Phibro Animal Health Corp (PAHC) 2026 Q2 法說會逐字稿

Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Phibro Animal Health Corporation second quarter 2026 conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫雷吉娜，今天將由我擔任你們的會議接線生。在此，我謹代表 Phibro Animal Health Corporation 向大家歡迎參加 2026 年第二季電話會議。（操作說明）

I would now like to turn the conference over to Glenn David, Chief Financial Officer. Please go ahead.

現在我將把會議交給財務長格倫·戴維。請繼續。

Thank you, Regina. Good day and welcome to the Phibro Animal Health Corporation earnings call for our fiscal second quarter ending December 31, 2025.

謝謝你，雷吉娜。大家好，歡迎參加 Phibro Animal Health Corporation 截至 2025 年 12 月 31 日的第二財季業績電話會議。

My name is Glenn David, and I'm the Chief Financial Officer of Phibro Animal Health Corporation.

我叫格倫‧戴維，是菲布羅動物保健公司的財務長。

I am joined on today's call by Jack Bendheim, Phibro's Chairman, President and Chief Executive Officer; Daniel Bendheim, Director and Executive Vice President of Corporate Strategy and has recently announced our CEO designate, and Larry Miller, Chief Operating Officer.

今天與我一同參加電話會議的有 Phibro 董事長、總裁兼執行長 Jack Bendheim；公司策略總監兼執行副總裁 Daniel Bendheim（他最近宣布了我們指定的執行長人選）；以及營運長 Larry Miller。

Today we will cover financial performance for our second quarter and provide updated financial guidance for our fiscal year ending June 30, 2026. At the conclusion of our remarks, we will open the lines for your questions.

今天我們將介紹我們第二季的財務業績，並提供截至 2026 年 6 月 30 日的財政年度的最新財務指引。發言結束後，我們將開放提問環節。

I would like to remind you that we are providing a simultaneous webcast of this call on our website pahc.com. Also, on the investor section of our website, you will find copies of the earnings press release and quarterly form 10Q, as well as the transcript and slides discussed and presented on this call.

我想提醒各位，我們將在公司網站pahc.com上同步直播本次電話會議。此外，您也可以在本公司網站的投資人關係版塊找到獲利新聞稿和季度10-Q表格，以及本次電話會議的文字記錄和投影片。

Our remarks today will include forward-looking statements, and actual results could differ materially from those projections. For a list and description of certain factors that could cause results to differ, I refer you to the forward-looking statement section in our earnings press release.

我們今天的發言將包含前瞻性陳述，實際結果可能與這些預測有重大差異。有關可能導致結果出現差異的某些因素的清單和說明，請參閱我們獲利新聞稿中的前瞻性聲明部分。

Our remarks include references to certain financial measures which were not prepared in accordance with generally accepted accounting principles or US GAAP. I refer you to the non-GAAP financial information section in our earnings press release for a discussion of these measures.

我們的評論中提及了一些財務指標，這些指標並非按照公認會計原則或美國通用會計準則編制。有關這些措施的討論，請參閱我們獲利新聞稿中的非GAAP財務資訊部分。

Reconciliation of these non-GAAP financial measures to the most directly comparable US GAAP measures are included in the financial tables that accompany the earnings press release.

這些非GAAP財務指標與最直接可比較的美國GAAP指標的調節表包含在獲利新聞稿附帶的財務報表中。

We present our results on a GAAP basis and on an adjusted basis. Our adjusted results exclude acquisition related items, unusual, non-operational or non-recurring items, including stock-based compensation.

我們以公認會計準則及調整後的方式列示業績。我們的調整後績效不包括收購相關項目、異常項目、非經營性項目或非經常性項目，包括股票選擇權激勵。

Other income expense as separately reported in the consolidated statements of operations, including foreign currency losses, gains net, and income taxes related to pre-tax income adjustments and unusual or non-recurring income tax items.

其他收入支出在合併營業報表中單獨列報，包括外匯損失、淨收益以及與稅前收入調整和異常或非經常性所得稅項目相關的所得稅。

Now, let me introduce our Chairman, President, and Chief Executive Officer, Jack Bendheim to share his opening remarks.

現在，請容許我介紹我們的董事長、總裁兼執行長傑克·本德海姆先生，請他致開幕詞。

Thanks Glenn. In the second quarter we delivered 26% growth in animal health sales and a 41% increase in animal health adjusted EBITDA. A clear sign our strategy is working. Medicated feed additives led with a [30%]- 34% growth, supported by strong gains in nutritional specialties and vaccines.

謝謝格倫。第二季度，我們的動物保健產品銷售額成長了 26%，動物保健產品調整後 EBITDA 成長了 41%。這是我們的策略奏效的明顯跡象。藥用飼料添加劑的成長最為顯著，增幅達 30% - 34%，這得益於營養特製品和疫苗的強勁增長。

This reflects our continued success integrating the MFA portfolio into our operations.

這體現了我們在將 MFA 產品組合融入營運方面持續取得的成功。

While our toll legacy business continues to perform with a 3% growth. Beyond animal health, we saw continued growth in minerals with a decline in our performance product segment.

雖然我們的傳統收費業務持續保持成長，增幅達 3%。除了動物保健領域，我們看到礦物質業務持續成長，而性能產品領域則出現下滑。

Consolidate sales were up 21% in the second quarter while EBITDA was up 41%. As Glenn will discuss in more detail, we are raising both our full year sales and earnings guidance.

第二季合併銷售額成長 21%，EBITDA 成長 41%。正如格倫將要詳細討論的那樣，我們將上調全年銷售額和獲利預期。

These results are encouraging, but what's impressed me just as much is what I have seen firsthand from our people and our customers in the past few weeks. It's one thing to see performance in the numbers, it's another to hear directly from the teams and customers who are living this momentum every day.

這些結果令人鼓舞，但更讓我印象深刻的是，在過去幾周里，我從我們的員工和客戶那裡親眼所見的一切。從數字上看業績是一回事，直接聽取每天都在體驗這種發展勢頭的團隊和客戶的回饋又是另一回事。

Earlier this month, more than 150 of our global leaders came together in Barcelona, our largest meeting of this kind in over a decade. The energy and alignment were outstanding. We heard a consistent message across regions. Our teams remain deeply focused on customer partnerships. We are sharpening our innovation agenda with stronger global coordination.

本月初，150 多位全球領導人齊聚巴塞隆納，這是我們十多年來規模最大的此類會議。能量和配合都非常出色。我們在各個地區都聽到了一致的訊息。我們的團隊始終高度重視與客戶的合作關係。我們正在透過加強全球協調來完善我們的創新議程。

We're executing better and more consistently across the business, and the unity across our leadership team has never been stronger.

我們在整個業務領域的執行力更強、更穩定，領導團隊的團結也達到了前所未有的高度。

I left Barcelona feeling incredibly proud of our people and confident in the direction we're heading. When you see the level of alignment and enthusiasm from long tenured leaders to newer faces, it tells you that the culture is strong and the strategy is working.

離開巴塞隆納時，我為我們的人民感到無比自豪，也對我們前進的方向充滿信心。當你看到從資深領導者到新晉領導者之間高度的一致性和熱情時，就表示企業文化強大，策略正在奏效。

Last week I was in Atlanta for the IPPE, the annual poultry show. While it was a very cold Atlanta, the conversations there were warm and optimistic. IPPE is always a great pulse check on the protein sector, and this year the tone was upbeat.

上週我去亞特蘭大參加了國際家禽展覽會（IPPE）。雖然亞特蘭大天氣非常寒冷，但那裡的談話卻充滿熱情和樂觀。IPPE一直是檢驗蛋白質產業發展趨勢的重要指標，而今年的市場情緒十分樂觀。

Producers across poultry and the broader protein markets are seeing more stability. Demand remains strong. Customers are prioritizing performance, reliability, and cost efficiency, all areas where we are delivering real value. We heard a lot of positive feedback about the MFA integration and the strength of our technical support. It's clear that the work our teams have done over the past year is resonate is resonating where it matters most with customers.

家禽及更廣泛的蛋白質市場生產商都看到了更穩定的局面。需求依然強勁。客戶優先考慮性能、可靠性和成本效益，而這些正是我們能夠提供真正價值的領域。我們收到了很多關於 MFA 整合和我們強大的技術支援的正面回饋。很明顯，我們團隊過去一年所做的工作在最重要的客戶群中引起了共鳴。

Taken together with our financial performance, Barcelona and IPPE make it clear that fiber has real sustainable momentum. And as I look at that momentum, the strength of our business, the alignment of our people, and the opportunities ahead, it's also clear that this is an opportune moment for a leadership transition.

結合我們的財務業績，巴塞隆納和IPPE清楚地表明，纖維產業具有真正的永續發展動能。當我審視這種發展勢頭、我們業務的實力、我們員工的協同一致以及未來的機會時，我也清楚地認識到，現在是領導層過渡的良機。

And with that, I turn it over to Donnie. Thank you.

然後，我把麥克風交給了唐尼。謝謝。

Before we move into our results, I want to share how honoured I am to be stepping into this role in July. I am deeply grateful for the trust the board and the entire Phibro team have placed in me. I am especially pleased that my father will continue as executive Chairman.

在公佈結果之前，我想先表達一下我非常榮幸能夠在七月擔任這個職位。我衷心感謝董事會和整個 Phibro 團隊對我的信任。我尤其感到高興的是，我父親將繼續擔任執行董事長。

The culture and foundation he has built over 5 decades are the bedrock of this company. Having his continued guidance and experience is a significant advantage for Phibro and it's incredibly meaningful to me personally.

他五十多年來建立的企業文化和基礎是這家公司的基石。他的持續指導和經驗對 Phibro 來說是一個巨大的優勢，對我個人而言也意義非凡。

Equally important is the stability of our broader leadership. Our full management team remains in place. These are the leaders who know our customers and our global operations.

同樣重要的是我們更廣泛的領導層的穩定性。我們的管理團隊全數留任。這些領導者了解我們的客戶和我們的全球營運狀況。

That continuity across every region and function is one of our greatest competitive strengths. Inures this leadership transition is occurring from a position of momentum and operational excellence.

這種在各個地區和職能部門的連續性是我們最大的競爭優勢之一。此次領導層更迭是在強勁的發展勢頭和卓越營運的基礎上進行的。

I am stepping into this role at a dynamic moment for our industry. We are seeing genuine momentum in the protein markets. Producer confidence is rising, and global demand remains resilient.

我擔任這個職務之際，正值我們產業蓬勃發展的關鍵時期。我們看到蛋白質市場正在呈現強勁的成長動能。生產者信心正在增強，全球需求依然強勁。

The energy we felt at IBTE recently confirmed this. Our customers are moving forward, investing, and planning for growth.

最近在IBTE感受到的那種氛圍證實了這一點。我們的客戶正在向前邁進，進行投資，並制定發展計劃。

Looking ahead, we are entering a new era of opportunity. Producers today are under pressure to do more with less. At Phibro, we see sustainability and profitability as one and the same. Better gut health, improve feed conversion, and reduce disease pressure don't just support sustainability, they drive profitability.

展望未來，我們正步入一個充滿機會的新時代。現今的生產者面臨著用更少的資源生產更多產品的壓力。在 Phibro，我們認為永續發展和獲利能力是一回事。改善腸道健康、提高飼料轉換率、降低疾病壓力，不僅有助於永續發展，還能提高獲利能力。

By investing in R&D and our digital capabilities, we are positioning Phibro to lead the next wave of breakthroughs in animal health. These efforts are central to our fiber forward strategy and build on the strength of our core business and our unified leadership team.

透過投資研發和數位化能力，我們正在使 Phibro 成為引領下一波動物健康領域突破的先鋒。這些努力是我們光纖前向策略的核心，建立在我們核心業務的優勢和統一的領導團隊之上。

With that, I will hand it over to Glenn to discuss our performance for the quarter and our outlook for the remainder of the fiscal year, Glenn.

接下來，我將把發言權交給格倫，讓他來討論我們本季的業績以及本財年剩餘時間的展望。

Thanks then. Starting with our Q2 performance on slide 4, consolidated net sales for the quarter ended December 31, 2025 for $373.9 million reflecting an increase of $64.6 million or a 21% increase over the same quarter one year ago. The animal health segment grew 26%, while mineral nutrition grew at 9% and performance products declined by 10%.

謝謝。從投影片 4 的第二季業績開始，截至 2025 年 12 月 31 日的季度合併淨銷售額為 3.739 億美元，比去年同期成長 6,460 萬美元，增幅達 21%。動物保健品領域成長了 26%，礦物質營養品成長了 9%，而性能產品下降了 10%。

GAAP net income and diluted EPS increased significantly, driven by the successful integration of the new MFA business, increases in demand, improved gross margin due to favorable mix, partially offset by increased SG&A due to higher employee-related costs.

GAAP淨利潤和稀釋後每股收益大幅增長，這主要得益於新MFA業務的成功整合、需求的增長以及有利的產品組合帶來的毛利率的提高，但部分被員工相關成本增加導致的銷售、一般及行政費用增加所抵消。

After making our standard adjustments to GAAP results, including acquisition related items, foreign currency losses, and certain one-off items, the second quarter adjusted EBITDA increased $19.9 million or 41% versus prior year.

在對 GAAP 結果進行標準調整後，包括收購相關項目、外匯損失和某些一次性項目，第二季調整後 EBITDA 比上年同期增長 1,990 萬美元，增幅達 41%。

Adjusted net income increased 60% and adjusted diluted EPS increased 58%. Increased gross profit driven by sales growth was partially offset by higher adjusted SG&A and higher adjusted interest expense.

調整後淨利成長 60%，調整後攤薄每股收益成長 58%。銷售成長帶來的毛利增加被調整後銷售、管理及行政費用增加及調整後利息支出增加部分抵銷。

Moving to segment level financial performance, the animal health segment posted $290 million of net sales for the quarter, an increase of $60.6 million or 26% versus the same quarter prior year.

從業務部門的財務表現來看，動物保健部門本季淨銷售額為 2.9 億美元，比上年同期成長 6,060 萬美元，增幅達 26%。

Within the animal health segment we reported. Legacy MFA's net sales decrease of 5% driven by the timing of inventory purchases from a particular large customer. Excluding the impact of this timing, our legacy MFA growth would have been a positive 3%.

在我們報導的動物健康領域。Legacy MFA 的淨銷售額下降了 5%，這是由於從某個大客戶處購買庫存的時間安排所致。排除此時間因素的影響，我們傳統的 MFA 成長將達到 3%。

The new MFA business contributed a full quarter of sales of $94.1 million versus a partial quarter last year, driving the total MFA and other growth to 34%.

新的 MFA 業務貢獻了完整的季度銷售額 9,410 萬美元，而去年同期僅貢獻了部分季度銷售額，推動 MFA 和其他業務的總增長率達到 34%。

The nutritional specialty net sales increased $4.3 million or 9%, due to increased North American demand for dairy.

由於北美對乳製品的需求增加，營養特產淨銷售額增加了 430 萬美元，增幅達 9%。

Vaccine net sales growth of $4.5 million or a 13% increase, driven by continued growth of poultry products in Latin America and higher international demand. Animal health adjusted EBITDA was $82.2 million a 41% increase driven by the new MFA business, higher gross profit from improved mix in the legacy business, partially offset by higher SPNA.

疫苗淨銷售額成長 450 萬美元，增幅達 13%，主要得益於拉丁美洲家禽產品的持續成長和國際需求的增加。動物保健業務調整後 EBITDA 為 8,220 萬美元，成長 41%，主要得益於新的 MFA 業務以及傳統業務組合改善帶來的更高毛利，但部分被更高的 SPNA 所抵消。

Moving on to second quarter financial performance for our other business segments on slide 6.

接下來，請看第 6 頁投影片，了解我們其他業務部門的第二季財務表現。

Starting with mineral nutrition, net sales for the quarter were $68.9 million an increase of $5.7 million or 9%, due to an increase in demand for zinc and trace minerals.

以礦物質營養品為例，該季度淨銷售額為 6,890 萬美元，比上一季增加 570 萬美元，增幅達 9%，這主要得益於對鋅和微量元素的需求增加。

Looking at our performance product segment, net sales of $15 million reflects a decrease of $1.6 million for 10% as a result of lower demand for the ingredients used in personal care products. Mineral nutrition and performance products adjusted EBITDA were $6.4 million and $0.8 million respectively.

從我們的性能產品部門來看，淨銷售額為 1500 萬美元，較上年同期減少了 160 萬美元，降幅為 10%，這是由於個人護理產品中使用的成分需求下降所致。礦物質營養品和性能產品的調整後 EBITDA 分別為 640 萬美元和 80 萬美元。

Corporate expenses increased $3.7 million driven by higher employee-related costs. Turning to key capitalization-related metrics on slide 7, we generated $47 million of positive free cash flow for the 12 months ended December 31, 2025.

由於員工相關成本增加，公司支出增加了 370 萬美元。在第 7 頁幻燈片中，我們展示了與資本化相關的關鍵指標，截至 2025 年 12 月 31 日的 12 個月內，我們產生了 4,700 萬美元的正自由現金流。

We generated $93 million of operating cash flow and invested $46 million in capital expenditures. Please note that our cash generation has been negatively impacted by a buildup of inventory in advance of tariffs and to meet increasing customer demand. We expect inventory to stabilize in the coming quarters.

我們產生了9,300萬美元的營運現金流，並投資了4,600萬美元用於資本支出。請注意，由於關稅生效前庫存積壓以及為滿足不斷增長的客戶需求，我們的現金流受到了負面影響。我們預計未來幾季庫存將趨於穩定。

Cash in cash equivalents and short-term investments were $74.5 million at the end of the quarter. Our gross leverage ratio was 3.1 times at the end of the quarter, based on $737 million of total debt and $235 million of trailing 12-month adjusted even.

截至季末，現金、現金等價物和短期投資為 7,450 萬美元。本季末，我們的總槓桿率為 3.1 倍，總債務為 7.37 億美元，過去 12 個月的調整後淨資產為 2.35 億美元。

Our net leverage ratio was 2.8 times at the end of the quarter based on $662 million of net debt and $235 million of trailing 12 months adjusted evenly.

根據 6.62 億美元的淨債務和 2.35 億美元的過去 12 個月經一致調整後的數據，本季末我們的淨槓桿率為 2.8 倍。

On interest rates, there are no changes to our current swap agreements. Turning to dividends consistent with our history, we paid a quarterly dividend of $0.12 per share or $4.9 million in aggregate.

關於利率，我們目前的互換協議沒有任何變化。按照我們以往的慣例，我們派發了季度股息，每股 0.12 美元，總計 490 萬美元。

Let's turn to slide 8, which lays out our updated guidance for fiscal year 2026.

讓我們來看第 8 張投影片，其中列出了我們更新後的 2026 財年指引。

Based on our strong performance year-to-date and continuing momentum, we are raising our revenue, EBITDA, and income guidance.

基於我們今年迄今為止的強勁業績和持續成長勢頭，我們提高了營收、EBITDA 和利潤預期。

Our guidance for fiscal year 2026 is as follows.

我們對 2026 財年的業績預期如下。

Net sales increased from a range of $1,425 million to $1,475 million to a range of $1450 million to $1500 million. This represents a growth range of 12 to 16% and a midpoint of approximately 14%.

淨銷售額從 14.25 億美元至 14.75 億美元區間增加到 14.5 億美元至 15 億美元區間。這代表成長範圍為 12% 至 16%，中點約為 14%。

Adjusted net income increased from a range of $108 million to $115 million to $120million to $127 million. This represents growth of 41% to 49% with a midpoint of approximately 45%.

調整後淨收入從 1.08 億美元至 1.15 億美元增加到 1.2 億美元至 1.27 億美元。這意味著成長幅度為 41% 至 49%，中點約為 45%。

GAAP net income and EPS assume constant currency and no additional gains or losses from FX movements. Also included in our GAAP net income and EPS are one-time costs related to our Phibro forward income growth initiative.

GAAP淨利和每股盈餘假設匯率不變，不考慮匯率波動所帶來的額外損益。此外，我們的 GAAP 淨收入和每股收益中還包括與 Phibro 預期收入成長計畫相關的一次性成本。

In closing, we are excited about the continued strong performance in fiscal year 2026. We're confident in the demand for our products around the world and look forward to seeing continued strong performance in our business.

最後，我們對 2026 財年繼續保持強勁的業績感到興奮。我們對全球市場對我們產品的需求充滿信心，並期待公司業務繼續保持強勁成長動能。

With that, Regina, could you please open the lines for questions.

雷吉娜，那麼請你開放提問通道吧。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Ekaterina Knyazkova, JPMorgan.

葉卡捷琳娜·克尼亞茲科娃，摩根大通。

Thank you so much and congrats on the results. The first question is just on gross margins. Obviously a very strong number this quarter. You have touched upon this, but what are the main drivers of this and how much is mixed, or anything potentially one-time in there, and how should we think about gross margins over the next few quarters? And then second.

非常感謝，也恭喜你們取得好成績。第一個問題只涉及毛利率。顯然，這是本季非常強勁的數字。您已經提到了這一點，但其主要驅動因素是什麼？其中有多少是混合因素，或者有多少可能是一次性因素？我們該如何看待未來幾季的毛利率？然後是第二點。

Bigger picture question just on the guidance update. Can you just elaborate a bit, what's kind of, doing better than expected as you kind of think about the EPS and the EBITDA, upside? How much of this is fiber forward versus mixed versus commercial execution versus anything else? Thank you.

關於指導意見更新，還有一個更宏觀的問題。您能否詳細說明一下，在您看來，每股盈餘 (EPS) 和息稅折舊攤銷前利潤 (EBITDA) 方面，哪些方面表現超出預期，以及是否存在成長空間？其中有多少是光纖前向傳輸，有多少是混合傳輸，有多少是商業化執行，又有多少是其他方式？謝謝。

Sure, thanks for the question, Katerina. So, in terms of the gross margin, there are a number of factors that are driving it, particularly in this quarter and also on a year to day basis as well.

當然，謝謝你的提問，卡特琳娜。因此，就毛利率而言，有許多因素在驅動它，尤其是在本季度以及同比方面。

So, we've been successful in taking additional price, particularly on the Zoeta's portfolio, which you know has exceeded our expectations and helps drive improved margin. We have also seen very positive mix, we continue to see strong performance in our nutritional specialties and our vaccine products which do come in.

因此，我們成功地提高了價格，尤其是在 Zoeta 的產品組合方面，您也知道，這超出了我們的預期，並有助於提高利潤率。我們也看到了非常積極的產品組合，我們的營養特製品和疫苗產品持續保持強勁的銷售表現。

At a higher margin as well. So really strong mix, strong price, and strong overall performance and also just a focus internally on driving growth on the higher margin products as well as helped in the quarter in particular, I think I mentioned in last quarter's call that we should have some returns coming as part of our transition from what we call Tier 3 markets to Tier 1 markets. Those returns came. At full cost, so the price of sales and the price of cost is the same, so that partially elevated the gross margin as well for that quarter, but that's less than, call it 100 basis points, but overall, really strong underlying performance from a gross margin perspective.

利潤率也更高。因此，強勁的產品組合、強勁的價格和強勁的整體表現，以及公司內部對高利潤產品成長的重視，都對本季業績起到了推動作用。我認為我在上個季度的電話會議上提到過，隨著我們從所謂的三級市場轉型，我們應該會獲得一些回報。這些回報來了。以全成本計算，銷售價格和成本價格相同，因此該季度的毛利率也略有上升，但上升幅度不到 100 個基點，不過總體而言，從毛利率的角度來看，基本面表現非常強勁。

And from an EPS and guidance perspective, a number of factors that have driven, the positive view that we have for the rest of the year. A strong revenue performance, as I've mentioned, a really strong performance in our acquired portfolio, really exceeding our expectations in how we're performing there.

從每股盈餘和業績指引的角度來看，許多因素促使我們對今年剩餘時間持樂觀態度。正如我之前提到的，我們的營收表現強勁，收購的投資組合也表現得非常出色，遠遠超出了我們的預期。

And our ability to leverage our existing infrastructure without building, as quite as much additional staff or resources to support the new business as well has continued to perform positively and the improved mix that we mentioned as well that helps us for the full year guidance as well.

我們利用現有基礎設施，無需建造大量額外人員或資源來支持新業務的能力也持續表現良好，我們提到的改進組合也有助於我們實現全年業績預期。

So a lot of factors that are going in the right direction and helping out performance for the first half of the year, but also for our guidance for the full year.

因此，許多因素都在朝著正確的方向發展，有助於上半年業績的提升，也有助於我們對全年業績的預測。

Thank you.

謝謝。

Michael Riskin, Bank of America.

邁克爾·里斯金，美國銀行。

Hi, this is Alexa on for Mike. Thank you so much for taking our question. I was wondering about if you could talk about the impact of the customer timing on the MFA business. I can, if you could give any details on what happened there and if it will flip into 3Q and how should we think about the legacy MFA business and Zoeta's MFA and those normalized growth rates going forward for both businesses given some of the lumpiness in recent quarters.

你好，這裡是Alexa，為您服務Mike。非常感謝您回答我們的問題。我想請您談談客戶時間對多因素身份驗證業務的影響。如果您能詳細說明那裡發生了什麼，以及這種情況是否會延續到第三季度，考慮到最近幾個季度的波動，我們應該如何看待傳統 MFA 業務和 Zoeta 的 MFA 業務，以及這兩個業務未來正常的增長率，我就可以提供幫助。

And then I have a follow-up question. Thank you.

我還有一個後續問題。謝謝。

Okay, sure, so in terms of the customer timing that we mentioned for the legacy of MFA business. That is one customer that we do a significant amount of business for.

好的，當然，就我們之前提到的 MFA 業務的傳統客戶時間而言。這是我們業務往來非常頻繁的一位客戶。

They hold different inventory levels at different times, so sometimes within a quarter we will have pretty significant fluctuations that ends up varying throughout the year and evening out through the year. It was roughly $10 million in this quarter. We do expect it to improve as we move into the next quarter, so we don't expect that significant negative hit as we move into the, to the second half of the year.

他們在不同時期持有不同的庫存水平，因此有時在一個季度內會出現相當大的波動，最終導致全年波動，並在一年內趨於穩定。本季約1000萬美元。我們預計隨著下一季的到來，情況會有所改善，因此我們預計進入下半年後不會受到重大負面影響。

In terms of the legacy MFA and the Zoeta's MFA, as we move into the second half of the year, we'll have a full comparative, right? So, this is the last quarter where we sort of had a partial quarter, of the previous year. So as we move into the second half, we'll have a full comparative both the legacy portfolio as well as the recently acquired portfolio which will obviously slow growth.

就傳統藝術碩士課程和佐伊塔藝術學院的藝術碩士課程而言，隨著我們進入下半年，我們將進行全面的比較，對吧？所以，這是我們上一年最後一個季度，實際上只涵蓋了部分季度。因此，隨著我們進入下半年，我們將對原有投資組合和最近收購的投資組合進行全面比較，這顯然會減緩成長速度。

And I think what we've talked about for the long-term is we expect, this business to grow sort of in the low to mid single-digits, with the strength that we have from a fuel force perspective and technical expertise, we'll look to drive that greater, but overall, we expect this business to be a low to mid-single digit growth business.

我認為我們討論過的長期發展趨勢是，我們預計這項業務將以個位數低到中等的速度成長。憑藉我們在燃料供應和技術專長方面的優勢，我們將努力推動其成長，但總體而言，我們預計這項業務將保持個位數低到中等的成長。

Okay, got it. Thank you. That is super helpful.

好的，明白了。謝謝。這太有幫助了。

And then my follow-up questions on end markets, so they have been really favorable in livestock in recent quarters with very strong results. Can you just talk about how sustainable this is versus it being a cyclical upswing? Yeah, thank you.

然後，我追問了關於終端市場的問題，最近幾個季度，畜牧業的終端市場表現非常強勁，取得了非常不錯的成績。你能談談這種趨勢的可持續性，以及它是否只是周期性的上漲嗎？是啊，謝謝。

Yeah, Larry, you want to address the protein markets and the sustainability.

是的，拉里，你想解決蛋白質市場和永續性問題。

Yeah, sure, thanks for the question. So, the demand for high-quality clean proteins continues to be very strong, and we see benefits for that, particularly in our beef sector, our chicken broiler sector, pork, turkey, dairy, and also for eggs.

好的，謝謝你的提問。因此，對高品質清潔蛋白質的需求仍然非常強勁，我們看到了這帶來的好處，尤其是在我們的牛肉產業、肉雞產業、豬肉、火雞、乳製品以及雞蛋產業。

We certainly see continued favorable feed costs, which is obviously the largest input cost of producing animals, and that's helping to maintain margins.

我們確實看到飼料成本持續走低，這顯然是動物生產中最大的投入成本，這有助於維持利潤率。

We'll probably expect to see a little bit of some shift in trade between certain countries, which is sometimes driven by tariffs and also some disease outbreaks. But I want to emphasize we really feel good about our diversification amongst our livestock species as well as geographic presence in all the key global livestock production markets, including many markets which are increasing their domestic production to be more food secure and less reliant on imports.

我們可能會看到某些國家之間的貿易出現一些變化，這有時是由關稅驅動的，有時也是由一些疾病爆發所驅動的。但我想強調的是，我們對畜牧品種的多樣化以及在全球所有主要畜牧生產市場的地理佈局感到非常滿意，其中包括許多正在增加國內產量以提高糧食安全並減少對進口依賴的市場。

Our diversity has certainly been enhanced with the MFA acquisition.

收購 MFA 後，我們的多元化程度無疑地得到了提升。

Great. Thank you. And if I can just ask one quick follow-up on the MFA business again, I want to talk about share gains. Are you taking share from others given the stronger combined portfolio? And that is My final question and thank you, and congrats on the great results.

偉大的。謝謝。如果我能再快速問一個關於 MFA 業務的後續問題，我想談談市場佔有率的成長。鑑於合併後的產品組合更強大，您是否正在從其他公司手中奪取市場份額？這是我的最後一個問題，謝謝，也恭喜你們取得了優異的成績。

Thank you. So, Larry, you want to address the share gains?

謝謝。拉里，你想談談股價上漲的問題嗎？

So, I would say that in the quarter in the first half we've certainly seen strong performance in our poultry and a coccoidal range. We're able to offer a much more complete portfolio of offerings, particularly in broiler coccidiosis management.

所以，我認為上半年的這個季度，我們的家禽和球蟲病防治業務確實取得了強勁的業績。我們能夠提供更全面的產品和服務組合，尤其是在肉雞球蟲病防治方面。

Often people change and rotate every few months on these, so it's allowed us to have. More opportunities to participate in those anticoccidial programs. We have also seen good growth in our swine enteritis.

人們通常每隔幾個月就會更換和輪換這些設備，所以這讓我們能夠擁有它們。更多機會參與抗球蟲病計畫。我們的豬腸炎業務也取得了良好的成長。

Great, thanks.

太好了，謝謝。

(Operator Instructions)

（操作說明）

Nevin D, BNP Paribas.

Nevin D，法國巴黎銀行。

Good morning. Thanks for taking my question.

早安.謝謝您回答我的問題。

Just what drove the outperformance of the Zoeta's NSA portfolio specifically and a clarification on the legacy one. So should we expect a $10 million in, to come back in Q3 just to make sure, and then I will have a follow-up. Thank you.

Zoeta 的 NSA 投資組合究竟有哪些因素使其表現優異？以及對原有投資組合的說明。所以我們應該期待 1000 萬美元的資金流入嗎？為了確保萬無一失，我會在第三季再次確認，然後我會進行後續跟進。謝謝。

Yes, so just in terms of the legacy business and the negative impact to the quarter, we will expect that to come back in the second half of the year. Well, how much of it comes between Q3 and Q4, that will depend on the orders that we received, but we do expect it to come back, within the second half of the year.

是的，就傳統業務及其對本季造成的負面影響而言，我們預計下半年情況會有所改善。至於有多少訂單會在第三季到第四季之間恢復，這取決於我們收到的訂單情況，但我們預計下半年就會恢復。

I will start on the drivers of the Zoeta's MFA, but Larry, if you could add as well in terms of the outperformance, I think it's been tremendous execution from the team in terms of the integration. We built a very strong team that's been, extremely effective in their interactions with our customers.

我將從 Zoeta 的 MFA 的驅動因素開始談起，但 Larry，如果你也能補充一下在性能方面的優勢，我認為團隊在整合方面做得非常出色。我們組建了一支非常強大的團隊，他們在與客戶的互動中表現出色。

We have been able to take share in some, particular products in the marketplace as we continue to gain momentum, and we expect that, hopefully to continue as well. But Larry, I don't know if you have, additional things to add on the Zoeta's MFAL performance.

隨著我們不斷發展壯大，我們已經能夠在一些特定產品的市場中佔據份額，我們希望這種情況能持續下去。但 Larry，我不知道你是否還有其他關於 Zoeta 的 MFAL 表現要補充的內容。

I think our team has done a really good job of focusing on these.

我認為我們的團隊在這些方面做得非常出色。

We've got a lot of shifts, particularly in the segments. People are our customers are growing animals to larger, heavier harvest weights, and so that's changing some of the dynamics that they have to deal with. And our team is really doing a great job in promoting and reminding customers of the indications and claims that we have for these new products.

我們有很多變化，尤其是在各個細分市場。我們的客戶正在飼養體型更大、重量更重的牲畜，因此，他們必須應對的一些動態正在改變。我們的團隊在宣傳和提醒客戶這些新產品的適應症和功效方面做得非常出色。

And how those fit some of these trends and challenges of feeding animals longer. So you know we are really seeing good receptivity from our customers. Obviously the value of animals are at historic highs, so customers are very interested in investing to protect their animals, to keep them healthy, and healthier animals obviously are more efficient and help optimize the margin and opportunities for returns.

以及這些因素如何契合延長動物飼養時間的某些趨勢和挑戰。所以你知道，我們看到了客戶們非常好的迴響。顯然，動物的價值正處於歷史高位，因此顧客非常熱衷於投資以保護他們的動物，並保持它們的健康，而更健康的動物顯然效率更高，有助於優化利潤率和回報機會。

Jack and Donnie talked about our presence at the International Poultry and Egg conference last week in Atlanta. I'm actually at the National Beef Cattlemen's Association right now in Nashville, where we're able to have presence, in the trade show and in a lot of the activities here, and we're meeting a lot of great customers here that are in the beef production segment.

傑克和唐尼談到了我們上週在亞特蘭大舉行的國際家禽蛋品大會的情況。我現在正在納許維爾參加全國肉牛協會的展會，我們在這裡舉辦了貿易展，並參與了許多活動，我們在這裡會見了許多牛肉生產領域的優秀客戶。

And I have to say their interest in these products, how they can fit and help them solve the challenges they're facing, really are excited to see us with representing these products, owning these products, and investing in these products, and enthusiasm for this beef segment is really high right now. Obviously, consumption of beef has grown. For the first time in quite a long time and so people are feeling really good about this acquisition, as are we.

我必須說，他們對這些產品很感興趣，想知道這些產品如何能夠幫助他們解決面臨的挑戰，他們真的很高興看到我們代理、擁有和投資這些產品，而且他們對牛肉領域的熱情現在非常高漲。顯然，牛肉消費量有所增加。這是很長一段時間以來第一次，所以大家對這項收購感到非常滿意，我們也是。

Thank you for that. And then in companion animal, can you maybe expand on the commercial traction and the vet feedback of restor since the launch?

謝謝。那麼在伴侶動物領域，您能否詳細介紹自產品上市以來 Restor 的商業進展和獸醫回饋？

So, hi it's Donnie. I will take that. So, we launched it obviously late last year, into the holiday season. It's actually, it's gone more or less according to plan. I don't know if you had a chance to be in Orlando for VMX. We actually had a, our first time that we've been an exhibitor. A lot of foot traffic, a lot of interest. We have seen a boost since then. We will be continuing.

大家好，我是唐尼。我接受。所以，我們很顯然是在去年年底，也就是假期期間推出了它。實際上，事情基本上按計劃進行。我不知道你有沒有機會去奧蘭多參加VMX比賽。實際上，這是我們第一次作為參展商參展。人流大，關注度高。此後我們看到了成長。我們將繼續。

On the circuit we'll be in Vegas for the Western Vet Conference, and overall, there is a lot of excitement within the vet community for what Restors offers.

在巡迴賽期間，我們將前往拉斯維加斯參加西部獸醫大會，總的來說，獸醫界對 Restors 提供的產品和服務感到非常興奮。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Hi, good morning. This is Linda Bolduc. I am for Erin. Thanks for taking our questions. So, could you please provide an update on the 504 initiatives, specifically what's been realized to date versus what may remain ahead? and also how much of the margin expansion embedded in the latest outlook is driven by structural cost initiatives versus cyclical or mixed related benefits.

您好，早安。這是琳達·博爾杜克。我支持艾琳。謝謝您回答我們的問題。那麼，您能否介紹一下 504 計畫的最新進展，特別是迄今為止已經取得的成果以及未來可能面臨的挑戰？此外，最新展望中所體現的利潤率擴張有多少是由結構性成本控制措施所推動的，又有多少是由週期性或混合型相關收益所推動的。

Sure, so I will start on the fiber forward, as in the past, we have not given specific dollar amounts in terms of the contributions or the expectations. What we have said is it continues to be a significant driver of our growth. We are now halfway through, fiscal year '26, and we expect sort of the optimal or the max contributions coming, from a full year fiscal year '27.

當然，那我先從光纖前饋說起，因為和過去一樣，我們沒有給出具體的捐款金額或預期目標。我們說過，它仍然是我們成長的重要驅動力。現在我們已經走過了 2026 財年的一半，我們預計 2027 財年將達到最佳或最大貢獻值。

So I would say, we're sort of halfway through the process, we expect the contributions from 504 to continue to accelerate as we move through the end of fiscal year '26, and then, we will get a full annualization of benefits as we move into fiscal year '27, and that will be, a key contributor to growth in fiscal year '27. I will turn it to Donnie to see if he has anything additional to add.

所以我想說，我們已經完成了一半，我們預計隨著 2026 財年結束，504 計劃的貢獻將繼續加速增長，然後，隨著進入 2027 財年，我們將獲得全面的年度福利，這將是 2027 財年增長的關鍵因素。我會問唐尼，看看他還有沒有補充。

Thanks, Glenn. I, what I say is 504 really touches upon all parts of our company, so there is the structural changes and, we are seeing it in our higher gross margin. I think we are seeing it in some of our, revenue strategies, but it's also. So overall, on how we approach R&D, on how we approach technology, we've laid the groundwork for future growth with these initiatives, and it puts us in a really strong place both for today and as we enter kind of, the next era.

謝謝你，格倫。我所說的 504 條款實際上影響到我們公司的各個方面，包括結構性變化，而我們已經從更高的毛利率中看到了這一點。我認為我們已經在一些收入策略中看到了這一點，但除此之外，還有其他方面。總的來說，在研發方式和技術方面，我們已經透過這些措施為未來的發展奠定了基礎，這使我們無論在今天還是在進入下一個時代都處於非常有利的地位。

Thank you, that's helpful. And then also, there's been a number of innovation developments across companion animal, notably oral health. Is this a meaningful contributor to 2026 or more so going forward?

謝謝，這很有幫助。此外，伴侶動物領域也湧現許多創新發展，尤其是在口腔健康方面。這對 2026 年甚至未來發展是否有實質影響？

So that will be more so going forward. So, within this quarter it was a limited contributor. We will expect, a little more in the second half of the year, but I think we will start to see more material contributions in fiscal year '27 and then beyond.

所以未來這種情況會更加明顯。因此，在本季度中，它的貢獻有限。我們預計下半年會有更多進展，但我認為我們將在 2027 財年及以後看到更多實質的貢獻。

Great, thank you.

太好了，謝謝。

And that will conclude our question-and-answer session. I will hand the call back to Glenn David for any closing comments.

我們的問答環節到此結束。我將把電話轉回給格倫·戴維，讓他做最後的總結發言。

Thank you, Regina, and thank you everyone for listening in on today's call. We really appreciate your time, attention, interest, and support of Fiber Animal Health Corporation. Have a great day.

謝謝 Regina，也謝謝大家今天收聽電話會議。我們衷心感謝您抽出時間關注、了解並支持 Fiber Animal Health Corporation。祝你有美好的一天。

This will conclude our call today. Thank you all for joining. You may now disconnect.

今天的通話到此結束。感謝各位的參與。您現在可以斷開連線了。