Corteva, Inc. (CTVA) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Corteva Agriscience Q1 2026 Earnings Call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 Corteva Agriscience 2026 年第一季財報電話會議。（接線員指示）

I will now hand the conference over to Kim Booth, VP of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係副總裁 Kim Booth。請開始。

Good morning, and welcome to Corteva's first-quarter 2026 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. 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.

各位早安，歡迎參加 Corteva 2026 年第一季財報電話會議。今天的預先準備發言將由執行長 Chuck Magro 與執行副總裁兼財務長 David Johnson 主講。此外，種子事業部執行副總裁 Judd O'Connor 與作物保護事業部執行副總裁 Robert King 也將加入問答環節。我們已準備簡報投影片以補充本次電話會議的發言內容，投影片已張貼於 Corteva 官網的投資人關係專區，亦可透過網路直播連結取得。

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. 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.

在本次電話會議中，我們將作出前瞻性陳述，也就是我們對未來的預期。這些陳述係基於目前的預期與假設，並可能受到各種風險與不確定性影響。由於這些風險與不確定性（包括但不限於本次電話會議所討論者，以及我們向美國證券交易委員會（SEC）提交之報告中的「風險因素」章節所述者），我們的實際結果可能與上述陳述存在重大差異。我們不承擔更新任何前瞻性陳述之義務。

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 release and related schedules, along with our supplemental financial summary slide deck available on our Investor Relations website.

請注意，在今天的簡報中，我們將引用若干非 GAAP 財務衡量指標。非 GAAP 指標之調節表可於我們的財報新聞稿及相關附表中查閱，並可在投資人關係網站取得我們的補充財務摘要投影片。

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

現在我很榮幸把電話會議交給 Chuck。

Thanks, Kim. Good morning, everyone, and thanks for joining us today. Spring is always a busy and exciting time for agriculture, and this year is no exception. Planning in the Northern Hemisphere is proceeding well. The weather has cooperated for the most part, and we are well positioned with technology that is in high demand.

謝謝你，Kim。各位早安，感謝今天加入我們。春季一向是農業最忙碌且令人振奮的時節，今年也不例外。北半球的規劃進展順利。整體而言天候多半配合，而我們也以市場高度需求的技術做好充分準備。

However, farmers remain cautious and value driven. Crop mix and technology choices are increasingly strategic aligning acreage and input decisions towards crops with the best demand signals. Overall, strong crop acreage is supporting strong Seed and Crop Protection volume demand. There are some back half risks we are monitoring. We will discuss those today, but let's start with the quarter.

然而，農民仍保持謹慎並以價值為導向。作物組合與技術選擇愈來愈具策略性，將耕作面積與投入品決策對準需求訊號最佳的作物。整體而言，強勁的作物種植面積支撐了種子與作物保護的強勁銷量需求。我們也在監控下半年可能出現的一些風險。今天我們會加以說明，但先從本季談起。

Both Seed and CP delivered healthy double-digit EBITDA gains with all-in benefits on price mix, volume, cost and currency. Year-over-year, Corteva delivered a 21% increase in Q1 EBITDA and over 200 basis points of margin expansion driven by our core portfolio, our growth platforms and focused cost execution. While some of Seed's strong North American volume performance can be attributed to timing shift, price mix gains in every region are a clear signal that regardless of tight margins, farmers continue to plant our latest hybrids and varieties in order to increase yield per acre and their own profitability.

種子與作物保護（CP）皆繳出健康的 EBITDA 兩位數成長，並全面受惠於價格/組合、銷量、成本與匯率因素。與去年同期相比，Corteva 第一季 EBITDA 成長 21%，利潤率擴張超過 200 個基點，主要由我們的核心產品組合、成長平台以及聚焦的成本執行所帶動。雖然種子在北美的強勁銷量表現部分可歸因於時點移轉，但各區域皆出現價格/組合改善，清楚顯示即便利潤空間緊縮，農民仍持續種植我們最新的雜交種與品種，以提升每英畝產量與自身獲利能力。

Volume gains in Crop Protection across all regions were driven by double-digit gains in new products and spinosyns reflecting continued demand for our premium technologies. This performance allows us to reaffirm our full year guidance, which we announced in February. It also allows us to derisk the second half of the year slightly. David will explain more.

作物保護在各區域的銷量成長，主要由新產品與 spinosyns 的兩位數成長所帶動，反映市場對我們高端技術的持續需求。這樣的表現使我們得以重申 2 月公布的全年財測指引。同時也讓我們能在一定程度上降低今年下半年的風險。David 會進一步說明。

Factored into our guidance is the fact that farmers in the US are expecting to shift planted area from corn to soybeans, resulting in a projected 3% to 4% reduction in corn acres. And if current trends hold, Enlist beans will be planted on about 65% of all US soybean acres in 2026. As it approaches maturity, Enlist is the number one selling soybean technology in the US.

我們的指引已納入以下事實：美國農民預期將把種植面積由玉米轉向大豆，導致玉米種植面積預估下降 3% 至 4%。若目前趨勢持續，2026 年 Enlist 大豆將種植於約 65% 的美國大豆總面積上。隨著產品趨於成熟，Enlist 已成為美國銷售第一的大豆技術。

As you know, our focus is now set on becoming the leading provider of soybean technology in Brazil, the largest soybean market on the planet. Our branded corn business already holds the number one position in Brazil, and we are confident in our licensing model for soybeans will allow us to efficiently gain share in this critical market. We're making great strides on that front, and we're expecting trade penetration to cross into double digit this year.

如各位所知，我們目前的重點是成為巴西（全球最大的大豆市場）的大豆技術領先供應商。我們的品牌玉米業務已在巴西位居第一，我們也有信心，大豆的授權模式將使我們能以高效率在這個關鍵市場提升市占。我們在這方面進展良好，並預期今年的貿易滲透率將突破至兩位數。

With regards to the Middle East conflict, although we have minimal commercial presence in the area, we're monitoring the situation closely. Given what we know today, while we're keeping an eye on any feedstock exposure to our supply base, the main impact for Corteva is currently related to increases in oil prices. However, given typical inventory cycle turns, we believe the 2026 impact is manageable within our current guidance range. David will get into the details, but we're also seeing some favorability on the tariff front from what we communicated in February.

關於中東衝突，雖然我們在該地區的商業布局極少，但我們正密切關注情勢發展。就目前所知，除了持續留意供應基礎中任何原料（feedstock）曝險外，對 Corteva 的主要影響目前與油價上漲相關。然而，考量典型的庫存週期周轉，我們認為 2026 年的影響在目前指引區間內是可控的。David 會說明細節；此外，與我們 2 月所溝通的內容相比，我們也在關稅方面看到一些有利因素。

Globally, from an overall industry perspective, we continue to see mixed fundamentals. Record demand for grains and oilseeds continues and farmers are investing in premium Seed and Crop Protection technologies to enhance and protect their yields. Overall, crop prices have increased from a year ago but margins are still tight as large global crop production and geopolitical uncertainty continues to weigh on the market, and several farmer input costs such as fertilizer and fuel have been impacted by higher oil prices.

從全球整體產業角度來看，我們仍看到基本面呈現分歧。穀物與油籽需求持續創新高，農民也正投資於高端的種子與作物保護技術，以提升並保護其產量。整體而言，作物價格較一年前上升，但在全球作物產量龐大與地緣政治不確定性持續壓抑市場之下，利潤仍然吃緊；此外，肥料與燃料等多項農民投入成本也受到油價上漲影響。

Our latest view on the crop protection market for the full year assumes modest growth with low single-digit volume gains more than offsetting slightly negative pricing. For Corteva, we expect mid-single-digit volume gains more than offsetting low single-digit pricing headwinds.

我們對全年作物保護市場的最新看法是假設溫和成長：低個位數的銷量成長，將足以抵銷略為負面的價格變動。就 Corteva 而言，我們預期中個位數的銷量成長將足以抵銷低個位數的價格逆風。

So as we sit here today at the beginning of May, I'm pleased with our first quarter performance. As we all know, the first quarter doesn't dictate the full year in agriculture, but I'd say the first half is playing out a little better than expected. We're showing good progress on our growth platforms. and I believe we have the appropriate level of attention on improving our cost position through our controllable levers. Crossing the milestone of royalty neutrality into royalty positive later this year is a monumental accomplishment and a sign of what's to come.

因此，站在今天 5 月初的時間點，我對第一季的表現感到滿意。眾所周知，在農業產業中，第一季並不決定全年表現，但我會說上半年進展略優於預期。我們在成長平台上展現良好進度。我也相信，我們已透過可控的槓桿，投入適當程度的關注以改善成本結構。今年稍晚跨越「權利金中性」並轉為「權利金正貢獻」的里程碑，是一項重大的成就，也預示著未來的發展。

We already have over 100 independent seed company licensees for PowerCore, Enlist corn and Enlist E3 soybeans. These self-help levers continue to drive value creation for the company and provide meaningful margin enhancement through the ag cycle.

目前我們已有超過 100 家獨立種子公司取得 PowerCore、Enlist 玉米與 Enlist E3 大豆的授權。這些自助型槓桿持續推動公司價值創造，並在農業景氣循環中帶來具意義的利潤率提升。

Let me also give you a quick update on our separation. First, we remain on track for a separation sometime in the fourth quarter and we're trending favorably against our estimated $100 million of net dissynergy estimate. As you will have seen a few weeks ago, we announced the new CEO for the company that will become Corteva home to our CP business. Luke Kissam is an experienced CEO with a proven track record of delivering results, and we're pleased to be joining the company on June 1. We also announced the 2 executive leadership teams for the new companies both which include a mix of existing and new members, but all of whom are aligned to our culture and values.

我也簡要更新一下我們的分拆進度。首先，我們仍按計畫在第四季某個時間點完成分拆，且相較於我們估計的 1 億美元淨失協同（net dissynergy）金額，目前趨勢更為有利。如各位在幾週前所見，我們已宣布將成為 Corteva、並承接我們作物保護（CP）業務之公司的新任執行長。Luke Kissam 是一位經驗豐富的執行長，具備經證實的成果交付紀錄；我們很高興他將於 6 月 1 日加入公司。我們也公布了兩家新公司的兩個高階管理團隊，兩者皆包含現有與新成員的組合，但所有成員都與我們的文化與價值觀一致。

As such, they share a passion for agriculture science and innovation as well as the commitment to the teams that they will lead in the employees, customers and shareholders they will serve.

因此，他們同樣對農業科學與創新充滿熱忱，也同樣致力於其將領導的團隊，以及他們將服務的員工、客戶與股東。

In addition, we filed our initial Form 10 with the Securities and Exchange Commission with the intention of having a public filing later in the second quarter. And last but not least, earlier this week, we announced the name of the future pure-play global advanced seed and genetics company. When we started thinking of a new name for our new company, we knew we wanted to honor the legacy of the generations of employees and farmers whose ingenuity and hard work have fed the world. It made us an undisputed leader in solving some of the world's biggest challenges, including food and energy security.

此外，我們已向美國證券交易委員會（SEC）提交初始的 Form 10，並計畫於第二季稍晚進行公開申報。最後但同樣重要的是，本週稍早我們宣布了未來專注於全球先進種子與遺傳學的純粹型（pure-play）公司名稱。當我們開始為新公司構思新名稱時，我們知道希望向一代又一代員工與農民的傳承致敬；正是他們的巧思與辛勤工作養活了全世界。這也使我們成為解決全球最大挑戰（包括糧食與能源安全）方面無可爭議的領導者。

We wanted to ensure that the technology that stands our company apart was reflected in the brand with a look and feel that was modern in tech forward, but still rooted in the conviction that science and innovation can change the world for the better.

我們希望確保能讓公司脫穎而出的技術，也能在品牌中有所體現：外觀與感受要現代、科技導向，同時仍根植於「科學與創新能讓世界變得更好」的信念。

I'm therefore pleased to introduce the combination of our efforts, Vylor, the name itself is derived from the word valor, again, acknowledging the generations whose work made Vylor possible. We will talk more about this at our September Investor Day event, but Vylor's success will be driven by industry-leading germplasm, biotech and gene editing capabilities as well as a world-class pipeline that includes an exciting new licensing business, proprietary hybrid wheat technology, launching next year, and a next-gen biofuels development program. And with a nod towards the future, Vylor reflects our passion, our ambition and our shared determination to advance agriculture to maybe one day opportunities beyond real crops.

因此，我很高興介紹我們努力的結晶——Vylor；其名稱源自 valor（英勇／勇氣）一詞，再次向那些讓 Vylor 成為可能的世代致敬。我們會在 9 月的投資人日活動中進一步說明，但 Vylor 的成功將由業界領先的種質資源（germplasm）、生物科技與基因編輯能力，以及世界級的產品研發管線所驅動；其中包括令人振奮的新授權業務、預計明年推出的專有雜交小麥技術，以及下一代生質燃料開發計畫。同時著眼未來，Vylor 反映了我們的熱情、抱負，以及推動農業進步的共同決心，或許有一天能把機會延伸到真正作物之外。

So you can see that this year is off to a busy start as we work to get this separation across the finish line while ensuring our customers continue to get the level of performance and support they have come to expect from Corteva.

因此你可以看到，今年一開始就相當忙碌；我們一方面推動這項分拆順利完成，另一方面也確保客戶持續獲得他們對 Corteva 一向期待的績效與支援水準。

Before I turn it over to David, I'd like to take a minute to honor the fact that just a few weeks ago, Pioneer turned 100 in an iconic brand, if there ever was one. In 1926, Pioneer in its hybrid corn didn't just change agriculture. It changed the world, and we're about to do it again. And just like last time, we will do it with groundbreaking technologies from gene editing to hybrid wheat to safe effect of sustainable crop protection products, including biologicals. It's easy to lose sight of accomplishments when we're so focused on the critical task at hand, but a milestone like this deserves to be celebrated.

在把時間交給 David 之前，我想花一點時間致敬：就在幾週前，Pioneer 迎來 100 週年——若要說有哪個品牌稱得上經典，那就是它。1926 年，Pioneer 的雜交玉米不僅改變了農業。它改變了世界，而我們即將再次做到。而且就像上一次一樣，我們將以突破性的技術來實現，從基因編輯到雜交小麥，再到安全且有效的永續作物保護產品（包括生物製劑）。當我們如此專注於眼前關鍵任務時，很容易忽略既有成就；但像這樣的里程碑值得被慶祝。

Lastly, I want to take a moment to recognize our employees for staying focused on what matters most, executing for our customers while managing a significant number of competing priorities during the quarter.

最後，我想花點時間肯定我們的員工：在本季面對大量彼此競爭的優先事項之際，仍能專注於最重要的事，為客戶確實執行。

David, over to you.

David，交給你。

Thanks, Chuck, and welcome, everyone, to the call. Let's start on slide 6, which provides the financial results for the first quarter. Results for the quarter were strong, led by an expected timing shift from fourth quarter and early season start in Seed deliveries and Crop Protection volume gains in all regions. Organic sales were up 7% compared to last year, with Seed up 9% and Crop Protection up 4%. Currency was a tailwind to the top line at 4% of sales, in line with expectations.

謝謝你，Chuck，也歡迎各位參加本次電話會議。我們先看第 6 頁投影片，這裡提供第一季的財務結果。本季表現強勁，主要受惠於原先預期的第四季到第一季的時點移轉、種子出貨的季節提前開始，以及作物保護在各區域的銷量成長。有機銷售額較去年成長 7%，其中種子成長 9%，作物保護成長 4%。匯率對營收形成順風，約占銷售額 4%，符合預期。

Seed price mix was up 3% in the quarter, with gains in all regions as we continue to price for value. Seed volumes was up 6% compared to the prior year, volume shifts in North America from fourth quarter 2025 were expected. And we also had an early start to the North America season due to favorable weather. In addition, we saw continued growth in our Brevant retail brand.

本季種子價格／組合提升 3%，各區域皆有成長，因為我們持續以價值為基礎進行定價。種子銷量較去年成長 6%；北美地區自 2025 年第四季移轉至本季的量的變化屬於預期之內。此外，由於天候有利，北美季節也提早開始。同時，我們也看到 Brevant 零售品牌持續成長。

Crop Protection price was down 2% as expected, driven by competitive market dynamics, primarily in Latin America. Crop Protection volume was up 6%, but gains in every region. Notably, new products and spinosyns delivered double-digit volume gains in the quarter.

作物保護價格如預期下滑 2%，主要受競爭性市場動態影響，尤其是在拉丁美洲。作物保護銷量成長 6%，且各區域皆有增長。值得注意的是，新產品與 spinosyns（多殺菌素類）在本季帶來兩位數的銷量成長。

As mentioned before, it's more meaningful to look at our business by half. Timing shifts between the first and second quarter are routine in our industry, while performance in Northern and Southern Hemisphere is more complete when looking at the six-month period.

如先前所提，以半年為單位來看我們的業務更具意義。在我們的產業中，第一季與第二季之間的時點移轉屬常態；以六個月期間觀察，能更完整呈現北半球與南半球的表現。

Operating EBITDA was up 21% over last year. Operating EBITDA margin of over 29% was up 240 basis points, driven by organic sales growth and continued cost savings from productivity.

營運 EBITDA 較去年成長 21%。營運 EBITDA 利潤率超過 29%，提升 240 個基點，主要由有機銷售成長與生產力帶來的持續成本節省所驅動。

Moving on to slide 7 for a summary of the first quarter operating EBITDA performance. Operating EBITDA was up nearly $250 million to over $1.4 billion. Volume gains, price and mix, currency and cost benefits more than offset headwinds from higher selling expenses. Seed continues to make progress on its path to becoming a royalty positive later this year with another $30 million decrease in net royalty expense this quarter. This improvement was driven by lower royalty expense on certain in-license traits.

接著看第 7 頁投影片，摘要第一季營運 EBITDA 的表現。營運 EBITDA 增加近 2.5 億美元，達到超過 14 億美元。銷量成長、價格與組合、匯率與成本效益，足以抵銷銷售費用上升帶來的不利影響。種子業務持續朝今年稍晚轉為權利金淨正向（royalty positive）的目標邁進，本季淨權利金費用再減少 3,000 萬美元。此改善主要來自部分引進授權性狀（in-license traits）的權利金費用降低。

Season Crop Protection combined to deliver roughly $70 million in productivity and input cost benefits, including lower seed commodity costs.

種子與作物保護合計帶來約 7,000 萬美元的生產力與投入成本效益，其中包括較低的種子大宗商品成本。

In the first quarter, SG&A was up compared to prior year, driven by unfavorable currency, bad debt, higher commission from sales increases and higher compensation and functional spend. We expect first half SG&A as a percentage of sales to be relatively flat compared to the first half of 2025. Currency was roughly $60 million tailwind on EBITDA, primarily driven by the euro. Both Seed and Crop Protection had an impressive first quarter and delivered double-digit EBITDA growth and meaningful margin expansion.

第一季 SG&A 較去年增加，主因包括不利匯率、呆帳、因銷售增加而提高的佣金，以及較高的薪酬與職能支出。我們預期上半年 SG&A 占銷售額比重，與 2025 年上半年相比將大致持平。匯率對 EBITDA 約帶來 6,000 萬美元的順風，主要由歐元所驅動。種子與作物保護在第一季皆表現亮眼，EBITDA 皆達兩位數成長，並實現具意義的利潤率擴張。

Moving to slide 8. Let me briefly reaffirm our full year 2026 guidance. We continue to expect operating EBITDA in the range of $4 billion to $4.2 billion, with margins of 22% to 23%, and operating EPS of $3.45 to $3.70, representing approximately 7% growth at the midpoint. This outlook is underpinned by broad-based organic growth, supported by continued execution on our controllable levers. While we are seeing some favorable signs from an early start to the Northern Hemisphere season, we will have a better view in a few months if we foresee any changes to our full year expectations.

接著看第 8 頁投影片。我簡要重申我們 2026 全年的財測指引。我們仍預期營運 EBITDA 介於 40 億至 42 億美元，利潤率 22% 至 23%，營運 EPS 為 3.45 至 3.70 美元；以中位數計約成長 7%。此展望以廣泛的有機成長為基礎，並由我們持續在可控槓桿上的執行所支撐。雖然北半球季節提早開始帶來一些有利跡象，但我們會在幾個月後有更清楚的視野，以判斷是否需要調整全年預期。

With that, let's go to slide 9 and transition to the key assumptions for the first half and second half of the year. Starting with the first half, our performance was driven by strong execution in North American Seed. Overall price mix is expected to be roughly flat with Seed up low single digits offset by low single-digit declines in Crop Protection. We continue to keep an eye on broader ag input pricing that believe the majority of US inputs have already been purchased for the season. And will not be impacted by recent price increases.

接下來我們看第 9 頁投影片，轉到上半年與下半年的關鍵假設。先從上半年開始，我們的表現主要由北美種子業務的強勁執行所帶動。整體價格／組合預期大致持平：種子小幅成長（低個位數），作物保護則小幅下滑（低個位數）相互抵銷。我們持續關注更廣泛的農業投入品定價；我們認為美國大多數投入品已在本季前完成採購。因此不會受到近期價格上漲的影響。

We are also seeing meaningful benefits from productivity and lower input costs in the first half, which is helping support margin expansion. At the same time, SG&A is expected to increase modestly versus the prior year from higher commissions and bad debt. From a currency standpoint, we're seeing a benefit in the first half, primarily driven by the euro.

我們也在上半年看到生產力提升與投入成本下降帶來的顯著效益，這有助於支撐利潤率擴張。同時，由於佣金與壞帳增加，預期SG&A將較去年小幅上升。從匯率角度來看，我們在上半年看到正面助益，主要由歐元帶動。

Turning to the second half. We expect continued momentum driven by volume growth in Crop Protection, particularly in Latin America, with our biologicals portfolio contributing more meaningfully as it is weighted to the back half. On the Seed side, we see a stable demand environment, supported by stable corn acreage in Brazil. From a price mix perspective, Seed is expected to improve low to mid-single digits while crop protection pricing remains pressured with low single-digit declines year-over-year. Productivity will continue in the second half across both businesses. We also expect to see the net impact of tariffs and higher oil prices show up more meaningfully in the back half of the year, aligned with Crop Protection inventory turns.

接著談下半年。我們預期在作物保護業務的銷量成長帶動下，動能將持續，尤其是在拉丁美洲；由於我們的生物製劑產品組合較偏重於下半年，其貢獻也將更為顯著。在種子方面，我們看到需求環境穩定，並受到巴西玉米種植面積穩定的支持。從價格/組合角度來看，預期種子將改善低至中個位數百分比，而作物保護定價仍承壓，年對年呈現低個位數百分比下滑。兩項業務在下半年都將持續推動生產力提升。我們也預期關稅與油價上升的淨影響，將在今年下半年更明顯地反映出來，並與作物保護的庫存周轉節奏一致。

As a reminder, tariffs are included in our guide and are trending slightly better than expected, while higher oil prices are driving a $40 million headwind also included a guide with active mitigation underway. And finally, currency is expected to be a tailwind in the second half as well driven by exposure to the Brazilian real.

提醒一下，關稅已納入我們的指引，且目前趨勢略優於預期；而較高的油價帶來4,000萬美元的不利影響，也已納入指引，並正積極進行緩解措施。最後，預期匯率在下半年也將成為順風，主要由巴西雷亞爾曝險所帶動。

With that, let's go to slide 10 and summarize the key takeaways. First, we delivered a strong start to the year with first quarter performance ahead of expectations driven by continued organic growth across both Seed and Crop Protection. This reflects the strength of our portfolio and continued execution of our price for value strategy. We're seeing clear benefits from our focus on controllables with input cost savings and productivity improvements translating into meaningful margin expansion in the quarter.

接下來，讓我們看第10頁並總結重點。首先，我們在今年有一個強勁的開局，第一季表現優於預期，主要由種子與作物保護兩大業務持續的有機成長所帶動。這反映出我們產品組合的實力，以及我們持續落實「價值定價」策略的執行力。我們也清楚看到聚焦可控因素所帶來的效益：投入成本節省與生產力改善在本季轉化為顯著的利潤率擴張。

In addition, we made solid progress this quarter on our path to becoming royalty positive. We also remain on track to return significant capital to shareholders including a plan to complete approximately $500 million of share repurchases in the first half of the year. As expected, first quarter cash flow was impacted by the [Bayer] agreement and separation items. Absent these items, we would expect our full year free cash flow conversion to be in line with our midterm target discussed at the 2024 Investor Day. And we are reaffirming our outlook, which reflects continued growth in sales, EBITDA and margin for the full year. This is supported by strong demand for our differentiated technology and disciplined operational execution across the business.

此外，本季我們在邁向「權利金淨正向（royalty positive）」的道路上也取得了扎實進展。我們也仍按計畫向股東返還可觀資本，包括計畫在上半年完成約5億美元的庫藏股回購。如預期，第一季現金流受到[Bayer]協議與分拆相關項目的影響。若排除這些項目，我們預期全年自由現金流轉換率將與我們在2024年投資人日所討論的中期目標一致。同時，我們重申展望，反映全年銷售、EBITDA與利潤率將持續成長。這主要受惠於市場對我們差異化技術的強勁需求，以及全公司範圍內嚴謹的營運執行。

Finally, we remain on track with the separation, announcing many key milestones over the last several weeks. We recently filed our initial Form 10 and expect to have a public filing towards the end of the second quarter. Due to regulatory requirements, the separation is being treated as a reverse spinoff in the Form 10 and New Corteva presented as discontinued operation. We expect onetime costs to be approximately $350 million, consistent with external benchmark ranges with the majority expected to be incurred during the second half of the year. We are also seeing some favorability in our previous estimate of $100 million in net synergies, $50 million included in our 2026 guidance.

最後，我們在分拆方面仍按計畫推進，並在過去幾週宣布了多項關鍵里程碑。我們近期已提交初始的Form 10，並預期在第二季末左右進行公開申報。由於監管要求，在Form 10中，該分拆將被視為反向分拆（reverse spinoff），而New Corteva將以終止營運（discontinued operation）呈列。我們預期一次性成本約為3.5億美元，與外部基準區間一致，其中大部分預計將在下半年發生。我們也看到先前估計的1億美元淨綜效略有利好，其中5,000萬美元已納入我們的2026年指引。

And finally, I wanted to share an important update regarding our ongoing capital structure set up. Last week, the Board approved a $1.5 billion discretionary contribution to the US pension plan. This decision is a strategic part of our broader capital structure setup aimed at positioning both companies for long-term success. By taking this step, we are ensuring that each entity developed a strong investment-grade credit profile on a stand-alone basis, which is made possible by the strength of Corteva's balance sheet today.

最後，我想分享一項關於我們持續進行的資本結構規劃的重要更新。上週，董事會核准向美國退休金計畫進行15億美元的酌情提撥。這項決策是我們更廣泛資本結構規劃中的策略性一環，旨在讓兩家公司都能為長期成功做好定位。透過這一步，我們確保每個實體都能在獨立運作的基礎上建立強健的投資級信用體質，而這得以實現，主要仰賴Corteva目前資產負債表的強勁實力。

With that, let me turn it back to Kim.

接下來，我把時間交回給Kim。

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. Operator, please provide the Q&A instructions.

謝謝，David。現在我們進入提問時間。我想提醒各位，我們對前瞻性陳述與非GAAP衡量指標的警語，適用於我們的準備講稿以及接下來的問答。接線員，請提供問答說明。

(Operator Instructions)

(接線員說明)

Chris Parkinson, Wolfe Research.

Chris Parkinson，Wolfe Research。

Chuck, obviously, there's a lot going on this year in terms of the world of agriculture between yourself, Syngenta, BASF. And the numbers I've kind of spoken for themselves thus far. But in terms of your competitive positioning as a company within the industry, and I don't care if you want to focus on the Seed side of it, or the Crop Protection side of it, but everybody is kind of touting their portfolio and how it's best. Where do you think investors should be focusing the vast majority of their time into the second half? Where is the most optionality? What should we be the most enthusiastic about? I'd love to hear your perspective on that in terms of the trajectory of the company for the next few years.

Chuck，很明顯，今年在農業領域發生了很多事情，包括你們、Syngenta、BASF等。到目前為止，數字某種程度上已經說明了一切。但就你們公司在產業內的競爭定位而言——不論你想聚焦在種子端或作物保護端——大家都在宣傳自己的產品組合以及為何最好。你認為投資人進入下半年時，應該把大部分時間聚焦在哪裡？哪裡的選擇權（optionalitiy）最大？我們最應該對什麼感到興奮？我很想聽聽你對未來幾年公司發展軌跡的看法。

Chris, it's a great question. And I'll give you some thoughts today. But of course, this is going to be the entire focus of the Investor Day that we have planned for September 15 in New York, and both companies will lay out actually multiyear financial and strategic plans. So that's my plug for the morning is please dial in for that.

Chris，這是個很好的問題。我今天先分享一些想法。當然，這也會是我們預計於9月15日在紐約舉辦的投資人日的全部重點，兩家公司都將提出實際的多年期財務與策略計畫。所以我今天早上的小小宣傳是：請務必收聽參與。

But let me just give you some thinking. So look, I think from an overall perspective, Corteva laid out the three-year plan. We're well on track. Some could say even we're trending slightly better than that. And if you come down to why that is, there are really two big levers that we're pulling, right? So we're using our technology, and we're developing the new technology and putting it into the hands of farmers. And let me unpack that in just a minute.

不過我先提供一些思考。整體來看，Corteva已提出三年計畫。我們進展非常順利。有人甚至會說，我們的趨勢略優於該計畫。若要拆解原因，主要有兩個我們正在拉動的關鍵槓桿，對吧？第一是運用我們的技術，並開發新技術，把它交到農民手中。我稍後再把這點展開說明。

And then I think we've been one of the first in our industry to really go after cost productivity. I'd say with a very set of disciplined processes internally, and that's created an awful lot of value. And the last three-year plan we put in place, there was $1 billion of cost, and we're trending a little ahead of that.

第二，我認為我們是本產業中最早真正著手推動成本生產力的公司之一。我會說，我們內部有一套非常嚴謹的流程，而這創造了大量價值。在我們上一個三年計畫中，設定了10億美元的成本目標，而我們目前的進度略微超前。

But beyond that, then just to answer your question, look, we would stack up our technology and our pipeline on both sides of the house to anybody in the industry. In fact, I'd say in many ways we're leading. And if you just look at new Corteva, the Crop Protection business, we've talked about the size of the portfolio. And if you think through that in the next decade, we're going to have something like seven new active ingredients plus a whole host of new biologicals. In fact, we're going to roll out our first bio control, which would be kind of the one of the first in the industries with the efficacy that we think we have. So there's just lots of excitement there.

但除此之外，回到你的問題：我們的技術與研發管線，無論在兩大業務面向，都足以與產業內任何公司相比。事實上，我會說在很多方面我們是領先的。如果只看New Corteva，也就是作物保護業務，我們談過產品組合的規模。若把時間拉到未來十年，我們將推出大約七個新的有效成分（active ingredients），再加上一系列新的生物製劑。事實上，我們將推出第一個生物防治產品（bio control），以我們認為能達到的效力而言，這將會是產業中最早的一批。因此，這裡面有非常多令人振奮的地方。

And then you know we made the investment a few years ago in biologicals. And today, our CP business would be one of the leaders there. So there's a lot to like on the portfolio. The separation, I think, is going to open more doors for the Crop Protection business. But I'd say that our portfolio is extremely strong in CP.

然後你知道，我們在幾年前就投資了生物製劑。而今天，我們的 CP 業務會是該領域的領導者之一。所以這個產品組合有很多值得看好的地方。我認為這次分拆將為作物保護業務打開更多大門。但我會說，我們在 CP 的產品組合極其強勁。

When you look on the other side of the house, when it comes to now Vylor, so no more SpinCo, which I think is one of my favorite things of this call today, you think how we're going to grow the Seed business in the future. it's going to come down from out-licensing. And this is the first year that we're going to be royalty positive, and that's new information for this morning. And we were thinking we would be royalty neutral.

當你看公司另一邊、談到現在的 Vylor，也就是不再叫 SpinCo（我想這是我今天這通電話最喜歡的事情之一）時，你會思考我們未來要如何成長種子業務。這將取決於對外授權。而今年是我們第一年將在權利金上轉為正貢獻，這是今天早上新的資訊。我們原本以為會是權利金收支打平。

But with the Bayer agreement that we signed back in February, we're seeing just very strong demand for our corn and soybean technology. And we said last quarter that, that would be about $1 billion of incremental revenue over the next decade or so. So pretty sizable growth from licensing just our bread and butter, which is corn and soybeans.

但隨著我們在二月與拜耳簽署的協議，我們看到市場對我們的玉米與大豆技術需求非常強勁。而我們在上一季說過，這在未來十年左右將帶來約 10 億美元的增量營收。因此，僅就我們的核心主力——玉米與大豆——透過授權就能帶來相當可觀的成長。

On top of that, you've got the hybrid wheat program, another $1 billion opportunity. It may be a little longer term, but $1 billion opportunity, nevertheless, with our own proprietary sterility system and we're going to take that technology globally. Beyond that then, and we'll talk -- this is where the commercial has to be for September, the gene editing and biotech capabilities that we have today especially gene editing capabilities, we feel we can go beyond corn and soybeans and potentially wheat to other row crops and even potentially beyond that.

除此之外，還有雜交小麥計畫，這是另一個 10 億美元的機會。這可能是較長期的，但無論如何仍是 10 億美元的機會；我們擁有自有的專有不育系統，並且將把這項技術推向全球。再往後，我們也會談到——這也是九月商業面必須到位的部分——我們目前具備的基因編輯與生物科技能力，尤其是基因編輯能力，我們認為可以超越玉米與大豆，並可能延伸到小麥以外的其他行作物，甚至可能不止於此。

And that's the information that we're going to share in September and kind of our longer-term growth strategy. But even the core growth that we just said, if you start thinking about that what it looks like from a growth perspective, I think Vylor is a classic growth compounder when you look at its margins, it's conversion to free cash flow and its top and bottom line growth.

這些資訊我們會在九月分享，並說明我們較長期的成長策略。但即便只看我們剛才提到的核心成長，如果你開始從成長角度思考它的樣貌，我認為 Vylor 是典型的複利型成長公司——從其利潤率、轉換為自由現金流的能力，以及營收與獲利（上、下線）的成長來看。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

(Operator Instructions)

（接線員指示）

Sorry. I haven't done that in a while. Chuck, in the press release, you kind of teased us with the idea that the S&D environment and crop chemicals is starting to improve. I was in development out of China. So I'm wondering if you could speak to that. And when you think that might manifest itself in your results, it doesn't seem like you're putting anything into the back half of the year for it.

抱歉。我有一陣子沒做這個了。Chuck，在新聞稿中，你有點吊我們胃口，提到供需（S&D）環境以及作物化學品正開始改善。我看到一些來自中國的動向。所以我想請你談談這點。以及你認為這何時會在你們的業績中反映出來；看起來你們並沒有把這個因素納入今年下半年的預期。

Yes, Vincent. So look, we all know where we are in the global CP industry cycle. If you think about 2025, that was the first year we were actually flat, and we were sort of celebrating that we saw a flat market because the prior two years, 2024 and 2023, they were pretty tough in this industry. And then in February, when we gave our annual guide, we said, hey, 2026, our view is that it will be the first year in several that will see the industry return to growth. But don't get excited because it's going to be modest, and we said low single digits.

是的，Vincent。所以你看，我們都知道全球作物保護（CP）產業循環目前所處的位置。如果你回想 2025 年，那是我們實際上首次持平的一年；我們甚至有點在慶祝看到市場持平，因為前兩年——2024 年與 2023 年——這個產業相當艱難。然後在二月我們發布年度指引時，我們說，嘿，2026 年，我們的看法是這將是數年來首次看到產業恢復成長的一年。但別太興奮，因為成長會很溫和；我們說的是低個位數。

We're still of that view. So the macro perspective for us has not changed. We think globally, the crop protection industry will grow slightly in 2026, but it's a lot better than where it's been. So what's driving our conviction on that? Well, there's a couple of things. We're seeing a few changes with higher energy and oil pricing around the world now that is adding cost inflation to AI production in the low production jurisdictions around the world, namely India and China. And so we are seeing price increases actually for certain AIs. The other thing we're finding is that we are seeing a slight slowdown in China exports into Brazil.

我們仍然維持這個看法。所以對我們而言，宏觀觀點並沒有改變。我們認為全球作物保護產業在 2026 年會小幅成長，但這已經比過去的狀況好很多。那是什麼驅動我們的信心？嗯，有幾個因素。我們看到全球能源與油價走高，這正在為全球低成本生產地（主要是印度與中國）的有效成分（AI）生產帶來成本通膨。因此，我們確實看到某些有效成分的價格上漲。另外，我們也發現中國對巴西的出口出現些微放緩。

And it is slight and I wouldn't say that you can say it's a trend yet because the data is pretty recent as of March, but it is certainly a good data point. So when we add it all up, we start to think about, okay, well, what is the impact? For 2026, I'd say the impact is probably minimal, just to be very candid with you, because Brazil has their inventories, I think that they're going to need for at least most of the year. But this could be a positive sign as we get kind of late 2026 and as we enter 2027 first half. So that's kind of how we see the industry shaping up is a return to slow growth, and there's some positive signs out of China when it comes to sort of the cost of their AIs and what's coming into Brazil, that's giving us some hope.

而且這只是些微放緩；我不會說現在就能稱之為趨勢，因為數據相當新，最新只到三月，但這確實是一個不錯的數據點。所以當我們把這些因素加總起來，就會開始思考：好，那影響是什麼？坦白說，對 2026 年的影響可能很有限，因為我認為巴西的庫存至少足以支撐大部分年度需求。但當我們接近 2026 年下半年、並進入 2027 年上半年時，這可能會是一個正面訊號。所以我們對產業走勢的看法是回到緩慢成長；而來自中國、關於其有效成分成本以及流入巴西的供給情況，出現了一些正面跡象，讓我們抱持一些希望。

And we mentioned this in February, that China put also some export controls of VAT back on, which is also causing -- I think it's about an 8% price increase for certain amounts of AI. So another positive data point, Vincent.

而我們在二月也提到，中國也重新加回了一些增值稅（VAT）的出口管制，這也正在造成——我認為對某些有效成分的部分品項大約有 8% 的價格上漲。所以這是另一個正面的數據點，Vincent。

Joel Jackson, BMO Capital Markets.

Joel Jackson，BMO 資本市場。

A couple of questions sort of together. Can you just first talk about how much earnings from Q4 got pushed into Q1? And then I know you don't like Chuck to change your guidance in May for a year until the season is over in North America. But can you like -- it looks like if you look at the puts -- can you talk about the bridge for '26 and what's changed as you thought a few months ago? FX seems a bit better. Talk about royalty being a bit better, talk about energy cost being a bit worse. Can you maybe just give us the high-level buckets of what's better and worse versus what you saw a few months ago?

我有幾個問題，算是一起問。你能否先談談第四季有多少獲利被推遲到第一季？然後我知道你不喜歡，Chuck，你通常不會在五月就為全年調整指引，直到北美的季節結束。但你能不能——看起來如果你看這些拉扯因素——談談 2026 年的銜接（bridge）以及相較幾個月前有哪些變化？匯率（FX）似乎好一些。談談權利金好一些、能源成本差一些。你能否大致給我們幾個高層級的項目，說明相較幾個月前你們看到的，哪些變好、哪些變差？

Yes, Joe, I'll have David answer those questions. But you're right. Look, in agriculture, we're still planting right now. There's not much difference between what we know in February and what we know at the end of the first quarter. So we usually do not adjust guidance. We think of our business -- first half or second half, and will make the necessary adjustments after Q2. But I'd say that overall, there's puts and takes, David will walk you through all of those. But overall, the year is shaping up to be a little better than we expected in February. David, over to you.

好的，Joe，我會讓 David 來回答這些問題。但你說得沒錯。你看，在農業方面，我們現在仍在播種。我們在二月知道的事情，和第一季末知道的事情，差異不大。所以我們通常不會調整指引。我們會以業務的上半年或下半年來看待，並在第二季之後做必要的調整。但我會說整體而言，確實有一些此消彼長，David 會帶你逐一說明。但整體來看，今年的走勢比我們二月預期的要稍微好一些。David，交給你。

Yes. So I would say, when you look at the month that went into the first quarter. Obviously, we had that in our original bridge. So whenever you think about kind of where we are vis-a-vis our original assumptions, we're pretty much in line for that. So obviously, Q1, a very strong start.

是的。所以我會說，當你看進入第一季的那個月份時。很明顯地，我們在原先的橋接分析裡就已經納入了。因此，當你思考我們相對於原始假設目前所處的位置時，我們基本上是符合預期的。所以很明顯，第一季是一個非常強勁的開局。

We did say that even though we look at our businesses in half, we do expect the first half to be up more than we had originally expected. So we had expected that both halfs would be fairly flat from a year-over-year percentage increase. So around that 7% kind of a number. But right now, we expect the first half to be a little bit stronger than that.

我們確實說過，儘管我們以半年來看待業務，但我們預期上半年會比原先預期更強。我們原本預期兩個半年期的年增率都會相當持平。也就是大約在 7% 這樣的數字。但目前我們預期上半年會比那個水準稍微更強一些。

When you look at the actual bridge items. And actually, I think -- you lay them out very well, Joe. I mean, I think currency is likely to be a little bit favorable, I think when you look at where we are with our royalty journey, that's probably going to be a little favorable than our original assessment. But there are things like the Iran conflict adding to inflation and so on and so forth, mainly in the back half of the year. We've sized that up as a negative $40 million kind of number right now.

當你看實際的橋接項目時。而且其實我想——Joe，你把它們整理得很好。我是說，我認為匯率可能會略為有利；再看我們的權利金進程，我想那也可能會比我們原先的評估稍微更有利一些。但也有像伊朗衝突推升通膨等等的因素，主要會反映在下半年。我們目前把那部分估算為約負 4,000 萬美元。

Tariffs, we expect to be slightly favorable. So you add all that together, and these are pretty minor puts and takes when you think of a $4-plus billion kind of an outlook number.

關稅方面，我們預期會略為有利。所以把這些加總起來，當你以 40 多億美元的展望規模來看，這些正負因素其實都相當小。

So that's where we are at this point in time. Again, we'll look at these items. We'll also look at things like our interest expense, tax rates and all that sort of thing because I do feel like we're a little bit favorable, probably on the lower end on our tax rate assumptions also.

所以目前我們就是這樣的狀況。同樣地，我們會持續檢視這些項目。我們也會看像是利息費用、稅率等各種因素，因為我確實覺得我們在稅率假設上也可能略為有利，可能偏向較低端。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Chuck, I know you mentioned input costs wouldn't impact US farmers this year, but looking to next year, do you expect any impact on the farmer behavior behind decisions given what you've seen on the cost side?

Chuck，我知道你提到投入成本今年不會影響美國農民，但展望明年，基於你在成本端看到的情況，你是否預期會對農民行為與決策造成任何影響？

Yes. David, so I think that the thing that if we start with what we've seen this year, and it's interesting if you look at the futures pricing, clearly, the market right now is actually calling for a bit more corn area to be planted. And our order book would reflect dimensions of that for sure. And as we said already in the prepared remarks, the majority of US farmers already had fertilizer for the season. So we don't anticipate that what we've seen with higher energy prices today have or will impact US planting decisions.

是的。David，所以我認為，如果我們先從今年看到的情況開始，而且很有意思的是，如果你看期貨定價，很明顯市場目前其實預期會種植更多玉米面積。而我們的訂單簿也確實反映了這一點。而且如同我們在事先準備的發言中已經提到的，多數美國農民在本季開始前就已經備妥肥料。因此，我們不預期目前看到的較高能源價格已經或將會影響美國的播種決策。

Now higher fuel pricing on the farm is certainly stressing farmer in the US, but I say around the world as well. But David had mentioned this already, we are watching this for the second half in Latin America, because if higher energy prices persist, I think it could impact not only the amount of area that's planted but also what is planted in Brazil specifically. And so we're just trying to understand what that is, right now, we're not overly concerned. Our second half forecast is around flat area, I think, for safrinha, and this is an uncertainty that we're monitoring.

當然，農場端較高的燃料價格確實正在讓美國農民承受壓力，但我想在全球也是如此。不過 David 先前也提到，我們正在關注拉丁美洲下半年的情況，因為如果高能源價格持續，我認為它不僅可能影響種植面積，也可能影響巴西具體種什麼作物。所以我們正在試著釐清這點；就目前而言，我們並不過度擔心。我們對下半年的預測是 safrinha（第二季玉米）面積大致持平，而這是一個我們正在監測的不確定因素。

So now if you fast forward, okay, well, what happens in the US second half of the year, potentially into 2027. There's a lot of puts and takes that could get us to the situation. But I would say -- the one thing that we're quite confident in the United States is that you're going to see 180 million acres planted to corn and soybeans. And it's going to be determined in terms of energy prices, fertilizer availability and cost as well as the futures pricing to determine sort of what that mix looks like.

那如果你把時間快轉，好吧，那麼美國下半年，甚至可能延伸到 2027 年，會發生什麼。有很多正負因素可能把我們帶到某種情境。但我會說——我們對美國有一點相當有信心：你會看到玉米與大豆合計種植 1.8 億英畝。而至於兩者的組合比例會是什麼，將取決於能源價格、肥料供應與成本，以及期貨價格等因素。

But right now, I'd say that, that's some of the things and the dynamics that we're watching, but it's way too early for us to talk about the next US season, but those are some of the things that will, I think, determine. For this year, I think we're still very comfortable with 95 million acres of corn and around 85 million acres of soybeans being planted. That would be sort of directional on what we're thinking about for this spring.

但就目前而言，我會說這些是我們正在觀察的一些因素與動態；不過現在談下一個美國種植季還太早，但我認為這些將會是決定性的因素。就今年而言，我們仍然對玉米種植 9,500 萬英畝、以及大豆約 8,500 萬英畝感到非常有把握。這大致就是我們對今年春季的方向性看法。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Chuck, I was wondering if you might walk us through some of the next mile posts that you're most focused on in terms of the pending separation. Nice to see the new name, Vylor and the new management as well. It sounds like a Form-10 is coming over the next month or two. But more interested on kind of the operational side. Maybe you can elaborate on what you're able to do, if anything, to attack the dissynergies pre spin versus post spin and other sort of mile posts that you need to pass prior to the Capital Markets Day?

Chuck，我想請你帶我們走一遍，在這次待完成的分拆方面，你目前最關注的下一些里程碑是什麼。也很高興看到新的名稱 Vylor 以及新的管理團隊。聽起來未來一兩個月會提交 Form-10。但我更關心的是營運面。也許你可以說明一下，在分拆前相較於分拆後，你們是否能做些什麼（如果有的話）來處理分拆帶來的協同流失（dissynergies），以及在資本市場日之前還需要通過哪些其他里程碑？

Kevin, yes, I'll start, and then David can add some of the details here. So the bottom line is there's been no surprises so far in the separation process. Lots of moving parts. We have literally hundreds of people that are doing two jobs right now separating and taking care of their customers, but so far, so good. We are on track for Q4, and that's still feeling very, very good.

Kevin，是的，我先開始，然後 David 可以補充一些細節。總的來說，到目前為止分拆流程沒有任何意外。有很多環節在同步推進。我們確實有數百位同仁現在同時做兩份工作：一方面推動分拆，一方面照顧客戶；但到目前為止一切順利。我們仍按計畫在第四季完成，而且目前看起來仍然非常、非常好。

And as David mentioned, the net dissynergy we're probably trending a little bit better than the $100 million, and we've got the $50 million bill into the guide. We did have some very important milestones in Q1, so we announced Luke Kissam as a New Corteva CEO, which we're delighted that he's joining us. And then we have the two executive leadership teams now. And then we filed the initial Form 10. And as you mentioned, we have a name now for the seed and genetics company, Vylor. So we still have some headquarter decisions to make, where we're going to base our operations. So that will be in the second quarter. We'll have the public filing, I think, David, in the second quarter as well, and David can unpack that for you.

而且如 David 提到的，淨協同流失（net dissynergy）我們可能走勢略優於 1 億美元，而我們已在指引中納入 5,000 萬美元的成本。第一季我們也達成了一些非常重要的里程碑：我們宣布 Luke Kissam 將擔任新 Corteva 的 CEO，我們非常高興他加入。接著我們現在也有兩個執行領導團隊。然後我們提交了初版 Form 10。另外如你所提，我們現在也有種子與基因公司名稱：Vylor。我們仍有一些總部選址的決策要做，也就是我們要把營運基地設在哪裡。這會在第二季完成。我們也會在第二季進行公開申報，我想是這樣，David，你也可以為他進一步拆解說明。

And then in the second half of the year, we will announce the Board of Directors for both companies, finalize the capital structure, I believe. And then September 15, I hope will be the highlight where both companies will introduced the management team. And like I already said, the strategic and financial plans. David, what did I miss?

然後在下半年，我們將宣布兩家公司的董事會，並完成資本結構的定案，我相信是如此。接著我希望 9 月 15 日會是重點，屆時兩家公司都會介紹管理團隊。以及如我先前所說的，策略與財務計畫。David，我漏了什麼嗎？

No, you hit just about everything there Chuck. But I'll give maybe a little bit more color on the net dissynergies. When we first initially came out, we said about $100 million. And when you look at that and break it down into two kind of major categories, there's an outside spend component of that. So think about case, corporate costs, external public company costs, those sort of things. And those are trending pretty much where we expected, and that will be a dissynergies. There's just more costs whenever you separate the businesses for some of these elements.

不，你幾乎把重點都講到了，Chuck。不過我可以再補充一點關於淨不協同效應（net dissynergies）的說明。我們最初對外說大約是1億美元。而當你把它拆開來看、分成兩大類時，其中一部分是外部支出（outside spend）。例如訴訟、公司層級成本、作為上市公司所需的外部成本等等。這些目前的走勢大致符合我們的預期，而且會形成不協同效應。因為在某些項目上，一旦把業務分拆開來，成本就是會增加。

So then you get down to the other side of the house, which is more organizational structure, these sort of things. And a lot of the heavy lifting in the separation, I would say, other than IT in the last couple of months was really getting our org structure appropriate for both businesses. We've talked about this before where the New Corteva business is basically operated as a global functional business. And by large amount, when we look at the Seed business, it's much more of a regional business.

接著另一邊則更多是組織架構之類的事情。我會說，分拆過程中除了IT之外，過去幾個月最主要的艱鉅工作，其實是把兩個業務的組織架構調整到合適的狀態。我們之前談過，新Corteva業務基本上是以全球職能型（global functional）的方式運作。而在很大程度上，當我們看種子（Seed）業務時，它更偏向區域型（regional）的業務。

So we talked about having a certain layer of management, what have you to kind of keep that together as Corteva. Well, as we found -- we have now implemented a restructuring program, which we talked about, about $80 million that we took hit in Q1, that is all in effect to get these two work structures appropriate for both businesses. So when you add that all up, that's probably where we're a little bit favorable than our original estimates as we're still working through it, as you can imagine, splitting 22,000-plus people in the two organizations, that's a lot of work, but that's really where a lot of the heavy lifting has been recently.

所以我們談到需要某一層管理架構之類的安排，來把它作為Corteva整合在一起。但如我們所發現的——我們現在已經實施了一項重整計畫，我們也提過，第一季認列了約8,000萬美元的費用，這些措施的目的就是讓這兩套工作架構更適合各自的業務。把這些加總起來，在我們仍持續推進的情況下，結果可能比原先估計稍微有利一些；你可以想像，把超過22,000人分到兩個組織裡是很大的工程，但最近主要的艱鉅工作確實就在這裡。

Jeff Zekauskas, J.P. Morgan.

Jeff Zekauskas，摩根大通（J.P. Morgan）。

The first quarter was a little bit puzzling because corn volumes were up 7% and soybeans were down, but all things being equal, soybean acres should be up this year and corn acres down. So why was corn up and soy down. And for Dave, I think you said you're going to -- there was no free cash flow slide. And I think you plan to contribute $1.5 billion to your pension plan, which comes out of cash flow from operations. So are you giving an adjusted number for free cash flow. And in the first quarter, you used, I think, $700 million more cash flow than you did last year. Can you break that up into pieces as plan?

第一季有點令人困惑，因為玉米銷量增加了7%，而大豆下降；但在其他條件相同下，今年大豆種植面積應該增加、玉米種植面積應該下降。那為什麼玉米上升而大豆下降？另外給Dave，我想你提到你們會——簡報裡沒有自由現金流（free cash flow）的投影片。而且我想你們計畫對退休金計畫提撥15億美元，這會從營運現金流（cash flow from operations）中支出。所以你們會提供一個調整後的自由現金流數字嗎？另外第一季你們使用的現金流比去年多了大約7億美元。你能否按項目拆解一下，說明是哪些因素造成的？

So we'll have Judd answer the corn, soy question. And David can handle the free cash flow. Go ahead, Judd.

玉米和大豆的問題我們請Judd回答。自由現金流由David來說明。Judd，你先請。

Yes. Thanks, Jeff, for the question. And maybe just touch base on both of them. Obviously, North America in particular, is a first half business versus a first quarter business that March 31, April 1 date, one week of deliveries can make a big swing. We did have some volume of corn that came out of fourth quarter 2025, just because we didn't get as money into fourth quarter '25 as we had typically in prior years.

好的。謝謝你，Jeff，這個問題。我也許兩個都簡單回應一下。很明顯，特別是在北美，上半年才是主要的業務季節，而不是只看第一季；3月31日、4月1日這個時間點，一週的交付差異就可能造成很大的波動。我們確實有一些玉米的出貨量從2025年第四季延後到這一季，主要是因為我們在2025年第四季沒有像往年那樣把那麼多貨推進第四季。

And then on the soy volume side, we'll just have to wait and see. We don't see any -- from an order book standpoint, we're in a solid position it's just the timing between first quarter, second quarter, and we'll know more, obviously, in terms of where exactly at the half. But no red flags, crops going in the ground well. We're a little bit ahead for both corn planning as well as soy planting. We feel like we have a very strong position from a corner share perspective.

至於大豆銷量那一側，我們就得再觀察看看。從訂單簿（order book）的角度來看，我們的狀況很穩健，只是第一季、第二季之間的時間點差異；等到上半年中段時，我們就會更清楚實際落點。但沒有任何警訊，作物下種進行得很順利。無論是玉米播種還是大豆播種，我們都稍微領先進度。從玉米市占（corn share）的角度來看，我們覺得我們的部位非常強。

And soya, we believe, are going to be up and that we're going to be participating on our share of those acres. So let's get through planning, we'll be able to give you the full story.

至於大豆，我們相信種植面積會增加，而我們也會在這些面積上以我們的市占參與其中。先把播種季走完，我們就能給你完整的說明。

Yes. And on free cash flow, we always said going into this year that free cash flow was going to be a little bit unusual because we would have some discrete elements regarding our capital allocation and so on and so forth, mainly setting up the two structures going forward. When you look at Q1, the $700 million, by and large, the biggest impact of that is the Bayer agreement that we paid out in Q1. And then we also said from an operational side, I think the most important side is the business itself is still right in that 40% to 50%, 45% at the midpoint conversion rate.

是的。關於自由現金流，我們在進入今年時就一直說，自由現金流會有點不尋常，因為在資本配置等方面會有一些一次性、離散的項目，主要是為了建立未來兩套架構。看第一季的那7億美元，整體而言影響最大的是我們在第一季支付的拜耳協議（Bayer agreement）款項。另外我們也說過，從營運面來看，我認為最重要的是業務本身仍維持在40%到50%的轉換率（conversion rate），中位數約45%。

As we go forward, to your point, we will have elements of spend like the onetime separation costs that we outlined, the $350 million. We had the Bayer agreement, we have the $1.5 billion in pension. But that is on a pretax basis. So when you look at the tax savings on that is about $290 million.

往後如你所說，我們會有一些支出項目，例如我們先前列出的那筆一次性分拆成本（onetime separation costs）3.5億美元。我們有拜耳協議，還有15億美元的退休金提撥。但那是稅前（pretax）基礎。因此從稅務節省來看，大約是2.9億美元。

Duffy Fischer, Goldman Sachs.

Duffy Fischer，高盛（Goldman Sachs）。

I want to drill down on Latin America and kind of the upcoming season. So you're holding your expectation for corn acres flat. But if you look nitrogens, what's really ripped in the last couple of months, which makes soy more favorable, all else equal, relative to corn. So what's the logic in holding that.

我想深入談談拉丁美洲以及即將到來的作季。你們對玉米種植面積的預期維持持平。但如果看氮肥（nitrogens），過去幾個月漲得很兇，這會讓大豆相對於玉米更有利（在其他條件相同下）。所以維持這個假設的邏輯是什麼？

And then two, if you move 1 million acres from corn to soy in Latin America, we know kind of the rule of thumb in North America, but what would that do to your P&L in Latin America? And then just a third one, as working capital has become -- or bad debts have become a little bit of an issue in North America. How are you thinking about that for Latin America? How much working capital are you willing to put out this year, let's say, relative to last year?

第二，如果在拉丁美洲把100萬英畝從玉米轉到大豆，我們知道北美大概有個經驗法則（rule of thumb），但在拉丁美洲這會對你們的損益表（P&L）造成什麼影響？第三，因為北美的營運資金（working capital）——或者壞帳（bad debts）——已經變成一個有點棘手的議題。你們對拉丁美洲怎麼看？今年你們願意投入多少營運資金，相較於去年而言？

Yes, Duffy, I'll take the first couple of pieces here, and then I think David can touch base on the bad debt question. First of all, from a safrinha perspective, it's a bit different in Latin America, particularly Brazil than it is in North America. North America, it's corn acre or soy acre. In Latin America, the safrinha acre goes after the soy acre in the timing of that crop. So it's a double crop system.

好的，Duffy，前面幾個部分我先回答，然後我想David可以補充壞帳的問題。首先，從二季作（safrinha）的角度來看，拉丁美洲、特別是巴西，和北美有些不同。在北美，是玉米英畝或大豆英畝二選一。在拉丁美洲，二季作的英畝是在大豆之後、依照作物時序接續進行。所以那是一個雙作（double crop）系統。

So when we say we're flat with safrinha, that's really -- we've continued to expand that second corn crop following soybeans, geez, for the last 8 or 10 years in a row. This year, with fertilizer prices, we're looking at it saying, we could have a flat year and not actually expand the area.

所以當我們說我們在 safrinha 上持平時，實際上是——過去連續 8 到 10 年，我們一直在擴大大豆之後的第二季玉米作物（第二茬玉米）。今年在肥料價格的情況下，我們看著它會說，我們可能會有一個持平的年度，而不會實際擴大種植面積。

But from an acreage plant standpoint, it's a bit of a blue ocean and that we're only still with safrinha corn, second winter corn on a fraction of the soy acres. On the soy, corn shift, obviously, I think we've shared the North America number. I don't have the Latin America number, but it would be materially less than 1 million-acre shift in Latin America would be much less than North America. David?

但從種植面積的角度來看，這有點像一片藍海，因為就 safrinha 玉米（第二季冬玉米）而言，我們目前仍只是在一小部分大豆種植面積上種植。至於大豆、玉米之間的轉換，顯然我想我們已分享過北美的數字。我沒有拉丁美洲的數字，但拉丁美洲的轉換幅度將明顯小於 100 萬英畝——會遠小於北美。David？

Yes. So when we look at what are we offering in Latin America regarding mainly credit terms and what have you, given interest rates and such, I think that's where we rely a little bit on our barter program, which we believe is number one in the industry. It's growing. I think it's really good for us.

是的。所以當我們看拉丁美洲我們主要在提供什麼——包括信用條件等——考量利率等因素，我認為我們在某種程度上依賴我們的以物易物（barter）計畫，我們相信這是業界第一。它正在成長。我認為這對我們非常有利。

When you look at the two businesses, they are a little bit different because in Seed, we still do get some prepayments of cash going into the season. And for CP, when we look at where you're going to increase credit offerings and so on and so forth. We're very, I would say, strategic customer by customer as to how we're going to go about that.

當你看這兩個業務時，它們有些不同，因為在種子業務上，我們在季節開始前仍會收到一些現金預付款。而在 CP（作物保護）方面，當我們看要在哪裡增加信用提供等。我會說，我們是以客戶為單位非常策略性地決定要如何推進。

And as we sit here today, I think we've done a really good job of balancing that. We did talk about a little bit more bad debt this particular quarter. So when you look at our SG&A being up roughly $100 million in this first quarter, and we can unpack that, if you want. But about 25% of that was bad debt. As we sit here today, though, our past due as a percentage of sales is very much in line, if not a little bit favorable to where we were at this point last year.

以我們今天的狀況來看，我認為我們在平衡這件事上做得非常好。我們確實提到本季壞帳稍微多一些。所以當你看我們第一季 SG&A 約增加 1 億美元，我們也可以在你想要的話把它拆開來說。但其中約 25% 是壞帳。不過以我們今天的狀況來看，我們逾期款項占銷售額的比例與去年此時非常一致，甚至略為更有利。

So it is something that we talk about, I would say, on a regular basis, the commercial teams, along with the treasury teams and we tried to thread the needle between balancing risk and opportunities by customer.

所以這確實是我們會定期討論的事情；商務團隊與財務（treasury）團隊一起，我們試著在按客戶平衡風險與機會之間取得最佳平衡。

Joshua Spector, UBS.

Joshua Spector，瑞銀（UBS）。

This is Lucas, on for Josh. So I just wanted to go back to the crop came kind of volume acceleration in the second half that you're expecting there, where you're looking for volumes to kind of move up from the single digits in the first half to high single digits as we had in the second half of the year. So could you just kind of give us a bit more detail on where you see that coming from product wise and regionally? And just how would you compare kind of your growth there what you're expecting for the market there in the second half?

我是 Lucas，代 Josh 提問。我想回到你們所預期下半年作物保護（crop）那邊的量能加速，也就是你們預期銷量會從上半年（第一季）個位數成長，提升到下半年如同去年下半年那樣的高個位數成長。能否請你更詳細說明，你認為這個增量在產品面與區域面分別來自哪裡？另外，你會如何比較你們預期的成長與下半年市場整體的預期成長？

This is Robert. I'll jump in on that one. So when we talk about second half of the year and the volume increase that we think we'll see as compared to what you saw first half or first quarter. It's primarily Latin America driven. Keep in mind that more acres are going into production again this year. As Judd talked about, safrinha could be flat, but those acres will get planted into a crop, and that still takes crop protection into it.

我是 Robert。我來回答這題。所以當我們談到下半年，以及我們認為相較於你在上半年或第一季看到的量能提升。主要是由拉丁美洲帶動。請記住，今年又有更多英畝投入生產。如 Judd 所說，safrinha 可能持平，但那些英畝仍會種上一季作物，而這仍需要投入作物保護產品。

The second thing on it is we have biologicals in that area that continues to grow. And you have some key products there, [Nutricia] and Blue in being one that's a nitrogen generator for the plants. And keep in mind, fertilizer pricing as it is today, especially ammonia urea pricing, this is an alternative. And so we're looking to continue to drill that, and we've seen double-digit growth this last year as well.

第二點是，我們在該地區的生物製劑（biologicals）持續成長。而且那裡有一些關鍵產品，[Nutricia] 和 Blue in，其中一個是為植物產生氮素的產品。並請記住，以目前的肥料價格，特別是氨與尿素的價格，這是一種替代方案。因此我們希望持續推進，我們去年也看到兩位數成長。

So between biologicals in Latin America, between add to it. The growth that we saw in the first half or first quarter of spinosyn because we're seeing increased pressure there. And then just the overall addition of demand from more land and the tropical climate of resistance continuing to grow. That's really what's driving us in the second half to get the double-digit growth for Crop Protection.

所以在拉丁美洲的生物製劑，再加上——我們在上半年或第一季看到 spinosyn 的成長，因為我們看到那裡的壓力增加。再加上更多土地帶來的整體需求增加，以及熱帶氣候下抗性持續增長。這些就是推動我們下半年作物保護達到兩位數成長的主要因素。

Kirsten Owen, Oppenheimer.

Kirsten Owen，Oppenheimer。

A little bit different tank on what's going on in the Middle East and how that influences your business. Chuck, you noted the forward curve calling for more corn acres we've obviously had this significant shift in the global biofuels backdrop, not just here in the US, but Brazil, Argentina, Indonesia really is a factor for mitigating that energy cost inflation. I'm wondering if you can talk about how you're thinking about this impact on your business, if you're seeing maybe some incremental interest in the new production system platform and winter canola, just how the biofuels backdrop is maybe changing how you're thinking about exiting or exiting '26 into 2027?

我想從不同角度談談中東正在發生的事情，以及它如何影響你們的業務。Chuck，你提到遠期曲線顯示玉米種植面積會增加；我們也明顯看到全球生質燃料背景出現重大轉變，不僅在美國，巴西、阿根廷、印尼也都在透過生質燃料來緩解能源成本通膨。我想請你談談你們如何看待這對你們業務的影響；你們是否看到對新生產系統平台與冬季油菜（winter canola）有一些額外的興趣；以及生質燃料背景是否正在改變你們對 2026 年末到 2027 年的看法？

Thank you for the question. So we're very excited of sort of the momentum that's gaining literally around the world on biofuels, both traditional biofuels and I'd say next gen. It's a little too early to call it a structural change yet. But if you look what's happening, so this year, we're expecting to have another record demand year for biofuels globally. Last year was also a record and I think that we're going to see even more demand if energy prices stay elevated globally.

謝謝你的問題。所以我們對全球生質燃料動能的提升感到非常振奮，無論是傳統生質燃料或我所說的下一代。現在要稱之為結構性改變還稍嫌太早。但如果你看正在發生的事，今年我們預期全球生質燃料需求將再創新高。去年也是創紀錄的一年，而且我認為如果全球能源價格維持在高檔，我們將看到更多需求。

So just to go around the world quickly. Brazil is moving to [E32] and they're going to consume more of their domestic corn crop than they ever have, which I think structurally is going to be great for farming in Brazil and, of course, help with energy costs in that country. Southeast Asia, as you mentioned, have lofty goals to be a leader literally in next-generation aviation fuel. And if they hit their goals, that's going to drive a lot of crop demand.

我快速帶大家看一下全球各地。巴西正朝向 [E32] 邁進，他們將消耗比以往更多的國內玉米作物；我認為從結構上這將非常有利於巴西農業，當然也有助於該國的能源成本。東南亞如你所提到，訂下很高的目標，要成為下一代航空燃料的領導者。如果他們達成目標，將帶動大量作物需求。

And then here in the US, I think we're close to an E15 year-round mandate. We still need to get that across the line, but it makes a lot of strategic and economic sense and certainly would help farming. In fact, our view would be if we get to E15 it could consume up to another 15% of the US corn crop. So that would be very good, I think, for US farmers. So there's a lot here to like we think that we're going to see continued growth.

然後在美國，我認為我們距離全年 E15 強制令已經很接近。我們仍需要把它推過終點線，但這在策略與經濟上都非常合理，且肯定能幫助農業。事實上，我們的看法是，如果推動到 E15，最多可能再額外消耗美國玉米作物的 15%。所以我認為這對美國農民會非常有利。因此我們認為有很多值得期待之處，而且我們將看到持續成長。

And then if you look at our program, and maybe I'll have Judd just speak to it a little bit. We have one of the leading biofuel crop development programs with multiple partners around the world, literally. So Judd, maybe over to you.

接著如果你看看我們的計畫，也許我請 Judd 稍微談一下。我們擁有全球領先的生質燃料作物開發計畫之一，與世界各地多個合作夥伴合作，真的是遍及全球。所以 Judd，交給你。

Yes. Thanks, Chuck. Maybe just talk near term as we're getting ready in the south of the US to harvest roughly 100,000 acres of crop that went in last fall focused with Bunge and Chevron, sustainable aviation fuel. The crop looks good agronomically.

是的。謝謝，Chuck。我先談談近期：我們正準備在美國南部收割約 10 萬英畝、去年秋天播種的作物，這個專案與 Bunge 和 Chevron 合作，聚焦於永續航空燃料。從農藝角度看，作物長勢良好。

Yields look like they're going to be in a favorable position. Farmers are going to be profitable with it. And with that program or retention rate with the formers that have dove and taken on this new cropping system has been over 90%. So if a farmer tries it once they've built it into their program and it's working very well for them. So we're excited about that.

產量看起來會落在有利的水準。農民會因此獲利。而在這個專案中，採用並投入這套新作制度的農戶留存率超過 90%。所以農民只要試一次，就會把它納入自己的種植計畫，而且對他們運作得非常好。因此我們對此感到很振奮。

We're going to expand somewhere north of 400,000 acres next year. So materially growth over the last three years as we've proven out the concept. And I don't know that maybe you've seen the most recent announcement we've had with our JV, 50-50 JV with BP in Latin America, expanding mustard crops in Latin America, looking at a number of other crops as well, canola, sunflower.

明年我們將擴張到超過 40 萬英畝左右。因此在過去三年、我們驗證概念之後，成長幅度相當可觀。另外我不確定你是否看到我們最近與合資公司發布的最新公告：我們在拉丁美洲與 BP 成立 50/50 的合資企業，正在拉丁美洲擴大芥菜作物的種植，同時也在評估其他多種作物，例如油菜籽、向日葵。

And we're just getting started with that with just a short list of employees that are standing that up. We'll have crop that starts to go in the ground in 2027 in a more material way, and we'll keep you informed on that. But very excited about our internal platform around biofuels and what the next 10 years, 5 years can look like there. So thanks for that question.

而這部分我們才剛起步，目前只有一小群員工在把這個平台搭建起來。我們會在 2027 年以更具規模的方式開始把作物種下去，並會持續向各位更新。但我們對公司內部在生質燃料方面的平台，以及未來 10 年、甚至 5 年可能呈現的樣貌，都感到非常興奮。所以謝謝你的提問。

Ben Theurer, Barclays.

Ben Theurer，Barclays。

Just wanted to follow up a little bit on the separation, and you've talked about the capital structure for the two new businesses. So just wanted to understand what are like kind of like the considerations you're putting into place as it relates to the level of capitalization of the level of leverage in between the crop protection versus then the new company, the Seed company, how we should think about this and then ultimately, your ability to really engage in what you've talked about like scaling the business into Seed, but also on the CP side. So just that capital split? How should we think about this? What is your current target?

我想就分拆再追問一下，你們也談到兩家新公司的資本結構。我想了解的是，在作物保護（Crop Protection）與新公司（種子公司）之間，就資本化程度與槓桿水準而言，你們在制定時主要考量是什麼？我們應該如何看待？以及最終，這會如何影響你們如先前所說、在種子業務擴大規模的能力，同時也包括 CP 端的發展。所以就是這個資本分配。我們應該怎麼理解？你們目前的目標是什麼？

Yes. So right now, publicly, we've addressed that we would like both companies that have investment-grade metrics from a credit standpoint. So -- and I think we're in pretty good shape being able to hit those targets given how the strength of the overall Corteva balance sheet. So really, when the Board does the final approval towards the actual split date, I think our major considerations are going to be, one, as we talked about where the liability set liabilities are going to stay with the company that they're in today.

是的。目前我們在公開場合已說明，我們希望兩家公司在信用面都具備投資等級的指標。因此——我認為，憑藉 Corteva 整體資產負債表的強勁，我們要達成這些目標的條件相當不錯。所以當董事會在實際分拆日期前做出最終核准時，我認為我們的主要考量會是：第一，如同我們談到的，現有的負債組合（liability set）會留在目前所在的公司。

So one of the elements we were able to address here and we announced today was the fact that the pension will be staying with New Corteva and we're able to put this discretionary, I would say, $1.5 billion payment and to ensure that the funding level makes sense. So when you look beyond that, you're really just talking about cash levels and financial debt levels of the two. Both will be set up, I think, not only for investment-grade metrics, that will also be, I think, in an opportunity to actually be on the offensive when it goes and they have plenty of strategic opportunities that they'll be able to execute on.

因此我們能處理的一個要素、也是我們今天宣布的，是退休金將留在新 Corteva；同時我們也能進行一筆我會稱之為酌情的 15 億美元付款，以確保資金提撥水準合理。再往下看，主要就是兩家公司各自的現金水位與金融負債水位。我認為兩者的設計不僅會符合投資等級指標，也會讓它們在未來有機會採取更積極的策略行動，因為它們都有充足的策略機會可以執行。

Laurence Alexander, Jefferies.

Laurence Alexander，Jefferies。

This is [Kevin] on for Laurence. So just back to the spin-off. So you guys called out $100 million in dissynergies. And can you walk through what remains to be sort of absorbed post spin. And I guess sort of related, how lease companies eventual sustainable margin profile would compare to today?

我是 [Kevin]，代 Laurence 提問。回到分拆的議題。你們提到 1 億美元的分拆不協同（dissynergies）。能否說明分拆後仍需吸收的部分有哪些？以及相關地，新公司最終可持續的利潤率輪廓，會如何與目前相比？

Yes. So when you look at I think the fortunate situation for us in going into this in is pretty much the way that we've been segment reporting will be the way that the business will be portrayed going forward. The only other adjustments there will be how are those corporate costs allocated between the two different businesses.

是的。我認為我們在推進這件事時的一個有利之處在於：我們目前的分部揭露方式，基本上也會是未來業務呈現的方式。唯一需要再調整的是，公司層級成本要如何在兩個不同業務之間分攤。

And then you start looking at two other elements, one being net dis-synergies and which business do they go on. And we already talked about our opportunity to reduce as much as possible. We're working very hard on that. And then the final element is, are there any agreements with any kind of shift between the two businesses.

接著你會看到另外兩個要素：第一是淨不協同（net dis-synergies），以及它們會落在哪一個業務上。我們已談過，我們會盡可能降低這些不協同。我們正在非常努力地推進。最後一個要素是：兩個業務之間是否會有任何協議，導致某些項目在兩者之間移轉。

I think as we sit here today, there aren't any really material kind of shifts between the two businesses when it comes to operating ongoing business. It really will come down to the corporate cost and where we land on that dissynergies between the two businesses. So I think what's fortunate for us, things like the margin profile, the businesses and certain things like that are not going to change when you look at it post split.

以我們目前所處的狀態來看，在持續營運層面，兩個業務之間並沒有任何真正重大的移轉。最終會回到公司層級成本，以及我們在兩個業務之間對不協同的歸屬如何落定。所以我認為對我們有利的是，像利潤率輪廓、業務本身以及某些事項，在分拆後並不會改變。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC Capital Markets。

Maybe I can just get your thoughts on the competitive environment in Seed. Your main competitor, I guess, has been potentially a little bit trapped in the last few years, but they do have some new products coming out over the next few years. Do you view that as potentially a competitive threat or that reemerges or maybe do you feel like the pipeline at Corteva, maybe you can just discuss some of the pipeline projects you guys have as well that would maybe offset that? I know you've talked about short stature corn in the past and wheat as well. But anything else you'd highlight?

我想請教你們對種子業務競爭環境的看法。你們的主要競爭對手，我想，過去幾年可能有點受限，但他們在未來幾年也會推出一些新產品。你們是否認為這可能構成競爭威脅、或競爭態勢會再度升溫？或者你們覺得 Corteva 的產品研發管線——也許你們可以談談一些管線專案——能夠抵消這些影響？我知道你們過去談過矮稈玉米（short stature corn）以及小麥。還有其他你們想特別強調的嗎？

Yes, Arun, this is Judd. Thanks for the question. And maybe just walk through kind of what our view of the world internally is for the next five-year window and then speak a little bit about the competitive environment. Obviously, there's a lot of good competitors in the market we're banging away with them at the farm gate each and every day. It all starts with germplasm.

是的，Arun，我是 Judd。謝謝你的問題。我先說明一下我們內部對未來五年窗口期的看法，然後再談談競爭環境。很明顯，市場上有很多優秀的競爭者，我們每天都在農場端與他們正面交鋒。一切都從種質資源（germplasm）開始。

Our corn germplasm is as good as I've seen it in my 27, 28 years with the career with the company and continues to improve the rate of genetic gain that our R&D team is bringing is tremendous and the funnel. And just in terms of the diversity of germplasm genetics, being able to fill all of our brands and licensing is fantastic.

我們的玉米種質資源，是我在公司 27、28 年職涯中所見過最好的水準，而且仍在持續改善；我們研發團隊帶來的遺傳增益速度非常驚人，管線漏斗也很強。而且就種質遺傳多樣性而言，能夠充分供應我們所有品牌與授權需求，表現非常出色。

Our Z-Series soybeans has been the best class of soy means we were brought to the market and continues to improve. We've still got about -- well, we've settled in around 65% plus of Enlist penetration from a market perspective. Obviously, there's going to be some new competitive entrants in that space. Our germplasm is where it starts. The herbicide platform is important, but we have some other folks in the market that are catching up to where we've been with in list, and so we'll compete accordingly.

我們的 Z 系列大豆一直是我們推向市場的最佳等級大豆，並且持續改進。從市場角度來看，我們的 Enlist 滲透率仍維持在約 65% 以上。顯然，該領域將會有一些新的競爭者進入。一切始於我們的種質資源。除草劑平台很重要，但市場上也有一些其他業者正在追趕我們在 Enlist 方面的領先位置，因此我們也會相應地競爭。

If you recall, when we brought Enlist into the market, we had some material market share gains, but it wasn't this flip of the switch. When Enlist came or when Dicamba exited the market until they get their most recent label back there wasn't this big switch, right? It's a lot about germplasm and yield and will continue to be.

如果你還記得，當我們把 Enlist 推向市場時，我們確實取得了一些實質的市占率提升，但並不是那種一按開關就瞬間翻轉的情況。當 Enlist 上市，或是當 Dicamba 退出市場、直到他們拿回最新標籤之前，也沒有出現那種大規模的轉換，對吧？這很大程度取決於種質與產量，而且未來也將持續如此。

We've got next-gen aboveground coming in 2030. In North America, next-gen aboveground coming in 2030. In Latin America, 2030, 2031 will have above and below ground. Brand-new novel motive action, proprietary, fully proprietary traits for Vylor. And so I feel as good as I've ever felt about our product portfolio.

我們的下一代地上部性狀將在 2030 年推出。在北美，下一代地上部性狀將於 2030 年推出。在拉丁美洲，2030、2031 年將同時具備地上與地下部性狀。全新的新穎作用機制，專有、完全專有的 Vylor 性狀。因此，我對我們的產品組合從未像現在這麼有信心。

Our competitors aren't going to stop. Certainly, they're going to continue to work at it as well, but we've had a really good five-year run and I see the next five years being very similar. We've got a lot of things going in the right direction for us.

我們的競爭對手不會停下來。當然，他們也會持續投入努力，但我們過去五年的表現非常出色，我認為未來五年也會非常相似。我們有很多事情正朝著對我們有利的方向發展。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗。

So your differentiation mix of patented products within CP, it sits at roughly 65%. What's the target percentage for this mix by the end of the decade? And what are the most meaningful patent clips we should be mindful of?

所以你們在 CP 中具專利產品的差異化組合，目前大約是 65%。到本十年末，這個組合的目標占比是多少？另外，我們應該特別留意哪些最重要的專利到期節點？

Patrick, this is Robert. Good observation. We're running a little bit north of two-thirds today on a portfolio being differentiated. And as you look at our pipeline that's coming and how we think we'll continue to evolve. Our new products are going to be pushing $2 billion in revenue this year and continuing to grow. And we like what we've got there. RLX, Rinskor are still not at their peak and are going to continue. They'll outpace and list once they get to their peak revenue. And then we got more common, as Chuck talked about, at least seven actives that will hit market over the next decade.

Patrick，我是 Robert。觀察得很好。目前我們的產品組合中，具差異化的比例略高於三分之二。當你看我們即將推出的研發管線，以及我們認為將如何持續演進。我們的新產品今年將帶來接近 20 億美元的營收，並且持續成長。我們對目前的布局很滿意。RLX、Rinskor 仍未達到峰值，還會繼續成長。一旦達到營收峰值，它們的表現將超越 Enlist。此外，正如 Chuck 提到的，至少還有七個有效成分會在未來十年上市。

And your specific question by the end of this decade, [Avisa] will come out. That's going to be a blockbuster in Latin America for Asia soybean -- and then we've got some biologicals coming as well. So we expect it will continue to grow as the short answer. How far does it go? We've got to model a few things out, obviously, but it will continue to increase slightly from where it is today as we approach the end of the decade. And that added in with the biologicals is going to give us a whole lot of strength as we look at that value proposition at the farm gate.

至於你具體問到本十年末，[Avisa] 會推出。那將會是拉丁美洲針對亞洲大豆的一個重磅產品——而且我們也會推出一些生物製劑。所以我們預期它會持續成長，這是簡短的回答。會成長到什麼程度？顯然我們還需要把幾件事建模推演，但隨著接近本十年末，它將在目前基礎上小幅提升。再加上生物製劑，當我們從農場端的價值主張來看，這將帶給我們非常大的優勢。

We have reached the end of the Q&A session. I will now pass the call back to Kim Booth for closing remarks.

我們已到達問答環節的結束。我現在把電話交回給 Kim Booth 作結語。

All right. Thanks for joining the call and for your interest in Corteva. And we hope you have a wonderful day.

好的。感謝各位參與本次電話會議，並感謝各位對 Corteva 的關注。也祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。