Ashland Inc (ASH) 2025 Q4 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 Ashland 2025 財年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Sandy Kidman. Sandy, please go ahead.

現在我謹將會議交給今天的第一位發言人桑迪·基德曼。桑迪，請繼續。

Thank you. Hello, everyone, and welcome to Ashland's fourth quarter fiscal year 2025 earnings conference call and webcast. My name is Sandy Klugman, and I recently joined Ashland as the company's Director of Investor Relations. I'm excited to be stepping into this role at a pivotal time for Ashland and our stakeholders, and I look forward to connecting with many of you in the months ahead.

謝謝。大家好，歡迎參加 Ashland 2025 財年第四季財報電話會議和網路直播。我叫桑迪‧克魯曼，最近加入了亞什蘭公司，擔任投資人關係總監。我很高興能在阿什蘭及其利益相關者面臨關鍵時刻擔任這一職務，並期待在接下來的幾個月裡與大家建立聯繫。

Joining me on the call today are Guillermo Novo, Chair and CEO; William Whittaker, CFO; as well as our business unit leaders: Alessandra Assis, Life Sciences and Intermediates; Jim Minicucci, Personal Care; and Dago Caceres, Specialty (inaudible).

今天與我一同參加電話會議的有董事長兼首席執行官 Guillermo Novo；首席財務官 William Whittaker；以及我們的業務部門負責人：生命科學和中間體業務負責人 Alessandra Assis；個人護理業務負責人 Jim Minicucci；以及特種化學品業務負責人 Dago Caceres。（聽不清楚）

Please note that we will be referencing slides during today's call. We encourage you to follow along with webcast materials available at ashland.com, under Investor Relations.

請注意，我們將在今天的電話會議中參考幻燈片。我們鼓勵您關注ashland.com網站「投資者關係」欄位下的網路直播資料。

Please turn to slide 2. As a reminder, today's presentation contains forward-looking statements regarding our fiscal 2026 outlook and other matters as detailed on slide 2 and in our Form 10-K. These statements are subject to risks and uncertainties that could cause future results to differ materially from today's projections. We believe any such statements are based on reasonable assumptions, but there is no assurances expectations will be achieved. We will also reference certain adjusted financial metrics, both actual and projected, which are non-GAAP measures.

請翻到第二張幻燈片。提醒各位，今天的簡報包含有關我們 2026 財年展望和其他事項的前瞻性聲明，詳情請見第 2 頁投影片和我們的 10-K 表格。這些聲明存在風險和不確定性，可能導致未來的結果與今天的預測有重大差異。我們認為此類聲明均基於合理的假設，但不能保證預期能夠實現。我們也會參考一些經調整的財務指標，包括實際指標和預測指標，這些指標屬於非公認會計準則 (非 GAAP) 指標。

We present these adjusted figures to provide additional insight into our ongoing business performance. GAAP reconciliations are available on our website and in the appendix of these slides.

我們提供這些調整後的數據，以便更深入地了解我們持續的業務表現。GAAP 調整表可在我們的網站和這些投影片的附錄中找到。

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

現在我將把電話交給吉列爾莫，請他致開幕詞。

Thanks, Sandy and welcome to everyone joining us. Today, I'll provide an overview of our fourth quarter performance, discuss our strategic priorities, and share our guidance for fiscal 2026. Please turn to slide 5. Let's begin with a summary of our recent performance.

謝謝桑迪，也歡迎各位加入我們。今天，我將概述我們第四季度的業績，討論我們的策略重點，並分享我們對 2026 財年的展望。請翻到第5張投影片。讓我們先來總結一下我們最近的表現。

Ashland's fourth quarter results reflect our disciplined approach and ability to deliver in line with expectations despite ongoing macroeconomic challenges. We maintained strong margins and achieved revenue and EBITDA consistent with our prior guidance.

阿什蘭第四季的業績反映了我們嚴謹的工作作風和在持續的宏觀經濟挑戰下仍能達到預期目標的能力。我們維持了強勁的利潤率，並實現了與先前預期一致的收入和 EBITDA。

Our continued focus on execution, along with momentum across our globalized and innovative initiatives helped offset areas of competitive intensity and muted demand. Q4 sales were $478 million, down 8% year over year, primarily due to portfolio optimization initiatives. Excluding these actions, sales declined 1%.

我們持續專注於執行，加上我們在全球化和創新措施方面的良好勢頭，有助於抵消競爭激烈和需求疲軟的局面。第四季銷售額為 4.78 億美元，年減 8%，主要原因是產品組合優化計畫。剔除這些措施，銷售額下降了 1%。

Adjusted EBITDA was $119 million, down 4% year over year, including an $11 million impact from portfolio optimization. On a comparable basis, adjusted EBITDA increased 5% with margins expanding to roughly 25%. Importantly, these results reflect the early benefits of our strategic actions and position us well to improve performance.

調整後 EBITDA 為 1.19 億美元，年減 4%，其中包括投資組合優化帶來的 1,100 萬美元影響。以可比口徑計算，調整後的 EBITDA 成長了 5%，利潤率擴大至約 25%。重要的是，這些結果反映了我們策略行動的早期成效，並為我們提高績效奠定了良好的基礎。

Please turn to slide 6. Now let me briefly summarize the performance of our business units. Life Science delivered steady performance, reflecting the benefits of our sharpened focus on higher-value pharma. Demand remained resilient, with continued strength in cellulosic excipients, public coatings, and injectables. There was some weakness in nutrition in the quarter, but the team has recently secured share gains that support a return to growth next year.

請翻到第6張投影片。現在讓我簡要總結一下我們各業務部門的業績。生命科學業務表現穩定，體現了我們更專注於高價值製藥業務所帶來的益處。需求依然強勁，纖維素輔料、公共包覆和注射劑的需求持續旺盛。本季營養業務出現了一些疲軟，但團隊最近取得了市場份額的成長，這為明年恢復成長提供了支持。

Our innovate and globalized strategies are supporting quality growth and strong margin durability. Personal Care generated broad-based gains across end markets and regions while maintaining strong profitability. Disciplined execution and a sharpened commercial focus are driving results in a muted environment, investments in biofunctional actives, and microbial protection delivered momentum with both lines returning to healthy growth in Q4.

我們創新且全球化的策略正在支持高品質成長和強勁的利潤率。個人護理業務在終端市場和地區均實現了廣泛增長，同時保持了強勁的盈利能力。在低迷的市場環境下，嚴謹的執行和更敏銳的商業意識正在推動業績成長；對生物活性物質和微生物保護的投資帶來了動力，兩條產品線在第四季度恢復了健康成長。

Specialty Additives executed well in a mixed market, increasing quarter-over-quarter EBITDA. All end markets outside coatings improved, including Performance specialties, Construction, and Energy & Resources. Our gains were more than offset by weaker coatings in China, India, and Middle East and North America. We continue to direct resources towards high-value applications, strengthening our position ahead of a coatings recovery.

特種添加劑業務在喜憂參半的市場中表現出色，實現了季度環比 EBITDA 成長。除塗料以外的所有終端市場均已改善，包括高性能特殊塗料、建築塗料以及能源與資源塗料。我們在中國、印度、中東和北美地區的收益被疲軟的塗層市場所抵消。我們將繼續把資源投入高價值應用領域，鞏固我們在塗料產業復甦前的地位。

Intermediate space headwinds from lower pricing and production volumes, which impacted profitability. The team remains focused on optimizing its operations against a challenging market backdrop. Stepping back from the segment, I want to highlight how our transformation efforts are shaping Ashland's path forward. Portfolio optimization and restructuring are complete. And the organization is focused on consistent delivery.

中型航太領域面臨價格和產量下降等不利因素，影響了獲利能力。在充滿挑戰的市場環境下，團隊仍專注於優化營運。跳出這個主題，我想重點談談我們的轉型努力是如何塑造阿什蘭未來的發展道路的。投資組合優化和重組已完成。該組織專注於持續且穩定地交付成果。

As we've discussed before, approximately 85% of our portfolio serves consumer-facing end markets. These areas tend to be more stable and less exposed to economic cycles, providing a measure of consistency and resilience in the face of the broader macroeconomic volatility.

正如我們之前討論過的，我們產品組合中約 85% 的產品服務於面向消費者的終端市場。這些地區往往更穩定，受經濟週期的影響較小，在大範圍宏觀經濟波動面前，能夠提供一定程度的穩定性和韌性。

The $60 million manufacturing optimization program is helping margins, though the timing of the P&L impacted later than we initially expected. William will discuss the drivers later. In the quarter, Life Science and Personal Care, each delivered EBITDA margins close to or above 30%. Specialty Additives achieved its highest margins of the year, while intermediates continue to face margin pressures in a challenging market. On a comparable basis, adjusted EBITDA increased year over year across all business units, except intermediates.

這項耗資 6,000 萬美元的生產優化計畫正在幫助提高利潤率，儘管損益表產生影響的時間比我們最初預期的要晚。威廉稍後會談到車手們的情況。本季度，生命科學和個人護理業務的 EBITDA 利潤率均接近或超過 30%。特種添加劑實現了年度最高利潤率，而中間體在充滿挑戰的市場中繼續面臨利潤率壓力。除中間產品外，所有業務部門的調整後 EBITDA 均較去年同期成長。

Our globalized platforms returned to healthy growth in Q4, and we outperformed our innovation targets. In summary, even as external conditions remain unpredictable, we continue to drive results through disciplined execution and clear focus on our priorities. With our focused portfolio, cost actions gaining momentum, and growth initiatives taking hold, Ashland is well positioned to deliver resilient long-term value.

我們的全球化平台在第四季度恢復了健康成長，並且我們超額完成了創新目標。總而言之，即使外部環境仍然難以預測，我們仍透過嚴謹的執行和對優先事項的明確關注，繼續取得成果。憑藉我們專注的產品組合、不斷推進的成本控制措施以及穩步推進的成長計劃，亞什蘭已做好充分準備，實現穩健的長期價值。

I'd like to now turn over the call to William to provide a more detailed review of the fourth quarter financial performance. William?

現在我將把電話交給威廉，讓他對第四季的財務表現進行更詳細的回顧。威廉？

Thank you, Guillermo. Please turn to slide 8. Sales were $478 million, down 8% from last year, with portfolio optimization actions accounting for a $38 million reduction. Excluding those changes, sales were essentially flat, down 1% with steady demand in most areas.

謝謝你，吉列爾莫。請翻到第8張幻燈片。銷售額為 4.78 億美元，比去年下降 8%，其中投資組合優化措施導致銷售額減少 3,800 萬美元。排除這些變化，銷售額基本上持平，下降了 1%，大多數地區的需求保持穩定。

We saw volume gains in Personal Care, which helped balance softer results in Specialty Additives, while Life Sciences held steady. Pricing was down about 2% overall, mainly reflecting targeted pricing adjustments in life sciences from Q2 and continued pressure in intermediates.

個人護理用品銷售成長，這有助於平衡特種添加劑業務的疲軟表現，而生命科學業務則保持穩定。整體價格下降約 2%，主要反映了第二季度生命科學領域的定向價格調整以及中間產品持續承壓。

Excluding intermediates, Pricing was down just 1% and foreign exchange provided a modest 1% lift. Adjusted EBITDA came in at $119 million, a 4% decrease year over year. Portfolio actions accounted for an $11 million headwind. But if you set those aside, underlying EBITDA improved by 5%, marking a return to growth on a comparable basis.

剔除中間環節，價格僅下降 1%，外匯匯率帶來 1% 的溫和上漲。調整後的 EBITDA 為 1.19 億美元，年減 4%。投資組合變動造成了 1,100 萬美元的不利影響。但如果排除這些因素，基礎 EBITDA 成長了 5%，標誌著在可比較基礎上恢復成長。

Lower SARD from restructuring actions contributed to margin expansion alongside improved mix. These gains were partially offset by lower pricing and production volumes, while raw material costs remained stable.

重組措施帶來的SARD降低以及產品組合的改善，共同促進了利潤率的提升。這些收益部分被價格和產量下降所抵消，而原材料成本保持穩定。

Our adjusted EBITDA margin expanded to 24.9%, up 110 basis points from last year. This was our most profitable quarter of the year and in line with our long-term margin target of 25%. Adjusted earnings per share, excluding acquisition amortization, was $1.08, down 14% from the prior year, disproportionately impacted by a higher effective tax rate in the quarter. The increase reflects jurisdictional tax changes and limited use of foreign tax credits. We expect our effective tax rate to be in the mid-20s next year.

我們調整後的 EBITDA 利潤率擴大至 24.9%，比去年提高了 110 個基點。這是我們今年獲利最高的一個季度，符合我們25%的長期利潤率目標。調整後的每股盈餘（不包括收購攤銷）為 1.08 美元，較上年下降 14%，主要受本季較高實際稅率的影響。這一增長反映了司法管轄區的稅收變化以及外國稅收抵免使用有限。我們預計明年的實際稅率將在20%左右。

We delivered another quarter of solid cash generation with ongoing free cash flow totaling $52 million. That's a healthy conversion of adjusted EBITDA, reflecting our disciplined approach to capital spending and working capital.

我們又一個季度實現了穩健的現金流，持續的自由現金流總額達到 5,200 萬美元。這是調整後 EBITDA 的健康轉化，反映了我們對資本支出和營運資本的嚴格把控。

While Q4 ongoing free cash flow was down year over year, primarily due to higher accounts receivable from strong September sales to remain consistent with recent expectations. At quarter end, our total liquidity stood at just over $800 million, providing us with plenty of flexibility.

儘管第四季持續自由現金流年減，主要原因是9月份強勁的銷售導致應收帳款增加，但仍與近期的預期保持一致。截至季末，我們的總流動資金略高於 8 億美元，為我們提供了充足的靈活性。

Net leverage was 2.9 times. And with $103 million tax refund received in October from our nutraceutical sale net leverage is now closer to mid-2s. This positions us well to continue investing in our strategic priorities while maintaining disciplined new capital allocation.

淨槓桿率為 2.9 倍。加上 10 月從營養保健品銷售中獲得的 1.03 億美元退稅，淨槓桿現在接近 2 倍中段。這使我們能夠在保持謹慎的新資本配置的同時，繼續投資我們的策略重點。

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

現在讓我們來看看各業務部門負責人對各業務板塊業績的詳細分析。Alessandra，接下來由你來介紹生命科學的內容。

Thank you William. Good morning, everyone. Please turn to slide 9 for Life Sciences. Life Sciences sales were $173 million in the fourth quarter, down 10% from last year. The decline was primarily driven by the divestiture of the nutraceuticals business and exit from low-margin nutrition offerings. On a comparable basis, sales were generally stable declined 2% year over year, reflecting a mix of volume and price.

謝謝你，威廉。各位早安。請翻到第9頁，了解生命科學部分。第四季生命科學銷售額為 1.73 億美元，比去年同期下降 10%。業績下滑的主因是剝離了營養保健品業務，並退出了低利潤的營養產品市場。以可比口徑計算，銷售額整體穩定，年減 2%，這反映了銷量和價格的雙重影響。

Turning to demand trends. Pharma remained resilient across most regions, achieving low single-digit sales growth year over year. This momentum was driven by innovation and demand for high-value cellulosic excipients and sustained growth in our globalized business lines, tablet coatings, and injectables in line with our long-term strategy and growth objectives.

接下來，我們來看看需求趨勢。醫藥產業在大多數地區保持了韌性，實現了年比低個位數的銷售額成長。這一勢頭得益於創新和對高價值纖維素輔料的需求，以及我們全球化業務線、片劑包衣和注射的持續成長，這與我們的長期策略和成長目標相符。

Nutrition end markets were softer, but recent business wins are expected to support a return to profitable growth in fiscal 2026. On pricing, the year over year headwinds narrowed sequentially with pricing generally stable throughout the quarter.

營養品終端市場疲軟，但近期業務的成長預計將支撐公司在 2026 財年恢復獲利成長。價格方面，年比不利因素較上季收窄，整季價格整體維持穩定。

Foreign exchange provided a $3 million tailwind to sales. We continue to advance pharmaceutical innovation, highlighted by the launch of vialose™, a high-purity excipient for injectables and the expansion of our low- nitrite excipients to help customers mitigate nitrosamine risk. The new offerings reinforce Ashland's commitment to delivering high-quality solutions for the evolving needs of the pharma industry.

外匯波動為銷售額帶來了 300 萬美元的成長。我們不斷推進藥物創新，亮點包括推出高純度注射劑輔料 vialose™，以及擴大低亞硝酸鹽輔料的供應，以幫助客戶降低亞硝胺風險。新產品進一步鞏固了亞什蘭致力於為不斷變化的製藥業需求提供高品質解決方案的承諾。

Now let's look at profitability. Adjusted EBITDA was $55 million, representing a 32% margin and a 2% decline versus $56 million last year. The year over year decrease primarily reflects a $3 million impact from portfolio optimization actions, which shifted the segment's portfolio towards high-return applications.

現在我們來看看獲利能力。調整後 EBITDA 為 5,500 萬美元，利潤率為 32%，比去年的 5,600 萬美元下降了 2%。年比下降主要反映了投資組合優化措施帶來的 300 萬美元影響，這些措施將該部門的投資組合轉向了高回報的應用。

Excluding this impact, adjusted EBITDA increased $2 million, driven by mix and reduced our expenses, which more than offset lower pricing compared to last year. As Guillermo mentioned, reaching an adjusted EBITDA margin above 30% for the full year is the first for life sciences. This is a milestone that highlights our strategic focus and disciplined execution and the strength of our margin foundation.

剔除這一影響，調整後的 EBITDA 增加了 200 萬美元，這得益於產品組合的優化和費用的降低，足以抵消與去年相比價格的下降。正如 Guillermo 所提到的，生命科學領域全年調整後 EBITDA 利潤率超過 30%，這尚屬首次。這是一個里程碑，凸顯了我們的策略重點、嚴謹的執行力和強大的利潤基礎。

Please turn to slide 10 for Intermediates. Intermediates continued to face pricing and volume pressure in the fourth quarter with merchant sales and NMP and BDO bonds broadly lower year over year. Lower production volumes also impacted profitability and competitive intensity from Chinese overcapacity and exports remain a key market factor, particularly in Europe.

請翻到第 10 張投影片（中級部分）。第四季度，中間產品持續面臨價格和銷售壓力，商家銷售額以及 NMP 和 BDO 債券的銷售量較去年同期普遍下降。產量下降也影響了獲利能力，中國產能過剩和出口仍然是關鍵的市場因素，尤其是在歐洲。

BDO pricing remains near a cyclical low. Sales were $33 million, down 8% from the same period last year. This included $23 million in merchant sales and $10 million in captive BDO sales. The year over year sales decline was primarily driven by lower overall pricing and merchant bonds.

BDO定價仍接近週期性低點。銷售額為 3,300 萬美元，比去年同期下降 8%。其中包括 2,300 萬美元的商家銷售額和 1,000 萬美元的 BDO 專屬銷售額。年比銷售下降的主要原因是整體價格走低和商家債券發行量增加。

Intermediate generated $5 million in adjusted EBITDA representing a 15.2% margin, down from $10 million and a 27.8% margin in the prior year. Margins compressed both sequentially and relative to the prior year, reflecting lower pricing and production. The team continues to manage the business with discipline, and a focus on efficiency as we navigate a challenging market environment.

Intermediate 的調整後 EBITDA 為 500 萬美元，利潤率為 15.2%，低於上一年的 1000 萬美元和 27.8% 的利潤率。利潤率環比和年比均有所下降，反映出定價和產量降低。在充滿挑戰的市場環境中，團隊將持續秉持嚴謹的管理作風，注重效率，並努力經營業務。

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

現在我將把電話交給吉姆，讓他來討論個人護理方面的問題。吉姆？

Thank you, Alessandra. I'll now highlight our Personal Care results. Personal Care sales were $151 million in the fourth quarter, down 7% year over year, primarily reflecting the divestiture of the Avoca business. On a comparable basis, Personal Care delivered 5% sales growth with strong volume gains, outperforming a stable but muted market environment. The team executed well and delivered broad-based growth across all end markets and regions.

謝謝你，亞歷珊卓。接下來我將重點放在我們的個人護理產品檢測結果。第四季個人護理銷售額為 1.51 億美元，年減 7%，主要反映了 Avoca 業務的剝離。在可比基礎上，個人護理用品實現了 5% 的銷售成長，銷量大幅提升，在市場環境穩定但疲軟的情況下表現出色。團隊執行出色，在所有終端市場和地區都實現了全面成長。

As expected, both globalized business lines delivered robust growth this quarter and are set to continue their performance as strategic investments, innovation, and the renewed commercial approach continues to gain traction.

正如預期的那樣，兩大全球化業務線在本季度均實現了強勁增長，隨著戰略投資、創新和新的商業模式不斷取得成效，它們將繼續保持良好的業績。

In biofunctional access, sales were up double digits. Performance was driven from a stable base in multiple new customer launches utilizing our innovative actives. Microbial protection delivered its fourth consecutive quarter of sequential growth and resumed healthy year-over-year expansion. Europe delivered robust growth in all regions converted major customer wins.

在生物功能性給藥方面，銷售額實現了兩位數的成長。在多個新客戶專案中，我們利用創新活性成分，取得了穩定且優異的業績。微生物防護業務連續第四個季度實現環比增長，並恢復了健康的同比增長。歐洲各地區均實現了強勁成長，並成功贏得了重要客戶。

In addition, our commercial excellence efforts in the care ingredients portfolio continue to deliver performance in both hair and skin care across regions. Personal Care advanced our innovation pipeline with two new product introductions based on the transformed vegetable oil platform.

此外，我們在護理原料組合方面的商業卓越努力，在各個地區的頭髮和皮膚護理領域都持續取得了優異的業績。個人護理業務透過推出兩款基於轉化植物油平台的新產品，推進了我們的創新發展。

Turning to profitability. Adjusted EBITDA was $43 million compared to $47 million in the prior year, representing a margin of 28.5%. The year over year decrease was primarily due to portfolio optimization, which reduced EBITDA by $7 million.

轉向盈利。調整後 EBITDA 為 4,300 萬美元，而去年同期為 4,700 萬美元，利潤率為 28.5%。年比下降主要是由於投資組合優化，導致 EBITDA 減少了 700 萬美元。

Excluding this impact, adjusted EBITDA increased $3 million, driven by higher organic sales partially offset by lower pricing. In summary, Personal Care delivered strong growth, resilient profitability, and visible traction in our strategic priorities, setting a solid foundation for continued improvement in fiscal year 2026.

剔除這一影響，調整後的 EBITDA 增加了 300 萬美元，這主要得益於有機銷售額的成長，但部分被價格下降所抵消。總而言之，個人護理業務實現了強勁成長、獲利能力保持穩定，並在策略重點方面取得了顯著進展，為 2026 財年的持續改善奠定了堅實的基礎。

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

現在我將把任務交給 Dago，讓他來評估特種添加劑的檢驗結果。

Dago?

達戈？

Thank you, Jim. Please turn to slide 12. The Specialty Additives sales were $131 million in Q4, down 9% year over year and consistent with Q3. In exit of low-margin construction business, reduced sales by approximately $4 million or 3%.

謝謝你，吉姆。請翻到第12頁投影片。第四季特種添加劑銷售額為 1.31 億美元，年減 9%，與第三季持平。退出低利潤的建築業務，導致銷售額減少約 400 萬美元，即 3%。

Excluding these actions, segment sales declined 6%, reflecting continued coating weakness in China, competitive intensity in export markets, such as the Middle East, Africa, and India and softer demand in North America.

剔除這些因素，該業務部門銷售額下降了 6%，反映出中國塗料市場持續疲軟、中東、非洲和印度等出口市場競爭激烈以及北美需求疲軟。

Most of the volume decline was due to last year's share loss in China where overcapacity and weak demand continue to weigh on volumes and intensified competition.

銷售下滑的主因是去年在中國市場佔有率的損失，產能過剩和需求疲軟持續拖累銷量，競爭也日益激烈。

While coatings demand remains softmost regions saw stable sales sequentially. Performance specialties, construction, and energy outperformed the market supported by share gain initiatives. Pricing remained stable year over year and foreign exchange contributed a favorable $2 million impact to sales.

儘管塗料需求依然疲軟，但大多數地區的銷售量較上季保持穩定。受市場份額提升計劃的支持，專業設備、建築和能源板塊的表現優於市場平均。價格與去年同期保持穩定，外匯匯率對銷售額產生了200萬美元的有利影響。

Adjusted EBITDA was $29 million, consistent with the prior year and up $3 million sequentially as favorable cost offset lower volumes resulting in the strongest margin of the year at 22.1%. Portfolio utilization actions reduced EBITDA by $1 million. Excluding this, adjusted EBITDA increased $1 million with improved cost efficiencies driving the year's strongest margin performance.

經調整的 EBITDA 為 2,900 萬美元，與上年持平，環比增長 300 萬美元，有利的成本抵消了銷量下降的影響，從而實現了全年最高的利潤率，達到 22.1%。投資組合利用率調整導致 EBITDA 減少了 100 萬美元。剔除此因素後，調整後的 EBITDA 增加了 100 萬美元，成本效益的提高推動了全年最強勁的利潤率表現。

Following the ACC production closure in (inaudible), we rebalance the network and prioritized high-value applications to stabilize margins in a lower demand environment. Looking ahead, Specialty Additives is well positioned to capitalize on accordance recovery, driving outsized margin gains as demand improves.

在 ACC 生產關閉後（聽不清楚），我們重新平衡了網絡，優先考慮高價值應用，以在需求較低的環境下穩定利潤率。展望未來，隨著需求的改善，特種添加劑產業已做好充分準備，利用產業復甦的契機，實現利潤率的大幅成長。

With that, I'll turn the call back over to William for some additional commentary. William?

接下來，我會把電話轉回給威廉，請他補充一些評論。威廉？

Thanks, Dago. Please turn to slide 14. As we close out fiscal '25, I want to highlight the meaningful progress our teams have delivered. We completed our $30 million restructuring program, realizing $20 million in savings this year with another $12 million expected in fiscal '26. Our $60 million manufacturing optimization initiative is well underway with $5 million in savings this year and $18 million projected next year.

謝謝你，達戈。請翻到第14頁。在 2025 財年即將結束之際，我想重點介紹我們團隊的顯著進展。我們完成了 3000 萬美元的重組計劃，今年實現了 2000 萬美元的節省，預計在 2026 財年還將節省 1200 萬美元。我們耗資 6,000 萬美元的製造優化計畫正在順利進行，今年已節省 500 萬美元，預計明年將節省 1,800 萬美元。

A major milestone was the full closure of Parlin consolidating our HEC operations. VP&D cost actions continue to progress and we remain on track to achieve our fiscal '26 run rate target. We have also closed two smaller plans as a part of our consolidation efforts and expect to complete the process in fiscal '26.

一個重要的里程碑是徹底關閉 Parlin，整合了我們的 HEC 業務。VP&D 成本控制措施持續推進，我們仍有望實現 2026 財年的營運率目標。作為整合工作的一部分，我們也關閉了兩個較小的計劃，預計將在 2026 財年完成流程。

Productivity improvements continue across the VP&D manufacturing chain. As communicated throughout the year, while strategic initiatives are largely on track, P&L realization is extending beyond additional expectations, reflecting current operating realities.

整個VP&D製造鏈的生產效率持續提高。正如全年所溝通的那樣，雖然戰略舉措總體上進展順利，但損益表的實現超出了預期，反映了當前的營運實際情況。

First, cost improvements are flowing through more gradually due to weighted average inventory accounting and elevated inventory levels tied to consolidation and tariff mitigation. Our initial assumptions on timing proved ambitious, and we are adjusting accordingly.

首先，由於加權平均庫存核算以及與整合和關稅減免相關的庫存水準升高，成本改善正在逐步顯現。我們最初對時間安排的估計過於樂觀，因此我們正在做出相應的調整。

Second, higher costs at our consolidated site partially tied to the accelerated HEC time line are impacting unit costs. We're actively addressing these pressures. Third, the lower Asia Pacific volumes have reduced plant loading. While we've shifted network volume to maintain utilization, this has lowered US production and additive savings.

其次，由於 HEC 時間表加快，我們合併後的工廠成本較高，這影響了單位成本。我們正在積極應對這些壓力。第三，亞太地區產量下降導致工廠負載降低。雖然我們調整了網路容量以維持利用率，但這降低了美國的產量和添加劑節省。

Overall, manufacturing network optimization benefits are expected to range from $50 million to $55 million under current conditions. We continue to target the full $60 million opportunity, which remains achievable as China volumes recover.

總體而言，在目前情況下，製造網路優化帶來的收益預計將達到 5,000 萬美元至 5,500 萬美元。我們將繼續以 6,000 萬美元的市場機會為目標，隨著中國市場銷售的復甦，這一目標仍然可以實現。

Despite timing adjustments, the program is already supporting margins and remains a key lever for future improvement. These actions are strengthening our cost position and support margin expansion. We remain agile in responding to market shifts, and our restructuring actions are already helping offset softness in select end markets.

儘管時間安排有所調整，但該計劃已經對利潤率起到了支撐作用，並且仍然是未來改進的關鍵槓桿。這些措施正在增強我們的成本優勢，並支持利潤率的提升。我們能夠靈活應對市場變化，我們的重組措施已經開始幫助抵消部分終端市場的疲軟。

In addition, we are enhancing our financial systems and forecasting capabilities to improve accuracy, drive accountability, and strengthen performance and operations. Looking ahead, our priorities are clear, finalize the cost savings program and continue to drive productivity and operational excellence through our streamlined footprint.

此外，我們正在加強財務系統和預測能力，以提高準確性，增強問責制，並提升績效和營運水準。展望未來，我們的優先事項很明確，即完成成本節約計劃，並透過精簡的佈局繼續提高生產力和卓越營運。

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

這樣，我現在就把電話轉回給吉列爾莫。吉列爾莫？

Please turn to slide 15. As we wrap up fiscal 2025, I'm proud of the resilience and agility Ashland has demonstrated. Our teams exceeded our innovation targets and advance our globalized agenda, which began delivering visible results in Q4. We saw steady sequential momentum in our globalized platform throughout the year as investments took hold.

請翻到第15頁。2025 財年即將結束，我為 Ashland 所展現的韌性和靈活性感到自豪。我們的團隊超額完成了創新目標，推進了全球化議程，並在第四季開始取得明顯成效。隨著投資的持續推進，我們全球化平台在全年都保持了穩定成長動能。

While the base business was down on the year in Personal Care, Globalize segments Q4 marked a turning point, growing double digits in the quarter. We have clear goals to sustain and accelerate this momentum in fiscal 2026.

雖然個人護理業務的基礎業務較上年同期有所下降，但全球化業務第四季度標誌著一個轉折點，該季度實現了兩位數的成長。我們在 2026 財年制定了明確的目標，以維持並加快這一發展勢頭。

Regarding our Innovate strategy, our teams outperformed our innovation targets driven by core technology advancements. A showcase at the recent Innovation Day, we continue to strengthen our new technology platforms that are central to Ashland's long-term potential.

就我們的創新策略而言，在核心技術進步的推動下，我們的團隊超額完成了創新目標。在最近的創新日上，我們展示了我們的新技術平台，這些平台對於 Ashland 的長期發展潛力至關重要。

The energy around our innovation pipeline is growing, and we're pleased with the traction we've established. These achievements reinforce our confidence in the long-term value of our portfolio.

我們創新專案的勢頭正在增強，我們對目前取得的進展感到滿意。這些成就增強了我們對投資組合長期價值的信心。

Looking ahead, we will continue to disclose targets transparently. We believe openness around the goals is essential as we pursue high-quality growth. We are committed to sharing both successes and challenges openly.

展望未來，我們將繼續以透明的方式揭露目標。我們認為，在追求高品質成長的過程中，目標的公開透明至關重要。我們致力於公開分享成功經驗和遇到的挑戰。

This approach is fundamental to building credibility and confidence in our strategy, ensuring you have a clear view of our progress and the path forward. For fiscal 2026, we are targeting $20 million in incremental globalized sales and $15 million in innovation-driven growth as we scale platforms and advance recent launches.

這種方法對於建立我們策略的信譽和信心至關重要，確保您清楚地了解我們的進展和未來方向。2026 財年，我們的目標是實現 2,000 萬美元的全球增量銷售額和 1,500 萬美元的創新驅動成長，同時擴大平台規模並推進近期推出的產品。

Please turn to slide 16. As we look ahead to fiscal 2026, our focus remains on disciplined planning and consistent deleverage. This marks our second consecutive quarter of meeting EBITDA commitments and important step in building credibility going into the new year.

請翻到第16頁。展望 2026 財年，我們的重點仍是嚴謹的規劃和持續的去槓桿化。這標誌著我們連續第二個季度實現了 EBITDA 目標，也是在新的一年建立信譽的重要一步。

Our guidance is grounded in prudent assumptions and reflect a continued emphasis on execution, consistency, and transparency. Importantly, our planning reflects a return to growth signaling a constructive shift in trajectory and renewed momentum across our businesses.

我們的指導意見是基於審慎的假設，並體現了對執行、一致性和透明度的持續重視。重要的是，我們的規劃體現了成長的回歸，這標誌著我們各項業務的發展軌跡發生了建設性的轉變，並重新煥發了活力。

Ashland expects full year sales of $1.835 billion to $1.905 billion, representing organic growth of 1% to 5%. Portfolio resets are minimal, roughly $10 million due to owning Avoca for Q1 of fiscal 2025, making this year's results easier to baseline.

阿什蘭預計全年銷售額為 18.35 億美元至 19.05 億美元，有機成長率為 1% 至 5%。由於持有 Avoca 的股份至 2025 財年第一季度，投資組合調整幅度很小，約為 1,000 萬美元，這使得今年的業績更容易確定基準。

Adjusted EBITDA is projected between $400 million and $430 million with free cash flow conversion of 50% and CapEx near $100 million. This supports an attractive free cash flow yield and provides flexibility for capital deployment.

調整後 EBITDA 預計在 4 億美元至 4.3 億美元之間，自由現金流轉換率為 50%，資本支出接近 1 億美元。這有助於獲得可觀的自由現金流收益率，並為資本部署提供靈活性。

Next year, we expected adjusted EPS to grow double digits plus and meaningfully faster than EBITDA, driven by operating improvement and lower depreciation from portfolio optimization. Our assumptions reflect current market realities.

明年，我們預計調整後每股盈餘將實現兩位數以上的成長，且成長速度將明顯高於 EBITDA，這主要得益於營運改善和投資組合優化帶來的折舊減少。我們的假設反映了當前的市場實際情況。

Life Science and Personal Care remain resilient, supported by innovate and globalize momentum. Specialty Additives and Intermediates, Specialty Coatings continue to face pressure, while macro factors like interest rates and housing turnover could support recovery, we've tempered upside in our outlook.

在創新和全球化勢頭的推動下，生命科學和個人護理產業依然保持韌性。特種添加劑和中間體、特殊塗料繼續面臨壓力，儘管利率和房屋週轉率等宏觀因素可能支撐復甦，但我們已經降低了對前景的樂觀預期。

We expect to outperform underlying markets through share gains, innovation, and disciplined execution. Tariff-related uncertainties persist. We're actively managing sourcing, production, and logistics and pricing. Input costs remained stable with steady raw materials and well-functioning supply chains.

我們期望透過市佔率成長、創新和嚴謹的執行，跑贏大盤。關稅相關的不確定性仍然存在。我們正在積極管理採購、生產、物流和定價。由於原料供應穩定，供應鏈運作良好，投入成本保持穩定。

On the cost side, our manufacturing network optimization program continues to advance. Most plant actions are complete, and we remain on track to deliver $50 million to $55 million in savings under current conditions. The full $60 million opportunity is still intact and achievable as China volumes recover.

在成本方面，我們的製造網路優化計劃持續推進。大部分工廠改造工程已經完成，在目前情況下，我們仍有望實現 5,000 萬至 5,500 萬美元的節省目標。隨著中國市場銷售的復甦，6,000萬美元的全部商機依然存在，並且能夠實現。

As William noted, timing shifts will reduce the impact in fiscal 2026, but the contribution remains meaningful. Key factors included in our 2026 guidance, approximately $30 million of restructuring and network optimization from our $90 million program.

正如威廉所指出的，時間調整將減少 2026 財年的影響，但貢獻仍意義重大。我們在 2026 年的業績指引中納入了關鍵因素，包括從我們 9,000 萬美元的計畫中撥出約 3,000 萬美元用於重組和網路優化。

About $20 million related to resetting performance-based compensation and merit increases. Approximately $10 million impact driven by repairs and network-wide operational and working capital efficiency measures following the Calvert City outage.

約 2000 萬美元與重新制定績效工資和加薪有關。卡爾弗特城停電事故後，維修工作以及全網營運和營運資金效率措施帶來了約 1,000 萬美元的影響。

We're also increasing our R&D investment by $4 million to accelerate innovation in some of the leading disruptive opportunities. Overall, our fiscal 2026 guidance reflects a prudent view of market conditions. We remain focused on advancing innovation, scaling globalized platforms, and driving cost and productivity initiatives to support high-quality growth, even in muted markets.

我們也將增加 400 萬美元的研發投入，以加速在一些領先的顛覆性機會領域的創新。整體而言，我們對 2026 財年的業績預期反映了對市場狀況的審慎看法。即使在市場低迷的情況下，我們仍然專注於推進創新、擴大全球化平台規模以及推動成本和生產力提升舉措，以支持高品質的成長。

With consistent execution, mix improvement, and disciplined capital allocation, Ashland is well positioned to deliver resilient performance and long-term value creation.

憑藉持續的執行力、產品組合的改進以及嚴謹的資本配置，亞什蘭公司完全有能力實現穩健的業績成長和長期的價值創造。

Please turn to slide 17. In closing, I want to highlight a few key priorities as we look ahead. Fiscal year 2025 ended on a healthy note with our teams delivering on operational and strategic goals despite the challenging macro.

請翻到第17頁。最後，我想強調展望未來時的一些關鍵優先事項。儘管宏觀經濟情勢充滿挑戰，但我們的團隊在實現營運和策略目標方面取得了良好的成績，2025 財年圓滿結束。

The completion of portfolio optimization and network consolidation has made Ashland more focused, resilient business, well positioned for growth in high-value works. We entered 2026 with momentum. Cost actions are yielding early margin gains with full P&L impact expected to follow.

投資組合優化和網路整合的完成，使 Ashland 成為一家更專注、更具韌性的企業，為高價值專案的成長做好了充分準備。我們帶著強勁勢頭進入了2026年。成本控制措施已初步帶來利潤成長，預計隨後將對損益表產生全面影響。

Innovation remains a growth catalyst. We're focused on accelerating commercial success. Recent investments are driving renewed progress in our globalized platforms, reinforcing our confidence in the long-term opportunities.

創新仍然是成長的催化劑。我們專注於加速商業成功。近期的投資推動了我們全球化平台的進一步發展，增強了我們對長期機會的信心。

Our priorities for fiscal 2026 are clear, delivering on safety, profitable growth, free cash flow, and asset returns, advancing network optimization and inventory performance. Accelerating innovation, scale globalized platforms, and foster a productivity culture.

2026 財年我們的工作重點很明確，即確保安全、實現獲利成長、增加自由現金流和提高資產回報，推動網路優化和庫存績效。加速創新，擴大全球化平台規模，培養生產力文化。

Strength in systems such as S&OP, costing, planning, and leveraging AI. Prioritizing talent and organizational stability and engaging our investors through transparent and consistent execution. Fiscal 2026 will be about converting transformation into sustained performance.

在銷售與營運計劃 (S&OP)、成本核算、規劃和人工智慧應用等方面具有優勢。優先考慮人才和組織穩定性，並透過透明和一致的執行來吸引投資者。2026財年將致力於將轉型轉化為持續的業績成長。

With a focused platform and resilient core, Ashland is positioned to deliver greater value across stakeholders. Our core businesses have demonstrated stability through challenging periods, and we've strengthened our margins and improved our asset returns.

憑藉著專注的平台和強大的核心實力，亞什蘭能夠為所有利害關係人創造更大的價值。我們的核心業務在充滿挑戰的時期展現了穩定性，我們提高了利潤率，改善了資產報酬率。

The foundation we've built give us confidence as we pursue our strategic priorities. Thank you to the entire Ashland team for your resilience and teamwork. We're focused on translating opportunity into performance.

我們所建立的基礎讓我們在追求策略重點的過程中充滿信心。感謝阿什蘭團隊全體成員的韌性和團隊合作精神。我們專注於將機會轉化為業績。

Operator, let's open the line for Q&A.

接線員，我們開始問答環節。

(Operator Instructions) David Begleiter, Deutsche Bank.

（操作員指示）David Begleiter，德意志銀行。

Just on volumes, what are volumes in Q4? And why are your volume assumptions at the high and low end of the EBITDA guidance range for next year?

僅就銷量而言，第四季的銷量是多少？為什麼你們對明年 EBITDA 指引範圍的上限和下限分別設定為銷售預期？

Good morning David and thanks for the question. So on the volume side, we had a pretty nice pickup in volume. If you look at our life science and the personal care, those were the biggest drivers. If you look at SA, the coating side specifically, it was mixed by region.

早安，大衛，謝謝你的提問。所以在音量方面，我們得到了相當不錯的提升。如果你看看我們生命科學和個人護理領域，你會發現它們是最大的驅動力。如果你看南非，特別是塗料方面，你會發現它是按地區混合的。

The Coatings business, we have to look at it region by region. Some were up, some were flat and some were down China obviously being the most down year on year and intermediates did not recover. It stabilized. I think pricing has been the biggest challenge there, some volume, but pricing has been a bigger issue.

塗料業務，我們必須逐一地區來看待。有的上漲，有的持平，有的下跌。中國顯然是年跌幅最大的，中位數期貨也沒有復甦。情況穩定下來了。我認為定價一直是最大的挑戰，銷售量也有一定影響，但定價才是更大的問題。

As we look forward, what's going to be on the lower end or with the higher end. On the higher end, I mean, half the growth in our target, if you look at our midpoint is globalize and innovate gets to around 2% so we're only looking at about 1% at the midpoint of market growth or share gains within the market.

展望未來，哪些產品會處於低階市場，哪些產品會處於高端市場。從較高的角度來看，我的意思是，我們目標成長的一半，如果你看一下我們的中點，全球化和創新大約能達到 2%，所以我們只關注市場成長或市佔率成長的中點，大約 1%。

So on the low end is that the market gets muted and the competitive intensity increases that we would cannibalize our growth and globalize and innovate and on the upside that we get a more robust recovery in some of the markets.

因此，不利的一面是市場趨於低迷，競爭強度增加，導致我們自身成長、全球化和創新能力下降；有利的一面是某些市場會出現更強勁的復甦。

And just on the cadence of next year or this year, should Q1 EBITDA be up versus Q1 last year?

那麼，就明年或今年的節奏而言，第一季 EBITDA 是否應該比去年第一季有所成長？

Yes, David, it's William. Good Morning. So a couple of the moving pieces as you compare to last yearIn fiscal '25, we pulled forward a lot of maintenance activity, if you recall. So that was a $25 million headwind last year. Q1 is typically where we'll do a lot of our annual compliance shutdowns so we have about half of that this year, about $12 million.

是的，大衛，是威廉。早安.所以，與去年相比，有幾個方面發生了變化。如果你還記得的話，在 2025 財年，我們事先進行了許多維護活動。所以去年這給我們造成了2500萬美元的不利影響。第一季通常是我們進行年度合規性停工檢修的高峰期，所以今年我們大約有一半的停工檢修額，約 1,200 萬美元。

But then we've also shared that Calvert City outage. So that's a $10 million impact in Q1. So as you look at the puts and takes on the manufacturing side, I would expect sales volume to be in line with how we've talked about the guide in terms of year over year. Life Sciences should have a nice comp in terms of the sales volume in Q1 as compared to last year.

但我們也報告了卡爾弗特城停電的情況。所以第一季損失了1000萬美元。因此，從製造業的投入和投入來看，我預期銷售量將與我們先前在指導方針中提到的同比數據保持一致。與去年同期相比，生命科學產業第一季的銷售額應該會有不錯的成長。

And then pricing trends have been stable and so year-over-year pricing should be a more modest headwind. So if you put that all together, we're roughly flat, flattish versus the prior year, but I would say that the key element of that is the Calvert City action that we've shared late last month.

而且價格趨勢一直保持穩定，因此年比價格波動帶來的不利影響應該會比較溫和。所以綜合來看，我們與前一年相比大致持平，但我認為關鍵因素是我們上個月底分享的卡爾弗特城行動。

John McNulty, BMO.

John McNulty，BMO。

So in life sciences, you spoke to some weakness in the nutrition side and then also spoke to some wins that will help to offset that. I guess, can you flesh out both of those a little bit more, where was the weakness on the nutrition side, what were some of the business or parts of the business that were a little bit softer. And then also speak to what drove the wins. Where should we be thinking about that in terms of some of the traction that you're getting there?

所以在生命科學領域，你談到了營養學上的一些弱點，也談到了一些有助於彌補這些弱點的成功案例。我想，您能否更詳細地闡述這兩點？營養方面的弱點在哪裡？業務方面有哪些比較薄弱的環節？然後還要談談是什麼因素促成了這些勝利。鑑於你在那裡取得的一些進展，我們應該從哪些方面來考慮這個問題？

So John, let me ask Alessandra to answer this question directly.

約翰，那我請亞歷珊德拉直接回答這個問題吧。

Yes. So the weakness, it was mostly in North America and Europe. In Europe with a customer of ours, then losing market share. But as Guillermo mentioned and I also commented on the prepared remarks, we are gaining some traction with share gains. And it's mostly on the Klucel, and we will see that reflected in our in our results in the coming quarters, but we expect to see the recovery showing in the first quarter already.

是的。所以，這種弱點主要出現在北美和歐洲。在歐洲，我們的一位客戶正在失去市場份額。但正如吉列爾莫所提到的，我也在準備好的演講稿中評論過，我們的市場份額正在穩步增長。這主要歸功於 Klucel，我們將在接下來的幾季的業績中看到這一點，但我們預計第一季就會出現復甦跡象。

The share gain we've already gotten orders and it's already impacted. So it's not to come, it's already gained.

我們已經獲得了訂單，市場份額的成長已經產生了影響。所以它不是即將到來，而是已經獲得了。

Okay. Got it. That's helpful. And then just a question on the cash flow side. You've got CapEx set for $100 million now.

好的。知道了。那很有幫助。然後還有一個關於現金流的問題。你們目前的資本支出計畫是1億美元。

I guess how much of that is growth CapEx? And you had the big Innovation Day where you highlighted a bunch of pillars, where some of them are going to need some capital, some aren't. I guess, how much should we be thinking about in terms of growth CapEx tied to some of those innovation pillars that look like they're pretty close to turning the corner and starting to commercialize.

我想問一下，其中有多少是成長資本支出？你們舉辦了盛大的創新日活動，重點介紹了一系列支柱領域，其中一些需要資金，而有些則不需要。我想，我們應該考慮在與一些創新支柱相關的成長資本支出方面投入多少資金，這些創新支柱看起來已經接近取得突破並開始商業化。

So let me just a quick comment and William, you can give a little bit more detail. But the big drivers are going to be things around globalized, and we're still investing in India and even just finishing some of the projects in Europe.

我簡單說幾句，威廉，你能再詳細說嗎？但主要的驅動因素將是全球化相關的事物，我們仍在印度投資，甚至剛完成在歐洲的一些計畫。

And I would say also, as we look at the HEC projects that we've done getting out of Parlin, there are investments. We’re pacing them because just the demand is a little bit softer, but there are some capital projects that we're going to be adding to increase capacity in the US. Given it's a little bit more muted, we're going to be managing through that at a slower pace but those are part of the plan.

而且我還想說，當我們回顧我們在帕林完成的 HEC 專案時，會發現其中也包含投資。我們正在控制進度，因為需求略有疲軟，但我們將增加一些資本項目，以提高美國產能。鑑於目前情況比較緩和，我們將以較慢的速度應對，但這都在計劃之中。

But William, do you want to give a little bit more detail?

威廉，你能否再詳細說？

Yes, John, it's a good question. It fits really in the strategy of what we're doing on the asset side. So first, from a CapEx perspective, maintenance CapEx is coming down. So as we've rightsized the footprint, stay in business capital is probably down $15 million. So $55 million to be stay in business of that $100 million from there - there are some things that we'd like to do from a cost savings perspective that debottleneck the plant. So that's probably another $15 million.

是的，約翰，問得好。這與我們資產方面的策略非常契合。首先，從資本支出角度來看，維護資本支出正在下降。因此，隨著我們調整了業務規模，維持營運所需的資金可能減少了 1500 萬美元。因此，要維持運營，需要 5500 萬美元，而要達到 1 億美元——從節省成本的角度來看，我們希望做一些事情來消除工廠的瓶頸。所以那大概又是1500萬美元。

And then on top of that, to get to the 100 is the growth projects. And to Guillermo's point, that's supporting the globalized initiatives. So specifically, microbial protection as well as the OSD tablet coatings business gets us to the $100 and then going forward, to your question on the new technology platforms, that's something that we've contemplated in the plan.

此外，要達到 100 強，還需要完成成長項目。正如吉列爾莫所說，這正體現了對全球化倡議的支持。所以具體來說，微生物保護以及 OSD 片劑包衣業務使我們達到了 100 美元的目標，然後展望未來，關於您提出的新技術平台的問題，這是我們在計劃中考慮過的事情。

I think a key element of that for us is right, as we rightsize the footprint, what can we be doing to repurpose the assets in the future in terms of optionality.

我認為對我們來說，關鍵在於，隨著我們合理調整業務規模，我們可以採取哪些措施來重新利用這些資產，從而在未來獲得更多選擇。

And so we're not at any point now where we're making a meaningful, but I'd say, a meaningful bridging item because we're able to efficiently access that capacity with the internal assets that we've rightsized.

因此，我們目前還沒有達到能夠做出有意義的，但我認為是有意義的過渡性舉措的階段，因為我們能夠利用我們已經合理調整規模的內部資產有效地利用這種能力。

(Operator Instructions) Chris Parkinson, Wolfe Research.

（操作說明）克里斯·帕金森，沃爾夫研究公司。

Just when we're taking a step back and looking at the personal care markets, the results were pretty good for skin and hair. However, some of your customers are speaking positively about hiring customers, negatively about lower-end customers. In some cases, there are signs of life in Asia for the first time in several years. But it just seems like the overall outlook is still pretty mixed. Is that what you're generally hearing, and how are you thinking about that in the near term versus how are you thinking about the growth algo relative to market for your portfolio over the intermediate to long term?

當我們退後一步審視個人護理市場時，發現皮膚和頭髮護理的結果相當不錯。然而，你們的一些客戶對僱用客戶持正面態度，但對低端客戶持負面態度。在某些情況下，亞洲出現了幾年來首次復甦的跡象。但整體前景似乎仍喜憂參半。通常聽到的也是這樣嗎？你如何看待短期內的狀況？與你如何看待中長期投資組合中成長演算法相對於市場的走勢相比？

Great. So I'll ask Jim to comment on that in more detail. But there is a lot of difference depending on what segments you're on and the regions. So there is a lot of variation and you can see that in some of the earnings calls of other players, some are up in North America, down in Europe. So there's a lot of variation going on, and it really depends on your business profile, what customers, what segments you're in.

偉大的。所以我請吉姆就此做更詳細的評論。但根據你所處的細分市場和地區，情況會有很大差異。所以情況差異很大，你可以從其他一些玩家的財報電話會議中看到，有些玩家在北美市場表現良好，而有些玩家在歐洲市場表現不佳。所以情況千差萬別，這真的取決於你的企業概況、你的客戶群以及你所處的細分市場。

So for us, Jim, if you want to comment on how it defects us.

所以，吉姆，如果你想評論一下它是如何讓我們失望的。

Sure. Thanks, Guillermo. Chris, so maybe starting with the last part of your question in terms of near term and the medium to long term. So as we look at our business and what we've shared around our activities and globalize to innovate, we feel we have a lot of levers in the portfolio.

當然。謝謝你，吉列爾莫。克里斯，那麼或許我們可以先從你問題的最後一部分入手，談談近期和中長期的情況。因此，當我們審視我們的業務以及我們圍繞業務活動所分享的內容，並走向全球化以進行創新時，我們覺得我們擁有許多可以利用的資源。

We have a very broad product portfolio across different segments where we can outperform the market. That's our medium to long term. Specifically, in terms of what we're seeing in the market right now, I think you have captured it well. It is a mixed environment where your position with customers can really play into the performance that you're seeing.

我們在各個細分市場擁有非常廣泛的產品組合，在這些領域我們能夠超越市場表現。這是我們中長期的規劃。具體來說，就我們目前在市場上看到的情況而言，我認為你已經很好地捕捉到了這一點。這是一個複雜的環境，你與客戶的關係會真正影響你所取得的表現。

And if we do maybe a quick walk around the world North America is a bit of a mixed environment. In Q4, we saw stable performance versus prior year there with skin and hair continuing to hold up quite well.

如果我們真的要環遊世界，北美的環境有點複雜。第四季度，我們看到與去年同期相比業績穩定，皮膚和頭髮業務繼續保持良好勢頭。

In Europe, we have seen a continued acceleration in Europe throughout the year, and that continued in Q4, especially in skin and in sun. If you look at sell-in versus sell-out, that channel has really improved in the Sun Care market as inventories have come down, and we've seen nice growth in our Sun Care.

在歐洲，我們看到今年以來歐洲的消費量持續加速成長，第四季更是如此，尤其是在護膚和日光浴領域。如果從進貨量與出貨量來看，隨著庫存下降，防曬產品市場的管道確實得到了改善，我們的防曬產品也實現了良好的成長。

Within Asia and in China specifically, we've continued to focus on local regionals. As you mentioned, we are seeing stabilization and some growth in the prestige segment as well. And so there, our biofunctional actives business performed really well in our other segments within skin and hair.

在亞洲，尤其是在中國，我們一直專注於本地區域市場。正如您所提到的，我們也看到高端市場趨於穩定並出現了一些成長。因此，我們的生物活性成分業務在皮膚和頭髮的其他細分市場中表現非常出色。

In Latin America, I would say Brazil is a bit of a mixed environment right now. Skin was quite strong and hair is a bit mixed and Mexico and Argentina were both strong in personal care and in home care. When you look at our business specifically, what I'd say is, and we've talked about this throughout the year, our two globalized business lines, biofunctional actives and microbial protection.

在拉丁美洲，我認為巴西目前的情況比較複雜。皮膚比較強韌，頭髮有點混雜，墨西哥和阿根廷在個人護理和家庭護理方面都很出色。具體來看我們的業務，我想說的是，我們今年一直在討論這個問題，我們的兩個全球化業務線是生物功能活性物質和微生物保護。

We've done a tremendous amount of work. The team has done a great job really driving the commercial activities there, and we have been very successful having new customer launches with our biofunctional actives and share gains in our microbial protection.

我們做了大量的工作。團隊在推動當地商業活動方面做得非常出色，我們成功地為新客戶推出了具有生物功能活性的產品，並在微生物保護領域獲得了市場份額。

Specifically in biofunctional actives as we shared, that part of the business has been impacted by some customer specific headwinds. We've locked that. As we said in the last call, that has stabilized, and we do expect some incremental growth there.

正如我們之前提到的，在生物活性成分方面，這部分業務受到了一些客戶特定不利因素的影響。我們已經鎖定了。正如我們在上次電話會議中所說，這種情況已經穩定下來，我們預計這方面會有一些逐步成長。

And now you're starting to see the new customer wins really come through externally where it was masked in the past. And then similarly, in microbial protection, the base has stabilized and the new wins that we've converted throughout the year coming through in our results, and we expect that to continue as we go into fiscal '26.

現在，你開始看到新客戶的勝利真正顯現出來，而過去這些勝利是被掩蓋的。同樣，在微生物防護領域，基礎已經穩定，我們全年取得的新勝利也體現在我們的業績中，我們預計這種情況將持續到 2026 財年。

And just a quick follow-up on some other questions for life sciences. You mentioned in your remarks, I mean, low single-digit growth, and it seems like a two-part question. One, can we confirm that we finally lapped a lot of the other kind of headwinds that we are looking at with a European competitor. And two, you do mention that growth came from both cellulosics as well as injectables.

最後，我想就生命科學領域的其他一些問題做個簡短的後續說明。你在發言中提到，我的意思是，成長率只有個位數，這似乎是一個包含兩部分的問題。第一，我們能否確認，我們終於克服了與歐洲競爭對手面臨的許多其他類型的逆風？第二，您確實提到增長來自纖維素類產品和注射。

Is that just off of a very, very slow base? Or is there a new product that's contributing to that? And just how to think about the bifurcation of the growth of cellulosics versus injectables over the intermediate to long term would be very helpful.

那是不是基於一個非常非常慢的基頻？或者說，是否有新產品促成了這種情況？如何思考纖維素類藥物與注射劑在中長期成長的分化問題將非常有幫助。

So Chris, the cellulosic have always been strong. So there's variations, there's probably more around customer orders and inventory but those businesses have been performing. Our issue was more on the VP&D side and that has stabilized but Alessandra, you want to give a little bit more color?

所以克里斯，纖維素一直都很強。所以情況各有不同，可能比較與客戶訂單和庫存有關，但這些企業一直表現良好。我們的問題更多出在副總裁和發展部門，現在情況已經穩定下來了。 Alessandra，你想再補充一些細節嗎？

Yes., The cellulosics, tablet coatings and injectables. This is pretty much aligned with our strategy, focused on positioning the globalized and innovate. So that's our growth strategy. If you look at injectables, starting with the injectables.

是的，纖維素類、片劑包覆和注射劑。這與我們的策略基本一致，即專注於全球化定位和創新。這就是我們的成長策略。如果從注射劑開始看起。

So we are consistently performing above market growth. We launched last quarter, we talked about the medical bio resorbable polymers for medical devices that were launched now just last month.

因此，我們的業績一直高於市場成長水準。我們在上個季度推出了用於醫療器材的醫用生物可吸收聚合物，這些聚合物已於上個月正式上市。

On injectables, we launched vialose™ sucrose to expand our offering of high purity stabilizers for critical biologic applications. So basically, injectables as part of our globalize strategy has been outperforming markets, and we have been growing nicely, not only showing the results from a revenue standpoint, but also very important in our pipeline, our sales pipeline in terms of dollars and in terms of customer programs has increased over 30% and in the last year compared to the year before.

在註射劑方面，我們推出了 vialose™ 蔗糖，以擴大我們為關鍵生物應用提供的高純度穩定劑產品範圍。所以基本上，作為我們全球化策略的一部分，注射劑的表現一直優於市場，而且我們的成長勢頭良好，不僅在收入方面取得了成果，而且在我們的銷售管道方面也取得了非常重要的進展。就美元和客戶項目而言，我們的銷售管道在過去一年比前一年增長了 30% 以上。

Then on coatings , we are seeing the momentum and also operational gains with our manufacturing facility. So we announced we made investments in Brazil. We started that new facility in April. We have a facility in China. We have a facility in the US. We are building a new facility in India.

在塗料方面，我們看到了發展勢頭，並且我們的製造工廠也取得了營運上的進步。於是我們宣布我們在巴西進行了投資。我們在四月啟動了那個新工廠。我們在中國設有工廠。我們在美國設有工廠。我們正在印度興建一座新工廠。

So we are seeing the momentum with double-digit year-over-year growth, specifically in Q4. That was for both injectables and coatings I think globalize, it was very strong and also the pipeline growing nicely for coatings.

因此，我們看到了這種成長勢頭，實現了兩位數的年增長，尤其是在第四季度。我認為全球範圍內，注射劑和塗料市場都表現非常強勁，而且塗料產品線也在穩定成長。

And as Guillermo mentioned, I mean, Cellulosics is part of our innovate. It's part of our innovation metrics and we have been growing nicely with that as well. So overall, in Life Science, we exceeded our target from an innovation standpoint, and it was driven by adoption of high purity solutions across not only OSD (Oral Solid Dosage) with cellulosics, but also on injectables.

正如 Guillermo 所提到的，我的意思是，纖維素是我們創新的一部分。這是我們創新指標的一部分，而且我們在這方面也取得了不錯的進展。因此，總體而言，在生命科學領域，從創新角度來看，我們超額完成了目標，這得益於高純度解決方案的採用，不僅包括纖維素口服固體製劑（OSD），還包括注射劑。

Can you comment on the VP&D stability?

能否評價VP&D的穩定性？

Yes. VP&D, we are you asked the question with the competitor that years ago, there was some disruption in the market. Yes, we have seen that stabilize. So it is currently both from a volume and price standpoint is currently stable. We are entering the contract season in Europe so there could be some plus or minus some movement, but it's currently is stable.

是的。VP&D，我們被問到幾年前與競爭對手發生市場動盪的問題。是的，我們已經看到情況趨於穩定。因此，目前無論從交易量或價格來看，它都保持穩定。歐洲即將進入合約簽訂季，所以價格可能會有一些波動，但目前比較穩定。

Steven Haynes, Morgan Stanley.

史蒂文‧海恩斯，摩根士丹利。

I guess, follow up on the Life Sciences pricing piece. Are you able to, I guess, just provide a bit of color around what percent of your, I guess, book or however you want to frame it is coming up for renegotiation each year in terms of the price contracting?

我想，接下來要跟進生命科學領域的定價問題。能否請您簡單說明一下，您的帳目（或您想怎麼稱呼它都行）中，每年有多少百分比的合約需要重新談判價格？

We don't talk about the exact business mix and by customers. But I would say most of it -- the bigger thing is Europe. Europe is where some of the bigger players, they tend to do it at the same time. So it would cover everything, VP&D, cellulosic. So it's the entire portfolio. You do a contract with all the products there. And obviously, from a sales perspective, the cellulose six of P&D are the biggest part of the mix. tablet coatings and injectables would be the newer stuff with very different technology.

我們不談論具體的業務組合和客戶群。但我認為大部分——更重要的——是歐洲。歐洲是一些大公司聚集的地方，他們往往會同時進行這些操作。所以它將涵蓋所有內容，VP&D，纖維素。所以這是整個投資組合。你需要與那裡的所有產品簽訂合約。顯然，從銷售角度來看，P&D 的纖維素六大產品佔據了最大的市場份額。片劑包覆和注射劑則是採用截然不同技術的新興產品。

Okay. And then maybe as a follow-up, the $4 million of the incremental R&D spend that you flagged in the guide, was that R&D spend kind of originally in your plan? Is it being pulled forward? And are you able to kind of provide a bit of color on where that incremental spend is going in terms of the kind of several platforms that you highlighted at Investor Day?

好的。那麼，作為後續問題，您在指南中提到的 400 萬美元新增研發支出，這筆研發支出最初是否在您的計畫之中？它被向前拉動嗎？您能否詳細說明一下，在投資者日上您重點介紹的幾個平台上，新增支出都流向了哪些方面？

Yes. As we highlighted at Investor Day, the two things, as we launch these and work with customers in developing the two questions is investment for manufacturing the CapEx. And fortunately, we have capital that we've idled that we can repurpose and that's the focus.

是的。正如我們在投資者日上所強調的那樣，當我們推出這些產品並與客戶合作開發時，有兩個問題需要考慮，那就是製造資本支出的投資。幸運的是，我們有一些閒置的資金可以重新利用，這也是我們關注的重點。

But the other part, just the recognition that, hey, as these things really start moving we probably will need to add resources to really develop the products depending on what the customer wants or the applications.

但另一方面，我們也意識到，隨著這些事情真正開始發展，我們可能需要增加資源，根據客戶的需求或應用場景來真正開發產品。

Right now, most of that is on the new technology platforms. The TVO - transform vegetable oil - is the one that has the broadest legs if you look at it. It’s going into almost every business in life science, in tablet coatings in AG . It’s hitting a lot of areas in many, many applications in personal care and in coatings.

目前，大部分都集中在新技術平台。TVO（植物油轉化）從表面上看來是發展最廣泛的技術。它正進入生命科學領域的幾乎所有業務，以及農業領域的片劑包衣。它在個人護理和塗料等眾多應用領域都產生了影響。

So we're adding both resources. We're trying to add resources so that we can scale this capacity. So not every business needs to double the work. So right now, part of it is going to be in the coatings area. We have some really exciting technology developments with TiO2 efficiency and without kids and a few other areas.

所以我們同時增加了這兩種資源。我們正在努力增加資源，以便擴大產能。所以並不是每個企業都需要加倍工作。所以目前，其中一部分將投入塗料領域。我們在二氧化鈦效率、無兒童因素以及其他一些領域取得了一些非常令人興奮的技術進展。

So on the polymerization side, we're adding some of the capabilities that will help all the businesses, but we're centering it there because that team is a little bit more focused and we have more capabilities there. And then another part of it we're doing on our central R&D, again, to support, there's more requests from customers for modifications. The core technology, we're getting validation. The issue now is converting them into specific products that our customers want and that will take a much greater engagement with customers.

因此，在聚合方面，我們正在增加一些能夠幫助所有業務的能力，但我們將其作為重點，因為團隊更加專注，而且我們在該領域擁有更多能力。然後，我們中央研發部門還在進行另一部分工作，同樣是為了支援客戶提出的更多修改要求。核心技術，我們正在進行驗證。現在的問題是如何將這些產品轉化為客戶真正需要的產品，而這需要與客戶進行更深入的互動。

So that's what we're going to add. But we're going to pace ourselves. As we said, we're not going to just throw R&D. We want to see where things are advancing and then we will drive the investments.

所以這就是我們要添加的內容。但我們會控制好節奏。正如我們所說，我們不會輕易投入研發。我們想看看各項工作進度如何，然後再決定投資方向。

I think on the other areas like super wetters and ph neutralizes and all that, we've added resources, but it's really been more shifting within the businesses of people that they had on other projects supporting them as they go. So we'll be providing more color on the innovation side.

我認為在超級潤濕劑和 pH 中和劑等其他領域，我們已經增加了資源，但實際上更多的是其他專案支援人員的業務轉移。因此，我們將從創新方面提供更多細節。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

I think you expected $100 million from your innovation pipeline in 2027. What do you expect from it in 2026?

我認為您預計到 2027 年，您的創新項目將帶來 1 億美元的收入。你對它在 2026 年的表現有何期待？

For the '26, what we've outlined right now is it was $15 million of new innovation and mostly still core. The launches, as we said in the Innovation Day, for the newer technologies would probably be starting more in the '27 and beyond range just based on the developments with customers.

對於 2026 年款，我們目前概述的內容是 1500 萬美元的新創新，而且大部分仍然是核心產品。正如我們在創新日上所說，根據與客戶的合作發展情況，新技術的發布可能會在 2027 年及以後開始。

William Whitaker And Jeff, it's a cumulative target in terms of incremental sales. So we did $13 million this year plus the $15 million, so roughly $30 million in terms of since the Strategy Day in terms of the cumulative commitment at this point through '26.

William Whitaker 和 Jeff，這是一個以增量銷售額為衡量標準的累積目標。因此，我們今年投入了 1300 萬美元，加上 1500 萬美元，自戰略日以來到 2026 年的累計承諾，大約投入了 3000 萬美元。

Guillermol Novo And just to be clear also, Jeff, i we've kept it very simple on the globalized side -- so the globalized , we just put everything in there. So it does, like injectables. There is a lot of innovation there. We just wanted to make a very clear story because we're investing differently in the globalized. There are assets.

Guillermol Novo 另外，Jeff，為了說清楚，我們在全球化方面做得非常簡單——所以全球化方面，我們只是把所有東西都放在那裡。確實如此，就像注射劑一樣。那裡有很多創新。我們只是想把故事講清楚，因為我們在全球化領域的投資方式有所不同。這裡有一些資產。

There's other things that we need to do. They're very unique for all the areas. So you get the net picture, this is how that's doing, tablet coatings and biofunctionals and micro protection all have a lot of R&D and technology going. So right now, when we're calling innovation, it's core and then the new technology platforms that don't fall in those four segments.

還有其他事情我們要做。它們在各個領域都非常獨特。所以你大概能明白我的意思，這就是目前的情況，片劑包衣、生物功能材料和微保護劑都在進行大量的研發和技術應用。所以現在，當我們談到創新時，指的是核心創新，以及不屬於這四個領域的新科技平台。

On your cash flows, I think you said that you expected a 50% conversion in 2026. Does that include the $100 million that you received as a tax refund? And as far as your inventories go, they've sort of moved up from about, I don't know, 530 at the beginning of the year to 570 or so at the end of the year, even though your sales are down, I don't know, 15%. So do you have to cut your production to get your inventories to a more reasonable level?

關於您的現金流，我想您說過您預計 2026 年將實現 50% 的轉換率。這是否包括你收到的1億美元退稅？至於你們的庫存，雖然你們的銷售額下降了大約 15%，但庫存量卻從年初的 530 左右上升到了年末的 570 左右。所以，你們是否必須削減產量才能使庫存達到更合理的水平？

William, do you want to answer on that?

威廉，你想回答這個問題嗎？

Yes. So Jeff, in terms of the 50%, that does not include the $103 million tax return. So just to give you a sense of the bridge, right? So it's the EBITDA midpoint. There's not a lot of movement on cash tax and cash interest, working capital for the full year.

是的。所以傑夫，就那 50% 而言，這並不包括 1.03 億美元的退稅。所以，我只是想讓您對這座橋有個大致的了解，對吧？所以這是 EBITDA 的中點。全年現金稅、現金利息和營運資金方面沒有太大變化。

There's certainly an opportunity, right? VPN in Q1, there's going to be an impact of $16 million to $18 million release because of the Calvert City outage, but then also in HEC, we closed Parlin and in advance of that. We build inventory to facilitate that transition and so we do think inventory is an opportunity. We've traditionally been at 2.5 turns over the last couple of years.

這肯定是個機會，對吧？第一季 VPN 將受到 Calvert City 故障的影響，損失 1,600 萬至 1,800 萬美元，此外，HEC 也關閉了 Parlin，並且在此之前就已關閉。我們建立庫存是為了促進這種轉變，所以我們認為庫存是一個機會。過去幾年，我們一直保持著 2.5 倍的轉彎率。

But in terms of hitting the 50% commitment, it roughly equates to maintaining working capital at a consistent level. So as sales grow, we'll have an investment accounts receivable, of course, but then there'll be some offset on some of the actions that we're taking on inventory.

但就達到 50% 的承諾而言，這大致相當於將營運資金維持在一個穩定的水平。因此，隨著銷售額的成長，我們當然會有投資應收帳款，但我們對庫存採取的一些措施將會起到一定的抵銷作用。

And Jeff, on the inventory side, the two big areas that went up a little bit is one HEC with the closure of Parlin - it was part of our plan. We had to build inventory because we need to transition as we start off. We got to qualify the new plantso we built enough inventory so it will be coming down.

傑夫，在庫存方面，有兩個大區域略有上升，一個是帕林關閉後 HEC 的庫存——這是我們計劃的一部分。我們需要建立庫存，因為我們在創業初期需要轉型。我們需要對新工廠進行認證，所以我們儲備了足夠的庫存，這樣庫存就會下降。

It's not about shutdowns now. The HEC network, just to be very clear on the total because that's probably on the network optimization, the pushback on dollars to next year, it's really around the HEC network. And it's several things that are happening.

現在的問題不是停工。HEC 網絡，為了非常清楚地說明總數，因為這可能與網路優化有關，資金的回流到明年，這實際上與 HEC 網路有關。而且，有好幾件事正在發生。

One, our flow-through average accounting. I mean our calculation is probably -- we're a little bit too aggressive on some of that. That's part of it. I think the inventory build impacts that so it delays a little bit.

第一，我們的流通平均會計。我的意思是，我們的計算可能——我們在某些​​方面有點過於激進了。這是其中的一部分。我認為庫存積壓會影響這一點，所以會稍微延遲一下。

But more importantly, I think it's going to be, one, the benefits are there, the plants closed, right? So we have the benefit. Part of it is probably two-thirds will come through flow through this year and next year as we move forward. The one-third will come, I think, later. It's not that it's gone- that's the part that with the lower demand in China, we have rebalanced our network. The network now is pretty full in a down market.

但更重要的是，我認為，好處顯而易見，工廠關閉了，對吧？所以我們受益。其中一部分可能三分之二會在今年和明年逐步實現。我認為，剩下的三分之一以後會到來。並不是說它消失了——只是由於中國的需求下降，我們重新平衡了我們的網路。在市場低迷的情況下，網路現在幾乎滿載運轉。

So we're much more stable in how we run. But we shifted volumes that we were planning to make in the US to China, and our plant in China is exporting now to other parts of the world so we've rebalanced the network.

所以我們現在的運作方式更加穩定了。但我們把原計劃在美國生產的產量轉移到了中國，而我們在中國的工廠現在也向世界其他地區出口產品，所以我們重新平衡了生產網絡。

From my view, what I'm looking at is about a third of their goal in HEC is probably going to be delayed until China recovers and we can take that volume back into the plans that we had planned originally. China is bottoming. It's still soft. It's still hypercompetitive, but we are starting to see opportunities to gain share to move some volume up, but it's going to be a journey out there.

依我看來，他們 HEC 目標的大約三分之一可能會被推遲，直到中國經濟復甦，我們才能將這部分產量重新納入我們最初計劃的方案中。中國經濟正在觸底。它仍然很軟。市場競爭依然非常激烈，但我們開始看到一些機會來獲取市場份額，從而提升銷量，但這注定是一段漫長的旅程。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Two things. One, with the comments about competitive intensity, particularly from Chinese competitors, are you seeing that focused on the same consistent areas or is it broadening out to more parts of your portfolio? And secondly, on the innovation pipeline, can you give a little bit of a sense of the horse race in terms of which platforms your customers are saying are most important, even if they're on a slower burn.

兩件事。第一，關於競爭激烈程度的評論，特別是來自中國競爭對手的競爭，您認為這種競爭是集中在相同的領域，還是正在擴展到您投資組合的更多部分？其次，關於創新管道，您能否簡單介紹一下目前市場情勢，您的客戶認為哪些平台最重要，即使這些平台的發展速度較慢？

Yes. So on the first question, the China competition, it's really the same areas for us. I mean, I know that this is a broad theme for many companies. For us, it's really mostly been VP&D and HEC. They're different, I think, for us.

是的。所以對於第一個問題，也就是與中國的競爭，對我們來說，這些領域其實是一樣的。我的意思是，我知道這對很多公司來說都是一個普遍存在的問題。對我們來說，主要就是 VP&D 和 HEC。我認為，對我們來說，情況有所不同。

One is our global competitors actually are supplying from China. They have multiple plants so when we say China, it's not just Chinese players, in its China sourcingOf the big volume in the market, we're the last non-China producer really of size in a lot of these areas.

一是我們的全球競爭對手其實是從中國供貨。他們擁有多家工廠，所以當我們說中國時，指的不僅僅是中國企業，而是中國企業，在市場上的大宗採購中，我們是許多領域中最後一家真正具有規模的非中國生產商。

So that's what we see in VP&D. In HEC, I think it is a combination of overcapacity in China, but also the down market. The exports have been pretty -- rest of most of it, we're seeing in Middle East, Africa, and India, is where we've seen most of it.

這就是我們在VP&D中看到的情況。我認為，HEC 的問題既有中國產能過剩的因素，也有市場低迷的因素。出口情況相當不錯——其餘大部分出口都集中在中東、非洲和印度。

So the pressure for us and where we're going to be exporting from China is we'll keep China to support China but also to play in the Middle East, Africa, and India type segments.

因此，我們面臨的壓力以及我們將從中國出口到哪裡，我們既要繼續在中國支持中國市場，也要在中東、非洲和印度等地區開展業務。

If you look at the innovation side, the interest is everywhere. I think the issue of the technology of the transport vegetable oil has the greatest functional flexibility. So we're going to a number of very different directions.

如果從創新的角度來看，你會發現人們的興趣無所不在。我認為運輸植物油的技術問題具有最大的功能彈性。所以我們正朝著許多截然不同的方向發展。

If you look at what life science or pharma where AG is looking at versus what personal care and coatings are looking ateach of them advances their technology, what they're doing in terms of functionality, we can apply it into other markets and that's very helpful.

如果你看看生命科學或製藥領域（AG 關注的領域）與個人護理和塗料領域（關注的領域）的對比，你會發現它們各自在技術上取得的進步，以及它們在功能方面所做的工作，我們都可以將其應用到其他市場，這非常有幫助。

I think that's going to be the one that we're really most focused on - on how do we drive scale. And that means we've got to focus on a few of the bigger opportunities to create scale because longer term, this is something that like I've said in the Innovation Day. This is more a technology again to acrylics or whatever something that can be much broaderand so that's the one that attracts a lot of interest.

我認為這將是我們真正最關注的問題——如何擴大規模。這意味著我們必須專注於一些更大的機會來創造規模，因為從長遠來看，正如我在創新日上所說，這是非常重要的事情。這又是一項針對丙烯酸樹脂或其他材料的技術，其應用範圍更廣，因此吸引了許多人的興趣。

I think the additive side of things in terms of the superwetters, those are more additives. I've been personally very surprised on how many new applications the teams, they've modified it. We're going intovAG. We launched just now in Brazil. – As we presented into the bioprocessing personal care with some really exciting opportunities in both skin and hair. And in coatings, these could be really scalable opportunities of size so those are areas that I think we're very excited about.

我認為就超潤濕劑而言，添加劑方面，它們更多的是添加劑。我個人對團隊修改後的新應用程式的數量之多感到非常驚訝。我們要進入 vAG。我們剛在巴西推出產品。 ❤️ 我們向大家展示了生物加工個人護理領域的一些非常令人興奮的機遇，涵蓋皮膚和頭髮護理方面。在塗料領域，這些領域可能具有真正的規模化發展潛力，因此我們對此感到非常興奮。

The starch is another one that's very good, mostly for personal care, but I think it will have a home later on as we look into the life science space.

澱粉是另一種非常好的物質，主要用於個人護理，但我認為隨著我們進入生命科學領域，它以後也會有用武之地。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

Maybe help us separate seasonality in the Specialty Additives business from trend line here, the 6% decline that you just reported for the September quarter, and that's essentially all volume if things have stabilized kind of to normal levels, we would be down 6% in the -- I know you don't want to give guidance for the December quarter, specifically, but is that an easy comp that [minus 6] that normalizes? Or are we still trending down below trend line?

或許您可以幫我們把特種添加劑業務的季節性因素和趨勢線區分開來，例如您剛剛報告的9月份季度6%的下滑，這基本上都是銷量下滑。如果情況穩定到正常水平，那麼我們12月份的銷量也會下降6%——我知道您不想具體給出12月份季度的業績指引，但是12月份的同比數據減去6%是否容易使情況正常化呢？或者我們仍然處於低於趨勢線的下降趨勢？

Let me make some comments and then I'll ask Dago to comment. The answer is going to be varied by region, as I said. So clearly, the North America is where we've seen -- it's not that the market is coming down, but it's the expectations have come down from our customers, both in DIY and contractors. I think China is different. It's down and it's not picking up.

我先說幾句，然後再請Dago說說他的看法。正如我所說，答案會因地區而異。所以很明顯，我們在北美看到的是——不是市場在下滑，而是我們的客戶（包括 DIY 用戶和承包商）的期望值下降了。我認為中國的情況有所不同。網路中斷，而且無法恢復。

Those are, I would say, are the two big ones Dago, why don't you give some color?

我認為，這兩件事是最重要的，達戈，為什麼不為它們增添一些色彩呢？

Yes. I mean it's a very good question. So what I will say, I mean if I look at where we are in China, we don't see a recovery, quite frankly, I wouldn't say in the next one or two years. The reason for that is that China needs to go through structural issues that they need to fix on the property sector. And we continue to see actually deacceleration on the investment in the property sector, which very much drives the market in China.

是的。我的意思是，這確實是個很好的問題。所以我想說的是，就中國目前的狀況而言，坦白說，我認為未來一兩年內不會出現復甦。原因在於中國房地產行業存在一些結構性問題需要解決。我們持續看到房地產產業的投資成長放緩，而房地產產業在中國市場中扮演著舉足輕重的角色。

So we will continue to see some. I think it's stabilizing more at the bottom, but we will continue to see some softness, I would say, into 2026.

所以我們還會看到一些這樣的情況。我認為市場底部正在趨於穩定，但到 2026 年，市場仍將保持一定的疲軟態勢。

And then when you think about North America, I mean, the key drivers in the cutting market, I would say, is to the sales of homes and those can be existing homes or it can be new construction. And let's call it, repaint, remodel, market, right?

然後，當你想到北美時，我的意思是，切割市場的關鍵驅動因素，我認為是房屋銷售，這些可以是現有房屋，也可以是新房屋。我們就叫它重新粉刷、改造、上市吧？

And when you look at sales of existing or sales of homes, that's driven by interest rates and that's driven by housing prices. And interest rates are still relatively high and housing prices are also relatively high. So that's why there is some conservatism in the market about those two.

當你觀察現有房屋的銷售情況時，你會發現這主要受利率的影響，而利率主要受房價的影響。而且利率仍然相對較高，房價也相對較高。所以市場對這兩種股票持保守態度的原因就在於此。

Then when you look at the repaint and remodel the do-yourself market, that one continues to be pretty flat. And the project is slightly better, but not really picking up momentum a whole lot.

然後，當你觀察重新粉刷和改造的DIY市場時，你會發現這個市場仍然相當低迷。這個項目略有好轉，但並沒有真正取得太多進展。

You look at our customers, if you look at what the market is saying, I mean, they tend to kind of follow this view that maybe the first half of 2026, calendar year 2026 is going to be soft because of these conditions. Now having said that, have been surprised in the past, the market can recover, can pick up if the construction market picks up, and we'll have to be ready for that.

看看我們的客戶，看看市場怎麼說，我的意思是，他們往往傾向於認為，由於這些情況，2026 年上半年，也就是 2026 年全年，市場可能會比較疲軟。話雖如此，過去我也曾有過意想不到的經歷，市場可能會復甦，如果建築市場復甦，市場也可能會回暖，我們必須為此做好準備。

But for now, what we're saying is Europe is pretty stable. North America is stable. China, we know the story, and then we'll see some competitive pressure in Middle East, Africa, India, and rest of Asia that we've been managing kind of throughout the last year.

但就目前而言，我們認為歐洲相當穩定。北美局勢穩定。中國的情況我們都知道，然後我們會在中東、非洲、印度和亞洲其他地區看到一些競爭壓力，而我們在過去一年裡一直在努力應對這些壓力。

And I think, John, the upside that everybody has to not pull the hope is North America that if there is a pent-up demand for homes, construction, all that kind of stuff, but it's a macro that we don't control. So we're going to follow what our customers are saying at this point in time.

約翰，我認為，大家不應該抱持僥倖心理，希望北美能釋放出對住房、建築等各方面的需求，但這畢竟是我們無法控制的宏觀因素。所以，目前我們將聽取客戶的回饋意見。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

First, I wanted to just ask on the pricing side. I mean you kind of hit it on the Life Sciences side earlier saying that you're seeing stabilization there. But on the specialty side, I mean, year over year, you said pricing was flat, but I think you alluded to potentially increased pressure. Do you think about that more on the volume side of things? Or do you still see some downside risk on pricing as you're looking into fiscal '26?

首先，我想問一下價格方面的問題。我的意思是，你之前在生命科學領域也提到過，那裡正在趨於穩定。但就特色產品方面而言，我的意思是，您說價格同比持平，但我認為您暗示可能會面臨更大的壓力。你更多地是從數量方面考慮這個問題嗎？或者，在展望 2026 財年時，您是否仍認為價格存在一些下行風險？

– My personal view is pricing and where to see the pressure is China and exports is so low now. Nobody is making money. There is a bottom. At the end of the day, you can't go down; it's not worth it after a while. So I do think there is some stability.

我個人認為，價格是壓力所在，而壓力主要來自中國，目前出口額非常低。沒有人賺到錢。底部是存在的。到頭來，你不能走下坡；時間長了，就不值得了。所以我認為目前還是比較穩定的。

The issue is going to be more export markets, and this is the whole issue, I think, in the impact in exports to Europe and all that we're seeing in different products, not just SA, but in other areas. But do you want to comment a little bit more.

問題在於出口市場，我認為這才是問題的關鍵，它影響了對歐洲的出口，以及我們看到的各種產品，不僅是南非，還有其他地區。還有什麼想補充的嗎？

The way I would look at this is, in general, the United States, and North America is going to be a pretty stable market from a pricing standpoint. And I will say it is the same case for Europe. So those are our two largest markets. And there, we see the typical normal kind of performance in terms of volume and pricing equationbut I would see a relatively stable versus what we saw in fiscal year 2025.

我認為，總體而言，從價格角度來看，美國和北美將是一個相當穩定的市場。我認為歐洲的情況也是如此。所以，這是我們最大的兩個市場。在那裡，我們看到了銷售和價格等式方面典型的正常表現，但我認為與 2025 財年相比，情況會相對穩定。

And again, that's by large our two key markets. Then when it comes to the rest of the world, we're just being very careful and we always do the volume price balance to determine where it makes sense for us to hold prices, and we do that on a regular basis. That's why you didn't see our pricing come down in the last quarter or if we want to selectively go after certain share gains, right, if we want to balance the network better.

再次強調，這基本上就是我們兩個主要的市場。至於世界其他地區，我們則非常謹慎，我們總是進行成交量價格平衡，以確定在什麼情況下維持價格是合理的，我們會定期進行這項工作。這就是為什麼你沒有看到我們在上個季度降低價格，或者如果我們想要有選擇地追求某些市場份額增長，對吧，如果我們想要更好地平衡網絡。

So say we will continue to see some pressure in 2026, again, especially areas like Middle East, Africa, India. But I would say it's pretty similar to what we're seeing so far. And the good news continues to be that customers value very much what we bring to the table. They value quality, they value innovation, they value our overall value proposition. So we believe that with the right mix, we'll be able to hold on to what we have.

也就是說，我們預計到 2026 年，我們將再次面臨一些壓力，尤其是在中東、非洲、印度等地區。但我認為它與我們目前看到的情況非常相似。好消息是，客戶非常重視我們所提供的產品和服務。他們重視質量，他們重視創新，他們重視我們的整體價值主張。所以我們相信，只要採取正確的組合，我們就能保住我們現有的成果。

And just quickly, Guillermo or William. I mean what are your thoughts around capital allocation here? Do you need to get leverage down before you think about resuming buybacks? Or is that something you think about doing more near term?

順便問一下，Guillermo 還是 William？我的意思是，您對這裡的資本配置有什麼看法？在考慮恢復股票回購之前，是否需要降低槓桿？還是這是你近期內會考慮做的事情？

So I'll let William give more detail but we have flexibility right now. I think as William said in his comments, we can do both. I think we will be pragmatic as we've been in the past. I mean there is a value side right now and where the share price is.

所以我會讓威廉來詳細說明，但我們現在比較靈活。我認為正如威廉在評論中所說，我們可以兩者兼顧。我認為我們會像過去一樣採取務實的態度。我的意思是，目前存在價值方面的問題，那就是股價走勢。

But we also, in this uncertain environment, we want to make sure that we're balancing that out with how we manage our debt. But do you want to comment a little bit more.

但是，在當前這種不確定的環境下，我們也希望確保在債務管理方面取得平衡。還有什麼想補充的嗎？

Yes. Thanks, Josh. So the capital allocation priorities are unchanged. First, we're going to fund the high-quality organic growth investments that's included in the $100 million CapEx and the productivity agenda as well. That's a key area for us to improve the cost structure at the plants.

是的。謝謝你，喬希。因此，資本配置優先事項保持不變。首先，我們將為包含在 1 億美元資本支出計畫中的高品質內生成長投資以及生產力提升計畫提供資金。這是我們改善工廠成本結構的關鍵領域。

The other piece is the leverage is important. We want to keep that within our target range and preserve balance sheet flexibility. Thereafter, we returned excess capital -- excess cash to shareholders. We have a stated dividend policy at 30% payout. We're a bit above that so I'd expect dividend increases to be more moderate from here.

另一點是，槓桿作用很重要。我們希望將其保持在目標範圍內，並保持資產負債表的靈活性。此後，我們將多餘的資本——多餘的現金——還給了股東。我們已製定明確的分紅政策，分紅率為30%。我們目前的水平略高於這個水平，所以我預計今後股息成長會更加溫和。

Post dividend, we'd look to be balanced in our capital deployment like we've done in the past with episodic share repurchase activity. I think one thing that you can gather from the outlook is we do expect to generate good free cash flow in the year ahead.

派息後，我們將像過去一樣，在資本​​部署方面保持平衡，並進行間歇性的股票回購活動。我認為從展望中可以看出，我們預計未來一年將產生良好的自由現金流。

So as you roll forward the tax return that we just talked about, plus the free cash flow we'll be down below two, if you roll that forward and deliver the midpoint of the EBITDA guide. So plenty of flexibility, and we'll continue to be balanced and disciplined in how we approach it in the year ahead.

因此，如果您將我們剛才討論的納稅申報表向前滾動，加上自由現金流，如果您將其向前滾動並實現 EBITDA 指導值的中點，我們將低於 2。因此，我們將保持很大的靈活性，並在未來一年中繼續以平衡和自律的態度來處理此事。

[Abigail Edgars], Wells Fargo.

[Abigail Edgars]，富國銀行。

I just wanted to confirm timing on portfolio optimization headwinds. When should we expect to see those.

我只是想確認一下投資組合優化面臨的不利因素出現的時間點。我們預計何時能看到這些？

Yes so I think that the good news is going into next year, there's a little bit of an impact in Personal Care in Q1. It's about $10 million in sales, $1 million in EBITDA. And then that's it and so for the first time in quite some time, it's a very clean baseline and our reporting should be if we grow 2%, we grow 2%, and there's not necessarily this adjustment on things that we've rationalized or sold in the past. So it's a very clean set of going into next year.

是的，所以我認為好消息是，展望明年，第一季個人護理行業會受到一些影響。銷售額約 1000 萬美元，EBITDA 為 100 萬美元。就這樣，很長一段時間以來，我們第一次擁有了一個非常清晰的基準線，我們的報告應該是：如果我們增長了 2%，那就是增長了 2%，而不再需要對我們過去已經合理化或出售的東西進行調整。所以，明年一切都準備就緒，非常順利。

Okay. Great. That's good news. Also, just another timing question. You expect your recovery Nutrition mid-FY26, maybe later, maybe earlier, what's the timing of that?

好的。偉大的。這是個好消息。另外，還有一個時間安排的問題。您預計恢復營養計畫將於 2026 財年中期推出，也可能更晚或更早，具體時間安排是怎樣的？

As Guillermo mentioned, it's already happening as we speak in the month of October. So those wins specifically with Klucel, it has happened. We started to receive orders towards the end of fiscal year Q4 and have already been delivering products in October, now November. So it's real. It's happening already, and we expect to see attrition coming to closing the gap that we saw in Q4.

正如吉列爾莫所說，這種情況現在已經在十月發生了。所以，與 Klucel 的那些勝利確實發生了。我們在第四財季末開始收到訂單，並已於 10 月、現在 11 月開始交付產品。所以這是真的。這種情況已經發生了，我們預期人員流失將會逐漸縮小我們在第四季看到的差距。

As I mentioned, it was a share gain of our customer in Europe. And of course, as a consequence, we ended up losing share as well. But it's Klucel coming with new wins and it's a profitable win.

正如我之前提到的，這是我們在歐洲的客戶市場份額的成長。當然，結果就是我們的市佔率也下降了。但 Klucel 取得了新的勝利，而且是一場盈利的勝利。

And I would highlight that the mix that what we lost is more lower margin material - what we're gaining is better mobility material in terms of the margin profile. So net-net, it will be positive.

我想強調的是，我們失去的是利潤率較低的產品，而我們獲得的是利潤率較高的產品。所以總的來說，結果是正面的。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴公司。

Just wanted to follow up a little more on the network optimization. My question is more on the time line of the benefits that you kind of pushed out here. But I'm just curious -- what needs to happen in order to realize some of those benefits more quickly? Is it as simple as better demand? Do you need better demand in specific regions or product lines or are there any other actions?

我想再跟進一下網路優化方面的情況。我的問題更多是關於您在這裡提出的各項福利的時間表。但我很好奇——為了更快實現這些好處，需要發生什麼？僅僅是需求增加就能解決問題嗎？您是否需要在特定地區或產品線中提高需求，還是有其他措施？

I know you mentioned it sounds like maybe some incremental VP&D actions. Are there other actions you can take to maybe help accelerate some of those benefits?

我知道你提到過，這聽起來像是一些漸進的VP&D行動。還有其他措施可以幫助加速這些益處的實現嗎？

Yes. So if you look at the actions, Mike, the small plant, it's a smaller number. Most of that are done within the first half of this year. Those will be done and they'll just flow through. HEC, as we discussed, is the one that's creating more of the flow-through timing issue.

是的。所以，如果你看看這些行動，麥克，小型工廠，數量就比較少。大部分工作將在今年上半年完成。這些事情都會完成，然後順利通過。正如我們討論的那樣，HEC 是造成更多流通時間問題的原因。

And that one is those three stages of, hey, the action is done. The assumption on the flow-through from an average accounting was probably too optimistic, more delayed. But the inventory and the revenue -- so sales will be the big issue. And the big catalyst, if sales pick up, we can move a lot more of the materials, so that flow-through just accelerates.

而那三個階段，嘿，行動已經完成了。依照平均會計資料計算的傳遞率假設可能過於樂觀，實際傳遞率會更高。但是庫存和收入——也就是銷售額——將是關鍵問題。如果銷售額上升，我們就能輸送更多的材料，進而加速物料流通，這才是真正的催化劑。

The part that we do want to be transparent is part of it, about a third of the HEC volume. I'm glad we did it, but it's holding up our position in China. It's now instead of being incremental, we would have had a deterioration of our business in China. And this action has helped it already, right?

我們想公開的部分是其中的一部分，約佔 HEC 總量的三分之一。我很高興我們這麼做了，但這鞏固了我們在中國的地位。現在的情況不是漸進式的，而是我們在中國的業務惡化了。而這項措施已經起到了一定的作用，對吧？

So we're getting a benefit. It's just not incremental. For it to become incremental, that's what we say that China has to pick up for somebody else needs to pick up to offset that so that we can rebalance the network. So that's the one that has the most timing issues because it's done.

所以我們從中受益了。這並非漸進式的。要實現漸進式成長，我們說中國必須承擔起一部分責任，而其他國家也必須承擔起一部分責任來抵銷這部分損失，這樣我們才能重新平衡網路。所以，這是時間安排上最有問題的一項，因為它已經完成了。

I think the VP&D, we're working across. We've had two plants. We worked on one. We're going to start working on the other ones, a lot of actions in timing. So that one, the conclusion of the events will dictate the timing of those things.

我認為 VP&D，我們正在跨部門合作。我們種了兩棵植物。我們參與製作了一個。我們將開始處理其他事項，其中涉及許多時間安排的操作。因此，事件的最終結果將決定這些事情發生的時間。

Right. And then the other question I had was for Dago. I was hoping you could give an update on some of the efforts to expand your applications or opportunities in Industrial Coatings. I think most of your commentary addressed the architectural side, and I was just wondering, are there some new business wins or applications that you're pursuing?

正確的。然後，我的另一個問題是問達戈的。我希望您能介紹一下貴公司在工業塗料領域拓展應用或機會方面所做的一些努力的最新進展。我認為您的大部分評論都集中在建築方面，我只是想知道，您目前是否有一些新的業務拓展或應用專案正在進行中？

Yes, absolutely. A very good question and very much at the heart of what we're doing at the heart of this priority, which is innovation. We're doing a couple of things. First, we're looking at quick wins. And what we mean by quick ones is that we already have a pretty robust portfolio where what we really needed was application data that can be used into industrial coating applications.

是的，絕對的。這是一個非常好的問題，也是我們正在做的、這項優先事項的核心所在，那就是創新。我們正在做兩件事。首先，我們著眼於能夠快速見效的措施。我們所說的快速解決方案是指，我們已經擁有相當強大的產品組合，而我們真正需要的是可以用於工業塗料應用的應用數據。

So we're doing a lot of that. And with the portfolio that we have, we want to go after those industrial customers. We know who they are, we know how to get there, and we have the existing portfolio. So that for us is real equipment an area that we're looking into a little bit more to accelerate the monetization of our innovation efforts.

所以我們正在做很多這方面的事情。憑藉我們現有的產品組合，我們希望爭取那些工業客戶。我們知道他們是誰，我們知道如何達成目標，而且我們擁有現有的投資組合。所以對我們來說，真正的設備是我們正在深入研究的領域，以加速我們創新成果的貨幣化。

And then longer term, it's twofold. It's also the core business. It's also the core portfolio. But then we have areas like easy-wet. For instance, easy-wet, we just launched another product, a couple of weeks ago, and it's ready to go, and we're already seeing pretty good traction from our customers.

從長遠來看，這體現在兩個方面。這也是公司的核心業務。這也是核心投資組合。但我們也有一些容易潮濕的地區。例如，easy-wet，我們幾週前剛推出了另一款產品，它已經準備就緒，我們已經看到客戶對其反應相當不錯。

It's one customer at a time. It's talking to the customers, making sure we're meeting their needs, but I would say that area is advancing quite well. And we continue to find opportunities. I think the challenge that we're going to have moving forward is to make sure that we focus and we allocate the resources we have into the right opportunities where we can get a bigger bang for our buck.

一次只接待一位顧客。我們與客戶溝通，確保滿足他們的需求，但我認為這方面進展相當順利。我們仍在不斷尋找機會。我認為我們未來面臨的挑戰是，確保我們集中精力，並將現有資源分配到正確的機會上，從而獲得更大的投資回報。

But it's going pretty well and hopefully, more to come on that one.

但目前進展順利，希望以後能有更多進展。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Guillermo Novo for closing remarks.

謝謝。問答環節到此結束。現在我謹將發言權交還給吉列爾莫·諾沃，請他作總結發言。

Well, thank you, everyone, for your participation and interest. As I said, I want to congratulate the team, a lot of very dynamic external environment, and I think we've delivered a lot of the things that we committed to so we feel very good about that.

謝謝大家的參與與關注。正如我所說，我要祝賀團隊，外部環境瞬息萬變，但我認為我們已經完成了很多我們承諾的事情，所以我們對此感到非常滿意。

We still expect the external environment to remain volatile and with a high degree of uncertainty, positive and negative. So there could be some positives as well and I don’t want to be just looking at the negative, there is just uncertainty.

我們仍然預期外部環境將保持波動，並存在高度不確定性，既有積極的一面，也有消極的一面。所以也可能存在一些正面的方面，我不想只專注在負面的一面，現在確實存在不確定性。

I think this really drives us to focus on the things that we can control. We go back to our strategy is relevant for this environment. I think the actions we took on our execute, the portfolio optimization, even if they're delayed are helping us in driving performance in the near term, making us more competitive in all our core businesses. So we're focusing on things we can control. That's about the execution of our portfolio optimization and productivity and operating discipline.

我認為這確實促使我們專注於我們能夠控制的事情。我們重申，我們的策略仍然適用於當前的環境。我認為，我們採取的執行措施和投資組合優化措施，即使有所延遲，也有助於我們在短期內提升業績，使我們在所有核心業務中更具競爭力。所以我們專注於我們能夠控制的事情。這關係到我們投資組合優化、生產力提升和營運紀律的執行。

It's about driving globalized and driving innovation to really drive top line growth. And if we do that, we feel very confident about the future even in these environments. So if things get better, we have a huge potential for higher leverage of our manufacturing assets and all that.

其核心在於推動全球化和創新，從而真正推動營收成長。如果我們這樣做，即使在這樣的環境下，我們對未來也充滿信心。所以如果情況好轉，我們就有很大的潛力來更有效地利用我們的製造資產等等。

So that would be really the bigger catalyst that we would see in terms of momentum if we see some market recovery there. So with that, we look forward to seeing you in the coming weeks, and thank you.

所以，如果我們看到市場出現復甦，那將是推動市場動能的真正重要催化劑。那麼，我們期待在接下來的幾週內與您見面，謝謝。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝您參加今天的會議。程式到此結束，您可以斷開連線了。