Bunge Global SA (BG) 2025 Q1 法說會逐字稿

Good day, and welcome to the Bunge Global SA First Quarter 2025 Earnings Release and Conference Call. (Operator Instructions) Please note that today’s event is being recorded.

大家好，歡迎參加邦吉全球南非公司 2025 年第一季財報發布和電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Ruth Ann Wisener. Please go ahead, madam.

現在我想將會議交給 Ruth Ann Wisener。女士，請繼續。

Thank you, operator, and thank you for joining us this morning for our first quarter earnings call. Before we get started, I want to let you know that we have slides to accompany our discussion. These can be found at the Investor Center on our website at bunge.com under Events and Presentations.

謝謝接線員，也感謝您今天上午參加我們的第一季財報電話會議。在我們開始之前，我想讓你們知道我們有幻燈片來配合我們的討論。您可以在我們網站 bunge.com 的投資者中心的「活動和演示」下找到這些內容。

Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website, as well. I’d like to direct you to Slide 2 and remind you that today’s presentation includes forward-looking statements that reflect Bunge’s current view with respect to future events, financial performance, and industry conditions.

我們的非公認會計準則 (non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 財務指標的對帳表也發佈在我們的網站上。我想引導您看投影片 2，並提醒您今天的簡報包含前瞻性陳述，反映了邦吉對未來事件、財務表現和行業狀況的當前看法。

These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors.

這些前瞻性陳述受到各種風險和不確定性的影響。邦吉在提交給美國證券交易委員會的報告中提供了有關可能導致實際結果與本演示文稿中的結果大不相同的因素的補充信息，我們鼓勵您審查這些因素。

On the call this morning are Greg Heckman, Bunge’s Chief Executive Officer, and John Neppl, Chief Financial Officer. I’ll now turn the call over to Greg.

參加今天早上電話會議的有邦吉執行長 Greg Heckman 和財務長 John Neppl。我現在將電話轉給格雷格。

Thank you, Ruth Ann, and good morning everyone. I want to start by thanking our team for their hard work and adaptability in what has already been a highly dynamic 2025. Their continued focus and great execution delivered a strong start to the year demonstrated once again that we can navigate market environments’ agility and speed, harnessing a truly global platform and strength in our core markets.

謝謝你，露絲安，大家早安。首先，我要感謝我們的團隊在充滿活力的 2025 年所付出的辛勤工作和適應能力。他們持續的專注和出色的執行力為今年帶來了強勁的開端，再次證明我們可以駕馭市場環境的靈活性和速度，利用我們核心市場的真正全球平台和實力。

We continue to believe in the strategic merits of our planned combination with Vitara and expect to close the transaction in the near-term. While the timing of regulatory approvals has not been what we anticipated, we’ve engaged in constructive conversations with the relevant authorities prepared to close in very short order once received.

我們仍然相信與 Vitara 合併計劃的戰略價值，並預計在短期內完成交易。雖然監管部門的批准時間並不像我們預期的那樣，但我們已與相關部門進行了建設性的對話，準備在收到批准後儘快完成。

Recently chose to execute our rights to terminate the definitive share purchase agreement with CJ Selecta pursuant to its terms. However, soy protein concentrate for feed remains an attractive market with promising growth prospects nicely complements our soy origination crushing capabilities in Brazil. At the same time, we’ve made great progress in other key areas, further sharpening our portfolio, strengthening our business and positioning Bunge for the future.

最近選擇根據其條款行使我們的權利，終止與 CJ Selecta 的最終股份購買協議。然而，飼料用大豆濃縮蛋白仍然是一個有吸引力的市場，其良好的成長前景很好地補充了我們在巴西的大豆原產壓榨能力。同時，我們在其他關鍵領域也取得了巨大進展，進一步完善了我們的產品組合，增強了我們的業務，並為邦吉的未來做好了準備。

Recently announced the sale of our European Margarines and Spreads business and our North American corn milling business. Both of these transactions allow us to further align around our global value chains. We also closed our previously announced partnership with Repsol and announced a key milestone with the incorporation of intermediate novel crops in the production of renewable fuels in Europe.

最近宣佈出售我們的歐洲人造奶油和塗抹醬業務以及北美玉米加工業務。這兩筆交易使我們進一步協調全球價值鏈。我們也結束了先前宣布的與 Repsol 的合作，並宣佈在歐洲再生燃料生產中採用中間新型作物，這是一個重要的里程碑。

This alliance furthers our long-term strategy to create alternative paths towards meeting our customers demand for lower carbon, agricultural and oil supply chains. Shifting to operating results. First quarter exceeded our expectations, driven in part by some pull forward of activity from Q2 into Q1.

該聯盟進一步推進了我們的長期策略，即創造替代途徑來滿足客戶對低碳、農業和石油供應鏈的需求。轉向經營成果。第一季超出了我們的預期，部分原因是第二季的活動提前到了第一季。

Later in the quarter, shifts in trade dynamics including tariff and regulatory uncertainty prompted some farmers and consumers to act ahead of potential changes. Looking ahead, we’re reaffirming our full year 2025 adjusted EPS guidance approximately $7.75 and remain confident in our ability to continue to execute despite the current market environment.

本季後期，包括關稅和監管不確定性在內的貿易動態變化促使一些農民和消費者在潛在變化之前採取行動。展望未來，我們重申 2025 年全年調整後每股收益預期約為 7.75 美元，並且我們仍然有信心在當前市場環境下繼續執行。

As we mentioned last quarter, we expect to provide an outlook for the combined company once we’ve closed the Vitara transaction. With that, I’ll turn it over to John for a deeper look at our financials and outlook. John?

正如我們在上個季度提到的那樣，我們預計在完成 Vitara 交易後將對合併後的公司提供展望。說完這些，我會把話題交給約翰，讓他更深入地了解我們的財務狀況和前景。約翰？

Thanks Greg and good morning everyone. We’ll turn to the earnings highlights on Slide 5. As Greg mentioned, the first quarter exceeded our expectations. As tariff and regulatory uncertainty increased later in the quarter, some farmers and customers moved ahead of potential changes, hold earnings from Q2 into Q1.

謝謝格雷格，大家早安。我們將轉到投影片 5 上的收益亮點。正如格雷格所說，第一季超出了我們的預期。由於本季後期關稅和監管的不確定性增加，一些農民和客戶提前採取了可能的變化，將第二季的收益保留到了第一季。

Our reported first quarter earnings per share was $1.48 compared to $1.68 in the first quarter 2024. Reported results included an unfavourable mark to market timing difference of $0.08 per share to a negative impact of $0.25 per share. Notable items related to the transaction and integration costs associated with Viterra. Adjusted EPS was $1.81 in the first quarter versus $3.04 in the prior year.

我們報告的第一季每股收益為 1.48 美元，而 2024 年第一季為 1.68 美元。報告結果包括每股 0.08 美元的不利市價時間差異，以及每股 0.25 美元的負面影響。與 Viterra 相關的交易和整合成本值得注意的項目。第一季調整後每股收益為 1.81 美元，去年同期為 3.04 美元。

Adjusted segment earnings before interest and taxes or EBIT was $406 million in the quarter versus $719 million last year. Processing, higher results in the Brazil, Europe and Asia soy crush value chains more than offset by lower results in North America, Argentina and European soft seeds.

本季調整後的息稅前利潤（EBIT）為 4.06 億美元，去年同期為 7.19 億美元。加工方面，巴西、歐洲和亞洲大豆壓榨價值鏈的業績成長被北美、阿根廷和歐洲軟籽的業績下滑所抵銷。

Merchandising improved performance in global grains financial services business more than offset by lower results in ocean freight. With the exception of Asia Refined and Specialty Oils results were down in all regions reflecting a more balanced global supply and demand environment driven in part by the uncertainty in US biofuel policies.

商品銷售業務在全球穀物金融服務業務中的業績提升被海運業務的業績下滑所抵銷。除亞洲外，所有地區的精煉油和特種油業績均有所下降，反映出全球供需環境更加平衡，部分原因是美國生物燃料政策的不確定性。

In milling, slightly higher results in North America were more than offset by lower results in South America, milling margins were pressured by a more competitive pricing environment. Corporate and Other, decrease in corporate expenses was primarily driven by lower performance-based compensation. (inaudible) Other results include $24 million from the sugar and bioenergy joint venture that we divested in the fourth quarter of last year.

在銑削方面，北美地區業績略有增長，但被南美地區業績下滑所抵消，銑削利潤率因更具競爭力的定價環境而受到壓力。公司及其他方面，公司費用的減少主要是由於績效薪酬的降低。（聽不清楚）其他結果包括我們去年第四季剝離的糖和生質能源合資企業所獲得的 2,400 萬美元。

Net interest expense of $45 million was down in the quarter compared to last year due to increased capitalized interest, higher interest income on investments and interest bearing instruments and interest received on Brazilian tax refunds. Decrease in income tax expense for the quarter was primarily due to lower pre-tax income in 2025 and prior year unfavorable adjustments related to foreign currency fluctuations in South America.

本季淨利息支出為 4,500 萬美元，與去年同期相比有所下降，原因是資本化利息增加、投資和生息工具的利息收入增加以及巴西退稅收到的利息。本季所得稅費用的減少主要是由於 2025 年稅前收入較低以及上年度與南美外匯波動相關的不利調整。

Let’s turn to Slide 6 where you can see our adjusted EPS and EBIT trends over the past four years along with the trailing 12 months. Throughout this period our team has excelled in navigating the complexities dynamic markets while simultaneously executing various internal initiatives. Recent trend indicates a more balanced supply and demand environment and the impact of trade and biofuel uncertainty translating into less volatility and lower earnings.

讓我們翻到第 6 張投影片，您可以在其中看到過去四年以及過去 12 個月的調整後每股盈餘和息稅前利潤趨勢。在此期間，我們的團隊在應對複雜動態的市場的同時，也執行了各種內部計劃。最近的趨勢表明，供需環境更加平衡，貿易和生物燃料不確定性的影響導致波動性降低和收益下降。

Slide 7 details our capital allocation. For the first quarter we generated $392 million of adjusted funds from operations. After allocating $54 million to sustaining CapEx, which includes maintenance, environmental health and safety, we had $338 million of discretionary cash flow available. Of this amount we paid $91 million in dividends, $256 million in growth and productivity related CapEx.

投影片 7 詳細介紹了我們的資本配置。第一季度，我們從營運中產生了 3.92 億美元的調整後資金。在分配 5,400 萬美元用於維持資本支出（包括維護、環境健康和安全）後，我們擁有 3.38 億美元的可自由支配現金流。其中，我們支付了 9,100 萬美元的股息，2.56 億美元用於成長和生產力相關的資本支出。

We also received $306 million of cash proceeds related to the sale of an interest in our soy crush footprint in Spain to Repsol as part of our newly formed joint venture and a final payment for the sale of our interest in the Sugar and Bioenergy joint venture. This resulted in approximately $300 million of retained cash flow.

我們還收到了 3.06 億美元的現金收益，這筆收益與我們將在西班牙大豆壓榨業務中的權益出售給 Repsol（作為我們新成立的合資企業的一部分）以及出售我們在糖和生物能源合資企業中的權益的最終付款有關。這導致保留現金流約為 3 億美元。

Moving to Slide 8, at quarter end readily marketable inventories or RMI exceeded our net debt by approximately $3 billion. Adjusted leverage ratio, which reflects our adjusted net debt to adjusted EBITDA is 0.6 times at the end of the quarter.

轉到投影片 8，在季度末，易於銷售的庫存或 RMI 超過我們的淨債務約 30 億美元。調整後的槓桿率反映了我們調整後的淨負債與調整後的 EBITDA 的比率，在本季末為 0.6 倍。

Slide 9 highlights our liquidity position. At quarter end we had committed credit facilities of approximately $8.7 billion, all of which were unused, providing ample liquidity to maintain ongoing capital needs. In addition, we had a cash balance of approximately $3.2 billion accumulated in large part from the US public debt offering that we closed last September in support of the Viterra transaction. There were no amounts outstanding on our $2 billion commercial paper.

投影片 9 重點介紹了我們的流動性狀況。截至季末，我們已承諾約 87 億美元的信貸額度，但尚未全部使用，從而提供了充足的流動性來維持持續的資本需求。此外，我們累積了約 32 億美元的現金餘額，其中大部分來自去年 9 月為支持 Viterra 交易而完成的美國公共債務發行。我們的 20 億美元商業票據沒有未償還金額。

Please turn to Slide 10. The trailing 12 months adjusted ROIC was 9.4% and ROIC was 8.2%. Adjusting for construction in progress on our large, multi-year projects not yet operating and the excess cash on our balance sheet from the Viterra closing adjusted ROIC would increase by 1.5% points and ROIC by approximately 1% point.

請翻到投影片 10。過去 12 個月調整後的 ROIC 為 9.4%，ROIC 為 8.2%。在我們尚未營運的大型多年期專案的在建工程以及 Viterra 期末調整後的資產負債表上的超額現金進行調整後，ROIC 將增加 1.5 個百分點，ROIC 將增加約 1 個百分點。

Returns have declined from recent highs they remain above our adjusted weighted average cost of capital of 7.7%. Moving to Slide 11, in the trailing 12 months we produced discretionary cash flow of approximately $1.2 billion and a cash flow yield of 10.2% compared to our cost of equity of 8.2%.

回報率已從近期高點下降，但仍高於我們調整後的加權平均資本成本 7.7%。轉到投影片 11，在過去 12 個月中，我們產生了約 12 億美元的可自由支配現金流，現金流收益率為 10.2%，而我們的股權成本為 8.2%。

Please turn to Slide 12 and our 2025 outlook. As Greg mentioned in his remarks, taking into account Q1 results, current margin and macro environment and forward curves, we continue to expect full year 2025 adjusted EPS of approximately $7.75. This forecast excludes the impact of announced acquisitions and divestitures that are expected to close during the year.

請翻到第 12 張投影片，了解我們對 2025 年的展望。正如格雷格在評論中提到的那樣，考慮到第一季的業績、當前的利潤率和宏觀環境以及遠期曲線，我們仍然預計 2025 年全年調整後的每股收益約為 7.75 美元。該預測不包括預計於年內完成的已宣布的收購和資產剝離的影響。

Agribusiness full year results are forecasted to be slightly lower than our previous outlook and down from last year, primarily due to lower results in processing. Refined & Specialty Oils, full year results are expected to be similar to our previous outlook and down from the prior year, primarily driven by a more balanced supply and demand environment in North America.

預計農業綜合企業全年業績將略低於我們先前的預期，且較去年下降，主要原因是加工業務業績下降。精煉油和特種油，預計全年業績與我們先前的預測相似，但比前一年有所下降，主要原因是北美的供需環境更加平衡。

Milling full year [Audio Dip] previous outlook and up from last year. In Corporate and Other, full year results are expected to be more favorable than our previous outlook and the prior year. Additionally, the company expects the following for 2025, adjusted annual effective tax rate in the range of 21% to 25% net interest expense in the range of $220 million to $250 million is down from our previous expected range of $250 million to $280 million. Capital expenditures in the range of $1.5 billion to $1.7 billion and depreciation and amortization approximately $490 million.

全年銑削量 [Audio Dip] 與先前的預期一致，且高於去年。在企業和其他領域，預計全年業績將比我們先前的預測和去年更為有利。此外，公司預計 2025 年調整後年度有效稅率將在 21% 至 25% 之間，淨利息支出將在 2.2 億美元至 2.5 億美元之間，低於我們先前預期的 2.5 億美元至 2.8 億美元。資本支出在 15 億美元至 17 億美元之間，折舊和攤提約為 4.9 億美元。

With that, I’ll turn things back over to Greg for some closing comments.

好了，現在我將把主題交還給 Greg，請他發表一些總結性的評論。

Thanks, John. Before turning to Q&A, I want to offer a few closing thoughts. In today’s uncertain global environment, we can be certain of the strength of our team, global footprint and our operating model. Our purpose of connecting farmers to consumers to deliver essential food, feed and fuel is something the world depends on regardless of external circumstances.

謝謝，約翰。在進入問答環節之前，我想先講幾點總結性的想法。在當今不確定的全球環境中，我們可以確信我們團隊的實力、全球影響力和營運模式。我們的目標是將農民與消費者聯繫起來，為消費者提供必需的食品、飼料和燃料，無論外部環境如何，世界都依賴於此。

For the last few years, our team has consistently risen to the challenge, navigating an ever-changing world, exceeding expectations in the face of a global pandemic, trade wars, geopolitical uncertainty. Confident that the same focus, discipline and ability to execute continue to drive our success.

過去幾年裡，我們的團隊不斷迎接挑戰，在瞬息萬變的世界中前行，在全球疫情、貿易戰和地緣政治不確定性等挑戰中超越預期。相信同樣的專注、紀律和執行能力將繼續推動我們的成功。

Our business is built on a resilient global infrastructure that ensures an efficient supply, staple crops and food and feed products that has proven its ability to withstand volatility. We have the right systems and strategies in place to manage risk, adapt to external challenges and remain focused on what truly matters.

我們的業務建立在有彈性的全球基礎設施之上，該基礎設施可確保高效供應主食作物、食品和飼料產品，並且已證明其具有抵禦波動的能力。我們擁有正確的系統和策略來管理風險、適應外部挑戰並專注於真正重要的事情。

Planned combination with Viterra will only enhance our diversification across assets, geographies and crops, providing us with more optionality to help address the world’s food security needs. Its core business is resilient. Track record proves this. I have no doubt that we’ll continue to deliver value for customers at both ends of the value chain. With that, let’s turn to Q&A.

與 Viterra 的計劃合併只會增強我們在資產、地理和作物方面的多樣化，為我們提供更多選擇，以幫助解決世界糧食安全需求。其核心業務具有彈性。歷史記錄證明了這一點。我堅信我們將繼續為價值鏈兩端的客戶提供價值。接下來，讓我們進入問答環節。

Salvatore Tiano, Bank of America.

薩爾瓦多·蒂亞諾，美國銀行。

Yes, thank you very much. Firstly, I want to ask to follow-up a little bit on acquisitions. So with Viterra, you make it very clear that it seems the approval is very imminent. But obviously, China seems to be the holdup here and there’s always limited visibility in what they do.

是的，非常感謝。首先，我想請您稍微跟進一下收購的情況。因此，對於 Viterra，您明確表示批准似乎迫在眉睫。但顯然，中國似乎是這裡的阻礙，而且他們的所作所為總是不太引人注目。

So how confident are you that actually they will approve the transaction soon? And if actually there is a chance that this may not happen, what is your backup plan there? And also on CJ Selecta, can you provide a little bit more commentary on why the transaction didn’t go through?

那麼，您有多大信心他們實際上會很快批准這筆交易？如果確實有可能不會發生這種情況，那麼您的備用計劃是什麼？另外，關於 CJ Selecta，您能否就交易未能完成的原因提供更多評論？

And it seems to indicate that you chose to terminate it, but at least by our mouth, it was a pretty nice, very accretive transaction. So why would you make this, why did you make this decision?

這似乎表明你選擇終止它，但至少從我們的說法來看，這是一筆相當不錯的、非常有增值意義的交易。那你為什麼要這樣做？為什麼要做出這個決定？

Let me start with Viterra, of course, number one, look, the strategic merits of this transaction remain in place, and it accelerates everything that we’re doing strategically. We’ve had very constructive interaction with the authorities as we’ve submitted additional information as needed. They’ve done a really excellent job engaging with all the parties and advancing the process. So we’re confident that traction is going to be improved.

首先，我先從 Viterra 開始，當然，首先，這筆交易的戰略優勢仍然存在，而且它加速了我們正在進行的所有策略性工作。我們與當局進行了非常建設性的互動，並根據需要提交了補充資訊。他們在與各方接觸並推進這一進程方面做得非常出色。因此，我們相信牽引力將會提高。

When you look at the merits, it’s very clear. We are purpose built to create a resilient supply chain, and that’s to serve China and the rest of the key demand markets globally. So in times of some of the extreme market disruptions that we’ve seen and one like we’re experiencing now, the reliability that comes from a company like ourselves that’s operating every major origin is even more important.

當你看清事實真相時，一切都很清楚。我們的目標是創建一個有彈性的供應鏈，為中國和全球其他主要需求市場提供服務。因此，在我們所見過的一些極端市場混亂時期，以及我們現在正在經歷的市場混亂時期，像我們這樣經營每個主要產地的公司的可靠性就顯得更加重要。

So timing, we don’t know, but the process moves and we feel very good about the ultimate destination. And then as far as CJ, look, we went through the long stop date. We passed that and we just kind of looked at the circumstances of currently where things were at, where the business and it just made sense at this point to terminate the transaction. So now as you know, as I said in the comments, look the market for CSPC on the feed market that continues to be attractive and it really fits well with our Brazilian business. So we’ll continue to look for the right opportunity to expand in that market.

因此，我們不知道時間，但過程正在推進，我們對最終目的地感到非常滿意。至於 CJ，你看，我們已經過了很長的截止日期。我們通過了這項決議，我們只是看了看目前的情況、業務狀況，發現此時終止交易是合理的。所以現在正如你所知，正如我在評論中所說的那樣，CSPC 在飼料市場上的市場仍然具有吸引力，並且它與我們的巴西業務非常契合。因此，我們將繼續尋找合適的機會在該市場擴張。

Maybe just to clarify, Salvatore, on CJ going through the end date was a result of not having all the regulatory approvals and at that point could have chose to extend and had we felt it was appropriate. But as Greg mentioned, we just felt at that time the right thing to do is terminate the agreement.

薩爾瓦托，也許只是為了澄清一下，CJ 之所以要推遲截止日期，是因為沒有獲得所有監管部門的批准，如果我們認為合適，我們當時可以選擇延長。但正如格雷格所提到的，我們當時覺得正確的做法是終止協議。

Great. Thank you. And I also want to ask about your processing business and specifically can you breakdown your margins for US soy and Canadian canola versus the margins you had in the rest of the world? How did they trend Q1 versus Q4 and also how are they on an absolute basis? Because I guess US soybean historically has been much stronger performer but may not necessarily be the case in Q1.

偉大的。謝謝。我還想問問您的加工業務，特別是您能否詳細列出美國大豆和加拿大油菜籽的利潤以及與世界其他地區的利潤？Q1 與 Q4 相比趨勢如何？絕對趨勢如何？因為我猜測美國大豆在歷史上表現要強勁得多，但第一季的情況可能並非如此。

Yes. Look, I guess hit the high spots here quickly. We definitely saw if you look, the fact on soy that we’re holding the year, you’ve kind of got to look down into the quarter. So Q1 was better. That caused the over performance but unfortunately things have gotten softer here on the curves as we’ve gone into Q2 and some of that definitely is on open capacity.

是的。瞧，我想很快就能到達這裡的亮點。我們確實看到，如果你看一下，你會發現，我們持有大豆的年度數據，你必須看一下本季的數據。因此 Q1 表現較好。這導致了業績超預期，但不幸的是，隨著我們進入第二季度，曲線已經變得疲軟，其中一些肯定與開放產能有關。

So crush will be in soy will be lower in Q2 and then with the crop coming off the curves are telling us should be better again in Q4. The net of that is the year will be flat. But as often happens in this business, when you’ve got two crops a year coming off and you look at the 12-month cycle, the timing can move around a little bit. And really in soy, the spot crush margins are pretty good, are better everywhere.

因此，第二季大豆壓榨量將會下降，而隨著作物產量回落，曲線告訴我們第四季產量應該會再次改善。全年的淨收入將持平。但正如這個行業經常發生的那樣，當你一年收穫兩種作物時，如果你看一下 12 個月的周期，時間可能會稍有變化。事實上，大豆現貨壓榨利潤相當不錯，所有地方的利潤都比較高。

And then the outlook is definitely tougher in the curves except for North America where we see it getting better with crop. Now in the soft seeds, North America, [canola] in Canada much the same, we had a tighter crop there and the curves get better as we look out to (inaudible) for new crop. And then in soft seeds in Europe and the Black Sea, both sunseed and rapeseed production was tighter last year. So we got slow farmer selling.

除了北美以外，其他地區的前景肯定更加嚴峻，因為北美的農作物生長情況正在改善。現在，北美的軟籽、加拿大的油菜籽情況大致相同，那裡的作物收成更緊，隨著我們期待（聽不清楚）新作物，曲線會變得更好。而歐洲和黑海地區的軟籽、葵花籽和油菜籽產量去年都較為緊張。因此，農民的銷售速度很慢。

And then of course with soybean oil being very competitive globally, that has been tough on soft seed crush margins. So again, we look to new crop in the (inaudible) period for that to improved.

當然，由於大豆油在全球競爭非常激烈，這對軟籽壓榨利潤來說是一個嚴峻的考驗。因此，我們再次期待（聽不清楚）期間的新作物能夠改善這一狀況。

And maybe to put a finer point on that, looking at Q1 versus a year ago, US the soy crush margins weren’t dramatically different than they were a year ago for Q1 a little bit lower. The big impact in North America was the soft seed margins were much lower Q1 versus last year.

也許更確切地說，與去年同期相比，美國第一季的大豆壓榨利潤率並沒有太大差異，只是略低一些。北美受到的最大影響是第一季軟種子利潤率與去年同期相比大幅下降。

And then in terms of soy kind of globally, as Greg mentioned, stronger, probably strongest in Europe in Q1. And then US is number two. And then we had really weak margins in Argentina in Q1 and of course, that seeing the improvement there in the spot in Q2 given farmer activity in Argentina. So we’re running harder down there now.

然後就全球大豆而言，正如格雷格所提到的，歐洲的大豆產量在第一季可能表現最強勁。美國排名第二。然後，我們在第一季在阿根廷的利潤率真的很低，當然，考慮到阿根廷農民的活動，第二季的利潤率有所改善。所以我們現在要更賣力地奔跑。

Perfect. Thank you very much.

完美的。非常感謝。

Tom Palmer, Citi.

花旗銀行的湯姆·帕爾默。

Hi, and thanks for the question. Maybe just to follow-up on the last question on cadence of earnings, you did indicate the pull forward and kind of the 1Q, 2Q dynamics and then how maybe it especially in North America ramps up a bit to close out the year.

你好，謝謝你的提問。也許只是為了跟進關於獲利節奏的最後一個問題，您確實指出了第一季和第二季的動態，以及特別是在北美，獲利節奏可能會在年底略有上升。

But you provided some specificity last quarter talking about 40% of annual earnings coming in the first half of the year. I guess, just any updated thoughts on thinking about the cadence of earnings as we move through this year just given the 1Q dynamics.

但您在上個季度提供了一些具體信息，提到 40% 的年度收益將來自上半年。我想，鑑於第一季的動態，我們對今年的獲利節奏有什麼最新的想法嗎？

Yeah, Tom, I think, this is John, the look at the year 40, 60 really hasn’t changed first half, second half, what we saw was really a flip between Q1 and Q2 instead of 40, 60, it came out more 60. It looks to be more 60-40. So we pulled earnings forward from Q2 and expect a little bit of softness in Q2 from our prior forecast. So about half that over performance in Q1 was pulled forward Q2, the other half we’re seeing.

是的，湯姆，我想，這是約翰，看看 40 年、60 年，上半年和下半年確實沒有變化，我們看到的實際上是第一季和第二季之間的翻轉，而不是 40 年、60 年，而是 60 年。看起來更像是 60-40。因此，我們將第二季的獲利預測提前，並預計第二季的獲利將比我們先前的預測略有下降。因此，第一季的超額表現大約有一半被提前到了第二季度，另一半我們也看到了。

We had some other things go well in Q1, but we’re seeing a little bit of softness in Q2. So we’re looking at 60, maybe 62-38, if I wanted to put a really fine point on it from Q1 to Q2, but the broader first half, second half is the same outlook as we had last year -- last quarter.

我們在第一季的其他一些事情進展順利，但在第二季度我們看到了一些疲軟。因此，如果我想從第一季到第二季對這一數字進行更精確的預測，那麼我們預計這一數字是 60，也許是 62-38，但總體而言，上半年和下半年的前景與去年（上個季度）的前景相同。

All right, thank you. And then just on the assumptions embedded in guidance, you did note kind of new crop, better crush margins late in the year as is normal. I wondered about kind of what you’re embedding for other items such as US biofuels policy and potential clarity on the RVO for next year. And then just any -- what you’re embedding for US kind of China trade relations and how that might impact you as the year progresses. Thanks

好的，謝謝。然後，僅根據指導中包含的假設，您確實注意到了新作物，並且今年晚些時候的壓榨利潤率更高，這是正常的。我想知道您對其他項目（例如美國生物燃料政策和明年 RVO 的潛在清晰度）嵌入了什麼內容。然後就是任何——你為美國和中國的貿易關係嵌入了什麼，以及隨著時間的推移這將如何影響你。謝謝

Yes. So just as a reminder, we don’t have any M&A or share repurchases factored in. And we only assume, what’s kind of we can see in the current tariff situation and the forward curves. So to the point, what the market believes about RVO in kind of the current trade tensions is reflected in the curves. It’s in our forecast and outlook. We’re not making any calls that are different from what the market is telling us.

是的。因此需要提醒的是，我們沒有考慮任何併購或股票回購。我們只是假設，我們可以在當前的關稅情況和遠期曲線中看到什麼。所以，從這一點上講，市場對當前貿易緊張局勢中 RVO 的看法反映在曲線上。它在我們的預測和展望之中。我們不會做出任何與市場所告訴我們的不同的判斷。

Thank you for that,

謝謝你，

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Good morning. I just wanted to focus a little bit on this development with Repsol, looks like you’re moving forward with it. Help us understand the benefits and why does it make strategic sense to move ahead with Repsol on this kind of a JV.

早安.我只是想稍微關註一下 Repsol 的發展情況，看起來你們正在向前推進。幫助我們了解其好處以及為什麼與 Repsol 建立此類合資企業具有戰略意義。

Yeah, we’re really excited. Repsol is a great partner. They’re making investments in their infrastructure as they’re moving to lower carbon fuels. And we’re excited to form the joint venture to be able to help that not only with the soy processing assets that went into the JV, but in the origination of the lower carbon intensity feedstocks.

是的，我們真的很興奮。Repsol 是一家出色的合作夥伴。在轉向低碳燃料的過程中，他們正在對基礎設施進行投資。我們很高興能夠成立合資企業，這不僅能夠利用合資企業的大豆加工資產來提供幫助，還能幫助生產低碳強度的原料。

And of course, some of that is the announcement we made at the same time to bring novel crops to be part of that solution of lower carbon intensity oils to then go into their global diesel and SAF process. So we’re at the front end of that, but we’re excited. We really want to be the partner of choice in every space that we operate and that includes working with the fuel industries as they look to put lower carbon fuels into their portfolios.

當然，我們同時宣布將新型作物作為低碳強度油解決方案的一部分，然後用於其全球柴油和 SAF 工藝。所以我們處於這個領域的最前沿，但我們很興奮。我們真心希望成為我們經營的每個領域的首選合作夥伴，其中包括與燃​​料產業合作，因為他們希望將低碳燃料納入他們的投資組合。

And I might just add that, while there's a lot of discussion around uncertainty in US biofuel policy. There's a lot more certainty than that in Europe and other places. So, it's Europe seems very committed to it, and Repsol is part of that commitment, and we wanted to be, as Greg pointed out, partnered with someone that we think is a great position to take advantage of the on, the growing, biofuels opportunity here.

我還要補充一點，儘管關於美國生物燃料政策的不確定性有很多討論。歐洲和其他地方的情況則確定得多。因此，歐洲似乎對此非常投入，而雷普索爾是這項承諾的一部分，正如格雷格所指出的那樣，我們希望與我們認為處於有利地位的公司合作，以利用這裡不斷增長的生物燃料機會。

Perfect. My quick follow up is I understand it's not any other guidance, but you know there's a lot of chatter that in the next two or three weeks you could get a much higher revised RVO with a stronger biomass, diesel volume. So in the event you do get a higher RVO, which is significantly better, how is fungi going to benefit from it probably in the second half or in 2026, if you could provide some thoughts on it.

完美的。我的快速跟進是，我理解這不是任何其他指導，但你知道有很多傳言說，在接下來的兩三週內，你可以獲得更高的修訂 RVO，以及更強大的生物質、柴油產量。因此，如果您確實獲得了更高的 RVO，這顯然更好，那麼在下半年或 2026 年，真菌將如何從中受益，您能否對此提出一些想法。

Yeah, that would definitely strengthen the oil leg of the crush here in North America and in North America as an exporter of oil, of course, that would help the oil leg globally. So that, would be good for crush margins.

是的，這肯定會加強北美的石油壓榨能力，而北美作為石油出口國，這當然也會有助於全球石油壓榨能力。這對於壓榨利潤來說將是件好事。

And I would, we’re not very covered -- we’re not very locked for Q3 and Q4. So to the extent the second half, margin environment improves, we should be well positioned to take advantage of that. And right now, energy customers are relatively low percentage of our refined oil volume. So any demand there will be certainly good for our outlook.

而且我想說的是，我們的覆蓋範圍還不夠廣——我們對第三季和第四季的鎖定程度還不夠高。因此，如果下半年利潤環境有所改善，我們就應該能夠充分利用這一優勢。目前，能源客戶在我們的成品油總量中所佔比例相對較低。因此，任何需求肯定都會對我們的前景有利。

Thank you so much.

太感謝了。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Okay, thanks for the question. I wanted to stick with the RVO. So I recently -- and this was from a conference as well as other things. Recently I’ve heard from some industry watchers that the 5.25 billion gallon D4 headline number that’s been in media reports, et cetera, that it may not be that high, that it may be more in the mid 4s with the backfill opportunity taking you into the 5s.

好的，謝謝你的提問。我想堅持 RVO。所以我最近——這是在一次會議以及其他事情上。最近，我從一些行業觀察家那裡聽說，媒體報告等中提到的 52.5 億加侖 D4 標題數字可能沒有那麼高，可能在 4 秒左右，而回填機會可以讓你進入 5 秒左右。

So just wanted to get your thoughts on that. And a follow-up to that is, do you think that would be enough to make the domestic market much tighter given the limitations that we have on feedstock imports and biofuel imports this year that we didn’t have previously?

所以只是想聽聽你對此的看法。接下來的問題是，考慮到我們今年對原料進口和生質燃料進口的限制，而以前沒有這樣的限制，您是否認為這足以使國內市場變得更加緊張？

Yeah, demand is good, but what I’d like to start with is we are really proud to be part of that first of a kind coalition where we’ve got farmers, large segment, the petroleum refiners and the crushing industry driving to consensus and then advocating for an RVO that’s aligned with what the US can produce.

是的，需求很好，但首先我想說的是，我們非常自豪能夠成為這種首創聯盟的一部分，該聯盟由農民、大型企業、石油精煉商和壓榨行業組成，他們推動達成共識，然後倡導與美國產量相一致的 RVO。

And when I say the US, I mean think about the investments that have been made, right, that are already in place to help the US achieve energy security and dominance and provide a lot of support for rural communities.

當我說美國時，我的意思是想想已經做出的投資，對吧，這些投資已經到位，以幫助美國實現能源安全和主導地位，並為農村社區提供大量支持。

The farmers have invested, right? They’ve invested in the land and the machinery, know-how around the inputs and the crop production. The oil companies invested in converting their plants to biofuels, the crush industry, we’ve added production capacity to provide the inputs.

農民投資了，對吧？他們投資了土地、機械、投入技術和農作物生產技術。石油公司投資將其工廠轉變為生物燃料工廠，壓榨產業，我們增加了生產能力來提供投入。

So the infrastructure is in place in every part of supply chain. We can serve the demand right now. This is unused capacity. So this is not aspirational and that’s been the message. So we remain I think encouraged and optimistic that we’ll get to the right number.

因此，供應鏈的每個部分都具備基礎設施。我們現在就可以滿足需求。這是未使用的容量。所以這並不是什麼理想，這就是我們所傳遞的訊息。因此，我認為我們仍然感到鼓舞和樂觀，相信我們能夠達到正確的數字。

And if it doesn’t right off the bat, the coalition is going to continue to advocate, continue to explain the facts, the impact that the RVO has on rural America and what it really does to drive value at the farm gate and all the way through the local economies by adding that domestic demand.

如果沒有立即行動，聯盟將繼續倡導，繼續解釋事實，RVO 對美國農村的影響，以及它如何透過增加國內需求來推動農場的價值並一路帶動整個地方經濟。

Okay. Thank you for that. And then I wanted to move on to the tariff situation and clearly it’s a very dynamic environment and who knows, it might be very different by next week. But as it sits right now with the tariffs in place with China and the impacts on US beans, et cetera, how are you thinking about how that impacts Brazilian crush margins and could that potentially -- if those dynamics don’t shift quickly, could that potentially affect, slow down the build out of crush down there?

好的。謝謝你。然後我想談談關稅情況，顯然這是一個非常動態的環境，誰知道呢，下週情況可能會大不相同。但是，鑑於目前中國徵收的關稅以及對美國大豆等的影響，您認為這會對巴西的壓榨利潤產生什麼影響？如果這些動態無法迅速轉變，是否會影響、減緩巴西的壓榨量成長？

Yeah, look, to start with, the policy is going to work itself out. We like policies that are good for farmers because that’s good for the entire ag value chain. And the markets do work, and they send the right signal to farmers and they send the right signal to industry.

是的，首先，政策會自行發揮作用。我們喜歡有利於農民的政策，因為這對整個農業價值鏈都有好處。市場確實發揮作用，它向農民發出了正確的信號，向工業界發出了正確的信號。

One of the things we like about our footprint is that whether we’re going to crush more in the US domestically, if exports are lower, the same would be offset in Brazil if exports are higher, then we’ll crush less. So we’re going to flex our system not only by regions globally, but within those regions between crush and export and other domestic demand. So I think that’s what we love about our balanced footprint.

我們對我們的足跡感到滿意的一點是，無論我們是否在美國國內壓榨更多，如果出口減少，那麼在巴西的壓榨量就會抵消掉；如果出口增加，那麼我們壓榨的量就會減少。因此，我們不僅在世界各地調整我們的系統，而且在這些地區內部的壓榨、出口和其他國內需求之間也進行調整。所以我認為這就是我們喜歡平衡足跡的原因。

Heather, when you think about it, there are three things we do in any origin, storage, export and processing. And so, depending on what the global markets are telling us from any of those origins, we can either choose to store it and ultimately process it or export it, whatever the market’s telling us to do. So to Greg’s point, we have ultimately good flexibility around whatever the tariff situation ends up being.

希瑟，想想看，我們在任何產地都會做三件事：儲存、出口和加工。因此，根據全球市場對任何一個產地的回饋，我們可以選擇儲存並最終加工，或出口，無論市場告訴我們怎麼做。所以正如格雷格所說，無論最終關稅情況如何，我們最終都具有很好的靈活性。

Awesome. Thank you so much.

驚人的。太感謝了。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Great. Thanks for the question. Just wanted to ask about South America. Do you expect accelerated farmer selling out of South America in the coming months, out of Argentina in the coming months? What would this mean for kind of global crush margins and your footprint?

偉大的。謝謝你的提問。只是想問一下有關南美洲的情況。您是否預計未來幾個月南美和阿根廷的農產品銷售速度會加快？這對全球壓榨利潤和您的足跡意味著什麼？

Yeah, in Argentina, I think we talked about pretty slow farmer selling there in Q1. Now, we’ve seen a recent pickup in the farmer selling and that’s been better for margins there in Argentina. And then we’ve adjusted the global footprint a little bit. You’ve got a temporary lower export tax window that closes late June.

是的，在阿根廷，我想我們談到了第一季那裡農民的銷售相當緩慢。現在，我們看到農民銷售量近期有所回升，這對阿根廷的利潤率來說是一個好消息。然後我們稍微調整了全球足跡。你們有一個臨時的降低出口稅的窗口，該窗口將於六月底關閉。

You got better weather which is, telling the farmers what their beliefs are and they’ve lifted, some of the, some of the capital controls. So, that’s driving the farmer selling today we’ll see how long the duration of that that goes and how that’ll affect.

你得到了更好的天氣，也就是告訴農民他們的信仰是什麼，他們已經取消了一些資本管制。所以，這推動了農民今天的銷售，我們將看看這種情況會持續多久以及會產生什麼影響。

And then in Brazil, the driver, another record soybean crop, there’s no take or pay this year, which should help improve the value chain performance versus 2024. And then if you think about, we’ve got a big total corn crop coming behind that.

其次，在巴西，作為推動力，大豆產量再創紀錄，今年沒有採取任何形式的收益或報酬政策，這將有助於提高價值鏈的表現（相對於 2024 年）。如果你仔細想想，我們接下來的玉米總產量將會非常可觀。

So from the farmer selling of beans, historically the farmer has been marketed more regularly to get ready for the Soberana harvest, to free up the bin space and to deal with some of any of the logistical timing and coordination that needs to happen.

因此，從農民銷售咖啡豆開始，從歷史上看，農民會更定期地進行行銷，為 Soberana 的收穫做好準備，騰出倉庫空間，並處理一些需要發生的後勤時間和協調問題。

Appreciate that detail. My follow-up was actually going to be on the take-or-pay. So I appreciate you getting ahead of that. I guess, wanted to maybe [hone] in on some of the divestitures you’ve announced with the divestiture of corn milling. Just wanted to ask, does this just leave you with wheat milling in your milling business, is it just wheat milling now? And then how should we think about that business when it comes to kind of your core operations as you look ahead?

感謝這個細節。我的後續行動其實是關於「照付不議」的。所以我很感謝你能提前做好這件事。我想，也許我想深入探討你們宣布的一些資產剝離，例如玉米加工業務的剝離。只是想問一下，這是否意味著您的磨粉業務就只剩下小麥磨粉了，現在就只有小麥磨粉嗎？那麼，當您展望未來的核心業務時，我們該如何看待這項業務？

Yeah, correct. We’ve got a real nice South American wheat milling business there in Brazil. Viterra also has some Brazilian wheat milling. Those footprints fit together very nicely to serve our customers there. We like our position there in Brazil in the wheat milling business, because not only the local crop.

是的，正確。我們在巴西有一家非常好的南美小麥磨粉公司。Viterra 也擁有一些巴西小麥磨粉廠。這些足跡完美地結合在一起，為我們在那裡的客戶提供服務。我們喜歡我們在巴西的小麥加工業務中的地位，因為不僅僅是當地的作物。

But we feed that from our Argentine wheat value chain as well as other global wheat markets as they make sense to import into Brazil, which happens quite often. So that business is a good fit. We think we’re in a very competitive position for the long-term to serve our customers.

但我們從阿根廷小麥價值鏈以及其他全球小麥市場取得小麥，因為進口到巴西是合理的，這種情況經常發生。所以這項業務很適合。我們認為，從長遠來看，我們在服務客戶方面處於非常有競爭力的地位。

Yeah, just to clarify, the first part of your question, our South American wheat milling will be the only thing left from a milling perspective once we close the transaction.

是的，只是為了澄清一下，關於你問題的第一部分，一旦我們完成交易，從製粉角度來看，我們南美洲小麥製粉將是唯一剩下的東西。

Great. Appreciate the details.

偉大的。欣賞細節。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Good morning all and thanks for taking my questions. I wanted to ask a follow-up on Repsol with my first. Could you speak to the amount of camelina and safflower that could be processed as feedstock for their biorefinery or the mix that they’re solving for through this partnership?

大家早安，感謝您回答我的問題。我想先詢問有關 Repsol 的後續情況。您能否談談可以加工為生物精煉廠原料的亞麻薺和紅花的數量，或者他們透過此次合作解決的混合物的問題？

Probably too early to give the exact numbers on that, but basically what we want to do with our energy companies are given them different choices of the lower CI feed stocks and having multiple novel crops, and even use the cooking oil and the other things that we’re sourcing in our portfolio. We can then give them the choice on what works in their machinery for cost, the quality, and the carbon intensity that works for them.

現在給出確切的數字可能還為時過早，但基本上我們希望為我們的能源公司提供的是，為他們提供不同的低 CI 原料選擇和多種新型作物，甚至使用食用油和我們在產品組合中採購的其他東西。然後，我們可以讓他們根據成本、品質和碳強度選擇適合他們的機器。

So what we want to be able to provide is that optionality of feedstocks and even in these novel crops then it becomes building the programs and continuing to build the volumes. And that’s like winter canola in the US We got started last year and then we’ve seen great uptake by the farmers. We’ve got a lot more acres out there. And so we’ll build these programs in partnership with the demand and with the growers.

因此，我們希望能夠提供原料的可選性，甚至在這些新型作物中，它也會成為建立計劃並繼續增加產量。這就像美國的冬季油菜籽一樣，我們去年開始種植，然後就看到農民對它的大力支持。我們那裡還有更多的土地。因此，我們將與需求方和種植者合作建立這些項目。

Yeah, may be just one thing, Derrick, look, we’re not targeting a specific mix of inputs. It’s going to be whatever the market tells us is the most economic that could be. As Greg mentioned, mix of novel seeds, soybean oil, UCO, all those things are, as Greg mentioned are part of the portfolio. And ultimately the economics are going to drive what the most logical combination of inputs is.

是的，可能只是一件事，德里克，看，我們並沒有針對特定的輸入組合。市場告訴我們，這將是最經濟的。正如格雷格所提到的，新型種子、大豆油、UCO 的混合物，所有這些東西都是產品組合的一部分。最終，經濟因素將決定最合理的投入組合。

Great. That makes sense. And for my follow-up, I wanted to stay on biofuels. Do you expect a more favorable assessment for SBO and winter canola based on industry feedback and your interaction with the administration on 45Z? There seems to be quite a bit of energy around the inclusion of CSA practices for seed oils.

偉大的。這很有道理。在我的後續研究中，我希望繼續研究生物燃料。根據行業反饋以及您與政府就 45Z 的互動，您是否預計 SBO 和冬季油菜籽的評估會更為有利？人們似乎對將 CSA 實踐納入種子油有著相當大的熱情。

We’re optimistic and we’re engaged in that and trying to bring the facts forward and bring in the economics forward and to do what’s good for farmers as well as the entire value chain there.

我們對此持樂觀態度，並致力於此，努力將事實和經濟因素結合起來，為農民以及整個價值鏈做有益的事情。

That's great, thanks for your time.

太好了，謝謝你的時間。

Stephen Hayes, Morgan Stanley.

摩根士丹利的史蒂芬海耶斯。

Hey, good morning, and thanks for taking my question. Just on US industry crush capacity. I think one of your peers has announced that shutdown of the plant. And so really maybe just kind of two questions. It doesn’t sound like it, but is there anything in your portfolio that you’d be looking to rationalize in the US or North America more broadly?

嘿，早上好，感謝您回答我的問題。僅就美國工業的壓榨產能而言。我認為您的一位同事已經宣布關閉該工廠。所以其實也許只是兩個問題。聽起來不像，但您的投資組合中是否有什麼東西是您希望在美國或北美更廣泛地進行合理化的？

And then, how do you expect the rest of the industry to respond some of the new capacity that’s kind of come online over the last 12, 18 months? Thank you.

那麼，您預計其他行業將如何應對過去 12 至 18 個月內上線的一些新產能？謝謝。

Yeah, Look, we’ve been very thoughtful about our portfolio. Really, everything we’ve been doing over the last six years, right? It’s always continuous improvement. So where we made our investments, whether it’s been bottlenecking or brownfields or greenfields, it’s to get our footprint to be the most competitive. So we’re running the assets that we’re running now because we plan to. We’ll constantly evaluate that globally, and that’s part of having that global system.

是的，你看，我們對我們的投資組合非常認真。真的，過去六年我們一直在做這些事，對吧？它總是持續改進。因此，無論我們在哪裡進行投資，無論是瓶頸、棕地或綠地，都是為了讓我們的足跡最具競爭力。因此，我們正在運行我們現在正在運行的資產，因為我們計劃這樣做。我們將在全球範圍內不斷評估這一點，這是全球體系的一部分。

Our goal, of course, is to have a cost structure and capabilities that are built for any point in the cycle. And, yes, during the cycle, at the tougher parts of the cycle, it sends signals and certain people with cost structures may be shutting down some of these standalone plants and that they could be different economics than us running it as part of a network here in the US and also as part of our global network. So we’re just focused on having the most competitive footprint and system for really any point in the cycle. That’s kind of our responsibility.

當然，我們的目標是建立適合週期中任何一點的成本結構和能力。是的，在周期中，在周期的較艱難部分，它會發出信號，某些具有成本結構的人可能會關閉其中一些獨立工廠，而且它們的經濟效益可能與我們將其作為美國網絡的一部分以及我們全球網絡的一部分來運營有所不同。因此，我們只專注於在周期的任何階段擁有最具競爭力的足跡和系統。這是我們的責任。

Okay, thank you.

好的，謝謝。

Andrew Strelzik, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Andrew Strelzik。

Hey, good morning. Thanks for taking the questions. My first one, you mentioned being open on the majority of your capacity for the back half of the year. And I guess I’m just curious if you’re managing or how you’re managing your forward book right now in an environment that’s relatively soft and could look a lot different later in the year, so have you changed that approach at all? I’m just curious how that compares maybe to normal. Any color on that would be great?

嘿，早安。感謝您回答這些問題。我的第一個問題，您提到今年下半年大部分的營業能力都會開放。我只是好奇，在目前相對疲軟的環境下，您是否正在管理或如何管理您的遠期賬簿，而今年晚些時候的情況可能會有很大不同，那麼您有沒有改變這種方法？我只是好奇這與正常情況相比如何。任何顏色都可以嗎？

Sure. Our team is constantly focusing on our customers on both ends of the value chain and what they’re doing to manage their risk. I will tell you, in this environment we have seen everybody go to more spot, right? So there is less done on the forward curve as people don’t know what to do with some of this uncertainty, and so they pulled in.

當然。我們的團隊始終專注於價值鏈兩端的客戶以及他們為管理風險所採取的措施。我會告訴你，在這種環境下，我們看到每個人都去往更多的地方，對嗎？因此，由於人們不知道如何應對這些不確定性，所以在遠期曲線上所做的工作較少，因此他們退出了。

The farmers have been more spot sellers. The end consumers, whether it’s feed, food or fuel, unless they’ve got margins, they’ve been more spot buyers. So that’s led to less of a forward book. Now we’ve got different ways to manage our risk and we’re always evaluating what the supply and demand tells us, what the outlook looks like and where globally we want to be placing our hedges and locking in margins as they occur versus how we believe they will and as they have versus history based on what the supply and demand numbers are telling us.

農民更多地充當現貨賣家。最終消費者，無論是飼料、食品或燃料，除非他們有利潤，否則他們更多的是現貨買家。所以這導致這本書缺乏前瞻性。現在，我們有不同的方法來管理風險，我們總是在評估供需關係告訴我們什麼，前景如何，以及我們希望在全球範圍內在哪裡進行對沖並鎖定保證金，而不是根據供需數據告訴我們的情況，我們認為它們將如何，以及它們與歷史相比如何。

But there’s less on right now, one, because we’re looking at what the curves are telling us and what we believe. And then part of it is driven from customers on both sides. When you get in that close in 30 to 90 days, that’s when the logistics really start driving the activity really for all the participants in the market.

但現在涉及的內容較少，首先，因為我們正在研究曲線告訴我們什麼以及我們相信什麼。其中一部分是由雙方的客戶推動的。當你在 30 到 90 天內達成協議時，物流才真正開始推動市場所有參與者的活動。

And of course, that’s why you’ve got more visibility on the front end, things on the books and maximize those logistics to serve everyone.

當然，這就是為什麼你能更清楚地了解前端、帳簿上的內容，並最大限度地利用這些物流為每個人提供服務。

Right. Okay. Okay. That makes sense. And my second question, and I don’t know if you’ll be able to answer this with any specificity, but I’m just trying to think about the right earnings base for the core business. And obviously, this year has a ton of disruption that maybe is abnormal, right, and depressing numbers this year.

正確的。好的。好的。這很有道理。我的第二個問題是，我不知道您是否能夠具體地回答這個問題，但我只是想思考核心業務的正確獲利基礎。顯然，今年發生了很多混亂，這可能是不正常的，對吧，今年的數字令人沮喪。

Is there any way to frame kind of how much you think that, that is impacted relative to your $7.75 kind of outlook? Yes, is there any way to think about how much that’s impacting the year and what maybe a more normal earnings base would look like? Thanks.

有什麼方法可以表達出您認為這相對於您的 7.75 美元前景有多大影響嗎？是的，有什麼方法可以考慮一下這對今年的影響有多大，以及更正常的收入基礎會是什麼樣子？謝謝。

Yeah, look, I think this is John. Certainly, we’re in a little bit more challenging environment this year, just given all the uncertainty versus where we would expect to be kind of in a mid-cycle. And when we look at that, it’s really driven by more challenging merchandising environment. This year is one of the big drivers. And as we look at just take us back to our original mid-cycle modeling.

是的，看，我認為這是約翰。當然，考慮到所有不確定性，我們今年面臨的環境比我們預期的中期週期更具挑戰性。當我們審視這一點時，就會發現這實際上是由更具挑戰性的行銷環境所驅動的。今年是主要推動因素之一。當我們回顧我們最初的中期週期模型時。

At this point in time, a couple of years later, a lot of the projects that we had slated are still under construction. And so those haven’t contributed yet. And we didn’t expect those two yet at this point in time. But we’ve made some divestments along the way in Russia, Ukraine impact. Those things have kind of pulled our results down from the mid-cycle.

幾年後的今天，我們計劃的許多項目仍在建設中。所以這些還沒有貢獻。而我們此時還沒有預料到這兩個人的到來。但我們在俄羅斯和烏克蘭的影響下也進行了一些撤資。這些因素在某種程度上拉低了我們的業績中期水準。

And then certainly on margins have largely held in versus kind of how we’d see mid-cycle. Other than the refining side, those have actually been better, more longer. But merchandising has been more challenging for us. And on the cost side, we experienced a couple of years of high inflation. So overall, offset to some degree a little bit by some of the actions we’ve taken around share buybacks and things. But ultimately, it’s hard to gauge what the $7.75 would be without the current environment we’re in.

那麼，利潤率肯定在很大程度上保持穩定，與我們在中期看到的利潤率相比。除了精煉方面，這些實際上已經更好、更長久了。但商品銷售對我們來說更具挑戰性。在成本方面，我們經歷了幾年的高通膨。因此總體而言，我們在股票回購等方面採取的一些行動在一定程度上抵消了這種影響。但最終，如果沒有當前的環境，我們很難判斷 7.75 美元的價格會是多少。

Certainly, things improve here in the back half of the year, we’ll have a better sense next year of kind of earnings power going forward excluding Viterra, of course, that will have a big impact on our outlook as we integrate that business.

當然，今年下半年情況會有所改善，明年我們將對不包括 Viterra 在內的未來盈利能力有更好的了解，當然，這將對我們整合該業務的前景產生重大影響。

And then we’ve got capital projects are going to be coming online late 2025 and during 2026 and 2026 it will have a further impact ongoing. But, it’s as you can imagine, pretty hard to put a fine point on what the $7.75 would have been had we not had all this volatility this year and we’re going to get every dollar we can.

然後，我們的資本項目將在 2025 年底上線，並在 2026 年和 2027 年期間持續產生進一步的影響。但是，正如您所想像的，如果今年沒有出現如此大的波動，並且我們將盡可能地賺取每一美元，那麼很難準確計算出 7.75 美元的價格是多少。

Sure, I absolutely appreciate that and appreciate the perspective. Thanks.

當然，我非常欣賞這一點並欣賞這種觀點。謝謝。

Ben Theurer, Barclays

巴克萊銀行的 Ben Theurer

Hi, this is [Rahi] going on for Ben. I’ve got some questions for timeline questions. So first for the milling business, what do you see as a timeline to close? What regulatory processes are we still waiting on and do you foresee any risk? And also for biofuel, thank you so much for the color on the call. When do you expect an update on that? Thanks so much.

嗨，我是 [Rahi]，正在為 Ben 做事。我有一些關於時間軸的問題。那麼首先對於銑削業務來說，您認為結束的時間表是如何的？我們仍在等待哪些監管流程？您是否預見任何風險？還有關於生物燃料，非常感謝您在電話中分享我的看法。您預計什麼時候會收到更新訊息？非常感謝。

In terms of corn milling, we’re hoping it’s purely US Business, so it’ll just need to go through the domestic regulatory process. But we feel like we’ve got a chance to get that closed by the end of Q2. Latest early Q3 is kind of our view right now. Can you maybe clarify your second question on biofuels?

就玉米加工而言，我們希望它純粹是美國業務，因此只需要經過國內監管程序。但我們覺得我們有機會在第二季末解決這個問題。我們現在的看法是最新的第三季初。您能否澄清一下有關生物燃料的第二個問題？

To kind of predict when you’re going to get an update from the EPA or any other body? But do you have, I mean we were talking about the volume that were estimated. Do you would kind of expect something from the EPA on volumes with the (inaudible)

預測何時能從 EPA 或其他機構獲得更新？但是你有嗎，我的意思是我們正在談論估計的數量。您是否希望環保署能就（聽不清楚）

On the on the RVO update, it could be.

在 RVO 更新中，有可能。

Yeah.

是的。

I mean it could be any day. We’re thinking by end of May there’s a good chance that we’ll hear something. Of course, they’re not obligated to come out with anything until later in the year, but they’ve indicated, as near as we can tell, they could do something as early as sometime in this month. And we’ll see. We’re anxiously watching just like everybody else.

我的意思是，任何一天都可能發生。我們認為到五月底我們很有可能會聽到一些消息。當然，他們沒有義務在今年稍後之前推出任何產品，但他們表示，據我們所知，他們最早可能在本月某個時候採取行動。我們將拭目以待。我們和其他人一樣焦​​急地觀看著。

And ultimately, I think they’re being very thoughtful. They’re listening. As Greg talked about the coalition that was put together with farmers and the energy companies and ag companies. They’re listening. And so we’re hopeful that they’re formulating the right approach and will come out soon.

最後，我認為他們考慮得非常周到。他們正在聽。正如格雷格所談到的，這個聯盟是由農民、能源公司和農業公司組成的。他們正在聽。因此，我們希望他們能夠制定正確的方法並儘快出台。

This concludes our question-and-answer session. I would like to turn the conference back over to Greg Heckman for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Greg Heckman 做最後發言。

I’d like to thank everyone for joining us today. Thank you for your interest in Bunge. We continue to have great confidence in our team to be able to deliver for our customers, both farmers and consumers, whatever challenging environment that we’re in. We look forward to speaking with you again soon and have a great day.

我要感謝大家今天的出席。感謝您對邦吉的關注。無論我們身處何種充滿挑戰的環境，我們始終對我們的團隊充滿信心，相信我們能夠為我們的客戶（包括農民和消費者）提供服務。我們期待很快再次與您交談並祝您有愉快的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。