B&G Foods Inc (BGS) 2026 Q2 法說會逐字稿

Good day, and welcome to the B&G Foods sec ond quarter 2026 earnings call. Today's call, which is being recorded is scheduled to last about an hour, including remarks by B&G Foods management and the question-and-answer session.

大家好，歡迎參加 B&G Foods 2026 年第二季財報電話會議。今天的電話會議將被錄音，預計約一小時，包括 B&G Foods 管理層的發言以及問答環節。

I would now like to turn the call over to AJ Schwabe, Director, Corporate Strategy and Business Development for B&G Foods. AJ?

現在我想把電話會議交給 B&G Foods 企業策略與業務發展總監 AJ Schwabe。AJ？

Good afternoon, and thank you for joining us. With me today is Bruce Wacha, our Chief Financial Officer. You can access detailed financial information on the quarter and 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, undue reliance should not be placed upon them.

各位下午好，感謝各位加入我們。今天與我一同出席的是我們的財務長 Bruce Wacha。您可以在 bgfoods.com 的投資人關係專區查閱本季的詳細財務資訊，以及我們今天發布的財報新聞稿。在我們開始正式發言之前，我需要提醒各位，今天討論的一部分內容包含前瞻性陳述。這些陳述並非對未來績效的保證，因此不應過度依賴。

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.

我們建議您參閱 B&G Foods 最近一期的 Form 10-K 年度報告及其後續向 SEC 提交的文件，以更詳細了解可能影響本公司未來營運結果與財務狀況的風險。B&G Foods 不承擔公開更新或修訂任何前瞻性陳述的義務，無論是因新資訊、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 and segment adjusted EBITDA, adjusted net income, adjusted diluted earnings per share, adjusted gross profit, adjusted gross profit percentage, base business net sales and segment adjusted expenses.

我們也會在今天的電話會議中提及非 GAAP 財務衡量指標，包括調整後 EBITDA 與分部調整後 EBITDA、調整後淨利、調整後稀釋每股盈餘、調整後毛利、調整後毛利率、基礎業務淨銷售額以及分部調整後費用。

Reconciliations of these financial measures to the most directly comparable GAAP financial measures are provided in today's earnings release. Bruce 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 2026 and beyond.

這些財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，已載於今天的財報新聞稿中。Bruce 將以開場致詞開始，並討論影響我們業績的各項因素、部分業務亮點，以及他對 2026 財政年度剩餘期間及其後展望的看法。

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

現在我想把電話會議交給 Bruce。

Thank you, AJ. Good afternoon, everyone. Thank you for joining us today. I'm going to cover a number of topics on our call this afternoon, which will include our change in CEO and why we are so excited to have Rob Mills join our executive leadership team at B&G Foods. Our portfolio reshaping efforts, which consists of the divestitures of low-margin, working capital-intensive business, including Green Giant US Frozen, before US shelf-stable and the Don Pepino brand over the past 12 months.

謝謝你，AJ。各位下午好。感謝各位今天加入我們。今天下午的電話會議我將涵蓋多個主題，包括我們的執行長變更，以及我們為何對 Rob Mills 加入 B&G Foods 的高階領導團隊感到非常振奮。我們的投資組合重塑工作，包含在過去 12 個月內處分低毛利、占用營運資金較高的業務，包括 Green Giant 美國冷凍業務、Cream of Wheat 美國常溫保存業務，以及 Don Pepino 品牌。

The establishment of our Green Giant US Frozen contract manufacturing business which we expect to provide a modest but consistent contribution to adjusted EBITDA and cash flows as well as the acquisition of the higher-margin cash-generative collagen and Kitchen Basics brands.

我們建立 Green Giant 美國冷凍的委外代工業務，預期可對調整後 EBITDA 與現金流帶來溫和但穩定的貢獻；同時也完成收購毛利較高、現金創造能力強的 Collagen 與 Kitchen Basics 品牌。

Our second quarter results, which demonstrate our ability to grow adjusted EBITDA and net cash provided by operating activities despite a challenging industry backdrop, and an update on our fiscal 2026 guidance, which we are reaffirming at previous levels across net sales, adjusted EBITDA and adjusted diluted earnings per share. While it has taken time to implement this portfolio reshaping and we are still evolving today, we can see the green shoots as our business results continue to improve and we continue to better position ourselves for a more steady and more balanced financial performance in the future.

我們的第二季業績顯示，即使在產業環境充滿挑戰的背景下，我們仍有能力提升調整後 EBITDA 與營運活動提供的淨現金流；此外，我們也更新 2026 財政年度指引，並在淨銷售額、調整後 EBITDA 與調整後稀釋每股盈餘等方面維持先前水準不變。雖然推動這項投資組合重塑需要時間且我們至今仍在持續演進，但我們已看到初步成果，因為我們的業績持續改善，也持續更好地為未來更穩健、更均衡的財務表現做好定位。

Now before I move on to our performance in the second quarter, I'd like to take a moment to comment on our CEO transition and the appointment of Rob Mills as our Chief Executive Officer. Having served on our Board of Directors for the past eight years, Rob brings a unique combination of deep knowledge of our company and extensive operating experience.

在我談到第二季表現之前，我想先花點時間評論我們的執行長交接，以及任命 Rob Mills 為我們的執行長。Rob 在過去八年擔任我們董事會成員，兼具對公司深厚的了解與豐富的營運經驗，這樣的組合相當獨特。

He understands our brands, our customers, our opportunities and importantly, the challenges that we need to address. This familiarity significantly reduces the traditional transition period for a new CEO and positions Rob to move quickly establish clear priorities and accelerate the actions necessary to improve execution, strengthen the business and create sustainable shareholder value.

他了解我們的品牌、客戶、機會，更重要的是，他了解我們需要面對並解決的挑戰。這種熟悉度大幅縮短新任執行長傳統上所需的交接期，使 Rob 能夠迅速行動、建立明確優先事項，並加速推動改善執行力、強化業務與創造可持續股東價值所需的各項措施。

Rob's experience is particularly well aligned with what B&G Foods needs at this point in our evolution. He joins us from Tractor Supply Company, where he has held senior executive leadership roles spanning strategy, digital commerce, technology and business operations with direct P&L accountability. During his tenure, Rob helped lead large-scale transformation and growth initiatives across a complex multibillion-dollar public company while building deep experience in digital, data, AI, productivity and operating execution.

Rob 的經驗與 B&G Foods 在目前發展階段的需求高度契合。他加入我們之前任職於 Tractor Supply Company，曾擔任多項資深高階領導職務，涵蓋策略、數位商務、科技與業務營運，並對損益（P&L）負有直接責任。在任期間，Rob 協助推動一家複雜、數十億美元規模的上市公司進行大規模轉型與成長計畫，同時在數位、數據、AI、生產力與營運執行方面累積了深厚經驗。

Rob also brings extensive M&A and corporate development experience, including evaluating, acquiring and integrating businesses. This combination gives Rob a broad perspective on organic and inorganic value creation, disciplined capital allocation and active portfolio management. Rob comes into this role with a strong sense of urgency and a clear understanding of B&G Foods. During his first 90 days, he intends to spend considerable time with our employees, customers, business partners and shareholders, listening and developing.

Rob 也具備豐富的併購（M&A）與企業發展經驗，包括評估、收購與整合企業。這樣的組合使 Rob 對內生成長與外延成長的價值創造、嚴謹的資本配置以及積極的投資組合管理，擁有更全面的視角。Rob 以強烈的急迫感與對 B&G Foods 的清晰理解接任此職。在上任的前 90 天，他計畫花大量時間與員工、客戶、業務夥伴及股東交流，傾聽並形成。

An even deeper understanding of the challenges and opportunities in front of us. His eight years on our Board provide an important head start allowing him to use this period not simply to learn the business, but to quickly establish priorities and begin translating these priorities into action. Rob's immediate focus will be on strengthening execution, maximizing the potential of our core brands, improving productivity and cash generation and accelerating the strategies that can return the business to sustainable growth.

對我們面前挑戰與機會的更深入理解。他在董事會八年的經歷提供了重要的先發優勢，使他能在這段期間不只是了解業務，而是迅速建立優先事項，並開始將這些優先事項轉化為行動。Rob 的即時重點將放在強化執行力、最大化核心品牌潛力、提升生產力與現金創造能力，並加速能讓公司回到可持續成長的策略。

Rob is excited about the future of B&G Foods and the opportunity to build upon the strength of our brands, while bringing new capabilities and greater speed to the organization, and so am I. We believe that his experience in digital transformation, data and AI can help us modernize how we operate, better understand and serve our customers, consumers and improve decision-making and identify new opportunities for growth and productivity.

Rob 對 B&G Foods 的未來以及在品牌優勢基礎上打造新能力、提升組織速度的機會感到振奮，我也是。我們相信，他在數位轉型、數據與 AI 方面的經驗，能協助我們現代化營運方式，更深入理解並服務我們的客戶與消費者，改善決策品質，並辨識新的成長與生產力機會。

Rob is also looking forward to engaging directly with the analyst and investor community in the months and years ahead. and sharing more about his priorities and vision for B&G Foods. We believe that Rob has the right combination of institutional knowledge, operating experience, strategic leadership, M&A expertise and transformation capabilities to move quickly, make disciplined decisions and accelerate value creation for our shareholders.

Rob 也期待在未來數月與數年中，直接與分析師及投資人社群互動，並分享他對 B&G Foods 的優先事項與願景。我們相信，Rob 兼具適當的內部知識、營運經驗、策略領導力、併購專業與轉型能力，能夠迅速行動、做出嚴謹決策，並加速為股東創造價值。

We are very excited to have Rob as part of the B&G Foods family. Rob will be joining our third quarter earnings call in November. And now back to the quarter. For the second quarter of 2026, we generated $383.3 million in net sales, a net loss of $4 million or $0.05 per diluted share. Adjusted net income of $4.9 million or $0.06 per adjusted diluted share, adjusted EBITDA of $60.4 million and adjusted EBITDA as a percentage of net sales of 15.8%.

我們非常高興 Rob 成為 B&G Foods 大家庭的一員。Rob 將在 11 月的第三季財報電話會議中與各位見面。現在回到本季表現。2026 年第二季，我們創造淨銷售額 3.833 億美元，淨損 400 萬美元，或每股稀釋虧損 0.05 美元。調整後淨利為 490 萬美元，或每股調整後稀釋盈餘 0.06 美元；調整後 EBITDA 為 6,040 萬美元，調整後 EBITDA 佔淨銷售額比重為 15.8%。

As we review our second quarter 2026 results, we will highlight the impact of our various M&A transactions, which include the divestitures of the Don Pepino and Laser US brands in the summer of 2025 and the divestiture of the Green Giant US Frozen business in early March 2026. Simultaneous with the Green Giant US Frozen divestiture, we commenced the contract manufacturing business pursuant to which we produce Green Giant US.

在回顧我們 2026 年第二季業績時，我們將重點說明各項併購（M&A）交易的影響，其中包括於 2025 年夏季出售 Don Pepino 與 Laser US 品牌，以及於 2026 年 3 月上旬出售 Green Giant 美國冷凍業務。在出售 Green Giant 美國冷凍業務的同時，我們開始了合約製造業務，依據該安排我們生產 Green Giant 美國產品。

Frozen products at our vegetable manufacturing facility in Mexico on behalf of the new owner of the Green Giant US Frozen business. In addition, we acquired the Collagen and Kitchen Basics brands in late March of 2026. Unless otherwise noted, the three divestitures are included in our Q2 2025 financials but not our Q2 2026 financials. While the new contract manufacturing business and the acquired brands, are included in our Q2 2026 financials, but not our Q2 2025 financials.

冷凍產品於我們位於墨西哥的蔬菜製造工廠生產，係代表 Green Giant 美國冷凍業務的新所有人進行生產。此外，我們於 2026 年 3 月下旬收購了 Collagen 與 Kitchen Basics 品牌。除非另有說明，上述三項出售交易納入我們 2025 年第二季財務報表，但未納入我們 2026 年第二季財務報表。而新的合約製造業務與所收購品牌則納入我們 2026 年第二季財務報表，但未納入我們 2025 年第二季財務報表。

Because the divestiture of the Green Giant Canada has not yet closed, there is no impact to our net sales or adjusted EBITDA. However, because Green Giant Canada is classified as an asset held for sale for accounting purposes, the pending divestiture does impact how Green Giant Canada assets are carried on our balance sheet and within certain line items of our P&L. We expect the Green Giant Canada divestiture to close during the third quarter and look forward to providing an update after the divestiture has been completed. Net sales for the quarter 2026 decreased by $41.1 million or 9.7% to $383.3 million from $424.4 million for the second quarter of 2025. The decrease was primarily attributable to the Green Giant US

由於 Green Giant 加拿大的出售尚未完成交割，因此對我們的淨銷售額或調整後 EBITDA 並無影響。然而，由於就會計目的而言 Green Giant 加拿大被分類為待售資產，該待完成的出售會影響 Green Giant 加拿大資產在我們資產負債表上的列示方式，以及在損益表（P&L）若干項目中的呈列。我們預期 Green Giant 加拿大的出售將於第三季完成交割，並期待在出售完成後提供最新進展。2026 年第二季淨銷售額較 2025 年第二季的 4.244 億美元下降 4,110 萬美元（或 9.7%）至 3.833 億美元。該下降主要歸因於 Green Giant 美國

Frozen, Lasor US shelf-stable and Don Pepino brand divestitures, partially offset by incremental net sales from the Green Giant US frozen contract manufacturing business and the acquisition of the collagen and Kitchen Basics brands. Net sales of divested brands contributed approximately $68 million to Q2 2025 net sales. Net sales of acquired brands plus the contract manufacturing business contributed approximately $37 million in net sales during the second quarter of 2026.

冷凍、Lasor US 常溫（shelf-stable）以及 Don Pepino 品牌的出售，部分被 Green Giant 美國冷凍合約製造業務及收購 collagen 與 Kitchen Basics 品牌所帶來的新增淨銷售額所抵銷。已出售品牌對 2025 年第二季淨銷售額的貢獻約為 6,800 萬美元。已收購品牌加上合約製造業務於 2026 年第二季合計貢獻約 3,700 萬美元的淨銷售額。

Base business net sales for the second quarter of 2026 decreased by $10.2 million or 2.9% to $346.3 million as compared to $356.5 million for the second quarter of 2025. The decrease in base business net sales was driven by a decrease in volume of $15.5 million or 4.3% of base business net sales, partially offset by an increase in net pricing and product mix of $5.1 million or 1.4% of base business net sales and the positive impact of foreign currency of $0.2 million or 0.1% of net sales. The timing of the fourth of July holiday cost us about 1.5 shipping days in the quarter or approximately $5 million to $7 million of net sales in the second quarter of 2026. For the year-to-date period, base business net sales are on track with our plan and were essentially flat or up $0.2 million to $711.4 million for the first two quarters of 2026, from $711.2 million for the first two quarters of 2025. Gross profit was $79.6 million for the second quarter of 2026 or 20.8% of net sales and adjusted gross profit was $83.7 million or 21.8% of net sales.

2026 年第二季基礎業務淨銷售額較 2025 年第二季的 3.565 億美元下降 1,020 萬美元（或 2.9%）至 3.463 億美元。基礎業務淨銷售額的下降主要由銷量下降所致，金額為 1,550 萬美元（或占基礎業務淨銷售額 4.3%），部分被淨定價與產品組合提升所帶來的 510 萬美元增加（或占基礎業務淨銷售額 1.4%）以及外幣帶來的正面影響 20 萬美元（或占淨銷售額 0.1%）所抵銷。7 月 4 日假期的時點使本季少了約 1.5 個出貨日，約影響 2026 年第二季淨銷售額 500 萬至 700 萬美元。就年初至今期間而言，基礎業務淨銷售額符合我們的計畫，2026 年前兩季合計基本持平，或增加 20 萬美元至 7.114 億美元，較 2025 年前兩季的 7.112 億美元。2026 年第二季毛利為 7,960 萬美元（占淨銷售額 20.8%），調整後毛利為 8,370 萬美元（占淨銷售額 21.8%）。

Gross profit was $87 million for the second quarter of 2025 or 20.5% of net sales and adjusted gross profit was $89.1 million or 21% of net sales. Gross profit as a percentage of net sales increased due to the acquisition of higher-margin collagen and Kitchen Basics brands, the divestiture of the lower-margin Green Giant US Frozen business and certain tariff refunds received from the US government during our second quarter. Selling, general and administrative expenses decreased by $6.6 million or 14% to $40.6 million for the second quarter of 2026 from $47.2 million for the second quarter of 2025.

2025 年第二季毛利為 8,700 萬美元（占淨銷售額 20.5%），調整後毛利為 8,910 萬美元（占淨銷售額 21%）。毛利率上升係因收購毛利率較高的 collagen 與 Kitchen Basics 品牌、出售毛利率較低的 Green Giant 美國冷凍業務，以及我們於第二季收到美國政府退還的部分關稅款。2026 年第二季銷售、一般及行政費用較 2025 年第二季的 4,720 萬美元下降 660 萬美元（或 14%）至 4,060 萬美元。

The decrease was comprised of a decrease in warehouse expenses of $3.7 million, general and administrative expenses of $2.7 million, consumer marketing expenses of $1.7 million and selling expenses of $0.8 million. These were partially offset by an increase in acquisition divestiture-related and nonrecurring expenses of $2.3 million.

該下降包括：倉儲費用減少 370 萬美元、一般及行政費用減少 270 萬美元、消費者行銷費用減少 170 萬美元，以及銷售費用減少 80 萬美元。上述降幅部分被與收購/出售相關及非經常性費用增加 230 萬美元所抵銷。

Expressed as a percentage of net sales, selling, general and administrative expenses improved by 0.5 percentage points to 10.6% for the second quarter of 2026, and as compared to 11.1% for the second quarter of 2025. We continue to follow these costs closely, and we are taking steps to reduce our ongoing SG&A commitments to better reflect the size of our business going forward, minimizing the impact of stranded costs on our overhead structure from recent divestitures.

以淨銷售額百分比表示，2026 年第二季銷售、一般及行政費用占比改善 0.5 個百分點至 10.6%，相較 2025 年第二季為 11.1%。我們持續密切關注這些成本，並採取措施降低我們持續性的 SG&A 承諾，以更貼近未來業務規模，並將近期出售所造成的閒置成本（stranded costs）對我們間接費用結構的影響降至最低。

We generated $60.4 million of adjusted EBITDA or 15.8% of net sales in the second quarter of 2026 compared to $58 million or 13.7% in the second quarter of 2025. The increase in adjusted EBITDA was primarily attributable to the acquisition of the collagen and Kitchen Basics brands, the divestiture of the Green Giant US Frozen business the commencement of the Green Giant US Frozen contract manufacturing business and tariff refunds received from the US government during the second quarter.

2026 年第二季我們產生調整後 EBITDA 6,040 萬美元（占淨銷售額 15.8%），相較 2025 年第二季為 5,800 萬美元（占 13.7%）。調整後 EBITDA 的增加主要歸因於收購 collagen 與 Kitchen Basics 品牌、出售 Green Giant 美國冷凍業務、啟動 Green Giant 美國冷凍合約製造業務，以及於第二季收到美國政府退還的關稅款。

Net interest increased $2.7 million or 7.5% to $38.5 million for the second quarter of 2026 from $35.8 million for the second quarter of 2025. The increase in net interest expense was primarily attributable to an increase in average long-term debt outstanding during the second quarter of 2026, and relative to the average long-term debt outstanding during the second quarter of 2025 and the 11% interest rate on our new senior unsecured notes due 2031.

2026 年第二季淨利息較 2025 年第二季的 3,580 萬美元增加 270 萬美元（或 7.5%）至 3,850 萬美元。淨利息費用增加主要歸因於 2026 年第二季平均未償長期債務餘額較 2025 年第二季更高，以及我們新發行、2031 年到期之優先無擔保票據的 11% 利率。

During the second quarter of 2026, net interest expense was also negatively impacted in connection with our debt refinancing because the new 11% senior unsecured notes due 2031 were issued on June 10, 2026 prior to the redemption of our 5.25% senior unsecured notes due 2027. And therefore, during a 24-day period, we incurred interest expense on both sets of notes, which was only partially offset by the interest earned on the net proceeds of the issuance of the 11% senior unsecured notes due 2031.

在 2026 年第二季，因我們進行債務再融資，淨利息費用亦受到負面影響，原因是 2031 年到期之 11% 優先無擔保票據於 2026 年 6 月 10 日發行，早於我們贖回 2027 年到期之 5.25% 優先無擔保票據。因此，在 24 天期間內，我們同時就兩組票據產生利息費用，而該影響僅部分被 2031 年到期之 11% 優先無擔保票據發行所得淨款項所賺取的利息收入所抵銷。

Depreciation and amortization was $14.5 million in the second quarter of 2026 compared to $16.7 million in the second quarter of 2025. We had a net loss of $4 million or $0.05 per diluted share for the second quarter of 2026 compared to a net loss of $9.8 million or $0.12 per diluted share for the second quarter of 2025.

2026 年第二季的折舊與攤銷為 1,450 萬美元，較 2025 年第二季的 1,670 萬美元下降。2026 年第二季我們的淨損為 400 萬美元（每股稀釋虧損 0.05 美元），相較之下，2025 年第二季的淨損為 980 萬美元（每股稀釋虧損 0.12 美元）。

The net loss for the second quarter of 2026 was primarily attributable to approximately $9.7 million of acquisition divestiture-related expenses and nonrecurring expenses, including certain organizational restructuring efforts to reduce the cost overhang related to the divestitures. We had adjusted net income of $4.9 million or $0.06 per diluted adjusted share in the second quarter of 2026.

2026 年第二季的淨損主要歸因於約 970 萬美元的併購/處分相關費用及一次性費用，其中包括為降低與處分相關的成本負擔而進行的若干組織重整措施。2026 年第二季我們的調整後淨利為 490 萬美元（每股稀釋調整後盈餘 0.06 美元）。

In the second quarter of 2025, we had adjusted net income of $2.9 million or $0.04 per adjusted diluted share. Adjustments to our EBITDA net income are further described in our earnings release that was issued today and our 10-Q, which we expect to release later this week. I would now like to touch on the results by business unit for the second quarter.

2025 年第二季，我們的調整後淨利為 290 萬美元（每股稀釋調整後盈餘 0.04 美元）。我們對 EBITDA 與淨利的調整項目，已在今日發布的財報新聞稿以及我們預計於本週稍晚發布的 10-Q 中進一步說明。接下來我想簡要說明第二季各事業單位的表現。

Net sales for Spices and Flavor Solutions increased by $0.1 million or 0.1% in the second quarter of 2026 to $96.6 million from $96.5 million in the second quarter of 2025. Spices and Flavor Solutions segment adjusted EBITDA increased by $7 million or 29% in the second quarter of 2026 compared to the second quarter of 2025.

2026 年第二季香料與風味解決方案（Spices and Flavor Solutions）淨銷售額增加 10 萬美元（0.1%），由 2025 年第二季的 9,650 萬美元增至 9,660 萬美元。2026 年第二季香料與風味解決方案部門的調整後 EBITDA 較 2025 年第二季增加 700 萬美元（29%）。

The increase in segment adjusted EBITDA was primarily due to an increase in net pricing and the impact of product mix an improved cost environment for spices relative to the prior year and tariff refunds received from the US government during the second quarter. Net sales for Meals increased $6.4 million or 6.2% in the second quarter of 2026 to $110.5 million from $104.1 million for the second quarter of 2025. The acquisition of Collagen and Kitchen Basics brands added approximately $13.2 million of net sales during the quarter.

部門調整後 EBITDA 的增加主要來自淨定價提升、產品組合影響、相較去年香料成本環境改善，以及第二季收到美國政府退還的關稅款。2026 年第二季餐食（Meals）淨銷售額增加 640 萬美元（6.2%），由 2025 年第二季的 1.041 億美元增至 1.105 億美元。Collagen 與 Kitchen Basics 品牌的收購在本季貢獻約 1,320 萬美元的淨銷售額。

Meals segment adjusted EBITDA increased by approximately $0.1 million primarily driven by the acquisition, which offset declines in certain brands. Net sales for Specialty decreased by $5.9 million or 4.4% in the second quarter of 2026 and to $128.9 million from $134.9 million in the second quarter of 2025. The decrease was due in part to the divestiture of the Don Pepino business, which generated $1.8 million of net sales in the second quarter of 2025.

餐食部門調整後 EBITDA 約增加 10 萬美元，主要由收購所帶動，抵銷了部分品牌的下滑。2026 年第二季 Specialty 淨銷售額減少 590 萬美元（4.4%），由 2025 年第二季的 1.349 億美元降至 1.289 億美元。下降部分原因為處分 Don Pepino 業務；該業務在 2025 年第二季貢獻 180 萬美元的淨銷售額。

Specialty segment adjusted EBITDA decreased by $8.9 million in the second quarter of 2026 and compared to the second quarter of 2025. The decrease was due in part to the divestiture of the Don Pepino business, certain unfavorable cost comparisons in raw materials, increased manufacturing expenses and our investment in Crisco oil pricing, which on the positive side, benefited from increased volumes in the quarter.

2026 年第二季 Specialty 部門調整後 EBITDA 較 2025 年第二季減少 890 萬美元。下降部分原因為處分 Don Pepino 業務、原物料成本比較不利、製造費用增加，以及我們對 Crisco 油品定價的投入；正面來看，本季也受惠於銷量增加。

Financial performance for the Frozen and vegetable unit during the second quarter of 2026 and the second quarter of 2025 are not comparable due to the impact of the Lasor US and Green Giant US frozen divestitures and the impact of our new contract manufacturing agreement for Green Giant US Frozen.

由於 Lasor US 與 Green Giant US Frozen 的冷凍業務處分影響，以及我們針對 Green Giant US Frozen 的新合約製造協議影響，2026 年第二季與 2025 年第二季冷凍與蔬菜事業單位的財務表現不具可比性。

Net sales of Green Giant Canada remained strong and increased by $0.5 million or 2.4% to $23.4 million for the second quarter of 2026 compared to $22.9 million for the second quarter of 2025. Separately, the new Green Giant US Frozen contract manufacturing business generated $23.9 million in net sales during its first full quarter of operation following our sale of the Green Giant US Frozen business.

Green Giant Canada 的淨銷售額維持強勁，2026 年第二季增加 50 萬美元（2.4%）至 2,340 萬美元，較 2025 年第二季的 2,290 萬美元成長。另外，在我們出售 Green Giant US Frozen 業務後，新成立的 Green Giant US Frozen 合約製造業務於其首個完整營運季度創造 2,390 萬美元的淨銷售額。

Our team is looking to build this business, add new customers and increase its volumes. Before I discuss 2026 guidance, I'd like to remind the audience that we continue to live in unpredictable times and depending on the day we are at war in the Middle East. Our 2026 guidance reflects only what we know today, and for example, does not factor in significant changes in inflation, tariff policies or the potential impact of escalation and conflicts in Eastern Europe, the Middle East or Latin America could have on our results.

我們的團隊正致力於擴大此業務、增加新客戶並提升其出貨量。在我討論 2026 年指引之前，我想提醒各位，我們仍處於難以預測的時期，且視當天情況而定，我們可能正面臨中東戰事。我們的 2026 年指引僅反映我們目前所知的情況；例如，未納入通膨、關稅政策的重大變化，亦未納入東歐、中東或拉丁美洲局勢升級與衝突可能對我們業績造成的潛在影響。

Also, please note that our guidance reflects the expected impacts only of acquisitions and divestitures that have already closed. In other words, our guidance reflects the expected impacts of Don Pepino, Lasor US and Green Giant US Frozen divestitures, the commencement of the Green Giant US frozen contract manufacturing business and the Collagen and Kitchen Basics acquisition. But our guidance does not reflect the expected impact from the pending Green Giant Canada divestiture because that divestiture has not yet closed.

此外，請注意，我們的指引僅反映已完成交割之併購與處分的預期影響。換言之，我們的指引反映 Don Pepino、Lasor US 與 Green Giant US Frozen 的處分、Green Giant US Frozen 合約製造業務的啟動，以及 Collagen 與 Kitchen Basics 的收購之預期影響。但我們的指引未反映尚在進行中的 Green Giant Canada 處分之預期影響，因為該處分尚未完成交割。

Also as a reminder, our guidance reflects that fiscal 2026 and has one fewer week than fiscal 2025, which had a 53rd week. The benefit of the 53rd week was included in our fiscal 2025 results, and we will lap that benefit of approximately $18 million in net sales during the fiscal fourth quarter of 2026. That said, we are reaffirming our guidance.

同時提醒各位，我們的指引反映的是 2026 會計年度，且較 2025 會計年度少一週；2025 會計年度包含第 53 週。第 53 週的效益已包含在 2025 會計年度的結果中，而我們將在 2026 會計年度第四季消化（lap）該效益，約相當於 1,800 萬美元的淨銷售額。儘管如此，我們仍重申我們的指引。

We are maintaining fiscal 2026 net sales guidance in the range of $1.735 billion to $1.775 billion, adjusted EBITDA guidance in the range of $275 million to $290 million and adjusted EBITDA as a percentage of net sales in the range of approximately 15.8% to 16.3%. And based on this guidance, we still expect adjusted diluted earnings per share to be in a range of $0.575 to $0.675 per share.

我們維持 2026 會計年度淨銷售額指引區間為 17.35 億至 17.75 億美元，調整後 EBITDA 指引區間為 2.75 億至 2.90 億美元，且調整後 EBITDA 佔淨銷售額比重約為 15.8% 至 16.3%。並且根據此指引，我們仍預期調整後稀釋每股盈餘將落在每股 0.575 至 0.675 美元的區間。

Additionally, we expect for full year 2026, interest expense of $157.5 million to $162.5 million, including cash interest of $150 million to $155 million, depreciation expense of $40 million to $45 million amortization expense of $17 million to $19 million. Cash taxes of approximately $5 million or less, an effective tax rate of 26% to 27% and CapEx will likely be at the lower end of our $30 million to $35 million target.

此外，我們預期 2026 全年利息費用為 1.575 億至 1.625 億美元，其中包含現金利息 1.50 億至 1.55 億美元；折舊費用 4,000 萬至 4,500 萬美元；攤銷費用 1,700 萬至 1,900 萬美元。現金稅約 500 萬美元或以下，有效稅率 26% 至 27%，資本支出（CapEx）可能落在我們 3,000 萬至 3,500 萬美元目標區間的低端。

As a reminder, we are making strong progress against our long-term goals, which include improving the base business net sales trends of the core business to the long-term objective of 0% to 2% growth. Reshaping the portfolio for future growth stability, higher margins and strong cash flows, proactively managing our capital structure by using excess cash flow and the net proceeds of divestitures and to facilitate debt reduction and ultimately, to fund strategic acquisitions.

再次提醒，我們在長期目標上正取得顯著進展，包括改善核心業務的基礎業務淨銷售趨勢，朝長期 0% 至 2% 成長的目標邁進。重塑產品組合以提升未來成長的穩定性、更高的毛利率與強勁的現金流；並透過運用超額現金流與處分所得淨收益，主動管理資本結構，以促進減債，最終用於資助策略性併購。

We believe that we have the ability, even in a challenging environment for packaged food companies to maintain a stable base business and enhance our performance through our growth by acquisition strategy while simultaneously returning a meaningful portion of our excess cash to investors through our long-standing commitment to both debt reduction and a healthy dividend policy. We are very excited about the future of B&G Foods, and we thank you for turning into our earnings call this afternoon.

我們相信，即使在包裝食品公司面臨挑戰的環境下，我們仍有能力維持穩健的核心業務，並透過我們的併購成長策略提升業績，同時也藉由我們長期致力於降低負債以及維持健康股利政策，將相當一部分的多餘現金回饋給投資人。我們對 B&G Foods 的未來感到非常振奮，也感謝各位今天下午收聽我們的財報電話會議。

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，接下來我們想開始本次電話會議的問答環節。接線員？

(Operator Instructions)

（接線員指示）

Andrew Lazar, Barclays.

Andrew Lazar，巴克萊。

Maybe to start off, can you maybe quantify how much the tariff refund benefited EBITDA in the quarter and what your expectation would be for that benefit for the full year, if there's more to come?

也許先從這個問題開始：你們能否量化一下，本季關稅退稅對 EBITDA 的貢獻有多少？以及如果後續還會有退稅，你們對全年這項貢獻的預期為何？

Yes. We haven't disclosed the number. It's relatively modest. If you go back to kind of 2025 results and as we articulated then, we have about $8 million to $9 million of total incremental tariff exposure. That included tariffs where we were the direct importer of record.and where we were not the importer of record.

是的。我們尚未披露該數字。金額相對不大。如果回顧 2025 年的結果，正如我們當時所說，我們總計約有 800 萬至 900 萬美元的關稅增量曝險。其中包含我們作為正式進口商（importer of record）以及我們非正式進口商的關稅。

Where we were the importer of record is about a little bit less than half of that, and that's largely what we got back in the second quarter. We expect to get some more back throughout the remainder of the year and in certain cases, we'll invest that in the business on a go-forward basis.

我們作為正式進口商的部分略低於其中一半，而這基本上就是我們在第二季拿回來的部分。我們預期在今年剩餘期間還會再拿回一些，且在某些情況下，我們會在未來把這些資金投入到業務中。

Got it. All right. And then I think on the last call, there was quite a bit of discussion around potential inflation building even outside of just soybean oil as it relates to Crisco but other items, too. And that might necessitate some incremental pricing moves, despite it being sort of a challenging environment for everyone. Where do you stand on inflation at this stage for this year?

了解。好。另外我記得在上次電話會議上，大家討論了不少關於通膨可能正在累積的情況，不僅僅是與 Crisco 相關的大豆油，還包括其他項目。而即便整體環境對所有人都很具挑戰，這可能仍需要一些額外的漲價動作。就今年而言，你們目前對通膨的看法如何？

What might that mean for pricing? And have you taken any or planned to? And then what sort of elasticity should we be thinking about this time around, just given the consumers under sort of more pressure than perhaps in the last couple of rounds of pricing the industry took?

這對定價可能意味著什麼？你們是否已經採取、或計畫採取任何措施？另外，考量到消費者目前承受的壓力可能比產業前幾輪漲價時更大，這次我們應該如何看待需求彈性？

Yes. I think on our last call, we were right around the time where both diesel fuel oil kind of West Texas brand, and so we're all at their peak levels. So they're a little bit inside of where they were before with a couple of moves up and down.

是的。我想在我們上次電話會議時，剛好是柴油燃料油以及西德州（WTI）原油都處於高點的時候。所以目前相較之前略有回落，中間也有幾次上下波動。

That's still the largest area where we've seen inflation so far this year. There's a little bit coming in spices as well, but that's primarily where we've seen it. We haven't seen people taking pricing on fuel costs, but we certainly have seen that within vegetable oil. And our expectation is to cover that inflation where we can.

到目前為止，這仍是我們今年看到通膨最明顯的領域。香辛料也有一點上漲，但主要還是集中在這裡。我們尚未看到大家因燃料成本而採取定價動作，但在植物油方面我們確實看到了。而我們的預期是在可行之處把這些通膨成本覆蓋掉。

Right. And kind of the way that you've done it on Crisco in the past, whatever it is, a year or two with that new process.

了解。而你們過去在 Crisco 上採取的方式，不管是過去一兩年、採用那個新流程的做法。

David Palmer, Evercore.

David Palmer，Evercore。

I wanted to ask you about non-measured channels. I think last quarter that might have been up low double digits or at least some sort of double digits, and now it feels like it might maybe up low single digits. Wondering how your -- what reason there is for that? And how you're thinking about nonmeasured going into the second half?

我想問一下非量測通路（non-measured channels）。我記得上季可能是低雙位數成長，或至少是某種雙位數，而現在感覺可能變成低單位數成長。想了解你們認為原因是什麼？以及你們如何看待下半年非量測通路的表現？

Yes, we're still seeing pretty strong growth across some of our non-measured channels. Canada has been strong, continues to be strong. The foodservice where we have it is continue to be pretty strong. And then within spices, our private brands relationship continues to be strong as well as some of the other ones.

是的，我們在部分非量測通路仍看到相當強勁的成長。加拿大表現強勁，且持續強勁。我們有布局的餐飲服務（foodservice）也持續相當強勁。另外在香辛料方面，我們與自有品牌（private brands）的合作關係仍然強勁，其他一些合作也同樣如此。

We still see that strength. It's up, it's offsetting some of the damage in the regular track channels. But quite frankly, we need to improve the performance of our retail brand new business. And I think that's a lot of the focus that Rob is going to bring on a go-forward basis.

我們仍看到這股強勢。它在成長，並抵消了常規追蹤通路（regular track channels）的一些損害。但坦白說，我們需要改善零售品牌新業務的表現。我認為這將是 Rob 未來要著力的重點之一。

Okay. And just with regard to what we're seeing when we look at some of the scanner data, it looks like spices is under pressure, but you're having some areas of strength elsewhere like Cream of Wheat. Could you maybe make a comment about the wins and losses and where you see the most opportunity near and medium term with the brand business? And I'll pass it on.

好的。另外，關於我們從部分掃描數據（scanner data）看到的情況，香辛料似乎承壓，但你們在其他地方例如 Cream of Wheat 又有一些強勢表現。你能否評論一下目前的得失，以及就品牌業務而言，你們在短期與中期看到最大的機會在哪裡？我就把問題交給下一位。

Yes. We're actually seeing pretty good trends in our hot breakfast overall, which would be Cream of Wheat, McCann and the Pure Maple Syrup, Grandma's Molasses. So there's pockets of strength in there. On the spices, where there's a little bit of noise, there's some shift in some of the brands, particularly around tones and weather that are going from branded to partner brands.

是的。我們其實在整體熱早餐（hot breakfast）品類看到相當不錯的趨勢，包括 Cream of Wheat、McCann、Pure Maple Syrup，以及 Grandma's Molasses。所以其中有一些強勢的區塊。至於香辛料方面出現一些雜訊，是因為部分品牌的轉移，特別是 Tones 和 Weber，正從品牌品項轉向合作夥伴品牌（partner brands）。

So that creates a little bit of the distortion that you're seeing. But look, we need to improve our performance across the board. We've had really good performance in some of the nontracked channels. We need to see further improvement in the track channels as well.

因此造成你所看到的一些扭曲。但總之，我們需要全面提升表現。我們在一些非追蹤通路（nontracked channels）表現非常好。我們也需要在追蹤通路（track channels）看到進一步改善。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Maybe I'll just go right to that last point. Tones and Weber are going from brands to partner brands. Is that new, Bruce? And can you give a little more context as to what the rationale for that is?

我可能就直接接著你剛才那點問。Tones 和 Weber 正從品牌轉為合作夥伴品牌。Bruce，這是新的情況嗎？你能否再多提供一些背景，說明這麼做的理由？

Yes. It's a continuation of what we've seen over time. We saw this very much early on when we bought the ACH business in like 2016, 2017, and then we're just seeing sort of the follow-through there. So in a couple of spots, we're losing tones distribution, and it's being replaced with us providing distribution of similar products, similar amount of SKUs on the private band side.

是的。這是我們長期以來所看到情況的延續。我們在 2016、2017 年左右收購 ACH 業務時，很早就明顯看到這種情況，而現在只是看到後續的延伸。因此在幾個地方，我們正在失去 Tones 的通路鋪貨（distribution），而取而代之的是由我們在自有品牌（private brand）端提供類似產品的鋪貨，SKU 數量也大致相當。

Okay. But you're not recharacterizing those two brands as like private label or work to detail or anything like that, okay.

好的。但你們並不是把這兩個品牌重新界定為例如自有品牌或代工之類的，對吧。

No, we're keeping those brands. And look, we want to improve the performance in those brands.

沒有，我們會保留這些品牌。而且我們確實希望提升這些品牌的表現。

Okay. Got it. And can you touch on collagen and Kitchen betas. The sales were lighter than what we had forecasted. Maybe we got the seasonality wrong. But can you talk to your early learnings on those two?

好的。了解。另外你能談談膠原蛋白和 Kitchen Basics 嗎？銷售表現比我們原先預測的要弱一些。也許我們把季節性判斷錯了。但你能分享一下你對這兩個品項的初步觀察嗎？

Yes. Sales for both, I think, are just a little bit ahead of where we had forecasted, but maybe we were a little bit more conservative than you were. I think within consumption, there's a little bit of softness in collagen, which we knew when we bought this. Number two, Northeast regional brand. We have to price it right.

是的。我認為兩者的銷售其實都略高於我們的預測，不過可能我們的預估比你們更保守一些。我覺得在消費端，膠原蛋白確實有一點疲軟，這點我們在收購時就知道。第二，它是東北地區的區域性品牌。我們必須把定價做對。

I think under the last year or two of prior ownership, particularly leading up to the bankruptcy and post bankruptcy, we think it was mispriced in the market. And so we are fixing that. We're looking forward to a strong holiday season not knew what we were getting here, which is something we got to really protect and drive cash flows with but manage that brand as it is, which is a number 2 Northeast regional player where it's been around for a long time and makes good money where we sell it.

我認為在前一位所有權人持有的最後一兩年，特別是在破產前以及破產後那段期間，我們覺得它在市場上的定價不合理。所以我們正在修正。我們期待假期旺季會很強；我們也清楚自己買到的是什麼——這是一個我們必須好好保護、推動現金流的資產，同時要以其本來的定位來經營：它是東北地區第二大的區域性玩家，存在很久了，在我們銷售的市場也能賺到不錯的錢。

Kitchen Basics, I think we continue to be surprised by this business. We really like it. We think it's got some growth opportunity in addition to having some pretty good margins. The category has been pretty good. To be fair, it's off-season, but people are still buying a lot of rain stocks in the summer, but it is off season. And so it's a little bit smaller. The true test for us really will be as we integrate during the winter months, the more additional soup season in the third and fourth and first quarter.

至於 Kitchen Basics，我想我們仍然對這門生意感到驚喜。我們非常喜歡它。我們認為它除了有不錯的毛利率之外，也有一些成長機會。這個品類的表現一直不錯。公平地說，現在是淡季，但即便在夏天，人們仍然買很多高湯類產品，不過確實是淡季。所以規模會小一點。對我們而言，真正的考驗會是在冬季月份整合之後，也就是第三、第四季以及第一季更典型的湯品旺季。

Karru Martinson, Jefferies.

Karru Martinson，Jefferies。

I couldn't help but notice a couple of comments here on implementing portfolio reshaping active portfolio management. You've done a lot of the heavy lifting here. Is there more to do? Or are there pockets when you look at your portfolio that you want to accelerate on?

我注意到你們提到幾點：正在推動投資組合重塑、主動式投資組合管理。你們已經做了很多艱鉅的工作。還有更多要做嗎？或者你們在檢視投資組合時，有哪些區塊想要加速推進？

I think, Karru, there's always more to do with B&G. We tend to be pretty active in M&A, and we're focused on improving our portfolio. I think a big focus for the last 1.5 years has been the Green Giant strategic review. And so we're nearing the end of that. And so that's a big lift there.

我想，Karru，對 B&G 來說永遠都有更多可以做的事。我們在併購（M&A）上通常相當積極，也專注於改善我們的投資組合。過去一年半的一個重點是 Green Giant 的策略檢討。我們正接近尾聲。所以那是一個很大的工作量。

There are still things that we'll look at opportunistically across the portfolio from the divestiture standpoint, but I wouldn't put a big expectation there. Collagen and Kitchen Basics we want and we expect to do more things like that in the future where we're adding some nice incremental growth in sales and profitability of our business.

從處分的角度來看，我們仍會在整個投資組合中伺機而動，但我不會對此抱持很高的期待。膠原蛋白和 Kitchen Basics 我們想要、也預期未來會做更多類似的事情，為我們的業務在銷售與獲利上帶來不錯的增量成長。

And I'm sorry, I missed it. Did you give a tariff refund number?

不好意思，我漏聽了。你們有提供關稅退稅的金額嗎？

We did not. It's not a huge number.

我們沒有。金額不大。

Hale Holden, Barclays.

Hale Holden，Barclays。

Bruce, on the tariff refunds, which I think as you outlined is all in the spices line. Was that part of your original guidance? Or is that something that's sort of a put and take as you came across it in the middle of the year?

Bruce，關於關稅退稅，我想如你所說，全部都在香料產品線。那這部分原本就包含在你們最初的財測指引裡嗎？還是說這是你們在年中發現後才納入、屬於某種上上下下的調整項？

We always knew that it was out there. It's probably a put and take as it factors in, and we've got a little bit of both here. We always do.

我們一直都知道有這件事。它在納入時大概就是一個有加有減的因素，而我們這裡兩種情況都有一點。我們一向如此。

Yes. And when you think about risk to the next two quarters that gets you to the low end or the high end of that guidance range. Maybe you could talk through some of the puts and takes that you're seeing on the ground?

是的。那你怎麼看接下來兩個季度的風險因素，哪些可能讓結果落在指引區間的低端或高端？也許你可以談談你們在第一線看到的幾個主要加減項？

Yes. I think if you look at the guidance that we laid out, and it's a little bit more moving pieces because of the M&A transactions to be within the to be within our range. It is kind of a flat to down 2% in net sales kind of base business and then plus or minus the rest of the M&A.

好的。我想如果你看我們提出的指引，因為有併購交易的因素，所以變動項會多一些；要落在我們的區間內，基本盤業務大致是淨銷售持平到下滑 2%，然後再加上或減去其餘併購（M&A）的影響。

And so we're not looking for anything heroic. We feel comfortable where we are. We do know that we love the 53rd week last year, and you'll hear me cry about it when we give our fourth quarter results this year, but we feel like we're on pace given where we are year-to-date.

所以我們不期待有什麼超常發揮。我們對目前的狀況感到放心。我們也知道去年有第 53 週的因素；等到今年公布第四季結果時你們會聽到我抱怨這件事，但就目前年初至今的進度來看，我們覺得仍在軌道上。

Great. And then just last question is anything changed in Canada or we're just waiting on the regulatory process there?

很好。最後一個問題：加拿大那邊有任何變化嗎？還是我們就是在等那邊的監管流程？

For suiting on the regulatory process. We're chomping at the bit to get completed, just like I'm sure you guys already hear about it, but it takes time.

就是在等監管流程。我們非常迫不及待想完成交易，就像我相信你們也已經聽到我們一直在講，但這需要時間。

I'm sure you are. I appreciate it.

我相信你們是。謝謝。

Carla Casella, JPMorgan.

Carla Casella，JPMorgan。

Just one follow-up on Hale's Q, you mentioned Canada. So the $1.735 billion to $1.775 billion revenue, that includes the Canada business because it hasn't is sold, right?

延續 Hale 的問題再追問一下，你提到加拿大。所以 17.35 億到 17.75 億美元的營收，包含加拿大業務，因為它還沒有出售，對嗎？

Yes. We're going to include Canada in our numbers until we sell it until the transaction is done.

是的。在我們賣掉之前、也就是交易完成之前，我們都會把加拿大納入我們的數字。

And the proceeds, originally, we were using a placeholder of $60 million, but I think that's when the assets held for sale. We're closer to that amount. Would the proceeds be now closer to the $32 million assets held for sale?

那出售所得方面，原本我們用 6,000 萬美元作為暫估值，但我想那是資產被列為待售時的占位數。我們現在更接近那個金額。那出售所得現在會更接近「待售資產」的 3,200 萬美元嗎？

Yes. And proceeds are going to move around as inventory moves. And so the one thing to keep in mind is we announced this transaction, I think, back in the third quarter around where we're near peak inventory levels. Second quarter, we're near trough inventory levels. We're coming in the pack season right now. And so inventory will be higher and therefore, value that we receive in the transaction will be higher. So it's kind of yes to both of your numbers. Ultimately, it will probably be closer to the September of last year number, but we'll see.

是的。而且出售所得會隨著庫存變動而上下浮動。所以要記住的一點是：我們宣布這筆交易時，我想是在第三季左右，當時庫存接近高峰水位。第二季時庫存接近低谷水位。我們現在正進入包裝旺季。因此庫存會更高，交易中我們收到的價值也會更高。所以某種程度上，你提到的兩個數字都算是。最終可能會更接近去年 9 月的那個數字，但我們再看看。

And it's just going to match whatever is on the assets held for sale, though there's now an incremental amount?

而且它只會去匹配「持有待售資產」上面的任何內容，雖然現在有一個增量金額？

There's moving pieces within that, and there's a small true-up on top of it.

裡面有一些變動因素，另外上面還有一個小幅的調整（true-up）。

Okay. And then just with the asset sale versus the acquisitions, as you look at the overhead costs, are you sitting on stranded costs? Or are there -- is there a need to add in additional overhead with collagen. I'm just trying to get a sense for like a good run rate for SG&A. It came down nicely this quarter a lot lower than we expected. And I'm just trying to get a sense for whether you need to add costs back in? Or is there still more room to cut costs?

好的。那再就資產出售相對於收購而言，當你看管理費用（overhead costs）時，你們是否有閒置／擱置成本（stranded costs）？或者——在膠原蛋白（collagen）方面是否需要增加額外的管理費用？我只是想了解一下 SG&A 的合理常態化水準（run rate）。本季降得很好，遠低於我們預期。我想了解你們是否需要把一些成本加回來？或者是否還有更多削減成本的空間？

I think you'll continue to see costs reduced into early third quarter. And then we should be largely at a run rate from there.

我認為你們會在第三季初持續看到成本下降。之後我們基本上就會維持在一個常態化水準。

Okay. And then can you just talk to the M&A environment? Like are you -- are there assets out there, things that you would look at? Or could you consider further asset sales to accelerate balance sheet improvement?

好的。那你能談談併購（M&A）環境嗎？例如——外面是否有資產、一些你們會考慮的標的？或者你們是否會考慮進一步出售資產，以加速改善資產負債表？

We're always looking at both. There are deals that are being announced. There are deals that have been speculated on for some period of time that they're kind of sideways and haven't been announced. We've seen some large deals get signed and completed in our general kind of space. There's stuff out there.

我們一直都在同時看兩邊。有一些交易正在被宣布。也有一些交易被市場揣測了一段時間，但有點停滯、尚未宣布。我們也看到在我們大致所處的領域裡，有一些大型交易簽約並完成。外面確實有一些機會。

I think it's a matter of finding things at the right price, whether we're buying or selling and I don't know what the next thing is, but at some point, there will be another one. We continue to look for ways to improve our portfolio over time.

我認為關鍵在於以合適的價格找到標的，不論我們是買方或賣方。我不知道下一個會是什麼，但在某個時間點，還會有下一筆。我們會持續尋找方法，隨時間推進改善我們的投資組合。

William Reuter, Bank of America.

William Reuter，美國銀行（Bank of America）。

So just to make sure I understand where we are on the tariffs. So I think you said it was $8 million or $9 million. You were the importer of record for less than half of that I think you got most of that back in the second quarter. Will you be receiving proceeds where you were not the importer of record, Will those vendors be, I guess, sending those proceeds that they received to you?

我想確認一下我對關稅進度的理解。我記得你說是 800 萬或 900 萬美元。你們作為進口報關責任人（importer of record）的部分不到一半，我想你們在第二季已拿回了其中大部分。那對於你們不是進口報關責任人的部分，你們也會收到款項嗎？那些供應商是否會把他們收到的款項轉給你們？

Where appropriate, we're going to do our best we can to recover every dollar.

在適當的情況下，我們會盡最大努力把每一塊錢都追回來。

Okay. All right. And so I guess that could be a little bit of a tailwind to your results in the second half of the year. Is that right?

好的。明白。那我想這可能會對你們下半年業績帶來一點順風（tailwind）。是這樣嗎？

It could. Just keep in mind, like the relative size of this is not massive.

有可能。但請記住，相對而言這個金額規模並不算很大。

Yes. Understood. And then we're hearing -- you had mentioned that you were not pushing through fuel surcharges and you weren't hearing of others doing the same. Freight, excluding fuel, domestic freight charges are pretty elevated. Is that putting pressure on your margins in the back half of the year?

是。了解。另外我們也聽到——你提到你們沒有把燃油附加費（fuel surcharges）轉嫁出去，而且也沒聽到其他人這麼做。不含燃油的運費方面，國內運費（domestic freight charges）仍然相當高。這會在下半年對你們的毛利率造成壓力嗎？

I mean, defined pressure. It's not helping margins in the back half of the year, but it's not -- for us, fuel is just one part of our logistics cost. We need every penny -- so yes, it's put a little bit of pressure. And like we said, we've got a lot of puts and takes, and so we've got to find some to offset it.

嗯，要看你怎麼定義壓力。它對下半年毛利率沒有幫助，但對我們而言，燃油只是物流成本的一部分。我們需要每一分錢——所以是的，確實帶來了一點壓力。而且如我們所說，有很多此消彼長的因素，所以我們必須找到一些方式來抵消。

Got it. And then just lastly for me.

了解。那最後一個問題。

Certainly, the fuel impact is not radically different than where it was the last time we spoke. In fact, it's probably better or less scary or less bad.

當然，燃油的影響跟我們上次談的時候相比並沒有顯著不同。事實上，可能更好一些，或沒那麼嚇人、沒那麼糟。

Right. Okay. And then I can't remember the actual number. You said it was something in the 20s, the revenue from the contract manufacturing, where are you at in terms of -- is that business profitable at this scale? Or do you need to add business in order for that to generate EBITDA?

對。好的。另外我記不起確切數字了。你說代工（contract manufacturing）的營收大概是 2,000 多萬美元，那以目前這個規模來看——這個業務有獲利嗎？還是你們需要增加更多業務，才能產生 EBITDA？

It's about -- it's running at about $25 million, give or take, maybe just a hair under that per quarter. And so annualized, that might be just under $100 million. That will not be the 2026 number.because we really only started running that in the second quarter. The business is modestly profitable, not game changer, but modestly profitable, and it's a benefit to EBITDA. We want that to be a sustainable business, we would love to grow it, and we want to continue to service our largest customer as well as possible.

大約——每季大概在 2,500 萬美元左右，上下浮動，可能略低一點。所以年化可能略低於 1 億美元。那不會是 2026 年的數字，因為我們其實是到第二季才真正開始運轉。這個業務是小幅獲利的，不是改變遊戲規則的那種，但確實是小幅獲利，並且對 EBITDA 有正面貢獻。我們希望它成為一個可持續的業務，我們也很希望把它做大，同時也希望盡可能把對我們最大客戶的服務做到最好。

Got it. I guess this will be the last one, I promise. How challenging do you think it's going to be to add incremental customers and volume to that facility?

了解。我想這真的是最後一個了，我保證。你覺得要為那座工廠增加新增客戶與產量會有多具挑戰？

I mean, it's selling, it takes effort, but we actually think we've got a really good facility. And we've got a couple of nice little wins already on it, but not a game changer, but nice little business that we have, and we want to continue to run.

我的意思是，這需要銷售、需要投入努力，但我們其實認為我們有一個非常好的廠房。而且我們已經拿到幾個不錯的小勝利；不是改變遊戲規則的那種，但確實是一些不錯的小型業務，我們也希望持續經營。

There are no further questions. This concludes today's teleconference. You may disconnect your lines at this time, and we thank you for your participation. Thank you.

沒有進一步的問題。今天的電話會議到此結束。您現在可以掛線，感謝您的參與。謝謝。