Smithfield Foods Inc (SFD) 2026 Q1 法說會逐字稿

Good day, and welcome to the Smithfield Foods first quarter 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加史密斯菲爾德食品（Smithfield Foods）2026 會計年度第一季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Julie MacMedan, Vice President, Investor Relations. Please go ahead.

現在我想把會議交給投資人關係副總裁 Julie MacMedan。請開始。

Thank you, operator, and good morning, everyone. Welcome to Smithfield's first quarter 2026 earnings call. Earlier this morning, we announced our results. A copy of the release, along with today's presentation is available on our Investor Relations website.

謝謝接線員，各位早安。歡迎參加史密斯菲爾德 2026 會計年度第一季財報電話會議。今天稍早，我們已公布本季業績。新聞稿副本以及今天的簡報已上傳至我們的投資人關係網站。

Today's presentation contains projections and other forward-looking statements that are being provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all comments reflecting our expectations, assumptions or beliefs about future events or performance that do not relate solely to historical periods. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.

今天的簡報包含預測及其他前瞻性陳述，係依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款提供。前瞻性陳述包括所有反映我們對未來事件或表現之預期、假設或信念、且不僅限於歷史期間的評論。這些陳述存在風險與不確定性，可能導致實際結果與我們的預期及預測出現重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in the release in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to our legal disclaimer on slide 2 of the presentation for additional information.

這些風險與不確定性包括但不限於：新聞稿中所列因素，以及我們的 Form 10-K 年度報告、Form 10-Q 季度報告與其他向美國證券交易委員會（SEC）提交的文件中所識別的因素。本公司不承擔更新或修訂任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。更多資訊請參閱簡報第 2 頁的法律聲明。

Today's presentation will also include certain non-GAAP measures, including, but not limited to, adjusted operating profit and margin, adjusted net income, adjusted earnings per share and adjusted EBITDA. For a reconciliation of these and other non-GAAP measures to the corresponding GAAP measures please refer to our earnings press release and our slide presentation on our website.

今天的簡報亦將包含若干非 GAAP 指標，包括但不限於：調整後營業利益及利潤率、調整後淨利、調整後每股盈餘以及調整後 EBITDA。關於上述及其他非 GAAP 指標與相對應 GAAP 指標之調節，請參閱我們的財報新聞稿以及網站上的簡報資料。

Finally, all references to retail volume and market share are based on [Circana MULO+] data. With me this morning are Shane Smith, President and CEO; Mark Hall, CFO; Steve France, President of Packaged Meats and Donavan Owens, President of North America Pork.

最後，所有關於零售銷量與市占率的引用，均以 [Circana MULO+] 數據為基礎。今天早上與會者包括：總裁暨執行長 Shane Smith；財務長 Mark Hall；包裝肉品事業總裁 Steve France；以及北美豬肉事業總裁 Donavan Owens。

With that, I will now turn the discussion over to Shane. Shane?

接下來，我把討論交給 Shane。Shane？

Thank you, Julie. Good morning, everyone. I am pleased to report record first quarter adjusted operating profit of $339 million and adjusted operating profit margin of 8.9%. Our outstanding results reflect disciplined execution of our long-term strategies, particularly in packaged meats, reinforcing the benefits of our vertically integrated model in a dynamic operating environment.

謝謝你，Julie。各位早安。我很高興報告，我們第一季調整後營業利益創下新高，達 3.39 億美元，調整後營業利益率為 8.9%。我們的亮眼成果反映出對長期策略的紀律執行，尤其是在包裝肉品方面，並在多變的營運環境中再次印證我們垂直整合模式的效益。

Looking at profit by segment. Packaged Meats delivered operating profit of $275 million, up 4% versus the first quarter of 2025. Packaged meat sales of $2.1 billion increased by 6% compared to the first quarter of 2025. This was driven by volume growth of 3.5%, primarily reflecting the earlier Easter holiday. Excluding the impact of the earlier Easter timing, our volume was still up 1.3%. We also saw a 2.6% increase in average sales price related to higher raw material market prices and disciplined pricing across our portfolio.

從各事業別獲利來看。包裝肉品事業營業利益為 2.75 億美元，較 2025 會計年度第一季成長 4%。包裝肉品銷售額為 21 億美元，較 2025 會計年度第一季成長 6%。主要由 3.5% 的銷量成長帶動，主要反映復活節假期較早到來。若排除復活節提前的影響，我們的銷量仍成長 1.3%。我們也看到平均銷售價格上升 2.6%，與原物料市場價格走高以及我們在產品組合上的紀律定價有關。

We reported Package meat segment operating profit margin of 12.8%, which was down modestly from last year driven primarily by the earlier Easter increase in the mix of holiday hams higher raw material input cost and continued consumer caution in the quarter.

我們包裝肉品事業的營業利益率為 12.8%，較去年小幅下滑，主要原因是復活節提前使節慶火腿的產品組合占比提高、原物料投入成本上升，以及本季消費者持續謹慎。

Fresh Pork reported operating profit of $78 million with an operating profit margin of 3.9%, which was down slightly versus the first quarter of 2025. We saw lower production volume in our East Coast operations due to temporary winter storm disruptions as well as lower gross margin as China export volumes decreased year-over-year.

生鮮豬肉事業營業利益為 7,800 萬美元，營業利益率為 3.9%，較 2025 會計年度第一季略為下滑。由於冬季風暴造成的短暫干擾，我們東岸營運的產量較低；此外，因對中國出口量年減，毛利率也較低。

As a reminder, the tariff disruption was introduced in April of 2025, impacting the year-over-year comparison in the first quarter. Our Hog Production segment delivered operating profit of $4 million, up from $1 million in the first quarter of 2025, driven by improved commodity dynamics, including higher selling prices and lower feed costs and improved operating efficiency on our retained farms. This marked the fifth consecutive quarter of Hog Production segment profitability and underscores the ongoing benefits from our transformational strategy. We have reduced the number of internally produced hogs, closed and exited underperforming farms and geographies, and successfully lowered our cost structure through improved genetics, herd health, and procurement and nutrition savings.

提醒各位，關稅干擾於 2025 年 4 月開始出現，影響第一季的年對年比較。我們的生豬生產事業營業利益為 400 萬美元，高於 2025 會計年度第一季的 100 萬美元，主要受惠於大宗商品環境改善，包括售價提高、飼料成本降低，以及我們保留自營農場的營運效率提升。這是生豬生產事業連續第五季獲利，凸顯我們轉型策略持續帶來的效益。我們已降低內部自產生豬數量，關閉並退出表現不佳的農場與地區，並透過改善基因、豬群健康，以及採購與營養成本節省，成功降低成本結構。

Finally, our culture of continuous improvement drove meaningful cost savings during the first quarter. In addition to efficiencies within our segments, corporate expenses were down 11% versus last year. In short, we delivered record first quarter profit led by strong packaged meat segment performance and solid execution across the organization. Our financial position continues to be rock solid. We ended the quarter with liquidity of $3.7 billion and leverage of just 0.4 times, providing significant flexibility to support our growth strategies and deliver shareholder value over the long term.

最後，我們持續改善的文化在第一季帶來顯著的成本節省。除各事業別內部效率提升外，公司費用較去年下降 11%。總結而言，我們在包裝肉品事業強勁表現帶動下，並憑藉全組織穩健執行，創下第一季獲利新高。我們的財務狀況依然非常穩健。本季結束時，我們的流動性為 37 億美元，槓桿倍數僅 0.4 倍，為支持成長策略並在長期為股東創造價值提供了高度彈性。

Now turning to our outlook for fiscal 2026. We continue to navigate a challenging external environment with the Middle East conflict adding another layer of macro volatility. For us, that flows through higher freight packaging and agricultural input cost. Our experienced team is managing through the same way we have in past cycles. Pricing and mix disciplined spending, productivity initiatives, hedging and contract and procurement actions. The US consumer continues to be cautious, and we are focused on delivering how you add new trend for families.

接著談談我們對 2026 會計年度的展望。我們仍在因應具挑戰性的外部環境，而中東衝突又為總體波動增添一層不確定性。對我們而言，這會反映在更高的運輸、包材以及農業投入成本上。我們經驗豐富的團隊正以過去景氣循環中一貫的方式加以管理。包括定價與產品組合、紀律性支出、提升生產力的計畫、避險，以及合約與採購行動。美國消費者仍然謹慎，我們專注於為家庭提供如何增添新趨勢。

As households make a dollar count, our portfolio of trusted brands provides affordable protein solutions without compromising on quality. Protein continues to resonate with consumers, given its nutritional benefits and versatility. And within the protein complex, port remains competitively positioned. Core Smithfield categories, including lunch meat, bacon, sausage, and hot dogs, offer accessible, everyday protein options that align well with current value-oriented purchasing behavior. Against this backdrop, we believe staying focused on our five key strategies will help us grow sales and profitability in 2026 and over the long term.

在家庭精打細算之際，我們值得信賴的品牌組合提供平價的蛋白質解決方案，同時不犧牲品質。蛋白質因其營養效益與多用途性，持續受到消費者青睞。而在整體蛋白質品類中，豬肉仍具競爭力。史密斯菲爾德的核心品類，包括午餐肉、培根、香腸與熱狗，提供容易入手、日常的蛋白質選擇，與目前偏重價值導向的購買行為高度契合。在此背景下，我們相信持續聚焦五大關鍵策略，將有助於我們在 2026 年及長期提升銷售與獲利能力。

First, in Packaged Meats. We plan to continue to grow operating profit through ongoing product mix improvements, volume growth, and innovation. Improving product mix remains a core margin expansion strategy. We are increasing the mix of higher margin value-added product categories and expanding unit velocity while reducing volume of lower-margin commodity type from categories. A great example of this is converting large holiday hams into products like our Prime Brush launch, which increases units and purchase occasions while expanding margins.

第一，在包裝肉品方面。我們計畫透過持續改善產品組合、推動銷量成長與創新，繼續提升營業利益。改善產品組合仍是擴大利潤率的核心策略。我們正提高高毛利加值產品類別的占比，並在降低低毛利、偏大宗商品型品類的銷量同時，提升單品動銷速度。一個很好的例子是，將大型節慶火腿轉換為如我們 Prime Brush 上市產品等品項，藉此增加銷售單位與購買情境，同時擴大利潤率。

Coming out of 2025, we saw strong momentum in these value-added categories, and that carried over into the first quarter of 2026. During the first quarter, we grew units and market share in our core higher-margin focus areas. For example, we grew units sold of cook dinner sausage by 9% in the quarter, gaining 0.8 points of unit share growth and drive sausage by 10%, gaining 1.1 points of unit share growth. We expect these higher margin categories to continue to deliver strong unit growth throughout 2026.

在 2025 年結束之際，我們看到這些加值品類動能強勁，並延續到 2026 會計年度第一季。第一季期間，我們在核心高毛利聚焦領域的銷售單位與市占率均有所成長。例如，本季我們熟食香腸（cook dinner sausage）銷售單位成長 9%，單位市占率提升 0.8 個百分點；而 drive sausage 銷售單位成長 10%，單位市占率提升 1.1 個百分點。我們預期這些高毛利品類在 2026 年將持續帶來強勁的銷售單位成長。

We are capitalizing on the significant opportunity to drive volume growth and gain share across our portfolio. We participate in 25 key packaged meat subcategories in retail, 20 of which are valued over $1 billion. We are focused on driving volume growth through increased distribution and disciplined brand investment.

我們正把握推動銷量成長並在我們的產品組合中提升市占的重大機會。我們在零售端參與25個關鍵包裝肉品子類別，其中20個子類別的市場規模超過10億美元。我們專注於透過提高鋪貨率與有紀律的品牌投資來推動銷量成長。

During the first quarter, we increased branded volume share for the 25 categories in total by 16% and gained branded volume share growth of 0.4 points. A key contributor to growth was increased points of distribution, which was up a strong 5.5% versus last year. We also continue to invest in marketing and trade promotion for our brands. One of the top-performing categories was packaged lunch meat, which grew volume by 11.1%, while the industry was down 6.5%. This led to a more than 1 point increase in our packaged lunchmeat volume share.

第一季期間，我們在這25個品類的品牌銷量市占合計提升了16%，並取得0.4個百分點的品牌銷量市占成長。成長的關鍵貢獻因素是鋪貨點數增加，較去年強勁成長5.5%。我們也持續加碼對旗下品牌的行銷與通路促銷投資。表現最佳的品類之一是包裝午餐肉，銷量成長11.1%，而整體產業下滑6.5%。這使我們的包裝午餐肉銷量市占提升超過1個百分點。

Smithfield Prime Fresh is one of our most important Packaged lunchmeat brands. We grew Prime Fresh volume by 26% with an 18% increase in points of distribution in the first quarter. Looking ahead, we see continued white space opportunities to grow volume and increase market share in our top 25 categories. As part of our broader growth strategy, and in addition to trade promotions, we are increasing investment in television and digital advertising to build awareness and support the long-term growth of our national brands, Smithfield, Eckrich, and Nathan's Famous.

Smithfield Prime Fresh 是我們最重要的包裝午餐肉品牌之一。第一季 Prime Fresh 銷量成長26%，鋪貨點數增加18%。展望未來，我們在前25大品類仍看到持續的空白市場機會，可望推升銷量並提高市占。作為更廣泛成長策略的一部分，除通路促銷外，我們也將增加電視與數位廣告投資，以提升品牌認知並支持 Smithfield、Eckrich 與 Nathan's Famous 等全國性品牌的長期成長。

We are also growing volume by delivering what consumers want. A key competitive advantage for Smithfield is our ability to offer a broad portfolio of quality branded products this spans multiple categories and price points.

我們也透過提供消費者想要的產品來帶動銷量成長。Smithfield 的一項關鍵競爭優勢，在於我們能提供涵蓋多個品類與不同價位帶的高品質品牌產品組合。

This portfolio strategy allows us to retain consumers within our brands as they trade up and down the value spectrum. Additionally, roughly 40% of our packaged meats retail site privately, which allows us to capture sales if consumers trade out of brands and into private label. Overall, the completion of branded and private label offerings enables us to forge multiyear strategic partnerships with our customers, supporting volume growth across our portfolio.

此一產品組合策略使我們能在消費者於價值光譜中向上或向下選擇時，仍將其留在我們的品牌體系內。此外，我們包裝肉品零售端約40%為自有品牌（private label），使我們能在消費者從品牌轉向自有品牌時仍可掌握銷售。整體而言，品牌與自有品牌供應的完整性，使我們能與客戶建立多年期策略夥伴關係，支持整體產品組合的銷量成長。

That brings us to product innovation. We focus on introducing new flavors, convenient and easily prepared mills and pack sizes that range from snack sizes to family value offerings. Our new product pipeline for 2026 is robust with losses scheduled throughout the year. For example, in the first quarter, product innovation drove 12% year-over-year volume growth in Armour Dry sausage and more than 22% volume growth in Curl's refrigerated barbecue meats, supported by new snacking formats and globally inspired flavors. Our latest introduction in April was a new Smithfield Premium Pork Bratwurst lineup featuring three bold flavors, including a limited time Pabst Blue Ribbon beer brat.

接著談產品創新。我們著重推出新口味、便利且易於準備的餐食與包裝規格，從零食份量到家庭超值組合皆涵蓋。我們2026年的新品管線相當強勁，並已排定全年陸續上市。例如，第一季產品創新帶動 Armour 乾香腸銷量年增12%，以及 Curl's 冷藏燒烤肉品銷量成長超過22%，主要受新型零食化規格與全球風味啟發口味所帶動。我們在4月最新推出的是 Smithfield Premium Pork Bratwurst 新系列，主打三種大膽風味，其中包含限時推出的 Pabst Blue Ribbon 啤酒香腸。

We look forward to sharing more new product innovations throughout the year. We've talked a lot about retail, the food service is also an important channel for packaged meats, representing roughly 30% of sales. During the first quarter, we increased food service channel sales by 4% with volume up 1%. Foodservice customers view us as a scaled, trusted provider of high-quality products that can deliver value-added solutions saving time and money. Innovation is a key advantage for us in the food service channel as evidenced by the introduction of 12 new limited time offers in the first quarter alone.

我們期待在今年持續分享更多新品創新。我們談了很多零售端；餐飲服務（food service）同樣是包裝肉品的重要通路，約占銷售額30%。第一季我們餐飲服務通路銷售額成長4%，銷量成長1%。餐飲服務客戶將我們視為具規模、值得信賴的高品質產品供應商，能提供可節省時間與成本的加值解決方案。創新是我們在餐飲服務通路的關鍵優勢，第一季單季即推出12項限時供應（LTO）新品即為明證。

Even as food away from home inflation remains elevated, our scale, innovation and value-added solutions are resonating with operators focused on driving traffic and margin. Moving to our second core growth strategy, growing fresh pork profitability. We are focused on maximizing the net realizable value across channels and continuing to improve operating efficiencies.

即使外食通膨仍處高檔，我們的規模、創新與加值解決方案仍能引起著重提升來客數與毛利的業者共鳴。接著談第二項核心成長策略：提升生鮮豬肉獲利能力。我們專注於在各通路最大化可實現淨值（net realizable value），並持續改善營運效率。

We were executing our strategies to increase fresh pork operating profit in 2026 as follows: growing volume in the retail channel, emphasizing higher-margin value-added case-ready and marinated offerings, expanding adjacent channel opportunities such as pharmaceuticals and pet food. Increasing automation and driving plant efficiency, yield optimization and supply chain savings and optimizing harvest levels across our network, all while remaining agile in export markets. During the first quarter, we grew sales in the retail channel by 3%, with a 6% increase in sales of value-added case-ready and marinated items.

我們正執行以下策略，以在2026年提升生鮮豬肉營業利益：在零售通路擴大銷量、強調高毛利的加值即食（case-ready）與醃漬產品、拓展如製藥與寵物食品等鄰近通路機會。同時提升自動化並推動工廠效率、良率最佳化與供應鏈節省，並在我們的網絡中最佳化屠宰量水準，且在出口市場保持靈活。第一季我們零售通路銷售額成長3%，其中加值即食與醃漬品項銷售額成長6%。

We are driving growth in value-added pork through innovation like our February launch of Smithfield Half Longes, featuring several bold flavors while also delivering convenient package size for today's smaller households. In April, we launched our new Smithfield mill ready cuts platform. These slice marinated and premium forecasts delivered globally inspired flavors in minutes and are perfect for today's consumers who want convenience without compromising taste.

我們透過創新推動加值豬肉成長，例如2月推出的 Smithfield Half Loins，提供多種大膽風味，同時以更便利的包裝規格滿足當今較小家庭的需求。4月我們推出全新的 Smithfield meal-ready cuts 平台。這些切片醃漬與高端部位可在數分鐘內呈現全球風味靈感，適合追求便利但不願犧牲口感的現代消費者。

In short, our new value-added offerings are helping drive mix and margin improvements by meeting the strong demand for nutritious protein at a great value relative to beef and by expanding pork's relevance across multiple cuisines and usage occasions. Like our packaged meat segment, our fresh pork segment is also focused on driving growth in the food service channel, and we can leverage synergies across these two segments to optimize our go-to-market strategy. During the first quarter, we grew fresh pork food service channel sales by 27%. This reflects increased sales of value-added categories as well as strong sales of reps, which are a great alternative to more expensive beef.

總之，我們新的加值產品透過滿足相較牛肉更具性價比的營養蛋白強勁需求，並擴大豬肉在多元料理與使用情境中的相關性，正協助推動產品組合與毛利改善。如同包裝肉品事業，我們的生鮮豬肉事業也聚焦於餐飲服務通路成長，並可運用兩大事業間的協同效應以最佳化市場進入策略。第一季我們生鮮豬肉餐飲服務通路銷售額成長27%。這反映加值品類銷售增加，以及 ribs（排骨）銷售強勁；排骨是較昂貴牛肉的良好替代選擇。

From an adjacent channel standpoint, we are seeing continued interest in the pharmaceutical and pet food channels, and we are capitalizing on that interest. Across our fresh pork segment, our team has been nimble employing the next best sales strategy, maximizing net realizable value and seizing the opportunity of the relative value of pork.

就鄰近通路而言，我們持續看到製藥與寵物食品通路的興趣升溫，並正把握這股需求。在整個生鮮豬肉事業中，我們團隊靈活採取次佳銷售策略（next best sales strategy），最大化可實現淨值，並掌握豬肉相對價值所帶來的機會。

Now to our strategy to optimize hog production. We continue to progress toward a best-in-class cost structure in on production and have made great strides. During the first quarter of 2026, we delivered improved operating efficiency on our retained farms. That, coupled with favorable hog and seed markets helped increase operating profit to $4 million from $1 million a year ago. Going forward, our team remains dedicated to realizing additional efficiencies.

接著談我們最佳化生豬生產的策略。我們持續朝向同業最佳的生產成本結構邁進，並已取得顯著進展。2026年第一季，我們在自留（retained）農場實現營運效率提升。再加上有利的生豬與飼料市場，營業利益由去年同期的100萬美元提升至400萬美元。展望未來，我們團隊仍致力於實現更多效率提升。

Over the medium term, we continue to progress toward our goal of producing approximately 30% of Fresh Pork's needs internally. We believe this will provide an optimal balance of assured supply and cost risk management and will continue to improve earnings durability across the cycle. Across the whole company, we drive a culture of continuous improvement.

在中期內，我們持續朝向目標推進：內部供應約占生鮮豬肉需求的30%。我們相信這將在供應保障與成本風險管理之間取得最佳平衡，並在景氣循環中持續提升獲利韌性。在全公司層面，我們推動持續改善的文化。

We have a no stone left unturned approach each year looking for new ways to improve operating efficiency and reduce cost. We expect efficiency savings to again contribute to enhanced profitability in 2026. In our Packaged Meats and fresh pork processing plants, we see further opportunities to employ automation and improve process to increase yields and drive efficiency.

我們每年採取「不放過任何細節」的方法，尋找提升營運效率與降低成本的新方式。我們預期效率節省將在2026年再次為獲利能力提升做出貢獻。在包裝肉品與生鮮豬肉加工廠，我們看到更多導入自動化與改善流程的機會，以提高產出率並推動效率。

For example, we continue to optimize our network by moving dry sausage production from smaller and older East Coast plants to our most technologically advanced and efficient facilities such as Nashville. Our new Sioux Falls processing plant will be the most modern, efficient and largest combined Fresh Pork and Packaged Meat processing plant in our network.

例如，我們持續透過將乾香腸生產自較小且較老舊的東岸工廠移轉至我們技術最先進、效率最高的設施（如納什維爾）來最佳化產能網絡。我們新的蘇瀑（Sioux Falls）加工廠將成為我們網絡中最現代化、最高效率且規模最大的生鮮豬肉與包裝肉品綜合加工廠。

We look forward to sharing more information once we have secured final approvals. Across the organization, we are deploying technology to improve efficiency, lower cost and redeploy talent to higher-value activities. And our continued investment in improving supply chain operations is helping us navigate some of the near-term inflation in transportation costs.

我們期待在取得最終核准後，分享更多資訊。在整個組織內，我們正部署科技以提升效率、降低成本，並將人才重新配置至更高價值的活動。此外，我們持續投資改善供應鏈營運，正協助我們因應運輸成本在短期內的部分通膨壓力。

Finally, we continue to evaluate opportunistic M&A to support our growth strategies. In January, we entered into an agreement to acquire one of our top national packaged meats brands, Nathan's Famous. Our anticipated time line to close the transaction is now in the second half of 2026 due to the impact of the partial government shutdown on statutory deadlines for the CFIUS review process. successfully closing the acquisition will secure our rights to the brand for the long term and we are looking forward to maximizing Nathan's Famous brand growth across the retail and food service channels.

最後，我們持續評估具機會性的併購（M&A），以支持我們的成長策略。今年1月，我們簽署協議，擬收購我們旗下全國性包裝肉品主要品牌之一——Nathan's Famous。由於部分政府停擺對 CFIUS 審查程序法定期限的影響，我們預期完成交易的時間表目前延後至 2026 年下半年。成功完成此項收購將確保我們長期擁有該品牌權利，我們也期待在零售與餐飲服務通路全面推動 Nathan's Famous 品牌成長、發揮最大化效益。

We will remain disciplined in evaluating additional complementary and synergistic M&A opportunities to bolster our organic growth. In summary, we delivered record first quarter results led by strength in packaged meats and consistent execution across our vertically integrated model. By continuing to execute our five growth strategies, we are successfully navigating a dynamic consumer and geopolitical environment to drive growth in 2026 and over the long term.

我們將持續以嚴謹態度評估其他具互補性與協同效益的併購機會，以強化我們的有機成長。總結而言，在包裝肉品的強勁表現以及我們垂直整合模式的穩健執行帶動下，我們交出創紀錄的第一季成果。透過持續落實我們的五大成長策略，我們正成功在多變的消費與地緣政治環境中前行，推動 2026 年及長期的成長。

With that, I will turn it over to Mark to review our financials in more detail.

接下來，我把時間交給 Mark，請他更詳細地說明我們的財務狀況。

Thank you, Shane, and good morning to everyone joining the call. As Shane stated, we're off to a strong start in 2026, building on a record year in 2025, and our strong balance sheet and cash flow give us the financial flexibility to invest in growth and competitive dividend and ultimately create value for our shareholders.

謝謝你，Shane，也向所有加入本次電話會議的各位道早安。如 Shane 所述，我們在 2026 年有一個強勁的開局，延續 2025 年的創紀錄表現；而我們強健的資產負債表與現金流，讓我們具備投資成長與維持具競爭力股利的財務彈性，並最終為股東創造價值。

Turning to the details of our first quarter results, starting with the consolidated results and then a review of our performance by segment. Consolidated sales in the first quarter were $3.8 billion, which was a 1% increase compared to the prior year. The increase was primarily driven by higher packaged meats and Mexico sales driven by strong volume growth which more than offset a $155 million headwind from nonrecurring hog production sales to our joint venture partners in the prior year. Excluding these onetime sales, consolidated sales increased 5% versus a year ago.

接著說明第一季業績細節，先從合併結果開始，再回顧各事業部門的表現。第一季合併銷售額為 38 億美元，較去年同期成長 1%。成長主要來自包裝肉品與墨西哥業務在強勁銷量成長帶動下的銷售提升，且足以抵銷去年對合資夥伴一次性豬隻生產銷售所造成的 1.55 億美元不利影響。若排除這些一次性銷售，合併銷售額較去年同期成長 5%。

We delivered record operating profit of $339 million, which was up 4% compared to adjusted operating profit of $326 million in the first quarter of 2025. Adjusted operating profit margin expanded by 30 basis points to 8.9% from 8.6% last year. First quarter 2026 adjusted net income was also a record $251 million, up 11% from $227 million in the first quarter of 2025.

我們創下 3.39 億美元的營業利益新高，較 2025 年第一季調整後營業利益 3.26 億美元成長 4%。調整後營業利益率擴大 30 個基點，由去年的 8.6% 提升至 8.9%。2026 年第一季調整後淨利亦創新高，達 2.51 億美元，較 2025 年第一季的 2.27 億美元成長 11%。

Adjusted diluted EPS of $0.64 per share increased 10% compared to $0.58 per share in the first quarter of 2025. Next, our first quarter segment results. Our Packaged Meats segment delivered first quarter operating profit of $275 million, up $9 million from last year and operating profit margin of 12.8%, this was down 30 basis points from last year, driven primarily by the earlier Easter this year, which increased the mix of holiday hams as well as higher raw material input costs and continued consumer caution during the quarter. First quarter packaged meat sales of $2.1 billion increased by 6% compared to the first quarter of 2025.

調整後稀釋每股盈餘（EPS）為每股 0.64 美元，較 2025 年第一季每股 0.58 美元成長 10%。接下來是第一季各事業部門的結果。我們的包裝肉品事業部第一季營業利益為 2.75 億美元，較去年增加 900 萬美元；營業利益率為 12.8%，較去年下降 30 個基點，主要因今年復活節較早，使節慶火腿的產品組合占比提高，以及原物料投入成本上升與本季消費者持續謹慎所致。第一季包裝肉品銷售額為 21 億美元，較 2025 年第一季成長 6%。

Sales were driven by a volume growth of 3.5%, reflecting the earlier Easter holiday combined with a 2.6% increase in average sales price related to higher raw material market prices and disciplined pricing across our brand portfolio. Excluding seasonal holiday hand sales, packaged meats grew volume 1.3%, underscoring our ability to win in a challenged consumer spending environment.

銷售成長主要由 3.5% 的銷量成長帶動，反映復活節假期提前；同時，平均銷售價格上升 2.6%，係因原物料市場價格上漲，以及我們在品牌組合中採取有紀律的定價策略。若排除季節性節慶火腿銷售，包裝肉品銷量仍成長 1.3%，凸顯我們在消費支出承壓的環境下仍具勝出能力。

Turning to frac work. For the first quarter of we delivered operating profit of $78 million and an operating profit margin of 3.9%. This was down slightly from $82 million and 4% in the first quarter of 2025. In the first quarter, the industry market spread was favorable, up 7% versus the first quarter of 2025 with the CME lean hog price up 0.6% year-over-year and a 1.1% increase in the USDA cutoff. However, this favorable market spread was offset by lower production volume due to a temporary winter storm disruptions in our East Coast operations as well as lower gross margins driven by lower China export volumes year-over-year.

接著談到生鮮豬肉業務。第一季我們的營業利益為 7,800 萬美元，營業利益率為 3.9%。相較 2025 年第一季的 8,200 萬美元與 4%，略為下滑。第一季產業市場價差有利，較 2025 年第一季提升 7%；其中 CME 瘦肉豬期貨價格年增 0.6%，USDA cutout（分切價）上升 1.1%。然而，這項有利的市場價差被較低的生產量所抵銷，原因包括冬季風暴對我們東岸營運造成的短期干擾，以及中國出口量年減導致的毛利率下滑。

We were able to partially offset these headwinds with our next best sales strategy, including more higher-margin value-added sales in the US retail channel. Fresh Pork segment sales of $2 billion decreased 1% year-over-year. This was driven by volume down 2.6% due to the factors I mentioned, which was somewhat offset by an average sales price increase of 1.5%. Our average sales price increase was above the increase in the USDA cutout, reflecting the benefits of our next best sales strategy.

我們透過「次佳銷售」策略（next best sales strategy）部分抵銷上述逆風，包括在美國零售通路增加更多高毛利的加值產品銷售。生鮮豬肉事業部銷售額為 20 億美元，年減 1%。主要因我先前提到的因素導致銷量下滑 2.6%，但部分被平均銷售價格上升 1.5% 所抵銷。我們的平均銷售價格增幅高於 USDA cutout 的增幅，反映「次佳銷售」策略帶來的效益。

Next, in hog production, we're pleased to report $4 million of profit for the first quarter of 2026, up from $1 million in the first quarter of 2025. This is down sequentially from the fourth quarter of last year, but in line with seasonal norms for hog production. Improved hog production segment profitability was driven by improved commodity dynamics including higher selling prices and lower feed costs and improved operating efficiency on our retained farms. First quarter 2026 hog production segment sales of $769 million decreased by 17% year-over-year, primarily reflecting the onetime initial sale of inventory to our external joint ventures last year in the amount of $155 million.

接下來是養豬生產業務。我們很高興報告 2026 年第一季獲利 400 萬美元，高於 2025 年第一季的 100 萬美元。雖較去年第四季呈現季減，但符合養豬生產的季節性常態。養豬生產事業部獲利能力改善，主要來自商品市場動態轉佳，包括售價提高、飼料成本下降，以及我們保留自營農場的營運效率提升。2026 年第一季養豬生產事業部銷售額為 7.69 億美元，年減 17%，主要反映去年對外部合資企業一次性初始庫存出售 1.55 億美元的影響。

While the average selling price for hogs increased 1%, we saw a 4% or 125,000 head decrease in the number of hogs marketed. Taking a look at our other segment, which includes our Mexico and Bioscience operations. Operating profit of 12 was down $3 million versus the prior year due primarily to softer sales and related losses in bioscience that were partially offset by increases in Mexico. Our corporate expenses came in $3 million or 11% below the prior year reflecting ongoing continuous improvement efforts. And that brings me to our strong balance sheet and financial position.

雖然豬隻平均售價上升 1%，但上市銷售的豬隻數量減少 4%，約 12.5 萬頭。再看我們的其他事業部，包含墨西哥與生物科學業務。營業利益為 1,200 萬美元，較去年減少 300 萬美元，主要因生物科學銷售較疲弱及相關虧損所致，但部分被墨西哥業務的成長所抵銷。公司費用較去年減少 300 萬美元（降幅 11%），反映我們持續推動的持續改善工作。接下來我將說明我們強健的資產負債表與財務狀況。

At the end of the first quarter, our net debt to adjusted EBITDA ratio was 0.4 times, well below our policy of less than 2 times. Our liquidity at quarter end was $3.7 billion, including $1.4 billion in cash and cash equivalents. This is well above our policy threshold of $1 billion despite the first quarter historically being a high working capital period. Due to seasonality, operating cash flows in the first quarter of 2026 were a net outflow of $65 million compared to an outflow of $166 million last year.

第一季末，我們的淨負債對調整後 EBITDA 比率為 0.4 倍，遠低於我們低於 2 倍的政策目標。季末流動性為 37 億美元，其中包含 14 億美元的現金及約當現金。儘管第一季歷來是營運資金需求較高的期間，該水準仍明顯高於我們 10 億美元的政策門檻。受季節性影響，2026 年第一季營業活動現金流為淨流出 6,500 萬美元，較去年流出 1.66 億美元改善。

For the trailing 12 months, cash flows exceeded $1.1 billion. Capital expenditures in the quarter were $88 million compared to $79 million in the first quarter of 2025. More than 50% of our planned capital investments this year are to fund projects that will drive both top and bottom-line growth. This consists primarily of various plant expansions automation and improvement projects as we continue to lower our manufacturing cost structure and better utilize labor. On April 21 of this year, we paid a quarterly dividend of $0.3125 per share reinforcing our commitment to return value to shareholders. We expect to pay $1.25 per share in annual dividends this year, subject to the Board's discretion.

過去 12 個月的現金流超過 11 億美元。本季資本支出為 8,800 萬美元，較 2025 年第一季的 7,900 萬美元增加。今年我們規劃的資本投資中，超過 50% 用於資助可同時推動營收與獲利成長的專案。這些投資主要包括各項工廠擴建、自動化與改善專案，以持續降低製造成本結構並更有效運用人力。今年 4 月 21 日，我們支付每股 0.3125 美元的季度股利，強化我們回饋股東價值的承諾。在董事會裁量下，我們預期今年將支付每股 1.25 美元的年度股利。

As we look to the remainder of 2026, we feel very good about the momentum we're carrying forward from a record 2025 and a strong start to 2026. Our teams are executing with discipline and urgency, and we see clear opportunities to build on that performance as the year progresses. We're reaffirming the guidance we provided on March 24 and balancing our current view of demand and the macroeconomic challenges stemming from the conflict in the Middle East.

展望 2026 年剩餘期間，我們對於延續自創紀錄的 2025 年以及 2026 年強勁開局所帶來的動能感到非常有信心。我們的團隊以紀律與緊迫感落實執行，並且隨著年度推進，我們看到明確的機會可在此基礎上再創佳績。我們重申 3 月 24 日所提供的指引，同時在目前對需求的看法與中東衝突所引發的總體經濟挑戰之間取得平衡。

There are clearly moving pieces, but our strategies are proven. Our team is resilient, and we've demonstrated time and again that we can navigate challenging market conditions. To do that, we'll stay focused on what we can control, which is operational discipline, strong commercial execution and rigorous cost management. We're proactively managing inflation and volatility across energy, freight, packaging and other key inputs. And importantly, we have multiple levers we can pull in the near term, including pricing mix, disciplined spending, productivity initiatives, hedging and contract and procurement actions to protect performance and keep us agile.

顯然有許多變動因素，但我們的策略已被驗證。我們的團隊具備韌性，也一再證明我們能夠在充滿挑戰的市場環境中前行。為此，我們將持續聚焦於我們可控的事項，也就是營運紀律、強而有力的商業執行，以及嚴謹的成本管理。我們正主動管理能源、運輸、包材及其他關鍵投入項目的通膨與波動。更重要的是，短期內我們有多項槓桿可運用，包括價格/組合、紀律性支出、生產力計畫、避險，以及合約、採購等行動，以保護績效並維持敏捷。

Looking beyond the near term, our long-term value creation algorithm remains intact, and our strong balance sheet and liquidity position give us meaningful flexibility. We'll continue to prioritize investments that advance our strategy and will keep returning values to shareholders in line with our capital allocation framework. Taken together, we're confident in our ability to navigate uncertainty protect margins and deliver profit growth through the remainder of 2026.

放眼短期之外，我們長期的價值創造算法仍然完好，而我們強健的資產負債表與流動性部位也賦予我們實質的彈性。我們將持續優先投入能推進策略的投資，並依照資本配置框架，持續向股東回饋價值。綜合而言，我們有信心在 2026 年剩餘期間駕馭不確定性、守住毛利，並實現獲利成長。

Now I'll ask the operator to open the call for Q&A. Operator?

接下來我請接線員開放問答。接線員？

(Operator Instructions) Peter Galbo, Bank of America.

(接線員指示) 美國銀行 Peter Galbo。

Maybe to begin, Mark, I know you don't like to give kind of quarterly guidance, but obviously, you had a nice first quarter. reiterated the guide today. Maybe you can just help us a little bit with some of the phasing elements over the remainder of the year? Anything just to be kind of mindful of as we move into Q2 and over the balance of the year?

也許先從這裡開始，Mark，我知道你不太喜歡提供季度性的指引，但顯然你們第一季表現不錯，今天也重申了全年指引。你是否能協助我們多了解一些今年剩餘期間的分期/節奏安排？在我們進入第二季以及今年其餘時間時，有沒有什麼需要特別留意的？

Peter, thanks for the question. As I said at the outset, we feel very good about the momentum that we're carrying forward from a record '25 and a strong start to '26. So it's all about execution. And really, we see a number of opportunities to build on the performance as the year progresses. But looking specifically at the second quarter, the macro environment and the consumer remain pressured, but we expect to deliver solid second quarter results.

Peter，謝謝你的提問。如我在開場時所說，我們對於延續自創紀錄的 2025 年以及 2026 年強勁開局所帶來的動能感到非常有信心。因此關鍵在於執行。而且，隨著年度推進，我們確實看到多項機會可在既有表現上再向上提升。但若特別看第二季，總體環境與消費者仍承受壓力，不過我們預期第二季仍可交出穩健的成績。

If you look at the segments individually, for packaged meats, we're looking for packaged meats to be broadly similar to the first quarter from an underlying performance standpoint. Year-over-year, I'd say that the comparison is tougher because of the holiday ham timing benefited the first quarter of this year. So that pull forward reduces the second quarter year-over-year profit cadence.

若分事業部來看，就包裝肉品而言，從基本面表現來看，我們預期包裝肉品將大致與第一季相近。以年對年來說，我會說比較基期更具挑戰，因為節慶火腿的時點使得今年第一季受惠。因此這種提前拉貨會降低第二季年對年獲利的節奏。

On the cost side, we're seeing higher-than-expected input inflation versus last year, most notably for pitch meats in beef and Turkey, and that pressure in supply chain costs that is talked about. So as we discussed at the outset, freight and packaging are areas of focus with diesel volatility really pressuring transportation costs and lagging effect in terms of resin-based packaging, but we're actively mitigating that through price and mix productivity and yield gains and really just a part of our DNA in terms of year-over-year cost savings.

在成本面，我們看到相較去年投入成本通膨高於預期，最明顯的是牛肉與火雞的原料肉（pitch meats），以及先前提到的供應鏈成本壓力。因此如同開場所討論，運輸與包材是我們的重點領域：柴油波動正大幅推升運輸成本，而樹脂基包材也存在滯後影響；不過我們正透過價格與組合、生產力與良率提升，以及我們年對年成本節省的核心能力來積極緩解。

So I'd say separately on Packaged Meat, we're going to continue to invest in brand and marketing. So year-over-year, we'll be up in brand marketing. It's a targeted approach, and it's ROI driven because it really supports our value-add strategy and our long-term share in these competitive categories that we're in. So I'd say the packaged meats just continues to be resilient and again reaffirm the outlook for the full year based on the performance that we're seeing.

另外就包裝肉品而言，我們將持續投資品牌與行銷。因此年對年來看，我們的品牌行銷投入將增加。這是有針對性的做法，並以投資報酬率（ROI）為導向，因為它確實支持我們的加值策略，以及我們在這些競爭激烈品類中的長期市占。所以我會說包裝肉品仍持續展現韌性，並且基於我們所看到的表現，再次重申全年展望。

In terms of fresh pork, and continue to see strong execution, although we're managing that volatile cost and market environment. But just as a reminder, seasonally, -- the second and third quarter are typically softer than the first and fourth quarters for fresh pork profitability. But I'd say, even with those dynamics and cost pressures, we still expect to export to be modestly up year-over-year, and it's really supported by continued strength in our domestic value-added business. So good performance from Dona and the team as we started the year and expect it to flow through.

至於生鮮豬肉，我們仍看到強勁的執行力，儘管我們正在管理波動的成本與市場環境。但提醒一下，從季節性來看，第二與第三季的生鮮豬肉獲利通常會比第一與第四季偏弱。不過我會說，即便有這些動態與成本壓力，我們仍預期出口年對年將小幅成長，而這主要受惠於我們國內加值業務的持續強勁。因此 Dona 與團隊在年初的良好表現，我們預期將延續下去。

In terms of hog production, seasonally hog production is strongest in the second and third quarters. working for a strong second quarter, driven by favorable market fundamentals. So we're seeing higher hog prices and comparatively moderate draining costs. But it's also along with the improvements that we've made in our cost structure on the retained farm. So overall, we expect to deliver a solid second quarter and full year results and a number of levers we can pull to manage that volatility as the year progresses.

在生豬生產方面，季節性而言第二與第三季通常最強。我們正朝著強勁的第二季努力，主要由有利的市場基本面所帶動。因此我們看到更高的豬價，以及相對溫和的飼養成本。此外，也包含我們在保留自有農場（retained farm）成本結構上所做的改善。整體而言，我們預期第二季與全年都能交出穩健成果，並且在年度推進過程中，我們也有多項槓桿可用以管理波動。

Leah Jordan, Goldman Sachs.

高盛 Leah Jordan。

Just following up on that discussion, seeing if you could comment on the competitive environment you're seeing for packaged meats. How are you thinking about pricing and promotions as we go through the year given the consumer remains value focused. And I guess, at the end of the day, how much does being vertically integrated impact your ability to remain competitive within packaged meats as well?

延續剛才的討論，想請你們談談目前在包裝肉品所看到的競爭環境。考量消費者仍以價值為導向，你們如何看待今年的定價與促銷？另外，垂直整合在多大程度上會影響你們在包裝肉品維持競爭力的能力？

Leah, I'll start out by taking that question. So this is Steve France. So first, I'll make a few comments as far as Q1, and then I'll get into some of the promotional strategy for the question that you just asked. But when I thought how we started out Q1, our brands are certainly performing well. So in Q1, our branded business was up 1.6% versus last year, and that's compared to the industry that it was actually down 0.2%. So demand has been steady, and it's really coming from consumers who are choosing us because they know the high quality and consistency that they're going to get really every time they buy our product.

Leah，我先來回答這個問題。我是 Steve France。我先就第一季做幾點評論，接著再談你剛才問到的促銷策略。回顧我們第一季的開局，我們的品牌表現確實良好。第一季我們的品牌業務較去年成長 1.6%，相較之下，整體產業其實下滑 0.2%。因此需求一直很穩定，主要來自消費者選擇我們，因為他們知道每次購買我們產品時都能得到高品質與一致性。

So we're not trying to manufacture volume through heavy promotions. We've stayed focused on how we -- how our business continues to evolve, and we keep moving away from lower value commodity items and putting more emphasis on to value-added products, so things that we continue to talk about. So Prime fresh, any time favors effort smoked sausage and some of the items that Shane had mentioned in his opening comments.

因此我們並不打算透過大量促銷來「製造」銷量。我們持續聚焦於業務如何演進，並且持續遠離低價值的大宗商品型品項，轉而更強調加值產品，也就是我們一直在談的方向。例如 Prime Fresh、Any Time Favorites、Effort 煙燻香腸，以及 Shane 在開場提到的一些品項。

Now that shift didn't happen overnight, but it's been very consistent, and it really continues to show up in our results. So when we think about promotional strategies, we're very focused on the quality merchandising. So really going into the quality versus unprobable quantity. So we do see some competitors increasing promoted volume through reduced price points, but that typically a short list, and it doesn't support the long-term health of a brand. So we continue to see improvement with our promoted volume really sold as feature and display, which is for us and for most people, it's really the most impactable promotional vehicle.

這樣的轉變並非一蹴可幾，但一直非常一致，也確實持續反映在我們的成果上。因此在促銷策略上，我們非常重視高品質的陳列與銷售。也就是更偏向「品質」而非不具獲利性的「數量」。我們確實看到部分競爭對手透過降價來提高促銷量，但那通常只是短期作法，並不支持品牌的長期健康。因此我們持續看到改善：我們的促銷量主要以主打（feature）與陳列（display）的方式售出；對我們以及多數人而言，這確實是最具影響力的促銷工具。

So when I look at some of the performance from Q1, so our quality merchandising was actually up 2.3 points in Q1, and our promoted volume was up 2.5 points. So when I think about the category in total, the one thing that I think is worth mentioning is on the private label side. So from the industry standpoint, we are seeing an increase in private label share, but it's only in certain categories as retailers invest in their brands. Although I will point out that in Q1, private label volume for the industry declined in 13 categories versus last year. So we're starting to see a little bit of a shift when it comes to private label. It's also worth repeating that our branded volume was up 1.6%, surpassing the industry private label that was actually only up 1% in Q1.

因此，當我回顧第一季的一些表現時，我們的優質商品組合在第一季實際上提升了2.3個百分點，而我們的促銷銷量提升了2.5個百分點。因此，當我從整體品類來看時，我認為值得一提的一點是在自有品牌方面。從產業角度來看，我們看到自有品牌的市占率在提升，但這只發生在某些品類，因為零售商正在加大對其品牌的投入。不過我也要指出，在第一季，產業的自有品牌銷量在13個品類中較去年下滑。因此，我們開始看到自有品牌出現一些轉變。也值得再次強調的是，我們的品牌產品銷量成長了1.6%，超過產業自有品牌在第一季僅成長1%的表現。

And I'll also add that our private label business remains very healthy with our volume up over 5% in Q1, and that's in our total business. So we know our private label business really provides us a key competitive advantage since many of our retailer partners are upscaling their private label offerings. And our participation in both branded and private label really helps us attract and the gain consumers as they move up and down that value spectrum. And that's where we can really manage the promotional strategy between working directly with our retail partners on the private label side of the business while also making sure we get the appropriate promotions to support our brand inside of the business.

我也補充一下，我們的自有品牌業務仍然非常健康，第一季在我們整體業務中的銷量成長超過5%。因此我們知道，自有品牌業務確實為我們提供了關鍵的競爭優勢，因為許多零售合作夥伴正在升級其自有品牌產品組合。而我們同時參與品牌與自有品牌，確實有助於我們在消費者於價值光譜上下移動時吸引並爭取他們。也正是在這裡，我們能夠管理促銷策略：一方面在自有品牌業務上與零售合作夥伴直接合作，另一方面也確保有適當的促銷來支持我們在業務中的品牌。

I would say that strategy is working because we saw share and volume increases, not only on the branded side but also on the private label side of our business in Q1.

我會說這項策略正在奏效，因為我們在第一季不僅在品牌端，也在自有品牌端都看到了市占率與銷量的提升。

And Leah, I think your last question was about vertical integration. Was that correct?

Leah，我想你最後一個問題是關於垂直整合。對嗎？

Yes. And how it overall supports the packaged meats business?

是的。以及它如何整體上支持包裝肉品業務？

Yes. I can't emphasize enough the importance of the vertically integrated model now that it's working correctly. And I think you can just look to the past few quarters where, in total, we recorded record profit after record profit while not one segment within that has been an individual record. And I think that shows you that the model is working well. When we think about things that we see in volatile environments being profit migration across the different segments, what the model provides us is really a consistency in cash flows and earnings.

是的。我再怎麼強調垂直整合模式的重要性都不為過，尤其是現在它運作得很順暢。我想你只要看看過去幾個季度：整體而言，我們一季又一季創下創紀錄的獲利，但其中沒有任何單一事業部門本身創下單季紀錄。我認為這正顯示出這個模式運作良好。當我們思考在波動環境中常見的情況——不同事業部門之間的利潤移轉——這個模式為我們帶來的，是真正的現金流與盈餘一致性。

Now I do think we still are a little overweight in hot production. We still have a goal to get down to 30% that we're working on now. But I think when you look at the hogs that feed into our fresh pork business and then the fresh port raw material that is feeding into the packaged meats business. The way the mall is working today, I think is -- I don't think you can overemphasize enough the importance of having all three legs of that stool.

不過我確實認為我們在熱加工產能上仍稍微偏重。我們仍有一個目標要降到30%，目前正在推進。但我認為，當你看供應我們生鮮豬肉業務的生豬，以及再由生鮮豬肉原料供應到包裝肉品業務。以目前這個模式的運作方式來看——我認為你再怎麼強調那張「三腳凳」三個支柱都具備的重要性都不為過。

Megan Clapp, Morgan Stanley.

Megan Clapp，摩根士丹利。

Maybe continuing on Packaged Meats and following up on some of Mark's commentary to Peter's question earlier. In terms of if we're looking for a similar outlook performance in terms of Packaged Meats in the second quarter, it does put a bit more weight on the second half in terms of the embedded profit improvement and the Packaged Meats segment outlook. You know, understand we'll start to lap some of the higher raw material costs from last year, which should be helpful on the margin line.

也許延續包裝肉品的話題，並跟進Mark先前對Peter問題的一些評論。就第二季包裝肉品是否能有類似的展望表現而言，這確實讓下半年在內含的獲利改善與包裝肉品事業部展望上承擔了更大的比重。你知道，我理解我們將開始與去年較高的原物料成本形成比較基期，這應該會對毛利率有所幫助。

But at the same time, some of these newer cost pressures related to the Middle East could put in theory be building into the second half, and it does sound like you're confident in managing these costs. But just taking a step back, has anything changed versus go as it relates to kind of your confidence level and where comes in particular, could fall within the guidance range you outlined.

但同時，與中東相關的一些較新的成本壓力，理論上可能會在下半年逐步累積，而聽起來你們對管理這些成本很有信心。不過退一步來看，相較於先前的預期，你們的信心程度是否有任何改變？以及在你們提出的指引區間內，特別是獲利可能落在什麼位置？

I would just follow -- I'll start and I'll kick it over to Steve. Again, you're spot on in terms of the near-term impacts. And so there's going to be a little bit of a lag and a little bit of pressure in the second quarter, and that's why the guide for the second quarter was what it is.

我先接著回應——我先開始，然後把問題交給Steve。再次強調，你對短期影響的判斷非常到位。因此第二季會有一些滯後效應與一些壓力，這也是為什麼第二季的指引會是目前這樣。

But again, I think that the mitigation efforts and the levers that we are able to pull will turn us back to that growth trajectory that we're looking for in the second half of the year. We have strong volume growth, as Steve had pointed out. And again, with the cost containment ends that we have, we feel very good at the second half of the year for packaged meats.

但同樣地，我認為我們所採取的緩解措施以及我們能夠運用的槓桿，將使我們在下半年回到我們所期待的成長軌道。我們的銷量成長強勁，正如Steve所指出的。而且，憑藉我們的成本控管手段，我們對下半年包裝肉品的表現感到非常有信心。

Megan, this is Steve. So I'll add on a little bit to what Mark is saying. So I'll start off by saying really at a high level, nothing has changed as far as how we feel about the long-term outlook of our Packaged Meat business.

Megan，我是Steve。我補充一下Mark所說的內容。我先從高層次來說：就我們對包裝肉品業務的長期展望而言，我們的看法並沒有改變。

Now in the near term, as Mark had already kind of talked through, the environment is still somewhat challenging from a consumer standpoint. So we are seeing households are being certainly cautious with their spending, and we continue to see value seeking behavior really across grocery and also the foodservice channel. So on the cost side, we do expect some really improvement versus last year in raw materials, as we've mentioned before, but we're not assuming a return to historical norms.

在短期方面，如同Mark已經大致說明的，從消費者角度來看，環境仍然有些具挑戰性。因此我們看到家庭在支出上確實更為謹慎，而我們也持續看到在雜貨通路以及餐飲服務通路中，普遍存在追求性價比的行為。在成本端，我們確實預期原物料相較去年會有一些實質改善，如同我們先前提到的，但我們並未假設會回到歷史常態水準。

Now in Q1, raw material costs were higher than last year by $94 million with was certainly a significant increase. So while we're now starting to move in the right direction on some of the raw material costs, the backdrop remains challenging, especially in the beef and also Turkey categories that Mark has mentioned. Our brand certainly had a solid performance in Q1, growing our volume and also share. And really, we plan to continue driving this growth and to support some of the exciting new items that you're going to see on retailer shelves and also the partnerships we have with some of our food service operators, but we do plan on increasing our A&P spend.

第一季原物料成本較去年增加了9,400萬美元，這確實是相當顯著的增幅。因此，雖然我們現在在部分原物料成本上開始朝正確方向移動，但整體背景仍具挑戰性，特別是在Mark提到的牛肉與火雞品類。我們的品牌在第一季表現穩健，銷量與市占率都有成長。而且，我們計畫持續推動這項成長，並支持你將在零售商貨架上看到的一些令人振奮的新產品，以及我們與部分餐飲服務營運商的合作夥伴關係；但我們確實計畫提高我們的A&P（廣告與促銷）支出。

And in Q1, that spend was up 23% year-over-year. And from a cost standpoint, it's worth noting, obviously, the recent CPI data has showed a meaningful move in energy what certainly matters for us, as Mark has talked about, because of the large impact on diesel and also the resins with packaging certainly has a big impact on the packaged meats business.

第一季該項支出年增23%。從成本角度來看，也值得注意的是，近期CPI數據顯示能源價格出現明顯上升，這對我們很重要，正如Mark所談到的，因為柴油的影響很大，另外包裝用樹脂也會受到影響，而這對包裝肉品業務的影響確實很大。

Now with all that said, I would say given that backdrop and the geopolitical uncertainty, we are planning the business with an appropriate level of conservatism around packaging and also distribution costs. But despite those headwinds, we feel good about how we're positioned. Our portfolio is strong with the brands that we have and also the categories that we participate in. And we also have a meaningful private label business. And we believe that, that really gives us the ability to serve not only our customers but also consumers across all price points. And that flexibility certainly matters in an environment like we're in today, as shoppers move up and down that value spectrum, we're also able to really keep them within our portfolio.

綜合以上，我會說在這樣的背景與地緣政治不確定性之下，我們在規劃業務時，會對包裝與配送成本採取適度保守的假設。但儘管面臨這些逆風，我們對自身的布局感到樂觀。我們的產品組合很強，包含我們擁有的品牌以及我們參與的品類。我們也有相當規模的自有品牌業務。我們相信，這確實讓我們有能力服務不僅是客戶，也能服務各個價位帶的消費者。而這種彈性在當前這樣的環境中特別重要；當購物者在價值光譜上下移動時，我們也能夠真正把他們留在我們的產品組合之內。

Now taking all that into consideration, as Mark had talked about, when you take into account the shift of Easter from where it fell last year in Q2 to Q1, we really look to have Q2 and Q1 look very similar from an overall profit standpoint. And based on a lot of things that Mark had talked about as far as cost mitigations and some of the levers that we have at our disposal, at this point, we're maintaining the call that we have for the outlook for the rest of the year, the $1.1 billion to $1.2 billion.

綜合考量所有這些因素，如同 Mark 所提到的，當你把復活節從去年落在第二季移到第一季的時間差納入考量時，從整體獲利的角度來看，我們確實預期第二季與第一季會非常相近。而且基於 Mark 所談到的許多事項，包括成本緩解措施以及我們可運用的一些槓桿，截至目前，我們維持對今年剩餘期間展望的原先預期，也就是 11 億至 12 億美元。

Okay. That's super helpful. And if I could just follow up more explicitly on transportation. You talked about near-term inflation and transportation costs. Steve, you just mentioned diesel and freight, in particular, our understanding was that you did own some of your own fleet.

好的。這非常有幫助。如果我可以再更明確地追問一下運輸方面。你提到短期通膨與運輸成本。Steve，你剛才特別提到柴油與運費；我們的理解是你們確實擁有部分自有車隊。

So could you just give us a little bit more color just in terms of your exposure, direct exposure to diesel and that your freight and how the contracts work in -- just in the context of, obviously, this is an ongoing and dynamic situation. So any color just kind of think about the next couple of months as things progress and what we should be watching and how that impacts your cost would be helpful.

所以你能否再多提供一些背景，說明你們對柴油的曝險程度（直接曝險）、你們的運費，以及合約的運作方式——當然是在這個持續且動態的情勢脈絡下。因此，若能提供一些看法，讓我們思考接下來幾個月隨著情勢發展，我們應該關注什麼、以及這會如何影響你們成本，將會很有幫助。

Megan, this is Shane. I'll talk to that for a minute. So you're right, diesel cost is the biggest near-term impact for us. And we do use a variety of methods from percentage is our own company feet. We use outside fleet dedicated fleet, but we also have been working on Intermodal as well.

Megan，我是 Shane。我先就這點談一下。你說得沒錯，柴油成本是對我們短期影響最大的項目。我們確實採用多種方式，其中一部分比例是使用我們自有的公司車隊。我們也使用外部車隊、專屬車隊，同時也一直在推動多式聯運（Intermodal）。

The only thing I would tell you, as we think about the impact this year is we actually started the transportation network optimization actually back in 2024. And when you look at the miles we drive, we took about 1 million miles off the road between '25 versus '24. We also plan and have line of sight to another 1 million miles that we'll take off the road in '26 compared to '25. Now that was reactionary. It goes really to one of Mark's earlier point. So optimization across all of our network is really embedded in our DNA. So these were things that we were already working on prior to being here today.

我唯一想補充的是，當我們思考今年的影響時，其實我們在 2024 年就開始進行運輸網路最佳化。以我們行駛里程來看，'25 相較於 '24 我們大約減少了 100 萬英里。我們也已規劃並且有明確可見度，在 '26 相較於 '25 再減少 100 萬英里。這並不是臨時反應。這其實呼應了 Mark 先前的一個重點。因此，針對整體網路的最佳化已深植於我們的 DNA。所以這些都是我們在今天之前就已經在做的事情。

But again, we've done lane consolidation, adding intermodal. We still look at hedging opportunities for diesel where we can, driving fewer model. And then you couple that with the ability to increase volumes and decrease cost, we feel like we're going to be in a good position as we go through the remainder of this year are in a relatively good position as we go through the remainder of the year. And again, that's the medium-term impact. You look at the long short-term impacts, the medium term, and Mark talked to this is really on things like our resin-based packaging, where we have procurement strategies value engineering processes taking place right now.

但再次強調，我們已做了路線整併、增加多式聯運。在可行之處，我們仍會尋找柴油的避險機會，並以更少的里程行駛。再加上提升運量、降低成本的能力，我們認為在今年剩餘期間我們會處於有利位置——在今年剩餘期間相對而言會處於不錯的位置。而且再次說明，那是中期的影響。至於短期與中期、以及 Mark 提到的部分，主要會反映在像是以樹脂為基礎的包材上；我們目前正進行採購策略與價值工程流程。

And then in the longer term, it's going to come down to corn and agricultural inputs and how that hits our production operations later in the year, which, as you know, and we've talked about on earlier calls, we have hedging strategies in place surrounding those input costs as well. So all those things combined, we've taken a really hard look at the guidance that we've given. And we really feel confident in our ability to execute against that this year.

而在更長期來看，關鍵會回到玉米與農業投入品，以及它們在今年稍晚如何影響我們的生產營運；如你所知、也如我們在先前的電話會議中談過，我們也針對這些投入成本制定了避險策略。因此，把這些因素綜合起來，我們已非常嚴謹地檢視我們所提供的財測指引。我們對於今年達成該指引的執行能力確實很有信心。

Ben Theurer, Barclays.

Ben Theurer，巴克萊（Barclays）。

Shane, Mark, following up on just the last comment, a little bit on the outlook, grain cost and as it kind of like is it going to flow through Hog Production, et cetera, but also the need to potentially invest more in working capital. So we've seen a better improvement versus last year in terms of investments in working capital.

Shane、Mark，延續你剛才最後的評論，想再問一點關於展望：穀物成本，以及它將如何傳導到生豬生產等；另外也包括可能需要在營運資金上投入更多的需求。我們看到相較去年，在營運資金投入方面有更好的改善。

So I just want to understand, within your hedging strategies and a little bit of that uptick on the feed cost, how we should think of, A, managing that cost? And then, B, would it potentially does to your cash from operations, just given what it might do to working capital.

所以我想了解，在你們的避險策略之下，以及飼料成本上升的情況，我們應該如何看待：A，如何管理該成本？以及 B，考量它可能對營運資金造成的影響，是否可能影響你們的營運現金流？

Yeah, Ben, you can look at the future strip and see how both corn and soybean meal are moving throughout the year. You can see that daily change. For us, and as you know, we've talked about this before, some of the initiatives we've taken around feed and grain procurement in Hog Production from using alternative ingredients, bakery by-products, looking at ways that we can use grain elevators across the country to get grain to our Hog Production operations at a really affordable rate. It also goes back to the overall Hog Production optimization we've done.

是的，Ben，你可以看期貨曲線（future strip），了解玉米與豆粕在全年如何變動。你也可以看到每日的變化。就我們而言，如你所知、我們之前也談過，我們在生豬生產的飼料與穀物採購上採取了一些措施，包括使用替代性原料、烘焙副產品，並尋找方法利用全國各地的穀倉（grain elevators）把穀物以非常具競爭力的成本運送到我們的生豬生產營運據點。這也回到我們整體生豬生產最佳化所做的工作。

Removing those inefficient farms, removing those underperforming geographies, and really making sure that the KPIs we have coming out of our hog farms and things like livability and PMSY are really at levels that can help us absorb some of these changes as we see coming through. Again, you put all those things together, Ben, and it really, again, goes to our ability to look at the guidance that we've given in Hog Production for the year, and feel good about that guidance.

移除那些效率不佳的農場、移除表現不佳的地理區域，並確保我們豬場產出的 KPI（例如存活率與 PMSY）確實維持在能幫助我們吸收這些變動的水準。再次強調，把這些因素加總起來，Ben，這也再次回到我們對於檢視今年生豬生產所提供指引、並對該指引感到放心的能力。

I would just add from a cash flow perspective, 2025 cash flows exceeded $1 billion. It was the second highest in our history. And it would have been by far the highest excluding the repayment of our $230 million AR securitization -- or excuse me, monetization. And the business continues to have strong cash flow generation, and it's really attributable to the changes that we've made in our business and the reform in the hog production side of the business and the stability of our cash flow from packaged meats.

我再從現金流的角度補充一下，2025 年的現金流超過 10 億美元。這是我們歷史上第二高。而若排除償還我們 2.3 億美元應收帳款證券化——或更正，變現（monetization）——的影響，這原本將會是迄今最高。公司持續具備強勁的現金流創造能力，而這主要歸因於我們在業務上所做的改變、生豬生產端的改革，以及包裝肉品帶來的穩定現金流。

First quarter is seasonally a cash outflow period for us, and the first quarter of '26 outflows were about $65 million. That was down from an outflow of $66 million in the prior year, and that primarily reflects the earlier Easter this year. But again, as far as cash flow generation, we feel very good about where we're at, even with the potential enough of green costs made in the year.

第一季對我們而言在季節性上通常是現金流出期，而 '26 年第一季的流出約為 6,500 萬美元。這低於前一年的 6,600 萬美元流出，主要反映今年復活節較早。但再次就現金流創造而言，即便今年稍晚可能出現穀物成本上升，我們仍對目前的狀況感到非常樂觀。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones Research。

Related to the package needs raw material outlook -- raw material cost outlook. I was just wanted to talk about your confidence level related to those being lower year-on-year on the pork side. And I'm asking because there's been a lot of reports of disease in the industry, but also some underlying expansion. So just wondering how much visibility you have and if your confidence level as for the magnitude of year-on-year relief has changed any since, say, a month or so ago when you reported Q4?

關於包裝肉品的原物料展望——原物料成本展望。我想談談你們對於豬肉端成本年對年下降的信心程度。我之所以這麼問，是因為業界有很多疾病的報導，但同時也有一些潛在的擴張。所以想了解你們有多少能見度，以及相較於大約一個月前你們公布第四季時，你們對於年對年成本緩解幅度的信心是否有任何改變？

Yes. Thank you for the question, Heather. So I would say for packaged meats on the cost side, the biggest concern that we have is really not on the pork side of the business. So it's easier for us to manage that.

是的。謝謝你的問題，Heather。我會說，就包裝肉品的成本端而言，我們最大的擔憂其實不在豬肉業務這一端。因此，這部分對我們來說比較容易管理。

We have good visibility of where we're heading on the work side. But when you look at the beef side of the market and also poultry, I mean, that makes up a sizable piece of our business on packaged meats when you consider some of the products that we make that do have beef when you think about Nathan's hot dogs, smoke sausage and then some on the poultry side, when you think about some of the lunch leads we have and also the growth that we've seen in some of our launches like Prime Fresh.

我們對於在工作面向的走向有相當清楚的能見度。但當你看牛肉市場以及家禽市場時，我是說，當你想到我們在包裝肉品業務中所占的比重時，這些確實構成了我們相當大的一部分，因為我們有些產品含有牛肉，例如 Nathan's 熱狗、煙燻香腸；而在家禽方面，當你想到我們的一些午餐肉產品，以及我們在部分新品上市（例如 Prime Fresh）所看到的成長。

So we're doing certain things on those areas to be able to mitigate some of those costs as far as locking into certain contracts or partnering with certain suppliers. But on the pork side, I'll probably pass it over to Shane he can addrss that.

因此，我們在這些領域採取了一些措施來降低部分成本，例如鎖定特定合約或與特定供應商合作。但在豬肉方面，我可能把問題交給 Shane，讓他來說明。

Yes, Heather. So you mentioned disease. We're hearing the same thing you are of higher disease incidence rate across the industry. The biggest piece of external information that we look at is the reports that come out of the University of Minnesota. Those most recent reports showed a higher incident rate of both PERS and PDP.

是的，Heather。你提到疾病。我們聽到的情況和你一樣，整個產業的疾病發生率較高。我們所關注的最大一塊外部資訊，是明尼蘇達大學發布的報告。最新的報告顯示，PERS 與 PDP 的發生率都更高。

But when you contrast that with what the USDA has put out, I think they were calling full production up about 1.4% for 2026, but it is down from about 2.5% in their previous report. So it's -- again, it's hard at this time of the year to have really clear visibility into what's out there. But we are hearing and seeing some of the same things that you're referring to.

但若與 USDA 的資料對照，我記得他們預估 2026 年的總產量約增加 1.4%，但相較於前一份報告中的約 2.5% 已經下修。所以——再說一次——在一年中的這個時點，要對外部情況有非常清楚的能見度其實很難。但我們確實也聽到並看到一些你所提到的相同現象。

Okay. And then on my follow-up was just -- so I wanted to talk about the opportunity for the US with the ASF outbreak in Spain. And so far, we haven't seen really that big pickup in -- all right. I haven't seen it pickup in US exports that would seem to have benefited from that. And I know there's been a big increase in exports out of Brazil. So I don't know if most of that increase is going there. So just how are you all thinking about that and the outlook for the rest of the year? And any help the US might get from that?

好的。那我追問一下——我想談談西班牙 ASF 爆發對美國的機會。到目前為止，我們其實沒有看到——好吧。我沒有看到美國出口有明顯的提升，照理說應該會因此受惠。而我知道巴西的出口大幅增加。所以我不確定大部分增量是否都流向那邊。所以你們如何看待這件事，以及對今年剩餘時間的展望？以及美國是否可能因此得到任何助益？

This is Donovan Owens. You're right. there has been some disruption with the ASF aspect coming out of Europe, but it has been largely thus far a nonevent in terms of seeing assess demand on domestic US pork anyway. So I do agree. I think Brazil playing in that market quite somewhat and able to fill in the need there. But there's also, I would say, other areas that are seeing some expected pickups in pork, some capacity and supply that are able to fill in the need in primarily Asia. So right now, I would agree with your comments. I mean, it's not really impactful for the US pork market at this point.

我是 Donovan Owens。你說得對，歐洲那邊 ASF 的確造成了一些擾動，但就目前而言，對於美國國內豬肉需求的實際影響，基本上算是沒有發生什麼事。所以我同意。我認為巴西在那個市場的參與度相當高，也能夠補上那邊的需求缺口。但同時，我會說，還有其他地區也出現一些預期中的豬肉需求回升，並且有一些產能與供給能夠補足需求，主要是在亞洲。所以就目前而言，我同意你的看法。我的意思是，現階段它對美國豬肉市場並沒有真正造成影響。

Max Gumport, BNP Pariba.

Max Gumport，BNP Pariba。

I was hoping with rising inflation, if you could discuss your view on consumer sentiment in the US and then how that fits into your outlook for the year? And if you factor than any changes from what you were just expecting a over a month ago for the remainder of the year?

我想請教，在通膨上升的情況下，你們能否談談對美國消費者信心的看法，以及這如何納入你們對今年的展望？另外，相較於一個多月前你們原先的預期，你們是否已將今年剩餘時間的任何變化納入考量？

Max, it's Mark. Thanks for the question. Yes, from a consumer standpoint, protein remains a core part of the basket. And we manage, as you know, our portfolio to offer value across price points. So I mentioned our brand and marketing investments, they're really targeted and ROI driven. So it's about supporting loyalty and mix and our value-added strategy while pork continues to be a strong value proposition across the protein space. So at this point, we're not seeing a change that would require a material reset of our demand assumptions.

Max，我是 Mark。謝謝你的問題。是的，從消費者角度來看，蛋白質仍然是購物籃中的核心品項。而且如你所知，我們管理產品組合的方式，是在不同價位帶都能提供價值。所以我提到我們在品牌與行銷上的投資，確實是有明確目標、並以投資報酬率（ROI）為導向。因此重點在於支持忠誠度與產品組合（mix），以及我們的加值策略；同時，豬肉在整體蛋白質品類中仍是一個很強的價值主張。所以目前我們沒有看到需要對需求假設做出重大重設的變化。

But we obviously continue to watch that consumer behavior closely. Again, our portfolio is built to serve consumers across tiers. We have answers whether it's a mainstream stable all the way up to premium offerings. So we can adjust our mix as households trade within categories. So I think based on prior geopolitical disruptions and driving inflation, it's about the duration of it and the breadth of any such impact that's going to continue to drive inflation up. And that matters more than the short-term spot move. So we're planning for volatility and staying agile.

但我們當然會持續密切觀察消費者行為。再說一次，我們的產品組合是為了服務不同層級的消費者而建立的。不論是主流的基本款，一直到高端產品，我們都有相對應的選擇。因此，當家庭在品類內進行替換消費時，我們可以調整我們的產品組合。所以我認為，基於過去地緣政治擾動所推升的通膨經驗，關鍵在於其持續時間與影響範圍，這些才會持續推動通膨走高。而這比短期的即期波動更重要。因此我們會為波動做規劃，並保持敏捷。

Great. And then just as a follow-up, there's been a lot of questions earlier on the call about various forms of inflation, whether it's hitting beef, turkey, whether it's your freight costs or diesel resin packaging, which you gave plenty of color on. I just wanted to make sure is the messaging that you are going to see these higher costs in 2016, your outlook for cost inflation in 2016 has gone up. But you're able to reaffirm the guide because you're also leveraging some of these mitigants that you've talked about as well. Just trying to get more clarity on your outlook for cost inflation for '26 has gone up over the last month or so since you reported 4Q?

很好。那再追問一下，剛才電話會議前面有很多問題都在談各種形式的通膨，不論是牛肉、火雞，或是運費、柴油、樹脂包材等成本，你們也提供了很多說明。我只是想確認一下，你們傳達的訊息是否是：你們將在 2016 年看到這些更高的成本，你們對 2016 年成本通膨的展望已經上調。但你們仍能重申指引，因為你們也在運用剛才提到的那些緩解措施。我只是想更清楚了解：你們對 2026 年成本通膨的展望，是否在過去一個月左右、也就是你們公布第 4 季之後，已經上升？

Yes. As we discussed at the outset, we have a number of different levers that we can pull. So operationally, we're manning the exposure in the same way we do any volatile input environment. It's about disciplined pricing and mix. hedging where appropriate, as Shane mentioned, it's about procurement timing and contract management and really our ongoing productivity and cost savings initiatives to to help mitigate the impact of inflation. So I'd say, net-net, the situation as near-term input and logistics cost uncertainty, but it doesn't change how we run the business. And again, we have multiple levers to mitigate the impact. In the meantime, our focus remains on execution. It's about service to our customers, cost discipline and delivering against our commitments.

是的。如同我們一開始討論的，我們有許多不同的槓桿可以運用。因此在營運上，我們以面對任何波動性投入成本環境的方式來管理曝險。重點在於有紀律的定價與產品組合；在適當時進行避險；如 Shane 所提到的，還包括採購時點與合約管理，以及我們持續推動的生產力提升與成本節省計畫，以協助降低通膨的影響。所以我會說，整體而言，短期投入成本與物流成本仍存在不確定性，但這不會改變我們經營業務的方式。而且再說一次，我們有多種槓桿可以降低影響。同時，我們的重點仍然是執行。也就是服務客戶、成本紀律，以及履行我們的承諾。

So again, we feel good about where we're at with those mitigation strategies and our outlook for the year.

所以再說一次，我們對這些緩解策略的進展以及今年的展望感到樂觀。

Saumya Jain, UBS.

Saumya Jain，UBS。

So how sustainable is the current outperformance in packaged meats versus fresh pork? Are you seeing more structural share gains or a cyclical trade down behavior?

那麼，相較於生鮮豬肉，目前包裝肉品的優於表現有多可持續？你們看到的是較結構性的市占提升，還是景氣循環下的消費降級行為？

[Manavan], is your question about do we see trade down between packaged meats and fresh pork?

[Manavan]，你的問題是：我們是否看到消費者在包裝肉品與生鮮豬肉之間出現降級替換？

Yes.

是的。

This is Steve. So I'll start and then I'll pass it over to Donovan. But I would say in total, we don't see a trade down at all. It's typically different consumers and somebody is going to buy fresh pork. They're going to buy fresh poks, they're going to buy a package. They're going to buy package. So a lot of consumers buy both. But they're not typically going to trade down from buying a fresh item and then buying certainly a package segment. So we don't see a lot of trade down.

我是 Steve。我先回答，然後再交給 Donovan。但我會說，整體而言，我們完全沒有看到所謂的降級替換。通常是不同的消費者族群；有些人會買生鮮豬肉。他們會買生鮮豬肉，他們會買包裝產品。他們會買包裝產品。所以很多消費者兩者都會買。但他們通常不會從買生鮮品項，轉而去買——尤其是——包裝品類。所以我們沒有看到太多降級替換。

But as far as growth that we're seeing, I would say that sustained growth. So when you think about the overall performance that we saw in Q1, it was a solid performance from a branded standpoint. But also when we look at the strong private label business we have, we also grew the private label business, which both of those outperformed the rest of the industry. So the good thing is, and Donovan can talk a little bit about this, but the strength that we've seen in a package. There's a lot of collaboration between what we do on the package side of the business and also the fresh side of the business.

但就我們所看到的成長而言，我會說那是持續性的成長。因此，當你回顧我們在第一季看到的整體表現時，從品牌角度來看是穩健的表現。同時，當我們看到我們強勁的自有品牌（private label）業務時，我們的自有品牌業務也實現了成長，而這兩者的表現都優於產業其他同業。所以好的一點是——Donovan 也可以稍微談一下——我們在包裝產品方面所看到的強勁動能。我們在包裝端業務與生鮮端業務之間有大量協作。

So when you look at some of the categories on fresh, I think marinated is a great example where we participate in those sales calls are working together to promote those items. So a great example would be for -- if we do a family add of packaged items, we're going to incorporate some of those more value-added profitable fresh items some of the marinated strips that are new in the marketplace or marinated core, that's going to be incorporated in that same ad.

所以當你看一些生鮮品類時，我認為醃製產品（marinated）就是一個很好的例子；我們會共同參與那些銷售拜訪，並一起推廣這些品項。舉個很好的例子——如果我們做一個以包裝品項為主的家庭促銷廣告（family ad），我們會把一些更具附加價值、獲利更高的生鮮品項納入其中，例如市場上新推出的醃製肉條（marinated strips）或核心醃製產品（marinated core），都會被納入同一則廣告。

So when you think about the strength and the success we've had on packaged meats, Fresh Pork is participating in that with a lot of the growth that they're seeing on some of the value-added products, and I'll pass it over to Donovan.

因此，當你想到我們在包裝肉品上的強勢與成功時，生鮮豬肉也透過他們在一些附加價值產品上的成長而參與其中；我把時間交給 Donovan。

Yes. Thanks, Steve, and I appreciate the question. But Steve is 100% right as our focus and our most important piece of the Fresh Pork strategy is to continue to grow our value-added footprint within our domestic retail channel. And we're leveraging that strong brand recognition and presence of our packaged meats portfolio that Steve just mentioned, to grow the share in our marinated and case-ready pork product lines. So just a few stats and Steve that Mitch talked about marinated there. In Q1, Marinated Pork volume was up 3.2%, while the industry was down 3.8%. And our case ready pork volume was up in the high single digits, increase year-over-year in Q1.

是的。謝謝你，Steve，我也很感謝這個問題。不過 Steve 說得完全正確：我們的重點，以及生鮮豬肉策略中最重要的一環，就是持續在國內零售通路擴大我們的附加價值產品版圖。而我們正運用 Steve 剛提到的包裝肉品產品組合所具備的強大品牌辨識度與市場能見度，來提升我們在醃製與即食陳列（case-ready）豬肉產品線的市占率。補充幾個數據，Steve，Mitch 剛剛也提到醃製產品。第一季，醃製豬肉銷量（volume）成長 3.2%，而整體產業則下滑 3.8%。而我們的即食陳列豬肉銷量在第一季年增為高個位數成長。

And last but not least, as Shane mentioned in his opening about the success of our food service growth of 27%. All of that is tied together with our package strategy, go-to-market strategy for the Smithfield brand. So I don't think it's a trade necessarily but we're trying to leverage both of our segments here, so it's an and on. So you pick up fresh pork, you pick up Smithfield Fresh Pork along with the Smithfield Bacon. So that's kind of our strategy.

最後但同樣重要的是，正如 Shane 在開場提到我們餐飲服務（food service）業務成長 27% 的成功。這一切都與我們針對 Smithfield 品牌的包裝策略與上市（go-to-market）策略相互連結。所以我不認為這必然是一種取捨；我們是希望同時槓桿運用兩個事業部門，因此這是「兩者兼具」的做法。也就是說，你買生鮮豬肉時，會同時買 Smithfield 生鮮豬肉以及 Smithfield 培根。這大致就是我們的策略。

Got it. And then how are you seeing retailers pushing for future private label penetration? And how would that affect your pricing power more in the long run?

了解。那你們如何看待零售商推動未來自有品牌滲透率提升的趨勢？從更長期來看，這會如何影響你們的定價能力？

So I'll touch briefly on that. So obviously, it's -- private label is very important for the retailers, not only on the retail side business, but also on the food service side of the business, so they continue to look at different categories to get involved. So where they see growth in certain packaged categories, they're going to explore that as a potential to put in private label. At the same time, they're also looking at more premium type private label categories to get into them.

我簡單回應一下。很明顯地——自有品牌對零售商非常重要，不僅在零售端業務，在餐飲服務端業務也是如此，因此他們會持續尋找不同品類來切入。所以當他們看到某些包裝品類出現成長時，就會把它視為導入自有品牌的潛在機會並加以評估。同時，他們也在尋找更高端類型的自有品牌品類來進入。

When they do that, we actually see that as a benefit to us because of the capabilities that we have and our ability to produce high-level, high-quality private label products, and we can do it and provide them the volume that they're going to be needed for some of these categories. So as they get into these categories, we do see some success in private label. But as I mentioned in some of my earlier comments, this Q1 was pretty interesting because they were down in, I believe, it was like 13 categories they were down year-over-year in volume.

當他們這麼做時，我們其實把這視為對我們有利，因為我們具備相關能力，能夠生產高規格、高品質的自有品牌產品，而且我們也能做到並提供他們在某些品類所需要的供應量。因此，當他們進入這些品類時，我們確實在自有品牌方面看到一些成果。但如同我先前的一些評論所提到的，第一季相當有意思，因為他們在我記得大約 13 個品類的銷量（volume）是年減的。

So I would say that even though private label is very important, it doesn't always work in every category. And obviously, if it doesn't work in those categories, we certainly have our brands, but we've also shown our ability to participate with private label and drive success not only in our branded business, but also in our private label business in the exact same category.

所以我會說，即使自有品牌非常重要，它也不一定在每個品類都行得通。而且很明顯地，如果在那些品類行不通，我們當然有我們的品牌；但我們也已經展現出我們能夠參與自有品牌並推動成功的能力，不僅在我們的品牌業務，也在同一品類的自有品牌業務中同樣能夠帶動成功。

All right. So thanks to everyone who joined our call today. We are off to a great start in 2026, and we believe we're well positioned to deliver long-term growth and increased value for our shareholders. And we look forward to updating you on our progress following our Q2 results. Thank you.

好的。因此，感謝今天加入我們電話會議的各位。我們在 2026 年有一個非常好的開局，我們相信我們已做好充分準備，能為股東帶來長期成長與更高價值。我們也期待在第二季業績公布後，向各位更新我們的進展。謝謝。

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

謝謝。本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。謝謝。