Pilgrims Pride Corp (PPC) 2026 Q1 法說會逐字稿

Good morning, and welcome to the First Quarter of 2026 Pilgrim's Pride earnings conference call and webcast. (Operator Instructions)

各位早安，歡迎參加 Pilgrim's Pride 2026 年第一季財報電話會議與網路直播。（接線員指示）

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 the Investors section of the company's website at www.pilgrims.com. After today's presentation, there will be an opportunity to ask questions.

應公司要求，本次電話會議將進行錄音。請注意，今日會議中提及的簡報投影片可至公司網站 www.pilgrims.com 的「投資人」專區下載。今日簡報結束後，將開放提問。

I would now like to turn the conference over to Andrew Rojeski, Head of Strategy, Investor Relations and Sustainability for Pilgrim's Pride.

現在我想將會議交給 Pilgrim's Pride 策略、投資人關係與永續發展主管 Andrew Rojeski。

Good morning, and thank you for joining us today as we review our operating and financial results for the first quarter ended on March 29, 2026. 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.

各位早安，感謝各位今天與我們一同回顧截至 2026 年 3 月 29 日止第一季的營運與財務成果。昨天下午，我們發布新聞稿，概述本季財務表現，包括我們可能討論之任何非 GAAP 指標的調節表。

A copy of this release is available on our website at ir.pilgrims.com, along with slides for reference. These items have also been filed as Form 8-K 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.

該新聞稿可於 ir.pilgrims.com 取得，並附有供參考的投影片。上述資料亦已以 Form 8-K 形式提交，並可於 sec.gov 線上查閱。今日電話會議將由總裁暨執行長 Fabio Sandri 與財務長 Matt Galvanoni 進行簡報。

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 along our Form 10-K and our regular filings with the SEC.

在開始預先準備的發言前，我想提醒各位注意我們的「安全港」聲明。今日電話會議可能包含若干前瞻性陳述，代表我們於本次發布當日的展望與目前預期。管理階層未預見的其他額外因素，可能導致實際結果與這些前瞻性陳述所預測者出現重大差異。關於這些因素的進一步資訊，已載於昨日新聞稿、我們的 Form 10-K 以及向 SEC 提交的例行申報文件中。

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

現在我想將電話會議交給 Fabio Sandri。

Thank you, Andy. Good morning, everyone, and thank you for joining us today. For the first quarter of 2026, we reported net revenues of $4.5 billion with adjusted EBITDA of $308 million. Our adjusted EBITDA margin was 6.8% compared to 12% last year. During the quarter, we were able to navigate a volatile market in the commodity segments, protecting the downside with the most stable parts of our portfolio.

謝謝你，Andy。各位早安，感謝各位今天加入我們。2026 年第一季，我們的淨營收為 45 億美元，調整後 EBITDA 為 3.08 億美元。調整後 EBITDA 利潤率為 6.8%，相較去年為 12%。本季我們在大宗商品相關業務面臨波動市場，並透過投資組合中最穩定的部分來保護下行風險。

We also drove extensive progress in our growth investments, strengthening our portfolio of differentiated products that could provide higher and more stable margins while supporting the growth of our key customers. In the US, demand for key customers for retail tray pack remains strong in fresh. Prepared Foods grew from expansions across retail and foodservice. However, sales and profitability fell as jumbo commodity cutout and deli small bird values were significantly lower than last year.

我們也在成長型投資方面取得顯著進展，強化差異化產品組合，以提供更高且更穩定的利潤率，同時支持主要客戶的成長。在美國，主要客戶對零售托盤包裝（retail tray pack）的需求在生鮮品項仍然強勁。加工食品（Prepared Foods）受惠於零售與餐飲服務通路的擴張而成長。然而，由於大型大宗分切（jumbo commodity cutout）與熟食小型雞（deli small bird）價格顯著低於去年，銷售與獲利下滑。

Margins were also impacted by planned downtime from plant upgrades to improve the mix and interruptions from winter storms during February. Europe's diversified portfolio maintained steady sales and margins compared to last year amid changing consumer confidence towards more value offerings, especially poultry and fresh and frozen meals.

利潤率亦受到計畫性停機影響，該停機係為進行工廠升級以改善產品組合；此外，2 月冬季風暴造成的中斷亦帶來影響。歐洲多元化的產品組合在消費者信心轉向更重視性價比的產品（尤其是家禽以及生鮮與冷凍餐食）之際，銷售與利潤率仍較去年維持穩定。

Back-office integration and network optimization continues to improve productivity and support further growth. Mexico fresh sales remained steady and branded sales increased double digits compared to last year. Prepared Foods continued to grow in retail and QSR. However, margins were compressed as excess production in the live commodity market and increased imports persisted throughout the quarter.

後勤整合與網路優化持續提升生產力並支持進一步成長。墨西哥生鮮銷售維持穩定，品牌銷售較去年呈雙位數成長。加工食品在零售與 QSR（速食餐廳）通路持續成長。然而，由於活禽大宗市場產量過剩與進口增加在整個季度持續存在，利潤率受到擠壓。

Our projects to diversify our footprint in fresh to different regions of the country and increase our presence in prepared foods remain on track. Once fully operational, these projects will unlock additional sales growth and further diversify our profitability, enhancing our margins and reducing volatility.

我們在生鮮業務方面推動將版圖多元化至全國不同地區，以及提升加工食品布局的專案，皆按計畫推進。待全面投產後，這些專案將帶動額外的銷售成長，並進一步分散獲利來源，提升利潤率並降低波動性。

Turning to the supply in US, USDA reported ready-to-cook production increase of 3.4% year-over-year from increased headcounts, continued improvement in live performance and higher average life weights. Egg sets grew 1.1% compared to the same period last year, extending recent gains from a more productive layer flock. Similarly, chick placements increased 1.7% versus last year, reflecting modest improvements in hatchability during the period.

談到美國供給面，USDA 報告指出，即烹（ready-to-cook）產量年增 3.4%，主要來自屠宰頭數增加、活禽表現持續改善以及平均活重提高。入孵蛋（egg sets）較去年同期成長 1.1%，延續近期因蛋雞群生產力提升所帶來的增勢。同樣地，雛雞投放量（chick placements）較去年增加 1.7%，反映本期間孵化率小幅改善。

Going forward, given the size of the layer flock and the growth in pullet placements, combined with the elevated hatchery utilization, the USDA expects chicken production to increase 2% for 2026, primarily driven by growth during the first half of the year. As for the other proteins, the USDA anticipates minor increase in beef supplies as higher imports offset domestic production headwinds and limited growth in pork production.

展望未來，考量蛋雞群規模與後備母雞投放量（pullet placements）的成長，加上孵化場利用率偏高，USDA 預期 2026 年雞肉產量將增加 2%，主要由上半年成長所帶動。至於其他蛋白來源，USDA 預期牛肉供給小幅增加，因較高的進口量抵消國內生產的不利因素；豬肉產量則僅有限成長。

When these factors are combined with additional chicken supply, the USDA expects net protein availability to rise by 1.6% compared to last year. Within the US, consumer sentiment declined to a three-month low at the end of the first quarter as inflation rose amid higher energy prices. Consumers saw more value-oriented offerings. With this environment, chicken remained attractive given its relative affordability, resulting in increased volumes across channels.

綜合上述因素並加計額外的雞肉供給，USDA 預期淨蛋白供給量將較去年增加 1.6%。在美國，第一季末消費者信心降至三個月低點，因能源價格上升推升通膨。消費者更偏好高性價比的產品。在此環境下，雞肉因相對可負擔而仍具吸引力，帶動各通路銷量增加。

In retail, the fresh meat department posted dollar sales growth across proteins as volume grew in chicken, beef and pork. Results were uneven during the quarter as strong performance in January was followed by softer-than-expected demand in February and March as winter storms disrupted shopping patterns and pulled some purchases forward as customers stock up early.

在零售端，生鮮肉品部門各蛋白品類的銷售額皆成長，因雞肉、牛肉與豬肉的銷量增加。本季表現不均：1 月表現強勁，但 2 月與 3 月需求低於預期，原因是冬季風暴打亂購物型態，且部分消費者因提前囤貨而將部分購買時點前移。

Chicken maintained a compelling value advantage on shelf compared to the other proteins. Boneless, skinless, breast pricing remained steady and spreads against ground beef continue to be at record levels. Boneless thighs continued their multiyear trend of strong volume growth, given sustained consumer interest. Deli continues to grow at a steady pace, given its role as a convenient and affordable meal solution for consumers.

相較其他蛋白品類，雞肉在貨架上仍維持明顯的性價比優勢。去骨去皮雞胸價格維持穩定，與絞牛肉之間的價差仍處於歷史高位。去骨雞腿肉延續多年來的強勁銷量成長趨勢，反映消費者興趣持續。熟食（deli）亦以穩定步伐成長，因其作為便利且可負擔的餐食解決方案，對消費者而言具重要性。

Appetizers, particularly popcorn chicken formats, along with gains in whole birds drove moderate growth. Frozen prepared products continue to deliver positive volume growth, led by popcorn chicken, chunks and nuggets. In foodservice, chicken offerings expanded again as operators lean into value proposition and responded to elevated beef pricing. As such, adoption extended beyond traditional chicken-focused chains, particularly among QSRs.

開胃小點（appetizers），特別是爆米花雞（popcorn chicken）形式，加上全雞銷售成長，帶動溫和成長。冷凍調理產品持續帶來正向的銷量成長，主要由爆米花雞、雞塊（chunks）與雞塊/雞丁（nuggets）帶動。在餐飲服務通路，隨著業者強調性價比並因應牛肉價格高企，雞肉品項再度擴張。因此，採用範圍也擴大至傳統非以雞肉為主的連鎖品牌，尤其是在 QSR。

While menu penetration increased, volume growth was constrained by inventory levels and uneven traffic patterns. Going forward, chicken continues to be well positioned as consumers increasingly prioritize strong perceived value. Chicken-focused QSRs delivered volume growth in the first quarter and outperformed full-service restaurants as inflation-constrained consumers continue to favor value-oriented quick service formats.

雖然菜單滲透率提高，但銷量成長受限於庫存水位與不均衡的來客流量型態。展望未來，隨著消費者愈發重視「感知價值」的強度，雞肉仍具良好定位。第一季以雞肉為主的 QSR 實現銷量成長，且表現優於全服務型餐廳，因受通膨壓力的消費者持續偏好高性價比的速食型態。

Noncommercial channels also posted growth, supported in part by favorable pricing conditions. As a result, chicken volumes in foodservice remained stable to slightly higher overall, even as broader sector performance and traffic trend stays mixed. In exports, we continue to monitor global trade movements. In the Middle East, all vessels operating to the Gulf Coast countries were suspended at the end of February, given the military conflict.

非商業通路（noncommercial channels）亦呈現成長，部分受惠於有利的定價環境。因此，即使整體產業表現與來客趨勢仍然分歧，餐飲服務通路的雞肉總體銷量仍維持持平至小幅增加。在出口方面，我們持續關注全球貿易動向。在中東地區，由於軍事衝突，所有前往墨西哥灣沿岸國家的船舶於 2 月底暫停營運。

While the GCC is an important market for US broilers export, strong domestic demand for dark meat, along with robust exports to Mexico mitigated this disruption. To date, we have not seen any material changes to dark meat values as pricing remained above five-year average for the back half of the bird.

儘管 GCC（海灣合作委員會）是美國肉雞出口的重要市場，但國內對深色肉（dark meat）的強勁需求，以及對墨西哥的強勁出口，緩解了此一中斷的影響。迄今我們尚未看到深色肉價格出現任何重大變化，因禽體後半部位的價格仍高於五年平均水準。

Moving forward, we expect several international markets to reopen as the occurrences of commercial high path avian influenza has recently slowed and previously restricted control zones are no longer subject to limitations given the absence of new cases. Nonetheless, we remain vigilant on biosecurity, and we continue to leverage our geographical footprint and cooperate with various governments to ensure international customer needs are continuously met.

展望未來，隨著商業型高病原性禽流感（HPAI）的發生近期已放緩，且先前受限制的管制區在未出現新病例的情況下不再受限，我們預期多個國際市場將重新開放。儘管如此，我們仍對生物安全保持警覺，並持續運用我們的地理布局，與各國政府合作，以確保能持續滿足國際客戶需求。

Turning to the feed inputs. Pricing support for corn emerged from higher energy and fertilizer markets. However, generally favorable crop development in South America, along with larger-than-expected prospective corn plantings in the US reduces risks of significant price increases. As a result, corn stay consistent with the 2025 level pricing. Stocks remain above 2.0 billion bushels, and the market focus is quickly shifting to planting and growing conditions in the US for the upcoming season.

接著談飼料投入成本。玉米價格的支撐來自能源與肥料市場走高。然而，南美作物整體生長情況良好，加上美國玉米預估播種面積高於預期，降低了價格大幅上漲的風險。因此，玉米價格維持在 2025 年水準。庫存仍高於 20 億英斗，市場焦點正迅速轉向美國即將到來季節的播種與生長條件。

In soy, both beans and meal appreciated during the first quarter, given the expectations that China will make additional purchases from the US for the 2025 and 2026 crop year. Better-than-expected exports demand, along with increasing domestic interest for US soybeans also provided further support. However, above-average yields from South America kept global soybean markets well supplied, limiting market upside.

在黃豆方面，第一季黃豆與豆粕價格皆走升，因市場預期中國將就 2025 與 2026 作物年度向美國進一步採購。出口需求優於預期，加上美國國內對黃豆的興趣增加，也提供額外支撐。然而，南美高於平均的單產使全球黃豆供應充裕，限制了市場上行空間。

Like corn, the market focus for soy will be growing conditions in the US The USDA currently forecasts soybean ending stocks to reach 350 million bushels, up 7% prior year. When combined with the expansion of the US soy processing capacity and growth in global soybean stocks, meal prices are expected to remain manageable.

與玉米相同，黃豆市場焦點將在美國的生長條件。USDA 目前預測黃豆期末庫存將達 3.5 億英斗，較前一年增加 7%。再加上美國黃豆壓榨產能擴張以及全球黃豆庫存成長，預期豆粕價格將維持在可控水準。

As for wheat, global stock remained well supplied, increasing 24 million metric tons versus last year. Nonetheless, futures appreciated from relatively low levels throughout the first quarter, given geopolitical risks. Moving forward, favorable growing conditions in the Eastern Hemisphere for winter wheat, along with an increase in planted acres and a historic yield in the UK should unlock additional value.

就小麥而言，全球庫存仍然供應充足，較去年增加2,400萬公噸。儘管如此，受地緣政治風險影響，第一季期貨自相對低位一路走高。展望未來，東半球冬小麥生長條件有利，加上播種面積增加以及英國創紀錄的單產，應可釋放更多價值。

In the US, demand for chicken continued to grow across retail and foodservice. Equally important, we made significant headway in projects to reduce volatility, enhance margins and drive sales of our portfolio. Our progress has also improved our ability to meet increased key customer demand, especially during the upcoming months. In Big Bird, we implemented a variety of plant layout changes, equipment improvement and operation procedures across many locations to increase dark meat deboning and portioning capabilities to support key customers and our Prepared Foods operation that were previously done by external companies.

在美國，零售與餐飲服務通路的雞肉需求持續成長。同樣重要的是，我們在降低波動、提升利潤率並推動產品組合銷售的專案上取得重大進展。我們的進展也提升了滿足主要客戶需求增加的能力，尤其是在接下來的幾個月。在 Big Bird 業務中，我們在多個據點導入多項廠房配置調整、設備改善與作業流程，以提升深色肉去骨與分切能力，支援主要客戶以及我們的 Prepared Foods 業務；這些作業過去由外部公司承作。

Because of these investments, each site incurred planned downtime, along with additional expenses from project mobilization and production ramp-up. During this time, we also continue to invest in our team members through training and education on revised plant operations. In case-ready, both sales and volume grew as tray pack retail offerings to key customers grew above category.

由於這些投資，各據點皆出現計畫性停機，並因專案動員與產能爬坡而產生額外費用。在此期間，我們也透過針對修訂後的工廠作業進行訓練與教育，持續投資於團隊成員。在 case-ready 業務方面，隨著提供給主要客戶的托盤包裝零售品項成長高於品類水準，銷售與銷量皆有所成長。

In early April, we also completed our conversion at the Russellville facility from Big Bird to retail to support the growth of one of our key customers. Our investments in Russellville and throughout the Big Bird network will create a more resilient portfolio, given our expanded capability to meet the growth needs of prepared foods, strengthening leadership presence in higher attribute offerings and portions and enhanced production efficiencies.

4月初，我們也完成 Russellville 廠由 Big Bird 轉為零售產品的轉換，以支援其中一位主要客戶的成長。我們在 Russellville 以及整個 Big Bird 網路的投資，將在我們擴大滿足 Prepared Foods 成長需求的能力之下，打造更具韌性的產品組合，強化在更高附加價值產品與分切規格上的領導地位，並提升生產效率。

In Small Bird, overall demand remained strong as volume increased compared to prior year. However, consumers are increasingly transitioned from bone-in to boneless offerings. When this factor is considered with the existing supply, the value for deli WOGs continue to be below the five-year average impacting our sales.

在 Small Bird 業務中，整體需求仍然強勁，銷量較去年增加。然而，消費者正加速從帶骨產品轉向去骨產品。當將此因素與既有供給一併考量時，熟食通路的 deli WOG 價值仍低於五年平均，進而影響我們的銷售。

Moving forward, we'll continue to evaluate our production mix and ensure if sufficient flexibility exists to meet market demand. In addition, we will explore alternatives to reinvigorate the category through promotional investments and innovation, especially with our key customers. The recent inclusion in the Farm Bill that hot rotisserie will be included in the SNAP eligibility also provides a significant opportunity for the category.

展望未來，我們將持續評估生產組合，並確保具備足夠彈性以滿足市場需求。此外，我們也將探索透過促銷投資與創新來重振該品類的替代方案，尤其是與主要客戶合作。近期《農業法案》(Farm Bill) 納入「熱食烤雞」可列入 SNAP 資格，也為該品類帶來重大機會。

During the quarter, many sites were impacted by weather-related events, resulting in unplanned downtime and reducing service levels. When these factors are combined with weakened commodity market fundamentals, impact of our growth projects and small bird deli values, the US fresh sales and profitability was reduced compared to last year.

本季期間，多個據點受到天候相關事件影響，導致非計畫性停機並降低服務水準。當這些因素與大宗商品市場基本面轉弱、我們成長專案的影響以及 small bird 熟食價值偏弱等因素相互疊加時，美國鮮品業務的銷售與獲利較去年下降。

In Prepared Foods, our growth accelerated as we drove the highest retail volume in any quarter. Just BARE continues to lead growth in the frozen fully cooked category as retail sales rose nearly 40% compared to last year from increased distribution and improved velocity. In foodservice, our business continued to expand through growth in branded offerings along with increased distribution in schools and national accounts.

在 Prepared Foods 業務方面，我們的成長加速，帶動任何季度中最高的零售銷量。Just BARE 持續引領冷凍全熟品類成長，受惠於通路鋪貨增加與動銷改善，零售銷售較去年成長近40%。在餐飲服務方面，我們的業務持續擴張，來自品牌產品的成長以及在學校與全國性客戶的鋪貨增加，共同推動表現。

Our efforts to support further growth through the construction of our new facility in the Walker County, Georgia remains on schedule. In the interim, we continue to rely on our network of co-packers to support the strong demand for our products. In Europe, our diversified portfolio drove steady volumes and margins compared to last year. Given persistent inflation, consumers increasingly migrated toward value and convenience.

為支援進一步成長，我們在喬治亞州沃克郡（Walker County）的新廠建設仍按計畫進行。在此期間，我們仍仰賴合作代工夥伴（co-packers）網路，以支援產品的強勁需求。在歐洲，我們多元化的產品組合帶動銷量與利潤率較去年維持穩健。鑑於通膨持續，消費者愈發轉向高性價比與便利性。

As such, our poultry and meal offerings resonated through groceries and each category grew faster than the overall channel. While fresh pork experienced similar growth, bacon and sausage categories declined. In our branded portfolio, Rollover benefited from marketing investments and grew faster than the category average, whereas Fridge Raiders maintained its presence in snacking.

因此，我們的家禽與餐食產品在雜貨通路表現亮眼，各品類成長速度均快於整體通路。雖然鮮豬肉也呈現類似成長，但培根與香腸品類下滑。在我們的品牌組合中，Rollover 受惠於行銷投資，成長快於品類平均；而 Fridge Raiders 則維持其在零食市場的能見度。

Margins for the Richmond remained strong. However, volumes were challenged as promotional activity intensified and consumers changed to more private label offerings. To foster growth in the category, we'll continue to drive our investments in marketing and innovation, given Richmond's growth potential and market positioning.

Richmond 的利潤率仍然強勁。然而，隨著促銷活動加劇以及消費者轉向更多自有品牌產品，銷量面臨挑戰。為促進品類成長，鑑於 Richmond 的成長潛力與市場定位，我們將持續加大在行銷與創新方面的投資。

In foodservice, challenges exist as consumers increasingly opted away from dining out and reduced visits to QSRs. Nonetheless, our poultry business remained strong as affordability and limited time offerings resonated throughout the marketplace. Even with the poultry's performance, overall volumes declined as demand for beef fell in Europe, limiting our growth.

在餐飲服務方面，隨著消費者愈發減少外食並降低對 QSR（快速服務餐廳）的到訪次數，挑戰依然存在。儘管如此，我們的家禽業務仍然強勁，因其可負擔性與限時產品在市場上引發共鳴。即便家禽表現良好，歐洲牛肉需求下滑仍使整體銷量下降，限制了我們的成長。

Moving forward, we will continue to drive distribution through new offerings and promotional support. Our operational excellence efforts made progress as we exceeded our budgeted improvement targets. We'll continue to focus on improvements in productivity, yields and overall costs.

展望未來，我們將透過新品推出與促銷支援持續推動鋪貨。我們在營運卓越方面的工作取得進展，改善成果超越預算目標。我們將持續聚焦於提升生產力、良率與整體成本。

In Mexico, we continue to drive our strategies for profitable growth and reduced volatility. To that end, our fresh branded offerings continue to gain traction as sales increased double digits compared to last year. Just BARE led this growth as volume rose over 80%. In Prepared, sales rose nearly 9% compared to last year, further diversifying our portfolio. Like Fresh, our value-added branded offerings grew as sales from Pilgrim's rose 14%. While we've made progress in transforming our portfolio, elevated supply levels in the live commodity market and import pressures persisted throughout the quarter, reducing margins and overall profitability compared to last year.

在墨西哥，我們持續推動獲利性成長與降低波動的策略。為此，我們的鮮品品牌產品持續獲得市場動能，銷售較去年呈雙位數成長。Just BARE 引領此成長，銷量成長超過80%。在 Prepared 業務方面，銷售較去年成長近9%，進一步使我們的產品組合更多元。與鮮品相同，我們的加值品牌產品也成長，Pilgrim's 的銷售成長14%。儘管我們在轉型產品組合方面取得進展，但活禽大宗商品市場供給水位偏高與進口壓力在本季持續存在，使利潤率與整體獲利較去年下降。

Our expansion efforts remain on track with expansions to different regions in South and Peninsula part of the country and our prepared expansion in Porvenir. Based on these investments, we can improve our ability to grow with key customers, reduce operational risk and further diversify our portfolio.

我們的擴張工作仍按計畫推進，包括向該國南部與半島地區的不同區域擴張，以及在 Porvenir 的熟食擴產。基於這些投資，我們可提升與主要客戶共同成長的能力、降低營運風險，並進一步使產品組合更多元。

Turning to sustainability. We continue to drive accountability and ownership down the organization to each of our plants. Based on this approach, with investments and operational improvements, we have surpassed our 2025 reduction targets against Scope 1 and 2/ emissions intensity set at our sustainability-linked bonds. This achievement reflects our team's mindset and ability to leverage sustainability as a means to create a more efficient operation.

接著談永續。我們持續推動問責與所有權下沉至組織各層級與每一座工廠。基於此作法，透過投資與營運改善，我們已超越在永續連結債券中所設定、針對範疇1與範疇2排放強度的2025年減量目標。這項成果反映了團隊的思維，以及將永續作為打造更高效率營運手段的能力。

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 Matt Galvanoni 來說明我們的財務結果。

Thank you, Fabio. Good morning, everyone. For the first quarter of 2026, net revenues were $4.53 billion versus $4.46 billion a year ago, with adjusted EBITDA of $308.1 million and a margin of 6.8% compared to $533.2 million and a 12.0% margin in Q1 last year. Adjusted EBITDA margins in Q1 were 7.0% in the US compared to 14.3% a year ago. For our Europe business, adjusted EBITDA margins came in at 7.8% for Q1 compared to 8.1% last year.

謝謝你，Fabio。各位早安。2026年第一季，淨營收為45.3億美元，去年同期為44.6億美元；調整後 EBITDA 為3.081億美元，利潤率為6.8%，相較去年第一季為5.332億美元、利潤率12.0%。第一季美國業務的調整後 EBITDA 利潤率為7.0%，去年同期為14.3%。歐洲業務方面，第一季調整後 EBITDA 利潤率為7.8%，去年為8.1%。

In Mexico, adjusted EBITDA margins in the quarter were 3.1% versus 8.4% a year ago. US net revenues were $2.64 billion versus $2.74 billion a year ago, a 3.9% decrease. US adjusted EBITDA came in at $185.5 million compared to $392.5 million in Q1 2025. US margins declined due to significant reduction in the jumbo cutout value, lower sales prices in deli for small birds, impacts of the winter storms that hit the Southeast during the quarter, bird health issues and plant downtime from the implementation of our many growth projects.

在墨西哥，本季調整後 EBITDA 利潤率為3.1%，去年同期為8.4%。美國淨營收為26.4億美元，去年同期為27.4億美元，下降3.9%。美國調整後 EBITDA 為1.855億美元，去年第一季（2025年第一季）為3.925億美元。美國利潤率下滑，主要因 jumbo cutout 價值大幅下降、small bird 熟食通路銷售價格較低、本季襲擊東南部的冬季風暴影響、禽隻健康問題，以及我們多項成長專案導入所造成的工廠停機。

Our US Prepared Foods business continues to demonstrate robust growth with retail sales of -- Just BARE increasing nearly 40% in the quarter compared to last year. In Europe, coming off strong seasonal results in Q4, adjusted EBITDA in Q1 was $105.8 million versus $99.5 million in Q1 2025, a 6.3% increase. The business has benefited from strength in poultry and meals during the quarter, along with the benefits of its structural reorganization, including integration of support functions and manufacturing optimization programs.

我們的美國 Prepared Foods 業務持續展現強勁成長，Just BARE 的零售銷售在本季較去年增加近40%。在歐洲，承接第四季強勁的季節性表現，第一季調整後 EBITDA 為1.058億美元，去年第一季為9,950萬美元，成長6.3%。本季業務受惠於家禽與餐食的強勢表現，以及其結構性重組帶來的效益，包括支援功能整合與製造優化計畫。

Mexico generated $16.8 million in adjusted EBITDA in Q1 compared to $41.2 million last year and $8.5 million in Q4 2025. Sequentially from Q4, the Mexican business profitability improved with marginally better supply-demand fundamentals by the end of the first quarter. SG&A in the quarter was higher year-over-year, primarily due to an increase in legal settlements, associated legal defense costs, true-ups for year-end 2025 incentive compensation and unfavorable FX impacts for both Mexico and Europe.

墨西哥第一季調整後 EBITDA 為1,680萬美元，去年同期為4,120萬美元，2025年第四季為850萬美元。與第四季相比，墨西哥業務獲利能力按季改善，主因第一季末供需基本面略有好轉。本季 SG&A 較去年同期增加，主要因法律和解金增加、相關法律辯護成本、2025年年底激勵薪酬的追溯調整（true-ups），以及墨西哥與歐洲皆受到不利匯率影響。

Our effective tax rate for the quarter was 23%. As I noted in our February call, we anticipate our full year effective tax rate to approximate 25%. We have a strong balance sheet, and we'll continue to emphasize cash flows from operating activities, management of working capital and disciplined investment in high-return projects. Our liquidity position remains very strong as we had nearly $1.75 billion in total cash and available credit as of the end of the quarter. Our liquidity position provides flexibility as we pursue our growth ambitions.

本季有效稅率為23%。如同我在2月電話會議中提到的，我們預期全年有效稅率約為25%。我們的資產負債表強健，並將持續強調營運活動現金流、營運資金管理，以及對高報酬專案的紀律性投資。截至本季末，我們的流動性部位仍非常強勁，總現金與可用授信接近17.5億美元。我們的流動性部位為追求成長目標提供了彈性。

As of the end of Q1, our net debt totaled $2.55 billion with a leverage ratio of 1.25 times our last 12 months' adjusted EBITDA, below our target of 2/ times to 3/ times adjusted EBITDA. Net interest expense for the quarter totaled $31 million. Following the completion of our $250 million tender offer of the 2033 notes here in April, we anticipate our full year net interest expense to be between $105 million and $115 million.

截至第一季末，我們的淨負債合計為25.5億美元，槓桿比率為過去12個月調整後EBITDA的1.25倍，低於我們目標的調整後EBITDA 2倍至3倍。該季度淨利息費用合計為3,100萬美元。隨著我們於4月完成對2033年到期票據2.5億美元的要約收購，我們預期全年淨利息費用將介於1.05億至1.15億美元之間。

We spent $235 million in CapEx during the quarter, a substantial increase from Q1 2025 when we spent $98 million. The spending this quarter is primarily associated with the conversion of Russellville to support a retail key customer, progress on our new prepared foods plant in Georgia and the previously mentioned enhancements to a number of our Big Bird plants to improve our product mix and to support the growth of Prepared Foods. At this time, we maintain our full year CapEx estimate of approximately $900 million to $950 million.

本季度我們的資本支出（CapEx）為2.35億美元，較2025年第一季的9,800萬美元大幅增加。本季度支出主要與Russellville的改造以支援一位零售關鍵客戶、我們在喬治亞州新建即食食品工廠的進展，以及前述對多座Big Bird工廠的多項升級有關，以改善產品組合並支援即食食品的成長。目前，我們維持全年資本支出估計約為9億至9.5億美元。

As we face macroeconomic volatility, we are proactively managing cost headwinds in freight, packaging and other key input costs with productivity initiatives and through procurement actions. Through our key customer relationships, we have regular interactions to discuss structural cost changes in our business. We always focus on what we can control, which is operational excellence with cost discipline.

面對總體經濟波動，我們正透過生產力提升計畫與採購行動，主動管理運輸、包材及其他關鍵投入成本的成本逆風。透過與關鍵客戶的合作關係，我們定期互動以討論我們業務中的結構性成本變化。我們始終專注於可控事項，也就是以成本紀律落實卓越營運。

Our team is resilient, and we have consistently demonstrated that we can navigate changing market conditions. Our capital allocation approach will remain disciplined as we continue to align our investment priorities with our overall strategies to drive growth, enhance margins and reduce volatility.

我們的團隊具備韌性，並且一貫證明我們能夠因應不斷變化的市場環境。隨著我們持續使投資優先順序與整體策略一致，以推動成長、提升利潤率並降低波動，我們的資本配置方法將維持紀律。

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

接線員，我們的準備發言到此結束。請開放電話會議進行提問。

(Operator Instructions) Ben Theurer, Barclays.

（接線員指示）Barclays 的 Ben Theurer。

Two relatively quick ones. So first, you've talked about it in the opening remarks as well as in the press release about some of the initiatives you've been doing in the first quarter, which caused downtime. But then at the same time, there were issues around weather, the cold front and all that kind of stuff.

兩個相對快速的問題。首先，你們在開場發言以及新聞稿中都提到第一季進行了一些導致停機的措施。但同時也有天氣、冷鋒等相關問題。

Could you help us understand maybe a little bit more as to what the financial impact was in the first quarter within your US business on one side, like kind of like the onetime weather related and then on the other side, like these like transition costs that you were having. So just that we understand what the impact was between those on the results? And then I have a quick follow-up.

能否協助我們更了解第一季在你們美國業務中的財務影響？一方面是一次性的天氣相關影響，另一方面是你們所承擔的這些轉換成本。希望我們能理解這兩者對業績的影響各是多少？然後我還有一個追問。

Yes, sure, Ben. I think we have significant impacts. I think, like I said, it is to improve our portfolio. So the impact is normally we overstaff the plants at the beginning because we need more people for the deboning operations and for the portioning operations. So we carry a heavier staff during at least three weeks before the shutdown. So we are prepared for the beginning of the operation. So there is a cost impact in terms of labor.

好的，當然可以，Ben。我認為影響相當顯著。如我所說，這是為了改善我們的產品組合。其影響通常在於我們會在一開始就讓工廠超額配置人力，因為去骨作業與分切作業需要更多人手。因此在停機前至少三週，我們會維持較高的人力配置，以便為重新開工做好準備。所以在人力方面會有成本影響。

Also, there is a ramp-up cost because after we start, we need to train all the people and we need to get to the efficiency that we expected. That takes up to two to three weeks. And of course, there is the one to two weeks where the plants were shut down. So that was significant in those plants that we shut down for improving the portfolio. On the cold front, I think it is multifaceted. We have the direct impact, which is the plants don't operate on the days that we have those ice storms because in the south, they are not prepared for ice and storms.

此外，還有爬坡成本，因為重新啟動後我們需要訓練所有人員，並達到我們預期的效率，這通常需要兩到三週。當然，工廠也有一到兩週的停機時間。因此，對於那些為了改善產品組合而停機的工廠而言，影響是顯著的。至於冷鋒，我認為影響是多面向的。我們有直接影響，也就是在發生冰暴的那些日子工廠無法運作，因為南方地區並未為冰雪與風暴做好準備。

So to keep the people safe, we decided not to operate during one, two, or three days depending on the locality. And that impacts our cost, but also impacts on the live operations because we have the birds on the field and those birds will need to be processed. And when we have two or three days without operating, you change the sizes of the birds that you expect. And those birds end up being processed on a Saturday or over time, and that impacts overall costs.

為了確保員工安全，我們決定在一、兩或三天內不運作，視所在地而定。這會影響我們的成本，也會影響活禽端的作業，因為我們有在場上的雞隻需要處理。當我們有兩到三天不運作時，預期的雞隻規格尺寸就會改變。這些雞隻最後可能需要在週六或以加班方式處理，進而推升整體成本。

It's interesting to mention that -- and we have on the prepared remarks on the very strong January that we have. And when you look at every week, I think there was also an overstocking or a pantry loading on those regions on retail to prepare for the storm. And that's why we have a weaker-than-expected February as people start consuming what they have loaded in their freezers during January.

值得一提的是——我們在準備發言中提到1月非常強勁。當你逐週觀察時，我認為在那些地區的零售端也出現了為了因應風暴而提前備貨、囤貨的情況。這也是為什麼2月表現弱於預期，因為人們開始消耗1月已經囤在冷凍庫裡的存貨。

If you look at week-over-week, actually on week four of January, you have an increase of 25% of sales in retail. So that created out of stock for the retail, but also pantry loading for the consumers. So that's what created less than expected growth during February on the retail sales. So I think it is a multi vision of impact in terms of our operations because of the changes that we have on our portfolio and in the operations also because of the storm.

如果你看逐週數據，實際上1月第4週零售銷售增加了25%。這造成零售端缺貨，但也讓消費者囤貨。因此，這就是2月零售銷售成長低於預期的原因。我認為，從營運角度看，因為我們在產品組合與作業上的變動，以及風暴帶來的影響，整體影響是多面向的。

Okay. Got it. But you can't really quantify that, correct, just to confirm.

好的，了解。但你們無法真正量化，對吧？只是確認一下。

Yes. I think we can quantify the operation on the shutdowns, but then the impact on the market, which is actually the most impactful one or the impact on the live operations when we have birds that are not the exact size that we want, you need to downgrade them for a commodity sales rather than a specific sales for a key customer, which a much better pricing. It is the biggest impact. So that's why it is hard to quantify the overall impact.

是的。我認為我們可以量化停機對營運的影響，但市場端的影響——其實那才是影響最大的部分——或是活禽端的影響：當雞隻規格不是我們想要的精準尺寸時，你就必須把它們降級，改以大宗商品方式銷售，而不是以供應關鍵客戶的特定產品銷售（後者定價好得多）。這是最大的影響，因此很難量化整體影響。

Okay. And then just as we moved into March and maybe into April, things from a normalization point of view, clearly, we still have the very high production data. So what's that kind of like your outlook as you think into what you saw in the first couple of weeks of the second quarter and how to think about the second quarter in general, given just we're still running at a relatively high exits and placements data?

好的。接著，當我們進入3月、甚至4月時，從正常化的角度來看，顯然我們仍看到非常高的生產數據。那麼，基於你們在第二季前幾週所看到的情況，你們對第二季整體的看法是什麼？尤其考量到我們仍處於相對偏高的出欄與投放數據水準？

Yes. I think that's a great question. When we look at Q1, we were expecting a 2% increase on the quarter. But looking at the latest numbers from USDA, we are experiencing a 3.4% growth during the quarter. Most of this growth was in March. And as you mentioned, we started with exits that were limited at 1.1%. But after the storms and especially during the end of February, beginning of March, we saw some great growing conditions. And that increased livability that accounted for another 1% in terms of growth, another live weights that accounted for another 0.7%.

是的。我認為這是個很好的問題。回看第一季，我們原本預期該季度成長2%。但根據USDA最新數據，我們在該季度經歷了3.4%的成長。這些成長大多發生在3月。正如你提到的，我們一開始的出欄增幅有限，只有1.1%。但在風暴之後，尤其是2月底到3月初，我們看到非常好的生長條件。存活率提升帶來約額外1%的成長，活重增加則帶來約額外0.7%。

And we saw an improvement -- a rapid improvement in hatchability also during February that accounted for another 0.6%. More impactful than that is that almost all that growth came in March. So when you look at the growth in March, it was close to 5% to 6%. And when you account for where that growth was impacted heavily the commodity segment. So that's why we saw some significant improvement in the prices during January and then a mild February and some challenges in March and early April.

我們也看到2月孵化率出現改善——而且是快速改善——這又貢獻了約0.6%。更具影響的是，幾乎所有成長都集中在3月。因此當你看3月的成長時，接近5%到6%。而且你若考量這些成長主要對大宗商品（commodity）板塊造成較大影響，這也解釋了為什麼我們在1月看到價格顯著改善，2月相對溫和，而在3月與4月初面臨一些挑戰。

As we mentioned, given the egg sets that we are seeing and given the trend more to a normal levels of hatchability coming back during the summer and also livability as the weather gets warmer, we have lower livability and lower growth in the birds. We expected a more muted growth from those factors and more growth concentrated only on exits that we are running around 1.9%.

如我們所提到的，基於我們看到的種蛋量（egg sets），以及孵化率在夏季回歸較正常水準的趨勢，另外隨著天氣轉暖，存活率下降、雞隻成長也較低，我們預期這些因素帶來的成長會更為溫和，而成長將更集中在出欄端，目前我們的出欄增幅約為1.9%。

So when you factor all those, USDA is expecting growth in the range of 2.5% for Q2. Then going forward to Q3 and Q4, we are seeing more moderate growth. USDA is forecasting a total growth for the year of 2%, and we are seeing on the second semester growth below 1% on a year-over-year basis.

綜合以上因素，USDA預期第二季成長約在2.5%的區間。再往後到第三季與第四季，我們看到成長更為溫和。USDA預測全年總成長為2%，而我們看到下半年以年增率計的成長將低於1%。

Peter Galbo, Bank of America.

美國銀行（Bank of America）的 Peter Galbo。

Sorry to beat the dead horse on this. But Fabio, please, can we get a quantification on what the downtime at a minimum was worth? I think it's just important to have that given you don't want folks probably to capitalize that going forward. So just kind of what that discrete item was worth in the quarter and then whether there's any kind of lingering impact into 2Q?

抱歉一直追問同一個問題。但Fabio，拜託，我們能否至少得到停機時間的量化影響？我認為這很重要，因為你們可能不希望市場把這個影響資本化並外推到未來。所以，請問這個單一、可辨識項目在本季度大概影響了多少？以及第二季是否還有任何延續性的影響？

Yes. On the lingering effect, I think we don't have any significant lingering effect. The network changes during -- at the beginning of the year because we knew that we want to do those changes before the grilling season. We don't want to impact the market or our operations during the grilling season. The only ramping up operation is still on the Russellville front where we're still ramping up, but we don't expect a significant impact.

是的。關於延續性影響，我認為沒有任何顯著的延續性影響。年初期間的產能網路調整，是因為我們知道希望在烤肉季之前完成這些變更。我們不希望在烤肉季期間影響市場或我們的營運。唯一仍在爬坡的作業是在Russellville那邊，我們仍在提升產能，但我們不預期會有顯著影響。

Like I said, I think it is is multifaceted. There is a lot of impact on our operations in terms of yields, in terms of growth, in terms of downgrading birds that end up in the commodity segment rather than a more specific production. That's why it's so hard, but I will say that it's significant.

如我所說，我認為這是多面向的。它對我們的營運有很大影響，包含在得率方面、在成長方面、以及在降級方面——有些禽隻最後會落入大宗商品區隔，而不是更特定的產品生產。這也是為什麼這麼難，但我會說影響是顯著的。

Okay. Okay. And then maybe just to switch gears a little bit. You talked a little bit in your remarks about some of the SNAP changes that may be coming on rotisserie in particular. I would think that's -- given your expertise in that space, just that could be a nice tailwind. So maybe you can expand. I know it's really early days. There's nothing even formalized yet, but just kind of how you view that opportunity, particularly going forward in the US.

好的。好的。那接著也許稍微換個話題。你在發言中稍微提到一些可能即將到來、特別是針對烤雞（rotisserie）的 SNAP 變更。我會認為——以你在這個領域的專業來看——那可能會是一個不錯的順風。所以也許你可以再多談一些。我知道現在還很早，甚至還沒有任何正式定案，但想請你談談你如何看待這個機會，特別是未來在美國的發展。

Thank you, Peter. Yes, that's significant for our Small Bird operation. As I mentioned, that has been a long-term trend of moving away from bone-in category to a more boneless category on the small birds. We've been talking about this for years on the chicken wars and as the bone-in category has been declining. And I think our strategy has always been to balance the bone-in on the eight-piece and nine-piece with the growth in the deli section of the retail, especially on the rotisserie.

謝謝你，Peter。是的，這對我們的小型禽（Small Bird）業務很重要。如我提到的，長期趨勢是小型禽從帶骨品類轉向更多去骨品類。我們多年來在「雞肉大戰」的討論中一直談到這點，因為帶骨品類一直在下滑。我認為我們的策略一直是：在八塊、九塊等帶骨產品與零售端熟食區（deli section）——尤其是烤雞——的成長之間取得平衡。

I think that has been a great strategy for us. But lately, we've been seeing a slower growth on the rotisserie on the retail. If you look at -- in Q1, it was only 1.2% growth, and we expected a much higher growth on the rotisserie birds than that. And I think the SNAP can help a lot. I think it is an important tool for the consumers to be able to combat inflation, being able to get a hot rotisserie, which is a competition for the foodservice, but it is a much better value for them. So I think that could give a boost on -- especially on the -- it's a bone-in category, right? Because it's a whole bird for the whole category.

我認為這一直是對我們很好的策略。但最近我們看到零售端烤雞的成長變慢。如果你看——在第一季，成長只有 1.2%，而我們原本預期烤雞的成長會高得多。我認為 SNAP 可以提供很大幫助。我覺得這是讓消費者能夠對抗通膨的一個重要工具，能買到熱騰騰的烤雞——這會與餐飲服務（foodservice）競爭——但對他們而言是更高的性價比。所以我認為這可能會帶來提振——尤其是在——這是帶骨品類，對吧？因為它是一整隻雞，屬於整體品類。

Andrew Strelzik, BMO Capital Markets.

Andrew Strelzik，BMO Capital Markets。

This is [Ben] on for Andrew. So my first question is about the vaccination of the birds. And I was just wondering what kind of impact, if any, you've seen on your own supply chain productivity now that you started vaccinating.

我是代表 Andrew 的 [Ben]。我的第一個問題是關於禽隻的疫苗接種。我想請教，自從你們開始接種疫苗之後，對你們自身供應鏈的生產力有沒有看到任何影響？如果有的話是什麼影響？

Yes. I think I'll just take a step back. There are many types of vaccination, right? I think there has been a lot of discussion about vaccination against high path avian influenza. And that is something that we don't believe it is beneficial for the whole industry as it is isolated events, we have strong biosecurity and that could hamper or could reduce our ability to export our products as vaccination prevent us from access some important markets for the United States.

是的。我想先退一步說明。疫苗接種有很多種類，對吧？我認為大家討論很多的是針對高病原性禽流感（high path avian influenza）的疫苗。但我們不認為這對整個產業有利，因為那是零星事件；我們有強健的生物安全措施，而接種疫苗可能會妨礙、或降低我們出口產品的能力，因為疫苗接種會讓我們無法進入美國的一些重要市場。

So vaccination for high path AI, we don't think it is a good alternative. And we don't think that is meaningful for the broilers market. Now on respiratory diseases, AMPV and some others, we vaccinated the birds last year after some big events, especially in Georgia. And I think that has helped the livability in the industry. If you look at the overall livability, as I mentioned, it contributed for 1% of the growth quarter-over-quarter.

所以針對高病原性禽流感的疫苗，我們不認為是好的替代方案；我們也不認為這對肉雞（broilers）市場有意義。至於呼吸道疾病，像是 AMPV 以及其他一些疾病，我們在去年發生一些重大事件後為禽隻接種了疫苗，特別是在喬治亞州。我認為這有助於提升產業的存活率（livability）。如果你看整體存活率，如我提到的，它對季度環比成長貢獻了 1%。

So I think the vaccination against AMPV was important in some specific regions. And I think that helped on our livability and the industry livability, especially in some parts of Georgia. It is a significant cost to the live operations. And as we are seeing less occurrences and a more resilient bird, we may stop those vaccinations going forward.

所以我認為針對 AMPV 的疫苗在某些特定地區很重要。我認為這有助於我們的存活率以及產業的存活率，特別是在喬治亞州的部分地區。這對活禽營運（live operations）而言是一筆顯著成本。而隨著我們看到發生率降低、禽隻更具韌性，我們未來可能會停止這些疫苗接種。

That's super helpful. And my follow-up question is around freight and your exposure to -- or potential exposure to spot market rates for refrigerated freight. We've seen others in the industry deal with some pressure there. So just wanted you to remind us what your exposure is there? Are you more contracted out -- and are you not concerned with the availability of refrigerated freight in the near term here?

這非常有幫助。我的追問是關於運輸，以及你們對——或可能對——冷藏運輸即期市場（spot market）運價的曝險。我們看到產業內其他公司在這方面承受一些壓力。所以想請你提醒我們，你們在這方面的曝險程度如何？你們是否以合約為主——以及你們是否不擔心短期內冷藏運力的可得性？

Yes. In terms of supply of freight, I think we're not concerned. I think we have a big fleet in the United States. We have a very efficient company. So I don't think that there is an availability issue. As for the cost, and I think there is an impact on the freight and there is surcharges, and we have contracts where we have the surcharge based on gasoline or diesel costs. And that is a significant cost to the whole nation.

是的。就運力供給而言，我認為我們不擔心。我們在美國有一支龐大的車隊。我們是一家效率很高的公司。所以我不認為會有可得性問題。至於成本，我認為運輸成本確實有影響，也有附加費（surcharges）；我們有合約會依汽油或柴油成本來調整附加費。而這對全國而言都是一項顯著成本。

I think just in terms of the portfolio of freight that we have, more than 70% of our sales are with freight included as a specific number. So that is a direct pass-through because freight is not part of our cost. It is just a delivery cost that the buyer will pay. And some of those also are picking up at our operations. So the whole freight, it is a cost -- or from the buyer.

我想就我們的運輸組合而言，超過 70% 的銷售是包含運費、以特定金額列示的。因此那是直接轉嫁（pass-through），因為運費不是我們的成本；它只是交付成本，由買方支付。其中有些也是由客戶到我們的營運據點自取。所以整體運費是買方的成本——或由買方負擔。

So in terms of direct freight to the customers, it's either a specific line on the invoice that is a pass-through or is a pickup order that is not our cost. I think there is some impact on internal freight when we see the delivery of the birds and we see the delivery of feed to our growers. So there is that direct cost that impact us. But I think as we mentioned, we control what we can control. We're trying to identify opportunities to reduce the travel, reduce the freight, get more efficient trucks. So we were trying to reduce the impact of those in our direct cost.

所以就直接送貨給客戶的運費而言，要嘛是在發票上以單獨項目列示、可直接轉嫁，要嘛是自取訂單，並非我們的成本。我認為在內部運輸方面會有一些影響，例如我們把禽隻運送交付、以及把飼料運送給我們的飼養戶（growers）。那部分直接成本會影響我們。但如我們提到的，我們控制我們能控制的。我們正嘗試找出機會來減少行駛里程、降低運輸、使用更高效率的卡車。因此我們一直在努力降低這些對我們直接成本的影響。

I think, Ben, it's important just as Fabio talked about the freight costs that go direct to our customers, that freight cost is just from an overall freight spend is a much higher proportion than freight internally to move birds or to move feed between farms, et cetera. So --

我想，Ben，很重要的一點是，正如 Fabio 談到直接送到客戶端的運費成本，那部分運費在整體運輸支出中的占比，遠高於我們內部用來移動禽隻或在農場之間運送飼料等的內部運輸。所以——

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

This is [Adam] on for Pooran. For my first question, with the Russellville conversion complete now, are you able to give any more details on the expected ramp in volumes and margins with that new case-ready capacity?

我是代表 Pooran 的 [Adam]。我的第一個問題是，Russellville 的轉換現在已完成，你們是否能提供更多細節，說明這個新的即食包裝（case-ready）產能在出貨量與毛利率方面的爬坡（ramp）預期？

Yes. I think on the retail, we've seen over time is the more stable margin. And I would say it is double-digit margins, and it's much more resilient and stable than the Big Bird. And when you look at the overall portfolio, right, and this is what we're always talking about, we like the exposure we have to the big bird complex. But we understand that it's very volatile. So in Q1 last year, we see some very strong profitability in that segment.

是的。我認為在零售端，我們長期看到的是更穩定的利潤率。我會說是雙位數利潤率，而且比大型禽（Big Bird）更具韌性、更穩定。當你看整體產品組合時，對吧——這也是我們一直在談的——我們喜歡我們在大型禽綜合體（big bird complex）的曝險，但我們也理解它波動非常大。所以在去年第一季，我們看到該區隔有非常強的獲利能力。

Actually, it was the most profitable part of our portfolio. In this quarter, we see that profitability was much lower than that. And that's why we converted the plant is to have higher and more resilient earnings. It's also important to support the growth of our key customers. We talk about the growth in retail.

事實上，那是我們產品組合中最賺錢的部分。而在本季，我們看到那個獲利能力比當時低很多。這也是我們轉換工廠、以取得更高且更具韌性獲利的原因。同時，這也很重要，因為要支援我們關鍵客戶的成長。我們談到零售端的成長。

And as retail increased on the fresh more than 1% this quarter, our key customers increased more than 3%. And I think that's important to mention that we will need to continue to support their growth. So we will need more capacity on the tray pack business. So it's a growth opportunity for us to support our key customers, but it's also an opportunity for us to have more stable, higher margins.

而且本季零售端的生鮮成長超過 1%，我們的關鍵客戶成長超過 3%。我認為這點很重要，因為我們需要持續支援他們的成長。因此我們需要更多托盤包裝（tray pack）業務的產能。這對我們而言是支援關鍵客戶的成長機會，同時也是讓我們擁有更穩定、更高利潤率的機會。

Okay. And then for my follow-up, with Just BARE retail sales up 40%, you noted it was on distribution and velocity. Are you able to give any more details on how much of that growth is coming from distribution velocity or pricing or innovation and how you expect those drivers to perform in the back half?

好的。那我的追問是，Just BARE 的零售銷售成長 40%，你提到是來自通路鋪貨（distribution）與銷售速度（velocity）。你是否能提供更多細節，說明這些成長中有多少來自通路、速度、定價或創新？以及你預期這些驅動因素在下半年會如何表現？

No, I think it's a great point, right? Just BARE is a great part of our portfolio is on the prepared side, as we talk about more profitable and more stable. We just reached the $1 billion threshold. And I think that's over the last five years, which is an amazing growth. And as we mentioned, there is velocity and there is distribution. We continue to gain distribution. I think the velocity is more a sales tool for Just BARE because if the retailers have Just BARE in their portfolio and their freezers, they see the velocity of the category going up because that the velocity of Just BARE is much ahead of the overall velocity of the category.

不，我認為你提得很好，對吧？Just BARE 是我們產品組合中很棒的一部分，屬於調理（prepared）端，正如我們所說，獲利更高且更穩定。我們剛達到 10 億美元的門檻。我認為這是在過去五年內達成的，成長非常驚人。如我們提到的，有速度也有通路。我們持續擴大通路。我認為速度更像是 Just BARE 的銷售工具，因為如果零售商把 Just BARE 放進他們的產品組合與冷凍櫃，他們會看到該品類的銷售速度上升，因為 Just BARE 的銷售速度遠高於該品類整體的平均速度。

So it is a sales tool that helps us gain distribution. It is our strategy, right? How can we help our key customers to grow faster than the overall categories. We do that on Fresh, and we do that also on the Prepared. And you also mentioned very important is innovation. We just launched the roasted category on the Just BARE. The Just BARE started as a lightly breaded product as you can -- as you all know.

所以這是一個銷售工具，能幫助我們取得通路鋪貨。這是我們的策略，對吧？我們如何協助我們的關鍵客戶成長速度快於整體品類。我們在生鮮（Fresh）上這麼做，也在調理（Prepared）上這麼做。你也提到非常重要的一點是創新。我們剛在 Just BARE 推出了烘烤（roasted）品類。Just BARE 一開始是以輕裹粉的產品起家，正如你們都知道的。

And we just launched the roasted part of that portfolio. That helps with having more shelf space. And we are looking into also on the nugget side, if the presence of Just BARE can be very, very complementary to our overall portfolio.

而我們剛推出了該產品組合中的烘烤系列。這有助於取得更多的貨架空間。我們也在評估雞塊（nugget）端，Just BARE 的存在是否能對我們整體產品組合形成非常、非常互補的效果。

Leah Jordan, Goldman Sachs.

Leah Jordan，高盛。

But see if you could provide more detail on what you're seeing in terms of consumer behavior across your different regions. We're hearing about softness in Mexico and the UK and pressures could be building here in the US. So have you seen any notable shifts in products or channels that you would call out?

但想請你更詳細說明一下，你在不同地區看到的消費者行為是什麼樣子。我們聽到墨西哥和英國需求偏弱，而美國這邊壓力可能也在累積。所以你是否看到任何值得特別指出的產品或通路上的明顯轉變？

Yes, sure. I think it's a global trend, if you look, that consumers are looking and are over concerned about inflation, about the wage growth and overall consumer sentiment. And what they are looking is as food away from home keeps increasing faster than food at home, we're seeing a shift from foodservice to retail.

是的，當然。我認為這是一個全球性的趨勢：如果你看整體，消費者正在關注、甚至過度擔憂通膨、薪資成長以及整體消費者信心。而他們看到的是，隨著外食（food away from home）的價格上升速度快於在家用餐（food at home），我們正看到需求從餐飲服務（foodservice）轉向零售（retail）。

I think the good news for chicken on that trend is that the penetration on the foodservice despite lower traffic has increased, and that's why chicken has been growing in the foodservice category. But then going to the retail, as we mentioned, the consumer is doing more trips and lower baskets. So that is the trend that we are seeing and we continue to see, and I think that is global.

我認為對雞肉而言，這個趨勢的好消息是：儘管來客數（traffic）較低，餐飲服務端的滲透率（penetration）反而提高了，這也是為什麼雞肉在餐飲服務品類中一直在成長。但回到零售端，如我們提到的，消費者的購物次數變多、但每次購物籃（basket）變小。這就是我們正在看到、且持續看到的趨勢，我認為這是全球性的。

When you go more in the details by geography, demand in Mexico was strong during the quarter. I don't think that the pressure on prices in the region was because of demand. Chicken is the most affordable protein in the category. I mentioned about the spread between ground beef and chicken to the record levels. Ground beef increased more than 30% over the last year and chicken prices are stable.

若按地理區域看更細節，墨西哥本季需求其實很強。我不認為該地區的價格壓力是因為需求造成的。雞肉是該品類中最實惠的蛋白質。我提到過絞牛肉（ground beef）與雞肉之間的價差已達到歷史高位。絞牛肉在過去一年上漲超過 30%，而雞肉價格則維持穩定。

So the demand for chicken continues to be really strong even in Mexico. In Mexico, it was more about the availability of other proteins like eggs and pork at the same price as chicken and the availability of chicken. As we mentioned that the growing conditions in Mexico are typically very difficult during this time of the year because of drought conditions. We've been seeing more rains in Mexico, and that has helped with the growing conditions.

因此，即使在墨西哥，雞肉需求仍然非常強勁。在墨西哥，更多是其他蛋白質（如雞蛋與豬肉）以與雞肉相近的價格供應，以及雞肉本身的供應情況。如我們提到的，墨西哥每年這個時節的飼養條件通常因乾旱而相當艱難。我們近期在墨西哥看到更多降雨，這有助於改善飼養條件。

So the availability of chicken in Mexico was north of 10% in quarter-over-quarter. So that's what impacted the profitability in Mexico. But as we mentioned in Mexico, it's very volatile quarter-over-quarter, but it adjusts itself throughout the year, and we continue to expect in a growing economy, just like Mexico with good demand for our products for the supply and demand to be more in balance.

所以墨西哥的雞肉供應量相較前一季增加了超過 10%。這就是影響墨西哥獲利能力的因素。但如我們所說，墨西哥的季度表現波動很大，不過全年會自我調整；而且我們仍預期，在像墨西哥這樣的成長型經濟體中，隨著我們產品需求良好，供需會更趨於平衡。

Europe, it's similar. I think the difference is that the volumes are not growing as fast. It's not a growing economy just like Mexico, but the chicken continues to be the best category for us and for the industry compared to the beef and even pork prices because of affordability. And then it comes to the US, and I think the same trend remains, right? The consumer looking for stretching their budgets, doing more trips with smaller baskets and chickens continue to be a great value for it.

歐洲也類似。我認為差別在於，銷量成長沒有那麼快。它不像墨西哥那樣是成長型經濟體，但由於可負擔性，相較於牛肉、甚至豬肉價格，雞肉對我們以及整個產業而言仍是最好的品類。再看美國，我認為同樣的趨勢仍然存在，對吧？消費者希望拉長預算、增加購物次數但縮小每次購物籃，而雞肉仍然是非常高性價比的選擇。

And I think we talked -- just talked about Just BARE and I think the frozen category has been growing on the -- as well because it's affordable, but also convenient. And we have the perspective of the growth in the whole birds or the deli segment rotisserie in the retail if the SNAP vote goes.

而且我想我們剛剛談到 Just BARE，我認為冷凍品類也在成長——因為它既實惠，也方便。另外，如果 SNAP 投票通過，我們也看好零售端全雞（whole birds）或熟食區烤雞（deli segment rotisserie）的成長前景。

And Leah, it's Matt. I'll just complement something that Fabio talked about with the UK. I think also chilled meals is doing quite well there. We're seeing the consumer there going back to what Fabio was talking about with at-home eating and the chilled meals where we have a nice presence. We've seen that increase quite a bit, and it's been a good play for us, too.

Leah，我是 Matt。我補充 Fabio 提到的英國部分。我認為冷藏即食餐（chilled meals）在那邊也表現相當不錯。我們看到當地消費者回到 Fabio 所說的在家用餐趨勢，而冷藏即食餐是我們有不錯布局的領域。我們看到這部分成長了不少，對我們來說也是一個很好的策略。

Thiago Duarte, BTG Pactual.

Thiago Duarte，BTG Pactual。

My question is related to CapEx. And the first part of my question is really what's the timing for the conclusion of the ongoing investments in the mix enhancements and capacity addition? And the reason I'm asking is because you're still running well above last year and what I believe your sustaining CapEx should be. So the timing for the conclusion of these main investments would be interesting to get.

我的問題與資本支出（CapEx）有關。第一部分是：目前正在進行的產品組合（mix）優化與產能擴增投資，預計何時完成？我之所以這麼問，是因為你們的資本支出仍明顯高於去年，也高於我認為你們的維持性資本支出（sustaining CapEx）應有的水準。因此，了解這些主要投資結束的時間點會很有幫助。

And the second part of the question is related to how much incremental capacity or production volumes you effectively believe these investments will bring and how much it's actually basically the conversion of your fresh mix into more prepared mix? That would be an interesting color to get as well.

第二部分是：你們認為這些投資實際上會帶來多少新增產能或產量？以及其中有多少本質上是把你們的生鮮產品組合轉換成更多調理產品組合？這部分若能提供一些補充說明也會很有幫助。

Thanks, Thiago, for the question. It's Matt. When you think about timing on CapEx, we provided the guidance that this year will be about $900 million to $950 million in total CapEx. Our sustaining CapEx generally runs in that $400 million range. So you can do the math that the growth or the efficiencies kind of payback CapEx is $500 million to $550 million in a year.

謝謝你的問題，Thiago。我是 Matt。談到資本支出的時程，我們給出的指引是今年總資本支出約為 9 億到 9.5 億美元。我們的維持性資本支出通常約在 4 億美元左右。所以你可以推算，用於成長或效率、並具回收期的資本支出大約是每年 5 億到 5.5 億美元。

We spent $235 million in the quarter. We mentioned a lot of the different projects we have. We've got a lot of that behind us. We've got more to come just as you kind of finalize some things and get builds to come in, et cetera, et cetera. So we'll still see some of that roll through. But that $235 million, I think it really does sort of set up nicely for the pace that we talked about for the year.

我們本季支出 2.35 億美元。我們提到我們有許多不同的專案，其中不少已經完成；但也還有一些即將到來，因為你需要把一些事項收尾、等待建置到位等等。所以我們仍會看到部分支出持續發生。不過我認為這 2.35 億美元，確實與我們先前談到的全年支出節奏相當吻合。

Now of course, we've got the big spend we have relative to our prepared foods plant that we're building in Georgia. That's not planned to go online until the end of the first half of next year. So we will still be spending quite a bit there.

當然，我們還有一筆相對較大的支出，是在喬治亞州興建的調理食品（Prepared Foods）工廠。該工廠預計要到明年上半年末才會上線。因此我們在那邊仍會投入相當多的資本支出。

As it relates to kind of our -- the mix of our capital and the growth, I think what's been important we talked about, we want to support Prepared Foods, both by building the plant that we talked about in Georgia, but also a lot of the enhancements that we're doing to our Big Bird plants right now are to support that growth by doing portioning and things that external companies had done for us in the past.

至於我們資本配置的組合與成長，我認為重要的是我們談過：我們希望支持調理食品業務的成長，一方面是興建我們在喬治亞州提到的工廠；另一方面，我們目前對大型雞（Big Bird）工廠所做的許多改善，也是為了透過分切（portioning）等作業來支持成長——這些作業過去是由外部公司替我們完成的。

And so some of that meat that we would be selling in the past on the market will be sold more so to our Prepared Foods business internally as we think about it that way. So I don't know, Fab, if you want to complement anything on that?

因此，過去我們會在市場上出售的一部分肉品，未來將更多轉為內部供應給我們的調理食品事業（Prepared Foods business），我們是這樣來思考的。我不確定，Fab，你是否想補充一下？

No, I think on the incremental capacity, if you think about the conversion of Russellville actually reduces a little bit the overall tonnage because a big bird plant runs 9 to 10 pound bird and a case-ready plant it's between 6.5 and 7. So I think that reduces a little bit. And that's why we're also investing in our Big Bird plants to be able to run a little bit more pounds.

不，我認為就新增產能而言，如果你看 Russellville 的轉換，實際上會讓整體噸數略微下降，因為大型雞工廠處理的是 9 到 10 磅的雞，而即食包裝（case-ready）工廠則是 6.5 到 7 磅之間。所以我認為那會稍微降低一些。這也是為什麼我們同時投資我們的大型雞工廠，以便能夠多跑一些磅數。

Our intention is always to support the growth of our key customers. And when you look at the expectations on the market, it's around 2%, and that's what we want to continue to grow to support them. So around 2% in line with the market.

我們的意圖始終是支持關鍵客戶的成長。而當你看市場的預期，大約是 2%，這也是我們希望持續成長、以支持他們的水準。因此大約 2%，與市場一致。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones Research。

I wanted to go back to what you were saying about the price spread for -- between ground beef and breast meat in the US. And there's been a lot of feature at food service and et cetera. But one of the things that I'm hearing and honestly seem to see it in the data is that the pickup in breast meat demand or chicken demand in general at retail hasn't been as pronounced as would have been expected given that price gap. And one, wondering if you agree with that? And two, if so, why do you think that is?

我想回到你剛才提到的美國絞牛肉與雞胸肉之間的價差。餐飲服務端有很多促銷主打（feature）等等。但我聽到的一件事，而且老實說從數據上看似乎也是如此：在零售端，雞胸肉需求或整體雞肉需求的回升，並沒有因為這個價差而如預期般明顯。第一，我想問你是否同意？第二，如果同意，你認為原因是什麼？

An increase from $4.70 a pound at retail to $6.29. And at the same time, chicken price boneless breast has remained stable at $4. So I think there is some elasticity that we see. But what I believe it's happening is that as consumers are, like I said, stretched on their budget, they're moving from foodservice to retail. And when they move from food service to retail, they have more available income because the price of a food away from home is 3 times the price of food at home.

零售端價格從每磅 4.70 美元上升到 6.29 美元。同時，去骨雞胸肉（boneless breast）的雞肉價格仍維持在 4 美元。我認為我們確實看到一些需求彈性（elasticity）。但我認為正在發生的是：如我所說，當消費者的預算被拉緊時，他們正從餐飲服務轉向零售。而當他們從外食轉向在家用餐時，可支配所得會變多，因為外食的價格是居家用餐的 3 倍。

So they go to the retail, and they are buying the more expensive parts of beef, right? So they are getting the nice cuts. And then you have consumers that are trading down inside beef from expensive cuts to ground beef, and that is supporting the volume of ground beef. So it's a moving from food service to retail that supports the high parts of the beef. And then you have some trading down on the beef category from the high end to the ground beef.

所以他們會轉向零售端，去買比較貴的牛肉部位，對吧？所以他們買的是比較好的切塊。然後你會看到消費者在牛肉品類內部從昂貴的切塊往絞牛肉降級，這支撐了絞牛肉的銷量。所以，從餐飲服務轉到零售端，支撐了牛肉較高價位部位的需求。接著你也會看到在牛肉品類中，從高端往絞牛肉有一些降級。

And then we see some trading down from ground beef to chicken. But I agree with you, I don't think that the elasticity has been as prevalent as we expected given the spread in prices. And I think there is a limit to it, right? I think that is -- it reached a point where it's so high, the distance that I don't think is creating any more demand for chicken. But the demand for chicken continues to grow, again, in all categories in retail, not only boneless breast.

然後我們也看到有些人從絞牛肉再降級到雞肉。但我同意你的看法，我不認為在價格差距這麼大的情況下，需求彈性像我們預期的那樣普遍。我覺得這是有上限的，對吧？我認為它——已經到了一個點，價格高到那個差距，我不覺得會再額外帶來更多對雞肉的需求。但雞肉的需求仍在持續成長，而且是在零售端的所有品類中成長，不只是去骨雞胸。

And I think another factor is what we -- the growth that we are seeing on dark meat deboning. And I think this is important to mention as well. We are doing that investment in our operations. I think the whole industry did that investment. The growth in the dark meat or in the boneless ties has been phenomenal at retail. And if you look at the prices at retail, the price of dark meat is actually higher than the price of boneless.

我認為另一個因素是我們——看到的去骨深色肉的成長。我覺得這點也很重要，值得一提。我們正在營運端做這方面的投資，我想整個產業也都做了這項投資。深色肉或去骨腿肉在零售端的成長非常驚人。而如果你看零售端的價格，深色肉的價格其實比去骨肉的價格還高。

But overall, it is a growing category. So you need to take both of those cuts in combination. And when you look at those cuts in combination, I think you see a much better elasticity and a much better demand on the chicken category.

但整體而言，這是一個成長中的品類。所以你需要把這兩種切塊合併來看。當你把這些切塊合併來看時，我認為你會看到雞肉品類呈現更好的需求彈性，以及更強的需求。

Okay. That makes sense. And then my follow-up is, if I remember correctly, you were converting -- you converted Russellville to case-ready and to NAE. And so oftentimes, when companies convert to NAE, there's an adjustment period. And so wondering if that -- if you anticipate any impact like livability, whatever to continue into Q2? Or is all of that now back at normal levels?

好的。這很合理。那我接著問，如果我沒記錯的話，你們把 Russellville 轉成了 case-ready，並且轉成 NAE。所以很多時候，公司轉成 NAE 會有一段調整期。所以想請教這——你是否預期會有任何影響，例如成活率之類的，會延續到第二季？還是說現在都已經回到正常水準了？

That's a great point. We converted to NAE because we want to differentiate our key customers, right? I think just to justify the NAE change. It is a growing category. It is to make the differentiating factor for that key customer is a different package as well. So it's a saddle pack. So I think that's a differentiating factor as well, very convenient for the end user.

這個觀點很好。我們轉成 NAE 是因為我們想要讓我們的關鍵客戶有差異化，對吧？我想這就是採用 NAE 的理由。這是一個成長中的品類。這也讓那個關鍵客戶的差異化因素，包含不同的包裝。所以它是 saddle pack（鞍式包裝）。我認為這也是一個差異化因素，對終端使用者來說非常方便。

At the beginning, we see some reduction in livability and in growth, but we have great housing. We have great procedures, and we expect to be similar growth conditions and similar mortality. There is always a little impact, but I don't think it is significant. And I think it makes sense when you look at the higher attribute and it helps our key customer to be differentiated in the marketplace.

一開始，我們確實看到成活率和生長有些下降，但我們有很好的飼養環境，也有很好的作業流程，我們預期生長條件與死亡率會回到相近水準。總是會有一點影響，但我不認為很顯著。而且我認為，當你看到更高的產品屬性時，這是合理的，並且能幫助我們的關鍵客戶在市場上做出差異化。

Priya Ohri-Gupta, Barclays.

Priya Ohri-Gupta，Barclays。

Two quick ones for me. One, I was wondering if you could just give us some more color around some of the competitive dynamics you're seeing in the European market? And then secondly, Matt, if you could just walk us through some of the thought process around the -- taking out the 33s and how we should think about maybe your debt profile going forward, just given how underlevered you are?

我這邊兩個簡短問題。第一個，我想請你們多分享一些你們在歐洲市場看到的競爭動態細節。第二個，Matt，如果你可以帶我們走一遍你們對——回購 33s 的思考過程，以及考量到你們目前槓桿偏低，我們應該如何看待你們未來的負債結構？

Yes. Thank you. Again, on Europe, because of our differentiated portfolio, we are seeing different dynamics in each category. As I mentioned, chicken continues to be favored throughout the world, but also in Europe because of affordability and availability. So we saw some growth in volumes and in prices. The more challenging segment has been on the branded portfolio, especially on the Richmond side, the competition from private label.

好的。謝謝。再談歐洲，因為我們的產品組合具有差異化，我們在各個品類看到的動態也不同。如我提到的，雞肉在全球都持續受到青睞，在歐洲也是，因為價格可負擔且供應充足。所以我們看到銷量與價格都有一些成長。比較具挑戰的區塊是在品牌產品組合，特別是 Richmond 這一端，面臨自有品牌（private label）的競爭。

Private label sausage is made with imported meat, especially from Germany and Spain, and we're seeing some very cheap imported pork meat from those geographies because of some challenges to get into China. So because of the lack of exports from Europe to China, we're seeing more available fresh pork from other countries other than UK. UK has a high welfare. So on the retail, we see all the high welfare and it's well priced, and we have key customers and is actually doing well.

自有品牌香腸使用進口肉製作，特別是來自德國與西班牙；而我們也看到從這些地區進口的豬肉非常便宜，因為它們在出口到中國方面遇到一些挑戰。所以，由於歐洲對中國的出口減少，我們看到除了英國以外的其他國家有更多可供應的新鮮豬肉。英國的動物福利標準較高。因此在零售端，我們看到高福利產品且定價合理，我們也有關鍵客戶，實際上表現良好。

But on the imported meat that goes into the whole -- on the food service and into sausages, we saw some very cheap pricing. And that with the lower price on the private label, that impacted our volumes in the branded, especially on the Richmond. But we are working with innovation. We're working with gaining distribution, and we're working with more promotional activity to gain those volumes back.

但在進口肉這一塊——用於整體的餐飲服務以及香腸——我們看到非常便宜的價格。再加上自有品牌較低的價格，這影響了我們品牌產品的銷量，尤其是 Richmond。不過我們正透過創新、擴大通路鋪貨，以及加強促銷活動，來把這些銷量爭取回來。

And as Matt mentioned in another Q&A, the meals business is also doing really well. As the consumer is staying more at home and meals is a great affordable option for them. We're seeing our meal business, both the fresh and frozen to grow, and we also gained distribution on that.

而且如 Matt 在另一個問答中提到的，餐食（meals）業務也表現得非常好。由於消費者更多待在家裡，餐食對他們而言是很實惠的選擇。我們看到餐食業務（新鮮與冷凍）都在成長，而且我們在這方面也增加了通路鋪貨。

So I think it is how we expected our portfolio to work. So we have similar margins or resilient margins compared to the same year -- same period last year because of the diversification of our portfolio.

所以我認為這正如我們預期產品組合應該發揮的效果。由於產品組合的多元化，我們的利潤率相較於去年同年——同一期間——仍然相近或具韌性。

And Priya, regarding your question on the tender offer, our thinking was we had room under the previous authorization from the Board on debt buybacks. There's an opportunity to take some higher coupon debt out. We're confident in our future cash generation. And I think as you mentioned, our balance sheet right now is underlevered.

Priya，關於你對要約收購（tender offer）的問題，我們的想法是：在董事會先前核准的債務回購授權額度下，我們仍有空間。我們也有機會把一些票息較高的債務買回。我們對未來的現金創造能力有信心。而且如你提到的，我們目前的資產負債表槓桿偏低。

And I think as we look at other growth opportunities, we're always looking to grow the company, could be through M&A and opportunities that we see out there. Our balance sheet is in the right spot to be able to do that if necessary to go back out to the market if necessary.

而且當我們看其他成長機會時，我們一直在尋求讓公司成長的方式，可能透過併購（M&A）以及我們在外部看到的機會。我們的資產負債表處在合適的位置，使我們在必要時能夠這麼做；如果有需要，也能在必要時再回到市場籌資。

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

我們的問答環節到此結束。我想把電話會議交回給 Fabio Sandri，請他做結語。

Thank you, everyone, for attending today's call. During the quarter, we were able to navigate a volatile market in the commodity segments, protecting the downside with the most stable parts of our portfolio. More important, the underlying fundamentals of our business remain attractive, given chicken's affordability, continued consumer momentum across retail and foodservice and ample grain supplies.

謝謝各位參加今天的電話會議。本季期間，我們得以在大宗商品品類波動的市場中穩健應對，透過我們產品組合中最穩定的部分來保護下行風險。更重要的是，考量到雞肉的可負擔性、零售與餐飲服務端持續的消費動能，以及充足的穀物供應，我們業務的基本面仍然具吸引力。

We continue in our journey, investing in our operations and in our teams to strengthen our portfolio, ultimately creating a higher return and reducing risk. This quarter, our team members simultaneously drove the business while navigating significant operational changes. This task was even more difficult given extensive weather challenges.

我們持續在這段旅程中前進，投資於營運與團隊以強化我們的產品組合，最終創造更高的報酬並降低風險。本季，我們的團隊成員在推動業務的同時，也在因應重大的營運變革。由於廣泛的天候挑戰，這項任務更加艱鉅。

As such, I would like to thank our team members for their determination, discipline and commitment to our company. We must continue those efforts with an unwavering focus on team member safety and well-being, along with an unyielding attention to quality, service and sustainability.

因此，我要感謝我們的團隊成員展現的決心、紀律，以及對公司的承諾。我們必須持續這些努力，堅定不移地聚焦於團隊成員的安全與福祉，同時也要毫不鬆懈地關注品質、服務與永續。

Given continued progress, we can continue to build our legacy and achieve our vision to be the best and most respected company in our industry, creating the opportunity of a better future for our team members. Thank you, everyone.

在持續進展之下，我們可以繼續建立我們的傳承，並實現我們的願景：成為本產業中最優秀且最受尊敬的公司，為我們的團隊成員創造更美好的未來機會。謝謝各位。

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

謝謝。電話會議現在結束。感謝各位參加今天的簡報。您現在可以掛線。