Ingredion Inc (INGR) 2025 Q3 法說會逐字稿

Good day, and welcome to the Ingredion Q3 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加英聯食品配料公司2025年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給各位發言人，投資者關係副總裁諾亞‧韋斯先生。請繼續。

Good morning, and welcome to Ingredion's third quarter 2025 earnings call. I'm Noah Weiss, Vice President of Investor Relations. Joining me on today's call are Jim Zallie, our President and CEO; and Jim Gray, our Executive Vice President and CFO.

早安，歡迎參加英聯食品公司2025年第三季財報電話會議。我是諾亞‧韋斯，投資人關係副總裁。今天與我一起參加電話會議的還有我們的總裁兼執行長吉姆·扎利，以及我們的執行副總裁兼財務長吉姆·格雷。

The press release we issued today as well as the presentation we will reference for the third quarter results can be found on our website, ingredion.com, in the Investors section. As a reminder, our commitment -- our comments within the presentation may contain forward-looking statements.

我們今天發布的新聞稿以及我們將在第三季業績報告中引用的演示文稿，都可以在我們的網站 ingredion.com 的「投資者」欄位中找到。再次提醒，我們的承諾—我們在簡報中的評論可能包含前瞻性陳述。

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.

這些聲明存在各種風險和不確定性，並包含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估計的結果有重大差異，如果情況發生變化，英聯食品公司不承擔未來更新這些聲明的義務。

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 in the company's most recently filed annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K.

有關可能導致實際結果與今天電話會議或今天上午新聞稿中討論的結果存在重大差異的因素的更多信息，請參閱公司最新提交的 10-K 表格年度報告以及隨後提交的 10-Q 表格和 8-K 表格報告。

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，我們還會提及一些非公認會計準則財務指標，包括調整後的每股收益、調整後的營業收入和調整後的實際稅率，這些指標已在我們的新聞稿和今天的演示文稿附錄中的“註釋 2 非公認會計準則信息”中與美國公認會計準則指標進行了核對。

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

接下來，我將把電話交給吉姆·扎利。

Thank you, Noah, and good morning, everyone. The third quarter was more challenging than we expected, with net sales and adjusted operating income down more than our previous guidance. Despite Q3's results, we are, however, confident that Ingredion's diversified business portfolio will deliver another full year of operating income growth.

謝謝你，諾亞，大家早安。第三季比我們預期的更具挑戰性，淨銷售額和調整後營業收入的降幅都超過了我們先前的預期。儘管第三季業績不盡人意，但我們仍然相信，英聯食品公司多元化的業務組合將帶來另一個全年的營業收入成長。

As we discussed the performance in the quarter, we will highlight the progress we are making to improve upon recent and near-term operating challenges while navigating with agility, pockets of economic weakness and uncertainty by remaining focused on driving innovation and operating excellence to deliver profit growth.

在討論本季業績時，我們將重點介紹我們在改善近期和近期營運挑戰方面取得的進展，同時透過保持對創新和卓越營運的專注，靈活應對經濟疲軟和不確定性，實現利潤成長。

Turning to the next slide. Let's start with a summary of our net sales volume growth for the quarter. Texture & Healthful Solutions delivered a solid performance with 4% sales volume growth across US/Canada and EMEA, including double-digit sales increases for clean-label ingredient solutions.

翻到下一張投影片。讓我們先來總結一下本季的淨銷售額成長。Texture & Healthful Solutions 在美國/加拿大和 EMEA 地區的銷售額成長了 4%，表現穩健，其中清潔標籤成分解決方案的銷售額實現了兩位數的成長。

Growth in foodservice channels globally as well as for convenient grab-and-go offerings at retail drove increased demand for our batter and breading ingredients in the quarter. Additionally, our solutions portfolio continues to grow, outpacing the segment's net sales growth, thanks to increased demand for specialty blends that help customers address affordability, eliminate artificial ingredients, and simplify labels.

本季度，全球餐飲服務通路的成長以及零售通路便捷即食產品的需求成長，推動了我們對麵糊和麵包屑原料的需求增加。此外，由於客戶對特殊混合物的需求不斷增長，我們的解決方案組合持續增長，超過了該部門的淨銷售額增長，這些特殊混合物可以幫助客戶解決價格問題、消除人工成分並簡化標籤。

In Food & Industrial Ingredients, LatAm. The main driver of the sales volume decrease came from softer brewing industry volumes with customers attributing it to cooler, wetter weather for some of the seasonal decline. More broadly, weaker LatAm demand became increasingly evident as higher inflation and interest rates impacted consumer spending.

食品及工業配料，拉丁美洲。銷售量下降的主因是釀酒業整體銷售疲軟，顧客認為部分季節性下滑是因為天氣轉冷、降雨增多造成的。更廣泛地說，隨著通膨和利率上升影響消費者支出，拉丁美洲需求疲軟的趨勢日益明顯。

Our Food & Industrial Ingredients US/Canada segment experienced a 5% decline in net sales volume, largely due to our inability to meet customer demand requirements from continued production challenges at our Chicago plant as well as overall softness in beverage and food volumes. In contrast, we saw increasing volume demand for industrial starches to our major corrugating and paper and packaging customers.

我們的美國/加拿大食品及工業配料業務淨銷售額下降了 5%，這主要是由於芝加哥工廠持續面臨生產挑戰，導致我們無法滿足客戶需求，以及飲料和食品市場整體疲軟。與此相反，我們看到主要瓦楞紙板、紙張和包裝客戶對工業澱粉的需求量不斷增加。

Moving to the next slide. I would like to take a moment to elaborate on the primary factor contributing to our Food & Industrial Ingredients US/Canada performance, and that is the ongoing operational challenges at our Argo facility outside of Chicago.

進入下一張投影片。我想花點時間詳細說明影響我們美國/加拿大食品及工業配料業務業績的主要因素，那就是我們位於芝加哥郊外的 Argo 工廠持續面臨的營運挑戰。

For background, Argo is one of the largest plants in our network and accounts for more than 40% of the segment's net sales. Following a fire in our feed dryer at the end of quarter two, which halted the entire plant's production we faced several challenges while plant operations recovered during the third quarter. This quickly and directly contributed to tighter inventories being available for incremental sales.

作為背景訊息，Argo 是我們網路中最大的工廠之一，佔該部門淨銷售額的 40% 以上。第二季末，我們的飼料烘乾機發生火災，導致整個工廠停產。第三季工廠恢復營運期間，我們面臨諸多挑戰。這迅速而直接地導致可用於增量銷售的庫存更加緊張。

Given the size of the volumes that move through this plant on a daily basis, we estimate that the cumulative operating income impact to the segment was approximately $22 million across both the second and third quarters with $12 million of that operating income impact being felt in quarter three.

鑑於該工廠每天的加工量，我們估計該業務部門在第二季和第三季的累積營業收入影響約為 2,200 萬美元，其中 1,200 萬美元的營業收入影響發生在第三季。

Production rates remained challenged in July and August before improving in September. In quarter four, our team remains focused on stabilizing production and rebuilding inventories. Also in the quarter, we experienced the overall market demand for sweetener products weakening in July and August before bouncing back in September.

7月和8月生產力仍面臨挑戰，9月有所改善。第四季度，我們的團隊將繼續專注於穩定生產和重建庫存。本季度，7 月和 8 月甜味劑產品的整體市場需求有所減弱，9 月又出現反彈。

We believe many beverage and food customers were experiencing slowing demand as a result of price increases that were put into effect to offset anticipated rising packaging costs, particularly from aluminum and tin plate.

我們認為，許多飲料和食品客戶的需求放緩，是因為為了抵消預期中不斷上漲的包裝成本（特別是鋁和鍍錫板的成本）而實施的價格上漲所致。

Turning to the next slide, our Food & Industrial Ingredients, LatAm segment saw a decrease in operating income this quarter, down 11% versus last year. The reduction is primarily attributable to the strategic realignment of our brewing customer mix as well as lower brewing industry volumes. We are making good progress strategically diversifying our customer and product mix in LatAm towards higher-margin sweeteners that serve food and confectionery customers. We will continue to repurpose our grind to improve the consistency of profit margins over time.

翻到下一張投影片，我們的食品和工業配料拉丁美洲業務部門本季營業收入下降，比去年同期下降了 11%。此次減少主要歸因於我們對釀酒客戶組合的策略調整以及釀酒業產量的下降。我們在拉丁美洲策略性地實現客戶和產品組合多元化，向服務於食品和糖果客戶的高利潤甜味劑方向發展，並取得了良好的進展。我們將繼續調整生產方式，以提高利潤率的穩定性。

Beyond what we believe was a transitory impact from the brewing segment in the quarter. We are monitoring softer consumer demand in general across LatAm, which became increasingly evident in quarter three as higher inflation and rising interest rates weigh upon GDP growth and consumer spending.

除了我們認為本季釀造業務的暫時性影響之外。我們正在密切關注整個拉丁美洲地區消費需求的疲軟情況，這種情況在第三季變得越來越明顯，因為更高的通膨和不斷上漲的利率對GDP成長和消費支出造成了壓力。

Turning to the next slide. It is important to reinforce the fact that we have made considerable progress to expand the company's gross margins over the last three years through a combination of service differentiation, operational excellence and solutions selling. We are focused on not only sustaining the performance but steadily improving upon it by executing against our strategic pillars to drive mix improvement and enterprise productivity.

翻到下一張投影片。必須強調的是，在過去三年中，我們透過服務差異化、卓越營運和解決方案銷售相結合的方式，在擴大公司毛利率方面取得了相當大的進展。我們不僅致力於保持業績，而且致力於透過執行我們的策略支柱來穩步提高業績，從而推動產品組合改進和企業生產力。

Let me now update you on progress against our three strategic pillars. To start I'd like to highlight our focus on driving profitable growth, particularly within Texture & Healthful Solutions segment where we continue to expand our leadership in clean label ingredients and solutions globally.

現在讓我向大家報告我們在三大戰略支柱方面取得的進展。首先，我想重點強調我們對推動獲利成長的關注，尤其是在質地和健康解決方案領域，我們將繼續擴大我們在全球清潔標籤成分和解決方案方面的領先地位。

North America and Asia Pac experienced double-digit clean label growth this quarter, reflecting a growing demand from customers and consumers for greater transparency and simplicity in ingredient labeling. This trend has become mainstream with both private label and CPG consumer -- customers reformulating products at an accelerated pace.

本季北美和亞太地區的清潔標籤產品實現了兩位數的成長，反映出客戶和消費者對成分標籤的透明度和簡潔性的需求日益增長。這種趨勢已經成為主流，自有品牌和消費品消費者都在加速地重新調整產品配方。

Additionally, demand for protein isolates remains robust as evidenced by our record sales for protein fortification during the quarter and the fact that we are already more than 50% contracted for isolates for 2026. Our high-value pea protein isolates offer notable functional advantages and benefits from labeling preferences compared to other protein sources across various food categories with our new product introductions being preferred for their taste and overall quality.

此外，蛋白質分離物的需求依然強勁，這從本季蛋白質強化產品的創紀錄銷售額以及我們2026年分離物訂單已超過50%的事實中可見一斑。與各種食品類別中的其他蛋白質來源相比，我們的高價值豌豆蛋白分離物具有顯著的功能優勢和標籤偏好優勢，我們的新產品因其口味和整體品質而備受青睞。

Moving now to our second pillar, innovation. Our focus on integrated solutions continues to favorably impact Texture & Healthful's results with solutions-based sales growing at a faster rate than the overall segment's net sales growth for the quarter.

接下來我們來看第二支柱：創新。我們對整合解決方案的關注繼續對 Texture & Healthful 的業績產生積極影響，解決方案的銷售額增長速度超過了該季度整個部門的淨銷售額增長速度。

Furthermore, as food inflation -- food inflation pressures persist, affordability remains a key catalyst for recipe reformulation across our customer base. Brands are actively seeking our assistance with cost-effective ingredient solutions that allow them to maintain quality and shelf life while reducing input costs.

此外，隨著食品通膨——食品通膨壓力持續存在，價格負擔能力仍然是我們客戶群配方調整的關鍵催化劑。各大品牌都在積極尋求我們的幫助，以獲得經濟高效的配料解決方案，從而在降低投入成本的同時保持產品品質和保質期。

Our latest innovations in egg and cocoa replacement solutions delivered cost savings, improved functionality, and enhanced flavor profiles. By enabling customers to reformulate recipes without compromising taste or texture, we're helping them differentiate their products and respond quickly to market trends.

我們在雞蛋和可可替代解決方案方面的最新創新，實現了成本節約、功能提升和風味增強。透過讓客戶能夠在不影響口味或質地的前提下重新調整配方，我們正在幫助他們實現產品差異化，並快速回應市場趨勢。

As consumer demand for natural sweeteners continues to increase, Ingredion is advancing development partnerships for sweet proteins and novel customized clean taste solutions containing stevia and sweet proteins. We believe this will further strengthen Ingredion's position as a leader in sugar reduction innovation.

隨著消費者對天然甜味劑的需求不斷增長，英聯食品正在推進甜味蛋白和含有甜菊糖苷和甜味蛋白的新型定制清潔口味解決方案的開發合作。我們相信這將進一步鞏固英聯食品配料公司在減糖創新領域的領導地位。

Lastly, I'd like to comment on our operational excellence pillar. Our operational focus has translated into meaningful benefits at our Indianapolis facility, where we've taken steps to maximize asset utilization across our starch network. By modernizing the plant layout and reengineering slurry transfer systems, we've created flexibility to run specialty starch operations in a more integrated manner with downstream operations. This means fewer bottlenecks, better load balancing, and improved throughput. These changes reduce inventory requirements, enhance service levels and deliver meaningful savings, all while better positioning the plant to support future growth for texture solutions.

最後，我想談談我們的卓越營運支柱。我們在印第安納波利斯工廠採取的營運重點已轉化為切實的好處，我們已採取措施最大限度地利用澱粉網路的資產。透過對工廠佈局進行現代化改造和對漿料輸送系統進行重新設計，我們創造了更大的靈活性，可以以更整合的方式將特種澱粉生產與下游生產結合起來。這意味著更少的瓶頸、更好的負載平衡和更高的吞吐量。這些變化降低了庫存需求，提高了服務水平，並帶來了顯著的成本節約，同時更好地使工廠能夠支援未來在質地解決方案方面的成長。

Additionally, we feel confident we will surpass our $50 million run-rate Cost2Compete savings target, and we'll realize more than $55 million in run-rate savings by the end of 2025. This achievement reflects a relentless focus on operational efficiency and disciplined cost management across the organization. By optimizing processes, eliminating waste, leveraging technology, and driving continuous improvement initiatives, we've been able to unlock significant savings.

此外，我們有信心超越 5,000 萬美元的 Cost2Compete 年度節省目標，到 2025 年底，我們將實現超過 5,500 萬美元的年度節省。這項成就體現了公司對營運效率的不懈追求和對成本管理的嚴格把控。透過優化流程、消除浪費、利用技術和推動持續改善舉措，我們實現了顯著的成本節約。

Last month, we hosted our first ever Supplier Day, bringing together strategic partners from across our supply chain globally in the pursuit of shared value creation. This was a valuable forum for collaboration, knowledge sharing and strengthening of relationships. The event created increased awareness and understanding by our suppliers of our business and is already leading to new opportunities for value creation for us and them.

上個月，我們舉辦了首屆供應商日活動，將來自全球供應鏈的策略夥伴聚集在一起，共同追求共享價值。這是一個促進合作、知識分享和加強關係的重要論壇。這項活動提高了供應商對我們業務的認識和了解，並已為我們和他們帶來了新的價值創造機會。

Lastly, in October, we held a Global AI Forum for our entire employee base to accelerate adoption for the responsible usage of AI. Our AI priorities for value creation are focused on enhancing the customer experience, driving supply chain and manufacturing efficiency and accelerating innovation.

最後，在 10 月份，我們針對全體員工舉辦了全球人工智慧論壇，以加速負責任地使用人工智慧。我們在人工智慧價值創造方面的優先事項著重於提升客戶體驗、提高供應鏈和製造效率以及加速創新。

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

現在我很高興把它交給吉姆·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 third quarter were $1.8 billion, down 3% versus prior year. Gross profit dollars decreased by 5% and with gross margin slightly lower at 25.1% as volume headwinds are partially offset by lower input costs. Reported and adjusted operating income were $249 million and $254 million, respectively.

謝謝你，吉姆，大家早安。接下來來看損益表。第三季淨銷售額為18億美元，較上年同期下降3%。毛利下降了 5%，毛利率略微下降至 25.1%，因為銷量下滑的部分原因是投入成本降低。報告的營業收入和調整後的營業收入分別為 2.49 億美元和 2.54 億美元。

Turning to our Q3 net sales bridge. The 3% decrease was driven by $39 million in lower volume and $30 million in lower price mix, offset partially by $15 million of favorable foreign exchange.

接下來我們來看看第三季的淨銷售額。3%的降幅是由於銷量下降3900萬美元和價格組合下降3000萬美元造成的，部分被1500萬美元的有利外匯匯率所抵消。

Moving to the next slide. We highlight net sales drivers for the third quarter. Texture & Healthful Solutions net sales were up 1%, driven by sales volume growth of 4% and foreign exchange favorability of 2%, partially offset by price-mix.

進入下一張投影片。我們重點介紹第三季淨銷售額的驅動因素。Texture & Healthful Solutions 的淨銷售額成長了 1%，這主要得益於 4% 的銷售量成長和 2% 的匯率利好，但部分被價格組合所抵銷。

Food & Industrial Ingredients LatAm reported a net sales decrease of minus 6%, largely attributed to a reduction in sales volumes, which was mainly influenced by weaker brewing demand as well as slower macroeconomic growth across the segment.

拉丁美洲食品及工業配料業務淨銷售額下降 6%，主要歸因於銷售量下降，而銷售量下降主要受到釀造需求疲軟以及整個行業宏觀經濟成長放緩的影響。

Food & Industrial Ingredients US/CAN net sales declined 7%. The sales volume decline of 5% was impacted by the extended recovery time to normalize production at our Argo plant as well as softness in sweetener volume demand.

食品及工業配料美國/加拿大淨銷售額下降7%。銷售量下降 5% 是由於 Argo 工廠的生產恢復正常所需時間延長以及甜味劑需求疲軟所致。

Now let's turn to a summary of results by segment. For the third quarter 2025, Texture & Healthful Solutions net sales was up 1% and operating income was up 9%, equating to a 17.4% operating income margin, significantly higher than prior year. This result has been driven by lower raw material costs, as well as favorable volume impact, partially offset by unfavorable price/mix. In Food & Industrial Ingredients, LatAm, net sales were down 6% versus last year. Operating income declined to $116 million with an operating income margin at 19.8%, holding strong.

現在讓我們來看看按細分市場劃分的結果總結。2025 年第三季度，Texture & Healthful Solutions 的淨銷售額成長了 1%，營業收入成長了 9%，營業利潤率為 17.4%，遠高於去年同期水準。這項結果主要得益於原物料成本降低以及銷售成長，但部分被不利的價格/產品組合所抵銷。在食品和工業配料（拉丁美洲）業務中，淨銷售額比去年下降了 6%。營業收入下降至 1.16 億美元，但營業利潤率為 19.8%，維持強勁。

Moving to Food & Industrial Ingredients, US/CAN, third quarter net sales were down 7%. Operating income was $81 million, down 18% or $18 million. driven by production challenges at our Argo plant and lower-than-expected beverage and food volume demand.

食品及工業配料，美國/加拿大，第三季淨銷售額下降 7%。營業收入為 8,100 萬美元，下降 18% 即 1,800 萬美元，主要原因是 Argo 工廠的生產面臨挑戰，以及飲料和食品銷售需求低於預期。

As we stated earlier, we estimate that this disruption has had a $12 million operating loss impact on the quarter's results. For all other group of businesses, the 17% increase in net sales was driven by increases across the board. Operating income was flat versus the prior year as protein fortification gains were offset by lower profits from the Pakistan business.

正如我們之前所說，我們估計此次中斷對本季業績造成了 1,200 萬美元的營運虧損。對於其他所有企業群體而言，淨銷售額成長 17% 是由各方面全面成長所推動的。由於蛋白質強化業務帶來的收益被巴基斯坦業務利潤下降所抵消，營業收入與前一年持平。

Turning to our earnings bridge. On the top half, you can see the reconciliation from reported to adjusted earnings per share. Operationally, we saw a decrease of $0.31 per share for the quarter, driven by a decrease in operating margin of $0.22 and a volume of minus $0.12, partially offset by foreign exchange of $0.03 per share.

接下來我們來看看收益橋樑。在上半部分，您可以看到報告每股盈餘與調整後每股盈餘的調節情況。本季營運方面，每股收益下降了 0.31 美元，主要原因是營業利潤率下降了 0.22 美元，銷量下降了 0.12 美元，部分被每股 0.03 美元的外匯損失所抵消。

Moving to the change in nonoperational items. We had an increase of $0.01 per share. Shares outstanding had a favorable impact of $0.05, and a lower tax rate equivalent had a $0.02 per share impact, partially offset by higher financing costs of minus $0.06 per share.

接下來討論非營運項目變更。我們每股收益增加了0.01美元。流通股數量對每股收益產生了 0.05 美元的有利影響，較低的稅率對每股收益產生了 0.02 美元的影響，但部分被每股 -0.06 美元的較高融資成本所抵消。

Shifting to our year-to-date income statement highlights. Net sales for the first nine months were approximately $5.5 billion, down 3% versus prior year. Gross profit dollars grew by 4% and gross margin has increased to 25.6%, up 180 basis points. Reported and adjusted operating income were $796 million and $800 million, an increase of 10% and 4%, respectively.

接下來，我們來看看年初至今的損益表亮點。前九個月的淨銷售額約為 55 億美元，比去年同期下降 3%。毛利成長了 4%，毛利率上升至 25.6%，提高了 180 個基點。報告的營業收入和調整後的營業收入分別為 7.96 億美元和 8 億美元，分別成長了 10% 和 4%。

Turning to our year-to-date earnings bridge. The result is an increase of $0.58 per share. Operationally, we saw an increase of $0.36 per share for the nine months. The increase was driven by an operating margin increase of $0.61 as well as favorable other income of $0.14 per share, primarily from our Argentina joint venture, and these were partially offset by volume of minus $0.38.

接下來我們來看看今年迄今為止的獲利情況。結果是每股上漲0.58美元。從營運角度來看，前九個月每股收益成長了 0.36 美元。此次成長主要得益於營業利潤率成長 0.61 美元，以及每股其他收益 0.14 美元（主要來自我們在阿根廷的合資企業），但這些成長被銷量下降 0.38 美元部分抵消。

Moving to the change in nonoperational items. We had an increase of $0.22 per share, primarily driven by fewer shares outstanding of $0.15 as well as lower financing costs and tax rate of $0.03 per share each.

接下來討論非營運項目變更。每股盈餘增加了 0.22 美元，主要原因是流通股數量減少了 0.15 美元，以及融資成本和稅率分別降低了 0.03 美元。

Moving to cash flow. Year-to-date cash from operations was $539 million which includes an investment in working capital in the current year. Year-to-date capital expenditures net of disposals were $298 million. The company expects to invest in organic growth initiatives that provide a significantly higher return than our cost of capital.

接下來談談現金流。今年迄今為止，經營活動產生的現金流量為 5.39 億美元，其中包括本年度對營運資金的投資。截至目前，扣除資產處分後的資本支出淨額為 2.98 億美元。公司期望投資於能帶來遠高於資本成本回報的有機成長項目。

Lastly, we have repurchased $134 million of outstanding common shares, exceeding our share repurchase target of $100 million. We have paid out $157 million in dividends and increased the dividend per share to $0.82 for the quarter, which represents our 11th consecutive annual dividend increase.

最後，我們回購了價值 1.34 億美元的流通普通股，超過了我們 1 億美元的股票回購目標。本季我們已派發 1.57 億美元的股息，並將每股股息提高至 0.82 美元，這是我們連續第 11 年提高年度股息。

Now let me turn to our updated outlook for the year. For the full year 2025, we anticipate net sales to be flat to down low single digits with our outlook reflecting lower price/mix due to pass-through of corn costs and an updated view of the effects of foreign exchange.

現在讓我來談談我們更新後的年度展望。對於 2025 年全年，我們預計淨銷售額將持平或略有下降（個位數），我們的展望反映了由於玉米成本轉嫁和對匯率影響的最新看法而導致的價格/產品組合下降。

We anticipate that adjusted operating income will be up low single digits to mid-single digits for the full year. Our 2025 financing cost estimate will now be in the range of $35 million to $40 million, reflecting year-to-date foreign exchange impact.

我們預計全年調整後營業收入將實現個位數低至個位數中段的成長。考慮到年初至今的外匯影響，我們 2025 年的融資成本估算將在 3,500 萬美元至 4,000 萬美元之間。

For the full year 2025, we expect a reported effective tax rate of 25.5% to 26.5%, and adjusted effective tax rate of 26% to 27%. We are narrowing our full year adjusted EPS range to be $11.10 to $11.30. Given the macroeconomic softness evident in the third quarter for Latin American economies and the incremental issues that we absorbed related to F&II US/CAN segment's Chicago plant outage.

預計 2025 年全年實際稅率為 25.5% 至 26.5%，調整後實際稅率為 26% 至 27%。我們將全年調整後每股盈餘預期範圍縮小至 11.10 美元至 11.30 美元。這是因為第三季拉丁美洲經濟體的宏觀經濟疲軟，以及我們因 F&II 美國/加拿大業務部門芝加哥工廠停產而承受的額外壓力。

We anticipate our 2025 cash from operations will now be in the range of $800 million to $900 million. Our guidance reflects current tariff levels in effect at the end of 2025. In addition, this guidance excludes any acquisition-related integration or restructuring costs as well as any potential impairment costs.

我們預計 2025 年的經營活動現金流將在 8 億至 9 億美元之間。我們的指導意見反映了截至 2025 年底的現行關稅水準。此外，該指南不包括任何與收購相關的整合或重組成本以及任何潛在的減損成本。

Turning to the full year outlook for each segment where we have made updates. For Texture & Healthful Solutions, our estimate for net sales is to be up low single digits. We have raised our operating income profit growth to now be up high double digits.

接下來，我們將對已進行更新的各個業務板塊進行全年展望。對於 Texture & Healthful Solutions，我們預期淨銷售額將達到個位數低成長。我們的營業收入利潤成長率已提高到兩位數以上。

For F&II LatAm, we have lowered our net sales outlook to be down mid-single digits and operating profit to be flat to up low single digits. For F&II US/Canada, we have now lowered our outlook for net sales to be down mid-single digits and operating income to be down low double digits based upon operating challenges.

對於 F&II LatAm，我們已將淨銷售額預期下調至下降個位數中段，營業利潤預期持平或成長個位數低段。由於營運面臨挑戰，我們已將美國和加拿大 F&II 業務的淨銷售額預期下調至個位數中段下降，營業收入預期下調至兩位數低段下降。

That concludes my comments, and I'll turn it back over to Jim.

我的發言到此結束，接下來交給吉姆。

Thank you, Jim. As we conclude today's call, I want to emphasize the focus we have on our operational and strategic priorities. Clearly, we have a near-term focus on improving productivity at Argo and rebuilding inventories and driving sales recovery in our US Food & Industrial Ingredients segment.

謝謝你，吉姆。在今天電話會議即將結束之際，我想強調我們對營運和策略重點的重視。顯然，我們近期的重點是提高 Argo 的生產效率，重建庫存，並推動美國食品和工業配料部門的銷售復甦。

Complementing this focus on operational excellence, the entire organization is committed to exceeding its Cost2Compete target, delivering $55 million of run rate savings by year-end. We will continue to deploy capital towards organic growth opportunities to expand and strengthen our Texture & Healthful Solutions portfolio.

為了配合對卓越營運的重視，整個組織致力於超越其 Cost2Compete 目標，在年底前實現 5,500 萬美元的年度節省。我們將繼續投入資金，抓住有機成長機會，擴大並加強我們的質地與健康解決方案產品組合。

Lastly, we remain committed to returning capital to shareholders through share repurchases. As of the end of September, we exceeded our full year target by purchasing $134 million worth of shares and have increased our 2025 share repurchase target to $200 million, underscoring our commitment to maximizing shareholder value and reflecting our confidence in the future, we are announcing that our Board has authorized a new share repurchase program of up to 8 million shares over the next three years.

最後，我們將繼續致力於透過股票回購向股東返還資本。截至 9 月底，我們已超額完成全年目標，回購了價值 1.34 億美元的股票，並將 2025 年股票回購目標提高至 2 億美元。為了彰顯我們致力於最大化股東價值的承諾，並反映我們對未來的信心，我們宣布董事會已批准一項新的股票回購計劃，在未來三年內回購最多 800 萬股股票。

Now let's open the call for questions.

現在開始接受提問。

(Operator Instructions)

（操作說明）

Andrew Strelzik, BMO Capital Markets.

Andrew Strelzik，BMO資本市場。

I wanted to start on the demand environment, and I apologize if you covered some of this in the prepared remarks that I missed. But I guess I'm just curious that you're seeing that evolve. It certainly seems a bit softer than anticipated. And so I guess, are you seeing it continue sequentially to slow? Or are you seeing any signs of stabilization? In the release, you mentioned some customer mix management. I was hoping you could maybe elaborate on that as well.

我想先談談需求環境，如果您在準備好的發言稿中已經談到了這方面的內容而我遺漏了，我深表歉意。但我很好奇，你是如何看待這種改變的。它似乎比預想的要軟。所以我想，你是不是看到它逐漸變慢了？或者你看到任何穩定的跡象嗎？在發表會上，您提到了一些客戶組合管理的內容。我希望您也能詳細解釋一下這一點。

Yes, Andrew I'm going. (technical difficulty) Okay. Andrew, I'm going to start back with the response related to what's happening in LatAm and with Mexico and Brazil, I think that's where the line got cut off. Is that correct?

是的，安德魯，我要去。（技術故障）好的。安德魯，我打算先回應拉丁美洲、墨西哥和巴西正在發生的事情，我想我們的對話就是從那裡開始中斷的。是這樣嗎？

Yes. I mean the question was broadly about the demand backdrop and if you're seeing any signs of stabilization, but then there was the comment. I think it was on LatAm about the mix management, customer mix management. I was hoping you could elaborate on.

是的。我的意思是，這個問題大致是關於需求背景以及你是否看到任何穩定跡象，但後來又出現了那條評論。我記得那是在拉丁美洲，講的是混合管理、顧客混合管理。我希望你能詳細說明一下。

Right, right. Yes. So in Brazil and in Mexico, we're seeing inflation, elevated prices that are impacting the consumer. Interest rates are relatively high versus history and we do believe that's impacting consumer spending and confidence.

對，對。是的。因此，在巴西和墨西哥，我們看到通貨膨脹，物價上漲，這對消費者造成了影響。與歷史水準相比，利率相對較高，我們認為這正在影響消費者的支出和信心。

Mexico GDP is forecasted to only grow 0.5% and Brazil's GDP is forecasted to grow only 2% It's just noteworthy to remind everyone that food spending represents approximately 20% to 30% of disposable income for the LatAm consumer. And thus, when we see softness and thus, we're seeing the cumulative impacts related to softness in beverage and multiple food categories.

墨西哥的GDP預計僅成長0.5%，巴西的GDP預計僅成長2%。值得注意的是，食品支出約佔拉丁美洲消費者可支配所得的20%至30%。因此，當我們看到軟化現象時，我們看到的是與軟化現象相關的飲料和多種食品類別的累積影響。

Moving to the United States, we saw demand for sweeteners in particular decrease in July and August. That's what the industry data showed. It was a pretty notable drop in July and August, but it did recover nicely in September.

在美國，我們發現7月和8月對甜味劑的需求尤其下降。行業數據顯示了這一點。7月和8月出現了相當明顯的下降，但9月已經很好地回升了。

So -- but for the quarter, July and August was impacted. And of course, we, at the same time, in those months, had issues related to Argo depletion of inventories inability to sell, but things picked up in September. And again, as it relates to Texture & Healthful, we didn't see that kind of decline. In fact, the US market contributed most to volume, net sales, and operating income growth, but all three geographies grew operating income high single digits for Global and Texture & Healthful. Hopefully, that answers the question.

所以——但就本季而言，7 月和 8 月受到了影響。當然，與此同時，在那幾個月裡，我們也遇到了與 Argo 庫存耗盡、無法銷售相關的問題，但情況在 9 月有所改善。再說一遍，就「質地與健康」而言，我們沒有看到那種下滑趨勢。事實上，美國市場對銷售、淨銷售額和營業收入成長的貢獻最大，但全球和Texture & Healthful這三個地區的營業收入均實現了接近兩位數的成長。希望這能解答你的疑問。

It does. And as a follow-up, I was hoping you could drill down a little bit more on the Texture & Healthful Solutions segment. The change in the outlook there. Is that -- what kind of is the biggest driver of that piece? Is it more what you saw in 3Q? Is it more what your expectation is for the 4Q? I was just looking for a little more color on the guidance change there.

確實如此。作為後續問題，我希望您能更深入地探討一下「質地與健康解決方案」部分。那裡的看法改變了。也就是說——是什麼因素導致了這篇文章的發表？是不是更像你在第三季看到的情況？這更符合您對第四季的預期嗎？我只是想了解更多關於指導方針變化的資訊。

Jim Gray, I'm going to let you take that.

吉姆·格雷，我就讓你來做這件事吧。

Andrew, I mean, I think that as we look at Q4, we have from prior years, kind of a slightly easier lap. But I think more importantly, when we look across Texture & Healthful, it's really a diversity of customers. And so we have some of our largest customers that are in foodservice. We also have customers that are into private label as well as kind of branded CPG.

安德魯，我的意思是，我認為當我們回顧第四季時，與往年相比，這一圈的難度會稍微小一些。但我認為更重要的是，當我們縱觀 Texture & Healthful 時，會發現它的客戶群非常多元化。因此，我們的一些最大客戶來自餐飲服務業。我們也有一些客戶從事自有品牌和某種品牌消費品業務。

So when affordability and value against either the US or the European consumer, we're already benefiting a bit from what that sort of food service traffic and food service ticket looks like as well as whether it's store brands or private label brand. I think we're seeing a nice balance of our volume demand across all of our customers. And so we feel like that's a well-diversified and very solid business right now that has some growth right in front of it.

因此，無論針對美國或歐洲消費者，在價格和價值方面，我們已經從餐飲服務流量和餐飲服務單價中受益匪淺，無論它是商店品牌還是自有品牌。我認為我們所有客戶的銷售需求都保持著良好的平衡。因此，我們認為這是一家業務多元化且非常穩健的公司，未來還有很大的成長空間。

And we're also benefiting from a focus with a well-defined definition for solutions selling, where we went through a complete retraining of our go-to-market sales and technical service force. And we're into the second full year of, I would say, more advanced solution selling than we've ever had in relationship to selling differentiating ingredients, customized blends and solutions all around consumer benefit platforms around affordability, health and wellness, which are really aligned to the trends.

此外，我們也受益於解決方案銷售的明確定義，我們對市場銷售和技術服務團隊進行了全面的再培訓。我們已經進入了第二個完整的銷售年，可以說，我們在銷售差異化成分、定制混合物和圍繞消費者利益平台（包括價格實惠、健康和保健）的解決方案方面，比以往任何時候都更加先進，這些平台真正符合趨勢。

And that's why I think we're seeing the strength in our clean label solutions growth, which again grew double digits in the US and Asia Pac.

這就是為什麼我認為我們看到清潔標籤解決方案成長強勁的原因，該解決方案在美國和亞太地區再次實現了兩位數的成長。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Jim, I did want to follow up on the F&II businesses. You gave some helpful color on Argo in the prepared remarks. But can you just help us unpack how much of the volume was sort of this macro weakening that you addressed in the first question, how much of that was sort of these company-specific events like the Chicago plant or this transition in your brewery business in LatAm?

吉姆，我確實想跟進一下F&II的業務狀況。你在事先準備好的演講稿中對阿爾戈號做了一些很有幫助的補充說明。但是，您能否幫我們分析一下，其中有多少銷量是由於您在第一個問題中提到的宏觀疲軟造成的，又有多少是像芝加哥工廠或您在拉丁美洲的釀酒業務轉型這樣的公司特定事件造成的？

And I'm just trying to think how much of those onetime items kind of roll off in the fourth quarter and what sticks with that? If we could start there and then I'll have a follow-up.

我只是想弄清楚，有多少一次性專案會在第四季消失，又有多少會持續下去？如果我們能從這裡開始，之後我會跟進。

Kristen, can we just clarify which segment? So US/CAN F&II first.

克莉絲汀，我們能明確一下是哪個部分嗎？所以先看美國/加拿大金融和保險業。

Yes. Let's take -- why don't we take US/CANADA F&II first, Jim, and then maybe I'll take the LatAm F&II.

是的。咱們先做美國/加拿大 F&II 吧，吉姆，然後我也許會做拉丁美洲 F&II。

Yes. Okay. Is that okay, Kristen. Yes.

是的。好的。這樣可以嗎，克里斯汀？是的。

Yes, I was hoping to get both.

是的，我本來希望兩個都能得到。

So I think with regard to US/CAN F&II, so first of all, as Jim mentioned on the prerecording that the feed dryer is very much at the end of the process. When that goes down, the entire plant has to shut down and so then as we looked at those, we just -- we wanted to bring up the full recovery of the plant.

所以我認為，就美國/加拿大的F&II而言，首先，正如Jim在預錄中提到的，飼料乾燥機處於整個過程的最後階段。當這種情況發生時，整個工廠都必須停產，所以當我們研究這些問題時，我們只想提出工廠的全面恢復方案。

And so we had a couple of impacts in terms of you have some lower value from your coproducts that you got to clear out. You also had some periodic halting of the grind, which impacted a variety of the refinery processes. And so we didn't have as much volume available. We also had to absorb some fixed costs and then as we've got running to kind of normal production rates in September, you can really put a kind of cap on those costs, and that cap is around $12 million impact to Q3. Don't really anticipate that, that's going to repeat, right?

因此，我們受到了一些影響，例如你的一些副產品價值較低，需要清理掉。煉油過程也曾出現過一些週期性的停滯，影響了煉油廠的各種製程。因此，我們沒有足夠的容量可用。我們也必須承擔一些固定成本，隨著我們在 9 月恢復到正常的生產水平，這些成本實際上可以控制在一定範圍內，對第三季的影響約為 1,200 萬美元。不要指望這種情況會重演，對吧？

I mean, we want to work on reliability. We think about our planning as we go forward. And obviously, we plan to run at normal to full capacities in 2026. So I really don't think we're going to overlap this maintenance and the idle plant charges within US/CAN F&II.

我的意思是，我們希望提高可靠性。我們會邊走邊考慮規劃。顯然，我們計劃在 2026 年恢復正常或滿載運作。所以我真的不認為我們會把這項維護費用和美國/加拿大 F&II 中的閒置工廠費用重疊起來。

So $12 million of the $18 million decline, we would attribute to the Argo issues. The remainder related to the market weakness that we saw, which was very curious with the drop off in July and August, but the good news is we saw industry recovery in September.

因此，1800萬美元的跌幅中有1200萬美元，我們認為是由於Argo的問題造成的。其餘部分與我們看到的市場疲軟有關，7 月和 8 月的下滑非常奇怪，但好消息是我們在 9 月看到了行業復甦。

So let me pivot and I'll talk about LatAm. For the LatAm F&II segment, approximately 40% of the revenue decline year-on-year was attributable to soft brewing volumes. Now the largest contributing factor was related to the impact of the terms and timing of purchases associated with the rollover of significant customers multiyear agreement. That situation is now satisfactorily resolved and it should not repeat.

那麼，就讓我轉換一下話題，談談拉丁美洲吧。拉丁美洲 F&II 業務部門的營收年減約 40% 是由於淡啤酒產量下降所致。現在，最大的影響因素與重要客戶多年協議的續約相關的購買條款和時間表的影響有關。該情況現已圓滿解決，不應再次發生。

So for color, in the quarter, Mexico was down 10% with half of the net sales decline due to brewing related situations to that unique customer situation. And in Brazil, 90% of the decline was due to brewing demand, again, predominantly related to that customer situation. And because brewing adjunct represents 18% of net sales for F&II/LatAm and a larger percentage of our volume what we've been doing is we're actively pursuing alternative paths to utilize our grind more profitably by trading up to support higher-margin products in food and confectionery.

因此，就色彩而言，本季墨西哥的銷量下降了 10%，其中一半的淨銷售額下降是由於與釀造相關的特殊客戶情況造成的。在巴西，90%的下降是由於釀造需求下降造成的，這同樣主要與客戶狀況有關。由於釀造輔料佔 F&II/LatAm 淨銷售額的 18%，並且占我們銷量的更大比例，因此我們一直在積極尋求其他途徑，透過升級生產食品和糖果等利潤更高的產品，更有效地利用我們的研磨原料。

We believe this represents an exciting incremental opportunity to diversify beyond brewing and valorize our grind more profitably. So hopefully, that answers the question related to the -- what we believe is some transitory aspects in F&II with about half of the decline in LatAm was due to the brewing transitory nature, and Jim indicated about two-thirds of the decline in F&II US/Canada was related to the Argo situation. Hopefully, that's clear.

我們相信，這代表著一個令人興奮的漸進式機會，讓我們能夠超越釀造領域，實現業務多元化，並以更有利可圖的方式提升我們的勞動成果。所以，希望這能回答與以下問題相關的問題——我們認為 F&II 的一些方面是暫時的，拉丁美洲大約一半的下滑是由於正在醞釀的暫時性因素造成的，而 Jim 指出，美國/加拿大 F&II 的下滑約有三分之二與 Argo 的情況有關。希望這一點很清楚。

No, really, I appreciate all of that color. That is very helpful in helping us understand what goes the way in the fourth quarter. My follow-up question is actually as far as thinking about fourth quarter contracting season, I understand it's a little early in 2026. But just given some of these onetime items in '25 I'm wondering if you can give us a sense of how you're thinking about price cost dynamics into 2026. I mean we've had a lot of volatility on the input cost side. And then you've got some of these onetime items on the cost side.

不，真的，我很喜歡這些色彩。這對於幫助我們了解第四季比賽的走向非常有幫助。我的後續問題是，就考慮第四季度合約簽訂季而言，我知道現在討論 2026 年還為時過早。但考慮到 2025 年的一些一次性項目，我想知道您能否談談您對 2026 年價格成本動態的看法。我的意思是，投入成本方面波動很大。此外，還有一些一次性費用項目。

So just some of the big buckets that we should think about from a price cost perspective into 2026 would be very helpful.

因此，從價格成本的角度來看，我們應該考慮哪些主要因素，並展望到 2026 年，這將非常有幫助。

Yes. I would say, just as it relates to contracting, obviously, we're early in the process. I would say that we're currently midway through firm price contracting in the US and in Europe. So still a long way to go. And as it relates to inflationary pressures, which there are on input costs, along with US cost of corn projected to be higher in '26 versus '25, we anticipate this is going to prolong customer commitments and that contracting will not be completed until late in the year.

是的。我想說，就合約簽訂而言，顯然我們還處於早期階段。我認為目前美國和歐洲的價格合約都已進入穩定合約的中期階段。所以還有很長的路要走。至於投入成本面臨的通膨壓力，以及預計 2026 年美國玉米價格將高於 2025 年，我們預計這將延長客戶的承諾期限，合約簽訂將要到年底才能完成。

And obviously, we always do a, we think, a pretty good job of balancing all of the puts and takes, especially given the pricing centers of excellence that we have stood up over the last few years that have served us very well during the inflationary period, and now as we manage a more benign but yet still sticky inflationary period. We're cautiously optimistic that 2026 contracting will position us for another year of modest profit growth based on everything that's happening in the economies globally along with the backdrop of uncertainty.

顯然，我們認為我們一直都很好地平衡了所有的出價和收益，尤其是在過去幾年裡，我們建立了卓越的定價中心，這些中心在通貨膨脹時期為我們提供了很好的服務，而現在，我們正在應對一個更加溫和但仍然具有粘性的通貨膨脹時期。鑑於全球經濟情勢以及不確定因素，我們謹慎樂觀地認為，2026 年的合約簽訂將使我們預計在未來一年實現溫和的利潤成長。

Ben Theurer, Barclays.

本·圖雷爾，巴克萊銀行。

I wanted to follow up on T&H, just the dynamics in the quarter and the outlook. So the first question really is related, if you could elaborate maybe with a few examples on what's been driving the negative price mix in Texture & Healthful Solutions, which at minus 5% look pretty high. So that's the first thing I would like to understand. And then I have a quick follow-up.

我想跟進一下T&H的情況，主要是了解本季的動態和展望。所以第一個問題其實是相關的，如果您能詳細說明一下是什麼導致了 Texture & Healthful Solutions 的負面價格組合（-5% 的跌幅看起來相當高），那就太好了。所以這是我首先想了解的事情。然後我還有一個簡短的後續問題。

Let me have Jim make that comment, Jim?

讓吉姆來說說這番話吧，吉姆？

So Ben, on the price mix, when you look quarter-over-quarter, right? So some of the pricing that we had coming into the beginning of 2025 from Europe. We had some higher energy costs that were evident in '24. And so as energy costs had come down, that was part of our pricing mix. That's been kind of true all year as well as some of the corn -- corn was about equal, but we've also seen some higher expected corn costs and like basis for some of our specialty grains.

所以本，關於價格組合，當你環比觀察時，對吧？所以，我們在 2025 年初從歐洲獲得的一些定價。2024 年，我們的能源成本明顯偏高。因此，隨著能源成本的下降，這也成為了我們定價策略的一部分。今年以來，這種情況基本上一直存在，玉米價格也大致持平，但我們也看到一些玉米的預期成本和一些特殊穀物的基差有所上升。

So that's literally -- in the prior year, that was there. And then as there's been more plentiful corn some of that basis has come down year-over-year. So it's really more of a pass-through, I think, of some of the -- either net corn costs or the inputs.

所以，實際上——在前一年，它就在那裡。隨著玉米產量增加，部分基差較去年同期下降。所以我認為這實際上更多的是一種成本轉嫁——無論是玉米淨成本還是投入成本。

Okay. Perfect. And then my follow-up question is really coming back to some of the dynamics in Food & Industrial, Latin America and the outlook in particular. So as you're probably aware of, in Mexico, there is a proposal out which is about to be approved for a significant increase on taxation for soft drinks which would not only affect the ones with caloric content but also the ones with no sugar in it. So no caloric content at all. It's still being taxed.

好的。完美的。那麼，我的後續問題其實還是回到了食品和工業領域的一些動態，特別是拉丁美洲的前景。正如您可能已經知道的那樣，墨西哥有一項提案即將獲得批准，該提案將大幅提高軟性飲料的稅收，這不僅會影響含熱量的飲料，還會影響不含糖的飲料。所以完全沒有熱量。它仍然要繳稅。

And the bottler is down there, for example, expectation that there's going to be a significant need to pass pricing because of these taxes and with an expectation of large volume declines. So I wanted to understand what your provisioning is. And how can you kind of like protect maybe volume? Or what are you doing in order -- on your contracting side, particularly in Mexico, as it relates to the sweeteners piece, but also the non-caloric sweeteners as alternatives, which both are going to be impacted by the taxation into 2026?

例如，裝瓶商預計，由於這些稅收，以及預計銷售量大幅下降，將需要大幅提高價格。所以我想了解你們的配置方案是什麼。那麼，如何才能保護音量之類的東西呢？或者，你們在合約方面，尤其是在墨西哥，針對甜味劑以及作為替代品的非熱量甜味劑，採取了哪些措施？兩者都將受到稅收的影響，直至 2026 年。

Jim, why don't you take first, and then I'll pick up on it.

吉姆，你先來，然後我再接手。

So obviously, what Ben, you're discussing is this kind of sweetness tax that is across both caloric as well as non-caloric or light beverages that will impact in Mexico. I think that legislation is up for vote or maybe it's approved, but the effective date, I thought was January 1, 2026.

很明顯，本，你討論的是這種對含糖飲料（包括含熱量飲料和不含熱量或低糖飲料）徵收的“甜味稅”，這將對墨西哥產生影響。我認為這項立法正在投票表決，或者可能已經獲得通過，但生效日期我記得是 2026 年 1 月 1 日。

So on the caloric side, clearly, the bottlers in Mexico have a choice between kind of liquefied sugar and HFCS, and we think that as you look at the cost competitiveness and the formulation for HFCS, it should lean a little bit more towards kind of the use of HFCS and then just -- and what we've also seen historically when we've seen kind of taxes go into place on beverages is that usually, there's an initial sort of sticker shock.

所以從熱量來看，墨西哥的裝瓶商顯然可以選擇液態糖和高果糖漿，我們認為，考慮到高果糖漿的成本競爭力和配方，應該更傾向於使用高果糖漿，而且——我們從歷史上也看到，當對飲料徵稅時，通常都會出現最初的價格衝擊。

But then after that, I think consumers generally kind of sort of accept or work that in to their overall cost of their grocery basket or their cost of lunch on the go or dinner. And so there's always usually an initial impact for anywhere between a month to three, four, five months. And then it sort of -- it works through. I think the customers that we have also are very much thoughtful around their pack -- their price pack architecture, and we'll think about value in those trade-offs.

但之後，我認為消費者通常會接受或將這些成本計入他們的購物籃總成本、外帶午餐或晚餐成本。因此，通常會有一個月到三、四、五個月的初步影響。然後它就——它就運作起來了。我認為我們的客戶在產品組合方面也考慮得非常周全——他們的價格組合架構，我們會權衡這些利弊，考慮其價值。

I think for non-caloric sweeteners, it's more of an interesting issue, right, which is there's a consumption tax going in will you see any separation for beverages that we sell like maybe a stevia solution into where you have where you have maybe a unique proposition on that beverage and that might be able to withstand that tax increase.

我認為對於非熱量甜味劑來說，這是一個更有趣的問題，對吧？那就是，消費稅即將徵收，我們銷售的飲料，例如添加了甜菊糖溶液的飲料，是否會因為其獨特的優勢而受到區別對待，從而能夠抵禦稅收增長的影響。

Yes. What I would also say, Ben, is that this proposed increase, which I think is $0.17 a liter on sugary drinks. And again, non-sugary drinks but sweetened with artificial sweeteners as well that will go into effect. It's coming now maybe eight years later than first 6.8% tax that was put in place. And as Jim said, when that went into effect, there was a dampening for six months to nine months on purchases.

是的。本，我還想說的是，這項提議的漲價，我認為是含糖飲料每公升上漲 0.17 美元。還有，不含糖但添加了人工甜味劑的飲料也會產生影響。現在這項稅收政策的出台，可能比最初實施的 6.8% 的稅率晚了八年。正如吉姆所說，當這項措施生效時，購物活動在六個月到九個月內都受到了抑制。

And then what was interesting, is consumer behavior was modified and the tax actually had unintended consequences and impacted purchases of other products outside even the food category, where people then went back to products that they liked, which were some of the caloric beverages, especially consumed by laborers and the construction workers, et cetera. And we actually observe that.

有趣的是，消費者的行為發生了改變，這項稅收實際上產生了意想不到的後果，甚至影響了食品類別以外的其他產品的購買，人們又開始購買他們喜歡的產品，例如一些高熱量飲料，尤其是勞動者和建築工人等群體經常飲用的飲料。而我們確實也觀察到了這一點。

Now we'll see what's going to happen this time. But the other important point, Jim, that I think is important for us to highlight is we do not export a lot of, say, HFCS into Mexico. In fact, it's a very small quantity because we produce locally and we're not a large HFCS producer locally. We're much more of a glucose producer locally.

現在我們來看看這次會發生什麼事。但吉姆，我認為我們需要強調的另一點是，我們並沒有向墨西哥出口大量的，比如說，高果糖玉米糖漿。事實上，數量非常少，因為我們是本地生產的，而且我們本地並不是大型高果糖漿生產商。我們本地的葡萄糖產量要高得多。

So from a standpoint of how directly -- so I use the word directly going to be impacted, I don't foresee it will have a direct impact, how it impacts the industry and what indirect effects are kind of remains to be seen. But I do think it won't be a one for one that is prolonged, it will -- consumers will adjust as they did when that tax went into effect in 2016, '17 and we'll see then what happens from there.

所以從直接影響的角度來看——我用「直接」這個詞——我預計它不會產生直接影響，它對產業的影響以及間接影響還有待觀察。但我認為這不會是長期的一對一調整，消費者會像 2016 年、2017 年這項稅收生效時那樣進行調整，然後我們再看看接下來會發生什麼。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

I just wanted to ask about US/Canada F&II . I think you mentioned it in the prepared comments and in the Q&A here. I think you called out $12 million weakness from Argo and $6 million from a softer market and just parsing into that further, you mentioned softness in July and August, but a recovery in September. Were you speaking on a volume basis? And are you able to kind of share if that recovery has held into October? Or what you're seeing thus far quarter-to-date?

我只是想問一下關於美國/加拿大金融和保險（F&II）的問題。我想你在準備好的評論和這裡的問答環節中都提到過這一點。我認為你指出了 Argo 的 1200 萬美元虧損和疲軟的市場造成的 600 萬美元虧損，進一步分析，你提到了 7 月和 8 月的疲軟，但 9 月有所復甦。你當時是在大聲說話嗎？您能否透露一下，這種復甦勢頭是否持續到了10月？或者說，你從本季至今觀察到的情況如何？

Yes. I think you've summarized it accurately as it relates to US/Canada. And the comments that we made about July and August in US/Canada related to volume shipments in the industry of sweeteners, which is what we were specifically talking about and that recovery in September was also volume related and related to sweeteners.

是的。我認為你對美國/加拿大的情況總結得很準確。我們先前對美國/加拿大 7 月和 8 月的甜味劑產業出貨量發表的評論，正是我們當時所討論的；而 9 月份的復甦也與甜味劑的出貨量有關。

I would say it's early yet in the quarter for quarter four, but we're not, I don't believe, going to see the July and August step-downs that we saw from an order of magnitude, and we do really believe that it was related to a subset of brand companies -- brand food companies in both beverages and packaged foods, taking price, promoting less and absorbing higher aluminum and tinplate packaging costs, passing those on.

我覺得現在談論第四季度還為時過早，但我認為我們不會再看到像七八月份那樣大幅下滑，而且我們確實認為這與一部分品牌公司有關——包括飲料和包裝食品的品牌食品公司，它們為了降低成本，減少了促銷活動，並承擔了更高的鋁和馬口鐵包裝成本，並將這些成本轉嫁給了消費者。

Because the 232 tariffs that went into effect actually were announced, I believe, in March. And by the time they started to be manifested at the retail level, we believe that, that onetime impact was experienced in those months.

因為實際生效的 232 項關稅，我相信，是在 3 月宣布的。我們認為，當這些影響開始在零售層面顯現時，這種一次性的影響已經在那幾個月內顯現出來了。

And the manufacturers were optimizing their approach to how they were going to price and thus the impact was felt by consumers. The adjustments have occurred and again, September was evidence of that. That's how we have interpreted it. And again, we need more data points going forward to really be conclusive, but that's our best understanding of what took place and how we would explain the impact in the quarter.

製造商們正在優化他們的定價策略，因此消費者也感受到了這種影響。調整已經完成，9 月的數據再次證明了這一點。我們就是這麼理解的。再次強調，我們需要更多的數據點才能真正得出結論，但這是我們對所發生的事情以及我們如何解釋本季影響的最佳理解。

Great. I appreciate that detail there. And just maybe wanted to understand just Argo a little bit better. Maybe I was wrong in my thinking, but I think last time we had spoken or last earnings call, you were expecting to get some of the volumes back as we work through 3Q and 4Q.

偉大的。我很欣賞你提到的這個細節。或許只是想更深入地了解阿爾戈號。也許我的想法錯了，但我認為上次我們談話或上次財報電話會議上，你期望隨著我們度過第三季度和第四季度，銷量能夠有所恢復。

So I was just wondering what you are all facing from like a production challenge standpoint. And do you see these manufacturing issues abating by 2026? Or what kind of timeline should we be thinking of here?

所以我想知道，從生產挑戰的角度來看，你們都面臨哪些問題。您認為這些製造業問題會在 2026 年之前有所緩解嗎？或者我們應該考慮什麼樣的時間表？

Yes. No, you are correct in what we had expected and what we thought was possible. The point we wanted to make and the point we'll make again is that Argo is a big complex facility factory. And when it runs well, we can make up for a lot of lost ground.

是的。不，你說的沒錯，我們之前的預期和我們所認為的可能性都是正確的。我們想表達的觀點，也是我們以後會再次強調的觀點，是 Argo 是一個大型複雜的工廠設施。如果運作良好，我們就能彌補很多損失。

And what we were expecting was that it was going to recover more quickly than it did. And unfortunately, the recovery lasted into the quarter. So not to be repetitive, but when a factory like that of that size goes down, the first challenge that we have because it impacted what we call the back end, which is the co products and the feed is we then lose the valorization premium on coproducts. And we have to get the plant up and running, and we have to dispose of the coproducts so it doesn't become a bottleneck and it takes time to normalize the quality of those coproducts to get the valorization.

我們原本預期它會比實際恢復得更快。不幸的是，這種復甦勢頭一直持續到了本季。所以，我不想重複，但是當像這樣規模的工廠倒閉時，我們面臨的第一個挑戰是，因為它影響了我們所說的後端，也就是副產品和原料，所以我們失去了副產品的增值溢價。我們必須讓工廠運作起來，我們必須處理副產品，以免成為瓶頸，而且要讓這些副產品的品質正常化以實現增值，還需要時間。

In addition, you then have periodic halting of the grind that impacts the downstream refinery processes, and then that leads to product downgrades and then that leads to under-absorption of fixed costs and unplanned maintenance costs, and we incurred all of that.

此外，研磨過程也會週期性地停止，影響下游煉油工藝，進而導致產品等級下降，最終導致固定成本和計劃外維護成本無法充分吸收，而所有這些損失都由我們承擔。

The -- again, the production impacts that we experienced separate from what we saw in the industry from a standpoint of volume for us was particularly acute in July and August, but September returned to normal production rates.

再次強調，我們所經歷的生產影響與我們在產業中看到的影響不同，從產量角度來看，我們在 7 月和 8 月受到的影響尤其嚴重，但 9 月已恢復正常生產力。

So the team right now is very focused. We don't want to declare victory. They are -- we're seeing steady recovery, stabilization, and we're hopeful that certainly quarter four is going to be better than quarter three. And then as we go into the winter, assuming we don't hit -- we've lived through polar vortexes and those kinds of things. Assuming we don't have anything like that, we should be on a steady road to recovery at Argo.

所以球隊目前非常專注。我們不想宣布勝利。情況確實如此——我們看到經濟正在穩步復甦和穩定，我們希望第四季肯定會比第三季好。然後，當我們進入冬季時，假設我們沒有遭遇——我們已經經歷過極地渦旋之類的極端天氣。假設我們沒有遇到類似的問題，Argo 應該會走上穩定復甦的道路。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

So a follow-up on the US/Canada side. Just specific for our fourth quarter I mean it looks like on your guidance for the year, down low double digits, it maybe implies that your fourth quarter is around $70 million in EBIT. So you're still down around $10 million year-over-year I guess, is that right?

接下來是關於美國/加拿大方面的一些後續情況。具體來說，就我們第四季而言，我的意思是，根據你們對全年的指引，預計成長速度將低於兩位數，這可能意味著你們第四季的息稅前利潤約為 7000 萬美元。所以，我猜你們的虧損仍然比去年同期減少了大約 1000 萬美元，對嗎？

And is that primarily just comments around weaker market buying and seasonality? Or are there any other effects there? And I guess I'll ask my follow-up in addition here that around -- does that carry into the first half of next year with some of the comments around weaker consumer buying or not?

這些評論主要針對的是市場買盤疲軟和季節性因素嗎？或是有其他影響嗎？我想在此補充一個後續問題，關於消費者購買力疲軟的一些評論，是否會延續到明年上半年？

Josh, this is Jim Gray. I think with regard to how we think about the momentum going into Q4, we don't really expect any kind of operational issues or onetime issues, whether -- if it's the US/CAN Chicago plant operations or kind of the LatAm brewing what we did want to come back and just say for US/CAN market for the demand for beverages and food, for kind of our sweetener serves.

喬希，我是吉姆‧格雷。我認為，就我們對第四季度發展勢頭的看法而言，我們預計不會出現任何運營問題或一次性問題，無論是美國/加拿大芝加哥工廠的運營，還是拉丁美洲的釀造問題。我們想再次強調的是，美國/加拿大市場對飲料和食品的需求，以及我們對甜味劑的需求。

I think we do see some customers not just branded but also private label taking price in the market. They are overcoming package -- expected package cost inflation. And our markets are always -- consumer is always going to be a little elastic. And we've seen this before. It's not dramatic in terms of the overall cost inflation that we're seeing in the market.

我認為我們看到一些客戶不僅購買品牌產品，而且購買自有品牌產品也在市場上佔據價格優勢。他們正在克服包裝成本上漲帶來的預期影響。我們的市場總是－消費者總是會有一定的彈性。我們以前就見過這種情況。就目前市場上看到的整體成本上漲而言，這並不算劇烈的變化。

But you are seeing some unit price increases show up in the kind of the scanner data. And I do anticipate that, that will carry into Q4 and so that's kind of what's shaped our guidance a little bit. But overall, it's not a shock. I think the US consumer is in a good spot with regard to wages and affordability is always top of mind, but I think there is some necessary, if not modest pricing inflation on behalf of some beverage and food customers, and that's going to always slow the demand for sweeteners. But we're in a good spot if that sweetener demand does pick up in Q4, and that's kind of part of our guidance.

但從掃描器數據可以看出，一些單價上漲的現像已經顯現出來。我預期這種情況會延續到第四季度，所以這也一定程度影響了我們的業績預期。但總的來說，這並不令人意外。我認為美國消費者目前薪資水平不錯，購買力始終是他們最關心的問題，但我認為，對於一些飲料和食品消費者來說，價格上漲是必要的，即使幅度不大，但這總是會減緩對甜味劑的需求。但如果第四季甜味劑需求確實回升，我們就能從中受益，這也是我們業績預期的一部分。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones 研究公司。

And apologies if I repeat anything. I got on the call late. I was wondering you talk about LatAm and as you're thinking about '26 and the Mexico tax issue that you discussed and then just the broader inflation challenges for the consumer. Just wondering -- I know you're not giving '26 guidance yet, but just wondering now, how you're thinking about that setup for next year, particularly given it's had a couple of really good years. Just I was hoping you could give us some color on that.

如果我重複了什麼內容，請見諒。我遲到了才接到電話。我想問的是，當您談到拉丁美洲時，考慮到2026年以及您討論過的墨西哥稅收問題，還有消費者面臨的更廣泛的通貨膨脹挑戰。我只是好奇——我知道你還沒有給出 2026 年的指導意見，但我現在只是想知道，你對明年的安排有什麼想法，特別是考慮到它已經取得了幾年非常好的成績。我只是希望你能給我們詳細介紹一下。

Yes. We -- let me just make a comment. We just actually celebrated our 100th year operating in Mexico. In fact, we had a Board meeting in Mexico, and we were able to meet with government officials, and we were able to hear from economists in relationship to the pulse on the economy. And definitely, the government's budget deficit in Mexico has presented a challenge along with the muted GDP growth. So we are seeing a softer Mexican economy and also some of the companies that we sell to their export to the US and export to a Hispanic community in the US from a standpoint of some of their products and brands.

是的。我——讓我簡單說幾句。我們剛剛慶祝了在墨西哥運營100週年。事實上，我們在墨西哥召開了一次董事會會議，我們有機會與政府官員會面，並聽取了經濟學家對經濟狀況的看法。毋庸置疑，墨西哥政府的預算赤字以及疲軟的GDP成長都帶來了挑戰。因此，我們看到墨西哥經濟疲軟，從某些產品和品牌的角度來看，我們的一些銷售公司也出口到美國，並出口到美國的西班牙裔社區。

So -- and we all have read from CPG companies in the US about a weaker Hispanic consumer here in the US So clearly, that manifested itself in the shipments that we make to these customers in the third quarter, not really prior to that. It's starting.

所以——我們都從美國消費品公司了解到，美國的西班牙裔消費者力量正在減弱。顯然，這體現在我們第三季向這些客戶發貨的商品數量上，而不是在此之前。開始了。

And you're going to have an overhang as well in relationship to USMCA negotiations that will need to be resolved or postponed by July of '26. So there will be, we believe, some uncertainty that will hang over certainly the Mexican economy and that's kind of what we're anticipating as we exit the year and as we head into the year.

此外，與美墨加協定談判相關的問題也需要解決或延後到 2026 年 7 月。因此，我們認為，墨西哥經濟肯定會面臨一些不確定性，這也是我們在今年結束和進入新的一年時所預期的情況。

That all being said, the position that we hold in the Mexican market is a very solid position, very strong position. And the overall Mexican consumer has been resilient and affordability is going to be very, very important that plays to one of our strengths from a standpoint of how we work with customers on recipe development.

綜上所述，我們在墨西哥市場佔有非常穩固、非常強大的地位。墨西哥消費者整體上表現出很強的韌性，價格實惠將非常非常重要，這正好符合我們在與客戶合作開發食譜方面的優勢之一。

And -- we also really know how to optimize our network down there. We've got three great plants, and the team is working very hard to optimize supply chains and look at cost management. So that's kind of the backdrop, and that's how we're approaching it right now. But it's early. It's really early to project too much forward what we've seen in Q3 into '26 at this point in time.

而且——我們也確實知道如何優化我們在那裡的網路。我們擁有三家很棒的工廠，團隊正在努力優化供應鏈並研究成本管理。這就是背景，也是我們目前著手處理此事的方式。但現在還為時過早。現在就將我們在第三季看到的情況過度預測到 2026 年還為時過早。

Okay. And then my next question is just on the share repo. This is a throwback to years ago, but I remember at one point, your shares weren't as liquid as far as how they trade and all. And so that sort of limited the optionality on the magnitude of share repurchases. So I was just wondering if you could update us as far as your thinking on that. Is there a limit to how many you want to repurchase ultimately and just update it.

好的。接下來，我的問題是關於共享儲存庫的。這要追溯到很多年前了，但我記得當時你們的股票流動性不如現在好，交易方式等等都不盡如人意。因此，這在某種程度上限制了股票回購規模的選擇空間。所以我想問您能否跟我們說說您對此的看法。你們最終想要回購並更新的次數是否有限制？

Yes. Well, first of all, I mean, why the new authorization from our Board on our share repurchase program. So our -- the program that we had in place was set to expire at the end of '25. I think overall, we're confident in the growth strategy for the company and believe that organic investment is going to continue to favorably impact cash flow growth.

是的。首先，我的意思是，為什麼我們的董事會要批准我們的股票回購計畫？所以，我們當時實施的計畫將於 2025 年底到期。我認為總體而言，我們對公司的成長策略充滿信心，並相信內生性投資將繼續對現金流成長產生正面影響。

And so if you look at that going forward, then our capital allocation priorities are still around reliability capital, organic growth investment supporting the dividend. But after that, we have strategic cash to deploy, and we have a healthy cash balance today.

因此，展望未來，我們的資本配置重點仍是可靠性資本、支持股利的內生成長投資。但之後，我們有戰略現金可供部署，而且我們目前的現金餘額也很健康。

And so I think we look at our repurchase history for 2024 and now for 2025 with trying to exceed $200 million of share repurchases in 2025. So we're going to anticipate that we're going to have kind of more share repurchases in '26, '27, '28 and thus the need to come back and renew and reauthorize it at 8 million shares over that time period.

因此，我認為我們應該回顧 2024 年的股票回購歷史，並展望 2025 年，爭取在 2025 年實現超過 2 億美元的股票回購目標。因此，我們預計在 2026 年、2027 年、2028 年會有更多股票回購，因此需要重新授權並續簽該協議，在此期間回購 800 萬股。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Jim Zallie for any closing remarks.

目前隊列中沒有其他問題了。現在我謹將電話交還給吉姆‧札利先生，請他作總結發言。

Thank you, operator, and I want to thank all of you for joining us this morning. We look forward to seeing many of you at our upcoming investor events in the next engagement being the Stephens Annual Investment Conference in mid-November. And at this time, I just want to thank everybody again for your continued interest in Ingredion.

謝謝接線員，也謝謝各位今天早上收看我們的節目。我們期待在即將舉行的投資者活動中見到各位，下一場活動是 11 月中旬舉行的史蒂芬斯年度投資大會。在此，我再次感謝大家對英聯食品配料公司（Ingredion）的持續關注。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線了。