Ashland Inc (ASH) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ashland Inc third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Ashland Inc 2025 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, William Whitaker. Please go ahead.

現在我想將會議交給今天的發言人威廉惠特克。請繼續。

Hello everyone, and welcome to Ashland's third quarter fiscal year 2025 earnings conference call and webcast. My name is William Whitaker, and I'm honored to join you today as Ashland's recently appointed CFO. I'm energized to fully embrace this role and lead our finance organization and advancing Ashland's strategic priorities and delivering sustained shareholder value.

大家好，歡迎參加 Ashland 2025 財年第三季財報電話會議和網路廣播。我叫威廉‧惠特克 (William Whitaker)，今天我很榮幸能夠作為 Ashland 新任命的財務長與大家一起參加這次會議。我很高興能全心承擔起這個角色，領導我們的財務部門，推進阿什蘭的策略重點，並為股東創造持續的價值。

Joining me on the call today are Guillermo Novo, Ashland's Chair and CEO and our business unit leaders, Alessandra Faccin, Jim Minicucci and Dago Caseras.

今天與我一起參加電話會議的還有 Ashland 董事長兼執行長 Guillermo Novo 以及我們的業務部門負責人 Alessandra Faccin、Jim Minicucci 和 Dago Caseras。

During today's call, we will reference slides being webcast on our website, ashland.com, under the Investor Relations section. We encourage you to follow along.

在今天的電話會議中，我們將參考我們網站 ashland.com 上「投資者關係」部分下的網路廣播幻燈片。我們鼓勵您繼續關注。

Please turn to slide 2. We'll be making forward-looking statements on several matters, including our fiscal 2025 outlook, which involves risks and uncertainties as detailed on slide 2 and in our Form 10-K. These forward-looking statements involve risks and uncertainties that could cause future results or events to differ materially from today's projections. We believe any such statements are based on reasonable assumptions but cannot assure that such expectations will be achieved. We'll also discuss certain adjusted financial metrics, both actual and projected, which are non-GAAP measures.

請翻到投影片 2。我們將就多項事項做出前瞻性陳述，包括我們的 2025 財年展望，其中涉及第 2 張投影片和我們的 10-K 表中詳述的風險和不確定性。這些前瞻性陳述涉及風險和不確定性，可能導致未來結果或事件與今天的預測有重大差異。我們相信任何此類聲明都是基於合理的假設，但不能保證這些預期會實現。我們還將討論某些調整後的財務指標（包括實際的和預期的），這些都是非 GAAP 指標。

We will refer to these measures as adjusted and present them to supplement your understanding and assessment of our ongoing business. GAAP reconciliations are available on our website and the appendix of these slides.

我們將對這些措施進行調整，並提出這些措施來補充您對我們正在進行的業務的理解和評估。我們的網站和這些投影片的附錄中提供了 GAAP 對帳表。

I'll now hand the call over to Guillermo for his opening remarks. Guillermo?

現在我將把電話交給吉列爾莫，請他致開幕詞。吉列爾莫？

Good morning, everyone, and thank you for joining us. Before I start my comments, I did want to congratulate William on his appointment as our new CFO. We're thrilled to have him lead our financial organization. And more importantly, we know he's going to have a huge impact in driving our performance as we move forward.

大家早安，感謝大家的收看。在我開始發表評論之前，我確實想祝賀威廉被任命為我們的新財務長。我們很高興他能領導我們的金融機構。更重要的是，我們知道他將對我們未來的表現產生巨大的影響。

Today, I'll be providing an update that covers three key areas, giving you a clear picture of our recent performance and strategic direction. First, I'll review the highlights of our third quarter performance. Later, I'll provide more details on our strategic priorities. And finally, I'll take a detailed outlook at our updated fiscal year 2025 guidance.

今天，我將提供涵蓋三個關鍵領域的最新情況，讓您清楚了解我們最近的表現和策略方向。首先，我將回顧我們第三季業績的亮點。稍後我將提供有關我們戰略重點的更多細節。最後，我將詳細展望我們更新後的 2025 財年指引。

Please turn to slide 5. Let's begin with a recap of our third quarter performance. We delivered resilient performance in a mixed demand environment with stable trends across most markets although volumes fell short of expectations as the anticipated growth inflection points did not materialize. These conditions reinforce the importance of our continued focus on cost savings and operational discipline, which supported strong margins.

請翻到投影片 5。讓我們先回顧一下我們第三季的表現。儘管預期的成長轉折點並未實現，銷量仍未達到預期，但我們在混合需求環境中表現出了韌性，大多數市場趨勢穩定。這些條件強化了我們持續關注成本節約和營運紀律的重要性，這支撐了強勁的利潤率。

As a result, we're delivering adjusted EBITDA generally in line with expectations, reflecting a solid execution across our businesses. Excluding portfolio optimizations, sales declined 5%, primarily due to lower organic volumes.

因此，我們調整後的 EBITDA 整體符合預期，反映了我們各項業務的穩健執行。不包括投資組合優化，銷售額下降了 5%，主要原因是有機銷量下降。

Pricing remained relatively in line with expectations as our teams executed well. Adjusted EBITDA was $113 million, down 19% year-over-year or 10% excluding portfolio actions. Importantly, adjusted EBITDA margins remained resilient at 24.4%. We delivered nearly 100% free cash flow conversion in the quarter, demonstrating the strength of our underlying business.

由於我們團隊表現良好，定價相對符合預期。調整後的 EBITDA 為 1.13 億美元，年減 19%，若不包括投資組合行動則下降 10%。重要的是，調整後的 EBITDA 利潤率仍維持 24.4% 的韌性。我們在本季實現了近 100% 的自由現金流轉換，證明了我們基礎業務的實力。

Please turn to slide 6. Let me now briefly summarize the performance of our business units. While demand was softer than expected, Life Sciences maintained pharma growth momentum in VP&D and cellulosics, positioning the segment for continued progress and sustained strong margins of 33% for the second consecutive quarter. Personal Care operated in a stable but moderate demand environment with microbial protections comping against a strong prior year and ongoing customer-specific softness in biofunctional actives.

請翻到幻燈片 6。現在我來簡單總結一下我們各業務部門的表現。儘管需求低於預期，但生命科學領域仍保持了 VP&D 和纖維素行業的製藥成長勢頭，為該領域持續進步奠定了基礎，並連續第二個季度保持了 33% 的強勁利潤率。個人護理業務在穩定但需求適中的環境中運營，微生物保護業務與去年同期相比表現強勁，而生物功能活性成分業務則持續受到客戶特定的疲軟影響。

Encouragingly, we're seeing early signs of recovery across both these business lines.

令人鼓舞的是，我們看到這兩條業務線都出現了復甦的早期跡象。

Recent strategic investments are gaining traction, driving sequential growth and helping sustain strong margins. Specialty Additives was impacted by weak coating season and ongoing pressures in China but saw growth in Performance Specialties and energy on share gains. The HEC network consolidation will be a key driver to improve cost efficiency and margins. Intermediates continued to navigate a difficult supply-demand landscape, particularly in Europe. While pricing and production volumes remain under pressure, we secured advanced manufacturing tax credits to partially offset this.

最近的策略投資正在獲得關注，推動連續成長並有助於維持強勁的利潤率。特種添加劑業務受到塗料淡季和中國持續壓力的影響，但高性能特種產品業務和能源業務實現了成長，市場份額有所提升。HEC 網路整合將成為提高成本效率和利潤率的關鍵驅動力。中間體繼續面臨艱難的供需形勢，尤其是在歐洲。儘管定價和產量仍然面臨壓力，但我們獲得了先進製造業稅收抵免來部分抵消這種壓力。

While near-term demand remains mixed, it's important to note that roughly 85% of our portfolio is tied to consumer end markets, many of which are noncyclical and more resilient in uncertain macroeconomic environments.

雖然短期需求仍然喜憂參半，但值得注意的是，我們約 85% 的投資組合與消費終端市場相關，其中許多市場是非週期性的，在不確定的宏觀經濟環境中更具彈性。

Let's turn to how the strategic actions are positioning us for stronger performance. Our portfolio optimization is complete, and our restructuring program remains ahead of schedule. All four business units achieved strong EBITDA margins, demonstrating disciplined execution in a challenging market. We're also making strong progress on our $60 million manufacturing optimization program. As we recently announced, the HEC network consolidation is complete and additional cost actions are ramping into Q4 and fiscal year 2026.

讓我們來看看這些策略行動如何幫助我們取得更強勁的業績。我們的投資組合優化已經完成，重組計劃仍提前完成。所有四個業務部門均實現了強勁的 EBITDA 利潤率，展現了在充滿挑戰的市場中嚴謹的執行力。我們的 6,000 萬美元製造優化計畫也取得了重大進展。正如我們最近宣布的那樣，HEC 網路整合已經完成，額外的成本行動正在進入第四季度和 2026 財年。

While some of our globalized platforms have been softer than expected year-to-date, we're seeing sequential momentum from recent investments. We remain confident in the long-term opportunity to expand our reach in underpenetrated markets. At the same time, our innovation commitment is exceeding expectations this year, reinforcing our strategy to drive differentiation, margin accretive growth.

雖然今年迄今為止，我們的一些全球化平台表現弱於預期，但我們看到近期投資呈現持續成長動能。我們仍然對擴大我們在滲透率較低的市場的影響力的長期機會充滿信心。同時，我們今年的創新承諾超越了預期，強化了我們推動差異化、獲利成長的策略。

In summary, while the external environment remains uncertain, we are executing with discipline and focus. Our streamlined portfolio ramping cost savings and strategic growth catalysts are positioning Ashland for long-term resilient performance.

總而言之，儘管外部環境仍然不確定，但我們正在有紀律、有重點地執行。我們精簡的產品組合可有效節省成本，並具有策略性成長催化劑，使 Ashland 能夠實現長期穩健的業績。

Now I'd like to turn over the call to William to provide more detailed review of our third quarter performance. William?

現在我想將電話轉給威廉，以便他能更詳細地回顧我們第三季的業績。威廉？

Thank you, Guillermo. Please turn to slide 8. Q3 sales were $463 million, down 15% year-over-year, including a $53 million impact from portfolio optimization. Excluding this, sales declined 5%, primarily due to lower produce volume. Organic volume was down 4% with growth in Life Sciences more than offset by declines in Personal Care and Specialty Additives.

謝謝你，吉列爾莫。請翻到第 8 張投影片。第三季銷售額為 4.63 億美元，年減 15%，其中包括投資組合優化帶來的 5,300 萬美元的影響。除此之外，銷售額下降了 5%，主要原因是產量下降。有機銷量下降 4%，其中生命科學業務的成長被個人護理和特殊添加劑業務的下滑所抵消。

Pricing declined 2% driven by targeted actions in Life Sciences as well as intermediates. Excluding intermediates, pricing was down 1% and foreign currency provided a 1% tailwind.

受生命科學和中間體領域的針對性行動推動，價格下降了 2%。不包括中間體，價格下跌了 1%，外幣提供了 1% 的順風。

Adjusted EBITDA was $113 million, down 19% year-over-year or 10% excluding portfolio actions driven by lower organic sales and production volume. This was partially offset by cost savings, including reduced SARD and production spending, while raw material costs remained stable. Adjusted EBITDA margin was 24.4%, down 120 basis points.

調整後的 EBITDA 為 1.13 億美元，年減 19%，若不包括因有機銷售額和產量下降而導致的投資組合行動，則下降 10%。這部分被成本節約所抵消，包括減少 SARD 和生產支出，而原材料成本保持穩定。調整後的 EBITDA 利潤率為 24.4%，下降 120 個基點。

Adjusted EPS, excluding acquisition amortization, was $1.04 million, down 30% from the prior year. As noted in our release, we recorded a noncash goodwill impairment of $706 million related to Life Sciences and Specialty Additives. This reflects the decline in our market capitalization relative to book value. It's important to emphasize this is a noncash accounting adjustment. It does not affect our liquidity, operations or our ability to execute our strategy.

調整後的每股盈餘（不包括收購攤銷）為 104 萬美元，較上年下降 30%。正如我們在新聞稿中指出的，我們記錄了與生命科學和特殊添加劑相關的 7.06 億美元的非現金商譽減損。這反映了我們的市值相對於帳面價值的下降。需要強調的是，這是一項非現金會計調整。它不會影響我們的流動性、營運或執行我們策略的能力。

Meanwhile, we generated strong ongoing free cash flow in the quarter with nearly 100% conversion of adjusted EBITDA, supported by disciplined capital spending and effective working capital management. Liquidity at quarter end was over $800 million. We expect cash generation to remain strong in the fourth quarter and continue to monitor the timing of a potential recovery of our approximately $100 million from our capital loss carryback. With net leverage at 2.9 times, we have the flexibility to continue investing in our strategic priorities while maintaining a disciplined approach to capital allocation.

同時，在嚴格的資本支出和有效的營運資本管理的支持下，我們在本季度產生了強勁的持續自由現金流，調整後的 EBITDA 轉換率接近 100%。季度末的流動資金超過 8 億美元。我們預計第四季度的現金產生能力將保持強勁，並將繼續監測從資本損失結轉中收回約 1 億美元的潛在時間。淨槓桿率為 2.9 倍，我們可以靈活地繼續投資於我們的策略重點，同時保持嚴謹的資本配置方式。

Now let's turn to our business unit leaders for a closer look at segment performance. Alessandra, over to you for Life Sciences.

現在讓我們轉向業務部門領導來仔細看看部門表現。亞歷珊卓，生命科學部分的話題交給你了。

Thank you, William. Good morning, everyone. Please turn to slide 9 for Life Sciences. Life Sciences sales were $162 million in the third quarter, down 17% year-over-year. The decline was primarily driven by our portfolio optimization initiatives including the divestiture of the Nutraceuticals business and exit from low-margin nutrition products, which reduced sales by approximately $32 million or 16%.

謝謝你，威廉。大家早安。請翻到投影片 9，查看生命科學部分。生命科學部門第三季銷售額為 1.62 億美元，年減 17%。銷售額下降的主要原因是我們的投資組合優化舉措，包括剝離營養保健品業務和退出低利潤營養產品，這導致銷售額減少了約 3,200 萬美元，即 16%。

While these actions improve our long-term profitability and focus, they impact year-over-year comparisons. Q4 will be the final quarter affected by these adjustments for Life Sciences.

雖然這些措施提高了我們的長期獲利能力和重點，但它們會影響年比比較。第四季將是生命科學領域受這些調整影響的最後一個季度。

Overall, organic sales declined just 1% year-over-year, with pharma growth offset by softness in other markets, particularly in Nutrition. Pharma volumes grew 4%, supported by share gain, globalize and innovation initiatives with growth momentum across most regions and technologies. Latin America and Asia remain key growth regions where we are leveraging our strong reputation with local and generic manufacturers and targeted pricing actions to support volume growth.

整體而言，有機銷售額年比僅下降 1%，製藥業的成長被其他市場（尤其是營養業）的疲軟所抵消。受市場份額成長、全球化和創新舉措的推動，製藥產量增加了 4%，大多數地區和技術都呈現成長動能。拉丁美洲和亞洲仍然是關鍵的成長地區，我們將利用我們在當地和仿製藥製造商中的良好聲譽以及有針對性的定價行動來支持銷售成長。

Our globalized business lines delivered another quarter of double-digit revenue growth and completed major strategic milestones. Injectables completed a high impact launch of Viatel bioresorbable polymer lines for medical devices and dermal fillers. Both businesses continue to perform well with positive relief indicators for sustainable, profitable growth. Life Sciences has advanced our innovation revenue from new product introductions exceeding expectations across all regions in the third quarter. Our platform technologies play a key role in our long-term strategy, targeting enhanced tablet coatings bioprocessing chemicals and injectables, as highlighted on our Innovation Day.

我們的全球化業務線又一個季度實現了兩位數的收入成長，並完成了重大戰略里程碑。Injectables 完成了 Viatel 生物可吸收聚合物系列（用於醫療器材和真皮填充劑）的高影響力發布。兩項業務繼續表現良好，並呈現出可持續獲利成長的積極跡象。生命科學部門透過推出新產品推動了我們第三季所有地區的創新收入超出預期。我們的平台技術在我們的長期策略中發揮關鍵作用，目標是增強片劑塗層生物加工化學物質和注射劑，正如我們在創新日所強調的那樣。

Turning to profitability. Adjusted EBITDA was $54 million, down 8% year-over-year. Excluding a $5 million impact from portfolio actions, EBITDA was consistent with the prior year. This was the strongest adjusted EBITDA margin quarter on record for the business. reflecting high-quality pharma growth, cost discipline and the benefits of our strategic actions.

轉向盈利能力。調整後EBITDA為5,400萬美元，較去年同期下降8%。排除投資組合行動產生 500 萬美元的影響，EBITDA 與前一年持平。這是該業務有史以來調整後 EBITDA 利潤率最高的一個季度，反映了高品質的製藥成長、成本控制以及我們策略行動帶來的好處。

Please turn to slide 10 for intermediates. The overall market landscape for our intermediates business remains challenging, particularly in Europe. Sales were $33 million, down from $36 million in the same period last year. This included $10 million in captive BDO sales and $23 million in merchant sales. Despite some success with our recent price increase, market pressure forcing overall pricing decline was the primary driver of the year-over-year sales decrease.

請翻到投影片 10 看中級內容。我們的中間體業務的整體市場格局仍然充滿挑戰，尤其是在歐洲。銷售額為 3,300 萬美元，低於去年同期的 3,600 萬美元。其中包括 1,000 萬美元的專屬 BDO 銷售額和 2,300 萬美元的商家銷售額。儘管我們最近的漲價取得了一些成功，但市場壓力迫使整體價格下降是銷售額比去年同期下降的主要原因。

Turning to profitability, Intermediates generated $7 million in adjusted EBITDA, representing a 21.2% margin. This compares to $9 million in the prior year, continued lower pricing and reduced production pressured margins during the quarter. That said, we were able to partially offset the impacts through advanced manufacturing production tax credit which we expect the business will remain eligible for through at least 2029.

談到獲利能力，中間體產生了 700 萬美元的調整後 EBITDA，利潤率為 21.2%。相較之下，去年同期的利潤為 900 萬美元，本季持續的定價走低和產量減少對利潤率造成壓力。儘管如此，我們能夠透過先進製造業生產稅收抵免來部分抵消影響，我們預計該企業至少在 2029 年之前仍將有資格享受該稅收抵免。

Now I will turn the call over to Jim to discuss the performance of Personal Care. Jim?

現在我將把電話轉給吉姆，討論個人護理的表現。吉姆？

Thank you, Alessandra. Good morning, everyone. Please turn to slide 11 for Personal Care. Personal Care sales were $147 million in the third quarter, down 16% year-over-year. This decline was primarily driven by portfolio optimization actions, including the divestiture of the Avoca business and exit from low-margin products which reduced sales by approximately $18 million or 10%. With this work now complete, the business is more sharply focused on care ingredients, microbial protection and biofunctional actives. Organic sales declined 6%, primarily due to customer-specific weakness in biofunctional actives and a strong prior year comparison in microbial protection. That said, both areas delivered strong sequential growth.

謝謝你，亞歷珊卓。大家早安。請翻到投影片 11 檢視「個人護理」。第三季個人護理銷售額為 1.47 億美元，年減 16%。這一下降主要是由於投資組合優化行動所致，包括剝離 Avoca 業務和退出低利潤產品，這導致銷售額減少了約 1800 萬美元，即 10%。隨著這項工作的完成，業務將更加專注於護理成分、微生物保護和生物功能活性物質。有機銷售額下降 6%，主要原因是客戶在生物功能活性成分方面表現疲軟，而微生物保護方面則與去年同期相比表現強勁。也就是說，這兩個領域都實現了強勁的連續成長。

In biofunctional actives, sales were up double digits, supported by a robust commercial pipeline and expanding our capabilities in China. We expect this momentum to become more visible as we begin to lap the prior year customer-specific headwinds going forward.

在生物功能活性成分方面，由於強大的商業管道和我們在中國不斷擴大的產能，銷售額實現了兩位數成長。我們預計，隨著我們開始克服去年針對客戶的特定阻力，這種勢頭將變得更加明顯。

Microbial protection also improved sequentially to down year-over-year against a strong comparison. Maturing opportunity pipeline, coupled with the improved cost structure is enhancing our ability to drive volume growth. We expect to see the early benefits of these actions in Q4. Meanwhile, our Care Ingredients portfolio continues to demonstrate resilience in both hair and skin care.

與強勁的對比相比，微生物保護性能也環比改善，但同比有所下降。不斷成熟的機會管道，加上改進的成本結構，增強了我們推動銷售成長的能力。我們預計將在第四季度看到這些行動的早期效益。同時，我們的護理成分產品組合在頭髮和皮膚護理方面繼續展現出彈性。

Turning to profitability, Adjusted EBITDA declined 20% to $41 million. Excluding the impact of portfolio optimization actions, EBITDA was down 6%, primarily due to lower organic sales and unfavorable mix, partially offset by cost savings. The business delivered an EBITDA margin in line with our fiscal 2025 target with high 20s and is well positioned heading into Q4.

談到獲利能力，調整後的 EBITDA 下降 20% 至 4,100 萬美元。不計入投資組合優化措施的影響，EBITDA 下降 6%，主要原因是有機銷售額下降和產品組合不利，但成本節約部分抵消了這一影響。該業務的 EBITDA 利潤率與我們 2025 財年的目標一致，達到 20% 以上，為進入第四季度做好了準備。

Now I'll hand it over to Dago to review the results of Specialty Additives. Dago?

現在我將交給 Dago 來審查特種添加劑的結果。達戈？

Thank you, Jim. Please turn to slide 12. Specialty Additives delivered mixed results in Q3 aligned with expectations. The architectural coatings season remains softer and the majority of the year-over-year volume decline stemmed from last year's share loss and targeted price reductions in China. Persistent overcapacity and weak demand in China continue to pressure both volume and pricing, intensifying competition across the region and in export markets like Southeast Asia, the Middle East, Africa and India.

謝謝你，吉姆。請翻到第 12 張投影片。特種添加劑第三季業績好壞參半，符合預期。建築塗料季節仍然較為疲軟，年比銷量下降的大部分原因是去年的市佔率損失以及中國有針對性的降價。中國持續的產能過剩和需求疲軟持續對產量和價格造成壓力，加劇了整個地區以及東南亞、中東、非洲和印度等出口市場的競爭。

Outside of China, Middle East and India, the team executed well, delivering year-to-date volume growth in a challenged real estate environment across the Americas and in Europe. Performance Specialties and energy end markets grew in the quarter, supported by share gain initiatives. The Construction segment continued to show stable performance in Q3. Overall, sales declined 13% to $131 million with organic sales and volumes both down 11%. Despite the competitive environment, pricing remained generally stable, an improvement from the 2% decline in the prior quarter.

在中國、中東和印度以外的地區，該團隊表現出色，在美洲和歐洲充滿挑戰的房地產環境中實現了年初至今的銷售成長。在份額成長計畫的支持下，本季高性能特種化學品和能源終端市場實現成長。建築業在第三季持續表現穩定。總體而言，銷售額下降 13% 至 1.31 億美元，其中有機銷售額和銷量均下降 11%。儘管競爭激烈，但價格整體保持穩定，較上一季 2% 的降幅有所改善。

Turning to profitability, Adjusted EBITDA declined 32% year-over-year to $26 million, primarily due to lower sales in China, Middle East, Africa and India, and volume rebalancing across our production network. EBITDA margin was 19.8%, down from 25.3% last year. As part of our $60 million manufacturing optimization program, we recently consolidated HEC production into our Hopewell, Virginia facility from Parlin, New Jersey. This move enables us to better leverage our global network, improve cost structure and drive long-term operational efficiency.

談到獲利能力，調整後的 EBITDA 年比下降 32% 至 2,600 萬美元，主要原因是中國、中東、非洲和印度的銷售額下降，以及我們生產網路的產量重新平衡。EBITDA利潤率為19.8%，低於去年的25.3%。作為我們 6000 萬美元製造優化計劃的一部分，我們最近將 HEC 的生產從新澤西州帕林整合到弗吉尼亞州霍普韋爾的工廠。此舉使我們能夠更好地利用我們的全球網絡，改善成本結構並提高長期營運效率。

While a difficult decision, it aligns with our broader strategy and reinforces our commitment to delivering sustainable with the facilities operating in the United States, Europe and China, our streamlined HEC production network is well positioned to meet local demand.

雖然這是一個艱難的決定，但它符合我們更廣泛的策略，並加強了我們致力於透過在美國、歐洲和中國運營的設施實現可持續發展的承諾，我們精簡的 HEC 生產網絡完全能夠滿足當地需求。

I will now turn the call back to William. William?

我現在將電話轉回給威廉。威廉？

Thanks, Dago. Please turn to slide 14. Let me now expand on Dago's comments with a broader view of our operational optimization efforts. As mentioned, the HEC network consolidation is a major milestone in our manufacturing transformation. The Parlin-to-Hopewell transition underpins the $25 million and HEC-related cost savings we outlined last December.

謝謝，達戈。請翻到第 14 張投影片。現在，讓我從更廣泛的角度闡述我們的營運優化工作，以擴展 Dago 的評論。如上所述，HEC 網路整合是我們製造業轉型的一個重要里程碑。帕林至霍普韋爾的過渡為我們去年 12 月提出的 2500 萬美元及 HEC 相關成本節約計劃奠定了基礎。

While operational execution is now complete, the P&L benefit will phase in over time. Because these savings are initially capitalized into inventory, they will be recognized gradually as inventory is drawn down and sales occur in line with our weighted average cost methodology. We'll provide more detail on the expected fiscal '26 impact during our next call, and we anticipate a meaningful step-up in HEC-related savings next year.

雖然營運執行現已完成，但損益收益將隨著時間的推移逐步顯現。由於這些節省最初被資本化為庫存，因此隨著庫存減少和銷售按照我們的加權平均成本方法進行，這些節省將逐漸被確認。我們將在下次電話會議中提供有關預期 26 財年影響的更多詳細信息，並且我們預計明年與 HEC 相關的節省將有顯著增加。

More broadly, our restructuring program is tracking ahead of schedule. The run rate program is nearing completion, with approximately $20 million in savings expected this fiscal year and an additional $12 million in carryover benefits in fiscal '26. These actions are already helping offset volume softness in select end markets and positioning us well for fiscal '26.

更廣泛地說，我們的重組計劃正在提前進行。運行率計畫即將完成，預計本財年將節省約 2,000 萬美元，26 財年還將節省 1,200 萬美元的結轉收益。這些措施已經幫助抵消了特定終端市場的銷售疲軟，並為我們 26 財年做好了準備。

Looking ahead, we see opportunity to drive stronger incremental margins as we improve productivity across our consolidated footprint. The strategic imperative is clear: consistent operations at higher utilization rates with additional growth supported by ongoing efficiency gains We'll share more as we size this opportunity. In the meantime, we remain focused on execution - balancing cost out with strategic reinvestment -, and we're confident these changes will support sustainable margin improvement over the long term.

展望未來，隨著我們在整個整合業務範圍內提高生產力，我們看到了推動更強勁的增量利潤的機會。策略要務很明確：以更高的利用率持續運營，並透過持續的效率提升來支援額外的成長。我們將在評估這一機會時分享更多資訊。同時，我們仍然專注於執行——平衡成本與策略再投資——我們相信這些變化將支持長期可持續的利潤率改善。

Please turn to slide 15. As we turn the page on our portfolio transformation, Ashland is now positioned for the first time in over a decade with a clean focused platform for growth. We recognize that the portfolio transitions over the past several years have made our financial trends more complex to interpret, but these were intentional actions designed to improve the company's strategic and financial profile. Given the number of moving pieces, we thought it would be helpful to step back and highlight the historical performance of our core portfolio, the businesses we own today.

請翻到第 15 張投影片。隨著我們翻開產品組合轉型的新篇章，亞什蘭十多年來首次擁有了一個專注於清潔能源的成長平台。我們意識到過去幾年的投資組合轉型使我們的財務趨勢更加難以解讀，但這些都是旨在改善公司策略和財務狀況的有意為之的舉措。考慮到變動的部分數量，我們認為回顧一下我們的核心投資組合（即我們目前擁有的業務）的歷史表現將會有所幫助。

On the left side of the slide, we've separated the revenue from businesses we've exited or optimized over recent years, such as CMC and nutraceuticals from the performance of our current core. These actions streamline the portfolio, improved quality and reduced revenue by roughly $400 million since fiscal 2019. The core has experienced some volatility over this period, reflecting the impact of COVID, post pandemic shortages, inflation, destocking and tariffs. Yet through all of that, the underlying core is stable versus pre-COVID.

在投影片的左側，我們將近年來退出或優化的業務（例如 CMC 和營養保健品）的收入與我們目前核心業務的表現分開。這些舉措簡化了投資組合，提高了質量，自 2019 財年以來收入減少了約 4 億美元。在此期間，核心經濟經歷了一些波動，反映了新冠疫情、疫情後短缺、通貨膨脹、去庫存和關稅的影響。然而，儘管如此，與新冠疫情之前相比，其核心基礎仍保持穩定。

Life Sciences and Personal Care have each grown at a low single-digit rate. Specialty Additives declined moderately, largely due to the impact of the deterioration of the coatings market in China and intermediates is currently at a cyclical low. Importantly, during this time, we've improved our EBITDA margins, reduced net tangible assets by over $300 million and lowered our share count by nearly 25%. While we know we need to accelerate growth, which is exactly what our strategic priorities are designed to support, the business has remained stable during a particularly volatile time. This slide is meant to illustrate the resilience of the Ashland we are today and the strength of the foundation we're building for tomorrow.

生命科學和個人護理均以較低的個位數成長率成長。特種添加劑略有下降，主要是由於中國塗料市場惡化的影響以及中間體目前處於週期性低點。重要的是，在此期間，我們提高了 EBITDA 利潤率，減少了 3 億多美元的有形淨資產，並將股票數量減少了近 25%。雖然我們知道我們需要加速成長，這正是我們的策略重點所要支持的，但業務在特別動盪的時期仍然保持穩定。這張投影片旨在展示我們今天的阿什蘭的韌性以及我們為明天所建立的基礎的實力。

I'll now turn the call back over to Guillermo. Guillermo?

我現在將電話轉回給吉列爾莫。吉列爾莫？

As you heard from Alessandra and Jim, please turn to slide 16. As you heard from Alessandra and Jim, our globalized platforms, injectables, tablet coatings, microbial protection and biofunctional actives are central to our long-term growth strategy. That said, we're currently behind for the year. Year-to-date sales in these business lines are down approximately $10 million versus our full year target of $20 million in incremental growth.

正如亞歷珊卓和吉姆所說，請翻到第 16 張幻燈片。正如亞歷珊卓和吉姆所說，我們的全球化平台、注射、片劑塗層、微生物保護和生物功能活性物質是我們長期成長策略的核心。話雖如此，我們今年的進度目前已經落後了。今年迄今為止，這些業務線的銷售額下降了約 1,000 萬美元，而我們的全年目標是增加 2,000 萬美元。

This shortfall is primarily due to base business softness in microbial protection and biofunctions. Despite these headwinds, we're seeing encouraging signs. Our investments are beginning to take hold and both microbial protection and biofunctionals are delivering healthy sequential growth since Q1. For example, in our new biofunctionals facilities in China, it's already approaching 10% of our segment sales mix as we ramp localized solutions in this important market. Importantly, comps are beginning to ease as we lap the unique challenges that began impacting performance late last year.

這種不足主要是由於微生物保護和生物功能方面的基礎業務薄弱所造成的。儘管面臨這些不利因素，我們也看到了令人鼓舞的跡象。我們的投資開始產生效果，微生物保護和生物功能自第一季以來都實現了健康的連續成長。例如，在我們位於中國的新生物功能設施中，隨著我們在這個重要市場推出在地化解決方案，它已經接近我們分部銷售組合的 10%。重要的是，隨著我們克服去年年底開始影響業績的獨特挑戰，業績開始回落。

This should make the momentum of our investments more visible in the quarters ahead.

這應該會使我們的投資勢頭在未來幾季更加明顯。

Meanwhile, Life Science continues to perform well, with injectables and tablet coatings maintaining strong growth. We remain confident in the long-term opportunities to expand adoption our high-value solutions in underpenetrated markets. Turning to our innovation strategy - we're ahead of plan. We've already delivered $10 million in incremental innovation-driven sales, meeting our full year target with a quarter still to go.

同時，生命科學領域持續表現良好，注射劑和片劑包衣保持強勁成長。我們仍然對在滲透率較低的市場中擴大採用我們的高價值解決方案的長期機會充滿信心。談到我們的創新策略—我們領先於計劃。我們已經實現了 1000 萬美元的增量創新驅動銷售額，在還剩一個季度的情況下就達到了全年目標。

This reflects the strength of our core innovation platforms particularly in pharma cellulosics, where demand in oral care delivery remains strong.

這反映了我們核心創新平台的實力，特別是在製藥纖維素領域，口腔護理的需求仍然強勁。

Our Innovation Day in May was a powerful moment for Ashland. It showcased the depth of our technical capabilities and the momentum behind our new platforms. The themes that emerged - scalability, sustainability and differentiation - are exactly what we're building towards. We remain focused on executing our innovation road map with a clear priority on platforms designed for large high-growth markets. The pipeline is strong, and we're motivated by this opportunity.

我們五月的創新日對 Ashland 來說是一個重要的時刻。它展示了我們技術能力的深度以及新平台背後的動力。出現的主題——可擴展性、可持續性和差異化——正是我們正在努力的方向。我們將繼續專注於執行我們的創新路線圖，並明確優先考慮為大型高成長市場設計的平台。管道很強大，我們對這個機會充滿動力。

Please turn to slide 17. Now let me walk you through our financial outlook for the remainder of fiscal year 2025. As we shared in yesterday's release, we've narrowed our full year guidance to reflect the ongoing muted demand and continued caution across customer channels. While we're tightening the range, our current assumptions are anchored towards the lower end, reflecting a prudent stance in light of the near-term demand dynamics while underscoring the durability of Ashland's business model. Demand patterns remain mixed across the portfolio.

請翻到第 17 張投影片。現在讓我向您介紹我們對 2025 財年剩餘時間的財務展望。正如我們在昨天的發布中分享的那樣，我們縮小了全年指導範圍，以反映持續低迷的需求和客戶管道的持續謹慎。雖然我們正在縮小範圍，但我們目前的假設是固定在較低端的，這反映了我們根據近期需求動態採取的審慎立場，同時也強調了亞什蘭商業模式的持久性。整個投資組合的需求模式仍然混合。

Pharma is steady, recovering and continues to demonstrate resilience. Personal Care is beginning to show encouraging signs of company-specific momentum. Meanwhile, Specialty Additives and Intermediates are still facing headwinds. We're maintaining a balanced outlook. Innovation is pacing ahead of target, and our globalized platforms are improving, and we're executing well in our self-help initiatives.

製藥業保持穩定，正在復甦，並持續展現韌性。個人護理業務開始顯示出公司特定發展勢頭的令人鼓舞的跡象。同時，特種添加劑和中間體仍面臨阻力。我們保持平衡的觀點。創新正在超越目標，我們的全球化平台正在不斷完善，我們的自助計畫執行得很好。

These actions are helping cushion the impact of softer volumes and are positioning us for stronger performance over time.

這些措施有助於緩解銷售疲軟的影響，並使我們在未來獲得更強勁的業績。

On the regulatory front, tariff-related uncertainties remain. We're actively monitoring developments and while final rules are still pending, we do not anticipate a material direct impact on our fiscal year '25 results. At this time, we're seeing some signs of stabilization. Raw material costs are holding steady, and pricing pressures is easing as we cycle past prior year actions. We expect these trends to persist through the fourth quarter.

在監管方面，與關稅相關的不確定性仍然存在。我們正在積極關注事態發展，雖然最終規則仍待制定，但我們預計這不會對 25 財年的業績產生重大直接影響。目前，我們看到一些穩定的跡象。原物料成本保持穩定，隨著我們回顧去年的行動，定價壓力正在緩解。我們預計這些趨勢將持續整個第四季。

We remain focused on the levers within our control.

我們仍然專注於我們能夠控制的槓桿。

Our restructuring program is now complete, and we're expecting to realize approximately $7.5 million in cost savings in Q4. We're also making solid progress on the $60 million manufacturing network optimization initiatives. Together, these efforts, combined with disciplined execution, are expected to support continued margin strength. Free cash flow was strong in the third quarter, and we anticipate healthy conversion against in Q4.

我們的重組計劃現已完成，我們預計第四季將節省約 750 萬美元的成本。我們也在耗資 6,000 萬美元的製造網路優化計畫上取得了紮實進展。這些努力加上嚴格的執行預計將支持利潤率持續走高。第三季的自由現金流強勁，我們預期第四季的轉換率也將健康成長。

Taking all this into account, we now expect full year fiscal 2025 sales of approximately $1.825 billion to $1.85 billion, and adjusted EBITDA in the range of $400 million to $410 million.

考慮到所有這些因素，我們現在預計 2025 財年全年銷售額約為 18.25 億美元至 18.5 億美元，調整後 EBITDA 在 4 億美元至 4.1 億美元之間。

Please turn to slide 19. In close, I want to highlight a few key messages as we look ahead. As we discussed today, we're tightening our fiscal year 2025 outlook to reflect the persistent sluggish growth. While these conditions are pressuring near-term volumes. They do not change our long-term view of the business or the opportunities ahead.

請翻到第 19 張投影片。最後，我想強調幾個展望未來的關鍵訊息。正如我們今天所討論的，我們正在收緊 2025 財年的展望，以反映持續低迷的成長。儘管這些情況對短期交易量造成壓力。它們不會改變我們對業務或未來機會的長期看法。

Ashland is operating from a position of strength in a difficult environment. Our portfolio optimization actions are now complete, and we've emerged as a more focused, agile business aligned with high-value, resilient markets. We're ahead of schedule on cost savings and restructuring initiatives with early benefits already visible in our margin performance.

在艱難的環境中，阿什蘭憑藉其優勢地位繼續運作。我們的投資組合優化行動現已完成，我們成為一家更專注、更靈活的企業，與高價值、有彈性的市場保持一致。我們在成本節約和重組計劃方面已經提前完成，並且利潤率表現已經顯現出早期效益。

All four businesses delivered healthy margins this quarter, a clear sign of disciplined execution. Innovation is gaining traction with year-to-date sales already at our full year target. On tariffs, we continue to monitor the development and await final guidance on long-term implications. While the regulatory picture is still evolving, we do not expect significant direct impact in fiscal year 2025. In the meantime, we remain agile and proactive adjusting our supply chain and pricing strategies as need.

本季度，四大業務均實現了良好的利潤率，這明顯表明了其執行力的嚴謹。創新正在獲得動力，年初至今的銷售額已經達到了我們的全年目標。關於關稅，我們將繼續關注事態發展並等待有關長期影響的最終指導。儘管監管情勢仍在不斷發展，但我們預計 2025 財年不會產生重大直接影響。同時，我們保持靈活並根據需要主動調整我們的供應鏈和定價策略。

Looking ahead, our commitment remains firm. We will continue to focus on what we can control, driving productivity, executing cost actions and advancing our innovation and globalization roadmap. We will maintain a disciplined capital allocation strategy, balancing investment in growth with shareholder returns. And above all, we remain confident on our strategy, our people and our platforms will continue to drive long-term sustainable value creation. I want to thank the entire Ashland team for their continued dedication, agility and focus as we navigate through these dynamic conditions. Operator, let's open the line for Q&A.

展望未來，我們的承諾依然堅定。我們將繼續專注於我們能夠控制的事情，提高生產力，執行成本行動，並推進我們的創新和全球化路線圖。我們將保持嚴謹的資本配置策略，平衡成長投資與股東回報。最重要的是，我們對我們的策略充滿信心，我們的員工和我們的平台將繼續推動長期可持續的價值創造。我要感謝整個 Ashland 團隊在我們應對這些動態條件時所展現的持續奉獻、敏捷和專注。接線員，讓我們打開問答熱線。

(Operator Instructions)

（操作員指示）

Christopher Parkinson, Wolf Research.

克里斯托弗·帕金森，沃爾夫研究中心。

Great, thank you so much, Guillermo, I realize you're obviously not going to give us a number for '26 but as we're approaching the end of the fiscal year, and as the buy sides conceptualizing kind of the different buckets of what we should be considering, I'm seeing the restructuring, obviously, ex the $7.5 million you just went through the network and the manufacturing rationalizations and kind of as a tangential theme and then like the end of destocking on revenues, like can you just kind of walk us through your own thought process now that you should have greater visibility into fiscal year '26? And then also in terms of the markets coming back and when we think about the incremental margins, for instance, of like PC coming back, should it be in the historical ranges that you've already been giving us when volumes eventually return?

太好了，非常感謝你，吉列爾莫，我知道你顯然不會給我們一個 26 年的數字，但隨著我們接近財年末，並且買方正在概念化我們應該考慮的不同方面，我看到了重組，顯然，例如你剛剛經歷的 750 萬美元的網絡和製造合理化，有點像一個切線主題，然後就像收入去庫存的結束，比如，現在你應該對 26財年有了更清晰的了解，你能不能向我們介紹一下你自己的思考過程？然後，就市場復甦而言，當我們考慮增量利潤率時，例如，像 PC 復甦一樣，當銷售最終恢復時，它是否應該處於您已經給我們的歷史範圍內？

Okay. Let me break it down - so thanks for the question, Chris. In three areas, I mean we're not going to give guidance at this point in time but what are the big things that we're working on that we're looking at on the demand side, on the portfolio side where we stand today and then on the action side, I think you want to do, and that will impact our plan.

好的。讓我來分析一下——謝謝你的提問，克里斯。在三個領域，我的意思是我們目前不會給予指導，但是我們正在努力做的大事是什麼？我們在需求方面、在我們目前的投資組合方面以及在行動方面，我想你想做，這將影響我們的計劃。

So on the demand side, as we said, what we're seeing is we have a cleaner portfolio, there's less moving parts now. I hope everybody is seeing very transparent on everything that we're doing on our different priorities. And we're going to maintain that level of transparency.

因此，在需求方面，正如我們所說，我們看到的是，我們的投資組合更加清晰，現在變動的部分更少。我希望每個人都能清楚地看到我們針對不同優先事項所做的一切。我們將保持這種透明度。

We see Personal Care and the household, the care side of our portfolio, demand should remain stable. I think things are trending back to historic levels where for things that we use day-to-day even in hard economic times people continue to use products so I think we're going to start seeing a market that behaves more like the historic norm, not what we saw during COVID and those periods of time. So the demand should be more stable.

我們認為個人護理和家庭護理（我們產品組合中的護理方面）的需求應該保持穩定。我認為事情正在回歸歷史水平，即使在經濟困難時期，人們也會繼續使用我們日常使用的東西，所以我認為我們將開始看到一個更像歷史常態的市場，而不是我們在 COVID 和那些時期看到的那樣。因此需求應該更加穩定。

Same thing for pharma, underlying demand should remain stable as we move forward. I think in the Specialty Additives side of the equation, I think you have to look at it. We're looking at it more geographically speaking. Obviously, this year, we expected some recovery in the coatings market in the US and Europe, which didn't materialize.

對於製藥業也是如此，隨著我們不斷前進，潛在需求應該保持穩定。我認為，在等式的特種添加劑方面，你必須考慮它。我們更從地理角度來看這個問題。顯然，今年我們預計美國和歐洲的塗料市場會出現一些復甦，但這並沒有實現。

But depending on what happens to interest rates because there's a lot of pent-up demand right now so I would say we're probably going to plan conservatively on US and Europe for next year, but we recognize that there is given the pent-up demand if interest rate moves, there's an upside potential there that will factor into our thinking.

但這取決於利率的變化，因為現在有很多被壓抑的需求，所以我想說我們可能會保守地規劃明年的美國和歐洲市場，但我們認識到，如果利率變動，考慮到被壓抑的需求，那裡存在上行潛力，這將成為我們考慮的因素。

I think if you look at Latin America, Southeast Asia, a lot of the other, they're pretty stable right now. We don't expect significant changes. The big question is China. I think we're assuming that's not going to improve in the near term and we're acting appropriately.

我認為如果你看看拉丁美洲、東南亞和其他很多地區，你會發現它們現在都相當穩定。我們預計不會發生重大變化。最大的問題是中國。我認為我們假設這種情況在短期內不會改善，並且我們正在採取適當的行動。

I'm sure we'll get some questions on the businesses. I'll let Dago will talk about it, but with the network reset, we're now exporting certain parts of the region out of China so we're rebalancing our network to deal with this short-term a year, 1.5 year issue in China. And we believe long term, this is still going to be a good market. It will recover when we have enough levers to move in terms of the demand.

我確信我們會收到一些有關企業的問題。我會讓 Dago 來談論它，但隨著網路重置，我們現在正在將該地區的某些部分出口到中國以外，因此我們正在重新平衡我們的網路以應對中國這個短期一年、一年半的問題。我們相信，從長遠來看，這仍將是一個好的市場。當我們擁有足夠的槓桿來推動需求時，它就會復甦。

So that's sort of the demand side of it. If you look at the portfolio, I hope the slide that William talked about looking at the core part of the portfolio, it has been much more stable than I think people think, as we move forward. And I think it will be less noisy. It's not just the business focus that we brought. I think the productivity actions that we've taken, we've really streamlined assets.

這就是它的需求面。如果你看一下投資組合，我希望威廉談到的關於投資組合核心部分的幻燈片能夠讓你看到，隨著我們不斷前進，它比人們想像的要穩定得多。而且我認為噪音會更小。我們帶來的不僅是商業焦點。我認為我們採取的生產力行動確實簡化了資產。

Where we had two assets that were running at low rates, we closed them down. Most of our assets are actually pretty highly loaded right now. So as we go into next year, I think we're going to have not just better cost, which is what we're trying to drive but smoother, the target is also to reduce volatility of our operations because you're going to have more loaded assets. So we think the portfolio actions, the optimization actions we've taken will reduce volatility and will improve our underlying cost structure for our portfolio.

對於我們經營利率較低的兩項資產，我們將其關閉。目前，我們的大部分資產實際上負載相當高。因此，當我們進入明年時，我認為我們不僅有更好的成本，這也是我們努力追求的目標，而且更平穩，目標也是減少我們營運的波動性，因為我們將擁有更多的負載資產。因此，我們認為投資組合行動、我們採取的最佳化行動將降低波動性並改善我們投資組合的基礎成本結構。

And then the third part is going to be actions that we take. And I think it's very clear our strategy, I hope you're hearing that we're consistent. On the productivity, self-help, we believe '26 is still going to be a tough environment for a lot of industries so we're going to plan accordingly. Self-help is going to be a big part of our actions.

第三部分是我們採取的行動。我認為我們的策略非常明確，我希望你們聽到的是，我們是始終如一的。在生產力和自助方面，我們認為 26 年對許多行業來說仍將是一個艱難的環境，因此我們將制定相應的計劃。自助將成為我們行動的重要組成部分。

So that's things we can control. and we'll maintain that level of momentum. I think on the longer-term strategic side, we're committed to the globalized and innovation-driven growth. We have a lot of great catalysts. We're getting a lot of traction.

所以這些都是我們可以控制的事情。我們會保持這種勢頭。我認為從長期策略角度來看，我們致力於全球化和創新驅動的成長。我們有很多出色的催化劑。我們正獲得很大的進展。

We're extremely excited about all the opportunities thereso we're going to continue to execute. Having a strong balance sheet, making sure that we're managing not just the P&L, but the balance sheet appropriately so that we have the funding that we can do short-term actions but also continue to invest in the future is going to be our priority.

我們對所有的機會感到非常興奮，因此我們將繼續執行。擁有強勁的資產負債表，確保我們不僅管理損益表，而且適當管理資產負債表，以便我們有資金採取短期行動，同時也能繼續投資未來，這將是我們的首要任務。

I think, Chris, I'm just going to build on that with some specifics that we're seeing as well. I think really the key piece from us is the reset is over, right? So that was a $45 million headwind this year on an EBITDA basis and next year at zero. And some of the other pieces, too, just to put some a range around it. The carryover restructuring, that's $12 million of carryover primarily in the first half.

克里斯，我想我只是要在此基礎上再補充一些我們看到的具體內容。我認為我們真正需要關注的關鍵點是重置已經結束，對嗎？因此，以 EBITDA 計算，今年的逆風為 4500 萬美元，明年則為零。還有一些其他的部分，只是為了在它周圍設定一個範圍。結轉重組，主要是上半年的 1,200 萬美元結轉。

And the other piece, too, if you recall, in Q1, we did the strategic maintenance pull forward on our plans. As a part of that, there was approximately $5 million of slightly extended and overspend. So that's another piece that we wouldn't expect to repeat.

另外，如果您還記得的話，在第一季度，我們對我們的計劃進行了策略性維護。其中，約有 500 萬美元略有延長和超支。所以這是我們不希望重複的另一件事。

And then the other piece, too, that's dynamic. But on foreign exchange, obviously, euro has been over around 115, 116. Just to remind everybody, that's about $1 million to $1.5 million of EBITDA per year for every cent change. And then I think really the key piece then to Guillermo's point is on the cost side. We've expected to recognize $5 million of the $60 million network optimization this year.

另一部分也是動態的。但在外匯方面，歐元顯然已經突破115、116左右。只是提醒大家，每變動一個百分點，每年的 EBITDA 就會減少 100 萬至 150 萬美元。然後我認為吉列爾莫的觀點的關鍵部分是在成本方面。我們預計今年將在 6000 萬美元的網路優化中實現 500 萬美元。

So that means $55 million yet to come and so that's a key element of the go-forward picture in terms of profitability.

這意味著還有 5,500 萬美元的收入尚未到賬，而這正是未來獲利能力的關鍵因素。

And on the raw material side, things have been mixed, but they've been stable. So more to come on the specifics as we get to the Q4 call, but there are certain elements that we can speak to as well.

原料方面，情況有好有壞，但整體比較穩定。因此，當我們進入第四季度電話會議時，我們會提供更多具體細節，但我們也可以談論某些要素。

That's very helpful. And just as a quick follow-up, just Game, you alluded to this a few times in your prepared remarks. But in Personal Care markets, it seems like some of your higher-margin applications have been under pressure. But at the same time, ever so slightly, you're beginning to see a positive comment on hair care out of one customer and saying, "Hey, not adjusted for travel retail, things actually would have been up and it seems like there's these signals of potential bottoming across Asia and Europe is a little bit perhaps a little bit more sluggish. But is that what you're actually hearing from your customers as we progress through the balance of the year?

這非常有幫助。作為一個快速的後續問題，就像遊戲一樣，您在準備好的演講中多次提到了這一點。但在個人護理市場，一些利潤較高的應用似乎面臨壓力。但同時，你開始看到一位顧客對護髮產品做出積極的評價，並說：「嘿，如果不考慮旅遊零售的話，情況實際上會有所好轉，而且似乎有跡象表明亞洲和歐洲的市場可能已經觸底，或許會稍微低迷一些。但是，隨著我們在今年剩餘的時間裡不斷推進，您實際上從客戶那裡聽到的真的是這樣嗎？

Like does it seem like it's actually stabilizing and things should actually be more beneficial into next year, especially in some of those biofunctionals or is there something else we should be looking at?

例如，它是否真的正在穩定下來，明年的情況應該會更加有利，特別是在一些生物功能方面，或者我們還應該關注其他什麼？

Yeah. I think if you break down the personal care side of the equation into the more the mass brands versus the prestige segment and maybe I'll ask Jim to comment here but we do see a difference. I think the mass brand there is variability by regions, some specific dynamics but in general, I would say, it's holding up.

是的。我認為，如果你將個人護理方面分解為大眾品牌與高端品牌，也許我會請吉姆在這裡發表評論，但我們確實看到了差異。我認為大眾品牌因地區不同而有差異，也存在一些特定的動態，但總的來說，我認為它是可以維持的。

Volumes, the demand side should be stable. Each company is going to have, depending on what products you're in, and you're going to have a little bit of movement. But from a market perspective, we expect that to remain resilient. But on the prestige side, that's the one market that we've seen changes versus history.

交易量、需求方面應該是穩定的。每家公司都會有自己的舉措，這取決於你生產什麼產品，而且你會有一些動作。但從市場角度來看，我們預期其仍將保持彈性。但從聲望方面來看，這是與歷史相比我們已經看到變化的市場。

Historically, they were all very stable. I think over the last decade, the mass brands and the impact of travel duty free. I mean some of these have changed. Our biofunctional business is heavily weighted on the prestige side. That's one of the things that the team is working on.

從歷史上看，它們都非常穩定。我認為在過去十年中，大眾品牌和免稅旅遊的影響。我的意思是其中一些已經改變。我們的生物功能業務非常注重聲譽。這是團隊正在努力的事情之一。

But Jim, do you want to comment on some of those dynamics that what you're seeing?

但是吉姆，你想評論一下你所看到的一些動態嗎？

Yeah. So Chris, I mean, I would look at the market overall and as Guillermo mentioned, we do see stability in the market. Last month in June, I spent the majority of June in Asia, in China, Korea, Thailand and Indonesia. We see really good traction with our local regional customers there, a lot of activities, especially in Southeast Asia, in Thailand and Indonesia. I would say Europe has actually been a bright spot compared to how we started the fiscal year.

是的。所以克里斯，我的意思是，我會整體地看待市場，正如吉列爾莫所提到的，我們確實看到市場穩定。上個月，也就是六月，我大部分時間都在亞洲度過，去了中國、韓國、泰國和印尼。我們看到當地區域客戶對我們業務的吸引力非常大，特別是在東南亞、泰國和印尼等地開展了許多活動。我想說，與本財年伊始相比，歐洲其實是個亮點。

Europe was quite muted in Q1. And versus our expectations, we've seen continued improvement in Europe.

歐洲第一季表現相當低迷。與我們的預期相反，我們看到歐洲的情況持續改善。

In the US, from what I've seen in red, I think we're probably maybe a bit contrarian there where we see the US as remaining quite robust and resilient, and we expect that to continue going forward. As we mentioned, with our biofunctional Active segment, specifically, this part of our business really focuses on the premium prestige skin care market, anti-wrinkle, anti-aging and exposed to travel. And that underscores the strategy and actions that we're taking to expand geographically, expand our customer base.

在美國，從我看到的紅色部分來看，我認為我們可能有點相反，我們認為美國仍然相當強勁和有彈性，我們預計這種情況將繼續下去。正如我們所提到的，具體來說，我們的生物功能活性成分部門的這部分業務真正專注於高端護膚品市場，抗皺、抗衰老和旅遊。這強調了我們為擴大地域範圍、擴大客戶群所採取的策略和行動。

And as now we lap some of those customer-specific demand that we saw last year and our results more come in line with the market, you're going to start to see the actions we're taking come through at external.

現在，我們已經滿足了去年看到的一些客戶特定需求，而且我們的業績也更加符合市場需求，您將開始看到我們採取的行動在外部得到體現。

Very helpful. Thank you so much.

非常有幫助。太感謝了。

Thank you.

謝謝。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you. Good morning Guillermo just back on the cost side to be crystal clear. Between the restructuring plan and the manufacturing network optimization, the incremental savings in '26 versus '25. Should they be in the $55 million to $60 million range year-over-year?

謝謝。早安，吉列爾莫，我們回到成本方面，講清楚一點。在重組計劃和製造網絡優化之間，26 年與 25 年相比實現了增量節省。它們的年收入是否應該在 5500 萬美元至 6000 萬美元之間？

Yes. So let me make a comment, and then I'll have William especially talk about the network optimization, the $60 million. So we have $30 million in restructuring, 60 in network optimization. The restructuring is flowing through. We're ahead of plan.

是的。所以請允許我發表一下評論，然後我會讓威廉特別談談網路優化，這 6000 萬美元。因此，我們在重組方面投入了 3000 萬美元，在網路優化方面投入了 6000 萬美元。重組工作正在進行中。我們比計劃提早了。

We had targeted $30 million. We're probably going to it's going to be greater than that in the full program. But I think this year, we'll get around $20 million coming through. So we had expected 15 we had increased some of the outlook. So we're still looking at some of that flow through, but it's been pretty robust.

我們的目標是3000萬美元。我們可能會在整個計劃中將其做得更大。但我認為今年我們的收入將達到約 2000 萬美元。因此，我們預計 15 我們已經增加了一些前景。因此，我們仍在關注其中的一些流動情況，但它已經相當強勁了。

The $60 million, what I would say is the actions are done. We have concluded our action. So everything is as the example, HEC, we closed partly those costs are going to be gone. So the issue now is really flow through to the P&L. And as William mentioned in the prepared comments, Ashland uses average costing.

6000 萬美元，我想說的是行動已經完成。我們的行動已經結束。所以一切都像 HEC 的例子一樣，我們部分關閉了這些成本。所以現在的問題其實是流入損益表。正如威廉在準備好的評論中提到的那樣，阿什蘭採用平均成本法。

And so we have a whole different way of how it flows through, which is a little bit more complicated in terms of the timing. But that's the part that we're working through. But the actions around the VP&D, the HEC and the small plant consolidation it's 100% finished now at this point in time. But do you want to comment on the $60 million flow-through.

因此，我們對它的流動方式有了完全不同的理解，從時間角度來看，它稍微複雜一些。但這就是我們正在努力解決的部分。但目前，圍繞 VP&D、HEC 和小型工廠合併的行動已經 100% 完成。但是您想對 6000 萬美元的流通量發表評論嗎？

So yeah, on the 31st, so that's the $12 million of carryover that you expect next year. So that being a period of expense related to SG&A, we have a lot of line of sight to that. On the COGS side, right, so keep in mind, to Guillermo's point, the $60 million is related to production, that's in COGS. And so it's dependent on where we finish the year from an inventory perspective, but then also our S&OP process for next year, so demand and production schedule for next year.

是的，在 31 日，這就是您預計明年結轉的 1200 萬美元。因此，在作為與銷售、一般和行政費用 (SG&A) 相關的費用期間，我們對此有很多關注。在 COGS 方面，對的，所以請記住，對於 Guillermo 的觀點，6000 萬美元與生產有關，這是 COGS。因此，這取決於我們從庫存角度結束今年的情況，也取決於我們明年的 S&OP 流程，以及明年的需求和生產計劃。

So we're going to continue to share more and we'll be transparent with it. We expect a meaningful step up going into next year. But to quantify it at this stage would also be an indication of what our guide is for next year and so we'll share more as we go. But I think to Guillermo's point, good news is, operationally, we're done. And we'll continue to share more on the financial flow-through as the inventory is sold down and recognized through COGS.

因此，我們將繼續分享更多信息，並保持透明。我們預計明年將會取得有意義的進步。但在此階段對其進行量化也可以表明我們明年的指導方針，因此我們將隨時分享更多資訊。但我認為，正如吉列爾莫所說，好消息是，從操作上來說，我們已經完成了。隨著庫存售出並透過 COGS 確認，我們將繼續分享更多有關財務流通的資訊。

Got it. No, that's helpful. And Guillermo back on China and specialty Additives, can you explain again why this is a market you want to be in or should you in long term, given the pressures we're seeing right now and perhaps longer term?

知道了。不，這很有幫助。回到吉列爾莫關於中國和特種添加劑的話題，考慮到我們現在以及未來可能面臨的壓力，您能否再次解釋為什麼您希望進入這個市場，或者為什麼您應該長期進入這個市場？

Well, if you look at I would separate what we're doing today and what we're doing in the future. It is a first our business, our plant. We have a really good plan. We have a great team there. There it's a very cost-effective plant.

好吧，如果你看一下，我會將我們今天所做的事情和我們將來所做的事情區分開來。這是我們的第一項業務，我們的工廠。我們有一個非常好的計劃。我們在那裡有一支出色的團隊。那裡的工廠非常具有成本效益。

We're exporting from there now very efficiently for a lot of the areas. So as far as having a balanced network, it makes sense to have plants in the US. We have enough plants in Europe, and we have plants in Asia. We're probably the most geographically diversified player in the market. We're in all the regions, and I think that's healthy for us in the near term.

我們現在從那裡向很多地區非常有效率地出口產品。因此，就擁有平衡的網路而言，在美國設立工廠是有意義的。我們在歐洲有足夠的工廠，在亞洲也有工廠。我們可能是市場上地域分佈最多元化的參與者。我們的業務遍布所有地區，我認為這對我們短期內來說是有利的。

With the network optimization actions that we've taken, now it's an issue of rebalancing who exports where and which local markets. We see that as an opportunity. for us as we redo the footprint. I think long term, we've been there for a long time. It's been a very competitive market and we've made very good money and we had good profitability. I think we're going through a transition it's more about the market drop, but its whole overcapacity that is impacting many industries.

隨著我們採取的網路優化措施，現在的問題是重新平衡誰向哪裡出口以及哪些本地市場。我們認為這是一個機會。對於我們重新規劃足跡來說。我認為從長遠來看，我們已經在那裡很長時間了。這是一個競爭非常激烈的市場，我們賺了很多錢，獲利能力也很好。我認為我們正在經歷一場轉型，這更多的是關於市場下滑，但整個產能過剩正在影響許多產業。

I do think that there's going to be consolidation. We feel the pain, but a lot of the local players are also having huge problems in terms of liquidity and all that.

我確實認為將會出現整合。我們感受到了痛苦，但許多本地參與者在流動性等方面也面臨巨大的問題。

So we're starting to see changes in the industry. And I think over the long term, if we can use it for export, we can then repurpose and advance our network. We have plans on how, where and how we add capacity around the world. So I think we'll be able to manage through that. But Dago, I don't know if you have any other comment you would say on the change .

因此我們開始看到這個產業的變化。我認為從長遠來看，如果我們可以將其用於出口，那麼我們就可以重新利用和推進我們的網路。我們已經制定瞭如何、在何處以及如何在世界各地增加產能的計劃。所以我認為我們能夠解決這個問題。但是 Dago，我不知道你對這個改變還有什麼其他看法。

I think you sum it up well. Maybe the other comment that I will make is that I was in China about a month ago. And what we're seeing as well is that there are new segments being created. And some segments in coatings are actually really value innovation and really value high-quality reliable suppliers. So what we bring to the table essentially.

我認為你總結得很好。我可能要說的另一件事是，大約一個月前我去過中國。我們也看到，新的細分市場正在不斷湧現。塗料領域的一些領域其實非常重視創新，也非常重視高品質可靠的供應商。所以我們基本上可以提出以下觀點。

So number one, I'm seeing that there is a lot of changes taking place in the market, but some of those play to our advantage. That's kind of number one. Number two, the need for innovation is also pretty important so we're also changing modifying our strategy to really think through regional innovation.

首先，我看到市場上發生了很多變化，但其中一些對我們有利。這是最重要的。第二，創新的需求也非常重要，因此我們也在改變和修改我們的策略，並真正思考區域創新。

And we believe there is value that can be captured there. And the last point, again, is China has been growing for decades on end, right? So the last few years, yes, it's been tough for them. I fully agree. But still, this is a large market that sooner or later, we'll have to come back, and I do think that they will value the suppliers that actually offer really a good service to them.

我們相信那裡可以蘊藏著價值。最後一點是，中國已經連續幾十年發展了，對嗎？所以過去幾年，對他們來說確實很艱難。我完全同意。但這仍然是一個巨大的市場，我們遲早會回歸，我確實認為他們會重視真正為他們提供良好服務的供應商。

Can you comment also on the portfolio expansion even beyond reology -- because I think that's an area that not just with the new technology platforms, but even in the core, you have a lot of work with...

您能否評論一下 Reology 以外的投資組合擴充？因為我認為這不僅僅是一個涉及新技術平台的領域，甚至在核心領域，您也有很多工作要做…

Sure. I mean, very, very briefly, we were known as rheology modifier experts in the region. But over the last few years and more and more so these days, we continue to expand our portfolio into many other additives that are relevant not only in architectural coatings, but also industrial coatings. And again, customers value the formulation expertise that we bring to the table, we see a lot of possibilities to come up to develop new products that can very much solve some of the unmet needs in the industry. So we're very excited about that.

當然。我的意思是，簡而言之，我們是該地區著名的流變改質劑專家。但在過去幾年中，以及最近，我們越來越多地繼續將我們的產品組合擴展到許多其他添加劑，這些添加劑不僅適用於建築塗料，也適用於工業塗料。再次強調，客戶重視我們提供的配方專業知識，我們看到了許多開發新產品的可能性，這些新產品可以在很大程度上解決行業中一些未滿足的需求。所以我們對此感到非常興奮。

We don't see our participation as a cellulosic only participation. We see that as a much broader participation moving forward.

我們並不認為我們的參與只是纖維素的參與。我們認為這將使未來的參與範圍更加廣泛。

Thank you.

謝謝。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Yeah, hi, good morning. I have more of a near-term question here. It's just I look at your updated guidance, your sales seems to imply that you're going to have about maybe $15 million to $40 million higher sales in fourth quarter than what you had in third quarter. And a lot of your comments through this call have been more stability and various items there. So just curious on your level of conviction on that step-up and where within the segments are you seeing that level of increase?

是的，你好，早安。我這裡有更多近期的問題。我只是看了您更新後的指導，您的銷售額似乎意味著您第四季度的銷售額將比第三季度高出約 1500 萬至 4000 萬美元。你們在這次電話會議上提出的許多意見都與穩定性和各種項目有關。所以我只是好奇您對這種提升的信心程度以及您在哪些領域看到了這種增長水平？

Let me comment, and then William, you can also comment. I think I would say one is personal care. We do have the Oral Care, as you well know, is a more concentrated market. The orders come in bigger chunks so we do expect a pickup.

讓我發表評論，然後威廉，你也可以發表評論。我想說一個是個人護理。我們確實有口腔護理，正如你們所知，這是一個更集中的市場。訂單量較大，因此我們確實期待訂單回升。

The orders weren't as strong this quarter, but we have a strong portfolio of orders for oral care. So that's going to be a big area. I think in the pharma side, cellulosics, we are doing a lot of innovation, a lot of new products. We have some of the plants, if you look at our Benecel Klucel, we haven't run as efficiently in terms of the production because we've had to break into bringing some of the new products and scale them up.

本季的訂單較不強勁，但我們擁有強大的口腔護理訂單組合。所以這將是一個很大的區域。我認為在製藥方面，纖維素方面，我們正在進行大量創新，推出許多新產品。我們有一些工廠，如果你看看我們的 Benecel Klucel，你會發現我們的生產效率並不高，因為我們必須嘗試引進一些新產品並擴大規模。

So that's now already moving so we'll have some pickup volumes that will come in into the fourth quarter. So it's those kinds of things. It's more about our own portfolio. I think the underlying demand isn't really going to be that something is going to spike up It's things that are specific to us and our activities.

現在已經開始行動了，所以我們將在第四季度獲得一些回升。就是這樣的事情。這與我們自己的投資組合有關。我認為潛在的需求實際上並不是某種突然激增的東西，而是特定於我們和我們的活動的東西。

And just to build on that, I think that's right. So on the Personal Care side, the other element to that Jim spoke to earlier, is around lapping some of the company-specific items that we talked about last year for biofunctional actives, for example. And then a microbial protection continue to deliver against some of the investments that we've made on the team in converting that pipeline. I would say the other piece too on Specialty Additives, the team has had some nice wins on the industrial side, Energy & Resources as well as performance specialties.

就此而言，我認為這是正確的。因此，在個人護理方面，吉姆之前談到的另一個要素是圍繞我們去年討論過的一些公司特定項目，例如生物功能活性物質。然後，微生物保護將繼續發揮作用，以抵消我們團隊在轉換管道時所做的一些投資。我想說的另一件事是關於特種添加劑，該團隊在工業方面、能源與資源以及性能特種方面取得了一些不錯的勝利。

We'd expect that to continue to be maintained.

我們希望這種情況能夠持續維持下去。

But just to dimensionalize it on a year-over-year basis, Josh, it's about a plus minus low single digit on volume overall is the range and then where we've anchored the midpoint is around flattish overall on organic sales volume. So it's very much in sync with how we're talking about a stable but muted demand environment. We do expect pricing overall to be relatively stable quarter-over-quarter. That implies that it should narrow meaningfully on a year versus last year.

但是，如果僅從同比角度進行維度分析，Josh，總體銷量大約在正負個位數之間，而我們確定的中點是有機銷售量總體持平。因此，這與我們談論的穩定但低迷的需求環境非常一致。我們確實預計整體價格將環比保持相對穩定。這意味著與去年相比，今年的差距應該會明顯縮小。

And then FX should be a modest sequential tailwind as well. So those are the parts and pieces that get us to the fourth quarter guide on sales.

然後 FX 也應該是一個適度的連續順風。這些就是我們第四季銷售指南的部分內容。

Thanks. And maybe slightly different but related just in Life Sciences. I mean, obviously, the margins have been quite strong. Is there any mix component there. So like when we're looking at 33% average EBITDA margins in the last couple of quarters, if you grow low single digits next year, does that margin expand kind of with the incrementals or does the mix have a negative impact?

謝謝。可能略有不同，但與生命科學相關。我的意思是，顯然利潤率相當高。那裡有混合成分嗎？因此，當我們查看過去幾季的平均 EBITDA 利潤率為 33% 時，如果明年的成長率為個位數，那麼該利潤率是否會隨著增量而擴大，還是會產生負面影響？

Can you help us think through that?

你能幫助我們思考一下嗎？

So let me high level on the Alessandra can provide some comments. Cellulosics are doing very well and the margins there are very, very solid. And even in the VPN side, prices have stabilized, we've regained share, and the productivity is really targeting some of those areas on the cost side. So there's actions that are driving the mix and the stronger parts of the portfolio are doing better and the ones that we got impacted are much more stable. But Alessandra, do you want to comment also?

因此，請允許我代表 Alessandra 提供一些高層評論。纖維素纖維市場表現非常好，利潤也非常豐厚。即使在 VPN 方面，價格也已經穩定下來，我們重新獲得了份額，而且生產力確實針對了成本方面的一些領域。因此，有一些行動正在推動組合，投資組合中實力較強的部分錶現更好，而受到影響的部分則更加穩定。但是亞歷珊卓，你也想發表評論嗎？

So yes, we are seeing competitive dynamics on the P&D as we expected. So this is in line with our expectation. And the growth momentum, as Guillermo was talking about, is coming from somalogic share gains, our traction on our innovation and globalize and both the innovation and globalized initiatives, they come with healthy profitability levels. So definitely, we are focused on our growth journey and while maintaining our healthy profitability levels and EBITDA above 30%.

是的，正如我們預期的那樣，我們看到了 P&D 上的競爭動態。這符合我們的預期。正如吉列爾莫所說，成長動力來自於 somalogic 份額的成長、我們對創新和全球化的推動，以及創新和全球化措施帶來的健康的獲利水準。因此，我們肯定會專注於我們的成長之旅，同時保持健康的獲利水準和 EBITDA 高於 30%。

And just as a plug, Josh, I would say we're also excited on some of the changes that are happening in the industry. A lot more production coming into the US customers coming in. That's great opportunities for us and given our footprint, and we're located. So there's a lot of good dynamics in terms of even if the industry is stable and growing, those shifts tend to play well into our portfolio.

喬希，順便提一下，我想說我們也對這個行業正在發生的一些變化感到興奮。更多的產品進入美國客戶市場。考慮到我們的業務範圍和地理位置，這對我們來說是絕佳的機會。因此，即使產業穩定且不斷成長，也存在著許多良好的動態，這些轉變往往會對我們的投資組合產生良好的影響。

Okay, thank you.

好的，謝謝。

John McNulty, BMO.

約翰·麥克納爾蒂，BMO。

Yeah, thanks for taking my question and congratulations again, William, on the new role. I wanted to dig into the innovation side. So this year, you're looking for kind of $10 million kind of a conservative start. But based on what we heard at your Innovation Day, it looks like a lot of these like the innovation wheel and the commercialization really start to kick in, in '26 and then maybe more into '27. I guess can you give us a little bit of color as to how that target changes from $25 million to $10 million to, say, your 2026 target?

是的，感謝您回答我的問題，並再次祝賀威廉擔任新職務。我想深入研究創新方面。因此，今年，您希望獲得 1000 萬美元這樣的保守起步資金。但根據我們在創新日上聽到的消息，許多創新之輪和商業化舉措似乎在 2026 年真正開始發揮作用，然後可能會在 2027 年更多地發揮作用。我想您能否向我們稍微解釋一下這個目標是如何從 2500 萬美元變為 1000 萬美元，再變為 2026 年的目標？

Is it something where we could see all being equal a couple of points of growth for the core. How should we be thinking about it? .

我們是否可以看到核心的幾個成長點都是平等的？我們該如何思考這個問題？。

So I think the way that you're framing it and as we talked about during our Innovation Day, looking at core innovation and then new platform innovations and looking at both we've put a lot of emphasis on the platform because those are the big things that we really believe as a long-term growth catalyst, we're in a pretty unique situation versus a lot of other companies that I think we do have meaningful long-term growth catalysts that for a company of our size can change our future. And we're getting momentum. So I would say, on that longer term, what's going to start picking up to '26, '27 we will be sharing with you the progress we make. I think in 2026, still, it's going to be what projects are advancing, which segments customers are engaging in to do JDAs, what wins are we getting.

所以我認為，正如我們在創新日期間所討論的那樣，我們著眼於核心創新，然後是新平台創新，並且我們非常重視平台，因為這些都是我們真正相信的作為長期增長催化劑的大事，與許多其他公司相比，我們處於一個非常獨特的境地，我認為我們確實擁有有意義的長期增長催化劑，對於我們這種規模的公司來說，這些催化劑可以改變我們的未來。我們正在獲得動力。所以我想說，從長遠來看，到 26 年、27 年，我們將與你們分享我們所取得的進展。我認為，到 2026 年，我們仍然需要關注哪些專案正在推進、哪些客戶在參與 JDA 的細分市場、我們將獲得哪些勝利。

Those are all going to start ramping, and I think that will be a good indicator of validation of the technologies getting commercial momentum. And obviously, the dollars will come later.

這些都將開始加速發展，我認為這將是一個很好的指標，表明這些技術已經獲得了商業發展勢頭。顯然，美元稍後會到來。

I think on the core, we don't want to minimize that part of it. I think there's a lot of activities in the core that each of the businesses is focused on. Dago just mentioned, for example, in China and other areas, it's not just the new platforms. We have our phosphate ester surfactant business a lot of innovations coming in there, deformers, even in the wetting agent types that we have we participated with other technologies in the past, we're doing more work there. That's where this regional innovation is very important for us.

我認為從根本上來說，我們不想最小化這部分。我認為核心業務中有很多活動是每個企業都關注的。Dago 剛才提到，例如在中國和其他地區，不僅僅是新的平台。我們的磷酸酯界面活性劑業務有許多創新，包括改質劑，甚至潤濕劑類型，我們過去也參與過其他技術，我們正在那裡做更多的工作。這就是區域創新對我們非常重要的原因。

Same thing in Life Science and pharma specifically, the Klucel, Benecel. there's a lot of the growth that we're seeing now is on the core. These are very profitable products. We're market leaders there. And that's really what's driving a lot of the near-term momentum.

生命科學和製藥業也存在同樣的情況，特別是 Klucel、Benecel。我們現在看到的許多成長都與核心有關。這些都是非常有利可圖的產品。我們是那裡的市場領導者。這確實是近期推動力的因素。

An example I would use in even in the tablet coating side we have this the TBO, the oil-based product that is very promising, customers are very excited. But we have another generation, the Genesis generation that we're brings a lot of the benefits, not as much as the other one, but we can launch that. So they're working already with customers on getting momentum. And similarly, I think in the personal care the biofunctionals, the preservative business, there's a lot of innovations that are going on in those areas that are having impact now.

舉個例子，即使在片劑包衣方面，我們也有 TBO，這是一種非常有前景的油基產品，客戶非常興奮。但我們還有另一代產品，Genesis 世代，它帶來很多好處，雖然不如另一代那麼多，但我們可以推出它。因此，他們已開始與客戶合作以獲得發展動力。同樣，我認為在個人護理、生物功能、防腐劑業務等領域正在進行大量創新，這些創新正在產生影響。

So a lot of the globalized - we're putting it in that bucket, but a lot of innovation is going through there.

因此，我們將許多全球化的東西歸入這個類別，但許多創新都經過這個類別。

And the other part that I would highlight that we don't talk as much about is the process innovation. We are doing a lot of work to improving our raw materials or a lot of the manufacturing steps, not just from a manufacturing productivity, moving around the assets and all that but actually process technology that we've launched back integrated into some raw materials for preservatives, as an example. All those things are having a big impact for us.

我想強調的另一部分是我們不太談論的，那就是流程創新。我們正在做大量工作來改進我們的原材料或許多製造步驟，不僅僅是從製造生產力、行動資產等等，而且實際上我們已經推出的製程技術已經整合到一些防腐劑的原材料中。所有這些事情都對我們產生了巨大的影響。

Got it. No, that's really helpful color. And then maybe just a quick question on the intermediate side. It sounds like you've got some tax credit benefits kind of rolling through or some positives that you're getting just given the kind of the environment. And it sounded, if I heard right, that's going through 2029.

知道了。不，那確實是很有幫助的顏色。然後也許只是一個關於中間方面的快速問題。聽起來，在目前的環境下，您已經獲得了一些稅收抵免優惠或一些積極因素。如果我沒聽錯的話，那將持續到 2029 年。

So can you help us to understand or quantify what that specific benefit is and how it may flow through the P&L going forward?

那麼，您能否幫助我們理解或量化具體的好處是什麼，以及它將如何影響未來的損益表？

Okay. Let me, I'll address the last part of the question on how we look at it from a business perspective, and then I'll have William give you some of the numbers. But from a business perspective, this is getting us more competitive, right? So this first tranche is a sort of a we're getting a credit for historic things that we've done. I think moving forward, it will be part of making our costs are going to improve.

好的。讓我來回答這個問題的最後一部分，即我們如何從商業角度看待這個問題，然後我會讓威廉給你一些數字。但從商業角度來看，這會讓我們更有競爭力，對嗎？因此，這第一批款項是我們因所做歷史性事情而獲得的一種榮譽。我認為，展望未來，這將成為我們降低成本的一部分。

We're going to be much more competitive to service our customers. EV is starting to move in the US. There are some big projects that are being bid and we're well positioned for that. So that just strengthens our competitive position. So it will be part of our bidding cost structure as we move forward.

我們將以更具競爭力的方式為客戶提供服務。電動車在美國開始普及。一些大型項目正在競標中，我們已做好充分準備。這只會增強我們的競爭地位。因此，隨著我們不斷前進，它將成為我們投標成本結構的一部分。

But it is a catch-up and maybe you want to comment, William.

但這是一個追趕過程，也許你想發表評論，威廉。

Yeah, John. It's a good question. So that's right. So this is tied to us being a western producer.

是的，約翰。這是個好問題。沒錯。所以這與我們作為西方生產商的身份有關。

This is a tax credit used to incentivize domestic production into key sectors. And so for us, this was introduced a couple of years ago, but the eligibility around it was recently defined. And so that's how we're able to now go out and get this. And so just order of magnitude, it's very much dependent on production and sales, but $5 million to $6 million of incremental savings per year, generally recognized ratably throughout the year. And we would expect this to continue to be eligible for us through 2029, and then there's a phasing out through 2033.

這是一種稅收抵免，用於激勵國內關鍵產業的生產。對我們來說，這是幾年前推出的，但其資格是最近才確定的。這就是我們現在能夠出去得到它的原因。因此，數量級很大程度上取決於生產和銷售，但每年可節省 500 萬至 600 萬美元，一般全年按比例確認。我們預計這項計劃將持續到 2029 年，然後在 2033 年逐步取消。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you. Were both Hercules and ISP goodwill and was that the result of a regular annual goodwill review or was there some other triggering event?

謝謝。Hercules 和 ISP 都是善意的嗎？這是定期年度善意檢討的結果嗎？還是有其他觸發事件？

So this is more a technical process that we pass it to William. It's really about the market cap and that's the driver here.

因此，這更像是一個我們將其傳遞給威廉的技術過程。這實際上與市值有關，這是這裡的驅動因素。

Yeah, that's right. So John, the way goodwill is tested at a reporting unit level, so it's not necessarily allocated to one acquisition or the other. But yes, the vast majority of this is tied to Hercules and ISP. As you think about that basket of purchase price allocation, most of those intangibles have been amortized, right, whereas goodwill isn't amortized and it's tested annually. The event that this quarter required the testing and the impairment is around the valuation, the market cap relative to your carrying value.

是的，沒錯。因此，約翰，商譽是在報告單位層級進行測試的，因此它不一定分配給一項或另一項收購。但是的，其中絕大部分與 Hercules 和 ISP 有關。當您考慮那一籃子購買價格分配時，大多數無形資產都已攤銷，對的，而商譽則沒有攤銷，並且每年都會進行測試。本季需要測試和減損的事件與估值有關，即市值相對於帳面價值。

And so a key piece on how you think about that, right, as you think about valuation.

因此，當您考慮估值時，關鍵在於您如何看待這一點。

One is, of course, the income-based approach. But the other is a market-based approach where you look at valuations across the sector. And so for us, that was a key element for the underlying impairment. And the other thing I would say, too, we emit when we resegmented the businesses five years or 4 to 5 years ago now, and I would think about it in that case, Life Sciences as a part of that resegmentation wasn't touched. And so I would think about this as more of a financial artifact that's being recognized relative to stock based today. But obviously not something that impacts operations strategy or the financial liquidity position of the company.

當然，一種是基於收入的方法。但另一種是基於市場的方法，可以查看整個行業的估值。因此，對我們來說，這是造成潛在損害的關鍵因素。我想說的另一件事是，我們在五年或四、五年前重新細分業務時就發出了信號，我想在這種情況下，生命科學作為重新細分的一部分並沒有受到影響。因此，我認為這更像是一種相對於當今股票而言得到認可的金融產物。但顯然不會影響公司的營運策略或財務流動性狀況。

Okay. And then secondly, do you expect to be impaired as your pharma customers react to the new Section 232 tariffs? Will it have an impact? .

好的。其次，您是否預期您的製藥客戶會對新的第 232 條關稅做出反應而受到損害？會有影響嗎？。

Right now, we need to see the visibility on especially Europe, US, that there's not a lot of clarity on some of these things. A lot of the things have been exempt at this point in time. So we'll need to we need a little bit more time to look at that, but it's not something that's driving immediate action that we're hearing from anybody. I would say the part that we are working with customers is not so much the direct tariffs, but the comment I said before of manufacturing shifting around and more an increase in investments here in the US. And a lot of these investments are looking at some of our technologies will be a good fit there.

現在，我們需要看到，特別是歐洲和美國的情況，其中一些事情還不是很明確。目前，很多事情都已獲得豁免。因此，我們需要更多一點的時間來研究這個問題，但根據我們從任何人那裡聽到的消息來看，這並不是需要立即採取行動的事情。我想說，我們與客戶合作的部分並不是直接關稅，而是我之前提到的製造業轉移和美國投資的增加。許多投資都考慮我們的某些技術是否適合那裡。

But Alessandra, would you say anything else? .

但是亞歷珊卓，你還有什麼要說的嗎？。

Yeah. I mean talking to customers in Europe, Asia and other parts of the world, it's some of the announcements, right, that the pharma companies have made recently, those are investments that we're already in the part of the plan with Biologics and into the US. But really, they are on a wait-and-see mode and really they're planning, but we're not expecting meaningful changes at this point. That's what we are hearing from our former customers.

是的。我的意思是，與歐洲、亞洲和世界其他地區的客戶交談，這是製藥公司最近發布的一些公告，這些都是我們已經在生物製劑計劃中以及在美國進行的投資。但實際上，他們處於觀望狀態，他們確實在計劃，但我們目前並不期待有實質的變化。這是我們從以前的客戶那裡聽到的。

Congrats, William.

恭喜你，威廉。

Thanks, John. Bye.

謝謝，約翰。再見。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

So good morning. Just on the innovation side, to the extent as you've been discussing with customers, the new platforms and possible structures and kind of what they need to see for the ranch commercialization. Do you have a sense for how much you may see a front loading of SG&A or technical service support for customers as sales pick up. And could we be looking at a couple of year lag between the ramp in the business and the ramp in the EBITDA contribution as a result. Can you just walk through how you're thinking about that?

早安.就創新方面而言，正如您與客戶討論的那樣，新平台和可能的結構以及他們需要看到的牧場商業化內容。您是否知道，隨著銷售額的回升，您可能會看到銷售、一般及行政費用 (SG&A) 或客戶技術服務支援的前期投入有多少。因此，我們是否可以看到業務成長和 EBITDA 貢獻成長之間存在幾年的滯後。能否簡單談談您對此的看法？

I think it's going to vary by technology. Like we said, we are fortunate that we're repurposing a lot of assets for this. So we can wrap it's going to be more about the products getting approved and then when do they go into a formulation there is a lag there that takes time, but we don't have to make a lot of investments there. I think the two that I would say are a little bit different- that we are looking at we need to plan out resources is obviously the TBO. We have enough to launch. But if this starts ramping geographically, we do this is something you can have to make regionally.

我認為它會因技術而異。正如我們所說的，我們很幸運能夠為此重新利用大量資產。因此，我們可以總結一下，這將更多地涉及產品獲得批准，然後當它們進入配方時，這其中存在一個滯後，需要時間，但我們不必在那裡進行大量投資。我認為我要說的這兩者有點不同——我們正在考慮需要規劃資源的顯然是 TBO。我們有足夠的資源來發射。但如果這種情況在地理上開始蔓延，我們就會這樣做，這是你必須在區域範圍內做的事情。

So there is going to be an investment phase there. And the other the novel cellulosics, it's going to be more global. We have an asset that we can repurpose, but it's an issue, as we said in the Innovation Day. It's a timing issue that we just need to make a call, make the investments. We'll be doing that shortly.

因此那裡將會有一個投資階段。另一種新型纖維素材料將會更加全球化。我們擁有可以重新利用的資產，但這是一個問題，正如我們在創新日所說的那樣。這是一個時機問題，我們只需要做出決定，進行投資。我們很快就會這麼做。

But after that's done, we'll move as soon as our customers move volume. The part that I will say, and I said it in the innovation day is as we move forward, as customers commit to specific projects, we're not going to hesitate to add R&D resources, technical resources. I think that's where it's not so much commercial. It's going to be more technical. We will add the resources.

但完成之後，只要我們的客戶轉移數量增加，我們就會立即轉移。我要說的是，我在創新日說過，隨著我們不斷前進，隨著客戶致力於特定項目，我們會毫不猶豫地增加研發資源和技術資源。我認為這就是它不那麼商業化的地方。它將變得更加技術化。我們將添加資源。

We have the capabilities. We have the wherewithal to do it. It's just we want to make sure that we're moving in line with our customers, not jumping the gun in terms of which technologies are the ones that they want to prioritize as we move forward.

我們有能力。我們有足夠的財力來實現這一點。我們只是想確保我們與客戶保持一致，而不是在他們希望我們前進的過程中優先考慮哪些技術方面操之過急。

This concludes our question-and-answer session. I'd like to turn it back to Guillermo Novo for closing remarks.

我們的問答環節到此結束。我想請吉列爾莫諾沃 (Guillermo Novo) 作最後發言。

I want to thank everyone again for your participation and attention. We're really excited about the progress that we're making as the point that William made - that portfolio transformation is over. This is a big change for us. It's an exciting change for us. The clarity of the quality of the portfolio, the markets that we have and the catalysts that we've been working on over the last few years to develop our strategy, our focus is very clear in the short term.

再次感謝大家的參與與關注。正如威廉所說，我們對所取得的進展感到非常興奮——投資組合轉型已經結束。這對我們來說是一個巨大的改變。對我們來說這是一個令人興奮的改變。投資組合的品質、我們擁有的市場以及過去幾年來我們為制定策略而努力的催化劑都很清晰，我們的短期重點非常明確。

We're going to focus on self-help to navigate through the uncertain environments, but we have clarity about the future, and we're excited about it, and we're going to continue to invest and grow the company.

我們將專注於自助，以度過不確定的環境，但我們對未來有清晰的認識，並對此感到興奮，我們將繼續投資並發展公司。

So thank you for your participation and for all the Ashland team that's listening. Thank you for all the work you're doing.

感謝您的參與，也感謝所有聆聽的 Ashland 團隊。感謝您所做的一切工作。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。