B&G Foods Inc (BGS) 2025 Q3 法說會逐字稿

Good day and welcome to the B&G Foods Inc. 3rd quarter 2025 financial results conference call. Today's call, which is being recorded, is scheduled to last about one hour, including remarks by BNG Food's management and the question answer session. I would not like to turn the call over to AJ Schwabe, senior associate corporate strategy and business development for BNG Foods. Thank you and over to you.

大家好，歡迎參加B&G Foods Inc. 2025年第三季財務業績電話會議。本次電話會議將全程錄音，預計持續約一小時，內容包括BNG Foods管理層的發言和問答環節。現在，我將把電話會議交給BNG Foods公司企業策略與業務發展高級助理AJ Schwabe先生。謝謝，請您發言。

Good afternoon and thank you for joining us. With me today are Casey Keller, our Chief Executive Officer, and Bruce Wacha, our Chief Financial Officer. You can access detailed financial information on the quarter in the earnings release we issued today, which is available at the investor relations section of BGfoods.com. Before we begin our formal remarks, I need to remind everyone that part of the discussion today includes forward-looking statements. These statements are not guarantees of future performance and therefore under reliance should not be placed upon them. We refer you to B&G Foods' most recent annual report on Form 10k and subsequent SEC filings for a more detailed discussion of the risks that could impact our company's future operating results and financial condition.

下午好，感謝各位參加。今天與我一同出席的有我們的執行長凱西凱勒 (Casey Keller) 和財務長布魯斯瓦查 (Bruce Wacha)。您可以在我們今天發布的盈利報告中查閱本季度的詳細財務信息，該報告可在 BGfoods.com 的投資者關係頁面找到。在正式開始發言之前，我需要提醒各位，今天的討論內容包含一些前瞻性陳述。這些陳述並非對未來績效的保證，因此不應作為決策依據。有關可能影響公司未來經營業績和財務狀況的風險的更詳細討論，請參閱 B&G Foods 最新的 10-K 表格年度報告以及隨後提交給美國證券交易委員會 (SEC) 的文件。

B&G Foods undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. We will also be making references on today's call to the non-GAAP financial measures adjusted EBITDA, segment adjusted EBITDA, adjusted net income, adjusted diluted earnings per share, adjusted gross profit percentage, base business net sales, and segment adjusted expenses. Reconciliations of these financial measures to the most directly comparable GAAP financial measures are provided in today's earnings release.

B&G Foods不承擔因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性聲明的義務。在現今的電話會議上，我們也將提及非GAAP財務指標，包括調整後EBITDA、分部調整後EBITDA、調整後淨利、調整後稀釋每股盈餘、調整後毛利率、基礎業務淨銷售額和分部調整後費用。這些財務指標與最直接可比較的GAAP財務指標的調節表已在今天的盈利報告中提供。

Casey will begin the call with opening remarks and discuss various factors that affected our results, selected business highlights, and his thoughts concerning the outlook for the remainder of fiscal 2025. Bruce will then discuss our financial results for the 3rd quarter of 2025 and our updated guidance for fiscal 2025. I would now like to turn the call over to Casey.

Casey將首先致開幕詞，並討論影響我們業績的各種因素、部分業務亮點以及他對2025財年剩餘時間的展望。隨後，Bruce將討論我們2025年第三季的財務表現以及我們更新後的2025財年業績指引。現在，我將把電話會議交給Casey。

Good afternoon. Thank you, AJ, and thank you all for joining us today for our 3rd quarter 2025 earnings call. Today I will cover an overview of 3rd quarter performance. Bruce will cover more detailed financial results. An update on recent dive investors and future portfolio and the outlook for Q4 and beyond. Q3 results, the 3rd quarter demonstrated significant improvement in adjusted EBITDA delivery with sequential improvement in based business net sales trends. Q3 net sales of $439.3 million finished minus 4.7% versus last year, although base business net sales, which excludes the impact of divestors, were down 2.7%. Third quarter adjusted EBITDA was $70.4 million flat versus last year on a reported basis, but up year over year, excluding the impact of divestors. Some of the key drivers. Q3 benefited from the implementation of our back half $10 million dollar cost savings initiative. SG&A overhead was down $2 million from last year as a result of specific restructuring actions.

午安.謝謝AJ，也謝謝各位今天參加我們2025年第三季財報電話會議。今天我將概述第三季的業績。 Bruce將詳細介紹財務結果。此外，也將更新近期減持投資人和未來投資組合的情況，以及對第四季及以後的展望。第三季業績方面，經調整的EBITDA實現顯著改善，基礎業務淨銷售額環比成長。第三季淨銷售額為4.393億美元，年減4.7%；但剔除剝離業務的影響後，基礎業務淨銷售額年減2.7%。以報告基準計算，第三季經調整的EBITDA為7,040萬美元，與去年同期持平；但剔除剝離業務的影響後，較去年同期成長。一些關鍵驅動因素包括：第三季度受惠於我們下半年實施的1,000萬美元成本節約計畫；由於採取了特定的重組措施，銷售、管理及行政費用較去年同期減少了200萬美元。

Cost of goods sold or COGS as a percentage of net sales improved 40 basis points versus last year behind incremental productivity efforts. The frozen and vegetables business unit delivered strong segment adjusted EBITDA recovery in Q3 plus $3 million as new crop pack costs came in favourable to last year's wheat crop and our Mexico facility achieved strong productivity gains. The spices and seasonings business unit grew net sales plus 2.1% in Q3, benefiting from the growth in fresh food and proteins, as well as strength in our club and food service channels.

由於生產效率的提升，銷售成本（COGS）佔淨銷售額的百分比較去年同期下降了40個基點。冷凍和蔬菜業務部門第三季調整後EBITDA強勁復甦，成長300萬美元，主要得益於新作物包裝成本較去年同期有所下降，以及墨西哥工廠生產效率的顯著提高。香料和調味品業務部門第三季淨銷售額成長2.1%，受惠於新鮮食品和蛋白質產品的成長，以及會員店和餐飲服務通路的強勁表現。

Segment adjusted EBITDA was impacted by tariffs with targeted pricing implemented to recover those costs in Q4. The divestor of the Don Pepino and Sclafani business in May and the LeSueur US canned peas brand in August removed approximately $10.3 million of net sales and $3.2 million in adjusted EBITDA from Q3. Portfolio investors. B&G Foods continues strong progress in reshaping and restructuring our portfolio in the 3rd quarter. Last week, we announced the divesture of our Canadian green giant business in canned and frozen vegetables.

第四季度，由於關稅影響，分部調整後 EBITDA 受到影響，公司已實施針對性定價以彌補這些成本。 5 月出售 Don Pepino 和 Sclafani 業務，以及 8 月出售 LeSueur 美國罐裝豌豆品牌，導致第三季淨銷售額減少約 1,030 萬美元，調整後 EBITDA 減少約 320 萬美元。投資組合投資者。 B&G Foods 在第三季度繼續穩步推進投資組合的重組和調整。上週，我們宣布剝離加拿大罐裝和冷凍蔬菜業務。

That divestiture is subject to Canadian regulatory approval and is expected to close late in the 4th quarter or during Q1 fiscal year 2026. Further, we continue to evaluate and pursue the divestiture of our green giant US frozen business, the last part of the frozen and vegetables business unit. Green Giant is a strong brand in a good category, but is not the right fit for the BNG portfolio, BG Foods portfolio with seasonal production, a different temperature state, geographic complexity, and higher working capital intensity.

該資產剝離尚需獲得加拿大監管機構的批准，預計將於第四季末或2026財年第一季完成。此外，我們仍在評估並推進剝離旗下美國冷凍食品品牌Green Giant的計劃，該業務是冷凍和蔬菜業務部門的最後一部分。 Green Giant是一個實力雄厚的品牌，所屬品類良好，但其生產具有季節性，地域氣候條件不同，業務範圍更廣，且營運資本密集度更高，因此不適合BNG產品組合或BG Foods產品組合。

These green giant investors, along with the recently completed Don Papino's Sclafani and LeSueur divesters, will create a more highly focused B&G Foods which we believe will lead to adjusted even as a percentage of net sales approaching 20%, increased cash flow generation, a lower leverage ratio closer to 5 times, a more efficient cost structure, and clear synergies within our portfolio.

這些綠色巨頭投資者，加上最近完成的 Don Papino's Sclafani 和 LeSueur 剝離，將打造一個更專注的 B&G Foods，我們相信這將使調整後的淨銷售額百分比接近 20%，現金流增加，槓桿率降低至接近 5 倍，成本結構更加高效，並且我們的投資組合中將產生明顯的協同效應。

Fiscal year 2025 Outlook. We expect the fourth quarter to show continued improvement versus the first half fiscal year 2025 trend. Flat net sales excluding the investors with year over year growth in adjusted EEA. The key assumptions behind our latest guidance.

2025財年展望。我們預期第四季業績將延續上半年的成長動能。剔除投資者因素後，淨銷售額將與上年持平，但經調整後的歐洲經濟區（EEA）業績將實現年增。以下是我們最新業績指引的關鍵假設。

The 53rd week is expected to add 2% to 3% sales growth in Q4, a partial week benefit, excluding the impact of the 53rd week, based business net sales are projected to be down approximately 2% to 3% in Q4, consistent with the trend in Q3. We expect to realize additional savings in Q4 as part of the incremental $10 million cost efficiency initiative launched earlier this year, with an annual run rate of approximately $15 to $20 million in savings.

預計第53週將為第四季帶來2%至3%的銷售成長，這是部分週的收益。若不計入第53週的影響，預估第四季業務淨銷售額將下降約2%至3%，與第三季的趨勢一致。我們預計，作為今年稍早啟動的1000萬美元增量成本效益計畫的一部分，第四季將實現額外的成本節約，該計畫的年度運行成本節約為1500萬至2000萬美元。

These include additional productivity and COGS, trade and market spending efficiencies, accelerated SG&A savings, and discretionary spending cuts. The US frozen vegetables business is expected to continue to show improved adjusted EBITDA performance behind more favourable crop pack costs and strong productivity in our Mexico manufacturing facility.

這些措施包括提高生產效率和降低銷售成本、提升貿易和市場支出效率、加速銷售、管理及行政費用節約，以及削減可自由支配支出。由於作物包裝成本降低以及墨西哥生產工廠生產效率提升，預計美國冷凍蔬菜業務的調整後 EBITDA 業績將持續改善。

We have executed targeted pricing to recover incremental tariffs at existing levels, which become effective for most customers starting in November. As a result, we have revised and narrow guidance for $50 billion or $25 billion to $1.82billion to $1.84 billion in net sales, and $273 billion to $280 million in adjusted EBITDA.

我們已實施針對性定價策略，以在現有水準上收回新增關稅，該策略將於11月起對大多數客戶生效。因此，我們已將淨銷售額預期從500億美元下調至250億美元，調整後為18.2億美元至18.4億美元；調整後EBITDA預期從2730億美元下調至2.8億美元。

Which reflects the impact of recently completed investors and the base business trends. Finally, we are committed to committed to reducing leverage and balance sheet risk. In the third quarter, typically the high point of our seasonal inventory pack, our consolidated leverage ratio was 6.88 times.

這反映了近期完成的投資以及基本業務趨勢的影響。最後，我們致力於降低槓桿率和資產負債表風險。在通常為季節性庫存高峰期的第三季度，我們的綜合槓桿率為6.88倍。

We expect to reduce our consolidated leverage ratio to 6 times within the next 9 months by using divesters proceeds and excess cash generated through improved EBITDA performance and lower working capital needs to reduce long-term debt. Looking forward, fiscal year '26 is poised to be a transformational year with a more focused, higher margin, and stable portfolio once investors and post-closing transition services have been completed.

我們預計在未來9個月內，利用資產剝離所得款項以及透過提高EBITDA業績和降低營運資本需求而產生的盈餘現金來減少長期債務，從而將合併槓桿率降至6倍。展望未來，2026財年有望成為具有變革意義的一年，在完成投資者交割和交割後過渡服務後，我們將擁有一個更專注、利潤率更高且更加穩定的投資組合。

We expect continued improvement in business trends towards the long-term algorithm of 1%. Further, we will also become a less complex, more efficient, and leaner company behind a simplified portfolio, restructuring operations to right-size overheads and focused resources and investments behind the core categories and brands in spices and seasonings, meals, and baking staples. Thank you, and I will now turn the call over to Bruce for more detail on the quarterly performance and outlook for the remainder of fiscal 2025.

我們預期業務趨勢將持續改善，朝著1%的長期目標邁進。此外，我們將透過精簡產品組合、重組營運以合理控制營運成本，並將資源和投資集中於香料調味品、餐點和烘焙原料等核心品類和品牌，從而打造一家更精簡、更有效率、更精簡的公司。謝謝大家，現在我將把電話交給Bruce，請他詳細介紹季度業績以及2025財年剩餘時間的展望。

Thank you, Casey. Good afternoon, everyone. Thank you for joining us today. I am pleased to report that despite a challenging consumer backdrop, we had a reasonably strong 3rd quarter driven by a mix of continued strength in some channels such as club and food service, as well as the validation of our cost savings initiatives.

謝謝凱西。大家下午好。感謝各位今天參加我們的節目。我很高興地向大家匯報，儘管消費環境充滿挑戰，但得益於俱樂部和餐飲服務等部分管道的持續強勁增長，以及我們成本節約舉措的成功實施，我們第三季度的業績依然相當穩健。

As a reminder, we divested the Don Pepino and Sclafani brands at the end of May and then the LeSueur brand in the United States on August 1st of this year. As a result, our 3rd quarter financial results this year exclude Don Pepino and Sclafani for the full quarter and LeSueur US for approximately two of the three months of the quarter.

再次提醒，我們已於5月底剝離了Don Pepino和Sclafani品牌，並於今年8月1日剝離了美國市場的LeSueur品牌。因此，我們今年第三季的財務業績不包含Don Pepino和Sclafani品牌（整個季度）以及LeSueur美國市場（該季度約三個月中的兩個月）。

Last week we announced the agreement to sell our Green Giant and Lasor frozen and shelf stable product lines in Canada to Norterra Foods, subject to regulatory approval in Canada, and the satisfaction of customary closing conditions. We expect the transaction to close in the 4th quarter of 2025 or the first quarter of 2026.

上週，我們宣布已達成協議，將我們在加拿大的Green Giant和Lasor冷凍及常溫食品產品線出售給Norterra Foods，但該交易尚需獲得加拿大監管機構的批准，並滿足其他慣例成交條件。我們預計該交易將於2025年第四季或2026年第一季完成。

Because the Canadian transaction has not closed, it did not impact our financial results for the 3rd quarter. Although when reviewing our 10Q, you will notice that the business has been designated as an asset held for sale on our balance sheet as of the end of the 3rd quarter of 2025. For the third quarter of 2025 we generated $439.3 million in net sales, $70.4 million in adjusted EBITDA, 16% adjusted EBITDA as a percentage of net sales, and $0.15 in adjusted diluted earnings per share.

由於加拿大交易尚未完成，因此並未對我們第三季的財務表現產生影響。不過，在查閱我們的10-Q報告時，您會注意到，截至2025年第三季末，該業務已被列為資產負債表上的待售資產。 2025年第三季度，我們實現淨銷售額4.393億美元，調整後EBITDA為7,040萬美元，調整後EBITDA佔淨銷售額的16%，調整後稀釋每股收益為0.15美元。

Overall, net sales for the third quarter of 2025 decreased by $21.8 million or 4.7% to $439.3 million from $461.1 million for the third quarter of 2024. Based business net sales, which exclude the net sales for the Don Pepino, Sclafani, and LeSueur US brands for both periods, decreased by $11.9 million or 2.7% in the third quarter of 2025 compared to the third quarter of 2024.

整體而言，2025 年第三季淨銷售額較 2024 年第三季的 4.611 億美元減少了 2,180 萬美元，降幅為 4.7%，至 4.393 億美元。在剔除 Don Pepino、Sclafani 和 LeSueur 美國品牌在兩個時期的淨銷售額後，2025 年第三季的業務淨銷售額較 2024 年第三季減少了 1,190 萬美元，降幅為 2.7%。

$12.9 million or 290 basis points of the decline in base business net sales was driven by lower volumes and $0.3 million, or less than 10 basis points of the decline was driven by foreign exchange.

基礎業務淨銷售額下降 1,290 萬美元（290 個基點）是由於銷量下降造成的，而下降 30 萬美元（不到 10 個基點）是由於外匯波動造成的。

The decline was offset in part by $1.3 million or 30 basis points of benefit from an increase in net pricing and the impact of product mix. Our spices and flavour solutions business unit led our top-line performance for the third quarter with net sales up by $2.1 million or 2.1%. Driving the performance was continued growth for our partner, brand and club and our food service business.

淨價格上漲帶來的130萬美元收益（相當於30個基點）以及產品組合調整的影響，部分抵銷了營收下滑。香料及調味品業務部門領先第三季營收成長，淨銷售額成長210萬美元，增幅2.1%。這一成長主要得益於合作夥伴、品牌和俱樂部以及餐飲服務業務的持續成長。

Spices and flavour solutions segment adjusted EBITDA was down by approximately $2.1 million for the third quarter. As a result of higher raw material costs and tariffs primarily on Chinese garlic and black pepper that is sourced from Vietnam. As well as cinnamon and onions.

香料及調味品業務部門第三季調整後EBITDA下降約210萬美元，主因是原物料成本上漲以及關稅增加，其中大部分關稅針對的是從越南進口的中國大蒜和黑胡椒，以及肉桂和洋蔥。

Much like our peers in the industry, we have executed pricing actions to help offset these cost increases. Our spices and flavour solutions business unit began to see the benefit of pricing to offset certain commodity increases in July, and we expect to begin to see additional benefit to offset tariffs beginning this month. Our meals business unit had reasonable top-line performance for the quarter, despite its concentration in a still challenged retail grocery environment.

與業內同行一樣，我們也採取了價格調整措施來抵銷成本上漲的影響。我們的香料和調味品業務部門從7月開始受益於價格調整，以抵銷部分大宗商品價格上漲的影響；我們預計從本月開始，價格調整也將帶來更多收益，以抵銷關稅的影響。儘管我們的餐飲業務部門主要集中在零售食品雜貨市場依然充滿挑戰的環境中，但本季其營收表現依然可圈可點。

Net sales for meals decreased by $1.6 million or 1.4% for the third quarter. However, meal segment adjusted EBITDA increased by approximately $0.6 million for the quarter.

第三季餐飲業務淨銷售額下降160萬美元，下降1.4%。然而，餐飲業務調整後EBITDA在本季成長約60萬美元。

We continue to see softness for our specialty business unit. Base business net sales for specialty, which excludes net sales for the Don Papino and Sclafani brands for both periods, decreased by approximately $7 million or 4.5% for the third quarter of 2025 as compared to the third quarter of 2024.

我們的特種產品業務部門持續疲軟。不包括Don Papino和Sclafani品牌在兩個時期內的淨銷售額，特種產品業務的基本淨銷售額在2025年第三季比2024年第三季減少了約700萬美元，降幅為4.5%。

Nearly 60% of that decline was driven by Crisco. Crisco net sales were down by $4.1 million for the third quarter, with approximately half of the decrease as a result of lower net pricing that was reduced in part to reflect lower input costs for soybean oil and half driven by lower volume. Despite the decline in net sales, Crisco's segment adjusted EBITDA was flat for the 3rd quarter as compared to the 3rd quarter of 2024.

近60%的下滑是由Crisco造成的。 Crisco第三季淨銷售額下降了410萬美元，其中約一半的降幅是由於淨價格下調（部分原因是豆油投入成本下降），另一半則是由於銷量下降。儘管淨銷售額下降，但Crisco第三季的調整後EBITDA與2024年第三季持平。

Overall, specialty segment adjusted EBITDA was down $3.6 million or 8.7% for the quarter, including the negative drag from lapping third quarter 2024 profits from the Dom Pepino and Slafani brands. These business net sales for a frozen and vegetables business unit, which excludes net sales for LeSueur US brand for both periods. Declined by $5.1.4 million or 6.7% for the third quarter as compared to the third quarter of last year.

總體而言，本季專業業務調整後 EBITDA 下降 360 萬美元，降幅 8.7%，其中包括 Dom Pepino 和 Slafani 品牌 2024 年第三季利潤上調帶來的負面影響。這些業務的淨銷售額來自冷凍和蔬菜業務部門，不包括 LeSueur US 品牌在兩個期間的淨銷售額。與去年同期相比，第三季下降 514 萬美元，降幅 6.7%。

However, frozen and vegetable segment adjusted EBITDA increased by $3 million as we cycled past the expense of 2024 crop season and unfavourable peso exchange rates. Green Giant is also benefiting from productivity improvements and cost savings initiatives in our Mexican manufacturing facility.

然而，隨著2024年作物季成本和不利比索匯率的影響逐漸消退，冷凍和蔬菜業務的調整後EBITDA成長了300萬美元。此外，綠巨人墨西哥工廠的生產效率提升和成本節約措施也為其帶來了收益。

Overall for B&G Foods, gross profit for the third quarter of 2025 was $99 million or 22.5% of net sales. Adjusted gross profit was $98.8 million or 22.5% of net sales. Gross profit for the third quarter of 2024 was $102.3 million or 22.2% of net sales. Adjusted gross profit was $102.4 million or 22.2% of net sales.

B&G Foods 2025年第三季毛利為9,900萬美元，佔淨銷售額的22.5%。調整後毛利為9,880萬美元，佔淨銷售額的22.5%。 2024年第三季毛利為1.023億美元，佔淨銷售額的22.2%。調整後毛利為1.024億美元，佔淨銷售額的22.2%。

Promotional trade spends, which is captured on our net sales line, increased by approximately 110 basis points in the 3rd quarter of 2025 versus the 3rd quarter of 2024. Sequentially favourable to year over year increases of 178 basis points in the first quarter of 2025 and 120 basis points in the second quarter of 2025. While we continue to invest in our brands and reduce prices on the shelf for consumers, we must also balance this with managing our profitability.

促銷貿易支出（已計入淨銷售額）在2025年第三季較2024年第三季成長約110個基點。環比成長優於年增幅，2025年第一季成長178個基點，2025年第二季成長120個基點。在持續投資品牌建立並降低貨架商品價格的同時，我們也必須兼顧獲利能力。

Our material labour and overhead costs improved by nearly 100 basis points as a percentage of gross sales during the 3rd quarter of 2025 as compared to the third quarter of last year. Material labour and overhead costs were favourable by 40 basis points as a percentage of net sales.

與去年同期相比，2025年第三季我們的材料、人工和管理費用佔總銷售額的比例下降了近100個基點。材料、人工和管理費用佔淨銷售額的比例也下降了40個基點。

Input cost inflation as measured by raw material costs across the basket of inputs in our factories has remained modest thus far in 2025, except for elevated costs in black pepper, garlic, olive oil, tomatoes, core vegetables, and cans. We continue to closely monitor inflation amid ongoing trade and tariff negotiations.

截至目前，除黑胡椒、大蒜、橄欖油、番茄、主要蔬菜和罐頭食品價格上漲外，我們工廠各類原料成本的投入成本通膨率在2025年仍保持溫和水準。我們將繼續密切關注通膨情況，同時貿易和關稅談判也在進行中。

Tariffs again pressured our portfolio, reducing adjusted EBITDA in the third quarter by nearly $3.5 million. Approximately 60% or $2.2 million of this impacted our spices and flavour solutions business unit. Year-to-date tariff impact totals negative $5.1 million. Selling general and administrative costs decreased by $1.4 million or 3% to $44.6 million for the third quarter of 2025 from $46 million from the third quarter of 2024.

關稅再次對我們的業務組合造成壓力，導致第三季調整後 EBITDA 減少近 350 萬美元。其中約 60%（即 220 萬美元）影響了我們的香料和調味品解決方案業務部門。年初至今，關稅影響累計達 510 萬美元。 2025 年第三季銷售、一般及行政費用較 2024 年第三季的 4,600 萬美元減少 140 萬美元，降幅 3%，至 4,460 萬美元。

The decrease was composed of a decrease in consumer marketing expenses of $1.8 million. General and general and administrative expenses of $0.6 million. Warehousing expenses of $0.5 million and selling expenses of $0.3 million partially offset by an increase in acquisition, divestiture and non-recurring expenses of $1.8 million.

此減少額由以下部分構成：消費者行銷費用減少 180 萬美元；一般及行政費用減少 60 萬美元；倉儲費用減少 50 萬美元；銷售費用減少 30 萬美元，部分被收購、剝離和非經常性費用增加 180 萬美元所抵銷。

Selling general and administrative expenses as a percentage of net sales was 10.2%, approximately flat when compared to 10% for the prior year period. We generated $70.4 million in adjusted EBITDA, or 16% of net sales in the third quarter of 2025 compared to $70.4 million or 15.3% of net sales in the second quarter of 2024.

銷售及行政費用佔淨銷售額的10.2%，與去年同期的10%基本持平。 2025年第三季度，我們實現調整後EBITDA為7,040萬美元，佔淨銷售額的16%，而2024年第二季為7,040萬美元，佔淨銷售額的15.3%。

The divesture of the Don Papino's Sclafani and Sclafani US brands during the second and 3 quarters of 2025 negatively impacted third quarter adjusted IPA by approximately $3.2 million. Net interest expense decreased by $4.9 million to $37.3 million for the third quarter of 2025 compared to $42.2 million for the third quarter of 2024.

2025年第二季和第三季剝離Don Papino's Sclafani和Sclafani US品牌，對第三季調整後的IPA造成了約320萬美元的負面影響。 2025年第三季淨利息支出減少490萬美元至3,730萬美元，而2024年第三季為4,220萬美元。

The decrease in interest expense was primarily driven by a decrease in net debt and the benefits of lower interest rates on our variable rate debt, as well as a net gain on the extinguishment of debt of $0.7 million during the third quarter of 2025. Compared to a loss on extinguishment of debt of $1.9 million during the third quarter of 2024.

利息支出減少主要得益於淨債務減少、浮動利率債務利率降低以及2025年第三季債務清償淨收益70萬美元。相較之下，2024年第三季債務清償損失為190萬美元。

We repurchased an additional $20 million aggregate principal amount of 5.25% senior notes to 2027 in open market purchases during the third quarter of 2025. Taking us to a year-to-date total of $40.7 million aggregate principal amount of repurchases, and an average discounted purchase price of 92.94%, or a discount to principal amount of approximately $2.9 million. Depreciation and amortization were $16.6 million in the third quarter of 2025, which is largely in line with $17.2 million in the third quarter of last year.

2025年第三季度，我們透過公開市場回購了總額為2000萬美元的2027年到期、票面利率為5.25%的優先票據。截至目前，我們累計回購票據總額達4,070萬美元，平均折價率為92.94%，折價幅度約290萬美元。 2025年第三季的折舊和攤提費用為1,660萬美元，與去年同期的1,720萬美元基本持平。

Adjusted net income increased to $11.7 million or $0.15 for adjusted diluted share in the third quarter of 2025. In the third quarter of 2024, we had adjusted net income of $10.1 million or $0.13 for adjusted diluted share.

2025年第三季度，經調整後的淨利增至1,170萬美元，即經調整後的每股攤薄收益0.15美元。 2024年第三季度，我們的經調整後的淨利潤為1010萬美元，即經調整後的每股攤薄收益0.13美元。

Adjustments to our EBITDA net income are detailed further in our earnings relief. Now moving to our consolidated cash flows and balance sheet. We continue to expect cash flows to be strong this year, but there are some discrete items that negatively impacted net cash from operations in the 3rd quarter of 2025.

我們對 EBITDA 淨利潤的調整詳情請參閱盈利報告。接下來，我們來看合併現金流量表和資產負債表。我們仍然預計今年的現金流將保持強勁，但有一些特殊項目對 2025 年第三季的經營活動產生的淨現金流產生了負面影響。

These included an unfavourable working capital comparison due in large part to the LeSueur US divestiture and the timing of our inventory purchases during tax season prior to the closing date of the divestiture, which had negative impact on our net cash from operations during the 3rd quarter of 2025. But increased the purchase price we received for the Lasor US divesture, which then had a positive impact to our net cash provided by investing activities during the quarter.

其中包括不利的營運資本比較，這主要是由於 LeSueur 美國業務的剝離以及我們在剝離完成日之前的報稅季期間進行的庫存採購，這對我們 2025 年第三季度的經營活動產生的淨現金流產生了負面影響。但這也提高了我們從 Lasor 美國業務剝離中獲得的購買價格，從而對該季度的投資活動產生的淨現金流產生了積極影響。

Also, pursuant to our transition services agreement for Don Peppino and Slafanivester, we purchased inventory during the 3rd quarter for those brands, for which we were reimbursed by the new owner in the 4th quarter. Net cash from operations was also negatively impacted by the timing of cash interest payments made during the 3rd quarter of 2025 compared to the 3rd quarter of 2024 as a result of the June 2024 refinancing of our 525 notes due to 2025.

此外，根據我們與Don Peppino和Slafanivester簽訂的過渡服務協議，我們在第三季為這兩個品牌購買了庫存，新所有者在第四季度向我們支付了相應的款項。由於我們在2024年6月對我們2025年到期的525號票據進行了再融資，導致2025年第三季支付的現金利息時間與2024年第三季相比有所延遲，這也對經營活動產生的淨現金流產生了負面影響。

We've reduced our net debt to $1.984 billion and our consolidated leverage ratio as calculated pursuant to our credit agreement to 6.88 times in the third quarter of 2025, despite being at our seasonal peak for net debt and inventory as we roll off the typically heavy third quarter. Inventory pack build, we expect leverage to improve going into the fourth quarter of this year, and we remain on track to reduce our consolidated leverage ratio to approximately 6 times by mid-2026.

儘管正值淨債務和庫存的季節性高峰期（第三季通常是業務高峰期），我們仍將淨債務降至19.84億美元，並根據信貸協議計算的綜合槓桿率在2025年第三季降至6.88倍。隨著庫存增加，我們預計槓桿率將在今年第四季有所改善，並預計在2026年年中之前將綜合槓桿率降至約6倍。

And as a reminder, approximately 35% to 40% of our long-term debt is tied to floating interest rates or SOA. A 100 basis point reduction to sour would be expected to reduce our interest expense by approximately $7 million to $7.5 million.

此外，需要提醒的是，我們約有35%至40%的長期債務與浮動利率或不良貸款掛鉤。不良貸款率降低100個基點預計將使我們的利息支出減少約700萬至750萬美元。

As Casey mentioned earlier, we continue to make progress on our portfolio reshaping efforts, as evidenced by last week's announcement regarding green giant Canada and the Don Papino Sclafani and LeSueur US Divestures that we completed earlier this year during the second and 3rd quarters.

正如 Casey 之前提到的，我們在投資組合重組方面繼續取得進展，上週關於綠色巨頭加拿大公司的公告以及我們在今年第二季度和第三季度完成的 Don Papino Sclafani 和 LeSueur 美國資產剝離就證明了這一點。

These divestures are continuous examples of the strategy that we believe will make us a more focused and ultimately stronger company, while also helping us to reduce debt and eliminate heavy seasonal pack businesses from our portfolio. While these are great brands that will do well for their new owners, they don't align with the focus that we have laid out for the B&G foods of the future. Green Giant Canada generates approximately $100 million in annual net sales in US dollars, but minimal adjusted EBITDA to our P&L.

這些資產剝離是我們策略的又一例證，我們相信該策略將使我們成為一家更專注、最終更強大的公司，同時幫助我們降低債務，並從我們的投資組合中剔除繁重的季節性包裝業務。雖然這些都是優秀的品牌，它們的新東家將會從中受益，但它們與我們為綠巨人食品未來製定的發展方向並不契合。綠巨人加拿大公司每年的淨銷售額約為1億美元（以美元計），但其調整後的EBITDA對我們的損益表貢獻甚微。

The divestures of Don Papino, Sclafani and LeSueur brands in the US were factored into our fiscal 2025 guidance that we provided during the during the second quarter earnings call. We are not yet adjusting our guidance to reflect the pending divestiture of the Green Giant and LeSueur brands in Canada, given that the transaction has not yet closed.

我們已將美國Don Papino、Sclafani和LeSueur品牌的剝離納入了我們在第二季度財報電話會議上提供的2025財年業績指引中。鑑於加拿大Green Giant和LeSueur品牌的剝離交易尚未完成，我們暫時不調整業績指引。

We are largely holding our fiscal 2025 guidance to the levels previously provided. However, given the still challenging consumer environment, we are revising and narrowing our top-line guidance to $1.82 billion to $1.84 billion. Adjusted EBITDA of $273 million to $280 million and adjusted earnings per share, guidance of $50 to $0.58.

我們基本維持先前給出的2025財年業績預期。然而，鑑於當前消費環境仍充滿挑戰，我們將營收預期下調至18.2億美元至18.4億美元。調整後EBITDA預期為2.73億美元至2.8億美元，調整後每股盈餘預期為0.58美元至0.50美元。

Our guidance continues to account for a modestly soft economic environment that has persistently impacted consumer spending patterns. It reflects our expectation that our top-line will continue to stabilize combined with the benefit of the fifty-3rd week. That modest pricing around tariffs will offset the majority of these costs and that material input costs will remain relatively consistent.

我們的業績指引依然反映了略微疲軟的經濟環境持續影響消費者支出模式。我們預期營收將持續企穩，並受惠於第53週的業績成長。關稅帶來的適度價格波動將抵銷大部分成本，而原料成本也將保持相對穩定。

In addition, our guidance incorporates our cost reduction plans, which remain on track to produce the anticipated $10 million of cost savings that we have targeted for the second half of this year. We live in an uncertain world, however, and so the risks to our guidance include increased challenges in an already difficult consumer environment, a greater than expected negative volume impact as the result of our pricing initiatives to offset tariffs, trade negotiations and the potential impact of any increased or retaliatory tariffs.

此外，我們的業績指引已納入成本削減計劃，該計劃目前仍按計劃推進，預計在今年下半年實現預期的1000萬美元成本節約目標。然而，我們身處一個充滿不確定性的世界，因此，業績指引面臨的風險包括：本已嚴峻的消費環境帶來的挑戰加劇；為抵消關稅影響而採取的定價措施可能導致銷量受到超出預期的負面影響；貿易談判以及任何關稅上調或報復性關稅可能帶來的影響。

A softer than expected holiday season or any destocking or other inventory management. By our retail customers. Additionally, we expect for full year 2025, interest expense of $47.5 million to $152.5 million, including cash interest expense of $142.5 million to $147.5 million. Depreciation expense of $47.5 million to $52.5 million. Amortization expense of $20 million to $22 million. An effective tax rate of 26% to 27%. And CapEx will likely be at the lower end of our $30 to $35 million dollar target.

預計假期季節銷售疲軟，或零售客戶進行任何去庫存或其他庫存管理活動。此外，我們預計2025年全年利息支出為4,750萬美元至1.525億美元，其中包括1.425億美元至1.475億美元的現金利息支出；折舊支出為4750萬美元至5250萬美元；攤銷支出為2000萬美元至2200萬美元；實際稅率為26%。資本支出可能處於我們3000萬美元至3500萬美元目標的下限。

And as we mentioned on our last call, we are committed to reducing our consolidated leverage ratio, which we expect to reduce to approximately 6 times or less by the second quarter of 2026 through the successful execution of our investor strategy, continued stabilization of our adjusted EBITDA, our excess cash generation, and continued improvements in working capital. Now I will return the call back to Casey for further remarks.

正如我們在上次電話會議中提到的，我們致力於降低合併槓桿率，預計到2026年第二季度，透過成功實施投資者策略、持續穩定調整後EBITDA、增加現金流以及持續改善營運資本，將合併槓桿率降至6倍或以下。現在我將把電話轉回給Casey，請他進一步發言。

Thank you, Bruce. In closing, BMG Foods remains focused on a few critical priorities, improving the base business net sales trends of our core business to the long-term objective of 1%. Reshaping the portfolio for future growth, stability, higher margins, and cash flows, as well as structuring key platforms for future acquisition growth. Reducing leverage closer to 5 times through divestures and exit cash flow to facilitate strategic acquisitions. This concludes our remarks, and now we would like to begin the Q&A portion of our call operator.

謝謝布魯斯。最後，BMG Foods 將繼續專注於幾個關鍵優先事項：提升核心業務的淨銷售額，實現長期目標 1%；重塑產品組合，以實現未來的成長、穩定、更高的利潤率和現金流；同時建立關鍵平台，為未來的收購成長做好準備；透過資產剝離和退出現金流，將槓桿率降低至 5 倍左右，從而促進策略收購。以上就是我們的發言，現在我們將開始電話會議的問答環節。

Thank you. (Operator instructions).

謝謝。 （操作說明）

Andrew Lazar from Barclays.

巴克萊銀行的安德魯·拉扎爾。

See Bruce. Andrew here. Maybe first off, Casey, 3rd quarter sales came in a bit better than at least consensus was looking for. And as you mentioned, you sort of lowered the midpoint of your full year sales guidance, and the low end is a bit below the previous low end that you had. So maybe what are you seeing in the 4th quarter and maybe the broader environment that has sort of caused this shift?

布魯斯，我是安德魯。首先，凱西，第三季的銷售額比市場普遍預期要好一些。正如你所提到的，你下調了全年銷售額預期的中位數，下限也比之前的下限略低。那麼，你對第四季以及導致這種變化的更廣泛環境有何看法？

Yeah, I think on sales guidance we mostly what we did was narrow the range down to you know $20 million from the previous $50 million dollar range. We brought the bottom end down a little bit, not much. I think all we're doing is reflecting the impact of the dive investors fully and make and also, we've kind of kept the base business net sales trends consistent with what we're seeing in Q3. So that, the improvement that we saw in Q3 versus Q1, Q2, we're kind of projecting that into Q3. In then Q4, sorry.

是的，關於銷售預期，我們主要做的就是將預期範圍從之前的5000萬美元縮小到2000萬美元。我們稍微下調了下限，但幅度不大。我認為我們所做的只是充分反映了投資者撤資的影響，並且我們也基本上保持了基礎業務淨銷售額趨勢與第三季度的情況一致。因此，我們將第三季相對於第一季和第二季的改善預期延續到了第三季度，抱歉，還有第四季。

Yeah, got it. And then I know it's a little early still because more of the pricing and the spices and flavourings business is still going to flow through, but so far what have you seen in that segment around buying the elastic City with respect to some of the pricing that you've taken?

是的，明白了。我知道現在下結論還為時過早，因為定價以及香料和調味品業務的後續發展還有待觀察，但就您目前了解到的價格而言，您在購買彈性城市產品方面看到了什麼？

I mean we've just taken it literally so you know it it's only been out and we don't have really consumption data yet for it because most of that pricing hit kind of the end of October we were expecting, some elasticity but not a huge amount. I mean, I think we're projecting more like, 0.5, 0.6. And we'll be able to measure that within a couple weeks now. But we've seen other manufacturers take spice increases, price increases behind tariffs and commodity costs without a significant effect.

我的意思是，我們只是按字面意思理解的，你知道，它才剛上市，我們還沒有真正的消費數據，因為大部分價格上漲都集中在10月底，正如我們預期的那樣，價格彈性會有一些，但不會很大。我的意思是，我認為我們預測的彈性大概在0.5到0.6之間。我們將在幾週內衡量這個數字。但我們看到其他製造商也經歷了香料價格上漲、關稅和商品成本上漲，但並沒有受到顯著影響。

Yeah, and the pricing that we took for spices on the commodity costs earlier this year kind of went through, and we had a pretty good 3rd quarter performance for spices. So, as Casey said, we think that we should be fine.

是的，我們今年稍早根據大宗商品成本製定的香料定價策略基本上奏效，第三季香料的銷售業績也相當不錯。所以，正如凱西所說，我們認為應該沒問題。

Yeah, and on average, Andrew, these price increases to reflect tariffs are kind of in the low to single mid digits.

是的，安德魯，平均而言，這些因關稅而導致的物價上漲幅度在個位數到中等水平之間。

Got it. Thank you.

明白了，謝謝。

Scott Marks from Jeffreys.

來自杰弗里斯的斯科特·馬克斯。

First thing I wanted to ask about, you noted that you're expecting kind of the base business performance in 4 to be kind of in line with Q3. If we strip out the impact from the green giant US business and the frozen vegetable business, how should we be thinking about that for the remaining three segments and then, further, how should we be thinking about the building blocks? For getting back to that 1% number in 2026. Thanks.

首先我想問的是，您提到預計第四季的基礎業務表現將與第三季基本持平。如果我們剔除美國綠色巨頭業務和冷凍蔬菜業務的影響，那麼對於剩下的三個業務板塊，我們該如何看待？此外，為了在2026年實現1%的成長目標，我們該如何建構這些業務？謝謝。

Yes, I think, well, first off what we said about Q4, we will still have the green giant Canada business and the US frozen green giant business in in those trend lines that we talked about. So when I said Q3 was you know minus 2.7%, and what we're Projecting in Q4 is 2% to 3%, we will still have the green giant pieces in there because remember, even though we announced Canada, we can't close it until we get regulatory approval from Canada and we're assuming that that business remains in the portfolio, for the 4th quarter.

是的，我認為，首先，關於第四季度，我們之前提到的加拿大綠巨人業務和美國冷凍綠巨人業務仍然會保留在我們預測的趨勢線中。所以，當我提到第三季下降2.7%，而我們預期第四季將成長2%到3%時，綠巨人業務仍然會保留在內。因為請記住，儘管我們宣布了加拿大業務，但在獲得加拿大監管部門的批准之前，我們無法完成交易。我們假設該業務在第四季仍將保留在投資組合中。

I think as we go forward, once we are able to complete the investors around Green Giant, if we're looking at the other 3 business units, my expectation would be that the Those top-line trends would be better because Green Giant has been probably a little bit more of our difficult comparisons over the last couple of years.

我認為，隨著我們不斷推進，一旦我們能夠完成綠巨人公司的投資者招募，如果我們再來看其他三個業務部門，我預計這些部門的營收趨勢會更好，因為綠巨人公司在過去幾年裡可能是我們比較業績時比較困難的因素之一。

So I don't want to give you a specific number now because it's all dependent on things happening, but I would expect more stable performance from the, spice and seasonings business we're seeing growing. That category has actually been growing, and we were up 2% in Q3. Meals, is down just a little bit, but we're starting to see some improvements in our Ortega and other trends, our baking staples business, it's probably been a little bit weaker. Some of that is due to lower oil pricing and Crisco that we've reflected in the market, and that's part of the sales degradation, but if I take those three businesses, I think you're going to see more stable trends on the top-line, and I would hope that would be part of our, that's going to be part of our track towards getting to a flat to up 1% over time.

所以我現在不想給出具體數字，因為一切都取決於各種因素，但我預計香料和調味品業務的業績會更加穩定，我們看到這個業務正在成長。事實上，這個品類一直在成長，第三季成長了2%。餐點業務略有下滑，但我們開始看到Ortega和其他一些趨勢有所改善。烘焙原料業務可能略顯疲軟。部分原因是由於油價下跌，以及Crisco產品價格下降，這些因素都反映在了市場上，這也是銷售額下滑的原因之一。但如果綜合這三家業務來看，我認為營收整體趨勢會更加穩定，我希望這能幫助我們最終實現持平或成長1%的目標。

Got it. I appreciate the answer there.

明白了。感謝您的解答。

Second question for me is just as we think about that spices business, I know you mentioned kind of the strength in the food service and club business there. Just wondering if you can remind us how big is that business for you and maybe what are the trends that you're seeing there as it relates to consumer or customer demand relative to more traditional retail channels. Thanks.

我的第二個問題是關於香料業務的，我知道您提到過餐飲服務和俱樂部業務在該領域的優勢。我想請您再說明一下，這部分業務對您來說規模有多大？您觀察到的消費者或顧客需求趨勢，與傳統零售通路相比有哪些變化？謝謝。

Yeah, and I'll give you an answer overall in our portfolio, I mean, we could talk more specifically about spices, but in total, our food service business is about 13% to 14% of our portfolio, and we've seen pretty stable trends in that in that business. So, we haven't really seen declines. We've seen, flat to modest growth in our food service business which is A lot of spices business, going to different restaurants, outlets through distributors, and, we also have a syrup business, going to Going to, establishments, so that that business has been relatively stable.

是的，我會從整體上回答您關於我們投資組合的問題。我的意思是，我們可以更具體地談談香料業務，但總的來說，我們的餐飲服務業務約占我們投資組合的13%到14%，而且我們看到這項業務的趨勢相當穩定。所以，我們並沒有看到下滑。我們的餐飲服務業務，包括大量的香料業務（透過分銷商向不同的餐廳和零售店供貨），以及糖漿業務（向一些餐飲機構供貨），都保持了平穩或溫和的增長。因此，這項業務也相對穩定。

Our private label business, we do have one, we have one large business in the club channel and private label that is a good business, profitable business and has very strong growth trends. So, we've seen, our private label business actually doing pretty well in addition to our food service channels. That that's about food. I mean, a private label in total is about 8% of our total sales, and that's been, kind of a little bit of a growth that's been driving some you know mid-single-digit growth for us. So I mean I hope that answers the question, but that's, we've seen some relative stability or strength in those two areas of our business, probably relative to the centre store packaged goods branded side.

我們的自有品牌業務確實有一項，我們在會員店通路擁有一項規模較大的自有品牌業務，這項業務獲利良好，並且成長勢頭強勁。因此，我們看到，除了餐飲服務管道之外，我們的自有品牌業務也表現得相當不錯。這裡指的是食品領域。我的意思是，自有品牌銷售額約占我們總銷售額的8%，並且一直在穩步成長，為我們帶來了中等個位數的成長。所以我想這應該可以回答您的問題，也就是說，我們看到，相對於中心貨架包裝商品品牌業務而言，我們在這兩個業務領域都表現出了相對的穩定性和強勁勢頭。

It's helpful. I appreciate the answer, I'll pass it on.

很有幫助。感謝解答，我會轉達的。

Robert Moscow from TD Gon. Please go ahead.

來自 TD Gon 的 Robert Moscow，請繼續。

Hi, thank you. Two questions. The 6 times leverage target by mid next year, Casey and Bruce. So can I assume that that, assumes that you will exit the rest of Green Giant and then now that you've exited the Canadian side and then Laur like. Does it make it easier to market the remaining US business to potential buyers and then a follow-up.

您好，謝謝。我有兩個問題。 Casey 和 Bruce，你們的目標是到明年年中 6 倍槓桿。我是否可以理解為，這個目標是假設你們會退出 Green Giant 的剩餘股份，並且現在你們已經退出了加拿大業務，Laur 也是如此。這是否會讓你們更容易將剩餘的美國業務推銷給潛在買家？後續還有什麼需要說明的嗎？

Yeah, so on the leverage piece, and we walked through this on our second call core, we were talking about a full turn of deleveraging about half of that was coming from the divestiture of the various green giant pieces, LeSueur, Canada, and then US. And so, I think that's the answer to your first question. The rest was stabilization of EBITDA, excess cash, and working capital management. On a go forward basis after all the strategic review of Green Giant is completed, assuming we no longer own the business, there will be significantly less working capital swings between quarters.

是的，關於槓桿率的問題，我們在第二次電話會議的核心內容中已經詳細討論過。我們當時談到要全面去槓桿化，其中大約一半的資金來自剝離綠巨人旗下的各個業務板塊，包括LeSueur、加拿大和美國業務。所以，我想這就是你第一個問題的答案。剩下的資金則用於穩定EBITDA、管理盈餘現金和優化營運資本。展望未來，在綠巨人策略評估完成後（假設我們不再持有該業務），季度間的營運資本波動將會顯著減少。

So we'll still have things like Crisco and Claver that have a seasonal bake season, where we build inventory in the 3rd quarter and sell it, but it won't be as extreme as the pack plan for Green Giant. Which is why you see inventory high now, but it always comes down in the 4th quarter and then kind of continues. So that's part one. Your second question around does the divestiture of Lasor and the signed agreement. Still to close for Canada, does that impact the sale of the remaining business, or does it make it easier? Not really. There are distinct conversations with logical strategic partners on all pieces, but this is 2 out of the 3 or 3 out of the 4 if you go back and include the can business that we sold to Seneca about a year and a half ago.

所以像Crisco和Claver這樣的產品仍然會有季節性的烘焙季，我們會在第三季囤貨並銷售，但不會像Green Giant那樣大規模的包裝銷售。這就是為什麼你現在看到庫存高企的原因，但庫存總是會在第四季下降，然後又會回落一段時間。這是第一部分。你的第二個問題是關於Lasor的剝離以及已簽署的協議（加拿大部分尚未最終完成），這是否會影響剩餘業務的出售，或者說是否會使出售更容易？其實不會。我們正在與各個業務板塊的策略夥伴進行單獨的洽談，但如果算上我們大約一年半前賣給Seneca的罐頭業務，目前只完成了三分之二或四分之三。

Okay, got it. And then the follow-up, there's a lot of noise in the press about the snap cutbacks and then also just like this immediate disruption related to the government shutdown, not just the press, I guess it's really happening in many states. So have you seen any early signs of that impacting grocery sales in your categories or is it just too soon to know whether it will matter?

好的，明白了。接下來，媒體上有很多關於突然削減開支的報道，還有政府停擺造成的直接影響，不僅僅是媒體報道，我想很多州都出現了這種情況。那麼，您是否已經觀察到這些影響對您負責品類的食品銷售有任何初步跡象？還是現在判斷會產生影響還為時過早？

I think it's too soon to know whether it'll matter, my expectation is that if let's say, the shutdown continues and staff benefits are. Get cut in half for any extended period of time that there could be some impact from that. I mean, I've heard Walmart and others talk about that, but I think that's going to be a temporary effect until the government gets back up and operation and SNAP benefits are restored. So yes, I do expect there might be a temporary, that might be a temporary impact. I can't, it's too hard to figure out exactly how much, given the way consumers are spending and how much of their SNAP benefits they're actually receiving. But I don't, I think this is just a temporary phenomenon until this gets resolved.

我覺得現在判斷這是否會產生影響還太早。我的預期是，如果政府停擺持續下去，員工福利被削減一半，並且這種情況持續較長時間，那麼可能會產生一些影響。我的意思是，我聽說沃爾瑪和其他一些公司也談到了這一點，但我認為這只是暫時的，直到政府恢復運轉，食品券（SNAP）福利恢復發放為止。所以，是的，我預計可能會有暫時的影響。我無法準確估算影響程度，因為消費者的消費方式以及他們實際領取的食品券福利金額都存在差異。但我認為這只是暫時的現象，直到問題解決為止。

And Rob, just to reiterate on that, we typically TRY not to talk too much on in quarter performance, but certainly with regards to snap and any impact, we haven't seen any impact so far to date in our shipment.

羅布，我再重申一下，我們通常盡量不談論季度業績，但就Snap及其任何影響而言，到目前為止，我們的出貨量還沒有受到任何影響。

All right, very good, thank you.

好的，非常感謝。

William Rutter from Bank of America.

來自美國銀行的威廉·魯特。

Good afternoon. I just have a couple. The first, in terms of your outlook, to get to the 6 times leverage target, is there any expectation there that you will either be gaining or losing any shelf space over that period?

午安.我只有幾個問題。第一個問題，就您的展望而言，為了達到6倍槓桿的目標，您預計在此期間貨架空間會增加還是減少？

Other than what we've sold. Other than the divested businesses you mean? Yeah.

除了我們已經出售的那些。你是說除了已經剝離的業務之外嗎？是的。

Yeah, what could be any business wins that you kind of see on the horizon or alternatively if there are businesses that you're having to respond to RFPs to maintain your shelf space.

是的，這可能包括你預見到的未來有哪些商業上的成功機會，或者反過來，是否有企業需要你回應 RFP 才能保住你的貨架空間。

So the 6 times assumes that we hit our model for 2025 and kind of preliminary 2006 thoughts. I guess that would include any, performance for those businesses that we anticipate.

所以，這六倍的預測是基於我們2025年的模型以及2006年的初步設想。我想這應該包括我們預期中這些企業的任何業績表現。

But we haven't done a further probability waiting by like, inches of shelf space if that's what you're asking.

但是，我們還沒有進行進一步的機率計算，例如按幾英寸的貨架空間來計算，如果你問的是這個的話。

Got it.

知道了。

Okay. But we, but our forecast would factor in how we see, distribution wins and losses across our innovation launches and, any cutting, any cut of, slower moving items and our forecast always includes those kinds of projections. Okay.

好的。但是，我們的預測會考慮我們對創新產品上市過程中分銷通路成敗的觀察，以及任何滯銷產品的減產情況，我們的預測始終包含這類預測。好的。

Got it. And then, given you have been successful with the 3 divestitures so far, are you fairly certain that you're going to be able to come to an agreement with the buyer on the Green Giant US sale, within the time that you could play out?

明白了。那麼，鑑於您目前為止已經成功完成了三項資產剝離，您是否相當有把握在可執行的時間內與買家就綠巨人美國公司的出售達成協議？

Not really fair to comment on that other than, we're making progress on getting these transactions done and you know we've certainly laid out what we thought made sense from a timeline and you know that's where we are.

對此不宜多加評論，但我們在完成這些交易方面取得了進展，而且我們已經制定了我們認為合理的進度計劃，這就是我們目前的狀況。

Got it. Okay. And then lastly for me, you laid out the timing of the 6 times, net leverage mid next year. A couple of times you touched upon the 5 times. Is that kind of a longer-term goal or is there a timeline associated with that we should be thinking about? We haven't put out a timeline, but it's very much a longer-term goal and, Casey will remind me of that every quarter.

明白了。好的。最後，您提到了明年年中達到6倍淨槓桿的目標時間。您也幾次提到了5倍。這是一個長期目標嗎？還是說有具體的時間表？我們還沒有公佈時間表，但這確實是一個長期目標，Casey每季都會提醒我這一點。

I mean, our long-term leverage, goal is between 4.5 and 5.5, so I mean that's the midpoint and I think, would actually reflect the right kind of risk.

我的意思是，我們的長期槓桿目標是在 4.5 到 5.5 之間，所以我的意思是，這是中間值，我認為，這實際上反映了正確的風險水平。

Got it. Okay, all very helpful. Thank you.

明白了。好的，這些都很有幫助。謝謝。

David Palmer from Evercore Inc.

來自 Evercore 公司的 David Palmer

Thanks. I just wanted to, hey, Bruce. Casey, I wanted to ask you guys about the organic sales numbers. You mentioned food service, roughly flat, and the private label business sounds like it's up mid-single-digits, that might get us close to where we are when we adjust our consumption numbers, get close to the numbers that you had, but it still feels like I might be down. 4% to 5% versus the under 3% decline that you showed in your guiding to as well for the fourth quarter. So, I'm just trying to think about like other reasons why that would be different. Is there any shipment dynamics, other non-measured channels that are that are happening?

謝謝。嗨，布魯斯，凱西，我想問你們關於有機銷售額的數據。你們提到餐飲服務業基本上持平，自有品牌業務似乎成長了個位數中段，或許能讓我們調整消費數據後接近你們先前的數據，但感覺還是會下降。你們在第四季的業績指引中提到下降不到3%，而實際降幅在4%到5%之間。所以，我想問除了這個原因之外，還有什麼其他因素會導致結果不同。是否存在一些出貨動態或其他未統計管道的影響？

No, I mean, I think it's really simple. There's about 35% to 40% of our portfolio that's unmeasured by, Nielsen US data. So, I mean if I just give you the numbers that Canada is about 7% to 8%. Food service is about 13% to 14%, private label is around 7% to 8%. We have an industrial business also that's about 5%, and there's unmeasured customers in the US, Costco, etc. It's about 3%. So, it's more than just the food service and privately owned business I talked about. So, you do all that math and it kind of gets you to that base business trend roughly. The 2% to 3% kind of base business trend.

不，我的意思是，我覺得這很簡單。我們大約有35%到40%的業務組合沒有被尼爾森美國的數據覆蓋。比如說，加拿大市場約佔7%到8%，餐飲服務業約佔13%到14%，自有品牌約佔7%到8%。我們還有一項工業業務，大約佔5%，此外，美國還有一些未被覆蓋的客戶，例如Costco等等，約佔3%。所以，這不僅包括我剛才提到的餐飲服務和自有品牌業務。你把這些都算進去，就能大致得出我們業務的基本趨勢，大概在2%到3%之間。

So your assumption on like basically this back part of the year is that your consumption. All channel, obviously not that wouldn't be even captured by Circona either, would be also down 2% to 3%. Fair to say.

所以你假設今年下半年你的消費量（所有管道，顯然包括Circona的數據之外的部分）也會下降2%到3%。這麼說也算合理。

Yeah, but that would move across food service and channels, and then it would include our private label business, we have a very strong club private label spice business that's been growing very rapidly. So it would, it assumes that we're kind of static in terms of our performance in the 4th quarter that we were in the 3rd quarter across, measured and unmeasured, kind of channels and businesses.

是的，但這會波及整個餐飲服務和管道，也包括我們的自有品牌業務。我們有一個非常強大的俱樂部自有品牌香料業務，成長速度非常快。所以，這假設我們在第四季的業績與第三季基本持平，無論業績是可衡量的還是不可衡量的，涵蓋所有通路和業務。

And, Dave, the other part where you might be missing if you're thinking about 4th quarter, just a reminder, this is the 53rd week. And it's in our 4th quarter this year, and so we've talked a number of times, referenced either $15 million to $20 million or $16 million to $18 million but there'll be some benefit which is also impacting is factored into our guide.

戴夫，如果你在考慮第四季度，可能忽略了另一點，提醒一下，現在是第53週。而且現在是今年的第四季度，我們之前多次提到過，可能是1500萬到2000萬美元，也可能是1600萬到1800萬美元，但還有一些其他因素也會影響我們的預測，這些因素都已納入我們的預測中。

Which kind of offsets the base business trend. The two of that kind of offset each other to get to roughly flattish net sales in the fourth quarter.

這在一定程度上抵消了基本的業務趨勢。這兩方面因素相互抵消，使得第四季的淨銷售額大致持平。

Great, thank you for all that. That was great. And with regard to the tariffs language you had in the release, just it seems like it's dated language that you're not including all the tariffs in there. We can only include what we know.

太好了，非常感謝您。這真是太棒了。關於您在新聞稿中提到的關稅問題，感覺措辭有些過時，而且您似乎沒有列出所有關稅。我們只能列出我們已知的資訊。

It's going in front of the Supreme Court. We price for all known existing tariffs.

此事將提交最高法院審理。我們的定價涵蓋所有已知的現行關稅。

And certainly guided for it, too, I would assume.

而且我猜想，這肯定也是有人在背後指引的。

Yes.

是的。

Have you talked about the inflation inclusive of tariffs that you're expecting, call it into the first half of 2026. Have you talked about that?

您有沒有談到您預期的包含關稅在內的通貨膨脹，例如預計2026年上半年的通貨膨脹？您有談到這一點嗎？

I mean, we're seeing outlooks. I wouldn't want to tell you that we've actually finalized our projections, but we're kind of seeing, 1.5% to 2% input cost inflation before tariffs. But that's a that's a very early number, probably mostly driven by pacting.

我的意思是，我們目前看到的是一些預測。我不想說我們已經最終確定了預測結果，但我們大致看到，在不計關稅的情況下，投入成本通膨率在1.5%到2%之間。但這只是一個非常初步的數字，可能主要受貿易協定的影響。

I think our key thing is similar to 2025, we haven't seen anything that suggests a big uptick in inflation based on our basket of inputs.

我認為關鍵在於，與 2025 年類似，根據我們的一籃子投入品，我們還沒有看到任何跡象表明通貨膨脹會大幅上升。

And our strategy for that would be that we expect the price to recover tariffs, which we've already done, and that's been implemented. We will look at, final inflation assumptions and projections when we, get pretty close to the new year, but, it's a combination of some targeted pricing where we have significant increases in certain commodities as well as productivity efforts that would offset that more than offset that that rate of inflation in very low single-digits.

我們的策略是預期價格會回落到關稅水平，而我們也確實這樣做了，並且已經付諸實行。我們將在接近新年時評估最終的通膨假設和預測，但總的來說，我們將採取一些有針對性的定價措施，大幅提高某些大宗商品的價格，同時提高生產力，這些措施足以抵消關稅的影響，並將通膨率控制在極低的個位數水平。

Great, thank you.

太好了，謝謝。

Thank you. Hale Holden from Barclays.

謝謝。我是巴克萊銀行的黑爾·霍爾頓。

Thank you. Good afternoon, fellows. I just had, 3 very quick clarifications, Bruce, I really appreciate the working capital, talk through that you did on the inventory swings. Can you give me a sense of what the baking business would be 3Q to 4Q in terms of percentage of inventory because I just don't really have a baseline on what that flow back for you would be.

謝謝。下午好，各位。布魯斯，我有三個問題想請教一下。我非常感謝你之前關於營運資金和庫存波動的講解。你能大概說說烘焙業務在第三季到第四季的庫存佔比嗎？因為我對這部分資金回流情況不太了解。

For our existing business,

對於我們現有的業務而言，

Yeah,

是的，

Like the Crisco and Clapper, we haven't disclosed that probably directionally you can think about what our sales breakdown is by quarter for those businesses. Do you think we just that for both businesses to have a rough impact of the swings.

就像Crisco和Clapper一樣，我們還沒有透露具體數據，但您可以大致了解這些業務的季度銷售額組成。您認為我們這樣做是否足以讓這兩家業務都受到市場波動的大致影響？

Not perfect. But there's a little bit of a there's a small pre-build in advance of big season.

雖然不完美，但總算有點準備工作，為賽季開始做好了初步的準備。

Okay. The spices, pricing that you're talking about tariffs, is this the second one from the summer, or was there one at the end of the summer or is this the first one?

好的。您提到的香料價格和關稅問題，這是夏季的第二次關稅嗎？還是夏季末的一次？還是第一次？

Yeah. So, what we did just in a couple pieces of the spice portfolio is we put pricing in effect to offset increases in commodity costs, so non-tariff related stuff that we knew was coming this year, particularly black pepper and garlic. And then separately, and it was pretty small, modest. I think we talked about it a little bit yeah in July we talked a little bit about it on our second quarter earnings call. We've since followed up across the board where we needed to for tariffs to take price and that's really, an end of October early November phenomenon.

是的。所以，我們針對部分香料產品組合，調整了價格以抵消大宗商品成本的上漲，特別是黑胡椒和大蒜，這些都是我們預料到今年會上漲的非關稅相關成本。此外，還有一些其他產品也進行了調整，規模很小，也比較溫和。我想我們在7月的第二季財報電話會議上稍微提過。之後，我們針對所有需要應對關稅影響的產品都進行了調整，這種情況主要出現在10月底11月初。

When It's effective. Yeah.

當它有效時。是的。

Got it. And then my last question is, the $55 million to $60 million in charges that you outlined for Canada, is that a good proxy for the sale price or a bad proxy?

明白了。我的最後一個問題是，您提到的加拿大方面的5500萬至6000萬美元的費用，這能很好地代表出售價格嗎？還是說這根本不是價格的準確參考？

It's not it's, yes, that 55 to 65 is a good proxy for the sales price, assuming and it's somewhat dictated by inventory and so assuming that we closed with inventory levels where we are in September. It's kind of where that lays out.

是的，55到65美元可以作為銷售價格的良好參考區間，前提是（而且在某種程度上取決於庫存）我們9月份的庫存水準保持不變。情況大致如此。

Thank you so much. I appreciate it.

非常感謝，我感激不盡。

Carla Casella from JP Morgan.

摩根大通的卡拉·卡塞拉。

Hi, great, thank you. You talked about, working capital, anomaly in 3rd quarter related to, I think it was, Leur. Did you say how much was moved into the 3rd quarter that you will be reimbursed that you were reimbursed for in the 4th quarter?

您好，非常感謝。您提到第三季營運資金出現異常，好像與歐元有關。您有沒有說過有多少款項轉入第三季度，而這些款項會在第四季得到補償？

Yeah, and so the two pieces for working cap around inventory were LeSueur, the US business that we sold, and we bought, it's pack season, it's a little bit nuanced that the ins and outs, but we bought about $20 million of inventory for a business that we no longer own. About half of that ended up finding its way into higher pricing on the transaction and floating as a benefit in cash from investing. Then there's another 2 to $3 million of inventory that we bought for the Don Pepino and Sclafani brands on behalf of the new owners that they reimbursed us for in the 4th quarter. That was a temporary hurt in the 3rd quarter numbers.

是的，圍繞庫存週轉的兩個關鍵因素分別是：我們出售的美國業務LeSueur，以及我們收購的LeSueur。現在是銷售旺季，其中的門道比較複雜，但我們為一家我們不再擁有的公司收購了價值約2000萬美元的庫存。其中約一半最終體現在交易價格的上漲以及投資帶來的現金收益。此外，我們也代表新東家為Don Pepino和Sclafani品牌收購了價值200萬至300萬美元的庫存，他們在第四季度償還了我們的款項。這暫時影響了第三季的業績。

Okay, so it's like a $2 million to $3 million that you were paid in 4th quarter that hurt 3rd quarter.

好的，所以就像你在第四季獲得的 200 萬到 300 萬美元的薪水，對第三季造成了影響。

Yeah, for Don Pepino and then another $20 million that we spent on the business that we no longer own for LeSueur and the interest delta because we did a refinancing. Last year, and so that ended up moving an interest payment from what was October into September, and that's about, I think a $7 million to $10 million dollar swing there.

是的，給唐·佩皮諾（Don Pepino）的錢，還有我們為不再擁有的勒蘇爾（LeSueur）業務投入的另外2000萬美元，以及因為我們去年進行了再融資而產生的利息差額。所以，利息支付從10月提早到了9月份，我想這大概造成了700萬到1000萬美元的波動。

Okay. Great, any early thoughts in terms of the broader refinancing for the capital structure as we start to get closer to the first maturity?

好的。太好了，隨著首筆債務到期日的臨近，對於更廣泛的資本結構再融資，您有什麼初步想法嗎？

No, I mean, we continue to think that at some point, when it makes sense and it's appropriate, we, we'll look to refinance those 2027 notes, obviously, watching the market and, we'll pick an opportune time.

不，我的意思是，我們仍然認為，在某個時候，當情況合適的時候，我們會考慮對那些 2027 年到期的票據進行再融資，當然，我們會密切關注市場，並選擇一個合適的時機。

And do you have additional secured capacity?

你們是否有額外的安全儲存容量？

I think that the notes will be refinanced as unsecured. Not secured.

我認為這些票據將以無擔保的方式進行再融資，而不是有擔保的。

Okay. Okay, great. And then just one follow-up you mentioned that pricing effect went into effect for customers in November. I mean you passed on to retailers, so it's going into the consumer like on shelves in November, and I'm wondering if you've seen any change in elasticity since then.

好的，太好了。還有一個後續問題，您剛才提到價格效應在11月開始對消費者生效。我的意思是，您已經將價格效應傳遞給了零售商，所以消費者最終會在11月份看到貨架上的商品價格發生變化。我想知道自那時以來，您是否觀察到價格彈性有任何變化。

No, I mean, most of the pricing, has taken place in the last couple of weeks and we don't really have, kind of market-based scanner data yet, but we'll watch it pretty closely.

不，我的意思是，大部分定價都發生在過去幾週，我們還沒有真正基於市場的掃描數據，但我們會密切關注。

Okay great that's all I have thank you.

好的，太好了，這就是我全部要說的，謝謝。

Thanks, Carla.

謝謝你，卡拉。

Thank you. Ladies and gentlemen, this concludes our question answer session. The conference has now concluded. Thank you for attending to this presentation. You may now disconnect.

謝謝。女士們、先生們，問答環節到此結束。會議到此結束。感謝各位參加本次演講。現在可以斷開連線了。

Thank you.

謝謝。