MGP Ingredients Inc (MGPI) 2025 Q3 法說會逐字稿

Good morning and welcome to the MGP ingredients third quarter of 2025 earnings conference call.

早安，歡迎參加 MGP 原料公司 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

Please also note that this event is being recorded today.

另請注意，本次活動將在今天錄製。

I would now like to turn the conference over to Amit Sharma, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁阿米特·夏爾馬。請繼續。

Thank you. Good morning and welcome to MGP third quarter earnings conference call. I'm Amit Sharma, Vice President of Investor relations, and this morning I'm joined on the call by Julie Francis, our Chief Executive Officer, and Brandon Gall, our Chief Financial Officer.

謝謝。早安，歡迎參加MGP第三季財報電話會議。我是投資者關係副總裁 Amit Sharma，今天早上和我一起參加電話會議的有我們的執行長 Julie Francis 和財務長 Brandon Gall。

We will begin the call with management's prepared remarks and then open to your questions.

我們將首先由管理層發表準備好的講話，然後開放提問環節。

Before we begin, this call may involve certain forward-looking statements. The company's actual results could differ materially from any forward-looking statements due to a number of factors, including the risk factors described in the company's annual report filed with the SEC.

在開始之前，請注意，本次通話可能涉及某些前瞻性陳述。由於多種因素，包括公司向美國證券交易委員會提交的年度報告中所述的風險因素，公司的實際業績可能與任何前瞻性聲明有重大差異。

The company assumes no obligation to update any forward-looking statements made during the call except as required by law. Additionally, this call will contain references to certain non-GAAP measures which we believe are useful in evaluating the company's performance.

除法律要求外，本公司不承擔更新電話會議期間所作任何前瞻性陳述的義務。此外，本次電話會議將提及一些我們認為有助於評估公司績效的非GAAP指標。

A reconciliation of these measures to the most compatible GAAP measures is included in today's earnings release, which was issued this morning before the markets open and is available on our website www.mgp ingredients.com.

今天發布的獲利報告中包含了這些指標與最相容的 GAAP 指標的調節表，該報告於今天早上市場開盤前發布，可在我們的網站 www.mgp ingredients.com 上查閱。

At this time, I would like to turn the call over to Julie for her opening remarks.

現在，我想把電話交給朱莉，請她致開幕詞。

Thank you, Ame.

謝謝你，Ame。

Good morning, everyone. As we review our third core results, I want to begin by sharing reflections from my time in the business and how it's shaping our priorities and actions. I will then provide an update of our 5 key initiatives before handing it over to Brandon for a deeper review of our third core results and updated guidance.

各位早安。在回顧我們的第三項核心成果時，我想先分享我在從事這項業務期間的一些思考，以及這些思考如何影響我們的優先事項和行動。接下來，我將介紹我們的 5 項關鍵舉措的最新進展，然後將其交給 Brandon，以便他對我們的第三項核心成果和更新後的指導方針進行更深入的審查。

These first few months truly have been a whirlwind, as I've traveled around the country to visit our distilleries, bottling facilities, manufacturing plants, as well as to meet with our distribution partners and retailers in the market.

這幾個月真是忙得不可開交，我走遍了全國各地，參觀了我們的釀酒廠、裝瓶廠、製造廠，還與市場上的分銷合作夥伴和零售商會面。

Most importantly, I've had H1st and candid conversations with a broad cross section of our organization hosting more than 60 1 on ones and several town hall meetings. I'm also appreciative of the feedback and conversations I've had with investors and analysts as well.

最重要的是，我與我們組織的各個部門進行了第一次、第二次和第三次坦誠的對話，舉辦了 60 多次一對一會議和幾次市政廳會議。我也很感謝投資人和分析師們給予我的回饋和進行的交流。

MGP is a company with a proud heritage, strong brands, and amazing people who are passionate about our business. What I've seen is inspiring, and the opportunity now is to harness that passion with greater focus, performance, and accountability to drive meaningful progress.

MGP 是一家擁有悠久歷史、強大品牌和對業務充滿熱情的優秀員工的公司。我所看到的令人鼓舞，現在的機會在於利用這種熱情，更加專注、有效率、負責，從而推動有意義的進步。

While we fully recognize the challenges facing our industry and our company, we are committed to improving our strategic clarity, taking decisive actions, controlling the controllable, and emerging stronger. This will not be an overnight fix. Some initiatives will bear fruit quickly, while others will take a bit longer, but the work is already underway.

儘管我們充分認識到我們所處行業和公司面臨的挑戰，但我們致力於提高戰略清晰度，採取果斷行動，控制可控因素，並變得更加強大。這並非一朝一夕就能解決的問題。有些措施會很快見效，而有些則需要更長時間，但相關工作已經開始。

Well, it's too early to get into specifics, let me share a few highlights. First, we are conducting an exhaustive strategic review of our business and using a thorough approach that takes the time to ask these hard questions. What capabilities will differentiate us in the future? How do we allocate resources that assure both growth and discipline?

現在談細節還為時過早，讓我先分享幾個重點。首先，我們正在對公司業務進行全面的策略審查，並採用徹底的方法，花時間提出這些棘手的問題。未來哪些能力將使我們脫穎而出？我們如何分配資源才能既保證成長又保證紀律？

Where can we create the most value? This is not just a planning exercise. It's about execution and a data-driven approach to ensure that we are making the right choices, establishing clear priorities, and setting ambitious targets and ensuring accountability for results.

我們能在哪些方面創造最大價值？這不僅僅是一次計劃演練。關鍵在於執行力和數據驅動的方法，以確保我們做出正確的選擇，確立明確的優先事項，設定雄心勃勃的目標，並確保對結果負責。

Another key component of the strategic work is a more active portfolio management of Spirit's brands. While having a branded portfolio spanning across all price points and categories is an undeniable strength, we believe that the opportunity head lies in being more precise and focused, prioritizing the brands with the greatest potential, distinctive positioning, and scalable growth, while trimming persistent underperformers.

策略工作的另一個關鍵組成部分是對 Spirit 旗下品牌進行更積極的組合管理。擁有涵蓋所有價格點和類別的品牌組合無疑是一項優勢，但我們認為，機會在於更加精準和專注，優先考慮最具潛力、獨特定位和可擴展增長的品牌，同時淘汰持續表現不佳的品牌。

The goal is clear, a streamlined, more balanced portfolio that drives sustainable growth and delivers higher margins. As part of these plans this morning, we announced the appointment of Matthias Bentel as our Chief Marketing Officer and Chris Wiseman as senior Vice President of operations.

目標很明確，即建立一個精簡、更均衡的投資組合，以推動永續成長並實現更高的利潤率。作為這些計劃的一部分，我們今天早上宣布任命 Matthias Bentel 為首席行銷官，Chris Wiseman 為營運高級副總裁。

I am confident that Matthias' strong expertise and deep experiences in building and growing brands at Brown Forman and other leading alcoholic beverage companies will be instrumental in accelerating our brand and growth agenda.

我相信，馬蒂亞斯在布朗福曼和其他領先的酒精飲料公司建立和發展品牌方面的深厚專業知識和豐富經驗，將對加速我們的品牌和成長計劃起到重要作用。

Strengthening operational execution is another key component of our strategic agenda. Chris's appointment to lead our operations underscores our commitment to and deliberate focus on strengthening operational reliability, agility, and efficiency across the enterprise. To fuel growth, we're focusing on unlocking additional cost savings.

加強營運執行力是我們策略議程的另一個關鍵組成部分。克里斯被任命領導我們的營運工作，凸顯了我們致力於加強整個企業營運可靠性、敏捷性和效率的決心和專注。為了促進成長，我們正致力於釋放更多成本節約潛力。

MGP has always been an efficient operator, and our current initiatives are delivering excellent results. As we look ahead, we are developing scalable and repeatable processes that promote a continuous improvement mindset, foster cross-functional collaboration, and build a robust pipeline of projects designed to unlock additional productivity and savings.

MGP一直是一家高效的營運商，我們目前的各項措施都取得了卓越的成果。展望未來，我們正在開發可擴展和可重複的流程，以促進持續改進的思維方式，促進跨職能協作，並建立強大的專案儲備，旨在釋放更多生產力並節省成本。

I am encouraged and energized by the enthusiasm and alignment I see across the organization and look forward to sharing the strategic roadmap for the next phase of our growth with you early next year.

我看到整個組織展現的熱情和團結一致，這令我深受鼓舞和振奮，我期待在明年初與大家分享我們下一階段發展的策略路線圖。

Now turning to our third quater results.

現在來看我們第三季的業績。

We delivered another strong quarter and are seeing early signs of progress across many parts of our business. The environment remains challenging, but our results continue to reflect the strength of our brands, the resilience of our businesses, and the focus of our team.

我們又迎來了一個強勁的季度，並且公司業務的許多方面都出現了初步進展跡象。儘管環境依然充滿挑戰，但我們的業績繼續體現了我們品牌的實力、業務的韌性和團隊的專注。

We are leveraging NGP's unique capabilities to navigate the near term while positioning the company for better results ahead. There's more work to be done, but the foundation we are building is solid and gives us confidence in NGP's long-term potential.

我們正在利用 NGP 的獨特能力來應對近期挑戰，同時為公司未來的更好業績做好準備。還有很多工作要做，但我們正在打下的基礎很堅實，這讓我們對 NGP 的長期潛力充滿信心。

For the third quarter, consolidated sales declined 19% as the continued growth in our premium plus portfolio and higher specialty ingredient sales were offset by the expected declines in brown goods and mid to value brands.

第三季度，由於高端產品組合的持續成長和特種原料銷售額的提高被棕色家電和中低價位品牌的預期下滑所抵消，合併銷售額下降了 19%。

Adjust EBITDA declined to $32 million while adjusted basic earnings per share reached $0.85, both above our expectations, reflecting favorable mixed improvements, pricing discipline, and productivity initiatives. Our solid cash flows continue to be a key highlight with the year-to-date operating cash flows up 26% for the same period last year to $93 million.

調整後 EBITDA 下降至 3,200 萬美元，而調整後基本每股收益達到 0.85 美元，均高於我們的預期，這反映了有利的混合改善、定價紀律和生產力提升舉措。我們穩健的現金流仍然是一大亮點，今年迄今的營運現金流比去年同期成長了 26%，達到 9,300 萬美元。

With another quarter of solid delivery, we are confident in finishing the year ahead of our previous expectations. Brandon will provide greater detail on our updated guide shortly, but we are raising our full year 2025 adjusted EBITDA and adjusted. Earnings per share guidance to the range of $110 million to $115 million and $2.60 to $2.75 of EPS respectively, while tightening our sales guidance to a range of $525 million to $535 million.

憑藉又一個季度穩健的業績，我們有信心在年底前超越先前的預期。Brandon稍後將詳細介紹我們更新後的業績指引，但我們已將2025年全年調整後EBITDA和調整後每股收益預期分別上調至1.1億美元至1.15億美元和2.60美元至2.75美元，同時將銷售額預期收緊至5.25億美元至5.35億美元。

This has been a period of transition for our company, our customers, and the broader alcohol industry. Despite these challenges, our team continues to advance our five key initiatives for 2025, which are sharpen our commercial focus, strengthen key customer relationships, improve operation execution, fortify our balance sheet, and drive greater productivity.

對於我們公司、我們的客戶以及整個酒類產業來說，這都是一個轉型期。儘管面臨這些挑戰，我們的團隊仍在繼續推動 2025 年的五項關鍵舉措，即：加強商業重點、鞏固關鍵客戶關係、改善營運執行、強化資產負債表以及提高生產力。

Let me provide brief highlights of our progress on each of these initiatives.

讓我簡要介紹一下我們在每項措施中取得的進展。

Beginning with our focus initiative branded spirits, which we believe is the main engine of growth and value creation for MGP, our decision to focus our A&P investments behind the most attractive growth of opportunities continues to deliver results as our premium plus portfolio once again outperformed the overall category.

從我們專注於品牌烈酒的策略開始，我們認為這是 MGP 成長和價值創造的主要引擎，我們決定將廣告和促銷投資集中在最具吸引力的成長機會上，這一決定持續取得成效，因為我們的高端產品組合再次超越了整個類別。

The most tangible example of this focused approach. Penalty bourbon as it continues to exceed expectations. According to Nielsen dollar sales data for the past 52 weeks, Penelope now ranks among the TOP30 premium plus American whiskey brands in the country.

這是這種專注方法的最切實體現。Peny波本威士忌一如既往地超出預期。根據尼爾森過去 52 週的美元銷售額數據，Penelope 目前已躋身美國前 30 名優質威士忌品牌之列。

Even more impressively, it has been the second fastest growing brand in this group over the last 52 weeks and the fastest growing over the past 13. 26 weeks. Our team's relentless focus has fueled Penelope's remarkable growth since acquisition.

更令人印象深刻的是，在過去的 52 周里，它是該組成長速度第二快的品牌，也是過去 13.26 週成長最快的品牌。自收購以來，我們團隊的不懈努力推動了 Penelope 的顯著成長。

We're applying that same discipline to elevate other brands in our portfolio. New tools, including brand health dashboards and advanced analytics, are enabling smarter AEP decisions, sharper insights, and stronger brand equity across the portfolio.

我們將同樣的嚴謹態度運用在提升我們旗下其他品牌的品質。包括品牌健康儀錶板和高級分析在內的新工具，能夠讓 AEP 決策更明智、洞察力更敏銳，並增強整個產品組合的品牌資產。

Innovation is central to our growth agenda as it enables us to meet consumers where they are in terms of quality, price points, occasions, and convenience. Our exciting new product launches in the fast growing ready to pour cocktail segment demonstrates how we are applying our deeper understanding of consumer insights and category trends.

創新是我們成長策略的核心，因為它使我們能夠在品質、價格、場合和便利性方面滿足消費者的需求。我們在快速成長的即飲雞尾酒領域推出的令人興奮的新產品，顯示了我們如何運用對消費者洞察和品類趨勢的更深入理解。

The Penelope black walnut old fashioned launched during the third quarter is off to a strong start. Building on the success of Penelope Pico's fashion that launched earlier this year, we also introduced three new cocktails under the Yellowstone brand to further expand our presence in this fast growing segment with their beautiful presentation, approachable price.

第三季推出的 Penelope 黑胡桃老式雞尾酒取得了強勁的開局。繼今年稍早 Penelope Pico 時尚品牌取得成功之後，我們還推出了 Yellowstone 品牌下的三款新雞尾酒，憑藉其精美的包裝和親民的價格，進一步擴大了我們在這一快速增長的細分市場中的影響力。

Point and desirable alcohol proof, these new products are directly addressing consumer need for high-quality, affordable, and convenient crafted cocktails, making them an especially attractive entry point for females and new to whiskey drinkers.

這些新產品酒精度適中，直接滿足了消費者對高品質、價格實惠、方便快速的特調雞尾酒的需求，使其成為女性和威士忌新手特別有吸引力的入門選擇。

The year-to-date results in our distilling business show that our second initiative to strengthen partnership with key customers is working. Though sales and profits declined during the quarter, they came in ahead of our expectations, reflecting discipline pricing, operational efficiencies, and better aged whiskey sales.

今年迄今為止，我們蒸餾業務的表現表明，我們加強與主要客戶合作關係的第二項措施正在發揮作用。儘管本季銷售額和利潤有所下降，但仍高於我們的預期，這反映了定價的自律、營運效率的提高以及陳年威士忌銷售的改善。

Throughout the year, we have maintained a close engagement with our key distilling customers to rely on their production needs. While some customers have paused their near term whiskey purchases as they rebalance their inventories, most have expressed their commitment to a continued long-term strategic partnership with MGP.

全年，我們都與主要蒸餾客戶保持密切聯繫，以滿足他們的生產需求。雖然一些顧客在重新調整庫存時暫停了近期威士忌的購買，但大多數顧客都表示將繼續與 MGP 保持長期的策略合作夥伴關係。

Our commercial teams are working closely with them to develop innovative solutions that leverage our unrivaled scale and a whiskey inventory.

我們的商業團隊正與他們緊密合作，開發創新解決方案，充分利用我們無與倫比的規模和威士忌庫存。

As well as our high-quality and flexible production capabilities to offer premium gin, light spirits, specially grained distillates in addition to brown goods. Importantly, our customers recognize our differentiated value proposition, and last month, Yao North America named MGP as one of its distinguished suppliers, a meaningful acknowledgement of our strong partnership and contribution to the success of their brands.

除了我們高品質、靈活的生產能力外，我們還提供優質金酒、淡烈酒、特殊穀物蒸餾酒以及棕色食品。重要的是，我們的客戶認可了我們差異化的價值主張。上個月，姚北美公司將 MGP 評為傑出供應商之一，這充分肯定了我們與其建立的強大合作關係以及我們對其品牌成功所做的貢獻。

I am also pleased to see that the broader domestic whiskey industry continues to recalibrate to the current environment. According to TTB data through June of 2025, total US whiskey production is down 19% over the prior 12 months, down 28% over the prior six months, and down 32% over the prior three months.

我也很高興看到，整個國內威士忌產業正在不斷調整以適應當前的環境。根據 TTB 截至 2025 年 6 月的數據，美國威士忌總產量比前 12 個月下降了 19%，比前 6 個月下降了 28%，比前 3 個月下降了 32%。

While inventories remain high, this trend is encouraging signal that the market is working through its imbalance. We believe this rational behavior by the broader industry combined with our strong partnership with strategic customers will position MGP to emerge stronger once brown goods supply and demand dynamics normalized.

儘管庫存仍然很高，但這一趨勢是一個令人鼓舞的信號，表明市場正在逐步解決其失衡問題。我們相信，整個產業的這種理性行為，加上我們與策略客戶的牢固合作關係，將使 MGP 在棕色家電供需動態正常化後變得更加強大。

Turning to our ingredient solution segment, we are pleased with the ongoing top-line momentum in this business. However, operational executions fell short of our expectations and pressured segment margins.

再來看我們的原料解決方案業務，我們對該業務持續的成長動能感到滿意。然而，營運執行情況未達到我們的預期，並給該業務板塊的利潤率帶來了壓力。

This resulted from an unanticipated equipment outage and lower operational reliability, elevated waste starch disposal cost, and higher start-up costs in our textured protein business. This critical equipment outage pressured our third quarry performance and is expected to remain a headwind in the fourth quarter.

這是由於組織蛋白業務中意外的設備故障和較低的運作可靠性、較高的廢澱粉處理成本以及較高的啟動成本所造成的。這次關鍵設備故障對我們的第三採石場業績造成了壓力，預計在第四季度仍將是一個不利因素。

Which is reflected in our revised full year outlook. We are taking decisive actions to strengthen operational reliability. We've increased plant staffing, raised maintenance capital, and engaged in an external engineering firm to partner with our operations team for a comprehensive review of plant performance.

這一點已反映在我們修訂後的全年展望中。我們正在採取果斷措施，加強營運可靠性。我們增加了工廠人員配備，增加了維護資金，並聘請了一家外部工程公司與我們的營運團隊合作，對工廠性能進行全面審查。

Together, we are addressing critical process dependency, restructuring key workflows, and implementing predictive analytics and enhanced preventive maintenance protocols to identify and resolve potential issues before they impact production.

我們正在共同解決關鍵流程依賴性問題，重組關鍵工作流程，並實施預測分析和增強型預防性維護協議，以便在潛在問題影響生產之前識別和解決這些問題。

I am confident that the addition of Chris Wiseman to lead our operations team will further strengthen and accelerate these initiatives, enabling us to return to our targeted level of performance in the coming quarters.

我相信，克里斯·懷斯曼的加入將領導我們的營運團隊，從而進一步加強和加速這些舉措，使我們能夠在接下來的幾個季度恢復到預期的業績水平。

While the newly operational biofuel plant is expected to mitigate our waste stars disposal costs, these costs were higher than expected during the quarter due to operational challenges during startup. Learning from that startup are already helping us refine our processes, and as production ramps up, we expect the biofuel plant to provide greater relief on waste disposal costs over time.

雖然新投產的生物燃料工廠有望降低我們的廢棄物處理成本，但由於啟動期間的營運挑戰，本季這些成本高於預期。從那家新創公司汲取的經驗已經幫助我們改進了流程，隨著產量的增加，我們預計生物燃料工廠將隨著時間的推移，在廢棄物處理成本方面提供更大的緩解。

And lastly, our extrusion protein business is gaining traction as we expand our portfolio beyond wheat to soybean and pea-based proteins to compete more effectively across the full extrusion segment.

最後，隨著我們將產品組合從小麥擴展到大豆和豌豆蛋白，我們的擠壓蛋白業務正在獲得發展動力，以便在整個擠壓領域更有效地參與競爭。

During the quarter, we secured a large new customer underscoring the potential of this expanded platform. While startup costs associated with this commercialization effort temporarily pressured margins, we expect these costs to moderate as the volumes ramp up and the businesses scale.

本季度，我們成功獲得了一位大客戶，凸顯了這個擴展平台的潛力。雖然與此次商業化努力相關的啟動成本暫時給利潤率帶來了壓力，但我們預計隨著銷售成長和業務規模擴大，這些成本將會緩解。

Even as we make steady progress on these operational challenges in the ingredient solution segment, commercially, we continue to have a clear right to win in this segment. Consumer demand for high fiber and high protein foods continues to accelerate, and we are well positioned to capture this growth.

即使我們在配料解決方案領域的這些營運挑戰方面取得了穩步進展，但在商業上，我們仍然有充分的理由在這個領域取得成功。消費者對高纖維和高蛋白食品的需求持續成長，我們已做好充分準備來抓住這一成長機會。

The specialty starch and protein categories are expected to post mid to high single-digit growth over the next five years, according to industry reports. Our flagship fibersim and Arise brands are already category. Leaders and our R&D teams are partnering with a growing number of leading food manufacturers to incorporate our specialty ingredients into their new existing products.

產業報告顯示，未來五年，特種澱粉和蛋白質品類預計將實現中高個位數成長。我們的旗艦品牌 fibersim 和 Arise 已經是品類的一部分。公司領導和研發團隊正與越來越多的領先食品製造商合作，將我們的特色配料融入他們現有的新產品中。

We also continue to collaborate with leading university and research institutions to expand the functionality and application of these ingredients. With these commercial strengths and ongoing progress towards restoring operational excellence, we believe that we're well positioned to deliver solid top-line and margining growth in our green solution business over the next several years.

我們也將繼續與一流大學和研究機構合作，以拓展這些成分的功能和應用。憑藉這些商業優勢以及在恢復卓越營運方面取得的持續進展，我們相信，在未來幾年內，我們有能力在綠色解決方案業務中實現穩健的營收和利潤成長。

Our last two initiatives to fortify our balance sheet and drive productivity savings remain firmly on track. Brandon will provide additional details on these two key initiatives, but I'm pleased with our financial strength and our team's efforts to drive efficiency throughout the enterprise.

我們為鞏固資產負債表和提高生產力而採取的最後兩項措施仍然進展順利。Brandon 將提供有關這兩項關鍵舉措的更多細節，但我對我們的財務實力以及我們團隊為提高整個企業效率所做的努力感到滿意。

Let me close by saying that we are doing what we said we will do, controlling the controllables and being transparent about what's working and what's not working.

最後我想說的是，我們正在做我們承諾要做的事情，控制可控因素，並對哪些方面有效、哪些方面無效保持透明。

This balance between accountability and opportunity guides how we view our businesses and how we communicate about them. While the path ahead is unlikely to be linear, it's increasingly becoming well defined.

問責制和機會之間的這種平衡指導著我們如何看待我們的業務以及如何與業務溝通。雖然未來的道路不太可能是筆直的，但它正變得越來越清晰。

As we look ahead, we are continuing to build on the strength of our differentiated customer value propositions across each of our businesses.

展望未來，我們將繼續鞏固我們在各項業務中差異化的客戶價值主張的優勢。

I see greater alignment, stronger commercial execution, a clearer view of where we can win, and a growing sense of confidence and optimism across the organization. With that, Fleming handed over the brand for a review of our quarter and updated guidance.

我看到了更緊密的協調、更強大的商業執行力、更清晰的勝利點，以及整個組織日益增長的信心和樂觀情緒。隨後，弗萊明將品牌交由我們進行季度業績審查與更新後的業績指引。

Thank you, Julie. For the third quarter of 2025, consolidated sales decreased 19% to $131 million compared to the year ago period. Within our segments, third quarter sales for the Branded Spirit segment decreased by 3%. Our premium plus sales posted a third consecutive quarter of positive growth driven by the continued momentum of the Penelope Bourbon brand.

謝謝你，朱莉。2025 年第三季度，合併銷售額年減 19% 至 1.31 億美元。在我們各個業務部門中，品牌烈酒部門第三季的銷售額下降了 3%。在 Penelope Bourbon 品牌持續強勁的成長動能推動下，我們的高端產品銷售連續第三季實現正成長。

However, premium plus performance was more than offset by the expected softness in the rest of this segment, including a 7% collective decline in the mid in value brands. Distilling solution segment sales declined by 43% compared to the prior year period.

然而，高端及以上品牌的出色表現被該細分市場其他部分的預期疲軟所抵消，其中包括中價位品牌整體下滑 7%。與去年同期相比，蒸餾解決方案業務的銷售額下降了 43%。

Although our brown goods sales decreased by 50%, our year-to-date sales and margin are trending above our initial outlook, reflecting higher age whiskey sales and the success of our proactive partnership approach with key customers.

儘管我們的棕色家電銷售額下降了 50%，但我們今年迄今的銷售額和利潤率均高於我們最初的預期，這反映出年份較長的威士忌銷量較高，以及我們與主要客戶積極合作的成功。

Given that we now expect 2025 distilling solutions sales and gross profit to be down 46% and 55% respectively from prior year relative to our previous outlook of down 50% and 65%.

鑑於我們現在預計 2025 年蒸餾解決方案的銷售額和毛利將分別比前一年下降 46% 和 55%，而我們先前預期的情況分別為下降 50% 和 65%。

Ingredient solution sales increased by 9% compared to the prior year quarter, primarily due to higher specialty and commodity wheat protein sales. Third quarter, gross profits, however, declined by 36% due to equipment outage and other operational reliability issues that Julie mentioned earlier.

與去年同期相比，配料解決方案銷售額成長了 9%，主要原因是特種小麥蛋白和商品小麥蛋白的銷售額增加。然而，由於朱莉之前提到的設備故障和其他營運可靠性問題，第三季毛利下降了 36%。

While we have a good line of sight to resolving these issues, they'll remain a headwind in the fourth quarter. As a result, we now expect ingredient solutions, segment sales, and gross profit to be down mid to high single-digits and approximately 40% for the full year respectively.

雖然我們有很好的希望解決這些問題，但它們在第四季度仍將構成不利因素。因此，我們現在預計全年配料解決方案、細分市場銷售額和毛利將分別下降中高個位數百分比和約 40%。

Consolidated gross profit decreased 25% to $49 million primarily due to lower gross profits in the distilling solutions and ingredient solutions operating segments. Gross margin declined by 300 basis points to 37.8%. Third quarter, SGA expenses increased by 10%, but on an adjusted basis this increase was reduced to 4%.

綜合毛利下降 25% 至 4,900 萬美元，主要原因是蒸餾解決方案和配料解決方案營運部門的毛利下降。毛利率下降300個基點至37.8%。第三季度，銷售、管理及行政費用增加了 10%，但經調整後，此增幅減少至 4%。

It's important to note also that when removing the impact from the reinstatement of the incentive accrual in 2025, adjusted SGA was down 9% due primarily to our productivity initiatives.

另外要注意的是，剔除 2025 年恢復激勵累積的影響後，調整後的 SGA 下降了 9%，這主要歸功於我們的生產力提升措施。

Advertising and promotion expenses declined 31% as we continue to rely on our spending behind our most attractive growth opportunities. For the full year, we continue to expect Branded Spirits A&P to be approximately 12% of Brandon Spears.

廣告和促銷費用下降了 31%，因為我們繼續將支出用於最具吸引力的成長機會。全年來看，我們仍然預期品牌烈酒廣告和促銷活動將佔 Brandon Spears 的約 12%。

6% to $18 million basic earnings per common share decreased to $0.71 per share, while adjusted basic earnings per share decreased 34% to $0.85 per share.

每股普通股基本盈餘下降 6% 至 1,800 萬美元，至每股 0.71 美元；調整後每股基本盈餘下降 34% 至每股 0.85 美元。

Year to day cash flows from operations increased 26% to $93 million as we continue to prioritize strong cash generation by managing our working capital, including barrel inventory put away.

由於我們繼續優先考慮透過管理營運資本（包括桶裝庫存）來產生強勁的現金流，因此經營活動產生的現金流同比增長 26% 至 9,300 萬美元。

Our year-to-date barrel put away reduced to $16 million and we continue to expect the full year net put away to be in the 16 to $20 million dollar range relative to $33 million in 2024. Capital expenditures were $7 million during the.

今年迄今，我們的原油庫存減少至 1,600 萬美元，我們繼續預計全年淨庫存將在 1,600 萬至 2,000 萬美元之間，而 2024 年的淨庫存將達到 3,300 萬美元。本年度資本支出為 700 萬美元。

Quarter in $25 million year-to-date. We continue to expect full year 2025 cap acts of $32.5 million a reduction of more than 50% from last year as we continue to streamline capital expenditures in the current environment. Our balance sheet remains healthy.

今年迄今為止，季度收入為 2500 萬美元。我們繼續預期 2025 年全年資本支出上限為 3,250 萬美元，比去年減少 50% 以上，因為我們在當前環境下繼續精簡資本支出。我們的資產負債表依然健康。

We remain well capitalized to support the Penelope contingent consideration payment, and we will be prudent in our support of ongoing operations, long-term growth investments, and future capital structure considerations. We ended the quarter with total debt of $269 million in net debt leverage ratio of 1.8 times.

我們資金充足，足以支付 Penelope 的或有對價，我們將謹慎地支持持續營運、長期成長投資和未來的資本結構考量。本季末，我們的總負債為 2.69 億美元，淨負債槓桿率為 1.8 倍。

Given the encouraging year to day results, we are raising our full year adjusted EAA and adjusted EPS guidance while tightening the guidance range for sales. We now expect 2025 sales to be in the $525 million to $535 million range.

鑑於今年以來的業績令人鼓舞，我們提高了全年調整後EAA和調整後EPS的預期，同時收緊了銷售額的預期範圍。我們現在預計 2025 年的銷售額將在 5.25 億至 5.35 億美元之間。

Adjusted EBITDA to be in the $110 million to $115 million dollar range, and adjusted basic earnings per share to be in the $2.60 to $2.75 range. For the full year, we continue to expect average shares outstanding of approximately $21.4 million in an effective tax rate of approximately 25%.

調整後 EBITDA 預計在 1.1 億美元至 1.15 億美元之間，調整後基本每股盈餘預計在 2.60 美元至 2.75 美元之間。我們預計全年平均流通股數約為 2,140 萬美元，有效稅率約為 25%。

For the final quarter of the year, our focus remains on staying close to our customers, keeping tight control of costs, maintaining financial discipline, and allocating capital carefully to the areas that we believe create the greatest value.

在今年最後一個季度，我們的重點仍然是與客戶保持緊密聯繫，嚴格控製成本，保持財務紀律，並將資金謹慎地分配到我們認為能夠創造最大價值的領域。

I'm proud of how our teams are navigating this period and confident that the foundation we are building today under Julie's leadership will support durable, profitable growth in the years ahead. With that, let me now hand it over to Julie before opening for your questions.

我為我們的團隊應對這段時期的表現感到自豪，並相信在 Julie 的領導下，我們今天所奠定的基礎將支持未來幾年的可持續獲利成長。那麼，接下來就交給朱莉，之後我會回答大家的問題。

Thank you, Brandon. As we look ahead, our focus remains on delivering results of the confidence and credibility. We're working to create a more resilient business model, one that can weather industry cycles and still deliver sustained growth.

謝謝你，布蘭登。展望未來，我們將繼續專注於取得令人信服的成果。我們正在努力打造更具韌性的商業模式，使其能夠經受住產業週期的考驗，並實現持續成長。

That means making the tough decisions, prioritizing the highest return opportunities, driving operational excellence, and supporting our businesses with the right level of investment. There is still work ahead. But what encourages me most is how aligned our team has become around the company's direction and purpose.

這意味著要做出艱難的決定，優先考慮回報最高的機遇，推動卓越運營，並以適當的投資水平支持我們的業務。前方還有工作要做。但最令我感到鼓舞的是，我們的團隊在公司的發展方向和目標上已經高度一致。

That alignment, combined with our strong balance sheet, differentiated capabilities, and growing brand momentum gives me confidence that MGP is on a stronger, steadier path towards creating lasting value for our shareholders, customers, and organization.

這種契合，再加上我們強勁的資產負債表、差異化的能力以及不斷增長的品牌勢頭，讓我確信 MGP 正走在一條更加強勁、更加穩健的道路上，為我們的股東、客戶和組織創造持久的價值。

Thank you. Brandon and I will now take your questions.

謝謝。現在我和布蘭登將回答大家的問題。

(Operator Instructions)

（操作說明）

And our first question for today will come from Sean McGowan with Roth Capital. Please go ahead.

今天我們提出的第一個問題來自羅斯資本的肖恩·麥克高文。請繼續。

Hi, thanks everybody.

大家好，謝謝大家。

First question is I guess a broad one on industry trends. You know you talk about the reduction in production, but what are you seeing? What are you hearing from your customers regarding, channel inventory and how much further work needs to be done?

第一個問題我想應該比較廣泛，是關於產業趨勢的。你們一直在談論減產，但你們實際上看到了什麼？您的客戶對通路庫存有何回饋？還需要做多少工作？

Yeah, thanks for the question, Sean.

是的，謝謝你的提問，肖恩。

What we're hearing from our customers is really the need and the willingness to stay close. There's a lot of changes going on in the industry. There's still elevated inventory.

我們從客戶那裡聽到的回饋是，他們確實需要並且願意與我們保持密切聯繫。產業內正在發生很多變化。庫存仍然居高不下。

There's obviously reduced production, as you mentioned. There's also distilleries that are closing their doors or furloughing employees, and you know the general.

正如你所說，產量顯然減少了。還有一些釀酒廠正在關門歇業或讓員工暫時休假，你知道，這種情況很普遍。

The response that we're seeing from our customers is increasingly wanting to communicate and have open dialogue, but what we're also seeing, Sean, is a lot of our historically indirect customers that usually purchase from third parties our product want to deal directly with MGP. They want to have that relationship.

我們看到客戶的回饋是，他們越來越希望溝通和進行公開對話，但肖恩，我們也看到，許多以前透過第三方購買我們產品的間接客戶現在希望直接與 MGP 打交道。他們想要建立那種關係。

They want to be close to us because they know that we're committed to the space and going to be there over the long-term.

他們想和我們保持密切聯繫，因為他們知道我們對這片空間充滿信心，並且會長期紮根於此。

Okay, thanks. Maybe that ties into a follow-up on, a lot of the numbers and the quarter were a little better than I had thought, so congrats on that. But the gross margin in distilling was especially strong.

好的，謝謝。也許這與後續報道有關，很多數據和季度業績都比我預想的要好一些，所以恭喜你。但蒸餾業的毛利率尤其高。

Is that kind of related to what you just mentioned of staying close to the customer, or can you talk generally about how you were able to hold up those margins?

這和您剛才提到的與客戶保持密切聯繫有關嗎？或者您能否泛泛地談談您是如何維持這些利潤率的？

Yeah, the margins definitely came in even better than our expectations in the quarter, and there's really two reasons for that a larger volume of a sales than we'd anticipated. Again, it's the customers working very closely with the team, and we're seeing orders from customers who predominantly, historically have only purchased nudist.

是的，本季的利潤率確實比我們預期的還要好，這主要有兩個原因：一是銷售額比我們預期的要高。再次強調，是顧客與團隊密切合作，我們看到訂單主要來自那些過去只購買裸體主義產品的顧客。

It, but like everyone else in the space, they're looking for ways to innovate and to differentiate further on the shelf, and we're getting calls from customers like those that you want to buy age for the first time.

但和這個領域的其他人一樣，他們也在尋找創新和進一步在貨架上脫穎而出的方法，我們接到了很多顧客的電話，他們想第一次購買這種產品。

They want to put out a new, limited time only product on the shelf, maybe at a different price point from their core portfolio, and we're really well set up for that, as due to the breadth and scale of our age offerings and our ability to help them innovate, whether that's through blending, through picking out the right match bill or the right age profile.

他們想推出一款新的、限時供應的產品，價格可能與他們的核心產品組合不同，而我們在這方面已經做好了充分的準備，因為我們擁有豐富的產品種類和規模，並且能夠幫助他們進行創新，無論是透過混合、挑選合適的配比還是合適的年齡特徵。

So it's things like these that are really you know improving our age performance over our initial expectations. The second thing, Sean, is that the team operationally is doing a tremendous. Job in managing the cost structure of the facility. That's a TOP4 or TOP5 volume producing bourbon facility in the United States.

所以正是這些因素真正提高了我們這個年齡層的表現，超出了我們最初的預期。肖恩，第二點是，團隊在營運方面做得非常出色。負責管理工廠的成本結構。這是美國產量排名前四或前五名的波本威士忌生產廠。

So while ramping up is difficult like we've had to do in previous years, ramping down is even more complex, and the team's done a really nice job from a productivity initiative point of view in executing the cost side.

因此，雖然像往年一樣，擴大規模很困難，但縮小規模則更加複雜，從生產力提升計畫的角度來看，團隊在成本控制方面做得非常好。

Okay, thank you.

好的，謝謝。

Thank you, Sean.

謝謝你，肖恩。

And our next question will come from Robert Moskow with TD Cowen. Please go ahead.

接下來，我們將向 TD Cowen 公司的 Robert Moskow 提問。請繼續。

Hi, this is Seamus Castellon for Rob Moscow, and thanks for the question.

您好，我是 Rob Moscow 的 Seamus Castellon，感謝您的提問。

Julie, you mentioned in your prepared remarks sort of more active portfolio management around the branded spirits portfolio. Since the Luxo acquisition, MGPI is focused, it's ad spend and, acquisitions on more premium brands, and you've said you're comfortable letting mid in value decline as a result of this.

Julie，你在事先準備好的演講稿中提到了對品牌烈酒產品組合進行更積極的投資組合管理。自從收購 Luxo 以來，MGPI 的重點就放在了廣告支出和對更高端品牌的收購上，而你曾說過，你樂於看到中端品牌的價值因此而下降。

So I guess my question is, could you walk us through some of the pros and cons between, sort of trimming some of these lower performing brands because while they may be slower growing, I imagine they still add scale to your portfolio and you know provide positive cash flow.

所以我想問的是，您能否為我們分析一下削減一些表現較差的品牌有哪些優缺點？因為雖然它們的成長速度可能較慢，但我認為它們仍然可以擴大您的投資組合規模，並帶來正現金流。

Yeah, thanks for that question. I appreciate it. Listen, Brain and Spirit certainly is our true north, on our strategic growth platform.

謝謝你的提問。謝謝。聽著，大腦和精神無疑是我們策略成長平台上的真正指路明燈。

We're certainly pleased with the premium plus performance, focusing on those core three, Penelope, El Mayor, and Rebel certainly have been Paying off, we're at 4% on the premium plus versus you know a category that's not showing the same results, and then Penelope is certainly growing very fast.

我們對高階產品線的表現非常滿意，專注於核心的三款產品——Penelope、El Mayor 和 Rebel——確實取得了成效，高端產品的市場份額達到了 4%，而其他類別並沒有展現出同樣的業績，而且 Penelope 的增長速度也非常快。

But I think your point is interesting because amid the value certainly we are, heavily weighted still in that area. So I would tell you, and I think as I've talked to, analysts throughout the first few months that I I think there's an opportunity for us to take some of the core focus that we've had in the premium plus and be precise in the mid to value because there are some brands.

但我認為你的觀點很有趣，因為儘管我們重視價值，但我們仍然在該領域投入了大量資源。所以我想告訴你們，而且我認為，正如我在過去幾個月裡與分析師們交流的那樣，我認為我們有機會將我們一直以來在高端市場的核心關注點轉移到中端到價值市場，因為有一些品牌正在蓬勃發展。

As that have some pretty good density and there's some regional and channel opportunities that we certainly could be out a little bit more with some flavor innovations. With some regional brands that may make sense, so I tell you that, we are re-evaluating that because I do see some strong brands in there that we could certainly provide a little bit of ignition to and to help us offset some of that mid to value decline.

由於這些產品具有相當不錯的市場密度，並且在區域和通路方面存在一些機會，我們當然可以透過一些口味創新來進一步拓展市場。對於一些區域品牌來說，這可能是有意義的，所以我告訴你，我們正在重新評估這一點，因為我確實看到其中有一些強大的品牌，我們肯定可以為它們提供一些推動力，並幫助我們抵消一些中低端品牌的下滑。

But again, if you look at it, we're certainly focused on mid first and I think you're seeing some progress there and and value we should start looking at very shortly into 2026.

但話說回來，如果你仔細觀察，我們當然專注於第一梯隊中段，我認為你會看到我們在這方面取得了一些進展，而且我們應該在 2026 年不久之後開始關注其價值。

Joe.

喬。

Are you still there?

你還在嗎？

I am. We'll go on to the next question. Our next question will come from Marc Torrente with Wells Fargo. Please go ahead.

我是。我們繼續回答下一個問題。下一個問題將來自富國銀行的馬克·托倫特。請繼續。

Hey, good morning and thank you for the questions. I guess first on billing, with the larger customers that have paused purchases you referenced to this call in in the past, have there been any incremental pauses or maybe even restarts out of those customers and then how is planning progressing with those customers?

嗨，早安，謝謝你們的提問。首先是關於帳單方面，您之前在這次通話中提到的那些暫停購買的大客戶，這些客戶是否出現了逐步暫停甚至重新開始購買的情況？另外，與這些客戶的計畫進度如何？

Any, I guess additional commentary on your visibility into 2026?

關於您對2026年的展望，還有什麼補充說明嗎？

Thanks.

謝謝。

Hey Mark, it's Julie. How are you doing? Thanks for the question. A couple of things I think we've said in the past and we still feel this way that, our large multinationals certainly have communicated with us that, they're paused.

嗨，馬克，我是茱莉。你好嗎？謝謝你的提問。有幾件事我認為我們過去說過，而且我們仍然這麼認為，那就是，我們的大型跨國公司確實已經向我們傳達了他們已經暫停業務的訊息。

We do expect to hear more about, 2026, near spring of next year, but we're staying close, and I think you saw, you heard in the the prepared comments that we were acknowledged by, Diageo as their one of their more distinguished suppliers.

我們預計在明年春季前後會聽到更多關於 2026 年的消息，但我們會密切關注，而且我認為你們在準備好的評論中已經看到、聽到，帝亞吉歐承認我們是他們最傑出的供應商之一。

So I think you're seeing our customers and our teams. Ability to engage and stay close, we've been really accommodating to the crafts they're certainly going from kind of like just in case to just in time buying where cash really is and the availability of cash really is playing in a role into, how they're purchasing and when they're purchasing.

所以我想你現在看到的是我們的客戶和我們的團隊。我們能夠與客戶保持密切聯繫，我們一直非常配合他們的手工藝需求，他們肯定已經從“以防萬一”的購買方式轉變為“即時購買”，現金的可用性確實影響著他們的購買方式和購買時間。

But we've also seen, as Brandon said, it's been interesting to see some craft customers that have only been a new distillate come to us for aged whiskey, cause that certainly is where the demand is, and we're known for our unique mash builds, our variety, our master diller, so master distillery.

但正如布蘭登所說，我們也看到一些只喝過新蒸餾酒的精釀客戶來找我們購買陳年威士忌，這很有趣，因為這方面的需求確實存在，而且我們以獨特的麥芽漿配方、品種繁多、釀酒大師（也就是釀酒大師）而聞名。

So that certainly has been an area that we were pleasantly surprised with. And it goes back to the approach the team took, probably six months ago where we went to really engaging with our customers, being accommodating, showing agility, and most importantly, the larger folks certainly know we're here to stay.

所以，這確實是一個讓我們感到驚喜的領域。這一切都要追溯到大約六個月前團隊採取的方法，當時我們真正開始與客戶互動，盡力滿足他們的需求，展現出敏捷性，最重要的是，大客戶們當然知道我們會一直在這裡。

The distilling segment is extraordinarily part, important part of our business.

蒸餾環節是我們業務中極為重要的一環。

You probably recall that Penelope started in that area, right? They're a customer of our Ross and squid distillery. We noticed that that they were, putting out some good juice, choosing some good juice, and they're very innovative and coming together and acquiring Penelope in 2023.

你可能還記得佩內洛普是從那個地區起步的，對吧？他們是我們羅斯魷魚釀酒廠的客戶。我們注意到，他們正在推出一些優質果汁，挑選一些優質果汁，他們非常有創新精神，並且齊心協力，在 2023 年收購了 Penelope。

Certainly we're very pleased with those results, but we do expect, the headwinds into the first half of 2026, with hopefully some moderation in the back half.

當然，我們對這些結果非常滿意，但我們預計 2026 年上半年將面臨一些不利因素，希望下半年情況會有所緩和。

Okay great appreciate that and then on the ingredient side, it sounds like there's a combination of headlines in the quarter, sales perhaps a bit lighter versus expectations, but then also some execution issues.

好的，非常感謝。至於原料方面，聽起來本季有好幾件事，銷售量可能略低於預期，但也存在一些執行上的問題。

Maybe just some more color on the recovery timing here. It sounds like would be ongoing impact into 2024. Will this all be contained in 2025 and you also started to report some biofuel sales, maybe any other detail on the expected ramp there and cost offsets.

或許可以再補充一些關於恢復時間的資訊。聽起來這種影響會持續到2024年。這一切能否在 2025 年控制？你們也開始報告一些生物燃料的銷售情況，能否提供一些關於預期成長和成本抵銷方面的其他細節？

Thank you.

謝謝。

Yeah, thanks Mark. Yeah, first, obviously we're not satisfied with the results we saw, in the ingredient solutions, both from a year-to-date and then in particular in Q3. Tell you, first, it's important to note that it's not a commercial demand issue.

是啊，謝謝你，馬克。是的，首先，顯然我們對成分解決方案的結果並不滿意，無論是今年迄今為止的結果，還是尤其是在第三季度的結果。首先要說明的是，這不是商業需求問題。

These are platforms that are in high demand, and we've ramped up our R&D department, which really is paying off dividends. We've got some large customers that have come on board, that are expanding their products, so the demand is there and where we fell short, we're in a few different areas.

這些平台的需求量很大，我們已經加大了研發部門的投入，這確實帶來了豐厚的回報。我們已經有一些大客戶加入，他們正在擴展產品線，所以需求是有的，而我們之前做得不夠好的地方，我們則在一些不同的領域進行了改進。

One. There was an equipment outage, and I'll take full responsibility for that as I've got in the business, Mark, it became clear that one of our more important dryers had had significant operational reliability issues, downtime, yield, waste, and in my experience, it was best for us to take that equipment offline, rebuild it.

一、設備故障，我將對此負起全部責任。馬克，自從我進入這個行業以來，很明顯，我們一台比較重要的烘乾機出現了嚴重的運行可靠性問題，停機時間長，產量低，浪費嚴重。以我的經驗來看，最好的方法是讓這台設備下線，進行重建。

It did come offline a couple of months ago, and it will be online by the end of this month, and we will see better performance.

它幾個月前確實離線了，本月底將重新上線，屆時我們將看到更好的性能。

So that is a discreet event, but I did want to make sure that people understood that our expectation is for it to have headwinds into Q4, but after that, we certainly will be on a better path to, full productivity coming out of that dryer, but we have had continuous operational reliability across the plant as we close down that Acheson distillery.

所以這是一件比較隱密的事情，但我確實想確保大家明白，我們預計第四季度會遇到一些不利因素，但之後，隨著烘乾機的全面投產，我們肯定會走上一條更好的道路，而且在我們關閉艾奇遜釀酒廠的同時，整個工廠的運營可靠性也一直保持良好。

And we've taken a few discrete, decisive actions. One, I did bring in a project engineering team, boots in the plant, I like to say, they're well known for working alongside management and leadership to bring a plant back to performance.

我們已經採取了一些明確的、果斷的行動。第一，我引入了一個專案工程團隊，他們就像是「進駐工廠」的專家，他們以與管理層和領導層合作，使工廠恢復正常運作而聞名。

We've invested 15% more in adding staffing. We're increasing maintenance CapEx, and also we're bringing back predictive analytics and some of the enhanced preventive maintenance that we are known for, and then certainly bringing in a leader that has extensive operational turnaround experience that's led manufacturing production.

我們在人員配備方面增加了 15% 的投資。我們正在增加維護資本支出，同時我們也重新引入了預測分析和一些我們引以為傲的強化預防性維護措施，當然，我們還引入了一位擁有豐富的營運扭虧為盈經驗、領導過製造業生產的領導者。

Engineering and also some of the other key safety and quality metrics. Bringing Chris on board is an important part. So we do believe and expect to see continuous improvement heading into next year and the teams are working really hard.

工程技術以及其他一些關鍵的安全和品質指標。讓克里斯加入團隊是至關重要的一步。因此，我們相信並期待明年能持續進步，各團隊也都在努力工作。

So I'm going to turn it over to Branded on biofuel, but I do want to say one area of we're pleased to see is our Pertera line and extrusion.

接下來我將把生物燃料的主題交給 Branded，但我確實想說，我們很高興看到的一個領域是我們的 Pertera 系列和擠出工藝。

We did get online our larger customer that we've been talking about. A little bit higher starter costs, which could be expected with all the different R&D and test runs that you do, but that is starting up mid November with saleable product and so we're pleased to get that online and I'll turn it over to Brandon for biofuel.

我們終於讓之前一直在洽談的那位大客戶上線了。啟動成本略高一些，考慮到你們進行的各種研發和測試，這是可以預料的，但產品將於 11 月中旬開始銷售，所以我們很高興能夠上線，接下來我會把生物燃料方面的工作交給 Brandon。

Yeah, before I get into biofuel, all these actions, Mark, that Julie just listed, and there's a lot of very positive actions that she and the team are taking.

是的，在我談到生物燃料之前，馬克，朱莉剛才列舉的所有這些行動，以及她和她的團隊正在採取的許多非常積極的行動。

We do not expect it to be fully contained. The dryer will be that specific discrete issue, but when you're hiring new people, when you're investing capital, when you're, building in new processes, that does take a bit of time.

我們預計疫情無法完全控制。烘乾機是那個具體的獨立問題，但當你招募新員工、投資資金、建立新流程時，確實需要一些時間。

So we do expect, to return to our historical, high level of performance, but probably not until, the first part of next year or the first half of next year. So more to come on that, Mark. But yeah, to your question. Around biofuels, so that project was commissioned in the quarter, proud to say that the team shipped out their first tanker of biofuel in September.

因此，我們確實期望能夠恢復到我們歷史上的高水準表現，但可能要等到明年年初或明年上半年。馬克，關於這一點，我們稍後會再談。是的，回答你的問題。圍繞著生物燃料，該計畫在本季度啟動，值得自豪的是，團隊在 9 月運出了第一艘生物燃料油輪。

You saw some of that in the numbers, but you know these things do take time. And so whether it's, getting it efficiently started up, whether it's hitting customer spec, rebuilding the customer network for this type of facility.

從資料中你可以看到一些端倪，但你也知道這些事情確實需要時間。因此，無論是高效率啟動，或是滿足客戶規格，亦或是為這類設施重建客戶網路。

And a couple of other things they do take time, but over time we do expect this to offset a large part of the disposal costs we're currently incurring in addition to some of the other initiatives we have going to dispose of some of the other byproducts.

還有一些其他的事情確實需要時間，但隨著時間的推移，我們預計這將抵消我們目前正在產生的大部分處置成本，此外，我們還將採取一些其他措施來處置其他一些副產品。

So while Julie, said very well, we're not pleased with the performance to date, we do believe that we're doing the right things to to correct that going forward.

所以，雖然朱莉說得很好，我們對目前的表現並不滿意，但我們相信我們正在採取正確的措施來糾正這種情況。

Thanks guys.

謝謝各位。

Thank you And our next question will come from Ben Clay with Lake Street Capital Markets. Please go ahead.

謝謝。下一個問題來自 Lake Street Capital Markets 的 Ben Clay。請繼續。

All right, thanks for taking my questions. First, I want to see if you guys can double down a bit on the success of Penelope of late.

好的，謝謝你們回答我的問題。首先，我想看看你們能否在 Penelope 近期的成功基礎上再接再厲。

I mean, it's, it seems, quite impressive that that growth is accelerating even as that business, has really, I think developed in scale. I'm wondering if you can kind of. Isolate, any of the variables behind this growth.

我的意思是，即便這家企業規模已經發展壯大，但其成長速度仍在加快，這似乎相當令人印象深刻。我想知道你是否可以做到。找出導致這種增長的任何變數。

I mean, is it, are you guys seeing any accelerated growth from, greater velocity, increased household penetration, distribution gains, any, anything to specifically call out behind the growth numbers over the last 6 months or so?

我的意思是，你們有沒有看到過去六個月左右的成長數據背後有任何加速成長的跡象，例如更高的成長速度、更高的家庭滲透率、分銷管道的拓展等等？

Hey Ben, it's Julie. I appreciate the call. Yes, Penelope certainly is performing quite nicely. We're we're pleased to say we're the second fastest growing brand out there in the last 52 weeks, so we're we're pleased on that. But I would tell you this, if you think about Penelope and the positioning, it's kind of like the on Bourbon bourbon, so it's attracting, a broader range of folks across the spectrum.

嗨，本，我是朱莉。感謝您的來電。是的，佩內洛普的表現確實非常出色。我們很高興地宣布，在過去的 52 周里，我們是成長速度第二快的品牌，對此我們感到非常滿意。但我想說的是，如果你想想 Penelope 和它的定位，它有點像波本威士忌，所以它吸引了各個階層的更廣泛的人群。

It's a brand that's built on innovation, so we're very purposeful on on sending out innovation. It's also very tight on the releases. I was out in the market the last couple of weeks and talking to retailers and how the excitement that they generally have around Penelope, and they definitely said that our approach to eliminate eliminating the limiting the number of cases with each launch.

這是一個以創新為核心的品牌，所以我們非常注重推出創新產品。它的發行時間也非常緊張。過去幾週我一直在市場上與零售商交談，他們普遍對 Penelope 感到興奮，他們也明確表示，我們採取的策略是消除每次發佈時限制案例數量的做法。

One guy was saying that he's got 60 people on his bourbon list and a lot of the releases are sold out and don't even come on the shelf. So we think that's a key part of it. And then knowing our consumers, we just launched the Penelope old fashion line.

有人說他的波本威士忌預訂名單上有 60 個人，很多酒都售罄了，甚至都沒上架。所以我們認為這是關鍵。在了解我們的消費者之後，我們推出了 Penelope 復古系列。

We started with Peach, which was highly successful. We're just out with black walnut. And some of the brand, insights that we saw there was that we had an opportunity to engage with females who were, curious, about bourbon and entering into this, category, and they were looking for, a a lower proof, attractive price point, and also, they're about image and and Visual appeal.

我們最初選擇了桃子口味，結果非常成功。我們這裡只有黑胡桃。我們從品牌洞察中發現，我們有機會與對波本威士忌感到好奇並想進入這個品類的女性互動，她們正在尋找酒精度數較低、價格有吸引力的產品，而且她們也很注重形象和視覺吸引力。

So if you've ever seen that bottle, it's a beautiful bottle. So we think that that hit on bringing in new consumers and then certainly from a distribution standpoint, our independs certainly are doing a great job of of launching Penelope and having, a significant number of average items.

所以，如果你看過那個瓶子，你會發現它很漂亮。所以我們認為這有助於吸引新消費者，而且從分銷的角度來看，我們的獨立零售商在推出 Penelope 方面做得非常出色，並且擁有相當數量的普通商品。

Our opportunity still does lie with a national footprint across on-premise and national accounts. So we do feel bullish that there's some upside. On getting more distribution across the nation, in particular in some of those national accounts.

我們的機會仍在於拓展全國各地的業務，包括本地部署和全國性客戶。因此，我們確實看好其上漲空間。爭取在全國範圍內，尤其是在一些全國性帳戶中，獲得更大的分銷管道。

Great, that's all very helpful. Thanks, Julie. And then for my follow-up, I'm curious, Julie about one of the comments you made about the dynamic where you're distilling solutions customers are shifting from just in case to just in time. In that context, how are you guys, how is that context contemplated within your, updated.

太好了，這些都很有幫助。謝謝你，朱莉。然後，我想追問一下，朱莉，你之前提到過，客戶正在從“以防萬一”轉向“及時”，而你正在提煉解決方案，對此我很好奇。在這種情況下，你們怎麼樣？你們是如何看待和更新這種背景的？

Full year guidance, I mean, are you, are you, banking on some just in time orders still here to come in in the next, in the next month or two that you're, that you have real visibility of, or is this something that, you're, kind of looking for given historic con conversations with the customers who don't really have locked in yet.

全年業績指引，我的意思是，你們是指望未來一兩個月內還能有一些及時的訂單到賬，並且你們對這些訂單有比較清晰的了解，還是因為之前與那些尚未真正確定合作的客戶進行過一些不愉快的溝通，所以你們才抱有這種預期？

No, I would just say, Q4 you've heard us talk about our guidance and so we certainly are are confident on what we reaffirmed and where we took some of the levels. And, listen, the biggest thing we did was in the past, eight months was, is go out there and truly engage the customers, right? And we're at, we're we're only a phone call away and we're very accommodating.

不，我只想說，你們已經聽我們談到了第四季度的業績指引，所以我們對我們重申的內容以及我們設定的一些目標水平當然充滿信心。聽著，在過去八個月裡，我們做的最重要的事情就是走出去，真正與客戶互動，對吧？我們隨時待命，只需一通電話即可聯絡我們，我們非常樂意為您提供協助。

And so as they have money and availability, we, we're willing to, take any order that they're willing to give us. So I think that's important, but, our, we've been pretty. Tight to hitting our forecasts the past few quarters.

所以，只要他們有資金和時間，我們就願意接受他們願意給我們的任何訂單。所以我認為這很重要，但是，我們，我們一直都相當不錯。過去幾個季度，我們的業績都與預測值接近。

So we believe that the planning and the forecast that we have out there represents the demand and certainly if there's these intermittent customers coming to us, that's just a slight net positive upside. But understand these are craft customers where, the number of barrels that they're taking are on the lower end. Yeah.

因此，我們相信我們目前的規劃和預測能夠反映市場需求，當然，如果偶爾有顧客光顧，那也只會帶來輕微的淨收益。但要知道這些都是小批量客戶，他們訂購的桶數相對較少。是的。

And what I'd add to that then is this is, we're now approaching 1,000 customers you know that have bought whiskey from us over the years and the just in time versus just in case, what that means is they're not willing to necessarily contract out.

我還要補充一點，我們現在已經有近 1000 位顧客多年來從我們這裡購買威士忌，而「及時」與「以防萬一」的區別在於，他們並不一定願意外包。

So it does limit visibility to a specific customer necessarily, but because of the breadth and size of our book of customers, what we do see, especially at the craft level is, the market effect, which is we can see the overall trend that they're.

因此，它確實限制了對特定客戶的可見性，但由於我們的客戶群的廣度和規模，我們確實看到了，尤其是在工藝層面，市場效應，即我們可以看到他們的整體趨勢。

To more to this, and we are seeing greater demand for age, which is which is obviously a positive. So while it's hard to really visibly measure when a certain craft is going to purchase the breadth and size of the number that we that we serve, gives us that added, confidence that as a collective, these trends are taking place and we expect to continue.

此外，我們看到對老年人的需求越來越大，這顯然是一個積極的信號。因此，雖然很難真正直觀地衡量某種工藝何時會流行，但我們所服務的客戶群的廣度和規模，讓我們更有信心，作為一個整體，這些趨勢正在發生，我們預計它們會繼續下去。

Very good. I appreciate that from both of you. Congratulations on a good quarter here, and a healthy outlook for the rest of the year. Thanks for taking my questions and get back in queue.

非常好。我很感激你們兩位。恭喜你們本季業績良好，並祝福今年餘下時間業績前景樂觀。謝謝您回答我的問題，請您重新排隊。

Thanks so much.

非常感謝。

And our next question will come from Mitchell Pinero with Sturdivant. Please go ahead.

接下來，我們將向斯特迪文特的米切爾·皮內羅提出一個問題。請繼續。

Yeah, hi, good morning.

是啊，你好，早安。

Morning.

早晨。

Hey, so, when you look at the data both for branded spirits and Even the TTP data and we see inventory both barrelled and also in the retail side in the distributor level, kind of full, still full, but Pricing data is still, much better than I would have expected, holding up.

嘿，所以，當你查看品牌烈酒的數據，甚至是TTP數據時，你會發現桶裝和零售分銷商層面的庫存都相當充足，仍然充足，但價格數據仍然比我預期的要好得多，保持穩定。

You might expect to see more discounting and pricing actions, but we're not. And I'm just curious as you know your view on this, is it saying something larger about the category? Is it saying anything about. Consumer preferences, and or consumer value.

你可能會期待看到更多的折扣和定價措施，但我們不會。我很好奇，以你的視角來看，這是否反映了該類別的一些更廣泛的問題？它說了什麼？消費者偏好和/或消費者價值。

Thank you.

謝謝。

It's Mitch Schley, thanks for the question. I, first and foremost, we certainly believe strongly, as the most folks, the American whiskey and tequila are are really strong long-term outlook is really healthy. And as we talk about the pricing environment, yes, it's largely remained rational across all core categories.

我是米奇·施萊，謝謝你的提問。首先，我自己以及大多數人都堅信，美國威士忌和龍舌蘭酒的長期前景非常樂觀，而且市場發展勢頭良好。至於定價環境，是的，在所有核心類別中，定價總體上都保持了理性。

And certainly there are pockets, regional pockets of greater competitive intensity, and you know we're certainly seeing in the non-premium and some investment and some pricing in the value brands in particular, but nothing that, causes, us.

當然，某些地區競爭更為激烈，我們也看到非高端市場，尤其是一些價值品牌，在投資和定價方面有所增加，但沒有什麼能真正影響我們。

Concern and as you called out, it's been pretty rational. So I think that to me it shows that people are bullish on the the strength of the categories and the health of the categories for long-term value, and they don't want to do anything, rash to to destroy any of the value that they can capture.

正如你所指出的，這種擔憂是相當理性的。所以我覺得這顯示人們看好這些類別的實力和長期價值，他們不想輕率行事，以免破壞他們所能獲得的任何價值。

And and I guess that it's sort of a follow-up.

而且，我想這算是後續吧。

So, you've always talked about your revenue in the the distillery solutions business thing, third, the multinationals, a third, your larger regionals or nationals and then a third crest. Is that still there or with the sort of decline, it seems like there's a greater decline in crash.

所以，你總是談到你的收入來源，其中三分之一來自釀酒解決方案業務，三分之一來自跨國公司，三分之一來自規模較大的區域或全國性公司，三分之一來自 Crest 公司。這種情況仍然存在嗎？或者隨著某種程度的下降，似乎崩盤的幅度更大了？

Is that now smaller portion of your business, and yeah, we'll leave it that.

現在這部分業務佔比很小了，嗯，我們就說到這裡吧。

Hey, you were breaking up in the middle. Can you repeat that please?

嘿，你們中途就分手了。請您再說一次好嗎？

I was just curious about your distillery solutions.

我只是對你們的釀酒解決方案感到好奇。

Sort of revenue breakdown, you typically get [1,313, 3,] multinational but your larger regionals or nationals and then you're crashed, and I'm curious if that's changed.

從收入組成來看，通常情況下，跨國公司佔比為 [1,313, 3,]，但大型區域性或全國性公司佔比過高，導致收入銳減，我很好奇這種情況是否有所改變。

Yeah.

是的。

I'd say, Mitch, I'll start on that one.

我會說，米奇，我來做這件事。

We are seeing, generally speaking, a larger proportion of a sales relative to new dis than we'd expected coming into the year. And and so broadly speaking, like you said, it's typically 1/3, age customers tend to skew much more towards the craft.

總的來說，我們看到銷售額相對於新發行產品所佔的比例比我們年初預期的要高。所以總的來說，就像你說的，通常有三分之一的顧客年齡偏大，而這些顧客往往更傾向於手工藝品。

So in And that is where we're seeing the incremental demand, and that is where, we're seeing the improved performance as the year gone on.

所以，我們看到需求成長的地方，也看到隨著這一年的進行，業績有所改善的地方。

So a lot of those larger national multinational customers that typically buy new disillate, a lot of them, still are, but some of them have paused, and we've talked about that. And so because of that pause that, the proportionality of our of our sales mix has moved in that direction.

所以，很多通常會購買新蒸餾酒的大型跨國客戶，很多仍然在購買，但有些客戶已經暫停購買，我們已經討論過這個問題了。正因為這一停頓，我們的銷售組合比例才朝著那個方向發展。

Okay.

好的。

All right, thank you.

好的，謝謝。

Thank you, Mitch.

謝謝你，米奇。

And our next question is a follow-up from Sean McGowan with Roth Capital Partners. Please go ahead.

接下來，Roth Capital Partners 的 Sean McGowan 將提出一個後續問題。請繼續。

Thank you very much. A quick question first on, what is your expectation for the margin profile on the biofuel, and then more broadly, again, I'm a little surprised with this deep into the call and the word tariff hasn't come up. So could you give us your latest thoughts on that?

非常感謝。首先請教一個問題，您對生質燃料的利潤率有何預期？另外，更廣泛地說，我有點驚訝，電話會議都進行到這個階段了，竟然還沒有人提到關稅。那麼，您能否談談您對此的最新看法？

Yeah, I'll start on the biofuel margin, gross margin profile, we're going to maybe get a little further along until we share our expectations there. But generally speaking, we believe that the biofuel facility.

是的，我先從生質燃料的利潤率和毛利率情況說起，我們可能會再深入探討一下，然後再分享我們在這方面的預期。但總的來說，我們認為生物燃料設施。

Once it's fully ramped up, once it's efficient, and in selling at, the prices that we think it'll it'll hit and get all the tax accreditations that are going to come with it over time, we expect that to offset a large part of the disposal costs we're currently incurring.

一旦全面投產，達到預期效率，並以我們認為能夠達到的價格出售，並獲得隨之而來的所有稅收優惠，我們預計這將抵消我們目前正在發生的大部分處置成本。

And but let us get a little bit further in, let us see what the the market pricing is where the expectations are for next year, excuse me, and we'd be happy to share more.

但是，讓我們更深入地探討一下，讓我們看看市場定價以及對明年的預期，抱歉，我們很樂意分享更多資訊。

Oh, on the tariff front. Yeah, we are seeing some tariff pressure, not to the extent of probably some of our peers. That's the benefit of being mostly domestic.

哦，關於關稅方面。是的，我們確實感受到了一些關稅壓力，但可能沒有一些同行所面臨的壓力那麼大。這就是主要在國內生活的好處。

So, a lot of the tariffs we're seeing, are mostly on. Goods, some of the products and other materials that we're bringing in, but what's harder to quantify, Sean, is the impact it's having on some of our customers that do have more of an international business. We can see the export data. It's been very volatile this year, especially in terms of.

所以，我們看到的關稅，基本上都已經生效了。貨物，包括我們進口的一些產品和其他材料，但是肖恩，更難量化的是它對我們一些擁有更多國際業務的客戶的影響。我們可以看到出口數據。今年市場波動非常劇烈，尤其是在以下方面：

Whiskey specifically going out of the country and so we do think that it is causing you some near in volatility and patterns as it relates to that and great point and the incremental tariff exposure that we are experiencing is contemplated in our four year guide.

特別是威士忌出口到國外，因此我們認為這會導致一些波動和模式的出現，這一點非常重要，我們正在經歷的額外關稅風險已在我們的四年指南中考慮在內。

All right, thank you very much.

好的，非常感謝。

You bet thank Sean.

當然要感謝肖恩。

And with that we will conclude our question-and-answer session.

問答環節到此結束。

I'd like to turn the conference back over to Julie Francis for any closing remarks.

我謹將會議交還給朱莉·弗朗西斯，請她作總結發言。

Thank you, Joe. I'd like to thank everyone for joining us today on our quarterly earnings call. I look forward to engaging with all of you in the very near future and playing a much more active role in the next earnings call. So good luck, everyone, and we'll talk soon. Cheers.

謝謝你，喬。感謝各位今天參加我們的季度財報電話會議。我期待在不久的將來與各位交流，並在下次財報電話會議上發揮更積極的作用。祝大家好運，我們很快再聊。乾杯。

The conference has now concluded.

會議已經結束。

Thank you for attending today's presentation. You may now disconnect your lives.

感謝各位參加今天的報告會。你們現在可以斷絕彼此的生活了。