間推進把它翻倍？可以，我們可以。這需要一些投資，而且它目前在我們整體業務中占比仍小，但這不代表我們不專注於改善它，因為一般而言，那些回報更高。

Congratulations on a good first quarter here. I'll get back in the queue.

恭喜第一季表現不錯。我回到隊列後面。

(Operator Instructions)

（接線員指示）

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

I have a couple of policy and macro questions for you. First, given the importance of 45Z to your ethanol business, I wanted to ask for your latest expectations on the finalization of 45Z policy, which is expected to include positive revisions for CSA in the provisional emission rate process.

我有幾個政策與總體經濟方面的問題。首先，鑑於 45Z 對你們乙醇業務的重要性，我想請教你們對 45Z 政策最終定案的最新預期時程；預期其中將包含對 CSA 在暫定排放率（PER）流程中的正向修訂。

Eric, this is Bill. Great question. And any opinion that we will provide on timing is simply a guess. The public comments are being held at the end of this month, I believe it's May 28. So if you use kind of our historical path in terms of finalization, our best guess would be late summer, early fall.

Eric，我是 Bill。這是個好問題。我們對時程所能提供的任何看法都只是猜測。公眾意見徵詢會在本月底舉行，我相信是 5 月 28 日。所以如果參考我們過去的歷史節奏來看，我們最好的猜測會是夏末、初秋。

And that is simply that a guess. But it does feel like the IRS is listening and there's been a lot of public comments. We are participating in the public comment period, working both directly with legislators or the IRS and more importantly, through organizations like Growth Energy. So we feel like our voice is getting heard. In terms of CSA and PER, the PER, which is the provisional emission rates for feedstocks that do not currently have a pathway -- those results are important to the industry, but not to the Andersons.

而這真的只是猜測。但確實感覺國稅局（IRS）正在傾聽，而且有很多公眾意見。我們也在公眾意見徵詢期間參與，既直接與立法者或 IRS 合作，更重要的是透過像 Growth Energy 這樣的組織。因此我們覺得我們的聲音有被聽見。就 CSA 與 PER 而言，PER（也就是對目前尚未有途徑的原料所設定的暫定排放率）結果對產業很重要，但對 Andersons 來說不重要。

We use corn as our primary feedstock at all four of our ethanol plants. And so although we are paying attention to them, for the Andersons, it will have a limited effect on those finalized rulings. In terms of CSA, that's a great question. And we are already working on CSA type programs with CPG companies. So we have the platform set up.

我們在四座乙醇工廠都以玉米作為主要原料。因此，雖然我們會關注，但對 Andersons 而言，這些最終裁定的影響會有限。至於 CSA，這是個很好的問題。我們已經在與 CPG 公司合作推動 CSA 類型的計畫，所以我們的平台已經建置完成。

We have the desire to help the farmer be able to generate more value for -- so that is kind of a wait and see. The one thing that you do need to realize is the farmer only plants corn once a year. And so today, we need to have those rulings in order to be able to help the producer prepare for the 2027 planting season.

我們也希望能協助農民創造更多價值——所以這部分還需要觀望。你需要注意的一點是，農民一年只種一次玉米。因此，我們今天就需要那些裁定，才能協助生產者為 2027 年的播種季做準備。

Great color. And maybe that was fantastic. And shifting over to macro more broadly and the impacts of the conflict in the Middle East. I wanted to ask if you could elaborate on any changes in corn crop yields or allocations to corn you'd expect as you look a little further out on the curve resulting from the lack of fertilizer or hog prices here in the US.

很有幫助的補充說明，這真的很棒。接著把焦點轉到更廣泛的總體面，以及中東衝突的影響。我想請你們談談，隨著美國這邊肥料短缺或豬價的情況，往更遠期曲線看，你們是否預期玉米作物單產或玉米種植面積配置會有任何變化？

That is a good question. And I honestly thought I'd be getting asked several questions around fertilizer today. So let's start with the '26 crop that's going into the ground today. It varies among different geographies inside the US. But well over the majority and in some parts of our area, up to 85% of our farmers had their fertilizer prices locked in prior to February 28 and the start of the war.

這是個好問題。老實說，我原本以為今天會被問到好幾個關於肥料的問題。先從目前正在播種的 2026 年作物談起。美國境內不同地區情況不一，但絕大多數——在我們某些區域甚至高達 85%——的農民在 2 月 28 日、也就是戰爭開始之前，就已經把肥料價格鎖定了。

So our producer base, we feel like there will be a shift. There will be a shift in terms of, as we mentioned in the comments, a slight shift from corn to soybeans still north of the five-year average. What we have started to focus on is what does fall applications in 2026 look like? And the US as compared to our global partners and competitors for production are in a much better space for nitrogen because nitrogen is really the fertilizer or the input that's getting affected the most over the conflict in Iran.

所以就我們的生產者基礎來看，我們認為會有一些轉變。正如我們在評論中提到的，會有些微從玉米轉向大豆的變化，但玉米仍高於五年平均。我們開始聚焦的是：2026 年秋季施肥會是什麼樣子？相較於全球合作夥伴與競爭對手，美國在氮肥方面的處境要好得多，因為在伊朗衝突中，受影響最嚴重的其實是氮肥這個投入品。

The US produces more or a higher percentage, excuse me, fertilizer than some of our competitors. So we do think it is a concern. We do believe it will affect the US farmer less than some other countries globally.

美國生產的肥料占比——更正，是比例——比一些競爭對手更高。所以我們確實認為這是一個疑慮。我們也相信，這對美國農民的影響會小於全球其他一些國家。

That's the best answer I can give you today as we're looking forward, but I do think that's a very good question and a very real issue that we're already looking towards Q4 for -- the Andersons.

以我們目前往前看的角度，這是我今天能給的最佳回答；但我確實認為這是個很好的問題，也是我們已經在關注、並且已經把視線放到第四季的——對 Andersons 而言——非常真實的議題。

Great update and congrats on your quarter today.

很棒的更新，也恭喜你們本季表現。

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

以上結束我們的問答環節。我想把電話會議交回給 Mike Hoelter，請他做結語。

Thanks, Joe. We want to thank you all for joining us this morning. Our next earnings conference call is scheduled for Tuesday, August 4, 2026, at 8:30 AM Eastern Time when we will review our second quarter results. As always, thank you for your interest in the Andersons, and we look forward to speaking with you again soon.

謝謝你，Joe。我們要感謝各位今天早上加入。我們下一次財報電話會議預定於 2026 年 8 月 4 日（星期二）美東時間上午 8:30 舉行，屆時我們將回顧第二季業績。一如既往，感謝各位對 Andersons 的關注，我們也期待很快再次與各位交流。