Del Monte Corporation (DMC) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to Fresh Del Monte's Produce First Quarter 2026 Conference Call.

各位好，歡迎參加 Fresh Del Monte Produce 2026 年第一季財報電話會議。

(operator instructions)

(接線員指示)

Thank you. For opening remarks and introductions, I would like to turn today's call over to the Vice President Investor Relations, with Fresh Del Monte Produce, Ms Christine Cannella. Please go ahead, Ms Cannella.

謝謝。接下來進行開場致詞與介紹，我想把今天的電話會議交給 Fresh Del Monte Produce 投資人關係副總裁 Christine Cannella 女士。Cannella 女士，請開始。

Thank you, Krista. Good day, everyone, and thank you for joining our first-quarter 2026 conference call. Joining me in today's discussion are Mr. Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer, and Ms. Monica Vicente, Senior Vice President and Chief Financial Officer.

謝謝你，Krista。各位好，感謝各位參加我們 2026 年第一季財報電話會議。今天與我一同參與討論的有董事長兼執行長 Mohammad Abu-Ghazaleh 先生，以及資深副總裁兼財務長 Monica Vicente 女士。

I hope that you have had a chance to review the press release that was issued earlier by a business wire. You may also visit the company's IR website at investorrelations.freshdelmonte.com to access today's earnings material and to register for future distribution.

希望各位已經有機會閱讀稍早透過 Business Wire 發布的新聞稿。您也可以造訪公司投資人關係網站 investorrelations.freshdelmonte.com 取得今日的財報資料，並註冊以接收未來的發布資訊。

This conference call is being webcast live on our website and will be available for replay after this call.

本次電話會議正在我們的網站上進行即時網路直播，並將於會後提供重播。

Please note that our press release and our call today include non-GAAP measures. Reconciliations of these non-GAAP financial measures are set forth in the press release and earnings presentation, which is available on our website.

請注意，我們的新聞稿以及今天的電話會議包含非 GAAP 指標。這些非 GAAP 財務衡量指標的調節表已載於新聞稿與財報簡報中，並可於我們的網站取得。

I would like to remind you that much of the information we will be speaking to today, including the answers we give in response to your questions, may include forward-looking statements within the safe harbor provisions of the federal securities laws.

提醒各位，我們今天將討論的多數資訊（包括我們在回答各位提問時所提供的答案）可能包含符合聯邦證券法「安全港」條款的前瞻性陳述。

In today's press release and our SEC filings, we detail risks that may cause our future results to differ materially from these forward-looking statements.

在今日新聞稿與我們向 SEC 提交的文件中，我們已詳述可能導致未來結果與這些前瞻性陳述存在重大差異的風險。

Our statements are as of today, May 5th, 2026, and we have no obligation to update any forward-looking statements we may make.

我們的陳述以今日（2026 年 5 月 5 日）為準，對於我們可能作出的任何前瞻性陳述，我們不負有更新義務。

During the call, we will provide a business update along with an overview of our financial results, followed by a question-and-answer session.

在本次電話會議中，我們將提供業務最新進展與財務結果概覽，隨後進行問答環節。

With that, I will turn today's call over to Mr. Mohammad Abu-Ghazaleh. Please go ahead.

接下來，我把今天的電話會議交給 Mohammad Abu-Ghazaleh 先生。請開始。

Thank you, Christine. Good morning, everyone, and thank you for joining us.

謝謝你，Christine。各位早安，感謝各位加入我們。

Following up on our last quarter, we reached an important milestone this quarter with the closing of the Del Monte food transaction, bringing the brand back under a single owner for the first time in nearly four decades.

延續上一季的進展，本季我們達成一項重要里程碑：完成 Del Monte 食品交易的交割，讓該品牌在近四十年來首次回到單一所有者之下。

The quarter included approximately one week of contribution from the acquired business.

本季包含約一週來自所收購業務的貢獻。

So the financial impact in the quarter is limited due to timing.

因此，由於時點因素，本季的財務影響有限。

We are encouraged by the initial performance of the Del Monte Food business and we see clear opportunity as we begin to thoughtfully scale the business and believe there is a meaningful opportunity to realize the full potential of these assets.

我們對 Del Monte 食品業務的初期表現感到鼓舞；隨著我們開始審慎擴大該業務規模，我們看見明確機會，並相信有相當可觀的機會得以充分釋放這些資產的全部潛力。

As I mentioned during our last call, this acquisition is not expansion for expansion stake.

如同我在上次電話會議中提到的，這項收購並非為了擴張而擴張。

It's alignment, bringing the brand, the portfolio, and the platform back under a single focused owner.

而是為了整合：讓品牌、產品組合與平台回到一位專注的單一所有者之下。

This acquisition not only reunites one of the oldest and most recognized brands in the world, but it also positions us to operate from a more complete platform.

這項收購不僅讓全球歷史最悠久、最具辨識度的品牌之一重新合一，也使我們得以在更完整的平台上營運。

Expanding our presence across both the perimeter and center of the store and allowing us to offer customers a broader, more integrated portfolio.

擴大我們在賣場周邊區與中間貨架區的布局，並讓我們能為客戶提供更廣泛、更整合的產品組合。

Our priority during this early phase remains continuity, ensuring stability for customers, partners and employees.

在這個早期階段，我們的首要任務仍是維持連續性，確保客戶、合作夥伴與員工的穩定。

While taking a disciplined approach to evaluating the business and identifying where we see the strongest opportunities.

同時以嚴謹的方式評估該業務，並辨識我們認為最具優勢的機會所在。

We are focused on strengthening the platform, prioritizing key customer relationships, and building a more focused, high-quality portfolio over time.

我們專注於強化平台、優先維繫關鍵客戶關係，並隨時間打造更聚焦且高品質的產品組合。

It is important to dedicate a portion of today's call to discuss the broader environment shaping our business, the industry, and the global food system.

今天的電話會議中，有必要撥出一部分時間討論正在形塑我們業務、產業以及全球食品體系的更廣泛環境。

The conflict in the Middle East has introduced a meaningful shock across key inputs fundamentals to food production, energy, fertilizers, packaging, and transportation.

中東衝突對食品生產的關鍵投入要素帶來了顯著衝擊，包括能源、肥料、包材與運輸。

There is no part of agriculture that is not energy dependent from inputs to packaging to transportation.

農業沒有任何環節不依賴能源，從投入品到包裝再到運輸皆然。

As a result, movements in every energy cost do not remain isolated.

因此，任何能源成本的變動都不會孤立存在。

They cascade through the entire system.

它們會在整個系統中層層傳導。

Agriculture does not operate in real time. The timing of impact varies meaningfully by category.

農業並非即時運作。不同品類受到影響的時點差異顯著。

In crops like pineapples, for instance, where production cycles extend to approximately 18 months, the inputs being deployed today will be reflected in cost and pricing later this year.

例如鳳梨等作物，其生產週期約長達 18 個月，今日投入的成本將在今年稍晚反映於成本與定價之中。

Bananas, by contrast, move more quickly through the system and therefore respond more immediately to changes in input costs.

相較之下，香蕉在系統中的流轉速度更快，因此對投入成本變動的反應更為即時。

As a result. The pressures that emerged during the quarter are now embedded in the system and will continue to move through the value chain in the periods ahead, regardless of how conditions in the Middle East evolve from here.

因此。本季出現的壓力如今已嵌入系統之中，並將在未來期間持續沿著價值鏈傳導，不論中東局勢接下來如何演變。

We are already seeing this dynamic take hold from higher fertilizers and packaging costs to increase ocean freight and inland transportation driven by fuel and labor.

我們已經看到這種動態開始顯現：從肥料與包材成本上升，到因燃料與勞動力推升的海運運費與內陸運輸成本增加。

The impact is more pronounced in our fresh business, given its production cycles and input intensity, while other parts of the portfolio are affected differently based on their supply chain structures.

由於生產週期與投入強度的關係，這項影響在我們的生鮮業務中更為明顯；而產品組合的其他部分則會因供應鏈結構不同而受到不同程度的影響。

This is not a short-term volatility. It's a natural transmission of input costs through a global time-lagged system.

這不是短期波動。而是投入成本在一個具有時間落差的全球系統中自然傳導的結果。

The situation remains dynamic, and we are managing the business with discipline and flexibility.

情勢仍在變化，我們以嚴謹與彈性的方式管理業務。

This is an environment where we are well-positioned to navigate, but it will not be without challenges.

在這樣的環境下，我們具備良好條件得以因應，但也不會沒有挑戰。

We expect pressure to build in the coming quarters, particularly in the second and third quarters, as these costs continue to flow through the system and the full impact moves through the value chain.

我們預期未來幾季壓力將加大，特別是在第二季與第三季，因為這些成本將持續在系統中傳導，並使其全面影響沿著價值鏈逐步顯現。

Our global footprint, diversified sourcing and integrated supply chain enable us to adjust and respond across markets, while our scale and disciplined execution position us to manage through this period effectively.

我們的全球布局、多元採購與整合式供應鏈，使我們能在各市場調整與回應；同時，我們的規模與嚴謹的執行力，使我們能有效度過這段期間。

These are the conditions where those advantages become most evident.

在這樣的情況下，這些優勢最為明顯。

We have navigated complex operating environments before, and we will continue to do so with clear focus on execution, force management, and operational efficiency.

我們過去曾在複雜的營運環境中航行前進，未來也將持續以清晰的執行重點、嚴謹的成本管理與營運效率來應對。

With that, I will turn it over to Mike to present our CFO to discuss our financial results.

接下來，我把時間交給 Mike，請他介紹我們的財務長來說明財務結果。

Thank you, Mr. Abu-Ghazaleh, and thank you, everyone, for joining us this morning. And we'll begin with our first quarter results.

謝謝 Abu-Ghazaleh 先生，也謝謝各位今天早上加入我們。我們將先從第一季的結果開始。

And then share our expectations for the year ahead.

接著分享我們對未來一年的展望。

I will cover key items affecting comparability, most notably the Del Monte Foods acquisition and updates to our segment reporting structure.

我將說明影響可比性的關鍵事項，最主要的是 Del Monte Foods 的收購，以及我們分部報導架構的更新。

We closed the Del Monte Foods acquisition late in the quarter.

我們在本季末完成 Del Monte Foods 收購案的交割。

Results include one week of contribution and have no meaningful impact on the first quarter results.

本季結果僅包含一週的貢獻，對第一季結果沒有任何實質影響。

We are assessing the cost structure and spending profile to establish a near-term cost baseline, while identifying efficiency opportunities we expect to execute over time.

我們正在評估成本結構與支出概況，以建立短期成本基準，同時辨識我們預期將隨時間推動的效率提升機會。

We are also evaluating the operating footprint, including a recent purchase of a warehouse previously released by Del Monte Foods in Wisconsin, with a focus on optimizing asset utilization and portfolio alignment across our facilities.

我們也在評估營運據點布局，包括近期在威斯康辛州購買一座先前由 Del Monte Foods 釋出的倉庫，重點在於最佳化資產使用效率，並在各設施間達成資產組合的一致性與對齊。

We paid a total cash consideration of $308 million, which included $285 million base purchase price, plus $23 million in cash, representing wind-down and closing costs, along with adjustments for working capital associated with the transaction.

我們支付的現金對價總額為 3.08 億美元，其中包含 2.85 億美元的基本購買價，加上 2,300 萬美元現金（代表收尾與交割成本），以及與交易相關的營運資金調整。

The acquisition was funded through a combination of cash on hand and borrowings under a revolving credit facility.

本次收購透過手頭現金與循環信用額度項下借款的組合方式籌資。

The consideration closely approximated the fair value of the identifiable net assets acquired.

該對價金額與所取得可辨認淨資產的公允價值相當接近。

The acquisition is expected to be accreted to net sales by $600 million and adjusted EBITDA by approximately $23 million in 2026 as operations normalized.

預期該項收購在營運恢復常態後，將於2026年使淨銷售額增加6億美元，並使調整後EBITDA增加約2,300萬美元。

As a result of the acquisition, beginning this quarter, we updated our business segment reporting to better align with internal management reporting.

因此，自本季起，我們更新了業務分部報告方式，以更好地與內部管理報告對齊。

A new reportable segment, Prepared Foods, combines the Del Monte Foods business acquired with our existing Prepared Foods operations.

新增一個可報告分部「調理食品（Prepared Foods）」，將收購取得的Del Monte Foods業務與我們既有的調理食品營運合併呈列。

Prior period segment information has been recast for comparability.

為提升可比性，已將前期分部資訊重新編列。

We also completed the previously announced divestiture of Manpacking in December 2025.

我們也於2025年12月完成先前公告的Manpacking出售案。

Our first quarter results reflect continuing operations.

我們第一季的結果反映持續營運。

Prior period comparisons are presented as reported and where applicable on an adjusted basis, with reconciliations in today's earnings press release.

前期比較數據以申報口徑呈列，並在適用情況下以調整後口徑呈列；相關調節表載於今日的盈餘新聞稿。

With that context, I will turn now to our first-quarter financial performance.

在此背景下，我現在將轉到我們第一季的財務表現。

Year-over-year results reflect portfolio changes following the divestiture of Manpacking alongside pricing, volume, cost, and foreign exchange dynamics, as well as the recent geopolitical developments.

年對年結果反映在出售Manpacking後的投資組合變動，以及定價、銷量、成本與外匯動態，並包含近期地緣政治發展的影響。

Net sales were $1 billion, primarily driven by lower net sales in our fresh and value-added product segment.

淨銷售額為10億美元，主要受我們生鮮及加值產品分部淨銷售額下降所驅動。

This reflected the divestiture of man-packing and lower net sales in our avocado product line due to industry-wide oversupply, which resulted in lower per-unit selling prices.

這反映了man-packing的出售，以及由於全產業供給過剩導致酪梨產品線淨銷售額下降，進而使每單位售價下滑。

The decrease was partially offset by the initial contribution of Del Monte Foods and the favorable impact of fluctuations in exchange rates, primarily the euro.

上述降幅部分被Del Monte Foods的初始貢獻，以及匯率波動（主要為歐元）帶來的有利影響所抵銷。

Gross profit was $89 million, reflecting lower gross profit in our other products and services and prepared food segment, where results were impacted by lower selling prices in our poultry and meats business due to softer demand and the conflict in the Middle East.

毛利為8,900萬美元，反映其他產品與服務分部及調理食品分部毛利下降；其中調理食品分部受家禽與肉品業務因需求轉弱及中東衝突而導致售價下滑所影響。

In our prepared food segment, higher per unit production costs weighed on results.

在調理食品分部，每單位生產成本上升拖累了結果。

Gross profit was generally affected by supply chain disruptions in the Strait of Hormuz. And the unfavorable impact of a stronger Costa Rica cologne.

毛利亦普遍受到荷姆茲海峽供應鏈中斷的影響。以及哥斯大黎加科朗（Costa Rica cologne）走強帶來的不利影響。

These impacts were partially offset by higher per-unit selling prices in our banana and pineapple product lines, as well as the contribution of Del Monte Foods.

上述影響部分被香蕉與鳳梨產品線每單位售價上升，以及Del Monte Foods的貢獻所抵銷。

Gross margin increased to 8.5%.

毛利率提高至8.5%。

Adjusted gross profit was $91 million and adjusted gross margin was 8.7%.

調整後毛利為9,100萬美元，調整後毛利率為8.7%。

Operating income was $20 million, primarily driven by higher asset impairment and other charges net.

營業利益為2,000萬美元，主要受資產減損及其他費用淨額增加所驅動。

Adjusted operating income was $40 million. Asset impairment and other charges were related to the foods acquisition.

調整後營業利益為4,000萬美元。資產減損及其他費用與食品收購案相關。

Income from equity method investments was $7 million.

權益法投資收益為700萬美元。

The increase reflected higher equity earnings from unconsolidated investments, primarily from distributions received in excess of our carrying value upon the liquidation of a fund in which we previously held an interest.

增加主要反映未合併投資的權益收益提高，主要來自我們先前持有權益的一檔基金清算時，所收取的分配金額超過我們的帳面價值。

Fresh del monthly net income was $10 million, and on an adjusted basis, fresh del monthly net income was $30 million.

Fresh del monthly淨利為1,000萬美元；以調整後口徑計，Fresh del monthly淨利為3,000萬美元。

We delivered earnings per share of $0.21.

我們每股盈餘為0.21美元。

And adjusted earnings per diluted share of $0.63.

調整後稀釋每股盈餘為0.63美元。

Adjusted EBITDA was $58 million with a margin of 6% as a percentage of net sales, reflecting disciplined cost management amid a dynamic cost environment.

調整後EBITDA為5,800萬美元，佔淨銷售額的比率（利潤率）為6%，反映在成本環境多變下仍維持嚴謹的成本管理。

I will now go into more detail on the order performance for each of our business segments, starting with our fresh and value-added product segment.

接下來我將更詳細說明各業務分部的訂單表現，先從生鮮及加值產品分部開始。

Net sales were 549 million, primarily driven by strategic. Reductions in our fresh and fresh vegetable product lines, reflecting the divestiture of man packing, as well as lower per-unit selling prices in our Avocado product line driven by industry-wide oversupply.

淨銷售額為5.49億美元，主要由策略性所驅動。我們生鮮及新鮮蔬菜產品線的縮減，反映man packing的出售，以及因全產業供給過剩導致酪梨產品線每單位售價下降。

These declines were partially offset by higher net sales in our Pineapple product line, reflecting higher per-unit selling prices and the favorable impact of exchange rate movements, primarily the euro.

上述降幅部分被鳳梨產品線淨銷售額增加所抵銷，反映每單位售價上升及匯率變動（主要為歐元）帶來的有利影響。

Gross profit was $60 million, driven by the divestiture of Manpacking, which generated negative gross profit in the prior year, as well as higher per-unit selling prices in our Pineapple product line.

毛利為6,000萬美元，主要受Manpacking出售所驅動（該業務在前一年產生負毛利），以及鳳梨產品線每單位售價上升。

The increase was partially offset by higher per-unit production costs, as well as weather-related events in North America that negatively impacted sales volume in our Fresh Cut Fruit product line and contributed to lower per-unit selling prices in our melon product line.

上述增幅部分被每單位生產成本上升所抵銷，另北美與天候相關事件對鮮切水果產品線的銷量造成負面影響，並導致甜瓜產品線每單位售價下降。

Gross margin increased to 10.9%. Adjusted gross profit was $61 million.

毛利率提高至10.9%。調整後毛利為6,100萬美元。

Turning to our Banana segment.

接著看香蕉分部。

Net sales were $357 million, primarily driven by lower volume and market disruptions across regions, including adverse weather and supplier changes.

淨銷售額為3.57億美元，主要受銷量下降及各地區市場擾動所影響，包括不利天候與供應商變更。

The decrease was partially offset by higher per-unit selling prices across all regions and the favorable impact of fluctuations in exchange rates.

上述降幅部分被各地區每單位售價上升，以及匯率波動帶來的有利影響所抵銷。

Gross profit was $16 million, driven by higher per-unit production and procurement costs, partially offset by higher per-unit selling prices.

毛利為1,600萬美元，主要受每單位生產與採購成本上升所影響，部分被每單位售價上升所抵銷。

Gross margin was in line at 4.6%. Adjusted gross profit was $18 million, and adjusted gross margin increased to 5%.

毛利率持平為4.6%。調整後毛利為1,800萬美元，調整後毛利率提高至5%。

Moving to our Preferred Foods segment.

接著看我們的調理食品（Prepared Foods）分部。

Results reflected one week of contribution from the Del Monte Foods acquisition, along with contributions from our existing Prepared Foods operations.

結果反映Del Monte Foods收購案貢獻的一週，以及我們既有調理食品營運的貢獻。

Net sales were $83 million, including $22 million of net sales from the acquisition.

淨銷售額為8,300萬美元，其中收購案貢獻的淨銷售額為2,200萬美元。

Partially offset by lower net sales in Europe due to supply availability constraints of Pineapple used in our canned pineapple product line.

部分被歐洲淨銷售額下降所抵銷，原因為用於我們鳳梨罐頭產品線的鳳梨供應可得性受限。

Gross profit was $9 million, primarily driven by lower net sales in Europe and higher per unit production and distribution costs.

毛利為900萬美元，主要受歐洲淨銷售額下降及每單位生產與配送成本上升所影響。

Gross margin decreased to 10.8%.

毛利率下降至10.8%。

Lastly, our results for other products and services segment.

最後是其他產品與服務分部的結果。

Net sales were $56 million, driven by higher net sales of our third-party freight services business, partially offset by lower net sales in our poultry and meats business due to lower per-unit selling prices.

淨銷售額為5,600萬美元，主要由第三方貨運服務業務淨銷售額增加所帶動；部分被家禽與肉品業務因每單位售價下降而導致的淨銷售額下滑所抵銷。

Gross profit was $4 million and gross margin decreased to 6.8%.

毛利為400萬美元，毛利率下降至6.8%。

Now moving to selected financial results for the first quarter of 2026.

接下來說明2026年第一季的部分財務結果。

Our income tax provision was $8 million, reflecting changes in the global tax and regulatory environment and higher earnings in certain jurisdictions.

所得稅費用為800萬美元，反映全球稅務與監管環境變化，以及部分司法管轄區獲利較高。

Net cash provided by operating activities was $44 million.

營業活動提供的淨現金為4,400萬美元。

Cash flow was primarily driven by net earnings and partially offset by higher non-cash items, including asset impairments as well as working capital movements.

現金流主要由淨利驅動，並部分被較高的非現金項目（包括資產減損）以及營運資金變動所抵銷。

Mainly lower inventory levels and higher trade receivables due to the timing of period-end collections.

主要為存貨水位下降，以及因期末收款時點所致的應收帳款增加。

Turning to capital allocation, at the end of the first quarter, long-term debt stood at $438 million, and our average adjusted leverage ratio is at 1.4 times EBITDA.

在資本配置方面，第一季末長期負債為4.38億美元，我們的平均調整後槓桿比率為EBITDA的1.4倍。

This compares to $173 million in long-term debt at year-end, with the increase reflecting the closing of the Del Monte Foods acquisition.

相較之下，年末長期負債為1.73億美元；增加反映Del Monte Foods收購案完成交割。

Capital expenditures totaled $14 million during the quarter, reflecting pineapple expansion and packing facility construction in Costa Rica, equipment investments in Kenya, and the replacement and maintenance capital.

本季資本支出合計1,400萬美元，反映哥斯大黎加鳳梨擴產與包裝設施建置、肯亞設備投資，以及汰換與維護性資本支出。

As previously announced, our Board of Directors declared a quarterly cash dividend of $0.30 per share payable on June 11, 2026, to shareholders of record as of May 19, 2026.

如先前公告，我們董事會宣告每股0.30美元的季度現金股利，將於2026年6月11日支付予截至2026年5月19日登記在冊的股東。

On an annualized basis, (inaudible) this equates to $1.20 per share, representing a dividend yield of approximately 3% based on our current share price.

以年化基礎計算，（聽不清）相當於每股1.20美元，按我們目前股價計算，股利殖利率約為3%。

During the quarter, we repurchased 100000 shares of our common stock for $4 million at an average price of $40.24 per share.

本季我們以4,000萬美元回購普通股100000股，平均回購價格為每股40.24美元。

As of March 27, we had $116 million available under a $150 million share repurchase program.

截至3月27日，我們在1.5億美元的股票回購計畫下仍有1.16億美元可用額度。

Together, our capital allocation actions during the quarter, including dividends, share repurchases, and the completion of the Del Monte Foods acquisition, reflect our balanced approach to capital deployment.

本季我們的資本配置行動（包括股利、股票回購，以及完成Del Monte Foods收購）共同反映了我們在資本部署上的均衡作法。

We continue to prioritize reinvestment in the business and a competitive, reliable return to shareholders.

我們仍將優先把資金再投資於業務，並向股東提供具競爭力且可靠的回報。

Turning to our outlook for the full year of 2026.

接著談談我們對2026全年展望。

We are providing our expectations for our business segments and key financial priorities, including SG&A, capital expenditures, and cash flows.

我們將提供對各業務部門與關鍵財務優先事項的預期，包括SG&A、資本支出與現金流。

This outlook is based on the information available to us today and our experience managing through comparable industry and Macroeconomic cycles.

此展望係基於我們目前可得資訊，以及我們在管理類似產業與總體經濟循環方面的經驗。

Given the current environment, our priorities for 2026 are clear.

鑑於目前環境，我們對2026年的優先事項很明確。

First, protecting the long-term earnings power of the portfolio.

第一，保護投資組合的長期獲利能力。

Second, maintaining balance sheet and liquidity flexibility.

第二，維持資產負債表與流動性的彈性。

And third, managing through near-term volatility with discipline.

第三，以紀律管理短期波動。

Our 2026 outlook reflects Fresh Del Monte's continuing operations.

我們的2026年展望反映Fresh Del Monte的持續營運。

It excludes the Manpacking business exited in December 2025 and includes nine months of contribution from Del Monte Foods' transactions.

其中不包含於2025年12月退出的Manpacking業務，並包含Del Monte Foods交易九個月的貢獻。

We expect net sales on a continuing operation basis to increase between 13% and 15% year-over-year, reflecting execution across our base business and the contribution from the Del Monte Foods transaction, which we expect will contribute $600 million of net sales in 2026.

我們預期以持續營運基礎計算的淨銷售額將年增13%至15%，反映我們核心業務的執行力以及Del Monte Foods交易的貢獻；我們預期該交易在2026年將貢獻6億美元的淨銷售額。

As discussed, developments in the Middle East have driven higher energy, shipping, and commodity input costs.

如前所述，中東局勢發展推升了能源、航運與大宗商品投入成本。

Based on current assumptions and observable market conditions, we estimate the impact of these cost pressures to be approximately $40 to $45 million, which will impact us starting in the second quarter.

基於目前假設與可觀察的市場狀況，我們估計這些成本壓力的影響約為4,000萬至4,500萬美元，並將自第二季開始影響我們。

These impacts are primarily related to ocean freight costs, including bunker fuel and war-related surcharges, inland transportation, fertilizer, and packaging costs.

這些影響主要與海運費用相關，包括船用燃油與戰爭相關附加費、內陸運輸、肥料以及包材成本。

Consistent with recent elevated oil and fuel price trends.

與近期油價與燃料價格走高的趨勢一致。

Our outlook also reflects approximately $20 million to $25 million of headwinds over the balance of the year, roughly 50% from foreign exchange impacts, primarily related to the Costa Rica Colon, and the remainder driven by higher domestic transportation and logistic costs. Resulting from shortage of driver availability in the US

我們的展望亦反映今年剩餘期間約2,000萬至2,500萬美元的不利因素，其中約50%來自外匯影響，主要與哥斯大黎加科朗（Colon）相關，其餘則由國內運輸與物流成本上升所致。係因美國司機供給短缺所造成

Separately, tariffs implemented beginning in March 2025 continue to function largely as a pass-through.

另外，自2025年3月起實施的關稅在很大程度上仍屬於轉嫁性質。

Tariffs had a modest impact in the first quarter, and given the uncertainty around recoverability and timing, we have not assumed any tariff refunds.

關稅在第一季的影響不大；鑑於可回收性與時點的不確定性，我們未將任何關稅退還納入假設。

In bananas, near-term industry supply and cost dynamics combined with trade dislocations following Middle East-related disruptions are creating incremental volume pressure in North America and Europe markets, which is reflected in our guidance.

在香蕉業務方面，短期產業供給與成本動態，加上中東相關擾動後的貿易錯位，正在對北美與歐洲市場造成額外的銷量壓力，並已反映在我們的指引中。

At the same time, per unit costs are higher, driven by lower production from Costa Rica and the disease management efforts on our own farms.

同時，單位成本上升，主因是哥斯大黎加產量下降，以及我們自有農場的病害管理措施。

Fertilizer inflation has added further pressure.

肥料通膨也帶來進一步壓力。

These headwinds are reflected in the segment gross margin ranges we are providing today.

這些逆風已反映在我們今天提供的各部門毛利率區間中。

Consistent with our established cost management approach, our outlook reflects a disciplined and active response to the current environment.

延續我們既有的成本管理方法，我們的展望反映對當前環境採取有紀律且積極的因應。

This includes targeted pricing actions where market and customer dynamics support them.

其中包括在市場與客戶動態支持的情況下採取具針對性的定價措施。

Contractual fuel recovery mechanisms, and continued focus on cost containment and operational efficiency.

合約性的燃料回收機制，以及持續聚焦成本控管與營運效率。

Just as important, it reflects ongoing deliberate trade-offs around timing, mix, and service to protect customer relationships, sustain throughput, and preserve long-term earning capacity during a period of elevated volatility.

同樣重要的是，這也反映我們在時點、組合與服務方面持續進行審慎取捨，以維護客戶關係、維持產能利用率，並在高波動期間保全長期獲利能力。

Turning to gross margin expectations by segment.

接著談各部門的毛利率預期。

In our Fresh and Value-Added Products segment, we expect gross margin to be in the range of 11% to 12%, compared with 14% last year.

在我們的生鮮與加值產品部門，我們預期毛利率介於11%至12%，相較去年為14%。

This reflects higher per unit production and distribution costs across the segment, as well as industry-wide supply constraints and pineapple volumes that limit our ability to fully benefit from increased market demand from our premium pineapple varieties.

這反映該部門整體單位生產與配送成本上升，以及全產業供給受限與鳳梨供應量不足，限制我們無法充分受惠於高端鳳梨品種帶動的市場需求增加。

In our Banana segment, we expect gross margin to be in the range of 3% to 4%, consistent with the cost, supply, and market dynamics discussed before.

在香蕉部門，我們預期毛利率介於3%至4%，與先前討論的成本、供給與市場動態一致。

In our Prepared Foods segment, we expect gross margin to be in the range of 13% to 14%.

在我們的調理食品部門，我們預期毛利率介於13%至14%。

This reflects the combination of Del Monte Foods transaction, which brings an inherently higher margin branded CPG profile.

這反映Del Monte Foods交易所帶來的組合效應，該交易帶入本質上毛利較高的品牌消費性包裝商品（CPG）業態。

With our existing prepared foods operations, as well as integration, timing, input cost volatility, and mix across geographies.

並結合我們既有的調理食品營運，以及整合進度、時點、投入成本波動與各地區產品組合等因素。

Importantly, the reported range does not yet reflect the full margin potential of the Del Monte Foods platform as integration progresses.

重要的是，隨著整合推進，所報告的區間尚未反映Del Monte Foods平台的全部毛利潛力。

In our other products and services segment, we expect gross margin to be in the range of 12% to 13% consistent with prior years.

在其他產品與服務部門，我們預期毛利率介於12%至13%，與往年一致。

Selling, general and administrative expense is expected to be in the range of $270 million to $280 million, reflecting the inclusion of Del Monte Foods and our intentional shift for a branded CPG operating model, which carries a higher SG&A profile than our historical fresh produce operations.

銷售、一般及行政費用預期介於2.70億至2.80億美元，反映納入Del Monte Foods，以及我們刻意轉向品牌CPG營運模式；該模式的SG&A水準高於我們過往的生鮮農產品營運。

This range also includes wage inflation and targeted investments in technology and organizational support to operate and scale a global branded foods platform.

此區間亦包含薪資通膨，以及在科技與組織支援方面的針對性投資，以營運並擴大全球品牌食品平台。

Capital expenditures for the full year are expected to be in the range of $85 million to $95 million, focused on production expansion in Central America, growth in our Fresh Cut and Prepare Foods operations in Europe.

全年資本支出預期介於8,500萬至9,500萬美元，重點在於中美洲的產能擴張，以及我們在歐洲的鮮切與調理食品業務成長。

A recent warehouse investment and other investments related to the Del Monte Foods acquisition, as well as investments in core technology systems.

近期的倉儲投資與其他與Del Monte Foods收購相關的投資，以及對核心科技系統的投資。

For the full year, we expect net cash provided by operating activities to be in the range of $40 million to $50 million, which reflects lower cash generation than we historically produced as a pure, fresh produce company.

全年而言，我們預期營運活動提供的淨現金介於4,000萬至5,000萬美元，反映相較於我們過去作為純生鮮農產品公司時的現金創造能力較低。

With the addition of Del Monte Foods, our cash profile now reflects the seasonal working capital dynamics of a branded CPG business.

隨著納入Del Monte Foods，我們的現金特性如今反映品牌CPG業務的季節性營運資金動態。

This includes higher working capital requirements in the second and third quarters as inventories are built to support seasonal packing and processing activities that ramp through the harvest season and peak from summer through fall.

這包括第二與第三季較高的營運資金需求，因為為支援季節性包裝與加工活動而建立庫存；該活動在收成季節逐步升溫，並於夏季至秋季達到高峰。

As those inventories convert to sales, we expect stronger cash generation in the fourth quarter and into the first quarter, driven by peak demand during November and December holiday season and again around the Easter holiday period.

隨著庫存轉化為銷售，我們預期第四季以及延伸至第一季的現金創造將更強，主要受11月與12月假期旺季需求，以及復活節假期前後需求高峰所帶動。

Due to the timing of the acquisition, working capital needs will be higher in 2026 than in future periods.

由於收購時點因素，2026年的營運資金需求將高於未來期間。

In summary, while the operating environment remains challenging.

總結而言，儘管營運環境仍具挑戰。

We believe the underlying fundamentals of our portfolio are sound, and our focus remains on disciplined execution, prudent capital allocation, protecting long-term value, consistent cash generation across the full operating cycle, and maintaining flexibility and financial resilience as conditions evolve.

我們相信投資組合的基本面依然穩健；我們的重點仍在於有紀律的執行、審慎的資本配置、保護長期價值、在完整營運循環中維持一致的現金創造能力，並在情勢演變下維持彈性與財務韌性。

This concludes our financial review. We can now turn the call over to Q&A. Krista?

以上為我們的財務回顧。接下來我們可以進入問答。Krista？

Krista.

Krista。

My apologies. (event instructions)

抱歉。（活動指示）

And we have no questions at this time. I would like to turn the conference back over to Mr. Mohammad Abu-Ghazaleh for closing comments.

目前沒有提問。我想把會議交回給Mohammad Abu-Ghazaleh先生作結語。

Thank you, Krista and thank you for everyone for joining us today, and hope to speak with you on our next call at the second quarter.

謝謝你，Krista，也謝謝各位今天參與；希望在下一次第二季的電話會議上再與各位交流。

Thank you, everyone, and have a good day.

謝謝各位，祝各位有美好的一天。

Well, ladies and gentlemen, this does conclude today's conference call.

各位女士、先生，今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝各位的參與，現在可以掛線。