Pilgrims Pride Corp (PPC) 2025 Q2 法說會逐字稿

Good morning and welcome to the second-quarter of 2025 Pilgrims Pride earnings conference call and webcast.

早安，歡迎參加 2025 年第二季 Pilgrims Pride 收益電話會議和網路廣播。

(Operator Instructions)

（操作員指示）

At the company's request, this call is being recorded. Please note that the slides referenced during today's call are available for download from Investor section of the company's website at www.pilgrims.com.

應本公司要求，本次通話正在錄音。請注意，今天電話會議上引用的幻燈片可以從公司網站 www.pilgrims.com 的投資者部分下載。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference call over to Andrew Rojeski, Head of Strategy, Investor Relations, & Sustainability for Pilgrims Pride. Please go ahead.

現在，我想將電話會議交給 Pilgrims Pride 策略、投資者關係和永續發展主管 Andrew Rojeski。請繼續。

Good morning and thank you for joining us today as we review our operating and financial results for the second quarter ended on June 29, 2025. Yesterday afternoon, we issued a press release providing an overview of our financial performance for the quarter, including a reconciliation of any non-GAAP measures we may discuss. A copy of the release is available on our website at ir.pilgrims.com, along with slides for reference. These items also have been filed as Form 8-Ks and are available online at sec.gov.

早安，感謝您今天加入我們，我們將回顧截至 2025 年 6 月 29 日的第二季的營運和財務表現。昨天下午，我們發布了一份新聞稿，概述了本季度的財務業績，包括我們可能討論的任何非 GAAP 指標的對帳。我們的網站 ir.pilgrims.com 上提供了該新聞稿的副本，並附有可供參考的幻燈片。這些項目也已作為 8-K 表格提交，可在 sec.gov 網站上查閱。

Fabio Sandri, President and Chief Executive Officer; and Matt Galvanoni, Chief Financial Officer, will present on today's call.

總裁兼執行長 Fabio Sandri 和財務長 Matt Galvanoni 將出席今天的電話會議。

Before we begin our prepared remarks, I would like to remind everyone of our Safe Harbor disclaimer. Today's call may contain certain forward-looking statements that represent our outlook and current expectations as of the day of this release. Other additional factors not anticipated by management may cause actual results to differ materially from those projected in these forward-looking statements. Further information concerning these factors have been provided in yesterday's press release, our Form 10-K and our regular filings with the SEC.

在我們開始準備好的發言之前，我想提醒大家注意我們的安全港免責聲明。今天的電話會議可能包含某些前瞻性陳述，這些陳述代表了我們截至本新聞稿發布之日的展望和當前預期。管理階層未預料到的其他額外因素可能會導致實際結果與這些前瞻性陳述中預測的結果有重大差異。有關這些因素的更多資訊已在昨天的新聞稿、我們的 10-K 表格和向美國證券交易委員會提交的定期文件中提供。

I would now like to turn the call over to Fabio Sandri.

現在我想把電話轉給 Fabio Sandri。

Thank you, Andy. Good morning, everyone, and thank you for joining us today.

謝謝你，安迪。大家早安，感謝大家今天加入我們。

For the second quarter of 2025, we reported net revenues of $4.8 billion, a 4.3% increase over the same quarter last year. Our adjusted EBITDA was $687 million, up 4.7% versus Q2 of 2024. Our adjusted EBITDA margin was 14.4%, in line with last year.

2025 年第二季度，我們報告淨收入為 48 億美元，比去年同期成長 4.3%。我們的調整後 EBITDA 為 6.87 億美元，較 2024 年第二季成長 4.7%。我們的調整後 EBITDA 利潤率為 14.4%，與去年持平。

Our performance reflects our commitment to our values, disciplined execution of our strategies, and extensive application of our management methods. In the US, our diversified fresh portfolio across segments benefited from favorable commodity cutout values, continued affordability of chicken compared to other proteins, strong key customer demand, and sustained progress in operational excellence.

我們的業績體現了我們對價值觀的承諾、對策略的嚴格執行以及對管理方法的廣泛應用。在美國，我們各個細分市場的多元化新鮮產品組合受益於有利的商品切割價值、雞肉相對於其他蛋白質的持續廉價性、強勁的關鍵客戶需求以及卓越運營的持續進步。

Diversification efforts through prepared accelerated as our branded offers continue to drive growth across retail and food service. Our Europe business drove margin expansion through realization of cost efficiencies in manufacturing and optimization of product mix.

隨著我們的品牌產品繼續推動零售和食品服務的成長，我們透過準備工作加速實現多元化努力。我們的歐洲業務透過實現製造成本效率和優化產品結構來推動利潤率的擴大。

Sales to key customers rose faster than channel averages, and our branded offerings in refrigerators and rollover continued to grow, further diversifying our portfolio. Mexico drove strong results giving attractive fundamentals in the commodity market, extensive growth with key customers, and continued momentum of branded offerings in fresh and prepared.

對主要客戶的銷售額成長速度快於通路平均水平，並且我們的冰箱和翻滾式冰箱品牌產品持續成長，進一步豐富了我們的產品組合。墨西哥取得了強勁的業績，得益於大宗商品市場的基本面吸引力、主要客戶的廣泛增長以及新鮮和熟食品牌產品的持續增長勢頭。

Given the strong demand, along with our vision of becoming the best and most respected, we are pleased to announce the initial wave of investments to further unlock our growth potential. We have also announced a special dividend of approximately $500 million.

鑑於強勁的需求，以及我們成為最好和最受尊敬的願景，我們很高興宣布首輪投資，以進一步釋放我們的成長潛力。我們也宣布派發約 5 億美元的特別股息。

As a result, we can continue to create a better future for our team members, bolster our competitive advantages, and further unlock value for shareholders.

因此，我們可以繼續為團隊成員創造更美好的未來，增強我們的競爭優勢，並進一步為股東釋放價值。

Turning to supply in the US. The USDA indicated ready to cook production for the US chicken that grew 1.9% compared to the second quarter of 2024 from increased headcount and higher than average live weights. Despite an increase in exits with a more productive layer flock, chick placements continued to be challenged as hatch ability remained at the historically low levels and hatch utilization continued at record rates.

轉向美國的供應。美國農業部表示，由於生雞數量增加且活雞重量高於平均水平，美國即食雞肉產量與 2024 年第二季相比增加了 1.9%。儘管產蛋雞群產量有所提高，出雛數量也有所增加，但由於孵化能力仍處於歷史最低水平，而孵化利用率仍處於創紀錄水平，因此雛雞安置仍面臨挑戰。

As such, production growth was driven by increased live weights and improved livability during the later half of the quarter, expanding production by the 1.9%. Considering the most recent sets and placements data, the USDA estimates growth of 1.5% in 2025, suggesting sufficient supply to meet strong chicken demand experienced in recent quarters.

因此，產量成長是由本季後半段活重增加和存活率提高所推動的，產量增加了 1.9%。根據最新的養殖密度和安置數據，美國農業部估計 2025 年雞肉產量將增加 1.5%，這意味著有足夠的供應來滿足最近幾季強勁的雞肉需求。

As for overall protein availability, the USDA anticipates 1.3% for 2025 growth as increased chicken and pork production offset significant declines in beef production. As for the demand, the cost of eating out continues to increase more rapidly than eating at home.

至於整體蛋白質供應量，美國農業部預計 2025 年將成長 1.3%，因為雞肉和豬肉產量的增加抵消了牛肉產量的大幅下降。從需求來看，外食的成本持續以比在家用餐更快的速度成長。

As such, retail propels further growth for chicken. In fresh, both tenders and wings gain traction, whereas boneless, skinless breasts continue to grow, given continued record spreads against ground beef. Momentum for boneless pies continued as it grew faster than all cuts compared to prior year.

因此，零售業推動了雞肉的進一步成長。新鮮牛肉中，雞柳和雞翅的銷量均有所增長，而去骨去皮的雞胸肉銷量繼續增長，因為其與碎牛肉的價差持續創下紀錄。無骨餡餅的勢頭持續，與去年相比，其增長速度比所有餡餅都要快。

Similar to fresh, both the deli and frozen departments also added demand at a sustainable rate. Frozen fully cooked led chicken growth across all of retail primarily through increased velocity, whereas deli benefited from increased distribution and demand for wings.

與生鮮食品類似，熟食和冷凍食品部門的需求也以可持續的速度增加。冷凍全熟雞肉主要透過提高速度帶動整個零售業的成長，而熟食則受益於分銷的成長和對雞翅的需求。

In food service, the increase in the cost of eating out impacted restaurant traffic, especially for full service restaurants. However, chicken demand grew as operators strategically leaned into value offerings, limited type production, promotions, and many revisions to either trigger or maintain momentum.

在餐飲服務方面，外食成本的增加影響了餐廳客流量，尤其是全方位服務餐廳。然而，隨著經營者策略性地傾向於提供價值產品、限量生產、促銷和多次修改以觸發或保持發展勢頭，雞肉需求隨之增長。

Value added chicken focused QSRs continued to leverage the affordability of chicken, outperforming the broader dining sector and capturing traffic and share. In exports, broiler volume continues to lag previous years.

專注於增值雞肉的快餐店繼續利用雞肉價格低廉的優勢，表現優於更廣泛的餐飲業，並吸引了客流量和市場份額。在出口方面，肉雞出口量持續落後前幾年。

Nonetheless, pricing remained resilient as domestic demand for dark meat continues to be healthy. Given the relatively minimal outbreaks of high fat avian influenza, many of our trading partners continue to ease or remove trading restrictions on several major poultry producing states, increasing the access.

儘管如此，由於國內對深色肉的需求持續旺盛，價格仍保持彈性。鑑於高脂禽流感疫情相對較少，我們的許多貿易夥伴繼續放寬或取消對幾個主要家禽生產國的貿易限制，從而增加了市場准入。

While opportunities arise from trade restrictions from the outbreak of HPAI in Brazil, the overall impact was muted as export markets quickly adjusted to different policies and restrictions across countries. Our trading partners continue to navigate tariffs.

雖然巴西爆發高病原性禽流感疫情導致的貿易限制帶來了機遇，但由於出口市場迅速適應了各國不同的政策和限制，其整體影響並不大。我們的貿易夥伴持續應對關稅。

To date, there have been no significant disruptions other than China. We anticipate potential benefits to the US chicken when a trade agreement is reached between these countries.

到目前為止，除中國以外，尚未發生重大中斷。我們預計，當這些國家達成貿易協定時，美國雞肉將獲得潛在的利益。

Turning to feed. Corn pricing moved lower throughout the quarter as US saw a large rebound in planted acreage. As a result, the USDA forecasted a record high in US corn production along with the rebuild in domestic stocks.

轉而進食。由於美國種植面積大幅反彈，玉米價格整個季度走低。因此，美國農業部預測美國玉米產量將創歷史新高，同時國內庫存也將恢復。

When combined with increased production from Brazil, USDA expected global corn stocks to be relatively flat year over year. Soybean meal pricing also moved lower as record South American production drove a sharp rise in global soybean stocks.

加上巴西產量增加，美國農業部預計全球玉米庫存將比去年同期相對持平。由於南美大豆產量創紀錄，帶動全球大豆庫存大幅增加，豆粕價格也隨之走低。

When combined with increased soybean processing capacity for biofuels worldwide, meal prices have become further depressed. In wheat, global stocks, including China, are expecting a slight rebuild this crop year as production was close to or above initial expectations in all major northern hemispheres.

再加上全球用於生物燃料的大豆加工能力不斷增強，豆粕價格進一步受到抑制。就小麥而言，包括中國在內的全球庫存預計今年將略有恢復，因為北半球所有主要地區的產量都接近或高於最初的預期。

In the UK alone, output increased by 12% compared to prior year. As a result, increased production is expected to offset slightly lower beginning stocks. Since ample supply exists and is more readily available at the points of origin, risks related to physical supply of wheat have been reduced.

光是在英國，產量就比前一年增加了 12%。因此，預計產量增加將抵消期初庫存略低的影響。由於供應充足且在原產地更容易取得，與小麥實物供應相關的風險已降低。

Throughout the remainder of the year, grain and oil seed markets will take direction based on US weather and its impact on corn and soy crop yields, along with any possible disruptions related to ongoing trade negotiations.

在今年剩餘時間內，穀物和油籽市場將根據美國天氣及其對玉米和大豆作物產量的影響，以及正在進行的貿易談判可能造成的干擾來決定走勢。

In the US, consumers continue to seek value in their eating occasions. As such, the relative affordability, availability, and flexibility of chicken compared to the other proteins continue to resonate across both retail and food service channels.

在美國，消費者在飲食方面持續追求價值。因此，與其他蛋白質相比，雞肉的相對價格實惠、供應充足且靈活性繼續在零售和食品服務管道中引起共鳴。

Given the environment, kids already experienced strong demand as consumers increasingly migrated towards retail to stretch their budgets. This trend was amplified by record spreads between boneless, skinless breast and ground beef pricing.

在這種環境下，隨著消費者越來越多地轉向零售業以擴大預算，兒童產品的需求已經強勁。無骨、無皮的胸肉和碎牛肉之間的價差創歷史新高，進一步放大了這個趨勢。

Nonetheless, our differentiated portfolio continued to gain traction as our sales to key customers grew significantly higher than industry averages. The performance of our branded Just Bare of fresh offering was particularly strong as net sales rose nearly 20% compared to prior year.

儘管如此，由於我們對主要客戶的銷售額成長遠高於行業平均水平，我們的差異化產品組合繼續獲得關注。我們的品牌 Just Bare 新鮮產品表現尤為強勁，淨銷售額與前一年相比成長了近 20%。

In small birds, overall margins remained strong as our business benefited from extensive demand from key customers in QSR. In deli, wing velocity improved, but we experienced some reduction in the growth of rotisserie birds, impacting prices to a lower level than 2024 but still close to the historical five year average.

對於小型禽類而言，由於我們的業務受益於 QSR 關鍵客戶的大量需求，整體利潤率仍然保持強勁。在熟食店，雞翅速度有所提高，但烤雞的增長有所減少，導致價格低於 2024 年的水平，但仍接近歷史五年平均水平。

We are working in new innovation to help growth with our key customers on this category. In Big Bird, jumbo cutout values remained favorable despite volatility in the quarter. During the first few months, value were second highest on record.

我們正在努力創新，以幫助這一類別的關鍵客戶實現成長。在 Big Bird 中，儘管本季出現波動，但巨型切塊價值仍然保持良好。在最初的幾個月裡，價值達到了歷史第二高。

After a rapid decline in June, values returned to normalized levels consistent with the five year averages. Nevertheless, our team remained focused on operational excellence as youths and labor efficiency both improved.

在經歷了 6 月的快速下跌之後，價格已經恢復到了與五年平均值一致的正常水平。儘管如此，隨著年輕人和勞動效率的提高，我們的團隊仍然專注於卓越營運。

Given our progress and constructive market conditions, profitability increased significantly compared to prior year. Prepared continue to realize significant growth as net sales increased by 20% compared to last year.

鑑於我們的進步和積極的市場條件，盈利能力與上一年相比大幅提高。與去年相比，淨銷售額成長了 20%，Prepared 繼續實現顯著成長。

In retail, Just Bare recently achieved over 10% market share, given incremental distribution and category leading velocity. Pilgrims' momentum also continues to build as trial and velocity increased throughout the quarter.

在零售業，由於分銷通路的不斷增加和品類領先的速度，Just Bare 最近取得了超過 10% 的市場份額。隨著整個季度試驗和速度的增加，朝聖者的勢頭也繼續增強。

Both brands continue to receive industry recognition for innovation and consumer preference. Just Bare achieved the number one ranking in Circana's 2024 Product Pacesetter’s List, whereas Pilgrims received the People Magazine's 2025 food award for Best Chicken Nugget for our cheesy jalapeno offering.

這兩個品牌因其創新和消費者的青睞而繼續獲得業界的認可。Just Bare 在 Circana 的 2024 年產品 Pacesetter 榜單中名列第一，而 Pilgrims 則憑藉其奶酪墨西哥胡椒產品獲得了《人物》雜誌的 2025 年最佳雞塊食品獎。

Prepared foods also continues to drive profitable growth through incremental distribution, portfolio expansion, and branded offerings in Pilgrims and case ready brands. As such, sales grew over 25% compared to last year.

預製食品還透過增量分銷、產品組合擴展以及朝聖者和即食品牌的品牌產品繼續推動獲利成長。因此，銷售額與去年相比增長了 25% 以上。

More importantly, substantial opportunities remain with leading distributors, selected QSRs, and schools. Commerce also continues to be a growth driver as digitally enabled sales rose over 26% compared to last year through continued expansion and efficiency of media investments with leading retailers, food service providers, and various online platforms.

更重要的是，領先的分銷商、精選的快餐店和學校仍有大量機會。商業也繼續成為成長動力，透過與領先零售商、食品服務提供商和各種線上平台的持續擴張和高效的媒體投資，數位化銷售額與去年相比增長了 26% 以上。

Turning to Europe. The environment improved as consumer sentiment grew as wage outpaced inflation. Within retail, overall, demand remained steady across the proteins, with poultry and chilled meals experiencing the highest growth, while lamb and pork were the most challenged.

轉向歐洲。隨著薪資成長超過通貨膨脹，消費者信心增強，環境得到改善。在零售業中，整體而言，對蛋白質的需求保持穩定，其中家禽和冷藏食品的成長最快，而羊肉和豬肉的需求則最為困難。

Given this environment, our team continued to drive profitable growth through our strategies. As such, with strengthening key customer relationships through incremental distribution and new product development, generating sales growth that outpace the overall groceries channel.

在這種環境下，我們的團隊繼續透過我們的策略推動獲利成長。因此，透過增量分銷和新產品開發來加強關鍵客戶關係，可以實現超過整體雜貨管道的銷售成長。

Our diversification through key brands in retail also continues to progress. Rollover grew over 10% compared to last year from additional distribution and new offerings. Refrigerators also continue its marketplace momentum as net sales growth surpassed the category averages.

我們透過零售領域的主要品牌實現多元化經營的進程也在不斷推進。由於額外的分銷和新產品的推出，展期比去年同期增長了 10% 以上。冰箱也繼續保持市場勢頭，淨銷售額增長超過了同類產品的平均水平。

Innovation remains a key pillar to drive growth. During the quarter, our higher attribute differentiated chicken offerings developed for a key customer was recognized as the best new poultry product by food management today.

創新仍然是推動成長的重要支柱。在本季度，我們為主要客戶開發的更高屬性差異化雞肉產品被《今日食品管理》評為最佳新家禽產品。

We continue to cultivate our new product pipeline. As such, we expanded our rollover portfolio into chicken, created additional eating occasions for refrigerators through packaging, and work in close collaboration with the key customers to create a series of premium new epic meal offerings.

我們將繼續培育新的產品線。因此，我們將翻轉產品組合擴展到雞肉領域，透過包裝為冰箱創造了更多的食用場合，並與主要客戶密切合作，打造了一系列優質的全新史詩級餐點。

These items and several others are slated for launch in Q3 and will be supported by investment in media and promotion to foster growth. Food service remained challenging as total visits fell compared to prior year. We additionally secure awards from our customers, increasing our sales in the channel by 10% versus last year.

這些產品和其他幾款產品計劃於第三季推出，並將透過媒體和促銷投資來促進成長。由於總客流量與去年同期相比有所下降，餐飲服務仍面臨挑戰。我們還獲得了客戶的獎勵，使我們在該管道的銷售額比去年增長了 10%。

Moving forward, we will look to further cultivate our presence with food operators within the pubs and bars category. Our integration of corporate support activities and optimization of our manufacturing network are nearing completion.

展望未來，我們將進一步加強與酒吧和酒館類別的食品業者的合作。我們對企業支援活動的整合和製造網路的優化已接近完成。

Based on these efforts, we have improved production efficiencies and created a more agile key customer focused organization. Given our enhancing foundation, we will look to accelerate opportunities to drive profitable growth.

基於這些努力，我們提高了生產效率，並創建了一個更靈活的以關鍵客戶為中心的組織。鑑於我們不斷增強的基礎，我們將尋求加速推動獲利成長的機會。

Mexico experienced another strong quarter as commodity fundamentals in the live and retail market remain attractive, given seasonality, reduced availability of imports and volume growth. In fresh, key customer relationships strengthened as net sales increased double digits, driven by the food service rotisserie channel.

墨西哥經歷了另一個強勁的季度，因為考慮到季節性、進口供應減少和銷售成長，活畜和零售市場的商品基本面仍然具有吸引力。在生鮮方面，受食品服務烤肉店通路的推動，淨銷售額達到兩位數成長，與關鍵客戶的關係得到加強。

Our retail fresh branded portfolio also continues to drive diversification and sales have increased over 6% compared to last year, led by Just Bare, which is over 2.5 times. Our diversification efforts through value added has experienced similar success as prepares continue to grow.

我們的零售新鮮品牌組合也繼續推動多樣化，銷售額與去年相比增長了 6% 以上，其中 Just Bare 增長了 2.5 倍以上。隨著業務的持續成長，我們透過增值實現的多元化努力也取得了類似的成功。

In retail, Pilgrims brand increased double digits compared to last year. Growth in the food service was driven by QSRs, which were up nearly 10% versus prior year. During our Investor Day in March, we highlighted a variety of projects to reinforce our strategies and enhance our competitive advantage.

在零售方面，Pilgrims 品牌的銷售額與去年相比實現了兩位數的成長。餐飲服務的成長主要由快餐店 (QSR) 推動，與前一年相比成長了近 10%。在三月的投資者日期間，我們重點介紹了各種項目，以強化我們的策略並增強我們的競爭優勢。

As part of this, we announced an investment of $400 million last week to build a new fully cooked prepared food plant in Walker County, Georgia. Given this investment, we can further capitalize on long-term growth trends for chicken in retail and food service.

作為其中的一部分，我們上週宣布投資 4 億美元在喬治亞州沃克縣建造一座新的全熟食品工廠。有了這項投資，我們可以進一步利用零售和食品服務中雞肉的長期成長趨勢。

Prepared is a large category with an estimated size of $14 billion. An attractive growth profile also exists as net sales have grown annually by 6% since 2019. Furthermore, consumer interest appears to be accelerating as sales have risen by 7% between the first half of 2024 and 2025.

「準備就緒」是一個很大的類別，預計規模為 140 億美元。自 2019 年以來，淨銷售額每年增長 6%，因此成長前景十分誘人。此外，消費者的興趣似乎正在加速成長，因為 2024 年上半年至 2025 年期間銷售額成長了 7%。

During the same period, our net sales have grown 21%. Momentum for our retail brands has also been remarkably strong. Over the past five years, household penetration has increased from 2.4% to 10%. Similar momentum exists in food service for our brands, as Gold Kist volume has risen 15% annually since 2021.

同期，我們的淨銷售額成長了21%。我們的零售品牌的發展勢頭也非常強勁。過去五年來，家庭普及率從2.4%上升至10%。我們品牌的餐飲服務也呈現類似的勢頭，自 2021 年以來，Gold Kist 的銷量每年增長 15%。

When our growth prospects are combined with strong consumer enthusiasm for our brands, we have a remarkable opportunity to accelerate the expansion of our Prepared Foods. This investment will further diversify our portfolio, reduce reliance on outside suppliers, and leverage our fresh production capabilities.

當我們的成長前景與消費者對我們品牌的強烈熱情相結合時，我們就有絕佳的機會加速我們的預製食品的擴張。這項投資將進一步豐富我們的產品組合，減少對外部供應商的依賴，並利用我們新的生產能力。

As a result, we can drive growth, enhance margins, and reduce volatility across our entire US business. In the meantime, we will expand fully cooked production in our existing prepared facilities at Moorefield and Waco.

因此，我們可以推動整個美國業務的成長、提高利潤率並降低波動性。同時，我們將在 Moorefield 和 Waco 的現有預製設施中擴大全熟生產。

Given these investments, we will still expect to have sufficient capacity to meet our growing demands across retail and food service. Within retail, over one-third of fresh chicken is sold as antibiotic-free or organic chicken.

鑑於這些投資，我們仍期望擁有足夠的產能來滿足零售和食品服務領域日益增長的需求。在零售業中，超過三分之一的新鮮雞肉以無抗生素或有機雞肉的形式出售。

Given extensive consumer interest, our case ready business has become the leading provider of this higher attributed differentiated offerings. To further strengthen our competitive advantage and reinforce our leadership position, we have announced the conversion of a big bird plant to support key customer growth to an MAE and veg fed program in the case ready segment.

鑑於消費者的廣泛興趣，我們的即用型業務已成為此類更高屬性差異化產品的領先提供者。為了進一步增強我們的競爭優勢和鞏固我們的領導地位，我們宣布將一家大型禽類工廠轉變為即食食品領域的 MAE 和蔬菜餵養計劃，以支持關鍵客戶的成長。

We remain committed to diversification across bird sizes and our ability to capture market upsides in the big bird commodity market. As such, we view the manufacturing footprint and identify the opportunities to enhance our mix and unlock additional capacity to meet our growth and demand in that segment.

我們將繼續致力於實現鳥類尺寸的多樣化，並致力於抓住大型鳥類商品市場的市場優勢。因此，我們專注於製造足跡並尋找機會增強我們的產品組合併釋放額外的產能以滿足該領域的成長和需求。

Based on this effort, we can maintain our current portfolio across all bird sizes, further increasing our upside potential while limiting downside risk. Equally important, we can generate higher, more consistent margins in the low to mid double digits for our US fresh business.

基於這項努力，我們可以維持所有規模的現有投資組合，進一步增加我們的上行潛力，同時限制下行風險。同樣重要的是，我們可以為美國生鮮業務創造更高、更穩定的低至兩位數的利潤率。

In Mexico, our capacity expansion efforts also continue. Our projects in Veracruz and Merida remain on schedule, and we still anticipate each will become operational in the first half of 2026. Similarly, our prepared expansion continues to proceed as planned, and initial production is slated for the beginning of 2026.

在墨西哥，我們的產能擴張努力也持續進行。我們在韋拉克魯斯和梅里達的專案仍在按計劃進行，我們仍然預計每個專案將於 2026 年上半年投入營運。同樣，我們準備的擴建項目也繼續按計劃進行，初始生產計劃於 2026 年初進行。

Given this work, we can continue to drive sales growth and reduce volatility of results. When all these projects are at full capacity, we will increase the size of our business in Mexico by 20%. We remain committed to the other key projects and potential strategic acquisitions as discussed during our Investor Day.

透過這項工作，我們可以繼續推動銷售成長並降低業績波動性。當這些項目全部投入生產後，我們在墨西哥的業務規模將增加20%。我們將繼續致力於投資者日期間討論的其他重點項目和潛在策略收購。

As such, we will continue to evaluate various alternatives and provide updates when available.

因此，我們將繼續評估各種替代方案，並在可用時提供更新。

With that, I'd like to ask our CFO, Matt Galvanoni to discuss our financial results.

因此，我想請我們的財務長 Matt Galvanoni 討論我們的財務表現。

Thank you, Fabio.

謝謝你，法比奧。

Good morning, everyone. For the second quarter of 2025, net revenues were $4.76 billion versus $4.56 billion a year ago, with adjusted EBITDA of $686.9 million and a margin of 14.4% compared to $656.9 million and a 14.4% margin as well in Q2 last year.

大家早安。2025 年第二季度，淨收入為 47.6 億美元，而去年同期為 45.6 億美元，調整後 EBITDA 為 6.869 億美元，利潤率為 14.4%，而去年第二季度為 6.569 億美元，利潤率為 14.4%。

Adjusted EBITDA margins in Q2 were 17.1% in the US compared to 16.7% a year ago. For our Europe business, adjusted EBITDA margins came in at 8.2% for Q2 compared to 7.4% last year. In Mexico, adjusted EBITDA margin in Q2 was 16.3% versus 19.4% a year ago.

美國第二季調整後 EBITDA 利潤率為 17.1%，去年同期為 16.7%。對於我們的歐洲業務，第二季調整後的 EBITDA 利潤率為 8.2%，而去年同期為 7.4%。在墨西哥，第二季調整後的 EBITDA 利潤率為 16.3%，而去年同期為 19.4%。

US net revenues were $2.82 billion versus $2.66 billion a year ago, a nearly 6% increase. Adjusted EBITDA in the US for Q2 came in at $482.7 million compared to $444.6 million a year ago. Strength in the commodity chicken markets along with moderate grain input costs and continued operational improvements drove strong year over year profitability improvement in our big bird business.

美國淨收入為 28.2 億美元，去年同期為 26.6 億美元，成長近 6%。美國第二季調整後 EBITDA 為 4.827 億美元，去年同期為 4.446 億美元。商品雞肉市場的強勁表現、適中的穀物投入成本以及持續的營運改進，推動了我們的大雞業務盈利能力同比強勁提升。

Our case ready and prepared foods businesses have continued their momentum with increased distribution with key customers. Case ready's profitability improved year over year. However, even with increased sales volumes, higher commodity chicken input costs was a headwind to prepared foods profitability.

我們的即食食品和預製食品業務繼續保持良好發展勢頭，增加了與主要客戶的分銷。Case Ready 的獲利能力逐年提高。然而，即使銷售量增加，商品雞肉投入成本的上升也對預製食品的獲利能力造成了阻礙。

Small bird's performance in QSRs remain very strong, offsetting a more challenging pricing environment in deli wing. In our US GAAP results, we did incur legal settlement expenses of $58 million in the quarter, primarily due to reaching settlements with certain parties associated with the ongoing broilers litigation.

Small Bird 在 QSR 中的表現依然非常強勁，抵消了熟食店更具挑戰性的定價環境。在我們的美國 GAAP 業績中，我們在本季度確實發生了 5,800 萬美元的法律和解費用，這主要是由於與正在進行的肉雞訴訟相關的某些當事方達成和解。

In Europe, adjusted EBITDA in Q2 was $111.8 million versus $96.2 million last year. The business has benefited from its continued structural reorganization, including integration of support functions and manufacturing optimization programs, while cultivating key customer partnerships with continued innovative offerings.

在歐洲，第二季調整後的 EBITDA 為 1.118 億美元，去年同期為 9,620 萬美元。該業務受益於持續的結構重組，包括支援功能和製造優化計劃的整合，同時透過持續的創新產品培養關鍵客戶合作夥伴關係。

As we begin to wind down our reorganization efforts, restructuring charges trended lower to $3.5 million during the course.

隨著我們開始逐步結束重組工作，重組費用在過程中趨於下降至 350 萬美元。

Mexico generated $92.3 million in adjusted Ibadan Q2 compared to $115.1 million last year. The Mexican business continued to demonstrate its strength with adjusted Ibadan margins greater than 16%, even though facing year over year FX headwinds of 13% and bird disease challenges during the quarter.

墨西哥調整後的伊巴丹第二季營收為 9,230 萬美元，去年同期為 1.151 億美元。儘管本季面臨年比 13% 的外匯逆風和禽病挑戰，但墨西哥業務仍繼續展現其實力，調整後的伊巴丹利潤率超過 16%。

SGA costs in the quarter were lower year over year primarily due to a decrease in the previously mentioned legal settlement costs. Also in the quarter, we incurred marketing investment costs and additional incentive compensation expense based on the progress of our year-to-date results.

本季的 SGA 成本年減，主要原因是前面提到的法律和解成本減少。此外，在本季度，根據年初至今的業績進展，我們產生了行銷投資成本和額外的激勵薪酬費用。

Our effective tax rate for the quarter was 25.1%. We continue to anticipate that the full year effective tax rate will approximate 25%.

本季我們的有效稅率為 25.1%。我們繼續預計全年有效稅率將約為25%。

We have a strong balance sheet and we continue to emphasize cash flows from operating activities, management of working capital, and discipline investment high return projects. During Q2, we reduced our gross leverage by $90 million through open market purchases of our own debt. Even with the payment of the $1.5 billion dollar special dividend in April, our net debt totaled less than $2.3 billion with a leverage ratio of less than 1 times our last 12-months adjusted at the end of the quarter.

我們擁有強大的資產負債表，並繼續強調經營活動的現金流量、營運資金的管理以及對高回報項目的嚴格投資。在第二季度，我們透過在公開市場購買自有債務將總槓桿率降低了 9,000 萬美元。即使 4 月支付了 15 億美元的特別股息，我們的淨債務總額也不足 23 億美元，截至本季末，槓桿率還不到過去 12 個月調整後的 1 倍。

Following the April dividend payment and debt repurchases during the period, we had over $1.9 billion in total cash and available credit at the end of the quarter. We have no short term immediate cash requirements with our bonds maturing between 2031 and 2034, and our US credit facility does not expire until 2028.

繼本期間 4 月份派發股息和回購債務後，截至本季末，我們的現金和可用信貸總額超過 19 億美元。我們的債券將在 2031 年至 2034 年之間到期，而我們的美國信貸額度要到 2028 年才會到期，因此我們沒有短期現金需求。

With the strength of our liquidity position, the Pilgrim's board yesterday declared a special dividend of $2.10 per share, or approximately $500 million. The record date for the dividend will be August 20, 2025 with a payment date of September 3, 2025. When adjusting for this dividend, our net leverage ratio would be 1.15 times adjusted IBITDA, still well below our target of between 2 to 3 times.

憑藉我們雄厚的流動性，Pilgrim 董事會昨天宣布派發每股 2.10 美元的特別股息，總額約 5 億美元。股利的記錄日期為 2025 年 8 月 20 日，支付日期為 2025 年 9 月 3 日。調整該股息後，我們的淨槓桿率將是調整後 IBITDA 的 1.15 倍，仍遠低於我們 2 至 3 倍之間的目標。

Net interest expense for the quarter totaled $31.5 million. With the announcement of the upcoming dividend, we anticipate our full year net interest expense to be between $115 and $125 million this year.

本季淨利息支出總計 3,150 萬美元。隨著即將派發的股息的宣布，我們預計今年全年淨利息支出將在 1.15 億美元至 1.25 億美元之間。

As discussed at Investor Day in March and demonstrated by our announcement last week of our new US prepared foods plant in Walker County, Georgia, we will continue to invest in growth. We are very excited to move forward in Georgia, and with this project, it will create over 630 jobs and will expand our branded prepared foods capacity beginning in the first half of 2027. Upon reaching full capacity at this new plant, we estimate that the US prepared foods business will increase its net sales by over 40% from its current levels.

正如三月在投資者日所討論的以及我們上周宣佈在喬治亞州沃克縣建立新的美國預製食品工廠所表明的那樣，我們將繼續投資於成長。我們非常高興能夠在喬治亞州取得進展，透過這個項目，它將創造超過 630 個就業機會，並將從 2027 年上半年開始擴大我們的品牌預製食品產能。當這家新工廠達到滿載生產時，我們估計美國預製食品業務的淨銷售額將比現在增加 40% 以上。

We spent $161 million of CapEx in the second quarter, an increase of $63 million in the first quarter.

我們在第二季的資本支出為 1.61 億美元，比第一季增加了 6,300 萬美元。

In the US we made progress towards the conversion of our Russellville plants to support a retail key customer in the first quarter of 2026.

在美國，我們在 2026 年第一季將拉塞爾維爾工廠轉型為支援零售關鍵客戶方面取得了進展。

Also in Mexico, investments in fresh and prepared continue to progress and remain on schedule.

此外，在墨西哥，對新鮮食品和熟食的投資繼續取得進展並按計劃進行。

Once these projects finalize and are at full utilization, we estimate the Mexican business will increase its net sales by approximately 20% from its current levels. These projects and prepared foods case ready in Mexico taken together require approximately $650 million of incremental growth capital.

一旦這些項目最終完成並充分利用，我們估計墨西哥業務的淨銷售額將比目前水準增加約 20%。這些項目和墨西哥的預製食品加起來需要約 6.5 億美元的增量成長資本。

We will continue to ramp up capital spending throughout this year to support these various projects. However, we anticipate total cap spending in 2025 to be slightly less than our original estimate of $750 million likely closer to $650 to $700 million.

我們將在今年繼續增加資本支出以支持這些項目。不過，我們預計 2025 年的總上限支出將略低於我們最初估計的 7.5 億美元，可能接近 6.5 億至 7 億美元。

These near-term growth projects align to our overall strategies of portfolio diversification, focus on key customers, operational excellence, and our commitment to team member health and safety.

這些近期成長項目符合我們的投資組合多元化、專注於關鍵客戶、卓越營運以及對團隊成員健康和安全的承諾的整體策略。

Operator, this concludes our prepared remarks. Please open the call for questions.

接線員，我們的準備好的發言到此結束。請打開電話詢問。

(Operator Instructions)

（操作員指示）

Ben Turner from Barclays.

巴克萊銀行的本‧特納。

Yeah, good morning, Fabio. Thanks for taking my question. Congrats on another very strong quarter. So first one actually just following up on some of your closing comments right now, Matt, in terms of like the CapEx, outlay and so on. So just wanted to clarify the investment in.

是的，早安，法比奧。感謝您回答我的問題。恭喜您又一個非常強勁的季度。因此，首先實際上只是跟進您現在的一些結束語，馬特，關於資本支出、支出等。所以只是想澄清一下投資。

In Georgia that you've announced last week, so how should we think about the spend of the $400 million you said it's going to ramp up and somewhat in the second half and then probably going to go hiring in 2027. So the bulk of it, I guess, will be in 2026 CapEx, but just to understand a little bit the cadence of those 400 million and associated to this to this investment. Is that using chicken that you already produce or does it include additional chicken slaughter capacity just on that one and then I have a quick follow up question.

您上周宣布了在喬治亞州的計劃，那麼我們應該如何看待這 4 億美元的支出呢？您說這筆支出將在下半年增加，然後可能會在 2027 年開始招募。因此，我猜其中的大部分將用於 2026 年的資本支出，但只是稍微了解一下這 4 億美元的節奏以及與此相關的投資。這是使用您已經生產的雞肉嗎？還是僅包括額外的雞肉屠宰能力？然後我有一個快速的後續問題。

Sure, thanks, good morning. I think when you think about that $400 million that we announced last last week, think this year kind of in that, $50 to $70 million dollar range, next year so that $250 to $300 with the residual in 2027. And you know it's timing can fluctuate a little bit, the vast majority of the spend will be in 2026 because we anticipate this becoming up and running in the first half of 2027. So I'd give you that as my kind of basics and then I don't know if I'd want to talk about the chicken side of it.

當然，謝謝，早安。我認為，當您想到我們上周宣布的 4 億美元時，想想今年的金額大概在 5000 萬到 7000 萬美元之間，明年的金額大概在 2.5 億到 3 億美元之間，剩餘的金額將在 2027 年支付。而且您知道它的時間可能會有一點波動，絕大多數支出將在 2026 年進行，因為我們預計它將在 2027 年上半年啟動並運行。所以我會給你這些作為我的基本情況，然後我不知道是否想談談雞肉方面的問題。

Yeah, Ben, thank you for the question. As we mentioned, we want to Improve our portfolio by increasing our presence in the prepared foods and branded arena, and I think this plant is, in time for us to support us in the growth of our Just beer brand. The Just Bear brand is a differentiated brand. It has no antibiotics ever minimally processed.

是的，本，謝謝你的提問。正如我們所提到的，我們希望透過增加我們在預製食品和品牌領域的影響力來改善我們的產品組合，我認為這家工廠正好可以支持我們 Just 啤酒品牌的發展。Just Bear品牌是一個差異化品牌。它不含任何經過最低限度加工的抗生素。

And as we mentioned, it has experienced phenomenal growth, and since it used no antibiotics ever meet, and we are the largest producer of no antibiotics ever meat in the United States, it would be normal for us to support these prepared foods with our internal production, but of course, In all of our prepared foods, we operate as an independent business. We have independent P&Ls. We actually have independent P&Ls by by plant, but the prepared food business is operated as an independent business, and it can source meat from any supplier as long as it is in line with our superior quality standards.

正如我們所提到的，它經歷了驚人的增長，而且由於它從未使用過抗生素，而且我們是美國最大的無抗生素肉類生產商，因此我們用內部生產來支持這些預製食品是正常的，但當然，在我們所有的預製食品中，我們都作為獨立企業運營。我們有獨立的損益表。我們實際上每個工廠都有獨立的損益表，但預製食品業務是作為獨立業務運營的，只要符合我們卓越的品質標準，就可以從任何供應商購買肉類。

Okay, got it. And then, I mean just in general, you've highlighted in your prepared remarks that that some of the production data is, I mean, liability is getting better and we're we're seeing more supply. It seems like that particularly the big bird weight, the. Birds with big birds, the big birds are gaining a lot of share, so obviously there's another boost to the supply side here. So if you look at the supply versus demand situation and maybe putting that beef shortage aside for a moment. Are we getting to the point that there's coming too much supply on because now all these exits as of a sudden do turn into into chick placements plus we have that weight gain and we're getting a little bit of an oversupply situation here or or just not yet because of the demand for chick being so strong.

好的，明白了。然後，我的意思是，總的來說，您在準備好的演講中強調，一些生產數據，我的意思是，責任正在變得更好，我們看到了更多的供應。看起來好像特別是大鳥的體重。鳥類與大鳥競爭，大鳥正在獲得很大的份額，所以顯然這對供應方來說又是一個推動。因此，如果你看一下供需情況，也許可以暫時將牛肉短缺問題放在一邊。我們是否已經到了供應過剩的地步，因為現在所有這些出口突然都變成了雛雞安置地，再加上體重增加，我們這裡出現了一點供應過剩的情況，或者只是還沒有出現，因為對雛雞的需求如此強勁。

Yeah, I think that's that's a great point, Ben. I think when when you go and step back and look at the expectations for supply of chicken in Q3, I think we continue to see the same structure as we as we saw last year and this year. So we have a lower layer flock, but it's more productive.

是的，我認為這是一個很好的觀點，本。我認為，當你回顧第三季度雞肉供應的預期時，我們會繼續看到與去年和今年相同的結構。因此，我們的雞群密度較低，但產量較高。

Because it's younger, so we're seeing more eggs, and I've been seeing this throughout 2024 and 2025, but we're still with the hatchability issue, and 2025 has actually been lower than 2024. We always have an improvement.

因為它更年輕，所以我們看到的蛋更多，而且我在 2024 年和 2025 年都看到了這種情況，但我們仍然存在孵化率問題，而且 2025 年的孵化率實際上低於 2024 年。我們總是在不斷進步。

Because of seasonality and the weather pattern, and we have an improved hatchability but so as we have last year, but we're still below the 2024 levels that were already record low. So because of that, even with an increase in the eggsets, the cheek placement has not followed. But as you mentioned, we always have also an improvement in livability in this period of the year because once again of the weather, which translated to close to 1% increase in head counts. I think because of the profitability of the segments we are seeing an increase, especially in the big bird segment, and that increase in that segment accounted for 1% in increasing live waste.

由於季節性和天氣模式，我們的孵化率有所提高，但與去年一樣，但仍低於 2024 年創下歷史新低的水平。因此，即使產卵數量增加，頰部位置也沒有隨之改變。但正如您所說，由於天氣原因，我們在一年中的這個時期的宜居性也一直有所改善，這意味著人口數量增加了近 1%。我認為，由於各細分市場的獲利能力有所提高，我們看到了成長，尤其是大型鳥類細分市場，而該細分市場的獲利能力成長佔活體廢棄物增加的 1%。

So that's why we saw a 2% increase, close to 2% increase in the overall availability of meat for the domestic market. If you look at the demand and you look at what's happening in both retail that is gaining market share because of the Leaving increases in inflation and the concerns of the consumers about spending, retail was increasing by 2.4% and on the food service, despite the reduction in the traffic, we're seeing chicken gaining market share and increasing manual penetration.

這就是為什麼我們看到國內市場肉類總供應量成長了 2%，接近 2%。如果你看一下需求，看看零售業的情況，由於通貨膨脹的增加和消費者對支出的擔憂，零售業的市場份額正在不斷擴大，零售業增長了 2.4%，而在食品服務方面，儘管客流量減少，但我們看到雞肉的市場份額正在擴大，人工滲透率也在提高。

To the account that we increase the sales of chicken in the food service by 2.7%. So when you look at that increase in demand and as you mentioned, All the challenges in pricing and availability of the other proteins, I think the expectation increase of USDA of close to 1.5% for the year, it's in line with the demand, and I think that's been what we're seeing lately on the prices of boneless brass meat.

我們將食品服務中的雞肉銷售量提高了 2.7%。因此，當您看到需求的增長，以及您提到的其他蛋白質在定價和供應方面面臨的所有挑戰時，我認為美國農業部對今年價格增長的預期接近 1.5%，這與需求相符，我認為這就是我們最近在無骨黃銅肉價格上看到的情況。

Okay, perfect, thank you very much, Fabi, I'll pass it on.

好的，太好了，非常感謝，Fabi，我會傳達的。

Andrew Solz from BMO Capital.

BMO Capital 的 Andrew Solz。

Hey, good morning. Thanks for taking the questions. I wanted to ask another US chicken supply chain question. We've seen pull its place or down year over year 3 of the last 4 months and that.

嘿，早安。感謝您回答這些問題。我想問另一個有關美國雞肉供應鏈的問題。我們已經看到，在過去 4 個月中，其位置與去年同期相比有所下降。

Comes on the heels of what was an extended period of pretty consistent increases. So, is there something changing there or or what is driving the reversal? Maybe you can kind of talk through what what the dynamics are at play there and more broadly, can you give us an update on the industry production constraints and where the industry stands with those now versus maybe a year ago or so.

緊隨其後的是一段較長時間的相當穩定的增長。那麼，那裡是否發生了一些變化或是什麼導致了這種逆轉？也許您可以談談那裡正在發生的動態，更廣泛地說，您能否向我們介紹一下行業生產限制的最新情況，以及目前與一年前相比該行業的狀況。

Thanks. Yeah, thank you, Andrew. Yeah, like I mentioned, on the structure of the industry and and you're right on bullet placements, I think what the industry is trying to have is a more productive flock. I think the hatchability issue has been very impactful. If you look at the hatchery utilization, we had the highest level ever, and I think we're Or probably be past the capacity. I think all the hatches are operating more days than they than they should, reducing a little bit of the maintenance. So if you have eggs that will not hatch or lower productive layer.

謝謝。是的，謝謝你，安德魯。是的，就像我提到的，關於行業結構以及你關於子彈位置的說法是正確的，我認為該行業正在努力擁有一個更俱生產力的群體。我認為孵化率問題影響很大。如果你看一下孵化場的利用率，你會發現我們的利用率達到了歷史最高水平，而且我認為我們已經或可能超出了產能。我認為所有艙口的運行時間都比應有的要多，從而減少了一些維護工作。因此，如果您的雞蛋無法孵化或產蛋量較低。

You, you're in trouble because you're compromising the bottleneck, which is the hatchery. So that's why the industry is trying to get a more productive and younger layer flock.

你有麻煩了，因為你破壞了瓶頸，也就是孵化場。這就是為什麼該行業正在努力獲得更高產量、更年輕的蛋雞群。

And it's all from from there in terms of the capacity of the industry to increase production, and I think what the industry is trying is to gain production through the live weights and I think that is what Creating this higher growth on the big bird segment. It is our industry way of trying to expand production without being able to expand the number of heads that we are producing.

這一切都源於該行業提高生產能力的考慮，我認為該行業正在嘗試透過活體重量來提高產量，我認為這就是大型禽類市場實現更高成長的原因。這是我們行業試圖擴大生產但無法增加生產的頭部數量的方式。

And I think on the overall it's also matching with the demand for chicken. When you look at by segment as well, we're seeing the bone in category being more challenged in growth than the big bird category. I think we always mention about the versatility of chicken both in retail and food service. It's not only the center of the plate, but it's also as an ingredient, and I think the bird, big bird breast meat.

我認為總體上這也與雞肉的需求相符。當您按細分市場來看時，我們會發現帶骨類別的成長面臨的挑戰比大型鳥類類別更大。我想我們總是提到雞肉在零售和食品服務方面的多功能性。它不僅是盤子的中心，而且也是一種配料，我認為是鳥，大鳥胸肉。

Is a perfect match to to as an ingredient. At the same time we're also seeing more deboning of the dark meat. I think we've been talking for this for for many years about the change in demographics and the change in tasting in the in the domestic market, US market. We used to be in the past, white only white.

與作為配料是完美搭配。同時，我們也看到越來越多的深色肉被去骨。我認為我們多年來一直在談論美國國內市場人口結構的變化和口味的變化。我們過去曾經是，白色只有白色。

Meat only market exporting the leg quarters, but over the last 5 to 10 years we saw a significant growth in the dark meat consumption. Today at retail, boneless ties are at the same price as boneless breasts, so you can see that there is a strong demand for the boneless ties in the retail, and that is helping the big bird category as well as we are being able to debone. The leg quarters and gaining a better value than exporting leg quarters.

肉類市場僅出口雞腿，但在過去 5 到 10 年間，我們看到深色肉類消費量顯著增長。如今，在零售市場上，無骨雞胸肉和無骨雞腿肉的價格相同，因此，你可以看到，零售市場上對無骨雞胸肉的需求非常強勁，這對大雞類產品有幫助，因為我們能夠去骨。腿部四分之一比出口腿部四分之一具有更高的價值。

Okay, that that's super helpful. And then switching gears to Europe. I'm curious how you're thinking about the margin progression from here. You had been expecting a slower pace of your year margin expansion, and we did see that this quarter, but sequentially it was only a very slightly and so I guess, what caused that slower pace of sequential margin improvement and are you expecting to see that. Re-accelerate over the rest of the year sequentially to get to kind of a steady year over year improvement. I know I'm mixing sequential in year over year, but I, I'm trying to get a sense for how to think about the improvement in in in EU margins from here over the back half of the year.

好的，這非常有幫助。然後轉向歐洲。我很好奇您如何看待從現在開始的利潤成長。您原本預計今年的利潤率成長速度會放緩，我們在本季也確實看到了這一點，但與上一季相比，增幅只是非常小，所以我想，是什麼原因導致了利潤率環比增長速度放緩？您是否預計會看到這種情況？在今年剩餘時間內逐步重新加速，以實現逐年穩步改善。我知道我把逐年的數據混為一談，但我試著了解如何看待今年下半年歐盟利潤率的提高。

Thanks. Yeah, we always have a little bit more seasonality in Europe, and typically the second semester is better with Q4 being much stronger than the first semester. What's happening in Europe is that we saw the consumer sentiment improved a little. But it's still at a lower level, and we saw the growth at grocery really limited in this quarter. There was a significant increase in the cost of living in Europe because of the increase in the national security cost for companies and that impacted a little bit to the both the both the consumer sentiment and the demand, but.

謝謝。是的，歐洲的季節性總是比較強，通常第二季會更好，第四季會比第一學期強勁得多。歐洲的情況是，我們看到消費者信心略有改善。但它仍然處於較低水平，而且我們發現本季食品雜貨的成長確實有限。由於企業的國家安全成本增加，歐洲的生活成本大幅上漲，這對消費者情緒和需求都產生了一定影響。

Nonetheless, we saw chicken continue to be the fastest growing category in there. We saw a little bit of reduced demand in the lamb and pork categories which are more expensive than chicken. But going forward we continue to see the improvement of our operations with the consolidation of our back office and our operational network. And we are continuing to see more innovation, and I think that's the most important point for Europe. We will continue to innovate to help our key customers to grow faster than category average.

儘管如此，我們看到雞肉仍然是其中成長最快的類別。我們發現羊肉和豬肉的需求略有下降，因為它們比雞肉貴。但展望未來，隨著後台辦公室和營運網路的整合，我們的營運將繼續改善。我們將繼續看到更多的創新，我認為這對歐洲來說最重要的一點。我們將繼續創新，幫助我們的關鍵客戶實現高於行業平均的成長。

But to your point, there is always a seasonality in Europe, and Q2 typically is superior or better than the first semester with Q4 being the strongest of all.

但正如您所說，歐洲總是有季節性的，第二季度通常比第一季更好，而第四季度則是最強勁的。

Got it. Okay.

知道了。好的。

Puran Sharma from Sreans.

來自 Sreans 的 Puran Sharma。

Congrats on a quarter. I appreciate the question here. Just wanted to first start out and sorry to belabor the point on the eggset here, but you mentioned earlier on that we, we're maxed out, in eggets, and just looking at the data, there was a pretty big jump from the start of 2024 to 2025. I think we went from like 240 million a week to about 250 million a week. So I just wanted to get a sense of You know how much more growth do you think we can see in eggsets without seeing any major investment in any sort of hatchery capacity?

恭喜您取得季度成績。我很感謝你提出這個問題。首先我想說的是，很抱歉在這裡過多地討論雞蛋數量，但您之前提到過，我們的雞蛋數量已經達到了最大值，而且從數據來看，從 2024 年初到 2025 年，雞蛋數量有了相當大的增長。我認為我們的銷量從每週 2.4 億增長到了每週 2.5 億左右。所以我只是想了解一下，您知道在不對任何孵化場能力進行重大投資的情況下，我們能看到產蛋量有多少增長嗎？

Yeah, I think you're absolutely right, but it is going to be really hard for us to get any more exits if or chicks placed, right, if we don't have investments in hatchery capacity. And as I mentioned, what the industry is trying to have is a is a younger layer flock that it's also more productive but have better hatch ability.

是的，我認為你完全正確，但是如果我們不對孵化場能力進行投資，那麼我們將很難獲得更多的孵化器或雛雞。正如我所提到的，該行業正在努力擁有的是更年輕的產蛋雞群，它們不僅生產力更高，而且孵化能力更強。

Because to my point, if the bottleneck in our industry is the hatch, we were not being able to capture all the demand upside that we are seeing with production. When you look into, to the numbers in Q3, we are seeing a we're expected from USDA close to 1.9% as well together with what we have, as of today. So I think we'll be pretty much in balance in terms of supply and demand, but you're right, the issue for us continue. I think we always have this question when we have the hatchability back, right?

因為在我看來，如果我們產業的瓶頸是孵化，那麼我們就無法抓住生產中看到的所有需求上升空間。當你查看第三季的數據時，我們發現美國農業部預期的成長率也接近 1.9%，加上我們今天掌握的數據。所以我認為我們的供需將基本保持平衡，但您說得對，我們的問題仍然存在。我想，當我們恢復孵化率時，總是會有這個問題，對嗎？

And I think what we're seeing year over year, it is that the hatchability has not improved, that there is some seasonality, so we always see some improvements during the summertime, and I think it continues to be the challenge that we have dealing with this new breed. And as we mentioned, until a new breed comes and we haven't seen any evidence of a new breed breed breed coming, this is the best breed in terms of performance, in terms of feed conversion, and in terms of yields.

我認為我們年復一年看到的是，孵化率並沒有提高，有一定的季節性，所以我們總是在夏季看到一些改善，我認為這仍然是我們處理這個新品種所面臨的挑戰。正如我們所提到的，在新品種出現之前，我們還沒有看到任何新品種出現的跡象，就性能、飼料轉換率和產量而言，這是最好的品種。

So there is actually no intention on our industry to go back to older breeds that are less productive just to get a better hatch. So I think we'll continue to struggling. With this, we're learning how to manage better, especially the male.

因此，我們的行業實際上無意為了獲得更好的孵化率而恢復生產率較低的老品種。所以我認為我們會繼續奮鬥。透過這種方式，我們正在學習如何更好地管理，尤其是男性。

It is once again an animal that gains weight and then managing the life part is very difficult, but I think we'll get some improvements and we'll get hatch ability, a little improvements here and there over time, which will allow our industry to get in line with the strong demand that we are seeing.

它再次成為一種體重增加的動物，然後管理其生命部分非常困難，但我認為我們會得到一些改進，我們會獲得孵化能力，隨著時間的推移，我們會在這裡和那裡得到一些小的改進，這將使我們的行業能夠滿足我們看到的強勁需求。

Appreciate the color there. Just as a follow up, and on that, the egg set and just the supply. I think, fall to winter time is when you typically see seasonal production, cuts by the industry, but in your comments earlier, when you talked about USDA being up, their estimates being up 1.5%, that, being an adequate level of demand, I was wondering if you think that the industry will need to see deeper production cuts than they than they enacted last year, or do you think production cuts will be at a similar pace to what we saw last year? We'd love to get your thoughts around the seasonal production cuts.

欣賞那裡的色彩。只是作為後續行動，在此基礎上，雞蛋就凝固了，只是供應。我認為，秋季到冬季通常是季節性生產和行業減產的時期，但在您之前的評論中，當您談到美國農業部上漲時，他們估計產量將上漲 1.5%，這是足夠的需求水平，我想知道您是否認為該行業需要比去年實施的產量削減幅度更大，或者您是否認為產量削減的速度將與去年相似？我們很想了解您對季節性減產的看法。

Yeah, I think it's the normal, seasonality of our industry, right, to have seasonal cuts for the Q4 as we know.

是的，我認為這是我們行業的正常季節性現象，正如我們所知，第四季度會出現季節性減產。

There is Thanksgiving, which is and Christmas, which we see a lot of demand for turkey, for hams, for other types of meat, and we see a decrease in the promotion activity of chicken which will lead to lower demand as expected. I think it's the normal seasonal year over year and there is the normal seasonal cuts.

感恩節和聖誕節期間，我們看到對火雞、火腿和其他肉類的需求很大，而雞肉的促銷活動減少，這將導致需求下降，正如預期的那樣。我認為這是正常的季節性逐年變化，並且存在正常的季節性削減。

From our industry we will always match our production to the demand of our key customers and as we saw the numbers that we discussed with them, what are their promotional activity, we will support that those those those those plans as we do every year.

從我們的行業來看，我們始終會根據主要客戶的需求來匹配我們的生產，並且正如我們所看到的，我們與他們討論的數字，他們的促銷活動是什麼，我們會像每年一樣支持那些計劃。

I think during Q3 and Q4 we are also seeing that will be even higher challenges on beef and pork. I think we're expecting or UGA is expecting a sharp reduction in the production of 44, and there has been some issues with the live operation of pork, but we're seeing the PD virus impacting some of the operations. There is a discussion about weights and heads in the pork, but We're seeing that Q4 in terms of availability of total meat for the United States will be close to 1%, which is one of the lowest numbers we, we've seen.

我認為在第三季和第四季我們也會看到牛肉和豬肉麵臨的挑戰更大。我認為我們或 UGA 預計 44 的產量將大幅下降，而且豬肉的活體生產也出現了一些問題，但我們看到 PD 病毒正在影響一些生產。有關於豬肉的重量和頭數的討論，但我們發現第四季度美國肉類總供應量將接近 1%，這是我們見過的最低數字之一。

Which tends to benefit the demand for chicken. But as I mentioned, it is normal to see a reduction in the demand for chicken during Q4.

這往往有利於雞肉的需求。但正如我所提到的，第四季度雞肉需求減少是正常的。

Guilherme Polaris from Santander.

來自桑坦德的吉列爾梅·波拉里斯 (Guilherme Polaris)。

And everyone can get for taking the the question. That's, a quick one. You reported a 5% growth in the COGS in the US, we got 1% growth in volume, right. So if you could go through a bit of the main drivers here and, going forward, looking at all the discussions that we're having about visas and the situation of labor in the US, what could you expect going forward in terms of wage inflation in the factory and if you're seeing some of that already or not?

每個人都可以回答這個問題。很簡單，就是這麼簡單。您報告美國的銷貨成本增長了 5%，而我們的銷量增長了 1%，對嗎？因此，如果您可以介紹這裡的一些主要驅動因素，並且展望未來，看看我們正在進行的所有有關簽證和美國勞工狀況的討論，您預計未來工廠的工資通膨將如何，以及您是否已經看到了其中的一些？

Yeah, I think that's something that we've been looking closely right on the labor market in the United States.

是的，我認為我們一直在密切關注美國勞動市場的情況。

Our strategy has been to to follow, of course, all the policies from the United States. We saw some humanitarian visas being revocated in the United States, especially for Nicaragua, Venezuela, Cuba, Haiti. We have some employees with those visas and because of the revocation, we will need to, we had change from from those team members. Our strategy has been to overstaff our plans during Q2 to prepare for those potential impacts in the labor market, and that's how we've been operating in Q2, despite one of the best turnovers we ever had, I think we always have a A policy of being competitive in the marketplace. We are inserted.

我們的策略當然是遵循美國的所有政策。我們看到美國撤銷了一些人道主義簽證，特別是尼加拉瓜、委內瑞拉、古巴和海地的簽證。我們有一些員工持有這些簽證，由於簽證被撤銷，我們需要對這些團隊成員進行更換。我們的策略是在第二季度增加人員，為勞動力市場可能受到的影響做好準備，這就是我們在第二季度的運作方式，儘管我們的人員流動率是有史以來最好的之一，但我認為我們始終有一個在市場上保持競爭力的政策。我們被插入了。

We have a process where we look plant by plant and region by region, and we are competitive in wages in those regions. We've been able to fully staff our plants actually during Q2 to prepare for those actions by the government. We were overstaffing our plants, so we run. As a number at the 105% staff, we control the staffing in every single plant. We have great methods to to staff to perfectly to the mix that we are running and during Q2 we are 105% staffed, especially to prepare for for those impacts.

我們有一個逐個工廠、逐個地區進行審查的流程，我們在這些地區的薪資具有競爭力。實際上，我們在第二季就已經能夠為工廠配備充足的人員，為政府採取的行動做好準備。我們的工廠人手太多，所以我們就關門了。作為 105% 員工的數字，我們控制每個工廠的人員配置。我們擁有出色的方法來完美地安排人員以適應我們正在運行的組合，並且在第二季度我們的人員配備率為 105％，特別是為了應對這些影響。

So far we've been able to fully staff our plans like I mentioned, we are running the the best mix that we can and that's what we saw in in the performance during this quarter.

到目前為止，我們已經能夠完全按照我提到的計劃配備人員，我們正在盡我們所能地運行最佳組合，這就是我們在本季度的表現中所看到的。

As far as going. Yeah, as far as going in the future on labor inflation, I think what the numbers we are seeing for the entire United States is that that has not been a significant issue. Of course we need to wait and see how the economy continues to to to go. We are seeing some reduction in labor in the food service arena, and we've been benefiting from that. Like I mentioned, we are very competitive where we are. We have our plans.

就目前情況而言。是的，就未來勞動力通膨而言，我認為從我們看到的整個美國的數據來看，這並不是一個重大問題。當然，我們需要拭目以待，看看經濟將如何持續發展。我們看到食品服務領域的勞動力減少，我們從中受益。正如我所提到的，我們所在的地方競爭非常激烈。我們有我們的計劃。

That's super clear.

這非常清楚。

Heather Jones from Heather Jones Research.

Heather Jones Research 的 Heather Jones。

Morning. Thanks for the question. I want to go back to the Walker plant and how how y'all are going to be supplying that and It looks like The majority of your slaughter plants that are located around that area are are small bird, but then there's some larger ones, I guess in Alabama. So I guess my question is, are you planning on converting maybe some small bird capacity, particularly given the demand dynamics in that segment? Are you planning on converting to capacity, or would you pull it from plants that are further away? Just hoping, wondering if you could give us more insight on that.

早晨。謝謝你的提問。我想回到沃克工廠，你們將如何供應這些產品，看起來你們位於該地區的大多數屠宰場都屠宰小型禽鳥，但也有一些較大的，我想在阿拉巴馬州。所以我想我的問題是，您是否計劃轉換一些小型鳥類容量，特別是考慮到該領域的需求動態？您是否計劃將其轉換為產能，或將其從更遠的工廠中撤出？只是希望，想知道您是否可以就此給我們更多見解。

Yeah, I think we're always looking into the portfolio like that.

是的，我認為我們一直在研究這樣的投資組合。

What what is the segment that is growing? What is the segment that is more challenging, as I mentioned, I think the bone in category has been the one that has been challenged over the last period of time. We are the leader in that category. You have great key customers. We saw some of these key customers in the food service arena growing much faster than the category averages. So we're seeing a great profitability in those plants.

正在成長的部分是什麼？哪一個部分更具挑戰性，正如我所提到的，我認為類別中的骨骼是過去一段時間受到挑戰的部分。我們是該領域的領導者。您擁有出色的關鍵客戶。我們發現食品服務領域的一些關鍵客戶的成長速度遠遠快於該類別的平均成長速度。因此，我們看到這些工廠的獲利能力非常高。

Nonetheless, we see that the market that is growing is more for us, the case ready and the big bird segments. And as always, we will adjust our portfolio to what we look and not only the Right now impact, but also looking going forward. I think when we look at where we are growing in in retail ahead of the category in the fresh, more than 5 times what the industry grew, we actually improve way ahead of the category average once again because of the differentiated offerings that we have so. It's not only the region, it is about the offerings that we have. We have the no antibiotics ever offerings. We have the veggie fed offerings. We have the also the organic offerings. So it's more about where you are rather than just the region.

儘管如此，我們發現，不斷成長的市場對我們來說更適合，即現成的案例市場和大型鳥類市場。像往常一樣，我們將根據我們的預期調整投資組合，不僅考慮當前的影響，還著眼於未來。我認為，當我們看看我們在零售領域的成長情況時，我們的成長速度超過了生鮮品類，是產業成長速度的 5 倍多，由於我們擁有差異化的產品，我們實際上再次遠遠領先於品類平均水平。這不僅與地區有關，也與我們所擁有的產品有關。我們提供從不使用抗生素的藥物。我們有素食供品。我們也提供有機產品。因此，這更多的是關於你所在的位置，而不僅僅是你所在地區。

And I think Heather, Fabi was mentioning before relative to our prepared foods business. They really do look and source from multiple places. They'll source both internally from our own plants, but they also source quite a bit outside of pilgrim's facilities too. So it really making sure that they have the best cost profile and so sourcing of the of the plant in in Walker County will come from a variety of different places.

我認為 Heather、Fabi 之前提到過有關我們的預製食品業務。他們確實從多個地方尋找和採購。他們不僅從我們自己的工廠內部採購，而且還從朝聖者的工廠外部採購相當多的原料。因此，這確實確保他們擁有最佳的成本狀況，並且沃克縣工廠的採購將來自不同的地方。

Okay, but y'all are the you said that that's going to be NAE and y'all are the largest supplier of NAE, largest producer of NAE in the US.

好的，但你們說的那將是 NAE，而且你們是美國最大的 NAE 供應商、最大的 NAE 生產商。

Yes, that is correct.

是的，正確。

Okay, and for years you guys had said in the US your target was 1,313, 1/3, and clearly there's some changes going on, pretty big changes. So I was wondering if you could Maybe not definitively, but sort of qualitatively give us an update of thoughts on what does that ideal mix look like now, for you guys in the US.

好的，多年來你們在美國一直說你們的目標是 1,313，1/3，顯然正在發生一些變化，相當大的變化。所以我想知道您是否可以（也許不是明確的，但可以定性地）向我們提供最新的想法，對於您美國人來說，理想的組合是什麼樣的。

Yeah, I think, like I mentioned, we're always looking at what you mentioned in terms of the portfolio, right? And we look at the market, it is kind of a 3rd, 1,313 with the big bird growing faster. Than the other segments on the small birds, as I mentioned, the challenges on the bone category, but we are also seeing the food service for small birds, especially on the QSRs we talk about the sandwich schwarts, right, for many years. We saw some growth in that category, and that is another thing that We can do increase a little bit the live weight on the small bird category to support the growth in the food service, both distribution and QSR on the small birds.

是的，我認為，就像我提到的那樣，我們一直在關注您提到的投資組合，對嗎？我們來看看市場，它處於第三位，1,313，大鳥的成長速度更快。與小鳥的其他部分相比，正如我所提到的，骨頭類別的挑戰，但我們也看到了小鳥的食品服務，特別是在 QSR 上，我們談論三明治 schwarts，對，很多年了。我們看到該類別有所增長，我們可以做的另一件事是稍微增加小禽類的活體重量，以支持食品服務的增長，包括小禽類的分銷和 QSR。

So we still believe that being a balanced approach, it is the right approach. As we mentioned, we are growing faster in retail because of our differentiated offerings and because of our key customers growing faster than the categories, and we will need to convert one big bird plant. To a case ready plant, but we are finding bottlenecks in all of our big bird plants so we can continue to have this balanced approach without losing our exposure to the commodity markets that we know are very strong right now.

因此我們仍然相信，作為一種平衡的方法，這是正確的方法。正如我們所提到的，由於我們提供差異化的產品，並且我們的關鍵客戶的成長速度快於其他類別，因此我們在零售業的成長速度更快，我們需要改造一家大型工廠。對於一個現成的工廠來說，但我們發現我們所有的大型工廠都存在瓶頸，因此我們可以繼續採取這種平衡的方法，而不會失去我們對目前非常強勁的商品市場的敞口。

Peter Galbo from Bank of America.

美國銀行的 Peter Galbo。

Hey guys, good morning. Question for you on Mexico specifically in the quarter and then as we kind of bridge to the second half, just want to understand how we should kind of think about the profitability there.

大家好，早安。我想問您本季度關於墨西哥的具體情況，然後隨著我們進入下半年，我們想了解我們應該如何看待那裡的盈利能力。

It seems like at least in 2Q FX obviously was a pretty material drag on the revenue side, but you also got a pretty sizable benefit on the cost side. So just now that the currency is going the other way, how we should think about the impact that could have on profitability amongst, market dynamics in Mexico for 2H.

看起來至少在第二季度，外匯顯然對收入造成了相當大的拖累，但在成本方面也獲得了相當大的收益。因此，既然現在貨幣走勢相反，我們該如何看待這對墨西哥下半年市場動態的獲利能力可能產生的影響。

Sure, thank you, Peter. Yes, as we mentioned, Mexico is a volatile market quarter over quarter, but year over year when we look, it's pretty stable and it's a double digit market because it's a growing economy and as the consumers get more available income they improve their diets, and chicken is the most affordable way of increasing the protein diet. We saw some volatility in the live markets in Mexico during the quarter and I think not only on the demand side, but on the supply side.

當然，謝謝你，彼得。是的，正如我們所提到的，墨西哥市場每個季度都波動較大，但同比來看，它還是比較穩定的，而且是一個兩位數的市場，因為墨西哥的經濟在不斷增長，而且隨著消費者收入的增加，他們會改善飲食，而雞肉是增加蛋白質攝入最經濟實惠的方式。我們看到本季墨西哥的活躍市場出現了一些波動，我認為不僅在需求方面，而且在供應方面。

We saw some increase in diseases. And during this quarter in the live market and we have these small operators that will come and go as the live market is strong or weak, which we always mention amplify the volatility in the live market in Mexico because the disease has impacted the companies with lower, let's say.

我們發現疾病增加。在這個季度的活體市場中，我們有一些小型營運商，他們會隨著活體市場的強弱而來來去去，我們總是提到這會放大墨西哥活體市場的波動性，因為這種疾病已經影響到了那些業績較低的公司。

Biosecurity, these small players were impacted and that created a small reduction in the supply during this quarter which increased prices in the live market. So the live market was actually the most profitable segment.

生物安全，這些小參與者受到了影響，導致本季度供應量略有減少，從而提高了活體市場的價格。因此，現場直播市場實際上是最賺錢的部分。

In Mexico during this quarter, going forward again, we continue to execute our strategy of growing in Mexico, as I mentioned, we are expanding our Merida, production or extending our production to the peninsula in the Merida. We are expanding our production in Veracruz, to support the live markets and the small bird markets, and we're also.

本季在墨西哥，我們將繼續執行在墨西哥的成長策略，正如我所提到的，我們正在擴大在梅里達的生產，或將生產擴展到梅里達半島。我們正在擴大在韋拉克魯斯的生產，以支持活體市場和小型鳥類市場，而我們也正在這樣做。

Expanding our prepared foods operation in Mexico that is growing double digits. To further diversify our portfolio and reduce a little bit the volatility of results in the region when all those projects are at full speed, we expect our operations in Mexico to be 20% higher than what we have today.

擴大我們在墨西哥的預製食品業務，目前業務正在以兩位數的速度成長。為了進一步多元化我們的投資組合，並在所有這些項目全速推進時稍微降低該地區業績的波動性，我們預計我們在墨西哥的業務將比現在高出 20%。

And Peter, just to compliment what Fabius said kind of relative to FX, what you had mentioned and I had mentioned my prepared remarks the 13% kind of headwind that we saw year over year in the quarter when we look at Q3, of course I cannot predict where the peso will go, the rest of the quarter, but kind of where it sits right now versus where the average was in Q3 of last year, it's basically on par. So we really at this point don't see a real big FX impact one way or the other at this very stage for Q3 of 2025.

彼得，我來補充一下法比烏斯關於外匯的說法，你和我都提到過，我們在本季度看到了同比 13% 的逆風，當我們看第三季度時，當然我無法預測比索在本季度剩餘時間的走勢，但與去年第三季度的平均水平相比，比索目前的水平基本持平。因此，我們目前確實沒有看到 2025 年第三季出現任何真正的重大外匯影響。

Yeah, and and building the FX, effects also impacted a lot of the grain in Mexico is imported from the United States, so the FX was was actually a benefit. But on the other hand, there is a big export of meat from the United States to Mexico. 20% of the exports of US are to Mexico, so it's an important market for especially like quarters, but also some boneless breast and I think with the FX will create the American meat to be a little more expensive in Mexico, which creates the opportunity for the Mex our Mexican operations.

是的，而建立 FX 效應也影響了墨西哥從美國進口的大量糧食，所以 FX 實際上是一種好處。但另一方面，美國向墨西哥出口了大量肉類。美國 20% 的出口都銷往墨西哥，因此墨西哥是一個重要的市場，尤其是對於四分之一的肉類，以及一些無骨胸肉來說，我認為外匯會導緻美國肉類在墨西哥的價格稍微貴一些，這為墨西哥我們的墨西哥業務創造了機會。

Okay, thanks for that guys and then maybe just to pivot.

好的，謝謝大家，然後也許只是轉向。

Obviously the the special dividend now a second quarter in a row, which I think this one was maybe a bit more of a surprise than than the last one, just.

顯然，這是連續第二個季度派發特別股息，我認為這次可能比上一次更令人驚訝。

Fabio, like a change in capital allocation philosophy, like this is pretty abnormal, I guess, to do two in one year it's going to be about $2 billion at least at this point. So I just want to understand if there's if there's been a change in how the board views capital allocation, how the relationship with the parent company has changed as you as you contemplate kind of another round of special dividend. Thanks very much.

法比奧，就像資本配置概念的改變一樣，我想這很不正常，一年內做兩次，至少目前來說要花 20 億美元左右。因此，我只是想了解董事會對資本配置的看法是否發生了變化，當您考慮另一輪特別股息時，與母公司的關係是否發生了變化。非常感謝。

Sure, Peter, no, I don't think that there's been any change. We're always looking to create shareholder value, right? And as we mentioned and as we discussed in our investment day investor day, we have several avenues of growth in our business. So we're always looking for acquisitions, of course, we're looking to grow or prepare foods brands and to diversify the geographies where we're in. I think as we're seeing multiples and some of the acquisitions a little bit more difficult, especially in the United States, we engage in organic growth, and that's why we announced the new plant for prepared foods again to grow and diversify our portfolio, and we are growing in Mexico and we're looking for opportunities in Europe.

當然，彼得，不，我認為沒有任何改變。我們始終致力於創造股東價值，對嗎？正如我們在投資日所提到和討論的那樣，我們的業務有幾種成長途徑。因此，我們一直在尋求收購，當然，我們也在尋求發展或準備食品品牌，並實現我們所在地的多樣化。我認為，由於我們看到倍數成長和一些收購變得更加困難，尤其是在美國，我們致力於有機成長，這就是為什麼我們再次宣佈建立新的預製食品工廠，以擴大和多樣化我們的產品組合，我們在墨西哥不斷發展，我們正在尋找歐洲的機會。

As well, so I think that avenue of growth will continue. In the meantime, I think the business has been really strong. We are discussing the results, right, and I think we, we've been increasing our cash, and that position is not efficient for us. Matt mentioned that we are below 1 time leverage and we always have the target of being 2 to 3 times.

所以我認為這種成長之路將會持續下去。同時，我認為業務一直非常強勁。我們正在討論結果，對的，我認為我們一直在增加現金，但這種狀況對我們來說效率不高。馬特提到，我們的槓桿率低於 1 倍，我們的目標是 2 到 3 倍。

And with the expectations that we have for for the rest of the year and the strong cash flow generations.

我們對今年剩餘時間的業績和強勁的現金流充滿期待。

That we had, once again, we got to a position where our balance sheet is out of where we think is optimal and we decided to do this special dividend. We will continue to do. And the special dividends when we believe that our leverage ratio is getting to a place that it's not the optimal capital for us. We also have share buybacks, potential share buybacks that we discussed. We have bond purchases that we discuss, and I think we're always looking for for all the alternatives to create shareholder value.

我們再一次發現，我們的資產負債表已經超出了我們認為的最佳水平，因此我們決定派發特別股息。我們將繼續這樣做。當我們認為我們的槓桿率已達到對我們來說不是最佳資本的水平時，我們就會支付特別股息。我們也討論了股票回購和潛在的股票回購。我們正在討論債券購買，我認為我們一直在尋找所有替代方案來創造股東價值。

Thank you.

謝謝。

Priya Ori Gupta with boxless.

Priya Ori Gupta 無盒子。

Hey, good morning. Thank you for squeezing me in. Actually I would love to just follow up on that very last point that you made, with regards to bond repurchases, that, you were just commenting and Fabio you mentioned as well how sort of under. However you are versus the target so could you walk us through through why you guys have been utilizing open market bond repurchases just given that there really isn't any immediate need to to reduce your debt balance.

嘿，早安。謝謝你把我擠進來。實際上，我很想跟進您提出的最後一點，關於債券回購，您剛才評論了這一點，而 Fabio 也提到了這一點。然而，您沒有達到目標，所以您能否向我們解釋為什麼您們一直在利用公開市場債券回購，因為實際上沒有立即減少債務餘額的需要。

I I think yeah hyper it's not I I think really it's just been more opportunistic. We disclosed in the 10 that you know the board when we discussed this towards the end of the first quarter.they just gave us more of an authorization to continue to you know repurchase as we deem, appropriate.

我認為是的，這不是亢奮，我認為這只是更具機會主義。當我們在第一季末討論這個問題時，我們向董事會披露了這一點。他們只是給了我們更多的授權，讓我們在我們認為合適的情況下繼續回購。

I think at the time we just found that there has been some availability, some, the market was good and we we would buy when we felt it was the right price. And just take more opportunistically than anything else, not a huge number of dollars, and I, we've got authorization to do more, but with the dividend here a little bit more of a pivot on that one, I think, going forward, than what we did here in Q2.

我認為當時我們只是發現有一些可用性，有些市場很好，當我們認為價格合適時我們就會購買。而且比其他任何事情都更具機會性，不需要投入大量的美元，而且我，我們有權做更多的事情，但這裡的股息在這方面更加關鍵，我認為，未來會比我們在第二季度所做的更加重要。

Okay that's helpful and then just on the interest expense guidance is it fair to assume that the increase relative to what you talked about before is being driven by the lower cash balance or is there anything else going on?

好的，這很有幫助，那麼僅就利息支出指導而言，是否可以合理地假設相對於您之前談到的增長是由較低的現金餘額推動的，還是還有其他原因？

Absolutely correct it's the lower cash balance you know just you know we are, we'll say our gross interest expense is actually coming down a little bit because of the the buybacks of the debt that we were just talking about. But the cash balance will be lower and that interest, the assumed interest income will be lower just with that with the dividend to be paid here in the beginning of September.

完全正確，就是現金餘額較低，你知道，我們會說我們的總利息支出實際上有所下降，因為我們剛才談到的債務回購。但現金餘額將會較低，而且利息，假設的利息收入將會較低，因為九月初要支付股利。

Okay, and then just one final question on on the Mexico CapEx piece, you talked about the 650 million in aggregate. Can you just remind us sort of how to think about the cadence of that year by year, sort of when are we going to hit the the $650 in total and what we should be thinking about for that piece for this year and next year.

好的，最後還有一個關於墨西哥資本支出的問題，您談到了總計 6.5 億美元。您能否提醒我們如何考慮逐年推進的節奏，什麼時候才能達到總計 650 美元的目標，以及我們應該如何考慮今年和明年的這一目標。

When we're thinking about this, the 650, kind of in general because it's Mexico, that number really included Mexico, Walker County, the new prepared plan, and also our conversion of Russellville that we've been talking about, where we're at for 2025 is somewhere, in that 200-ish 225 range, 2026.

當我們考慮這個問題時，650 這個數字，有點籠統，因為這是墨西哥，這個數字實際上包括了墨西哥、沃克縣、新準備好的計劃，還有我們一直在談論的拉塞爾維爾的轉變，我們在 2025 年所處的位置是在 200 到 225 之間的某個地方，2026 年。

In the 350 and then the kind of residual in 2027, but do you understand that Mexico and Russellville will be completed here, the dates we were talking about Russellville will will really be finished here in the first quarter of 26, and most of Mexico will be done, in the first half of 26. It's the Walker County, which, we talk about opening the plant in the first half of 27, some of that capital will drag of course into that.

在 350 年，然後在 2027 年剩餘的時間裡，但你是否明白墨西哥和拉塞爾維爾將在這裡完成，我們談論的日期是拉塞爾維爾將在 26 年第一季度真正完成，墨西哥的大部分將在 26 年上半年完成。這是沃克縣，我們談論的是在 27 年上半年開設工廠，當然其中的部分資金將被用於此。

Okay, that's very helpful thank you.

好的，這非常有幫助，謝謝。

Thank you. This concludes the question and answer session. I would like to turn the conference over to Fabio Santi for any closing comments.

謝謝。問答環節到此結束。我想將會議交給 Fabio Santi 來做最後總結。

Yeah, thank you everyone for attending today call. In the second quarter of 2025, we achieved strong operational and financial performance. As such, I would like to thank our team members for their continued discipline and ownership of our values, strategies, and methods. Given the solid foundation, we can continue to make investments to grow our company, strengthening our competitive advantages, enhancing margins, and reducing volatility of results.

是的，感謝大家參加今天的電話會議。2025年第二季度，我們取得了強勁的營運和財務表現。因此，我要感謝我們的團隊成員對我們的價值觀、策略和方法的持續約束和責任。有了堅實的基礎，我們可以繼續投資發展公司，增強競爭優勢，提高利潤率，並降低業績波動性。

These efforts must continue with a relentless focus on team member safety and well-being. As a result, we can achieve our vision to be the best and most respected company in our industry, creating a better future for our team members. I look forward to accelerating our efforts during the second half of 2025 and beyond.

我們必須繼續努力，並始終關注團隊成員的安全和福祉。從而實現我們的願景，成為業界最好、最受尊敬的公司，為我們的團隊成員創造更美好的未來。我期待在 2025 年下半年及以後加快我們的努力。

Thank you, everyone.

謝謝大家。

Thank you. The conference has now concluded.

謝謝。會議現已結束。

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

感謝您參加今天的演講。您現在可以斷開連線。