B&G Foods Inc (BGS) 2025 Q4 法說會逐字稿

Good day and welcome to the B&G Foods fourth quarter and fiscal 2025 earnings call. Today's call, which is being recorded, is scheduled to last about one hour, including remarks by B&G's Food management and a question-and-answer session. I would like to turn the call over to AJ Schwab, Senior Associate, Corporate Strategy and Business Development for B&G Foods. AJ.

大家好，歡迎參加 B&G Foods 2025 會計年度第四季及全年財報電話會議。今天的電話會議將被錄音，預計約一小時，包含 B&G Foods 管理團隊的發言以及問答環節。我想把電話會議交給 B&G Foods 企業策略與業務發展資深副理 AJ Schwab。AJ。

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.

各位下午好，感謝各位加入。今天與我一同出席的有我們的執行長 Casey Keller，以及財務長 Bruce Wacha。

You can access detailed financial information on the quarter and full year in the earnings release we issued today, which is available at the investor relations section of dgfoods.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 10-K and subsequent SEC filings for a more detailed discussion of the risks that could impact our company's future operating results and financial condition. 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.

各位可在我們今天發布的財報新聞稿中取得本季與全年更詳細的財務資訊，該新聞稿可於 dgfoods.com 的投資人關係專區查閱。在我們開始正式發言前，我需要提醒各位，今天的部分討論包含前瞻性陳述。這些陳述並非對未來績效的保證，因此不應過度依賴。我們請各位參閱 B&G Foods 最近一期的 Form 10-K 年報及後續向 SEC 提交的文件，以取得可能影響本公司未來營運結果與財務狀況之風險的更詳細說明。B&G Foods 不承擔公開更新或修訂任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。

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.

我們也將在今天的電話會議中提及若干非 GAAP 財務衡量指標，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、核心業務淨銷售額，以及分部調整後費用。上述財務衡量指標與最直接可比之 GAAP 財務衡量指標的調節表，已載於今天的財報新聞稿中。

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 fiscal 2026 and beyond. Bruce will then discuss our financial results for the fourth quarter in fiscal 2025 and our guidance for fiscal 2026.

Casey 將以開場致詞開始本次電話會議，並說明影響我們業績的各項因素、部分業務亮點，以及他對 2026 會計年度及之後展望的看法。接著 Bruce 將說明我們 2025 會計年度第四季的財務結果，以及 2026 會計年度的財測指引。

I would now like to turn the call over to Casey.

現在我想把電話會議交給 Casey。

Good afternoon. Thank you, AJ, and thank you all for joining us today for our fourth quarter 2025 earnings call.

各位下午好。謝謝你，AJ，也感謝各位今天加入我們的 2025 年第四季財報電話會議。

Today I will cover an update on our portfolio reshaping. Including the recent divesture and upcoming planned acquisition. An overview of fourth quarter performance. Bruce will cover more detailed financial results. And finally, the outlook for fiscal year 2026.

今天我將說明我們投資組合重塑的最新進展。包括近期的資產出售以及即將進行的計畫性收購。並概述第四季的表現。Bruce 將提供更詳細的財務結果。最後，談談 2026 會計年度的展望。

Portfolio reshaping. Yesterday, we announced the divestiture of the Green Giant U.S. frozen business to Seneca Foods Corporation. A significant milestone in the reshaping and restructuring of the B&G Foods portfolio. This is the largest piece in our portfolio transformation that should result in stronger focus, simplification, greater synergies, and higher margins across the core shell stable business lines. The Green Giant Frozen business simply has not been the right fit for B&G Foods, with seasonal production, a different temperature state, geographic complexity, and higher working capital intensity.

投資組合重塑。昨天，我們宣布將 Green Giant 美國冷凍業務出售給 Seneca Foods Corporation。這是 B&G Foods 投資組合重塑與重整的重要里程碑。這是我們投資組合轉型中最大的一塊，預期將使核心常溫（貨架穩定）業務線更聚焦、更簡化、協同效益更高，並帶來更高的利潤率。Green Giant 冷凍業務一直不太適合 B&G Foods，原因包括季節性生產、不同的溫層屬性、地理營運複雜度，以及較高的營運資金密集度。

Previously we announced the divestiture of our Canadian Green Giant business in canned and frozen vegetables. That divesture requires Canadian regulatory approval and is currently under review. Subject to regulatory approval and other customary closing conditions, we expect to close during Q2 fiscal year '26.

先前我們已宣布出售我們在加拿大的 Green Giant 罐裝與冷凍蔬菜業務。該出售案需要取得加拿大監管核准，目前正在審查中。在取得監管核准及其他慣常交割條件達成的前提下，我們預期將於 2026 會計年度第二季完成交割。

Finally, we also recently announced the acquisition of the College Inn and Kitchen Basics broth and stock businesses from Del Monte Foods. That transaction is expected to close by the end of March. The broth and stock category is attractive, maintains good margins, and has grown low to mid-single digits over the past year. Like the spices and seasoning category, broths have been propelled by the growth in the fresh perimeter of the store as a critical component for the preparation and cooking of fresh meals and soups. The College Inn and Kitchen Basics brands have relevant, well-known equities, strong distribution presence, and high-quality products.

最後，我們也在近期宣布，將自 Del Monte Foods 收購 College Inn 與 Kitchen Basics 的高湯與湯底（broth and stock）業務。該交易預計於 3 月底前完成交割。高湯與湯底品類具吸引力、維持良好利潤率，且過去一年成長約為低至中個位數。如同香料與調味品類一樣，高湯受惠於賣場外圍生鮮區的成長，作為新鮮餐食與湯品備料與烹調的關鍵組成而帶動需求。College Inn 與 Kitchen Basics 品牌具備相關性與高知名度的品牌資產、強大的通路覆蓋，以及高品質產品。

The net result of these divestures and acquisitions when completed will deliver a more focused portfolio that is expected to generate positive adjusted EBITDA growth, stronger cash flows, lower working capital intensity, reduced leverage, and higher gross and adjusted EBITDA margins. Bruce will provide more details on each of these transactions later.

上述出售與收購在完成後的淨效果，將帶來更聚焦的投資組合，預期可實現調整後 EBITDA 的正向成長、更強勁的現金流、更低的營運資金密集度、降低槓桿，以及更高的毛利率與調整後 EBITDA 利潤率。Bruce 稍後將就各項交易提供更多細節。

Q4 results, the fourth quarter continued momentum from the third quarter with modest improvement in base business net sales trends. Q4 base business net sales, which excludes the impact of divestitures in the 53rd week, were down approximately 2.4% compared to down 2.7% in the third quarter.

第四季結果方面，第四季延續第三季的動能，核心業務淨銷售額趨勢小幅改善。第四季核心業務淨銷售額（排除資產出售影響及第 53 週影響）約年減 2.4%，相較第三季年減 2.7%有所改善。

Fourth quarter adjusted EBITDA was $84.7 million slightly down versus last year on a reported basis, driven by the impact of divestures and tariff costs.

第四季調整後 EBITDA 為 8,470 萬美元，按報表口徑較去年略為下降，主要受資產出售影響以及關稅成本所致。

Some of the key drivers the divestor of the Don Pepino and Sclafani businesses. In May, and the Leer US canned peas brand in August removed approximately $16.4 million of net sales and $1 million in adjusted EBITDA from Q4.

其中一些關鍵因素包括出售 Don Pepino 與 Sclafani 業務。該交易於 5 月完成，以及於 8 月出售 Le Sueur 美國罐裝豌豆品牌，使第四季淨銷售額減少約 1,640 萬美元，調整後 EBITDA 減少 100 萬美元。

The Spices & Flavor Solutions business unit grew net sales plus 4.2% in Q4, benefiting from the growth in fresh food and proteins, as well as strength in our club and food service channels. Segment adjusted EBITDA was impacted by tariffs which are now being recovered through pricing. Tariff costs were approximately $4.4 million in Q4 and $9.5 million throughout fiscal year '25. We announced pricing actions during Q3 to recover these costs beginning in Q4, although full pricing reflection with some customers took longer than expected within the quarter.

香料與風味解決方案（Spices & Flavor Solutions）事業單位在第四季淨銷售額成長 4.2%，受惠於生鮮食品與蛋白質品類的成長，以及我們在會員制通路與餐飲服務通路的強勁表現。分部調整後 EBITDA 受到關稅影響，而目前正透過調價逐步回收。第四季關稅成本約 440 萬美元，2025 會計年度全年約 950 萬美元。我們在第三季宣布調價措施，自第四季開始回收這些成本，但在本季內，部分客戶的價格反映所需時間比預期更長。

The Frozen & Vegetables business unit delivered strong segment adjusted EBITDA recovery plus $2.8 million as new crop pack costs came in favorable to last year's wheat crop and our Mexico facility achieved productivity gains.

冷凍與蔬菜（Frozen & Vegetables）事業單位的分部調整後 EBITDA 強勁回升，增加 280 萬美元，原因在於新作物包裝成本較去年小麥作物更有利，以及我們墨西哥工廠達成生產力提升。

Q4 also benefited from the implementation of our back half cost savings initiative. Cost of goods sold COGS as a percentage of net sales improved approximately 120 basis points versus last year behind incremental productivity efforts.

第四季也受惠於我們下半年成本節省計畫的落實。在額外生產力提升措施帶動下，銷貨成本（COGS）占淨銷售額的比率較去年改善約 120 個基點。

Fiscal year '26 outlook. Our current outlook for fiscal year '26 reflects continued improvement in the core business trends. And the impact of the Green Giant U.S. frozen divestiture. Lots of changes and more to come with the closing of the pending Green Giant Canada divestiture and College Inn and Kitchen Basics acquisition. But we are creating a stronger, focused, more profitable B&G Foods.

2026 會計年度展望。我們目前對 2026 會計年度的展望反映核心業務趨勢持續改善。以及 Green Giant 美國冷凍業務出售的影響。隨著待完成的 Green Giant 加拿大出售案與 College Inn、Kitchen Basics 收購案交割，將有許多變化且後續仍有更多進展。但我們正在打造一家更強健、更聚焦、獲利能力更高的 B&G Foods。

Our current guidance range for fiscal year '26. Is $1.655 billion to $1.695 billion in net sales. And $265 million to $275 million in adjusted EBITDA. The key assumptions We expect based business trends on the remaining core meals, spices and flavor solutions, and specialty businesses to improve 0.4% versus last year. So far Q1 trends are off to a strong start with year-to-date based business net sales performance through February growing roughly 4%.

我們目前對 2026 會計年度的指引區間為：淨銷售額 16.55 億至 16.95 億美元。以及調整後 EBITDA 2.65 億至 2.75 億美元。主要假設為：我們預期剩餘核心餐食、香料與風味解決方案，以及特殊品類業務的核心業務趨勢，將較去年改善 0.4%。截至目前，第一季趨勢開局強勁，年初至今截至 2 月的核心業務淨銷售額表現約成長 4%。

The Green Giant U.S frozen divestiture removes approximately $203 million in net sales year over year. That will be partially offset by approximately $80 million in revenue from March through year-end from Copa sales from our Mexico facility based on our arrangement with Seneca to retain manufacturing in Iracuato. The adjusted EBITDA impact of this divestiture is expected to be at least neutral as we restructure costs to reflect the exit of the business.

Green Giant 美國冷凍業務之剝離，使淨銷售額年對年減少約 2.03 億美元。這將部分由約 8,000 萬美元的收入所抵銷，該收入來自 3 月至年底期間、依據我們與 Seneca 的安排在伊拉普阿托（Iracuato）保留製造、由墨西哥工廠進行 Copa 銷售所產生。預期此項剝離對調整後 EBITDA 的影響至少為中性，因為我們將重整成本結構以反映退出該業務。

We have also reflected the impact of both the 53rd week and the divestitures of Don Pepino Sclafani and Le Sueur U.S. during fiscal year '25, representing approximately $38.4 million in net sales and $5.4 million in adjusted EBITDA.

我們亦已反映第 53 週以及於 2025 會計年度期間剝離 Don Pepino、Sclafani 與 Le Sueur 美國業務的影響，合計約代表 3,840 萬美元的淨銷售額與 540 萬美元的調整後 EBITDA。

Further, the pending divestiture of Green Giant Canada and the pending acquisition of the College Inn and Kitchen Basics broth business have not been reflected in our guidance. We will update fiscal year '26 guidance after those transactions have closed but expect Canada to be neutral from an adjusted EBITDA impact and the broth and stock acquisition to deliver incremental sales and adjusted EBITDA at healthy margins.

此外，尚待完成的 Green Giant 加拿大業務剝離，以及尚待完成的 College Inn 與 Kitchen Basics 高湯業務收購，均未納入我們的財測指引。待上述交易完成後，我們將更新 2026 會計年度指引；但我們預期加拿大業務對調整後 EBITDA 的影響將為中性，而高湯與湯底（stock）收購將以健康的利潤率帶來增量銷售與調整後 EBITDA。

Looking forward, fiscal year '26 is poised to be a transformational year with a more focused, higher margin, and stable portfolio once the investors and closing transaction services have been completed. We expect continued improvement in base business trends towards the long-term algorithm of 1%.

展望未來，一旦投資人相關事項與交易交割服務完成，2026 會計年度可望成為轉型之年，投資組合將更聚焦、毛利率更高且更穩定。我們預期基礎業務趨勢將持續改善，朝向長期演算法的 1% 目標前進。

Further, we will also become a less complex, more efficient, and leaner company behind a simpler portfolio, restructuring operations to right size overheads and focus resources and investment behind the core categories and brands and Spices and seasonings, Meals and Baking staples.

此外，透過更精簡的產品組合，我們也將成為一家更不複雜、更有效率且更精實的公司；我們將重整營運以適度調整間接費用規模，並將資源與投資聚焦於核心品類與品牌，以及香料與調味料、即食餐與烘焙基本品。

Thank you. And I will now turn the call over to Bruce for more detail on the quarterly performance and outlook for fiscal 2026.

謝謝。接下來我將把電話會議交給 Bruce，請他就本季表現與 2026 會計年度展望提供更多細節。

Thank you, Casey. Good afternoon, everyone. Thank you for joining us today.

謝謝你，Casey。各位下午好。感謝各位今天加入我們。

Despite a challenging start to the year, we had strong momentum in our business throughout the year to finish fiscal 2025 on a positive note.

儘管年初開局充滿挑戰，我們的業務在全年保持強勁動能，最終以正向態勢結束 2025 會計年度。

For the fourth quarter of 2025, we generated $539.6 million in net sales, a net loss of $15.2 million or $0.19 per diluted share, adjusted net income of $22.8 million or $0.28 per adjusted diluted share.

就 2025 年第四季而言，我們創造淨銷售額 5.396 億美元，淨損 1,520 萬美元（或每股稀釋虧損 0.19 美元），調整後淨利 2,280 萬美元（或每股調整後稀釋盈餘 0.28 美元）。

$84.7 million in adjusted EBITDA and adjusted EBITDA as a percentage of net sales of 15.7%. For fiscal 2025, we generated $1.829 billion in net sales, a net loss of $43.3 million or $0.54 per diluted share, adjusted net income of $41.3 million or $0.51 per adjusted diluted share. $272.2 million in adjusted EBITDA and 14.9% of adjusted EBITDA as a percentage of net sales. The company's net loss for the fourth quarter and fiscal 2025 were primarily attributable to pre-tax non-cash impairment charges to intangible assets and assets held for sale.

調整後 EBITDA 為 8,470 萬美元，調整後 EBITDA 佔淨銷售額比率為 15.7%。就 2025 會計年度而言，我們創造淨銷售額 18.29 億美元，淨損 4,330 萬美元（或每股稀釋虧損 0.54 美元），調整後淨利 4,130 萬美元（或每股調整後稀釋盈餘 0.51 美元）。調整後 EBITDA 為 2.722 億美元，調整後 EBITDA 佔淨銷售額比率為 14.9%。公司於第四季與 2025 會計年度的淨損，主要歸因於對無形資產及待售資產所計提的稅前非現金減損費用。

During fiscal 2025, the company recorded pre-tax non-cash impairment charges of $34.8 million to related intangible trademark and customer relationship assets for the Green Giant brand in the fourth quarter and $26 million related to indefinite life intangible trade assets for the Victoria and McCann's brands during the third quarter of 2025.

在 2025 會計年度期間，公司於第四季就 Green Giant 品牌相關之無形商標與客戶關係資產，認列稅前非現金減損費用 3,480 萬美元；並於 2025 年第三季就 Victoria 與 McCann's 品牌之無限年期無形商標資產，認列 2,600 萬美元的相關減損費用。

In addition, the company recorded a pre-tax non-cash impairment charge for assets held for sale for the pending Green Giant Canada divestiture of $27.8 million in the third quarter of 2025 and an additional $0.7 million in the fourth quarter. Further details regarding the impairments are included in our earnings release and 10-K.

此外，公司於 2025 年第三季就待完成之 Green Giant 加拿大業務剝離的待售資產，認列稅前非現金減損費用 2,780 萬美元，並於第四季再認列 70 萬美元。關於減損的進一步細節，已載於我們的財報新聞稿與 10-K。

As a reminder, we were very busy during fiscal 2025 from an M&A perspective, and we have already added to that activity in fiscal 2026. 2025 M&A activity includes the divestiture of Don Pepino and Sclafani brands during the second quarter, the divestiture of Le Sueur US brand during the third quarter, and our entry into an agreement during the fourth quarter to divest Green Giant Canada, which, subject to regulatory approval in Canada and other customary closing conditions, is expected to close during the second quarter of 2026.

提醒各位，從併購（M&A）角度來看，我們在 2025 會計年度非常忙碌，而在 2026 會計年度我們也已延續這項活動。2025 年的併購活動包括：第二季剝離 Don Pepino 與 Sclafani 品牌、第三季剝離 Le Sueur 美國品牌，以及第四季簽訂協議以剝離 Green Giant 加拿大業務；該交易仍須取得加拿大監管核准及其他慣常交割條件，預期將於 2026 年第二季完成交割。

2026 M&A activity includes our previously announced entry into an agreement in January to acquire the College Inn and Kitchen Basics brands from Del Monte Foods. The acquisition has already received bankruptcy court approval and subject to customary closing conditions and the simultaneous closing of two other bankruptcy sales unrelated to B&G Foods or the broth and stock business by Del Monte Foods. It is expected to close before the end of March. We are very excited to add these two well-known broth and stock brands to our portfolio.

2026 年的併購活動包括：我們先前已公告於 1 月簽訂協議，向 Del Monte Foods 收購 College Inn 與 Kitchen Basics 品牌。該收購案已取得破產法院核准，並仍須符合慣常交割條件，以及 Del Monte Foods 另外兩項與 B&G Foods 或該高湯與湯底業務無關之破產出售案同步完成交割。預期將於 3 月底前完成交割。我們非常期待將這兩個知名的高湯與湯底品牌納入我們的產品組合。

In addition, just yesterday we signed, closed, and announced an agreement to sell the Green Giant U.S. frozen business to Seneca Foods. We received approximately $63.2 million in proceeds from the Green Giant U.S. frozen business which we will use together with the proceeds from the previously completed divestitures to fund the College Inn and kitchen Basics acquisition. In effect, we are using the sale proceeds from a green giant US frozen business that recently was approximately break-even at best on our P&L to partially fund the acquisition of the more profitable collage Inn and kitchen basics business.

此外，就在昨天，我們已簽署、完成交割並公告一項協議，將 Green Giant 美國冷凍業務出售給 Seneca Foods。我們自 Green Giant 美國冷凍業務取得約 6,320 萬美元的處分款項；我們將把該款項與先前已完成之剝離交易所得款項一併用於資助 College Inn 與 Kitchen Basics 的收購。實質上，我們正運用出售 Green Giant 美國冷凍業務的所得款項（該業務近期在我們損益表上充其量僅接近損益兩平）來部分資助收購獲利能力更佳的 College Inn 與 Kitchen Basics 業務。

The Green Giant U.S. frozen sale included in our frozen vegetable manufacturing operations in Yuma, Arizona, but it did not include our frozen vegetable manufacturing operations in Irapuato, Mexico.

Green Giant 美國冷凍業務的出售包含我們位於亞利桑那州尤馬（Yuma）的冷凍蔬菜製造營運，但不包含我們位於墨西哥伊拉普阿托（Irapuato）的冷凍蔬菜製造營運。

In connection with the sale, we have entered into a COAC agreement with Seneca Foods pursuant to which we will continue to produce certain Green Giant frozen products for sale by B&G Foods to Seneca Foods. We expect net sales under the COAC agreement of approximately $100 million per year and we expect to make a modest profit on such COAC sales.

配合本次出售，我們已與 Seneca Foods 簽訂 COAC 協議；依該協議，我們將持續生產特定 Green Giant 冷凍產品，由 B&G Foods 販售予 Seneca Foods。我們預期 COAC 協議下的淨銷售額約為每年 1 億美元，且預期在此類 COAC 銷售上可取得小幅利潤。

As Casey said, we believe that Seneca is the right owner for the brand. Seneca is one of North America's leading providers of packaged vegetables, and it has the focus to best serve the millions of consumers that regularly enjoy Green Giant products. Seneca has also now reunited the Green Giant brand for both frozen and shelf stable products.

如 Casey 所言，我們相信 Seneca 是該品牌的合適擁有者。Seneca 是北美領先的包裝蔬菜供應商之一，並具備專注度，能更好地服務數以百萬計經常享用 Green Giant 產品的消費者。Seneca 現在也已將 Green Giant 品牌的冷凍與常溫（貨架穩定）產品重新整合於同一品牌之下。

As we review our fourth quarter and fiscal 2025 results, we will highlight the comparative differences that result from the divestures of the Don Pepino, Sclafani, and Le Sueur U.S. brands which we owned for all of fiscal 2024, but only parts of fiscal 2025. And as a reminder, the divestiture of Green Giant Canada and the acquisition of College Inn and Kitchen Basics have not yet closed. Additionally, the Green Giant U.S. frozen brand closed yesterday. As a result, these three transactions did not impact our fourth quarter or our fiscal 2025 results.

在我們回顧第四季與 2025 會計年度業績時，將重點說明因剝離 Don Pepino、Sclafani 與 Le Sueur 美國品牌所造成的比較差異；我們在 2024 會計年度全年度持有這些品牌，但在 2025 會計年度僅持有部分期間。並提醒各位，Green Giant 加拿大業務剝離與 College Inn、Kitchen Basics 的收購尚未完成交割。此外，Green Giant 美國冷凍品牌已於昨日完成交割。因此，這三項交易均未影響我們第四季或 2025 會計年度的業績。

Net sales for the fourth quarter of 2025 decreased by $12 million or 2.2% to $539.6 million from $551.6 million for the fourth quarter of 2024.

2025 年第四季淨銷售額較 2024 年第四季的 551.6 百萬美元減少 12 百萬美元（或 2.2%），至 539.6 百萬美元。

The decrease was primarily attributable to the divestures of the Don Pepino, Sclafani, and Le Sueur U.S. brands, which collectively generated $16.4 million in the fourth quarter of 2024.

此下降主要歸因於出售 Don Pepino、Sclafani 與 Le Sueur 美國品牌；上述品牌於 2024 年第四季合計貢獻 16.4 百萬美元。

Base business net sales for the fourth quarter of 2025 increased by $4.4 million or 0.8% to $539.6 million as compared to $535.2 million for the fourth quarter of 2024. The increase in base business net sales was driven by an increase in net pricing and the impact of product mix of $2.8 million or 0.5%. And an increase in volume of $1.9 million 0.4% of base business net sales, which was offset in part by the negative impact of foreign currency of $10.3 million.

2025 年第四季基礎業務淨銷售額較 2024 年第四季的 535.2 百萬美元增加 4.4 百萬美元（或 0.8%），至 539.6 百萬美元。基礎業務淨銷售額的成長，主要由淨定價上升及產品組合影響所帶動，合計增加 2.8 百萬美元（或 0.5%）。另有銷量增加 1.9 百萬美元（占基礎業務淨銷售額 0.4%），但部分被外幣負面影響 10.3 百萬美元所抵銷。

Base business volumes were positively impacted by the 53rd week that occurred in our fourth quarter of 2025. Gross profit was $122.7 million for the fourth quarter of 2025 or 22.7% of net sales, and adjusted gross profit was $123.9 million or 23% of net sales. Gross profit was $118.7 million for the fourth quarter of 2024 or 21.5% of net sales, and adjusted gross profit was $122.3 million or 22.2% of net sales.

基礎業務銷量受 2025 年第四季出現第 53 週的因素而獲得正面影響。2025 年第四季毛利為 122.7 百萬美元（占淨銷售額 22.7%），調整後毛利為 123.9 百萬美元（占淨銷售額 23%）。2024 年第四季毛利為 118.7 百萬美元（占淨銷售額 21.5%），調整後毛利為 122.3 百萬美元（占淨銷售額 22.2%）。

Input cost inflation was largely benign in the fourth quarter of 2025, much as it was throughout the earlier portion of the year. With parts of our portfolio experiencing somewhat higher costs and other parts of the portfolio having somewhat lower costs. Across their manufacturing network, we have factories that experienced both positive and negative absorption variances throughout the year while we once again drove efficiency and savings across our network through our continuous improvement efforts that helped offset declines in volumes.

2025 年第四季投入成本通膨大致溫和，與年初至今的情況相近。我們的產品組合中部分品類成本略有上升，另一些品類成本則略有下降。在其製造網路中，我們的工廠全年出現正向與負向的吸收差異；同時，我們再次透過持續改善措施在整體網路推動效率提升與節省，以協助抵銷銷量下滑的影響。

Tariffs negatively impacted our gross profit and adjusted gross profit by approximately $4.4 million during the fourth quarter of 2025 and $9.5 million for the year. Approximately half of the tariffs, or $2.3 million during the fourth quarter and $5.4 million for the year, impacted our Spices & Flavor Solutions business unit and the remainder spread across the other BUs.

關稅於 2025 年第四季使毛利與調整後毛利約減少 4.4 百萬美元，全年約減少 9.5 百萬美元。約一半的關稅（即第四季 2.3 百萬美元、全年 5.4 百萬美元）影響我們的香料與風味解決方案（Spices & Flavor Solutions）事業單位，其餘則分散於其他事業單位。

Selling general and administrative expenses increased by $3.7 million or 7.3% to $54 million for the fourth quarter of 2025 from $50.3 million for the fourth quarter of 2024. The increase was comprised of increases in general and administrative expenses of $2.3 million acquisition divestiture related, and non-recurring expenses of $1.2 million and selling expenses of $1.1 million partially offset by decreases in consumer marketing expenses of $0.9 million. Expressed as a percentage of net sales, selling general and administrative expenses increased by 0.9% points to 10% for the fourth quarter of 2025 compared to 9.1% for the fourth quarter of 2024.

2025 年第四季銷售、一般及行政費用較 2024 年第四季的 50.3 百萬美元增加 3.7 百萬美元（或 7.3%），至 54.0 百萬美元。此增加包含：一般及行政費用增加 2.3 百萬美元（與併購/處分相關）、一次性費用增加 1.2 百萬美元，以及銷售費用增加 1.1 百萬美元；部分被消費者行銷費用減少 0.9 百萬美元所抵銷。以淨銷售額百分比表示，銷售、一般及行政費用於 2025 年第四季上升 0.9 個百分點至 10%，相較 2024 年第四季為 9.1%。

We generated $84.7 million in adjusted EBITDA, or 15.7% of net sales for the fourth quarter of 2025, compared to $86.1 million or 15.6% in the fourth quarter of 2024.

2025 年第四季我們創造調整後 EBITDA 84.7 百萬美元（占淨銷售額 15.7%），相較 2024 年第四季為 86.1 百萬美元（占 15.6%）。

The Le Sueur U.S., Don Pepino, and Sclafani brands contributed approximately a million dollars to adjusted EBITDA during the fourth quarter of 2024, and as I mentioned previously, tariffs negatively impacted our fourth quarter of 2025 adjusted EBITDA by approximately $4.4 million.

Le Sueur 美國、Don Pepino 與 Sclafani 品牌於 2024 年第四季對調整後 EBITDA 約貢獻 1 百萬美元；此外，如我先前所述，關稅於 2025 年第四季對調整後 EBITDA 造成約 4.4 百萬美元的負面影響。

Net interest expense decreased by $0.8 million or 2.1% to $38.8 million for the fourth quarter of 2025 from $39.6 million for the quarter, fourth quarter of 2024. Depreciation and amortization was $16.1 million for the fourth quarter of 2025, which is largely in line with the $16.9 million for the fourth quarter of 2024. We had adjusted net income of $22.8 million or $0.28 per diluted share in the fourth quarter of 2025. In the fourth quarter of 2024, we had adjusted net income of $24.6 million or $0.31 per adjusted deleted share. Adjustments to our EBITDA net income are described further in our earnings release.

2025 年第四季淨利息費用較 2024 年第四季的 39.6 百萬美元減少 0.8 百萬美元（或 2.1%），至 38.8 百萬美元。2025 年第四季折舊與攤銷為 16.1 百萬美元，與 2024 年第四季的 16.9 百萬美元大致一致。2025 年第四季調整後淨利為 22.8 百萬美元，稀釋後每股 0.28 美元。2024 年第四季調整後淨利為 24.6 百萬美元，調整後稀釋後每股 0.31 美元。我們對 EBITDA 與淨利的調整項目，於盈餘新聞稿中有進一步說明。

I would now like to touch base on the results by business unit for the fourth quarter. Net sales for specialty decreased by $6.5 million or 3% in the fourth quarter of 2025 to $210.2 million from $216.7 million in the fourth quarter of 2024. The decrease was primarily due to the divesture of Don Pepino and Sclafani Brands. Which generated $4 million in the fourth quarter of 2024 and by the impact of lower Crisco pricing.

接下來我想簡要說明第四季按事業單位劃分的業績。2025 年第四季 Specialty（專業）淨銷售額較 2024 年第四季的 216.7 百萬美元減少 6.5 百萬美元（或 3%），至 210.2 百萬美元。此下降主要由於處分 Don Pepino 與 Sclafani 品牌。上述品牌於 2024 年第四季貢獻 4.0 百萬美元，另亦受到 Crisco 定價較低的影響。

Specialty segment adjusted EBITDA decreased by $4.2 million or 7% in the fourth quarter of 2025 compared to the fourth quarter of 2024. The decrease was primarily due to the divesture of the Don Pepino and Sclafani brands, as well as unfavorable cost comparisons in certain raw materials, manufacturing expenses, and the input impact of tariffs.

2025 年第四季 Specialty 部門調整後 EBITDA 較 2024 年第四季減少 4.2 百萬美元（或 7%）。此下降主要由於處分 Don Pepino 與 Sclafani 品牌，以及部分原物料與製造費用成本比較不利，並受到關稅投入成本的影響。

Net sales for meals increased by $1.3 million or 1.1% in the fourth quarter of 2025 to $124.2 million from $122.9 million in the fourth quarter of 2024. The increase was primarily due to the impact of higher net pricing and improved product mix offset in part by modestly lower volumes across the meals business unit.

2025 年第四季 Meals（餐食）淨銷售額較 2024 年第四季的 122.9 百萬美元增加 1.3 百萬美元（或 1.1%），至 124.2 百萬美元。此增加主要來自較高的淨定價與改善的產品組合影響，但部分被餐食事業單位整體銷量小幅下降所抵銷。

Meal segment adjusted EEBITDA increased by approximately $3.8 million primarily driven by the impact of higher net pricing and improved product mix, favorable cost comparisons in certain raw materials and manufacturing expenses, which offset the impact of tariffs.

Meals 部門調整後 EEBITDA 增加約 3.8 百萬美元，主要由較高的淨定價與改善的產品組合所帶動，且部分原物料與製造費用的成本比較有利，抵銷了關稅的影響。

Net sales for Frozen & Vegetables, excluding the impact of the Le Sueur U.S. divestiture, were up by $1.3 million or 1.4%. The Le Sueur U.S. brand generated $12.4 million in the fourth quarter of 2024. Frozen & Vegetables segment adjusted EBITDA increased by $2.8 million in the fourth quarter of 2025 compared to the fourth quarter of 2024, primarily driven by favorable raw material, manufacturing, and foreign currency comparisons. The impact of tariffs on the Frozen & Vegetables business, were marginal in the fourth quarter.

Frozen & Vegetables（冷凍與蔬菜）淨銷售額（不含 Le Sueur 美國品牌處分影響）增加 1.3 百萬美元（或 1.4%）。Le Sueur 美國品牌於 2024 年第四季創造 12.4 百萬美元。2025 年第四季 Frozen & Vegetables 部門調整後 EBITDA 較 2024 年第四季增加 2.8 百萬美元，主要由原物料、製造與外幣比較有利所帶動。關稅對 Frozen & Vegetables 業務於第四季的影響有限。

Net sales for Spices & Flavor Solutions increased $4.3 million or 4.2% in the fourth quarter of 2025 to $106.1 million from $101.8 million in the fourth quarter of 2024. The increase was primarily due to higher volumes across the spices and flavor Solutions business unit. Coupled with higher net pricing and product mix. Spices & Flavor Solutions segment adjusted EBITDA decreased by $2.9 million or 11.1% in the fourth quarter of 2025 compared to the fourth quarter of 2024.

2025 年第四季 Spices & Flavor Solutions（香料與風味解決方案）淨銷售額較 2024 年第四季的 101.8 百萬美元增加 4.3 百萬美元（或 4.2%），至 106.1 百萬美元。此增加主要由香料與風味解決方案事業單位整體銷量上升所致。並伴隨較高的淨定價與產品組合。2025 年第四季 Spices & Flavor Solutions 部門調整後 EBITDA 較 2024 年第四季減少 2.9 百萬美元（或 11.1%）。

The decrease in segment adjusted EBITDA was largely driven by a combination of tariffs, as well as by increases in raw material costs such as black pepper and garlic and the impact of unfavorable absorption. These negative impacts were offset in part by the positive benefits of higher net pricing and improved product mix.

分部調整後 EBITDA 的下降，主要是由關稅與原物料成本（如黑胡椒與大蒜）上升，以及不利的產能吸收影響等多重因素共同所致。上述負面影響部分被較高的淨定價與產品組合改善所帶來的正面效益所抵銷。

Now I will spend a little time on our cash flows and balance sheets. Net cash provided by operating activities was strong in the fourth quarter of 2025 with $95.4 million in the fourth quarter of 2025 compared to $80.3 million in the fourth quarter of 2024. Further, net cash provided by operating activities in the fourth quarter and fiscal year 2025 was negatively impacted by our $11.5 million dollar deposit paid in connection with the pending collagen and Kitchen Basics acquisition.

接下來我將花一點時間說明我們的現金流與資產負債表。2025 年第四季營運活動提供的淨現金表現強勁，2025 年第四季為 9,540 萬美元，相較於 2024 年第四季的 8,030 萬美元。此外，2025 年第四季與 2025 會計年度的營運活動提供之淨現金，受到我們就待完成的膠原蛋白與 Kitchen Basics 收購案所支付的 1,150 萬美元訂金之負面影響。

Our balance sheet has also improved. We reduced our net debt to $1.912 billion at the end of the fourth quarter of 2025 compared to $1.994 billion at the end of fourth quarter of 2024 and $2.023 billion at the end of fourth quarter of 2023.

我們的資產負債表也有所改善。我們在 2025 年第四季末將淨負債降至 19.12 億美元，相較於 2024 年第四季末的 19.94 億美元，以及 2023 年第四季末的 20.23 億美元。

We also reduced our net debt to pro forma covenant adjusted EBITDA to 6.57 at the end of the fourth quarter of 2025. Pro forma for the divesture of the Green Giant U.S. frozen business and if we include the $11.5 million cash deposit for the acquisition of the College Inn and Kitchen Basics brand, our net debt would have been approximately $1.835 billion and our net debt to pro forma covenant adjusted EBITDA would have been a little bit less than 6.25 times.

我們也在 2025 年第四季末將淨負債對備考（pro forma）契約調整後 EBITDA 的比率降至 6.57。若以出售 Green Giant 美國冷凍業務後的備考基礎計算，並納入為收購 College Inn 與 Kitchen Basics 品牌所支付的 1,150 萬美元現金訂金，我們的淨負債約為 18.35 億美元，而淨負債對備考契約調整後 EBITDA 的比率將略低於 6.25 倍。

I am very pleased to report that we expect to remain on track to reduce our net debt to perform a covenant adjusted EBITDA to nearly 6.0 times by the end, or excuse me, by the midpoint of this year. As a reminder, we continue to live in unpredictable times. Our 2026 guidance reflects what we know today and, for example, does not factor in significant changes in inflation, tariff policies, or the potential impact of escalation of the conflicts in Eastern Europe, the Middle East, or Latin America could have on our results.

我很高興報告，我們預期仍可按計畫在今年年底——抱歉，是在今年年中——將淨負債對契約調整後 EBITDA 的比率降至接近 6.0 倍。提醒各位，我們仍處於難以預測的時期。我們的 2026 年指引反映的是我們目前所掌握的資訊；例如，並未納入通膨、關稅政策的重大變化，或東歐、中東或拉丁美洲衝突升級可能對我們業績造成的潛在影響。

We are also only including the impacts of acquisitions and divestiture that have already closed in our guidance, net sales and adjusted EBITDA for the Don Pepino Sclafani, Le Sueur U.S. and Green Giant U.S. frozen brands are excluded from our guidance from 2026 because we no longer own them, even though all of these brands were included in at least part of our fiscal 2025 results. Similarly, the pending divestiture of Green Giant Canada and the pending acquisition of the College Inn and Kitchen Basics brands are not factored into our 2026 guidance because these transactions have not yet closed.

我們也僅在指引中納入已完成交割之收購與處分的影響；由於我們已不再擁有 Don Pepino Sclafani、Le Sueur 美國與 Green Giant 美國冷凍品牌，這些品牌的淨銷售與調整後 EBITDA 自 2026 年起不再納入我們的指引，儘管這些品牌皆在 2025 會計年度的部分期間計入我們的業績。同樣地，待完成的 Green Giant 加拿大處分案，以及待完成的 College Inn 與 Kitchen Basics 品牌收購案，因尚未完成交割，亦未納入我們的 2026 年指引。

In addition, our guidance reflects that fiscal 2026 has one fewer week than fiscal 2025, which had a 53rd week. While we love the benefit of the 53rd week in our fiscal '25 results, we will lap that benefit, or approximately $18 million in net sales during fiscal 2026.

此外，我們的指引亦反映 2026 會計年度比 2025 會計年度少一週，因 2025 會計年度有第 53 週。雖然我們很享受第 53 週對 2025 會計年度業績的助益，但在 2026 會計年度我們將面臨該助益的比較基期影響，約相當於 1,800 萬美元的淨銷售。

As a result, and as noted in our earnings release, we expect fiscal 2026 net sales in the range of $1.655 billion to $1.695 billion adjusted EBITDA in the range of $265 million to $275 million and adjusted EBITDAs as a percentage of net sales in the range of approximately 16% to 16.5%. And based on this guidance, we expect adjusted diluted earnings per share to be in a range of $0.55 to $0.65.

因此，如同我們在財報新聞稿中所述，我們預期 2026 會計年度淨銷售將介於 16.55 億至 16.95 億美元，調整後 EBITDA 將介於 2.65 億至 2.75 億美元，而調整後 EBITDA 佔淨銷售比重約介於 16% 至 16.5%。並且根據此指引，我們預期調整後稀釋每股盈餘將介於 0.55 至 0.65 美元。

Now I will turn the call back over to Casey for further remarks.

接下來我把電話交回給 Casey，請他做進一步說明。

Thank you, Bruce. In closing, B&G Foods is making strong progress against our long-term goals. Improving the base business net sales trends of the core business towards the long-term objective of plus 1%. Reshaping the portfolio for future growth, stability, higher margins, and cash flows. And finally reducing leverage below 5.5 times through divestitures and excess cash flow to facilitate strategic acquisitions. Ned, I'm excited about the future of our portfolio and B&G Foods in fiscal year 2026 and beyond.

謝謝你，Bruce。總結來說，B&G Foods 正在朝我們的長期目標取得強勁進展。推動核心業務的基礎業務淨銷售趨勢改善，朝長期目標正成長 1% 邁進。重塑產品組合，以支持未來成長、穩定性、更高毛利與現金流。最後，透過資產處分與超額現金流將槓桿降至 5.5 倍以下，以促成策略性收購。Ned，我對我們在 2026 會計年度及其後的產品組合與 B&G Foods 的未來感到振奮。

This concludes our remarks, and now we would like to begin the Q&A portion of our call, operator.

以上為我們的說明，現在我們想開始本次電話會議的問答環節，接線員。

(Operator Instructions) Scott Marks, Jefferies.

（接線員指示）Jefferies 的 Scott Marks。

Hey, good afternoon, all. Thanks very much for taking our questions. First thing I wanted to touch upon, if I heard you correctly, kind of in the pre-recorded remarks, I think I heard that that base business net sales were down 2.4%, excluding acquisitions and 53rd week, which I believe is roughly in line with what you posted in the prior quarter, I think we've heard from some of your peers about maybe a more challenging consumer environment out there. So maybe if you can just help us understand what was it about the quarter that allowed you to kind of maintain, the cadence of sales quarter over quarter and how you're thinking about that heading into this year.

嗨，各位下午好。非常感謝讓我們提問。我首先想確認一下，如果我沒聽錯，在預先錄製的發言中，我想我聽到你們提到基礎業務淨銷售在排除收購與第 53 週後下滑 2.4%，我認為這大致與你們上一季公布的數字一致；我也聽到你們一些同業提到消費環境可能更具挑戰。所以想請你們協助我們理解，本季有哪些因素讓你們能夠在季度之間維持銷售的節奏，以及你們如何看待這一點在今年的走勢。

I think we're expecting that our base business net sales will continue to improve. I mean, it was a slight or a modest improvement in Q4 versus Q3, so we went in Q3 from 2.7% negative 2.7% to negative 2.4% in quarter four. We've seen progress on some of our brands and businesses, Spices and Seasonings, in particular has been pretty resilient and posting some good numbers we've had growth in in our Canadian business we've had growth in our food service business we've had growth in, the, kind of concentrated private label business that we have so you know part of what we're seeing is a gradual improvement in our kind of US food retail consumption. And it's gradual, and then just some strength in our other parts of our business which, represent probably 35% of our portfolio and those non-measured channels.

我認為我們預期基礎業務淨銷售將持續改善。我的意思是，第四季相較第三季有些微或溫和的改善，所以我們在第三季是負 2.7%，到第四季變成負 2.4%。我們在部分品牌與業務上看到進展，尤其是香料與調味品業務相當有韌性，繳出一些不錯的數字；我們的加拿大業務有成長，我們的餐飲服務（food service）業務有成長，我們的集中式自有品牌（private label）業務也有成長。所以你知道，我們看到的是美國食品零售消費逐步改善的一部分。而這是逐步的；同時我們業務的其他部分也有一些強勁表現，這些部分大概占我們產品組合的 35%，屬於那些非量測通路（non-measured channels）。

So, I mean I'm expecting to get to have it get a little bit stronger in 2026, long-term, our aspiration is to get to 1% growth, and I think we have, we're moving towards that but not there yet, so we want to continue to track that, make sure that our plans and our key brands and core brands, and post the green giant dive investor, make sure that our plans on those brands are strong enough to continue to drive progress.

所以，我的意思是，我預期 2026 年會再強一些；長期來看，我們的目標是達到 1% 成長，我認為我們正朝那個方向前進，但還沒到，所以我們希望持續追蹤，確保我們的計畫與關鍵品牌、核心品牌——以及在 Green Giant 資產處分之後——確保我們對這些品牌的計畫足夠強，能持續推動進展。

Appreciate the color there. Thank you for that.

感謝你提供這些補充說明。謝謝。

Next question would just be kind of along the same vein. I think we've heard from some of your packaged food peers about the need to kind of reinvest a little bit to support some of the brands, at the shelf with the consumer. Just wondering if you can share maybe how you're thinking about, brand support in 2026 relative to what you've been doing to this point.

下一個問題也大致沿著同樣的方向。我想我們也聽到一些包裝食品同業提到，需要稍微再投資一些，以在貨架端支持品牌、面向消費者。想請問你們是否能分享一下，你們如何看待 2026 年的品牌支持投入，相較於你們目前為止所做的作法。

I think we've got, we will probably do, we'll probably spend a very similar amount in 2026 that we did in 2025. Obviously, we'll have a different portfolio, so we won't have the Green Giant business anymore.

我認為我們在 2026 年可能會做的、也可能會花的金額，會與 2025 年非常相近。顯然，我們的產品組合會不同，因此我們將不再擁有 Green Giant 業務。

We have in our plans focused the spending more against some of our core big brands, so Ortega, Crisco, et cetera. So, I think what you're going to see from us is probably an increase in spending on a few brands. But net overall we're probably going to have it'd be flat or maybe slightly up in our marketing spend, and it's really brand by brand that we're looking at it. Where do we need to be more competitive? Where do we need to spend? Where do we need to up our game and innovation? Where do we need to do more against the consumer? Where do we need to do more on a, on a digital front. So, we're looking at it that way, but overall, I think, we recognize in some of our categories it is a more competitive environment and we're going to have to, up our game and we're focusing the resources on places where we need to do it.

我們在規劃中，已將支出更集中在一些核心大型品牌上，例如 Ortega、Crisco 等。所以，我認為你們會看到我們在少數幾個品牌上的支出可能會增加。但整體淨額來看，我們的行銷支出大概會持平或小幅上升，而我們是逐一品牌來檢視。我們在哪些地方需要更具競爭力？我們在哪些地方需要投入？我們在哪些地方需要提升我們的表現與創新？我們在哪些地方需要對消費者做得更多？我們在哪些地方需要在數位面向做得更多。所以我們是用這種方式來看，但整體而言，我認為我們也認知到在某些品類中競爭環境更激烈，我們必須提升水準，並把資源聚焦在需要加強的地方。

Appreciate it. And then if I could just sneak in one more, I think I heard the comment on there that quarter to date-based business trends were up 4%. Just wondering how much of that may have been driven by, pantry loading ahead of some of the winter storms we've seen versus how much of it have you seen kind of sustained through the quarter.

感謝。另外如果我可以再偷偷問一個，我想我聽到你提到截至目前為止（quarter-to-date）的基礎業務趨勢成長了 4%。想請教其中有多少可能是因為我們看到的一些冬季風暴前的囤貨所帶動， versus 有多少是你們看到在本季中持續性的表現。

We were, our sales were up in both January and February. I think there's really, two factors. One is the weather. So, a couple of winter storms, colder temperatures throughout January, late January and February. Our portfolio is all around baking staples and, Cris Crisco, Grandma's, Clapper Girl, and dry soups, Bear Creek. What we've seen is that weather is, causing consumption growth or purchasing growth in those baking staples business where people are baking more at home during the, during a colder weather. So that's one thing, and you definitely saw that during the winter storm periods. And you see strength in our baking staples business as a result of that.

我們在一月和二月的銷售都有成長。我認為主要有兩個因素。第一個是天氣。所以有幾場冬季風暴，以及整個一月、尤其是一月下旬到二月的低溫。我們的產品組合主要圍繞烘焙基本品，像是 Crisco、Grandma's、Clabber Girl，以及乾燥湯品 Bear Creek。我們看到天氣正在帶動這些烘焙基本品業務的消費成長或購買成長，因為在較冷的天氣裡，人們在家烘焙得更多。這是一點，而且你在冬季風暴期間確實看到了這種情況。因此你會看到我們烘焙基本品業務的強勁表現。

I think the second thing is we lapped at the, in the end of January last year, we lapped a pretty significant amount of trade inventory reduction. I think just like the rest of the CPG industry or the packaged foods industry, so we're also lapping that as well. So that's what's driving the 4%, but obviously, 4% on our core business trends, gives me, a lot of confidence that we're heading towards that base business number of that we said about 4.4% for fiscal year '26. We're off to a fast start with two months.

我認為第二點是，我們在去年一月底時，對比基期（lapped）包含了相當顯著的通路庫存去化。我想就像民生消費品（CPG）產業或包裝食品產業的其他公司一樣，我們也在對比這個基期。所以這就是推動 4% 的原因；但顯然，我們核心業務趨勢達到 4%，讓我對我們正朝向我們所說的 2026 財年約 4.4% 的基礎業務數字前進，感到非常有信心。我們前兩個月的起步很快。

Appreciate the color. I'll pass it on. Thank You.

感謝補充說明。我把問題交回去。謝謝。

Rob Moskow, TD Securities.

Rob Moskow，TD Securities。

Hi, this is Victor Ma on for Rob Moscow and thank you for the question. So, I just wanted to ask about the balance sheet, where should we expect leverage to end up, after you complete the cream shine can sale, and then if you can give some color about where that kind of shakes up after you close College Inn.

你好，我是代 Rob Moskow 提問的 Victor Ma，謝謝讓我提問。我想問一下資產負債表：在你們完成 Cream of Wheat（cream shine can）出售之後，我們應該預期槓桿會落在什麼水準？另外，若能補充一下在完成 College Inn 交易交割後，整體會如何變化。

Yeah, those are the big drivers towards the approaching 6 times net leverage by midsummer that I referenced earlier. We're on our way to that 4.5 times to 5.5 times long-term target, but we still have some more work to do. But as a reminder with the Green Giant transactions, both U.S. and Canada, we're selling businesses that don't make any EBITDA for proceeds. We're effectively taking similar proceeds, turning around and funding. The acquisition of the College Inn and kitchen basics business that that generate pretty nice EBITDA as we described in the press release when we announced this. So we're really excited to get those transactions done, actually buying something, adding EBITDA, and actually added it to our leverage from going in the right direction.

是的，這些就是我先前提到、推動我們在仲夏前後接近 6 倍淨槓桿的主要因素。我們正朝 4.5 倍到 5.5 倍的長期目標前進，但仍有一些工作要做。不過提醒一下，關於 Green Giant 的交易（美國與加拿大），我們是出售不產生 EBITDA 的業務來取得處分款。我們基本上是用相近的處分款，轉而去資助對 College Inn 與 Kitchen Basics 業務的收購；如同我們在宣布新聞稿中所描述的，這些業務能帶來相當不錯的 EBITDA。所以我們對完成這些交易非常興奮：實際上是買進資產、增加 EBITDA，並讓槓桿朝正確方向改善。

Yeah, I mean, the net of all those acquisitions, I mean as those divestitures, the green giant dive investors both in Canada and the U.S. frozen, and the College Inn and kitchen Basics acquisition, it, we, we're going to reduce our leverage by about 50 basis points. That's what we, that's what, we're projecting.

是的，我的意思是，把所有這些收購與處分合在一起看——也就是加拿大與美國冷凍 Green Giant 的處分，以及 College Inn 與 Kitchen Basics 的收購——我們將把槓桿降低大約 50 個基點。這就是我們的預估。

(Operator Instructions) William Rutter, Bank of America.

（接線員指示）William Rutter，美國銀行。

Good afternoon. Hi, so I want to make sure I understand the business that's going to be remaining, as part of the Green Giant U.S. transaction. I thought that Casey said there was going to be $80 million of sales remaining, but then Bruce, I thought you said there'd be $100 million remaining. I. Yes, first, can you clarify that difference?

下午好。你好，我想確認我理解在 Green Giant 美國交易中，將會保留下來的業務內容。我以為 Casey 說會留下 8,000 萬美元的銷售額，但 Bruce，我又以為你說會留下 1 億美元。首先，可以請你澄清這個差異嗎？

Yeah, so the difference is Casey is talking about, effectively incremental in 2026, as we think about that, and that's the $83 million or so the $100 is a run rate annual basis.

好的，差異在於 Casey 談的是我們在思考 2026 年時，實際上在 2026 年的增量影響，約 8,300 萬美元；而 1 億美元是以年化 run-rate 來看。

Just the difference in timing of, it's 10 months versus a full 12 months ongoing.

只是時間點的差異：一個是 10 個月，另一個是持續性的完整 12 個月。

Got it, and is it your expectation that you will continue to, run these businesses, for the long-term I guess do you want to continue to run those or is there a requirement for you to continue to supply Seneca for some period of time?

了解，那你們是否預期會長期持續經營這些業務？我想問的是，你們是想繼續經營它們，還是你們有義務在某段期間內持續供應 Seneca？

So, with this manufacturing facility, TBD, we entered into a multi-year, relationship with them as a co-packer. We've known them for a long time. We think we've got a great relationship with them and they've been a great partner to us. We think we can create value here, both for us and for Seneca by running these facilities, but it's also possible that we monetize them at some point in the future, if it makes more sense for somebody else.

所以，關於這座製造設施，細節尚待確定（TBD）；我們與他們以代工廠（co-packer）的形式，簽訂了多年期的合作關係。我們認識他們很久了。我們認為彼此關係非常好，他們一直是我們很棒的合作夥伴。我們認為透過營運這些設施，我們與 Seneca 都能創造價值；但也有可能在未來某個時間點，如果對其他人更有意義，我們會將其變現（monetize）。

Got it, and I guess my last question is around the same topic. I feel like, the Green Giant U.S. business has been one of the challenges here over the last several years, and I'm, you said you expect it will be modestly profitable. Is there any fear that the agreement as it's put in place could result in losses?

了解，我最後一個問題也與同一主題相關。我覺得 Green Giant 美國業務在過去幾年一直是這裡的挑戰之一，而你們說你們預期它會小幅獲利。是否擔心這份協議在落地後可能導致虧損？

Now we're basically getting a tolling and managing the fee on the business cost plus, yeah, so we'll be fine and at the end of the day Seneca is the right owner for this business, so what was, marginally profitable for us at best will be a profitable business for them that they're in this space. This is what they do. They're the right owners, unfortunately for us it just wasn't the right business for us.

現在我們基本上是以代工（tolling）方式運作，並按業務的成本加成來收取管理費，對，所以我們會沒問題。歸根結底，Seneca 才是這門生意的合適擁有者；對我們而言頂多只是勉強有利可圖的業務，對他們來說會是一門能賺錢的生意，因為他們就在這個領域裡。這就是他們在做的事。他們是合適的擁有者；很遺憾，對我們來說它就是不適合我們的業務。

Great, alright, I'll pass to others. Thank you.

很好，好的，我把時間交給其他人。謝謝。

Hale Holden, Barclays.

Hale Holden，巴克萊。

Hey, good afternoon, just want to follow-up on Bill's is your expectation on the Mexico plant to just supply Seneca, or would you go out and now try to come in for other people there?

嗨，下午好，我想追問 Bill 的問題：你們對墨西哥工廠的預期是只供應 Seneca，還是會對外拓展、也嘗試爭取那邊其他客戶？

No, our expectation is to build that business and have other customers as well. We think there's a real value creation opportunity here for us.

不，我們的預期是把那個業務做大，也會有其他客戶。我們認為這裡對我們而言有很實質的價值創造機會。

Got it, and then, you had previously sort of implied that maybe the dividend might be Readdressed or thought about once all the transactions are completed, is that still the timeline to think about? So mid-June or would it be sooner? Yeah.

了解，另外，你們先前似乎暗示過，等所有交易完成後，可能會重新檢視或考慮股利政策；這個時間點仍然是這樣想嗎？也就是大概 6 月中，還是會更早？對。

Yeah, I mean, look, we, our board approves or not a dividend every quarter, as you said, we haven't completed all of the transactions, so I guess stay tuned.

對，我是說，你看，我們董事會每一季都會核准或不核准股利；如你所說，我們還沒完成所有交易，所以我想就敬請期待。

Great. And then my last question is, on the spices business, quarter, have you sort of gotten all that pricing back with the elasticity that you expected? Like, sort of would we see that wash out in the first quarter, or does it take longer?

很好。那我最後一個問題是關於香料業務：這一季你們是否已經把先前的定價都調回來，且需求彈性符合你們的預期？例如，我們會在第一季就看到影響消化完畢，還是需要更久？

Yeah, so, are you talking about like pricing around tariffs.

對，所以，你指的是像關稅相關的定價嗎？

Pricing around tariffs to recover the bit of loss in the fourth quarter?

關稅相關的定價，用來彌補第四季那一點損失？

Yeah, we should be, we should be really by like December of 2025. So, if you think about our fourth quarter, tariffs started to hit us back in April, Liberation Day, and they were really elevated levels for a lot of things in the tariff in the spice portfolio that was the highest exposure we had as an organization. Those tariffs were in full effect in the fourth quarter, some at lower levels than they were, but in full effect, but our pricing didn't go into effect really until kind of the middle of November. We should be covered on a go forward basis, but we were not covered, as you noted in the full fourth quarter.

對，我們應該會在大概 2025 年 12 月前後就完全到位。如果你回想我們第四季，關稅在 4 月就開始影響我們（Liberation Day），而且在很多項目上都升到很高的水準；在香料產品組合裡，這是我們整個組織曝險最高的部分。這些關稅在第四季是全面生效的，有些項目的稅率比之前低一些，但仍是全面生效；然而我們的定價其實直到 11 月中左右才真正開始生效。往後我們應該會被覆蓋到，但如你所指出的，在整個第四季我們並沒有被覆蓋到。

So, you would have seen the pricing really implemented in, different channels, November, December, and so we're just now kind of reading actual elasticities, but we built in some expectation elasticity with those pricing, but it's pretty small. I mean, the increases on spices and seasonings skews weren't really much more than low single to mid-single digits, so you will see some impact, but it won't be that big, and we've already kind of factored that into our projections.

所以，你會看到定價在不同通路於 11 月、12 月真正落地；我們現在才剛開始讀到實際的需求彈性。不過我們在這些定價中已經納入一些彈性假設，但幅度很小。我的意思是，香料與調味料 SKU 的漲幅大多不超過低個位數到中個位數百分比，所以你會看到一些影響，但不會太大，而且我們已經把這些大致納入我們的預測。

Thank you, Casey, appreciate it.

謝謝你，Casey，感謝。

Karru Martinson, Jefferies.

Karru Martinson，Jefferies。

Good afternoon. How are you?

下午好。你好嗎？

Hey, I'm doing all right. Just on the broth business, those kind of $18million to $22 million of EBITDA. Is there a seasonality to that EBITDA contribution as it comes into our P&L?

嗨，我還不錯。就高湯（broth）業務而言，那大約 1,800 萬到 2,200 萬美元的 EBITDA。這個 EBITDA 貢獻在損益表入帳時，是否有季節性？

Probably skewed like a lot of the stuff we have towards that winter for different reasons, but soup season, I mean it's a good solid throughout the year but probably, the bulk of the sales are in the winter months.

可能會像我們很多業務一樣，因為不同原因而偏向冬季；畢竟是湯品旺季。我的意思是，它全年都算穩健，但銷售量的大宗可能在冬季月份。

Q4, Q1, it's a, as a winter seasonality, baking seasonality. Holiday seasonality, trend to it, but I mean I think when we guide when we close it, we'll provide some color and guidance on the flow of the business.

第四季、第一季會有冬季季節性，還有烘焙季節性、假期季節性等趨勢；但我想等我們完成交割並給出指引時，會提供一些說明與指引，讓大家了解業務的流量/節奏。

Okay, and my apologies. You're breaking up just a little bit on the tariff, impact, is there any expectation that the changes in the tariff here will result in changes in pricing or is it, thought that you keep the pricing that you have and see what happens down the road with all the other moving parts?

好的，也抱歉。你在談關稅影響時聲音有點斷斷續續；是否預期這次關稅變動會導致定價調整，還是你們會維持目前的定價，然後觀察後續其他變動因素的發展？

I mean, we certainly have to see what happens with the tariffs before we do anything.

我的意思是，在我們採取任何動作之前，當然得先看看關稅會怎麼走。

But right now, we're large, we're largely maintaining the pricing on things that could potentially change. Spices, it's fairly well known because those have, the sort of the an exclusion around, unavailable natural resources, so, we are managing those pretty carefully, but I mean my expectation to be honestly from a planning standpoint is there will be some volatility in this, but we need to expect that current tariff, rates will be, will stay in place roughly, across our portfolio.

但就目前而言，對於那些可能會變動的項目，我們大致上仍維持既有定價。香料方面相對比較明確，因為它們有一種關於「不可得天然資源」的排除條款/豁免，所以我們在管理上會非常謹慎；但老實說，就規劃角度來看，我的預期是這裡會有一些波動，不過我們必須假設目前的關稅稅率大致會在我們的產品組合中維持不變。

Okay, and then just lastly, the kind of the big picture with the capital structure goes current in September, what are the plans there?

好的，最後一個問題：從資本結構的大方向來看，你們現有的（到期）是在 9 月，接下來有什麼計畫？

I'd assume we have, more debt paid down and some refinancing between now and sort of before maturity, certainly.

我會假設在到期前、也就是從現在到那時之間，我們會進一步償還更多債務，並且做一些再融資，這是肯定的。

Thank you very much. I appreciate it.

非常謝謝。感謝。

Yes.

是。

(Operator Instructions) Eli Lapp, BMO Capital.

（接線員指示）Eli Lapp，BMO Capital。

Thanks. I, I'm just trying to reconcile because I think I may have missed your number. So, I think you said that pro forma you expect debt to be 1,840, is that correct?

謝謝。我只是想把數字對起來，因為我覺得我可能漏聽了你的數字。所以，我想你說的是，按備考（pro forma）你們預期債務會是 18.40 億，對嗎？

I think I said 1,835, but.

我想我說的是 18.35 億，不過。

Okay, so 1,835, and then I'm rounding, okay, no problem, and then the leverage would be 6.3, so that gets that translates into let's say around $290 million of pro forma EBITDA, is that correct? So, after the sales and the acquisition, that's the new.

好的，所以是 18.35 億，我剛剛是四捨五入，好的沒問題；然後槓桿倍數是 6.3，那換算起來大概是 2.90 億美元的備考 EBITDA，對嗎？也就是出售與收購之後的新數字。

Yeah, so just a couple things. So, I was using round numbers. I said approximately 6.25, and the one piece that that you are missing, so within our covenant adjusted EBITDA is our EBITDA. It's also performer for acquisitions, divestitures, as well as non-cash compensation. And so, there's a couple moving pieces between, if you think about the $272 million, $273 million. For 2025 and the and the $290 million that your algebra is suggesting, there's a couple things to get there, but we used it off of the trailing number.

對，所以有幾點。我用的是整數概算。我說大約是 6.25 倍；另外你漏掉的一點是：在我們的契約（covenant）調整後 EBITDA 裡，包含我們的 EBITDA，也包含對收購、處分（divestitures）的備考調整，以及非現金薪酬。所以，如果你把 2025 年的 2.72 億、2.73 億，和你用代數推算出來的 2.90 億相比，中間有幾個可變動的項目可以把它接起來；但我們是用追溯十二個月（trailing）的數字來算的。

I would you be able to kind of massage that for us to, the divestitures and the acquisition and the denominator that we should think about.

你能否幫我們稍微整理/調整一下：把處分與收購的影響，以及我們應該用來思考的分母（EBITDA 口徑）說清楚？

Well, you're getting the right number. I'm not trying to be difficult. We've got a public adjusted EBITDA, right? And so, the difference is various adjustments for, some of the divestitures that we made last year. Right, on a green giant U.S. frozen, it's neutral to EBITDA, and we're not impacting yet for the Canada business, although that is also neutral and the broth business.

嗯，你算出來的數字是對的。我不是故意刁難。我們有對外公布的調整後 EBITDA，對吧？所以差異來自各種調整，包含我們去年做的一些資產剝離。對，就 Green Giant 美國冷凍業務而言，對 EBITDA 是中性的；而加拿大業務我們還沒有納入影響，雖然那也是中性的，還有高湯業務也是。

So, your math is right and like I said there's adjustments, you see it in our numbers they're pretty consistent what they normally are we add back non-cash comp so do most companies, when thinking about leverage calculations.

所以，你的計算是對的；就像我說的，會有一些調整，你在我們的數字裡也看得到，它們跟我們一貫的做法相當一致——我們會加回非現金的薪酬，多數公司在思考槓桿計算時也都會這麼做。

Okay, thank you.

好的，謝謝。

Yes.

是。

William Reuter, Bank of America.

William Reuter，美國銀行。

Yeah, welcome back.

是的，歡迎回來。

Hi, just two follow-ups. I think the first question that was asked was kind of how are you able to do so much better than the industry because I do think that that is something which we're, you seem to be experiencing. Do you think that your innovation has been better than maybe if we were to just take the packaged branded consumer food companies, have done over the last year?

嗨，兩個追問。我想第一個被問到的問題有點像是：你們怎麼能比產業表現好這麼多，因為我確實覺得這是你們——看起來正在經歷的狀況。你覺得你們的創新做得比起如果我們只看包裝品牌的消費食品公司，在過去一年所做的，還要更好嗎？

I think we got a lot of the same challenges that the industry have, but we do have a slightly different portfolio mix, right? And so, if you think about, a lot of the portfolio shaping that that Casey has kind of pushed over the last couple of years, we're eliminating things like Green Giant that's been a drag in our business, we're focused very heavily on our Spice business that has better trends, and access to some of the other channels that are growing, so. I don't know. I still think it's a tough world, don't get me wrong, but you know we're doing our best.

我覺得我們面臨的挑戰跟產業大致相同，但我們的產品組合結構確實有些不同，對吧？所以如果你想想，Casey 在過去幾年推動的許多產品組合調整，我們正在剔除像 Green Giant 這種一直拖累我們業務的項目；我們非常聚焦在趨勢更好的香料業務，並且能切入一些正在成長的其他通路，所以……我不知道。我仍然覺得這是個艱難的環境，別誤會，但你知道，我們會盡力而為。

I mean the way I'd answer it is just, look at our portfolio, 65% in measured Nielsen data in the US, we have a 35%, maybe a little bit higher. Split in other businesses and other channels that aren't really measured and that's where we're seeing a lot of growth. And if I just, kind of top-line that for you, we're seeing the same challenges in the Nielsen grocery world, food world that I think everybody else is seeing, we're getting better in some of our businesses and we're making improvements, but it's still pretty challenging, so I don't want to kid you that it's not challenging.

我的回答方式是：看看我們的產品組合，在美國以 Nielsen 可衡量數據來看大約占 65%，另外有 35%——可能還略高一些——分布在其他業務與其他通路，這些其實不太被衡量，而我們看到很多成長正是在那裡。而如果我用比較概括的方式跟你說，我們在 Nielsen 的雜貨世界、食品世界裡看到的挑戰，跟我想大家看到的差不多；我們在某些業務上做得更好、也在改善，但仍然相當具挑戰性，所以我不想讓你以為這不具挑戰。

We're the strength in our business has been, we have, a couple of, we have a couple of private label businesses and Spices and Seasonings. In Baking Powder that have been very strong, the trends on those have been very strong. They are profitable businesses for us, but the trends have been really strong. We also have a food service business that has been growing, and that's a fairly significant chunk, heavily weighted towards Spices and Seasonings, but we have other businesses in that an industrial business behind, baking powders, Spices. And then we have Canada which although it doesn't make money, has been growing the Green Giant frozen vegetable business and canned vegetable business in in Canada has been growing so that is, that's kind of the math of why you're maybe seeing some, better trends in our total portfolio because of channel development then maybe you'll hear from other, purely branded, food focused manufacturers if that if that helps if that helps.

我們業務的強項在於：我們有幾個自有品牌（private label）業務，以及香料與調味品。還有泡打粉業務一直非常強，這些品類的趨勢都很強。它們對我們而言是獲利的業務，而且趨勢確實非常強勁。我們也有一個正在成長的餐飲服務（food service）業務，這占比相當可觀，且高度偏重香料與調味品，但我們在其背後還有其他業務，例如工業端業務，涵蓋泡打粉、香料等。另外我們還有加拿大，雖然不賺錢，但一直在成長；Green Giant 在加拿大的冷凍蔬菜與罐頭蔬菜業務都在成長，所以……這大概就是為什麼你可能會看到我們整體產品組合的趨勢因通路發展而相對更好一些，相較於其他更偏純品牌、以食品為主的製造商——如果這樣說有幫助的話。

Yes, that does help and then I guess the outlook for input costs in fiscal year '26, what type of inflation are you seeing? Are there any areas that concern you?

是的，這確實有幫助。那我想問 2026 財年的投入成本展望，你們看到的是什麼樣的通膨？有沒有任何讓你們擔心的領域？

It's relatively modest across the portfolio, so there'll be inflation, we'll look to cover it as needed whether it's a little bit of price and some productivity initiatives, but this so far, there's nothing like that 2022, 2023 where we were we had like double-digit inflation.

整體產品組合來看相對溫和，所以會有通膨；我們會視需要採取措施來覆蓋它，不管是小幅調價或一些生產力提升的措施。但到目前為止，沒有像 2022、2023 那樣的情況，當時我們遇到的是兩位數通膨。

I would say the only area we're kind of watching closely is soybean oil. We've seen a little bit of increase in soybean oil; we tend to try and recover that. But it has been increasing over the last couple of months, and you know I'm concerned about soybean oil and the disruption of any, kind of conflict in the Middle East or anything. Last time, we had a conflict in the start of the conflict in Ukraine in '22, we saw soybean oil shoot up. So, I'm not concerned. I'm not overly concerned yet, but that's one we're really watching because we have seen a little bit of creep up.

我會說我們唯一比較密切關注的領域是大豆油。我們看到大豆油有些上漲；我們通常會嘗試把這部分回收回來。但它在過去幾個月確實一直在上升，而且你知道，我也擔心大豆油，以及中東任何衝突或類似事件造成的干擾。上一次，也就是 2022 年烏克蘭衝突剛開始時，我們看到大豆油價格飆升。所以，我不擔心。我目前還沒有過度擔心，但這是我們非常關注的一項，因為我們確實看到它有些緩步上升。

Got it. All right, very helpful thank you that's all.

了解。好，非常有幫助，謝謝，我就這些。

Yeah, cool, thanks.

好，酷，謝謝。

And this will conclude our question-and-answer session as well as our conference call for today. Thank you for your participation. You may now disconnect.

今天的問答環節以及我們的電話會議到此結束。感謝各位的參與。您現在可以掛線。