Balchem Corporation (BCPC) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Balchem Second Quarter 2026 earnings call. (Operator Instructions).

各位好。感謝各位加入我們，歡迎參加 Balchem 2026 年第二季財報電話會議。（接線員指示）。

I would now like to hand the conference over to Martin Bengtsson, Balchem's CEO, (sic – CFO). Please go ahead.

現在我想將會議交給 Balchem 的執行長 Martin Bengtsson，（原文如此 – 財務長）。請開始。

Good morning, everyone. Thank you for joining our conference call this morning to discuss the results of Balchem Corporation for the quarter ending June 30, 2026. My name is Martin Bengtsson, Chief Financial Officer, and hosting this call with me is Ted Harris, our Chairman, President and CEO.

各位早安。感謝各位今天早上參加我們的電話會議，討論 Balchem Corporation 截至 2026 年 6 月 30 日季度的業績。我叫 Martin Bengtsson，財務長，與我一同主持本次電話會議的是我們的董事長、總裁兼執行長 Ted Harris。

Following the advice of our counsel, auditors and the SEC, at this time, I would like to read our forward-looking statement. Statements made in today's call that are not historical facts are considered forward-looking statements. We can give no assurance that the expectations reflected in forward-looking statements will prove correct, and various factors could cause actual results to differ materially from our expectations, including risks and factors identified in Balchem's most recent Form 10-K, 10-Q and 8-K reports. The company assumes no obligation to update these forward-looking statements.

依據我們法律顧問、審計師以及美國證券交易委員會（SEC）的建議，此時我想宣讀我們的前瞻性聲明。今天電話會議中所作、非歷史事實的陳述均屬前瞻性陳述。我們無法保證前瞻性陳述中反映的預期將被證實為正確，且多項因素可能導致實際結果與我們的預期存在重大差異，包括 Balchem 最近的 Form 10-K、10-Q 與 8-K 報告中所識別的風險與因素。公司不承擔更新這些前瞻性陳述的任何義務。

Today's call and commentary also include non-GAAP financial measures. Please refer to the reconciliations in our earnings release for further details.

今天的電話會議與評論亦包含非 GAAP 財務衡量指標。更多細節請參閱我們財報新聞稿中的調節表。

I will now turn the call over to Ted Harris, our Chairman, President and CEO.

現在我將電話會議交給我們的董事長、總裁兼執行長 Ted Harris。

Thanks, Martin. Good morning, and welcome to our conference call. We were extremely pleased with our second quarter performance reported this morning, which was once again driven by healthy broad-based growth across all three of our reporting segments and continued solid execution on our strategic growth initiatives.

謝謝你，Martin。各位早安，歡迎參加我們的電話會議。我們對今天早上公布的第二季表現感到非常滿意；這再次得益於我們三個報告部門全面且健康的成長，以及我們策略性成長計畫持續穩健的執行。

Our healthy growth continues to be fueled by the ongoing market penetration of our unique portfolio of specialty nutrients and delivery systems and the favorable better-for-you trends within the food and nutrition markets that are well aligned with our product offerings and capabilities. As a result, we delivered record quarterly consolidated sales, adjusted EBITDA and adjusted net earnings as well as solid cash flows.

我們的健康成長持續由兩大因素推動：我們獨特的特殊營養素與傳遞系統產品組合持續提升市場滲透率，以及食品與營養市場中「更健康（better-for-you）」趨勢的利多，這些趨勢與我們的產品供應與能力高度契合。因此，我們創下單季合併銷售額、調整後 EBITDA 與調整後淨利的歷史新高，並帶來穩健的現金流。

Before discussing our second quarter financial results in more detail, I'd like to take a moment to comment on the broader operating environment within each of our business segments and highlight a few areas of progress in the quarter, particularly within our capital allocation strategy. Demand trends across our businesses remain healthy. Our unique portfolio, strong market positions and focus on innovation continue to drive above-market growth.

在更深入討論第二季財務結果之前，我想先花點時間談談我們各業務部門更廣泛的營運環境，並重點說明本季幾項進展，特別是在我們的資本配置策略方面。我們各項業務的需求趨勢仍然健康。我們獨特的產品組合、強勢的市場地位與對創新的聚焦，持續推動高於市場的成長。

Within Human Nutrition & Health, we delivered another very strong quarter, supported by solid demand across both our nutrients portfolio and our Food Ingredients and Solutions businesses. Heightened interest in supplementation and healthier nutrient dense, high protein, high fiber and lower sugar products continues to create opportunities for our customers and subsequently, our science-based ingredients, formulation expertise and application capabilities.

在人類營養與健康（Human Nutrition & Health）方面，我們再度交出非常強勁的一季，營養素產品組合以及食品配料與解決方案業務均有穩健需求支撐。市場對補充品以及更健康、營養密度更高、高蛋白、高纖與低糖產品的興趣升溫，持續為我們的客戶帶來機會，進而帶動我們以科學為基礎的配料、配方專業與應用能力的需求。

In Animal Nutrition & Health, we continue to generate healthy growth as a result of both expanding adoption of our precision release rumen-protected nutrient technologies within the dairy industry as well as realizing higher year-over-year volumes and margins in our European monogastric business. We remain encouraged by the momentum across our Animal Nutrition & Health portfolio and the value our products provide to producers seeking greater efficiency, productivity and sustainability.

在動物營養與健康（Animal Nutrition & Health）方面，我們持續實現健康成長，主要來自兩項因素：乳品產業對我們精準釋放、瘤胃保護營養素技術的採用持續擴大，以及我們歐洲單胃動物業務的年增出貨量與毛利率提升。我們對動物營養與健康產品組合的動能仍感到鼓舞，也肯定我們的產品為追求更高效率、生產力與永續性的生產者所帶來的價值。

And Specialty Products also continues to drive healthy top and bottom-line growth on solid volume and pricing growth, particularly within our Performance Gases business. So demand trends across our businesses remain healthy, and each of our reporting segments is performing well.

而特殊產品（Specialty Products）也持續在穩健的銷量與價格成長帶動下，推動營收與獲利的健康成長，尤其是在我們的性能氣體（Performance Gases）業務。因此，我們各項業務的需求趨勢仍然健康，且三個報告部門的表現都很出色。

On a consolidated basis, we delivered strong growth and healthy margins despite higher input costs related to the conflict in the Middle East as a result of both mitigating actions and growth-driven operating leverage. And we remain confident in our ability to drive continued growth and margin performance going forward.

在合併層面，儘管中東衝突導致投入成本上升，我們仍透過因應措施以及成長帶動的營運槓桿，實現強勁成長與健康的利潤率。我們也仍對未來持續推動成長與利潤率表現的能力充滿信心。

On the capital allocation front, consistent with our balanced approach to capital allocation, we took several actions during the quarter to enhance financial flexibility and return capital to shareholders.

在資本配置方面，秉持我們平衡的資本配置方針，我們在本季採取了多項行動，以提升財務彈性並回饋股東。

First, we recently completed the refinancing of our revolving credit facility. The new amended agreement increases our borrowing capacity from $550 million to $650 million and extends the maturity of the facility into 2031. This transaction further strengthens our financial position and provides additional flexibility to support our growth strategy, including continued investment in innovation, capacity expansion and strategic acquisition opportunities.

第一，我們近期完成了循環信用額度（revolving credit facility）的再融資。新的修訂協議將我們的借款額度由 5.5 億美元提高至 6.5 億美元，並將該融資到期日延長至 2031 年。此交易進一步強化我們的財務狀況，並提供額外彈性以支持我們的成長策略，包括持續投資創新、擴充產能以及策略性併購機會。

Second, we repurchased approximately $29 million of Balchem common stock during the second quarter and $114 million over the trailing 12 months, reflecting our continued commitment to disciplined capital allocation and shareholder value creation.

第二，我們在第二季回購了約 2,900 萬美元的 Balchem 普通股，過去 12 個月累計回購 1.14 億美元，反映我們對紀律性資本配置與創造股東價值的持續承諾。

Now regarding the second quarter financial performance. This morning, we reported record quarterly consolidated revenue of $284 million, an increase of 11.2% versus the prior year. We delivered record quarterly GAAP earnings from operations of $59 million, an increase of 15.1% versus the prior year. Consolidated net income closed the quarter at a record $45 million, an increase of 16.6%. This quarterly net income translated to diluted net earnings per share of $1.39 on a GAAP basis, up 18.8%.

接著談第二季財務表現。今天早上，我們公布單季合併營收創新高達 2.84 億美元，較去年同期成長 11.2%。我們的單季 GAAP 營業利益創新高達 5,900 萬美元，較去年同期成長 15.1%。合併淨利在本季收於創新高的 4,500 萬美元，成長 16.6%。本季淨利換算為 GAAP 稀釋每股盈餘 1.39 美元，年增 18.8%。

On an adjusted basis, we delivered record quarterly adjusted EBITDA of $78 million, an increase of 12.6%. Our quarterly adjusted net earnings were a record $48 million, an increase of 15.7%, which translated to $1.49 per diluted share, up 17.3%.

以調整後口徑計算，我們的單季調整後 EBITDA 創新高達 7,800 萬美元，成長 12.6%。本季調整後淨利創新高達 4,800 萬美元，成長 15.7%，換算為稀釋每股 1.49 美元，年增 17.3%。

Overall, we delivered an outstanding second quarter, highlighted by record financial results, broad-based growth across our businesses, the strengthening of our balance sheet via our newly amended credit facility and continued execution on our long-term strategic objectives.

整體而言，我們交出卓越的第二季成績，亮點包括創紀錄的財務結果、各業務全面成長、透過新修訂的信用額度強化資產負債表，以及持續落實我們的長期策略目標。

And with that, I'm now going to turn the call back over to Martin to go through the second quarter financial results in more detail and the results for each of our business segments.

接下來，我將把電話會議交回給 Martin，請他更詳細說明第二季財務結果以及各業務部門的表現。

Thank you, Ted. The second quarter was another strong quarter. Our record second quarter net sales of $284 million were up 11.2% compared to prior year, driven by strong performances across all three segments: Human Nutrition & Health, Animal Nutrition & Health and Specialty Products.

謝謝你，Ted。第二季再次是一個強勁的季度。我們第二季創紀錄的淨銷售額為 2.84 億美元，較去年同期成長 11.2%，主要由三個部門的強勁表現所帶動：人類營養與健康、動物營養與健康，以及特殊產品。

Our gross margin dollars were $104 million, up 11.4% and our gross margin percent expanded to 36.5% of sales, up 10 basis points. The gross margin performance was driven primarily by sales growth and manufacturing efficiencies, partially offset by certain higher manufacturing input costs.

我們的毛利金額為 1.04 億美元，成長 11.4%；毛利率擴大至銷售額的 36.5%，提升 10 個基點。毛利表現主要由銷售成長與製造效率帶動，但部分被某些較高的製造投入成本所抵銷。

Consolidated operating expenses for the second quarter were $44 million as compared to $42 million in the prior year. The increase was primarily due to higher compensation-related costs. GAAP earnings from operations for the second quarter were a record $59 million, an increase of 15.1%.

第二季合併營業費用為 4,400 萬美元，去年同期為 4,200 萬美元。增加主要由較高的薪酬相關成本所致。第二季 GAAP 營業利益創新高為 5,900 萬美元，成長 15.1%。

On an adjusted basis, as detailed in our earnings release this morning, record non-GAAP earnings from operations of $64 million were up 13.9%. Adjusted EBITDA was a record $78 million, an increase of 12.6% with an adjusted EBITDA margin rate of 27.4%.

以調整後口徑計算，如我們今天早上財報新聞稿所詳述，創紀錄的非 GAAP 營業利益為 6,400 萬美元，成長 13.9%。調整後 EBITDA 創新高為 7,800 萬美元，成長 12.6%，調整後 EBITDA 利潤率為 27.4%。

Net interest expense for the second quarter was $2 million, a decrease of $1 million, primarily driven by lower outstanding borrowings and lower interest rates. Our net debt was $89 million with an overall leverage ratio on a net debt basis of 0.3. The effective tax rates for the second quarters of 2026 and 2025 were 22.8% and 21.9%, respectively. The increase in the effective tax rate from the prior year was primarily due to lower tax benefits from stock-based compensation.

第二季淨利息費用為200萬美元，較去年同期減少100萬美元，主要受未償借款餘額降低及利率下降所帶動。我們的淨負債為8,900萬美元，以淨負債計算的整體槓桿比率為0.3。2026年與2025年第二季的有效稅率分別為22.8%與21.9%。有效稅率較前一年上升，主要係因股票基礎薪酬帶來的稅務利益減少。

Consolidated net income closed the quarter at a record $45 million, up 16.6%. This quarterly net income translated into diluted net earnings per share of $1.39, an 18.8% increase. On an adjusted basis, our second quarter adjusted net earnings were a record $48 million, an increase of 15.7%, which translated to $1.49 per diluted share.

合併淨利於本季收官達到創紀錄的4,500萬美元，成長16.6%。本季淨利換算後，稀釋後每股淨利為1.39美元，增加18.8%。以調整後基礎計算，我們第二季調整後淨利亦創紀錄達4,800萬美元，成長15.7%，相當於每股稀釋後1.49美元。

Cash flows from operations were $47 million with free cash flow of $36 million, and we closed out the quarter with $63 million of cash on the balance sheet. As we look at the second quarter from a segment perspective, our Human Nutrition & Health segment saw record sales of $177 million, up 10%, driven by growth in both our nutrients business and our Food Ingredients and Solutions businesses.

營運活動現金流為4,700萬美元，自由現金流為3,600萬美元；季末資產負債表上的現金餘額為6,300萬美元。從部門角度來看第二季，我們的人類營養與健康（Human Nutrition & Health）部門銷售額創紀錄達1.77億美元，成長10%，主要由營養素業務以及食品配料與解決方案業務雙雙成長所帶動。

Record earnings from operations of $42 million were up 10.5%, driven by the higher sales and favorable mix, partially offset by certain higher manufacturing input costs and higher operating expenses. Second quarter adjusted earnings from operations for this segment were a record $46 million, up 10.9%. We are excited about the growth outlook for Human Nutrition & Health, where consumer demand for healthier nutritional solutions continues to support growth. Our differentiated ingredients, formulation expertise and branded portfolio position us well to continue serving our customers and expanding our market opportunities.

營業利益創紀錄達4,200萬美元，成長10.5%，主要受銷售增加與有利的產品組合帶動，但部分被某些較高的製造投入成本與較高的營運費用所抵銷。本部門第二季調整後營業利益創紀錄達4,600萬美元，成長10.9%。我們對人類營養與健康的成長前景感到振奮，消費者對更健康營養解決方案的需求持續支撐成長。我們具差異化的原料、配方專業能力與品牌組合，使我們能持續良好地服務客戶並擴大市場機會。

Our Animal Nutrition & Health segment delivered sales of $64 million, up 15%. The increase was driven by higher sales in both the monogastric and ruminant businesses. Animal Nutrition & Health delivered earnings from operations of $5 million, up 48.7%, driven by the higher sales, partially offset by certain higher manufacturing input costs and higher operating expenses.

我們的動物營養與健康（Animal Nutrition & Health）部門銷售額為6,400萬美元，成長15%。成長主要來自單胃動物與反芻動物兩項業務的銷售提升。動物營養與健康部門營業利益為500萬美元，成長48.7%，主要由較高銷售帶動，但部分被某些較高的製造投入成本與較高的營運費用所抵銷。

Second quarter adjusted earnings from operations for this segment were $6 million, up 47.7%. We delivered another quarter of improved year-over-year performance in our Animal Nutrition & Health segment. Growth was driven by continued adoption of our encapsulated rumen-protected nutrient technologies in the dairy market, stable demand in our US monogastric business and ongoing improvement in our European monogastric business following the implementation of EU antidumping duties.

本部門第二季調整後營業利益為600萬美元，成長47.7%。我們在動物營養與健康部門再度交出較去年同期改善的季度表現。成長動能來自乳品市場持續採用我們的包覆型瘤胃保護營養技術、美國單胃動物業務需求穩定，以及在歐盟反傾銷稅實施後歐洲單胃動物業務持續改善。

And we were also pleased with the year-over-year margin improvement delivered in the quarter within A&H despite higher input costs related to the conflict in the Middle East as a result of both mitigating actions taken and growth-driven operating leverage. We're encouraged by the momentum across the Animal Nutrition & Health segment and remain confident in our ability to continue expanding adoption of our technologies and delivering long-term growth.

此外，儘管中東衝突導致投入成本上升，我們仍對A&H於本季實現的年對年毛利率改善感到滿意，這得益於我們採取的各項緩解措施以及成長帶動的營運槓桿。我們對動物營養與健康部門的動能感到鼓舞，並仍有信心持續擴大技術採用並實現長期成長。

Our Specialty Products segment delivered record quarterly sales of $41 million, up 8.9% driven by healthy growth in both Performance Gases and Plant Nutrition businesses. Specialty Products delivered a record quarterly earnings from operations of $13 million, up 14.4%, driven primarily by higher sales, partially offset by certain higher manufacturing input costs and higher operating expenses. Second quarter adjusted earnings from operations for this segment were a record $14 million, up 12.1%.

我們的特殊產品（Specialty Products）部門季度銷售額創紀錄達4,100萬美元，成長8.9%，主要由性能氣體（Performance Gases）與植物營養（Plant Nutrition）兩項業務的健康成長所帶動。特殊產品部門季度營業利益創紀錄達1,300萬美元，成長14.4%，主要由銷售增加帶動，但部分被某些較高的製造投入成本與較高的營運費用所抵銷。本部門第二季調整後營業利益創紀錄達1,400萬美元，成長12.1%。

We were encouraged by the continued strong performance in Specialty Products, which once again delivered healthy profitable growth, supported by favorable market positions and disciplined execution, we believe the segment remains well positioned for continued success. Overall, our second quarter reflects all-time record financial performance, continued momentum across our businesses and strong execution across the organization.

我們對特殊產品部門持續強勁的表現感到鼓舞；該部門再次實現健康且具獲利性的成長，在有利的市場地位與嚴謹的執行力支持下，我們認為該部門仍具備持續成功的良好條件。整體而言，我們第二季反映出史上最佳的財務表現、各業務持續的動能，以及全組織的強勁執行力。

With that, I'll turn the call back over to Ted for some closing remarks.

接下來，我把電話交回給Ted，請他做一些結語。

Thanks, Martin. We are very pleased with the results we reported earlier today. Our teams executed exceptionally well during the quarter, delivering record financial performance while continuing to advance our strategic priorities.

謝謝你，Martin。我們對今天稍早公布的結果感到非常滿意。我們的團隊在本季執行表現極為出色，在持續推進策略重點的同時，交出創紀錄的財務表現。

The second quarter of 2026 was our 28th consecutive quarter of year-over-year growth in adjusted EBITDA. We believe this achievement reflects the strength of our unique portfolio, the resilience of our business model and the consistent execution of our teams across a wide range of market conditions. And as a team, we are extremely proud of these results and excited about the future of our company.

2026年第二季是我們調整後EBITDA連續第28個季度年對年成長。我們認為，這項成就反映了我們獨特產品組合的實力、商業模式的韌性，以及團隊在各種市場環境下持續一致的執行力。作為一個團隊，我們對這些成果感到非常自豪，也對公司的未來充滿期待。

I will now hand the call back over to Martin, who will open up the call for questions.

我現在把電話交回給Martin，由他開放提問。

Thank you, Ted. This now concludes the formal portion of the conference. At this point, we will open up the conference call for questions.

謝謝你，Ted。以上為本次會議的正式部分。接下來我們將開放電話會議進行提問。

(Operator Instructions) Bob Labick, CJS Securities.

(接線員指示) Bob Labick，CJS Securities。

Congratulations on continued strength and record results. You've been really successful in growing minerals and nutrients, in particular, choline, K2, magnesium and more. My question is, how do you evaluate new products? Is it based on where you can improve bioavailability or markets or what? And so how do you evaluate new products for that area? And then how do you decide if it's a kind of build versus buy opportunity to enter markets for new products?

恭喜你們持續展現強勁動能並創下紀錄成果。你們在礦物質與營養素的成長方面非常成功，尤其是膽鹼、K2、鎂等。我的問題是，你們如何評估新產品？是依據你們能在哪些方面提升生物可利用率、或是市場機會之類的因素嗎？那麼你們如何評估該領域的新產品？另外，你們又如何決定進入新產品市場時，是「自建」還是「併購」的機會？

Yes. Thanks for the question, Bob. We're really, really pleased with the performance of the Nutrients business as well as the food ingredients and solutions part of H&H, both contributing to very, very strong results in our Human Nutrition & Health business. And specifically in nutrients, as you know, over the years, we have developed our own products, sometimes with outside partners in the case of Optifolin+ that we launched a year or so ago. That's a good example of kind of an internal development with external support.

是的。謝謝你的問題，Bob。我們對營養素業務的表現，以及H&H中食品配料與解決方案部分的表現都非常、非常滿意；兩者共同促成我們人類營養與健康業務非常、非常強勁的成果。特別是在營養素方面，如你所知，多年來我們開發了自有產品；有時也會與外部夥伴合作，例如我們在一年左右前推出的Optifolin+。那就是一個很好的例子，屬於內部開發並結合外部支援。

And then we've acquired technologies like we did with Vitamin K2 in buying Kappa Solutions. And I think it has to do with how you select which path to go down, it has to do with how close is that technology to our core. And for example, in Optifolin+, part of the backbone of that technology is choline. And so we were able to use our expertise to expand into that technology with an outside partner. And so that was more sort of ripe for internal development, if you will, whereas the Vitamin K2 is very different technology. And so it made sense to do that through acquisition.

此外，我們也透過收購取得技術，例如我們收購Kappa Solutions以取得維生素K2技術。我認為，選擇走哪一條路，取決於該技術與我們核心能力的貼近程度。例如在Optifolin+方面，該技術的核心基礎之一是膽鹼。因此我們能運用自身專業，與外部夥伴合作擴展到該技術領域。所以若要說的話，那更適合採取內部開發；相較之下，維生素K2則是非常不同的技術。因此透過收購來進行是合理的。

But when we step back and look at the marketplace, how do we decide which nutrients we want to invest in and we think would be valuable as part of our portfolio certainly, one thing we start with is the science. We want to make sure there is already good existing sound science behind the products that we're bringing in. And I think that, that clearly has been true with all of the additions to our portfolio over the years. So the science is really important.

但當我們退一步看整體市場時，我們如何決定要投資哪些營養素、並認為哪些會對我們的產品組合有價值？當然，我們首先著眼的一點是科學依據。我們希望確保我們引進的產品背後，已經有良好且可靠的科學基礎。我認為，多年來我們產品組合中所有新增項目，顯然都符合這一點。因此，科學依據非常重要。

And then kind of as you touched on, I think it's the -- what is our point of differentiation that's going to make our product different and more special and so forth. I think that's also a very, very important aspect of the product. For example, when we bought Kappa Solutions and Vitamin K2, it was very important to us that one of the primary forms of K2 that Kappa Solutions had was an encapsulated K2 that was protected with patent, was very different, very unique and very special in the marketplace. So lots of points of differentiation there and moats, if you will, on that product. So differentiation, I think, is another key point.

然後如你剛才提到的，我認為這關鍵在於——我們的差異化定位是什麼，能讓我們的產品更不同、更特別等等。我認為這也是產品非常、非常重要的一個面向。例如，當我們收購 Kappa Solutions 與 Vitamin K2 時，對我們而言非常重要的一點是：Kappa Solutions 所擁有的 K2 主要形式之一，是一種經過包覆（encapsulated）的 K2，受到專利保護，在市場上非常不同、非常獨特、也非常特別。因此在那個產品上有很多差異化要點，以及你可以說的護城河（moats）。所以我認為差異化是另一個關鍵要點。

The other thing we like to look at is how well penetrated is that nutrient. Our nutrients still, even after many years of efforts, still are relatively well known. They're increasing in awareness and increasing in market penetration. But it's a very different dynamic if you're -- if you have a nutrient that, from your perspective, is fully penetrated in the marketplace has very high awareness, like, for example, I'll say, vitamin B3.

我們另外也喜歡看的，是該營養素的市場滲透程度有多高。我們的營養素即使經過多年努力，仍然算是相對為人所知。它們的認知度在提升、市場滲透率也在提高。但如果你——如果你所擁有的營養素，從你的角度看，在市場上已經完全滲透、認知度非常高，例如我舉例維生素 B3，那就會是非常不同的動態。

Our nutrients tend to be lesser known, more niche, and we have a real opportunity with that science and that differentiation to drive awareness, drive market penetration and really drive above-market growth rates. And I think you can see evidence of that on all of our products that are part of our nutrient portfolio. So I think those are sort of the key elements that we look at. And we're excited by the fact that we do see opportunities in the marketplace to add additional products to our nutrient portfolio, and we're working hard on that.

我們的營養素通常較不為人知、更偏利基，而我們有很大的機會，透過那套科學基礎與差異化來提升認知、提升市場滲透，並真正帶動高於市場的成長率。我想你可以在我們所有屬於營養素產品組合的產品上看到這方面的證據。所以我認為這些大概就是我們會看的關鍵要素。而且我們也很振奮，因為我們確實看到市場上有機會把更多產品加入我們的營養素產品組合，我們也正在為此努力。

Okay. Great. And you mentioned the science as part of the differentiation and everything. Maybe this isn't kind of every quarter question because I know it's not this fast, but I know you have a number of trials out there. I was wondering if you could give us any updates on some of the trials that may come to fruition in this year. And then I guess just more broadly, how you use that information once you get it to help grow the business?

好的。很好。你也提到科學是差異化的一部分等等。也許這不是每一季都會問的問題，因為我知道進度沒那麼快，但我知道你們有不少試驗在進行。我想請問你是否能就今年可能會有結果的一些試驗，提供任何最新進展？然後更廣泛地說，一旦你們拿到這些資訊後，會如何運用來協助業務成長？

Yes. Certainly, investing in clinical studies and as I've referred to it, the science behind our products is really an important part of what we do. It's how we help our customers have claims for their own products, which is an important part of marketing. So it's a fairly significant investment. At any one time, we have 20, 25 ongoing studies out there. And you're right, some of these take many years, some are a little bit shorter.

是的。當然，投資臨床研究——如我所說，我們產品背後的科學——確實是我們工作中非常重要的一部分。這也是我們如何協助客戶為其自有產品提出宣稱（claims），而這是行銷的重要一環。因此這是一項相當可觀的投資。在任何一個時間點，我們大約有 20 到 25 項正在進行的研究。而你說得對，其中一些需要很多年，有些則相對短一些。

There were four studies of note in the last quarter, one on Optifolin+, two on K2Vital and one on VitaCholine that are all really good studies and further enhance our already kind of broad library of studies for the product. It just kind of gives you a feel this is ongoing, and these are all a little bit different, but kind of add to that portfolio and add to that science behind our products.

上一季有四項值得一提的研究：一項關於 Optifolin+、兩項關於 K2Vital，以及一項關於 VitaCholine；這些都是非常好的研究，並進一步強化我們原本就相當廣泛的產品研究資料庫。這也讓你感受到這是持續進行的；這些研究各有不同，但都在為我們的產品組合增添內容，並加深我們產品背後的科學基礎。

The one that I am excited about, and unfortunately, I don't have an update today, but I'm very excited about is one that I've talked about in the past, and that's the MD Anderson University of Texas MIT pilot clinical study that has people in the study that have the APOE4 gene, which is really the gene that leads to Alzheimer's. And so it is an adult cognition study that I'm excited to ultimately get the results about and hopefully be able to talk significantly about because if we can, from this study, see clear evidence that high doses of choline have an impact on the development of dementia and Alzheimer's, that would be really an important finding and an important part of the science behind the cognitive benefits of choline.

我特別感到興奮的一項——很可惜我今天沒有最新進度，但我非常期待——是我過去談過的：德州大學 MD Anderson（安德森癌症中心）的 MIT 試點臨床研究；該研究納入帶有 APOE4 基因的受試者，而這個基因確實與阿茲海默症的發展相關。因此這是一項成人認知研究，我很期待最終能取得結果並希望能更深入地討論；因為如果我們能從這項研究看到明確證據，顯示高劑量膽鹼（choline）會影響失智與阿茲海默症的發展，那將是非常重要的發現，也會成為支持膽鹼認知益處之科學基礎的重要一環。

I do think that that study, once it's published, will lead to another bigger study that will further reinforce those findings. But we have -- we do know that, that study is completed. And we do expect that, that study should be published in the next couple of months. So I'm really hopeful that with the next quarterly update, I will be able to talk about the results of that study. So that's an exciting study that's going on that I'm particularly interested in, along with the four that I talked about that were published in the last quarter and the others that are ongoing.

我確實認為該研究一旦發表，將會帶動另一項更大型的研究，以進一步強化這些發現。不過我們——我們確實知道該研究已經完成。而我們也預期該研究應該會在接下來幾個月內發表。所以我非常希望在下一次季度更新時，我能夠談到該研究的結果。因此，這是一項正在進行、我特別關注的令人振奮的研究；此外也包括我剛提到上一季發表的四項研究，以及其他仍在進行中的研究。

Ram Selvaraju, H.C. Wainwright.

Ram Selvaraju，H.C. Wainwright。

Congratulations on once again an excellent quarter. I was wondering if you could provide us with some additional granularity regarding how you expect sales and promotional strategies to shift over the course of the remainder of 2026, just based on trends that you're seeing in the market and product lines, products, product initiatives that you expect are likely to be most resonant with the consumer base, particularly within the HNH segment?

恭喜你們再次交出非常出色的一季表現。我想請問你是否能提供更細緻的說明：基於你們在市場與產品線上看到的趨勢，你們預期在 2026 年剩餘期間，銷售與促銷策略會如何調整？

And then secondly, on the financial front, Martin, maybe you could refresh my memory as to what you expect the effective interest rate to be on the new credit facility funds as and when you draw them that have the maturity date of 2031 as well as how you expect the effective tax rate to trend over the course of the remainder of 2026?

其次，在財務面，Martin，也許你可以幫我回顧一下：對於新的信貸融資（credit facility）資金，在你們提用（draw）時、且到期日為 2031 年的部分，你們預期其實際有效利率（effective interest rate）會是多少？另外，你們預期 2026 年剩餘期間的有效稅率（effective tax rate）走勢會如何？

Thanks, Ram, for your questions and your opening comment. Really appreciate it. Obviously, we've been investing significantly in marketing, particularly in the Human Nutrition & Health business over the last few years. And our goal has been -- we have a little internal saying that is always on, and we've really tried to establish a scalable, always-on consumer engagement model for all of our branded ingredients over the last few years, really based on combining sort of omnichannel marketing, influencer engagement, consumer PR and sports partnerships to drive ultimately that consumer awareness and market penetration of our products. And that effort alone in just the last 1.5 years or so has generated well over 1 billion consumer impressions, which is a really big number for a company of our size across our branded ingredients and really, at the end of the day, accelerating our brand awareness and demand generation.

謝謝你，Ram，謝謝你的問題以及開場的評語。非常感謝。顯然，過去幾年我們在行銷上投入相當多資源，特別是在 Human Nutrition & Health 業務上。而我們的目標一直是——我們內部有一句話叫「永遠在線（always on）」，我們在過去幾年確實致力於為所有品牌原料建立一個可擴展、永遠在線的消費者互動模式；其核心是結合全通路行銷（omnichannel marketing）、網紅互動（influencer engagement）、消費者公關（consumer PR）與運動合作夥伴關係（sports partnerships），最終推動消費者對我們產品的認知與市場滲透。僅僅這項努力在過去大約 1.5 年就已產生超過 10 億次的消費者曝光（consumer impressions）；以我們這樣規模的公司而言，這是非常大的數字，涵蓋我們的品牌原料；而歸根結底，這是在加速我們的品牌認知與需求創造。

And the kind of the influencer marketing, you kind of asked how we shift in that. It was certainly invested in certain influencer relationships and changed those over time with shifts in consumer behavior, certainly, something that is trending more today than it was a couple of years ago is around targeting GLP-1 users for nutrient-rich snacks and meal replacements and so forth.

至於網紅行銷——你問到我們如何在這方面做調整。我們確實會投資於特定的網紅合作關係，並隨著消費者行為的變化而在時間推移中調整；當然，近來比起幾年前更明顯的趨勢之一，是鎖定 GLP-1 使用者，推廣富含營養的點心、代餐等。

And so kind of shifting your influencer marketing dollars to target those audiences more and the followership of the influencers more in line with that targeted audience is just an example of the shift that we do make. Sports partnerships as well. I mean, we've been kind of all in on a soccer or kind of European football of late. World Cup was part of that role, but that's kind of a shift in focus and attention of the community. And so we've been sort of doubling down in our sports partnerships in that area.

因此，把網紅行銷預算做一些轉移，以更聚焦於這些受眾，並讓網紅的追隨者結構更符合該目標受眾——這就是我們會做的調整之一。運動合作夥伴關係也是如此。我的意思是，我們最近有點算是全力投入足球，或說歐洲足球。世界盃是其中一部分，但這也反映了社群關注焦點與注意力的轉移。因此，我們也在該領域的運動合作上加碼投入。

So it is a dynamic investment in marketing and a shift in focus. But overall, really a kind of foundational goal of kind of establishing this scalable consumer engagement model via all of those mediums. So we're really excited about this addition. Ram, you know us well. Five, six years ago, we weren't really talking a lot about marketing. And I really feel like today, we have really one of the leading nutrient marketing teams in the world, and it's really helping us drive the type of growth rates that we've been able to achieve over the last couple of years.

因此，這是在行銷上的動態投資以及重心的轉移。但整體而言，這是一個基礎性的目標：透過所有這些媒介建立可擴展的消費者互動模式。所以我們對這項新增內容感到非常興奮。Ram，你很了解我們。五、六年前，我們其實不太談行銷。而我真的覺得，今天我們擁有全球領先的營養行銷團隊之一，這也確實在幫助我們推動過去幾年所達成的那種成長率。

I think on your questions on interest rate and tax rate, on the interest rate with the amendment and extension of the credit facility, the structure is the same as the past. So there are no significant changes. Obviously, we increased the size of it from $550 million to $650 million in terms of how much we could draw under it.

關於你提到的利率與稅率問題，就利率而言，隨著信貸融資安排的修訂與展期，其結構與過去相同。因此沒有重大變更。顯然，我們把額度規模從5.5億美元提高到6.5億美元，也就是可動用的金額上限提高了。

Currently, we have drawn $150 million as of end of Q2. That's sort of what's on the debt, on our balance sheet. The rate is variable or floating as it has been for the last two agreements. It's not a fixed rate. It is a floating rate.

目前截至第二季末，我們已動用1.5億美元。這就是我們資產負債表上的債務金額。利率如同前兩份協議一樣，為可變或浮動利率。不是固定利率。它是浮動利率。

So it gets reset with SOFR and then we pay a spread based on that. So at the moment, we're paying sort of around 4.5%. But you can think about it as should the Fed do a rate hike of 25 basis points, then we will pay 25 basis points more. So we kind of -- it's a variable rate that we pay. It is worth mentioning that we did improve on the spread that we pay above SOFR with this refinancing.

因此它會隨SOFR重設，然後我們在此基礎上支付一個利差。所以目前我們支付的利率大約在4.5%左右。但你可以這樣理解：如果聯準會升息25個基點，那我們就會多付25個基點。所以我們支付的是可變利率。值得一提的是，這次再融資我們也改善了在SOFR之上所支付的利差。

So our pricing improved across the board by 10 basis points and for the higher leverage tiers where we're not in them right now since we have very low leverage, improved sort of by 22.5 basis points. It's a better pricing grid for us than the earlier ones, but it will vary with the market interest rates.

因此，我們的定價在各方面都改善了10個基點；而在較高槓桿級距（我們目前不在那些級距，因為槓桿很低）則改善約22.5個基點。這對我們而言是一個比先前更好的定價級距表，但仍會隨市場利率變動。

On the tax rate, we're sort of at 23% year-to-date effective tax rate. I think we'll be in that 22.5% to 23% as we wrap up the year is my best guess at the moment. So I would put it somewhere there in the 22.5% to 23% effective tax rate.

至於稅率，我們年初至今的有效稅率大約是23%。我目前的最佳估計是，年底收官時大概會落在22.5%到23%之間。所以我會把有效稅率放在22.5%到23%這個區間。

Daniel Harriman, Sidoti & Company.

Daniel Harriman，Sidoti & Company。

I've just got a couple today. Thinking more about ANH and Martin, obviously, the performance is well above what we were expecting. Can you help delineate that a little bit between how much of that acceleration was volume versus the pricing actions that you took in April?

我今天只有幾個問題。更進一步談ANH和Martin，顯然表現遠高於我們的預期。你能否協助更清楚地拆解一下：其中多少加速來自銷量，多少來自你們在4月採取的定價措施？

And then if you wouldn't mind just providing us with more of an update on what's going on in the European monogastric trends. Just you talked about that last quarter. It seems like things are really improving over there. So any color you could provide would be great.

另外，如果方便的話，也請你們再更新一下歐洲單胃動物（monogastric）的趨勢現況。你們上季有提到。看起來那邊的情況正在明顯改善。所以若能提供一些補充說明會很棒。

Sure. I mean we're really happy with how ANH has been performing here for the last couple of quarters, right, and getting back to delivering year-over-year quarterly growth, which we've done for a number of quarters. When it comes to sort of the strong growth we reported 15% here in the second quarter, and about half of that is volume-driven and about half is price driven directionally.

當然。我的意思是，我們對ANH在過去幾季的表現非常滿意，對吧，而且我們已經恢復到能夠實現季度年增成長，我們也已經連續好幾季做到。就我們在第二季所報告的15%強勁成長而言，方向上大約一半由銷量帶動，另一半由價格帶動。

And Europe, where we filed for antidumping and successfully got that through, and that started as of January 1 or end of December of 2025. So we've been in that environment for six months now. We have really seen the return of that business. We have seen more volumes coming our way. So we're regaining some of that share that was lost due to the dumping.

至於歐洲，我們提出反傾銷申請並成功獲准，並自2025年12月底或2026年1月1日起生效。因此我們已在這樣的環境下運作六個月了。我們確實看到該業務回流。我們看到更多的量回到我們這邊。因此我們正在收復部分因傾銷而流失的市占。

And we've also seen a price recovery. And that has improved sort of every quarter. It started a little bit already at the end of last year in anticipation of the dumping duties and has continued every quarter since. So I would say it's playing out the way we were hoping for it to play out because we knew that if we could restore a more level playing field and if sort of people were playing fair that we would have a really strong offering in the region. So it's nice to see that business return. So yes, it's working very well for us at the moment, and we're pretty excited about what's ahead.

我們也看到價格回升。而且每一季都有所改善。在去年底，因市場預期將課徵反傾銷稅，價格就已開始略有回升，之後每一季都持續改善。所以我會說，整體發展符合我們原先的期待，因為我們知道，只要能恢復更公平的競爭環境、只要大家公平競爭，我們在該區域就會有非常強的產品與方案。因此看到業務回流令人欣慰。所以是的，目前對我們而言運作得非常好，我們也對未來感到相當興奮。

And Daniel, I'd just kind of add to Martin's comment how pleased we are with the continued growth of the ruminant part of the portfolio, which, of course, is the higher margin. There's more science, more technology in those products.

Daniel，我也想補充Martin的評論：我們對產品組合中反芻動物（ruminant）部分的持續成長感到非常滿意，當然那部分的毛利率更高。那些產品包含更多科學與技術。

And it's a little bit more similar to what we're doing in the nutrient business in Human Nutrition & Health, trying to create awareness, we'll build the science, create awareness, drive market penetration. And that business has been growing significantly over the last few years. And in the quarter alone grew about 20%. And that growth is almost all volume growth. And I think that's really, really exciting to see in that business driving the -- I mean, the ruminant growth to that extent with those products penetrating the market additionally. So we really are pleased overall with the performance of ANH and the momentum we have in that business.

而且它與我們在人類營養與健康（Human Nutrition & Health）營養業務所做的事情更相似：嘗試建立認知、建立科學基礎、創造認知度、推動市場滲透。而那項業務在過去幾年顯著成長。單就本季而言，成長約20%。而這個成長幾乎全部來自銷量成長。我認為看到這項業務如此令人振奮，因為它推動了——我的意思是，反芻動物業務能以這種程度成長，代表這些產品正在進一步滲透市場。所以整體而言，我們對ANH的表現以及該業務的動能感到非常滿意。

That's really helpful, guys. And congrats on the great quarter.

這真的很有幫助，各位。也恭喜你們這一季表現出色。

There are no further questions at this time. I will now turn the call back to Ted for closing remarks.

目前沒有其他問題。我現在把電話交回給Ted做結語。

Thanks, Tracy. Once again, thank you all very much for joining our call today. We are really pleased with the second quarter results we reported earlier today and the outlook for our company. We very much appreciate your support as well as your time today, and we look forward to reporting our Q3 2026 results in October. In the meantime, we will be participating in the Wells Fargo Consumer Conference on September 23 in Laguna Beach, California nice place to be. So hopefully, we'll see some of you there. Thanks again for joining today.

謝謝你，Tracy。再次感謝各位今天參加我們的電話會議。我們對今天稍早公布的第二季業績以及公司展望感到非常滿意。我們非常感謝各位的支持以及今天撥冗參與，也期待在10月公布我們2026年第三季的業績。在此期間，我們將於9月23日在加州拉古納海灘參加Wells Fargo消費者研討會，那是個很棒的地方。希望到時能見到各位中的一些人。再次感謝今天的參與。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。