Bunge Global SA (BG) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Bunge Global third quarter 2025 earnings release and conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加邦吉全球2025年第三季財報發表會及電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Mark Haden, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁馬克哈登。請繼續。

Thank you, Drew, and thank you for joining us this morning for our third 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. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well.

謝謝德魯，也感謝您今天上午參加我們的第三季財報電話會議。在正式開始之前，我想告訴大家，我們準備了一些投影片來配合討論。您可以在我們網站 bunge.com 的投資者中心「活動與演示」欄位下找到這些資訊。我們的非GAAP指標與最直接可比較的GAAP財務指標的調節表也已發佈在我們的網站上。

I'd like to direct you to slide 2 and remind me that today's presentation includes forward-looking statements that reflect Bunge's current view in respect to future events financial performance and industry conditions. These forward-looking statements are subject to various risks and uncertainties.

請看第 2 張投影片，並提醒大家，今天的簡報包含前瞻性陳述，反映了邦吉公司目前對未來事件、財務表現和產業狀況的看法。這些前瞻性陳述受到各種風險和不確定因素的影響。

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; and John Neppl, Chief Financial Officer.

邦吉公司已在其向美國證券交易委員會提交的報告中提供了有關可能導致實際結果與本演示文稿中所含結果存在重大差異的因素的更多信息，我們鼓勵您查看這些因素。今天早上參加電話會議的有邦吉公司執行長格雷格·赫克曼和財務長約翰·內普爾。

I'll now turn the call over to Greg.

現在我將把電話交給格雷格。

Thank you, Mark, and good morning, everyone. Before diving into the quarter, I want to thank our team for their continued focus, discipline and execution in what remains a highly complex operating environment.

謝謝你，馬克，大家早安。在深入探討本季之前，我要感謝我們的團隊在當前高度複雜的營運環境中所展現出的持續專注、自律和執行力。

Across the company, our people are working together, navigating uncertainty, capturing opportunities and delivering value for all stakeholders. With the Viterra transaction closing behind us, this was our first quarter operating as a combined company and I'm very pleased with the way our teams have embraced integration and the One Bunge culture.

公司上下齊心協力，應對不確定性，抓住機遇，為所有利害關係人創造價值。隨著 Viterra 交易的完成，這是我們作為合併公司運營的第一個季度，我對我們的團隊接受整合和 One Bunge 文化的方式感到非常滿意。

We are already seeing tangible benefits from bringing these two highly complementary businesses together, benefits that go well beyond cost savings. We have aligned the combined company along our proven end-to-end value chain operating model. This structure enables us to run with greater agility, transparency and collaboration across origination, merchandising, processing and refining.

我們已經看到將這兩個高度互補的企業合併所帶來的實際好處，這些好處遠遠超出了成本節約的範疇。我們已按照我們成熟的端到端價值鏈營運模式對合併後的公司進行了調整。這種結構使我們能夠在採購、銷售、加工和提煉等各個環節實現更大的靈活性、透明度和協作性。

What's different and powerful about our combined company is the increased granularity and information we have at both origin and destination. We've connected more local and regional networks into our global platform, giving us insights and optionality we didn't have before.

我們合併後的公司與眾不同且強大的地方在於，我們在始發地和目的地都掌握了更精細的資訊。我們將更多本地和區域網路連接到我們的全球平台，為我們提供了以前沒有的洞察力和選擇權。

These competitive advantages are allowing us to respond faster to market signals and execute more efficiently across the value chain, identifying opportunities to optimize our footprint, better coordinate flows between origination and destination and capture margin through improved logistics.

這些競爭優勢使我們能夠更快地響應市場訊號，並在整個價值鏈中更有效率地執行，從而發現優化我們佈局、更好地協調始發地和目的地之間的流動以及透過改進物流來獲取利潤的機會。

These efficiencies are lasting and will benefit the entire value chain over time from farmer to end consumer. They're being unlocked because our teams not only have the same information at the same time, but are also working toward a single set of objectives for our global company. This knowledge sharing, along with collaborative planning is happening throughout the organization, from the elevator operator, to the commercial desk, to the end customer, and it's already driving better outcomes.

這些效率提升是持久的，並且隨著時間的推移，將從農民到最終消費者的整個價值鏈中受益。它們之所以能夠解鎖，是因為我們的團隊不僅在同一時間擁有相同的訊息，而且還在為我們全球公司的同一目標而努力。這種知識共享和協作規劃正在整個組織內進行，從電梯操作員到商務部門，再到最終客戶，並且已經帶來了更好的結果。

Shifting to our operating performance. Our third quarter results reflected strong performance in our soybean and softseed processing and refining segments, where we saw the benefits of a more balanced global footprint and the initial impact of our team's work to capture commercial synergies. John will go into more detail in a moment.

接下來談談我們的營運表現。第三季業績反映了我們在大豆和軟籽加工精煉領域的強勁表現，我們看到了更加均衡的全球佈局帶來的好處，以及我們團隊為實現商業協同效應所做工作的初步成效。約翰稍後會詳細說明。

As we shared on our business update call last month, we've recast our full year 2025 outlook to include Viterra. Looking ahead to the fourth quarter, farmers and end consumers remain largely spot, reflecting continued macro trade and biofuel policy uncertainty. Based on what we can see today, we continue to expect full year 2025 adjusted EPS and in the range of $7.30 to $7.60. This reflects an expected second half adjusted EPS in the range of $4 to $4.25.

正如我們在上個月的業務更新電話會議上所分享的那樣，我們已將 Viterra 納入到 2025 年全年展望中。展望第四季度，農民和終端消費者仍將主要依賴現貨，反映出宏觀貿易和生物燃料政策的持續不確定性。根據我們目前所看到的，我們仍然預計2025年全年調整後每股收益將介於7.30美元至7.60美元之間。這反映出我們預計下半年調整後每股盈餘將在4美元至4.25美元之間。

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

那麼，接下來我將把麥克風交給約翰，讓他更深入地分析我們的財務狀況和前景。約翰？

Thanks, Greg, and good morning, everyone. On our October 15 business update call, we announced that starting with this quarter, we will change our reportable segment structure, from agri business, refining specialty oils and milling to four reportable segments.

謝謝你，格雷格，大家早安。在 10 月 15 日的業務更新電話會議上，我們宣布，從本季度開始，我們將改變我們的報告分部結構，從農業業務、精煉特種油和製粉業務改為四個報告分部。

Soybean processing and refining, Softseed processing and refining, other oilseeds processing and refining, and grain merchandising and milling. The changes in segment reporting reflect the realignment of oilseeds operations into processing and refining by commodity type and combining grain merchandising and milling operations into one reportable segment. .

大豆加工和精煉、軟籽加工和精煉、其他油籽加工和精煉、以及穀物貿易和碾磨。分部報告的變化反映了油籽業務按商品類型重新劃分為加工和精煉業務，並將穀物貿易和碾磨業務合併為一個可報告分部。。

These changes reflect a tight interconnection of our upstream and downstream operations and aligns our segment reporting with our end-to-end value chain operating structure. Now let's turn to the earnings highlights on slide 5. As Greg mentioned, the newly combined team executed well, delivering a strong third quarter. Our reported third quarter earnings per share was $0.86 compared to $1.56 in the third quarter of 2024. Our reported results included unfavorable mark-to-market timing difference of $0.87 per share and an unfavorable impact of $0.54 per share from notable items related to Viterra transaction and integration costs.

這些變化反映了我們上游和下游業務的緊密聯繫，並使我們的業務分部報告與我們的端到端價值鏈營運結構保持一致。現在讓我們來看看第 5 頁的收益亮點。正如格雷格所說，新組建的隊伍表現出色，在第三節比賽中發揮強勁。我們公佈的第三季每股收益為 0.86 美元，而 2024 年第三季為 1.56 美元。我們報告的業績包括每股0.87美元的不利市值計價時間差異，以及與Viterra交易和整合成本相關的重大項目造成的每股0.54美元的不利影響。

Adjusted EPS was $2.27 in the third quarter versus $2.29 in the prior year. Adjusted segment earnings before interest and taxes or EBIT was $924 million in the quarter versus $559 million last year. Soybean processing and refining results improved in all regions, reflecting a combination of higher margins, strong execution and the addition of Viterra's South American assets.

第三季調整後每股收益為 2.27 美元，而去年同期為 2.29 美元。本季經調整後的分部息稅前利潤（EBIT）為 9.24 億美元，去年同期為 5.59 億美元。大豆加工和精煉的表現在所有地區均有所改善，這反映了更高的利潤率、強勁的執行力以及 Viterra 南美資產的加入。

For destination value chain, higher results were primarily driven by processing in Europe and Asia and origination from South America. In North America, higher processing results were more than offset by lower results in refining. In South America, results were higher in processing and refining. And in Global Oils, higher results reflected strong execution. Higher process volumes primarily reflected the combined company's increased production capacity in Argentina.

對於目的地價值鏈而言，較高的業績主要得益於歐洲和亞洲的加工以及南美洲的原產地。在北美，加工效率的提高被精煉效率的降低所抵消。在南美洲，加工和精煉的成果更高。在全球石油業，更高的業績反映了強有力的執行。較高的加工量主要反映了合併後公司在阿根廷產能的提升。

Higher merchandise volumes reflected the combined company's expanded soybean origination footprint as well as the strong South American soybean exports. Higher softseed processing and refining results were driven by higher average margins and the addition of Viterra's softseed assets and capabilities. In Argentina, results were higher in both processing and refining.

商品銷量增加反映了合併後公司大豆採購規模的擴大以及南美大豆出口的強勁增長。軟籽加工和精煉績效的提高得益於平均利潤率的提高以及 Viterra 軟籽資產和能力的加入。在阿根廷，加工和精煉的結果都更高。

In Europe, results were higher in processing and biodiesel, while refining results were slightly down. In North America, results were lower in both processing and refining. Results from global softseeds merchandising activities were higher, reflecting strong execution. Higher softseed processed volumes primarily reflected the combined company's increased production capacity in Argentina, Canada and Europe.

在歐洲，加工和生物柴油的表現有所提高，而煉油的表現略有下降。在北美，加工和精煉的結果都較低。全球軟種子銷售活動的業績更高，反映出執行力強勁。軟籽加工量增加主要反映了合併後公司在阿根廷、加拿大和歐洲產能的提升。

Higher merchandise volumes reflected the combined company's expanded global softseeds origination footprint. For other oilseeds processing and refining, higher results in North America Specialty Oils were more than offset by lower results in Asia and Europe. The addition of Viterra has a minimal impact on this segment, which primarily consists of our tropical and specialty oils and soy protein concentrate businesses.

更高的商品銷售反映了合併後公司擴大的全球軟種子採購規模。對於其他油籽加工和精煉而言，北美特種油的較高收益被亞洲和歐洲的較低收益所抵消。Viterra 的加入對該業務板塊的影響微乎其微，該板塊主要包括我們的熱帶和特殊油脂以及大豆蛋白濃縮物業務。

In grain merchandising and milling, higher results in wheat milling and ocean freight, plus the addition of the sugar business were partially offset by lower results in global wheat and corn merchandising. Higher volumes reflected the combined company's larger green handling footprint and capabilities. Prior year results included corn milling, which we divested earlier this year. The increase in corporate expenses was primarily driven by the addition of Viterra and performance-based compensation accruals.

在糧食貿易和加工方面，小麥加工和海運業務的業績成長，加上糖業業務的增加，部分被全球小麥和玉米貿易績效的下降所抵消。更高的銷售量反映了合併後公司更大的綠色環保處理能力。上一年的業績包括玉米加工業務，我們已在今年稍早剝離了這項業務。公司支出增加主要是因為收購 Viterra 以及績效薪酬的提列所致。

Prior year other results included income of $6 million from the Sugar & Bioenergy joint venture that we divested in the fourth quarter of last year. Net interest expense of $145 million was up in the quarter compared to last year, reflecting the addition of Viterra, partially offset by a lower average net interest rates and higher interest income from investments in interest-bearing instruments.

上一年其他業績包括從我們去年第四季剝離的糖業和生質能源合資企業中獲得的 600 萬美元收入。本季淨利息支出為 1.45 億美元，較去年同期有所增加，這反映了 Viterra 的併入，但部分被較低的平均淨利率和來自生息工具投資的較高利息收入所抵消。

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. 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 and now execution.

讓我們來看看第 6 張投影片，您可以在這裡看到我們過去四年以及過去 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，最值得一提的是 Viterra 整合計劃，現在正在執行。

The recent performance trend reflects less volatility due to a more balanced global supply and demand environment and the impact of ongoing trade and biofuel uncertainty that has created a very spot transactional market environment.

近期業績趨勢反映出波動性降低，這得益於全球供需環境更加平衡，以及持續的貿易和生物燃料不確定性造成了現貨交易市場環境的影響。

Slide 7 details our capital allocation. Year-to-date, we have generated approximately $1.2 billion of adjusted funds from operations. After allocating $282 million of sustaining CapEx, which includes maintenance environmental health and safety. We have approximately $900 million of discretionary cash flow available. We paid $324 million in dividends and invested $903 million in growth in productivity related CapEx.

第 7 張投影片詳細介紹了我們的資本配置。今年迄今為止，我們已產生約 12 億美元的調整後營運資金。在撥出 2.82 億美元用於維持性資本支出之後，其中包括維護環境、健康和安全。我們大約有9億美元的可自由支配現金流。我們支付了 3.24 億美元的股息，並投資了 9.03 億美元用於與生產力相關的資本支出，以促進成長。

We received approximately $1.3 billion of cash proceeds from divestments, including US corn milling, an interest in our soy processing footprint in Spain to Repsol, final payment for our interest in the Sugar & Bioenergy joint venture that closed in 2024 and the Hungary and Poland assets as required for receiving regulatory approval in Europe. We also repurchased 6.7 million Bunge shares for $545 million. This resulted in $386 million of retained cash flow.

我們從資產剝離中獲得了約 13 億美元的現金收益，其中包括美國玉米加工業務、我們在西班牙的大豆加工業務（出售給雷普索爾公司）、我們在 2024 年完成的糖業和生物能源合資企業的最終付款，以及為獲得歐洲監管部門批准而出售的匈牙利和波蘭資產。我們也斥資 5.45 億美元回購了 670 萬股邦吉股票。這帶來了 3.86 億美元的留存現金流。

Moving to slide 8. At quarter end, net debt exceeded readily marketable inventories, or RMI, by approximately $900 million. This change versus recent history reflects the impact of acquisition debt assumed and issued related to Viterra. Our adjusted leverage ratio, which reflects our adjusted net debt to adjusted EBITDA was 2.2 times at the end of the third quarter.

切換到第8張投影片。截至季末，淨債務比可流通庫存（RMI）多出約 9 億美元。與近期歷史相比，這項變更反映了 Viterra 收購相關債務的承擔和發行所帶來的影響。截至第三季末，我們調整後的槓桿率（反映我們調整後的淨負債與調整後的 EBITDA 比率）為 2.2 倍。

slide 9 highlights our liquidity position, which remains strong. At quarter end, we had committed credit facilities of approximately $9.7 billion, of which all was unused and available, providing ample liquidity to manage the ongoing capital needs of our larger combined company.

第 9 張投影片重點介紹了我們的流動性狀況，目前我們的流動性狀況依然強勁。截至季末，我們已承諾的信貸額度約為 97 億美元，全部未使用且可用，為我們合併後規模更大的公司提供了充足的流動性，以滿足其持續的資本需求。

Please turn to slide 10. For the trailing 12 months, adjusted ROIC was 8.5% and ROIC was 7.2%. Adjusting for construction and progress on our large multiyear projects not yet operating and the excess cash on our balance sheet, our adjusted ROIC would increase to 10% and ROIC to 8%

請翻到第10張投影片。過去 12 個月的調整後 ROIC 為 8.5%，ROIC 為 7.2%。考慮到尚未投產的大型多年期專案的建設和進度以及資產負債表上的盈餘現金，我們的調整後投資回報率將增至 10%，投資回報率將增至 8%。

Note that we decreased both our weighted average cost of capital and adjusted weighted average cost of capital from 7% and 7.7%, respectively, to 6% and 6.7%, respectively, reflecting the recent upgrade in our credit rating, change in capital structure of the combined company and the lower interest rate environment.

請注意，由於近期信用評級上調、合併後公司資本結構變化以及利率環境降低，我們將加權平均資本成本和調整後加權平均資本成本分別從 7% 和 7.7% 下調至 6% 和 6.7%。

Importantly, we are not lowering our long-term investment return expectations. We also updated our return calculations to align with the change in our combined company profile. The change includes an expansion of merchandising RMI, reflecting our greater volume of softseeds and grains and removing the cumulative translation loss adjustment no longer considered material as a result of our more geographically balanced footprint.

重要的是，我們並未降低對長期投資回報的預期。我們也更新了收益計算方法，以適應公司合併後情況的變化。此次調整包括擴大商品 RMI，以反映我們軟籽和穀物的銷售增加，並取消了由於我們地域分佈更加均衡而不再被視為重要的累計匯兌損失調整。

Moving to slide 11. For the trailing 12 months, we produced discretionary cash flow of approximately $1.1 billion and a cash flow yield or cash return on equity of 9.7% compared to our cost of equity of 7.2%. For this calculation, we also removed the cumulative translation losses adjustment due to our expanded footprint and are converting to a four-quarter average to calculate adjusted book equity that better reflects the average capital base employed to generate cash over the period.

切換到第11張投影片。在過去的 12 個月中，我們產生了約 11 億美元的可自由支配現金流，現金流收益率或權益現金回報率為 9.7%，而我們的權益成本為 7.2%。為了進行這項計算，我們還剔除了因業務擴張而產生的累計匯兌損失調整，並採用四季平均值來計算調整後的帳面權益，以更好地反映該期間用於產生現金的平均資本基礎。

Please turn to slide 12 and our 2025 outlook. As Greg mentioned in his remarks, taking into account third quarter results, the current margin and macro environment and forward curves, we continue to forecast full year 2025 adjusted EPS in the range of $7.30 to $7.60. This estimate reflects an expected second half adjusted EPS in the range of $4 to $4.25.

請翻到第 12 頁，了解我們對 2025 年的展望。正如格雷格在演講中提到的，考慮到第三季業績、當前的利潤率和宏觀環境以及遠期曲線，我們繼續預測2025年全年調整後每股收益在7.30美元至7.60美元之間。這項預測反映了下半年調整後每股盈餘預計在4美元至4.25美元之間。

The difference in EPS ranges of $0.30 for the full year and $0.25 for the second half is due to different weighted average share counts used in the respective calculations. Additionally, we expect the following for 2025 an adjusted annual effective tax rate in the range of 23% to 25%, net interest expense in the range of $380 million to $400 million, capital expenditures in the range of $1.6 billion to $1.7 billion and depreciation and amortization of approximately $710 million. With that, I'll turn things back over to Greg for some closing comments.

全年每股收益範圍為 0.30 美元，下半年每股收益範圍為 0.25 美元，兩者之間的差異是由於各自計算中使用的加權平均股份數量不同造成的。此外，我們預計 2025 年調整後的年度有效稅率在 23% 至 25% 之間，淨利息支出在 3.8 億美元至 4 億美元之間，資本支出在 16 億美元至 17 億美元之間，折舊和攤提約為 7.1 億美元。接下來，我將把發言權交還給格雷格，讓他做一些總結性發言。

Thanks, John. Before turning to Q&A, I want to offer a few closing thoughts. We had a strong third quarter. We are capturing value from the combined platform, operating as one company and demonstrating the benefits of our expanded global network. Externally, we continue to navigate a high degree of complexity in the marketplace. And as mentioned, farmers and end consumers remain largely spot.

謝謝你，約翰。在進入問答環節之前，我想先補充幾點想法。我們第三季表現強勁。我們正在從合併後的平台中獲取價值，以一家公司的形式運營，並展現我們擴大後的全球網路的優勢。從外部來看，我們仍然面臨高度複雜的市場環境。如前所述，農民和最終消費者仍然主要集中在特定地區。

Global grain stocks-to-use ratios are elevated, dampening volatility and putting pressure on certain margins. And policy decisions, including biofuels and trade, remain in flux as we look ahead to 2026. But our platform is built to perform and to win regardless of the environment. We have the flexibility to adapt to shifting trade flows and keep products moving. That's the power of our combined company.

全球糧食庫存與消費比率較高，抑制了價格波動，並對某些利潤率造成了壓力。展望 2026 年，包括生物燃料和貿易在內的政策決定仍處於不斷變化之中。但無論環境如何，我們的平台都能高效運作並取得成功。我們有能力靈活適應不斷變化的貿易流向，並維持產品流通。這就是我們合併後的公司的力量。

The scale, scope and resilience of a global network backed by the discipline to manage risk and deliver solutions that create value for all our customers, farmers and end consumers. So in short, we have the people, assets and processes to manage through uncertainty and the rigor to stay focused on what we can control, running efficiently, serving customers and creating value for farmers and consumers of food, feed and fuel.

憑藉規模、範圍和韌性的全球網絡，以及管理風險和提供解決方案的嚴謹作風，為我們所有的客戶、農民和終端消費者創造價值。簡而言之，我們擁有應對不確定性所需的人員、資產和流程，以及專注於我們能夠控制的事情的嚴謹態度，從而高效運營，服務客戶，並為食品、飼料和燃料的農民和消費者創造價值。

So with that, we'll turn to Q&A.

那麼接下來，我們將進入問答環節。

(Operator Instructions)

（操作說明）

Pooran Sharma, Stephens, Inc.

Pooran Sharma，Stephens公司

Just wanted to start off by saying congrats on reporting a strong quarter. I think really demonstrates solid execution on your guys' part. I think the first question I wanted to ask about is just around biofuel policy clarity. I know there's a lot of moving pieces to get to that point of clarity. But as it stands right now, are you able to give us a sense of when you think the soybean oil side or the crush margin formula should start to see a notable improvement?

首先我想祝賀你們取得了強勁的季度業績。我認為這充分展現了你們團隊紮實的執行力。我想問的第一個問題是關於生物燃料政策的清晰度。我知道要達到那種清晰的境界，需要考慮很多因素。但就目前情況而言，您能否大致說明一下，您認為大豆油方面或壓榨利潤率公式何時才能開始出現明顯改善？

Yes. This was complex enough. Let me start, and I'll let John follow up. But look, on the RVO, we're hearing, I think, the same that the market is. The final proposal, we expect to be at the end of the year or early next. We all hope in the marketplace, I think, that sooner is better. So we prefer to have that by year-end. We know the volume is going to be significantly higher, but we want to have that certainty and get that locked in.

是的。這已經夠複雜的了。我先開始，約翰接著說。但你看，在RVO上，我們聽到的，我認為，跟市場上聽到的是一樣的。最終方案預計今年底或明年初出爐。我認為，在市場中，我們都希望越快越好。所以我們希望能在年底前完成。我們知道交易量會大幅增加，但我們希望確保這一點，並將其鎖定下來。

And then, of course, the SRE issue, seeing that those are reallocated 100% would make sure that it doesn't -- we don't lose any of that volume from the RVO and that, that gets executed. So look, the industry has made the investments in the soy and in the canola processing. And we need to see that demand put to work because that goes right to the farm gate, right?

當然，還有 SRE 問題，考慮到這些資源 100% 重新分配，可以確保不會丟失 RVO 中的任何捲，這一點也得到了執行。所以你看，該行業已經對大豆和油菜籽加工進行了投資。我們需要看到這種需求得到滿足，因為這直接關係到農場的利益，對吧？

That supports the farmers, that's domestic demand that we can control. From a timing, you did call out soy oil is really only weak here in the US Oil demand has been pretty good globally. So then that starts to be probably early '26, we would like to think that we would start to see that improvement and then that would continue as the year moved on.

這能扶持農民，這是我們可以控制的國內需求。從時機來看，你確實指出豆油疲軟只發生在美國，而全球石油需求一直相當不錯。所以，我們預計從 2026 年初開始，情況會有所改善，隨著時間的推移，這種改善會持續下去。

Great. Great. Appreciate that clarity there. I guess on my follow-up, just wanted to ask about grain under the new combined platform. I had always thought that storage income is more stable, but maybe has less upside than grain merchandising income.

偉大的。偉大的。感謝您如此清晰的闡述。我想就後續問題詢問一下新合併平台下的穀物相關事宜。我一直認為倉儲收入比較穩定，但可能不如糧食貿易收入有成長空間。

Does the combined grain business offer more stability in earnings versus the legacy Bunge grain business given just the amount of storage infrastructure you have now versus what you all had before?

考慮到你們現在擁有的倉儲基礎設施規模與以前相比，合併後的糧食業務是否比原邦吉糧食業務在盈利方面更穩定？

Yes. There's a couple of ways you need to think about it. From a baseline, it allows you a number of other ways, of course, to earn money, not only from the storage, but of course, drying from a handling and blending to certain specifics that depending on what customers want.

是的。你需要從幾個方面來考慮這個問題。從根本上來說，它當然可以讓你透過多種其他方式賺錢，不僅包括倉儲，還包括乾燥、處理和混合等特定環節，這取決於客戶的需求。

Connecting it to -- remember, this is a vertical merger, connecting the origination capabilities that Viterra had, which are much stronger to the processing capabilities that legacy Bunge had -- so we're able to drive efficiencies through that value chain around transportation and logistics.

記住，這是一次垂直合併，將 Viterra 的採購能力（比 Bunge 的原有能力強得多）與 Bunge 的加工能力連接起來，從而能夠提高運輸和物流價值鏈的效率。

So those are kind of baseline and depending on crop, quality of crop and flows. And then the other, of course, is you not only earn the storage income, but then you also have the optionality by having the crop in place, knowing what qualities you have. And so whether it's a weather problem or an increase in -- a weather problem which hurts supplies or an increase in demand somewhere in the world that then calls on that storage to those customers, we have that optionality to then serve that demand with the right qualities and the right quantities and the right price at the right time.

所以這些都是基本參數，還要取決於作物種類、作物品質和流量。當然，另一方面，你不僅可以獲得倉儲收入，而且由於作物已經種植到位，你知道自己擁有哪些品質，因此你還可以擁有選擇權。因此，無論是天氣問題導致供應中斷，還是世界某地需求增加，從而需要將庫存提供給客戶，我們都有選擇權，可以在合適的時間以合適的品質、合適的數量和合適的價格來滿足這些需求。

Salvator Tiano, Bank of America.

薩爾瓦托·蒂亞諾，美國銀行。

Also congratulations on closing the transaction. Firstly, I wanted to -- now that we can talk explicitly about earnings and other segments they're segmenting, I want to see if you can clarify a little bit the impact on Viterra to EPS and EBIT. So when we think about that $2.27 EPS for Q3 or your full year guide, what was the impact accretive or dilutive from Viterra versus where would Bunge have been on a stand-alone basis?

也恭喜您完成交易。首先，既然我們現在可以明確地討論收益和其他細分市場，我想看看您能否稍微澄清一下 Viterra 對每股盈餘和息稅前利潤的影響。所以，當我們考慮第三季每股收益 2.27 美元或全年業績指引時，Viterra 的加入對業績的影響是增值還是稀釋，與 Bunge 獨立營運的情況相比，又會如何呢？

And secondly, can you also clarify on an EBIT basis, as we look at the operating income you made in Q3 versus a year ago, how much of that growth was due to Viterra versus just legacy Bunge earnings growth or contraction?

其次，能否請您從息稅前利潤 (EBIT) 的角度進一步說明，當我們比較您第三季度與去年同期的營業收入時，其中有多少增長是由於 Viterra 的業績增長，又有多少是由於 Bunge 原有業務的盈利增長或萎縮？

Yes. Let me start and I'll let John put a finer point on it. But the one thing to understand is we're very quickly bringing this together with one team and running this as one company because that's how we're going to maximize profitability. So if you think about the one voice to the farmer to be able to get them to market or the one voice to the consuming customer to get them what they need. So we were much bigger in soy crush, but think about Viterra brought a great footprint there in Argentina, which made us very balanced globally in soy crush.

是的。我先來，然後讓約翰補充更詳細的觀點。但有一點需要明白，我們正在迅速地將所有業務整合到一個團隊中，並以一家公司的形式運營，因為只有這樣才能最大限度地提高盈利能力。所以，想想看，要讓農民能夠把他們的產品運送到市場，或是要讓消費者能夠買到他們所需的產品，都需要一個統一的聲音。所以，我們在大豆壓榨方面規模更大，但想想 Viterra 在阿根廷的巨大影響力，這讓我們在全球大豆壓榨方面非常平衡。

We're running a global soy crush business. So we're not thinking about it as Viterra versus Bunge, which is why we resegmented it along the lines we run the business. Soft, if you think about it, on the soft crush, Viterra brought a great origination and merchandising as well as some additional soft crush. We balanced out our global soft crush franchise.

我們經營一家全球性的大豆壓榨企業。所以我們並沒有把它看作是 Viterra 與 Bunge 之間的競爭，這就是為什麼我們按照我們經營業務的方式重新劃分了業務。仔細想想，Viterra 在軟壓榨方面帶來了出色的原創性和商品化，以及一些額外的軟壓榨。我們平衡了全球軟壓榨業務。

And so we're running that as one global franchise as well as where they were much stronger, of course, in the origination storage handling on the grain merch side and supporting our milling, but even where the origination then is supporting our milling assets. So I'll let John put a finer point, but you really have got to think about this as one company here pretty quickly, and that's why we're kind of focused on the present and going forward.

因此，我們將其作為一個全球特許經營體系來運營，當然，他們在糧食商品方面的採購、倉儲和處理以及支持我們的碾磨方面實力更強，甚至在採購方面也為我們的碾磨資產提供支持。所以我讓約翰更詳細地闡述一下，但你們真的需要盡快把這裡看作是一家公司，這就是為什麼我們專注於當下和未來發展的原因。

Yes, I would just add that, Salvator, that we had a good third quarter across both what I would say is the legacy Bunge and legacy Viterra footprint in soy processing and refining a soft processing and refining. So it probably in totality, I think they both contributed well. If Viterra was -- as you can tell by the overall numbers forecast for the year, Viterra is mildly dilutive to the year. And I think we saw consistent results in Q3 that would support that. Not where we eventually want to get to certainly with the business and as we go after synergies and everything else. But I think early indications are very good as they were strong contributors on both the soft and soy side.

是的，薩爾瓦多，我還要補充一點，無論是邦吉和維特拉在傳統大豆加工和精煉業務方面，還是在軟加工和精煉業務方面，我們第三季度都取得了不錯的成績。所以總的來說，我認為他們兩個都做出了很好的貢獻。如果 Viterra 確實存在——正如你從對全年的預測數據中可以看出的那樣，Viterra 對全年業績有輕微的稀釋作用。我認為我們在第三季看到的結果也印證了這一點。當然，這並非我們最終想要達到的目標，尤其是在業務發展和追求綜效等方面。但我認為早期跡象非常好，因為他們在軟質食品和豆製品方面都做出了巨大的貢獻。

Clearly, on grain merchandising results weren't where we would expect on an annualized basis in Q3. But Q3 is kind of a funny quarter because it's between global harvest seasons in effect. And we've got Q4 here coming up, North America Harvest, obviously, European harvest and Australian harvest. We're going to see, I think, better results in grain merchandising in Q4 that will show the power of what we picked up on the merchandising side.

顯然，第三季糧食貿易業績以年率計算並未達到我們的預期。但第三季有點特殊，因為它正值全球收割季節之間。接下來就是第四季了，北美、歐洲和澳洲的收成顯而易見。我認為，第四季糧食銷售將會取得更好的業績，這將展現我們在銷售上所取得的成果。

So certainly, looking forward to where we can go with this thing. I think early indications are very good. We're happy with the contribution so far. But I think into 2026, as we continue to work together and we get after the synergy capture, which is still early, I think we'll see more and more of the benefits.

當然，我很期待我們能把這件事發展到什麼程度。我認為初步跡象非常好。我們對目前的貢獻感到滿意。但我認為到 2026 年，隨著我們繼續共同努力，並努力實現協同效應（目前還處於早期階段），我們將看到越來越多的好處。

Perfect. And then just want to follow up on the synergy capture you mentioned. So were there any synergies so far in Q3 or planned for Q4 material as part of that, I think, $341 million you had stated in your proxy. And how should we think about the timing of this synergy target? Will a lot of it be realized, for example, in 2026? Or is it going to take two or three years for that?

完美的。然後，我想就您提到的協同效應獲取問題再補充一點。那麼，作為您在委託書中提到的 3.41 億美元的一部分，第三季度到目前為止是否有任何協同效應，或者第四季度是否有任何協同效應計劃？那麼，我們該如何看待實現這項綜效目標的時機呢？例如，其中許多目標能否在 2026 年達成？或者說，這需要兩到三年？

Yes. I think we'll -- look, here in Q3 and Q4 of this year, it's really more about taking the actions that's going to take to see those results. We'll see a little bit probably by the end of the year. But 2026, we'll see a bigger jump in the benefit from synergies for sure. And then I think we'll peak probably '27 will be a big, big step change in synergy capture. But I do expect -- we do expect to capture a meaningful amount in '26.

是的。我認為，在今年的第三季和第四季度，更重要的是採取必要的行動來取得這些成果。可能到年底我們就能看到一些進展了。但到 2026 年，我們肯定會看到綜效帶來的效益大幅成長。然後我認為我們可能會在 2027 年達到頂峰，屆時協同效應的獲取將迎來巨大的飛躍。但我確實期望——我們確實期望在 2026 年獲得相當可觀的收益。

And I think even in fourth quarter '25, a number of actions that we'll take on a run rate basis by the end of the year, we'll see good progress. We do expect to be at or ahead of what we scheduled in the proxy as we move along, and we'll be, of course, be sure to keep everybody updated.

我認為，即使到了 2025 年第四季度，我們將採取一系列措施，並在年底前逐步取得良好進展。我們預計會按照委託書中的計畫進行，甚至提前完成，當然，我們也會及時向大家通報最新進展。

And then on the commercial synergies, remember, we didn't call those out. We said those will be to come because the teams, because of regulatory, our commercial teams couldn't work together. So as they're now able to work together as one team, you'll start to see that in the income line. And we're off to a good start, but we're just at the beginning of that. So that will build over time, and we'll have to prove that out with our earnings.

至於商業協同效應，請記住，我們沒有具體說明。我們說過這些以後會實現，因為由於監管原因，我們的商業團隊無法一起工作。既然他們現在能夠像一個團隊一樣一起工作，你就會開始在收入方面看到這一點。我們開局不錯，但這只是個開始。所以這需要時間積累，而我們的收益將證明這一點。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones 研究公司。

I guess I wanted to start with Viterra, and I know it's deeply embedded now within the Bunge operations. But I was just wondering, to the extent you're able, thinking about Q3 and just the numbers that Viterra reported a year ago, do you have like a really rough breakout of how much was just better execution by the team relative to a year ago? And how much was a better industry backdrop for those operations for what we saw in this quarter?

我想先從 Viterra 開始，我知道它現在已經深深融入邦吉的營運體系中。但我只是想問一下，如果您能夠的話，考慮到第三季度以及 Viterra 一年前公佈的數據，您能否大致分析一下，與一年前相比，團隊的執行力提升了多少？與我們本季所看到的相比，這些業務的行業背景改善了多少？

Yes. I would -- Heather, I'd say we haven't gone back and dissected certainly Viterra's performance from a year ago versus this quarter. Obviously, we are aware that their performance coming into the close wasn't where we would have expected it. But at the same time, we've seen significant improvement already. And as I mentioned earlier, meaningful contribution in Q3 across both the soy and soft sides of things and then maybe less so on merchandising given timing, as I mentioned earlier.

是的。希瑟，我想說，我們還沒有仔細分析過 Viterra 去年同期與本季的業績對比。顯然，我們都知道他們在賽季末的表現並沒有達到我們的期望。但同時，我們已經看到了顯著的改善。正如我之前提到的，第三季在豆製品和軟製品方面都做出了有意義的貢獻，但考慮到時間因素，商品銷售方面的貢獻可能就沒那麼大了，正如我之前提到的。

Last year, there were certainly more challenges, I think, in the environment with poor Australian crop, which we expect to be much better this year and lower crush environment in Argentina. So those things have improved this year. So I think generally, we feel like there's more momentum on the legacy Viterra side.

我認為，去年環境方面肯定面臨更多挑戰，澳洲作物歉收，我們預計今年情況會好得多，而且阿根廷的壓榨環境也較為惡劣。所以這些方面今年都有所改善。所以總的來說，我們感覺傳統 Viterra 方面更有發展勢頭。

And again, haven't dissected line by line with a year ago their performance. We're really, as Greg mentioned, focused on getting the stuff integrated and moving forward, but I feel very good about the contribution they made.

而且，我還沒有逐行分析他們一年前的表現。正如格雷格所提到的那樣，我們目前確實專注於整合各項工作並推進專案進展，但我對他們所做的貢獻感到非常滿意。

Okay. And then my follow-up is just assuming we get the RVO that I think everyone anticipates. And so just setting aside the timing, but sort of like let's just think of run rate as in mid-'26. And I'm thinking about it relative to the '22, '23 time frame. I mean, soybean meal is -- demand has been extremely robust. And if we -- what's going on in Europe and Brazil and then the RVO, bean oil, veg oil demand should be very robust.

好的。然後我的後續假設是，我們會得到我認為大家都預料到的視網膜靜脈阻塞（RVO）。所以，暫且不談時間，我們不妨把 2026 年中期的運行率看作是…我考慮的是相對於 2022 年、2023 年這個時段的情況。我的意思是，豆粕的需求一直非常強勁。如果——歐洲和巴西的情況如何，那麼RVO（大豆油）、植物油的需求應該會非常強勁。

But yet you don't have the dislocations you had then and you have more soy processing capacity. So as you're thinking about those considerations, how are you all thinking about what the margin structure would look like relative to what we witnessed in '22, '23?

但是，你們現在沒有了當時的混亂局面，而且你們的大豆加工能力也更強了。所以，在考慮這些因素時，你們是如何看待利潤率結構相對於我們在 2022 年、2023 年所看到的狀況會是什麼樣子的呢？

Yes. I mean I think you started to frame the setup very well that we should have favorable US biofuel and trade policy. Now timing will matter when that comes across. We're expecting big crops in South America and then probably a more balanced China program from the origins than we saw here in 2025 and being in all origins that suits us. We continue to see strong global soybean and veg oil demand.

是的。我的意思是，我認為你已經很好地建立了我們應該擁有有利的美國生物燃料和貿易政策的局面。現在，時機就很重要了。我們預計南美洲將迎來大豐收，然後，到 2025 年，中國的原產地計畫可能會比我們在這裡看到的更加平衡，並且所有原產地都適合我們。全球對大豆油和植物油的需求持續強勁。

As I said, outside of the US has been the exception on soybean oil demand. So seeing that pick up would be a positive. And then as we said, look, we've got what I feel is the best global machine and the best team. So while these big crops come off, that should help improve on the merch side, which has been the drag to the business. Now at the very least, it should stabilize because stocks aren't burdensome globally.

正如我所說，美國以外的地區對大豆油的需求是個例外。所以，看到這種情況發生是個好兆頭。正如我們所說，我們擁有我認為是全球最好的機器和最好的團隊。因此，隨著這些大作物的收穫，應該有助於改善商品銷售方面的情況，而商品銷售一直是拖累業務發展的因素。現在至少情況應該會趨於穩定，因為全球股市並未造成沉重負擔。

So while we'll have a heavier supply/demand, we'll have storage, we'll utilize our system for that. But if there's really any problem in weather, you could see the grain side of thing get more interesting. So while probably don't see back to the 2023 levels, we do see we're at that part of the cycle where it feels like we're at the bottom of the cycle, it's kind of when things get better and how much better they get.

所以，雖然供需會更加緊張，但我們有儲存設施，我們會利用我們的系統來應對這種情況。但如果天氣真的有問題，糧食方面的情況可能會變得更有意思。所以，雖然可能不會回到 2023 年的水平，但我們確實看到我們正處於週期的底部，感覺就像是周期的底部，而這正是情況開始好轉以及好轉程度的開始。

And as we start to get a view of that, of course, in -- when we do our Q4 earnings, we've always then start to talk about '26 and start to lay that out. So we'll be more prepared with more detail. And hopefully, a few of these things that are up in the air will land between now and then as well.

當然，當我們開始看到這一點時——當我們發布第四季度財報時，我們總是會開始談論 2026 年，並開始闡述這一點。這樣我們就能準備得更充分，細節也會更到位。希望在此期間，一些懸而未決的事情也能得到解決。

Yes. And I'd just add to that, Heather, Back in '22, '23, it was like the perfect storm of not only biofuel demand, but we also had some global disruption, Ukraine, Russia, Canada crop. So there were some things that created a lot of additional volatility. Certainly, some of that could happen. Obviously, we're one big weather event away from markets that could get interesting.

是的。我還要補充一點，Heather，回到 2022 年、2023 年，當時的情況就像一場完美的風暴，不僅生物燃料需求旺盛，而且我們還遭遇了一些全球性的動盪，例如烏克蘭、俄羅斯和加拿大的作物歉收。因此，有些因素造成了額外的市場波動。當然，其中一些情況可能會發生。顯然，一場重大天氣事件可能會讓市場變得有趣。

But nonetheless, as Greg pointed out, I think where biofuel policy is headed, certainly, things are going to -- should improve from here. And the question is how much, but I think we feel like we're well positioned to take advantage of the market as soon as it starts to turn.

但儘管如此，正如格雷格指出的那樣，我認為生物燃料政策的發展方向，肯定會——應該會從現在開始有所改善。問題是能抓住多少機會，但我認為我們已經做好了充分的準備，一旦市場開始好轉，我們就能抓住這個機會。

Thomas Palmer, JPMorgan.

Thomas Palmer，摩根大通。

I wanted to clarify maybe expectations as we move from 3Q into 4Q in terms of the different reporting segments. Are there kind of segments where we might see just given the lower earnings outlook in 4Q that's implied more of a step down? Are there other segments that could actually improve quarter-over-quarter?

我想澄清一下，隨著我們從第三季度過渡到第四季度，不同報告板塊的預期可能會有所不同。鑑於第四季獲利預期下調，是否有些行業板塊可能會出現更大幅度的下滑？還有哪些細分市場有可能達到環比成長？

Yes, Tom, 2I'll take that, and then Greg can jump in. Yes, I think as you look forward, driven a lot by what we talked about around customers being very in the spot right now and a lot of the uncertainty, we're expecting a softer Q4 in both the soy processing and refining and soft Processing and Refining segments. again, driven a lot by some of this policy uncertainty and customer behavior.

是的，湯姆，我接受，然後格雷格就可以加入。是的，展望未來，我認為很大程度上是受我們先前討論的客戶當前處境以及諸多不確定因素的影響，我們預計第四季度大豆加工精煉和加工精煉業務板塊的業績都會疲軟。這同樣很大程度上是受到政策不確定性和顧客行為的影響。

We do expect -- and then largely relatively flat in the other processing and refining, maybe up slightly. But we do expect a meaningful improvement in the Grain Merchandising and Ming segment, given timing of US, European, I'll say, North American in general harvest, European harvest and Australian wheat and canola harvest season. We do expect a better Q4 there.

我們預計——然後其他加工和提煉環節基本上保持平穩，可能會略有上升。但考慮到美國、歐洲、北美（包括歐洲和澳洲）的糧食收割季以及澳洲的小麥和油菜籽收割季的時間安排，我們預計糧食貿易和市場板塊將顯著改善。我們預計第四季度情況會有所改善。

So -- and then we had a -- we do expect in that Corporate and Other segment as well, the negative to be not quite as big in Q4, just given timing of some expenses and things. So overall, we knew it was going to be down in Q4 and that as you can imply by the forecast for the year and where we finished Q3. But again, driven lower soy and soft and up a bit in Grain & Merchandising and milling.

所以——然後我們預計——在企業和其他部門，第四季度的負面影響不會那麼大，只是考慮到一些費用和事情的時間安排。所以總的來說，我們知道第四季會下降，這一點從全年預測和第三季的最終結果就可以看出。但大豆和軟物價格再次下跌，而穀物和商品以及製粉價格略有上漲。

Okay. And look, I'll try here. I guess, I don't know how much of a reply I'll get, but it's been a few years since you updated your view of mid-cycle earnings. I think the last update was $11 with $1 or more of upside if you opted for larger M&A.

好的。你看，我試試看。我不知道會收到多少回复，但距離您上次更新對週期中期盈利的看法已經過去幾年了。我認為上次更新的價格是 11 美元，如果選擇規模更大的併購，則還有 1 美元或更多的上漲空間。

I appreciate there might be more to come here in the coming year. But maybe at a high level, this outlook, what are maybe big swings to think about because that larger scale M&A did indeed happen?

我知道明年這裡可能會有更多事情發生。但從宏觀層面來看，鑑於大規模併購確實已經發生，我們或許應該考慮哪些重大變化？

Yes, Tom, we're -- our plan is to share that with you in March at our Investor Day. We're working on that right now, looking at our strategic planning, capital allocation plans, what we expect from the newly combined company, what we think we're capable of, where with the mega projects coming on line here, Moorestown actually this month up and running.

是的，湯姆，我們——我們的計劃是在三月的投資者日上與您分享。我們現在正在研究這個問題，審視我們的策略規劃、資本分配計劃，我們對新合併公司的期望，我們認為我們能夠做到什麼，以及隨著這裡一些大型項目陸續上線，摩爾斯敦實際上本月就投入運營。

And then in 2026, having our Destrehan operations up and going by midyear and then following -- early following year, our specialty oils, we're going to recast everything and take a hard look at that. And so our intent is to share that in March with what we believe our go-forward mid-cycle is and as well as what the upside might be.

然後在 2026 年，我們的 Destrehan 工廠將在年中投入運營，然後在接下來的幾年年初，我們的特種油品將進行全面改革，並認真審視一下。因此，我們計劃在三月分享我們對未來中期週期的看法，以及可能出現的上漲空間。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

So my first question is whenever you acquire something like for anybody, there are some positive surprises and then you come across some areas where you expect to have to work a little harder to realize the synergies. Now that you have got Viterra, help us understand where are the positive surprises and where you think probably a little more work is needed than when you initially decided to buy Viterra.

所以我的第一個問題是，無論你收購什麼，對任何人來說，都會有一些正面的驚喜，然後你會遇到一些領域，你預期需要更加努力才能實現綜效。既然您已經擁有了 Viterra，請幫助我們了解有哪些令人驚訝的亮點，以及您認為在哪些方面可能需要比您最初決定購買 Viterra 時多做一些工作。

Yes. And I don't know if we're surprised. I think we've had a lot of confirmation of what we thought. We had a lot of time to do the work where we were waiting on regulatory. The thing that's always more work, right? John and I have had the benefit of being a public company, being a private company working together and being a public company again. So Viterra was private, and it was also not GAAP.

是的。我不知道我們是否應該感到驚訝。我認為我們已經得到了很多證據來證實我們先前的想法。我們有很多時間來完成那些等待監管部門批准的工作。總是更費力的事情，對吧？約翰和我有幸成為一家上市公司，也曾以私人公司共同合作，現在又再次成為上市公司。所以 Viterra 是私人企業，也不符合 GAAP 準則。

It was IFRS. So we knew that there was going to be a bit of a heavy lift to bring that into private company into a public company and switch over to GAAP. That's always more work than you plan it's going to be, and I can't say enough about the teams and what they've been doing to get prepared and to give the teams the information they need to run and serve our customers every day.

這是國際財務報告準則（IFRS）。所以我們知道，要把私人公司轉型為上市公司並改用公認會計準則，將會是一項艱鉅的任務。這總是比你計劃的工作量要大，我對各個團隊以及他們為做好準備所做的一切表示由衷的感謝，也感謝他們為團隊提供日常運營和服務客戶所需的資訊。

So that's probably always the heaviest lift and of course, around systems and processes and getting to fewer systems and fewer processes. And that's off to a great start. The team has a good plan, and we're executing it. per the plan and meeting our early milestones, which is exactly where we wanted to be. And then on the commercial side, I'd say we knew the cultures were very similar.

所以這可能始終是最艱鉅的任務，當然，還要圍繞系統和流程，減少系統和流程的數量。這真是一個好的開始。團隊制定了一個很好的計劃，我們正在按計劃執行，並實現了早期里程碑，這正是我們所期望的。而在商業方面，我認為我們知道這些文化非常相似。

But again, we couldn't work together with the commercial teams because of regulatory and to avoid gun jumping. So now we finally get to have those teams work together. And you've had teams that were competing. These are highly competitive, aggressive people that have been competing with one another forever that are now on the same team. And John and I also have been working together a long time, and we've done a number of bolt-on acquisitions, and we've done a merger of competitors before.

但是，由於監管規定以及為了避免搶先行動，我們再次無法與商業團隊合作。現在我們終於可以讓這些團隊一起工作了。而且你們之間也曾有過競爭。這些人都是極具競爭性和攻擊性的人，他們一直以來都在互相競爭，而現在卻在同一支隊伍裡。而且我和約翰也合作了很長一段時間，我們進行過多次收購，之前也合併過競爭對手。

And I think we knew what to watch for, but that has gone about as well as we could have hoped. And it doesn't always go that well. The way that people have worked together to focus on the priorities to work as one team to think about our customers, and they're not looking back. They're looking forward. And that's -- I think the surprise of how quickly that, that has worked has been great. And then both had a good risk management culture.

我想我們知道該注意什麼，但結果比我們預想的還要好。但事情並非總是那麼順利。人們齊心協力，專注於優先事項，像一個團隊一樣為客戶著想，而且他們沒有回頭看。他們充滿期待。而最令人驚訝的是，這種方法見效如此之快。而且兩家公司都擁有良好的風險管理文化。

I'd say we were probably more developed as a public company around our systems, our processes, our rigor and our discipline and also very pleased how the teams have come together and embraced the risk management culture and the information that we're able to put at people's fingertips and able to run the business and make decisions. And I think that's been very positive.

我認為，作為一家上市公司，我們在系統、流程、嚴謹性和紀律性方面可能更加成熟，而且我也非常高興看到各個團隊團結一致，接受了風險管理文化，並且能夠將信息送到員工手中，讓他們能夠運營業務和做出決策。我認為這非常積極。

So I really can't say enough about our teams and how I feel about we're off. Now look, it's very early. We've got a lot more to do, but I really like the way that we've started, and I can't say enough about the teams and thank our people enough because this is a real people business.

所以，我真的無法用言語來表達我對我們球隊的感受，以及我們即將離開的心情。現在時間還很早。我們還有很多工作要做，但我真的很喜歡我們目前的開局，我對我們的團隊讚不絕口，也對我們的員工表示由衷的感謝，因為這真的是一項以人為本的業務。

Perfect. My quick follow-up is it was great to see the restart of share buyback. I think it was $545 million. As the two companies come together and you are going to generate a lot of cash, help us understand a little bit what would be the uses of that cash going forward?

完美的。我的後續補充是，很高興看到股票回購計畫重新啟動。我認為是5.45億美元。兩家公司合併後將產生大量現金，請您簡單介紹這些現金未來的用途？

Yes. So as we get through -- in 2026, we expect to wrap up our mega projects, so the four large projects that we've had underway for a while. One is wrapping up now and the rest will wrap up, largely wrap up during 2026. We should see a considerable decline in the CapEx, at least that we have planned at this point.

是的。因此，隨著我們逐步推進——預計到 2026 年，我們將完成我們的大型項目，也就是我們已經進行了一段時間的四個大型項目。其中一個工程即將完工，其餘工程也將陸續完工，大部分將在 2026 年完工。我們應該會看到資本支出大幅下降，至少在我們目前的計畫範圍內是如此。

And certainly, we believe with the strong cash generation, share buyback is going to be a meaningful part of our capital allocation going forward. Of course, yes, we'll always balance that with opportunity. But at this point, no doubt it's going to be an important part.

當然，我們相信憑藉強勁的現金流，股票回購將成為我們未來資本配置的重要組成部分。當然，我們會始終在機會和機會之間取得平衡。但毫無疑問，在這一點上，它將發揮重要作用。

Ben Theurer, Barclays.

本·圖雷爾，巴克萊銀行。

Actually, following up on the buybacks, that would be my follow-up question. Where do we stand now with that little over $0.5 billion that you've done in terms of what your initial consideration was for the buybacks when it came to the Viterra deal? Because I remember it was like $2 billion. Maybe help us understand where do we stand? What's missing? That would just a quick follow-up, and then I have my other question for you guys.

實際上，關於股票回購，這正是我要問的後續問題。現在，您投入的略高於 5 億美元的資金，與您最初在 Viterra 交易中對股票回購的預期相比，進展如何？因為我記得當時金額好像20億美元。或許可以幫助我們了解目前的處境？還缺什麼？那隻是一個簡短的後續問題，然後我還有另一個問題要問大家。

Yes. Since the announcement of Viterra, we've actually done a little over $2 billion of buybacks, but $500 million of that was related to our sugar divestment. So we've got about $255 million left on the actual Viterra program.

是的。自 Viterra 宣布以來，我們實際上已經進行了略超過 20 億美元的股票回購，但其中 5 億美元與我們的糖業剝離有關。所以，Viterra 專案實際上還剩下約 2.55 億美元。

And so we'll get that -- we're well ahead of schedule on getting that executed and our plan is to get that done soon and then we'll go from there. But we're not going to be complete that and be done. I think we'll continue to assess that like we do with any capital allocation going forward and make sure we're making prudent decisions for our shareholders.

所以我們會完成這項工作——我們在這方面進展順利，遠超預期，我們的計劃是盡快完成這項工作，然後再根據情況採取下一步行動。但我們不能就此止步。我認為我們會像對待未來的任何資本配置一樣，繼續評估此事，並確保我們為股東做出審慎的決策。

Okay. Perfect. And then just to understand a little bit, obviously, Argentina, thanks to Viterra, is going to play a very important role. And Argentina is known for let's call it, volatility and sometimes uncertainty just because of the political environment.

好的。完美的。然後，需要稍微了解一下的是，很顯然，由於 Viterra 的緣故，阿根廷將發揮非常重要的作用。阿根廷以其動盪不安的局勢而聞名，有時甚至充滿不確定性，這主要是由於其政治環境造成的。

So maybe help us understand a little bit better how you think about the opportunities, but also the risks of the larger footprint in Argentina over the course of the year, how to think about like the farmer selling behavior, the crushing out of Argentina because clearly, this is something that's going to be really large within the grand scheme of the new Bunge would be great to understand the risks and opportunities here.

所以，也許您可以幫助我們更好地了解您是如何看待在阿根廷擴大業務規模所帶來的機會和風險的，例如農民的銷售行為、阿根廷的壓榨情況等等，因為很明顯，這在新邦吉的宏偉計劃中將是一個非常重要的方面，了解其中的風險和機遇將非常有益。

Sure. There's no doubt with the outcome of the election, I think we all believe that's going to be supportive of kind of improved macros going forward. And I think the one key thing to remember about Argentina versus Bunge pre-Viterra and kind of the new Bunge is we're much more balanced globally and especially on soy crush.

當然。毫無疑問，選舉結果將有利於未來宏觀經濟的改善。我認為，關於阿根廷與 Viterra 收購前的 Bunge 以及現在的 Bunge，需要記住的關鍵一點是，我們在全球範圍內，尤其是在大豆壓榨方面，更加平衡。

So where Argentina in the past could be disruptive, we wouldn't have the opportunity to benefit as much from Argentina with our footprint. Now what that does for our footprint on origination as well as on -- especially on soy crush and on soft crush is we're much more balanced globally on all parts of the business.

因此，過去阿根廷可能會帶來一些幹擾，但如今我們卻沒有機會從阿根廷獲得如此多的好處。現在，這對於我們在原產地以及——尤其是在大豆壓榨和軟壓榨方面——的影響是，我們在全球業務的各個方面都更加平衡了。

So we are now able to benefit from that and balance whether it's our soy crush or soft crush or our export programs, the wheat origination, which is feeding our combined wheat milling. We both had wheat milling in Brazil, which a lot of that is fed out of Argentina. So we'll benefit really across all of our external segments now with our Argentine footprint. So we're excited on how that kind of completed the global footprint there and look forward to Argentina continuing to improve.

因此，我們現在能夠從中受益，並實現平衡，無論是我們的大豆壓榨或軟壓榨，還是我們的出口計劃，以及小麥採購，這些都為我們的聯合小麥加工廠提供了原料。我們兩個在巴西都有小麥加工廠，而這些小麥很大一部分都來自阿根廷。因此，憑藉我們在阿根廷的業務佈局，我們將在所有外部業務領域中真正受益。所以我們很高興這標誌著我們在阿根廷的全球佈局已經基本完成，並期待阿根廷繼續進步。

Steven Haynes, Morgan Stanley.

史蒂文‧海恩斯，摩根士丹利。

Maybe just to ask maybe a similar question, but on Australia. Could you maybe walk through some of the high-level supply and demand trade dynamics there and just kind of how all that's flowing through Viterra's legacy assets there?

或許我想問一個類似的問題，但關於澳洲的。您能否介紹一下那裡的高層供需貿易動態，以及所有這些是如何透過 Viterra 的傳統資產流動起來的？

Okay. Yes, Australia, we've got a real big crop coming off there on wheat barley and Rapesed, which are all really important global crops for us with our origination now in every key producing region. So that's setting up very well. The thing to watch there, of course, weather that can kind of depend whether some of that falls in Q4 or falls in, in Q1 with some of the trade tensions between Canada and China around canola, we'll probably see some increased rapes seed exports coming out of Australia.

好的。是的，澳大利亞，我們那裡的小麥、大麥和油菜籽都迎來了大豐收，這些都是我們非常重要的全球作物，因為我們現在在每個主要產區都有生產基地。一切準備就緒。當然，需要關注的是天氣，這可能取決於其中一些是在第四季度還是在第一季。考慮到加拿大和中國之間圍繞油菜籽的一些貿易緊張局勢，我們可能會看到澳洲的油菜籽出口增加。

That should probably be positive. And then, of course, they'll be very competitive in the global market on wheat and barley. So excited to have those big crops and be able to put our origination storage handling export system to work there in Australia. We've got a great business down there.

那應該算是正面的吧。當然，他們也會在全球小麥和大麥市場上具有強大的競爭力。非常興奮能獲得如此豐收，並能在澳洲運用我們的原產地倉儲處理出口系統。我們在那裡的生意做得非常好。

Yes, Stephen, maybe I'd just add that legacy Bunge, we had a small export business there, but not something we talk much about because it just wasn't really material. But Viterra has a very good, very strong position in Australia. So to Greg's point, we're really pleased around that opportunity and things are shaping up there with the crop size this year to be a good beginning of the merger.

是的，史蒂芬，或許我還要補充一點，邦吉公司曾經在那裡有過一項小型出口業務，但我們很少談及此事，因為它並不重要。但 Viterra 在澳洲擁有非常良好、非常強大的市場地位。所以正如格雷格所說，我們對這個機會感到非常高興，今年的作物產量也預示著合併將有一個好的開始。

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Congrats on a solid quarter. Regarding capital projects, while I understand that you're winding down several multiyear capital projects from a legacy Bunge perspective. Could you speak to any material projects that were underway at Viterra and if you're seeing new opportunities for growth investment from a Viterra perspective?

恭喜你們本季業績出色。關於資本項目，雖然我理解從邦吉公司的歷史角度來看，你們正在逐步結束幾個多年的資本項目。您能否談談 Viterra 目前正在進行的一些實質項目，以及從 Viterra 的角度來看，您是否看到了新的成長投資機會？

Yes. There was nothing really big. I'd say Viterra had a -- they had a few smaller, what I'd call kind of debottlenecking and operational improvement projects underway that we're completing now. So they bring a much more modest amount of CapEx pipeline to the combined company than what we had set up with our large projects, our growth. Obviously, we're looking at a number of things as we always do going forward.

是的。沒什麼大事發生。我想說，Viterra 有一些規模較小的、我稱之為消除瓶頸和改進營運的專案正在進行中，我們現在正在完成這些專案。因此，他們為合併後的公司帶來的資本支出項目規模比我們透過大型專案和成長所建立的規模要小得多。顯然，和以往一樣，我們未來也會關注很多方面。

We don't, on the horizon, see any big large capital projects like the ones we've had underway here for the last few years, but we'll continue to look at that. But as we've always said, we prefer to consolidate the industry and to add capacity where possible. But obviously, with the broader footprint, more opportunity, we'll make sure we'll always be taking a hard look at those.

從目前的情況來看，我們看不到任何像過去幾年我們一直在進行的那種大型資本項目，但我們會繼續關注這方面的情況。但正如我們一直所說，我們更傾向於整合產業，並在可能的情況下增加產能。但很顯然，隨著業務範圍的擴大和機會的增多，我們將確保始終認真審視這些機會。

But again, we do expect at this point to see a pretty meaningful decline in CapEx commitment post 2026, absent something else coming along. So ongoing, I think our expectation was between combined sustaining CapEx and growth, we'd be at about $1 billion a year as a combined company post 2026.

但是，我們預計，除非出現其他情況，否則 2026 年後資本支出承諾將出現相當大的下降。因此，我認為我們先前的預期是，在維持性資本支出和成長的共同作用下，到 2026 年之後，合併後的公司每年將達到約 10 億美元。

Great color. And then I just add on, it's been great as we brought the network together. The teams are now refreshing the strategy and our list of projects and priorities because each company had their own list of projects. And so we're able to look at that combined network to put those priorities together to figure out, okay, where do we have any holes in our global network of origination or processing or distribution.

顏色很棒。然後我還要補充一點，我們把這個網絡整合起來之後，感覺非常棒。各團隊目前正在更新策略和專案及優先事項清單，因為每家公司都有自己的專案清單。因此，我們可以審視這個綜合網絡，將這些優先事項結合起來，找出我們在全球採購、加工或分銷網絡中存在的漏洞。

And so then we'll be thoughtful, as John said, how we fill those in, whether it's a brownfield, a greenfield, a partnership. We want to be the partner of choice as you've seen us do things in the energy industry and do things with some of the ag input providers. So we'll be thoughtful about how we do that. But it's also been great for the teams to do that strategy work together as they get to know one another to do some meaningful work as we begin ex2ecuting the combined platform.

所以，正如約翰所說，我們會認真考慮如何填補這些空白，無論是棕地、綠地或合作項目。我們希望成為首選合作夥伴，正如你們所看到的，我們在能源產業以及與一些農業投入品供應商的合作中都取得了成功。所以我們會認真考慮如何做到這一點。但對於各個團隊來說，能夠一起進行策略工作，彼此了解，共同完成一些有意義的工作，這對我們開始執行合併平台來說也是非常好的。

Great color. And maybe as a follow-up on biofuels policy, what are your thoughts on whether the administration will pursue the half RIN concept for foreign feedstocks and products I guess, more specifically to your business, we're hearing the feedstock provision could be difficult to administer. So I'd love if you have any thoughts there from a policy perspective.

顏色很棒。或許可以作為生質燃料政策的後續問題，您認為政府是否會推行對外國原料和產品實施半 RIN 概念？我想更具體地說，就您的業務而言，我們聽說原料條款可能難以管理。所以，如果您從政策角度有任何想法，我將不勝感激。

Yes. I think it's hard to say right now. We've heard a lot of rumors about technical limitations around executing the half RIN. We've heard mixed news on that. Whether it's really an issue, maybe it's not an issue, we don't really know yet. I think, obviously, we are pushing hard as the industry is for a full RIN benefit for domestic feedstock, but half a RIN for foreign feedstock, obviously, that's good for the American farmer. It's important to us in support of the farmers, our key customer. And we'll see where it goes, but we're doing our best to encourage that in DC and hoping that it gets implemented beginning in early 2026.

是的。我覺得現在很難說。我們聽到了很多關於執行半 RIN 的技術限制的傳聞。我們聽到的消息褒貶不一。這究竟是不是個問題，或許根本不是個問題，我們現在還不得而知。我認為，很顯然，我們和整個產業都在努力爭取讓國內原料獲得全額 RIN 補貼，但對於進口原料來說，獲得半額 RIN 補貼顯然對美國農民有好處。支持農民（我們的主要客戶）對我們來說至關重要。我們拭目以待，看看事情會如何發展，但我們正在盡最大努力在華盛頓特區推動此事，並希望它能從 2026 年初開始實施。

Okay. And was there a follow-up, Mr. Whitfield.

好的。惠特菲爾德先生，還有後續嗎？

That's all. Great color. Appreciate it.

就這樣。顏色很棒。謝謝。

Andrew Strelzik, BMO.

Andrew Strelzik，BMO。

You guys have mentioned strong execution a number of times. It does look like you outperformed the market, outperformed some of the competitors. I was just hoping maybe you could provide some color on where that strong execution was. You've talked about still a lot of work to do to bring the organizations together and make it more kind of holistic going forward. But where are you already seeing some of that strength? I'm assuming that would be relatively repeatable. But just any color around that would be helpful.

你們多次提到要強有力地執行。看起來你的業績確實優於市場，也優於一些競爭對手。我只是希望您能具體說明一下，這種強而有力的執行體現在哪裡。您提到，要將各個組織團結起來，使其在未來更加全面發展，還有很多工作要做。但你已經在哪些方面看到了這種優勢？我假設這種情況相對來說可以重複發生。但周圍任何顏色都會有幫助。

Sure. I think it starts with where we've been able to connect the two systems, the origination with the crushing and whether that's the soy processing or the soft seed processing and then where we filled in some of the areas where we weren't as strong, as I was talking about in Argentina is a great example on soft crush, on sun crush as well as on soybean processing.

當然。我認為關鍵在於我們能夠將這兩個系統連接起來，即從原料到壓榨，無論是豆製品加工還是軟籽加工，然後我們填補了一些我們實力較弱的領域，就像我剛才提到的阿根廷就是一個很好的例子，在軟籽壓榨、日曬壓榨以及豆製品加工方面。

And that gives us that information. And in a market that is a bit complicated like we're operating in, having the information to be able to react more quickly. And in this quarter, it was things like where we still had open legs on the crush, executing very well to get every bit of the crush margin that was possible as we maybe rolled off the financial hedges and hedged out the physical to actually execute the programs.

這樣我們就獲得了所需的資訊。在我們所處的這種略顯複雜的市場中，掌握資訊以便能夠更快地做出反應至關重要。在本季度，我們還有一些事情要做，例如在壓榨方面我們仍然有餘力，我們執行得非常好，盡可能地獲得每一分壓榨利潤，同時我們可能取消了金融對沖，並對沖了實物對沖，以便實際執行計劃。

And then where we're a better partner on transportation and logistics, right? So working with our transportation providers and even some of the dots that we've been able to connect between our origination and processing. When you look at it as a combined system, you'll make different decisions than when you were running two different systems. And so there's early wins falling out in the transportation and logistics as we're pairing the right origins and destinations.

那麼，我們在運輸和物流方面就是更好的合作夥伴，對吧？因此，我們與運輸供應商合作，甚至將我們的生產始發地和加工地之間的一些環節連結起來。當你把它看作一個組合系統時，你所做的決策將與運行兩個不同系統時所做的決策不同。因此，隨著我們將合適的始發地和目的地進行匹配，我們在運輸和物流方面取得了一些早期勝利。

And then the other is added liquidity in our own system. You can move faster and have the liquidity to get in and out of the positions that you need to, to execute for the farmer and for your consuming customer more quickly. And you're working inside your business with less friction internally, and that allows us to be externally focused and to move faster.

另一個面向是增加我們自身系統的流動性。您可以更快地行動，並擁有足夠的流動性來進出您需要的部位，從而更快地為農民和您的消費客戶提供服務。而且，你們在公司內部的工作摩擦更少，這使我們能夠專注於外部事務，並更快地前進。

And that happens a whole bunch of times at a lot of places globally, and then you see it start to fall out in the P&L. So we'll be excited over time as we get to fewer systems and fewer processes. But right off the bat, we had a big focus on getting the commercial team the same information at the same time about our combined information along the value chains. And I think we're seeing that paying real dividends.

這種情況在全球很多地方都會發生很多次，然後你會看到它開始在損益表中反映出來。隨著系統和流程的減少，我們會逐漸感到興奮。但一開始，我們就非常注重讓商業團隊同時獲得關於我們價值鏈上所有資訊的綜合資訊。我認為我們正在看到這種做法帶來了實質的回報。

Okay. Great. That's helpful. And then I know I asked this on the business update call, but just as we think about next year on our side, is there anything from the back half of the year that we should keep in mind relative to your guidance for the back half of the year in terms of seasonality or abnormal type things as we start to build on that for next year?

好的。偉大的。那很有幫助。我知道我在業務更新電話會議上問過這個問題，但是當我們考慮明年業務發展時，關於下半年的一些情況，例如季節性因素或異常情況，在我們開始為明年做準備時，我們是否應該記住這些情況？

Yes. I don't -- Andrew, I think the Q3, Q4 combined results, I wouldn't say there are any sort of anomalies there. Obviously, we're looking forward to -- I think the bigger contribution we'll see next year, obviously, aside from the commercial synergy capture as we move forward. Hopefully, we'll get rolling -- really rolling on some cost synergies.

是的。我不這麼認為——安德魯，我認為第三季和第四季的合併業績，我不會說其中有任何異常情況。顯然，我們期待著——我認為明年我們將看到更大的貢獻，顯然，除了隨著我們前進而獲得的商業協同效應之外。希望我們能真正開始發揮作用——在成本協同效應方面真正取得進展。

But again, there's still a lot of uncertainty in the market. And hence, our call down for Q4, timing of policy change and trade and all those things are creating a lot of uncertainty, making it a bit difficult to predict 2026 at this point. Our plan is to provide that at our Q4 call. And hopefully, by then, we should have hopefully a lot more clarity around biofuel and around trade, things like that.

但話說回來，市場仍存在著許多不確定因素。因此，我們下調了第四季度的業績預期，政策變化的時機以及貿易等諸多因素都造成了很大的不確定性，使得目前很難預測 2026 年的業績。我們的計劃是在第四季度財報電話會議上公佈此資訊。希望到那時，我們對生物燃料和貿易等方面的問題能夠有更清晰的認識。

But at this point, I would say not anything unusual in the back half of the year here to draw to other than just we've done, I think, to -- as Greg discussed earlier, the teams are working really well together right out of the gate. And with that, we're pretty happy and looking forward to seeing what we can do here in Q4 and get our first six months closed out.

但就目前而言，我認為下半年沒有什麼不尋常的事情值得關注，除了我們已經做到的——正如格雷格之前討論的那樣，各隊從一開始就合作得非常好。因此，我們感到非常高興，並期待著看看我們在第四季度能取得怎樣的成績，以及完成我們前六個月的工作。

And when we're talking next year and comparing it to this year, I think if you're kind of asking a question about timing things, the ones that we're watching, and I think we all should be watching, that will be the timing around the biofuel policies. It will be the timing around the trade policies.

當我們談到明年並與今年進行比較時，我認為，如果你要問一個關於時機的問題，那麼我們正在關注的，也是我認為我們都應該關注的，就是生物燃料政策的時機。關鍵在於貿易政策推出的時機。

Those will be different in '26 than we saw in '25. I think we'll probably see a China program executed differently globally in '26 than it has been in '25. That will probably be better for the US farmer than it has been. We've got big crops coming off everywhere. The only thing would be if we've got some lending risk.

2026 年的情況將與 2025 年的情況有所不同。我認為，2026 年中國在全球推行的計畫可能會與 2025 年有所不同。這對美國農民來說可能比以前更好。到處都有大豐收的莊稼。唯一的問題就是如果我們面臨一些貸款風險的話。

And so if anything develops there, that could be an issue. And then, of course, we are dealing with these big crops. So everybody will be putting their storage to work. We have a big crop here in North America, b2ig crops in South America, big crop in Australia. And so that will have the storage assets working harder than they did last year. So I think when you sum it up, we're really pleased with the deal we did here, bringing these two great companies together.

因此，如果那裡發生任何事情，都可能成為一個問題。當然，我們也要處理這些大宗農作物。所以大家都會充分利用自己的儲物空間。我們在北美地區有大宗作物，南美洲有大宗作物，澳洲也有大宗作物。因此，儲存資產的運作負荷將比去年更大。所以總的來說，我們對這筆交易非常滿意，它將這兩家優秀的公司聚集到了一起。

We're really pleased with the way the teams have started off. We've still got work to do, but we like how we started. And I think we talked all along, this was about giving us the diversification and the capabilities to be really relevant with our customers at both ends of the value chain and to have the resilience for whatever the external environment is.

我們對各隊的開局表現非常滿意。我們還有很多工作要做，但我們對目前的進展感到滿意。我認為我們一直在討論，這關乎賦予我們多元化和能力，使我們能夠真正與價值鏈兩端的客戶建立聯繫，並具備應對任何外部環境的韌性。

And what that will ultimately be is us performing better than anyone else in the low part of the cycle. But the real key is we get everything in place, and you'll really see this machine work as we get towards mid-cycle or even some of those more robust parts of the commodity cycle is when I think you'll really see the benefit of this machine. So we're excited and doing the work and can't thank the team enough.

最終的結果就是，我們在周期低迷時期會比其他任何人都表現得更好。但真正的關鍵在於我們把一切都安排妥當，你會真正看到這套機制發揮作用，尤其是在我們進入周期中期，或者甚至是商品週期中一些更強勁的階段時，我認為你會真正看到這套機制的好處。所以我們很興奮，正在努力工作，對團隊感激不盡。

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。我謹將會議交還給格雷格·赫克曼，請他作總結發言。

I'd just like to thank everyone for joining us today. We appreciate your interest in Bunge and look forward to speaking again soon. Have a great day.

我只想感謝今天到場的各位。感謝您對邦吉公司的關注，期待能盡快與您再次溝通。祝你有美好的一天。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。