Pilgrims Pride Corp (PPC) 2025 Q3 法說會逐字稿

(technical difficulty) Investor Relations and Sustainability for Pilgrim's Pride.

（技術難題）Pilgrim's Pride 的投資者關係和永續發展。

Good morning and thank you for joining us today as we review our operating and financial results for the third quarter ended on September 28, 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 the slides for reference. These items also have been filed as Form 8-Ks and are available online at sec.gov. Fabio Sandri, President and Chief Executive Officer; and Matt Galvanoni, Chief Financial Officer, will present on today's call.

早安，感謝各位今天與我們一同回顧截至 2025 年 9 月 28 日的第三季經營與財務業績。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指標的調整情況。新聞稿副本可在我們的網站 ir.pilgrims.com 上取得，同時也可參考投影片。這些項目也已作為 8-K 表格提交，可在 sec.gov 網站上查閱。總裁兼執行長 Fabio Sandri 和財務長 Matt Galvanoni 將在今天的電話會議上報告。

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次發布之日的展望和當前預期。管理階層未預料到的其他因素可能會導致實際結果與這些前瞻性聲明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 表格以及我們向美國證券交易委員會提交的常規文件中提供。

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

現在我想把電話交給法比奧·桑德里。

Thank you, Andy. Good morning, everyone, and thank you for joining us today. For the third quarter of 2025, we reported net revenues of $4.8 billion with an adjusted EBITDA of $633 million and an adjusted EBITDA margin of 13.3%. Our performance reflects the ability of our strategies to mitigate the impact of increasing volatile commodity markets, drive category growth with key customers on retail and foodservice and continue to close efficiency gaps in our operations.

謝謝你，安迪。各位早安，感謝大家今天收看我們的節目。2025 年第三季度，我們公佈淨收入為 48 億美元，調整後 EBITDA 為 6.33 億美元，調整後 EBITDA 利潤率為 13.3%。我們的業績反映了我們的策略能夠減輕日益波動的大宗商品市場的影響，推動零售和餐飲服務領域主要客戶的品類成長，並不斷縮小營運效率差距。

In the US, our diversified portfolio continued to be able to capture upsides in the commodity market while protecting from downsides. Case Ready realized strong growth as sales to key customers exceeded category averages and Big Bird improved operating costs through production efficiencies and life performance. Small Bird experienced robust demand as chicken-focused QSRs maintained steady traffic.

在美國，我們的多元化投資組合能夠繼續掌握大宗商品市場的上漲機會，同時抵禦下跌風險。Case Ready 實現了強勁成長，主要客戶的銷售額超過了品類平均水平，而 Big Bird 透過提高生產效率和使用壽命來降低營運成本。由於以雞肉為主的速食店客流量穩定，小鳥肉的需求強勁。

Prepared Foods continued to expand through incremental distribution and portfolio expansion throughout retail and foodservice. Europe entered a new phase of its profitability journey through the new partnerships with key customers, investments in demand creation and acceleration of branded growth. Branded growth, product mix optimization and innovation will continue to be priorities during this evolution.

預製食品透過逐步擴大分銷通路及拓展零售及餐飲服務產品組合，持續擴張。歐洲透過與主要客戶建立新的合作夥伴關係、投資創造需求和加速品牌成長，進入了獲利之旅的新階段。在此發展過程中，品牌成長、產品組合優化和創新仍將是優先事項。

Mexico continues to drive growth with key customers and develop brand presence in both Fresh and prepared, further diversifying our portfolio from inherent volatility in the live commodity markets. Our investments in growth continue and all projects remain on schedule. Based on these investments, we can increase returns while reducing volatility in our business, creating the opportunity of a better future for our team members and unlocking value for shareholders.

墨西哥市場持續推動成長，擁有重要的客戶群，並在新鮮食品和預製食品領域不斷提升品牌影響力，進一步分散了我們因活體商品市場固有波動而造成的業務組合損失。我們持續增加對成長的投資，所有項目均按計劃進行。基於這些投資，我們可以在降低業務波動性的同時提高回報，為我們的團隊成員創造更美好的未來，並為股東釋放價值。

Turning to supply. The most recent published USDA data indicated that ready-to-cook production for the US grew 2.7% year-over-year, driven by increased headcount, improved live performance and higher-than-average live weights. Chicken egg sets were higher than last year, giving a more productive layer flock and record hatcher utilization rates.

轉向供應。美國農業部最新公佈的數據顯示，美國即食牛肉產量年增 2.7%，這主要得益於牲畜數量增加、活畜性能提高以及活畜體重高於平均水平。雞的產蛋量比去年高，使得蛋雞群的生產效率更高，孵化場的使用率也創下歷史新高。

Hatchability improved, exceeding levels from 2024 for the first time this year. As a result, chick placements were higher than Q3 of 2024 throughout the entire third quarter. When combined with positive growing conditions, live weights were higher than average and overall livability improved, increased production was seen in Q3. This scenario was more significant during the month of September.

孵化率有所提高，今年首次超過了 2024 年的水平。因此，整個第三季雛雞安置量都高於 2024 年第三季的水準。在良好的生長條件下，活重高於平均水平，整體存活率提高，第三季產量增加。這種情況在九月尤為突出。

Considering the factors supporting supply, USDA latest estimate forecast a 2% year-over-year increase in broiler production for 2025, suggesting an increase of 2.3% during the fourth quarter. As for overall protein availability, USDA projects a growth of only 0.8% for 2025. Notably, chicken is the only protein expected to see an increase, offset by decreases in availability of beef, pork and turkey.

考慮到支撐供應的因素，美國農業部最新估計預測，2025 年肉雞產量將年增 2%，這意味著第四季度將成長 2.3%。至於整體蛋白質供應量，美國農業部預計到 2025 年將僅成長 0.8%。值得注意的是，雞肉是唯一預計會增加的蛋白質，但牛肉、豬肉和火雞肉的供應量將會減少，抵消了雞肉供應量增加的影響。

With respect to demand, macroeconomic indicators are shaping consumer behavior amid low sentiment. Inflation has increased for food overall and at-home eating occasions. As consumers are trying to stretch their budgets, we are seeing more trips to the retail with smaller basket sizes and lower traffic at foodservice. Nonetheless, demand for chicken remains strong across both channels, given its relative affordability, availability and flexibility compared to other proteins.

就需求而言，在低迷的市場情緒下，宏觀經濟指標正在影響消費者的行為。食品整體價格上漲，居家用餐價格也隨之上漲。由於消費者都在努力節省開支，我們看到人們去零售店購物的次數增多，但每次購物籃的商品數量減少，餐飲服務場所的客流量也下降了。儘管如此，鑑於雞肉與其他蛋白質相比價格相對實惠、供應充足且用途廣泛，因此在各個管道對雞肉的需求仍然強勁。

In Fresh retail, boneless chicken breast experienced notable growth as the retail pricing spread against ground beef remained at record levels. Boneless thighs also realized significant gains driven by a narrowing price gap with boneless, skinless breast and continued consumer momentum.

在生鮮零售領域，由於雞胸肉與碎牛肉的零售價差保持在歷史最高水平，無骨雞胸肉的零售價格出現了顯著增長。去骨雞腿肉也因與去骨去皮雞胸肉的價格差距縮小以及消費者持續增長的消費需求而實現了顯著增長。

While wing pricing remained relatively steady compared to last year, volumes continue to grow. The belly also drove growth through enhanced velocity as shoppers increasingly turn to prepared meals as a more affordable alternative to traditional ready-to-eat options.

雖然雞翅價格與去年相比保持相對穩定，但銷售量卻持續成長。隨著消費者越來越多地選擇預製食品作為比傳統即食食品更經濟實惠的替代品，消費者對預製食品的需求也透過提高銷售速度推動了成長。

Frozen prepared also saw gains from improved velocity, along with better production mix as nuggets and strips continue to capture a large share of new occasions. In foodservice, rising costs associated with dining out are impacting overall restaurant traffic. Nevertheless, operators continue to strategically lean into chicken through value offerings, limited-time offers and menu updates as a means to trigger or sustain consumer engagement. Value-added chicken-focused QSRs continue to leverage the affordability of chicken, outperforming the broader dining sector, showing greater resilience amid declining traffic.

冷凍預製食品也因速度的提高而受益，同時產品組合也更加合理，因為雞塊和條狀食品繼續佔據了新消費場景的很大一部分份額。在餐飲服務業，外食相關成本的上升正在影響餐廳的整體客流量。儘管如此，業者仍透過提供超值產品、限時優惠和更新菜單等方式，繼續策略性地大力發展雞肉業務，以此來激發或維持消費者的參與度。以雞肉為主打的加值快餐店繼續利用雞肉價格實惠的優勢，在客流量下降的情況下，表現優於整個餐飲業，展現出更強的韌性。

In exports, we have realized values compared to last year and at levels higher than historical amounts. Other than China, we have not experienced any meaningful challenges from tariffs or other barriers in our traditional trade lanes. While we still anticipate seasonal declines in the upcoming quarter, demand should be robust compared to previous years.

在出口方面，我們實現了比去年更高的價值，並且高於歷史水準。除了中國以外，我們在傳統貿易通道中沒有遇到任何來自關稅或其他壁壘的實質挑戰。儘管我們預計下一季仍會出現季節性下滑，但與往年相比，需求應該會十分強勁。

We continue to be vigilant in our biosecurity measures, especially as commercial cases of high pet avian influenza have risen. As such, our geographic diversity and expansive network of international customers will continue to be critical to manage any potential outbreaks. As for feed, corn pricing remains stable as market fundamentals balance larger-than-anticipated US supply from increased corn acreage against robust interest from export markets.

我們將繼續保持警惕，加強生物安全措施，尤其是在寵物禽流感高發生病例不斷增加的情況下。因此，我們地域上的多樣性和廣泛的國際客戶網絡對於控制任何潛在的疫情爆發仍然至關重要。至於飼料方面，由於市場基本面平衡了美國玉米種植面積增加帶來的超出預期的供應量與出口市場的強勁需求，玉米價格保持穩定。

Based on the most recent data available, USDA expects record corn demand. Nonetheless, US overall supply is expected to increase 10% versus last year, resulting in ending stocks of over 2 billion bushels. Overall, global corn stocks are expected to remain relatively flat. Soybeans fell through the quarter given increased crush capacity and record South American harvest during the first half of 2025, ensuring ample global soybean meal supply.

根據最新數據，美國農業部預計玉米需求將創下歷史新高。儘管如此，預計美國整體供應量將比去年增長 10%，期末庫存將超過 20 億蒲式耳。總體而言，預計全球玉米庫存將保持相對穩定。由於壓榨能力提高以及2025年上半年南美洲大豆產量創歷史新高，確保了全球豆粕供應充足，大豆價格在本季下降。

Most recent forecasts indicate that US soybean stocks will be flat compared to prior year, whereas global soybean stocks are expected to build for the third year in a row. Global wheat production rebounded strongly as major exporting countries produced more than 23 million metric tons compared to last year.

最新預測顯示，美國大豆庫存將與去年持平，而全球大豆庫存預計將連續第三年成長。全球小麥產量強勁反彈，主要出口國產量比去年增加了2,300萬噸以上。

Wheat prices moved lower during Q3, generating demand and clearing supply. In the UK, production rose over 2 million metric tons compared to prior year. Further increases in wheat planting are anticipated this fall for harvest in the summer of 2026, which could increase availability. During the remainder of 2025, the corn and soybean meal markets will focus on final United States yields, the start of the South American weather season and changes to export flows of US grain and oilseeds from the ongoing trade negotiations.

第三季小麥價格走低，刺激了需求並清理了供應。英國的產量比上年增加了200多萬噸。預計今年秋季小麥種植面積將進一步增加，以便在 2026 年夏季收穫，這可能會增加小麥供應量。在 2025 年剩餘的時間裡，玉米和豆粕市場將關注美國的最終產量、南美洲天氣季節的開始以及正在進行的貿易談判對美國穀物和油籽出口流量的影響。

Turning to the US, chicken demand remains strong across retail and foodservice. Equally important, our diversification across bird sizes in Fresh and growth of Prepared Foods alleviated the impact of a decline in commodity market values during September.

就美國市場而言，零售和餐飲服務業對雞肉的需求依然強勁。同樣重要的是，我們在新鮮禽類產品中實現了禽類尺寸的多樣化，以及預製食品的成長，緩解了9月大宗商品市場價值下跌的影響。

As a result, our margins were very comparable to last year. Case Ready benefited from relative affordability of chicken in retail compared to other proteins. More importantly, sales to key customers were significantly higher than category average, suggesting our higher attribute differentiated offerings continue to resonate with consumers. Big Bird enhanced production efficiency through improved yields, equipment upgrades and team member training.

因此，我們的利潤率與去年非常接近。與其他蛋白質相比，雞肉在零售市場上的價格相對便宜，這使得Case Ready受益匪淺。更重要的是，對重點客戶的銷售額明顯高於同類產品的平均水平，這表明我們具有更高屬性差異化的產品繼續引起消費者的共鳴。Big Bird 透過提高產量、升級設備和培訓團隊成員來提高生產效率。

Live operations also made significant progress through revised management programs, updated housing and improved bird health. While we experienced some volatility in commodity chicken values in September, Big Bird margins were compared to -- comparable to last year, given our operational progress and declines in feed costs. Small Birds benefited from steady demand from key customers among leading QSRs and improvement in operational excellence despite some reduction in demand in the bone-in category.

透過修訂管理方案、更新住房和改善禽類健康狀況，活禽養殖也取得了顯著進展。儘管9月份商品雞肉價格出現了一些波動，但考慮到我們的營運進展和飼料成本的下降，Big Bird的利潤率與去年相比還是相當的。儘管帶骨雞肉品類的需求有所下降，但小鳥肉仍受益於領先快餐店等主要客戶的穩定需求以及營運效率的提高。

In Prepared Foods, net sales grew by over 25% through expanded offerings and increased distribution. Within retail, the Just BARE brand continues to lead the category growth as market share rose by nearly 300 basis points versus the same period last year.

在預製食品方面，透過擴大產品種類和增加分銷管道，淨銷售額成長超過 25%。在零售領域，Just BARE 品牌持續引領品類成長，市佔率較去年同期成長了近 300 個基點。

The Pilgrim's brand line of products also continues to gain consumer traction and market price recognition. Velocity on our core items improved and the Food & Wine and Serious Eats both recognized our Ultimate Nugget line as the best chicken nugget in their September publications. In foodservice, Prepared sales expanded faster than channel average. Innovation played a critical role as over 80% of growth came from new items.

Pilgrim品牌的產品線也持續獲得消費者的青睞和市場價格認可。我們的核心產品銷售量有所提升，《美食與美酒》和《嚴肅美食》雜誌都在九月份的刊物中將我們的終極雞塊系列評為最佳雞塊。在餐飲服務領域，預製食品的銷售額成長速度高於通路平均。創新發揮了關鍵作用，超過 80% 的成長來自新產品。

In Europe, we have undertaken a multiyear journey to drive profitable growth. Over the past two years, we consolidated our manufacturing network and simplified the organization to create a more nimble, key customer-focused organization. As a part of this effort, we remain focused on quality and service. Based on our work, we have continually received recognition for our supply chain capabilities over the past several years and are once again awarded Supplier of the Year by key retailers during the quarter.

在歐洲，我們已經開始了為期多年的獲利成長之旅。過去兩年，我們整合了製造網絡，簡化了組織結構，創造了一個更靈活、以客戶為中心的組織。作為這項工作的一部分，我們將繼續專注於品質和服務。憑藉我們過去幾年的工作，我們的供應鏈能力不斷獲得認可，並在本季再次被主要零售商評為年度最佳供應商。

With a solid manufacturing and corporate base, we are now focused on growth through our diversified protein platform with innovation, brands and key customer partnerships. Within Fresh, demand for our chicken continues to be strong. Additional opportunities exist to grow as chicken remains the fastest-growing category within retail.

憑藉穩固的製造和企業基礎，我們現在專注於透過多元化的蛋白質平台、創新、品牌和重要的客戶合作夥伴關係來實現成長。在生鮮產品系列中，我們雞肉的需求依然強勁。雞肉仍然是零售業成長最快的品類，因此還有進一步成長的機會。

Similarly, several leading QSRs continue to emphasize chicken given its affordability and availability, creating further prospects. Given this attractive environment, we are exploring investment to accelerate our growth in this segment. The pork business was more challenging during the quarter as the European hog pricing fell as demand softened from primary export markets, especially from China that started an antidumping investigation against Europe. To mitigate this scenario, we created differentiated higher attribute offerings in UK, and we're able to secure a long-term arrangement supporting the growth of a key customer.

同樣，鑑於雞肉價格實惠且供應充足，一些領先的快餐連鎖店繼續重視雞肉，這創造了進一步的發展前景。鑑於這種有利的環境，我們正在尋求投資，以加速我們在該領域的成長。本季豬肉業務面臨更大的挑戰，因為歐洲生豬價格下跌，主要出口市場（尤其是中國）的需求疲軟，而中國已對歐洲展開反傾銷調查。為了緩解這種情況，我們在英國推出了差異化的高屬性產品，並達成了長期協議，以支持一位重要客戶的成長。

We will continue to pursue similar arrangements going forward. In our branded portfolio, Fridge Raiders achieved its highest-ever household penetration. Rollover continued to expand, giving incremental distribution. Both brands grew faster than the category. Our largest brand, the Richmond has experienced relatively steady volumes year-to-date. However, we have experienced increased competition from private label offerings given the availability of imported meat into the UK. To reinvigorate growth and increase share, we will amplify our investment in promotions and continue to bring new and exciting products to the marketplace.

我們將繼續尋求類似的安排。在我們的品牌組合中，「冰箱突襲者」實現了有史以來最高的家庭滲透率。展期持續擴大，帶來增量分銷。這兩個品牌的成長速度都超過了同類產品的平均值。今年以來，我們最大的品牌 Richmond 的銷售量一直保持相對穩定。然而，由於英國進口肉類的供應，我們面臨來自自有品牌產品的日益激烈的競爭。為了重振成長並提高市場份額，我們將加大促銷投入，並持續向市場推出令人興奮的新產品。

Also, we will continue to cultivate our presence in foodservice. To that end, we've increased our distribution and key customer QSRs demand remains robust as sales have increased by over 15% year-to-date. We will look to further expand our presence across pubs and bars through leading distributions.

此外，我們將持續拓展在餐飲服務領域的業務。為此，我們加大了分銷力度，主要客戶快餐店的需求依然強勁，今年迄今銷售額成長超過 15%。我們將尋求透過領先的分銷管道，進一步擴大我們在酒吧和酒館的影響力。

In Mexico, we continue to diversify our portfolio and reinforce the foundation for profitable growth and reduce volatility. In Fresh retail, sales to key customers rose by nearly 9% compared to last year. Momentum for branded offerings continues to grow, led by Just BARE. Since Q3 of last year, our volumes have more than tripled.

在墨西哥，我們持續實現投資組合多元化，鞏固獲利成長的基礎，並降低波動性。在生鮮零售方面，對重點客戶的銷售額比去年增長了近 9%。以 Just BARE 為首的品牌產品市場動能持續成長。自去年第三季以來，我們的銷量成長了兩倍多。

Similarly, Prepared Foods sales are up over 9% compared to last year, led by our Ping's brand, which rose over 12%. In foodservice, QSR has been exceptionally strong as sales increased by 17%. Given our continued development of key customer partnerships, branded growth and expansion in prepared, Mexico becomes even more attractive given its enhanced return profile and growth potential.

同樣，預製食品的銷售額比去年增長了 9% 以上，其中 Ping's 品牌的銷售額增長超過 12%。在餐飲服務業，速食業表現尤為強勁，銷售額成長了 17%。鑑於我們持續發展關鍵客戶合作夥伴關係，品牌成長和擴張已做好準備，墨西哥因其增強的回報前景和成長潛力而變得更具吸引力。

We remain committed to investments in our growth agenda. In the US, our portfolio is strengthening with the conversion of a Big Bird facility to Case Ready, a new protein conversion plant a new state-of-the-art Prepared Foods facility in Walker County, combined with upgrades in processing and volume in Big Birds all remain on schedule. Once completed, these investments will enhance our competitive differentiation in Fresh, further diversify our portfolio through brands and enhance operating efficiencies. As a result, our US business will become even better equipped to meet consumer preferences and key customer growth while better managing increasing volatility in the commodity market.

我們將繼續致力於投資，以實現我們的成長目標。在美國，我們的產品組合正在不斷增強，包括將一家 Big Bird 工廠改造成 Case Ready 工廠，新建一家蛋白質加工廠，以及在沃克縣新建一家最先進的預製食品工廠，再加上 Big Bird 的加工和產量升級，所有這些都在按計劃進行。這些投資一旦完成，將增強我們在生鮮領域的競爭優勢，進一步透過品牌實現產品組合多元化，並提高營運效率。因此，我們的美國業務將能夠更好地滿足消費者的偏好和主要客戶的成長需求，同時更好地應對大宗商品市場日益加劇的波動。

Similarly, our expansions in Fresh and prepared in Mexico continue as planned. In Fresh, progress continued at Veracruz and Campeche as breeder and broiler farmers have both started production. In Prepared Foods, construction is well underway with its initial production testing slate for the late in Q4. Given these investments, Mexico will improve biosecurity, expand distribution in Fresh and further diversify its portfolio through value-added.

同樣，我們在墨西哥的新鮮食材和預製食品業務的擴張也按計劃繼續進行。在弗雷什州，韋拉克魯斯州和坎佩切州的養殖戶和肉雞養殖戶都已開始生產，進展順利。在預製食品領域，建設工作進展順利，預計第四季末開始進行初步生產測試。有了這些投資，墨西哥將改善生物安全，擴大鮮食分銷，並透過增值進一步實現產品組合多元化。

Like the US, Mexico will become even more adept at managing volatility of the live commodity markets. Taken together, this investment will reinforce our strategies, reduce risk and increase returns for our business, creating additional value for our shareholders.

與美國一樣，墨西哥將更擅長應對即時大宗商品市場的波動。綜合來看，這項投資將加強我們的策略，降低風險，提高業務回報，為股東創造更多價值。

And earlier this week, we published our 2024 sustainability report, which provided an update on our progress against environmental, social and governance matters critical to our business. To that end, we continue to integrate sustainability throughout all aspects of our strategy and business to enhance environmental stewardship, conserve natural resources and cultivate team member development.

本週早些時候，我們發布了 2024 年永續發展報告，其中介紹了我們在對公司業務至關重要的環境、社會和治理問題方面取得的進展。為此，我們繼續將永續發展理念融入我們策略和業務的各個方面，以加強環境管理、保護自然資源並促進團隊成員發展。

Since 2019, we have reduced our Scope 1 and 2 emissions intensity by 23% and improved our global safety index by over 77%. Usage of renewable electricity continues to be a focus area and now constitutes over 21% of our overall electricity usage. Team member development remains a key priority. Over the past year, we have provided more than 5.7 million training hours to improve skills and create opportunities within our company. Our Better Future programs continue to generate remarkable enthusiasm as more than 285 team members or their dependents have enrolled in tuition-free higher education programs.

自 2019 年以來，我們的範圍 1 和範圍 2 排放強度降低了 23%，全球安全指數提高了 77% 以上。再生能源電力的使用仍然是我們的重點領域，目前已占我們總用電量的 21% 以上。團隊成員發展仍然是重中之重。過去一年，我們提供了超過 570 萬小時的培訓，以提高員工技能，並在公司內部創造機會。我們的「美好未來」計畫持續激發人們極大的熱情，已有超過 285 名團隊成員或其家屬報名參加了免學費的高等教育課程。

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

接下來，我想請我們的財務長馬特·加爾瓦諾尼談談我們的財務表現。

Thank you, Fabio. Good morning, everyone. For the third quarter of 2025, net revenues were $4.76 billion versus $4.58 billion a year ago, with adjusted EBITDA of $633.1 million and a margin of 13.3% compared to $660.4 million and a 14.4% margin in Q3 last year.

謝謝你，法比奧。各位早安。2025 年第三季度，淨收入為 47.6 億美元，而去年同期為 45.8 億美元；調整後 EBITDA 為 6.331 億美元，利潤率為 13.3%，而去年同期分別為 6.604 億美元和 14.4%。

Relative to net revenues, we experienced year-over-year sales growth of 2.3% in the US in the quarter, driven by growth with our Key Customers in Case Ready and Prepared Foods volumes increasing. Mexico's revenues were up over 5% year-over-year due to an increase in sales volume. In Europe, year-over-year net revenues rose over 6%. Adjusted EBITDA margins in Q3 were 16.9% in the US compared to 18% a year ago.

與淨收入相比，本季度我們在美國實現了 2.3% 的同比增長，這主要得益於我們主要客戶在預製食品和即食食品銷售方面的增長。由於銷量成長，墨西哥的營收年增超過 5%。在歐洲，淨收入年增超過 6%。第三季美國調整後 EBITDA 利潤率為 16.9%，而去年同期為 18%。

For our European business, adjusted EBITDA margins came in at 7.9% for Q3 compared to 8.6% last year. In Mexico, adjusted EBITDA margins in Q3 were 8.2% versus 9.7% a year ago. Moving to the US, our adjusted EBITDA for Q3 came in at $479.1 million compared to $499.4 million a year ago. In our Big Bird business, lower grain input costs and continued operational improvements partially offset year-over-year declines in US commodity chicken market pricing.

對於我們的歐洲業務，第三季調整後的 EBITDA 利潤率為 7.9%，而去年同期為 8.6%。在墨西哥，第三季調整後的 EBITDA 利潤率為 8.2%，而去年同期為 9.7%。再來看美國市場，我們第三季的調整後 EBITDA 為 4.791 億美元，而去年同期為 4.994 億美元。在我們的 Big Bird 業務中，較低的穀物投入成本和持續的營運改善部分抵消了美國商品雞肉市場價格同比下降的影響。

Our Case Ready and Prepared Foods businesses continued their momentum with increased distribution with key customers. Case Ready's profitability was higher both year-over-year and quarter-over-quarter. However, even with a 25% year-over-year increase in net sales, higher commodity chicken input costs in previous periods was a headwind to Prepared Foods' Q3 profitability. Small Bird grew in QSR with our key customers, offsetting a more challenging environment in walks.

我們的預製食品和即食食品業務持續保持成長勢頭，與主要客戶的分銷管道不斷擴大。Case Ready 的獲利能力較去年同期成長，較上季也成長。然而，即使淨銷售額年增了 25%，但前幾個時期較高的雞肉原料成本對預製食品第三季的獲利能力構成了不利影響。Small Bird 在快餐業與我們的主要客戶共同成長，抵消了步行市場更具挑戰性的環境。

In Europe, adjusted EBITDA in Q3 was $110.4 million versus $112 million last year. This slight year-over-year decrease was driven by pricing actions we took to address lower European hog market prices. The impacts of these pricing actions were partially offset by year-over-year cost reductions from our network optimization programs and administrative reorganization efforts.

在歐洲，第三季調整後 EBITDA 為 1.104 億美元，去年同期為 1.12 億美元。年比略有下降是由於我們為應對歐洲生豬市場價格走低而採取的價格措施所致。這些定價措施的影響部分被我們透過網路優化計畫和行政重組工作所實現的年度成本降低所抵銷。

Mexico generated $43.7 million in adjusted EBITDA in Q3 compared to $49 million last year. Profitability decreased year-over-year primarily due to lower market pricing for chicken due to higher supply in certain markets as bird disease impacts were much less in those regions during Q3 2025. Relative to our SG&A costs, we incurred higher year-over-year legal settlement-related and incentive compensation costs.

墨西哥第三季調整後 EBITDA 為 4,370 萬美元，去年同期為 4,900 萬美元。獲利能力較去年同期下降，主要是由於某些市場供應量增加，導致雞肉市場價格下降，因為在 2025 年第三季度，這些地區的禽類疾病影響要小得多。相對於我們的銷售、一般及行政費用，我們產生了逐年增加的法律和解相關費用和激勵性薪酬費用。

Our effective tax rate for the quarter was 25.6%, with our year-to-date rate at 25%, which is what we expect for the full year rate. We had $1.7 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 not expiring until 2028.

本季實際稅率為 25.6%，年初至今的稅率為 25%，這與我們對全年稅率的預期一致。截至季末，我們共有17億美元的現金和可用信貸額度。由於我們的債券將於 2031 年至 2034 年到期，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。

Our liquidity position provides us flexibility during times of volatility in the US commodity markets and allows us to pursue our growth strategy, including organic growth to meet our customers' needs. We have a strong balance sheet, and we continue to emphasize cash flows from operating activities, management of working capital and disciplined investment in high-return projects.

我們的流動性狀況使我們在美國大宗商品市場波動時期擁有靈活性，並使我們能夠推行成長策略，包括透過內生成長來滿足客戶的需求。我們擁有穩健的資產負債表，並將繼續重視經營活動產生的現金流量、營運資本管理以及對高回報項目的審慎投資。

Even after paying $2 billion in dividends this year, as of the end of Q3, our net debt totaled less than $2.5 billion with a leverage ratio of slightly more than 1 times our last 12 months adjusted EBITDA. Net interest expense for the quarter totaled $29 million. We anticipate our full-year net interest expense to be approximately $110 million.

即使今年支付了 20 億美元的股息，截至第三季末，我們的淨債務總額仍不到 25 億美元，槓桿率略高於過去 12 個月調整後 EBITDA 的 1 倍。本季淨利息支出總計2900萬美元。我們預計全年淨利息支出約為 1.1 億美元。

We spent $182 million in CapEx in the third quarter, an increase of $78 million over the third quarter in 2024. In the US, we made significant progress this quarter towards the conversion of our Russellville plant by the end of the first quarter of 2026 to support a retail key customer. Also in Mexico, our investments in Fresh and Prepared continue to progress and remain on schedule.

第三季我們在資本支出方面花費了 1.82 億美元，比 2024 年第三季增加了 7,800 萬美元。在美國，本季我們在改造羅素維爾工廠方面取得了重大進展，目標是在 2026 年第一季末完成改造，以支持零售業的重要客戶。此外，我們在墨西哥的生鮮和預製食品投資也在持續推進，並按計劃進行。

We remain focused on expanding our protein conversion footprint to upgrade our portfolio mix and reduce our exposure to outside protein conversion operators. Also, as we previously discussed, we continue to review options to expand our presence in Small Bird.

我們將繼續專注於擴大蛋白質轉化業務規模，以升級我們的產品組合，並減少對外部蛋白質轉化業者的依賴。此外，正如我們之前討論過的，我們將繼續研究擴大我們在小鳥領域的業務的各種方案。

Finally, we are beginning here in the fourth quarter our construction efforts in Walker County, Georgia on our new Prepared Foods plant to support the growth of our Just BARE brand. We anticipate -- estimate our full year CapEx spend to approximate $700 million. These growth projects align to our overall strategy of portfolio diversification, focus on key customers, operational excellence and our commitment to team member health and safety.

最後，我們將在第四季度開始在喬治亞州沃克縣建造新的預製食品工廠，以支持我們 Just BARE 品牌的成長。我們預計全年資本支出約為 7 億美元。這些成長項目與我們整體的投資組合多元化、專注於重點客戶、卓越營運以及對團隊成員健康和安全的承諾等策略相一致。

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

操作員，我們準備好的發言到此結束。請開放提問環節。

(Operator Instructions) Ben Theurer, Barclays.

（操作員說明）Ben Theurer，巴克萊銀行。

Two quick ones. So number one, obviously, we've seen the more commoditized prices rolling over in a more meaningful way versus what might have been usual seasonality performance. So I wanted to understand if you could first clarify a little bit more what you're seeing in the market? What's been the main driver of that? Is it just because of the hatchability, is it livability? And how do you think about that rolling into as we move into 2026 in terms of like a seasonal recovery into 1Q versus what probably is going to be a softer 4Q? That would be my first question.

兩個簡短的問題。首先，很明顯，我們看到商品價格的波動比通常的季節性波動更有意義。所以我想先了解一下，能否更詳細地說明一下您在市場上觀察到的情況？造成這種情況的主要驅動因素是什麼？只是因為孵化率，還是因為存活率？那麼，您如何看待這種情況延續到 2026 年，例如第一季會出現季節性復甦，而第四季可能會比較疲軟？這將是我的第一個問題。

And second, it's related to that. Can you update us as to within your portfolio right now, what percentage of your pricing contracts is actually exposed to that more commoditized bird size -- Big Bird pricing mechanism? Those will be my two questions.

其次，這與此有關。您能否告知我們，目前在您的投資組合中，有多少百分比的定價合約實際上採用了更商品化的鳥類尺寸——大鳥定價機制？這就是我的兩個問題。

Of course, pricing is a function of supply and demand, right? And what we experienced in Q3 in terms of demand is a similar scenario to the last years. The consumers continue to be watching their spending and have growing concerns about inflation. And with that and the inflation in food away from home, these foodservice operators have experienced lower traffic.

當然，價格是由供需關係決定的，對吧？第三季的需求情況與往年類似。消費者繼續謹慎支出，並且越來越擔心通膨。再加上外食價格上漲，這些餐飲服務業者的客流量有所下降。

What they have done to combat the lower traffic is to resort to promotions and to attract customers, right? And those promotions have featured mainly chicken. So because of that, despite the lower traffic, we have seen chicken growing in the foodservice around 4% in volume. And we're seeing that especially in the QSR where the volumes have increased more 6%.

為了因應客流量下降的問題，他們採取的措施是進行促銷活動來吸引顧客，對嗎？而這些促銷活動主要以雞肉為主。因此，儘管客流量較低，但我們看到餐飲服務業的雞肉銷售量成長了約 4%。尤其是在速食店，銷量成長了 6% 以上，我們更能感受到這一點。

So with this lower foot traffic, we're seeing consumers going into the retail. And on retail, what they are facing is also some increase in inflation, especially on the beef category. If you look into the pricing between beef and chicken, the gap that we are seeing, it's over $2. Just as an example, three years ago, this spread was $0.50. And since then, the price of chicken went down 10%, while the ground beef prices have increased by 28%. So when the consumer is facing that scenario, he is choosing to eat more chicken. And we're seeing the demand for chicken growing close to 3% in this category as well.

因此，隨著客流量的減少，我們看到消費者轉向了零售店。零售業方面，他們也面臨通貨膨脹加劇的問題，尤其是牛肉類別。如果你看一下牛肉和雞肉的價格，你會發現兩者之間的差距超過 2 美元。舉例來說，三年前，這個價差是 0.50 美元。而從那以後，雞肉價格下降了 10%，但牛肉價格上漲了 28%。所以當消費者面臨這種情況時，他會選擇多吃雞肉。我們也看到，該類別中雞肉的需求也增加了近 3%。

So the demand remains robust. What happened during Q3 in the supply scenario was at the beginning, very similar to what we saw in the first semester. We have a smaller but younger breeding flock that generates more eggs, but we have struggles with hatchability and livability. And the total supply growth in the first semester was under 2%.

因此，需求依然強勁。第三季供應情況的開局與第一季的情況非常相似。我們有一個規模較小但更年輕的種雞群，產蛋量較高，但我們在孵化率和存活率方面遇到了困難。第一學期總供應量成長不到 2%。

During Q3, we saw better growing conditions. So these better growing conditions impacted better livability and better hatchability. So despite the growth in Q3 being 2.7%, what we saw was that during September, some weeks have seen because of these better growing conditions, better livability, better sizes as well and the industry having to process on Saturdays to reduce weight, the increase in supply achieved close to 6%. And that was what impacted the commodity markets. And we have some sharp corrections in the -- especially on the boneless -- skinless boneless price.

第三季度，我們看到了更好的生長條件。因此，更好的生長條件帶來了更好的存活率和更好的孵化率。儘管第三季度增長了 2.7%，但我們在 9 月的某些週內看到，由於生長條件改善、適宜居住、尺寸增大，以及行業必須在周六進行加工以減輕重量，供應量增長接近 6%。這就是影響大宗商品市場的原因。我們看到一些劇烈的調整，尤其是無骨無皮無骨雞肉的價格。

As prices went down from $2.5 per pound to almost $1.20 per pound over the course of four weeks, we saw that creating some demand. And I think the good news is that right now, the prices are stable and actually went up $0.01 last week. So we're seeing that the strong demand is in line with the supply right now.

在短短四周內，價格從每磅 2.5 美元跌至每磅近 1.20 美元，我們看到這創造了一些需求。我認為好消息是，目前價格穩定，而且上週實際上上漲了 0.01 美元。所以我們看到，目前的強勁需求與供應是相符的。

Okay. Yeah, expos.

好的。對，博覽會。

Yeah. On our expos, we have a very diversified portfolio of segments. As I always say, talk about our portfolio. We are the leader in the Small Bird market. We have a big presence, and we are one of the leaders in the retail category, and we also have a big exposure in the big commodity markets.

是的。我們的展會涵蓋了非常多元化的板塊。正如我常說的，談談我們的投資組合。我們是小型鳥類市場的領導者。我們在零售領域擁有強大的影響力，是該領域的領導者之一，同時在大宗商品市場也佔有重要地位。

When you look into our portfolio, it's well diversified within those categories. In terms of how much it is exposed to the commodity markets, I would say that it's close to 25%, which is in line with our production or our share of production on the Big Bird category. Even in the Big Bird, we've been trying to differentiate some of our portfolio. And as we talked about in prior calls, we are the leader in the novel no-antibiotics-ever category and also in the Big Bird category. So we even being exposed to the commodity, we can achieve a premium in that category.

當你查看我們的作品集時，你會發現它在這些類別中實現了良好的多元化。就其對大宗商品市場的依賴程度而言，我認為接近 25%，這與我們在大鳥品類中的產量或產量份額相符。即使是「大鳥」這個品牌，我們也一直在努力使我們的產品組合脫穎而出。正如我們在之前的電話會議中討論的那樣，我們在新型無抗生素類別和“大鳥”類別中都是領導者。因此，即使我們從事大宗商品交易，我們也能在該類別中獲得溢價。

Okay. And you can't comment on like seasonality expectations for like 1Q, correct?

好的。你不能對第一季的季節性預期發表評論，對吧？

Yeah. On what we are seeing, as I mentioned, I think the good news is that as of the last two weeks, we have seen a supply and demand imbalance. And actually, as I mentioned, prices started to go up. I think it's normal to have a lower demand during Q4 for chicken. And then when we started and this normal seasonality, prices start to rise in December to prepare for the strong promotional activity that we normally see on the chicken category, especially on retail during January.

是的。正如我之前提到的，我認為好消息是，在過去兩周里，我們看到了供需失衡。事實上，正如我之前提到的，價格開始上漲了。我認為第四季雞肉需求量下降是正常的。然後，隨著季節性因素的正常變化，價格從 12 月開始上漲，為 1 月份雞肉類別（尤其是零售業）的強勁促銷活動做準備。

So when you look at the USDA expectations, Growth continued to be expected in between 2% and 3% on the chicken category. We've seen this increase in excess consistently year-over-year. And we saw some seasonal cuts that were lower than prior years.

因此，根據美國農業部的預期，雞肉類別的成長預計仍將在 2% 到 3% 之間。我們已經看到這種過剩現象逐年持續成長。我們也看到一些季節性降幅低於往年。

But again, supply seems to be very balanced in October. And I think also when you look at the overall protein availability in the United States during Q4, USDA is expecting a sharp cut in the beef production. So overall protein availability will be very limited during Q4. Chicken will be, I think, the only category that will be up, but USDA is expecting between 2% and 3%.

但10月份的供應似乎再次非常平衡。而且我認為，從美國第四季的整體蛋白質供應情況來看，美國農業部預計牛肉產量將大幅下降。因此，第四季蛋白質總供應量將非常有限。我認為雞肉將是唯一一個價格上漲的類別，但美國農業部預計漲幅在 2% 到 3% 之間。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Just actually one question for me, and it's maybe more of a conceptual question. But Fabio, you mentioned the spread on beef to chicken and it seems to being at record, if not close to record levels. And you're just not -- you're not seeing the cross-product elasticity I would think you would in an environment where beef is at an all-time high and chicken is hovering in some instances on some of the cuts below the five-year averages.

我其實只有一個問題，而且這可能更偏向概念性的問題。但是法比奧，你提到了牛肉和雞肉之間的價格差距，而且似乎已經達到或接近歷史最高水平。而且你並沒有——你沒有看到我認為在牛肉價格處於歷史最高水平，而雞肉價格在某些情況下徘徊在低於五年平均水平的環境下應該出現的交叉產品彈性。

So I just want to understand, conceptually, as you all think about it, like why is that? It wouldn't make sense to me that beef could be at such a sustained high level and chicken prices would trade down even with seasonality. So maybe you can just explore on that topic a bit more because I think there's a lot of market participants who probably don't understand myself included, the rationality of what's happening.

所以我想從概念上理解一下，就像你們思考這個問題一樣，為什麼會這樣呢？牛肉價格持續居高不下，而雞肉價格即使受季節性因素影響也會下降，這在我看來是不合理的。所以，或許你可以就這個主題再深入探討一下，因為我認為有很多市場參與者（包括我自己）可能不理解正在發生的事情的合理性。

Sure, Peter. Yeah, it's a great question. I think as I mentioned at the beginning, what is happening is the consumer when facing the food away from home higher or the inflation in food away from home, he is moving to retail. So we need to first think about that transition. So when -- and when we look at the ticket of the food away from home, it's typically 3 times the ticket of the food at home.

當然可以，彼得。是的，這是一個很好的問題。我認為正如我一開始提到的，現在的情況是，當消費者面臨外出用餐價格上漲或外食價格上漲時，他們會轉向零售。所以我們首先需要考慮這種轉變。所以，當我們查看外出用餐的帳單時，通常會發現它比在家用餐的帳單高出 3 倍。

So what's happening is that the lower food traffic in foodservice is partially moving to retail. And when they go to retail, they want to have indulgement and they are buying the beef. So what we are seeing, it is -- you mentioned elasticity, right? We're seeing this change in the demand on retail, where we see consumers moving away from high foodservice prices to retail, and they are consuming the high-priced beef. So we're seeing the demand on the beef also increasing because of that change.

所以現在的情況是，餐飲服務業較低的食品客流量正在部分轉移到零售業。當他們去零售店時，他們想要享受生活，所以他們會購買牛肉。所以我們看到的是──你剛才提到了彈性，對吧？我們看到零售需求發生了這種變化，消費者不再從高價餐飲服務轉向零售，他們正在消費高價牛肉。因此，由於這種變化，我們看到對牛肉的需求也在增加。

Now inside retail, we saw exactly what you said, the record spreads and then people moving away from beef into chicken. So this is the scenario that we are seeing. And that's why the prices of beef have been very well supported because they're being supported by the trade down per se from foodservice to retail.

現在在零售業，我們看到的情況正如你所說，記錄傳播開來，人們開始從牛肉轉向雞肉。這就是我們目前看到的情況。正因如此，牛肉價格才得到了很好的支撐，因為餐飲服務業向零售業的消費下降本身就支撐了牛肉價格。

And then inside retail, we're seeing the trade down from the high prices of beef, especially the ground beef to the boneless chicken, as I mentioned, with the highest spread we've ever seen, close to $2. So it's a little movement between categories as well, not only inside the retail that is supporting the beef category. And we are also seeing some lower beef availability as well, which is supporting these prices.

而在零售業內部，我們看到牛肉（尤其是碎牛肉）價格高企，而無骨雞肉的價格卻在下降，正如我提到的，價格差達到了我們見過的最高水平，接近 2 美元。所以，這不只是零售業對牛肉類別的支持，也是不同類別之間的小轉變。同時，我們也看到牛肉供應量下降，這也支撐了牛肉價格。

Andrew Strelzik, BMO Capital.

Andrew Strelzik，BMO Capital。

My first one, there were two things that you mentioned impacting the quarter. And I'm curious about whether you view those as just third-quarter impacts or if you think those continue into the fourth quarter or even into 2026. Those are the input cost headwind to Prepared Foods and some of the demand challenges on the export environment in the EU, UK segment. So if you could just kind of comment on how to think about whether those should continue or that was kind of confined to the third quarter.

我的第一個問題是，您提到有兩件事會影響到本季。我很好奇，您是否認為這些影響僅限於第三季度，還是會持續到第四季甚至 2026 年。這些都是預製食品投入成本的不利因素，也是歐盟、英國出口市場面臨的一些需求挑戰。所以，如果您能就這些措施是否應該繼續實施，或者是否僅限於第三季發表一下看法，那就太好了。

Yeah. I think just going forward, right, and moving back to US once again to 2026. USDA is looking for chicken growth in between the 2% and 3% that we saw in 2025. All the drivers that made 2025 a strong year for chicken continue to be in place for 2026. The industry is operating with a very high utilization rate, especially on the hatcheries. The breeding flock continued to be at the lowest levels compared to prior years. And the pullet placements, which is the indication for the size of the breeding flock we're in line with the replacement needs.

是的。我認為，展望未來，對吧，然後再次回到美國，到 2026 年。美國農業部預計 2025 年雞肉產量成長率將介於 2% 到 3% 之間。2025 年雞肉產業蓬勃發展的所有驅動因素在 2026 年依然存在。該行業的利用率非常高，尤其是在孵化場。與往年相比，種畜數量持續處於最低水準。而小母雞的安置狀況，顯示我們的種雞群規模符合替換需求。

So we are not seeing an expansion of the breeding flock. With the hatch utilization at the rates that we are seeing, we don't see a scenario where we have a significant increase in supply of chicken for 2026. And when we look at the competing proteins, I think USDA is expecting an even higher reduction, especially on the beef production, which will lead into -- I think it's a record low growth in net availability for -- in the United States of below 1%.

因此，我們並沒有看到族群數量的增加。按照我們目前看到的孵化率來看，我們預計 2026 年雞肉供應量不會大幅增加。當我們審視其他競爭性蛋白質時，我認為美國農業部預計產量將出現更大幅度的下降，尤其是在牛肉生產方面，這將導致——我認為這將是美國淨供應量增長創歷史新低——低於 1%。

So that with the spread that we are seeing between the prices of chicken and the prices of the other proteins and the need for the -- both the retailers and the foodservice to promote and drive traffic, we're seeing a strong demand for chicken. Input cost is an important issue as well. And what we have in the United States, of course, we will monitor, as I mentioned, the weather in the South America that could change the pricing for the global corn and soybeans is the trade deals that are in discussion.

因此，鑑於雞肉價格與其他蛋白質價格之間的差距，以及零售商和餐飲服務商都需要進行促銷和吸引客流，我們看到對雞肉的需求強勁。投入成本也是一個重要議題。當然，正如我剛才提到的，美國方面會密切關注南美洲的天氣，這可能會改變全球玉米和大豆的價格，而目前正在討論的貿易協定也會影響價格。

But overall, we saw the largest acreage ever planted in the United States, and we are seeing very good yields coming out of the field. So there is an ample supply of corn and soy. So we were not seeing any scenario where we're going to see a squeeze or a big increase in the input cost for us.

但總體而言，我們看到了美國有史以來最大的種植面積，而且田間作物也獲得了非常好的產量。所以玉米和大豆供應充足。因此，我們沒有看到任何可能導致我們投入成本大幅增加或收緊投入的情況。

And Andrew, relative to your Prepared Foods question, I think it's important to the dynamic that we saw here in Q3 with relatively high commodity market pricing for chicken in July and August and then the steep drop in September, for us to flush that through the P&L within Prepared Foods, it takes a month or two, right?

安德魯，關於你提出的預製食品問題，我認為重要的是，我們在第三季度看到的動態是，7 月和 8 月雞肉商品市場價格相對較高，然後 9 月急劇下降，要將這些變化反映到預製食品的損益表中，需要一到兩個月的時間，對吧？

So we had much higher input costs in Prepared Foods inventory that flew through the P&L in Q3, that will then kind of recede more naturally as that inventory flushes through and the new inventory is being built on input costs that are much lower, right? So it's a bit of a timing situation within US Prepared Foods relative to that input cost fluctuation.

因此，我們在第三季的預製食品庫存中投入成本較高，這些成本直接計入了損益表。隨著這些庫存的消化，以及新庫存的投入成本大幅降低，這些成本將會自然下降，對吧？所以，美國預製食品產業的情況有點取決於投入成本的波動。

And then on the export of UK, as I mentioned in the prepared remarks, what we saw was that because of a China antidumping against Europe we saw a lot of commodity meat, especially from Germany, getting into the UK. I think what we did and we will continue to do is to differentiate our offerings with the higher welfare that we have in UK.

至於英國的出口，正如我在準備好的演講稿中提到的，我們看到，由於中國對歐洲採取反傾銷措施，大量商品肉類，特別是來自德國的肉類，流入了英國。我認為我們已經做了，並且將繼續做的，就是利用英國更高的福利水平來使我們的產品和服務脫穎而出。

I think a great example was the 10-year contract that we did with a Key Customer where we're going to be able to differentiate their offerings, which help support their growth and isolates us from this competing more commodity meat that gets into -- especially into the UK.

我認為一個很好的例子是我們與一位重要客戶簽訂的 10 年合同，根據該合同，我們將能夠使他們的產品脫穎而出，這有助於支持他們的增長，並將我們與那些進入市場（尤其是英國市場）的更具競爭力的商品化肉類隔離開來。

That always impact more on the sausage business because it is imported commodity meat. And that pressure a little bit to the prices on our Richmond brand. But as I mentioned, we will also continue to do some promotional activities, and we will lead through the innovation in that market to support the strong growth of that brand and the profitability of the overall portfolio.

由於香腸是進口商品肉，因此對香腸產業的影響更大。這給我們的 Richmond 品牌產品的價格帶來了一些壓力。但正如我所提到的，我們將繼續進行一些促銷活動，並透過在該市場進行創新來支持該品牌的強勁成長和整個產品組合的獲利能力。

Okay. That's super helpful. And then I wanted to see if you could elaborate on your comments about the EU, UK reaching a new phase of the profitability journey. And I don't think that's entirely surprising given the progress you've made on margins over the last couple of years and in the context of how you've talked about kind of normal margins in that segment.

好的。這太有幫助了。然後我想看看您能否詳細說明您對歐盟和英國進入盈利之旅新階段的看法。考慮到過去幾年你們在利潤率方面取得的進展，以及你們之前談到該領域正常的利潤率，我認為這並不完全令人驚訝。

But how then -- especially in the context of what was a little bit of a softer quarter than we expected in the segment this quarter, like how do we think about the profit growth? Or how are you thinking about that transition and how we should translate that to either margins or the profit growth for that segment kind of over the next couple of years?

但是，尤其是在本季度該業務板塊的表現比我們預期的要疲軟的情況下，我們該如何看待利潤成長？或者，您是如何看待這種轉變的？在未來幾年裡，我們應該如何將其轉化為該細分市場的利潤率或利潤成長？

Yeah, that's a great point. And I think we, as we say, turn the page, right, in Europe. I think we were consolidated -- consolidating our network manufacturing. We are consolidating our back office. We have a new office close to London. So I think we are in -- with great grounds to now be able to grow. And I think growth could be through M&A and could grow, could be through some organic expansions. I think we have the right structure today. We have the right team to support those.

沒錯，你說得很有道理。我認為，正如我們所說，歐洲正在翻開新的一頁。我認為我們進行了整合——整合了我們的網路製造。我們正在整合後台部門。我們在倫敦附近設立了新的辦公室。所以我認為我們現在擁有了良好的發展基礎。我認為成長可以透過併購實現，也可以透過一些內生式擴張來實現。我認為我們目前的組織架構是正確的。我們擁有合適的團隊來支持這些工作。

Of course, we will continue to improve our current portfolio organically, and it's through innovation. I think the best thing we can do in Europe is through innovation because when you look at what's happening in the marketplace, despite an improvement in the consumer confidence over the last period because we have experienced strong inflation, and then we have the wage growth accelerating and that was above this strong inflation.

當然，我們會繼續透過創新來不斷改進我們現有的產品組合。我認為我們在歐洲能做的最好的事情就是透過創新，因為當你觀察市場正在發生的事情時，儘管在過去一段時間裡，由於經歷了強烈的通貨膨脹，消費者信心有所改善，而且工資增長也在加速，甚至超過了這種強烈的通貨膨脹。

And with that, the consumer confidence was increasing, which was helping our higher attribute offerings. I think over the last month, we saw some concerns about inflation again. And like I mentioned, with this impact from the price of pigs, especially in Europe, impacted a little bit our branded portfolio.

隨著消費者信心的增強，這有助於我們推出更高品質的產品。我認為在過去一個月裡，我們再次看到了通貨膨脹的擔憂。正如我之前提到的，生豬價格，尤其是歐洲豬價格的上漲，對我們的品牌產品組合產生了一定的影響。

But what we can do is to continue to innovate and partner with our key customers to continue to support their growth. Also, we've seen the chicken business in Europe growing faster than the other segments. And we have some organic investments that we are putting in place to increase our production of chicken to close to 20% growth over the next two years.

但我們可以繼續創新，並與主要客戶合作，繼續支持他們的發展。此外，我們還看到歐洲的雞肉產業成長速度超過了其他產業。我們正在進行一些有機投資，以期在未來兩年內將雞肉產量提高到接近 20% 的成長。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Just wanted to maybe just focus on Europe here. Just gave a lot of great color here with that last answer. But maybe just talking more on M&A. You just told us you're lining up some organic chicken production in Europe here over the next few years. Does this take your foot off the pedal in terms of your hunt for an M&A opportunity? Because I think in the past, you've said that maybe the next thing for you all would be some white space opportunity in Mainland Europe.

我只想在這裡重點關注歐洲。最後一個回答真是增添了不少精彩的色彩。但或許我們可以多談談併購方面的事。您剛剛告訴我們，您計劃在未來幾年內在歐洲開展一些有機雞肉生產項目。這是否會減緩您尋找併購機會的步伐？因為我覺得你以前說過，你們接下來可能會在歐洲大陸尋找一些空白市場機會。

And so I wanted to, a, get a sense if those organic investments slow down any sort of M&A initiatives in Europe? And b, if you could maybe just give us an update on what you're seeing in Europe? Is there anything attractive out there at this time?

因此，我想了解一下，這些內生性投資是否會減緩歐洲的任何併購活動？其次，您能否簡單介紹一下您在歐洲看到的情況？現在有什麼吸引人的東西嗎？

And I think you're right. Where we are growing in chicken on the organic, it is in UK and Ireland. It's where we are present. We have a great key customer relationship. We are seeing the demand for chicken growing in UK and Europe. So we have the opportunity. And as I always mentioned, because of our differentiated products, we help our key customers to differentiate. And when they grow, we are allowed to grow. So this is not speculative growth. And that does not change anything on the M&A front. When you look at our portfolio in Europe, it's the most diversified that we have around the world.

我認為你是對的。我們目前在英國和愛爾蘭進行有機養雞。這就是我們身處的地方。我們與重要客戶保持良好的合作關係。我們看到英國和歐洲對雞肉的需求正在增加。所以我們有機會。正如我一直提到的，由於我們擁有差異化的產品，我們幫助我們的主要客戶實現差異化。當它們成長時，我們也得以成長。所以這不是投機性成長。但這並不會改變併購方面的任何事情。當你審視我們在歐洲的投資組合時，你會發現它是我們在全球範圍內最多元化的投資組合。

So we are in the chicken business. We have the pork business, but we also have the sausage and the meals business along with foodservice a foodservice business in Europe. So we have a very diversified portfolio, and we're looking into opportunities in all those categories or segments. Specifically, as you mentioned, in chicken, we are present in UK and Ireland, and we see opportunities in other countries in the European Union for us to expand our expertise in chicken.

所以我們從事雞肉生意。我們有豬肉業務，但我們也有香腸和餐點業務，以及在歐洲的餐飲服務業務。因此，我們的投資組合非常多元化，我們正在所有這些類別或細分市場中尋找機會。具體來說，正如您所提到的，在雞肉領域，我們目前在英國和愛爾蘭都有業務，我們看到了在歐盟其他國家擴展我們在雞肉領域專業知識的機會。

And then within UK and other countries in Europe, we see some opportunities on the meal segments. We see opportunities on the sausage and branded product segments. So I think there's a lot of opportunities in Europe as the market is more fragmented in Europe as it is in other parts of the world. So we're still committed to growing and expanding our portfolio and the organic initiatives are more focused on where we are.

然後，在英國和歐洲其他國家，我們看到餐飲領域存在一些機會。我們看到了香腸和品牌產品領域的機會。所以我認為歐洲有很多機會，因為歐洲市場比世界其他地區更分散。因此，我們仍然致力於發展和擴大我們的產品組合，而有機成長計劃則更加重視我們目前的市場狀況。

Got it. Appreciate the color there. And I guess on my follow-up, I was just interested in something you said in the prepared comments. I think you mentioned that your September Big Bird margins may have been comparable to last year, which I found kind of impressive, just because our data shows somewhat of a different story. And so I was wondering if maybe you could help quantify some of these operational improvements or maybe even tease out how October Big Bird margins look in terms of PPC's view?

知道了。欣賞那裡的色彩。我接下來想問的是，我對你在準備好的評論中提到的一些內容很感興趣。我想你提到過，你們九月的大鳥票收益可能與去年持平，我覺得這很了不起，因為我們的數據顯示的情況略有不同。所以我想知道您是否可以幫忙量化一下這些營運方面的改進，或者甚至可以分析一下從 PPC 的角度來看，10 月份 Big Bird 的利潤情況如何？

Yeah. I thank you for the question, and I think we can clarify that in the quarter, the margins was comparable. I think we saw, as I mentioned, in September, a sharp decline in -- especially on the boneless price because of what I said an excess -- don't say excess production in the whole Big Bird category, but I think the killing on Saturdays, some of the industry was trying to control weight. So we saw some marginal supply, especially during September. So the margins during September were much lower than the margins compared to the rest of the quarter.

是的。感謝您的提問，我認為我們可以澄清一下，本季利潤率基本上持平。正如我之前提到的，我認為我們在 9 月看到了價格的急劇下降——尤其是無骨雞肉的價格，因為我說過大鳥雞肉的產量過剩——不是說整個大鳥雞肉的產量過剩，而是因為週六宰殺雞肉，一些業內人士試圖控制雞肉的重量。因此，我們看到了一些微量供應，尤其是在9月。因此，9 月的利潤率遠低於本季其他月份的利潤率。

But overall, during Q3, the margins were similar to the same period last year. As I mentioned, after this sharp decline, the prices are stable right now and the latest change has been up. So I think that's the great news that shows that the supply and demand are in balance during this Q4. And with the prices that we are seeing in the Big Bird commodity, we're seeing some triggers of demand.

但整體而言，第三季利潤率與去年同期基本持平。正如我之前提到的，在經歷了這次暴跌之後，目前價格趨於穩定，而且最近一次變動是上漲的。所以我認為這是個好消息，顯示第四季供需平衡。從大鳥商品的價格來看，我們看到了一些需求觸發因素。

Guilherme Palhares, Santander.

吉列爾梅·帕哈雷斯，桑坦德銀行。

Two here from our side. The first one is on leverage. Matt said that the company has already paid $2 billion in dividends this year. But of course, this is also related to last year. And going forward, we continue to see the balance sheet being so strong, right? So if you could give us a sense of how are you thinking in terms of the capital structure for the rest of the year as in Q4, you had that extraordinary dividend last year. So how are you thinking about 2025?

我們這邊有兩位。第一個例子是關於槓桿作用的。馬特表示，該公司今年已經支付了20億美元的股息。當然，這也與去年有關。展望未來，我們預計資產負債表將繼續保持強勁勢頭，對吧？所以，如果您能為我們介紹一下您對今年剩餘時間的資本結構有何考慮，因為您在第四季度發放了去年的特別股息。你對2025年有什麼想法？

And the second one, Fabio, you mentioned a bit the growth in terms of the supply. Is there any opportunities for the US to grow in terms of exports as well to put some of that product in the shelves of other countries as well and gain some share on the trade?

第二個問題，Fabio，你剛才提到了供應方面的成長。美國在出口方面是否有任何成長機會，可以將部分產品擺上其他國家的貨架，從而在貿易中獲得一些份額？

Yeah. I'll answer the first one relative to kind of Q4 and leverage. I think for us, we don't really see any major change in Q4. As you mentioned, we had -- and I had mentioned earlier in my prepared remarks about the $2 billion in dividends that we had paid out throughout this year. I think that, of course, was a significant, call it, impact to our leverage ratios at that point.

是的。我會根據第四季和槓桿狀況來回答第一個問題。我認為對我們來說，第四季不會有任何重大變化。正如您所提到的，我們——而且我之前在準備好的發言稿中也提到過——今年我們已支付了 20 億美元的股息。當然，我認為這對我們的槓桿率產生了重大影響。

But nothing really overly significant. I did guide to approximately $700 million in total CapEx spend this year. We're in the $440 million range right now year-to-date. So we will have incremental CapEx relative to our quarterly run rate, which will be a use of cash. But generally speaking, we don't see a major change in leverage ratio as I look through the end of the year. And Fabio, if you want to comment on the other.

但沒什麼特別重要的事。我預計今年的總資本支出約為 7 億美元。今年迄今為止，我們的收入約為 4.4 億美元。因此，相對於我們的季度運行速度，我們將增加資本支出，這將需要動用現金。但總的來說，展望年底，我們預期槓桿率不會有重大變化。法比奧，如果你想對其他人發表評論的話。

Yeah. I think on exports, it is a great point, Guilherme. I think US is very competitive in chicken production. We have the feed inputs here domestically. We have very, very competitive operations. I think our exports are actually down this year when compared to the prior year. And I think because the focus of the chicken production in the US has always been the domestic market.

是的。吉列爾梅，我認為你關於出口的觀點非常好。我認為美國在雞肉生產方面非常有競爭力。我們國內就有所需的飼料原料。我們的營運競爭非常非常激烈。我認為今年我們的出口額實際上比去年有所下降。我認為這是因為美國雞肉生產的重點一直都是國內市場。

I think even on the leg quarters that we used to export, more and more, we are deboning that part of the bird, and we created the the dark meat deboning operations here in the US, and we're keeping that meat in the United States.

我認為即使是我們過去出口的雞腿，我們也越來越多地將雞腿骨剔除，我們在美國建立了深色肉剔骨生產線，並將這些肉留在美國。

So it is because of change of demographic. It is because of change in consumer preferences. And we're seeing that category growing really fast. And as a matter of fact, dark meat deboning meat is actually at par with the price of breast meat, which tells a lot about the domestic market changing, right?

這是由於人口結構變化所造成的。這是由於消費者偏好改變了。我們看到這一類別成長非常迅速。事實上，雞腿肉去骨後的價格與雞胸肉的價格基本持平，這顯示國內市場正在發生很大的變化，對吧？

And because of that, we've been reducing the export of leg quarters, which used to be the, let's say, the flagship of the American exports. I think as we grow our production here in the US as we are very competitive, we can capture some space on the exports.

正因如此，我們一直在減少腿部出口，而腿部出口曾經可以說是美國出口的旗艦產品。我認為，隨著我們在美國本土生產規模的擴大，憑藉我們強大的競爭力，我們可以在出口市場佔據一定的份額。

China has been one of the markets that have been close to us because of even influenza bans that were created last year, and they will never open. despite some trade agreements that say that after 90 days without any case, the market should reopen. China never reopened to American meat. And I think the trade agreements, if they really happen on the grain side, could have some benefits for us also on the meat exports.

由於去年因流感而實施的禁令，中國一直是與我們關係密切的市場之一，而且永遠不會開放。儘管一些貿易協議規定，在90天內沒有新增病例後，市場應該重新開放。中國從未重新開放進口美國肉類。我認為，如果糧食貿易協定真的達成，那麼我們的肉類出口也可能從中受益。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones 研究公司。

I wanted to ask about Q4. So like you said, Fabio, the markets have stabilized. And I'm just -- and that the price decline has triggered new demand. But I was just curious, as we head into the holiday season and like you said, we didn't get the normal seasonal cutbacks this year and you've got SNAP dollar reductions coming in the next week or so. I was just wondering how you're thinking about the pricing outlook for the November period. Do you think there's any material downside risk to pricing for that period given those two items?

我想問一下第四季的情況。正如你所說，法比奧，市場已經穩定下來了。我只是覺得——價格下跌引發了新的需求。但我只是好奇，隨著假期臨近，正如你所說，今年我們沒有像往常一樣享受季節性的補貼削減，而且接下來一周左右，食品券（SNAP）的補貼金額也會減少。我只是想了解一下您對11月的價格前景有何看法。考慮到這兩個因素，您認為該期間的價格是否有任何實質的下行風險？

Yeah, I think as we always say, Q4 is a place where we see a lot of promotional activity in other meats, hams and turkeys. So it's never a time where we see very strong demand for chicken. But what we are seeing during the last weeks is very strong demand on the retail side. And I think the lower price of the commodity always support the retail because we can augment the production of the retail plants with very competitive breast meat prices that we can help our key customers to do promotional activity.

是的，我認為正如我們常說的，第四季度是其他肉類、火腿和火雞等產品促銷活動頻繁的時期。所以，我們從來沒有看到對雞肉的強勁需求。但我們最近幾週看到的是零售方面非常強勁的需求。我認為較低的商品價格總是有利於零售業，因為我們可以以極具競爭力的雞胸肉價格增加零售工廠的產量，從而幫助我們的主要客戶進行促銷活動。

So I think that is what can help on the demand of chicken even in a period where we see typically the promotional activity on other meats. I think the SNAP is something that we are following very close. I think it is an important source for -- on the retail and for families to augment their budgets. I think the important point is that the SNAP, even if there is some disruption, will be paid in the future and will be retroactive.

所以我認為這即使在其他肉類通常進行促銷活動的時期，也能幫助維持對雞肉的需求。我認為我們非常關注SNAP（補充營養援助計劃）的進展。我認為它是零售業的重要資源，也是家庭增加預算的途徑。我認為重點是，即使 SNAP 出現一些中斷，未來仍會支付款項，並且會追溯過去。

So I think it is just a temporary or a small delay, hopefully. So that demand will come back again after the SNAP is paid. So yes, we are looking into that. But I think what we are doing in the chicken industry is doing together with the key customers is to do more promotional activity with the very competitive meat that we have right now because of the low price of the commodity meat.

所以我認為這只是暫時的或只是短暫的延誤，希望如此。所以，在 SNAP 福利發放完畢後，這種需求會再次出現。是的，我們正在調查此事。但我認為，由於目前商品肉價格低廉，我們在雞肉行業與主要客戶一起開展的，是對我們目前極具競爭力的肉類進行更多的促銷活動。

Okay. And my follow-up is, as we're transitioning from what has been an extremely robust time for the chicken industry as far as margins to, let's call it, a more normalized time. Just wondering if you could update us on how your portfolio has changed versus, say, three or four years ago because it used to be your Big Bird segment was pretty exposed to commodity markets. But even within tray pack and to a lesser extent, Small Bird, there was still the preponderance of that business was exposed to market-based pricing in some extent.

好的。我的後續觀點是，隨著我們逐漸從雞肉產業利潤極其豐厚的時期過渡到，我們姑且稱之為，一個更正常的時期。想請您介紹一下您的投資組合與三、四年前相比發生了哪些變化，因為以前您的大鳥板塊很大程度上受到大宗商品市場的影響。但即使在托盤包裝領域，以及在較小程度上在小鳥領域，大部分業務仍然在某種程度上受到市場定價的影響。

Maybe there were matrices and ranges, but there was still some exposure to how the market was moving. I was wondering, has that changed in any material way? Like has your retail pricing become more fixed? Or I mean, how should we be thinking about that as we're heading into '26?

或許存在矩陣和範圍，但仍能感受到市場趨勢。我想知道，這方面是否有任何實質的改變？你們的零售定價是否變得更固定了？或者說，當我們邁入 2026 年時，我們該如何看待這個問題？

Yeah. I think we've always been upgrading our portfolio in a sense. I think over the last three, four years, we have achieved, let's say, the largest antibiotic-free player in the United States. And we are also the largest organic operator in the United States. And we are also the largest only vegetable feed in the United States. And I think we're trying to differentiate our portfolio, not only from market pricing, but with some differentiated products that can capture upsides even when exposed to commodity.

是的。我認為從某種意義上說，我們一直在不斷升級我們的投資組合。我認為在過去的三年、四年裡，我們已經取得了成就，可以說，成為美國最大的無抗生素企業。我們也是美國最大的有機產品營運商。我們也是美國最大的純植物飼料生產商。我認為我們正在努力使我們的投資組合與眾不同，不僅與市場定價不同，而且還透過一些差異化產品，即使在商品風險敞口下也能獲得收益。

So we've done that change. We're also investing this year, as we mentioned in the prepared remarks, to convert one Big Bird plant to a Case Ready operation. Again, our customers are growing faster than category average. As a matter of fact, when you look into the retail, our numbers are 3 times larger in terms of growth when compared to the market, which means that our differentiated offerings are supporting our key customers to grow and win in the marketplace. And because of that, we will need to convert a more commodity Big Bird plant to a Case Ready plant.

所以我們已經做出改變了。正如我們在準備好的演講稿中所提到的，我們今年也將投資把一家 Big Bird 工廠改造成 Case Ready 工廠。再次強調，我們的客戶成長速度高於行業平均。事實上，從零售業來看，我們的成長速度是市場平均的 3 倍，這意味著我們差異化的產品和服務正在幫助我們的主要客戶在市場中成長並取得成功。因此，我們需要將一家生產大鳥等普通商品的工廠改造成生產成品箱的工廠。

Our portfolio of pricing, as you mentioned, has changed, and I think we have less exposure to the pure commodity right now. On some of the key customers we have negotiated prices. It is a market price, but it's a negotiated price. So we don't follow UB. We don't follow the commodity markets. What we follow is to keep our key customers competitive given what's happening in the marketplace.

正如您所提到的，我們的定價組合已經發生了變化，我認為我們現在對純大宗商品的敞口較小。我們已經與一些重要客戶協商了價格。這是市場價格，但也是協商後的價格。所以我們不遵循UB。我們不關注大宗商品市場。我們採取的策略是，在市場變化的情況下，維持我們主要客戶的競爭力。

But that price don't change every month or every quarter. It's something that will change when change is needed. And it could be if the grain prices are falling more than we expected, we can give the reduction in prices or if our cost is going up, let's say, because of labor that it has not been an issue this year, but it was in prior years. So we can increase our prices given what we are seeing both in the marketplace and in our operations. So I think we are less impacted by the commodity prices, as you mentioned. But of course, we follow some of our contracts follow the market price.

但這個價格並非每個月或每季都會變動。當需要改變的時候，它也會跟著改變。如果糧食價格下跌幅度超過預期，我們可以降低價格；或者如果我們的成本上升，比如說，由於勞動成本上升（今年勞動成本沒有成為問題，但在往年卻是問題），那麼就可以考慮降價。鑑於我們目前在市場和營運中觀察到的情況，我們可以提高價格。所以我認為，正如您所說，我們受大宗商品價格的影響較小。當然，我們的部分合約會遵循市場價格。

Priya Ohri-Gupta, Barclays.

Priya Ohri-Gupta，巴克萊銀行。

One just follows up on that last point you were making. So as we think about some of the contract pricing that you have in place, can you just maybe walk us through what that P&L impact is if you are collectively investing in lower prices or increased promotions with your partners as opposed to adjusting that contract pricing? And then I have a follow-up for that.

這只是你剛才提出的最後一點的補充說明。因此，在考慮您現有的一些合約定價時，您能否向我們解釋一下，如果您與合作夥伴共同投資降低價格或增加促銷活動，而不是調整合約定價，這對損益表會產生什麼影響？然後我還有一個後續問題。

Yeah. I think when I talk about promotional activity is something that we have let's say, an investment and a return. So when you do a promotional activity and an example is some BOGOs or buy one, get one that we do with one of our key customers. What we see is an increase in the demand, so increasing volume. So that helps the operation of our plants.

是的。我認為，當我談到促銷活動時，我們指的是一種投資和回報。所以，當你進行促銷活動時，例如買一送一或買一送一，就像我們與一位重要客戶合作進行的活動一樣。我們看到的是需求增加，因此銷售量也在增加。這樣有助於我們工廠的運作。

So what we typically do is to bring commodity meat or Big Bird meat into a Case Ready facility and we put that meat in a tray to support the promotional activity. So that helps reduce our operating cost at the plant, and it helps the retailer with more demand, more foot traffic. So it's an investment. When we have a commodity pricing, let's say, with the food distributor or with a national distributor like Sysco, US Foods Garden, foodservices.

所以我們通常的做法是，將普通肉類或大鳥牌肉類運送到預製肉製品加工廠，然後將這些肉放在托盤裡，以支持促銷活動。這樣有助於降低我們工廠的營運成本，也有助於零售商獲得更多需求和更多客流量。所以這是一種投資。當我們與食品分銷商或像 Sysco、US Foods Garden 這樣的全國性分銷商進行商品定價時，例如食品服務商。

It's more a day-to-day pricing or weekly pricing, and it follows more the commodity market. There will be, of course, as any supply and demand curve, right, more demand if the price go down, but it's not something specific to us. It's some market pricing. So there is a difference. When there is a promotional activity, it is something that we deliberately do that activity to help both our key customers and us with more supply and more demand, right? When it's market pricing, it is to everyone.

它更傾向於每日或每周定價，並且更受大宗商品市場的影響。當然，就像任何供需曲線一樣，價格下降時需求就會增加，但這並不是我們特有的情況。這是市場定價。所以兩者之間是有差別的。進行促銷活動是我們有意為之，目的是為了幫助我們的主要客戶和我們自己增加供應和需求，對吧？市場定價對所有人都是一樣的。

Got it. That's super helpful. And then, Matt, it looks like you guys were back in the market doing some open market bond buybacks. Can you just walk us through sort of the approach there given how low your leverage is and sort of what's driving that continued activity?

知道了。這太有幫助了。然後，馬特，看起來你們又回到了市場，進行了一些公開市場債券回購。鑑於你們的槓桿率很低，能否請你們詳細介紹一下你們採取的策略，以及是什麼驅動著你們持續開展業務？

Yeah. No, Priya, as we did, call it, the first half of the year, this was just, I'll say, winding down our program that it really ended up in the first two weeks of July. So the $24-or-so million that was repurchased in the quarter all happened in the first couple of weeks. I think our total for the year has been $116 million in that range, and that last $24 million was just a wind-down. So we really aren't in the market any longer. We haven't been in over three months.

是的。不，Priya，就像我們之前說的，今年上半年，這只是，我會說，我們專案的收尾工作，它實際上在七月的前兩週就結束了。因此，本季回購的約 2,400 萬美元全部發生在前幾個星期內。我認為我們今年的總收入在這個範圍內達到了 1.16 億美元，而最後的 2400 萬美元只是收尾工作。所以我們已經不再參與市場競爭了。我們已經三個多月沒去了。

This concludes our question-and-answer session. I would like to turn the conference over to Fabio Sandri for any closing remarks.

我們的問答環節到此結束。我謹將會議交給法比奧·桑德里，請他作閉幕致詞。

Thank you, everyone, for attending today's call. In the third quarter of 2025, we experienced strong demand for our products despite some market volatility. More important, our team members maintain a leadership mindset and accelerated their efforts to identify and capture operational opportunities. Given their remarkable discipline and extraordinary determination, we achieved strong results for the quarter. As such, I would like to extend my deepest appreciation for their efforts.

感謝各位參加今天的電話會議。2025年第三季度，儘管市場出現一些波動，但我們的產品需求依然強勁。更重要的是，我們的團隊成員保持了領導思維，並加快了識別和掌握營運機會的步伐。憑藉他們卓越的自律性和非凡的決心，我們本季取得了優異的業績。因此，我謹對他們的努力表示最深切的感謝。

Moving forward, we must continue our work with an unwavering focus on team member safety and well-being, support our key customers' growth and close our operational gaps. 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 and their families. I look forward to accelerating our efforts and our growth during the remainder of 2025 and beyond. Thank you all.

展望未來，我們必須繼續堅定不移地關注團隊成員的安全和福祉，支持我們主要客戶的成長，並彌補我們的營運差距。因此，我們可以實現成為業內最好、最受尊敬的公司的願景，為我們的團隊成員及其家人創造更美好的未來。我期待在 2025 年剩餘時間及以後加快我們的工作和發展步伐。謝謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本文字稿中標示（技術難題）的部分錶示有音訊問題。如果有重播視頻，我們會補充缺少的文本。