Bunge Global SA (BG) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Bunge Global Second Quarter 2025 earnings release and conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mark Haden, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加邦吉全球 2025 年第二季財報發布和電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁馬克哈登 (Mark Haden)。請繼續。

Thank you, Drew. Thank you all for joining us this morning for our second 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 at our website on bunge.com under Events and Presentations. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well.

謝謝你，德魯。感謝大家今天上午參加我們的第二季財報電話會議。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。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。

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

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。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。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, Mark, and good morning, everyone. Before we get started, I just wanted to mention you may have noticed, Mark is now leading IR, and I wanted to give a quick thank you to Ruth Ann for her years of service in IR, and she'll now be leading our government affairs team globally. So they'll still be working closely together. So welcome.

謝謝你，馬克，大家早安。在我們開始之前，我只想提一下，你可能已經注意到了，馬克現在領導著 IR，我想快速感謝露絲安多年來在 IR 的服務，她現在將領導我們全球的政府事務團隊。所以他們仍將密切合作。歡迎大家的光臨。

This is a pivotal quarter for Bunge, and I want to begin by thanking the team for continued focus and execution. We successfully navigated a highly complex period, both internally and externally, and delivered better-than-expected results for the quarter, especially given the market conditions.

對邦吉來說，這是一個關鍵的季度，首先我要感謝團隊的持續關注和執行。我們成功度過了內部和外部高度複雜的時期，並且取得了好於預期的季度業績，尤其是在市場狀況良好的情況下。

The team continues to demonstrate agility in an ever-changing environment while also making significant progress against our strategic priorities. We're very pleased to have completed our combination with Viterra earlier this month, creating the premier agribusiness solutions company positioned to address some of the most pressing needs of the 21st century for farmers and consumers across food, feed, and fuel.

團隊在不斷變化的環境中繼續展現敏捷性，同時在我們的策略重點方面也取得了重大進展。我們非常高興在本月初完成了與 Viterra 的合併，創建了首屈一指的農業綜合企業解決方案公司，致力於解決 21 世紀農民和消費者在食品、飼料和燃料方面最迫切的一些需求。

This has been a long time in the making, and we use that time well, refining our integration plans and preparing for execution. Now that the combination is complete, teams are moving quickly to identify and capture cost savings, along with commercial opportunities we couldn't pursue before closing.

這項工作已經醞釀了很長時間，我們充分利用了這段時間，完善了我們的整合計劃並為執行做好準備。現在合併已經完成，團隊正在迅速採取行動，以識別和抓住成本節約，以及我們在合併之前無法追求的商業機會。

We are already moving to implement logistical and transportation efficiencies with potential to reduce expenses between origin and destination. These are durable synergies that will benefit everyone across the value chain.

我們已經著手實施物流和運輸效率，以減少出發地和目的地之間的費用。這些持久的協同效應將使整個價值鏈上的每個人都受益。

Our teams have hit the ground running. I've been impressed by the seamless collaboration, partnership, and unified sense of purpose across the company. We remain as excited as ever about our path ahead. Viterra brings a very talented team and a robust network of strategically positioned assets.

我們的團隊已開始全力投入工作。整個公司的無縫協作、夥伴關係和統一的目標感給我留下了深刻的印象。我們對未來的道路依然充滿期待。Viterra 擁有一支非常有才華的團隊和強大的策略定位資產網絡。

We move into integration phase, we are leveraging core aspects of the playbook that has served Bunge so well over the past several years. We'll move quickly to apply many of the same proven standardized approaches to reach the full potential for our combined company.

我們進入了整合階段，我們正在利用過去幾年為邦吉提供良好服務的劇本的核心方面。我們將迅速採取行動，應用許多相同的、經過驗證的標準化方法，以充分發揮合併後公司的潛力。

This includes utilizing the value chain operating model, our global functional centers of excellence, and structuring our reward system to ensure our teams are working together toward the common goals of our global company while always staying aligned with our shareholders.

這包括利用價值鏈營運模式、我們的全球卓越職能中心以及建立我們的獎勵制度，以確保我們的團隊共同努力實現我們全球公司的共同目標，同時始終與我們的股東保持一致。

We are applying a global approach to risk management that aligns with the earnings power of our combined company in today's environment, positioning us to better capture value from our expanded global asset base while prudently allocating risk to the best opportunities.

我們正在採用一種與當今環境下合併後公司的盈利能力相一致的全球風險管理方法，使我們能夠更好地從擴大的全球資產基礎中獲取價值，同時審慎地將風險分配給最佳機會。

As we integrate these two highly complementary businesses, we're optimistic about the value we will generate. With a rigorous integration planning that's been done, we have a clear path to bringing our companies together, capturing meaningful efficiencies and operational synergies.

當我們整合這兩個高度互補的業務時，我們對將產生的價值充滿信心。透過制定嚴格的整合計劃，我們擁有一條清晰的途徑來整合我們的公司，實現有意義的效率和營運協同效應。

But I'm especially excited about the potential commercial synergies. We are already identifying opportunities to run a more efficient processing and logistics network, use our combined information to better manage risk for Bunge and our customers.

但我對潛在的商業協同效應感到特別興奮。我們已經在尋找機會來運行更有效率的加工和物流網絡，利用我們的綜合資訊來更好地管理邦吉和客戶的風險。

It's been great to see the teams working quickly to identify and tackle these areas together. Beyond Viterra, we continue to focus on our broader strategic priorities, including ongoing portfolio optimization. Earlier this month, we announced the completion of the sale of US corn milling, which further simplifies our business along our global value chains. Shifting to our operating performance.

很高興看到各個團隊能夠迅速合作，共同識別和解決這些問題。除了 Viterra 之外，我們將繼續專注於更廣泛的策略重點，包括持續的投資組合優化。本月初，我們宣布完成美國玉米加工業務的出售，這進一步簡化了我們在全球價值鏈上的業務。轉向我們的經營業績。

Our second quarter results were largely driven by better-than-expected processing results in South America, higher margins in Brazil, and Argentina. Refined and Specialty Oils was negatively impacted by uncertainty related to US biofuel policy. John will go into more detail about the second quarter financials in a moment.

我們第二季的業績主要得益於南美地區加工業績優於預期、巴西和阿根廷的利潤率提高。精煉油和特種油受到美國生物燃料政策不確定性的負面影響。約翰稍後將詳細介紹第二季的財務狀況。

Looking ahead, we are maintaining our full year adjusted EPS outlook of approximately $7.75 for the legacy stand-alone Bunge, which no longer includes the second half earnings from our corn milling business due to its sale, which closed on June 30.

展望未來，我們維持對原獨立邦吉全年調整後每股收益約 7.75 美元的預期，由於 6 月 30 日完成出售，該業務不再包括我們玉米加工業務的下半年收益。

With that, I'll turn it over to John for a deeper look at our financials and outlook. John?

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. Now let's turn to the earnings highlights on Slide 5. As Greg mentioned, the second quarter exceeded our expectations, driven primarily by processing. The team's execution allowed us to benefit from the late quarter market volatility. Our reported second quarter earnings per share was $2.61 compared to $0.48 in the second quarter of 2024.

謝謝，格雷格，大家早安。現在讓我們來看看幻燈片 5 上的獲利亮點。正如格雷格所提到的，第二季度超出了我們的預期，主要得益於加工。團隊的執行使我們從季度末的市場波動中受益。我們報告的第二季每股收益為 2.61 美元，而 2024 年第二季為 0.48 美元。

Our reported results included a favorable mark-to-market timing difference of $0.69 per share, a net favorable impact of $0.61 per share from notable items, consisting of an $0.87 gain on sale of our US corn milling business, offset in part by $0.26 transaction and integration-related costs related to Viterra.

我們報告的結果包括每股 0.69 美元的有利市價時間差異，每股 0.61 美元的淨有利影響，來自顯著項目，包括出售美國玉米加工業務的 0.87 美元收益，部分抵消了與 Viterra 相關的 0.26 美元交易和整合相關成本。

Adjusted EPS was $1.31 in the second quarter versus $1.73 in the prior year. Adjusted segment earnings before interest and taxes, EBIT was $376 million in the quarter versus $519 million last year.

第二季調整後每股收益為 1.31 美元，去年同期為 1.73 美元。本季調整後的息稅前利潤 (EBIT) 為 3.76 億美元，去年同期為 5.19 億美元。

In Processing, higher results in South America, both Brazil and Argentina benefited from large soybean crops and slow farmer selling, higher results in Asia, more than offset by lower results in Europe and North America.

在加工方面，南美的業績較高，巴西和阿根廷均受益於大豆豐收和農民銷售放緩，亞洲的業績較高，但被歐洲和北美的業績較低所抵消。

In Merchandising, improved performance in Global Grains and Oils more than offset by lower results in our Financial Services and ocean freight businesses.

在商品銷售方面，全球穀物和油類業務的業績改善被金融服務和海運業務的業績下滑所抵銷。

While largely driven by North America and Europe, results in Refined and Specialty Oils were down in all regions, reflecting a more balanced global supply and demand environment and uncertainty in US biofuel policy.

儘管主要受北美和歐洲的影響，但所有地區的精煉油和特種油業績均出現下滑，反映出全球供需環境更加平衡以及美國生物燃料政策的不確定性。

Milling, higher results in North America more than offset by lower results in South America. In Corporate and Other, decrease in corporate expenses was primarily driven by performance-based compensation. Prior year Other results include a loss of $21 million from the Sugar & Bioenergy joint venture that we divested in fourth quarter of last year.

銑削方面，北美業績成長被南美業績下降所抵消。在企業及其他方面，企業費用的減少主要得益於績效為基礎的薪酬。上年其他業績包括我們去年第四季剝離的糖業和生質能源合資企業造成的 2,100 萬美元損失。

Net interest expense of $60 million was down in the quarter compared to last year due to lower average net interest rates, increased capitalized interest on capital projects and higher interest income from investments in interest-bearing (technical difficulty) decrease in income tax expense for the quarter was primarily due to lower pretax income in 2025.

本季淨利息支出為 6,000 萬美元，與去年相比有所下降，原因是平均淨利率較低、資本項目資本化利息增加以及生息投資（技術難度）的利息收入增加，本季所得稅支出減少主要是由於 2025 年稅前收入減少。

Let's turn to Slide 6, where you can see our adjusted EPS and EBIT trends over the past four years along the trailing 12 months. Over this period, our team has excelled in managing a variety of different market environments while also executing on numerous internal initiatives, most notably Viterra integration planning. Recent performance trend reflects a more balanced global supply and demand environment and the impact of ongoing trade and biofuel uncertainty that has created a very spot market environment.

讓我們翻到投影片 6，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，我們的團隊在管理各種不同的市場環境方面表現出色，同時也執行了許多內部計劃，其中最著名的是 Viterra 整合規劃。近期的表現趨勢反映了更平衡的全球供需環境以及持續的貿易和生物燃料不確定性的影響，從而創造了非常現貨的市場環境。

Slide 7 details our capital allocation. Year to date, we have generated $693 million of adjusted funds from operations. After allocating $133 million to sustaining CapEx, which includes maintenance, environmental health and safety, we had $560 million of discretionary cash flow available, (technical difficulty) $185 million in dividends and invested $583 million in growth and productivity-related CapEx.

投影片 7 詳細介紹了我們的資本配置。今年迄今為止，我們已從營運中產生了 6.93 億美元的調整後資金。在分配 1.33 億美元用於維持性資本支出（包括維護、環境健康和安全）後，我們獲得了 5.6 億美元的可自由支配現金流（技術難度）、1.85 億美元的股息，並投資了 5.83 億美元用於成長和生產力相關的資本支出。

We also received $776 million of cash proceeds related to the sale of our US corn milling business, the sale of an interest in our soy crush footprint in Spain to Repsol, and final payment for the sale of our interest in the Sugar & Bioenergy joint venture that closed in 2024. This resulted in approximately $570 million of retained cash flow.

我們還收到了 7.76 億美元的現金收益，這些收益來自出售美國玉米加工業務、向 Repsol 出售我們在西班牙的大豆壓榨業務的權益，以及出售我們在 2024 年關閉的糖和生物能源合資企業的權益的最終付款。這導致保留現金流約為 5.7 億美元。

Moving to Slide 8. At year-end, readily marketable inventories, or RMI, exceeded our net debt by approximately $2.2 billion. Our adjusted leverage ratio, which reflects our adjusted net debt to adjusted EBITDA was 1.1 times at the end of the second quarter.

移至幻燈片 8。截至年底，可銷售庫存（RMI）超過我們的淨債務約 22 億美元。我們的調整後槓桿率（反映我們的調整後淨負債與調整後 EBITDA 的比率）在第二季末為 1.1 倍。

Slide 9 highlights our liquidity position. At quarter end, we had committed credit facilities of approximately $8.7 billion, of which approximately $7.6 billion were unused, providing ample liquidity to manage the ongoing capital needs of our larger combined company.

投影片 9 重點介紹了我們的流動性狀況。截至本季末，我們已承諾提供約 87 億美元的信貸額度，其中約 76 億美元尚未使用，這為管理合併後更大公司的持續資本需求提供了充足的流動性。

In addition, we had a cash balance of approximately $6.8 billion in anticipation of our merger with Viterra. I would also like to point out that following our closing of Viterra, S&P upgraded our credit rating to A-, reflecting our improved business risk profile given the step change in our scale and diversification.

此外，我們預計與 Viterra 合併的現金餘額約為 68 億美元。我還想指出，在我們關閉 Viterra 之後，標準普爾將我們的信用評級上調至 A-，這反映出隨著我們的規模和多樣化程度的提高，我們的業務風險狀況有所改善。

Please turn to Slide 10. Trailing 12 months adjusted ROIC was 8.4% and ROIC was 7.4%. Adjusting for construction in progress for large multiyear projects not yet operating and the excess cash on our balance sheet at Viterra closing, adjusted ROIC would increased by 1.6 percentage points and ROIC by approximately 1 percentage point.

請翻到投影片 10。過去 12 個月調整後的 ROIC 為 8.4%，ROIC 為 7.4%。調整尚未營運的大型多年期專案的在建工程以及 Viterra 收盤時資產負債表上的超額現金後，調整後的 ROIC 將增加 1.6 個百分點，ROIC 將增加約 1 個百分點。

Moving to Slide 11. Trailing 12 months, we produced discretionary cash flow of approximately $1.1 billion and cash flow yield of 9.8% compared to our cost of equity of 8.2%.

移至投影片 11。過去 12 個月，我們產生的可自由支配現金流約為 11 億美元，現金流收益率為 9.8%，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 second quarter results, current margin and macro environment and forward curves, we continue to forecast full year 2025 EPS of approximately $7.75. This forecast no longer includes second half earnings for the corn milling business due to the sale on June 30 and also excludes the impact of Viterra, which closed on July 2.

請翻到第 12 張投影片，了解我們對 2025 年的展望。正如Greg在其評論中提到的，考慮到第二季度業績、當前利潤率、宏觀環境以及遠期曲線，我們繼續預測2025年全年每股收益約為7.75美元。由於6月30日的出售，該預測不再包含玉米加工業務下半年的收益，也排除了7月2日關閉的Viterra的影響。

In Agribusiness, full year results are forecasted to be higher than our previous outlook driven by processing but remained down from last year. Refined and Specialty Oils, full year results are expected to be down from our previous outlook, reflecting the softer second quarter performance down from last year.

在農業綜合企業方面，預計全年業績將高於我們先前的預期，主要得益於加工業務的推動，但仍低於去年的水平。精煉油和特種油的全年業績預計將低於我們先前的預期，反映出第二季的業績較去年同期有所下滑。

In Milling, full year results are expected to be down from our previous outlook, reflecting the sale of corn milling, but still in line with last year. Corporate and Other full year results are expected to be in line with our previous outlook, but favorable to last year.

在製粉業務方面，預計全年業績將低於我們先前的預期，這反映了玉米製粉銷售的影響，但仍與去年持平。預計企業及其他部門全年業績將與我們先前預期的一致，但優於去年。

Additionally, the company expects the following for 2025: adjusted annual effective tax rate in the range of 21% to 25%; net interest expense at the lower end of the range of $220 million to $250 million; capital expenditures in the range of $1.5 billion to $1.7 billion; and depreciation and amortization of approximately $490 million.

此外，該公司預計 2025 年的情況如下：調整後年度有效稅率在 21% 至 25% 之間；淨利息支出在 2.2 億美元至 2.5 億美元之間；資本支出在 15 億美元至 17 億美元之間；折舊和攤銷約為 4.9 億美元。

Prior to reporting third quarter earnings, we anticipate providing a forecast for the combined company, along with the historical Bunge information reported in our new segment reporting structure that will be used going forward for the combined company. With that, I'll turn things back over to Greg for some closing comments.

在報告第三季度收益之前，我們預計將提供合併後公司的預測，以及我們新分部報告結構中報告的邦吉歷史信息，這些信息將用於合併後公司的未來發展。有了這個，我將把話題交還給格雷格，讓他發表一些結束語。

Thanks, John. Before we go into Q&A, I just want to offer a few closing thoughts. So when we first announced our combination with Viterra two years ago, we saw opportunities with the combined company to accelerate our strategy, enhance our diversification across crops and geographies, and increase the impact of our investments. Those same benefits hold true today and are especially relevant as we navigate the current macro environment.

謝謝，約翰。在我們進入問答環節之前，我只想說幾點結束語。因此，當我們兩年前首次宣布與 Viterra 合併時，我們看到了合併後的公司有機會加速我們的策略，增強我們在作物和地理方面的多樣化，並增加我們投資的影響力。這些好處在今天仍然適用，並且在我們應對當前宏觀環境時尤其重要。

With the greater diversification across assets, geographies and crops, more data to provide us insight into supply and demand dynamics, we're even better positioned to serve our customers at both ends of the value chain regardless of the market environment.

隨著資產、地理和作物的多樣化程度不斷提高，更多數據為我們提供了對供需動態的洞察，無論市場環境如何，我們都能更好地為價值鏈兩端的客戶提供服務。

And with the increased scale of our platform, we will get a better return on investments to further improve our business, including technology in areas such as data analytics to enhance supply chain transparency, logistics planning, processing efficiency, risk management, and decision-making support.

而且隨著我們平台規模的擴大，我們將獲得更好的投資回報，從而進一步改善我們的業務，包括數據分析等領域的技術，以提高供應鏈透明度、物流規劃、處理效率、風險管理和決策支援。

I'm confident that we have the right people, platform, and strategies in place to deliver value for our stakeholders for farmers to consumers across feed, food, and fuel markets. We will have a stronger, better positioned company with even greater flexibility and resources to address global food security and renewable energy needs. With that, we'll turn to Q&A.

我相信，我們擁有合適的人才、平台和策略，能夠為飼料、食品和燃料市場的農民和消費者等利害關係人創造價值。我們將擁有更強大、更有利的公司，擁有更大的靈活性和資源來滿足全球糧食安全和再生能源需求。接下來，我們將進入問答環節。

(Operator Instructions) Andrew Strelzik, BMO.

（操作員指示） Andrew Strelzik，BMO。

Pooran Sharma, Stephens Inc.

Pooran Sharma，Stephens Inc.

Just wanted to start off by just asking about the soy crush performance throughout the quarter in your regions. You provided a little bit of detail in the press release, but just wondering if you could flesh that out a little bit. And as we look to the back half of the year, how should we think about fundamentals, especially with the recent RVO in mind? And then my follow-up would just be in regards to the SREs. Have you heard anything?

首先我想問一下你們地區本季的大豆壓榨狀況。您在新聞稿中提供了一些細節，但我只是想了解您是否可以進一步充實一下。當我們展望下半年時，我們應該如何看待基本面，尤其是考慮到最近的 RVO？然後我的後續內容將只涉及 SRE。你聽到什麼了嗎？

How soon do you think we can get an announcement? How have your conversations been regarding this matter? Any sort of details you could provide there would be helpful.

您認為我們多久能收到公告？關於此事，你們的談話進行得怎麼樣？您提供的任何詳細資訊都會有所幫助。

Sure. I'll start. John, you can come in. Yes, as far as Q2, look, the outperformance that was a little stronger than we expected, came really kind of second half June, and that was South America and North America processing margins really driven by the rising veg oil values and lower bean costs and primarily in the US. So that was what really delivered that.

當然。我先開始了。約翰，你可以進來了。是的，就第二季而言，表現比我們預期的要好一些，這實際上發生在 6 月下半月，這是南美和北美加工利潤率真正受到植物油價值上漲和豆類成本下降的推動，主要是在美國。這就是真正實現這一點的。

As you look kind of towards the current market conditions, looking across soy, while Q3 improved a little bit, it's still kind of unclear due to continued soft bio demand and South American supply. Margins definitely are better in Q4 and back above baseline with the harvest outlook that's coming.

從目前的市場狀況來看，縱觀大豆市場，雖然第三季略有改善，但由於生物需求持續疲軟和南美供應持續疲軟，情況仍不明朗。隨著收穫前景的到來，第四季度的利潤率肯定會更好，並回到基線以上。

And then if we walk quickly around the globe, if you look at Brazil, Q2 margins are better year over year. There's no logistical challenges with take-or-pay now. You've got a record bean crop. And of course, that's offset a little bit by some of the demand of exports of beans to China and then the deferral of the B15, which we'll see coming in, in the second half.

然後，如果我們環顧全球，看看巴西，第二季的利潤率比去年同期更好。現在，「照付不議」模式已不再存在物流挑戰。你們的豆類產量創下了紀錄。當然，這在一定程度上被中國出口豆類的需求以及 B15 的延遲所抵消，我們將在下半年看到 B15 的延遲。

But we expect that second half to be better year over year. And oil demand, of course, is expected to pick up from energy, although we haven't seen it yet. And then in Argentina, Q2 margins have been better year over year. That was strong farmer selling driven by the big crops and the export window looking like it was coming to an end. And so that got the industry well covered for Q3 and Q4 is yet to play out.

但我們預計下半年的情況會比去年同期更好。當然，預計能源產業的石油需求將會回升，儘管我們還沒有看到這種情況。在阿根廷，第二季的利潤率年增。這是由於豐收和出口窗口即將結束而導致農民銷售強勁。因此，該行業對第三季和第四季的前景有很好的預期。

And then across Europe, our Q2 margins were good, but down slightly from a strong prior year. Second half will probably be a little tougher as you've got some competing imports from the South American flows.

在整個歐洲，我們的第二季利潤率表現良好，但與去年同期相比略有下降。下半年可能會更加艱難一些，因為有一些來自南美的進口競爭。

And then China, our Q2 margins improved in the second half, although they were still slightly down from prior year. Second half margins will probably be lower than Q2, but still look pretty good versus historical levels. So that's the look on soy. And then on soft, look, Q2 margins and volumes were down in all regions versus prior year. And that was really as across Europe, Black Sea, Canada, we had smaller seed production last year.

然後是中國，我們第二季度的利潤率在下半年有所提高，儘管與去年同期相比仍略有下降。下半年的利潤率可能會低於第二季度，但與歷史水平相比仍然相當不錯。這就是對大豆的看法。然後從軟方面來看，與去年同期相比，所有地區的第二季利潤率和銷售量均有所下降。事實上，去年歐洲、黑海和加拿大的種子產量均有所下降。

Crops are developing well in all regions, and you see that as the forward crush curves are supported starting late Q3 as we're expecting arrival new seeds. So --

所有地區的農作物都長得很好，而且您會看到，由於我們期待新種子的到來，遠期壓榨曲線從第三季末開始受到支撐。所以--

Yes. In terms of the SREs, obviously, we've been -- we've been plugged in pretty closely monitoring that. And I think our belief is the administration has done a great job of supporting the US farmer, and we think they clearly understand the impact of what the SREs could potentially have on the RVO. And -- but -- so we'll see.

是的。就 SRE 而言，顯然我們一直在密切監控它。我認為，我們相信政府在支持美國農民方面做得很好，我們認為他們清楚地了解 SRE 可能對 RVO 的影響。並且 — — 但是 — — 我們拭目以待。

We don't -- we probably don't have any special insights into where it's going to end up, but we do expect a decision sometime in August or September. And again, I think just given the supportive nature of the policy around 45Z and around, we would expect the SREs to be well thought through and supportive.

我們可能對最終結果沒有任何特別的見解，但我們確實預計會在八月或九月的某個時候做出決定。而且，我認為，鑑於 45Z 及週邊政策的支持性質，我們希望 SRE 能夠經過深思熟慮並給予支持。

Andrew Strelzik, BMO.

安德魯·斯特雷爾齊克，BMO。

Can you hear me now? Wonderful. Sorry about that. I know you're going to give the combined company, Viterra, guidance, including Viterra before the third quarter call. But you put out some pro forma numbers, including Viterra that I think have created some concern and I know there's some noise in there.

現在你能聽到我說話嗎？精彩的。很抱歉。我知道您將在第三季電話會議之前為合併後的公司 Viterra 提供指導，包括 Viterra。但你公佈了一些包括 Viterra 在內的備考數字，我認為這些數字引起了一些擔憂，我知道其中存在一些噪音。

So I was just wondering if you're able to help us kind of think about what a clean Viterra earnings base for 2024 would have looked like or some of the factors that impacted kind of the underlying Viterra earnings -- numbers in that pro forma that you shared? Or maybe if you wanted to compare 2026 fundamentals for Viterra versus '24, if you see the environment on a relative basis getting better or worse? Just some color around that would be helpful.

所以我只是想知道您是否能夠幫助我們思考一下 2024 年 Viterra 的淨盈利基礎是什麼樣的，或者影響 Viterra 基本盈利的一些因素——您分享的預測數字是什麼？或者，如果您想比較 Viterra 2026 年與 2024 年的基本面，您是否認為環境相對而言會變好還是變壞？只要周圍有一些顏色就會有幫助。

Sure. Let me start and John can come in. Look, I'd just like to start by saying, look, Viterra has got a great team and an excellent platform and the strategic rationale is absolutely still in place. As far as prior to close, I'd say John and I in our past life have walked that path. So we probably have as good understanding about that as anyone.

當然。讓我先開始，然後約翰可以進來。聽著，我首先想說的是，Viterra 擁有一支優秀的團隊和一個優秀的平台，其策略原理仍然適用。就結束之前而言，我想說約翰和我在過去的生活中走過那條路。所以我們對此的理解可能和其他人一樣深刻。

And it definitely was a challenging time, no doubt for the team. You're moving a private company into a larger public company, which we lived before. We had the regulatory delay. We understand how disruptive that can be to the team and the business.

毫無疑問，對於球隊來說，這絕對是一個充滿挑戰的時刻。您正在將一家私人公司轉變為更大的上市公司，就像我們以前經歷過的那樣。我們遇到了監管延遲。我們了解這會對團隊和業務帶來多大的破壞。

I think the good news is we understand what those challenges were. There's really nothing we haven't seen before, and we know how to address those going forward. So when you look at the combined company going forward, look, biofuel policies and large crops are generally supportive of our crush assets.

我認為好消息是我們了解這些挑戰是什麼。事實上，沒有什麼是我們以前沒有見過的，我們也知道如何解決這些問題。因此，當您展望合併後的公司未來發展時，您會發現，生質燃料政策和大量農作物通常對我們的壓榨資產有利。

You look at the storage assets now the combined company has, those benefit from large crops globally, not only in the storage, but in the optionality then when the demand calls for that stored product. And then you look at our new combined expanded network, it's much more balanced now between crush and origination, how the origination from the farmer to support our assets fits so well together.

看看合併後的公司現在擁有的儲存資產，它們受益於全球的大量農作物，不僅在儲存方面，而且在需求需要儲存產品時的可選性方面。然後你看看我們新合併的擴展網絡，現在壓榨和起源之間的平衡性更強了，從農民到支持我們資產的起源是如何完美地結合在一起的。

It's really a vertical merger, if you think about it. And that's really going to increase commercial optionality for us. And then the other is we're now the largest and lowest cost crusher in Argentina. And that's right as that country continues to stabilize, and it's important to the overall crush franchise. So -- we really love the combination.

如果你仔細想想，這其實是垂直合併。這確實會增加我們的商業選擇空間。另一個是我們現在是阿根廷規模最大、成本最低的破碎機。隨著該國繼續穩定，這對整個粉碎特許經營來說非常重要。所以——我們真的很喜歡這個組合。

And so kind of regardless of what cycle we're in going forward, what we do know is the combined business, we are very, very comfortable. And we'll have higher lows in the tough cycle and higher highs as we get into mid and better cycles.

因此，無論我們未來處於什麼週期，我們所知道的是，合併後的業務讓我們感到非常非常安心。在艱難週期中，我們的低點會更高，而進入中期和更好的周期時，我們的高點會更高。

And I would just add on, Andrew. When you look at the pro forma, I mean, they don't have synergies captured, they have costs and they're related to the deal. And I think the Viterra team would tell you that they could have executed better in some ways. And so I think these are things that are easily fixed. And obviously, we're hyper focused on synergies going forward, both on the cost side and on the commercial side.

我還要補充一點，安德魯。當你查看形式發票時，我的意思是，他們沒有捕捉到協同效應，他們有成本，而且與交易相關。我認為 Viterra 團隊會告訴你，他們在某些方面本可以做得更好。所以我認為這些問題很容易解決。顯然，我們高度重視未來的綜效，包括成本面向和商業方面。

And everything we're seeing so far there gives us optimism that we'll get every dollar of synergy that we've forecast, if not more on the cost side and certainly going to be as aggressive as we can be. We still support the business comfortably, obviously. But then on the commercial side, as Greg alluded to, I think there's some great opportunity there that we'll see going forward.

到目前為止，我們看到的一切都讓我們樂觀地認為，我們將獲得我們預測的每一美元的協同效應，如果不是在成本方面獲得更多的話，我們肯定會盡可能積極地行動。顯然，我們仍然可以輕鬆地支援該業務。但從商業方面來看，正如格雷格所提到的，我認為未來我們將會看到一些巨大的機會。

Okay. That's super helpful. And then I apologize if this was already asked, and I might have missed it. But I guess I'm curious, I mean, we can see in the US crush curve post the RVO, how things have evolved.

好的。這非常有幫助。如果這個問題已經被問過了，而我可能錯過了，我深表歉意。但我想我很好奇，我的意思是，我們可以從 RVO 之後的美國壓榨曲線中看到情況是如何發展的。

How are you thinking about the implications kind of on a more global basis with the US potentially out of the global market for bean oil and maybe how you might see the ripple effects play out through the crush margins in Brazil and Europe and Argentina kind of relative to what we're able to see in the US.

您如何看待美國可能退出全球豆油市場對全球的影響？相對於我們在美國看到的情況，您可能會看到巴西、歐洲和阿根廷的壓榨利潤受到怎樣的連鎖反應？

Yes. We -- if you look back kind of the first run when oil share was as strong in the US with the draw from biofuels, right? We've got a bit of a test run, if you will, for our global system. But the key, I think, this time is we've got even a better, more complete system.

是的。我們——如果你回顧一下第一次運行，當時美國的石油份額與生物燃料的份額一樣強勁，對嗎？如果您願意的話，我們對我們的全球系統進行了一些測試。但我認為，這次的關鍵是我們擁有一個更好、更完整的系統。

And as you've seen when we've been challenged with whatever macroeconomic situation in the last few years, we've been able to adjust to that, whether it's being there to buy the beans from the farmers or to serve our customers from the best market with meal or from the best market with oil.

正如您所看到的，在過去幾年裡，無論我們面臨什麼樣的宏觀經濟形勢的挑戰，我們都能夠適應，無論是從農民手中購買咖啡豆，還是從最好的市場為我們的客戶提供豆粉或油。

So we see this as a great opportunity. I think the other key is B15 is coming in, in Brazil. So that will balance some of the demand there on oil as well as the demand that we see coming in North America. So we're excited to run this combined platform in what's a pretty complex macro environment, but we know we're well suited for it.

因此我們認為這是一個很好的機會。我認為另一個關鍵是 B15 正在進入巴西。因此，這將平衡那裡對石油的部分需求以及我們看到的北美的需求。因此，我們很高興能夠在相當複雜的宏觀環境中運行這個組合平台，但我們知道我們非常適合它。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

Just wanted to squeeze in two quick ones. So one, as you look into the back half, and obviously, you made some adjustments for the divestiture of the corn milling business in North America. Now that put aside, as you look into the second half versus what you initially expected for the second half, has anything materially changed to the up or the downside just given that there's a little bit of a stronger crush environment, particularly in North America? That would be my first question.

只是想快速擠進兩個。因此，當你回顧後半部分時，顯然你對北美玉米加工業務的剝離做了一些調整。現在，拋開這一點不談，當您展望下半年的情況，與您最初對下半年的預期相比，考慮到壓榨環境略有增強，特別是在北美，是否有任何實質性的變化，是向上還是向下？這是我的第一個問題。

Yes, Ben, I can take that. I think overall, while we're holding the year, and we look at the second half, just to be clear, we're going to have likely a weaker Q3 given by the fact that we had a lot of our crush margin lock coming into the quarter and some of this run-up we saw recently in crush margin in the US.

是的，本，我可以接受。我認為總體而言，當我們展望今年並展望下半年時，需要明確的是，由於我們在本季度鎖定了大量壓榨利潤，而且我們最近在美國看到了壓榨利潤率的上升，因此我們的第三季度業績可能會比較疲軟。

Capture a little bit of that in Q3, but most of it we were already locked. So we're really looking at the second half kind of a 30-70 split of earnings in the second half. And I would say, while we are predicting and we're forecasting a stronger processing in the second half and primarily in Q4, driven by the improvement in crush margins, especially in the US, we've got offsets in other parts of the business.

在第三季我們捕獲了一點，但大部分內容我們已經鎖定。因此，我們實際上正在考慮下半年的收益分配，即 30% 比 70% 的分配。我想說的是，雖然我們預測下半年，尤其是第四季的加工量會更大，這得益於壓榨利潤率的提高，尤其是在美國，但我們在其他業務領域也得到了補償。

Merchandising continues to be challenging and I think tough to predict. And so we've got a conservative forecast in, we think, for merchandising, and we've seen a little bit of softness on the specialty oil side. So overall, kind of a shift on the processing side away from parts of the business.

商品銷售仍然充滿挑戰，我認為很難預測。因此，我們認為，對於商品銷售，我們做出了保守的預測，我們看到特種油的銷售略有疲軟。因此總體而言，這是一種從業務部分轉向處理的轉變。

Okay. That brings me actually to my second question on the oil piece because that seems like that was probably a little bit softer than what you initially expected for the quarter. And also, I mean, the tone for the guidance is a little weaker. So just wanted to understand what are the issues here? Is it too much supply? Or is it not enough demand? Or is it a combination of both of it?

好的。這實際上引出了我對石油的第二個問題，因為這似乎可能比您最初預期的本季表現要弱一些。而且，我的意思是，指導的語氣有點弱。所以只是想了解這裡的問題是什麼？是不是供應太多了？還是需求不夠？還是兩者的結合？

Yes. If you look at the RSO definitely was impacted by the lower energy demand due to the uncertainty around the biofuels policy. And then we also saw customers with some of the uncertainty around tariffs until those get set going -- customers going very spot. So that definitely affected some of the flows. But we are expecting the RSO to improve coming off the Q2 levels in the second half.

是的。如果你看一下，你會發現 RSO 肯定受到了生物燃料政策不確定性導致的能源需求下降的影響。然後，我們也看到客戶對關稅有一些不確定性，直到關稅確定下來為止——客戶的情況非常不確定。所以這肯定會影響一些流量。但我們預計 RSO 將在下半年從第二季的水平上有所改善。

Salvator Tiano, Bank of America.

美國銀行的 Salvator Tiano。

So firstly, I want to ask a little bit about your investments -- the organic investments that you have for the next couple of years, including, I believe, Morristown supposed to come online later this year. How is the Destrehan crush expansion going? And if you can provide any commentary with regard to CapEx there, expected earnings contribution, and progress?

首先，我想問一下您的投資情況——未來幾年您的有機投資，包括我相信將於今年稍後上線的莫里斯敦項目。德斯特雷漢壓榨廠的擴張進展如何？您能否就那裡的資本支出、預期收益貢獻和進展提供任何評論？

This is John. I'll take those. So Morristown is moving along extremely well. We're going to basically go into commissioning and go live on that plant and expecting in October, so call it mid-Q4. Really pleased about the progress we've made there on getting ready to go.

這是約翰。我會接受這些。莫里斯敦的發展非常順利。我們將基本上進入調試階段並開始運營該工廠，預計在十月份，也就是第四季中期。真的很高興我們在準備出發方面取得了進展。

It's obviously going to take a bit of time commissioning. It's a big plant. It's a bit complex. So it takes time to work through the bugs and initially, but really pleased to -- and have an expectation that thing will be humming by early to mid next year with, again, a start probably like, call it, mid-Q4.

顯然，調試需要一些時間。這是一種大型植物。有點複雜。因此，解決這些問題需要時間，但最初真的很高興 - 並且期望事情會在明年年初到年中開始順利進行，再次開始，可能就像我們所說的那樣，在第四季度中期。

Destrehan, both projects in Destrehan are moving along well. Of course, we have the crush project that's in our joint venture with Chevron. We're expecting that to come on probably, call it, late Q2 of next year. And then followed probably about a month later by the barge unloading project, which is a 100% owned project.

德斯特雷漢，德斯特雷漢的兩個計畫進展順利。當然，我們與雪佛龍合資進行了粉碎計畫。我們預計這可能會在明年第二季末實現。大約一個月後，又進行了駁船卸貨項目，這是一個 100% 擁有的項目。

But both going along well. And largely, obviously, most of the CapEx will be complete on those three projects by the end of this year. A little bit of spillover on Destrehan, Destrehan projects into next year in the 2026 first half. And then the other big project we have, of course, is our Weston plant in Europe.

但雙方都進展順利。顯然，這三個項目的大部分資本支出將在今年年底前完成。對德斯特雷漢有一點外溢效應，德斯特雷漢預計會延續到明年，也就是 2026 年上半年。當然，我們的另一個大項目是位於歐洲的韋斯頓工廠。

That's probably been delayed a bit, just given some contractor issues and looking probably at early 2027 commissioning on that plant versus late '26 at this point. I would say, all in all, the projects are moving along well and teams are doing it safely and effectively, and we're optimistic that all these are going to be good projects when wrapped up.

這可能被推遲了一點，只是考慮到一些承包商的問題，並且可能在 2027 年初開始投入該工廠的調試，而不是目前 26 年底。我想說，總的來說，這些專案進展順利，團隊正在安全有效地開展工作，我們樂觀地認為，所有這些專案在完成後都將成為好的專案。

Perfect. And the other thing I wanted to ask is, what is your outlook, I guess, on the mill side in the US, both on demand, whether that's domestic or on the export market, but also supply because obviously, we're talking with the RVOs about the improved outlook for the oil side, but it looks like we're still adding probably a good 10%, 15% to meal supply in North America in the next two years and obviously, prices there are moving lower.

完美的。我想問的另一件事是，您對美國工廠方面有何展望？包括需求（無論是國內還是出口市場）和供應，因為顯然，我們正在與 RVO 討論油方面改善的前景，但看起來我們在未來兩年內仍將增加北美 10% 到 15% 的豆粕供應，而且顯然那裡的價格正在走低。

Yes. I think the key is to continue to watch there, good economics in the animal protein segment. So demand has been very good. They like using soybean meal and prices itself into the formula. The other factor is that North America has added some export capabilities.

是的。我認為關鍵是要繼續關注動物性蛋白質領域的良好經濟狀況。因此需求一直很好。他們喜歡使用豆粕並將其價格納入配方中。另一個因素是北美增加了一些出口能力。

And so we've got a lower supply chain cost to get from the interior plants to the export and get it on a ship, making the US more competitive in the global markets as well. And if you remember, we sell more soybean meal than we produce. We're a net short. So we're able to find the best market for that, whether it's being consumed domestically or going to our customers in the global market.

因此，從內陸工廠到出口再到裝船的供應鏈成本更低，這也使得美國在全球市場上更具競爭力。如果您還記得的話，我們銷售的豆粕比我們生產的還多。我們淨虧空。因此，我們能夠找到最佳市場，無論是在國內消費或銷往全球市場的客戶。

Salvator, just note that we've seen the meal situation coming, obviously. And the expansion of our Destrehan barge unloading facility and expansion we did at our P&W facility are both intended to take on some of that soybean meal that is going to go to export.

薩爾瓦托，請注意，我們顯然已經看到了用餐情況的到來。我們對德斯特雷漢駁船卸貨設施和 P&W 設施的擴建都是為了承接部分將要出口的豆粕。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Congratulations on closing Viterra. My first question is on your RSO business. So just assuming a relatively benign SRE outcome, demand for North American veg oil set to explode and -- but the vast majority of your big RD producers now have PTUs in place.

恭喜 Viterra 結束。我的第一個問題是關於您的 RSO 業務。因此，僅假設 SRE 結果相對溫和，北美植物油的需求就會激增——但絕大多數大型 RD 生產商現在都已安裝 PTU。

So I'm just wondering, do you think this is going to set up a situation in which refining margins could potentially go to zero in the US? And if so, your outlook for the rest of the world, would that still allow for a normalized EBIT target of about $400 million, I think, is what you all laid out in '22?

所以我只是想知道，您是否認為這會導緻美國煉油利潤率可能降至零？如果是這樣，您對世界其他地區的展望是否仍允許實現約 4 億美元的正常化息稅前利潤目標，我想，這就是您在 22 年制定的嗎？

Let me start and I'll let John come back. Remember when we talked in the past that we expected the refining margins to moderate over time, and that was always our plan. Some of that will work back into the crush margin because the demand for crude, of course, will go up.

讓我先開始，然後我會讓約翰回來。記得我們過去談到過，我們預計煉油利潤率會隨著時間的推移而下降，這一直是我們的計劃。其中一部分將回流到壓榨利潤中，因為原油需求當然會增加。

And so kind of depending on that balance, who's running, how hard they're running the pretreatment will make a difference on where the refining margin falls out. But the -- it probably will keep it tighter than historical, but not long-term historicals, but not better than kind of the peak period. And of course, if you remember, we had it much lower in our model.

因此，取決於這種平衡，誰在運行，他們如何努力地運行預處理將對精煉利潤的下降產生影響。但是——它可能會比歷史水平更嚴格，但不是長期歷史水平，但不會比高峰時期更好。當然，如果你還記得的話，我們的模型中這個數字要低得多。

I would just add, Heather, that if you look at the last couple of quarters, the amount of refined oil going into energy has been insignificant to our overall portfolio. Demand still has been solid on the food side. And so that we would expect to continue. And we'll see what the things ramp up on the RD side. We'll see what kind of demand is there.

希瑟，我只想補充一點，如果你看一下過去幾個季度，你會發現用於能源的成品油數量對我們的整體投資組合來說微不足道。食品方面的需求依然強勁。因此我們希望能夠繼續下去。我們將觀察研發方面的情況。我們將看看有什麼樣的需求。

But just to point out, by far, most of our refined oil is going into the food industry.

但需要指出的是，到目前為止，我們的大部分精煉油都進入了食品業。

Okay. And then a follow-on is, like you mentioned, Greg, about the demand for crude oil is obviously going to skyrocket. So just thinking of the interplay between those, maybe refining margins get really compressed in the US, but how do you think about the normalized range for soy and soft crush margins given that crude oil demand is going to surge and you're also going to have this very large meal production. And I know we won't know until we know and -- but just how are you all thinking about that setup the potential there?

好的。接下來的問題是，正如你所提到的，格雷格，原油需求顯然會飆升。因此，僅考慮這些因素之間的相互作用，美國的煉油利潤率可能會受到嚴重壓縮，但考慮到原油需求將激增，而且豆粕產量也將非常大，您如何看待大豆和軟壓榨利潤率的正常化範圍。我知道，除非我們知道，否則我們不會知道——但是你們是如何看待這種設置的潛力的？

Yes. I mean I think we're encouraged. You've got big bean crops. You've got good animal profitability on the meal takeaway and inclusion rates. You've got the biofuel policy with the RVO being constructive in the US and you got the B15 coming on in Brazil.

是的。我的意思是，我認為我們受到了鼓舞。你的豆子收成很好。您在外賣和包含餐點方面獲得了良好的動物盈利能力。美國已經制定了 RVO 建設性的生物燃料政策，巴西也即將實施 B15 政策。

So from an overall setup, exactly how it will play out, we've got our theories, but the one thing I'm really glad is that we're running what is now a pretty balanced global crushing footprint in soy and soft. So I think we'll -- we feel the balance of supply and demand is going to be pretty good. And I think we'll be able to most efficiently serve it from the best origins.

因此，從整體設定來看，對於它究竟將如何發揮作用，我們已經有了理論，但有一件事讓我真正高興，那就是我們現在在大豆和軟豆的全球壓榨足跡上已經相當平衡。所以我認為我們——我們感覺供需平衡將會非常好。我認為我們將能夠從最佳來源最有效地為其提供服務。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Similar to Heather's question, given the meaningful step-up in domestic SBA demand for fuel, how do you see the interplay between SBL and other seed oils as it relates to food in the US?

與 Heather 的問題類似，鑑於美國國內 SBA 對燃料的需求大幅增加，您如何看待 SBL 與其他種子油在美國食品方面的相互作用？

Yes. As I said, I think the good news is we've seen a bit of a test run on this. And as market tightens up on the demand, you have certain food customers that will switch to other oils and some of that's functionality, some of that's from a price standpoint. So we're working with those. So we like being able to offer the full suite of the seed oils to our customers. So we see it as opportunities.

是的。正如我所說，我認為好消息是我們已經看到了這方面的一些試運行。隨著市場需求收緊，某些食品客戶會轉而使用其他油，部分原因是出於功能性考慮，部分原因是出於價格考慮。所以我們正在努力解決這些問題。因此，我們很高興能夠為客戶提供全套種子油。因此我們將其視為機會。

Terrific. And then with regard to the one big beautiful bill, it appears 45Z policy will have a longer and greater impact on SBO economics based on the removal of the indirect land use charge. Do you guys have a sense of how material ILUC is on average? And then as a build on that from an OBB perspective, have you been able to quantify how material of a help the 100% bonus depreciation is to your business?

了不起。然後，就那張漂亮的大鈔而言，看來 45Z 政策將基於取消間接土地使用費對 SBO 經濟產生更長久、更大的影響。你們對 ILUC 的平均材料品質有什麼看法嗎？然後從 OBB 的角度來看，您是否能夠量化 100% 獎金折舊對您的業務有多大幫助？

Yes. So starting with the ILUC change, that's obviously going to -- number one, we're very pleased that the 45Z includes all North American feedstocks. So that benefits our crush in Canada as well on the canola side.

是的。因此，從 ILUC 變化開始，這顯然是——首先，我們很高興 45Z 包含所有北美原料。因此，這對我們在加拿大的油菜籽壓榨也有利。

And the indirect land use change impact is going to be significant because it really puts soybean oil and canola oil much more on par with the lower CI feedstocks. And when you think about the prevalence of soybean oil and the ease of moving it in large quantities, it's going to be very price competitive, but also it's a much easier feedstock to process.

間接土地利用變化的影響將是巨大的，因為它確實使大豆油和菜籽油與 CI 較低的原料更加相等。當你考慮到大豆油的普及程度以及大量運輸的便利性時，它的價格將非常有競爭力，而且它也是更容易加工的原料。

And so we think it's going to bode well for demand for crude, certainly crude, soybean oil, crude oil. You see about the refined side, as we talked about earlier. I still think there's going to be some good demand there. So all in all, pretty positive on that piece. You accelerate depreciation side, clearly, where we have an opportunity to take advantage of it, we will on some of these bigger capital projects.

因此，我們認為這將對原油需求（當然包括原油、大豆油和原油）產生正面影響。正如我們之前所討論的，您看到了精緻的一面。我仍然認為那裡會有一些良好的需求。總的來說，我對這篇文章的評價相當正面。顯然，當我們有機會利用它時，我們會加速折舊方面，並將在一些較大的資本項目上利用它。

I don't know that it will necessarily change strategy around CapEx, but it certainly is going to be a tailwind if we -- as we see opportunities.

我不知道它是否一定會改變資本支出策略，但如果我們看到機會，它肯定會成為順風。

Steven Haynes, Morgan Stanley.

摩根士丹利的史蒂文·海恩斯。

I wanted to ask on some developments in the global trade market with China taking some soybean meal from Argentina and sending some soybean oil into India. I guess, not typical behavior from them. So these kind of one-off weird kind of moves? Or do you think there's kind of just more of a structural change going on? Just curious on any thoughts there.

我想詢問一下全球貿易市場的一些發展情況，中國從阿根廷進口了一些豆粕，並向印度出口了一些豆油。我猜，這不是他們的典型行為。那麼這些都是一次性的奇怪舉動嗎？或者您認為這只是一種結構性變化正在發生？只是好奇那裡有什麼想法。

I think the one thing the last five, six years have taught us is that the world is a pretty dynamic place now. And I know I'm repeating myself, but it's why we love our balanced global footprint of crushing as well as origination.

我認為過去五、六年教會我們的一件事是，世界現在是一個非常有活力的地方。我知道我在重複自己，但這就是為什麼我們喜歡平衡的全球粉碎和起源足跡。

And I think China is very, very public that they're focused on food security. So I think it's absolutely logical and rational that they continue to build different optionality. And I would say the importation of soy meal is a new option that they're now developing.

我認為中國非常公開地表示他們非常重視糧食安全。因此我認為他們繼續構建不同的可選性是絕對合乎邏輯和合理的。我想說的是，進口豆粕是他們目前正在開發的新選擇。

So it seems like a logical and rational action. And then as far as commodities moving in untraditional flows, I think that's the norm now. I think that's the norm going forward, and I really feel that Bunge is built for it.

因此這看起來是個合乎邏輯且理性的行動。至於大宗商品以非傳統方式流動，我認為這現在已成為常態。我認為這是未來的常態，我真的覺得邦吉就是為此而生的。

Fair enough. I appreciate that. And then maybe just on the commercial synergy side. I realize it's early days. But do you have like kind of a time line roughly for when you think some of these could be realized?

很公平。我很感激。然後可能只是在商業協同效應方面。我意識到現在還為時過早。但是，您是否有一個大致的時間表，表明您認為其中一些目標何時可以實現？

I'm sure there are some that are more low-hanging that could be immediate, maybe some that are a bit longer term. But any way to help us think about kind of at a very, very high level, how to just kind of conceptualize when you could start realizing some of those synergies?

我確信有些措施比較容易實施，可以立即實施，而有些措施可能需要較長時間才能實施。但是，有沒有什麼方法可以幫助我們從非常高的層次思考，如何概念化何時可以開始實現其中的一些協同作用？

Yes. It's -- look, it's too early to put any new targets out there, but let me say we're very optimistic. Our goal all along has been delivered more than we promised and delivering faster than we promised. So that's what we've got the focus -- the team focused on.

是的。現在設定任何新目標還為時過早，但我要說的是，我們非常樂觀。我們始終的目標是超越我們的承諾並比我們承諾的更快地交付。這就是我們團隊關注的重點。

There's no doubt that when we start thinking about the commercial synergies, just the global scale that we've got now and with the local granularity, whether it's on originating from farmers or distributing to end customers, the capabilities that we've got on the logistical and transportation side, the ability to manage our risk and help our customers manage their risk so that we can be the partner of choice, that's exciting.

毫無疑問，當我們開始考慮商業協同效應時，我們現在擁有的全球規模和本地粒度，無論是源自農民還是分銷給最終客戶，我們在物流和運輸方面的能力，管理我們的風險和幫助我們的客戶管理他們的風險的能力，以便我們能夠成為首選的合作夥伴，這是令人興奮的。

And I'll tell you, just since we've closed, I've had the opportunity to sit with the commercial teams and some of the functional teams as we're now one team, one company and the way that people are working together has been fantastic, right?

我可以告訴你，自從我們關閉以來，我有機會與商業團隊和一些職能團隊坐在一起，因為我們現在是一個團隊，一個公司，人們一起工作的方式非常棒，對吧？

Everybody is really transparent and collaborative. We've put out the ego. We're focused on earnings is what we're focused on. And hearing the teams and the opportunities that they're finding together in the plans.

每個人都非常透明且樂於合作。我們已經放棄了自我。我們關注的是收益。並聽取各團隊的意見以及他們在計劃中共同發現的機會。

Look, it takes some time to execute. But as we had teams together here in North America a couple of weeks ago, I was in Europe all last week, listening to the teams and work and hearing the report out to the working sessions, and I'm excited about it. I'm really excited. It will take some time to do, but the reason that we did this deal, they're all still in place.

看，執行它需要一些時間。但是，由於幾週前我們在北美的團隊聚集在一起，所以我上週整個星期都在歐洲，聽取團隊的工作並聽取工作會議的報告，我對此感到非常興奮。我真的很興奮。這需要一些時間，但我們達成這筆交易的原因仍然有效。

I would just add, Steven, that I think the first focus item for the commercial team is one voice to the market. And I think that as Greg mentioned, the team set aside who is doing what and we figured out very quickly -- what's the right approach in every market that we're in to make sure we're one voice to the customer and both ends of farmer on one side and customers on the other. And we couldn't be more pleased with the coordination among the teams that are just now starting to figure out what the real opportunities are.

史蒂文，我只想補充一點，我認為商業團隊的首要關注點是向市場發出一個聲音。我認為，正如格雷格所提到的那樣，團隊確定了每個人負責什麼工作，我們很快就弄清楚了——在我們所處的每個市場中，正確的方法是什麼，以確保我們對客戶、對農民和對客戶雙方發出同一個聲音。我們對各團隊之間的協調感到非常滿意，他們現在才開始弄清楚真正的機會是什麼。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

So I wanted to ask about the shareholder returns post the closure of the deal. How much is remaining under the buybacks? Could you accelerate the buybacks to offset the dilution from the Viterra deal?

所以我想問一下交易完成後的股東回報。回購還剩下多少？您能否加速回購以抵消 Viterra 交易帶來的稀釋？

Yes, Manav, thanks. This is John. The original $2 billion commitment, we have $800 million left. And obviously, we've -- that's going to be an important part of our capital allocation here going forward. We've anticipated that all along.

是的，Manav，謝謝。這是約翰。最初承諾的20億美元，我們還剩下8億美元。顯然，這將成為我們未來資本配置的重要組成部分。我們一直都預料到這一點。

We have a big outflow of cash relative to getting the deal closed. But it's always been built into that. And obviously, we've talked to the rating agencies about our plans there, and we expect to execute on that fairly soon. And we'll see -- I mean, technically, we have a period of time post close to do that.

為了完成這筆交易，我們有大量的現金流出。但它始終是內建的。顯然，我們已經與評級機構討論了我們的計劃，並且我們預計很快就會實施。我們會看到——我的意思是，從技術上講，我們有一段時間來做這件事。

We'll look for the right opportunities to execute on that remaining balance. And then going forward, we do expect this machine to generate a lot of cash going forward once we hit our stride and capital allocation in the form of share buyback will likely become a pretty important part of our ongoing strategy.

我們將尋找合適的機會來執行剩餘的餘額。展望未來，我們確實預計，一旦我們步入正軌，這台機器將產生大量現金，而以股票回購形式進行的資本配置可能會成為我們持續策略中非常重要的一部分。

And the follow-up here is when you look at the RVO and you look actually closely, not many people do, unfortunately, is that you're getting 50% RIN on imported feedstocks -- that means domestic soybean oil could actually price at a significant premium to some of these imported RD feedstocks.

接下來的問題是，當你查看 RVO 並仔細觀察時，不幸的是，沒有多少人會這樣做，因為進口原料的 RIN 為 50%——這意味著國內大豆油的價格實際上可能比一些進口的 RD 原料高出很多。

So would that lead to a situation where you would actually see your domestic soybean oil actually competing against low CI feedstocks and the premium that those low CI feedstocks get versus your domestic soybean shrink meaningfully and maybe go even the other way, if you could comment on that?

那麼，這是否會導致這樣一種情況：您實際上會看到國內大豆油實際上與低 CI 原料競爭，而這些低 CI 原料相對於國內大豆的溢價會大幅縮水，甚至可能走向相反的方向，您能對此發表評論嗎？

Yes. I think it's a little early to tell, but I don't think that's out of the realm of possibility. Certainly, the rules were put in place around (inaudible) and RIN generation were meant to incent domestic production and use of domestic feedstocks.

是的。我認為現在說這個還為時過早，但我認為這並非不可能。當然，這些規則是在（聽不清楚）左右制定的，而 RIN 的生成是為了激勵國內生產和使用國內原料。

So soybean oil obviously being a key part of that and being something that can be supplied in large quantity, we think, is going to give it, as I mentioned earlier, a bit of an advantage, particularly over imported feedstocks.

因此，大豆油顯然是其中的關鍵部分，而且可以大量供應，我們認為，正如我之前提到的，這將為它帶來一些優勢，特別是相對於進口原料而言。

So we'll see how the market plays out. The market always works, and it finds a balance, but we like the setup. And we'll -- as we always do, we think we'll be in a good position to take advantage of whatever the market.

因此我們將觀察市場如何表現。市場總是運作的，它會找到平衡，但我們喜歡這種設定。而且，正如我們一貫所做的那樣，我們認為我們將處於有利地位，可以利用任何市場機會。

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 做結束語。

I'd like to thank everybody for joining us today and for your interest and support of Bunge. As you can tell, this is a really key time in the life of the company. We're really excited to bring these teams together and run this incredible global footprint that we've got to serve our customers. And there's no doubt whatever environment that we're in, we've got the trust that our team is going to get our share. So thank you much, and have a great day.

我要感謝大家今天的出席以及對邦吉的關注與支持。如您所知，這是公司發展過程中的關鍵時刻。我們非常高興能夠將這些團隊聚集在一起，並在全球範圍內為客戶提供服務。毫無疑問，無論我們處於何種環境，我們都相信我們的團隊將獲得我們的份額。非常感謝，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。