Ashland Inc. (ASH) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Ashland's second quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Sandy Klugman, Director of Investor Relations. Please go ahead.

各位好，感謝您耐心等候。歡迎參加 Ashland 2026 會計年度第二季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。現在我想將會議交給今天的第一位講者，投資人關係總監 Sandy Klugman。請開始。

Thank you. Hello, everyone, and welcome to Ashland's Second Quarter Fiscal 2026 Earnings Conference Call and Webcast. My name is Sandy Klugman, and I am Ashland's Director of Investor Relations. Joining me on the call today are Guillermo Novo, Chair and CEO; William Whitaker, CFO; as well as our business unit leaders; Alessandra Assis, Life Sciences and Intermediates; Jim Minicucci, Personal Care; and Dago Caceres, Specialty Additives. Please note that we will be referencing slides during today's call. We encourage you to follow along with the webcast materials available at ashland.com under Investor Relations. Please turn to Slide 2.

謝謝。各位好，歡迎參加 Ashland 2026 會計年度第二季財報電話會議與網路直播。我叫 Sandy Klugman，現任 Ashland 投資人關係總監。今天與我一同參與電話會議的有董事長兼執行長 Guillermo Novo；財務長 William Whitaker；以及我們的事業單位主管：生命科學與中間體事業的 Alessandra Assis、個人護理事業的 Jim Minicucci，以及特用添加劑事業的 Dago Caceres。請注意，我們在今天的電話會議中將會參考投影片。我們鼓勵您在 ashland.com 的投資人關係頁面取得網路直播資料並同步觀看。請翻到投影片第 2 頁。

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-Q. 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 assurance these expectations will be achieved.

提醒各位，今天的簡報包含關於我們 2026 會計年度展望及其他事項的前瞻性陳述，詳見投影片第 2 頁以及我們的 Form 10-Q。這些陳述受風險與不確定性影響，可能導致未來結果與今日預測有重大差異。我們相信此類陳述係基於合理假設，但無法保證這些預期一定能達成。

We will also reference certain adjusted financial metrics, both actual and projected, which are non-GAAP measures. 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.

我們也將引用若干經調整的財務指標（包含實際與預估），這些屬於非 GAAP 指標。我們提供這些調整後數據，以便對我們持續營運表現提供更多洞見。GAAP 對帳表可於我們網站及本投影片附錄中取得。

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

接下來我將把電話會議交給 Guillermo，請他發表開場致詞。

Thanks, Sandy, and welcome to everyone joining us. I'll start with a brief overview of our second quarter performance, then William will review the financials and outlook, followed by a deeper business unit detail with the team.

謝謝你，Sandy，也歡迎各位加入我們。我將先簡要概述第二季表現，接著 William 會回顧財務與展望，之後由團隊就各事業單位進一步說明。

Please turn to Slide 5.

請翻到投影片第 5 頁。

Overall, second quarter results reflect resilient underlying commercial performance amid stable demand conditions with pricing and portfolio mix action remaining a central focus across the organization.

整體而言，第二季結果反映在需求條件穩定的情況下，基礎商業表現具韌性；而定價與產品組合（portfolio mix）調整仍是全公司核心重點。

Life Sciences delivered steady results supported by resilient pharma demand. Injectables, tablet coatings and high-purity excipients continued to drive growth, marking a fourth consecutive quarter of volume gains. Progress across our innovate and globalized pillars remain strong with continued adoption of differentiated new product introductions.

生命科學交出穩健成果，受惠於具韌性的製藥需求。注射劑、錠劑包衣與高純度賦形劑持續帶動成長，連續第四季實現銷量成長。我們在「創新」與「全球化」兩大支柱上的進展依然強勁，差異化新產品持續被採用。

Personal Care generated broad-based portfolio growth, driven by strong volume gains and execution across biofunctional actives, care ingredients and microbial protection. Biofunctional actives delivered robust double-digit year-over-year growth, while microbial protection continued to gain share following our globalized investments.

個人護理實現廣泛的產品組合成長，主要由強勁的銷量提升與在生物功能性活性成分、護理原料與微生物防護方面的執行力所驅動。生物功能性活性成分年對年維持強勁的雙位數成長；而微生物防護在我們全球化投資之後持續提升市占。

Specialty Additives operated in a mixed market environment. Coatings volumes grew year-over-year, reflecting share gains and new product traction, while construction sales remained lower, reflecting deliberate portfolio mix actions and slightly softer demand.

特用添加劑在市場環境分歧的情況下營運。塗料銷量年對年成長，反映市占提升與新產品導入成效；而建築相關銷售仍偏低，反映我們有意進行的產品組合調整以及需求略為走弱。

Overall results returned to flat year-over-year, which is an important step forward given that we have not yet fully lapped our prior year China impact. Intermediates operated in a stable but trough level environment with results impacted by both commercial and operating effects of the Calvert City outage.

整體結果年對年回到持平，這是重要的進展，因為我們尚未完全度過去年中國因素的比較基期影響。中間體在穩定但處於谷底水準的環境中營運，且結果同時受到 Calvert City 停機事件的商業與營運影響。

The team will cover more later, but operational performance was impacted by specific issues during the quarter, all of which are internal and not reflective of underlying demand trends. Despite these headwinds, commercial execution across much of the portfolio was solid, and we continue to see encouraging demand trends in Q3.

團隊稍後會進一步說明，但本季營運表現受到若干特定問題影響，這些皆屬內部因素，並不反映終端需求趨勢。儘管面臨這些逆風，我們在多數產品組合上的商業執行仍然穩健，且我們在第三季持續看到令人鼓舞的需求趨勢。

Please turn to Slide 6.

請翻到投影片第 6 頁。

I'll now walk through our second quarter results, which reflect disciplined execution across the portfolio in a mixed market environment. Teams remain focused on cost control, operating discipline and customer service while managing through operational headwinds during the quarter.

接下來我將說明第二季結果；在市場環境分歧下，這些結果反映我們在產品組合上的紀律性執行。各團隊在本季面對營運逆風時，仍專注於成本控管、營運紀律與客戶服務。

Structural actions taken over the past several years continue to support the underlying economics of the business, even as near-term performance was pressured by temporary execution challenges. Working capital was a key strength in the quarter, driving strong operating cash flow and reinforcing our focus on cash discipline.

過去數年採取的結構性措施持續支撐業務的基礎經濟性，即使短期表現受到暫時性的執行挑戰所壓抑。本季營運資金是關鍵強項，帶動強勁的營運現金流，並強化我們對現金紀律的重視。

Looking across the portfolio, the quarter demonstrated resilient underlying performance and continued progress in strengthening the business foundation with demand conditions generally stable across the portfolio and margin pressure primarily driven by specific operational issues rather than end market weakness.

從整體產品組合來看，本季展現具韌性的基礎表現，並持續強化業務根基；各產品線需求條件大致穩定，利潤率壓力主要來自特定營運問題，而非終端市場疲弱。

Please turn to Slide 7.

請翻到投影片第 7 頁。

First, our consumer-focused businesses, principally Life Science and Personal Care continue to provide stability, supported by resilient end market demand.

第一，我們以消費者為導向的業務（主要為生命科學與個人護理）持續提供穩定性，並受惠於具韌性的終端市場需求。

Second, innovation and globalization initiatives are gaining traction with accelerating momentum in higher-value applications across the portfolio. Innovation has already exceeded our full year target after two quarters, reflecting the strong pipeline execution and commercialization.

第二，創新與全球化計畫正逐步發揮成效，在整體產品組合中更高價值應用的動能加速。創新在兩個季度後已超越我們全年目標，反映強勁的研發管線執行與商業化成果。

Third, structural actions taken in prior periods are now embedded across the business, enhancing margin durability and positioning the portfolio to benefit as operating conditions normalize. Teams remain focused on disciplined execution and targeted corrective actions.

第三，先前期間採取的結構性措施如今已內嵌於整體業務之中，提升利潤率的耐久性，並使產品組合在營運條件正常化時受益。各團隊仍專注於紀律性執行與具針對性的矯正行動。

Before turning the call over to William, I want to emphasize 3 themes for this quarter: resilient consumer-focused demand, accelerating innovation and globalization momentum and continued commitment on improving execution.

在把電話會議交給 William 之前，我想強調本季的三個主題：以消費者為導向的需求具韌性、創新與全球化動能加速，以及持續致力於改善執行力。

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

接下來我想把電話會議交給 William，請他更詳細回顧我們第二季的財務表現。William？

Thank you, Guillermo. Please turn to Slide 9. Second quarter sales were $482 million, up 1% year-over-year, reflecting resilient demand conditions across much of the portfolio. Volumes were relatively stable overall with growth in Personal Care offsetting softness in Intermediates, while Life Sciences delivered steady performance.

謝謝你，Guillermo。請翻到投影片第 9 頁。第二季銷售額為 4.82 億美元，年對年成長 1%，反映我們多數產品組合的需求條件具韌性。整體銷量相對穩定，個人護理的成長抵銷了中間體的疲弱，而生命科學維持穩健表現。

Pricing declined modestly year-over-year, primarily reflecting carryover impacts from prior period pricing actions supporting targeted share gain activity generally across the segments. Foreign exchange was a meaningful tailwind, contributing approximately $16 million or 3% to reported sales.

定價年對年小幅下滑，主要反映前期定價措施的遞延影響；這些措施普遍用於支持各事業群的目標性市占提升活動。外匯是顯著的順風因素，對報告銷售額貢獻約 1,600 萬美元或 3%。

Adjusted EBITDA was $98 million, down 9% year-over-year, reflecting approximately $10 million of previously disclosed temporary impacts, including the Calvert City start-up delay and weather-related operational disruptions during the quarter.

調整後 EBITDA 為 9,800 萬美元，年對年下降 9%，反映約 1,000 萬美元先前已揭露的暫時性影響，包括 Calvert City 啟動延遲以及本季與天候相關的營運中斷。

Excluding these discrete items, underlying performance reflected softer pricing, offset by disciplined cost control and foreign exchange benefits, consistent with the resilience we are seeing across the portfolio. As previously discussed, Calvert City impacted results in the second quarter. Repairs are now complete and the facility is back online.

排除這些一次性項目後，基礎表現反映較疲弱的定價，但被嚴格的成本控管與外匯效益所抵銷，與我們在整體產品組合中看到的韌性一致。如先前所述，Calvert City 對第二季結果造成影響。目前維修已完成，該設施已重新上線。

Adjusted EBITDA margin was approximately 20%, down 220 basis points year-over-year, largely reflecting these temporary operational disruptions. Adjusted EPS, excluding intangible amortization, was $0.91, down 8% year-over-year, consistent with the EBITDA decline. Cash generation and conversion was notable strength in the quarter.

調整後 EBITDA 利潤率約為 20%，年對年下降 220 個基點，主要反映這些暫時性的營運中斷。調整後 EPS（不含無形資產攤銷）為 0.91 美元，年對年下降 8%，與 EBITDA 下滑一致。本季的現金創造與轉換表現是顯著強項。

Cash flow provided by operating activities totaled $50 million, up from $9 million in the prior year, driven by disciplined working capital management, including meaningful inventory reductions. Ongoing free cash flow was $29 million, representing solid conversion driven by working capital improvements and reduced capital expenditures.

營運活動提供的現金流合計 5,000 萬美元，高於去年同期的 900 萬美元，主要由嚴格的營運資金管理所帶動，包括顯著的庫存降低。持續性自由現金流為 2,900 萬美元，反映在營運資金改善與資本支出降低帶動下的良好轉換。

We ended the quarter with total available liquidity of approximately $939 million and net debt just over $1 billion, resulting in net leverage of roughly 2.7 times. The balance sheet remains strong, providing flexibility to support operations, invest in strategic priorities and maintain disciplined capital allocation.

本季末我們的可用總流動性約為 9.39 億美元，淨負債略高於 10 億美元，使淨槓桿約為 2.7 倍。資產負債表仍然強健，提供彈性以支持營運、投資策略優先事項，並維持審慎的資本配置。

With that, I'll turn the call over to our business unit leaders for a closer look at segment performance. Alessandra, over to you for Life Sciences.

接下來，我將把電話會議交給各事業單位主管，進一步說明各事業部門的表現。Alessandra，請你接續介紹生命科學。

Thank you, William. Good morning, everyone. Please turn to Slide 10 for Life Sciences. Life Sciences sales were $172 million, flat year-over-year. Results reflect resilient pharmaceutical demand, partially offset by softness in select non-pharma end markets and modest pricing pressure.

謝謝你，William。各位早安。請翻到投影片第10頁，生命科學。生命科學銷售額為1.72億美元，與去年同期持平。結果反映藥品需求具韌性，但部分被特定非藥品終端市場的疲弱以及溫和的價格壓力所抵銷。

Pharma delivered low single-digit growth for a fourth consecutive quarter supported by strength across differentiated cellulose excipients, injectables and tablet coatings. Outside of pharma, nutrition and other non-pharma markets remained softer, reflecting customer order timing rather than underlying market deterioration.

在差異化纖維素賦形劑、注射劑以及錠劑包衣等產品的帶動下，製藥業務連續第四個季度實現低個位數成長。在製藥以外，營養與其他非藥品市場仍較疲弱，主要反映客戶下單時點，而非基本市場惡化。

Pricing declined modestly year-over-year, largely reflecting carryover impacts from prior period actions while remaining stable sequentially. Foreign exchange contributed approximately $6 million to sales during the quarter. Looking at our globalized initiatives, Injectables continued delivering quarter-over-quarter growth with a record second quarter results.

價格較去年同期小幅下滑，主要反映前期措施的遞延影響，但環比保持穩定。本季外匯對銷售額貢獻約600萬美元。就我們的全球化計畫而言，注射劑業務持續實現季對季成長，第二季創下歷史新高。

Positive lead indicators on sales pipeline, new product uptake and new orders signal continued growth momentum in this high-margin segment. Coatings continued its double-digit growth trajectory versus prior year, fueling capacity release initiatives.

銷售管線、新產品導入與新訂單等正向領先指標，顯示此高毛利事業部仍具持續成長動能。包衣業務相較去年同期維持雙位數成長軌跡，推動產能釋放相關計畫。

Turning to innovation. Growth was supported by expanding adoption of low nitride oral solid dosage excipients and high-purity injectable and bioprocessing products. New product success in this segment reinforced Echelon's differentiation in regulated, high value markets fully aligned with our growth strategy.

接著談創新。成長主要來自低亞硝酸鹽口服固體劑型賦形劑，以及高純度注射用與生物製程產品的採用擴大。此事業部的新產品成功，強化了Echelon在受監管、高價值市場的差異化優勢，並與我們的成長策略完全一致。

Looking ahead, we have positioned the second half of the year for multiple new product launches across oral solid dose injectables and Crop Care, supporting sustained growth and portfolio renewal. These initiatives continue to reinforce portfolio differentiation and long-term growth opportunities. Turning to profitability.

展望未來，我們已為下半年在口服固體劑型、注射劑以及作物照護（Crop Care）等領域推出多項新產品做好布局，以支持持續成長與產品組合更新。這些計畫持續強化產品組合差異化與長期成長機會。接著談獲利能力。

Adjusted EBITDA was $50 million, down 11% year-over-year. Adjusted EBITDA margin was 29%, reflecting the combined impact of modestly lower pricing and higher costs, including approximately $5 million of weather-related disruption and Calvert City start-up delays during the quarter. These headwinds were partially offset by favorable mix, disciplined execution and foreign exchange, which contributed approximately $3 million to EBITDA.

調整後EBITDA為5,000萬美元，較去年同期下降11%。調整後EBITDA利潤率為29%，反映價格小幅下滑與成本上升的綜合影響，其中包括本季約500萬美元的天候相關干擾以及Calvert City啟動延遲。上述逆風部分被有利的產品組合、嚴謹的執行與外匯所抵銷；外匯對EBITDA貢獻約300萬美元。

Importantly, underlying pharma demand remains resilient and recently announced pricing actions are now being implemented across the portfolio. Life Sciences continues to benefit from durable end market fundamentals, strong customer engagement and sustained momentum across our Innovate and globalized pillars.

重要的是，製藥端的基本需求仍具韌性，且近期宣布的價格措施目前正於整體產品組合中落實。生命科學持續受惠於穩健的終端市場基本面、強勁的客戶互動，以及我們「創新」與「全球化」兩大支柱的持續動能。

Please turn to Slide 11 for Intermediates.

請翻到投影片第11頁，中間體（Intermediates）。

Intermediates operated in a challenging but stable trough market environment, consistent with expectations entering fiscal year 2026. Demand conditions remain stable with sales and pricing at trough levels across the BDO value chain. Sales were $35 million, down 5% year-over-year, reflecting continued pressure across the BDO value chain and commercial and operating impacts related to the Calvert City outage.

中間體在具挑戰但穩定的谷底市場環境中運作，符合我們進入2026會計年度時的預期。需求狀況仍然穩定，BDO價值鏈各環節的銷售與價格皆處於谷底水準。銷售額為3,500萬美元，較去年同期下降5%，反映BDO價值鏈持續承壓，以及Calvert City停機對商務與營運造成的影響。

Merchant sales were $26 million compared to $27 million last year as our relatively steady volumes were partially offset by modest pricing pressure and disciplined commercial actions, including controlled merchant activity. Captive BDO sales were down approximately $1 million year-over-year, primarily reflecting the Calvert City impacts during the quarter.

對外（merchant）銷售為2,600萬美元，去年同期為2,700萬美元；我們相對穩定的出貨量部分被溫和的價格壓力與嚴謹的商務措施所抵銷，包括對對外交易活動的控管。自用（captive）BDO銷售較去年同期約減少100萬美元，主要反映本季Calvert City的影響。

Foreign exchange provided a modest $1 million benefit to sales in the quarter. Turning to profitability. Adjusted EBITDA was $5 million, up from $2 million in the prior year quarter. The improvement reflected disciplined cost management and favorable manufacturing input actions, which more than offset Calvert City-related impacts and ongoing pressure across the BDO value chain.

外匯在本季對銷售額帶來約100萬美元的小幅助益。接著談獲利能力。調整後EBITDA為500萬美元，高於去年同期的200萬美元。改善主要來自嚴謹的成本管理與有利的製造投入項目措施，足以抵銷Calvert City相關影響以及BDO價值鏈持續承壓。

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

接下來我將把電話會議交給Jim，說明個人護理（Personal Care）。

Thank you, Alessandra. I'll now highlight our Personal Care results.

謝謝你，Alessandra。接下來我將重點說明我們個人護理的表現。

Please turn to Slide 12 for Personal Care.

請翻到投影片第12頁，個人護理。

Personal Care delivered resilient results, supported by broad-based demand and strong execution across the portfolio. Sales were $150 million, up 3% year-over-year or 4% on a comparable basis, driven by growth across all three business lines. Biofunctional actives delivered another quarter of double-digit growth, supported by continued adoption of Collapeptyl and customer expansions across Europe and North America.

個人護理交出具韌性的成果，受惠於廣泛的需求基礎以及全產品組合的強勁執行。銷售額為1.50億美元，較去年同期成長3%；以可比基礎計算成長4%，主要由三大業務線全面成長所帶動。生物功能性活性成分（Biofunctional Actives）再度實現雙位數成長，受惠於Collapeptyl持續被採用，以及歐洲與北美客戶擴張。

Microbial Protection delivered robust growth across the portfolio and geographies, driven by new customer wins and continued share expansion. Within Care Ingredients, the portfolio remained resilient with strong growth across hair and skin care categories, particularly in Asia Pacific and Latin America.

微生物防護（Microbial Protection）在全產品組合與各地區皆呈現強勁成長，主要由新客戶贏單與市占持續擴大所驅動。在護理成分（Care Ingredients）方面，產品組合維持韌性，髮品與護膚品類別成長強勁，尤其在亞太與拉丁美洲。

Previously reported customer-specific outages from the prior quarter have now returned to more normalized levels. Foreign exchange contributed approximately $5 million to sales during the quarter.

先前所提及、上一季客戶特定的停機情況，目前已回到較正常的水準。本季外匯對銷售額貢獻約500萬美元。

Turning to innovation. Biofunctional Actives recently launched Eternight, our 2026 flagship ingredient. Eternight targets key skin longevity markers and was recognized with an industry award at the In-Cosmetics Global event earlier this month.

接著談創新。生物功能性活性成分近期推出Eternight，為我們2026年的旗艦成分。Eternight鎖定肌膚長壽（skin longevity）的關鍵指標，並於本月稍早的In-Cosmetics Global活動中獲得產業獎項肯定。

Care Ingredients launched a new hair care conditioning polymer from our Guar technology, which is already gaining customer adoption. Overall, Personal Care continues to benefit from strong momentum across our globalized and innovate platforms, reinforcing growth in consumer-focused applications.

護理成分推出一款源自我們瓜爾膠（Guar）技術的新型護髮潤絲聚合物，已開始獲得客戶採用。整體而言，個人護理持續受惠於我們全球化與創新平台的強勁動能，強化在消費者導向應用的成長。

Turning to profitability. Adjusted EBITDA was $43 million compared to $44 million in the prior year quarter. The slight decline was driven by operational outages from weather-related events, which were predominantly offset by volume growth and mix.

接著談獲利能力。調整後EBITDA為4,300萬美元，去年同期為4,400萬美元。小幅下滑主要由天候相關事件造成的營運停機所致，但大多被銷量成長與產品組合所抵銷。

Adjusted EBITDA margin was approximately 29%, demonstrating the strength of the portfolio and benefit of ongoing commercial and productivity efforts. Foreign exchange contributed approximately $2 million to EBITDA.

調整後EBITDA利潤率約為29%，展現產品組合的實力以及持續商務與生產力提升措施的效益。外匯對EBITDA貢獻約200萬美元。

In summary, Personal Care delivered robust sales growth across all three business lines, demonstrating strong margin resilience, disciplined execution and meaningful progress across its innovate and globalize initiatives.

總結來說，個人護理在三大業務線皆實現強勁的銷售成長，展現優異的利潤率韌性、嚴謹的執行力，並在其創新與全球化計畫上取得實質進展。

With that, I'll turn the call over to Dago to review the results of Specialty Additives.

接下來我將把電話會議交給Dago，回顧特殊添加劑（Specialty Additives）的表現。

Thank you, Jim.

謝謝你，Jim。

Please turn to Slide 13.

請翻到投影片第13頁。

Specialty Additives operated in a mixed demand environment during the second quarter with performance varying by end market and region. Overall results reflected disciplined commercial execution with targeted pricing actions supporting share gains and specific operational headwinds.

特殊添加劑在第二季處於需求分化的環境中運作，表現因終端市場與地區而異。整體結果反映嚴謹的商務執行；透過具針對性的定價措施支持市占提升，同時亦面臨特定的營運逆風。

Sales were $134 million, flat year over-year as volume growth for the second consecutive quarter was largely offset by softer pricing and the lapping of a difficult prior year comparison following share losses in China.

銷售額為1.34億美元，與去年同期持平；連續第二季的銷量成長大致被較疲弱的價格，以及在中國因市占流失而造成去年同期比較基期偏低的影響（lapped）所抵銷。

Breaking down the segments, Architectural Coatings returned to year-over-year growth, supported by share gains and new product traction. Volume trends improved relative to prior quarters as commercial initiatives gained momentum, while underlying demand remained generally flat with continued regional variability.

分項來看，建築塗料（Architectural Coatings）在市占提升與新產品推進的帶動下，重回年對年成長。隨著商務計畫動能增強，銷量趨勢較前幾季改善；但基本需求整體仍大致持平，且區域差異仍在。

Construction volumes were lower, reflecting deliberate portfolio mix management actions associated with network optimization and relative muted end market demand. Other end markets were mixed with volumes growth in Performance Specialties offset by softer energy demand tied to customer-specific impacts in the Middle East.

建築施工（Construction）銷量較低，反映與網路優化相關、我們有意進行的產品組合結構管理措施，以及終端市場需求相對偏弱。其他終端市場表現分化：性能特種（Performance Specialties）銷量成長，但被能源需求轉弱所抵銷，該轉弱與中東某些客戶特定因素相關。

Pricing declined modestly year-over-year, reflecting targeted share gain opportunities. Foreign exchange contributed approximately $4 million to reported sales.

價格較去年同期小幅下滑，反映針對市占提升機會所採取的定價策略。外匯對報告銷售額貢獻約400萬美元。

Turning to profitability. Adjusted EBITDA was $16 million, down from $26 million in the prior year quarter. Adjusted EBITDA margin was 11.9%, reflecting softer pricing and higher manufacturing-related costs, including approximately $2 million from weather-related disruptions, a discrete bad debt reserve related to a Middle East energy customer as well as productivity challenges associated with the Hopewell scale-up, notably regarding the HEC scale-up.

接著談獲利能力。調整後EBITDA為1,600萬美元，低於去年同期的2,600萬美元。調整後EBITDA利潤率為11.9%，反映價格較疲弱與製造相關成本上升，其中包括約200萬美元的天候相關干擾、與一位中東能源客戶相關的一次性呆帳準備，以及Hopewell擴產爬坡帶來的生產力挑戰，尤其是HEC擴產爬坡方面。

Product quality and customer service levels have been maintained and achieving profitable scale remains a key operational focus. While near-term performance has been impacted, these actions are expected to enhance long term reliability and cost efficiency across our cellulosics network.

產品品質與客戶服務水準已維持不變，而達成具獲利能力的規模仍是關鍵的營運重點。儘管短期表現受到影響，預期這些行動將提升我們纖維素網路的長期可靠性與成本效率。

All other sites continue to operate reliably and our global network supported uninterrupted customer supply. Overall, the focus remains on targeted actions to improve operational performance, strengthen cost control and advance differentiation across the applications, positioning the business to benefit as market conditions normalize.

其他所有據點仍持續穩定運作，我們的全球網路也支持客戶供應不中斷。整體而言，重點仍在於採取具針對性的行動以改善營運績效、強化成本控管，並推進各應用領域的差異化，使業務在市場狀況正常化時得以受惠。

With that, I'll turn the call back to William.

接下來，我把電話交回給 William。

Thanks, Dago.

謝謝你，Dago。

Please turn to Slide 15.

請翻到第 15 張投影片。

Given recent geopolitical developments in the Middle East, I want to briefly highlight how Ashland is positioned in this environment. Starting with exposure. Ashland's direct exposure is limited and manageable. The Middle East and North Africa represent approximately 5% of total sales, largely concentrated in Turkey and Egypt, and we have no manufacturing footprint in the region, which significantly reduces operational risk.

鑑於近期中東地緣政治局勢的發展，我想簡要說明 Ashland 在此環境下的定位。先從曝險談起。Ashland 的直接曝險有限且可控。中東與北非約占總銷售額的 5%，主要集中在土耳其與埃及，且我們在該地區沒有製造據點，這大幅降低了營運風險。

From a cost perspective, Ashland is structurally advantaged. We are less reliant on petrochemical and energy-intensive feedstocks across our portfolio. Energy-intensive inputs represent roughly 15% of sales with the majority sourced from North America, supporting lower cost volatility and more resilient margins as energy prices fluctuate.

從成本角度來看，Ashland 具備結構性優勢。在我們的產品組合中，對石化與高耗能原料的依賴較低。高耗能投入約占銷售額的 15%，且多數來源於北美，有助於降低成本波動，並在能源價格波動時維持更具韌性的利潤率。

The team is advancing pricing actions to address cost escalation. And given the additives represent a relatively small share of our customers' overall cost structure, we expect to be able to recover these increases.

團隊正推進定價措施以因應成本上升。且由於添加劑在客戶整體成本結構中占比相對較小，我們預期能夠回收這些漲幅。

From a demand standpoint, visibility remains solid, supported by a strong order book and a portfolio concentrated in resilient consumer-facing end markets, including Pharma and Personal Care.

從需求面來看，在強勁訂單簿的支撐下，可視性仍然穩健；同時，我們的產品組合集中於具韌性的消費端終端市場，包括製藥與個人護理。

Finally, based on prior dislocations, we expect security of supply to become increasingly important to our customers. Ongoing geopolitical disruptions, antidumping actions and reassessments of single region sourcing are reinforcing the value of reliable diversified supply chains, positioning Ashland as a preferred partner for critical applications.

最後，基於過往供應鏈失衡的經驗，我們預期供應安全將對客戶愈發重要。持續的地緣政治干擾、反傾銷措施以及對單一地區採購的重新評估，正強化可靠且多元化供應鏈的價值，使 Ashland 在關鍵應用領域成為首選合作夥伴。

Taken together, while the environment remains dynamic, Ashland's limited exposure, advantaged cost structure, resilient demand profile and supply chain reliability position us well to manage volatility.

綜合而言，儘管環境仍具動態變化，Ashland 的有限曝險、具優勢的成本結構、具韌性的需求輪廓與供應鏈可靠性，使我們能妥善管理波動。

Please turn to Slide 16.

請翻到第 16 張投影片。

I'd like to spend a few minutes on our execute agenda with a specific focus on manufacturing, including the challenges we encountered at Hopewell, our progress across the broader commitment and how this ties to our longer-term cost savings targets.

我想用幾分鐘談談我們的「執行」議程，特別聚焦於製造端，包括我們在 Hopewell 遭遇的挑戰、在更廣泛承諾上的進展，以及這如何連結到我們較長期的成本節省目標。

Starting with Hopewell. Our HEC scale-up has progressed more slowly than planned, which impacted second quarter performance. As Dago mentioned, our product quality and customer service have been maintained.

先從 Hopewell 談起。我們的 HEC 擴產進度較原計畫緩慢，影響了第二季表現。如 Dago 所提，我們已維持產品品質與客戶服務。

However, productivity, yield and cost performance did not ramp as expected. These challenges are execution related and internal, and we have taken targeted actions to address them, including tightening operating discipline, increasing leadership focus on the site and advancing specific technical work streams.

然而，生產力、良率與成本表現未如預期提升。這些挑戰與執行相關且屬內部因素，我們已採取具針對性的行動加以改善，包括強化營運紀律、提高管理層對該廠的關注度，以及推進特定技術工作流。

While productivity has been below expectations, results have stabilized, and we are seeing sequential improvement. We continue to take targeted actions, though the financial benefits will take time to flow through the results.

雖然生產力低於預期，但結果已趨於穩定，且我們看到逐季改善。我們將持續採取具針對性的行動，但財務效益需要時間才能反映在結果中。

Importantly, the issues at Hopewell do not change the strategic rationale for the consolidation. The site remains critical to simplifying the network and lowering the structural cost base of our cellulosics platform. Outside of Hopewell, manufacturing optimization efforts continue to progress in line with expectations.

重要的是，Hopewell 的問題不會改變整併的策略理由。該據點仍是簡化網路並降低我們纖維素平台結構性成本基礎的關鍵。除 Hopewell 之外，製造優化工作仍按預期推進。

VP&D and small plant consolidation initiatives remain on track with benefits weighted towards the second half of fiscal 2026. As a result of timing delays at Hopewell, our fiscal 2026 manufacturing optimization benefit has been reduced by approximately $10 million to $12 million.

VP&D 與小型工廠整併計畫仍按軌道進行，其效益將主要集中在 2026 會計年度下半年。由於 Hopewell 的時程延遲，我們 2026 會計年度的製造優化效益已下調約 1,000 萬至 1,200 萬美元。

That reflects delayed realization, not a reduction in the underlying opportunity. Stepping back, our longer-term manufacturing optimization targets remain intact. We continue to expect $50 million to $55 million of sustainable annual cost savings with an opportunity to reach approximately $60 million as China volumes recover.

這反映的是實現時點延後，而非底層機會縮減。從更宏觀角度看，我們較長期的製造優化目標仍維持不變。我們仍預期可實現每年 5,000 萬至 5,500 萬美元的可持續成本節省，且隨著中國銷量回升，有機會達到約 6,000 萬美元。

Execute remains a core pillar of our strategy, focused on simplifying the footprint, improving reliability and strengthening cost competitiveness. While near-term execution has been uneven, the actions underway are designed to ensure we deliver the full value of the program over time.

「執行」仍是我們策略的核心支柱，聚焦於簡化據點版圖、提升可靠性並強化成本競爭力。儘管短期執行表現不均衡，正在推進的行動旨在確保我們隨時間交付該計畫的全部價值。

I'll address how this translates into our outlook and expectations for the remainder of fiscal 2026 in a moment.

稍後我會說明這如何轉化為我們對 2026 會計年度剩餘期間的展望與預期。

Please turn to Slide 17.

請翻到第 17 張投影片。

I'd now like to briefly update you on the progress across our globalized and innovate platforms. Starting with Globalize. Performance has accelerated year-over-year with incremental contribution increasing approximately $8 million to $11 million fiscal year-to date.

接下來我想簡要更新我們在 Globalize 與 Innovate 平台上的進展。先談 Globalize。其表現年增加速，2026 會計年度迄今的增量貢獻增加約 800 萬至 1,100 萬美元。

Globalized businesses delivered double-digit year-over-year growth in the quarter and incremental sales are ahead of plan to date, reflecting continued traction from prior investments across our regions. Turning to Innovate, momentum has been even stronger. Innovate has already exceeded its full year target after just two quarters, reflecting accelerated commercialization across the portfolio.

Globalize 業務在本季實現年增雙位數成長，且迄今增量銷售超前計畫，反映我們先前在各區域投資所帶來的持續成效。再看 Innovate，其動能更為強勁。Innovate 在僅兩個季度後就已超越全年目標，反映產品組合的商業化進程加速。

Performance has been supported by continued strength in high-purity pharma excipients with emerging contribution from GLP-1-related applications. In the quarter, Innovate delivered approximately $10 million of incremental sales, taking us past our original $15 million full year target. This reflects the strength and depth of our innovation pipeline, particularly in pharma cellulosics, as well as successful new product introductions across other parts of the portfolio.

表現受高純度製藥賦形劑的持續強勁所支撐，並開始出現與 GLP-1 相關應用的新興貢獻。本季 Innovate 帶來約 1,000 萬美元的增量銷售，使我們超越原先 1,500 萬美元的全年目標。這反映我們創新管線的強度與深度，特別是在製藥用纖維素領域，以及在產品組合其他部分成功推出新產品。

Based on the progress to date, strong executions across both platforms reinforce our confidence in delivering our fiscal 2026 $35 million combined revenue commitment from Globalize and Innovate.

基於迄今進展，兩大平台的強勁執行進一步強化我們對於在 2026 會計年度達成 Globalize 與 Innovate 合計 3,500 萬美元營收承諾的信心。

Please turn to Slide 18.

請翻到第 18 張投影片。

I'll now walk you through our updated fiscal 2026 outlook, which reflects current operating conditions and a prudent view on near-term execution while maintaining confidence in the underlying strength of the portfolio.

接下來我將說明我們更新後的 2026 會計年度展望；該展望反映目前營運狀況，並對短期執行採取審慎看法，同時維持對產品組合內在強度的信心。

For fiscal 2026, we are updating our guidance as follows; For sales, $1.835 billion to $1.870 billion and adjusted EBITDA of $385 million to $400 million. We also expect adjusted EPS growth to be mid-single to high single-digit growth and ongoing free cash flow conversion of approximately 50% of adjusted EBITDA.

針對 2026 會計年度，我們更新指引如下：銷售額為 18.35 億至 18.70 億美元，調整後 EBITDA 為 3.85 億至 4.00 億美元。我們亦預期調整後 EPS 成長為中個位數至高個位數，且持續的自由現金流轉換率約為調整後 EBITDA 的 50%。

The updated outlook reflects softer energy-related demand tied to the Middle East conflict, reduced EV-driven demand and slower-than-anticipated productivity at Hopewell. This is partially offset by resilient demand in core end markets, ongoing price actions and continued growth across our globalized and innovate platforms.

更新後的展望反映：受中東衝突影響、與能源相關的需求轉弱；電動車帶動的需求降低；以及 Hopewell 生產力提升速度慢於預期。上述影響部分被核心終端市場的具韌性需求、持續的價格措施，以及我們 Globalize 與 Innovate 平台的持續成長所抵銷。

In addition, key assumptions underlying the outlook include Life Sciences and Personal Care are expected to remain resilient, supported by stable end market fundamentals, continued portfolio progress and encouraging early third quarter demand trends.

此外，展望的關鍵假設包括：生命科學與個人護理預期將維持韌性，受穩定的終端市場基本面、持續的產品組合進展，以及第三季初期需求趨勢令人鼓舞所支撐。

Specialty Additives and Intermediates markets remain stable at trough levels with any recovery in Coatings expected to be gradual and regionally uneven. Raw material and logistics costs are trending higher, reflecting geopolitical-driven volatility, although recent pricing actions are expected to offset these impacts. Performance remains second half weighted, consistent with historical seasonality.

特用添加劑與中間體市場在谷底水準維持穩定，塗料市場的任何復甦預期將是漸進式且各地區不均。原物料與物流成本呈上升趨勢，反映地緣政治驅動的波動性；不過，近期的定價措施預期可抵銷這些影響。表現仍以下半年為主，符合歷史季節性。

Given these factors, we believe it is appropriate to remain prudent while continuing to manage production, inventory and free cash flow with discipline.

基於上述因素，我們認為在持續以紀律管理生產、庫存與自由現金流的同時，保持審慎是適當的。

With that, I'll now turn the call back to Guillermo to discuss our technology platforms and share some closing thoughts before we open the call for questions. Guillermo?

接下來，我把電話交回給 Guillermo，請他談談我們的技術平台，並在開放提問前分享一些結語。Guillermo？

Thank you, William. Innovation remains a core driver of Ashland's long-term value creation and the progress we're seeing in fiscal 2026 reinforces the strength of our pipeline.

謝謝你，William。創新仍是 Ashland 長期價值創造的核心驅動力，而我們在 2026 會計年度看到的進展進一步印證了我們管線的實力。

Slide 19 highlights three innovation platforms that demonstrate how we are translating science into scalable, differentiated growth opportunities across multiple end markets. Importantly, these are scalable technology foundations supported by customer collaboration, regulatory progress and clear paths to commercialization.

第19張投影片重點介紹三個創新平台，展示我們如何將科學轉化為可規模化、具差異化的成長機會，涵蓋多個終端市場。重要的是，這些是可擴展的技術基礎，並由客戶協作、法規進展以及清晰的商業化路徑所支撐。

Starting with transformed vegetable oil. This platform continues to move towards early commercialization. Customer trials are progressing in crop care, regulatory milestones are being achieved and TVO-based solutions are expanding into Personal Care, Coatings andIindustrial applications.

首先是轉化植物油。此平台持續朝向早期商業化推進。客戶試用在作物照護領域持續進展、法規里程碑正逐步達成，且以TVO為基礎的解決方案正擴展至個人護理、塗料及工業應用。

Turning to super wetting agentscustomer feedback remains strong, particularly in Personal Care. Originally developed within Specialty Additives, this PFAS-free, silicon-free technology is expanding across multiple end markets.

接著談到超潤濕劑，客戶回饋依然強勁，尤其是在個人護理領域。這項最初在特用添加劑部門開發的無PFAS、無矽技術，正擴展至多個終端市場。

Finally, bioresorbable polymers continue to gain momentum across high-value medical applications, including long-acting injectables and medical devices. Beyond these platforms, we continue to advance adjacent innovation programs acrossPersonal Care and Coatings, including new multifunctional starches, pH neutralizers and next-generation rheology solutions with multiple global launches planned in fiscal 2026 and early regulatory progress supporting broader commercialization.

最後，可生物吸收聚合物在高價值醫療應用上持續累積動能，包括長效注射劑與醫療器材。除這些平台外，我們也持續推進個人護理與塗料等相鄰創新計畫，包括新型多功能澱粉、pH中和劑與下一代流變解決方案；多項全球上市計畫預定於2026財年進行，且早期法規進展正支持更廣泛的商業化。

Taken together, these platforms demonstrate Ashland's ability to translate science into scalable growth, combining strong technical capabilities, global manufacturing expansion and deep customer relationships to support value creation over time.

綜合而言，這些平台展現Ashland將科學轉化為可規模化成長的能力，結合強大的技術能力、全球製造擴張與深厚的客戶關係，以支持長期價值創造。

Please turn to Slide 20.

請翻到第20張投影片。

As we look ahead, I want to briefly outline the leadership priorities guiding our actions as we strengthen the foundation of the business and position Ashland for sustained performance beyond 2026. Our full year expectations reflect both the underlying strength of our portfolio and the reality that our operating performance this year has fallen short of our standard.

展望未來，我想簡要說明在我們強化業務基礎、並讓Ashland在2026年之後仍能維持長期表現時，所採取行動的領導層優先事項。我們對全年預期同時反映了投資組合的內在強韌性，也反映了今年營運表現未達我們標準的現實。

While the market environment remains mixed, the fundamentals of the business continue to provide resilience.

儘管市場環境仍然好壞參半，業務基本面仍持續提供韌性。

Performance in the second quarter was impacted by specific internal manufacturing challenges. These issues are disappointing, but they are internal and within our control and addressing them is a top priority for the leadership team.

第二季的表現受到特定內部製造挑戰的影響。這些問題令人失望，但它們屬於內部且在我們可控範圍內；解決這些問題是領導團隊的首要任務。

We are making targeted disciplined actions to improve operational reliability, cost performance and consistency of execution.

我們正採取有針對性且嚴謹的行動，以提升營運可靠性、成本表現與執行一致性。

At the same time, several elements of our strategy continue to progress. As William highlighted, innovation and globalize momentum remains strong. Cash generation and balance sheet discipline remains central supporting resilience in a volatile macro. Portfolio simplification and structural actions are strengthening the foundations for improved performance as execution stabilizes.

同時，我們策略中的多個要素仍在推進。如William所強調，創新與全球化的動能依然強勁。現金創造與資產負債表紀律仍是核心，有助於在波動的總體環境中維持韌性。投資組合簡化與結構性措施正在強化基礎，隨著執行趨於穩定，將帶動表現改善。

As we move forward, our priorities are clear: operate safely and reliably with a focus on consistent customer service, stabilize and improve manufacturing execution, execute pricing actions to offset raw material inflation while actively managing supply chain volatility to strengthen resilience, convert innovation momentum into commercial results using our global platforms.

展望未來，我們的優先事項很明確：安全且可靠地營運，聚焦一致的客戶服務；穩定並改善製造執行；採取定價行動以抵銷原物料通膨，同時積極管理供應鏈波動以強化韌性；並運用我們的全球平台，將創新動能轉化為商業成果。

Fiscal 2026 is a year of strengthening the foundation. While near-term manufacturing performance has fallen short of our expectation, the strategy remains sound and our actions are focused on restoring delivery against our commitments.

2026財年是強化基礎的一年。雖然近期製造表現未達我們預期，但策略仍然健全，我們的行動聚焦於恢復對承諾的交付。

With a more focused portfolio, resilient end markets and clear operational road map, we are positioned to manage near-term challenges while building towards improved performance in fiscal 2027.

在更聚焦的投資組合、具韌性的終端市場以及清晰的營運路線圖之下，我們有能力管理短期挑戰，同時為2027財年的表現改善奠定基礎。

I want to thank our Ashland employees for their continued commitment during a demanding period. And I thank our shareholders for their continued engagement and support. Operator, please open the line for Q&A.

我要感謝Ashland員工在艱鉅期間持續投入與承諾。也感謝股東持續的參與與支持。接線員，請開放Q&A提問。

Thank you. At this time, we will conduct the question-and-answer session. (Operator Instructions)

謝謝。現在我們將進行問答環節。(接線員指示)

Josh Spector, UBS.

UBS的Josh Spector。

Yes, hey, good morning. I was wondering if you could talk a little bit more about price/cost dynamics. I think from the prior energy cycles, you guys have been a bit more of a beneficiary because of some of your back integration and then it's just a matter of timing for pricing to catch up. But you've lowered your sales guidance for a couple of different reasons rather than raising it with higher pricing. So I'm curious if you could talk about that a bit more around how you expect that to play out in the second half or if that's a little bit more of a longer duration thing or if I'm just thinking about it in the wrong context here.

是的，嗨，早安。我想請你們再多談一點價格/成本的動態。我記得在先前的能源循環中，由於你們部分向上游整合，你們相對更受惠，接著就只是定價追上成本的時間差問題。但你們這次下調了銷售指引，原因有幾個，而不是因為更高的定價而上調。所以我想了解一下，你們預期這在下半年會如何發展？這會是更長期的現象嗎？還是我在這裡的理解脈絡有誤？

Thanks, Josh, for your question, a critical question in this environment. Let me answer first on pricing and then on how we adjusted some of the guidance. So first and foremost, on the pricing, we're moving. We've announced each business is executing on that, given cost differences in different regions. It's region by region, product line by product line that we're doing it.

謝謝你，Josh，你的問題很重要，在這樣的環境下尤其關鍵。我先回答定價，然後再說明我們如何調整部分指引。首先也是最重要的，關於定價，我們正在推進。我們已經宣布相關措施，各事業部也正依不同地區的成本差異來執行。我們是按地區、按產品線逐一推動。

Like in 2022, we're moving quickly. We're not a big part of the cost of our customers. We're not as petrochemical exposed so our increases overall to cover cost is not that significant. So the quicker we can move, get out of the way of our customers, they've got bigger problems that they need to address. That's our objective.

就像2022年一樣，我們行動很快。我們在客戶成本中占比不大。我們對石化的曝險較低，因此為了覆蓋成本所需的整體漲幅並不大。所以我們越快行動、越快讓客戶不必再為此分心，因為他們還有更大的問題需要處理。這就是我們的目標。

So we are moving at that, and we're already starting to get some of that benefit and will start flowing through this month and into the coming months. Also to clarify, we're moving both on price increases and surcharges. That depends on contracts, how we need to move. I think the market understands the dynamics.

因此我們正在推進，而且已經開始看到部分效益，並將在本月及接下來幾個月逐步反映出來。另外澄清一下，我們同時採取調漲價格與加收附加費。這取決於合約條款以及我們需要如何推動。我認為市場理解這些動態。

Obviously, you have to do the dance with customers on timing, magnitude and all that, but we're making very good progress. If you look at our guidance, I think it's a very uncertain environment right now with many things.

當然，你必須與客戶在時點、幅度等方面進行協調，但我們進展非常順利。如果你看我們的指引，我認為目前環境非常不確定，牽涉很多因素。

So our trim of the high end of the sales guidance was really more driven by things we know. Energy & Resources, it's not a big part of our overall exposure, but we do have some business in the Middle East, and we're seeing that coming down both in terms of sales.

因此，我們下修銷售指引上緣，主要是由我們已知的因素所驅動。能源與資源並非我們整體曝險中的大宗，但我們在中東確實有一些業務，而我們看到那邊的情況在走弱，銷售也在下滑。

Also, we had some credit issues, but we believe will recover later on. But right now, in this environment, I think it is having a little bit of impactand also, we're seeing a lot of delays in the EV projects for intermediates.

另外，我們也遇到一些信用問題，但我們相信之後會恢復。但在目前這樣的環境下，我認為確實帶來了一些影響；同時，我們也看到用於中間體的電動車（EV）專案出現許多延遲。

So that's basically what's driving it. On the pricing side, it is an upside. And we didn't put it up or factor that in, but there's still a lot of uncertainty in the macro market. And I think the biggest issues that we're looking at is will demand start picking up again in North America, for example, Coatings. North America and Europe, we're not seeing any improvementso we want to be prudent on thatso I would keep the pricing dynamic more of an upside in these numbers.

基本上就是這些因素在驅動。在定價方面，確實是上行因素。我們沒有把它上調或納入考量，但總體市場仍有很多不確定性。我認為我們正在關注的最大問題是，例如北美的需求是否會開始回升，像是塗料。在北美與歐洲，我們尚未看到任何改善，因此我們希望保持審慎；所以我會把定價動態視為這些數字中的一個上行因素。

Okay. That's helpful. Maybe just quickly within Life Sciences. I think you noted the downturn you saw in Nutrition and talked about customer order timing. And I know that's relatively small, but do you have visibility to that coming back? Because I think most of your comments broadly where demand was more resilient across Life Science and Personal Care, and that's kind of maybe one outlier to that dynamic.

好的。這很有幫助。也許再快速問一下生命科學（Life Sciences）方面。我想你提到在營養（Nutrition）看到下滑，並談到客戶下單時點。我知道那部分相對較小，但你們是否能掌握它回升的能見度？因為我覺得你們大多數的評論都指出生命科學與個人護理的需求相對更具韌性，而這似乎是其中一個較為例外的情況。

Yes. No, we're trying to be transparent on the specific segments. I'll ask Alessandra to comment. But overall, I would say Life Science and Personal Care are moving positively. We're not talking, for example, we've lapped all the things, but just to be clear, in the case of Personal Care, as an example, we did have some sales last year so the growth is actually a little bit stronger. So overall, all the segments are doing pretty well. But Alessandro, if you want to talk -- it's not a big issue.

是的。不，我們正試圖就特定細分市場保持透明。我會請 Alessandra 來評論。但整體而言，我會說生命科學與個人護理正朝正向發展。我們不是在說，例如，我們已經把所有因素都消化完了；但為了說清楚，以個人護理為例，我們去年確實有一些銷售，因此成長其實稍微更強一些。所以整體來看，所有細分市場表現都相當不錯。但 Alessandro，如果你想談——這不是什麼大問題。

Yes. Just talking a little bit about the non-pharma nutrition. So we have had, as we talked about, we have had recent wins and the ongoing commercial activity does support the growth that we are projecting for the third and fourth quarter. Josh, it is timing. There was some order timing on Nutrition, but we are confident on the wins that we're seeing and the commercial activity. It is just a timing, but we see the improving traction.

是的。稍微談一下非藥用營養。如同我們提到的，我們近期有一些勝出案（wins），而且持續的商業活動確實支撐我們對第三季與第四季所預估的成長。Josh，這是時點問題。營養業務的訂單時點有些差異，但我們對目前看到的勝出案與商業活動很有信心。只是時點問題，但我們看到動能正在改善。

Laurence Alexander, Jefferies.

Laurence Alexander，Jefferies。

Hey, good morning. This is Kevin Estock on for Laurence. Thank you for taking my question.

嗨，早安。我是 Kevin Estock，代 Laurence 發問。謝謝你們回答我的問題。

Just on your revised outlook, so $385 million to $400 million EBITDA, I guess, could you help frame what sort of what needs to go right from here to get to the top end of that range, maybe particularly around like operations and pricing realization?

關於你們修正後的展望，也就是 EBITDA 3.85 億到 4.00 億美元，我想請你們協助說明一下，從現在到年底要達到區間上緣，需要哪些事情進展順利？也許特別是營運面與價格落實（pricing realization）方面？

I think as we said in the other one, pricing is an upside. So the net impact of pricing and macro demand outlook and it's probably mostly in Specialty Additives and Intermediates. There is opportunity for some upside there. Those are the 2 big things, and we're just being prudent and conservative in terms of not including them at this time given the uncertainty. And we're listening to our customers. If you look at the Coatings customers in North America, Europe, everybody is being more prudent. So I think it's better to be prudent and perform on the upside if those markets get strength.

我想如同我們在另一題所說，定價是上行因素。所以定價的淨影響與總體需求展望，可能主要在特用添加劑與中間體。那裡有一些上行機會。這是兩個主要因素；但鑑於不確定性，我們目前採取審慎與保守作法，暫時不把它們納入。而且我們也在聽取客戶的聲音。如果你看北美與歐洲的塗料客戶，大家都更審慎。所以我認為保持審慎比較好；若那些市場轉強，我們就能在上行端交出表現。

Just to add a little bit more, as you think about the range on the guidance, it's mostly on the sales side. So as you look at the lower end of it, at the low single-digit year-over-year growth rate, most of that's driven by some of the activity on the pricing side, which, of course, then implies flattish volumes otherwise. But as you look on the higher end of it, it's closer to a 6% to 7% sales growth rate, and it's balanced across both volume and price. And as you look at the volume side, credit to the team, it's been a really strong start on the Globalize and Innovate, and we expect that to continue. So what gets you on the higher end is your delivery growth outside of the Global and Innovate.

再補充一點，當你看指引區間時，差異主要在銷售端。因此看區間下緣時，以年增低個位數成長率來看，其中多數是由定價端的一些活動所驅動，當然也意味著其他方面的量大致持平。但看區間上緣時，銷售成長率更接近 6% 到 7%，而且量與價兩者較為均衡。再看量的部分，要歸功於團隊，Globalize and Innovate 的開局非常強勁，我們預期會延續。所以能把你推到上緣的，是你在 Globalize and Innovate 之外的交付成長。

Jeffrey Zekauskas, JPMorgan.

Jeffrey Zekauskas，JPMorgan。

Thanks very much. If you total up all the onetime events in Specialty Additives in the quarter, how much was that? And do you expect Specialty Additives operating income to grow in the third quarter?

非常感謝。如果把本季特用添加劑（Specialty Additives）所有一次性事件加總，金額是多少？另外，你們預期第三季特用添加劑的營業利益會成長嗎？

So Jeff, two comments that I would say, in line with the question, but I'll broaden it a little bit. The bigger year-to-date impact was the Calvert City, which impacted all the business, mostly Life science and Personal Care. And that was equipment failure, downtime. It was just waiting to get the equipment delivered. It was just the lead times.

Jeff，我想就這個問題我有兩點評論，但我會稍微擴大一點。今年截至目前影響較大的，是 Calvert City，影響到所有業務，主要是生命科學與個人護理。那是設備故障、停機。基本上就是在等設備交付。主要是交期（lead times）問題。

There was nothing that we were doing in that period of time other than waiting. So it was more of an absorption impact, and that was the bigger impact for the full year. And obviously, we have a little bit of the weather and all that but focusing on Calvert and Hopewell.

那段期間我們沒有做別的事，就只是等待。所以影響更多是吸收（absorption）面的影響，而這也是全年影響較大的部分。當然也有一點天氣等因素，但先聚焦在 Calvert 與 Hopewell。

Calvert was the big one. That plant is back on stream and producing did impact sales per se, but a lot of absorption. We're moving back. Hopewell had some impact in this quarter, but it's really moving forward. Our production rates are not where we want them to be.

Calvert 是最大的那一項。那座工廠已恢復運轉並在生產；確實影響了銷售本身，但更多是吸收面的影響。我們正在回到正軌。Hopewell 在本季有一些影響，但確實正在往前推進。我們的產能利用／生產速率還沒有達到我們想要的水準。

So the plant is operating. Thebudget is above our expectation and the production rates. We're not producing at the rate we want. So again, from an absorption perspective, those are the big impacts. I would say between the two, I would say 20-ish, between the weather and Calvert on the front end and another $10-ish on the Hopewell in the back end, just to be very high level on some of those products.

所以工廠是在運作的。Thebudget 高於我們的預期以及生產速率。我們沒有以我們想要的速度在生產。因此同樣地，從吸收的角度來看，這些是主要影響。我會說兩者合計，大概 2,000 萬左右（包含前段的天氣與 Calvert），以及後段 Hopewell 另外約 1,000 萬左右；就某些產品非常高層次地估算是如此。

To be very clear, all the other areas are performing per our expectation. If - would have - should have - could have, but $30 million is an internal issue, does not reflect some of our overall core performance.

要非常清楚的是，其他所有領域都符合我們的預期在表現。如果——本來可以——應該會——也可能會，但這 3,000 萬美元是內部問題，並不反映我們整體核心表現。

So overall, this should have been a much better year. We're very frustrated, obviously, as everybody is on our operating performance, but those are internal things. We're working them.

所以整體而言，今年本來應該是更好的一年。顯然我們對營運表現非常挫折，大家都一樣，但那些是內部因素。我們正在處理。

As I said, Calvert is back online, and we already have the resources, the investments in place going on in Hopewell to get the productivity back in line. The other issue that I would point out in terms of our EBITDA impact is we are not planning to make significant inventory rebuild, okay?

如我所說，Calvert 已重新上線；而在 Hopewell，我們也已投入資源與投資，讓生產力回到應有水準。另外一個我想指出、就 EBITDA 影響而言的議題是：我們不打算進行大幅度的庫存回補，好嗎？

Given the uncertainty, we are focused right now on specific product lines. The Calvert City outage did help us bring down inventories and normalize them. There are specific products that we're going to build up. Similarly, with the HEC, we built up inventories for the Parlin transition, and that is coming. And we will build on specific product lines, but it's not a broad base.

鑑於不確定性，我們目前聚焦在特定產品線。Calvert City 的停機確實幫助我們降低並正常化庫存。有些特定產品我們會把庫存拉高。同樣地，針對 HEC，我們為了 Parlin 的轉換已建立庫存，而那個轉換即將到來。我們會在特定產品線上建庫，但不會是全面性的。

We feel very good of all the changes that we've made in the sense of timing. We've reduced the overall cost structure of the company. Parlin is out. We’ve reduced the operation of specific units in our BT&D network. All that has reduced our cost base and our need for absorption.

就我們在時點安排上所做的所有改變而言，我們感覺非常好。我們已降低公司的整體成本結構。Parlin 已退出。我們也降低了 BT&D 網路中某些單元的營運。這些都降低了我們的成本基礎以及對吸收的需求。

So that puts us in this uncertain environment in a better, more stable operating environment in terms of our normal production rates that we need to do. So these are specific plant issues that we're addressing at this moment.

因此在這個不確定的環境下，就我們需要達成的正常生產速率而言，這讓我們處於更好、更穩定的營運狀態。所以這些是我們此刻正在處理的特定工廠問題。

And Jeff, on the specific question around Specialty Additives operating income or EBITDA in the second half, a key piece of the Hopewell adjustment, right, the 10 million to 12 million that we cited material sits within Specialty Additives. So on that basis, I would expect Specialty Additives down year-over-year.

Jeff，針對你問到下半年特用添加劑營業利益或 EBITDA 的具體問題：Hopewell 調整的一個關鍵部分，也就是我們提到的 1,000 萬到 1,200 萬美元，其中相當一部分落在特用添加劑。因此基於這點，我預期特用添加劑將年減。

Okay. And then in the Intermediates and solvents area, there have been all of these different duties that have been placed on US producers and offshore producers in Europe. Does that affect you? And when you think about the EBIT or EBITDA generation of I&S, what's the trajectory from here? Are we going down or up or nobody can tell?

好的。另外在中間體與溶劑（Intermediates and solvents）領域，歐洲對美國生產商與離岸生產商加徵了各種不同的關稅／稅負。這會影響你們嗎？而當你們思考 I&S 的 EBIT 或 EBITDA 產出時，從現在起的走勢是什麼？是往下、往上，還是沒有人能說得準？

So Jeff, I would say two things. And I would split up our back integration, which is BDO related and the competitive dynamics.

所以，Jeff，我會說兩點。我會把我們的後向整合拆開來看：一部分是與BDO相關，另一部分是競爭態勢。

So BDO costs are increasing for China overall production. – We're in this business to support our VP&D back integration that should be favorable from a competitive environment perspective because the cost structure for Europe and Asia is going up. We're mostly US-based natural gas, butane based so we're in a good position. So that's favorable for the entire company.

因此，整體而言，中國的BDO成本正在上升。— 我們做這項業務是為了支援我們VP&D的後向整合；從競爭環境的角度來看，這應該是有利的，因為歐洲和亞洲的成本結構正在上升。我們主要以美國本土的天然氣、丁烷為原料，因此我們處於有利位置。所以這對整個公司都是有利的。

If you look at specifically Intermediates, we don't sell a lot of BDO. It's more the derivatives. We are seeing pricing. The business is operating stably in the trough, We’ve been in the trough now for several quarters, but it's stable. I think the issue right now is as price inflation comes, that will drive some improvements. Hopefully, given our lower cost structure, that will be an upside potential.

如果你特別看中間體業務，我們並不賣很多BDO。更多的是其衍生品。我們確實看到價格變化。該業務在谷底期仍維持穩定運作；我們已經在谷底好幾個季度了，但情況穩定。我認為目前的問題是，隨著價格通膨到來，將帶動一些改善。希望在我們較低的成本結構下，會有上行潛力。

Just today, Alessandro was mentioning the BDO numbers came up. So prices are increasing overall in the US, 5% to 6%. So there is good momentum to suppor but I don't know if you have anything else you would add, Alessandra.

就在今天，Alessandro提到BDO的數據上來了。所以美國整體價格正在上升，約5%到6%。因此有不錯的動能來支撐——但我不知道你是否還有其他要補充的，Alessandra。

Yes. No, that's right. We announced price increases this month we are implementing. And Guillermo, as you mentioned, right, the cost implications, US versus China are different.

是的。沒錯。我們已宣布本月要實施的漲價。而且Guillermo，如你所提，對吧，美國與中國的成本影響不同。

And we do see a market stabilization and less erosion from a pricing standpoint. Prices are have started to move up with the cost implications. But availability remains It's basically this market are different when we look at, when you compare to other markets that other segments, right, being impacted by the Middle East conflict.

我們確實看到市場趨於穩定，從定價角度來看，侵蝕減少。隨著成本影響，價格已開始上移。但供應可得性仍然——基本上，當我們把這個市場與其他市場、其他業務板塊相比時是不同的；其他板塊正受到中東衝突的影響。

So definitely, even though costs are going up, there's still a supply-demand dynamics and not a lot of impact from availability. The availability is not changing significantly in this market with the Middle East conflict.

所以可以肯定的是，即使成本上升，供需動態仍在，而且可得性方面影響不大。在這個市場中，中東衝突並未使供應可得性出現顯著變化。

So we are moving forward with prices increases, but of course, managing the supply-demand dynamics.

因此我們正推進漲價，但當然也在管理供需動態。

And Jeff, on the margin side, twe did slow down Lima as part of the Calvert City because obviously, that feeds into the Calvert City so we had to slow that down.

另外，Jeff，在毛利方面，我們確實放慢了Lima的產量，作為Calvert City的一部分，因為很明顯那邊供料到Calvert City，所以我們必須放慢。

So it did have an impact in terms of absorption. But all that is now normalizing with Calvert City picking up so the cost side should be more normalized as we move forward.

因此在吸收（固定成本吸收）方面確實有影響。但隨著Calvert City產量回升，這些現在都在正常化，所以往後成本端應該會更趨於正常。

Michael Sison, Wells Fargo.

Michael Sison，富國銀行。

Hey, good morning, guys. Just curious how you think about 2027, I know it's a little bit early to give any specific guidance. But just directionally, what the run rate should be? And what are the pushbacks that we should see next year?

嘿，各位早安。我只是好奇你們如何看待2027年；我知道現在給出任何具體指引還有點早。但就方向性而言，應該是什麼樣的運行水準（run rate）？以及明年我們應該會看到哪些阻力（pushbacks）？

So Mike, just high level and then, William, if you want to give other comments.

所以Mike，我先講高層次的看法；然後William，如果你想補充其他評論。

I mean we're not ready to talk about 2027, but just high level, what we're seeing right now. Obviously, macro uncertainty is what everybody questions. We don't have a crystal ball.

我的意思是，我們還沒準備好談2027年，但就目前我們看到的高層次情況而言。顯然，宏觀不確定性是大家都在質疑的。我們沒有水晶球。

But I would say if you look at this year, the business mix, we've done all the work. It is performing as we expected. All the businesses, obviously, Life Sciences and Personal Care on resilient so we would expect that to continue.

但我會說，如果你看今年的業務組合，我們已完成所有工作。它的表現符合我們的預期。所有業務——顯然，生命科學與個人護理具韌性，因此我們預期這會持續。

The Specialty Additives is stable. I think we're gaining volume, Coatings as an example, this year, we will get volume growth for the year, and that's about share and going back into the market. I feel very good about what Dago and the team is doing.

特用添加劑（Specialty Additives）是穩定的。我認為我們正在增加銷量；以塗料（Coatings）為例，今年我們全年將實現量的成長，這關乎市占，以及重新回到市場。我對Dago和團隊正在做的事情感到非常有信心。

The response now is much more high-end response in the market. We're launching a lot of products with different price points. So we're not just dropping price. We're giving customers, hey, choices on different price points of what we can do. We can be competitive. We can change cost performance so I feel SA is well positioned to continue to drive share gain.

目前市場上的回應更偏向高端。我們正在推出許多不同價位的產品。所以我們不只是降價。我們是在給客戶選擇：我們能提供不同價位的方案。我們可以具競爭力。我們可以改變成本/性能表現，因此我覺得SA已處於良好位置，可持續推動市占提升。

And obviously, the expectation is more the question would be is North America and Europe going to start to improve. We don't see China improving a lot in the foreseeable future in terms of macro demand in the construction side.

而且很明顯，更多的預期——問題在於北美與歐洲是否會開始改善。就建築端的宏觀需求而言，我們看不到中國在可預見的未來會有太多改善。

We've streamlined the manufacturing. I'll repeat it, this has been a challenging year of internal operating issues, but our cost structure, the footprint changes, all those things make us stronger, more competitive and we have a lower cost base.

我們已精簡製造體系。我再重申一次：今年在內部營運問題上是具挑戰的一年，但我們的成本結構、產能版圖調整等所有這些事情，讓我們更強、更具競爭力，而且我們有更低的成本基礎。

So that should continue taking out a lot of these issues that we had this year, that should be additive to next year's performance. It should have been additive to this year's performance.

因此，這應該會持續消除我們今年遇到的許多問題，並對明年的表現形成增益。它本來就應該對今年的表現形成增益。

The Globalize and Innovate continue with good momentum so we'll still continue to work that. Then we continue to improve our systems and processes to give more visibility to our regional management teams as they start driving their P&L.

「全球化與創新」（Globalize and Innovate）持續保持良好動能，所以我們仍會繼續推進。接著我們持續改善系統與流程，讓各區域管理團隊在開始推動其損益表（P&L）時能有更高的能見度。

We're pushing a lot of these activities to the front line so that they can have more ownership and accountability for driving performance.

我們把許多活動下放到第一線，讓他們在推動績效方面有更多的所有權與責任。

So our goals moving forward remain, if you look at the 5% growth is a target overall for the market, plus or minus a few percentage points, getting back to the 25% EBITDA margins and 55% free cash flow conversion.

因此我們往前的目標仍然是：如果你看整體市場，5%的成長是我們的目標，上下浮動幾個百分點；回到25%的EBITDA利潤率，以及55%的自由現金流轉換率。

And just, Mike, we don't want to be premature to get into the specifics on '27, but just a couple of things to keep in mind that we spoke to.

另外，Mike，我們不想過早進入對'27的細節，但有幾點你可以記住，我們也提過。

One, first half this year at the VLO, right, both the outage as well as the extension as well as weather, which is a $20 million impact in the first half of this year.

第一，今年上半年在VLO方面，對吧，包括停機、延長以及天氣因素，對今年上半年造成2,000萬美元的影響。

Two, the team continues to do a really good job. So we're focused on Hopewell, of course, because it's not in line with our expectations, but BP&D and the small plant consolidation, all of that work is progressing.

第二，團隊持續做得非常好。所以我們當然聚焦在Hopewell，因為它不符合我們的預期；但BP&D以及小型工廠整併，所有這些工作都在推進。

And so you'll continue to expect some carryover benefit from that. Hopewell, the team is doing work. We're committing to improving operations, particularly in the second half this year. We'll start to get some carryover sequential benefit going into fiscal '27.

因此你會持續看到一些延續性的效益。Hopewell方面，團隊正在做相關工作。我們承諾改善營運，特別是在今年下半年。我們將開始獲得一些逐季延續的效益，並延伸到2027財年。

Of course, this is very dynamic on price raws. But right now, of course, that's a key piece of the carryover next year, some of the pricing activity as well as raw material.

當然，價格與原料是非常動態的。但就目前而言，明年延續效益的一個關鍵部分，當然是一些定價動作以及原材料因素。

And then to Guillermo's point, volume growth contribution, mix benefit over time as we drive to globalize and innovate.

然後呼應Guillermo的觀點，隨著我們推動全球化與創新，量的成長貢獻、組合（mix）效益會隨時間顯現。

And really, the only piece on the offset side, of course, is that we have to manage cost inflation.

而在抵銷面上，真正唯一的一塊，當然就是我們必須管理成本通膨。

So I think there are several things that point to a nice recovery going into fiscal '27 and a lot of it's in our control.

所以我認為有好幾件事都指向在2027財年出現不錯的復甦，而且其中很多是在我們可控範圍內。

Thank you.

謝謝。

Steven Haynes, Morgan Stanley.

Steven Haynes，摩根士丹利。

Hey, good morning, everyone. Thanks for taking my question. I wanted to just come back to the price/cost dynamic for a second. Is there any way to maybe just put a finer point on the magnitude of how much price you're expecting to achieve versus how much cost is going up? Maybe I'm sorry if I missed this somewhere earlier in the call, but is the midpoint of the guidance assuming that that's neutral this year? Or is it expected to be a net positive or net negative? If you could just put a finer point around all that, that would be helpful. Thank you.

嗨，各位早安。謝謝讓我提問。我想再回到價格/成本的動態上問一下。能否更精準地說明一下，你們預期能實現的價格提升幅度，對比成本上升幅度大概各是多少？也許我在前面電話會議中漏聽了，但指引的中位數是否假設今年兩者大致相抵、影響為中性？還是預期會是淨正面或淨負面？如果能把這些再說得更具體一些，會很有幫助。謝謝。

Thanks, Steven. It's a good and it's an important question. So I think, first of all, let me just anchor on what we've said in the call, and then I'll add some additional color.

謝謝你，Steven。這是個好問題，而且很重要。所以我想，首先我先以我們在電話會議中已經說過的內容作為基礎，然後再補充一些細節。

So the good news for us, right, is that we purchased a number of our raws that are from the US, right? And so even those that are energy-intensive or petchem derived, a lot of that is sourced in the US. And so the way that we've been sizing this is around the percent of sales, just to help from your framework perspective.

對我們來說的好消息是，我們採購的多項原物料是來自美國。因此，即便是那些能源密集型或源自石化的原料，其中很大一部分也是在美國採購。我們衡量這件事的方式，是以占銷售額的百分比來看，這樣有助於你從框架上理解。

So overall, we group energy-intensive raws as well as petchem linked raw materials and freight because freight is obviously moving to. That's roughly 20% of sales. 15% is the raw material basket, 5% is freight, so 20% overall.

整體而言，我們把能源密集型原料、與石化連動的原物料，以及運費（因為運費顯然也在上升）歸為一組。這大約占銷售額的20%。其中15%是原物料籃子，5%是運費，所以合計約20%。

So even though we are well positioned, we're, of course, not immune to what's going on in the world from a volatility perspective. Some of our processing inputs are up, of course, and that varies a great deal by product line and by region.

因此，即使我們的布局相對有利，從波動性的角度來看，我們當然也不可能完全不受全球情勢影響。我們的一些加工投入成本確實上升了，而且依產品線與地區不同，差異很大。

So if you isolate that 20% exposure of sales and assume it's up 10% to 15%, you'll get a sense of the increase that we're seeing on the cost structure. As I'm sure you can appreciate, there's lagged components, both on pricing and raws. I would say on the raws side, the lag is a bit longer.

如果你把這占銷售額20%的曝險單獨拿出來看，並假設它上升10%到15%，你就能大致了解我們在成本結構上看到的增幅。如你所知，無論是定價或原料，都存在滯後效應。我會說在原料端，滯後時間更長一些。

So you do get some favorable price raws benefit in the second half on that basis because of our inventory position. But I'd say really the key piece for us is given that magnitude, 10% to 15% on that 20% of sales, the team believes it's a manageable exposure for us, and it's one that we can manage to cover.

因此，基於我們的庫存部位，你確實會在下半年看到一些有利的價格/原料效益。但我想對我們而言的關鍵是：以那樣的幅度來看——也就是在占銷售額20%的部分上升10%到15%——團隊認為這是我們可控、可管理的曝險，而且我們有能力透過管理把它覆蓋掉。

And overall, I mean, we're talking, you could get 20%, put an inflation number to that. That's raw material, we're in the single digits. – It depends by region. There are product lines that are much higher. So I don't want to generalize, but 3% to 8% in general has been sort of the numbers that we've been giving, I would say, if I average out some of the numbers.

整體來說，我的意思是，你可以用20%乘上一個通膨數字。就原物料而言，我們落在個位數百分比——這會因地區而異。有些產品線會高得多。所以我不想一概而論，但大致上3%到8%是我們一直在提供的數字；如果把一些數字平均起來，我會說大概就是這個範圍。

We don't want to get into specific. We're negotiating with customers and all that and the specifics, but it's a very doable number for us, and we've had a good track record in moving that through.

我們不想談得太具體。我們正在和客戶談判等等，細節不便透露，但對我們來說這是非常可行的數字，而且我們在把這些成本轉嫁出去方面有良好的紀錄。

Chris Parkinson, Wolfe Research.

Chris Parkinson，Wolfe Research。

Great. Thank you so much. So just a broad-based question. When you look globally at pretty much every one of your competitors and knowing it's fairly fragmented, but across VP&D, across cellulose, across HEC, essentially every single supplier has been raising price.

很好。非常感謝。我有一個比較宏觀的問題。放眼全球，幾乎你們所有競爭對手——我知道市場相當分散——但在VP&D、纖維素、HEC等領域，基本上每一家供應商都在漲價。

And I'm a bit confused in terms of the disconnect in terms of the customer acceptance or, let's say, not acceptance as quite yet in terms of that because it doesn't seem like anybody is really budgeting into kind of the middle part of this year.

但我有點困惑的是，客戶端對此的接受度（或說目前尚未完全接受）似乎存在落差，因為看起來沒有人真的把這件事納入今年年中的預算規劃。

And at the same time, in certain geographies, people are potentially facing even shortages based on the fact that the supply is at fairly low availability right now.

同時，在某些地區，因為目前供應可得性相當低，人們甚至可能面臨短缺。

So what are you actually hearing from your customers? Is this a when, not an if? Or just how would you kind of characterize the dynamics heading into the middle of the year?

所以你們實際上從客戶那邊聽到的是什麼？這是「何時」而不是「是否」的問題嗎？或者你會如何描述進入年中時的這些動態？

I don't think it's an if. I mean things are moving. So we're, like I said, we're moving across the board. Everybody understands the dynamics of what's going on and we're moving.

我不認為這是「是否」的問題。我的意思是，事情正在推進。所以我們——如我所說——正在全面推動。大家都理解目前發生的動態，我們也正在推進。

So we're not questioning our need or ability to do the pricing. That's moving, and we expect that to deliver. What we're trying to make sure everybody understand is that we are not as petrochemical exposed.

所以我們不會質疑我們調價的必要性或能力。這正在進行中，我們也預期會帶來成果。我們想確保大家理解的是：我們對石化的曝險沒有那麼高。

So our numbers are the necessity. Our margin expansion isn't driven by increasing prices in this kind of environment. We want to recover our inflation, our margins so that we don't get erosion into it. And I think our customers know that.

所以就我們的數字而言，這些是必要的。在這種環境下，我們的毛利擴張並不是靠提高價格來驅動。我們希望把通膨成本收回來、守住毛利，避免毛利被侵蝕。我認為我們的客戶也知道這一點。

Our overall margin performance is driven by value pricing and by managing our cost structure. And value pricing is going very well, especially as you look at some of the newer products.

我們整體的毛利表現是由價值定價以及成本結構管理所驅動。而價值定價進展非常順利，尤其是看一些較新的產品時。

The price increase inflation is going very well. Obviously, this year, we've taken a lot of strategic actions on the cost, but that's where I would say we underperformed in our internal relationship with two of the plants.

價格上調以抵消通膨的進展也非常順利。當然，今年我們在成本端採取了很多策略性行動，但我會說我們在內部與兩座工廠的協作關係上表現不如預期。

And just as a very quick follow-up, just in the Personal Care market, at the beginning of the year, I'd say the end of '25 into '26, there were some rumblings of some inventory destocking here and there.

再快速追問一下，就個人護理市場而言，在年初——我會說從25年底到26年——市場上有一些關於庫存去化的風聲，零星出現。

At the same time, it does seem like you're seeing pretty substantial improvements, especially in some of the biofunctionals. What are you hearing from customers in terms of the balance of the year in terms of end market demand, inventory management? It seems like things are back on track, but what is your degree of confidence on that?

同時，看起來你們確實看到相當明顯的改善，特別是在一些生物功能性產品上。就今年剩餘時間的終端市場需求與庫存管理而言，你們從客戶那邊聽到什麼？看起來事情已回到正軌，但你們對此的信心程度如何？

Jim, do you want to comment?

Jim，你要不要回應一下？

So in Q1, in the December quarter, as we mentioned, excluding some of the specific customer outages, we were up low single digit, and we continue to see momentum in this quarter as we're up low to mid-single digits.

所以在第一季，也就是12月那一季，如我們提到的，排除一些特定客戶的停工影響後，我們是低個位數成長；而且我們在本季仍持續看到動能，目前是低到中個位數成長。

I would unpack that into 2 parts. There's the base and then there's the actions that we're driving.

我會把這拆成兩個部分來看。一個是基本盤，另一個是我們正在推動的行動。

So if you look at our biofunctional actives, the base continues to perform well. And we've had really good success expanding our customer base and getting our new products adopted and ramped with customers.

如果你看我們的生物功能性活性成分，基本盤持續表現良好。而且我們在擴大客戶基礎、讓客戶採用新產品並逐步放量方面，取得了非常好的成果。

Similar, microbial protection, the base is holding well, and the team has done really a phenomenal job converting our pipeline and continuing to gain share in that business line.

同樣地，在微生物防護方面，基本盤維持得很好；團隊在把我們的產品管線轉化為業績、並持續在該業務線提升市占方面，做得非常出色。

And even our care ingredients, that was the one that was impacted by the customer outages in Q1. They're back online, and that's going to continue to flow through the balance of the year.

甚至在我們的護理成分方面，那是第一季受到客戶停工影響的那一塊。他們已經恢復運作，而這將在今年剩餘時間持續反映出來。

So as we look out through the rest of the year, we see the market remaining relatively stable. There's the things that we're driving in our globalized business lines that we expect to continue to flow through. And then we'll continue to monitor how the base performs through the balance of the year as it is dynamic, although we still see fairly robust demand.

因此，展望今年剩餘時間，我們看到市場將維持相對穩定。我們在全球化業務線所推動的事項，預期會持續在後續反映出來。同時，我們也會持續監測基本盤在今年剩餘時間的表現，因為它是動態的；不過我們仍看到相當強勁的需求。

Thank you.

謝謝。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Guillermo, just on the price/cost fill in F Q3, how much of a tailwind is that dynamic? And what would you expect as well for F Q4? How much of a tailwind, a dollar EBITDA tailwind do you expect price loss to be for you guys in F Q3 and [F Q4]?

Guillermo，關於財年第三季（F Q3）價格/成本差（price/cost）這個因素，這個動態帶來多少順風？另外，對財年第四季（F Q4）你會有什麼預期？你們預期在財年第三季以及[F Q4]，價格相對成本的有利變動（price/cost）對你們的 EBITDA（以美元計）會帶來多少順風？

Thank you.

謝謝。

How much? I'm sorry, I didn't --

多少？抱歉，我沒有--

How much of a tailwind? How much of a tailwind, a dollar EBITDA tailwind do you expect price loss to be for you guys in FQ3 and FQ4?

多少順風？你們預期在財年第三季和財年第四季，價格相對成本的有利變動（price/cost）對你們的 EBITDA（以美元計）會帶來多少順風？

So I mean, for the price raws, the inflation, most of it will start hitting us a bit later. So our issue is getting the pricing in line.

我的意思是，就價格、原物料、通膨而言，其中大部分會在稍晚一些時候才開始影響到我們。所以我們的問題在於把定價調整到位。

I mean the costs are coming up and it will flow through into our inventories for now. But we want to make sure that we're getting our costs, our pricing in place to cover that as we move forward.

我的意思是，成本正在上升，現在會先反映到我們的庫存裡。但我們希望確保，隨著往後推進，我們已把成本、定價都到位，以涵蓋這些影響。

So we haven't really outlined specifics on the price increases and the flow-through, but that's already starting to come this month, and it's building in. So we'll be reporting more as we go forward.

所以我們尚未就漲價幅度與傳導（flow-through）提出具體說明，但這個月已經開始發生，而且正在逐步累積。因此我們會在後續進一步揭露。

But it's more of a timing issue. I would say, for the spot business, I think we'll be moving spot non-contract business, we will be moving in faster.

但這比較是時間點的問題。我會說，就現貨業務而言，我認為我們在現貨、非合約業務的調價會更快。

I think we have a lot of contract business, especially if you look at pharma and some of our bigger customers. And that's where we're working with them on the timing.

我想我們有很多合約業務，尤其是你看製藥以及一些較大的客戶。而那部分我們正在和他們協調時間點。

But we're not uncertain about the magnitude of the increase that we're getting at this point in time. But we don't have a specific number to give you at this point in time.

但就目前而言，我們對於能取得的漲幅規模並不感到不確定。只是此刻我們沒有一個具體數字可以提供給你。

Great. And on the revised EBITDA guidance, was there a change to incentive comp accruals for this year?

了解。另外，關於修正後的 EBITDA 指引，今年的獎酬激勵（incentive comp）提列（accruals）有變動嗎？

Not significant. I think the biggest issue would be on the Specialty Additives. Obviously, there was some impact given some of the operating issues, but we're working it, but it's not a significant impact overall because we, for the majority of the organization, it's business by business in terms of incentive comp.

不顯著。我認為最大的問題會在 Specialty Additives（特用添加劑）上。顯然，因為一些營運問題確實有些影響，但我們正在處理；不過整體影響不大，因為對於組織的大多數部分，獎酬激勵是以各事業（business by business）來看。

That's right. Thank you.

沒錯。謝謝。

John Roberts, Mizuho.

John Roberts，瑞穗。

Thank you. What's the route engineering cause of the Hopewell ramp-up issues? Are you doing something differently there than at other HEC sites?

謝謝。Hopewell 擴產爬坡（ramp-up）問題的根本工程原因是什麼？你們在那裡做的事情，和其他 HEC 廠區有什麼不同嗎？

Yes. The whole issue in Hopewell, remember, we shut down Parlin. We changed the mix of the plant significantly. We had just brought on some investments in capacity at the end of last year in terms of HEC overall capacity, but the mix change is really what is driving the productivity.

是的。Hopewell 的整個問題，記得我們關閉了 Parlin。我們大幅改變了該廠的產品組合。去年底我們剛完成一些 HEC 整體產能的投資，但真正驅動生產力變化的是產品組合的改變。

So we're putting a lot of investments in, in terms of enabling the new mix. So we're producing, we're getting the products we want, but it's not at the production rates that we wanted.

因此我們投入了大量投資，以支援新的產品組合。所以我們有在生產、也拿到我們想要的產品，但產出速率沒有達到我們原本希望的水準。

And I think that's the biggest issue. But the teams are already working on it. The budgets were a little bit higher, and that is, I would say, 2 things. One is on our own performance. The other one is we are putting more resources to drive those improvements in the near term.

我想這是最大的問題。但團隊已經在處理了。預算原本抓得稍高一些，我會說有兩個原因。一個是我們自身的表現。另一個是我們正在投入更多資源，以在短期內推動這些改善。

And then in Personal Care, there was a range of growth from high single digits in Skin Care to low single digit in Oral Care and Home Care. Is there just more innovation going on in Skin Care that's driving that? Or is there something else just in the comparisons to cause the unevenness?

另外在個人護理（Personal Care），成長區間從護膚（Skin Care）的高個位數到口腔護理（Oral Care）與家用護理（Home Care）的低個位數。是因為護膚有更多創新在推動嗎？還是說在比較基期上有其他因素造成這種不均衡？

So it depends on the product line. Obviously, a lot of the biofunctional actives and actually micro goes into the Skin Care and those areas. So it's a product mix. And it's the base business, but Jim can give more color on especially on the base business.

這取決於產品線。顯然，許多生物功能性活性成分（biofunctional actives）以及其實 micro 也用在護膚等領域。所以這是產品組合的因素。也包含基礎業務（base business），但 Jim 可以就基礎業務提供更多說明。

Absolutely. Yes. So John, as you mentioned, I mean, a lot of our innovation and globalized businesses are both focused in skin and hair, and that is the majority of our Personal Care business, and we're seeing really nice growth in both of those segments.

當然。是的。John，如你所提，我們許多創新與全球化業務都聚焦在護膚與護髮，而這也構成我們個人護理業務的大部分；我們在這兩個領域都看到相當不錯的成長。

In Oral Care, we also, as no surprise, we've shared it in the past, we do have sometimes order pattern timing. And so we are seeing some shift again this year in order pattern timing, fine for the full year.

在口腔護理方面，也不意外，我們過去也分享過，有時會有訂單節奏（order pattern）在時間點上的差異。因此今年我們再次看到訂單節奏在時間點上有所移動，但就全年而言沒有問題。

And so that's driving some of maybe the lower comps on a prior year basis. And you'll see that step up as we go through the balance of the year in oral. Thank you.

所以這可能導致相較去年基期的成長率看起來較低一些。而你會看到隨著今年後續期間推進，口腔護理會逐步回升。謝謝。

Mike Harrison, Seaport Research Partners.

Mike Harrison，Seaport Research Partners。

Hi, good morning. I had a question on Life Sciences. The last time we went through a round of supply chain disruption and kind of an inflationary cycle, you guys ended up picking up some market share kind of temporarily in the pharma space and then you ended up giving it back.

嗨，早安。我想問生命科學（Life Sciences）。上一次我們經歷供應鏈中斷與某種通膨循環時，你們在製藥領域曾一度（算是暫時性地）取得一些市占，之後又把它讓了回去。

Just curious, could we see that kind of dynamic again given maybe some of the challenges that your competitors are seeing in Europe and Asia? And how would you approach the situation differently to make sure that you're generating more durable share gain with some of your customers?

我好奇的是，考量你們的競爭對手在歐洲與亞洲可能面臨一些挑戰，我們是否可能再次看到類似的動態？你們會如何以不同方式來因應，確保能在部分客戶身上取得更具持久性的市占提升？

So Mike, let me high level and Alessandro, if you have anything specific, but just at a high level.

Mike，我先從高層次回答；Alessandro，如果你有任何具體補充也請加入，但我先講個大方向。

I mean in this level of uncertainty with the war, all the news and analysis that we're getting would be, hey, if this persists, the cost structures for China or Asia in general, India would also be impacted and also for Europe would increase.

在這種不確定性程度下，包含戰爭、各種新聞與我們收到的分析，都指出：如果這種情況持續，中國或整體亞洲（印度也會）以及歐洲的成本結構都會上升。

So we are one of the few large producers in that product line from the Western world and we're US-based. There's not a lot of other production at our scale in the US. Most of our competitors are either in Europe or in China.

因此，在那條產品線上，我們是西方世界少數的大型生產商之一，而且我們以美國為基地。在美國，能達到我們這種規模的產能並不多。我們的大多數競爭對手不是在歐洲，就是在中國。

So there is an opportunity. I think as Alessandra said, there is not a shortage at this point in time. So that would be not an issue of cost. I think, would be more of an issue of availability, especially for Europe and for China.

所以確實存在機會。我想如 Alessandra 所說，目前並沒有短缺。所以那不會是成本的問題。我認為更可能是供應可得性（availability）的問題，特別是對歐洲與中國而言。

So there is an opportunity that that could evolve as we move forward. I think what would we do? Obviously, I think, one, just this risk reinforces for customers the need to be balanced in terms of their supplier base and having a balance and a US-based good energy costs, good position from a cost structure is obviously a favorable reminder for everybody, and I think that plays well for us.

因此，隨著後續發展，這種機會可能會逐步浮現。那我們會怎麼做？顯然，我想第一，這種風險會再次強化客戶對供應商組合需要更均衡的認知；擁有一個均衡、且以美國為基地、能源成本良好、成本結構位置佳的供應來源，對所有人而言都是一個有利的提醒，而我認為這對我們很有利。

But obviously, we can do if that scenario starts to play out, there's things that we can do in terms of contracts and how we want to play it.

但當然，如果那種情境開始發生，我們在合約條款以及我們想如何操作方面，都有一些事情可以做。

But I think importantly, we would also be very clear with everybody on what are some of these share shifts that are permanent versus that would be transitory. But we would maximize our performance as orders come in.

但我認為重要的是，我們也會非常清楚地向所有人說明：哪些市占移轉是永久性的，哪些可能只是暫時性的。不過，隨著訂單進來，我們會把執行表現最大化。

But if you want to -- anything else you would add?

但如果你想要——還有其他你會補充的嗎？

Yes. As Guillermo mentioned, there is not a shortage at this time, but we are seeing as we have the largest, the broadest portfolio from an excipient standpoint in the pharma industry.

是的。如 Guillermo 提到的，目前並沒有短缺，但我們看到，從賦形劑的角度來看，我們在製藥產業擁有最大、最廣的產品組合。

We are a reliable, high-quality supplier so definitely, we have seen in the last month. I mean, customers service about their business continuity plans, BCP plans and looking at dual sourcing. So that opens opportunities for where we didn't have participation.

我們是可靠且高品質的供應商，所以確實，我們在過去一個月看到——我的意思是，客戶在談他們的營運持續計畫（business continuity plans）、BCP 計畫，以及在評估雙重來源供應。因此，這為我們在過去未參與的領域帶來了機會。

So definitely, we see this as there are opportunities. And as Guillermo mentioned, making this more with long term as far as agreements.

所以確實，我們認為這裡存在機會。而且如 Guillermo 所提到的，就協議而言，會更偏向長期。

But definitely, we expect to see Life Sciences, specifically Pharma continue to deliver healthy growth in the second half of the year and going forward, we see the resilience of the Pharma demand, and we are working on basically capitalizing on the momentum of our globalized Innovate, which are areas where we have opportunities to grow our market share.

但可以肯定的是，我們預期生命科學，特別是製藥，在今年下半年及未來將持續帶來穩健成長；我們看到製藥需求的韌性，並且基本上正致力於把握我們全球化 Innovate 的動能——這些是我們有機會提升市占率的領域。

So definitely, the disruption, we don't see a shortage, but it does bring us opportunities and our customers work on their BCP plans.

所以確實，這些干擾我們不認為會造成短缺，但它確實帶來機會，而我們的客戶也在推進他們的 BCP 計畫。

One last thing, Mike, just on your comment, but just broader than just the VP&D question.

最後一點，Mike，針對你剛才的評論，但這比單純 VP&D 的問題更廣。

I mean, there's a lot of uncertainty. And depending on how these things go, there's a lot of upside that can come in intermediates, I mean shortages. If things get worse, there's a lot of upside.

我的意思是，不確定性很多。而且取決於事情如何發展，在中間體方面可能會有很大的上行空間——也就是短缺。如果情況變得更糟，上行空間會很大。

We don't have a crystal ball. We don't think it's prudent just to be overly positive with the guidance that we're giving, especially on the revenue and the core businesses, the core performance of the business portfolio.

我們沒有水晶球。我們認為，對我們所提供的指引過度樂觀並不審慎，特別是在營收與核心業務、以及業務組合的核心表現方面。

I think we're in a healthy growth, healthy momentum, and we don't want to be overly optimistic and surprised on that side of the equation, and we're being transparent about it.

我認為我們正處於健康成長、健康動能之中；我們不希望在這個等式的一端過度樂觀而造成意外，因此我們也對此保持透明。

I think on the EBITDA side, same thing. If that picks up, it will translate into greater EBITDA. But again, we're going to be more conservative.

我認為在 EBITDA 方面也是同樣道理。如果那部分回升，將轉化為更高的 EBITDA。但同樣地，我們會更保守。

I think we're acknowledging our internal issues, but we are very pleased with all the broader external macro issues. And we do recognize that there is upside on pricing impact and that there is upside if demand tightness increases.

我認為我們正在正視內部問題，但我們對更廣泛的外部總體環境議題感到非常滿意。我們也確實認知到，價格影響存在上行空間，且若需求緊俏程度提高，也會有上行空間。

Thanks very much.

非常感謝。

John McNulty, BMO.

John McNulty，BMO。

Yes, thanks for taking my question. I just wanted to revisit the commentary around the innovate part of your kind of midyear progress. So I think you were looking for $15 million for the year, and you're at $16 million already.

是的，謝謝讓我提問。我想再回到你們對 Innovate 這部分年中進展的評論。我想你們原本全年目標是 1,500 萬美元，而你們現在已經到 1,600 萬美元了。

I think you did $6 million in the first quarter of sales, that means $10 million in the second. So clearly, things are coming in, I think, better than what you expected and you're on pace for potentially coming in double what the target was going to be.

我想你們第一季做了 600 萬美元的銷售，代表第二季是 1,000 萬美元。所以很明顯，進展我認為比你們預期更好，而且你們的步調可能會達到原本目標的兩倍。

I guess can you help us to think about where you expect to end the year in terms of a run rate, just so we can think about how some of that innovation may drive growth as we look into 2027?

我想請你們協助我們思考：就 run rate 而言，你們預期年底會落在哪裡，讓我們可以思考當我們展望 2027 年時，這些創新如何可能帶動成長？

I think the way you described it is sort of how we see it. I mean this is a cumulative metric for the year. So if we already gained the business and it's at a certain run rate, if it continues, we will continue with that level of performance.

我認為你描述的方式大致就是我們的看法。我的意思是，這是一個年度的累計指標。所以如果我們已經拿下這些業務，且它在某個 run rate 水準上，若持續下去，我們就會維持那樣的表現水準。

So that's sort of our expectation. As a reminder, I mean, from a dollar perspective, it's a lot of the core innovations that we've been working on, and it's a very, very healthy growth, both, I would say, right now, pharma and Personal Care driving a lot of it.

所以這大致就是我們的預期。提醒一下，從金額角度來看，主要是我們一直在推進的核心創新，而且成長非常、非常健康；我會說目前製藥與個人護理兩者都在驅動其中很大一部分。

But we're launching a lot of new products. So I think the opportunities for continued momentum there, both with core in the near term.

但我們正在推出很多新產品。所以我認為在那裡持續動能的機會很大，短期內核心業務也是如此。

And I would highlight that I'm very excited on the progress that the team is making on some of the new platforms in significant projects, especially in Personal Care and the Specialty Additives.

我也要強調，我對團隊在一些新平台與重大專案上的進展感到非常振奮，特別是在個人護理與特用添加劑方面。

In Life Science would be more ag pharma takes a longer pipeline. So it's going to take a little bit longer for those things to take off.

在生命科學方面，會更偏向農業製藥，管線期較長。所以那些事情要起飛會需要更長一點時間。

But all of them, we're really confident, we've proven the value, the technical and performance value of these platforms. The teams are now really working on product development, specific customer projects to tailor the technologies for them.

但對所有這些，我們都非常有信心；我們已經證明了這些平台的價值——技術價值與性能價值。團隊現在正全力投入產品開發，以及針對特定客戶專案，為他們量身調整技術。

So both in the near term, but more importantly, in the long term, we see continued momentum there.

因此，無論是短期，或更重要的長期，我們都看到那裡會有持續的動能。

Great. Thanks very much for the color.

很好。非常感謝你提供的補充說明。

I am showing no further questions at this time. I would now like to turn it back to the CEO, Guillermo Novo, for closing remarks.

我這裡顯示目前沒有其他問題。接下來我想把時間交回給執行長 Guillermo Novo 做結語。

So thank you, everyone, for your time and your interest.

所以謝謝各位撥冗以及對我們的關注。

Just wanted to reiterate the 3 big points that we made. From the business side, we're really happy with the overall performance of the businesses, the market trends, be it resilient Life Science, Personal Care, stable, Specialty Additives with growing momentum around share gains, Intermediates stable on the trough with opportunities depending on market dynamics to improve, globalize and innovate very strong.

我想重申我們提出的三個重點。就業務面而言，我們對各項業務的整體表現與市場趨勢感到非常滿意：包括具韌性的生命科學、穩定的個人護理、特用添加劑在市占提升帶動下動能增強；中間體在谷底區間維持穩定，並視市場動態而有改善機會；Globalize 與 Innovate 表現非常強勁。

Competitive dynamics continue to be strong, but stable. So that is giving us room to really start to drive our own agenda moving forward. And we haven't seen any significant prebuying of our things.

競爭動態仍然強勁，但也穩定。因此，這讓我們有空間在未來真正開始推動我們自己的議程。而且我們沒有看到任何顯著的提前拉貨（prebuying）。

So overall, the business side of things are moving probably stronger, on the stronger side of our expectations.

所以整體而言，業務面的進展可能比我們預期更偏強。

We are moving on pricing, and there is upside in terms of the financial impact there. We're muting that a little bit just with caution on demand outlook in core markets that we don't have a crystal ball, and we're not seeing the immediate recovery. Coatings, North America, Europe is a big example.

我們正在推動定價，而在財務影響方面存在上行空間。但我們也因為對核心市場需求展望保持謹慎而稍微淡化這點——我們沒有水晶球，而且我們沒有看到立即復甦；塗料市場、北美與歐洲就是很好的例子。

So we're following the lead of our customers and what they're saying.

所以我們會跟隨客戶的步調，以及他們所傳達的訊息。

And lastly, it's the real issue for the outlook changes that we have is more our operating performance and our manufacturing, 3 issues that have impacted us, 2 are behind us.

最後，我們調整展望的真正原因，更多是我們的營運表現與製造端——有三個議題影響了我們，其中兩個已經過去了。

Calvert City, the equipment failure and the delays in getting the replacement equipment, which impacted our absorption, weather impacts. And right now, the big focus for us is Hopewell and getting it back on productivity.

Calvert City：設備故障，以及取得替換設備的延遲，影響了我們的吸收率；以及天候影響。而目前我們的重點是 Hopewell，讓它回到生產力水準。

We are frustrated with that part of the performance, but we're working on it. That's in our control. It does not represent a view of the broader portfolio or all the bigger strategic actions, and we're confident that we will be overcoming that in the near future.

我們對這部分表現感到挫折，但我們正在處理。這在我們可控範圍內。這不代表對更廣泛產品組合或所有更大型策略行動的看法，我們有信心在不久的將來克服它。

So thank you for your time. We look forward to connecting with you after and answering any other questions you may have.

所以謝謝各位的時間。我們期待之後與各位聯繫，並回答你們可能還有的其他問題。

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

感謝各位參與今天的電話會議。本次會議到此結束，您現在可以中斷連線。