Phibro at Stifel Jaws & Paws Conference: Strategic Growth and Challenges

Phibro Animal Health Corporation (NASDAQ:PAHC) presented at the Stifel Jaws & Paws Conference 2025 on Thursday, 29 May 2025. The company outlined its strategic initiatives, including the impact of its recent acquisition of Zoetis’s medicated feed additive business. While Phibro anticipates strong revenue growth, it also faces challenges such as potential tariffs and the need to streamline operations.

Key Takeaways

• Phibro’s acquisition of Zoetis’s medicated feed additive business is expected to increase pro forma revenue to 1.4 billion dollars.
• The company’s fiscal year guidance projects net sales between 1.26 billion dollars and 1.29 billion dollars, with EBITDA ranging from 177 million dollars to 183 million dollars.
• Phibro’s legacy business has grown by 8% in sales and 26% in EBITDA through the third quarter.
• The company has reduced its EBITDA leverage ratio to below 3 times, achieving this target earlier than anticipated.
• Phibro is focusing on geographic expansion, particularly in Europe, and strengthening its presence in the swine and beef cattle markets.

Financial Results

• Fiscal Year 2024 (Legacy Business): Net sales reached 1 billion dollars with an EBITDA of 111 million dollars.
• Core Business (Animal Health): Net sales of 700 million dollars, with pro forma sales expected to exceed 1 billion dollars post-acquisition.
• Performance Products Business: Net sales of 70 million dollars and EBITDA of 8 million dollars.
• Corporate expenses totaled negative 60 million dollars.
• Sales of Zoetis products reached 113 million dollars in five months.
• Updated fiscal year guidance estimates net sales between 1.26 billion dollars and 1.29 billion dollars, with EBITDA projected at 177 million dollars to 183 million dollars.

Operational Updates

• Zoetis MFA Acquisition Integration: The process is on track, with marketing authorizations and transfer of systems progressing well. The acquired business is performing above initial margin expectations.
• Geographic Expansion: Phibro is strengthening its presence in Asia and Western Europe, with a focus on nutritionals and vaccine products.
• Species Focus: The company is enhancing its presence in the U.S. swine and beef cattle markets, supported by a dedicated feedlot team.
• Fiber Forward Transformation Process: This initiative aims to boost income growth through cost and sales strategies, potentially driving further EBITDA growth.

Future Outlook

• Continued Growth: Phibro expects sustained growth in its legacy business and anticipates full-year revenue and profits from the Zoetis MFA business in the next fiscal year.
• Headwinds in 2026: The company anticipates tariffs impacting EBITDA by 5 million dollars to 10 million dollars and the loss of a favorable bank line swap.
• Livestock Sustainability Market: Phibro views this market as a significant opportunity, particularly in the dairy segment, leveraging its large sales force and potential technology solutions.

Q&A Highlights

• Zoetis MFA Deal Success: The acquisition has led to revenue and significant EBITDA growth, with ongoing opportunities to streamline costs.
• Halo Effect of Acquisition: The deal has strengthened Phibro’s commitment to animal health, opening new customer opportunities and enhancing geographic and species diversification.
• Market Trends: The company sees strategic rotation options for poultry customers and opportunities in disease treatment for swine and excitement in the beef segment.
• R&D Spending: Approximately 3% to 4% of the core animal health business revenue is allocated to research and development.
• Bird Flu: While Phibro does not currently have a U.S. offering, it is exploring bird flu solutions in other markets.

Phibro’s presentation at the Stifel Jaws & Paws Conference highlighted its strategic initiatives and market positioning. For a detailed understanding, readers are encouraged to review the full transcript below.

Full transcript - Stifel Jaws & Paws Conference 2025:

Operator: Morning. Next up, we have Fibro Animal Health. Excited to have you guys join us again this year and good to see you.

I’m welcomed by the company’s COO, Larry Miller and Dan Benheim, Director and EVP of Corporate Strategy. I want to turn it over to the team for some slides. They have a lot to talk about. If you remember, they did a major MFA deal. It was announced around this time last year.

I believe we can get into that and leave some time at the end for Q and A. Over to you guys.

Larry Miller, COO, Fibro Animal Health: Thanks very much. Thank you for joining us this morning. Good morning to everyone. So we thought we would give a little more background on fiber. We know that there’s a lot of people that may not be as familiar with us.

So first part of our presentation, we’re going to share a little bit more history about our company. Before we get it proceed, I want to just we will discuss financial performance, data and expectations regarding the development of our business. Therefore, I want to draw your attention to our safe harbor statement. The text you see in this slide essentially states that the information to be presented today is intended for internal purposes. Any forward looking statements are preliminary and subject to risks and uncertainties, and we just ask that you make note of legal disclaimers on the slide, including the disclaimer on the use of non GAAP financial measures.

So I think the challenge that we see and the opportunity that we see certainly in the food animal sector is that, you know, the world population is growing and continued expected to grow. Matter of fact, in the next couple decades, expected to reach 10,000,000,000 people in this planet. And that will require us as an industry and our customers to produce 70% more animal based protein than what we have today. And we all know that the size of number of acres available and the size of the earth is just not, you know, gonna grow. Right?

So we have to do more with less. And that’s where FIRO’s opportunity comes in, really, because our animal health and nutrition products help maintain the well-being of livestock by preventing, treating, controlling disease, which enables animals to achieve more optimal performance. So focusing on overall animal health and welfare as well as more affordable food with less use of natural resources to produce that food. Our vision, our purpose, our values are very important to us. Our vision, really, what we focus on every day is to improve lives through innovation and proven solutions and comparable expertise and exceptional care.

Care for our customers, care for our animals primarily and for our people. We want to empower our customers to protect and nourish both animals, people and our planet, again, producing more with less inputs. And our values are keeping animals healthy, investing in our and in supporting our people and again, providing unwavering customer support and service. A little bit about our company. Basically, we’ve been in business since 1946.

We manufacture about 70% or so of the products that we produce today. And we are listed publicly traded on the NASDAQ as PAHC. We have about 2,300 employees, six to 18 manufacturing plants around the world that produce those, some 22,000 product registrations and customers that buy our products in approximately 100 countries around the world. And our business has been growing, and we’ll talk a little bit more about that later. Prior to acquisition, which we’ll talk about a little bit more, in our fiscal year ending FY 2024, which ended June 2024, we achieved the $1,000,000,000 mark.

So before the acquisition, organically, we had achieved the $1,000,000,000 mark before we added the new products that we have just acquired. So I’m not going to go through every one of these. A little bit of a snapshot of our history, as I mentioned, since 1946. But a couple of things that I would point out that are kind of hallmarks along this road map for us would be in the year February, the company, then known as Phillips Brothers, actually acquired the medicated feed additive business from Pfizer. That brought us many of our legacy products today and really positioned us in the animal health segment with and particularly around animal health products for livestock.

We, as I mentioned, were listed in 2014. And the other one that was important to us is in 02/2009, we got into the vaccine business. So at that point, we were nutritionals, and we recently had the medicated feed additives. And this was important for us. So we were able to acquire the Teva, decided to get out of their animal health business, which was largely vaccines, poultry vaccines, and we made that.

The acquisition really helped us to bring us another growth driver for our business in a segment which enabled us to bring a lot of solutions, especially preventative solutions to livestock. And then we also launched Regensa, one of our first companion animal product a couple of few years ago in 2019. And as John mentioned, we just closed and are in the integration process for the Zoetis medicated feed additive business. So that’s a very nice addition to our current legacy business.

Dan Benheim, Director and EVP of Corporate Strategy, Fibro Animal Health: Okay. So Donnie, Ben, I’ll take over for here. Typically, Glenn David, who our CFO would be presenting this. So I say everything I say take with a little bit of grain of salt, a little ish. When it comes to the numbers, Glenn is visiting some of our plants in Europe right now.

So Larry touched upon our acquisition of the MFA business from Zoetis. I think Zoetis is next. I’ll let them explain exactly the rationale they had in letting go of the business. But I will say it was a rare transaction that when it was announced both their stock and our stock went up. So it made a lot of strategic sense for for both parties.

And for us, you know, if you go through our history and you look at the acquisitions that we had, the businesses that we had acquired over that timeline that Larry just shared, with the exception of the 2,000 acquisition of the Pfizer Medicaid feed additive business, almost all of our acquisitions were nutritional specialties and vaccines. And truthfully, if you would come to us and said two years ago, hey, what’s your next acquisition gonna be? It would probably have been in those areas. But this was a really compelling opportunity. It was an opportunity where Zoetis was selling the plants the plants and the and the products, but not the people, which meant that there were very few people on our side who could bid on this.

And I think as a result, we got a a very fair price. And the other part that I think is is important to realize is that at least from how I view or how we view Zoetis’ point of view, you know, they were staying in the animal health business, right, on the livestock side. So it was very important for them that the customers would would be well served. And you know, I think both, you know, again I’ll speak for Fibro, our vision always is to put in the customer first. I think that matched what Zoetis was looking for.

So it’s been really a great integration process, seamless integration process. The North Star is the customer and we’re working closely with them. And as a result, I think from the industry point of view, this has been a very successful acquisition and specifically from Fiverr’s point of view has gone very well as well. So we had this opportunity, we had the opportunity to expand and diversify our revenue base. As Larry mentioned, our legacy business was about $1,000,000,000 in sales.

This would take us on a pro form a basis to about $1,400,000,000 And it was also extremely accretive and allowed us to raise our EBITDA margins, our gross margins. When we announced this business and this slide is actually from when we announced this business, we were targeting a margin of low 20%. So far actually, thankfully, we’ve been in the mid to high 20s on the acquired business. It’s obviously a little difficult once you acquire a business to give it a standalone EBITDA as there are shared services and things of that nature. But thus far, it’s been really very strongly accretive and our overall margins have increased.

Next slide. It has also made our business it introduced us to new geographies and new markets. You could see that the, you know, fiber legacy business was largely in poultry, some a little bit of beef, and we had, you know, dairy and swine and other. The Zoetis business that we acquired was also strongly in poultry, but it introduced us to beef and in a meaningful way. So as a whole now, we are much better balanced.

We’re about 37% poultry, 14% dairy, 19% beef, 13% swine. And the from a geographic point of view, when we bought this MFA business from Pfizer in February, they had just exited Europe. And we have for years trying to get back into Europe, but we never really had that that flagpole to get back in. And our ability to sell our nutritionals and our vaccine products were hindered by the fact that we did not have, you know, the base in Europe, and this brought us the base. So now Europe has become a much more important part of our business.

It was 8% of the Zoetis business. And as we look towards the future, I think one of the areas that you’ll see us grow across all of our business lines now will be Europe, which is, you know, the second largest market. And again, now taking a look at our legacy business, so our fiscal year just is a June 30 fiscal year, so we’re actually near the end of of fiscal year ’20 ’20 ’5. I’m showing you here fiscal year twenty twenty four numbers, about $1,000,000,000 of sales, 111,000,000 in EBITDA. We consider our core business as our Animal Health business, so that was $700,000,000 of sales.

With the acquisition now obviously, know, pro form a above a billion. MFA and others, so that’s the Medicaid feed additives and others, that’s you know, that’s the populate that grows with population growth, that’s a steady business for us. Think if you look historically, we’ve probably outperformed the market with that. With the acquisition, the number two player behind Elanco in MFAs. The other areas that we concentrate and as I mentioned before, probably where you’ll see acquisitions historically and going forward, nutritional specialties and vaccines.

So nutritional specialties, these are products I’d say the equivalent of human products UT and GNC or Vitamin Shoppe. These are high value products, high performance products that don’t necessarily have the same regulatory pathway as Medicaid feed additives do, but they are still regulated. Vaccines are as we all know, you know, biological products. So that’s our core business. We have

S. Based mineral nutrition business. This is the daily minerals that animals need to take. It’s a high volume business, lower margins, but a great cash business. And finally, have our legacy business, our performance products business, about $70,000,000 of sales, 8,000,000 of EBITDA last year, and, you know, corporate is about $60,000,000 is obviously the negative.

We’re here to help. And so for this year, through three quarters, just to give you a sense on our legacy business, we’re up about 8% through Q3 on our legacy business and our EBITDA is up 26%. So we have a strong legacy business, strong growth opportunities and within that EBITDA being up 26% corporate wide, our Animal Health business is up about 8% on the EBITDA side.

Larry Miller, COO, Fibro Animal Health: So a little bit more color around our product, our combined product grouping now with after the acquisition. So Donnie talked about and just shared with you 70% or so of the business has been in the what we call the animal health space. And when we say animal health, we have three main categories. First is the medicated feed additives, the nutrition specialty or branded nutritional products, and then the vaccines. And within the medicated feed additives, there’s really three key segments that comprise that.

The first is antimicrobials. So these are, in most cases, antibiotics or other compounds that that deter bacterial growth. These are used in therapeutic basis for animals to prevent and treat diseases. And we have a nice complement with a combined group here in different classes of molecules as well as different modes of actions among the antimicrobials. The second important space is antioxidial.

So this is a very important segment in anybody that’s producing poultry. And we have, again, nice complement with the acquired products adding to the legacy products here. So again, we have different modes of action and we have good choices now, more choices to offer our poultry customers. In many cases, in most cases, poultry, because animals are continually exposed to coccidia, they need to rotate. And so they’re always looking for options, strategic options that help them with their rotations, which is usually on a seasonal basis.

We also have now a good mix of anthemetics as well as rumen function products and other products such as MGA that’s used to control, suppress, esterous in feedlot cattle. The middle space here on the slide is nutrition specialties. So again, these are nutritional products that are non medicated. These are products that are branded and they are mixed into feed and fed in the animals’ diets. And so we have products for our ruminants.

Primarily dairy is a strength here with the nutrition specialty products. Monogastrics, a number of different products that are used for to maintain health and really help with gut health in particular. And then some other branded nutritional products. And as I mentioned earlier, the Regenza companion animal, put that in as a nutrition specialty grouped product. And third, the vaccines.

So we have conventional vaccines. These are almost all poultry vaccines, products that are sold around the world with the exception of The US. The regulations for The US are a bit different than many other countries around the world, so we have a very nice offering of products to prevent disease for poultry. And then we have what we call our autogenous. These are tailor made custom vaccines, primarily in The United States as well as Brazil.

So we take a an isolate, could be viral or it could be bacterial, from a farm and produce a custom vaccine to fit their needs. And we also produce adjuvants. These are specialty adjuvants that we use in our own vaccines, but also we do supply to other leading livestock manufacturers.

Dan Benheim, Director and EVP of Corporate Strategy, Fibro Animal Health: Okay. So this is the guidance that we have given for our fiscal year. So this is through June 30. We’re obviously three quarters in. Net sales, 1,260,000.00 to 1,290,000.00 and EBITDA of 177,000,000 to $183,000,000 This obviously includes now the acquired business.

Again, I’ll repeat that our legacy business is up about 8% on sales year to year and 26% on EBITDA year to year. Our sales of the Zoetis products in the five months that we’ve had it $113,000,000 When we bought the business, we said on a full year basis about $350,000,000 The math obviously does not round to that in this first year. There is when you acquire a business, there’s lockout periods as far as just making sure that customers you’ll stock the customers before you the business is sold. We have about two weeks beforehand, two weeks afterwards where there wasn’t much sales. So I think if you were to look at our business probably in Q4, that would give you a better sense of the run rate that we expect.

We’re also running this business a little bit differently than Zoetis has been running it. There has been some SKU rationalization. We are running it very much bottom line oriented. And I think as mentioned, the margins that we had talked about when we acquired the business were actually doing significantly better than that and I think that’s part of the focus of what we’re looking to do here. So getting down a little bit more on the updated guidance, go through this.

Would say the other thing is that when we announced the deal, we had looked to bring our it was financed through debt, we had looked to bring our EBITDA leverage down to three times by 2027. We’ve actually hit that two years early. And we are now below on a pro form a basis below three times leverage. And we are looking to continue with that going forward. And then finally, we have not given guidance for our next fiscal year, but we have kind of given some, you know, top line stuff and and we do see continuing growth in the legacy business across all the business lines, the Vaccines, Nutritional Specialties and Medicaid Feed Additives.

We’ll have the full year revenue and profits from the new acquisition of the Zoetis MFA business. We’ll have eight months in this year versus twelve months next year. And again, I think it’s a fuller twelve months than the eight months that we had. And then finally, we haven’t talked about this, but one of the things that has helped drive our EBITDA growth this year and will further drive it next year is we have been going through internally through a transformation process that we call Fiber Forward. It’s an income growth initiative.

It’s very much focused on levers on both the cost side as well as the sales side. It’s gone very well for us. It continues to impact us in this fiscal year, but I think the bigger growth is in the years to come. So we believe that that will be another strong driver as we hit 2026. There are headwinds in 2026, tariffs, think we have framed it as currently listed as between 5,000,000 and $10,000,000 of EBITDA impact.

We also have a very favorable bank line that comes off in next year or swap that comes off in next year. The next fiscal year, so those are some incremental headwinds, but overall we feel pretty strongly that we’re really well positioned to grow nicely next year. Well, thanks.

Operator: That was great. Thanks guys and I’ll kick it off and if you have questions let me know, throw up your hand and we’ll get it in front of management. But let’s just continue with the MFA deal. It seems like it’s very successful for you guys. You mentioned the revenue growth, but obviously the EBITDA growth has been tremendous.

So maybe a little bit more where you are post closure, eight months on the integration? And do you see further opportunities to streamline, take costs out as you go into the next fiscal year?

Larry Miller, COO, Fibro Animal Health: Yes. So first of all, the integration standpoint, marketing authorizations and some of the TSAs, etcetera, are going really nicely to our plan. As you saw, the biggest part of the top market by far is The U. S. And the process for transferring the marketing authorizations here

It’s a it’s a quick process. So that was roughly 60% of the sales that was, you know, that the TSA came through right away for. The others, we are working on our transition. Many we’ve received already and others are certainly on online with what we expected as far as the transfer of the marketing authorizations and as well as the transfer of our systems. You know, I think as far as the integration itself, you know, our people have been excited about this since day one, since we announced, as you said, a little more than a year ago.

We see the opportunity to combine very well known trusted relied products with our legacy products, which also have been around and are very trusted And it was really a nice complementary fit to those. I’ve had the opportunity to be out with a lot of our key customers in the last many months. And I see a lot of excitement from them as well. They’re excited to see our commitment and our excitement for these products and the fact that we’re going to have a high priority for these products.

It is a large segment for us and it’s one that we’re looking and exploring opportunities with our customers. And in some cases, there will be some opportunities where, particularly in The United States, the largest segment where you have to get combination approvals to use existing products together. And we see some opportunities there that our customers have helped us identify where we can actually do some combination approvals in house with the acquired as well as the legacy products.

Operator: And how about to take that a step further, sort of that question was on the EBITDA side and you answered it. It seems like there’s more stuff to do there. But how about if I use the word halo effect? I mean this was a big deal for fibro, the $1,000,000,000 to the 1,400,000,000.0 roughly pro form a. You showed your commitment to animal health.

I’m guessing it probably brought in maybe some new customers along the way, opportunities to get in front of those customers and show them the fibro animal health portfolio. Have you started to realize that? Has it helped sort of aid overall sales of the company and opened up new avenues or touch points with additional customers?

Larry Miller, COO, Fibro Animal Health: I’ll start on this and Donnie, you can jump in. And I think Donnie presented the slide where there was a really nice opportunity for us to strengthen geographically, first of all, some markets where we weren’t as strong as we would have liked to have been. Some markets in Asia as well as Western Europe, Donnie talked So that certainly is giving us a new foundation in those markets from which to build. And then by species, we would like to have been stronger in swine and in beef cattle.

And this acquisition brought a strength in both, particularly in The U. S. Fed cattle market. So we are beginning to see, again, in those cases, we did not acquire any people with this acquisition, commercial people. And so we’ve hired a feedlot team and really proud of the team that we’ve hired and they’re out there working with customers.

Obviously, they’ve been in the industry, most of them, for some time and so they’ve got established relationships. So we are seeing some really nice momentum, I think, from our customers and excitement.

Dan Benheim, Director and EVP of Corporate Strategy, Fibro Animal Health: Nothing to that.

Operator: Okay. And how about just a little bit of lay of the land? Most of the time in animal health, we get the companies coming up here. Jeff was giving me a hard time that I spent twenty six minutes on companion animal and only allocated four minutes for farm animal. And here we sort of have the inverse.

You guys have a very, very big footprint on the farm animal side. A little bit of the lay of the land, how things are in The U. S. Now you have the reach and as you highlighted even a bigger footprint in Europe post the deal. What are you seeing end market wise from a demand perspective, any trends or particular species that you want to call out when you look at the market?

Larry Miller, COO, Fibro Animal Health: Yes. So by specie, I would say that, again, we had a pretty nice footprint and established relationships with poultry customers. It’s been our largest segment and on a global basis with our medicated, our nutritional products as well as our vaccines globally. So I think what we’re seeing there is, and I talked about the anacoccidials, some nice tools that give more options on rotations, etcetera, give more options to that we can bring to our customers and helping them design their strategic antioxidial programs. You know swine, we’ve been had some presence in swine.

Again, this gives us some very nice presence for treating and controlling diseases in swine. And as I mentioned just a few minutes ago, the beef segment, particularly in The United States, is a very exciting segment for us to be in that segment now. And again, our field people have had their relationships, but fibro is, you know, they don’t know fibro as well. And so this is an opportunity for us to get to out there with them, and we’re doing that with some of the leading feedlot companies as well as the veterinary nutritionists and consulting nutritionists and veterinarians. Please.

Dan Benheim, Director and EVP of Corporate Strategy, Fibro Animal Health: I’ll take that. Yes, we do spend up, we just don’t break it out. I’d say if you look at our core business, the billion dollar animal health business, it’s about 3% to 4% spend. It’s embedded in our SG and A.

Larry Miller, COO, Fibro Animal Health: Yes. I think in the case of African swine fever, it’s been one of the holy grails. It’s been around for a long time. And I think, for the most part, there’s been some control from what we saw when it really broke many years ago, particularly in Asia, but then it drifted into some of the other continents. As far as the flu, we do not today have an offering in that space.

As you are probably aware, for the most part, United States is not vaccinated for high path AV and influenza, and there’s a lot of debate about that. There is one product that has been conditionally approved. And so, you know, we’re looking at this, you know, certainly as an opportunity in our pipeline.

Dan Benheim, Director and EVP of Corporate Strategy, Fibro Animal Health: Yeah and would say there are, we do have it in our pipeline in different countries.

Operator: Bird flu.

Dan Benheim, Director and EVP of Corporate Strategy, Fibro Animal Health: Bird flu, I mean there’s a lot of different flus that could be bird flu, right, so there’s different variations of it. But we do have bird flu within our pipeline, not in The United States offerings.

Operator: Okay. But if The U. S. Changes their position, would that be a big market? Or it’s complicated?

Larry Miller, COO, Fibro Animal Health: It’s complicated, yes. Certainly, you know, the animals are here and there’s a big opportunity for it. You know, but it’s just will the industry vaccinate? And that’s the question out there now. I think the industry has done a very good job, and we’ll just talk about the broiler industry, but, you know, of being very quick to identify when there’s an issue, to isolate those farms, to depopulate, to disinfect, to let those farms set, you know, the amount of time that they need to be in quarantine before they repopulate.

And the producers are able to then set more eggs and and, you know, place more in in other farms.

Operator: Maybe just a follow-up on that when we talk about big opportunities within farm animal. Again, just referencing Elanco again, they talked about the future opportunity in livestock sustainability and maybe a little bit of a lower trajectory from Beauvaire that they were hoping for. How do you view that market? They’ve thrown out big numbers of 1,000,000,000 to $2,000,000,000 and what does that mean for fiber longer term?

Dan Benheim, Director and EVP of Corporate Strategy, Fibro Animal Health: Yes. I think it is a great market. It’s exciting to have that as a new market within the industry. It’s a tough one to really put your finger on current value. You have it’s a matter of there’s both you know carrots and sticks out there.

You have countries that are forcing it. You have Denmark with a carbon tax. You’ve got the State of California with some credits. You obviously have the CPG companies out there that have made pledges. Now, I mean we saw PepsiCo this week I think backed away from some of their pledges and in some areas strengthened them in others.

So you know because it’s meeting a need that is it’s not necessarily you know from a production point of view from making the animal you know grow more you know healthier or better for our customers, it’s hard to exactly pinpoint the value. But it’s clear that and obviously we have the politics of it you know in today’s day and age you know especially domestically. So it’s clear that there is a value there. I don’t know if we see it, you know, in the in the extreme near term, but we definitely think over time, you know, as collectively as as as, you know, people inhabiting this earth, we’re we’re all gonna play a part in that. And, you know, specifically within fibro, I think we are extremely well positioned.

Right? You know, a lot of the of the discussions obviously have been about dairy and and and dairy has the double whammy of both just carbon tonnage in general or CO2, but methane specifically, which if you treat methane that’s the fast it’s a faster way to help us hit our environmental goals as an industry. We believe that we probably have the largest sales force serving dairies in The United States. So, you know, so especially if there’s if the solutions out there are feeder oriented, we’re extremely well positioned both U. S.

And and and over overseas. But it’s not just dairy, you know, every animal that that is produced has a has a contribution out there. And, you know, the Tysons of the world have made pledges, just the Danone’s. So we do think that it is a market that is going to over time take time, but you know we’ll get its footing. We think there’s we know that there’s a lot of companies out there who are looking at it as far as technology solutions.

We, you know, we think we’re, again, we’re well positioned when technologies, other technologies emerge. There’s obviously have been some, you know, very successful technologies from a a technical point of view that that have emerged, and and we’re excited to see, you know, where it goes. We think there’s room for for multiple parties.

Operator: This presentation has now finished. Please check back shortly for the archive.

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