Phibro Animal Health Corp (PAHC) 2026 Q3 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 third quarter 2026 earnings conference call. (Operator Instructions)

您好，感謝您耐心等候。我叫 Regina，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Phibro Animal Health Corporation 2026 會計年度第三季財報電話會議。（接線員指示）

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

接下來我想把會議交給財務長 Glenn David。請開始。

Thank you, Regina. Good day, and welcome to the Phibro Animal Health Corporation earnings call for our fiscal third quarter ended March 31, 2026. My name is Glenn David and I'm the Chief Financial Officer of Phibro Animal Health Corporation. I'm 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 as previously announced, our CEO Designate; and Larry Miller, Chief Operating Officer.

謝謝你，Regina。各位好，歡迎參加 Phibro Animal Health Corporation 截至 2026 年 3 月 31 日之會計年度第三季財報電話會議。我是 Glenn David，Phibro Animal Health Corporation 的財務長。今天與我一同出席的有：Phibro 董事長、總裁暨執行長 Jack Bendheim；董事兼企業策略執行副總裁 Daniel Bendheim，並如先前公告，亦為我們的候任執行長；以及營運長 Larry Miller。

Today, we will cover financial performance for our third 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. 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 10-Q, as well as the transcript and slides discussed and presented on this call.

今天我們將說明第三季的財務表現，並提供截至 2026 年 6 月 30 日止會計年度的最新財務指引。在我們發言結束後，將開放電話線供各位提問。提醒各位，我們在網站 pahc.com 同步提供本次電話會議的網路直播。此外，在我們網站的投資人專區，您可找到財報新聞稿與季度 Form 10-Q 的副本，以及本次電話會議所討論與呈現的逐字稿與簡報。

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 Statements section in our earnings press release. Our remarks include references to certain financial measures which were not prepared in accordance with Generally Accepted Accounting Principles or US GAAP.

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存在重大差異。關於可能導致結果不同的某些因素清單與說明，請參閱我們財報新聞稿中的「前瞻性陳述」章節。我們的發言亦會提及若干並非依據一般公認會計原則（GAAP）或美國 GAAP 編製的財務衡量指標。

I refer you to the non-GAAP financial information section in our earnings press release for a discussion of these measures. Reconciliations 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. We present our results on a GAAP basis and on an adjusted basis.

關於這些衡量指標的討論，請參閱我們財報新聞稿中的「非 GAAP 財務資訊」章節。這些非 GAAP 財務衡量指標與最直接可比的美國 GAAP 指標之調節表，已包含在隨財報新聞稿附上的財務表格中。我們同時以 GAAP 基礎與調整後基礎呈現業績。

Our adjusted results exclude acquisition-related items, unusual non-operational or non-recurring items, including stock-based compensation. Other income expense is separately reported in the consolidated statement 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.

我們的調整後結果排除與併購相關的項目、非經常性或非營運性之特殊項目（包括以股份為基礎的薪酬）。其他收益／費用在合併損益表中另行列示，包括外幣損失／收益（淨額），以及與稅前所得調整與特殊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. Jack?

現在，讓我介紹我們的董事長、總裁暨執行長 Jack Bendheim，請他分享開場致詞。Jack？

Thanks, Glenn, and good morning, everyone. We had a strong third quarter. Net sales increased 10% to $383 million, and adjusted EBITDA increased 11% to $60 million. Animal health sales increased 13%, with solid demand across MFAs, nutritional specialties, and vaccines. This performance is all the more impressive due to a complex, broader protein backdrop.

謝謝，Glenn，各位早安。我們第三季表現強勁。淨銷售額成長 10% 至 3.83 億美元，調整後 EBITDA 成長 11% 至 6,000 萬美元。動物保健銷售額成長 13%，MFA、營養特用產品與疫苗的需求皆穩健。在更廣泛且複雜的蛋白市場背景下，這樣的表現更顯得難能可貴。

In beef supply remains tight, which continues to support prices. In dairy, we're seeing early signs of stabilization, even as fats have remained under pressure. And while poultry demand is positive, we are managing through elevated geopolitical volatility in the Middle East. Importantly, our diversified portfolio and geographic reach allow us to navigate these different cycles effectively.

牛肉供給仍然吃緊，持續支撐價格。乳品方面，即使脂肪仍承受壓力，我們也看到初步的穩定跡象。家禽需求雖然正向，但我們正因應中東地緣政治波動升高所帶來的影響。重要的是，我們多元化的產品組合與全球布局，使我們能有效穿越不同景氣循環。

Since quarter end, there are three updates I want to touch on. First, Brazil and antimicrobials. Brazil has implemented a new regulatory framework that removes growth promotion and performance indications for certain antimicrobials, including virginiamycin and bacitracin, with a 180-day transition period. We are working closely with regulators and industries to support an orderly transition and maintain continuity for customers.

自季末以來，我想談三項最新進展。第一，巴西與抗微生物藥物。巴西已實施新的監管框架，取消特定抗微生物藥物（包括 virginiamycin 與 bacitracin）的促生長與提升性能適應症，並設有 180 天的過渡期。我們正與主管機關及產業密切合作，以支持有序轉換並維持客戶供應的連續性。

We also engaged with MAPA, the Brazilian Regulatory Agency, for several years on therapeutic registrations virginiamycin in cattle and broilers, and those are in the final stages of review. Glenn will provide some framing of the dollar amounts later in this call, but I want to put this in context.

我們也已與巴西主管機關 MAPA 就 virginiamycin 在牛隻與肉雞的治療性註冊議題溝通多年，目前已進入審查的最後階段。Glenn 稍後會在本次電話會議中提供相關金額的說明，但我想先把這件事放在更大的脈絡中來看。

This change has been in motion in Brazil for a long time, and what we're seeing now is a culmination of a process that's been underway for years. In many ways, Brazil is catching up to a regulatory approach that's already in place across the other major markets, which is why we view this as the last major shoot to drop in this area, not the start of a new wave of changes.

這項變更在巴西已醞釀很長一段時間，我們現在看到的是多年來持續推進流程的結果。從許多面向來看，巴西正在追上其他主要市場早已採行的監管作法，因此我們將其視為此領域最後一個重大變化的落地，而非新一波變革的開始。

Just as importantly, our history has shown that we emerge from these transitions stronger than when we enter them. Sometimes, that's by maintaining demand as products move to therapeutic use, and sometimes it's by winning share with other parts of our broad portfolio. But the content is growth. And as the market moves towards prescription-based use, our fragile vet platform is designed to make compliance easier for veterinarians and producers and to position us as the partner of choice in this new environment.

同樣重要的是，我們的歷史經驗顯示，我們在這類轉換後往往比進入轉換前更強。有時是因產品轉為治療用途而維持需求，有時則是透過我們廣泛產品組合的其他部分取得市占。但核心仍是成長。隨著市場走向以處方為基礎的使用模式，我們的 Fragile Vet 平台旨在讓獸醫與生產者更容易遵循規範，並使我們在新環境中成為首選合作夥伴。

Second, our Sustainable Solutions Platform and Verratain. We launched our new sustainable solutions platform and introduced Verratain, verified sustainably solutions through our partnership with VAXA. The customer need is clear. Many are being asked or will be asked to show progress on supply chaining missions, and feed is offering the biggest lever.

第二，我們的永續解決方案平台與 Verratain。我們推出全新的永續解決方案平台，並透過與 VAXA 的合作推出 Verratain（經驗證的永續解決方案）。客戶需求非常明確：許多客戶已被要求或將被要求展現其供應鏈減碳目標的進展，而飼料是最大的槓桿。

What managed for adoption is practically solutions, and that can scale and fit into existing systems without requiring customers to overhaul their operations. We're still in the early stages of rollout. The scalability of this platform provides a clear path for long-term growth as customers increasingly prioritize credible, high-impact sustainability solutions. And this is something I'm confident you'll be hearing a lot more from Donny in the years to come.

推動採用的關鍵在於可落地的解決方案：能夠規模化，並可在不要求客戶全面改造營運的情況下，融入既有系統。我們仍處於推廣初期。此平台的可擴展性為長期成長提供清晰路徑，因為客戶將愈來愈重視可信且高影響力的永續方案。而我相信，未來幾年各位將會從 Donny 那裡聽到更多相關內容。

Third, we strengthened liquidity. We upsized our revolving credit facility by $125 million through an oversubscribed process, further enhancing our financial flexibility. Before I turn it back to Glenn, I want to close on a personal note.

第三，我們強化了流動性。我們透過超額認購的流程，將循環信用額度提高 1.25 億美元，進一步提升財務彈性。在把話交回給 Glenn 之前，我想以個人感想作結。

As previously announced, Dani will assume the CEO role in July. Having worked closely with him and our long-term strategy for many years, I have full confidence in his leadership and the depth of our management team. While I'm transitioning to Executive Chairman, I'm excited about this next chapter and look forward to supporting Dani and the Board as we continue building on the momentum of the business.

如先前公告，Dani 將於 7 月接任執行長職務。多年來我與他以及我們的長期策略密切合作，我對他的領導能力與管理團隊的深度充滿信心。當我轉任執行董事長之際，我對這個新篇章感到振奮，並期待在我們持續延續業務動能的同時，支持 Dani 與董事會。

I also want to thank the analysts and investor community for the engagement and support over the years, the thoughtful questions, and the long-term perspective. And I want to thank our employees around the world because the performance you see in our results is a product of their work every day.

我也要感謝分析師與投資人社群多年來的參與與支持、深思熟慮的提問，以及長期的觀點。同時，我要感謝我們遍布全球的員工，因為各位在我們業績中看到的表現，都是他們每天努力工作的成果。

With that, I'll turn it back to Glenn.

接下來我把時間交回給 Glenn。

Thanks, Jack. We're starting with a two brief performance on slide 4. Consolidated net sales for this quarter ended March 31, 2026, were $383.5 million, reflecting an increase of $35.7 million, or a 10% increase over the same quarter one year ago.

謝謝，Jack。我們先從投影片第 4 頁的兩項簡要表現開始。本季（截至 2026 年 3 月 31 日）合併淨銷售額為 3.835 億美元，較一年前同季增加 3,570 萬美元，年增 10%。

The Animal Health segment grew 13%, while middle nutrition grew at 10%, and the performance products declined by 17%. GAAP net income and diluted EPS increased, driven by favorable gross profit, partially offset by increased SG&A due to higher employee-related costs.

動物保健事業部成長 13%，中間營養成長 10%，而性能產品下滑 17%。GAAP 淨利與稀釋後每股盈餘（EPS）增加，主要受惠於毛利改善，但部分被銷售、一般及管理費用（SG&A）上升所抵銷，SG&A 上升係因員工相關成本增加。

Interest expense net increased $1.1 million due to the expiration of an interest rate swap agreement. Foreign currency losses were $1.9 million for the three months ended March 31, 2026, as compared to gains of $5.5 million for the three months ended March 31, 2025.

淨利息費用增加 110 萬美元，原因是利率交換合約到期。2026 年 3 月 31 日止三個月的外幣損失為 190 萬美元，相較之下，2025 年 3 月 31 日止三個月為外幣收益 550 萬美元。

Income tax expense decreased by $0.5 million. After making our standard adjustments to GAAP results, including acquisition-related items, foreign currency losses, and certain one-off items, the third quarter adjusted EBITDA increased $5.9 million or 11% versus prior year.

所得稅費用減少 50 萬美元。在對 GAAP 結果進行我們的標準調整後（包括併購相關項目、外幣損失及若干一次性項目），第三季調整後 EBITDA 較去年增加 590 萬美元，年增 11%。

Adjusted net income increased 19% and adjusted diluted EPS increased 19%. The increase was driven by higher gross profit, partially offset by higher SG&A expenses and higher interest expense. The higher gross profit resulted from higher sales. SG&A expenses increased due to higher employee-related costs. Interest expense increased due to the expiration of an interest rates swap agreement.

調整後淨利增加 19%，調整後稀釋 EPS 亦增加 19%。成長主要由較高的毛利所帶動，但部分被較高的 SG&A 費用與較高的利息費用所抵銷。毛利上升源自銷售增加。SG&A 費用增加係因員工相關成本上升。利息費用增加係因利率交換合約到期。

Now moving to segment level financial performance. The Animal Health segment posted $291.2 million of net sales for the quarter, an increase of $32.8 million or 13% versus the same quarter prior year. Within the Animal Health segment, we reported legacy MFA net sales increase of 5% driven by demand in North America and certain antimicrobials sold by our ethanol performance business. The new MFA business contributed a full quarter of sales of $95.9 million or 25% growth versus last year.

接著看各事業部層級的財務表現。動物保健事業部本季淨銷售額為 2.912 億美元，較去年同季增加 3,280 萬美元，年增 13%。在動物保健事業部內，我們的傳統 MFA 淨銷售額成長 5%，主要由北美需求以及由我們乙醇性能業務所銷售的部分抗微生物藥物所帶動。新的 MFA 業務貢獻了完整一季的銷售額 9,590 萬美元，較去年成長 25%。

Nutritional specialties net sales increased $3.5 million or 8% due to increased demand in North America and higher companion animal sales. Vaccine net sales growth of $5.2 million, or a 16% increase, driven by higher sales demand in Israel and higher sales of autogenous vaccines. Animal Health adjusted EBITDA increased $8 million, or 13%, due to higher sales and gross profit, partially offset by increased SG&A.

營養專業產品淨銷售額增加350萬美元（8%），主要由於北美需求增加以及伴侶動物銷售提升。疫苗淨銷售額增加520萬美元（16%），主要受以色列銷售需求增加及自體疫苗（autogenous vaccines）銷售提升所帶動。動物保健調整後EBITDA增加800萬美元（13%），主要因銷售與毛利提高，惟部分被SG&A增加所抵銷。

Moving on to third quarter financial performance for other business segments on slide 6. Starting with Mineral Nutrition, net sales for the quarter were $73.4 million, an increase of $6.6 million, or 10%, due to an increase in demand for zinc and trace minerals.

接著看投影片6中其他業務部門的第三季財務表現。先從礦物營養（Mineral Nutrition）開始，本季淨銷售額為7,340萬美元，增加660萬美元（10%），主要因鋅與微量礦物質需求上升。

Looking at our Performance Product segment, net sales of $18.9 million reflected a decrease of $3.8 million or a decrease of 17% as a result of lower demand for the ingredients used in personal care products. Mineral Nutrition and Performance Products adjusted EBITDA were $5.1 million and $2.2 million respectively.

再看我們的績效產品（Performance Products）部門，淨銷售額1,890萬美元，減少380萬美元（17%），係因個人護理產品所用原料需求下降所致。礦物營養與績效產品的調整後EBITDA分別為510萬美元與220萬美元。

Mineral Nutrition adjusted EBITDA decreased $0.6 million due to lower gross profit. Performance Products adjusted EBITDA decreased $1.1 million due to lower sales. Corporate expenses increased $0.3 million due to higher employee-related costs.

礦物營養調整後EBITDA減少60萬美元，原因為毛利較低。績效產品調整後EBITDA減少110萬美元，原因為銷售較低。公司費用增加30萬美元，原因為員工相關成本較高。

Now turning to key capitalization-related metrics on slide 7. We generated $13 million of positive free cash flow for the 12 months ended March 31, 2026. We generated $66 million of operating cash flow and invested $53 million in capital expenditures. Please note that our cash generation has been negatively impacted by a build-up of inventory and advancement tariffs and to meet increasing customer demand.

接著看投影片7的關鍵資本結構相關指標。截至2026年3月31日止的12個月，我們產生1,300萬美元的正自由現金流。我們產生6,600萬美元的營運現金流，並投資5,300萬美元於資本支出。請注意，我們的現金創造能力受到庫存累積與預先支付關稅，以及為滿足日益增加的客戶需求所帶來的負面影響。

We expect inventory to stabilize in the coming quarters. Cash and cash equivalents and short-term investments were $77.5 million at the end of the quarter. Our gross leverage ratio is 3.1 times at the end of the quarter based on $741 million of total debt and $241 million of trailing 12-month adjusted EBITDA. Our net leverage ratio is 2.8 times at the end of the quarter based on $663 million of net debt and $241 million of trailing 12-month adjusted EBITDA. On interest rates, there are no changes to our current swap agreements.

我們預期庫存將在未來幾季趨於穩定。本季末現金及約當現金與短期投資為7,750萬美元。本季末毛槓桿比率為3.1倍，係以總負債7.41億美元及過去12個月調整後EBITDA 2.41億美元計算。本季末淨槓桿比率為2.8倍，係以淨負債6.63億美元及過去12個月調整後EBITDA 2.41億美元計算。就利率而言，我們現行的利率交換（swap）合約沒有變動。

Turning to dividends, consistent with our history, we paid a quarterly dividend of $0.12 per share or $4.9 million in aggregate. As Jack mentioned, we also upsized on revolver by $125 million. This process was significantly oversubscribed, reflecting our strong financial position.

談到股利，延續我們一貫作法，我們支付每股0.12美元的季度股利，合計490萬美元。如Jack所提，我們也將循環信貸額度（revolver）增加1.25億美元。此流程獲得大幅超額認購，反映我們強勁的財務狀況。

Now, let's turn to slide 8, which lays out our guidance for fiscal year 2026. Based on our performance to date and improved visibility into the remainder of the year, we updated our full-year guidance by increasing the lower end of several of our guidance ranges, resulting in higher midpoints across key financial measures.

現在請看投影片8，說明我們對2026會計年度的財測指引。基於目前為止的表現，以及對今年剩餘期間能見度提升，我們更新全年指引，提高多項指引區間的下限，使關鍵財務衡量指標的中位數上調。

Our guidance for fiscal year 2026 is as follows. Net sales updated from a range of $1,450 million to $1,500 million to $1,460 million to $1,500 million. This represents a growth range of 13% to 16% and a midpoint of approximately 14%.

我們對2026會計年度的指引如下：淨銷售額由原先14.50億至15.00億美元，更新為14.60億至15.00億美元。這代表成長區間為13%至16%，中位數約為14%。

Total adjusted EBITDA updated from a range of $245 million to $255 million to $247 million to $255 million. This represents a growth range of 34% to 39% and a midpoint of approximately 37%. Adjusted net income updated from a range of $120 million to $127 million to $122 million to $127 million. This represents growth of 44% to 49% with a midpoint of approximately 47%.

總調整後EBITDA由原先2.45億至2.55億美元，更新為2.47億至2.55億美元。這代表成長區間為34%至39%，中位數約為37%。調整後淨利由原先1.20億至1.27億美元，更新為1.22億至1.27億美元。這代表成長為44%至49%，中位數約為47%。

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

GAAP口徑的淨利與每股盈餘（EPS）假設匯率維持不變，且不包含外匯（FX）波動帶來的額外收益或損失。我們的GAAP與所提供的EPS亦包含與Phibro Forward獲利成長計畫相關的一次性成本。

Regarding virginiamycin in Brazil, sales of virginiamycin in Brazil were $26 million in fiscal year 2025. The margin profile of the product in Brazil is above our average for the company. As mentioned in the press release, we do anticipate receiving approval for therapeutic claims during the six-month transition period.

關於巴西的維吉尼亞黴素（virginiamycin），我們在2025會計年度於巴西的維吉尼亞黴素銷售額為2,600萬美元。該產品在巴西的毛利結構高於公司平均。如新聞稿所述，我們預期在為期六個月的過渡期內取得治療性宣稱（therapeutic claims）的核准。

We will be able to better quantify the impact for fiscal year 2027 once the final approval is received. While this will be a headwind for fiscal year 2027, we are confident that growth in our business in other areas will more than offset this impact. In closing, we're excited about the continued strong performance in fiscal year 2026. We are confident in the demand for our products around the world and look forward to seeing continued growth in our business.

待最終核准取得後，我們將能更精確量化其對2027會計年度的影響。雖然這將對2027會計年度形成逆風，但我們有信心其他領域的業務成長將足以抵銷此影響。最後，我們對2026會計年度持續強勁的表現感到振奮。我們對全球對我們產品的需求充滿信心，並期待業務持續成長。

With that, Regina, can you please open the line for any questions?

那麼，Regina，請你開放電話線讓大家提問，好嗎？

(Operator Instructions) Ekaterina Knyazkova, JP Morgan.

（接線員指示）JP Morgan 的 Ekaterina Knyazkova。

Thank you guys so much. So first, just on the sustainability offering you've recently announced, just how are you thinking about the size of that opportunity, and how does the offering fit into relative to some of the other products out there like [Experior and Bovaer]? And the second question is just on the conflict in the Middle East. Just any exposure there as you think about shipping costs and higher oil prices?

非常感謝各位。第一個問題，關於你們近期宣布的永續產品方案，你們如何看待這個機會的規模？以及相較於市面上其他產品，例如[Experior 和 Bovaer]，你們的方案定位如何？第二個問題是關於中東衝突：就運輸成本與油價上升而言，你們是否有任何曝險？

Thank you.

謝謝。

Hey, it's Dani. I'll take the first question on the sustainability. So on Verratain, the market potentially is huge. I think we talked about in our press release, the sustainability market based on scope-free pledges within the Fortune 500 measures in the tens of billions to hundreds of billions of dollars. Obviously, that's not the market for this product, but it really depends on the ability of these companies that made these pledges to act on their pledges.

嗨，我是Dani。我先回答永續的第一題。就Verratain而言，潛在市場非常龐大。我想我們在新聞稿中提到，永續市場若以《財富》500大企業在範疇（scope）相關承諾（pledges）所衡量，規模可達數百億到數千億美元。當然，那不代表就是這個產品的市場，但實際上取決於這些做出承諾的公司能否落實其承諾。

And what's special about Verratain is we believe it allows these companies to actually achieve what they set out to do and allows them to hit their pledges with a product that until now, it was just not economically feasible for them to actually act on their pledges. As far as the competitive products out there, you mentioned two, one of them is fueled with ammonia, it's not really a greenhouse gas.

而Verratain的特別之處在於，我們相信它能讓這些公司真正達成其目標，並以一項產品協助其履行承諾；在此之前，從經濟性角度來看，他們其實難以真正採取行動。至於你提到的競品，有兩項：其中一項是以氨（ammonia）為基礎，它本身並非溫室氣體。

It's not a carbon intensity product. It actually has ammonia as well as production claims, so that's not really the competition. The other product is a methane reduction that is greenhouse gas. Obviously, it's a different form. There's plenty of room for both products. Our product works across species. The methane product would be primarily for the dairy industry. So that would be the competitive profile there.

它不是碳強度（carbon intensity）產品；它同時包含氨以及生產相關宣稱，因此不太算是競爭對手。另一項產品是甲烷減排，屬於溫室氣體議題；當然，形式不同。兩種產品都有很大發展空間。我們的產品可跨物種使用；而甲烷產品主要會聚焦乳品產業。因此競爭態勢大致如此。

Yeah, in terms of the Middle East, Ekaterina, so our guidance that we have for fiscal year '27 includes any additional shipping costs or additional freight costs related to that. It also includes any potential downsides to our business in the Middle East as we do sell a number of vaccines there. We currently haven't seen much of an impact, so we think on the downside that's a small risk, but our guidance range does incorporate that.

至於中東方面，Ekaterina，我們對2027會計年度的指引已納入任何與此相關的額外運輸成本或額外貨運成本。也包含我們在中東業務可能面臨的任何潛在下行風險，因為我們確實在當地銷售多種疫苗。目前我們尚未看到太大影響，因此我們認為下行風險不大，但我們的指引區間已將其納入考量。

Luismario Higuera, Citi.

Citi 的 Luismario Higuera。

This is Luismario on for Daniel. The fourth you implied guidance does imply that it will slow down. Was there any full four dynamics that may have occurred in this quarter or anything else you would call up that may be causing this cadence? Thanks.

我是Luismario，代Daniel提問。你們隱含的第四季指引似乎意味著成長會放緩。本季是否出現任何提前拉貨（pull forward）的動態，或還有其他你們會點出的因素，導致這樣的節奏？謝謝。

Yes, so we didn't have any pull forward in Q3. I think one of the things to note when you look at the growth ranges is particularly when you look at the comparators for 2025, so just for context, in Q3 of '25, we did $348 million of sales. The step up to Q4 of '25 was another $31 million to $379 million. So the comparator becomes a lot stronger between Q3 and Q4, which does impact the growth that we would expect in Q4.

是的，我們在第三季沒有任何提前拉貨。我認為當你看成長區間時，有一點需要注意，特別是看2025年的比較基期。提供一些背景：在2025年的第三季，我們銷售額為3.48億美元；到2025年第四季又增加3,100萬美元至3.79億美元。因此在第三季到第四季之間，比較基期變得更強，這確實會影響我們對第四季成長的預期。

The other thing that I would mention related to the revenue guide and the implied Q4, we probably did take a somewhat conservative approach for the revenue guide for the year based on some of the unknowns with the conflict in the Middle East, we would anticipate to be towards the higher end.

另外一點，關於營收指引與隱含的第四季表現，我們在年度營收指引上可能採取了較為保守的作法，原因是中東衝突仍有一些未知數；我們預期實際結果會更接近區間的高端。

Understood. Thank you.

了解，謝謝。

(Operator Instructions) And we have no further questions at this time. I'll now hand the call back to Glenn for any closing comments.

（接線員指示）目前沒有其他問題。我現在把電話交回Glenn，請他做結語。

Thank you, Regina, and thank you for everyone for listening in on today's call. Really appreciate your time, interest, and support of Phibro Animal Health Corporation. Hope you all have a great day.

謝謝你，Regina，也謝謝各位收聽今天的電話會議。非常感謝各位對Phibro Animal Health Corporation的時間、關注與支持。祝大家今天愉快。

Thank you.

謝謝。

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

感謝各位今天參與我們的電話會議。現在您可以掛線。