Ingredion Inc (INGR) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2026 Ingredion Inc earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

大家好，感謝您稍候。歡迎參加 Ingredion Inc 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。(接線員指示)

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

現在我想將會議交給今天的發言人，投資人關係副總裁 Noah Weiss。

Good morning, and welcome to Ingredion's first quarter 2026 earnings call. I'm Noah Weiss, Vice President of Investor Relations. Joining me on today's call are Jim Zallie, our Chairman, President, and CEO; and Jason Payant, our Vice President and Interim CFO.

各位早安，歡迎參加 Ingredion 2026 年第一季財報電話會議。我是投資人關係副總裁 Noah Weiss。今天與我一同出席的有：董事長、總裁暨執行長 Jim Zallie，以及副總裁兼代理財務長 Jason Payant。

The press release we issued today as well as the presentation we will reference for our first quarter results can be found on our website, ingredion.com, in the Investors section. 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.

我們今天發布的新聞稿，以及我們將用於說明第一季業績的簡報資料，可於我們的網站 ingredion.com 的「投資人」專區查閱。提醒各位，我們在簡報中的評論可能包含前瞻性陳述。這些陳述受多項風險與不確定性影響，並包含對公司未來營運與財務表現的預期與假設。

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. 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.

實際結果可能與前瞻性陳述中的估計有重大差異；Ingredion 不承擔在未來因情況改變而更新該等陳述的義務。有關可能導致實際結果與今日電話會議或今早新聞稿所討論內容出現重大差異之因素的更多資訊，請參閱公司最近提交的 Form 10-K 年度報告，以及後續提交的 Form 10-Q 與 8-K 報告。

During this 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 the press release and in today's presentation appendix.

在本次電話會議中，我們也會提及若干非 GAAP 財務衡量指標，包括調整後每股盈餘、調整後營業利益，以及調整後有效稅率；其與美國 GAAP 指標之調節，載於新聞稿中的附註 2「非 GAAP 資訊」以及今日簡報的附錄。

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

接下來，我把電話交給 Jim。

Thank you, Noah, and good morning, everyone. While we expected a challenging quarter after last year's strong first quarter, results were weaker than anticipated in Food and Industrial Ingredients US/Canada due to operational challenges at our Argo facility. At the same time, performance in our Texture and Healthful Solutions and Food and Industrial Ingredients LatAm segments were in line with our expectations despite an increasingly uncertain macroeconomic environment.

謝謝你，Noah，各位早安。在去年第一季表現強勁之後，我們原本預期本季將具挑戰性；然而，由於 Argo 廠的營運挑戰，我們在美國/加拿大的食品與工業原料（Food and Industrial Ingredients US/Canada）業績弱於預期。同時，儘管總體經濟環境愈發不確定，我們的質地與健康解決方案（Texture and Healthful Solutions）以及拉丁美洲食品與工業原料（Food and Industrial Ingredients LatAm）兩個事業部的表現仍符合預期。

Overall, net sales were down 1% and adjusted operating income was down 22% versus last year, driven by Argo and softer industry volumes in Food and Industrial Ingredients, US/Canada and LatAm. As expected, our Texture and Healthful Solutions segment delivered a solid quarter with broad-based volume growth reflecting increased adoption of our expanding solutions portfolio and continued customer demand for clean label offerings.

整體而言，淨銷售額較去年下降 1%，調整後營業利益較去年下降 22%，主要受 Argo 影響，以及美國/加拿大與拉丁美洲食品與工業原料業務的產業出貨量走弱所致。如預期，我們的質地與健康解決方案事業部本季表現穩健，出貨量廣泛成長，反映客戶對我們持續擴充的解決方案組合採用度提升，以及對潔淨標示（clean label）產品的需求延續。

Turning to the next slide, we are pleased that our Texture and Healthful Solutions segment posted its eighth straight quarter of volume growth, up 2%, led by Clean Label and Texture Solutions in EMEA and Asia Pac. In Food and Industrial Ingredients LatAm, overall volumes were slightly down for the quarter due to expected weaker consumer demand versus a strong first quarter last year.

接著看下一張投影片，我們很高興質地與健康解決方案事業部連續第八季出貨量成長，本季成長 2%，主要由 EMEA 與亞太地區的潔淨標示與質地解決方案（Clean Label and Texture Solutions）帶動。在拉丁美洲食品與工業原料方面，由於相較去年強勁的第一季，本季消費需求如預期較弱，整體出貨量小幅下滑。

We saw a modest recovery in Brazil, supported by improved customer demand and early benefits from our polyols network optimization completed at the end of last year. Additionally, this morning, we announced plans to cease operations at our Cabo manufacturing facility in Northeast Brazil by end of quarter two as we drive enterprise productivity to deliver operational efficiencies while sharpening customer mix priorities. We expect the actions we have taken in Brazil, both commercially and operationally, to deliver continued benefits throughout the year.

我們看到巴西出現溫和復甦，受惠於客戶需求改善，以及我們於去年底完成的多元醇（polyols）網路優化所帶來的初步效益。此外，今早我們宣布計畫於第二季末前停止位於巴西東北部 Cabo 製造廠的營運，以推動企業生產力、提升營運效率，同時更聚焦於客戶組合優先順序。我們預期在巴西採取的商業與營運措施，將在全年持續帶來效益。

In our Food and Industrial Ingredients US/Canada segment, net sales volumes declined 7% in the first quarter, driven primarily by operational issues at our Argo facility as well as softer demand across certain food and industrial markets. As noted earlier, Food and Industrial Ingredients US/Canada results were negatively impacted by Argo in the quarter.

在美國/加拿大食品與工業原料事業部，第一季淨銷售量下降 7%，主要由 Argo 廠的營運問題，以及部分食品與工業市場需求轉弱所致。如先前所述，本季美國/加拿大食品與工業原料的業績受到 Argo 的負面影響。

Within our February outlook, we expected $10 million to $15 million of additional costs to impact the quarter as the facility recovered to normal grind rates. However, additional operational challenges slowed the recovery and negatively impacted saleable inventory. As a result, the actual quarter one impact was much greater than anticipated, coming in at $40 million comprised of higher maintenance spend and the costs associated with elevated levels of rework.

在我們 2 月的展望中，我們預期在工廠恢復至正常研磨（grind）速率的過程中，將有 1,000 萬至 1,500 萬美元的額外成本影響本季。然而，額外的營運挑戰使復原進度放緩，並對可銷售庫存造成負面影響。因此，第一季實際影響遠高於預期，達 4,000 萬美元，包含較高的維修支出，以及因返工（rework）水準偏高所產生的成本。

Additionally, we incurred higher logistics costs as we source products from other facilities in our network to meet customer commitments. In response to challenges in our refinery operations, we took meaningful actions during the quarter to diagnose and remedy the sources of process failures. We assembled a multidisciplinary team of internal and external experts in refinery unit operations and are pleased to say that downstream production returned to normal levels by quarter end.

此外，為履行對客戶的供貨承諾，我們自網路內其他工廠調度產品，因而產生較高的物流成本。針對精煉（refinery）作業的挑戰，我們在本季採取了重要行動，以診斷並修復製程失效的根源。我們組建了由內外部專家組成的跨領域團隊，涵蓋精煉單元操作（refinery unit operations）；我們也很高興地表示，下游產出已於季末恢復至正常水準。

Unfortunately, in the midst of this progress, on April 10, there was an isolated thermal event in Argo's corn germ processing operations. While the front-end grind and refinery were not impacted, crude oil production went offline. Our teams are working diligently to restore our germ processing capabilities, and we expect to return to normal operations in this unit within the second quarter.

不幸的是，在這些進展之際，4 月 10 日 Argo 的玉米胚芽（corn germ）加工作業發生了一起局部的熱事件（thermal event）。雖然前段研磨與精煉並未受影響，但粗油（crude oil）產出已停線。我們的團隊正全力以赴恢復胚芽加工能力，並預期該單元可於第二季內恢復正常運作。

Our balance of the year assumptions for Food and Industrial Ingredients US/Canada are based on the germ processing recovery timeline that I just outlined as well as sustaining current levels of production and yield through the refinery operations at Argo.

我們對美國/加拿大食品與工業原料在今年剩餘期間的假設，係基於我剛才所說明的胚芽加工復原時程，以及 Argo 精煉作業維持目前的產量與收率水準。

Turning to a significant driver of Texture and Healthful Solutions growth in the quarter. Our solutions sales continue to outpace overall segment growth. As a reminder, our solutions portfolio is approximately $1 billion or 40% of this segment's revenue.

接著談談本季推動質地與健康解決方案成長的一項重要動能。我們的解決方案（solutions）銷售持續快於整體事業部成長。提醒各位，我們的解決方案組合約為 10 億美元，約占該事業部營收的 40%。

Clean label remains a major growth driver within our solutions offering. It is noteworthy to point out that even against a challenging volume backdrop, customers continue to seek clean label options.

潔淨標示仍是我們解決方案產品中的主要成長驅動力。值得注意的是，即使在出貨量環境具挑戰的背景下，客戶仍持續尋求潔淨標示選項。

Our industry-leading portfolio of functional native starches grew strongly in the quarter, benefiting from sustained customer demand for simpler ingredient panels and increased reformulation support. Examples include customized texturizing systems for dairy and dairy alternative applications as well as solutions supporting reformulation for healthier bakery and beverage platforms.

我們業界領先的功能性原生澱粉（functional native starches）產品組合本季強勁成長，受惠於客戶對更簡化配料標示（ingredient panels）的持續需求，以及配方改良（reformulation）支援增加。例子包括：為乳製品與乳品替代品應用量身打造的質地系統，以及支援更健康烘焙與飲料平台配方改良的解決方案。

Solutions growth is coming from more than just clean label ingredients. It also reflects the breadth of our capabilities and how we are partnering with customers through co-development, providing formulation expertise and differentiated ingredients. This combination is helping us deepen customer engagement and improve mix within Texture and Healthful Solutions.

解決方案的成長不僅來自潔淨標示原料。這也反映我們能力的廣度，以及我們如何透過共同開發（co-development）與客戶合作，提供配方專業與差異化原料。這樣的組合正協助我們加深客戶互動，並改善質地與健康解決方案事業部的產品組合（mix）。

As part of the innovation engine for solutions, we are increasingly leveraging artificial intelligence to power the consumer insights and predictive formulation work that are at the heart of our solutions customer briefs. This is helping us accelerate the brief-to-solution cycle time.

作為解決方案創新引擎的一部分，我們正日益運用人工智慧，強化消費者洞察與預測式配方（predictive formulation）工作，而這些正是我們解決方案客戶需求簡報（customer briefs）的核心。這有助於我們加速從需求簡報到解決方案（brief-to-solution）的週期時間。

Moving to another bright spot in the quarter, our Healthful Solutions portfolio comprised of clean taste solutions for sugar reduction and protein fortification continue to grow strongly. Sales of our pea protein isolates driven by recent new product innovations grew more than 50% in the quarter, and our clean-tasting Stevia-based solutions also demonstrated a solid 6% growth in the quarter. Growth in these categories is broad-based across both branded and private label, reflecting the heightened consumer pull for protein fortified and lower sugar offerings.

再談本季另一個亮點：我們的健康解決方案（Healthful Solutions）產品組合，包含用於減糖與蛋白質強化的潔淨風味（clean taste）解決方案，持續強勁成長。受近期新品創新帶動，我們的豌豆蛋白分離物（pea protein isolates）銷售本季成長超過 50%；而我們以甜菊（Stevia）為基礎的潔淨風味解決方案，本季亦展現穩健的 6% 成長。這些品類的成長在品牌與自有品牌（private label）皆呈現廣泛動能，反映消費者對蛋白質強化與低糖產品的拉動需求提升。

As we look ahead to the remainder of the year, we are actively monitoring and managing both the direct and secondary effects of higher energy prices. The largest impact we foresee is related to increased logistics costs, which we are actively working to offset with in-year price increases. It's important to mention that at this point, we don't foresee major challenges related to sourcing any of our important manufacturing inputs. The work done in recent years to increasingly localize our supply chains should position us well to mitigate disruptions.

展望今年剩餘期間，我們正積極監測並管理能源價格上升所帶來的直接與次級影響。我們預見的最大影響與物流成本增加相關，我們正積極透過年內提價來抵銷。值得一提的是，就目前而言，我們不預期在任何重要製造投入品的採購方面會出現重大挑戰。近年來我們持續推動供應鏈在地化的工作，應能使我們處於有利位置以降低中斷風險。

We are also monitoring the impact higher energy costs are having on packaging inflation and gasoline prices and the effect that together they could have on consumer demand in the second half. At this point, it's too early to estimate the degree to which these inflationary pressures may impact volumes.

我們也在監測能源成本上升對包裝通膨與汽油價格的影響，以及兩者合併可能在下半年對消費者需求造成的影響。目前仍為時過早，尚難估計這些通膨壓力可能對銷量造成的影響程度。

We are also carefully monitoring fluctuations in the value of the US dollar. The Mexican peso has unexpectedly maintained its strength, and this is presenting a meaningful transactional foreign exchange headwind for F&II LatAm segment.

我們也正密切關注美元價值的波動。墨西哥披索出乎意料地維持強勢，這對 F&II 拉丁美洲（LatAm）事業部帶來顯著的交易性外匯逆風。

The dynamics brought on by new inflationary headwinds are familiar to us as we have successfully managed through these periods before. We have the operational experience to react with agility. And we are leveraging our pricing centers of excellence to implement targeted price increases where they are required and where possible.

新出現的通膨逆風所帶來的動態對我們而言並不陌生，因為我們過去已成功度過類似時期。我們具備以敏捷方式應對的營運經驗。同時，我們正運用定價卓越中心（pricing centers of excellence），在需要且可行之處推動具針對性的提價。

With that, I'll turn the call over to Jason for the financial review.

接下來，我把電話會議交給 Jason 進行財務回顧。

Thank you, Jim, and good morning, everyone. Moving to our income statement, net sales for the first quarter were $1.8 billion, down 1% versus prior year. Gross profit declined 14% with gross margin decreasing to 22.4%, driven primarily by operational challenges at Argo, lower volumes and unfavorable mix in Food and Industrial Ingredients US/Canada and Food and Industrial Ingredients LatAm, and transactional foreign exchange impacts in Mexico.

謝謝你，Jim，各位早安。接著看損益表，第一季淨銷售額為 18 億美元，較去年同期下降 1%。毛利下降 14%，毛利率降至 22.4%，主要受 Argo 的營運挑戰、食品與工業原料美國/加拿大及食品與工業原料拉丁美洲（LatAm）的銷量下降與產品組合不利，以及墨西哥的交易性外匯影響所致。

Reported and adjusted operating income were $203 million and $212 million, respectively. Turning to our Q1 net sales bridge, the 1% decrease was driven by $32 million in lower volume and $22 million in lower price/mix, partially offset by $33 million of favorable foreign exchange translational impacts.

申報與調整後營業利益分別為 2.03 億美元與 2.12 億美元。接著看第一季淨銷售額橋接分析，1% 的降幅主要來自銷量減少 3,200 萬美元與價格/組合下降 2,200 萬美元，部分被外匯換算（translational）帶來的 3,300 萬美元有利影響所抵銷。

Moving to the next slide, we highlight net sales drivers by segment for the first quarter. Texture and Healthful Solutions net sales were up 2%, driven by sales volume growth of 2% and foreign exchange favorability of 2%, partially offset by lower price/mix.

接著看下一張投影片，我們按事業部說明第一季淨銷售額的驅動因素。質地與健康解決方案（Texture and Healthful Solutions）淨銷售額成長 2%，主要由 2% 的銷量成長與 2% 的外匯有利因素帶動，部分被較低的價格/組合所抵銷。

Food and Industrial Ingredients LatAm net sales were up 1%, driven by favorable foreign exchange, partially offset by lower volumes and weaker price/mix. Food and Industrial Ingredients US/Canada net sales declined 9%, driven by operational challenges at Argo and weaker consumer demand.

食品與工業原料拉丁美洲（LatAm）淨銷售額成長 1%，主要由外匯有利因素帶動，部分被較低的銷量與較弱的價格/組合所抵銷。食品與工業原料美國/加拿大淨銷售額下降 9%，主要受 Argo 的營運挑戰與較弱的消費者需求所致。

Now let's turn to a summary of results by segment. Texture and Healthful Solutions net sales were up 2% in the first quarter, and operating income was up 1%. The increase in operating income was driven by favorable input costs, foreign exchange and better volumes, partially offset by strategic price and mix management.

現在我們來看各事業部的結果摘要。質地與健康解決方案第一季淨銷售額成長 2%，營業利益成長 1%。營業利益的增加主要由投入成本有利、外匯因素及較佳銷量帶動，部分被策略性定價與組合管理所抵銷。

In Food and Industrial Ingredients LatAm, net sales were up 1% in the quarter. However, operating income decreased by 9% to $115 million with operating margins of approximately 20%. These decreases were driven primarily by Mexico transactional currency impacts and softer volumes in Mexico and the Andean region. Positive performance in Brazil and the Argentina joint venture helped offset some of these headwinds, allowing the total segment to deliver results in line with expectations.

在食品與工業原料拉丁美洲（LatAm）方面，本季淨銷售額成長 1%。然而，營業利益下降 9% 至 1.15 億美元，營業利益率約 20%。這些下降主要由墨西哥交易性匯率影響，以及墨西哥與安地斯地區較疲弱的銷量所致。巴西與阿根廷合資企業的正向表現協助抵銷部分逆風，使整體事業部交出符合預期的成果。

Moving to Food and Industrial Ingredients US/Canada, first quarter net sales were down 9%. Operating income was $34 million, driven by operational challenges at our Argo Plant and weaker volumes and mix. Net sales in All Other increased approximately 3%, driven by continued growth in protein fortification, particularly in higher-value isolate and specialty protein applications. Operating income improved by over $3 million year on year, reflecting improved mix and operating leverage.

接著看食品與工業原料美國/加拿大，第一季淨銷售額下降 9%。營業利益為 3,400 萬美元，主要受我們 Argo 工廠的營運挑戰以及較弱的銷量與組合所影響。其他所有（All Other）淨銷售額約成長 3%，主要由蛋白質強化持續成長所帶動，尤其是在較高價值的分離蛋白（isolate）與特殊蛋白應用。營業利益年增超過 300 萬美元，反映組合改善與營運槓桿提升。

Turning to our first quarter earnings bridge, the top half of the slide reconciles reported to adjusted earnings per share, and the bottom half walks through the drivers of the year-over-year change. Adjusted diluted earnings per share declined by $0.63 year over year, including $0.71 of margin impacts and $0.14 of volume impacts that were primarily the result of the operational challenges we previously discussed. These headwinds were partially offset by foreign exchange benefits of $0.07 and other income benefits of $0.08 per share as well as $0.07 of nonoperating items, including $0.06 of share repurchase benefits.

接著看第一季每股盈餘橋接分析，投影片上半部將申報每股盈餘調節至調整後每股盈餘，下半部則說明年對年變動的驅動因素。調整後稀釋每股盈餘年減 0.63 美元，其中包含 0.71 美元的毛利率影響與 0.14 美元的銷量影響，主要源自我們先前討論的營運挑戰。這些逆風部分被外匯帶來的每股 0.07 美元利益、其他收益帶來的每股 0.08 美元利益，以及每股 0.07 美元的非營運項目所抵銷，其中包含每股 0.06 美元的庫藏股回購利益。

Turning to cash flow and capital allocation. We continued to demonstrate financial discipline in the quarter. Year-to-date cash from operations was $33 million, reflecting a planned investment of approximately $205 million in working capital. This was driven primarily by receivables and payables. We invested $110 million of capital expenditures, net of disposals, to support reliability, capacity, and strategic priorities across the business.

接著談現金流與資本配置。本季我們持續展現財務紀律。年初至今營運活動現金流為 3,300 萬美元，反映我們按計畫在營運資金投入約 2.05 億美元。這主要由應收款與應付款所驅動。我們投入 1.10 億美元的資本支出（扣除處分），以支持全公司在可靠性、產能與策略優先事項上的需求。

During the quarter, we continued to return cash to shareholders through $52 million in dividends and the repurchase of $14 million of shares. This underscores our commitment to balance capital allocation and long-term shareholder value creation.

本季我們持續透過 5,200 萬美元股利與 1,400 萬美元的股票回購向股東返還現金。這凸顯我們致力於在資本配置與長期股東價值創造之間取得平衡。

Now let me turn to our updated 2026 outlook. As Jim noted in his opening remarks, we have revised our outlook to reflect the updated impact from Argo, foreign exchange transactional impacts from continued strength of the Mexican peso relative to the US dollar, the impact of higher energy prices on input costs, and logistics and softer volumes in LatAm.

接下來我說明我們更新後的 2026 年展望。如 Jim 在開場所提，我們已修訂展望，以反映 Argo 的最新影響、墨西哥披索相對美元持續走強所帶來的交易性外匯影響、能源價格上升對投入成本與物流的影響，以及拉丁美洲（LatAm）較疲弱的銷量。

For the full year 2026, we now anticipate net sales to be flat to up low single digits and adjusted operating income will be flat to down low single digits. Our 2026 financing cost estimate is in the range of $35 million to $45 million and a reported and adjusted effective tax rate of 26% to 27.5%.

就 2026 全年而言，我們目前預期淨銷售額將持平至低個位數成長，調整後營業利益將持平至低個位數下降。我們對 2026 年融資成本的估計為 3,500 萬至 4,500 萬美元，申報與調整後有效稅率為 26% 至 27.5%。

Our full year adjusted earnings per share is now expected to be in the range of $10.45 to $11.15. This outlook assumes sequential operating improvements at Argo and continued resilience in the Texture and Healthful Solutions segment. Our adjusted earnings per share range is based on a diluted share count of 63.5 million to 64.5 million shares.

我們目前預期全年調整後每股盈餘介於 10.45 至 11.15 美元。此展望假設 Argo 的營運表現將逐季改善，且質地與健康解決方案事業部持續展現韌性。我們的調整後每股盈餘區間係以稀釋後股數 6,350 萬至 6,450 萬股為基礎。

We anticipate that our 2026 cash from operations will now be in the range of $725 million to $825 million, reflecting our updated net income expectation as well as working capital investments in line with net sales growth and normalized inventory levels in Food and Industrial Ingredients US/Canada. Capital expenditures for the full year are now anticipated to be between $400 million to $440 million.

我們目前預期 2026 年營運活動現金流將介於 7.25 億至 8.25 億美元，反映我們更新後的淨利預期，以及與淨銷售成長一致的營運資金投入，並使食品與工業原料美國/加拿大的庫存水準回歸正常化。全年資本支出目前預期介於 4.00 億至 4.40 億美元。

Please note that our guidance reflects current tariff levels in effect at the end of April 2026. In addition, this guidance excludes any acquisition-related integration and restructuring costs as well as any potential impairment costs.

請注意，我們的指引反映的是截至 2026 年 4 月底生效的現行關稅水準。此外，本指引不包含任何與併購相關的整合與重組成本，以及任何潛在的減損成本。

Turning to our updated full year outlook by segment, our net sales outlook for Texture and Healthful Solutions remains the same. But operating income is now expected to be up low single digits, which still reflects volume growth but is partially offset by higher input cost inflation. For Food and Industrial Ingredients LatAm, net sales are now estimated to be flat to down low single digits and operating income is expected to be down low single digits, reflecting foreign currency transactional headwinds in Mexico and softer volumes in LatAm.

接著就分部別更新的全年展望而言，我們對 Texture and Healthful Solutions 的淨銷售額展望維持不變。但目前預期營業利益將呈現低個位數成長，仍反映出銷量成長，但部分被較高的投入成本通膨所抵銷。至於 Food and Industrial Ingredients LatAm，目前估計淨銷售額將持平至下滑低個位數，營業利益預期將下滑低個位數，反映墨西哥外匯交易面逆風以及拉丁美洲較疲弱的銷量。

As a reminder, our Mexico business is US dollar-denominated, but most of our SG&A and operating costs are in pesos. As the peso strengthens against the dollar, our transactional costs increase in dollar terms, which negatively impacts operating income and can more than offset translational benefits against a weaker US dollar in other parts of our LatAm business.

提醒一下，我們的墨西哥業務以美元計價，但大部分的 SG&A 與營運成本以披索計價。當披索兌美元走強時，我們以美元計算的交易成本會上升，進而對營業利益造成負面影響，且其影響可能超過我們拉丁美洲業務其他部分在美元走弱下所帶來的換算利益。

For Food and Industrial Ingredients US/Canada, we now expect net sales to be down low single digits, and operating income is projected to be down low double digits, which reflects the impact of Argo operational challenges in Q1 on our full year outlook. All Other operating income is still anticipated to improve by $5 million to $10 million from full year 2025.

至於 Food and Industrial Ingredients US/Canada，我們目前預期淨銷售額將下滑低個位數，營業利益預估將下滑低雙位數，反映 Argo 在第一季的營運挑戰對我們全年展望的影響。All Other 的營業利益仍預期將較 2025 全年改善 500 萬至 1,000 萬美元。

Lastly, for the second quarter of 2026, we expect net sales to be flat to up low single digits and adjusted operating income to be down high single digits as we lap a very strong second quarter in 2025.

最後，就 2026 年第二季而言，我們預期淨銷售額將持平至成長低個位數，而調整後營業利益預期將下滑高個位數，因為我們將面臨 2025 年第二季非常強勁的比較基期。

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

以上是我的評論，接下來我把時間交回給 Jim。

Thank you, Jason. To close, even in a challenging quarter, we continue to see momentum in the highest value parts of our portfolio, particularly Texture and Healthful Solutions, where customer demand remains robust, supported by clean label, healthy eating, reformulation, and solutions-led growth.

謝謝你，Jason。最後總結，即使在充滿挑戰的一季，我們仍持續看到我們產品組合中最高價值部分的動能，特別是 Texture and Healthful Solutions；在潔淨標示、健康飲食、配方重整以及以解決方案帶動的成長支持下，客戶需求依然強勁。

As stated, our Food and Industrial Ingredients US/Canada projections are based on the sequential operational recovery at Argo throughout quarter two and reflect sustaining current levels of production and yield for the balance of the year. We are actively monitoring and managing the impacts of energy and currency movements and are pursuing targeted price increases where required and where possible.

如前所述，我們對 Food and Industrial Ingredients US/Canada 的預測，是以 Argo 在第二季逐步的營運復原為基礎，並反映在今年剩餘期間維持目前的產量與良率水準。我們正積極監控並管理能源與匯率波動的影響，並在需要且可行之處推動有針對性的漲價。

Our enterprise productivity initiatives, specifically from network optimization are providing operational and commercial benefits, which will support margins. With a strong balance sheet and solid cash generation, we remain well positioned to invest for growth, support our strategic priorities, and deploy capital with discipline as we continue to build long-term shareholder value.

我們的企業生產力計畫，特別是來自網路優化的措施，正在帶來營運與商業效益，將有助於支撐利潤率。憑藉強健的資產負債表與穩健的現金創造能力，我們仍具備良好條件投資成長、支持策略優先事項，並在持續打造長期股東價值的同時，以紀律方式配置資本。

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

現在我們開放提問。接線員？

(Operator Instructions) Pooran Sharma, Stephens.

(接線員指示) Pooran Sharma，Stephens。

This is Jack Hardin on for Pooran. Once Argo normalizes, do you still view the Food and Industrial Ingredients US/Canada business as capable of getting back to the mid- to high teens operating margin profile? And is that more of a 2027 target now? Or could that run rate be possible exiting 2026?

我是代替 Pooran 的 Jack Hardin。一旦 Argo 恢復正常，你們是否仍認為 Food and Industrial Ingredients US/Canada 業務有能力回到營業利益率中段到高十幾%的水準？而這是否更像是 2027 年的目標？或者在 2026 年結束時就有可能達到那樣的運行水準？

Yes. The answer to that question is yes. We are still committed to getting back to the mid-teens operating income margins for that business, consistent with what we put forward in the Investor Day in September of last year. The issues at Argo are the predominant driving factor in relationship to the margin decline and the operating income decline in that business.

是的。這個問題的答案是肯定的。我們仍致力於讓該業務回到中十幾%的營業利益率，與我們在去年 9 月投資人日所提出的一致。Argo 的問題是導致該業務利潤率下滑與營業利益下滑的主要驅動因素。

We are encouraged by how the grind and how the refinery operations finished the quarter. We were disappointed with the April 10 issue in the germ processing unit. But again, that particular issue is isolated. It's in a very specific location within the plant, separate from grind, separate from the refinery operations, and the repairs are well underway, and that unit should be back up and running again within quarter two.

我們對研磨（grind）以及精煉廠（refinery）營運在本季末的表現感到鼓舞。我們對 4 月 10 日胚芽加工單元（germ processing unit）發生的問題感到失望。但再次強調，那個特定問題是孤立事件。它位於廠內非常特定的位置，與研磨無關、與精煉廠營運無關；修復工作正在順利進行中，該單元應可在第二季內恢復運轉。

So in answer to your question from a standpoint of getting back the majority of the 1,000 basis points of margin decline in this quarter compared to the 16% to 17% that we are typically projecting, I think we would say for 2027, certainly, that is our aspiration. That is our expectation at this point in time. And assuming that we can string a couple of good quarters together of runability reliability, we feel that from a standpoint of the demand and how we've been able to service customers through this period, we feel that we can get back to those levels of operating income.

因此，回到你的問題：就本季相較於我們通常預期的 16% 至 17% 而出現約 1,000 個基點的利潤率下滑而言，若要收復其中大部分，我想我們會說 2027 年當然是我們的目標。以目前時間點來看，這也是我們的預期。並且假設我們能連續幾季維持良好的可運轉性與可靠性，從需求面以及我們在此期間服務客戶的能力來看，我們有信心能回到那樣的營業利益水準。

And a quick follow-up on capital allocation. With the updated cash flow from operations guidance and CapEx guidance remaining the same, how should we think about capital allocation through the rest of the year? And is the prior commitment of $100 million roughly the right way to think about it? Or has that been updated as well?

另外快速追問資本配置。在更新營運現金流指引、且 CapEx 指引維持不變的情況下，我們應如何看待今年剩餘期間的資本配置？先前約 1 億美元的承諾仍是合適的思考方式嗎？還是這也已更新？

Jason, do you want to take that?

Jason，你要回答這題嗎？

Yes. I would say, yes. Certainly, based on our current cash flow projections and capital allocation priorities, we plan to build on the $14 million of shares we repurchased in Q1 to meet our full year targeted commitment.

好的。我會說，是的。當然，基於我們目前的現金流預測與資本配置優先順序，我們計畫在第一季回購 1,400 萬美元股票的基礎上持續推進，以達成我們全年目標承諾。

And quarter one's CapEx came in consistent with the full year projections as well. So yes, it's to continue as planned for the capital allocation priorities.

而第一季的 CapEx 也與全年預測一致。所以是的，資本配置優先事項將按計畫持續進行。

Josh Spector, UBS.

Josh Spector，UBS。

I want to drill into Texture and Healthful a little bit more and just understand some of your kind of assumptions through the year. I guess, if I look at the first quarter, your organic growth was about flat. You got a couple of points basically from FX.

我想更深入探討一下 Texture and Healthful，並了解你們對全年的一些假設。我想，如果我看第一季，你們的有機成長大致持平。你們基本上有幾個百分點是來自外匯（FX）。

So assuming FX becomes less of a tailwind, you basically need organic growth to pick up. So I'm just curious relative to kind of the 2% volumes and the down 2% pricing, how do you expect that to evolve through the year to get the segment to the low to mid-single-digit growth kind of you expect for the year in total?

因此，假設外匯帶動效應變小，你們基本上需要有機成長回升。所以我很好奇，相較於大約 2% 的銷量與 -2% 的定價，你們預期這在全年會如何演變，才能讓該分部達到你們對全年總體所預期的低到中個位數成長？

Well, the mid-single-digit target is part of our long-term algorithm for growth. We're pleased to deliver the 2% net sales volume growth in the quarter. And I think it's noteworthy, again, to highlight that it's the eighth consecutive quarter of sales volume growth.

嗯，中個位數目標是我們長期成長演算法的一部分。我們很高興本季交出 2% 的淨銷售量成長。而且我認為值得再次強調的是，這已是連續第八季的銷售量成長。

We really believe that the focus that we have now on solutions, which is a result of the resegmentation work that we completed nearly two years ago and the solution selling approach that we have globally implemented with trainings and certifications and formulation experts that collaborate with our 30-plus Idea Labs around the world plus our technical headquarters in Bridgewater, New Jersey. All of that continues to come together very well on behalf of the customer.

我們確實相信，我們目前對解決方案的聚焦——這是我們近兩年前完成的重新分部工作所帶來的成果——以及我們在全球推行的解決方案式銷售方法（包含訓練與認證、以及配方專家與全球 30 多個 Idea Labs，再加上位於新澤西州 Bridgewater 的技術總部協作），這一切都持續非常順利地整合起來，以更好地服務客戶。

And at the same time, driven by regulatory changes, health and wellness trends, there is a number of reformulations that are coming to us from customers. We also have proactively decoded, I guess, you could say, better than we have in the past, the private label ecosystem and the supply networks, the co-packing networks. And we have an increasing pipeline of project briefs to support customers with solution selling and co-creation, which is driving really deeper engagement and faster delivery of solutions to customers.

同時，在監管變化與健康與福祉趨勢的推動下，我們也收到客戶提出的多項配方再調整需求。此外，我們也主動地——可以說比過去做得更好——解析了自有品牌（private label）生態系以及供應網路、代工包裝（co-packing）網路。而且，我們用以支援客戶進行解決方案式銷售與共同創造（co-creation）的專案簡報（project briefs）管線持續增加，這正驅動我們與客戶更深度的互動，以及更快速地交付解決方案。

And so I think all of that makes us feel confident that when the macroeconomic conditions and inflationary pressures lessen a bit, that's going to enable us to move from what currently is low single digits to that mid-single-digit territory that we believe is absolutely achievable and correct for that segment based on the portfolio that we have, based on the differentiated ingredients that we have, and based on the investments that we have made in capabilities, both in people capabilities as well as in equipment capabilities within our R&D facilities. So that's what gives us the confidence that we can do that.

因此，我認為上述種種都讓我們有信心：當總體經濟環境與通膨壓力稍微緩解時，將使我們能從目前的低個位數成長，提升到我們認為絕對可達成、且就該事業部而言合理的中個位數區間；這是基於我們的產品組合、我們具差異化的原料，以及我們在能力上的投資——包括人才能力與設備能力，特別是在我們的研發（R&D）設施內。這就是讓我們有信心能做到的原因。

Okay. No, I appreciate that. I guess I'd be more specifically curious on pricing because you guys have done well on volumes, but pricing has been a persistent headwind. It sounds like from kind of how you described the call today, you'd expect pricing maybe to pick up to cover some of the higher costs that you're starting to see logistics and other areas. Is this the right framework or -- go ahead.

好的。不，我很感謝你的說明。我想我更具體好奇的是定價，因為你們在銷量表現不錯，但定價一直是持續的逆風。聽起來，從你們今天對電話會議的描述，你們預期定價可能會回升，以涵蓋你們開始在物流與其他領域看到的一些較高成本。這樣的理解框架正確嗎？或者——你先說。

Yes. Let me try to clarify in relationship to something that occurred uniquely in the quarter to try to help put that in perspective. So first of all, let me speak to margins, which is what you're also getting at with your question around pricing. What's encouraging to highlight is that margins in US and Canada in Texture and Healthful Solutions actually increased in the quarter.

是的。我先嘗試針對本季一個較為特殊的事件做澄清，幫助大家更好地理解。首先，我先談毛利率，這也是你在問定價時所關切的重點。值得強調、令人鼓舞的是，美國與加拿大在「質地與健康解決方案」（Texture and Healthful Solutions）業務的毛利率在本季其實是上升的。

The majority of the slight margin compression we're seeing is related to the rapid rise in tapioca costs in Asia Pacific. And tapioca for us is a significant business. And that increase or pretty rapid increase in tapioca costs in Asia Pac started to occur at the end of quarter four last year. And so the time lag that it takes to pass through those costs through increasing pricing is what we're seeing in quarter one manifest itself.

我們看到的大部分輕微毛利率壓縮，主要與亞太地區木薯澱粉（tapioca）成本快速上升有關。而木薯澱粉對我們而言是一項重要業務。亞太地區木薯澱粉成本的上升——或說相當快速的上升——是在去年第四季末開始出現。因此，將這些成本透過提高售價轉嫁出去所需的時間落差，就是我們在第一季看到開始反映出來的情況。

And so that typically takes about a quarter, 1.5 quarters to work its way through just on how tapioca pricing works. So that may help to clarify what you're highlighting in relationship to the quarter and some of the margin compression that we experienced. It's something that's pretty heavily weighted and unique to that particular issue.

而這通常需要大約一季到一季半的時間才能完全傳導，這與木薯澱粉定價機制的運作方式有關。所以，這或許能幫助釐清你所指出的本季情況，以及我們所經歷的部分毛利率壓縮。這個影響在權重上相當大，而且相當程度上是由這個特定議題所造成的。

Okay. I guess one other quick follow-up around that issue is just -- so pricing was still reported down. So how do I square escalation in cost and the pricing side there? Is that the timing that that margin and that price recovers in 2Q? Or are there other factors outside of this, which are still pressuring that?

了解。我想就這個議題再快速追問一下——因為你們仍然回報定價是下降的。那我該如何把成本上升與定價端的表現對起來？這是否只是時間差，讓毛利率與價格在第二季（2Q）回升？還是還有其他因素在此之外，仍在對定價造成壓力？

Yes. So regarding pricing and taking it back to, I think, maybe the prior earnings call and what we said in relationship to Texture and Healthful for the full year. Going into contracting, we were, for our less differentiated products, having to price to maintain market share and in some cases, increase our market share to a degree.

是的。關於定價，回到我想可能是上一次財報電話會議，以及我們當時對「質地與健康」全年所說的內容。在進入合約談判（contracting）時期時，對於我們差異化程度較低的產品，我們必須以定價來維持市占率，並在某些情況下，在一定程度上提高市占率。

And we are expecting and are seeing increases in fixed cost absorption through our Texture and Healthful Solutions manufacturing facilities because we did pursue volume in the contracting period, and that's why the setup for this year, you're seeing some of that play itself out in the way of how pricing is being viewed. But we believe that that was absolutely the right approach to continue with our relevance with the customer base that we segmented and targeted to then bring our solutions capabilities, which over time are going to increase our margins just due to the higher gross profit associated with solutions versus the, say, less differentiated parts of the Texture and Healthful Solutions portfolio.

而且，我們預期並且也正在看到，因為我們在合約期追求了銷量，所以「質地與健康解決方案」製造設施的固定成本吸收（fixed cost absorption）正在提升；這也是為什麼你會在今年的起始狀態中，看到部分情況反映在定價被看待的方式上。但我們相信這絕對是正確的做法：持續維持我們對已分群並鎖定之客戶基礎的相關性，進而導入我們的解決方案能力；而隨著時間推進，這將提高我們的毛利率，因為相較於「質地與健康解決方案」產品組合中差異化較低的部分，解決方案的毛利（gross profit）更高。

So there's a few things going on here strategically as it relates to how we approach the year from a standpoint of what the market, say, gave us related to competitive dynamics going into contracting and how we pursue pricing. But the thing to be most encouraged about is the solutions growth in the quarter, which are margin accretive and over time -- and then we had this one issue related to the tapioca costs, which, again, we've been there on the other side of that before many times. And given our market position, those prices will flow through. It just takes about a quarter to 1.5 quarters to get them.

因此，從策略面來看，這裡同時有幾件事在發生：包括市場在進入合約期時因競爭動態所帶來的條件，以及我們如何追求定價。但最值得鼓舞的是，本季解決方案業務的成長，這是能增厚毛利率（margin accretive）的；此外，我們也遇到這個與木薯澱粉成本相關的單一議題——同樣地，我們過去也多次經歷過其後續的反向修復。以我們的市場地位來看，這些價格最終會傳導出去。只是大約需要一季到一季半的時間才能到位。

Benjamin Mayhew, BMO Capital Markets.

Benjamin Mayhew，BMO Capital Markets。

So my first question has to do with just thinking about the tough macro environment, customers having to manage pricing. So I'm just wondering what are you seeing in terms of elasticity on your products? And how -- when you're trying to take this pricing, how might that impact volumes should you need to pass through an extended amount of costs through the balance of the year?

我的第一個問題是，從艱困的總體環境來看，客戶必須管理定價。所以我想了解，你們在產品需求彈性（elasticity）方面看到了什麼？以及——當你們嘗試進行這些提價時，如果你們需要在今年剩餘期間轉嫁一段較長時間的成本上升，這可能會如何影響銷量？

I'm going to let Jason take this, but let me just set it up. So obviously, very similar to last year in relationship to the tariff implementation. We obviously have been very proactive to put in place a Middle East response team that is collecting all of the inputs to our business as it relates to the inflationary impacts of increasing energy prices, and we're monitoring and managing those direct and indirect impacts.

我會讓Jason來回答，但我先做個鋪陳。很明顯地，這與去年在關稅（tariff）實施時的情況非常相似。我們也非常主動地成立了中東應對小組（Middle East response team），蒐集所有與我們業務相關的輸入資訊，特別是能源價格上升所帶來的通膨影響，並監控與管理這些直接與間接影響。

So we have a handle right now on certainly the direct impacts and what we need to do to offset the logistics cost increases and any increases that are flowing through to us directly with chemicals and/or packaging. Jason, do you want to -- you're overseeing that. Do you want to give some perspective on -- it's early -- I know it's very early in the cycle, but the team is actively working that.

因此，我們目前已掌握了確定的直接影響，以及我們需要採取哪些措施來抵銷物流成本上升，以及任何直接傳導到我們這邊的化學品和／或包材成本上升。Jason，你要不要——你在負責這塊。你要不要就——現在還早——我知道現在在這個循環中還很早，但團隊正在積極處理這件事——提供一些看法？

Yes. And as we've done in the past with tariffs and other disruptions like this, we do believe that we will be able to pass through most of the costs. There may be a small but manageable net negative impact. But overall history has shown that contractually and consistent with market dynamics, we are able to pass those costs through. I mean, at this point, what's more difficult to predict is the indirect impacts this may have on consumer demand as our customers work to pass through those incremental costs on to the market.

好的。而且就像我們過去面對關稅與其他類似的干擾事件一樣，我們相信我們將能轉嫁大部分成本。可能會有一個小幅但可控的淨負面影響。但整體而言，歷史經驗顯示，從合約條款以及符合市場動態的角度，我們能把這些成本轉嫁出去。我的意思是，就目前而言，更難預測的是：當我們的客戶也在努力把這些增量成本轉嫁到市場端時，這可能對消費者需求造成的間接影響。

Yes, I think that's absolutely correct. I think that last year, if you remember, we navigated tariffs extremely well. And in fact, I think the net impact to us was after putting through price increases, a net impact of about $6 million for all of the tariffs that went into place last year, and we managed through that very well.

是的，我認為這完全正確。我想如果你還記得去年，我們在應對關稅方面做得非常好。事實上，我認為在我們完成提價之後，去年所有生效的關稅對我們的淨影響大約是600萬美元，而我們也非常順利地管理並度過了那段期間。

This year, as it relates to the direct impacts thus far that we've been able to project forward for the Middle East energy price situation, we're seeing a number in a similar range. So we think that's extremely manageable.

今年，就我們目前能夠向前推估的中東能源價格情勢之直接影響而言，我們看到的數字仍落在相近的區間。因此我們認為這是非常可控的。

But to Jason's point, the bigger watch out, I think, for everyone, for the industry at large, is the longer the conflict lasts and the inflationary impacts are felt through increases that consumer products goods companies are putting through in packaging, plastic-related packaging, which is mid-single digits, high single digits and passing that on to the consumer as well as, obviously, gasoline prices that are going to impact lower to middle income consumers.

但呼應 Jason 的觀點，我認為對所有人、對整個產業而言，更需要留意的是：衝突持續得越久，通膨影響就會透過民生消費品公司在包裝、塑膠相關包裝上的漲價而被感受到，漲幅約在中個位數到高個位數，並且也會轉嫁給消費者；此外，顯然還有汽油價格，將影響中低收入消費者。

That's where I think the watch out is for the second half of the year, which is very hard to predict even though in the first quarter, we saw minimal to no impact of this. But everyone is watching cautiously despite the fact that consumers seem to remain robust in the first quarter, at least in the United States.

我認為這就是下半年需要警惕之處，而這非常難以預測，儘管在第一季我們看到的影響很小甚至幾乎沒有。但即便消費者在第一季看起來仍相當強勁——至少在美國——大家仍在謹慎觀察。

Got it. Thank you so much for the context. That was very helpful. And just a follow-up question, going a different direction here. Your balance sheet, the cash balance is still very strong. And we know that you've been looking at a pretty robust M&A pipeline, but that valuations haven't quite been where they need to be to take action.

了解。非常感謝你提供這些背景。這非常有幫助。我再追問一個問題，換個方向。你們的資產負債表上，現金水位仍然非常強勁。我們也知道你們一直在看一個相當充沛的併購（M&A）案源，但估值還沒有到你們需要採取行動的水準。

As you're looking at a potentially tougher environment for the industry, how are you thinking about your M&A pipeline? Is it getting more interesting? And are you prepared to pursue more inorganic growth?

在你們看待產業可能更艱困的環境時，你們如何思考你們的併購（M&A）案源？是否變得更有吸引力？你們是否準備好追求更多非有機成長？

Yes. I mean one of the things we're obviously fortunate to have is a strong balance sheet and strong cash flows, and that does provide us optionality to pursue value-accretive M&A. I think it's important to note that we have a track record for remaining disciplined in pursuit of M&A prospects. And when we do pursue a target and integrate that business, we've typically integrated and delivered on the business case.

是的。我的意思是，我們顯然很幸運擁有強健的資產負債表與強勁的現金流，這確實讓我們在追求能增值的併購（M&A）上有更多選擇。我認為重要的是要指出，我們在追求併購標的方面一向有保持紀律的紀錄。而當我們確實追求某個標的並整合該業務時，我們通常都能完成整合並兌現商業案例。

We have a robust M&A pipeline. We always do, and we're actively pursuing a number of businesses that could bring us, obviously, sales and EBITDA and talent and technology. And anything that's going to, again, enhance our winning aspiration in the areas of Texture Solutions and Healthful Solutions, that's going to be our priority. But again, we'll remain disciplined in relationship to the value-accretive nature of those and the executability and the synergies that we can deliver from those targets.

我們有一個強健的併購（M&A）案源。我們一直都是如此，而且我們正積極追求多家企業，這些企業顯然能為我們帶來營收與 EBITDA，以及人才與技術。任何能再次強化我們在 Texture Solutions 與 Healthful Solutions 領域的致勝企圖（winning aspiration）的項目，都將是我們的優先事項。但同樣地，我們會在其增值性、可執行性，以及我們能從這些標的實現的綜效方面，持續保持紀律。

Ben Theurer, Barclays.

Ben Theurer，Barclays。

I just wanted to follow up a little bit on the performance in Latin America and what's been driving this. You've called out the volume decline. But if we look at some of the underlying trends, be it at the Coke bottlers or even what we saw with the large brewers in Brazil earlier this morning as well reporting surprisingly better results.

我想稍微追問一下拉丁美洲的表現，以及背後的驅動因素。你們提到了銷量下滑。但如果我們看一些底層趨勢，不論是可口可樂裝瓶商，或是我們今天稍早也看到巴西的大型啤酒商公布了出乎意料更好的結果。

I was just wondering where the mismatch is in between what we saw operationally for the Coke bottlers, brewers in the region with actually flattish to maybe even slightly up volume versus you guys having about a 7% impact on volume. Just wanted to understand the mismatch here.

我想了解的是，我們在該地區看到可口可樂裝瓶商、啤酒商在營運面上銷量大致持平、甚至可能小幅成長，但你們這邊的銷量卻約有 7% 的影響，這之間的落差在哪裡？想請你們協助理解這個落差。

Yes. Ben, it's a really good question, and we saw those results as well that you referred to. So what we can say about our LatAm volumes, we expect volumes to be down slightly, lapping a strong 2025. For us, brewery volumes have been lower than anticipated thus far due to conservative customer ordering ahead of the World Cup, which is surprising.

是的。Ben，這是個非常好的問題，我們也看到了你提到的那些結果。就我們的拉丁美洲銷量而言，我們預期銷量會小幅下滑，因為去年 2025 年基期很強。對我們來說，啤酒客戶的銷量迄今低於預期，原因是客戶在世界盃前採取保守下單，這點令人意外。

We believe this has the potential to pick up in quarter two. However, we're lapping soft volumes in quarter three of last year related to a particular customer contract management issue, and we think that the second half, the volumes are going to be stronger.

我們認為這在第二季有機會回升。不過，我們在比較基期上，去年第三季因某個客戶合約管理問題而出現偏弱的銷量，因此我們認為下半年銷量會更強。

The Mexican economy continues to demonstrate softness. And thus, we have a cautious outlook on volumes for the remainder of the year for Mexico. I think GDP growth now is in the, say, 1% to 1.5% territory. And so overall, against a record Mexico performance last year, we're seeing softness in relationship to that. And then as Jason alluded to, we have the impact of the Mexican peso, which is a headwind for us as well.

墨西哥經濟持續呈現疲弱。因此，對於墨西哥今年剩餘期間的銷量，我們抱持審慎展望。我想目前 GDP 成長大約落在 1% 到 1.5% 的區間。因此，整體而言，相較於去年墨西哥創紀錄的表現，我們看到相對的疲弱。另外，如 Jason 所提到的，我們也受到墨西哥披索的影響，這對我們而言同樣是逆風。

And we'll dig more into the numbers that you referred to, specifically in brewing and try to understand what may be happening in relationship to, say, no and low alcohol beers, which appears to be growing 25% in comparison to mainstay beers and understand how that then flows through to us and impacts us. But that's what we're seeing. That's what we can say to you in relationship to trying to reconcile it at this point in time.

我們也會更深入研究你提到的數據，特別是在啤酒領域，並嘗試理解在無酒精與低酒精啤酒方面可能發生了什麼——看起來其成長率達 25%，相較於主流啤酒——並理解這如何傳導到我們這邊並影響我們。但這就是我們目前看到的情況。就現階段而言，這是我們在嘗試調和差異時能對你說的。

Okay. And then just following up, the price mix, was it more price? Or was it more mix in terms of what drove the headwinds here? Just to understand if it's more like just price pass-through or if it's actual mix effect to lower priced items?

好的。接著追問一下，價格/組合（price mix）方面，逆風主要是來自價格嗎？還是更多來自組合，也就是產品結構所致？想了解這比較像是單純的價格轉嫁，還是實際上因為組合轉向較低價品項所造成的組合效應？

In Latin America, you're asking?

你是在問拉丁美洲嗎？

Yes, correct.

是的，沒錯。

Jason, do you want to take that?

Jason，你要回答這題嗎？

Yes. I would say that the -- all the impacts from the price were reflected in our guidance and even our original guidance. It's really at this point, it's kind of a mix issue. We're seeing differentiated customer mix and some product mix that is having a little bit of an impact there. But overall, results were in line with our expectations for the quarter.

好的。我會說，所有來自價格的影響都已反映在我們的指引中，甚至在我們最初的指引裡就已反映。就目前而言，這比較像是組合問題。我們看到客戶組合的差異，以及一些產品組合，對那邊造成了一點影響。但整體來看，本季結果符合我們的預期。

And we're not seeing a huge change in LatAm balance of the year. Obviously, the bigger drivers in our guidance change are Argo, which is about half of it. And then the balance is really the Mexican peso and some of the Middle East impacts on energy costs. So the LatAm piece is really a smaller component of that.

而且我們沒有看到拉丁美洲在今年剩餘期間出現很大的變化。顯然，我們調整指引的更大驅動因素是 Argo，約占一半。其餘主要是墨西哥披索，以及中東對能源成本的一些影響。因此，拉丁美洲的部分其實只是其中較小的一個組成。

Kristen Owen, Oppenheimer.

Kristen Owen，Oppenheimer。

Just following up on this thread on LatAm, I wanted to ask if you could provide a little bit of background on the Cabo plant, just what the decision factor was there and how we should think about that influencing margins? Also just a clarification on the model, is the shutdown of that plant included in the updated outlook? And then I have a follow-up.

延續拉丁美洲這個話題，我想請你們提供一些關於 Cabo 工廠的背景：當時做出該決策的考量因素是什麼？以及我們應該如何看待這對毛利率的影響？另外想確認一下模型：該工廠的關閉是否已納入更新後的展望？然後我還有一個追問。

The answer to your last question is yes. And I'll give you some context in relationship to the decision that we announced today. We're always continuously evaluating the efficiency and optimization of our operations and network. And as part of a broader initiative to adjust our operating footprint in Brazil, with the goal of strengthening operational efficiency, competitiveness, long-term business sustainability, we made the decision to cease operations at our Cabo plant.

對於你上一個問題，答案是肯定的。我也會就我們今天宣布的決定提供一些背景。我們一直持續評估營運與網路的效率與最佳化。作為一項更廣泛的計畫之一，我們將調整在巴西的營運版圖，目標是強化營運效率、競爭力與長期業務永續性，因此我們決定停止位於Cabo工廠的營運。

That plant is in the northeast part of Brazil, economic growth in that part of Brazil, compared to when we made that decision to make that investment hasn't lived up to its potential. Brazil at the time of that plant going in, Brazil itself was growing 7%. I remember when the investment was made.

那座工廠位於巴西東北部；相較於我們當初決定投資時的預期，巴西該地區的經濟成長並未發揮其潛力。在那座工廠設立的當時，巴西整體的成長率是7%。我還記得當時做出那項投資。

And here we are 15-plus years later and the potential for that plant with its location and the economic growth in that territory just hasn't delivered. So while these decisions are never easy, the decision regarding Cabo does align with our long-term vision for Brazil as we concentrate resources on higher value-generating businesses.

而現在已經過了15年以上，該工廠因其所在地點以及該區域的經濟成長，所能帶來的潛力一直未能兌現。因此，儘管這些決策從來都不容易，關於Cabo的決定確實符合我們對巴西的長期願景，因為我們將資源集中在更能創造價值的業務上。

And what I think is also noteworthy is the decision we took in Brazil as well in quarter four to close our Alcantara plant. The Ingredion Polyols business in Brazil is a strategic growth platform. And we successfully have executed that, and we've expanded our polyols production at our flagship facility at Mogi Guacu, and that is delivering now on all elements.

我認為同樣值得注意的是，我們在第四季也在巴西做出關閉Alcantara工廠的決定。Ingredion在巴西的Polyols（多元醇）業務是一個策略性的成長平台。我們已成功執行該策略，並在位於Mogi Guacu的旗艦設施擴增了多元醇產能，而目前各方面都已開始展現成果。

And so we're encouraged by that, and that will provide some strength for the Brazilian business in this year as well as the savings associated with the Cabo facility. So these were all necessary moves to strengthen our footprint and our network in Brazil, dealing with the realities of the marketplace.

因此我們對此感到鼓舞；這也將在今年為巴西業務帶來一些支撐，同時也包含與Cabo設施相關的節省效益。所以，這些都是為了面對市場現實、強化我們在巴西的版圖與網路所必須採取的行動。

Okay. Great. And then my follow-up question, just -- we've talked about some of the moving pieces in F&I North America. But I'm wondering if you can help us understand how to think about like co-product opportunities, just given where federal prices have moved, maybe some cross winds on the paper and packaging side, how we should think about that influencing the balance of the year?

好的。很好。那我的追問是——我們談過北美F&I業務的一些變動因素。但我想請你協助我們理解，考量到聯邦價格的變動，以及紙品與包裝端可能的一些逆風，我們應該如何看待副產品（co-product）機會，這會如何影響今年剩餘期間的平衡？

Do you want to take that, Jason?

Jason，你要回答這題嗎？

Yes, I can take that. I think our co-products are always an important part of the business. And what we've been able to do over the past few years is mitigate some of the volatility related to the co-products. So as we've been able to hedge further forward on our corn during our contracting process, we're also hedging forward on our co-products.

好的，我來回答。我認為副產品一直都是業務中很重要的一部分。而我們在過去幾年能做到的是，降低與副產品相關的部分波動性。因此，當我們在簽約流程中能把玉米的避險往更遠期做，我們也同時對副產品做遠期避險。

So that does somewhat temper any volatility relative to our forecast, which is actually a good thing. So we'll obviously see a little bit of benefit as products rise for the unhedged portion of our contracts, but it will be muted relative to what we may have seen 5 or 10 years ago.

因此，這在某種程度上會抑制相對於我們預測的波動性，而這其實是好事。所以，當產品價格上升時，對於合約中未避險的部分，我們當然會看到一些好處，但相較於5到10年前，我們所看到的效益幅度會較為有限。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones Research。

I hopped on late, so I apologize if my question is repetitive. But I was wondering on the guidance side, I guess I just wanted to ask about your confidence level. So as far as the Argo issue, you had the issues from last year's fire and now there was a recent fire, I think that was in the corn germ part of the plant.

我比較晚才加入，所以如果我的問題重複了先說聲抱歉。但我想在指引（guidance）方面問一下你們的信心程度。就Argo的問題而言，去年火災造成了一些狀況，而最近又發生了一次火災，我想是在工廠的玉米胚芽（corn germ）部分。

So I was wondering, have the issues from last year been fully resolved? And does your guidance for the rest of the year assume that the corn germ piece is fully resolved relatively soon?

所以我想問，去年的問題是否已完全解決？以及你們對今年剩餘期間的指引，是否假設玉米胚芽那一塊會在相對短期內完全解決？

Yes. The answer to your last question is yes. In quarter two, that issue, we believe, will be behind us. Let me -- because Argo was so significant in the quarter, I do want to take just maybe a little bit more time picking up on your question, if you don't mind, to try to put it in perspective, because it's been a disappointment for us.

是的。對於你最後一個問題，答案是肯定的。我們認為在第二季，該問題就會告一段落。讓我——因為Argo在本季影響很大，我想多花一點時間回應你的問題、把它放在脈絡中說明，如果你不介意的話，因為這對我們而言確實令人失望。

Early in the first quarter, we had a failure in our corn conveying at the plant, which led to incremental intra-plant logistics basically to have corn flow as it should, and that led to increased logistics and maintenance costs. Now this was repaired in the quarter, and that's now behind us.

在第一季初期，我們在該廠的玉米輸送系統發生故障，導致廠內需要額外的物流調度，基本上是為了讓玉米能如應有方式流動，因而帶來更高的物流與維修成本。這在本季已完成修復，現在已經過去了。

In addition, in our downstream refinery operations, we experienced operational reliability challenges in our syrup refining. And that led to product downgrades and unexpected rework costs. And typically, we can overcome that pretty quickly. And in this case, the issue in getting to the root cause proved a little bit more elusive and it just took longer than we had anticipated.

此外，在我們下游的精煉作業中，我們在糖漿精煉方面遇到營運可靠性挑戰。這導致產品降級以及非預期的返工成本。通常我們能很快克服這類問題。但這次在找出根本原因上比較棘手，因此花的時間比我們原先預期更久。

Now this issue unfortunately persisted through the quarter and was the single biggest unexpected negative impact to results. That's now resolved, and that's now behind us. And that came about through really kind of a SWAT team approach to get that behind us.

不幸的是，這個問題在整個季度都持續存在，並且是對業績造成最大、最出乎意料的單一負面影響。目前已解決，現在也已經過去了。我們是透過某種「SWAT小組」式的方式，才把這件事處理完畢。

Now while these issues cumulatively had a significant impact, we're pleased to say with where we're at right now, the issues are behind us, and refinery production is operating at normalized rates as we exited the quarter.

雖然這些問題累積起來造成了顯著影響，但我們很高興地表示，以目前的狀況來看，這些問題都已經過去；而且我們在季度結束時，精煉產量已以正常化的速度運作。

But to the question you asked about the thermal event that we had on April 10. We suffered that thermal event in our corn germ processing unit, which took this unit offline for approximately five to six weeks, and that is scheduled to be back online within quarter two. And it was isolated. It was limited to just the germ processing area. Again, the front-end grind and refinery were not impacted.

但回到你問的4月10日發生的熱事件（thermal event）。我們在玉米胚芽處理單元發生了該熱事件，使該單元停機約五到六週，預計會在第二季內恢復上線。而且那是局部事件。影響僅限於胚芽處理區域。再次強調，前段研磨（grind）與精煉並未受到影響。

And what's important to highlight is that due to the nonrecurring nature and magnitude of this event, that impact will be excluded from our adjusted results. So what I leave you with related to the Argo plant is that we're seeing sequential improvement at Argo, and our outlook assumes we will sustain the production and yield levels we're operating at today. So hopefully, that provides you some additional context as it relates to Argo and the impact in the quarter.

需要特別強調的是，由於該事件屬非經常性且影響幅度較大，其影響將被排除在我們的調整後（adjusted）結果之外。因此，關於Argo工廠我想最後補充的是：我們看到Argo呈現逐季改善，而我們的展望假設我們將能維持目前的產量與收率（yield）水準。希望這能就Argo以及本季影響提供更多背景。

It does. And I just want to clarify before my next question. So the issues from last year where I think there was a dryer issue related to your gluten feed and gluten meal, that was fully resolved and was not a factor in Q1.

有的。在我問下一題之前，我想先釐清一下。所以去年的問題——我記得是與你們的麩質飼料（gluten feed）和麩質粉（gluten meal）相關的乾燥機（dryer）問題——已經完全解決，且在第一季並不是影響因素。

It was more on the downstream refinery, but that's all been resolved. It's working well. The corn germ issue is not resolved, but it's expected to be. But regardless, it's excluded from your adjusted guidance.

主要是下游精煉端的問題，但那也都已經解決。目前運作良好。玉米胚芽的問題尚未解決，但預期會解決。但無論如何，它都被排除在你們的調整後指引之外。

That is 100% -- that is correct.

那是 100%——沒錯。

Yes. And I can say -- the challenge you have when your germ processing goes down is you have more germ, right? So we can store a good portion of it that we can process once everything is back online. But some of that will go into the wet feed pile or -- and it will impact co-product values overall.

是的。而且我可以說——當你的玉米胚芽加工停擺時，你就會有更多的胚芽，對吧？所以我們可以先儲存其中相當一部分，等一切恢復上線後再加工。但其中有些會進到濕飼料堆，或——這將整體影響副產品價值。

And because you have a larger portion of product that you need to dry, we won't be able to manage that through all of the dryers. But the issues of last year are resolved. But we do expect a little follow-on co-product headwinds as we get the corn germ processing back online.

而且因為你有更大比例的產品需要乾燥，我們無法透過所有乾燥機來完全消化處理。不過去年的問題已經解決。但隨著玉米胚芽加工恢復上線，我們確實預期副產品方面會有一些後續逆風。

Okay. And then I wanted to go through your segment guidance. So if I was reading the releases and Q4's release correctly, I think you took down T&HS a little bit. I think you had been guiding up low single digit. You're guiding up low single digit, had been low single to mid-single.

好的。接著我想談談你們的事業部指引。所以如果我正確解讀新聞稿以及第四季的新聞稿，我認為你們把 T&HS 略微下調了。我記得你們之前的指引是低個位數成長。你們現在的指引是低個位數成長，之前則是低個位數到中個位數。

LatAm now down, and US/Can down low double digit. And US/Can seems obvious because of Argo. I was wondering on the T&HS side and the LatAm side, I heard your commentary regarding brewing demand had been weaker than expected to date, and there's obviously been some increases, broad-based increases from a cost perspective.

拉丁美洲現在下滑，而美國/加拿大下滑低雙位數。美國/加拿大看起來很明顯是因為 Argo。我想問的是，在 T&HS 以及拉丁美洲方面，我聽到你們提到截至目前釀造需求比預期疲弱，而且顯然在成本面也出現了廣泛的上升。

Are those guidance changes related to the cost? Or has there also been disappointing demand beyond just brewing in those regions?

這些指引變動是與成本有關嗎？還是說在那些地區，除了釀造之外，也有其他令人失望的需求？

Jason, go ahead.

Jason，你來回答。

Yes. No, I would say that impact on T&HS really just reflects the higher costs that we're expecting from the higher energy costs and the lag that it will take in some regions to pass those costs through. And again, there will be a net negative, but small but manageable impact for certain costs that we can't pass on to customers, warehouse-to-warehouse transfers, things like that.

是的。不，我會說 T&HS 的影響主要只是反映我們預期因能源成本上升而帶來的更高成本，以及在某些地區將這些成本轉嫁出去所需的時間落後。再者，會有淨負面影響，但幅度不大且可控，主要來自某些我們無法轉嫁給客戶的成本，例如倉到倉的調撥運輸之類。

So that's really the cause of the reduced outlook for T&HS. Beyond that, we're expecting volumes and sales to be roughly in line with our original guidance. Although as we said, it's hard to assess the potential impact on consumer demand that those higher cost pass-throughs may ultimately have. So that's something that we're watching carefully and would be included in the lower end of our range.

所以這確實就是 T&HS 展望下調的原因。除此之外，我們預期銷量與銷售額大致會與原先指引一致。不過如我們所說，很難評估這些較高成本的轉嫁最終可能對消費者需求造成的潛在影響。因此這是我們正在密切觀察的事項，也會反映在我們區間下緣的假設中。

Ben Klieve, Benchmark StoneX.

Ben Klieve，Benchmark StoneX。

Just one quick one for me. You alluded on the call -- excuse me, in your prepared remarks earlier in the call to optionality regarding growth investments. And I'm wondering a couple of things around this dynamic. First of all, have the issues that you've been forced to navigate here, be it Argo or the various macro dynamics, have those in any way compromised your ability to really focus on growth initiatives so far year to date?

我這邊只有一個很快的問題。你們在電話會議中——不好意思，是在稍早的準備講稿中——提到關於成長投資的選擇性（optionalitiy）。我想就這個動態問幾件事。首先，到目前為止，你們被迫要應對的這些問題，不論是 Argo 或各種總體環境因素，是否在任何程度上削弱了你們真正專注於成長計畫的能力？

And then second of all, can you talk about how you see these growth investments kind of evolving? Are you leaning in now more into the kind of the protein side of the business that you highlighted, still focused quite a bit on the T&HS segment? Any context there would be great.

第二，你能談談你們如何看待這些成長投資的演進嗎？你們現在是否更偏向加碼你們所強調的蛋白相關業務，還是仍然相當聚焦在 T&HS 事業部？若能提供一些脈絡會很有幫助。

Yes. I think one of the things that we did is alongside of our enterprise productivity initiative, which we always need to have as a lever to drive continuous improvement in our business. As a management team, we got together early in the year looking at that initiative and what we wanted to achieve from that this year alongside of what our CapEx budget presented.

是的。我想我們做的一件事是，配合我們的企業生產力計畫——這一直是我們推動業務持續改善所需的一個槓桿。管理團隊在年初就聚在一起檢視該計畫，以及我們今年希望在該計畫上達成的目標，同時也考量我們的資本支出預算所呈現的狀況。

And we ring-fenced certain investments that we preserved for support of our Texture Solutions, for example, capability build. And we proceeded to make the people investments and the innovation investments. So right now, one of the bodies of work in enterprise productivity, which you would think could be solely about cost reduction, but actually one of the biggest parts of our enterprise productivity is over -- is enhancing our innovation operating model.

我們把某些投資圈定保留（ring-fenced），例如用來支持我們 Texture Solutions 的能力建置。我們也持續進行人員投資與創新投資。所以目前，在企業生產力的工作項目中，你可能會以為它只是關於降成本，但其實我們企業生產力中最大的一部分之一，是——是強化我們的創新營運模式。

And how do we become even more efficient and effective from innovation with the investments that we can make in artificial intelligence to get the predictive formulation that's at the heart of our solutions capability as well as the measurement capabilities to do structure function predictability work for, again, texture solutions.

以及我們如何透過在人工智慧上的投資，讓創新變得更有效率、更有效能，以取得預測式配方能力——這是我們解決方案能力的核心——同時也提升量測能力，用於結構—功能可預測性的研究工作，同樣是為了質地解決方案（texture solutions）。

So we've ring-fenced those investments. We're continuing to make those investments. And the cash flows afford us the opportunity to invest both in a balanced way in growth capital as well as reliability capital. And we're always assessing those needs. And I think we've got the balance right going forward. We spent a lot of time debating and discussing that.

因此我們已將這些投資圈定保留。我們會持續投入這些投資。而現金流也讓我們有機會以平衡的方式，同時投資於成長資本與可靠性資本。我們也一直在評估這些需求。我認為往前看我們已把平衡拿捏得很好。我們花了很多時間辯論與討論這件事。

Thank you. I would now like to turn the call back over to Jim Zallie for any closing remarks.

謝謝。我現在想把電話會議交回給 Jim Zallie，請他做結語。

All right. Well, I want to thank everyone for joining us this morning. We look forward to seeing many of you at our upcoming investor events with the next significant engagement being the BMO Farm to Market Conference on May 13 in New York. And at this time, I want to thank everyone for your continued interest in Ingredion.

好的。我想感謝各位今天早上加入我們。我們期待在接下來的投資人活動中見到各位，其中下一場重要的互動將是 5 月 13 日在紐約舉行的 BMO Farm to Market Conference。此時，我也要感謝各位持續關注 Ingredion。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位的參與。您現在可以掛線。