Corteva Inc (CTVA) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to Corteva Agriscience 4Q 2025 earnings. (Operator Instructions)

感謝您的耐心等待。我叫凱特，今天我將擔任你們的會議接線生。在此，我謹代表科迪華農業科技公司歡迎各位參加2025年第四季財報發表會。（操作說明）

I would now like to turn the call over to Kim Booth, VP, Investor Relations. Please go ahead.

現在我將把電話交給投資人關係副總裁金‧布斯。請繼續。

Good morning, and welcome to Corteva's fourth quarter 2025 earnings conference call. Our prepared remarks today will be led by Chuck Magro, Chief Executive Officer; and David Johnson, Executive Vice President and Chief Financial Officer. Additionally, Judd O'Connor, Executive Vice President, Seed Business Unit; and Robert King, Executive Vice President, Crop Protection business unit, will join the Q&A session.

早安，歡迎參加科迪華2025年第四季財報電話會議。今天，我們的演講將由執行長 Chuck Magro 和執行副總裁兼財務長 David Johnson 領銜。此外，種子業務部執行副總裁賈德·奧康納和作物保護業務部執行副總裁羅伯特·金也將參加問答環節。

We have prepared presentation slides to supplement our remarks during this call, which are posted on the Investor Relations section of the Corteva website and through the link to our webcast.

我們準備了演示文稿，以補充我們在本次電話會議中的發言，這些演示文稿已發佈在 Corteva 網站的投資者關係部分，並通過我們的網絡直播鏈接發布。

During this call, we will make forward-looking statements, which are our expectations about the future. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties.

在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明表達了我們對未來的預期。這些陳述是基於當前的預期和假設，但存在各種風險和不確定性。

Our actual results could materially differ from these statements due to these risks and uncertainties, including, but not limited to, those discussed on this call and in the Risk Factors section of our reports filed with the SEC. We do not undertake any duty to update any forward-looking statements.

由於這些風險和不確定性，我們的實際結果可能與這些聲明有重大差異，包括但不限於本次電話會議中討論的風險和不確定性，以及我們在向美國證券交易委員會提交的報告的「風險因素」部分中討論的風險和不確定性。我們不承擔更新任何前瞻性陳述的義務。

Please note in today's presentation, we'll be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in our earnings press releases and related schedules along with our supplemental financial summary slide deck available on our Investor Relations website.

請注意，在今天的演示中，我們將提及一些非GAAP財務指標。非GAAP指標的調節表可在我們的獲利新聞稿和相關附表以及投資者關係網站上提供的補充財務摘要幻燈片中找到。

It's now my pleasure to turn the call over to Chuck.

現在我很高興把電話交給查克。

Thanks, Kim. Good morning, everyone, and thanks for joining us. I hope your year is off to a great start. Before we get into our results, I'd like to provide a quick update on our separation and what you can expect this year. It is still early in our overall planning, but we remain on track for a second half separation, most likely sometime in the fourth quarter.

謝謝你，金。各位早安，感謝各位的收看。希望你新的一年有個美好的開始。在公佈結果之前，我想先簡單介紹一下我們的分工以及大家今年可以期待些什麼。雖然我們的整體計劃還處於早期階段，但我們仍按計劃在下半年進行分拆，很可能是在第四季。

Now for some details. Over the past several months, a subset of our Board has been very busy with a global CEO search for new Corteva. We are making good progress and expect to make an announcement on that in the first half. At or around the same time, we intend to launch the official name and brand identity of SpinCo, which is very exciting for me at least and will really bring this transition to life.

現在來說說細節。在過去的幾個月裡，我們董事會的一部分成員一直忙於為 Corteva 尋找新的全球執行長。我們進展順利，預計上半年發布相關公告。同時，我們計劃正式推出 SpinCo 的名稱和品牌標識，這至少讓我感到非常興奮，並將真正使這一轉變成為現實。

As we progress into the latter part of the first half, we'll be announcing the core executive leadership teams for both companies, we'll be working with the credit agencies on our capital structure submissions, and we will likely have filed the initial and first amendment of our Form 10 with the SEC.

隨著我們進入上半年的後半段，我們將宣布兩家公司的核心執行領導團隊，我們將與信用評級機構合作提交我們的資本結構報告，並且我們可能已經向美國證券交易委員會提交了 10 表格的初始版本和第一次修訂版本。

The second half is where we'll essentially be getting the separation to the finish line. We expect to go effective on the Form 10, announce our Board appointments and receive the final approval on the capital structures of the two companies. We'll also be completing the separation of our IT systems.

下半程我們將主要負責拉開與對手的差距，直到衝過終點線。我們預計在表格 10 生效後，宣布董事會任命，並獲得兩家公司資本結構的最終批准。我們也將完成IT系統的分離。

And last but not least, we currently expect to hold our Investor Day events in mid-September.

最後，我們目前預計將於 9 月中旬舉辦投資者日活動。

As for net dissynergies, we are still estimating roughly $100 million, $50 million of which is built into this year's guide. We'll keep you informed on our progress on a timely basis over the coming months. So now let's move to our financial performance. Let me start by saying by all accounts, 2025 was a strong year for Corteva. Our results for the fourth quarter were in line with our expectations.

至於淨協同效應損失，我們仍然估計約為 1 億美元，其中 5,000 萬美元已計入今年的指導方針中。在接下來的幾個月裡，我們會及時向您報告進度。現在我們來看看財務業績。首先我想說的是，無論從哪個角度來看，2025 年對科迪華來說都是強勁的一年。第四季業績符合預期。

With the exception of outperformance on our controllables and even stronger cash flow generation than we anticipated. We grew the top line low single digits while improving operating EBITDA, low double digits, leading to over 200 basis points of margin expansion, pushing us over the 22% mark for the first time as a public company. This is a testament to growing demand of our technology, exceptional performance of our dedicated commercial teams and combined with disciplined execution on operational efficiency in both businesses.

除了可控業務表現超出預期，現金流量產生能力甚至強於預期之外。我們實現了營收個位數低成長，同時營運 EBITDA 也實現了兩位數低成長，從而使利潤率提高了 200 多個基點，使我們作為一家上市公司首次突破了 22% 的關口。這證明了市場對我們技術的需求不斷增長，我們敬業的商業團隊表現出色，以及我們在兩項業務中對營運效率的嚴格執行。

Our Seed business performed well again this year with organic growth in every region as well as share gains in both corn and soybeans. Seed delivered about $340 million of net cost improvements as well as $90 million in royalty improvement, reflecting our growing position in North America corn and progress in soybean licensing in Brazil.

今年我們的種子業務再次表現出色，各個地區都實現了有機成長，玉米和大豆的市場份額也都有所提升。種子業務帶來了約 3.4 億美元的淨成本改善以及 9000 萬美元的特許權使用費改善，這反映了我們在北美玉米領域不斷增長的地位以及在巴西大豆許可方面取得的進展。

As noted last quarter, we're expecting to cross double-digit trade penetration for Conkesta this year in Brazil, the largest soybean market on the planet with over 300 basis points of margin expansion this year alone and our out-licensing business just catching its stride, I have to say it's fun to imagine what things might look like in another few years with our growth platforms, including gene editing in hybrid wheat really starting to take off.

正如上個季度所提到的，我們預計今年 Conkesta 在巴西（全球最大的大豆市場）的貿易滲透率將突破兩位數，光是今年利潤率就將成長超過 300 個基點。此外，我們的對外授權業務也剛步入正軌。不得不說，想像一下幾年後，隨著我們的成長平台（包括雜交小麥的基因編輯技術）真正開始起飛，情況會是什麼樣子，真是令人興奮。

Our Crop Protection business is also performing well delivering top and bottom line growth as well as margin expansion this year and what I'd still describe as less than ideal market conditions. As we updated you last quarter, this business already has an incredible $9 billion pipeline of differentiated technologies. But in order to remain ahead of the curve, we are in the process of ongoing asset and sourcing optimization. For the full year, our CP business generated over $300 million of productivity and cost benefits, which improves our resilience as we make our way towards what we still expect to be improving market conditions in 2026.

我們的作物保護業務今年也表現良好，實現了營收和利潤成長以及利潤率擴張，而我仍然認為今年的市場環境並不理想。正如我們在上個季度向您匯報的那樣，該業務已經擁有價值高達 90 億美元的差異化技術儲備。但為了保持領先地位，我們正在不斷進行資產和採購優化。全年來看，我們的CP業務創造了超過3億美元的生產力和成本效益，這提高了我們的韌性，使我們能夠應對我們仍然期望在2026年不斷改善的市場狀況。

From an industry perspective, the overall ag fundamentals remain mixed. We're still seeing record demand for food and fuel and major crop inventories are within normal ranges despite large crops in Brazil and North America. Farmers continue to prioritize top Tier C technologies while managing tighter margins. Given the high corn area in the US last year, it's logical to assume we'll see a few million acres shift back to soybeans in 2026, all of which is factored into our guide.

從產業角度來看，整體農業基本面依然喜憂參半。儘管巴西和北美農作物豐收，但我們仍然看到食品和燃料的需求創下歷史新高，主要農作物庫存仍在正常範圍內。農民在利潤空間日益縮小的情況下，仍然優先考慮頂級的C級技術。鑑於去年美國玉米種植面積較大，我們有理由推測，到 2026 年，將有數百萬英畝的土地重新種植大豆，所有這些都已納入我們的指南中。

In the Crop Protection market, most notable is that we are expecting modest growth in 2026, something we haven't seen in a while. Although we continue to experience competitive pricing dynamics in some major markets, including Latin America and Asia Pacific, underlying farmer demand in terms of applications remains consistent with historical levels.

在作物保護市場，最值得注意的是，我們預計 2026 年將出現溫和成長，這是我們一段時間以來都沒有看到的。儘管我們在包括拉丁美洲和亞太地區在內的一些主要市場繼續面臨激烈的價格競爭，但就應用而言，農民的基本需求仍然與歷史水準保持一致。

So what does all this mean for 2026? We are reiterating our preliminary operating EBITDA midpoint of $4.1 billion, which is 7% growth versus the prior year. Included in that estimate is momentum in our Seed Licensing business, growth in Crop Protection volumes driven by new products and biologicals and productivity benefits in both businesses. It's still quite early in the year with winter still firmly in place but we feel good about how 2026 is shaping up.

那麼這一切對2026年又意味著什麼呢？我們重申先前對營運 EBITDA 中位數的初步預測，為 41 億美元，比上年增長 7%。該估算包括種子許可業務的成長動能、新產品和生物製劑推動的作物保護業務量成長，以及兩項業務的生產力提升。現在還處於年初，寒冬仍未完全過去，但我們對 2026 年的發展前景感到樂觀。

Now before I turn the call over to David, I'd like to address some new developments since we last spoke in November. We recently reached a comprehensive resolution with Bayer related to our seed freedom to operate. Not only does this agreement allow SpinCo to remain focused on its forward trajectory and value creation opportunities, including continued investment in innovation, it also provides business certainty from ongoing litigation. We are pleased to have reached an agreement, which solidifies the use of existing technology rights in our own corn, canola and cotton product portfolios, including our own germplasm.

在把電話交給大衛之前，我想談談自從我們上次在11月通話以來發生的一些新情況。我們最近與拜耳就我們的種子自由經營問題達成了一項全面的解決方案。該協議不僅使 SpinCo 能夠繼續專注於其發展軌跡和價值創造機會，包括繼續投資創新，而且還使公司免受持續訴訟的影響，從而確保業務的確定性。我們很高興達成了一項協議，該協議鞏固了我們現有的玉米、油菜籽和棉花產品組合（包括我們自己的種質資源）的技術權利的使用。

As a result of this resolution and the progress we've been making across the broader out-licensing spectrum, we now expect to achieve royalty neutrality in 2026, which is two years ahead of our most recent expectations. In North America, this agreement will accelerate the introduction of existing Corteva proprietary triple-stack corn technologies for licensing.

由於這項決議以及我們在更廣泛的對外許可領域取得的進展，我們現在預計將在 2026 年實現版稅中性，這比我們最近的預期提前了兩年。在北美，該協議將加速科迪華現有專有三層玉米技術的授權引進。

We now expect to be licensing as early as 2027, an acceleration of five years. This resolution also facilitates the introduction of our third gen aboveground trait platform in North America corn, which will be available for branded sales and licensing by the end of the decade. This is an acceleration of two years.

我們現在預計最快將於 2027 年獲得許可，比原計劃提前了五年。該決議還有助於我們在北美玉米中引入第三代地上性狀平台，該平台將在本十年末以品牌形式進行銷售和授權。這相當於加速了兩年。

Finally, this resolution includes a new licensing arrangement, which allows us to expand our addressable market by entering the cotton licensing market in the US a space in which we do not currently participate. Leveraging our strong 2025 free cash flow, we committed to a payment of $610 million, which was largely completed last month. However, over the course of the next 10 years, we believe this agreement will generate about $1 billion of aggregate earnings upside for Corteva across our corn, cotton and canola portfolios through both out-licensing and branded sales.

最後，該決議包括一項新的許可安排，使我們能夠透過進入美國棉花許可市場來擴大我們的目標市場，而我們目前尚未涉足該領域。利用我們強勁的 2025 年自由現金流，我們承諾支付 6.1 億美元，該款項已於上個月基本完成。然而，我們相信，在未來 10 年內，這項協議將透過對外授權和品牌銷售，為 Corteva 的玉米、棉花和油菜籽產品組合帶來約 10 億美元的總收益成長。

In summary, we consider this resolution to be a win for our long-term strategic objectives. But more importantly, this is a win for farmers and for agriculture at large as this resolution strengthens competition and offers farmers more choices when making purchasing decisions.

總之，我們認為這項決議對我們的長期策略目標來說是一項勝利。但更重要的是，這對農民和整個農業來說都是一場勝利，因為這項決議加強了競爭，並為農民在做出購買決定時提供了更多選擇。

Getting back to 2026, let me wrap up by saying what I say to our employees. We are one team until we're not. Based on our latest time line, we'll spend more time together than apart in 2026, and we're going to stay focused on controlling the controllables.

回到 2026 年，最後我想說幾句我對員工說的話。我們曾經是一個團隊，直到我們不再是。根據我們最新的時間表，到 2026 年，我們在一起的時間將比分開的時間更多，我們將繼續專注於控制可控因素。

Our intended separation is about sharpening focus, accelerating innovation and unlocking value that has been earned through performance, and we are committed to delivering results like this past year throughout this transition period.

我們計劃分拆的目的是為了更專注於核心業務，加速創新，釋放透過業績贏得的價值，我們致力於在整個過渡期內取得像去年一樣的成果。

With that, I'll turn the call over to David.

接下來，我將把電話交給大衛。

Thanks, Chuck, and welcome, everyone, to the call. Let's start on Slide 7, which provides the financial results for the fourth quarter, second half and full year. While it's more meaningful to look at our business in halves, I'll briefly touch on the quarter.

謝謝查克，也歡迎各位參加通話。讓我們從第 7 張投影片開始，其中提供了第四季度、下半年和全年的財務業績。雖然將我們的業務分成兩部分來看更有意義，但我還是會簡要地談談季度情況。

Sales and operating EBITDA for the quarter were down versus prior year, largely due to lower volume in Seed and Crop Protection, coupled with higher compensation expense. While it's worth knowing that the fourth quarter of 2024 was a record quarter for Corteva and this year was the second highest fourth quarter on record for us as a public company.

本季銷售額和營業 EBITDA 較上年同期下降，主要原因是種子和作物保護業務銷量下降，以及薪資支出增加。值得注意的是，2024 年第四季是 Corteva 創紀錄的季度，而今年也是我們作為一家上市公司有史以來第二高的第四季度。

Organic sales for the quarter were down 4% compared to prior year. Crop Protection saw volume and price declines of 2% and 1%, respectively. Price declines were largely due to competitive pricing dynamics in Latin America and in line with expectations. Volume declines in Crop Protection were primarily driven by a seasonal shift and timing for North America to first half 2026 along with timing of fungicide demand in Latin America.

本季有機銷售額較上年同期下降4%。作物保護產品的銷售和價格分別下降了 2% 和 1%。價格下降主要是由於拉丁美洲競爭激烈的價格情勢，這與預期相符。作物保護產品銷售下降的主要原因是北美地區季節性變化和時間表（至 2026 年上半年）以及拉丁美洲殺菌劑需求的時間表。

Seed had pricing gains of 3% versus prior year, evidencing our price for value strategy with volumes declined 8%, largely due to timing shift of safrinha sales into the third quarter of 2025 and the shift of North America deliveries into the first half of 2026 as a result of freight optimization and weather across the Midwest.

種子價格較上年上漲 3%，證明了我們以價值為導向的價格策略，銷量下降 8%，這主要是由於 safrinha 的銷售時間推遲到 2025 年第三季度，以及由於貨運優化和中西部地區的天氣原因，北美地區的交付推遲到 2026 年上半年。

Looking back at the second half, sales were up 4%, and operating EBITDA was up 16% driven by better price and mix in Seed, continued execution on controlling the controllables and volume gains in both segments. Organic sales were up 2% compared to prior year. Crop Protection saw volume growth of 1%, offset by price declines of 2%, largely driven by competitive pricing in Latin America. Seed had price, mix and volume gains of 3% and 2%, respectively, versus prior year.

回顧下半年，銷售額增長了 4%，營業 EBITDA 增長了 16%，這主要得益於種子業務價格和產品組合的改善、對可控因素的持續控制以及兩個業務部門的銷量增長。有機銷售額比上年成長2%。作物保護產品銷售成長 1%，但價格下降 2%，這主要是由於拉丁美洲的競爭性定價所致。與前一年相比，種子價格、產品組合和銷量分別成長了 3% 和 2%。

Focusing on the full year. Organic sales were up 4% over last year with growth in both Seed and Crop Protection. A continuation of our price for value strategy along with increased corn acres in North America and Latin America drove Seed price/mix and volume gains of 3% and 2%.

著眼於全年。有機產品銷售額比去年增長了 4%，其中種子和作物保護產品均實現成長。我們持續推行物超所值的定價策略，加上北美和拉丁美洲玉米種植面積的增加，推動種子價格/組合和銷售量分別成長了 3% 和 2%。

Crop Protection price was down 2% for the year as expected, driven by competitive market dynamics, mostly in Brazil. Crop Protection volume was up 5%, but gains in nearly every region. Notably, new products have strong demand and biologicals delivered double-digit volume gains compared to prior year.

如預期，受競爭激烈的市場動態（主要來自巴西）的影響，作物保護產品價格全年下降了 2%。作物保護產品銷售量成長了 5%，但幾乎每個地區都實現了成長。值得注意的是，新產品需求強勁，生物製品銷售量較上年實現了兩位數成長。

Operating EBITDA was up 14% over prior year. Operating EBITDA margins of over 22% was up about 215 basis points, driven by organic sales growth coupled with significant benefits from lower input cost and productivity.

營業EBITDA較上年成長14%。營業 EBITDA 利潤率超過 22%，成長約 215 個基點，主要得益於有機銷售成長以及投入成本和生產力降低帶來的顯著效益。

Moving on to Slide 8 for a summary of the year. Operating EBITDA was up more than [$470] million to $3.85 billion. Price and mix volume gains and cost benefits more than offset currency headwinds. Seed continues to make progress on its path to royalty neutrality with about $90 million in reduced net royalty expense. This improvement was driven by increased out-licensing income in North American corn and lower royalty expense in soybeans. We finished the year with a net royalty expense position of around $120 million.

接下來請看第 8 張投影片，總結全年狀況。營運 EBITDA 成長超過 4.7 億美元，達到 38.5 億美元。價格和產品組合銷售成長以及成本效益足以抵銷匯率不利影響。Seed 在實現版稅中立的道路上持續取得進展，淨版稅支出減少了約 9000 萬美元。這項改善得益於北美玉米對外授權收入的增加和大豆特許權使用費支出的降低。我們年底的淨特許權使用費支出約為 1.2 億美元。

Seed and Crop Protection combined to deliver over $650 million in net cost improvement, including lower seed commodity costs, raw material deflation and continued productivity actions. SG&A for the year was up compared to prior year driven by higher commissions and compensation expense.

種子和作物保護部門合計實現了超過 6.5 億美元的淨成本改善，包括降低種子商品成本、降低原材料價格以及持續提高生產力。由於佣金及薪酬支出增加，本年度的銷售、一般及行政費用較上年有所增加。

The increased investment in R&D aligns with our target just over 8% of sales for the full year. As expected, currency was $217 million headwind on EBITDA, driven by the Brazil real, Canadian dollar and Turkish lira. Both Seed and Crop Protection finished the year with impressive EBITDA growth and meaningful margin expansion over prior year. Together, this translated to over 22% operating EBITDA margin.

增加研發投入符合我們全年研發投入佔銷售額略高於 8% 的目標。正如預期的那樣，匯率波動給 EBITDA 帶來了 2.17 億美元的不利影響，主要原因是巴西雷亞爾、加元和土耳其里拉的貶值。種子和作物保護業務在年底均實現了令人矚目的 EBITDA 成長，利潤率較上年顯著提高。合計，這轉化為超過 22% 的營業 EBITDA 利潤率。

In addition, free cash flow has improved by about $1.2 billion from prior year to $2.9 billion. This is driven by our increased EBITDA, lower cash taxes and working capital discipline.

此外，自由現金流較上年同期增加了約 12 億美元，達到 29 億美元。這主要得益於我們不斷增長的 EBITDA、更低的現金稅負和更嚴格的營運資本管理。

With that, let's go to Slide 9 in transition to the updated outlook for 2026 and the key metrics we are tracking. Our updated 2026 guidance reflects the continued momentum from our 2025 performance and continued confidence in delivering on productivity and cost benefits.

接下來，讓我們翻到第 9 張投影片，了解 2026 年的最新展望以及我們正在追蹤的關鍵指標。我們更新後的 2026 年業績指引反映了我們 2025 年業績的持續成長勢頭，以及我們對實現生產力和成本效益的持續信心。

2026 operating EBITDA is expected to be in the range of $4 billion and $4.2 billion or approximately 7% improvement over prior year at the midpoint. This would post at the low end of the 2027 EBITDA framework we outlined in our last Investor Day. Meaningful margin expansion is expected to be driven by organic sales growth, together with benefits from improved net royalty expense and productivity actions.

預計 2026 年的營運 EBITDA 將在 40 億美元至 42 億美元之間，或以中間值計算，比上年增長約 7%。這將處於我們在上次投資者日上概述的 2027 年 EBITDA 框架的下限。預計有機銷售成長將推動利潤率顯著提升，同時淨特許權使用費支出改善和生產力提升措施也將帶來收益。

Operating EPS is expected to be in the range of $3.45 to $3.70 per share, an increase of 7% at the midpoint, which reflects higher earnings growth and lower average share count, partially offset by higher net interest expense. Free cash flow in 2026 will be impacted by separation items and the Bayer agreement. Absent these, we would be in line with our long-term target we communicated at our 2024 Investor Day. We remain committed to returning cash to shareholders as we progress through the separation. We announced the first quarter dividend last week, and we are targeting about $500 million of share repurchases in the first half of 2026.

預計營運每股收益在 3.45 美元至 3.70 美元之間，中點值增長 7%，這反映了更高的盈利增長和更低的平均流通股數量，但部分被更高的淨利息支出所抵消。2026 年的自由現金流將受到分拆專案和拜耳協議的影響。如果沒有這些因素，我們將實現我們在 2024 年投資者日上公佈的長期目標。我們將繼續致力於在分拆過程中向股東返還現金。我們上週宣布了第一季股息，並計劃在 2026 年上半年回購約 5 億美元的股票。

Turning to Slide 10. in the 2026 operating EBITDA bridge, growing from approximately $3.8 billion in 2025 to $4.1 billion at the midpoint. Total company pricing is expected to be slightly up with pricing gains in Seed partially offset by declines in Crop Protection.

翻到第 10 張投影片。 2026 年營運 EBITDA 過渡期，從 2025 年的約 38 億美元成長到中點的 41 億美元。公司整體定價預計將略有上漲，其中種子價格的上漲部分被作物保護價格的下跌所抵消。

While we expect the Crop Protection market to grow, we expect prices to be down low single digits for the year. We are expecting volumes to be relatively flat in Seed as North America share gains are expected to be offset by the corn to soy planted area shift, and have a full year under our Brazil soybean shift to licensing.

雖然我們預計作物保護市場將會成長，但我們預計今年的價格將下降個位數百分比。我們預計種子銷量將相對平穩，因為北美市場份額的增長預計將被玉米種植面積向大豆種植面積的轉變所抵消，而且我們在巴西大豆許可方面已經實施了一整年。

Crop Protection volume is expected to be up mid-single digits, driven by demand for new products and biologicals, which are expected to outperform the rest of the portfolio. We expect approximately $120 million improvement in net royalty expense driven by the continued ramp-up of Conkesta E3 soybeans and PowerCore Enlist corn licensing. We expect to deliver around $200 million of productivity savings in 2026, partially offset by approximately $80 million in tariffs.

受新產品和生物製劑需求的推動，作物保護產品銷售量預計將實現中等個位數成長，預計這些產品將優於其他產品組合。我們預計，隨著 Conkesta E3 大豆和 PowerCore Enlist 玉米許可證的持續增加，淨特許權使用費支出將改善約 1.2 億美元。我們預計到 2026 年將實現約 2 億美元的生產力提升，但部分將被約 8,000 萬美元的關稅抵消。

SG&A and R&D as a percentage of sales are expected to be relatively flat with 2025 levels. Keep in mind, this includes approximately $50 million of net dissynergies. We are expecting a currency tailwind versus 2025. This is largely driven by the Brazilian real, euro and Canadian dollar. The appreciating foreign currencies are expected to translate to a low single-digit tailwind on net sales and approximately $75 million tailwind on operating EBITDA. Together, this translates to approximately 7% operating EBITDA growth at the midpoint and about 50 basis points of margin expansion.

預計 2025 年銷售、管理及行政費用和研發費用佔銷售額的比例將與 2025 年的水準基本持平。請注意，這其中包括約 5000 萬美元的淨協同效應損失。我們預計到 2025 年，貨幣將出現利好因素。這主要受巴西雷亞爾、歐元和加幣的影響。預計外幣升值將為淨銷售額帶來個位數百分比的成長，並為營運 EBITDA 帶來約 7,500 萬美元的成長。綜合來看，這相當於營運 EBITDA 成長約 7%（取中間值）和利潤率擴張約 50 個基點。

Regarding the timing of sales and earnings in 2026, we are expecting about 60% of sales and roughly 85% of EBITDA to be delivered in the first half of the year.

關於 2026 年的銷售和獲利時間，我們預計約 60% 的銷售額和約 85% 的 EBITDA 將在上半年實現。

With that, let's go to Slide 11 and summarize the key takeaways for the year. 2025 was a record year for Corteva with strong organic growth across both Crop Protection and Seed. Performance was driven by volume, favorable mix and continued adoption of our differentiated technologies. In Crop Protection, demand for our novel modes of action and biologicals remain strong, while Seed benefited from our price for value strategy and solid execution across key markets. Importantly, this growth reflects underlying demand and execution.

接下來，我們來看第11張投影片，總結今年的主要結論。 2025年是科迪華創紀錄的一年，作物保護和種子業務均實現了強勁的有機成長。業績成長得益於銷量、有利的產品組合以及我們差異化技術的持續應用。在作物保護領域，市場對我們新型作用機制和生物製劑的需求依然強勁；而種子業務則受益於我們物有所值的定價策略以及在關鍵市場的穩健執行。重要的是，這種成長反映了潛在的需求和執行情況。

We also delivered record free cash flow in 2025 driven primarily by higher earnings and working capital improvements. Tighter operational discipline and greater year-end cash collections improved cash conversion. As a result, we returned approximately $1.5 billion to shareholders in fiscal 2025 through a combination of dividends and share repurchases.

2025 年，我們實現了創紀錄的自由現金流，這主要得益於更高的獲利和營運資本的改善。更嚴格的營運紀律和更高的年末現金回收率提高了現金轉換率。因此，我們在 2025 財年透過股利和股票回購的方式向股東返還了約 15 億美元。

Our capital allocation priorities remain unchanged, investing in the business, maintaining a strong balance sheet for Corteva and the future independent companies, and returning excess cash to shareholders in a disciplined manner. Looking ahead, our 2026 guidance reflects growth in sales, operating EBITDA and margins. We expect continued demand from our differentiated technology, supported by our innovation pipeline and ongoing productivity and cost actions.

我們的資本配置重點依然不變，即投資於業務，為科迪華和未來的獨立公司保持強勁的資產負債表，並以嚴謹的方式將多餘的現金返還給股東。展望未來，我們對 2026 年的業績預期反映了銷售額、營業 EBITDA 和利潤率的成長。我們預計，憑藉我們的差異化技術，以及我們的創新產品線和持續的生產力和成本控制措施，市場需求將持續成長。

With that, let me turn it back to Kim.

那麼，現在就讓我把話題轉回給金。

Thanks, David. Now let's move on to your questions. I would like to remind you that our cautions on forward-looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A.

謝謝你，大衛。現在我們來回答您的問題。我想提醒各位，我們對前瞻性陳述和非GAAP指標的謹慎態度適用於我們準備好的發言稿和以下問答環節。

Operator, please provide the Q&A instructions.

操作員，請提供問答說明。

(Operator Instructions)

（操作說明）

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great, thank you so much Chuck, could you just kind of help us break down Slide 27 a little bit more with the Bayer litigation. It seems like there are two or three key buckets of what this accelerates as it leads into the chart that you published across triples, insect resistance and cotton. I'd love to hear if it actually affects the acceleration of E3 or Conkesta in terms of the next-gen stuff.

太好了，非常感謝 Chuck，您能否幫我們再詳細解讀第 27 張投影片中關於拜耳訴訟的內容？看起來，這加速了兩到三個關鍵領域的發展，正如你發布的圖表中提到的三重奏、抗蟲性和棉花。我很想知道這是否真的會影響 E3 或 Conkesta 在次世代遊戲的進展。

So I'd love to hear the breakdown of that. And then also in that chart, do you assume any gene editing assumptions? Or is that purely a corollary of what was announced yesterday evening? Thank you.

我很想聽聽詳細的分析。另外，在那張圖表中，你是否對基因編輯做出了任何假設？或者這只是昨晚宣布的內容的必然結果？謝謝。

Yeah, good morning. So let me start, and then I'm going to have Judd unpack some of the finer details. So first, we're very pleased with the agreement. And I personally view this as being extremely strategic in terms of what our overall licensing ambitions can be. And so this is a comprehensive agreement. We've been working with Bayer for quite some time. These things are very scientifically based. They're very -- there's a lot of legal precedent here for us to work through.

早安.那麼，就讓我先開始吧，然後我會讓賈德來詳細解釋一些細節。首先，我們對這項協議非常滿意。我個人認為，就我們整體的授權目標而言，這具有極為重要的策略意義。所以這是一項全面的協議。我們與拜耳公司合作已經有一段時間了。這些事情都有很強的科學根據。這裡有很多法律先例需要我們去研究。

But I'd say what the agreement does is it provides two broad things. The first is we now have freedom to operate and an increased access to the licensing market, which is extremely important to us. You know our ambition when it comes to our licensing business, and it's really centered around the expectation to accelerate our corn licensing business to as early as 2027, which is years ahead of our original plans. We're also going to enter the cotton licensing market, another big opportunity for Corteva.

但我認為該協議主要提供了兩方面內容。首先，我們現在擁有了營運自由，更容易進入許可市場，這對我們來說極為重要。您知道我們在授權業務方面的雄心壯志，我們的目標主要是希望在 2027 年之前加速推進玉米授權業務，這比我們最初的計劃提前了好幾年。我們也將進軍棉花授權市場，這對科迪華來說又是一個巨大的機會。

But I'd say more importantly, this is great for farmers and for agriculture in general because it's going to give our farmer customers simply just more choice. So now we're going to have a strong licensing portfolio for soybeans, for corn and for cotton. And if you look at it financially, the big picture, it really does set us on a path, as we said today, to deliver about $1 billion in licensing income in the next decade.

但更重要的是，這對農民和整個農業來說都是一件好事，因為它將為我們的農民客戶提供更多選擇。所以現在我們將擁有強大的大豆、玉米和棉花授權組合。從財務角度來看，從大局來看，正如我們今天所說，這確實為我們鋪平了道路，讓我們在未來十年內實現約 10 億美元的授權收入。

The second thing that this does, this agreement does is it resolves all the outstanding litigation with Bayer. And I think that's very helpful from a clarity and risk management perspective. So that's what this agreement is intended to do. Like I said, I'm very pleased with the agreement.

這項協議的第二個作用是解決了與拜耳之間所有未決的訴訟。我認為這從清晰度和風險管理的角度來看非常有幫助。所以，這就是這項協議的目的。正如我所說，我對這項協議非常滿意。

Judd, do you want to just talk about some of the finer details?

賈德，你想談一些細節問題嗎？

Yeah, Thanks, Chuck, and thanks, Chris, for the question. And I think Chuck captured it all extremely well. And we're still needing to bring product through the R&D pipeline, but maybe let me touch on it.

是的，謝謝查克，也謝謝克里斯的提問。我覺得查克把這一切都描述得非常到位。我們仍需要將產品推進研發流程，但或許我可以簡單談談這方面。

One, we've got freedom to operate in canola in specific markets around the world where that's very important to us. Number two, we're going to be able to bring, as you see here, triple-stack options into the market five years earlier than what our previous plan was with complete freedom to operate and the ability to line up and provide additional volumes with our licensees that we've got tremendous amount of demand building with licensees today.

第一，我們擁有在全球特定市場進行油菜籽種植的自由，這對我們來說非常重要。第二，正如您在這裡看到的，我們將能夠比之前的計劃提前五年將三層堆疊方案推向市場，並且擁有完全的營運自由，能夠與我們的授權商合作，提供額外的產量，因為我們目前與授權商之間存在著巨大的需求。

Number three, we get to bring our next proprietary third-gen above-ground product two years forward into the marketplace. We also provided Bayer license for Enlist cotton. They provided us an opportunity to license their HT4, and this provides us an opportunity to license in cotton, which we had no freedom to do previously.

第三，我們將把我們下一代專有的第三代地上產品提前兩年推向市場。我們也向拜耳公司提供了Enlist棉花的許可。他們為我們提供了獲得其 HT4 品種授權的機會，這為我們提供了在棉花領域進行授權的機會，而我們以前沒有這樣的自由。

So comprehensively it creates a tremendous amount of opportunity for us to continue to accelerate our ambitions in this space. We've got our germplasm funnel that has continued to widen, so that we've got the -- or the germplasm that we need to be able to provide these traits. '

因此，從整體上看，這為我們繼續加速實現我們在該領域的雄心壯志創造了巨大的機會。我們的種質資源管道不斷擴大，因此我們擁有了提供這些性狀所需的種質資源。'

And it just puts us in a really great spot. It's a great investment for all of our constituents, whether that be farmers or whether it be investors, whether that be our licensees if we work closely with them going forward. And we're excited to be able to put the certainty and freedom to operate in the hands of our R&D team so they can start streamlining the lines that they're bringing forward as well. So thanks.

這讓我們處於非常有利的地位。對於我們所有的利害關係人來說，這都是一項很好的投資，無論是農民、投資者，還是如果我們未來與他們密切合作的被授權人。我們很高興能夠將確定性和自主權交給研發團隊手中，以便他們能夠開始簡化他們正在推進的生產線。謝謝。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Thank you and good morning everyone. To some more clarification on the Bayer agreement. Firstly, it sounds like there is some existing licensing expense that was going through the income statement that with the payment of the $610 million, you will no longer expend. So number one, is that true? And can you tell us how much it is? And whether you had contemplated that back in October when you gave the original guidance?

謝謝大家，大家早安。關於拜耳協議，還需要進一步澄清一些問題。首先，聽起來好像有一些現有的授權費用已經計入損益表，但隨著 6.1 億美元的支付，你將不再需要支付這些費用。首先，這是真的嗎？請問價格是多少？那麼，您在去年十月發布最初指導意見時，是否考慮過這一點呢？

And then secondarily, you referenced HT4 having a license on that from Bayer. Can you clarify whether in future years, if you do elect to use that, whether you'll have to pay any per acre royalties today or in the future for that? Or is that all encompassed in the $610 million and you kind of have an all you can eat on that? Thanks.

其次，你提到HT4擁有拜耳公司的授權。請問，如果將來您選擇使用該土地，是否需要為此支付每英畝的特許權使用費？或者說，所有這些都包含在 6.1 億美元裡了，你可以隨意享用？謝謝。

Okay, Vincent, this is David. I'll handle the first part of that question. Perhaps Judd can follow up with the end. So in our current guide, we have $120 million of net royalty benefit in '26. A portion of that is the fact that there were some Bayer royalties that we will not be paying now in '26 and '27, so that's what accelerated us to a net neutral position in '26, which is two years ahead.

好的，文森特，這位是大衛。我來回答這個問題的第一部分。或許賈德可以接續寫結尾。因此，根據我們目前的指導方針，2026 年的淨特許權使用費收益為 1.2 億美元。部分原因是，我們在 2026 年和 2027 年將無需支付拜耳的一些特許權使用費，因此，這使得我們在 2026 年提前兩年實現了淨中性。

The rest of the benefit of the entire overall agreement is really later past 2027 when it adds over $100 million a year. And that gets more into the freedom to operate and more on the offensive on the licensing income piece.

整個協議的其餘好處實際上要到 2027 年以後才會顯現，屆時每年將增加超過 1 億美元。這就涉及經營自由，以及在授權收入方面採取更具進攻性的策略。

Your next question comes from the line of Joel Jackson.

你的下一個問題出自喬爾傑克森的詩句。

So maybe I'd jump in here. Joel, thanks for just a little bit of time to answer Vincent's -- the second piece of Vincent's questions on access to HT4. Does that come royalty-free? No, it doesn't come royalty free. I mean we would have a royalty that's associated with that as they would with the license that we would provide reciprocally with them. So -- but it puts us in a really good position with certainty as terms of path forward and making sure that we can continue to bring our products in the marketplace. So, thanks.

所以也許我會插一腳。Joel，感謝你抽出一點時間來回答 Vincent 的問題——這是 Vincent 關於訪問 HT4 的第二個問題。那是免版稅的嗎？不，它不是免費的。我的意思是，我們會因此獲得版稅，就像他們會因我們向他們提供的許可而獲得版稅一樣，這是我們互惠互利的。所以——但這讓我們在未來的發展道路上有了非常有利的確定性，並確保我們能夠繼續將我們的產品推向市場。謝謝。

Thank you for that. I'll ask my question now. So I just want to follow up on that a bit, too. I went back to your Investor Day deck from late 2024. And if I compare your -- how you're showing you're going from a net outflow payer of royalties to becoming positive, and I look at that chart versus the chart you presented last night in your deck, it looks the same through 2030, and now you show a 2035 where it's $1 billion.

謝謝。我現在就問問題。所以我也想就此再補充一點。我重新查看了您2024年底的投資者日簡報。如果我比較一下你展示的從版稅淨流出到淨盈利的轉變過程，以及你昨晚在簡報中展示的圖表，到 2030 年看起來都一樣，而現在你展示了 2035 年的圖表，顯示收入將達到 10 億美元。

I'm just trying to reconcile that with statements that you're pulling forward things to this decade, from after next decade, you're pointing two years forward, five years forward. But it looks the same through 2030 and more incremental 2031, 2032, 2033, 2034, 2035. Can you reconcile that, please?

我只是想調和一下你的說法，你一方面把一些事情從下一個十年提前到這個十年，另一方面又把目標指向兩年後、五年後。但到 2030 年情況依然如此，到 2031 年、2032 年、2033 年、2034 年、2035 年情況會逐步改善。請問您能解釋一下嗎？

Joel, look, I'd have to look at the details that you're going back to the Investor Day, but it should not be the same. The acceleration that this agreement gives us is pretty powerful. When we were thinking about our original royalty journey, we were really talking about soybeans and then corn starting in late next decade. And now we're talking about corn starting now, basically in 2027, and then the introduction of cotton now.

喬爾，你看，我得看看你回到投資者日的具體情況，但應該不會一樣。這項協議帶給我們的加速作用非常強大。當我們最初規劃我們的特許權使用費之旅時，我們實際上是在討論大豆，然後從下一個十年的後期開始討論玉米。現在我們開始討論玉米的種植，基本上是從 2027 年開始，然後是棉花的引進。

So when you put all that together, I think that what you're going to see is that we've really put our licensing business in a much higher gear than what we could have done absence of clarity around this comprehensive agreement.

所以，綜合所有因素來看，我認為你會看到，由於這項全面協議缺乏明確性，我們實際上已經將授權業務推向了比我們原本可能達到的更高的水平。

So we'll have to go back and we'll look at the numbers. But the acceleration from a freedom to operate is real, and it's pulling our corn in many cases, many years ahead, and it's also opening up the door on cotton. I think the other thing is this does not contemplate wheat. So if you start thinking about that, and we've said that our hybrid wheat opportunity combined with our branded business and our licensing opportunity, it would be $1 billion of revenue.

所以我們需要回去看數據。但自由經營帶來的加速是真實存在的，在許多情況下，它讓我們提前多年收穫玉米，同時也為棉花種植打開了大門。我認為另一點是，這並沒有考慮到小麥。所以，如果你開始考慮這一點，正如我們所說，我們的雜交小麥機會加上我們的品牌業務和授權機會，將帶來 10 億美元的收入。

So when you start thinking about this strategically as Corteva and then soon to be SpinCo, this provides a huge amount of value creation for our shareholders. The licensing opportunities continue to grow. And as Judd mentioned, even today, we have more demand than we have supply. So this was a matter of clearing up the access to the freedom to operate. And now that we have that, we can set our R&D and our commercial teams to meet the growing demand that we have for soybeans for cotton, for corn and soon-to-be wheat.

因此，從策略角度考慮，Corteva 以及即將成立的 SpinCo 將為我們的股東創造巨大的價值。授權許可機會持續成長。正如賈德所提到的那樣，即使在今天，我們的需求仍然大於供應。所以，這其實是釐清營運自由准入問題。現在我們有了這些訊息，就可以安排研發和商業團隊來滿足棉花、玉米以及即將種植的小麥對大豆日益增長的需求。

Kevin McCarthy, Vertical Research.

Kevin McCarthy，Vertical Research。

Yes, thank you. And good morning. Maybe a two-part question on the subject of gene editing. As we follow the regulatory developments in Europe, it seems as though there is a developing regulatory framework whereby Europe could open its market to gene-edited seeds.

是的，謝謝。早安.或許可以就基因編輯這個主題提出一個包含兩個部分的問題。我們關注歐洲的監管發展，似乎正在形成一個監管框架，歐洲有可能向基因編輯種子開放市場。

So the first part would be, do you expect that to happen in 2026? And what might it mean for Corteva over the medium to long term?

所以第一個問題是，你認為這種情況會在 2026 年發生嗎？從中長期來看，這對科迪華公司意味著什麼？

Then secondly, I think one of your gene-edited products is multi-disease resistant corn. I was wondering if you could just provide an update on that product for the US market and when we might expect commercialization of MDR?

其次，我認為你們的基因編輯產品之一是抗多種疾病的玉米。我想請問您能否提供一下該產品在美國市場的最新進展，以及我們何時可以期待 MDR 實現商業化？

Yeah, good morning, Kevin, sure. So look, we're -- if you step back and you look at the global regulatory framework, we're seeing very good progress on support for gene editing around the world. In fact, most of the major producing countries now have policies firmly in place.

好的，早安，凱文。所以你看，如果你退後一步，看看全球監管框架，你會發現世界各地在支持基因編輯方面取得了非常好的進展。事實上，大多數主要生產國現在都已經制定了完善的政策。

To your question with the EU, in December, there was an agreement with the EU framework. It still needs to be formally adopted by parliament and the council, and we are expecting that, hopefully, soon, I'd say, by the first half of this year. And we are very supportive of what we've seen so far. We think it's science-based. We think that it's going to be quite practical and it's going to allow us to bring much better crop technology to European farmers and really help, I think the EU from an overall food security and self-sufficiency perspective.

關於您提出的與歐盟有關的問題，去年 12 月，我們與歐盟框架達成了協議。該法案仍需經議會和理事會正式通過，我們預計，希望很快就能通過，我想應該會在今年上半年。我們非常支持目前為止我們所看到的。我們認為它有科學根據。我們認為這將非常實用，它將使我們能夠為歐洲農民帶來更好的作物技術，並且從整體糧食安全和自給自足的角度來看，這將真正幫助歐盟。

And the regulatory framework that is being proposed, I think we'll have some areas where it will actually be a simplified process, which will allow us to get, I think, products to market a lot more quickly.

我認為，在目前提出的監管框架下，某些領域的流程將會簡化，這將使我們能夠更快地將產品推向市場。

Now we still need China approval. It's probably one of the last remaining significant import markets that we need approval. And we're very hopeful that we'll get that soon. If you think about gene editing, and you know you've heard me talk about this before, there's probably no more important technology right now that we can bring to market to help farmers. And if you start thinking about how thin farmers' margins are right now, this technology can go a lot way to helping farmers improve their profitability.

現在我們還需要獲得中國的批准。這可能是我們還需要獲得批准的最後一個重要進口市場之一。我們非常希望很快就能實現這個目標。如果你考慮基因編輯，而且你也知道你以前聽我談過這個，那麼現在可能沒有比基因編輯更重要的技術可以幫助農民了。想想現在農民的利潤有多微薄，這項技術就能大大幫助農民提高獲利能力。

Now to your second question around our products. So that's right. We have a gene-edited fungal disease-resistant corn hybrid, we call it a disease super locus. And I've seen the test plots, it continues to look fantastic in our test fields. And we will be able to bring that to the market most likely within a year or two after receiving our overall regulatory approvals and we're pretty excited about that. We'll first bring it to the US market, but then we'll quickly move that technology around the world.

現在回答您關於我們產品的第二個問題。沒錯。我們有一種經過基因編輯的抗真菌病玉米雜交品種，我們稱之為抗病超級位點。我看過試驗田，它在我們的試驗田中表現依然非常出色。我們很可能在獲得所有監管部門的批准後一兩年內就能將產品推向市場，對此我們感到非常興奮。我們將首先把這項技術引入美國市場，然後迅速推廣到世界各地。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you, good morning. Chuck, can you discuss your US order book for the upcoming year? And how the pressure on farmers is manifesting itself into this year's buying activities? Thank you.

謝謝，早安。查克，你能談談你們明年在美國的訂單狀況嗎？農民面臨的壓力是如何體現在今年的採購活動中的呢？謝謝。

Sure. Well, why don't we start with Seed, and then Robert can talk about CP. Go ahead, Judd.

當然。好，我們先從種子開始，然後羅伯特可以談談CP。請繼續，賈德。

Yes. Thanks for the question. Our order books are very strong at this point in time. Our prepay that we've collected is on par with prior year. And our cash credit mix is very, very similar, plus or minus 1 point or 2. So we feel really good about the position we're in. I guess, translation may be what's your guess on corn acres. I'd say it's February. There's still snow on the ground and that corn versus soy mix, it's going to shift a little bit. There'd be a little bit of weight towards some more soy acres in space of corn. It's all very well manageable and within the guide that we've provided. But feel really good about the start to the year, both with our direct Pioneer as well as our Brevant retail brands.

是的。謝謝你的提問。目前我們的訂單量非常強勁。我們收到的預付款與上年持平。我們的現金信貸組合也非常非常相似，上下浮動只有 1 到 2 個百分點。所以我們對目前的處境感到非常滿意。我猜，翻譯可能就是你對玉米種植面積的猜測。我覺得應該是二月。地上還有積雪，玉米和大豆的種植比例會稍微改變。這樣一來，種植大豆的面積就會比種植玉米的面積略多。這一切都在可控範圍內，並且符合我們提供的指導原則。但我對今年的開局感到非常滿意，無論是我們的直營 Pioneer 品牌還是我們的 Brevant 零售品牌。

Hey David, it's Robert for Crop Protection, very similar story, very strong order books across the Northern Hemisphere. Europe is in full swing, and North America is moving. As we look into January, we're having a strong movement now. Keep in mind, both of these markets this last year grew a few temps, and that momentum continues as we're moving forward here. So thank you.

嗨，大衛，我是作物保護部門的羅伯特，情況非常相似，北半球的訂單量都非常強勁。歐洲正處於全面發展階段，北美也向前邁進。展望一月份，我們目前正經歷著一股強勁的勢頭。請記住，這兩個市場去年都出現了小幅上漲，而且這種上漲勢頭在我們繼續前進的過程中仍在持續。所以，謝謝你。

Joshua Spector, UBS.

約書亞‧斯佩克特，瑞銀集團。

Yeah, hi, good morning. I wanted to ask on free cash flow. Obviously, really strong performance last year. I mean how are you thinking about the conversion into 2026? Is there something one-off last year that gives back? Or is this something that you guys build on top of? thanks

是啊，你好，早安。我想問一下自由現金流方面的問題。顯然，去年的表現非常出色。我是說，你如何看待 2026 年的轉換？去年有沒有特別的回饋活動？或者這是你們在此基礎上進行開發的東西？謝謝

Yeah, thank you, Josh, for the question. And we obviously had a very strong end of the year with free cash flow. Some of that was, as Judd had mentioned, we did have favorable cash credit mix at the end of the year. So that was certainly a benefit. It's something that we don't count on every year. So that's probably one element year-over-year, which should be a little bit of a tailwind into '25 and the headwind into '26.

是的，謝謝你的提問，喬希。顯然，我們年底的自由現金流非常強勁。正如賈德所提到的那樣，部分原因是我們在年底確實擁有有利的現金信貸組合。所以這無疑是一項優勢。這是我們每年都無法預料的事。所以這可能是同比的一個因素，這應該會為 2025 年帶來一些順風，為 2026 年帶來一些逆風。

When you look at the really -- the major portion of why we were favorable is our working capital management. And where we ended this particular year was down probably 300 to 400 basis points lower than typical in our net working capital as a percentage of sales. So I would say the teams did a really good job. That's also reflected in the fact that in Seed, we had very strong sales and what have you. So our inventories are lower than typical.

仔細分析就會發現，我們之所以能獲得好評，主要原因在於我們的營運資金管理。今年底，我們的淨營運資本佔銷售額的百分比可能比往年同期下降了 300 到 400 個基點。所以我覺得各隊都表現得非常好。這點也反映在 Seed 的銷售業績非常強勁等等方面。因此，我們的庫存低於平常水準。

So I would say going into '26, absent any type of onetime items, and I'll go into those in a little bit more detail, we would be in the range that we articulated during our Investor Day. So free cash flow, about 45% to 50%. And you might ask if that have definitely a few points lower than '25, I would say most of that is because of working capital gain back to normal. So call it another 200 or 300 basis points as a percentage of sales.

因此，我認為，在2026年，如果沒有任何類型的一次性項目（我稍後會更詳細地說明），我們的業績將達到我們在投資者日上闡述的預期範圍。因此，自由現金流約為 45% 至 50%。你可能會問，這是否肯定比 2025 年低幾個百分點，我認為大部分原因是營運資本利得恢復正常。所以，就以銷售額的百分比算，這又增加了 200 或 300 個基點。

But this year, when we actually show the number, we will have a few unusual items. We will have the Bayer agreement, which will be an offset to the free cash flow number. As we get later in the year, we will be looking at separation type items.

但今年，當我們實際公佈數據時，會發現一些不尋常的項目。我們將與拜耳達成協議，這將對自由現金流數據起到一定的抵銷作用。隨著時間推移，我們將著眼於分離類別項目。

So we will be going into onetime separation cost and we'll likely also want some flexibility because we're committed to have 2 strong investment-grade balance sheet for the separated companies. So we want flexibility to make sure that we're handling that appropriately and that both companies are set up for success in the future.

因此，我們將考慮一次性分離成本，而且我們可能還需要一些靈活性，因為我們致力於為分離後的兩家公司提供兩份強勁的投資等級資產負債表。所以我們希望保持靈活性，以確保我們能夠妥善處理此事，並確保兩家公司在未來都能取得成功。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Thanks very much. A two-part question. First, your overall revenues in the fourth quarter were roughly flat year-over-year, down a tiny bit, but your SG&A and R&D really jumped. SG&A went from $735 million to $860 million, up about $125 million. R&D was up $50 million. What happened? Why are those numbers so unusually high? And then secondly, can you give us an idea of where you stand with Conkesta soybeans in Brazil? Where is your share? Or what are your revenues? What share do you expect for next year? What kind of revenues do you expect?

非常感謝。這是一個包含兩個部分的問題。首先，您第四季的整體營收與去年同期基本持平，略有下降，但您的銷售、管理及行政費用和研發費用卻大幅成長。銷售、一般及行政費用從7.35億美元增加至8.6億美元，增加了約1.25億美元。研發費用上漲了5000萬美元。發生了什麼事？為什麼這些數字如此異常高？其次，能否介紹一下您在巴西與 Conkesta 大豆的合作現況？你的那份呢？或者說，你們的收入是多少？你預計明年的市佔率是多少？您預計收入會是多少？

Okay. Yes. So I'll handle the first part of the question, and I'm assuming Judd will handle the second part of your question.

好的。是的。我會回答問題的第一部分，我假設賈德會回答問題的第二部分。

So on SG&A, R&D, as you can see throughout the year, we have increased our R&D. As a percentage of sales, in total we're up about 8%. And certainly, that's not really much timing on sales or fourth quarter. So you've seen that build throughout the year.

因此，在銷售、一般及行政費用和研發費用方面，正如您在過去一年中所看到的，我們增加了研發投入。銷售額佔比總計成長了約 8%。當然，這與銷售額或第四季的走勢並沒有太大關係。所以，你們在這一年都看到了這種發展勢頭。

On SG&A, as we mentioned in the opening comments, we do have some additional compensation expense, variable compensation expenses sort of items that hit in Q4, also hit in other quarters, but it was probably a little bit more impactful in Q4, especially against the small revenue number.

關於銷售、一般及行政費用，正如我們在開篇評論中提到的，我們確實有一些額外的薪酬支出，可變薪酬支出之類的項目在第四季度產生影響，在其他季度也有影響，但在第四季度的影響可能更大一些，尤其是在收入數字較低的情況下。

And Judd?

賈德呢？

Yeah, and Jeff, as far as E3 Conkesta, CE3 in Latin America, and particularly in Brazil, we're going to finish the year after just getting started in this space and going through our multipliers and licensing model, somewhere in mid-single digits in 2025.

是的，傑夫，至於 E3 Conkesta、拉丁美洲的 CE3，特別是巴西的，我們今年才剛開始涉足這個領域，並且正在研究我們的倍增器和授權模式，預計到 2025 年，我們的規模將達到個位數中段。

We expect to double or more than double that going into 2026. We will be completely out of our vertically branded business and be 100% focused on licensing through multipliers, and we believe we're going to be in the mid-teens plus for 2026.

我們預計到 2026 年，這一數字將翻倍甚至更多。我們將徹底退出垂直品牌業務，100%專注於透過乘數授權，我們相信到 2026 年，我們的收入將達到十幾個百分點以上。

So a lot of momentum. We've advanced a number of new genetic platforms and feel really good about how that transition is going.

所以勢頭很強。我們已經推進了多個新的基因平台，並且對這項轉變的進展感到非常滿意。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Thank you. Good morning, everyone. Could you just call on your CP business, what share of your business will be off patent versus patent and new products in '26, given that there is quite a bit of difference between growth in these two categories.

謝謝。各位早安。能否請您談談貴公司的消費品業務，鑑於專利到期產品和新產品在2026年的業務成長存在相當大的差異，貴公司業務中專利到期產品和新產品分別佔多大比例？

I like to do this, Aleksey, this is Robert. We will remain about flat to what we've been in the past. Keep in mind, we're about two-third differentiated on our overall portfolio now, getting good growth out of our new products and biologicals. But we don't have any major shifts coming off patent, like in the industry, there are some big molecules coming off, but we don't play in those markets. So we should be stable, much like you've seen this past year from a portfolio standpoint.

我喜歡這樣做，阿列克謝，這位是羅伯特。我們將保持與過去大致相同的水平。請記住，我們目前整體產品組合中約有三分之二的產品實現了差異化，我們的新產品和生物製品都取得了良好的成長。但我們並沒有像業界那樣，面臨專利到期帶來的重大變革。雖然有一些大分子藥物即將到期，但我們並沒有涉足這些市場。所以我們應該會保持穩定，就像你過去一年從投資組合的角度來看所看到的那樣。

I would keep in mind that there's a few things coming to play, though, that are going to help us out a little bit more. And we're waiting on registration, but we hope to have Visa launch latter part of this year, which will augment that differentiated portfolio. And remember, this is a fungicide that attacks Asian soybean rust, and we're expecting big things out of that molecule as we move forward. Thank you for the question.

不過，要注意的是，接下來還有一些事情會對我們有幫助。我們正在等待註冊，但我們希望 Visa 能在今年稍後推出，這將增強我們差異化的產品組合。請記住，這是一種可以防治亞洲大豆銹病的殺菌劑，我們期待這種分子在未來能發揮重要作用。謝謝你的提問。

Duffy Fischer, Goldman Sachs.

達菲費雪，高盛集團。

Yeah, good morning guys. With '25 in the rearview mirror, can you just go by your major crops on Seed in major geographies where you saw either market share gains or if there were any market share losses? And then just I wanted to clarify, on the deal with Bayer, they don't get access to your Enlist in soybeans, is that correct?

是的，各位早安。回顧 2025 年的情況，您能否僅根據主要地區種子銷售的主要作物，來判斷市場份額是否有所增長或下降？然後我想澄清一下，關於與拜耳的交易，他們無法獲得你們的 Enlist 大豆產品，是這樣嗎？

Yeah, thank you, Duffy. So maybe just walk around the world a bit. From a North America perspective, we were able to continue to pick up share in corn and in soy. As we go into Latin America, we picked up mid-single-digit share in summer. We picked up mid-single-digit share plus in safrinha, tremendous amount of momentum and share in that Brazilian market as well.

是的，謝謝你，達菲。所以，或許可以四處走走，看看世界。從北美市場來看，我們在玉米和大豆領域繼續擴大市場份額。進入拉丁美洲市場後，我們在夏季獲得了個位數的市場份額。我們在safrinha市場獲得了中等個位數以上的市場份額，在巴西市場也獲得了巨大的成長動能和市場份額。

And as you look at other markets around the world, we had some nice recovery in India in the rainy corn season market, and we saw some nice share gains in sunflower and corn in EMEA. So we had positive impacts in almost all regions around the world.

放眼全球其他市場，印度雨季玉米市場出現了不錯的復甦，歐洲、中東和非洲地區的向日葵和玉米市場份額也取得了不錯的成長。因此，我們在世界各地幾乎所有地區都產生了積極影響。

Now in terms of the Bayer agreement, E3 on soy was not part of those discussions at this point in time. Obviously, we have a number of places that we worked with Bayer across, but that was another part of it. So thanks for that question.

就拜耳協議而言，大豆中的 E3 成分目前並不在討論範圍內。顯然，我們與拜耳在很多方面都有過合作，但那是另一回事。謝謝你的提問。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Hi, good morning. Thank you for the question. I wanted to ask about the 2026 EBITDA guide. You're in line with the $4.1 billion that you gave us earlier last year. But it seems like maybe some moving pieces around with the pull forward of net royalties, maybe the push in volume from 4Q into 1Q. So can you help us sort of frame what the upside case and downside case look like in this bridge?

您好，早安。謝謝你的提問。我想諮詢一下 2026 年 EBITDA 指引。你這筆捐款與去年年初你給我們的41億美元金額一致。但似乎有些變動因素與提前發放淨版稅有關，也可能與第四季銷售提前至第一季有關。那麼，您能否幫我們大致描述一下這座橋樑的有利情況和不利情況？

And I do actually have a follow-up on Brazil Conkesta, if I could ask quickly. Just with the economics, how we should see that show up, that doubling in market share, how we see that show up in the EBITDA bridge as well. Thank you.

我其實還有一個關於巴西 Conkesta 的後續問題想問一下，如果可以的話，請容許我快速問一下。僅從經濟角度來看，我們應該如何看待市佔率翻番這件事，以及我們如何在 EBITDA 指標中看到這一點。謝謝。

Okay, Kristen. So we'll have Judd answer that. David will take the guide question, but let me just give you my perspective, and I guess my philosophy. We're sitting here in February. It's appropriate, I think, given that outside and in the corn belt, we have a lot of snow.

好的，克里斯汀。所以我們會請賈德來回答這個問題。David 會回答引導性問題，但我想先說說我的看法，以及我的理念。現在是二月。我認為這是恰當的，因為在玉米帶地區以外的地方，我們這裡有很多雪。

The ground is still frozen, and we are literally weeks, if not a bit more than that, away from putting a crop in the ground. So we are usually, at this point, looking at the market conditions and needing to see what happens from a crop perspective, but it is generally our philosophy not to do too much with a guide in February.

土地仍然凍結，距離播種還有數週甚至更長。因此，我們通常會在這個時候關注市場狀況，需要從作物角度觀察情況，但我們的理念通常是在二月不要過度依賴指導。

Now we can talk about the ups and downs. So go ahead, David.

現在我們可以談談起起伏伏了。那就開始吧，大衛。

David. Yeah, maybe it would be helpful to just kind of reiterate what we have in the guide and then we can go from there. So when we look at the $4.1 billion, it is up 7% from the midpoint. The other interesting thing is that is the beginning or the low end of our 2027 range, which would be a year early. So I think all are very positive.

大衛。是的，或許我們可以先重申指南中的內容，然後再繼續討論。所以，當我們看一下 41 億美元這個數字時，它比中間值增加了 7%。另一件有趣的事情是，這是我們 2027 年預測範圍的起始值或下限，比預期提早了一年。所以我認為所有評價都非常正面。

I think the other couple of takeaways. One, we are going to show growth in both Seed and CP, very much like we were able to do in 2025. And two-third of the EBITDA increase year-over-year will accrue to the Seed business and about one-third of CP, again, very similar to what we've seen.

我認為還有另外幾點要注意。第一，我們將在種子業務和消費品業務方面都實現成長，就像我們在 2025 年所做的那樣。EBITDA 年成長的三分之二將歸於 Seed 業務，約三分之一歸於 CP 業務，這與我們之前看到的情況非常相似。

So when I think about the bridge and the different elements of the bridge, right now, we have the price impact would be more or less similar to 2025. So low single-digit seed increases. We have increased royalty income. That will be partially offset by the low single-digit CP declines. So not much of a major difference from 2025.

所以，當我考慮這座橋以及這座橋的不同組成部分時，目前來看，其價格影響與 2025 年大致相似。因此，種子增量很小，只有個位數。我們的版稅收入增加了。CP 的個位數低跌幅將部分抵消此影響。所以和 2025 年相比，並沒有太大的差別。

We already talked a little bit about net royalties, but that will be a positive. We expect somewhere in the range of $120 million versus the $90 million in 2025. The volume impact in 2026, right now, we have it in as fairly flat for Seed. Again, that's mainly due to the acreage differences between corn and soy in the US that shift. And then CP more or less is forecasted to have a similar benefit in '26 as we continue to see growth in new products and biologicals.

我們之前已經稍微談到了淨版稅，但這將會是一個利好消息。我們預計到 2025 年將達到 1.2 億美元左右，而 2025 年將達到 9,000 萬美元。目前來看，我們認為種子輪在 2026 年的成交量將相當穩定。這主要是由於美國玉米和大豆種植面積的差異造成的，而且這種差異還在不斷變化。然後，隨著新產品和生物製品的持續成長，CP預計在2026年也將獲得類似的效益。

Probably the major difference between our bridge in '26 versus '25 would be on the cost improvements. And we still have $200 million built in for cost improvements in '26, then '25, we benefit pretty significantly. About half of our $665 million was really a commodity impact that we do not have included in 2026. We think that's going to be flat in 2026. So that's a major difference there. And we also have an $80 million kind of headwind in our -- in tariffs.

2026 年的橋樑與 2025 年的橋樑相比，最大的差異可能在於成本的降低。而我們在 2026 年還預留了 2 億美元用於成本改進，那麼在 2025 年，我們將受益匪淺。我們6.65億美元的損失中，大約有一半實際上是商品價格波動的影響，而這些影響並未計入2026年。我們認為到 2026 年，這一數字將保持穩定。所以這方面有很大的不同。而且，我們還面臨高達 8,000 萬美元的關稅阻力。

So those are the major elements. And then when you go to other, if you look at other between the two, they're about the same. So when I think about it, price is fairly balanced, royalty is definitely a positive story. The volume is probably the one that you could argue one way or the other at whether or not we're being conservative or not, but it's very early in the season to be able to make that termination.

以上就是主要要素。然後當你查看其他選項時，如果你比較這兩個選項，你會發現它們差不多。所以仔細想想，價格還算平衡，版稅絕對是個正面的因素。對於銷量，人們可能會爭論我們是否保守，但現在賽季還很早，還無法做出最終決定。

And we'll keep an eye on being able to offset tariffs and include additional cost improvements. One other element we did include, and we put this in the notes is we have $50 million of dissynergies in our number in 2026, which obviously, we would not have had in '25.

我們將密切關注能否抵消關稅並增加其他成本改進措施。我們還加入了一個因素，並在註釋中說明，那就是我們在 2026 年的預測中出現了 5000 萬美元的協同效應損失，這顯然是我們在 2025 年不會遇到的情況。

Conkesta?

Conkesta？

Yeah, and maybe just a follow-up on the Conkesta question. So for 2026, overall earnings for Seed in Brazil are up significantly. The Conkesta transition and the additional share is certainly a big part of it. That also is part of that $120 million that's in the plan that David just mentioned as well.

是的，或許可以就 Conkesta 的問題做個後續說明。因此，預計到 2026 年，Seed 在巴西的整體收益將大幅成長。Conkesta 的轉型和新增股份無疑是其中的重要因素。這也是大衛剛才提到的計畫中1.2億美元的一部分。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

This is Carol Jiang on for Laurence Alexander. Actually, my question has been asked already. But just a follow-up on the tariff estimation. You estimate $8 million impact from incremental global tariff in 2026. Does this figure also account for the potential secondary effects such as increased dumping of generic product in non-tariff market like Brazil?

這裡是卡羅爾·江，代勞倫斯·亞歷山大為您報道。實際上，我的問題已經有人問過了。但我想就關稅估算做個後續說明。您預計 2026 年全球關稅增量將帶來 800 萬美元的影響。這個數字是否也考慮了潛在的次要影響，例如仿製藥在巴西等非關稅市場傾銷的增加？

Yes. I think -- I believe the question is does this include secondary impacts like impacts from Brazil? Is that the question?

是的。我認為——我認為問題是，這是否包括來自巴西等地的次要影響？這就是問題嗎？

Yes, just the $80 million figure.

是的，就是8000萬美元這個數字。

Yeah, the estimate that we've got on the Crop Protection primarily is where the tariffs all are -- is encompassing everything we've got for the entire business. So it includes all companies, including -- all countries including Brazil.

是的，我們對作物保護的估算主要包括所有關稅——涵蓋了我們整個業務的所有方面。所以它包括所有公司，包括——所有國家，包括巴西。

If it's helpful, almost all of it is CP and almost all of it is China, actives coming in to the United States.

如果這有幫助的話，幾乎所有這些東西都是兒童色情製品，而且幾乎全部來自中國，它們正在流入美國。

That's the biggest part.

這是最重要的部分。

That is, by far, the biggest part of the tariff impact.

這無疑是關稅影響的最大部分。

Correct.

正確的。

Arun Viswanathan, RBC.

Arun Viswanathan，RBC。

Great, thanks for taking my question. Excuse me, Most of my questions have been answered as well, but I guess I'll just ask on the $200 million productivity benefits. You guys have obviously been very successful the last few years, bringing up your margins and executing on that productivity. Is that kind of -- maybe you could break that out between Seed and CP if that's relevant.

太好了，謝謝你回答我的問題。不好意思，我的大部分問題也都得到了解答，但我還是想問一下關於2億美元的生產力提升效益的問題。你們過去幾年顯然取得了巨大的成功，提高了利潤率並實現了生產力的提升。這算是一種－－如果相關的話，或許你可以把它從種子和CP中分離出來。

And then is that kind of an ongoing -- how do we think about the ongoing productivity opportunity? Where are you kind of in that journey? I know there's been a lot of discussion about that in the past, but maybe you can just kind of give us some updated thoughts? Thanks.

那麼，這算是一種持續性的──我們如何看待持續提高生產力的機會？你目前處於這段旅程的哪個階段？我知道過去已經有很多關於這方面的討論，但或許您可以給我們一些最新的想法？謝謝。

Yeah, sure. No problem. So yes, the $200 million is split somewhat equally between the 2 different businesses. And the way I look at that is it is a running rate. There's opportunities every year in seed, in production and how we go and grow the seed with our farmers, how efficient we can be there. In Crop Protection, typically, your normal productivity year-over-year improvement.

當然可以。沒問題。所以，是的，這 2 億美元在兩家不同的公司之間大致平均分配。我的理解是，這是一個持續成長的速率。每年在種子、生產以及我們如何與農民一起種植種子、如何提高效率方面都存在著機會。在作物保護領域，通常情況下，生產力會逐年提高。

I would say beyond that, though, there is further elements in crop when they look at footprint and different optimization opportunities in the future.

不過，我想說的是，除此之外，在考慮作物足跡和未來不同的最佳化機會時，還有其他因素需要考慮。

I think the one thing to call out is when we gave our financial framework for 2027, we said it would be about $700 million of net productivity and cost improvement, and we had almost that last year. So obviously, with David's communication today around another couple of hundred million on a gross basis. So call it -- he did outline some of the other headwinds we have.

我認為需要特別指出的是，當我們提出 2027 年的財務框架時，我們說過這將帶來約 7 億美元的淨生產力和成本改善，而我們去年幾乎實現了這個目標。所以很明顯，根據大衛今天的溝通，總金額大約還有幾億美元。所以姑且這麼說吧——他確實也列舉了我們面臨的其他一些不利因素。

So if you call that $100 million net, and that's only in 2026, and then if you play the framework forward into 2027, we're going to far and exceed the original $700 million that we put into our financial framework. We probably overachieved a little bit in '25, but I think '26 and the pipeline that we've got for cost and productivity is still very healthy across the company, and it is more or less split between Seed and CP.

所以，如果你把這1億美元稱為淨額，而這僅僅是2026年的情況，那麼如果你把這個框架推演到2027年，我們就會遠遠超過最初在財務框架中設定的7億美元。我們在 2025 年可能稍微超額完成了目標，但我認為 2026 年以及我們為成本和生產力所製定的計劃在全公司範圍內仍然非常健康，而且大致分為種子輪和 CP 兩部分。

Patrick Cunningham, Citi.

派崔克‧坎寧安，花旗銀行。

Hi, good morning. As we look at the Latin American CP market for 2026, does the current channel inventory position support a return to more normalized purchasing patterns? Or should we anticipate continued volatility in some of the order timing? And have you seen any further impact or improvement of credit and liquidity concerns for farmers in the region?

您好，早安。展望 2026 年拉丁美洲消費品市場，目前的通路庫存狀況是否能支撐恢復到更正常的購買模式？或者我們應該預期部分訂單時間將持續波動？您是否看到該地區農民的信貸和流動性問題有任何進一步改善或影響？

Patrick, this is Robert. I'll take that one. As far as LatAm goes, we're expecting the year as we move into this year, crops are in the ground now. And looking at 2026, we're going to continue to see pricing pressures in LatAm. We expect volume growth to take place there, much like this year, more lands going in and the pest and resistance pressures continue to build.

派崔克，這位是羅伯特。我選那個。就拉丁美洲而言，我們預計今年會是豐收年，因為作物現在已經種下了。展望 2026 年，我們將繼續看到拉丁美洲的價格壓力。我們預計那裡的產量將會增加，就像今年一樣，更多的土地被納入種植範圍，病蟲害和抗藥性的壓力也會持續增加。

So we expect growth to continue to happen there. Pricing pressures, like I said, will continue. And that just has to do with there is more than enough supply in the market nowadays. And so that will eventually tighten back up and from a channel standpoint, the channels are about normal right now for this time of year, We need to let the year play out for the rest of the season to see where we land there.

因此，我們預計那裡的成長勢頭將持續下去。正如我所說，價格壓力將會持續存在。這完全是因為目前市場上的供應量非常充足。所以這種情況最終會好轉，從頻道角度來看，目前頻道數量與往年同期基本上正常。我們需要觀察本季剩餘時間的情況，看看最終結果如何。

From a farmer standpoint, to touch on that just a little bit. Farmers in Latin America are stressed, very high interest rates, commodity price is a little bit suppressed, but they're still making money by and large. Cash flow is tight for them.

從農民的角度來看，我想稍微談談這個問題。拉丁美洲的農民面臨壓力，利率很高，大宗商品價格受到一定程度的抑制，但總的來說他們仍然能賺錢。他們的現金流很緊張。

And we've been working through a lot of those things with them. Keep in mind, you will have seen that our barter program this year between crop and seed will be near $1 billion in total for revenue there. And so we're doing things to help mitigate risk and to help manage that with farmers. And we think we're in a pretty good position as we head in '26 to have another good year there in a market that is challenged.

我們一直在和他們一起解決很多這類問題。請記住，您已經看到，我們今年的農作物和種子以物易物計劃的總收入將接近 10 億美元。因此，我們正在採取措施幫助農民降低風險並幫助他們管理風險。我們認為，展望 2026 年，我們處於一個相當有利的位置，能夠在充滿挑戰的市場中再創佳績。

Matthew DeYoe, Bank of America.

馬修‧德約，美國銀行。

Morning, you talked openly about kind of the initial days of the announced spin that Seed would be looking to expand beyond corn and soy. And I know you have the hybrid wheat coming out next year, which is obviously exciting.

早上，您坦率地談到了Seed公司宣布將業務拓展到玉米和大豆以外的最初幾天的情況。我知道你們明年會推出雜交小麥，當然令人興奮。

And you're talking a little bit about cotton on the back of the Bayer agreement. But what -- how do you prioritize the new markets? Are there anything beyond that? Are you looking at fruits and veggies more broadly? Do you need acquisitions to get to where you think you want to be in 5, 10 years in the Seed business from a portfolio perspective?

你這是在拜耳協議的背景下，稍微談到了棉花問題。但是，如何決定新市場的優先順序呢？除此之外還有其他安排嗎？您是指更廣義的水果和蔬菜嗎？從投資組合的角度來看，在種子輪業務中，您是否需要透過收購來實現您在 5 年、10 年內想要達到的目標？

Yeah, Matt, let me give you a teaser, but I want you to join us in September when we do our Investor Day for both companies just prior to our separation. So I won't tell you the whole story. But look, I think from a Seed perspective, we have a lot of opportunity in our core businesses. And Judd just articulated a little bit here on this call. So we think there's room to grow in corn and soybeans. And with the agreement now that we have in place, the seed licensing business, I think, is going to be just a great growth platform for us going forward.

是的，馬特，我先給你透露一點消息，但我希望你能在九月加入我們，屆時我們將為兩家公司舉辦投資者日活動，就在我們分拆之前。所以我不會把整個故事都告訴你。但是，從種子輪的角度來看，我認為我們在核心業務方面有很多機會。賈德在這次電話會議中也稍微闡述了一下。所以我們認為玉米和大豆還有成長空間。我認為，有了我們現在已經達成的協議，種子授權業務將成為我們未來發展的巨大成長平台。

I think then we've talked about cotton. So that's another new market for us, and we've already covered gene editing. I think gene editing, the capability, if we can provide differentiated technology from our innovation in gene editing, we will consider what I would consider to be tangential or adjacent crops, but we won't go there unless we believe we can provide something that is unique and special to the market.

我想我們當時已經談到棉花了。所以這對我們來說是另一個新市場，而我們已經涉足基因編輯領域。我認為基因編輯這項技術，如果我們能夠憑藉基因編輯方面的創新提供差異化技術，我們會考慮一些我認為是相關或相鄰的作物，但除非我們相信能夠為市場提供獨特而特別的產品，否則我們不會涉足其中。

And right now, as we said, our short-term focus is Seed licensing in cotton and corn and in soybeans and then entering the hybrid wheat market. We're going to do that conventionally, but also with gene-edited hybrid wheat. And that market is the largest row crop market on the planet, 20% of our calories are still consumed there as humanity. And we've got lots of new technology coming in with our proprietary traits as well.

正如我們所說，目前我們的短期重點是棉花、玉米和大豆的種子授權，然後進入雜交小麥市場。我們將採用傳統方法，但也會採用基因編輯雜交小麥。而這個市場是地球上最大的農作物市場，人類仍然在那裡消耗了 20% 的卡路里。而且我們還有許多新技術，以及我們專有的特性。

So I think we've got a lot to keep our plates full right now. But with the advent of gene editing and as we get more comfortable with the acceptance of the science around the world, which certainly looks to me like that's what's happening, it should open up other markets for us in the future.

所以我覺得我們現在有很多事情要忙。但隨著基因編輯技術的出現，以及世界各地對這項科學的接受度越來越高（在我看來，這確實正在發生），它應該會在未來為我們開闢其他市場。

Mike Sison, Wells Fargo.

麥克西森，富國銀行。

Hey, good morning just a quick follow-up on Crop Protection. It looks like you expect the markets to rebound in '26 versus '25. Anything in particular that gives you confidence there? The double-digit volume growth you have for the year seems to be more biologics and strong demand for new products. And then just a quick follow-up on Brazil pricing pressure in Crop Protection. Is it stabilized, getting worse, getting better? Just curious on that.

嘿，早安，關於作物保護，我有個後續問題想跟進。看來你預計 2026 年市場將比 2025 年反彈。有什麼特別的原因讓你對那個方面有信心嗎？今年兩位數的銷售成長似乎主要來自生物製劑和對新產品的強勁需求。然後，再快速跟進一下巴西作物保護產品的價格壓力問題。情況是穩定了、惡化了還是好轉了？只是好奇而已。

Michael, this is Robert again. Let's talk about CP markets for 2026. We expect to see modest growth in the overall CP market around the world this year. It will be volume will continue to grow. There's going to be some pricing pressures against that. But by and large, we're seeing positive signs around the world. And earlier question this morning about how things looking in Northern Hemisphere on the order books, and like I said, they're strong. So the year started really well from that standpoint.

邁克爾，我是羅伯特。讓我們來談談2026年CP市場的情況。我們預期今年全球CP市場整體將出現溫和成長。交易量將會持續成長。這方面會面臨一些價格壓力。但總的來說，我們看到世界各地都出現了正面的跡象。今天早上早些時候有人問到北半球的訂單情況如何，就像我說的，訂單情況很強勁。所以從這個角度來看，今年開局非常順利。

Specific to Brazil, when you think about pricing there and when do they stabilize, et cetera, a couple of things happening in Brazil. When you look at the overall market, there is ample supply of product coming in. And so that is a lot of more generics, in formulated generics, but nevertheless, a lot of supply.

具體到巴西，當你考慮那裡的價格以及它們何時穩定下來等等時，巴西正在發生一些事情。從整體市場來看，產品供應充足。因此，仿製藥，尤其是配方仿製藥，數量更多，但儘管如此，供應量仍然很大。

But when you think about the differentiated products, we're still seeing a need for that technology and farmers are demanding that. And keep in mind, for us, again, two-third differentiated around the world. For us, those products command about a 10% to 15% higher margin than the rest of the portfolio.

但從差異化產品的角度來看，我們仍然看到這項技術的需求，農民也提出了這樣的需求。請記住，對我們來說，全球有三分之二的情況有所不同。對我們來說，這些產品的利潤率比其他產品組合高出約 10% 到 15%。

So yes, we think there continues to be some pricing pressures there from some of the big molecules. But we have a good portfolio to combat that, and we think we're in a pretty good place from a business standpoint as we head into 2026.

所以，是的，我們認為一些大分子藥物的價格壓力仍然存在。但我們擁有良好的投資組合來應對這種情況，我們認為從商業角度來看，展望 2026 年，我們處於相當有利的地位。

Edlain Rodriguez, Mizuho.

埃德蘭·羅德里格斯，瑞穗。

Okay, thank you and good morning everyone a quick one. This is a follow-up to the CP question. Like the competitive pricing pressure we're seeing in Brazil and in some parts of Asia, can we ever see that happening in North America or Europe again, like how well protected all these markets from the generics?

好的，謝謝大家，大家早安，簡單說一句。這是對CP問題的後續問題。就像我們在巴西和亞洲部分地區看到的競爭性價格壓力一樣，我們是否還能在北美或歐洲再次看到這種情況發生？這些市場是如何很好地抵禦仿製藥的衝擊的？

Yeah, Edlain, look, let me take a stab at that one. I think, look, the businesses, the markets are just fundamentally different. They're structurally built differently the way the farmers buy their channel partners, the infrastructure that's in each of the countries or the regions are different. And we -- no market is immune to having generics, right? Generics have been part of the global CP market as long as I've been around and will always be, and they're in all the markets.

是啊，艾德萊恩，讓我來試著回答。我認為，你看，這些企業、這些市場從根本上就是不同的。它們的組織結構不同，農民購買通路夥伴的方式不同，每個國家或地區的基礎設施也不同。我們——沒有哪個市場能夠免受仿製藥的影響，對吧？在我有生之年，仿製藥一直是全球CP市場的一部分，而且將來也永遠是，它們遍布所有市場。

I think that what's unique is what's happening in Brazil right now. And look, Brazil is going to grow and there's more area going into production, as we've already said. But I think what we're seeing is that the channel is being a bit more responsible. It looks to us like the channel is functioning still relatively normally. There's a lot of product currently going to ground. But it is a well-supplied market because of the way that they allow their imports.

我認為巴西現在正在發生的事情是獨一無二的。而且，正如我們之前所說，巴西將會發展，越來越多的土地將用於生產。但我認為我們現在看到的是，該頻道正在變得更加負責任。在我們看來，該頻道目前運作狀況相對正常。目前有很多產品被淘汰了。但由於他們允許進口的方式，這是一個供應充足的市場。

Now what we haven't talked about, I think, specific to Brazil is a lot of this product is coming from China. And it looks to us like China may be taking early steps to control some of their exports. They just repealed their export VAT. So that's going to drive up the cost to export outside -- from China into Brazil that we think is constructive for the market overall. We're starting to see M&A actually from some of the generics in China. I think that will be constructive overall.

現在我們還沒談到，我認為，就巴西而言，許多這類產品都來自中國。在我們看來，中國似乎正在採取早期措施來控制部分出口。他們剛剛廢除了出口增值稅。因此，這將推高出口到國外的成本——從中國出口到巴西，我們認為這對整個市場來說是有益的。我們已經開始看到中國一些仿製藥企業進行併購。我認為這總體上會是有益的。

So I think that when you start thinking about this, we are comfortable that 2026, and I'm going to talk about globally, 2026, we should see some slow growth, which is a lot better than we've seen in the last three years. And 2025 was better than '24, right? It was a flat market driven by volume. But as Robert said, our planning assumption today is some headwinds when it comes to pricing in Brazil. But the rest of the markets, I think, are going to be quite healthy.

所以我認為，當你開始思考這個問題時，我們有理由相信，到 2026 年，我指的是全球範圍，我們應該會看到一些緩慢的增長，這比過去三年我們看到的要好得多。2025 年總比 2024 年好，對吧？這是一個由成交量驅動的平穩市場。但正如羅伯特所說，我們今天的計劃假設是，在巴西的定價方面會遇到一些不利因素。但我認為，其他市場的狀況將會相當健康。

I will turn the call back over to Kim Booth, VP, Investor Relations, for closing remarks.

我將把電話轉回給投資人關係副總裁金‧布斯，請她作總結發言。

Great. Well, thanks for joining and for your interest in Corteva. And we hope you have a safe and wonderful day.

偉大的。感謝您的參與以及對科迪華的關注。祝您有個安全美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。