REX American Resources Corporation (REX) 2025 Q4 法說會逐字稿

Good morning, and welcome to the REX American Resources fourth quarter and full fiscal year 2025 conference call. As a reminder, today's call is being recorded. (Operator Instructions)

早安，歡迎參加 REX American Resources 2025 財年第四季及全年業績電話會議。提醒您，本次電話會議正在錄音。 （操作說明）

I would now like to turn the call over to Mr. Doug Bruggeman, Chief Financial Officer of REX American. Please go ahead.

現在我將把電話交給REX American的財務長道格‧布魯格曼先生。請開始吧。

Good morning, and thank you for joining this morning's call. I have joining me on the call today, Stuart Rose, REX' Executive Chairman; and Zafar Rizvi, our Chief Executive Officer. We'll get to our presentation and comments momentarily as well as your questions. But first, I will review the Safe Harbor disclosure. In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995.

早安，感謝各位參加今天的電話會議。今天與我一同參加會議的還有REX執行董事長Stuart Rose和執行長Zafar Rizvi。稍後我們將進行演講和發言，並回答各位的問題。首先，我將回顧「安全港」披露聲明。除歷史事實或當前狀況的陳述外，今天的電話會議還包含一些前瞻性陳述，這些陳述涉及1995年《私人證券訴訟改革法案》所界定的風險和不確定性。

Such forward-looking statements reflect the company's current expectations and beliefs but are not guarantees of future performance. As such, actual results may vary materially from expectations. The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and in the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and 10-Q. REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.

此類前瞻性陳述反映了公司目前的預期和信念，但並非對未來績效的保證。因此，實際結果可能與預期有重大差異。與前瞻性陳述相關的風險和不確定性已在今天的新聞稿以及公司向美國證券交易委員會提交的文件（包括公司提交的10-K表和10-Q表）中進行了描述。 REX American Resources不承擔公開更新或修訂任何前瞻性陳述的義務。

I'd now like to turn the call over to Stuart Rose, our Executive Chairman.

現在我想把電話交給我們的執行主席史都華·羅斯。

Good morning, and thank you to everyone for joining us today. Fiscal 2025 was an exceptional year for REX American Resources highlighted by outstanding operational performance and meaningful progress on our strategic growth initiatives. We demonstrated not only the resilience and scalability of our business model, but also the strength and capability of our team. Our ethanol sales volume reached record levels in 2025, driven by strong export demand and favorable industry conditions. In a dynamic commodity pricing environment, our team's operational excellence and market expertise enabled us to deliver strong financial results, while maintaining our leadership position in the industry.

各位早安，感謝各位今天蒞臨本次會議。 2025財年對於REX American Resources而言是意義非凡的一年，我們取得了卓越的營運業績，並在策略成長計畫方面取得了顯著進展。我們不僅展現了業務模式的韌性和可擴展性，也充分體現了團隊的實力和能力。在強勁的出口需求和有利的產業環境的推動下，我們的乙醇銷售量在2025年創下歷史新高。在瞬息萬變的商品價格環境下，憑藉著團隊卓越的營運能力和市場專業知識，我們不僅取得了強勁的財務業績，還保持了行業領先地位。

While we expect these conditions to persist in the near term, our long-term success is rooted in disciplined execution, efficiency and most importantly, teamwork qualities that allow us to perform consistently even in more challenging environments. On the strategic front, 2025 was a transformative year. We are encouraged by the initial implementation of the 45Z tax credit with this impact of fiscal 2025, and expect it to positively impact our results going forward. We also made significant progress on our capacity expansion at the One Earth Energy facility, which is nearing completion and will allow for increased annual production capacity to 200 million gallons. In addition, we continue to work diligently on our carbon capture and storage initiative at the One Earth facility, reinforcing our commitment to sustainability and long-term value creation.

儘管我們預計這些情況在短期內會持續，但我們的長期成功源於嚴謹的執行、高效的運作，以及最重要的團隊合作精神，這使我們能夠在更具挑戰性的環境中保持穩定的業績。在策略層面，2025年是具有變革意義的一年。我們對45Z稅收抵免政策在2025財年的初步實施效果感到鼓舞，並期待它能對我們未來的業績產生正面影響。此外，我們在One Earth Energy工廠的產能擴建項目上也取得了顯著進展，該項目即將竣工，屆時年產能將提升至2億加侖。同時，我們正持續在One Earth工廠積極推動碳捕獲與封存項目，這進一步強化了我們對永續發展和長期價值創造的承諾。

Our financial position remains exceptionally strong after reporting record EPS for fiscal 2025. We concluded the year with a solid balance sheet, substantial cash reserves and no bank debt. This financial flexibility, combined with our operational strength positions us well to pursue continued growth and deliver enhanced shareholder value. Looking ahead to the remainder of 2026 and beyond, we are confident in our ability to build on this momentum. Our expanded capacity tax credit eligibility and strong financial foundation provides multiple avenues for sustained growth.

在公佈2025財年創紀錄的每股盈餘後，我們的財務狀況依然非常穩健。年末，我們擁有穩健的資產負債表、充裕的現金儲備，且無銀行債務。這種財務靈活性，加上我們強大的營運實力，使我們能夠更好地追求持續成長，並為股東創造更大價值。展望2026年剩餘時間及未來，我們有信心延續這一成長動能。我們擴大的產能稅收抵免資格和穩固的財務基礎為持續成長提供了多種途徑。

As always, our success is driven by our people. The dedication, market insight and attention to detail demonstrated by the REX team truly set us apart, whether operating our facilities at peak efficiency or strategically managing our commodity positions, our employees continue to perform at the highest level.

一如既往，我們的成功源自於員工的卓越貢獻。 REX團隊展現出的敬業精神、市場洞察力和對細節的關注，使我們脫穎而出。無論是高效能營運設施，或是策略性地管理商品部位，我們的員工始終保持最高水準。

With that, I'll turn the call to CEO, Zafar Rizvi, who will provide additional details of our operational achievements and strategic initiatives.

接下來，我將把電話轉給執行長紮法爾·裡茲維，他將提供我們營運成果和策略舉措的更多細節。

Thank you, Stuart. Fiscal 2025 was a landmark year for REX American Resources, highlighted by exceptional execution across all aspects of our business and meaningful progress against our growth strategy. I'm pleased to report that we are making strong progress towards completing the capacity expansion project at our One Earth and at the ethanol production facility, which will increase capacity to 200 million gallons per year. We expect testing and commissioning to begin upon completion with the facility becoming fully operational in fiscal 2026. In addition to increasing potential sales volume, this expanded capacity, positions us to capture greater market share and benefit from the strong export demand environment that characterized 2025 and continues into 2026.

謝謝斯圖爾特。 2025財年是REX美國資源公司具有里程碑意義的一年，我們業務的各個方面都展現出卓越的執行力，並在成長策略方面取得了顯著進展。我很高興地報告，我們位於One Earth的工廠和乙醇生產設施的產能擴建項目進展順利，擴建後年產能將達到2億加侖。我們預計工程竣工後將立即開始測試和調試工作，並於2026財年全面投入營運。除了增加潛在銷售外，此次產能擴建還將使我們能夠佔據更大的市場份額，並受益於2025年及2026年持續強勁的出口需求。

This additional production also enhanced our ability to maximize benefits under the 45Z tax credit program. Turning to the 45Z program. As Stuart mentioned, we successfully positioned REX to capitalize on near-term opportunities under the 45Z tax credit program during 2025. We completed assessment with multiple independent experts to establish carbon intensity scores across our facilities. As anticipated, our score came in below the required threshold with the purchase of energy credits, enabling us to qualify for and began recognizing 45Z tax credit benefits.

新增產能也增強了我們利用45Z稅收抵免計劃最大限度獲益的能力。說到45Z計劃，正如Stuart所提到的，我們成功地讓REX在2025年抓住了45Z稅收抵免計劃帶來的近期機會。我們與多位獨立專家合作完成了評估，以確定我們所有設施的碳排放強度評分。正如預期的那樣，透過購買能源積分，我們的評分低於所需閾值，使我們能夠獲得並開始享受45Z稅收抵免優惠。

Looking ahead, our carbon capture facility would further reduce our CI scores. This would allow us to qualify for higher-tier credits for potentially increasing the financial benefits from the program. Our carbon capture and sequestration projects continue to await of permitting from the Class VI well and associated carbon dioxide connector pipeline. We remain actively engaged with the EPA and the Illinois Commerce Commission throughout this both process. As of fiscal year and 2025, we have invested approximately $166 million in our carbon capture and ethanol expansion projects combined, and currently remain within our previously stated total budget range of $220 million to $230 million.

展望未來，我們的碳捕集設施將進一步降低我們的CI評分。這將使我們能夠獲得更高等級的碳信用額度，從而有可能增加該項目帶來的經濟效益。我們的碳捕集與封存工程仍在等待VI級井及相關二氧化碳連接管路的許可。在此過程中，我們始終與美國環保署（EPA）和伊利諾伊州商業委員會保持積極溝通。截至本財年及2025年，我們已在碳捕集及乙醇擴建工程上累計投資約1.66億美元，目前仍處於先前設定的2.2億美元至2.3億美元的總預算範圍內。

I will now turn the call over to our CFO, Doug Bruggeman, to discuss our operational and financial results.

現在我將把電話交給我們的財務長道格·布魯格曼，讓他來討論我們的營運和財務表現。

Thank you, Zafar. I'll begin with our operational results. REX ethanol sales volumes during fiscal year 2025 were 290 million gallons, a slight increase over fiscal year 2024 sales volumes of 289.7 million gallons and represented an all-time high for REX. Volumes in the fourth quarter of 2025 were 70.1 million gallons versus 74.6 million gallons in the fourth quarter of 2024. Average selling price for our consolidated ethanol volumes were approximately $1.74 per gallon for the full fiscal year 2025 and $1.72 for the fourth quarter.

謝謝紮法爾。我先介紹一下我們的營運表現。 2025財年，REX的乙醇銷售量為2.9億加侖，較2024財年的2.897億加侖略有成長，創下REX歷史新高。 2025年第四季銷售量為7,010萬加侖，而2024年第四季為7,460萬加侖。 2025財年全年，我們合併乙醇銷售的平均售價約為每加侖1.74美元，第四季約為每加侖1.72美元。

Dried distiller grain sales volumes during fiscal 2025 totaled 612,000 tons, a 3% decrease over fiscal 2024 volumes of 632,000 tons. Volumes during the fourth quarter were approximately 151,000 tons, a decrease of approximately 9% over fourth quarter of 2024. Average selling price for dried distiller grains was approximately $144.06 per ton for the full year and $147.25 per ton for the fourth quarter. Modified distiller grain sales volumes were 81,900 tons in fiscal 2025 compared with approximately 70,000 tons in fiscal year 2024. For the fourth quarter, modified distiller grain volumes totaled approximately 19,700 tons, an increase of approximately 1% over the same period in 2024.

2025財年乾酒糟銷售量總計61.2萬噸，較2024財年的63.2萬噸下降3%。第四季銷量約15.1萬噸，較2024年第四季下降約9%。全年乾酒糟平均售價約每噸144.06美元，第四季平均售價約為每噸147.25美元。 2025財年改良酒糟銷量為8.19萬噸，而2024財年約為7萬噸。第四季改良酒糟銷量約1.97萬噸，較2024年同期成長約1%。

The average selling price for modified distiller grain was approximately $65.82 per ton for the full year and $67.92 per ton for the fourth quarter. Corn oil sales volumes in fiscal year 2025 were particularly strong, coming in at approximately 97 million pounds compared to 88.1 million pounds sold in fiscal year 2024, an increase of approximately 10%. For the fourth quarter, corn oil sales volumes totaled approximately 25.2 million pounds, an increase of 7% over fourth quarter 2024. Average selling price for REX' corn oil product was approximately $0.54 per pound for the full year and fourth quarter of 2025. Gross profit for fiscal year 2025 was $93.7 million versus gross profit of approximately $91.5 million for fiscal year 2024.

全年改性酒糟的平均售價約為每噸 65.82 美元，第四季約為每噸 67.92 美元。 2025 財年玉米油銷量表現尤為強勁，約 9,700 萬磅，而 2024 財年銷量為 8,810 萬磅，增幅約 10%。第四季玉米油銷量約 2,520 萬磅，較 2024 年第四季成長 7%。 2025 財年及第四季 REX 公司玉米油產品的平均售價約為每磅 0.54 美元。 2025 財年毛利為 9,370 萬美元，而 2024 財年毛利約為 9,150 萬美元。

Gross profit in quarter Q4 2025 was $28.9 million compared to $17.6 million in Q4 of 2024. The fourth quarter benefited from both improved ethanol pricing and reduced corn cost, the two largest drivers of gross profit. Our SG&A expense increased to $32.6 million for fiscal year 2025 versus $27.1 million in 2024. SG&A in the fourth quarter increased to approximately $12.3 million versus $6.2 million in the fourth quarter of 2024. The fourth quarter increase was primarily due to increased incentive bonus based on company profitability levels.

2025財年第四季毛利為2,890萬美元，而2024財年第四季為1,760萬美元。第四季受惠於乙醇價格上漲和玉米成本下降，這兩大因素是毛利成長的主要驅動力。 2025財年銷售、管理及行政費用（SG&A）增加至3,260萬美元，而2024財年為2,710萬美元。第四季SG&A約1,230萬美元，而2024財年第四季為620萬美元。第四季SG&A成長的主要原因是基於公司獲利水準的激勵獎金增加。

Interest and other income was $15 million in 2025, down from $19.2 million in fiscal year 2024. We reported interest and other income for the fourth quarter of approximately $4.5 million versus $4.2 million for the same period in 2024. Income before taxes and noncontrolling interest for 2025 was approximately $88.6 million, a 5% decrease from $92.9 million in 2024. During the fourth quarter, we reported approximately $27.4 million in this metric versus $17.9 million during the same period during the previous year. Net income attributable to REX shareholders for the year was $83 million compared to $58.2 million in fiscal year 2024.

2025財年利息及其他收入為1,500萬美元，低於2024財年的1,920萬美元。第四季利息及其他收入約為450萬美元，而2024年同期為420萬美元。 2025財年稅前及非控制權益前利潤約8,860萬美元，較2024年的9,290萬美元下降5%。第四季該項指標約為2,740萬美元，而上年同期為1,790萬美元。歸屬於REX股東的年度淨利為8,300萬美元，而2024財年為5,820萬美元。

For the fourth quarter 2025, this equaled $43.7 million compared with $11.1 million for the fourth quarter 2024. The fourth quarter benefited from the recognition of approximately $28 million in 45Z tax credits as the regulations became more clear. On a per share diluted basis, for the full year, this amounts to an all-time high of $2.50 per share of net income in 2025 compared to $1.65 per share in 2024. And for the fourth quarter 2025, diluted net income per share was $1.32 compared to $0.31 per share for the same period the previous year. We ended the fiscal year with total cash, cash equivalents and short-term investments of $375.8 million compared with $359.1 million for fiscal year-end 2024.

2025年第四季，該項營收為4,370萬美元，而2024年第四季為1,110萬美元。第四季受益於約2,800萬美元的45Z稅收抵免，因為相關法規日趨清晰。以稀釋後每股盈餘計算，2025年全年淨利達到歷史新高，每股2.50美元，2024年為每股1.65美元。 2025年第四季稀釋後每股淨利為1.32美元，去年同期為每股0.31美元。本財年末，我們的現金、現金等價物及短期投資總額為3.758億美元，而2024財年末為3.591億美元。

This net build in cash was primarily due to cash from operations, offset by capital expenditures primarily related to the plant expansion project at the One Earth Energy facility. REX American ended the year without any bank debt.

現金淨增加主要來自營運活動產生的現金流，部分被主要與One Earth Energy工廠擴建項目相關的資本支出所抵銷。 REX American公司年末無任何銀行債務。

I'd now like to turn things back to Zafar.

現在我想把話題轉回給札法爾。

Thank you, Doug. I would now like to provide additional contacts around our priorities for 2026 and the key factors expected to influence our business throughout the year. We are well positioned as we enter fiscal 2026 with expanded production capacity expected to come online this year. Contribution from the 45Z tax credit expected to benefit our bottom line and favorable market tailwinds so far. We anticipated another year of strong performance and continued growth.

謝謝道格。接下來，我想就我們2026年的工作重點以及預計將影響全年業務的關鍵因素提供更多聯繫。進入2026財年，我們已做好充分準備，預計今年將有擴建產能投入營運。 45Z稅收抵免政策預計將提升我們的獲利能力，而且目前為止，市場情勢也十分有利。我們預計今年業績將持續強勁成長。

Our strategy and execution remain guided by our 3Ps: Profit, position and policy. Profit. We have now delivered 22 consecutive quarters of profitability, a testament to our teams discipline, operational excellence and market expertise. We expect a profitable first quarter. Earning of 2026 are expected to benefit from expanded capacity, our continued laser focus on our core business and expected contribution from the 45Z tax credit.

我們的策略和執行始終以「3P」為指導：利潤、地位和政策。在利潤方面，我們已連續22個季度實現盈利，這充分證明了我們團隊的嚴謹作風、卓越的營運能力和對市場的深刻理解。我們預計第一季也將獲利。 2026年的收益預計將受益於產能擴張、我們對核心業務的持續專注以及45Z稅收抵免政策的預期貢獻。

Position. We expect to complete the Monarch Energy expansion this year, while continuing to advance our carbon capture initiative. These projects will enable us to increase production at lower carbon intensity, strengthen our competitive position and allowing us to capture additional value from both the 45Z tax credit and our core business. Policy. The policy environment remains favorable.

現狀。我們預計今年將完成Monarch Energy的擴建項目，同時繼續推動我們的碳捕獲計畫。這些項目將使我們能夠在降低碳排放強度的同時提高產量，增強我們的競爭優勢，並使我們能夠從45Z稅收抵免和核心業務中獲得更多價值。政策。政策環境依然有利。

The 45Z tax credit program provides meaningful near-term benefits, which would further increase our -- with our carbon capture facility at One Earth. We also continue to monitor developments related to year around E15 blending, which could drive incremental ethanol demand while reducing gasoline prices at emission. Ethanol export demand remains exceptionally strong throughout 2025, with US export reaching record levels once again. We expect this strength to continue into 2026, supported by growing global demand for lower carbon fuel, increased fuel blending and the cost competitiveness of US production.

45Z稅收抵免計劃可帶來顯著的短期效益，這將進一步提升我們在One Earth碳捕獲設施的效益。我們也持續關注全年E15混合燃料的相關進展，這有望在降低汽油排放成本的同時，推動乙醇需求的成長。 2025年全年，乙醇出口需求依然強勁，美國出口量再次創下歷史新高。我們預計，在全球對低碳燃料需求不斷增長、燃料混合比例提高以及美國生產成本優勢的支撐下，這一強勁勢頭將延續至2026年。

On the input side, corn supplies remain favorable, which should support manageable input cost and expected healthy gross margin. Looking ahead, as we progress through 2026, we remain focused on maximizing the performance of core business, capturing the benefits of expanded production capacity and continue efforts of our carbon capture facility. At the same time, we will continue to drive operational excellence across all aspects of our business. Our strong balance sheet, zero bank debt and multiple growth drivers position us well for another year of value creation for our shareholders.

在投入方面，玉米供應仍然充足，這將有助於控制投入成本，並維持預期的健康毛利率。展望未來，在2026年，我們將繼續專注於提升核心業務績效，充分利用產能擴張帶來的效益，並持續推動碳捕集設施的建設。同時，我們將繼續在業務的各個方面追求卓越營運。我們穩健的資產負債表、零銀行債務以及多元化的成長動力，使我們能夠為股東創造新的價值。

In closing, I would like to thank our dedicated team for their hard work innovation and commitment to excellence, which continue to drive our success. We are excited about the opportunities ahead and confident in our ability to deliver sustained strong performance. Thank you to all of our stakeholders for your continued support.

最後，我要感謝我們敬業的團隊，感謝他們的辛勤工作、創新精神和對卓越的不懈追求，正是這些品質不斷推動我們的成功。我們對未來的機會充滿信心，並相信我們有能力持續取得優異的績效。感謝所有利害關係人的持續支持。

With that, I will turn it over for questions. Operator?

接下來，我將把發言權交給接線生。接線生？

(Operator Instructions)

（操作說明）

Peter Gastreich, Water Tower Research.

Peter Gastreich，水塔研究。

Congratulations on yet another quarter of better-than-expected results at REX. It's also great to see the One Earth expansion is fully on track, and you've continued with the strong share buyback. But my first questions are regarding 45Z. For that $28 million, is that just for Q4, or does that represent a catch-up on previous periods? And also, how should we think about 45Z in terms of the future run rate?

恭喜REX又一個季度業績超出預期。很高興看到One Earth的擴張計畫進展順利，你們也持續大力回購股票。但我首先想問的是45Z專案。這2800萬美元只是第四季的資金，還是也包括之前幾季的補繳？另外，我們該如何看待45Z計畫未來的發展前景？

That is for the full fiscal year of 2025. Going forward, this is good through 2029. So we remain optimistic that we'll continue to be able to claim these 45Z tax credits in the future years.

這是針對整個2025財年而言的。展望未來，這項政策將持續到2029年。因此，我們仍然樂觀地認為，未來幾年我們將繼續能夠申請這些45Z稅收抵免。

Also, if we get the carbon capture project completed, that will significantly increase the amount of 45Z credits that we will receive over and above this.

此外，如果我們完成碳捕獲項目，我們將獲得的 45Z 碳信用額度將大幅增加。

Okay. Great. And just a follow-up on that. Are you able to disclose how -- by how much that would improve your CI score with the CCS?

好的，太好了。還有一個後續問題。您能否透露一下，這樣做能讓您的CCS CI評分提高多少？

I think that this time, we have not disclosed that publicly, and maybe in the future, if it's required, we will.

我認為這次我們還沒有公開披露此事，也許將來如果需要的話，我們會這樣做。

It will be significant. Let's just leave it here, it will be significant if we can get it. And that's why we're working so hard on it.

這將意義重大。我們就先說到這裡吧，如果我們能成功，那就意義非凡。正因如此，我們才如此努力地為此奮鬥。

Okay. Great. Very good. And regarding the CCS permitting, so the Illinois pipeline moratorium, I believe, was set to expire July 1. Just wanted to confirm where we are on the Class VI injection permit? I recall it was expected to be finalized in June. Is that still the case?

好的，太好了，非常好。關於碳捕獲與封存（CCS）許可，伊利諾州的管線禁令好像是7月1日到期。我想確認一下VI類注入許可的進展？我記得之前預計6月就能最終確定，現在還是這樣嗎？

Yeah. We have several -- well, it's been moved to September on the EPA website at this point.

是的。我們有幾個——嗯，目前在美國環保署網站上已經改期到九月了。

It has moved on the website, but we have several different conversations with EPA over the last few months and even in last few weeks, and we are at the final stage of technical review at this time. We have all the documents, which they requested, we have provided them. But as you know that the government agencies moved little bit slower than expected. And that's what they posted it on their website, but that does not mean that will be the latest we will get, but we are having regular meetings with them.

網站上的進度有所更新，但過去幾個月，甚至最近幾週，我們與美國環保署（EPA）進行了多次溝通，目前正處於技術審查的最後階段。他們要求的所有文件我們都已提交。但如您所知，政府機構的辦事效率比預期慢一些。他們在網站上公佈的進度就是如此，但這並不意味著這就是最終結果，我們一直在與他們保持定期溝通。

Okay. Great. Just a couple of questions before I get back in the queue. Just regarding tariffs and the geopolitical situation. So the first one on tariffs. How would you characterize the impact that tariffs are having on your operations for both ethanol and corn oil in the fourth quarter and looking into this year?

好的，太好了。在我重新排隊之前，還有幾個問題想問。都是關於關稅和地緣政治局勢的。第一個問題是關於關稅的。您如何評估關稅對貴公司第四季以及今年全年乙醇和玉米油業務的影響？

As far as tariff impact, we are pleased to see that there is no impact on our export of ethanol, as you know, that last year 2025 export was the best export ever. And even we have great relationship with Canada at this time. Canada imported approximately 792 million gallons. And so there seems to be no impact whatsoever at this time. Actually, the tariff may help us to really -- to export because we can see that Brazil is back in the business now.

就關稅影響而言，我們很高興看到它對我們的乙醇出口沒有造成任何影響。如您所知，去年（2025年）的出口量創歷史新高。而且，我們目前與加拿大保持著良好的關係。加拿大進口了約7.92億加侖乙醇。因此，目前看來沒有任何影響。實際上，關稅反而可能有助於我們出口，因為我們看到巴西現在已經重返市場。

Last year, they only exported 49.6 million -- yes, 49.6 million gallons. And this year, first month of the year, it's January 2026, they imported about 36.4 million. So -- and also the export of the January was the best five months of the -- since a long time. So we certainly see the export is increasing, and there is no other impact on -- whatsoever on our business at this time.

去年，他們的出口量僅4960萬加侖——沒錯，就是4960萬加侖。而今年，也就是2026年1月，他們的進口量約為3,640萬加侖。此外，1月的出口量也是近年來最好的五個月。因此，我們確實看到出口量正在成長，而且目前對我們的業務沒有其他影響。

Adding on to that the high oil prices that we're currently experiencing should only be good for our business, both export and domestically. We're much greater value than we ever were the differential as far as I can recall anyway. The differential between the price of ethanol and the price of gasoline made from oil. So we should by all -- assuming that oil prices stay high, that should be very, very good for the ethanol business.

此外，目前高企的油價對我們的業務，無論是出口或國內市場，都應該是利多消息。就我記憶所及，我們現在的價值遠高於以往任何時候——乙醇價格與汽油價格之間的差價。所以，假設油價持續高企，這對乙醇產業無疑是天大的好事。

(Operator Instructions)

（操作說明）

Mason Bourne, AWH Capital.

Mason Bourne，AWH Capital。

A couple of questions for me. I guess to start on 45Z, a nice surprise there. Could you talk about on a per gallon basis, what you're recognizing now? It seems like it's roughly $0.10 if you -- per gallon, if you think about it in terms of your total gallons. Is there a mix within that where some are more and some are less? And what's you're currently --

我有幾個問題。我想先從45Z說起，這真是個驚喜。您能談談您現在每加侖的成本嗎？如果您考慮總加侖數，似乎每加侖大約是0.10美元。其中是否存在某些批次的成本較高或較低的情況？您目前的…

Yeah, your estimate is correct at this time.

是的，你目前的估計是正確的。

Okay. So it's $0.10 on all of your gallons?

好的。所以所有汽油每加侖加收 0.10 美元？

Correct.

正確的。

And then are there other things within 45Z outside of carbon capture that you view as opportunity for increased credits or carbon capture?

那麼，除了碳捕獲之外，45Z 中是否還有其他您認為可以增加碳信用或碳捕獲的機會？

I think as you can see, as Stuart mentioned, is I think once the carbon capture facility is completed, and that will reduce further our CI score at least 30 to 35 points more. So that will really will make a significant effect on us.

我認為正如你所看到的，正如史都華所提到的，一旦碳捕集設施建成，我們的CI評分至少會再降低30到35分。這將對我們產生非常顯著的影響。

Do you still view the full dollar is achievable on any of your plants, or is that more aspirational?

你仍然認為你的任何一家工廠都有可能實現1美元的收益，還是說這只是你的一種理想狀態？

I think if it is possible, once we have the carbon sequestration facility is completed and our construction is completed at the One Earth Energy level, it is possible that we may be able to achieve $1 a gallon at that location.

我認為，如果可能的話，一旦我們的碳封存設施建成，並且我們的建設也按照「一個地球能源」的標準完成，我們就有可能在該地點實現每加侖 1 美元的價格。

And then it seems like your language and your commentary around carbon capture being operational in 2026 is maybe different than last time. So are you more optimistic now? Is that fair to say as you've gotten further into discussions with EPA?

那麼，您關於碳捕獲技術在2026年投入營運的措辭和評論似乎與上次有所不同。現在您是否更加樂觀了？隨著您與美國環保署（EPA）的討論深入，這種說法是否準確？

No. I think my conversation is about completing of the construction of our facility at One Earth Energy. Carbon capture facility is already complete. It all depends on the permits when we receive from EPA and IEPA and ICC, Illinois commerce commission. So it depends on the permits. But as long as -- as far as facility for the carbon capture, it is complete.

不，我想我說的是我們在One Earth Energy的設施建設完成情況。碳捕集設施已經完工了。一切都取決於我們何時能從美國環保署（EPA）、伊利諾伊州環保署（IEPA）和伊利諾伊州商業委員會（ICC）獲得許可。所以，一切都取決於許可。但就碳捕集設施而言，它已經完成了。

But to be clear, we do not expect to capture 45Z credits due to carbon capture in 2026 if that was construed that way, that would not be correct.

但需要澄清的是，我們並不期望在 2026 年透過碳捕獲獲得 45Z 信用額度；如果那樣理解，那就錯了。

Yes.

是的。

Okay. I guess, just last thing for me. So on the E15 front, there's been a lot of commentary there, speculation that maybe you could see some progress. I know there was a waiver just, I think, this week on a temporary basis. But what are your thoughts, higher level on the possibilities or likelihood of a nationwide E15 in a more sustainable manner?

好的。我想，最後一個問題了。關於E15汽油，最近有很多討論和猜測，認為可能會有一些進展。我知道就在本週，好像有個臨時豁免政策。但從更高的層面來說，您認為在全國範圍內以更永續的方式推廣E15汽油的可能性有多大？

Nationwide E15 would be great. It would be great, but I don't expect that to happen. The oil companies are too powerful. But I do expect more and more independents to put in E15 pumps and E15 -- at least in our areas, I think in the whole country, significantly less, the price to the consumer, significantly less than E10, and also the retailers have a chance to make more money. So I expect that to happen. It should happen. And more pumps of E15, I believe more consumers will use them, and it will benefit us in that way. I do not expect a national E15. That would be great, but I do not think that's going to happen.

全國推廣E15汽油當然很好。這固然很好，但我並不指望它能實現。石油公司勢力太大了。但我確實預計會有越來越多的獨立加油站安裝E15汽油加油機，而且E15汽油——至少在我們地區，我認為在全國範圍內——價格會比E10汽油低得多，零售商也能從中賺取更多利潤。所以我預計這種情況會發生，也應該發生。我相信，E15汽油加油機越多，消費者就會越多地使用它，這對我們來說也是有利的。我不指望全國推廣E15汽油。那當然很好，但我認為這不會發生。

It appears we have no further questions at this time. Mr. Rose, I'd like to turn the floor back over to you for closing comments.

目前看來我們沒有其他問題了。羅斯先生，我想把發言權交還給您，請您作總結發言。

Well, I'd like to thank everyone for listening. And as always, I'd like to attribute a record year, and it is a record year in both earnings per share and after-tax earnings, and I'd like to contribute that to having the very, very best people starting with our CEO, Zafar Rizvi, and all the way down the plant level, all the way, we just have excellent people, and our results speak for that. And I think we're among the top, if not the top in the industry, and it's truly due to having the best people. We feel the best people in the industry. Again, I'd like to thank everyone for listening, and we'll talk to you next quarter. Bye.

好的，感謝大家的聆聽。像往常一樣，我想把今年創紀錄的業績歸功於我們擁有最優秀的人才，從首席執行官紮法爾·裡茲維 (Zafar Rizvi) 到工廠的每一位員工，我們擁有卓越的團隊，我們的業績也證明了這一點。我認為我們即使不是業界頂尖，也絕對是其中之一，這完全歸功於我們擁有最優秀的人才。我們堅信我們擁有業界最優秀的人才。再次感謝大家的聆聽，我們下個季度再見。再見。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與，祝您有美好的一天。