Ingredion Inc (INGR) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the second-quarter 2025 Ingredion earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第二季 Ingredion 收益電話會議。（操作員指示）請注意，今天的通話正在錄音。

I would like to hand it over to your speaker, Noah Weiss, Vice President of Investor Relations. Please go ahead.

我想把它交給發言人、投資者關係副總裁 Noah Weiss。請繼續。

Thank you. Good morning, and welcome to Ingredion's second quarter 2025 earnings call. I'm Noah Weiss, Vice President of Investor Relations.

謝謝。早安，歡迎參加 Ingredion 2025 年第二季財報電話會議。我是投資者關係副總裁 Noah Weiss。

Joining me on today's call are Jim Zallie, our President and CEO; and Jim Gray, our Executive Vice President and CFO. The press release we issued today as well as the presentation we will reference for our second quarter results can be found on our website, ingredion.com, in the Investors section.

參加今天電話會議的還有我們的總裁兼執行長 Jim Zallie 和我們的執行副總裁兼財務長 Jim Gray。我們今天發布的新聞稿以及我們將參考的第二季業績簡報可以在我們的網站 ingredion.com 的「投資者」部分找到。

As a reminder, our comments within the presentation may contain forward-looking statements. These statements are subject to various risks and uncertainties and include expectations and assumptions regarding the company's future operations and financial performance. Actual results could differ materially from those estimated in the forward-looking statements, and Ingredion assumes no obligation to update them in the future as or if circumstances change.

提醒一下，我們在簡報中的評論可能包含前瞻性陳述。這些聲明受各種風險和不確定性的影響，包括對公司未來營運和財務表現的預期和假設。實際結果可能與前瞻性聲明中的估計有重大差異，如果情況發生變化，Ingredion 不承擔在未來更新這些結果的義務。

Additional information concerning factors that could cause actual results to differ materially from those discussed during today's conference call or in this morning's press release can be found on the company's most recently filed annual report on Form 10-K and subsequent reports on Form 10-Q and 8-K.

有關可能導致實際結果與今天的電話會議或今天上午的新聞稿中討論的結果大不相同的因素的更多信息，可以在公司最近提交的 10-K 表年度報告以及後續的 10-Q 表和 8-K 表報告中找到。

During the call, we also refer to certain non-GAAP financial measures, including adjusted earnings per share, adjusted operating income and adjusted effective tax rate, which are reconciled to US GAAP measures in Note 2, non-GAAP information included in our press release and in today's presentation appendix.

在電話會議中，我們還參考了某些非 GAAP 財務指標，包括調整後的每股收益、調整後的營業收入和調整後的有效稅率，這些指標與註 2 中的美國 GAAP 指標、我們新聞稿和今天的演示附錄中包含的非 GAAP 資訊相協調。

With that, I will turn the call over to Jim Zallie.

說完這些，我會把電話轉給 Jim Zallie。

Thank you, Noah, and good morning, everyone. For the second quarter, Ingredion delivered another period of strong performance, with adjusted operating income of $273 million, our highest quarter two in company history. While net sales declined by 2%, primarily reflecting the pass-through of lower corn costs, adjusted operating income increased by 1% for the quarter and 12% for the first half of 2025.

謝謝你，諾亞，大家早安。第二季度，Ingredion 再次表現出色，調整後營業收入達 2.73 億美元，創下公司史上第二季的最高紀錄。雖然淨銷售額下降了 2%，主要反映了玉米成本下降的影響，但本季調整後的營業收入成長了 1%，2025 年上半年成長了 12%。

Our performance this quarter was led by our Texture and Healthful Solutions segment, which delivered 2% net sales increase and an extraordinary 29% rise in operating income. Top line growth was supported by a 3% increase in net sales volume, with clean label solutions seeing significant growth in the quarter. Segment margin expanded by 400 basis points, driven by increased utilization and improved fixed cost absorption.

本季我們的業績主要由質地和健康解決方案部門帶動，該部門淨銷售額增長 2%，營業收入大幅增長 29%。淨銷售額成長 3% 推動了營業額的成長，其中清潔標籤解決方案在本季度實現了顯著成長。由於利用率提高和固定成本吸收改善，部門利潤率擴大了 400 個基點。

Our costs were further reduced by improvements in production efficiency and improvements in integrated raw material procurement. Both of our Food and Industrial Ingredients businesses faced modest challenges in the quarter. Our Food and Industrial Ingredients LATAM results were impacted by the Argentina joint venture lapping a strong quarter last year. Apart from the joint venture results, this segment delivered a solid second quarter performance as it continued to manage customer and product demand toward a more favorable mix.

透過提高生產效率和改善綜合原材料採購，我們的成本進一步降低。我們的食品和工業配料業務在本季都面臨著一定的挑戰。去年，阿根廷合資企業表現強勁，影響了我們在拉丁美洲的食品和工業配料業務的表現。除了合資企業的業績外，該部門在第二季度也取得了穩健的業績，因為它繼續管理客戶和產品需求，使其朝著更有利的組合發展。

In the Food and Industrial Ingredients US/Canada segment, our results were negatively impacted by a mechanical fire that briefly shut down our largest plant in Chicago on June 22. Operations resumed before the end of the quarter, and we are working to recoup some of the loss impacts throughout the second half of the year.

在美國/加拿大食品和工業配料部門，我們的業績受到 6 月 22 日一場機械火災的負面影響，這場火災導致我們位於芝加哥的最大工廠短暫關閉。營運在本季結束前恢復，我們正在努力在下半年彌補部分損失影響。

Turning to a summary of our net sales volume for the quarter. Starting with Texture and Healthful Solutions. Sales volume increased by 3%, with growth across US/Canada and Asia Pacific. The majority of our priority food categories within this segment demonstrated growth, with beverages, bakery and dairy showing the strongest performance. Additionally, demand for clean label solutions increased during the quarter, with US/Canada leading with double-digit growth.

以下是我們本季淨銷售量的總結。從質地和健康解決方案開始。銷售量成長了 3%，美國/加拿大和亞太地區均有成長。該領域內我們重點關注的食品類別大部分均呈現成長，其中飲料、烘焙食品和乳製品表現最為強勁。此外，本季對清潔標籤解決方案的需求有所增加，其中美國/加拿大以兩位數的成長領先。

Furthermore, our US team has done a fantastic job growing customized formulations, which are bespoke solutions for specific customers consisting of two or more specialty ingredients. Net sales volumes in Food and Industrial Ingredients LATAM declined 4% this quarter, primarily due to reduced brewing volumes in Brazil and Mexico as well as macroeconomic impacts across LATAM, notably slower economic growth impacted by higher interest rates.

此外，我們的美國團隊在開發定製配方方面做得非常出色，這些配方是針對特定客戶提供的客製化解決方案，包含兩種或多種特殊成分。本季度，拉丁美洲食品和工業原料的淨銷售額下降了 4%，這主要是由於巴西和墨西哥的釀造量減少以及拉丁美洲的宏觀經濟影響，特別是受利率上升影響的經濟成長放緩。

Our Food and Industrial Ingredients US/Can segment saw lower sales volumes in comparison to a strong quarter last year. Industrial starch sales, in particular, were lower, as corrugated box demand weakened in response to customers adjusting production schedules amidst tariff uncertainties. In addition, the mechanical issues at our Chicago plant reduced available co-product supply.

與去年同期的強勁表現相比，我們的美國/罐頭食品和工業配料部門的銷售量有所下降。工業澱粉銷售額尤其下降，因為在關稅不確定的情況下，客戶調整生產計畫導致瓦楞紙箱需求減弱。此外，我們芝加哥工廠的機械問題減少了可用的副產品供應。

In response to the growing trend and media coverage toward health and wellness, I am pleased to note that we saw double-digit growth from our clean label solutions in the US and sugar reduction portfolio globally as well as high double-digit growth from protein isolates. We are optimistic that this trend will endure as our ingredients represent differentiated value propositions for customers that are actively reformulating towards healthier products.

為了響應日益增長的健康和保健趨勢和媒體報道，我很高興地註意到，我們在美國清潔標籤解決方案和全球減糖產品組合方面實現了兩位數增長，蛋白質分離物也實現了高兩位數增長。我們樂觀地認為，這種趨勢將持續下去，因為我們的成分代表了對積極重新配製更健康產品的客戶而言的差異化價值主張。

For example, our clean label native starches are leveraging proprietary plant science to deliver low temperature stability for refrigerated and frozen applications. We are also benefiting from the requirements customers have to optimize the texture and affordability of the recipes as they replace volatile ingredients such as cocoa and eggs or reformulate entirely for a healthier profile. These opportunities leverage our comprehensive portfolio of specialty starches and hydrocolloids, high-intensity, natural sweeteners, natural fibers and protein isolates.

例如，我們的清潔標籤天然澱粉利用專有植物科學為冷藏和冷凍應用提供低溫穩定性。我們也受益於客戶對優化配方質地和可負擔性的要求，因為他們會用可可和雞蛋等揮發性成分替代配方，或完全重新配製配方以獲得更健康的口感。這些機會利用了我們全面的特殊澱粉和水膠體、高強度天然甜味劑、天然纖維和蛋白質分離物產品組合。

Ingredion's solutions selling and go-to-market position is enabling us to access more small and medium-sized customers and insurgent brands that are driving disruptive category growth. Simply put, customer interest in reformulation is fueling long-term growth opportunities as consumers increasingly expect product authenticity and healthier profiles, which taste better.

Ingredion 的解決方案銷售和市場定位使我們能夠接觸到更多推動顛覆性品類成長的中小型客戶和新興品牌。簡而言之，隨著消費者越來越期望產品的真實性和更健康的外形以及更好的口感，客戶對配方的興趣正在推動長期成長機會。

Turning to the next slide. We are pleased to report that gross margins have once again expanded sequentially, establishing a higher level of profitability coming off a record year in 2024. This higher level of profitability is being sustained through a sharper commercial focus brought about by our new segment structure as well as disciplined operational execution and enhanced risk management.

翻到下一張投影片。我們很高興地報告，毛利率再次連續擴大，在 2024 年創下紀錄之後建立了更高的盈利水平。這一更高水準的獲利能力是透過我們新的業務結構帶來的更清晰的商業焦點以及嚴格的營運執行和加強的風險管理來維持的。

Let me now update you on progress against our three strategic pillars. Beginning with business growth. Texture and Healthful Solutions delivered robust performance with strong sales volume growth and expanding operating income margins. The Food and Industrial Ingredients LATAM segment is positioning itself for long-term growth by diversifying its customer base beyond brewing and beverages. Lastly, in the Food and Industrial Ingredients US/Canada segment, we are supporting the long-term growth of industrial starches through the expansion of our Cedar Rapids plant, which is progressing well.

現在讓我向大家通報我們三大策略支柱的進展。從業務成長開始。Texture 和 Healthful Solutions 表現強勁，銷售量成長強勁，營業利潤率不斷擴大。拉丁美洲食品和工業配料部門正在透過擴大其客戶群（除釀造和飲料外）來實現長期成長。最後，在美國/加拿大食品和工業配料部門，我們正在透過擴建錫達拉皮茲工廠來支持工業澱粉的長期成長，目前工廠進展順利。

Moving to the second strategic pillar, cost competitiveness through operational excellence. We now expect to exceed our $50 million run rate savings target by the end of 2025 for our Cost2Compete program. We have identified additional opportunities in SG&A and cost of goods sold savings that are exceeding initial projections. Furthermore, we continue to improve our customers' experience through better service reliability and responsiveness.

轉向第二個策略支柱，透過卓越營運實現成本競爭力。我們現在預計，到 2025 年底，我們的 Cost2Compete 計畫的營運成本節省目標將超過 5,000 萬美元。我們已經發現了銷售、一般及行政費用以及銷售成本節省方面的額外機會，這些機會超出了最初的預測。此外，我們不斷透過提高服務可靠性和回應能力來改善客戶體驗。

In the second quarter, we saw measurable gains in key performance indicators, such as perfect order delivery and our Net Promoter Score, reflecting the commercial excellence benefits of our investments in digital transformation. We are also exceeding our procurement savings targets through integrated sourcing strategies and by cross-functional collaboration enabled by our global operating model. Also, a quick reference to tariffs. We experienced minimal direct impact during the quarter and in the first half of the year. And as a reminder, the majority of our products are manufactured locally and sold locally.

在第二季度，我們看到關鍵績效指標（例如完美的訂單交付和我們的淨推薦值）取得了可衡量的成長，這反映了我們在數位轉型方面的投資所帶來的商業卓越效益。我們也透過綜合採購策略和全球營運模式實現的跨職能協作超越了採購節約目標。另外，也提供了有關關稅的快速參考。我們在本季和上半年受到的直接影響很小。提醒一下，我們的大多數產品都是在當地生產和銷售的。

Moving to our last pillar, our people-centric performance-based growth culture. This quarter, we released our 15th sustainability report, create the future with people who care, which highlights the meaningful progress we've made across our environmental, social and governance priorities. The report reflects our deep commitment to building a more sustainable future through innovation, partnership and care for the communities in which we serve.

轉到我們的最後一根支柱，即以人為本、基於績效的成長文化。本季度，我們發布了第 15 份永續發展報告《與關懷他人的人共創未來》，該報告強調了我們在環境、社會和治理優先事項方面取得的重大進展。該報告反映了我們透過創新、合作和關懷我們服務的社區來建立更永續未來的堅定承諾。

As a leader of our commitment -- as evidence of our commitment, in May, Forbes recognized us as a net zero leader, listing the company among the top 200 global organizations most effectively advancing efforts to reduce greenhouse gas emissions. As we celebrate Ingredion Mexico's 100 anniversary this year, we are proud of the powerful standard for excellence that our Mexican business continues to set.

作為我們承諾的領導者——作為我們承諾的證據，5 月份，《福布斯》將我們評為淨零領導者，將公司列為最有效地推進減少溫室氣體排放努力的全球 200 家組織之一。今年，我們慶祝 Ingredion Mexico 成立 100 週年，我們為墨西哥業務繼續樹立的卓越標準感到自豪。

Recently, Ingredion Mexico was named 1 of the 500 most important companies in the country by Expansion magazine, while also earning a notable rating of 90 out of 100 in the IC 500 Corporate Integrity Index. Given the significance of our Mexican business, we are proud of how this team continues to lead with purpose and integrity.

最近，Ingredion Mexico 被《Expansion》雜誌評為墨西哥最重要的 500 家公司之一，同時在 IC 500 企業誠信指數中獲得了 90 分（滿分 100 分）的優異成績。鑑於我們墨西哥業務的重要性，我們為這個團隊繼續以目標和誠信領導而感到自豪。

Now I am pleased to hand it off to Jim Gray for the financial review. Jim?

現在我很高興將其交給吉姆·格雷進行財務審查。吉姆？

Thank you, Jim, and good morning, everyone. Moving to our income statement. Net sales for the second quarter were $1.8 billion, down 2% versus prior year. Gross profit dollars grew 7%, with gross margin up 230 basis points to 26%, a level which demonstrates the consistent effort from our teams to manage customer and price mix, reduce cost input volatility and deliver operational excellence.

謝謝你，吉姆，大家早安。轉到我們的損益表。第二季淨銷售額為 18 億美元，較上年下降 2%。毛利成長了 7%，毛利率上升了 230 個基點，達到 26%，這一水平證明了我們的團隊為管理客戶和價格組合、降低成本投入波動和實現卓越營運所做的持續努力。

Reported and adjusted operating income were $271 million and $273 million, respectively, with adjusted operating income up 1% versus the prior year. Turning to our Q2 net sales bridge. The 2% decrease was driven by $27 million in lower price mix, $15 million in lower volume and $3 million of foreign exchange impact.

報告和調整後的營業收入分別為 2.71 億美元和 2.73 億美元，調整後的營業收入比上年增長 1%。轉向我們的第二季淨銷售額。2% 的降幅是由於價格組合下降 2,700 萬美元、交易量下降 1,500 萬美元以及外匯影響 300 萬美元。

Turning to the next slide. We highlight net sales drivers for the second quarter. Texture and Healthful Solutions net sales were up 2%, driven by sales volume growth of 3% and foreign exchange favorability of 3%, partially offset by price/mix.

翻到下一張投影片。我們重點介紹第二季的淨銷售驅動因素。紋理和健康解決方案淨銷售額成長 2%，主要得益於銷售量成長 3% 和外匯有利性成長 3%，但部分被價格/組合所抵銷。

Food and Industrial Ingredient LATAM net sales declined by 5%, reflecting both a reduction in net sales volumes, partly due to slower macroeconomic growth and the impact of significant foreign exchange weakness. Food and Industrial Ingredient US/Can net sales fell 6%. Sales volume decline was impacted by the brief disruption to operations at our Chicago plant as well as softness in industrial starch volume demand.

拉丁美洲食品和工業原料淨銷售額下降了 5%，反映了淨銷售額的下降，部分原因是宏觀經濟成長放緩和外匯大幅疲軟的影響。食品工業原料美國/罐頭淨銷售額下降6%。銷售量下降受到芝加哥工廠營運短暫中斷以及工業澱粉需求疲軟的影響。

Now let's turn to a summary of the second quarter results by segment. For second quarter 2025, Texture and Healthful Solutions operating net income was up 29%, which equated to an 18.5% operating income margin, significantly higher than prior year. This result has been driven by increased top line volume, lower raw material and input costs and improved production efficiency.

現在讓我們來以部門來總結第二季的業績。2025 年第二季度，Texture and Healthful Solutions 營業淨收入成長 29%，相當於 18.5% 的營業收入利潤率，大幅高於去年。這一結果得益於營業額的增加、原材料和投入成本的降低以及生產效率的提高。

In Food and Industrial Ingredient LATAM, net sales were down 5% versus last year and down 3% on a constant currency basis. Operating income declined modestly to $127 million, representing a 2% decrease compared to last year's strong results. This quarter's results were negatively impacted by the Argentina peso exchange rate and corresponding impact to our joint venture results. Excluding the joint venture results, segment operating income increased due to favorable raw material costs that were partially offset by lower volumes.

拉丁美洲食品和工業原料部門的淨銷售額較去年同期下降 5%，以固定匯率計算下降 3%。營業收入小幅下降至 1.27 億美元，與去年的強勁業績相比下降了 2%。本季的業績受到阿根廷比索匯率的負面影響，並相應影響了我們的合資企業業績。不計合資企業的業績，部門營業收入因原料成本優惠而增加，但被銷售下降部分抵銷。

Moving to Food and Industrial Ingredients US/Can, second quarter net sales were down 6%. Operating income was $86 million, down 18%, driven materially by disruptions to our operations at our Chicago plant. We estimate that this disruption has had a $10 million impact to the quarter. Operations have resumed, and we expect to recover some of the impact throughout the second half as we rebuild inventories. For the all other Group, the 10% increase in net sales was driven primarily by double-digit top line growth from our protein fortification and sugar reduction businesses.

轉向美國/加拿大食品和工業原料，第二季淨銷售額下降了 6%。營業收入為 8,600 萬美元，下降 18%，主要原因是我們芝加哥工廠的營運中斷。我們估計，此次中斷對本季造成了 1,000 萬美元的影響。業務已經恢復，我們預計隨著庫存的重建，下半年將恢復部分影響。對集團其他所有部門而言，淨銷售額成長 10% 主要得益於蛋白質強化和減糖業務的兩位數營收成長。

Turning to our earnings bridge. On the top half, you can see the reconciliation from reported to adjusted earnings per share. Operationally, we saw an increase of $0.04 per share for the quarter. The increase was driven by an operating margin increase of $0.22, partially offset by volume of $0.16-minus and other income of $0.03-minus per share.

轉向我們的盈利橋樑。在上半部分，您可以看到從報告每股收益到調整後每股收益的對帳情況。從營運角度來看，本季每股收益增加了 0.04 美元。成長的原因是營業利潤率增加了 0.22 美元，但被每股 0.16 美元的銷售負值和每股 0.03 美元的其他收入部分抵消。

Moving to the change in non-operational items. We had a decrease of $0.04 per share, driven by a higher tax rate equivalent of $0.07-minus per share and slightly higher financing costs of $0.02-minus per share, partially offset by fewer shares outstanding impact of $0.05 per share.

轉向非營運項目的變化。每股收益減少了 0.04 美元，原因是稅率上升（相當於每股減少 0.07 美元）以及融資成本略高（每股減少 0.02 美元），但流通股減少（每股 0.05 美元）的影響部分抵消了這一影響。

Shifting to our year-to-date income statement highlights. Net sales for the first six months were approximately $3.6 billion, down 3% versus prior year. Gross profit dollars increased by 9% and gross margin rose to 25.9%, up 290 basis points versus the same period last year. Reported and adjusted operating income was $547 million and $546 million, an increase of 21% and 12%, respectively.

轉向我們年初至今的損益表重點。前六個月的淨銷售額約為 36 億美元，較前一年下降 3%。毛利成長 9%，毛利率上升至 25.9%，較去年同期上升 290 個基點。報告和調整後的營業收入分別為 5.47 億美元和 5.46 億美元，分別成長 21% 和 12%。

Turning to our year-to-date earnings bridge. The result is an increase of $0.88 per share. Operationally, we saw an increase $0.66 per share for the first six months. The increase was driven by an operating margin increase of $0.82, partially offset by volume of $0.26-minus. Moving to the change in non-operational items. We had an increase of $0.22 per share, primarily driven by lower financing costs of $0.09 as well as fewer shares outstanding of $0.11 per share.

轉向我們今年迄今為止的盈利狀況。結果是每股增加 0.88 美元。從營運角度來看，前六個月每股收益增加了 0.66 美元。成長主要得益於營業利潤率增加 0.82 美元，但銷量減少 0.26 美元，部分抵消了這一增長。接下來是非營業項目的變動。每股收益增加了 0.22 美元，主要由於融資成本降低 0.09 美元以及流通股減少 0.11 美元。

Moving to cash flow. In the first half, cash generated from operations was $262 million, driven by higher net income, partially offset by working capital investment. In the first half of 2025, we have sold less of our accounts receivables due to the impact of higher short-term interest rates across LATAM. First half capital expenditures net of disposals were $193 million. The company intends to continue to invest in organic growth initiatives that provide a significantly higher return than our cost of capital.

轉向現金流。上半年，經營活動產生的現金為 2.62 億美元，這得益於淨收入的增加，但部分被營運資本投資所抵銷。2025 年上半年，受拉丁美洲短期利率上升的影響，我們出售的應收帳款減少。上半年資本支出扣除處分淨額為 1.93 億美元。公司打算繼續投資有機成長計劃，以提供遠高於資本成本的回報。

Lastly, we have repurchased $55 million of our outstanding [$55 million] of our outstanding common shares and have paid out $106 million in dividends. We are committed to exceeding our $100 million share repurchase target for 2025.

最後，我們回購了價值 5,500 萬美元的流通普通股，並支付了 1.06 億美元的股息。我們致力於超越 2025 年 1 億美元的股票回購目標。

Now let me turn to our updated outlook for the year. For the full year 2025, we anticipate net sales to be flat to slightly up. Our outlook reflects lower price/mix due to the pass-through of lower corn costs and a contemporary view of the effects of foreign exchange. We continue to anticipate that adjusted operating income will be up mid-single digits for the full year.

現在讓我來談談我們對今年的最新展望。對於 2025 年全年，我們預計淨銷售額將持平或略有上升。我們的展望反映出由於玉米成本降低以及外匯影響的當代觀點而導致的價格/組合下降。我們繼續預期全年調整後的營業收入將成長中等個位數。

Corporate expenses have been adjusted slightly from mid-single digits to up high single digits, driven by higher anticipated IT investments and project-related costs to advance our digital infrastructure.

由於預期 IT 投資和專案相關成本將增加以推進我們的數位基礎設施，因此公司支出已從中等個位數略微調整為高個位數。

Given our strong first half performance, we have improved our full year adjusted EPS range to be $11.10 to $11.60. We now anticipate capital investment for the year between $400 million to $425 million. Please note that this guidance reflects only current tariff levels in effect as of the end of July. In addition, this guidance excludes any acquisition-related integration and restructuring costs as well as any potential impairment costs.

鑑於我們上半年的強勁表現，我們將全年調整後每股盈餘預期上調至11.10美元至11.60美元。我們目前預計全年資本投資將在4億美元至4.25億美元之間。請注意，本指南僅反映截至 7 月底有效的當前關稅水準。此外，本指南不包括任何與收購相關的整合和重組成本以及任何潛在的減損成本。

Turning to our full year outlook for each segment. We have made a few adjustments. For Texture and Healthful Solutions, we have now raised our estimate for operating income profit growth to be up low double digits. For F&I LATAM, we have lowered our net sales outlook to be flat to down low single digits. Our operating income outlook is now up low single digits due to the combination of weaker macroeconomic business environment and weaker foreign exchange, which we anticipate for the second half of 2025.

轉向我們對每個部門的全年展望。我們做了一些調整。對於紋理和健康解決方案，我們現在已將營業收入利潤成長預期提高至兩位數。對於 F&I LATAM，我們已將淨銷售額預期下調至持平或下降個位數。由於宏觀經濟商業環境較弱以及外匯疲軟（我們預計 2025 年下半年將出現這種情況），我們的營業收入預期目前將上漲個位數。

For F&I US/Canada, we have now lowered our outlook for operating income to be down low single digits based upon the second quarter's disruption to operations. For the third quarter 2025, we expect net sales to be flat to up low single digits for the company, and operating income to be flat to down low single digits as we are again lapping a very strong third quarter from last year.

對於 F&I 美國/加拿大，基於第二季度營運中斷，我們現已將營業收入預期下調至低個位數。對於 2025 年第三季度，我們預計公司的淨銷售額將持平或上升低個位數，營業收入將持平或下降低個位數，因為我們再次迎來了去年非常強勁的第三季度。

That concludes my comments. Now let me turn it back to Jim.

我的評論到此結束。現在讓我把話題轉回給吉姆。

Thank you, Jim. Following our strong first half performance, we feel good about the momentum we are carrying forward into the second half.

謝謝你，吉姆。繼上半年的強勁表現之後，我們對下半年的強勁勢頭感到十分樂觀。

Our Texture and Healthful Solutions business is delivering strong sales volume growth, fueled by deepening customer engagements and a robust innovation pipeline. We expect this momentum to continue as we co-create solutions for our customers who are actively reformulating in response to consumer health and wellness trends.

在不斷加深的客戶參與度和強大的創新管道的推動下，我們的質地和健康解決方案業務實現了強勁的銷售量成長。我們預計這種勢頭將繼續下去，因為我們將與客戶共同創造解決方案，這些客戶正在積極制定新的方案以回應消費者的健康和保健趨勢。

Given our leading market position in LATAM, we have the experience to navigate short-term macroeconomic headwinds. And our focus in Food and Industrial Ingredients US/Canada for the second half is to maximize production in order to meet customer demand and rebuild inventories.

鑑於我們在拉丁美洲的領先市場地位，我們有經驗應對短期宏觀經濟逆風。我們下半年在美國/加拿大食品和工業原料領域的重點是最大限度地提高產量，以滿足客戶需求並重建庫存。

We are guided by our aspiration to be the go-to provider for Texture and Healthful Solutions that make healthy, taste better and are committed to delivering long-term shareholder value.

我們立志成為質地和健康解決方案的首選提供者，讓產品更健康、味道更好，並致力於為股東創造長期價值。

Now let's open the call for questions. Operator?

現在讓我們開始提問。操作員？

Thank you.(Operator Instructions)

謝謝。 （操作員指示）

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Hi, good morning. Thank you for taking my question. Maybe starting with a little bit of a simplistic question here, but you're tracking well ahead of where you guided each quarter. Q1, you beat by $0.50. Q2, call it another $0.05 to $0.08. But you've looked at the guide, maybe $0.20 since we started the year. So one might ask if your guide is still too conservative at this point. Maybe help us unpack some of the offsets here and provide a bit of color around the scenarios for the upper and lower end of the EPS range at this point.

嗨，早安。感謝您回答我的問題。也許這裡首先要問一個稍微簡單的問題，但你的追蹤進度遠遠超出了你每季的指導範圍。第一季度，你贏了 0.50 美元。第二季度，你又贏了 0.05 美元到 0.08 美元。不過你看過指南了，從年初到現在，可能贏了 0.20 美元。因此有人可能會問，目前您的指南是否仍然過於保守。也許可以幫助我們解開這裡的一些偏移量，並為此時 EPS 範圍的上限和下限情境提供一些顏色。

Sure, can I start with that. Thanks, Kristen, for the question. And I think it's a very fair question. Throughout this year, I mean, even starting in early February as we were finishing up our Q4 and full year 2024 call. Two days before our earnings call, we had an announcement around tariffs that might impact US and Canada. You roll through Q1 and Q2, and you still have tariffs. Some of them have been paused, some of them have been pushed out 90 days. Our US government is getting to negotiations with specific countries.

當然，我可以從那裡開始嗎？謝謝克里斯汀提出的問題。我認為這是一個非常公平的問題。我的意思是，在今年全年，甚至從 2 月初開始，我們就在結束 2024 年第四季和全年的電話會議。在財報電話會議前兩天，我們發布了可能影響美國和加拿大的關稅公告。你經歷了第一季和第二季度，你仍然需要繳納關稅。其中一些已被暫停，一些已被推遲 90 天。我們的美國政府正在與特定國家進行談判。

And it's not so much that we have already persecuted all of our analysis kind of for all of our country pairs, and we've spoken to that risk. Jim highlighted it here that the first half, tariff impacts has been very minimal. It's that some of our customers are also facing uncertainties. And as they either feel like their demands are shifting or they're looking at potentially higher costs, they're thinking about what are the levers that they pull in order to drive their revenue and drive their profit expectations.

這並不是說我們已經對所有國家對進行了分析，並且已經談到了這種風險。吉姆在此強調，上半年關稅的影響非常小。我們的一些客戶也面臨不確定性。當他們感覺到自己的需求正在發生變化，或者他們正在考慮潛在的更高成本時，他們正在考慮要採取什麼手段來推動收入並提高利潤預期。

So I think we're just -- we're cautiously optimistic. We do see that, I think, within our US/Canada business, that we still think that there's pretty strong underlying volume and Jim knows that if Argo runs well for that division, we have an ability to really amortize a lot of the fixed costs, some of which we absorbed in Q2. So I think that's a tailwind for us.

所以我認為我們只是──我們持謹慎樂觀的態度。我認為，我們確實看到，在我們的美國/加拿大業務中，我們仍然認為存在相當強勁的潛在交易量，而且 Jim 知道，如果 Argo 在該部門運行良好，我們就有能力攤銷大量固定成本，其中一些我們在第二季度吸收了。所以我認為這對我們來說是一個順風。

Yeah. I think I would just complement what Jim is saying in relationship to a lot of the noise that's out in the world right now, in relationship to perhaps indirect impact to consumers that we just don't have a view on yet because the full implementation and settling of the tariffs that are getting implemented gets implemented. So it's prudent to be somewhat cautious in relationship to the outlook for the second half.

是的。我認為我只是想補充吉姆所說的內容，關於目前世界上存在的許多噪音，關於可能對消費者產生的間接影響，我們還沒有對此形成看法，因為正在實施的關稅的全面實施和結算已經實施。因此，對下半年的前景保持謹慎是明智之舉。

Now that being said, what I'd like to do is just put in perspective, if I could, quarter three, because we have guided flat to down in operating income growth for quarter three. But I want to just put this in perspective. It's important to remember, we are lapping the highest quarter three operating income that we've ever had and the second best quarter in the company's history for quarter three.

話雖如此，如果可以的話，我想做的只是客觀地看待第三季度，因為我們已經預測第三季度的營業收入成長將持平或下降。但我只是想客觀地看待這個問題。重要的是要記住，我們正在實現有史以來最高的第三季營業收入，並且是公司歷史上第二好的第三季。

We see right now some macroeconomic headwinds in LATAM, particularly Brazil and Mexico, and a couple of our very large customers have spoken about that as well, impacting their business. We're also expecting though top line growth in -- we're also not expecting, I should say, top line growth in Food and Industrial Ingredient.

我們現在看到拉丁美洲，特別是巴西和墨西哥，面臨一些宏觀經濟逆風，我們的一些大客戶也談到了這一點，這影響了他們的業務。我們也預期食品和工業原料業務的營收將有所成長——但是，我們也沒有預料到食品和工業原料業務的營收將會成長。

Now with that said, the momentum that's behind Texture and Healthful Solutions is anticipated to be an offset and could be better than our forecasts. And lastly, if the Argo facility runs very well, we can make up a lot of ground to offset some of the negative impacts we endured in quarter two, and we've seen that in the past.

話雖如此，但 Texture 和 Healthful Solutions 背後的發展勢頭預計將會有所抵消，並且可能比我們的預測更好。最後，如果 Argo 設施運作良好，我們可以彌補很多損失，以抵消第二季度遭受的一些負面影響，我們過去已經看到過這種情況。

Hopefully, that just provides a little bit of a window into how we're viewing the backdrop of the second half and specifically, quarter three, that's right in front of us.

希望這能讓我們稍微了解下半場的背景，特別是即將到來的第三節。

Jim and Jim, really, really helpful on that context. And it does bring me to my next question, which is on the leverage, the operating leverage in Texture and Healthful Solutions, mean the nearly 30% growth in operating income on 2% volume. Can you help us understand what's driving some of that? How much of that is operational execution, how much of that is just running the plants at higher utilization?

吉姆和吉姆在這方面確實非常有幫助。這確實引出了我的下一個問題，即槓桿率，Texture 和 Healthful Solutions 的營運槓桿率意味著在 2% 的銷售中實現近 30% 的營運收入成長。您能幫助我們了解其中的原因嗎？其中有多少是營運執行，有多少只是以更高的利用率運作工廠？

And then, I guess, I am still a bit surprised by the negative price mix in that category. So just help us unpack some of those mechanics, what's driving the leverage there? And then do we, at some point, get to a positive price/mix impact there to get that incremental leverage? Thank you.

然後，我想，我仍然對該類別中的負價格組合感到有點驚訝。那麼請幫我們解開其中的一些機制，是什麼推動了其中的槓桿作用？那麼，我們是否會在某個時候獲得正面的價格/組合影響，從而獲得增量槓桿？謝謝。

Jim and I will tag team on this one again. I'll let Jim go first.

吉姆和我將再次聯手完成這項任務。我先讓吉姆走。

Okay. So the one thing I wanted to just really highlight is that as you expand the portfolio in Texture and Healthful Solutions and we add things like hydrocolloids and we're selling natural fibers and we're looking at other raw material inputs, these are smaller inputs in our business and sometimes they can have more variability.

好的。因此，我真正想強調的一件事是，隨著您擴大紋理和健康解決方案的產品組合，我們添加了諸如水膠體之類的產品，並且我們正在銷售天然纖維，我們正在研究其他原材料投入，這些都是我們業務中較小的投入，有時它們可能會有更大的變化。

We recognized this about two years ago, and I have to say our supply chain and our procurement teams really stepped up and met the segment leadership team where they're at, and we've done a better job just building in capabilities using demand forecasting, how we look at procurement and really matching some of that raw material risk that we might take in gums with what we see as demand and the subsequent pricing.

我們大約在兩年前就意識到了這一點，我不得不說，我們的供應鏈和採購團隊確實加大了力度，並與部門領導團隊進行了會面，我們在利用需求預測構建能力方面做得更好，我們如何看待採購，以及如何真正匹配我們可能在口香糖中承擔的一些原材料風險，以及我們所看到的需求和隨後的定價。

So I feel like what we wanted to highlight was that, that really showed up as a benefit, a unique benefit, a step change benefit in our Q2 Texture and Healthful results. And so we did highlight this as extraordinary because I think that step up is permanent as we go forward.

所以我覺得我們想要強調的是，這確實體現出了一種好處，一種獨特的好處，一種在我們第二季的質地和健康結果中發生的階梯變化的好處。因此，我們確實強調了這一點的非凡性，因為我認為隨著我們繼續前進，這一進步將是永久性的。

More to your question, though, is that as we see strong volume in Texture and Healthful and we are selling at higher price points per ton, we are going to see that kind of high single-digit, low double-digit type of op income growth that might be recurring.

不過，對於您的問題，更重要的是，由於我們看到 Texture 和 Healthful 的銷量強勁，而且我們以更高的每噸價格出售，我們將看到可能重複出現的那種高個位數、低兩位數的營業收入增長。

And then just the last piece, just to note on the price mix, we did have lower tapioca costs in Thailand, and that impacts not only all of our more functional starches, but we also have just some remaining syrup and industrial business that also had nice volume pull-through, and we're seeing that through 2025. It just sells at a lower price per ton, and so it's just impacting the weighted average a little bit.

最後一點，關於價格組合，我們需要注意的是，泰國的木薯成本確實較低，這不僅影響了我們所有功能性澱粉，而且我們剩下的一些糖漿和工業業務也具有良好的銷量拉動，我們將看到這種情況持續到 2025 年。它只是以較低的每噸價格出售，因此對加權平均值有一點影響。

We're really quite pleased with where tapioca costs are. It's enabling us to really drive a lot of volume growth, not just through Asia Pac, but kind of throughout our portfolio in North America and in Europe.

我們對木薯的成本感到非常滿意。它使我們能夠真正推動銷量大幅成長，不僅透過亞太地區，而且透過我們在北美和歐洲的整個投資組合。

Yeah. And just to complement what Jim said. I think that point that he's making in regards to -- actually, it was a little bit of a slight decrease in corn costs as well as tapioca costs. It's not in a change -- not a change in anticipated volume, and that's kind of flowing through the sales forecast impacting average selling price.

是的。只是為了補充吉姆所說的話。我認為他提出的觀點是——實際上，玉米成本和木薯成本略有下降。這並不是預期銷量的變化，而是透過銷售預測影響平均售價。

This year, as we entered into contracting in comparison to last year, we had to moderate some of our pricing a bit, but the pricing lever is no longer having to be adjusted coming off of 2024 where there needed to be an adjustment, very little in 2025, and it's kind of working its way out of the system and normalizing.

今年，與去年相比，我們簽訂了合同，因此我們不得不稍微調整一些定價，但從 2024 年開始，定價槓桿不再需要調整，而 2025 年則需要調整，調整幅度很小，而且它正在逐漸脫離系統並恢復正常。

And if anything, we're probably looking at prices probably lifting as we head into next calendar year. So that might explain some of it. We do expect some of the innovation that's coming through with customized formulations to be at higher margins and over time, lift the margins for Texture and Healthful Solutions.

如果有的話，我們可能會看到價格在進入下一個日曆年時上漲。這或許可以解釋其中的一些原因。我們確實期望透過定製配方實現的一些創新能夠帶來更高的利潤，並且隨著時間的推移，提升質地和健康解決方案的利潤率。

Thank you very much. I'll turn it over.

非常感謝。我把它翻過來。

Thank you.

謝謝。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

Yeah, good morning, Jim and Jim, congrats on the results. Wanted to follow up a little bit on the conversation here, particularly in Texture and Healthful Solutions. So I was wondering if you could help us bridge a little bit the second half outlook. You've had, call it, plus/minus flat year-to-date on sales, but you're still looking for some mid-single-digit growth on sales into the full year.

是的，早安，吉姆和吉姆，恭喜你們取得的成績。想稍微跟進一下這裡的對話，特別是關於質地和健康解決方案的對話。所以我想知道您是否可以幫助我們稍微展望下半年的前景。可以說，今年迄今為止的銷售額是持平的，但您仍然希望全年銷售額能實現中等個位數的成長。

So we would need to see some high single digit in the second half. So just wanted to understand, where do you think this is coming from? Like between volume, price mix and FX, what are your assumptions for the Texture and Healthful Solutions piece for the second half?

因此我們需要在下半年看到一些較高的個位數。所以只是想了解一下，您認為這是從何而來的？就像在數量、價格組合和外匯之間，您對下半年的質地和健康解決方案部分有何假設？

Yes. It's a little bit of -- as we're working through the corn cycle, so the second half for Texture and Healthful, I think that the price/mix will not be a headwind, it will be flattish to possibly even a tailwind or yes, tailwind. And then we'll still see kind of the sales volume carrying through.

是的。這有點像——我們正在經歷玉米週期，所以對於 Texture 和 Healthful 來說，我認為價格/組合不會是逆風，而是會持平，甚至可能順風，或者是的，順風。然後我們仍然會看到銷售量持續成長。

So we see that -- we're going to see a little bit of a reverse in terms of that price mix. We had some pretty low corn costs and passing through in the second half of 2024. And so just as we look at the top line for Texture and Healthful Solutions, that going to read through.

所以我們看到——我們將看到價格組合出現一些逆轉。我們的玉米成本相當低，並將在 2024 年下半年實現。因此，當我們查看“紋理和健康解決方案”的頂行時，我們會讀完它。

I think the other piece then is just also is that right now, and we highlighted -- Jim highlighted on the call the kind of the demand for clean label solutions. Most of these higher functional native starches that we're selling are higher price points, and we're actually seeing consumer wellness trends and some of just the greater awareness we have of what's on the label is impacting some of our customers.

我認為另一點也是現在，我們強調了——吉姆在電話會議上強調了對清潔標籤解決方案的需求。我們銷售的大多數高功能天然澱粉價格都較高，而且我們實際上看到了消費者的健康趨勢，而且我們對標籤內容的認識不斷提高，這對我們的一些客戶產生了影響。

Our customers, both small and large, are leaning in and wanting reformulations that are usually leading to kind of a higher price per ton, just better mix upgrades for us. I think that will positively continue to impact Texture and Healthful not just in the second half, but even into '26.

我們的客戶，無論大小，都傾向於重新配製，這通常會導致每噸價格更高，對我們來說只是更好的混合升級。我認為這將對 Texture 和 Healthful 產生積極影響，不僅在下半年，甚至在 26 年。

Okay. Got it. And then Food and Industrial LATAM, well, we've seen obviously a little bit of a weakness in some of the consumer companies that buy your products, right? I mean we've seen this -- on the beer side, we've seen it on the soft drink side. There was a lot of adverse volume performance throughout the second quarter. And I mean, at least looking at some of the fundamentals in certain areas, it doesn't look too good yet just for the third quarter, maybe fourth quarter is going to be a little bit better.

好的。知道了。然後是食品和工業拉美，嗯，我們明顯看到購買你們產品的一些消費公司存在一些弱點，對嗎？我的意思是我們已經看到了這種情況——在啤酒方面，我們在軟性飲料方面也看到了這種情況。整個第二季的銷售表現都十分糟糕。我的意思是，至少從某些領域的一些基本面來看，第三季的情況看起來還不太好，也許第四季會好一點。

You've lowered the guidance for the Food and Industrial piece LATAM. But as you -- as you look into your order book, as you look into like what these companies are ordering from you, are you seeing signs of sequential improvement from them? Or is it still just very weak and uncertain just given the macroeconomic uncertainty that is out there both markets, be it Mexico or Brazil, is obviously the two key regions within your portfolio?

您已經降低了食品和工業板塊 LATAM 的指導價。但是，當您查看訂單簿時，當您查看這些公司向您訂購的內容時，您是否看到它們有連續改善的跡象？或者說，考慮到宏觀經濟的不確定性，墨西哥和巴西這兩個市場是否仍然非常疲軟和不確定，這兩個市場顯然是您投資組合中的兩個關鍵地區？

Yes. I think it's interesting to point out that some of the large customers that obviously reported results with large presence in Brazil and Mexico described their results or the weaker results as somewhat idiosyncratic and actually highlighted abnormal weather, for example, in Brazil in relationship to impact on brewing, for example, and even in Mexico to a degree.

是的。我認為值得指出的是，一些顯然在巴西和墨西哥擁有大量業務的大客戶將他們的結果或較弱的結果描述為有些特殊，並且實際上強調了異常天氣，例如巴西的異常天氣對釀造的影響，甚至在一定程度上也影響了墨西哥的釀造。

But when we look at -- let's take the Brazil economy. It is currently experiencing relatively high inflation at 5%, with an outlook of 4% inflation for '26. GDP growth is expected to be soft to a maximum of 2%. The local currency has depreciated by 9% and interest rates are currently near 15%. And then there is the uncertainty of the tariff situation with Brazil, and really household consumption is being pressured by persistent inflation.

但是當我們看看——讓我們看看巴西經濟。目前通貨膨脹率相對較高，為 5%，預計 26 年通貨膨脹率將達到 4%。預計GDP成長將疲軟至最高2%。當地貨幣已貶值9%，利率目前接近15%。此外，巴西的關稅情勢也存在不確定性，而家庭消費確實受到持續通膨的壓力。

The outlook for the second half, that's the backdrop macro economically, they are going to be entering their summer, and so that typically is more robust from a standpoint of volumes for the products that we sell into brewing and beveraging, so that will be a positive.

下半年的前景，這是宏觀經濟的背景，他們將進入夏季，因此從我們銷售給釀造和飲料的產品數量的角度來看，這通常更加強勁，所以這將是一個積極的方面。

And the Mexican economy has slowed, also with GDP now anticipated to be flat to down slightly, and interest rates are above 7% and inflation is projected to be 4% for this current year 2025. But all that being said, our market position as well as the experienced management team we have in Mexico, we're confident that given that, that we'll quickly see the benefits when customers and consumers -- when economic conditions and consumer sentiment improves.

墨西哥經濟已經放緩，預計 GDP 將持平或略有下降，利率超過 7%，預計 2025 年通貨膨脹率為 4%。但話雖如此，憑藉我們在墨西哥的市場地位和經驗豐富的管理團隊，我們有信心，當客戶和消費者——經濟狀況和消費者情緒改善時，我們很快就會看到好處。

So both of those economies are somewhat in a period of some uncertainty, but also we believe some of the volume impacts that we saw is accurately being portrayed by what our customers are saying in relationship to weather-related abnormalities in the last quarter, quarter two, and that should not repeat itself in the second half. So we're kind of taking a tempered view towards LATAM, I guess, I would say. Now that all being said, we actually delivered, I think, if you look at the results apart from the Argentina JV, a very solid performance in quarter two.

因此，這兩個經濟體在某種程度上都處於不確定的時期，但我們也相信，我們看到的一些數量影響準確地被我們的客戶在上個季度、第二季度關於天氣相關異常的描述所描述，這種情況在下半年應該不會重演。所以我想說，我們對 LATAM 持溫和的看法。綜上所述，我認為，如果看一下阿根廷合資企業以外的業績，我們在第二季的表現確實非常穩健。

Maybe just on color. I always point out that the Mexico business is much larger and goes across many more categories. And so Ben, directly to your question, right, there are -- the agility of our team in Mexico, given its broad customer base and kind of how high we run on utilization, we're always looking like, okay, well, where can we improve the mix and which customers can we serve.

也許只是顏色。我總是指出，墨西哥的業務規模更大，涉及的類別也更多。那麼本，直接回答你的問題吧，是的，我們墨西哥團隊的靈活性、廣泛的客戶群以及我們較高的利用率，我們總是在尋找，好的，那麼，我們可以在哪些方面改進組合，以及我們可以為哪些客戶提供服務。

And then finally, I'd just highlight that when we created this LATAM segment, we always thought that there were synergies across how we operate and how we supply product. And I think the team continues to work on that. So I do think that there's a little bit more of a tailwind behind LATAM as we continue to look at where we manufacture, what's our manufacturing cost and how can we be just further optimizing that?

最後，我想強調的是，當我們創建這個 LATAM 部門時，我們始終認為我們的營運方式和產品供應方式之間存在協同效應。我認為團隊會繼續為此努力。因此，我確實認為，隨著我們繼續關注我們的生產地點、我們的製造成本以及我們如何進一步優化這些成本，LATAM 將面臨更多的順風。

Okay, perfect. Thank you very much, Jim and Jim. I'll pass it on.

好的，完美。非常感謝，吉姆和吉姆。我會傳達的。

Ben Mayhew, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Ben Mayhew。

Hey, good morning, guys. Curious to get your thoughts on the recent news pertaining to the use of cane sugar versus high fructose corn syrup. So what do you think is the most likely outcome as far as you can see? And do you have any other products that could help offset any potential near-term shift of corn syrup business, for example, in your Texture and Healthful Solutions portfolio?

嘿，大家早安。我很好奇地想知道您對最近有關使用蔗糖和高果糖玉米糖漿的新聞的看法。那麼據您所知，您認為最有可能的結果是什麼？您是否有其他產品可以幫助抵消玉米糖漿業務近期的潛在轉變，例如在您的紋理和健康解決方案產品組合中？

Yeah. Thanks for the question. We don't believe that we will have any noticeable impact on HFCS demand. We were very pleased with Coke's statement in support of high fructose corn syrup regarding its safety, its availability and it's affordability.

是的。謝謝你的提問。我們認為我們不會對 HFCS 需求產生任何明顯的影響。我們很高興看到可口可樂公司發表聲明支持高果糖玉米糖漿，強調其安全性、可用性和可負擔性。

The reason, I guess, for our belief is that the impact will not be material is that Coke has announced that the new product will not be replacing the existing recipe but rather be a complement to their core portfolio. The company said that this product will feature US cane sugar in glass bottles, thus targeting premium channels and different occasions. Because Coke sees an incremental growth opportunity as opposed to any cannibalization, we do not see this as having a noticeable impact on HF demand.

我想，我們認為影響不會很大的原因是可口可樂已經宣布新產品不會取代現有配方，而是對其核心產品組合的補充。該公司表示，該產品將採用玻璃瓶包裝的美國蔗糖，瞄準高端通路和不同場合。由於可口可樂看到的是增量成長機會而非任何蠶食，因此我們認為這不會對 HF 需求產生明顯影響。

It's also noteworthy for us, HFCS used in beverage manufacturing in the US represents approximately 4% of Ingredion's total sales, to put it in perspective. And so we don't really believe this is going to have a noticeable impact.

值得注意的是，美國飲料製造中使用的 HFCS 約佔 Ingredion 總銷售額的 4%。所以我們真的不相信這會產生明顯的影響。

We're always working with our customers, in answer to your second part of your question, on sugar reduction, which we highlighted that this last quarter, our sugar reduction portfolio of sales increased double digits. And when we replace sugar with our high-intensity natural stevia solutions, we're always working to what we call build back mouth feel, build back texture and build back that functionality.

在回答您問題的第二部分時，我們一直在與客戶合作，致力於減少糖分，我們強調，上個季度，我們的減糖產品銷售組合實現了兩位數的成長。當我們用高強度天然甜菊糖溶液代替糖時，我們始終致力於恢復口感、恢復質地和恢復功能。

And so we do have products in our product line that do add mouth feel properties that typically are replaced when sugar, whether it be high fructose corn syrup or liquid sugar, is replaced. So we're continuously working with customers to balance the texture when sugar is replaced. So we'll benefit from that, and we are -- and we did this past quarter as well in quarter two.

因此，我們的產品線中確實有一些產品可以增加口感特性，而這些特性通常會在糖（無論是高果糖玉米糖漿還是液體糖）被取代時被取代。因此，我們不斷與客戶合作，以平衡糖替代時的質地。因此，我們將從中受益，而且我們——上個季度和第二季度也這樣做了。

Thank you for that response. That's very clear. And just one follow-up question. Is there any update on the status of the potential sale of the Pakistan asset?

感謝您的回覆。這非常清楚。還有一個後續問題。巴基斯坦資產潛在出售的情況有何最新消息？

Ben, this is Jim Gray. We're in process. I would say that we've been working right now with kind of three companies that have interest in acquiring a majority equity stake of the Rafhan Maize business. And so more news to come, but it's progressing kind of as expected on a normal type of process like this.

本，這是吉姆·格雷。我們正在進行中。我想說的是，我們目前正在與三家有意收購 Rafhan Maize 業務多數股權的公司合作。還會有更多新聞，但進展如預期，是一個正常的過程。

Great. Thank you very much. I'll pass it on.

偉大的。非常感謝。我會傳達的。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Thanks for the question and congrats on the quarter. I just wanted to maybe further ask a follow-up on Ben's question on the Texture and Healthful Solutions, kind of the second half outlook. I appreciate the color on kind of the tidbits on getting the top line correct. But just want to focus on the operating income piece. And a, I noticed you had really strong margins.

感謝您的提問，並祝賀本季取得佳績。我只是想進一步詢問 Ben 關於質地和健康解決方案的問題，也就是下半年的展望。我很欣賞關於如何正確獲得頂線的花絮。但只想專注於營業收入部分。而且，我注意到你的利潤率確實很高。

You called out some strength in clean labeling and some other areas across the portfolio in the prepared comments. But I'm just trying to work through the math here, and I wanted to ask if you expect margins to kind of trend back down to a more normalized level? Or how do you expect about -- how do you feel about the sustaining the 18%, 18.5% operating margin going forward?

您在準備好的評論中提到了清潔標籤和整個產品組合中其他一些領域的一些優勢。但我只是想在這裡計算一下，我想問一下您是否預計利潤率會回落到更正常的水平？或者您對未來維持 18%、18.5% 的營業利益率有何預期？

Sure. I do see right now, I think we are being just maybe a little bit cautious on the second half with regard to where we're potentially moving product and some of the cost of sourcing. I still think that the operating income margins are going to be in that kind of high teens, but they may pull back a little bit from Q2. Q2, we had -- again, as I highlighted, the kind of the step change in our raw material procurement.

當然。我現在確實看到，我認為我們對下半年可能將產品轉移到哪裡以及採購成本的部分問題可能有點謹慎。我仍然認為營業利潤率將達到十幾歲左右，但從第二季度開始可能會略有回落。第二季度，正如我再次強調的那樣，我們的原料採購發生了重大變化。

But if we don't have some of those costs that we might be kind of planning for due to kind of impacts the tariffs and how we're moving products Asia to the US or to Europe, then I think we have a bit of an upside to how we forecast.

但如果我們沒有考慮到關稅以及我們如何將產品從亞洲運往美國或歐洲所帶來的一些我們可能計劃的成本，那麼我認為我們的預測會有一些優勢。

I don't see margins, Jim, decreasing back to the levels of 2024. And to make it very clear. And I think the level that we're at is going to now remain within a fairly narrow range of maybe plus or minus 0.5% to 1% perhaps, perhaps 1% plus or minus from where we're at currently.

吉姆，我認為利潤率不會回落至 2024 年的水平。並使其非常清楚。我認為我們現在所處的水平將保持在一個相當窄的範圍內，可能在當前水平上下浮動 0.5% 到 1%，也可能在當前水平上下浮動 1%。

And the benefits, again, on the raw material procurement that we talked about, the fixed cost absorption of the plants. The plants in Texture and Healthful Solutions actually ran very well, and we anticipate that will continue. The clean label solutions will lead to a higher mix, along with the customized formulations, a higher mix.

我們再次談到了原料採購的好處，以及工廠固定成本的吸收。Texture 和 Healthful Solutions 中的植物實際上生長得非常好，我們預計這種情況將會持續下去。清潔標籤解決方案將帶來更高的混合度，加上定製配方，將帶來更高的混合度。

So we believe that the step-up that we've seen will continue to operate within a range, maybe plus or minus 1% of maybe where we're at today going forward.

因此，我們相信，我們所看到的升幅將繼續在一定範圍內運行，未來可能會在當前水平的上下浮動 1%。

And then going forward over time, of course, as part of a longer-term outlook, we anticipate mix to continue to improve based on the investments we're making in R&D and innovation. And over time, the margins will increase.

當然，隨著時間的推移，作為長期展望的一部分，我們預計產品組合將根據我們在研發和創新方面的投資繼續改善。隨著時間的推移，利潤率將會增加。

Great. Great. Appreciate that color there. And maybe for my follow-up, just wanted to hone in and get an understanding on maybe the industrial starch side of the business, obviously, being impacted by tariffs, is the mechanics that your customers are kind of uncertain and they're moving to spot, which has lower margins. How are your conversations with your customers going?

偉大的。偉大的。欣賞那裡的顏色。也許對於我的後續行動，只是想深入了解工業澱粉業務方面，顯然，受到關稅的影響，您的客戶有點不確定，他們正在轉向利潤率較低的現貨。您與客戶的對話進展如何？

And obviously, I think you'd see a resolution when there's some sort of conclusion to this tariff dynamic, but would love to hear your thoughts on what others are saying about a potential resolution here for industrial.

顯然，我認為當這種關稅動態有某種結論時，您會看到解決方案，但我很想聽聽您對其他人對工業潛在解決方案的看法。

Yeah. So I think it's important, first of all, to put maybe the segment, and I'm going to talk about the segment of Food and Industrial Ingredients US/Canada because that's the segment that has the largest aspect of industrial starch that goes into box manufacturing, corrugating box manufacturing as well as paper making.

是的。因此，我認為首先要提出這個細分市場，我將討論美國/加拿大的食品和工業原料細分市場，因為這個細分市場是涉及紙箱製造、瓦楞紙箱製造以及造紙等工業澱粉最多的領域。

Just to put the segment's performance in quarter two into perspective, first of all, and I'll answer specifically your question regarding industrial. It's worth remembering that quarter two 2024 for that segment, was a very strong quarter. And this past quarter, of the $19 million decline, approximately $10 million, again, can be considered a one-off related to the challenges at our Argo facility. The remaining shortfall was due to weaker beverage volumes and softer industrial starch sales for the corrugated box market.

首先，為了全面了解該部門在第二季的表現，我將具體回答您關於工業的問題。值得記住的是，對於該細分市場而言，2024 年第二季是一個非常強勁的季度。而上個季度，在 1900 萬美元的下降中，大約有 1000 萬美元可以再次被視為與我們的 Argo 設施面臨的挑戰相關的一次性損失。剩餘的缺口是由於飲料銷售疲軟以及瓦楞紙箱市場的工業澱粉銷售疲軟。

And again, if it's worth noting that if you exclude the $10 million one-off impact of Argo, the business is still operating at greater than an 18% operating income margin. Now for the second half, we're anticipating stronger industrial starch sales based on what we've heard from our packaging customers. Some of them, which have seen some reduced demand outlook for box shipments, rebalanced some inventories for industrial starch in quarter two. From what they are telling us and what they have said publicly, we anticipate box shipments to increase.

再次強調，值得注意的是，如果排除 Argo 的 1000 萬美元一次性影響，該業務的營業收入利潤率仍將超過 18%。根據我們從包裝客戶那裡得到的信息，我們預計下半年工業澱粉的銷售將會更加強勁。其中一些公司已經看到了箱裝貨物需求前景的下降，並在第二季重新平衡了部分工業澱粉庫存。根據他們告訴我們的情況和公開發表的言論，我們預計箱裝貨物的出貨量將會增加。

Now that all being said, that's against the backdrop of uncertainty regarding the impacts of tariffs, not all of which are still settled and clear. And so that's kind of how we're looking at the industrial starch market. We have a great market position.

話雖如此，但這是在關稅影響不確定的背景下發生的，並非所有影響都已確定且明確。這就是我們對工業澱粉市場的看法。我們擁有極強的市場地位。

And long term, we feel very optimistic about our position as a leading supplier of highly functional strength additives and coding additives for packaging and paper making, and that's been reinforced by the investment we're making in Cedar Rapids right now that will actually give us growth opportunities as that market recovers, which, again, listening to our customers, what they're saying is the second half, they're anticipating volumes to pick up.

從長遠來看，我們對自己作為包裝和造紙用高性能強度添加劑和編碼添加劑的領先供應商的地位感到非常樂觀，而我們目前在錫達拉皮茲的投資也強化了這一地位，隨著市場復甦，這實際上將為我們提供增長機會，再次聽取客戶的意見，他們說的是下半年，他們預計銷量會回升。

Appreciate the color. Thank you.

欣賞色彩。謝謝。

James Cannon, UBS.

瑞銀的詹姆斯·坎農。

Hey guys, thanks to take my question. I just wanted to poke on the Argentina piece. It seems like that's been pretty volatile this year with a lot of FX movements, particularly. Just -- can you help level set what your expectations within the LATAM guidance are for that business?

嘿夥計們，謝謝你回答我的問題。我只是想談談阿根廷的事情。今年的情況似乎相當不穩定，尤其是外匯波動較大。只是——您能否幫助設定您對 LATAM 指導中該業務的期望？

Well, we don't necessarily disclose kind of what we think the -- our share of the net income from the Arcor JV will be going forward because obviously, they're a public company in Argentina.

嗯，我們不一定會透露我們認為我們從 Arcor JV 獲得的淨收入份額將會如何，因為很明顯，他們是阿根廷的上市公司。

Maybe I can just highlight what's changed a little bit. Just so at the beginning of 2024, the new government coming in had decided to say, we're going to try and let the official exchange rate for the peso float a little bit more and float more frequently against what's considerable, let's call it, the blue rate.

也許我可以稍微強調一下發生了什麼變化。就在 2024 年初，新政府決定說，我們將嘗試讓比索的官方匯率相對於相當大的藍色匯率稍微浮動一點，並且更頻繁地浮動。

What happened in the beginning of 2024 was that given the level of inflation, there was still pricing ahead of that inflation, anticipating a weaker peso, and the weaker peso stabilized and we had a particularly strong Q2 2024 for the joint venture, where your pricing was anticipating inflation, yet inflation started coming down and the peso started to stabilize.

2024 年初發生的情況是，考慮到通貨膨脹水平，仍然存在高於通貨膨脹的定價，預計比索會走弱，而較弱的比索趨於穩定，我們的合資企業在 2024 年第二季度表現尤為強勁，當時的定價預期通貨膨脹，但通貨膨脹開始下降，比索開始穩定。

So just when you roll that forward into this quarter, you didn't have those kind of currency/pricing tailwinds. You had a bit of a more normal sequential performance from Q1 of '25 going into winter, which is in Q2 of '25 for Argentina. And what you've seen, I think, is just kind of a more stabilization of a lower overall inflation rate, a little bit less change in terms of what's required either in terms of corn prices or sugar, and it's led to kind of probably what I would consider a more normal expected result from the JV for a winter quarter in Q2 of '25.

因此，當你將其推進到本季度時，你並沒有遇到那種貨幣/定價的順風。從 2025 年第一季到冬季，阿根廷的業績表現比較正常，而冬季則是 2025 年第二季。我認為，您所看到的只是整體通膨率更加穩定，玉米價格或糖的價格所需的變化較小，並且這可能導致了我認為合資公司在 2025 年第二季度冬季季度的預期結果更為正常。

Got it. Thank you very much.

知道了。非常感謝。

(Operator Instructions)

（操作員指示）

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Morning. Thanks for the question. I wanted to ask, at the risk of belabor in this, a question on THS outlook. And so I don't know how much is conservatism, but like your guidance for the year, even if I assume mid-teens, not a low double digit, but mid-teens increase for the year, that implies just, I think, it's like 1% or 2% EBIT growth in the back half.

早晨。謝謝你的提問。儘管可能過於冗長，但我還是想問一個有關 THS 前景的問題。所以我不知道保守程度有多高，但就像你對今年的指導一樣，即使我假設是十幾歲左右，而不是兩位數的低位，但今年十幾歲左右的增長，我認為這意味著下半年的息稅前利潤增長率只有 1% 或 2%。

And then -- and assuming those margins, your year would be close to a 17% margin in your Analyst Day, you all were talking about reaching 16% to 18% by '28. Just wanting to -- is this conservatism? And if it is conservatism, then it sounds like you're potentially below past 17% this year and just wondering how we should think about the '26, '27 and '28 cadence from here. I'm just trying to reconcile all of these pieces.

然後 - 假設這些利潤率，那麼在分析師日，您的年度利潤率將接近 17%，大家都在談論到 28 年達到 16% 到 18%。只是想──這是保守主義嗎？如果這是保守主義，那麼聽起來今年你的回報率可能低於 17%，只是想知道我們應該如何看待 26、27 和 28 年的節奏。我只是想把所有這些部分協調起來。

Yeah. I'll let Jim take a shot at that. But just a reminder, we will be updating, in only a number of weeks here on September 17 at our Investor Day, the long-term outlook for each of the segments. So that will be updated. So Jim, do you want to?

是的。我會讓吉姆嘗試一下。但需要提醒的是，我們將在幾週後的 9 月 17 日投資者日更新每個細分市場的長期展望。因此將會更新。那麼吉姆，你想嗎？

Yes. Heather, I think, again, pretty confident that I think that the full year op income margin, as we talk to it in terms of the segment is going to be in that kind of upper teens range.

是的。海瑟，我認為，再次，我非常有信心，我認為全年營業收入利潤率，正如我們討論的那樣，就該部分而言，將會處於那種十幾個百分點的上部範圍內。

I would say that for the second half, I'm still -- I want to say I'm overly cautious. I think I'm going to be appropriately looking at what are the changes in some of my transportation costs, what are the changes in my production costs if, in fact, this global product segment needs to adjust to tariffs.

我想說，對於下半年，我仍然——我想說我過於謹慎。我想我會適當地看看我的一些運輸成本有哪些變化，如果事實上這個全球產品領域需要調整關稅，我的生產成本有哪些變化。

And right now, we got everything kind of declared last night across the world with regard to imports into the US, goes effective August 7. And so right now, we're just -- we've run a lot of math. It's a really big model, but we're just going to be looking at it with a very sober set of eyes. And so -- and I think that's prudent.

目前，我們昨晚已向世界各地通報了有關進口到美國的所有信息，這些信息將於 8 月 7 日生效。所以現在，我們只是——我們已經進行了很多數學計算。這是一個非常大的模型，但我們會用非常冷靜的眼光來看待它。所以 — — 我認為這是謹慎的。

So we do anticipate right now some costs against the back half of Texture and Healthful. I think that's appropriate. And I think we're going to adapt to this. I think all businesses need several months to absorb it, get certainty on what is going to be the new ground rules that we're dealing with. And then the teams have a bunch to go chew on and work on to figure out optimize supply chains, lower sources of cost, and all of that comes into effect in '26 and '27.

因此，我們現在確實預期Texture和Healthful的後半部會有一些成本。我認為這是合適的。我認為我們會適應這一點。我認為所有企業都需要幾個月的時間來消化它，確定我們要處理的新基本規則是什麼。然後，團隊需要進行大量研究和努力，以找出優化供應鏈、降低成本來源的方法，所有這些都將在 26 年和 27 年生效。

Yeah. And all I would say is that in relationship to the unknowns around tariffs, that we feel for this calendar year, we have a very good handle that the net impact of tariffs will be minimal to us based on everything that we know right now for this calendar year. What we are having -- we're being cautious about is, of course, the indirect impacts. So we're clear on the direct impacts, but it's the indirect impact, which is the impacts to our customers and thus that's a reason, I think, for us to be appropriately cautious.

是的。我想說的是，關於今年關稅方面的未知因素，我們認為，根據我們目前對今年所了解的一切，我們可以很好地掌握關稅對我們的淨影響將微乎其微。當然，我們對間接影響持謹慎態度。因此，我們清楚直接影響，但這是間接影響，即對我們客戶的影響，因此，我認為這就是我們要適當謹慎的原因。

Okay, thank you for that. And then my follow-on is just wondering, I know you don't typically give these details, but just wondering qualitatively, maybe you could give us a sense of your volume cadence through the quarter, particularly in THS and LATAM, like does that strengthen as the quarter went along? Or just how should we think about that? How you exited the quarter?

好的，謝謝你。然後我的後續問題是，我知道您通常不會提供這些細節，但我只是想知道，從質量上講，也許您可以讓我們了解整個季度的銷量節奏，特別是在 THS 和 LATAM，例如，隨著季度的推移，銷量節奏是否會增強？或者說我們該如何思考這個問題？您是如何退出本季的？

You're right. We don't usually talk about kind of month-to-month within a quarter. I would -- the only maybe the thing I may just comment on is just kind of where the placement of Easter was and how that always affects some of the kind of the spring demand, particularly in the US. But other than that, I think, again, we're still looking at what we consider decent sales volume growth for Texture and Healthful for the second half of the year.

你說得對。我們通常不會談論一個季度內的月度情況。我唯一想評論的是復活節的安排，以及它如何影響春季需求，特別是在美國。但除此之外，我認為，我們仍在關注下半年 Texture 和 Healthful 的銷售量是否會有可觀的成長。

We're not seeing any concerns of anything abruptly changing as we exit quarter two and enter quarter three, from a negative view standpoint exiting and then entering quarter three.

從消極的角度來看，當我們退出第二季度並進入第三季度時，我們並沒有看到任何突然變化的擔憂。

That's very helpful. Thank you so much.

這非常有幫助。太感謝了。

Okay. Thank you. And with that, this concludes the question-and-answer session. I would like to turn the call back over to Jim Zallie for closing marks.

好的。謝謝。問答環節到此結束。我想將電話轉回給 Jim Zallie 來做結束發言。

Thank you, and thank you all for joining us this morning. We look forward to seeing many of you at our upcoming Investor Day on September 17 in New York. If you plan to attend in person, we did want to request that you please register for the event.

謝謝大家，也謝謝大家今天早上加入我們。我們期待在 9 月 17 日於紐約舉行的投資者日上見到大家。如果您計劃親自參加，我們確實希望您註冊參加該活動。

We're excited to share a multiyear outlook that builds on the progress we've shared with you today, and I look forward to continuing the conversation in New York, and thank you all again for your interest in Ingredion.

我們很高興能與大家分享基於我們今天所分享的進展的多年展望，我期待在紐約繼續對話，並再次感謝大家對 Ingredion 的關注。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。