Fresh Del Monte Produce Inc (FDP) 2025 Q1 法說會逐字稿

Good day everyone, and welcome to Fresh Del Monte Produces first quarter 2025 earnings conference call.

大家好，歡迎參加 Fresh Del Monte Produces 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

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 Inc, Ms. Christine Cannella. Please go ahead, Ms. Cannella.

為了致開幕詞和介紹，我想將今天的電話會議交給 Fresh Del Monte Produce Inc 的投資者關係副總裁 Christine Cannella 女士。請繼續，卡內拉女士。

Thank you, Regina. Good afternoon, everyone, and thank you for joining our first quarter of 2025 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. I hope that you had a chance to review the press release that was issued earlier by a Businesswire. You may also visit the company's IR website at investorrelations.freshdelmonte.com to access today's earnings materials and to register for future distribution. This conference call is being webcast live on our website and will be available for replay after this call.

謝謝你，里賈娜。大家下午好，感謝您參加我們的 2025 年第一季電話會議。參加今天討論的還有董事長兼首席執行官穆罕默德·阿布·格扎拉先生和高級副總裁兼首席財務官莫妮卡·維森特女士。我希望您有機會閱讀 Businesswire 早些時候發布的新聞稿。您也可以造訪該公司的 IR 網站 investorrelations.freshdelmonte.com，以取得今天的收益資料並註冊以供將來分發。本次電話會議將在我們的網站上進行網路直播，會議結束後可重播。

Please note that our press release and our call today include non-GAAP measures, reconciliation 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，我們的新聞稿和今天的電話會議包括非公認會計準則指標，這些非公認會計準則財務指標的對帳在新聞稿和收益報告中列出，可在我們的網站上查閱。

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 question, may include forward-looking statements within the safe harbor provisions of the Federal securities laws. In today's press release and in our SEC filings, we detail risks that may cause our future results to differ materially from these forward-looking statements.

我想提醒您，我們今天要討論的大部分信息，包括我們對您的問題的回答，可能包括聯邦證券法安全港條款內的前瞻性陳述。在今天的新聞稿和提交給美國證券交易委員會的文件中，我們詳細說明了可能導致我們的未來結果與這些前瞻性陳述有重大差異的風險。

Our statements are as of today, April 30th, and we have no obligation to update any forward-looking statement we may make.

我們的聲明截至今天（4 月 30 日）為止，我們沒有義務更新我們可能做出的任何前瞻性聲明。

During the call, we will provide a business update along with an overview of our first quarter, 2025 financial results followed by a question-and-answer session.

在電話會議中，我們將提供業務更新以及 2025 年第一季財務業績概述，然後進行問答環節。

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

現在，我將今天的演講轉交給穆罕默德·阿布·格扎拉先生。請繼續。

Thank you, Christine, and thanks all everybody on this call for joining us for our first quarter of 2025 and its call.

謝謝你，克里斯汀，也感謝參加本次電話會議的所有人參加我們的 2025 年第一季會議。

We began the year with continued momentum. Building on the progress we made throughout 2024. Our results this quarter reflect a strong start, driven by solid demand in key categories. A more optimized product mix and continued focus on operational efficiency. We saw meaningful year over year improvements in both gross profit and gross margin. Particularly within our fresh and value-added segment, affirming the effectiveness of our strategy and the discipline behind its execution.

我們以持續的勢頭開啟了新的一年。在我們 2024 年取得的進展的基礎上繼續努力。受關鍵類別強勁需求的推動，本季業績開局強勁。更優化的產品組合和持續專注於營運效率。我們看到毛利和毛利率同比都有顯著提高。特別是在我們的新鮮和增值領域，肯定了我們策略的有效性及其執行背後的紀律。

Pineapples continue to perform well, with demand once again exceeding supply. A clear reflection of our leadership in this cornerstone category. Leveraging that leadership, we are closely tracking global production conditions and actively managing the ongoing imbalance between supply and demand.

菠蘿繼續表現良好，需求再次超過供應。這清楚地反映了我們在這一基石類別中的領導地位。利用這一領導地位，我們密切追蹤全球生產狀況並積極管理持續的供需失衡。

As consumption continues to grow across markets, we have taken strategic steps to strengthen supply continuity and secure consistent availability for our customers, allowing us to stay ahead of the curve and better at speed future demand. At the same time, we continue to see strong consumer interest, avocados and fresh cut fruit two categories that are central to our long-term growth strategy.

隨著各個市場消費的持續成長，我們已採取策略措施來加強供應的連續性並確保為客戶提供持續的供應，從而讓我們保持領先地位並更好地滿足未來的需求。同時，我們繼續看到消費者的強烈興趣，酪梨和新鮮切水果這兩類產品是我們長期成長策略的核心。

These products play an increasingly important role in how consumers engage with fresh produce, and they are a critical part of our expansion plans which we look forward to sharing in more detail in the months ahead.

這些產品在消費者與新鮮農產品的互動中發揮越來越重要的作用，它們是我們擴張計劃的關鍵部分，我們期待在未來幾個月內分享更多細節。

This quarter further demonstrated the operational resilience provided by our politically integrated supply chain. Particularly amidst persistent global shipping disruptions marked by container equipment scarcity. constrained vessel capacity and escalating port congestion. Today To date we have been able to move products with minimal to no delays giving our customers a level of service continuity that few can match.

本季進一步證明了我們的政治一體化供應鏈所提供的營運彈性。特別是在全球航運持續中斷、貨櫃設備短缺的情況下。船舶容量受限，港口壅塞加劇。到目前為止，我們已經能夠以最小的延遲甚至無延遲地運送產品，為我們的客戶提供很少有人能比擬的服務連續性水平。

On the topic of agility, it is important to address the current conversation around tariffs the situation is evolving quickly, and we are monitoring it closely. As of now, none of our major growing countries have been hit with additional tariffs beyond the existing 10% baseline.

關於敏捷性主題，重要的是解決當前有關關稅的討論，情況正在迅速發展，我們正在密切關注。截至目前，我們的主要成長國家均未受到超過現有10%基準的額外關稅。

I would like to highlight a key strategic move from this past quarter. In March we announced our acquisition of a majority stake in a volume. One of Uganda's leading avocado oil producers. This is more than a supply chain investment. It is a clear example of our strategy in action.

我想強調一下上個季度的一項關鍵策略舉措。三月份，我們宣布收購一家公司的多數股權。烏幹達領先的酪梨油生產商之一。這不僅僅是一項供應鏈投資。這是我們策略付諸實施的一個明顯例子。

We believe that this investment will allow us to take avocados that may not meet fresh market standards and convert them into premium avocado oil. That means less waste, more value, and a stronger foothold in a fast growing, higher margin category.

我們相信，這項投資將使我們能夠將可能不符合新鮮市場標準的酪梨轉化為優質酪梨油。這意味著更少的浪費、更多的價值以及在快速成長、利潤更高的類別中更穩固的立足點。

This investment tied directly to our vision for 2025 through 2027. Maximizing fruit residues, creating value added solutions, and advancing sustainability across every part of our business. Now that we have closed out a strong first quarter, I think this is a good moment to share how we are thinking about the future and what we see as our North Star.

這項投資與我們對 2025 年至 2027 年的願景直接相關。最大限度地利用水果殘渣，創造增值解決方案，並推動我們業務各個部分的可持續發展。現在我們已經結束了強勁的第一季度，我認為這是分享我們對未來的看法以及我們所看到的北極星的好時機。

As we look ahead to 2027 our vision is to lead the industry in fresh and value-added products anchored in our commitment to quality, innovation and sustainability. It's about doing more with what we grow, turning waste into opportunity, and making sure every resource is used with purpose.

展望 2027 年，我們的願景是引領業界新鮮增值產品的發展，並始終堅持對品質、創新和永續發展的承諾。這是為了更好地利用我們所種植的資源，將廢物轉化為機遇，並確保每種資源都得到有目的地利用。

Our mission is to deliver products our customers can trust through ethical farming, advanced operations, and sustainable practices. And at the core of it all is our strength in pineapples which continues to set the standard for everything we do.

我們的使命是透過道德農業、先進的操作和永續的實踐為客戶提供值得信賴的產品。而這一切的核心是我們在鳳梨方面的優勢，它繼續為我們所做的一切設定標準。

To bring this vision to life, we have focused on five key positions, innovating and diversifying our product portfolio using resources more efficiently and reducing waste, driving operational excellence through automation and integration, expanding globally while reducing reliance on any one market and investing in our people and building lasting trust.

為了實現這一願景，我們專注於五個關鍵領域：創新和多樣化我們的產品組合；更有效地利用資源並減少浪費；透過自動化和整合推動卓越營運；在全球範圍內擴張，同時減少對任何一個市場的依賴；投資於我們的員工並建立持久的信任。

That's the future we are building towards, focused, purpose driven and designed to create long term value for everyone we serve, from our customers, consumers and business partners to our shareholders and the environment we all depend on.

這就是我們正在建立的未來，我們專注、有目標，旨在為我們服務的每個人創造長期價值，從我們的客戶、消費者和業務合作夥伴到我們的股東和我們賴以生存的環境。

With that, I will turn over to Monica to discuss our first quarter 2025 results in detail.

接下來，我將請莫妮卡詳細討論我們 2025 年第一季的業績。

Thank you.

謝謝。

Thank you, Mr. Abu-Ghazaleh, and good morning, everyone and thank you for joining us on today's call. I will begin with our financial results for the first quarter of 2025, and then I will share our outlook for the remainder of the year. As Christine mentioned, 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.

謝謝您，阿布·格扎拉先生，大家早上好，謝謝您參加今天的電話會議。我將從 2025 年第一季的財務表現開始，然後分享我們對今年剩餘時間的展望。正如克里斯汀所提到的，我們的新聞稿和今天的電話會議都包含非公認會計準則衡量指標。這些非公認會計準則財務指標的對帳表已在新聞稿和收益報告中列出，可在我們的網站上查閱。

Now let's move on to our financial results for the 1st quarter of 2025.

現在讓我們來看看 2025 年第一季的財務表現。

Net sales were $198 million compared with $108 million in the prior year. The decrease was driven by lower net sales in our banana segment, primarily a result of lower sales volume and the negative impact of fluctuations in exchange rates, partially offset by higher net sales in our fresh and value-added product segment, driven by higher per unit selling prices.

淨銷售額為 1.98 億美元，而去年同期為 1.08 億美元。下降的原因是香蕉部門淨銷售額下降，這主要是由於銷售量下降和匯率波動的負面影響，但新鮮和增值產品部門淨銷售額增加（受單位銷售價格上漲推動）部分抵消了這一影響。

Gross profit for the first quarter of 2025 was $92 million compared with $82 million in the prior year. The increase in gross profit for the quarter was driven by higher net sales in our fresh and value-added product segments partially offset by higher per unit production, procurement, and distribution costs.

2025 年第一季的毛利為 9,200 萬美元，而去年同期為 8,200 萬美元。本季毛利的成長得益於新鮮和增值產品部門淨銷售額的增加，但單位生產、採購和分銷成本的增加部分抵消了這一增長。

Gross margin for the first quarter was 8.4% compared with 7.4% in the prior year. This also reflects a sequential increase from 6.8% in the fourth quarter of 2024.

第一季毛利率為8.4%，去年同期為7.4%。這也反映了 2024 年第四季 6.8% 的連續成長。

Adjusted gross profit for the first quarter was $92 million compared with $81 million last year. Operating income for the first quarter of 2025 was $45 million compared with $44 million last year. The increase in operating income was driven by higher gross profit, partially offset by lower gain on disposal of property, plants, and equipment nets. Adjusted operating income was $44 million compared with $31 million in the prior year.

第一季調整後的毛利為 9,200 萬美元，去年同期為 8,100 萬美元。2025 年第一季的營業收入為 4,500 萬美元，而去年為 4,400 萬美元。營業收入的成長是由毛利的增加所推動的，但被處置財產、廠房和設備淨收益的減少部分抵消。調整後的營業收入為 4,400 萬美元，而去年同期為 3,100 萬美元。

Other expense net for the first quarter was $3 million compared with $8 million in the prior year. The decrease was primarily due to lower foreign currency losses. Net income attributable to fresh Del Monte for the first quarter of 2025 was $31 million compared with $26 million in the prior year.

第一季其他支出淨額為 300 萬美元，去年同期為 800 萬美元。下降的主要原因是外匯損失減少。2025 年第一季度，新鮮德爾蒙特的淨收入為 3,100 萬美元，而去年同期為 2,600 萬美元。

An adjusted SDP net income was $30 million compared with $16 million last year. A diluted EPS for the first quarter was $0.64 per share, compared with $0.55 in the prior year. Adjust the diluted EPS was $0.63 compared with $0.34 per share last year. Adjusted EBITDA for the first quarter of 2025 was $61 million or 6% of net sales compared with $44 million or 4% in the prior year.

調整後的 SDP 淨收入為 3,000 萬美元，而去年同期為 1,600 萬美元。第一季稀釋每股收益為 0.64 美元，去年同期為 0.55 美元。調整後每股攤薄收益為0.63美元，去年同期每股收益為0.34美元。2025 年第一季調整後 EBITDA 為 6,100 萬美元，佔淨銷售額的 6%，而去年同期為 4,400 萬美元，佔淨銷售額的 4%。

I will now go into more detail on our first quarter 2025 performance for each of our segments, beginning with our fresh and value-added product segment.

現在，我將詳細介紹我們各部門 2025 年第一季的業績，首先是新鮮和增值產品部門。

Net sales for the first quarter of 2025 were $683 million compared with $677 million in the prior year. The increase in net sales was primarily a result of higher per unit selling prices in our avocado product line, and higher sales volume and per unit selling prices in our fresh cut fruit product line in North America, due to strong market demand.

2025 年第一季淨銷售額為 6.83 億美元，去年同期為 6.77 億美元。淨銷售額的成長主要是由於我們的酪梨產品線的單位售價上漲，以及由於市場需求強勁，我們在北美的鮮切水果產品線的銷售和單位售價增加。

The increase was partially offset by lower net sales in our fresh cut vegetable and vegetable product lines due to our strategic operational reductions in the fourth quarter of 2024, which also included the sale of certain assets of fresh leaf farms.

由於我們在 2024 年第四季度實施了策略性營運削減（其中還包括出售某些鮮葉農場的資產），導致新鮮切割蔬菜和蔬菜產品線的淨銷售額下降，部分抵消了這一增長。

Gross profit was $69 million compared with $56 million in the prior year. The increase in gross profit was primarily driven by higher per unit selling prices in our pineapple and melon product lines, partially offset by higher per unit production, procurement, and distribution costs.

毛利為 6,900 萬美元，而去年同期為 5,600 萬美元。毛利的成長主要得益於鳳梨和甜瓜產品線的單位售價上漲，但被單位生產、採購和分銷成本的上漲部分抵銷。

Gross margin increased to 10.1% in the first quarter compared with 8.3% in the prior year. This also reflects an improvement from 7.5% in the fourth quarter of 2024 and 9.3% for the full year 2024. We're making solid progress toward our goal of delivering double digit gross margins in the low 10s for this segment as we continue to improve our product mix.

第一季毛利率由去年同期的8.3%上升至10.1%。這也反映出較 2024 年第四季的 7.5% 和 2024 年全年的 9.3% 有所改善。隨著我們不斷改善產品組合，我們正在朝著實現該領域兩位數毛利率的目標穩步前進。

Moving to our banana segment, net sales were $364 million compared with $380 million in the prior year. The decrease in net sales was primarily a result of lower sales volume and per unit selling prices in Asia due to a combination of lower market demand and excess industry supply. Along with lower sales volume in North America due to lower industry supply and weather-related logistic disruptions. Additionally, net sales were negatively impacted by fluctuations in exchange rates due to a weaker EUR and Korean won. The decrease was partially offset by higher per unit selling prices in North America.

談到我們的香蕉部門，淨銷售額為 3.64 億美元，而前一年為 3.8 億美元。淨銷售額的下降主要是由於市場需求下降和產業供應過剩導致亞洲的銷售量和單位銷售價格下降。由於行業供應減少和天氣相關的物流中斷，北美的銷售量也下降。此外，由於歐元和韓元走弱，匯率波動對淨銷售額產生了負面影響。北美地區單位售價的上漲部分抵銷了這一下降。

Gross profit was $17 million compared with $22 million in the prior year. The decrease in gross profit was driven by lower net sales and higher per unit production and procurement costs. Gross margin decreased to 4.6% compared to 5.7% in the prior year.

毛利為 1700 萬美元，而去年同期為 2,200 萬美元。毛利潤下降是由於淨銷售額下降以及單位生產和採購成本上升所致。毛利率由上年度的5.7%下降至4.6%。

Lastly, our other products and services segments. Net sales were $51 million in line with the prior year. Gross profit was $6 million compared with $5 million last year. The increase in gross profit was primarily due to higher per unit selling prices in our poultry and meats business. Gross margin increased to 11.9% compared with 8.9% last year.

最後，我們的其他產品和服務部門。淨銷售額為 5,100 萬美元，與上年持平。毛利為 600 萬美元，而去年同期為 500 萬美元。毛利的成長主要是由於我們的家禽和肉類業務的單位銷售價格上漲。毛利率由去年的8.9%上升至11.9%。

Now moving to selected financial results for the first quarter of 2025.

現在轉到 2025 年第一季的部分財務表現。

Our income tax provision was $7 million compared with $5 million in the same period last year. The increase in income tax was primarily due to increased earnings in certain higher tax jurisdictions. Our effective tax rate for the first quarter was 18%.

我們的所得稅準備金為 700 萬美元，而去年同期為 500 萬美元。所得稅的增加主要是由於某些高稅率管轄區的收入增加。我們第一季的有效稅率為18%。

Net cash provided by operating activities for the first quarter of 2025 was $46 million compared with $19 million in the prior year. The increase in net cash provided by operating activities was primarily due to working capital fluctuations, mainly driven by higher levels of accounts payable and accrued expenses, lower levels of accounts receivable, and higher net income. The increase was partially offset by higher levels of inventory when compared to the prior year period.

2025 年第一季經營活動提供的淨現金為 4,600 萬美元，去年同期為 1,900 萬美元。經營活動產生的淨現金增加主要是由於營運資本波動，主要由於應付帳款和應計費用水準上升、應收帳款水準下降以及淨收入上升。與去年同期相比，這一增長被更高的庫存水準部分抵消。

We ended the first quarter of 2025 with $233 million of long-term debt, and $11 million or 5% reduction from $244 million at fiscal year in 2024. And also, a decrease of 42% compared with the prior year period. Our adjusted leverage ratio is less than one times. Our capital investment for the first three months of 2025 was $10 million compared with $13 million in the prior year.

截至 2025 年第一季度，我們的長期債務為 2.33 億美元，比 2024 財年的 2.44 億美元減少了 1,100 萬美元，減少了 5%。與去年同期相比，下降了42%。我們的調整後槓桿率不到一倍。我們 2025 年前三個月的資本投資為 1,000 萬美元，而去年同期為 1,300 萬美元。

As announced in our press release, we declared a quarterly cash dividend of $0.30 per share, payable on June 6, 2025, to shareholders of record on May 14, 2025. On an annualized basis, this equates to $1.20 per share, representing a dividend yield of 3.5% based on our current share price. Also, during the first quarter of 2025, we repurchased $7.6 million or 254,000 shares of our common stock at an average price of 2,997. As part of our $150 million share repurchase program.

正如我們在新聞稿中宣布的那樣，我們宣布季度現金股息為每股 0.30 美元，並將於 2025 年 6 月 6 日支付給 2025 年 5 月 14 日登記在冊的股東。以年率計算，這相當於每股 1.20 美元，根據我們目前的股價，股息殖利率為 3.5%。此外，在 2025 年第一季度，我們以平均 2,997 美元的價格回購了 760 萬美元或 254,000 股普通股。作為我們 1.5 億美元股票回購計劃的一部分。

These actions reflect our commitment to a strong, sustainable dividends and a balanced capital allocation strategy that includes opportunistic share repurchases. As we look ahead, excluding the impact of tariffs and recent macroeconomic developments, we continue to expect full year 2025 results to be in line with the outlook we shared during our year-end earnings call in February. Which reflects our confidence in our strategic initiatives and current visibility into our business.

這些行動反映了我們對強勁、可持續的股息和平衡的資本配置策略（包括機會性股票回購）的承諾。展望未來，排除關稅和近期宏觀經濟發展的影響，我們仍然預計 2025 年全年業績將與我們在 2 月年終收益電話會議上分享的展望一致。這反映了我們對策略舉措和當前業務透明度的信心。

That said, we continue to closely monitor developments related to the evolving tariff situation or other geopolitical developments that remain fluid at this time.

儘管如此，我們將繼續密切關注不斷變化的關稅狀況​​或其他目前仍不穩定的地緣政治發展。

We reiterate our expectations for the full year of 2025. We expect to see net sales grow 2% year over year. And as far as gross margins by business segments, in our fresh and value-added segment, gross margin is expected to be in the range of 10 to 11%.

我們重申對 2025 年全年的預期。我們預計淨銷售額將年增 2%。就各業務部門的毛利率而言，在我們的新鮮和增值業務部門，毛利率預計在 10% 至 11% 之間。

In our banana segment, gross margin is expected to be in the historical range of 5 to 7%. For our other products and services segment, gross margin is expected to be in the range of 12 to 14%. As far as our selling general and administrative expenses, we expect that to be in the range of $205 million to $210 million. Our projected cutbacks are expected to be in the range of $80 million to $90 million. And we expect net cash provided by operating activities to be in the range of $180 million to $190 million.

在我們的香蕉部門，毛利率預計在5％至7％的歷史範圍內。對於我們的其他產品和服務部門，毛利率預計在 12% 至 14% 之間。就我們的銷售一般及行政開支而言，我們預計其範圍將在 2.05 億美元至 2.1 億美元之間。我們預計削減金額將在 8,000 萬至 9,000 萬美元之間。我們預計經營活動提供的淨現金將在 1.8 億美元至 1.9 億美元之間。

We recognize that the current environment marked by tariffs, global tensions, and possible logistical uncertainties continues to evolve. We have weathered external disruptions before, and our diversified sourcing strategy is designed for resilience. Our product mix remains in demand, and we're focused on long term value creation. The fundamentals of our business have not changed.

我們認識到，當前以關稅、全球緊張局勢和可能的物流不確定性為特徵的環境仍在不斷演變。我們以前曾經歷過外部幹擾，我們的多元化採購策略旨在增強韌性。我們的產品組合仍然受到歡迎，我們專注於創造長期價值。我們的業務基本面沒有改變。

This concludes her financial review. We can now turn the call over to Regina.

她的財務審查到此結束。現在我們可以將電話轉給 Regina。

We will now begin the question-and-answer session. Our first question will come from the line of Mitchell Pinheiro with Sturdivant & Company. Please go ahead.

我們現在開始問答環節。我們的第一個問題來自 Sturdivant & Company 的 Mitchell Pinheiro。請繼續。

Yeah, hi, good Morning. Can you hear me?

是的，你好，早安。你聽得到我嗎？

Good morning. Yes, we can hear you.

早安.是的，我們能聽到你的聲音。

Great. Good morning. So, Mohammed, I was wondering if you could talk a little bit about the produce category, and your categories within that, what you're seeing in terms of demand, we are obviously the consumer is under pressure, but what are you seeing in your categories relative to that.

偉大的。早安.因此，穆罕默德，我想知道您是否可以談談農產品類別以及其中的類別，您在需求方面看到的情況，我們顯然看到消費者面臨壓力，但您在您的類別中看到與此相關的情況。

And what you expect here in the next quarter or so.

您對下一季度左右的情況有何預期？

What we see is a very, continuous solid demand in our sector, which is the fresh produce, the fruits or vegetables. We don't see any kind of reductions in in demand or consumption. I believe this will continue as we are very kind of basic reasonably priced, segment in terms of cost.

我們看到，我們的產業對新鮮農產品、水果或蔬菜有著持續強勁的需求。我們沒有看到需求或消費有任何減少。我相信這種情況將會持續下去，因為我們在成本方面定價非常合理。

So, I'm confident that this is not going to change. As a matter of fact, disruption that is happening right now in the market sometimes opens opportunities for us which we are looking at and maybe a good time for probably, picking up some good opportunities there.

所以，我相信這種情況不會改變。事實上，目前市場上發生的混亂有時會為我們帶來機會，我們正在尋找這些機會，這可能是一個好時機，我們可以在那裡找到一些好機會。

So yeah, I mean it's interesting, what do you, are you seeing significant players, in the industry having sort of logistic issues that you're going to take advantage of or is it, more broadly, just some of the weaker players, sort of more broadly having issues.

是的，我的意思是這很有趣，您是否看到行業中的重要參與者遇到了您將要利用的物流問題，或者更廣泛地說，只是一些較弱的參與者遇到了更廣泛的問題。

I you definitely nailed it, but actually, with this kind of environment that we are going through, the disruptions, be it on the logistic side on all fronts really have put, I would say put small, medium sized companies or operators at a disadvantage because of the hardships that is being created by these disruptions. So, in our case, yes, we are very flexible. We're very agile.

你說得確實很正確，但實際上，在我們所處的這種環境下，無論是物流方面還是其他方面，這些中斷確實已經使中小型公司或運營商處於不利地位，因為這些中斷給他們帶來了困難。所以，就我們的情況而言，是的，我們非常靈活。我們非常敏捷。

We can adapt to this situation. Our logistical, full integration from the supply chain gives us a very big leverage in terms of being able to move forward without any disruptions or interruptions in our operations, and that's the most important thing is that your customers' demands or your customer requirements are fulfilled on time without any interruptions, and that's really the big element here in this situation is between somebody that can deliver, on time and in full and someone that cannot do that. So, you are right, what you just mentioned is very true.

我們可以適應這種情況。我們的物流、供應鏈的全面整合為我們提供了非常大的優勢，使我們能夠在不中斷或中斷營運的情況下繼續前進，最重要的是，您的客戶的需求或客戶要求能夠準時得到滿足，而不會受到任何干擾，在這種情況下，這確實是能夠按時、完整交付的人和無法做到這一點的人之間的關鍵因素。所以，您說得對，您剛才提到的非常正確。

Let me ask, so with regard to the 10% baseline tariffs, what's happening in the market, are we seeing. Producers such as yourself and retailers passing it through to the consumer, is, there any part of the of the of the sales processes seeing any particular.

我想問一下，關於 10% 的基準關稅，我們看到市場發生了什麼變化。像您這樣的生產商和零售商將其傳遞給消費者，銷售流程中的任何部分是否存在任何特殊之處。

Group eating some of the tariffs to keep prices low or you're going to pass it all through.

集體承擔部分關稅以保持低價，否則就全部轉嫁出去。

Well, we've been mitigating this in a very friendly and cooperative way with our buyers, and in order not really to negatively impact, the consumers in a way. So, we are working very closely with our buyers to mitigate this tariff increase, which I believe for the best for the good of buyers and sellers as well. So yes, we are mitigating this with our buyers.

嗯，我們一直以非常友好和合作的方式與我們的買家緩解這種情況，並且為了不給消費者帶來負面影響。因此，我們正在與買家密切合作，以減輕關稅上調的影響，我相信這對買家和賣家都有好處。是的，我們正在與買家一起緩解這個問題。

Okay. And then, you mentioned in the prepared remarks or on the slides that part of the margin driver in fresh and value added was pineapple, I guess in melons. I was curious how you were doing in Avocado.

好的。然後，您在準備好的評論或幻燈片中提到，新鮮和增值產品的利潤驅動因素之一是菠蘿，我猜是甜瓜。我很好奇你在 Avocado 的表現如何。

Avocado is doing very well as Christine mentioned, and this category is growing and we are diversifying our sourcing as well from Peru, from Colombia and other places. So, this I believe that this segment of the business is to keep growing, going forward. But it's not only pineapple and avocados and fresh cut. We do have other items right now. They are maybe small, not to mention them, in any significant manner, but they are started to be becoming very important also.

正如克里斯汀所提到的，酪梨的銷售很好，而且這個類別正在成長，我們也正在從秘魯、哥倫比亞和其他地方擴大我們的採購來源。因此，我相信這部分業務未來將持續成長。但它不僅僅是菠蘿和酪梨和新鮮切好的。我們現在確實還有其他物品。它們可能很小，更不用說，在任何重要方面，但它們也開始變得非常重要。

A part of our portfolio, I mean, on the logistic side, this is one side on all new businesses that we are just in the infancy stage, on the residues on other as we go forward, quarter after quarter and year after year, this will be very meaningful going forward and we cannot just say right now what we are doing, but everything that will happen in the next few quarters will be announced and will be, kind of highlighted to the market because there are many things in the pipeline that is already started, and probably in one way or the other that ramping up and some of it probably a little, like on the bio fertilizers, like even on conventional fertilizers that we started, working on production and distribution.

我的意思是，作為我們投資組合的一部分，在物流方面，這是我們所有新業務的一方面，我們還處於起步階段，在殘留物方面，隨著我們一個季度又一個季度、一年又一年地向前發展，這將對未來非常有意義，我們現在不能只說我們在做什麼，但接下來幾季將發生的一切將會公佈，並將向市場重點介紹，因為有很多事情已經在籌備中，而且可能以某種方式加速發展，有些事情可能會有一點進展，比如生物肥料，甚至我們開始的傳統肥料，我們正在進行生產和分銷。

We are talking here about, margins in the high 20s and things like that. So these businesses, as they grow and they are growing, will have a significant and very impactful, results going forward in the future.

我們在這裡談論的是 20 多歲的高利潤率之類的事情。因此，隨著這些業務的不斷發展壯大，它們將在未來產生重大而深遠的影響。

Okay and then are we at point and fresh cut? Where you've absorbed a lot of that newer capacity you added and that we should see more stable and increasing sort of margins as you leverage those fixed costs here are we at that point where you're beyond, even some volume disruptions that you can still maintain pretty strong margins in that area.

好的，那麼我們是不是已經到了重點，而且剛剛切入了呢？當您吸收了大量新增產能時，隨著您利用這些固定成本，我們應該會看到更穩定且不斷增長的利潤率，現在我們正處於超越的階段，即使出現一些產量中斷，您仍然可以在該領域保持相當高的利潤率。

Yeah, I think we do. I believe that our our fresh cut fruit operation is getting stronger year after year, and with our rationalization and increased efficiency, and better sourcing, that gives us a leverage to continue performing similarly or even better going, forward in the future. So I'm not very concerned about the fresh cut. I think, just to give you an example with our fresh guacamole, which we started, let's say less than a year ago, we are having double digit growth every quarter over quarter, I mean, it's, we cannot cope even with demand.

是的，我想是的。我相信我們的鮮切水果業務會逐年加強，並且隨著我們的合理化和效率的提高以及更好的採購，這將使我們在未來繼續保持類似甚至更好的業績。所以我不太擔心新鮮切割。我想，僅以我們的新鮮酪梨醬為例，我們開始生產該產品不到一年，每個季度都實現兩位數的成長，我的意思是，我們甚至無法滿足需求。

Last question was on, the pineapple business obviously, it's your core business and what drives everything at your firm, at your company, but why could you just go back, obviously pineapples have been in sort of short supply for a little bit, but what was driving that and how long does it take for supplies to normalize from this point?

最後一個問題是，鳳梨業務顯然是您的核心業務，也是您公司一切發展的動力，但為什麼您只能回顧過去呢？顯然，鳳梨供應有點短缺，是什麼原因導致的？從現在起，供應需要多長時間才能恢復正常？

Let's put it in another way. Maybe consumption is increasing, and demand is increasing, and that's why we see now more or less the supply is a little bit shorter than the demand. I'm not saying, drastically shorter, but a little bit shorter than demand. I think the major factor here is that the demand and consumption is increasing. If you look at the price of pineapples compared to any other fruit on the shelf, be it apple, be it grapes, be it berries, or any other fruit you will realize that the cost of pineapple compared to the rest is quite favorable. It's very still inexpensive to as a family, as a household, I would take a pineapple that can feed the whole family, maybe for 2 days rather than having GBP2 of apples or oranges that will cost me three times as much. So, I believe this is one of the factors why we see more consumption of pineapple.

讓我們換個說法。也許消費在增加，需求也在增加，這就是為什麼我們現在或多或少會看到供應略少於需求。我並不是說要短很多，而是比需求短一點點。我認為這裡的主要因素是需求和消費正在增加。如果您將鳳梨的價格與貨架上任何其他水果的價格進行比較，無論是蘋果、葡萄、漿果還是任何其他水果，您都會發現鳳梨的價格與其他水果相比相當優惠。對於一個家庭來說，這仍然非常便宜，我會買一個可以供全家人吃兩天的菠蘿，而不是花三倍的價格買 2 英鎊的蘋果或橙子。所以，我相信這是鳳梨消費量增加的因素之一。

Aside from the young generation realizing that the health benefits of pineapple as well is extremely high, compared to other fruits. So, I think there are several factors playing here. One is the price compared to others as well as the, all the health and wellness benefits coming from pineapple rather than other foods.

此外，年輕一代也意識到與其他水果相比，鳳梨的健康益處也非常高。所以，我認為這裡有幾個因素在起作用。一方面是與其他食物相比價格更便宜，另一方面是鳳梨比其他食物具有更多的健康益處。

I also think your holo glow is a fantastic pineapple variety, and I think that in and of itself getting that kind of quality of pineapple, would also induce demand continued purchasing of that of that product. So, ko kudos to you.

我還認為您的全息光輝是一種極好的菠蘿品種，而且我認為，獲得這種品質的菠蘿本身也會刺激對該產品的持續購買需求。所以，我向你致以崇高的敬意。

Yeah, kudos to you for the innovation and that your other pink glow and ruby glow and other innovations. That's all I have here. But thank you for your time and the.

是的，對您的創新以及您的其他粉紅色光芒、紅寶石光芒和其他創新表示讚賞。這就是我這裡的所有東西。但感謝您抽出時間。

Thank you, Mitchell. I appreciate it.

謝謝你，米切爾。我很感激。

Thank you very much for your comment.

非常感謝您的評論。

(Operator Instructions)

（操作員指示）

That will conclude our question-and-answer session, and I will now hand the call back over to Mr. Mohammad Abu-Ghazaleh for closing remarks.

我們的問答環節到此結束，現在我將把發言權交還給穆罕默德·阿布·格扎拉先生，請他作最後發言。

Thank you so much. I would like to thank everyone today for having to be with us here and hope to talk to you on better news on our next quarter.

太感謝了。我感謝今天各位與我們在一起，並希望與大家討論下個季度的更好消息。

Thank you. Have a good day.

謝謝。祝你有美好的一天。

(Operator Instructions)

（操作員指示）