Corteva, Inc. (CTVA) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Corteva Agriscience second quarter 2026 earnings conference call. (Operator Instructions) I will now hand the conference over to Kim Booth, Head of Investor Relations. Kim, please go ahead.

各位好。感謝各位加入，歡迎參加 Corteva Agriscience 2026 年第二季財報電話會議。(接線員指示) 現在我將把會議交給投資人關係主管 Kim Booth。Kim，請開始。

Good morning, and welcome to Corteva's second quarter and first half 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; Robert King, Executive Vice President and Strategic Adviser as well as Luke Kissam, future CEO for New Corteva will join the Q&A session.

各位早安，歡迎參加 Corteva 2026 年第二季及上半年財報電話會議。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 主持。此外，種子事業部執行副總裁 Judd O’'Connor、執行副總裁兼策略顧問 Robert King，以及新 Corteva 未來執行長 Luke Kissam 也將加入問答環節。

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. During this call, we will make forward-looking statements, which are our expectations about the future.

我們已準備簡報投影片以補充本次電話會議的發言，投影片已張貼於 Corteva 官網的投資人關係專區，並可透過網路直播連結取得。在本次電話會議中，我們將作出前瞻性陳述，亦即我們對未來的預期。

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.

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，我們的實際結果可能與上述陳述存在重大差異，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「風險因素」章節所載者。

We do not undertake any duty to update any forward-looking statements. 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.

我們不承擔更新任何前瞻性陳述的義務。另請注意，在今天的簡報中，我們將提及若干非 GAAP 財務衡量指標。非 GAAP 指標的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.

現在我很高興把電話會議交給 Chuck。

Thanks, Kim. Good morning, everyone, and thanks for joining us. The headline for this quarter is straightforward, we are delivering strong results, we are raising our full year outlook and we are on track to complete our separation on October 1. The first half of 2026 demonstrated the resilience of our two businesses the value of our technology portfolio and the execution discipline of our teams around the world. In the first half, net sales increased 4%.

謝謝你，Kim。各位早安，感謝各位加入。本季的重點很明確：我們交出強勁成果、上調全年展望，並正按計畫於 10 月 1 日完成分拆。2026 年上半年展現了我們兩大業務的韌性、我們技術組合的價值，以及全球團隊的執行紀律。上半年，淨銷售成長 4%。

Operating EBITDA increased 10%. And operating EPS increased 14%. These results reflect strong execution in both Seed and Crop Protection despite a dynamic operating environment. In Seed, farmers continue to place a premium on technologies that improve productivity and returns. That is reflected in the continued demand we are seeing for our latest genetics and trade offerings and the growing contribution from our new licensing business.

營運 EBITDA 成長 10%。營運 EPS 成長 14%。這些成果反映出在多變的營運環境下，種子與作物保護兩大業務皆有強勁執行力。在種子業務方面，農民持續願意為能提升生產力與報酬的技術支付溢價。這點反映在我們最新遺傳材料與商品化產品的持續需求，以及我們新授權業務日益增加的貢獻。

We saw organic growth across all regions in the first half, which speaks to the durability and the basic need of that technology demand. Crop Protection also performed well this half. Volume gains on new products, which are becoming a larger part of the business every year, remain robust and pricing of these products was essentially flat in the first half, which we consider a success in this environment.

上半年我們在所有地區皆見到有機成長，顯示該技術需求的持久性與其基本必要性。作物保護業務在上半年同樣表現良好。新產品帶來的銷量成長依然強勁，而新產品每年都在業務中占比更高；上半年這些產品的定價基本持平，在此環境下我們視之為一項成功。

Even in markets where pricing remains competitive, our teams are delivering productivity improvements and demonstrating operating discipline that allows us to continue expanding margins and improving earnings quality. The strategy we have deployed in Crop Protection for several years, building a more differentiated portfolio supported by innovation and commercial excellence while proactively reducing our cost of production is working.

即使在定價仍具競爭性的市場，我們的團隊仍持續帶來生產力提升並展現營運紀律，使我們得以持續擴大利潤率並提升獲利品質。我們在作物保護業務多年來所採取的策略——打造更具差異化、以創新與商業卓越為支撐的產品組合，同時主動降低生產成本——正在奏效。

And we continue to strengthen our pipeline, particularly in nature-based products. You can find details in the deck about a recent acquisition that expands our capabilities in that area as well as industry recognition for some of our crop health innovations. So Corteva's first half performance was a result of execution. It was driven by technology adoption and being nimble in the market through productivity improvements, licensing growth, operational discipline and, of course, strong execution. Across the company, our teams have done an excellent job balancing separation-related work while maintaining focus on customers.

我們也持續強化研發管線，尤其是在自然基產品方面。您可在簡報中看到細節，包括近期一項擴大我們在該領域能力的收購案，以及業界對我們部分作物健康創新所給予的肯定。因此，Corteva 上半年的表現來自於執行力。其驅動因素包括技術採用、透過生產力提升在市場中保持靈活、授權業務成長、營運紀律，當然還有強勁的執行。在全公司範圍內，我們的團隊在兼顧分拆相關工作之際，仍能維持對客戶的專注，表現非常出色。

What we are seeing today is the outcome of deliberate actions we have been making for several years. We have invested in differentiated technology. We have strengthened our germplasm portfolio. We have expanded our trade capabilities. We have built one of the strongest innovation pipelines in agriculture, and we have stayed disciplined on productivity, cost management and asset optimization.

我們今天所看到的，是我們多年來採取一系列有意識行動的成果。我們投資於具差異化的技術。我們強化了種質資源組合。我們擴大了商品化能力。我們打造了農業領域最強的創新研發管線之一，並在生產力、成本管理與資產最佳化方面保持紀律。

Today, those investments are translating into measurable outcomes. What is particularly important is that these results are being achieved in a market that is increasingly rewarding innovation. Farmers around the world continue to make investment decisions based on productivity, yield potential and return on investment. That is exactly where Corteva is strongest. And while the external environment will always be dynamic, considering weather, currency, trade flows or geopolitical uncertainty, the fundamentals that matter most remain healthy.

如今，這些投資正轉化為可衡量的成果。特別重要的是，這些成果是在一個愈來愈獎勵創新的市場中達成的。全球農民仍以生產力、產量潛力與投資報酬率為基礎做出投資決策。這正是 Corteva 最具優勢之處。儘管外部環境始終多變——包括天候、匯率、貿易流向或地緣政治不確定性——最關鍵的基本面仍然健康。

Global demand for food, feed and biofuels continues to grow. Crop prices are up. However, farmer margins remain tight, so they continue to prioritize value-driven investments while remaining cautious on discretionary spending. Our technology portfolio is aligned with the needs of our customers, who are looking for ways to produce more while using resources more efficiently. That is supporting confidence in our business.

全球對食品、飼料與生質燃料的需求持續成長。作物價格上漲。然而，農民利潤率仍然偏緊，因此他們持續優先投入以價值為導向的投資，同時對非必要支出保持謹慎。我們的技術組合與客戶需求一致；客戶正在尋找以更高效率使用資源、同時提高產出的方式。這也支撐了我們對業務的信心。

As we look ahead, we remain confident in our outlook while continuing to monitor several external factors, including ongoing pricing pressure in pockets of the Crop Protection market. What gives us confidence is that the factors within our control continue to perform well. So while we remain realistic about external risks, we entered the second half with a favorable outlook, a healthy respect for the market environment and confidence in our ability to deliver the commitments reflected in our updated guidance.

展望未來，我們對前景仍具信心，同時持續關注若干外部因素，包括作物保護市場部分領域持續存在的定價壓力。讓我們有信心的是，我們可控的因素仍持續表現良好。因此，雖然我們對外部風險保持務實，我們以有利的展望、對市場環境的充分敬畏，以及對達成更新指引所反映承諾的信心，進入下半年。

As a result of our first half performance and confidence in the second half, we are increasing our full year outlook. We now expect operating EBITDA of $4.1 billion to $4.3 billion and operating EPS of $3.60 to $3.80 per share. At the midpoint, that represents approximately 9% EBITDA growth and 11% EPS growth versus last year.

基於上半年的表現以及對下半年的信心，我們上調全年展望。我們目前預期營運 EBITDA 為 41 億至 43 億美元，營運 EPS 為每股 3.60 至 3.80 美元。以中位數計算，這相當於 EBITDA 較去年成長約 9%，EPS 成長 11%。

This is because multiple parts of our business are performing well, strong technology adoption, new product momentum, growth in licensing, productivity gains and cost discipline. And looking beyond 2026, the long-term opportunities for both businesses become even more attractive. You'll hear more from us on that in September. Turning to the separation.

這是因為我們業務的多個面向表現良好：強勁的技術採用、新產品動能、授權業務成長、生產力提升以及成本紀律。而放眼 2026 年之後，兩大業務的長期機會將更具吸引力。我們將在 9 月與各位分享更多相關內容。接下來談分拆。

Our message remains simple. We are on track in executing according to plan on time and under budget. Over the first half of the year, we achieved several important milestones. We announced Luke as the CEO of New Corteva, and he is here with us today for the Q&A session. We introduced Vylor as the name of the future advanced seed and genetics company, completed key leadership appointments, publicly filed the Form 10, appointed both Boards of Directors and engaged with credit rating agencies regarding our planned capital structures.

我們的訊息仍然很簡單。我們正按計畫執行，準時且在預算之內。在上半年，我們達成了數個重要里程碑。我們宣布 Luke 將擔任新 Corteva 的執行長，他今天也在現場參與問答環節。我們公布 Vylor 作為未來先進種子與遺傳公司之名稱，完成關鍵領導職任命、公開提交 Form 10、任命兩家公司董事會，並就我們規劃中的資本結構與信用評等機構進行溝通。

These milestones represent significant progress and provide confidence that both organizations will be fully prepared to operate independently. Regarding dyssynergies, I'm happy to report that on a run rate basis, we've largely offset the impact of separation. This is the result of a lot of hard work from our employees and ensuring we're setting up two org structures in the most efficient way possible, placing time, money and resources where they matter the most and giving both companies the flexibility they need to excel on their own. We'll see something in the range of a $25 million headwind this year due to the timing of the separation activities, but this is a great result overall. Looking ahead, several important steps remain.

這些里程碑代表了重大進展，並讓我們有信心兩個組織都將為獨立營運做好充分準備。關於分拆所帶來的協同損失（dyssynergies），我很高興地報告，以年化運行率（run rate）計算，我們已在很大程度上抵銷了分拆的影響。這是員工大量努力的成果，也因為我們確保以最高效率建立兩套組織架構，把時間、資金與資源投入在最重要之處，並賦予兩家公司各自卓越所需的彈性。由於分拆活動時點的關係，今年我們將看到約2,500萬美元的不利因素（headwind），但整體而言這是非常好的結果。展望未來，仍有幾項重要步驟待完成。

We expect amendments to the Form 10, finalization of the capital structures, completion of the remaining IT separation activities, effectiveness of the Form 10 and we will be holding our Investor Day events on September 15 in New York. Assuming completion of those final milestones, we are targeting October 1 as the separation date with Vylor beginning operations as a separate public company.

我們預期將對Form 10進行修訂、完成資本結構定案、完成剩餘的IT分拆活動、使Form 10生效，並將於9月15日在紐約舉辦投資人日活動。在完成上述最後里程碑的前提下，我們目標將10月1日定為分拆日期，屆時Vylor將以獨立上市公司身分開始營運。

While separation activities have remained a major focus for management, I want to emphasize something that I believe is important. We have maintained our performance while simultaneously preparing to launch two public companies. That speaks to the strength of our organization and the commitment of our people.

雖然分拆活動一直是管理團隊的主要重點，但我想強調一點我認為很重要的事。我們在同時準備推出兩家上市公司的過程中，仍維持了既有的營運表現。這反映了我們組織的實力以及同仁的投入與承諾。

Teams across the company have managed the complexity of separation work while continuing to innovate, serve customers, drive productivity and deliver strong financial results. As we enter the second half of the year, our priorities are clear: first, continue executing for our customers; second, deliver on the commitments reflected in our increased guidance; and third, complete the separation efficiently and successfully, which will help position both companies for successful futures.

全公司各團隊在管理分拆工作的複雜性之餘，仍持續創新、服務客戶、推動生產力並交出強勁的財務成果。進入下半年，我們的優先事項很明確：第一，持續為客戶落實執行；第二，兌現我們上調指引所反映的承諾；第三，以高效率且成功的方式完成分拆，這將有助於兩家公司在未來取得成功。

Thank you to our employees, customers, partners and shareholders for their support. Before I turn the call over to David, I want to make a personal observation. This is my final earnings call as CEO of the combined Corteva organization before our planned separation.

感謝我們的員工、客戶、合作夥伴與股東的支持。在我把電話會議交給David之前，我想做一個個人觀察。這是我在計畫分拆前，作為合併後Corteva組織CEO主持的最後一次財報電話會議。

When I look at where the company stands today, I'm incredibly proud of what our teams have accomplished. We have strengthened our portfolio, built industry-leading innovation, improved execution, expanded margins and position both future companies for success. Coming into 2026, since the year Corteva was formed in 2019, we had already improved operating EBITDA by $1.7 billion with over 750 basis points of margin enhancement, all while investing nearly $9 billion in R&D, which is just astonishing to think about what it is going to do to help transform the future of agriculture.

當我回顧公司目前的狀態，我對團隊所完成的成果感到無比自豪。我們強化了產品組合、打造了業界領先的創新能力、改善了執行力、擴大了利潤率，並讓兩家未來公司都站在成功的位置上。展望2026年，自Corteva於2019年成立以來，我們已將營運EBITDA提升17億美元，利潤率改善超過750個基點，同時仍投入近90億美元於研發；想到這將如何協助改變農業的未來，實在令人驚嘆。

And finally, we returned close to $8 billion of cash to shareholders in that same time frame. I'm confident in the leadership teams that will guide both organizations forward, I'm confident in the opportunities ahead for both new Corteva and Vylor, and I'm confident that the work we have done over the last several years has created a strong foundation for long-term value creation.

最後，在同一期間，我們也向股東返還了接近80億美元的現金。我對將帶領兩個組織前進的領導團隊充滿信心，對新Corteva與Vylor未來的機會充滿信心，也相信我們過去幾年所做的工作已為長期價值創造奠定了堅實基礎。

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

接下來，我把電話會議交給David。

Thanks, Chuck, and welcome, everyone. Let's begin on slide 6 and with our first half financial performance. Overall, we delivered a strong first half with continued execution across both Seed and Crop Protection, translating into higher sales, meaningful EBITDA growth and nearly 200 basis points of margin expansion. For the quarter, net sales were $6.4 billion, while operating EBITDA increased 4% to $2.3 billion. As I mentioned during our first quarter call, our business results are best reviewed and has.

謝謝你，Chuck，也歡迎各位。我們從第6頁投影片開始，先看上半年財務表現。整體而言，我們上半年表現強勁，種子（Seed）與作物保護（Crop Protection）兩大業務持續落實執行，帶動銷售成長、EBITDA顯著提升，並使利潤率擴張近200個基點。就本季而言，淨銷售額為64億美元，而營運EBITDA成長4%至23億美元。如同我在第一季電話會議中提到的，我們的業務成果最適合以……來檢視。

Looking at the first half, net sales increased 4% to $11.3 billion, while organic sales grew 2%. Margin expanded to 32.8%, driven by continued value capture in Seed, productivity improvements across both businesses and disciplined cost management. Within Seed, organic sales improved across every region, led by North America and EMEA, reflecting continued demand for our differentiated technology portfolio, our focus on capturing value and increase our licensing income.

從上半年來看，淨銷售額成長4%至113億美元，而有機銷售成長2%。利潤率擴張至32.8%，主要受惠於種子業務持續的價值擷取、兩大業務的生產力改善，以及嚴謹的成本管理。在種子業務方面，各區域的有機銷售皆有所改善，以北美與歐洲、中東及非洲（EMEA）領先，反映市場對我們差異化技術組合的持續需求、我們對價值擷取的聚焦，以及授權收入的提升。

As expected, Crop Protection pricing remained under pressure due to competitive market dynamics, particularly in Latin America. However, strong adoption of new products continue to drive volume growth, helping partially offset pricing pressure.

如預期，作物保護的定價因競爭市場動態而持續承壓，尤其是在拉丁美洲。然而，新產品的強勁採用持續帶動銷量成長，有助於部分抵銷定價壓力。

These commercial gains, combined with productivity improvements, favorable royalty performance and lower input costs drove operating EBITDA to $3.7 billion, an increase of 10% over prior year. Importantly, both businesses contributed to margin expansion, demonstrating that our strategy continues to balance growth with disciplined execution. Turning to slide 7. This bridge highlights the key drivers behind the first half EBITDA improvement. Operating EBITDA increased approximately $350 million year-over-year to $3.7 billion.

這些商業上的成果，加上生產力改善、有利的權利金表現以及較低的投入成本，使營運EBITDA達到37億美元，較去年增加10%。重要的是，兩大業務都對利潤率擴張有所貢獻，顯示我們的策略持續在成長與嚴謹執行之間取得平衡。接著看第7頁投影片。這張橋接圖突顯上半年EBITDA改善背後的關鍵驅動因素。營運EBITDA年增約3.5億美元至37億美元。

Price and mix contributed nearly $100 million as we continued executing our value-based pricing strategy in Seed, although those gains were partially offset by competitive Crop Protection pricing. Volume added roughly $40 million, reflecting strong North America Seed demand and high single-digit growth in Crop Protection new products. Cost performance remained the largest contributor, adding more than $160 million through lower input costs, manufacturing efficiencies and continued productivity initiatives.

價格與組合貢獻近1億美元，因我們在種子業務持續執行以價值為基礎的定價策略，但部分增益被作物保護競爭性定價所抵銷。銷量約增加4,000萬美元，反映北美種子需求強勁，以及作物保護新產品達到高個位數成長。成本表現仍是最大貢獻來源，透過較低的投入成本、製造效率提升與持續的生產力計畫，增加超過1.6億美元。

In addition, currency provided an approximately $85 million benefit during the first half, primarily driven by the euro. One additional contributor was approximately $90 million of improved Seed net royalties, reflecting lower royalty expense together with higher royalty income as we expect to be net royalty positive this year.

此外，匯率在上半年帶來約8,500萬美元的助益，主要由歐元所驅動。另一項貢獻來源是種子淨權利金（net royalties）改善約9,000萬美元，反映權利金費用降低以及權利金收入增加；我們預期今年將轉為淨權利金正貢獻。

Overall, we're continuing to demonstrate that disciplined execution and technology leadership can drive meaningful earnings growth even in a dynamic pricing environment. Let's move to slide 8. The first half demonstrated strong execution across both businesses. Seed organic sales increased low single digits as North America Seed continue to benefit from market penetration and strong customer demand for our differentiated technology portfolio, coupled with increased royalty income.

整體而言，我們持續證明，即使在多變的定價環境下，嚴謹的執行與技術領先仍能帶來可觀的獲利成長。我們移到第8頁投影片。上半年展現了兩大業務的強勁執行力。種子有機銷售成長低個位數，因北美種子持續受惠於市場滲透率提升與客戶對我們差異化技術組合的強勁需求，再加上權利金收入增加。

Crop Protection pricing declined low single digits, consistent with our expectations, while volumes increased low single digits, primarily on demand for our new products. Productivity initiatives lower input costs and favorable currency all contributed to first half margin expansion. Looking ahead to the second half, our assumptions remain largely unchanged. We expect Brazil corn area to remain approximately flat.

作物保護定價下滑低個位數，符合我們的預期；同時銷量成長低個位數，主要來自對新產品的需求。生產力計畫、較低的投入成本以及有利匯率，皆促成上半年利潤率擴張。展望下半年，我們的假設大致維持不變。我們預期巴西玉米種植面積將大致持平。

Within Seed, we continue to expect low single-digit organic sales growth. Within Crop Protection, volumes are expected to grow at a high single-digit rate led by continued adoption of new products, while pricing is anticipated to decline in the low to mid-single digits.

在種子業務方面，我們仍預期有機銷售將呈低個位數成長。在作物保護方面，預期銷量將以高個位數成長，主要由新產品持續採用所帶動，而定價預計將下滑低至中個位數。

We also expect productivity savings to continue contributing during the second half while recognizing the potential impact from geopolitical uncertainty and ongoing foreign exchange movements. Overall, the first half performance provides a strong foundation as we move through the balance of the year. As a reminder, we anticipate a typical seasonal earnings pattern in the second half with the third quarter operating EBITDA loss in the range of what we saw in 2024 and all second half earnings delivered in the fourth quarter.

我們也預期生產力節省將在下半年持續貢獻，同時也會留意地緣政治不確定性以及外匯持續波動可能帶來的影響。整體而言，上半年表現為我們走完今年剩餘期間奠定了強勁基礎。提醒各位，我們預期下半年將呈現典型的季節性獲利型態：第三季營運EBITDA虧損幅度將落在與2024年相近的區間，而下半年所有獲利將在第四季實現。

Overall, we expect second half EBITDA to be about flat compared to last year as the net impact of tariffs, dissynergies and the Middle East conflict are all weighted to the back half of the year. Let's turn to slide 9. Given the strength of our first half execution, we are raising our outlook for the full year. We now expect operating EBITDA between $4.1 billion and $4.3 billion, representing approximately 9% growth at the midpoint versus last year.

整體而言，我們預期下半年 EBITDA 與去年大致持平，因為關稅、分拆不協同效應以及中東衝突的淨影響都較集中在今年下半年。接著請看第 9 頁投影片。鑑於我們上半年執行表現強勁，我們上調全年展望。我們目前預期營運 EBITDA 介於 41 億至 43 億美元，按中位數計較去年約成長 9%。

This outlook reflects broad-based organic sales growth across the portfolio, together with additional benefits from the controllable actions we've consistently discussed throughout this year, including productivity, cost management and continued operational execution. We're also increasing our operating EBITDA margin outlook to a range of 22.5% to 23.5%, reflecting continued sales growth and disciplined cost management. Finally, we've raised our operating EPS guidance to a range of $3.60 to $3.80 per share, an increase of 11% at the midpoint versus last year.

此展望反映出投資組合各業務的廣泛有機銷售成長，並結合我們今年以來持續討論、可控行動所帶來的額外效益，包括生產力提升、成本管理與持續的營運執行。我們也將營運 EBITDA 利潤率展望上調至 22.5% 至 23.5% 的區間，反映持續的銷售成長與嚴謹的成本管理。最後，我們將營運 EPS 指引上調至每股 3.60 至 3.80 美元的區間，按中位數計較去年提高 11%。

While higher net interest expense partially offset some of the EBITDA improvement, we continue to expect another year of strong earnings growth and margin expansion. Overall, the updated guidance reflects our strong first half performance and confidence in our expectations for the balance of the year. Turning to our key takeaways.

儘管較高的淨利息費用部分抵銷了 EBITDA 改善的部分效益，我們仍預期今年將再度實現強勁的獲利成長與利潤率擴張。整體而言，更新後的指引反映我們上半年強勁表現，以及我們對今年剩餘期間展望的信心。接著談談我們的重點結論。

First, we delivered a strong first half through continued commercial execution across both Seed and Crop Protection. As expected, first half cash flow was impacted by the Bayer agreement, onetime separation items and the pension contribution announced last quarter.

第一，我們透過在種子與作物保護兩大業務持續的商業執行，交出強勁的上半年成績。如預期，上半年現金流受到拜耳協議、一次性分拆項目以及上季宣布的退休金提撥影響。

Absent these items, we would expect full year free cash flow conversion to be in line with our midterm target discussed at the 2024 Investor Day. Second, our growth platforms of disciplined execution on controllable actions translate directly into meaningful EBITDA and margin expansion.

若排除上述項目，我們預期全年自由現金流轉換率將符合我們在 2024 年投資人日所討論的中期目標。第二，我們以可控行動為核心、嚴謹執行的成長平台，直接轉化為顯著的 EBITDA 與利潤率擴張。

Third, based on this performance and our confidence in the second half, we're raising our full year guidance for operating EBITDA, margins and EPS. Finally, we're progressing as planned toward the targeted October 1, separation, and we've largely offset the impact of dyssynergies on a run rate basis. We're confident both businesses will begin the next chapter from positions of financial strength and operational momentum.

第三，基於此表現以及我們對下半年的信心，我們上調全年營運 EBITDA、利潤率與 EPS 指引。最後，我們正按計畫推進至目標的 10 月 1 日分拆，且就「運行率」基礎而言，我們已大致抵銷分拆不協同效應的影響。我們有信心兩項業務都將以財務穩健與營運動能的優勢，開啟下一個篇章。

Now let's turn the call back over to Kim.

現在把電話交回給 Kim。

Thanks, David. I'd like to briefly highlight a few things about our upcoming Investor Days. On September 15, we'll host separate Investor Day events for both Vylor and Corteva at the New York Stock Exchange. Both events will be webcasted and registration is currently open. These events will provide investors with a deeper look at each company's strategy, innovation pipeline, long-term financial framework and capital allocation priorities as they prepare to operate as independent public companies.

謝謝，David。我想簡要強調幾點關於我們即將舉辦的投資人日。9 月 15 日，我們將在紐約證券交易所為 Vylor 與 Corteva 分別舉辦投資人日活動。兩場活動都將進行網路直播，目前已開放報名。這些活動將讓投資人更深入了解各公司的策略、創新產品線（pipeline）、長期財務架構與資本配置優先順序，並為其作為獨立上市公司營運做好準備。

We believe these sessions will provide additional insight into the value-creation opportunities for both organizations, and we encourage everyone to join us by registering today through the links on the Events and Presentations page of our website. 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.

我們相信這些場次將為投資人提供更多洞見，了解兩個組織的價值創造機會；也鼓勵大家透過我們網站「活動與簡報」頁面的連結，立即完成報名。現在進入提問環節。我想提醒各位，我們對前瞻性陳述與非 GAAP 指標的警語，適用於我們的事先準備講稿以及接下來的問答。

Operator, please provide the Q&A instructions.

接線員，請提供問答說明。

(Operator Instructions)

(接線員說明)

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

Thank you and good morning to everyone.Wondering if we could talk a little bit about in the Seed business for the second half of the year. I see in the slide, you're expecting flat corn acres. So I'm kind of wondering, is that what you're seeing in the order book? Is that sort of an El Nino kind of assumption? So what's driving that? And then also, from a pricing and mix perspective, what you're anticipating, particularly as it relates to Conkesta penetration? Thank you very much.

謝謝，大家早安。我想請教一下關於今年下半年種子業務的情況。我看到投影片上你們預期玉米種植面積持平。所以我想了解，這是你們在訂單簿中看到的狀況嗎？這是否是基於類似聖嬰現象（El Niño）的假設？那麼是什麼因素在驅動這個判斷？另外，從定價與產品組合的角度，你們的預期是什麼，特別是與 Conkesta 滲透率相關的部分？非常感謝。

Hi, good morning, Vincent, thanks for your question. Yes, for the second half of the year, obviously, North America -- the Northern Hemisphere is really wrapped up. It's all about what happens in Latin America and particularly in Brazil. From an acre perspective or a planted area perspective, we have typically seen low single-digit safrinha's expansion on a year-over-year basis for the last several years, three, four, five years in a row. We could still see that, but we also could see it flatten out a little bit in 2027.

嗨，早安，Vincent，謝謝你的問題。是的，對於下半年而言，很明顯北美——也就是北半球——的季節基本上已經結束。接下來重點在拉丁美洲，尤其是巴西的情況。從英畝數或種植面積來看，過去幾年——連續三、四、五年——我們通常看到 safrinha（巴西第二季玉米）年增呈現低個位數擴張。我們仍可能看到這種情況，但也可能在 2027 年稍微趨於持平。

Obviously, we'll have sales orders come in at the end of this year, fourth quarter. Our order book is on pace with -- well, it's actually ahead of the market a little bit at this point in time. So we feel quite confident. Our product portfolio feels good. We're in a good position.

當然，銷售訂單會在今年年底、第四季進來。就目前而言，我們的訂單簿進度與市場相比——其實略微領先市場。因此我們感到相當有信心。我們的產品組合狀況良好。我們處於有利位置。

We've had strong pricing in Latin America in particular. So all in, as we go into the second half of the year and order book in the fourth quarter for safrinha for execution in that planning window, January, February, March. We feel like we're in a very strong position and yes. We just -- we feel like we're in a real good spot.

我們在拉丁美洲，尤其是拉美地區，定價表現一直很強勁。因此整體來看，當我們進入下半年，並在第四季針對 safrinha 的訂單簿、以便在規劃窗口（1、2、3 月）執行時，我們覺得自己處於非常強勢的位置，是的。我們就是——我們覺得目前狀態非常好。

And Conkesta. Yes, we've had good momentum with Conkesta. We think we're going to be high single digits, low double digits in terms of penetration in the market with Conkesta E3 in 2027. And so yes, on plan and continue to be very optimistic about the performance of that product.

至於 Conkesta。是的，我們在 Conkesta 上有不錯的動能。我們認為在 2027 年，Conkesta E3 在市場的滲透率將達到高個位數到低雙位數。因此，是的，一切按計畫進行，我們也持續對該產品的表現非常樂觀。

Chris Parkinson, Wolfe Research.

Chris Parkinson，Wolfe Research。

Great. Thank you so much for taking my question. I'm going to switch to my conversation to Luke, if I may. Given this is kind of your first interaction with investors regarding the kind of further longer-term outlook of Corteva, I'm just kind of curious on what you're the most excited about in terms of the market, in terms of what you think you can do with the company's narrative?

太好了。非常感謝讓我提問。如果可以的話，我想把問題轉給 Luke。鑑於這算是你第一次就 Corteva 更進一步、較長期的展望與投資人互動，我想了解你對哪些面向最感到興奮：就市場而言，以及你認為你能如何塑造公司的敘事（narrative）？

Is this going to be a focus primarily on R&D pipeline value, new product intros, leadership? Is it going to be about balance between CPC biological, Seed treatments, margin opportunities? I would just want to hear how you're thinking about it on a preliminary basis and how we should triangulate those thoughts into the CMD. Thank you so much.

這會主要聚焦在研發產品線的價值、新產品導入、領導地位嗎？還是會著重在 CPC 生物製劑、種子處理，以及利潤率機會之間的平衡？我想聽聽你初步的思考方式，以及我們應該如何把這些想法整合到 CMD（資本市場日）中來理解。非常感謝。

Yeah. Thanks, Chris. I appreciate it. No, I'm very excited. I think the first thing I would say is the #1 strength at Corteva is our people. There's a great team, many of those grew up on or around farm, so they understand the challenges that the customers face every day and they get excited about waking up every day solving those problems. You talked about a portfolio. And from a portfolio standpoint, two thirds of our current portfolio is a differentiated technology. And we're not dependent on any one active, any one segment, any one crop or any one geography.

是的。謝謝，Chris。我很感謝。不，我非常興奮。我想我首先要說的是，Corteva 的第一大優勢是我們的人才。我們有一支很棒的團隊，其中許多人在農場或農場周邊長大，因此他們了解客戶每天面臨的挑戰，也很期待每天起床去解決這些問題。你提到投資組合。從投資組合的角度來看，我們目前投資組合中有三分之二是差異化技術。而且我們不依賴任何單一有效成分、任何單一領域、任何單一作物或任何單一地理區域。

So I love the diversity of the portfolio, and I love the fact that the bulk of it is differentiated product. That is a real competitive advantage. When you add biologicals to the portfolio position, that gives us the ability to blend natural and synthetic solutions to solve growers' problems.

所以我很喜歡這個投資組合的多元性，也很喜歡其中大部分是差異化產品這一點。這是一項真正的競爭優勢。當你把生物製劑納入投資組合定位時，這讓我們能夠把天然與合成解決方案加以混合，來解決種植戶的問題。

And in our pipeline, I can't emphasize how strong I think our pipeline is. It's the best crop protection pipeline in the business with seven new actives coming into that market over the next decade. I feel like I've been drinking from a water hose for the first month or so. And if I ever need to pick me up, I want over our greenhouses. And I'll look at the results of the R&D.

另外在我們的研發管線上，我再怎麼強調都不為過，我認為我們的管線非常強。這是業界最好的作物保護研發管線，未來十年將有七個新的有效成分進入該市場。我覺得我在頭一個月左右就像是用消防水帶在喝水一樣，資訊量非常大。而如果我需要提振精神，我就會去我們的溫室。然後我會看看研發的成果。

And there, you can see the incredible resorts. Those people are delivering against targeted tests, target weaves, targeted diseases, and it just gets you excited and want to come back to the office, roll up your sleeves and get after it. So we look forward to sharing more details about the R&D and our strategy with you at our Investor Day in September 15 and look forward to seeing all of you in person there.

在那裡，你可以看到令人難以置信的成果。那些人正在依照既定的測試目標、目標雜草、目標病害交付成果，這會讓你感到興奮，想回到辦公室捲起袖子大幹一場。因此，我們期待在 9 月 15 日的投資人日與各位分享更多關於研發與我們策略的細節，也期待在現場與各位見面。

Joel Jackson, BMO Capital Markets.

Joel Jackson，BMO 資本市場。

Hi, good morning, Chuck, Luke, rest of the team, look, I know you're doing your Capital Markets Day in 1.5 months, but Chuck, Luke, team, what I noticed is if I take your, Chuck, your prior guidance targets for 2027, about $4.4 billion EBITDA at the midpoint, you did $4.2 billion this year, you $4.3 billion this year. It's about a 5% growth rate. I would like to know if you can talk as much as you can right now, is that what you're thinking about now mid-single-digit growth into next year? Tell me why that's right or wrong? What we should think about a little bit of preview ahead of September, I guess.

嗨，早安，Chuck、Luke，以及團隊其他成員。你們在 1.5 個月後要辦資本市場日，我知道。不過 Chuck、Luke、各位，我注意到的是：如果我拿你先前對 2027 年的指引目標來看，中位數約為 44 億美元 EBITDA；你今年做了 42 億美元、你今年做了 43 億美元。這大約是 5% 的成長率。我想知道你們現在能否盡可能多談一些：你們目前的想法是否就是明年延續到中個位數成長？告訴我為什麼這樣的看法是對或不對？我想在 9 月之前先聽一點預告。

Good morning, Joel, so look, maybe I'll start and then David can fill in some of the numbers. So not a lot has changed with our original thinking from earlier in the year. $4.2 billion, so if you look at the updated guide, $4.2 billion fits us very comfortably into that 2024 original communication around 2027, which you rightly called out, was $4.4 billion. So our growth rates are in the range where we've communicated they would be. I'd say we're a little ahead of our original plan in 2026.

早安，Joel。你看，也許我先開頭，然後 David 可以補充一些數字。所以，從我們年初的原始想法來看，沒有太多改變。44 億美元——如果你看更新後的指引，42 億美元讓我們非常舒適地落在我們 2024 年對 2027 年的原始溝通區間內，而你也正確指出那個數字是 44 億美元。所以我們的成長率落在我們先前溝通的範圍內。我會說，我們在 2026 年可能比原始計畫稍微超前一些。

And if you look at the growth, what pleases me the most is where it's coming from. It's the core parts of our business, right? So in Seed, it is -- licensing is literally three years ahead of our original plan, which is pretty astonishing, considering that as a brand-new business for us. And then if you look at Crop Protection, that new product portfolio that we've been talking about for some time, it's going to touch $2 billion this year in revenue. And the margin profile and how we priced it is really, really strong. So these are the things that are leading the growth for Corteva combined.

而如果你看成長，最讓我高興的是成長的來源。它來自我們業務的核心部分，對吧？所以在種子業務方面，授權收入實際上比我們原始計畫提前了三年，這相當驚人，考量到這對我們而言是一個全新的業務。再看作物保護，我們談了好一段時間的那個新產品組合，今年營收將接近 20 億美元。而其毛利/利潤率結構以及我們的定價方式都非常、非常強勁。所以，這些就是推動 Corteva 整體成長的因素。

And then, of course, you know the company, we're really focused on cost and productivity. It's part of our DNA. It needs to be in this industry. So when I look at it, I'd say that our growth rates are exactly where we thought they were, but probably trending a little ahead of our original plan. David, anything to add?

當然，你也了解這家公司，我們非常專注於成本與生產力。這是我們 DNA 的一部分。在這個產業裡也必須如此。所以我看下來會說，我們的成長率正如我們原先所預期，但可能正朝著比原始計畫略為超前的方向發展。David，有要補充的嗎？

Yeah, Joel. And if you remember, the $4.4 billion was a $1 billion increase over period of time. And we always said it was going to be a little bit more front-end loaded mainly because of our cost and productivity that we expected in the first couple of years. As Chuck has mentioned, we do feel like we are certainly ahead of where we expected to be on net royalties. So we'll take that in consideration when looking into what our guide is for '27.

有的，Joel。如果你還記得，44 億美元是在一段時間內增加 10 億美元。而我們一直說，這會比較偏向前期貢獻較多，主要是因為我們預期在前幾年能實現的成本與生產力提升。如 Chuck 所提到的，我們確實覺得在淨權利金方面，我們明顯領先於原先預期。因此，在評估我們對 2027 年的指引時，我們會把這點納入考量。

But I think we feel comfortable with the $4.4 billion at this point in time. The other thing I will mention, too, is I know some people were concerned about the impact of net synergies and separation costs and all that against our long-term target of the $4.4 billion. As we articulated earlier today, we feel like we're tracking pretty close to flat or within plus or minus the millions of dollars that would be within our typical guide range. So we feel really strong about the $4.4 billion.

但我想，就目前這個時間點而言，我們對 44 億美元感到有把握。另外我也想提一下，我知道有些人擔心淨協同效益、分拆成本等等，對我們 44 億美元長期目標的影響。如同我們今天稍早所闡述的，我們覺得目前的追蹤結果相當接近持平，或是在正負幾百萬美元的範圍內——這也在我們一般指引區間之內。所以我們對 44 億美元非常有信心。

Right. And then one last comment, Joel. So in September, both companies will provide 2029 financial framework. So you're going to be able to kind of follow along with sort of where Corteva is leaving off where new Corteva and Vylor are kind of taking over. And I think when you look at that and you put it all together, there's going to be a lot to like there. So hopefully, you can join us.

對。Joel，最後再補充一句。9 月時，兩家公司都會提供 2029 年的財務框架。所以你將能夠大致一路追蹤：Corteva 在哪裡告一段落，以及新的 Corteva 與 Vylor 將如何接手延續。我想當你把這些都看完、整合起來，會有很多值得期待的地方。所以希望你能加入我們。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Hi, this is Matt Hettwer on for Kevin McCarthy. In Crop Protection, organic sales were down about 6%, but on a product line basis, it looks like the trend was lower among herbicides, insecticides and fungicides with the difference made up by substantial growth in the other category. Can you unpack the underlying sales trends for those products? And maybe comment on what kind of trajectory we can expect for them in the back half?

嗨，我是 Matt Hettwer，代 Kevin McCarthy 提問。在作物保護方面，有機銷售額約下降 6%，但若以產品線來看，除草劑、殺蟲劑與殺菌劑的趨勢似乎更弱，而差異主要由「其他」類別的顯著成長所彌補。你能否拆解一下這些產品背後的銷售趨勢？也請評論一下，我們在下半年可以期待它們呈現什麼樣的走勢？

Hi, Matt, it's Chuck. So let me start with the overall Crop Protection market, if I can. I'd say, look, again, there's not a lot here that's changed in our view of the overall market fundamentals. The Crop Protection market, we still think is improving, especially if you look at 2025 was essentially flat versus the prior two years.

嗨，Matt，我是 Chuck。如果可以的話，我先從整體作物保護市場談起。我會說，你看，再次強調，我們對整體市場基本面的看法沒有太多改變。我們仍然認為作物保護市場正在改善，尤其如果你看 2025 年，相較前兩年基本上是持平。

And this year, we said that the market would grow low single digits. And that's still our view. Now the growth is slow. It's a little bumpy. But we're seeing, I think, what we wanted to see. And we always said that most likely in '26, it was going to be a year of volume growth with low single digit down in pricing. And so not to get too much into the indications, but that's essentially what we're seeing. We probably have a bit more competitive pressure in Brazil for lots of different reasons, but that market is, of course, well supplied. It's one of the markets that's growing. So there's a focus area there.

而今年我們說市場會有低個位數成長。這仍然是我們的看法。現在成長速度偏慢。也有些顛簸。但我認為我們正在看到我們想看到的情況。而我們也一直說，很可能在 26 年會是以銷量成長為主、價格低個位數下滑的一年。所以不想過度深入談各種跡象，但我們看到的基本上就是這樣。由於很多不同原因，我們在巴西可能面臨更大的競爭壓力，但那個市場當然供應充足。它也是正在成長的市場之一。所以那裡是我們的重點關注領域。

And maybe one or two other pockets around the world. But there's nothing here that we would say is outside of our planning horizon in terms of a structural change. In fact, when you look at Chinese exports into Brazil, they're essentially stable. They're not going down, but they're certainly not going up. And I'd say the same is true for Chinese exports going into the United States.

或許還有全球其他一兩個區域。但就結構性變化而言，這裡沒有任何我們會認為超出我們規劃視野的事情。事實上，當你看中國對巴西的出口時，基本上是穩定的。沒有下滑，但當然也沒有上升。我認為中國對美國的出口也是同樣的情況。

So all in all, I think that the market is recovering. We'll save 2027 comments for the Investor Day. And then when I look at the indications, the only thing I'll draw you to is that we probably have, in our portfolio and others, certain AIs that are coming off patent. And then what we've done, so in anticipation of some of these molecules, which have been well communicated, we've really redone the cost structure. And so when that happens, what we do is we have we're going to see competitive tension, we lower our price.

所以總體而言，我認為市場正在復甦。關於2027年的評論我們會留到投資人日再談。然後當我看這些跡象時，我唯一要提醒各位的是，我們的產品組合以及其他公司，可能有某些AI即將專利到期。因此，針對其中一些已充分對外溝通的分子，我們已經重新調整了成本結構以作準備。所以當那種情況發生時，我們的做法是：在競爭張力出現時，我們會下調價格。

But if you look at the margin profile of Crop Protection, it's actually up this quarter in this first half. So that's sort of the product life strategy that we've had, we've deployed. And then when you look forward to the new products, Luke already mentioned it, we've got seven new actives coming into the market in the next decade. The first one will be in Brazil, where we are seeing some pricing tension. It will be Haviza, which we consider to be a blockbuster fungicide, and we're just really excited to put that into the market in the next couple of years.

但如果你看作物保護的毛利率輪廓，這一季、也就是上半年其實是上升的。所以這就是我們所採取並已部署的產品生命週期策略。再往前看新產品，Luke已經提到，我們在未來十年將有七個新的有效成分（actives）進入市場。第一個會在巴西推出，而我們在那裡確實看到一些價格壓力。它會是Haviza，我們認為這是一款重磅（blockbuster）殺菌劑，我們非常期待在未來幾年把它推向市場。

So hopefully, that helps you.

希望這能對你有所幫助。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Thank you. Good morning. Chuck, just on the North American growing season, any share gains you can point to either corn or soybeans that you benefited from this year?

謝謝。早安。Chuck，關於北美的生長季，你能否指出今年在玉米或大豆方面，我們是否有任何市占率提升、並因此受益？

Chuck should take that question, David?

David，這題應該由Chuck來回答嗎？

Yes, David, from a share perspective, we feel pretty confident that we've picked up a little bit of share in clone. Obviously, our price value capture strategy and being premium in the market, but we still feel like we've picked up some share a little bit in Pioneer, but particularly with our retail brand and a bigger share of shelf in Brevant.

是的，David，從市占率的角度來看，我們相當有信心在clone上拿到了一點市占。當然，我們的價格價值擷取策略，以及在市場上維持高端定位，但我們仍覺得在Pioneer上也小幅提升了一些市占，尤其是在我們的零售品牌，以及Brevant在貨架上的占比更大。

On the soy side, we feel like we picked up share both in the Western corn belt. So I think Mississippi West and the Eastern Corn Belt, Mississippi East with the Pioneer brand on hot pocket in the south in the delta where Dicamba and the return of the Dicamba label has certainly been a challenge, particularly with cotton in that geography. And so we feel like we gave up a little bit of share there. All in all, in soy, I think we're going to end up pretty flat. In corn, I believe we've picked up a ticket share.

在大豆方面，我們覺得在西部玉米帶的市占也有所提升。所以我認為在密西西比河以西，以及東部玉米帶、密西西比河以東，Pioneer品牌在南方三角洲地區的熱點區域表現不錯；而在那個區域，Dicamba以及Dicamba標籤的恢復確實帶來挑戰，特別是該地理區域的棉花作物。因此我們覺得那裡的市占有小幅流失。總體來看，在大豆上我認為我們最後會大致持平。在玉米上，我相信我們拿到了一些票面市占（ticket share）。

Frank Mitsch, Fermium Research.

Frank Mitsch，Fermium Research。

Luke, I wanted to come back to the CPC side of things where you mentioned that two thirds of the products are differentiated. I am looking at -- obviously, pricing was down low single digits in the first half. The expectation is that pricing is going to be down low to mid-single digits in the second half. So I was wondering if you could kind of parse out as you look at your CPC portfolio, what's going on with the differentiated side in terms of pricing? Where can -- you kind of square why we're seeing the price degradation as much as we are given that two thirds is differentiated?

Luke，我想回到CPC這邊，你提到有三分之二的產品是差異化的。我看到——很明顯，上半年定價是低個位數下滑。市場預期是下半年定價會下滑低到中個位數。所以我想請你拆解一下：當你看你們的CPC產品組合時，差異化那一塊在定價上到底發生了什麼？在三分之二是差異化的前提下，我們為什麼仍看到如此程度的價格下滑，你能否幫我們把這兩者對上？

Good morning, Frank, it's Chuck. I'll take that question. So if you think about what happened in the first half, you're right, we're down low single digits, something like 3%. It was within our expectations. I think it's important to call out Europe and the US were essentially flat. And then if you look at our new products, so what we would define as a new product, the portfolio that I mentioned will approach about $2 billion of revenue this year. Their prices are essentially flat and volume up high single digit. So what we're seeing is exactly what we would expect in the overall pipeline, right?

早安，Frank，我是Chuck。我來回答這題。如果你回想上半年發生的事，你說得對，我們是低個位數下滑，大概3%左右。這在我們的預期之內。我認為重要的是要指出，歐洲和美國基本上是持平。再看我們的新產品——我們所定義的新產品，我剛提到的那個產品組合今年營收將接近20億美元。它們的價格基本持平，而量是高個位數成長。所以我們看到的情況，正是我們對整體產品線（pipeline）的預期，對吧？

We're seeing the growth coming from the newer products. But the rest of the market is under some competitive pressure because you've got a well-supplied market overall. And so when we look at that, just to answer your question directly, we did move pricing for the second half to from low single digits down to mid-single digits down. Really, that is driven by what we're seeing in Brazil and perhaps one or two other pockets around. And it's not uniform that we're seeing it in pre-emergent herbicide would be one of the larger areas.

我們看到成長來自較新的產品。但市場其他部分正承受一些競爭壓力，因為整體市場供給充足。因此，直接回答你的問題：我們確實把下半年的定價預期，從低個位數下滑調整為中個位數下滑。這主要是由我們在巴西看到的情況所驅動，或許還有全球其他一兩個區域。而且這並非全面性的；我們看到較明顯的領域之一是在苗前除草劑（pre-emergent herbicide）。

And then I think there's some other items going on when it looks -- when we look at weather, when you think about fungicide application in markets that are very, very dry, for example, in Europe and parts of the United States, we're probably not going to have the same demand that we have for fungicide because of El Nino weather phenomenon that we're seeing. But overall, I'd say we're still expecting that for our business, we will be able to grow our EBITDA led by volume with the mid-single-digit pricing down in the second half. And David, something like low single-digit EBITDA growth, I think, in the first half.

另外我認為還有一些其他因素，例如天氣；當你想到在非常、非常乾燥的市場（例如歐洲以及美國部分地區）進行殺菌劑施用時，由於我們看到的聖嬰（El Nino）天氣現象，我們可能不會有同樣的殺菌劑需求。但整體而言，我會說我們仍預期，就我們的業務來看，即使下半年定價下滑中個位數，我們仍能在銷量帶動下實現EBITDA成長。而David，上半年我認為EBITDA大概是低個位數成長。

I think those molecules, certainly the ones that are perhaps more under price pressure is the fact that the team through their ongoing strategy over the last several years is well ahead of the cost structure. So when you look at those particular pieces of the business, it enables us to grow our EBITDA dollars and year-over-year, last year was a growth year. This year, I expect it to be a growth year, first half was a good start to that.

我認為那些分子——當然，可能承受較大價格壓力的那些——之所以能應對，是因為團隊在過去幾年持續推進的策略，使我們在成本結構上已經領先很多。所以當你看這些特定業務板塊時，它讓我們能夠在EBITDA金額上實現年對年成長；去年是成長的一年。今年我預期也會是成長的一年，而上半年已經有一個不錯的開局。

Kristen Owen, Oppenheimer.

Kristen Owen，Oppenheimer。

Good morning. Thank you for the question. I wanted to continue to pull at this sort of price versus volume piece here in Seed because I noticed in the deck, you're talking about organic volume growth in the back half of the year, not necessarily a price versus volume breakdown. Maybe I'm reading too much into this. But thinking into Capital Markets Day.

早安。謝謝讓我提問。我想在種子（Seed）這邊繼續追問一下價格與銷量的拆分，因為我注意到在簡報裡，你們談的是下半年有機銷量成長，而不一定是價格與銷量的拆分。也許是我解讀過度。但我在思考資本市場日（Capital Markets Day）。

I'm wondering if we can sort of parse out understanding how much of the price that we're seeing is coming from this greater mix of out-licensing and how much of that offset is what we would normally see in the volume line? And should we be thinking about that KPI sort of transitioning from price and volume to this more combined organic view? Thank you.

我想問的是：我們能否拆解一下，現在看到的價格中有多少是來自對外授權（out-licensing）組合占比提高，以及其中有多少的抵銷原本會反映在銷量那一行？我們是否應該把這個KPI的思考，從價格與銷量轉向這種更合併的有機（organic）視角？謝謝。

Judd?

Judd？

So Kristen, thanks for the question. Let me try to tease this out in the second half of the year. Maybe start with, our Seed business is really a strong first half business. So the second half of the year is significantly less, and it really is all encompassing around Brazil.

所以 Kristen，謝謝你的提問。讓我試著在今年下半年把這件事梳理清楚。先從這點開始：我們的種子（Seed）業務確實是上半年很強的業務。因此下半年會明顯較少，而且基本上都集中在巴西。

So how you think about our price and mix versus that volume piece from a from a volume piece in the second half of the year, again, this is a Brazil market, a little bit of South Africa market, which our business is doing very well there. And it really depends on when farmers are ready to take seed in that fourth quarter. We've got that forecasted to be relatively flat on a year-over-year basis at this point in time.

所以你在思考下半年我們的價格與組合（price/mix）相對於銷量（volume）那一塊時，再次強調，這主要是巴西市場，另外也有一點南非市場，而我們在那裡的業務表現非常好。而且這很大程度取決於農民在第四季何時準備好提貨/領取種子。就目前而言，我們預估年對年大致持平。

We don't think we're going to have as big of an expansion of planted area in safrinha that we've seen in the last few years. So that will have a bit of an impact on volume. But in terms of the price/mix perspective, I mean, it's all about bringing new products into the market and putting those two products in the hands and farmers.

我們認為不會像過去幾年那樣，看到二季作（safrinha）的種植面積大幅擴張。因此這會對銷量帶來一些影響。但就價格/組合的角度來看，重點在於把新產品導入市場，並把這些產品交到農民手上。

And then in fact, then certainly allow us to share in a piece of that additional value that we're bringing to them. So I hope I answered your question. I think mix price versus what we've seen in the last couple of years, but maybe David, if you have anything to add?

而這當然也能讓我們分享一部分我們為他們帶來的額外價值。所以希望我有回答到你的問題。我認為組合與價格相較於過去幾年是這樣的情況；不過 David，如果你有要補充的？

Sure, Judd. And Kristen, as Judd mentioned, just to remind everyone that the second half of the year is about 27% of our total top line. So it is very much a first half business. When you look at what we projected for the second half, the difference between volume and price, it's about 50-50. So we are seeing a slight gain in price and a slight gain in volume over the back half of the year.

當然，Judd。Kristen，如 Judd 提到的，提醒大家一下：下半年約占我們總營收的 27%。所以我們確實是非常偏上半年的業務。當你看我們對下半年的預測，銷量與價格的差異大約是 50/50。因此我們看到下半年價格小幅上升、銷量也小幅增加。

[Matt Doye, Bank of America].

[Matt Doye，美國銀行（Bank of America）]。

Thank you. This is Fabian Humanas on for Matt. As we think about order patterns at this point last year, you had roughly 90% of Brazil summer orders in and about 40% of safrinha in hand, which was ahead of historical pace. As we fast forward to today? Where do your order book stand versus the historical trends? And what are the drivers?

謝謝。我是代替 Matt 的 Fabian Humanas。回想去年此時的下單模式，你們大約已拿到巴西夏季作物訂單的 90%，以及約 40% 的二季作（safrinha）訂單，這比歷史節奏更快。如果快轉到今天呢？你們的訂單簿相較於歷史趨勢處於什麼位置？驅動因素是什麼？

Yes, thanks for the question. And certainly, last year, at this point in time, we did have very, very strong orders on the books. As we sit here today, we're ahead of the market in terms of what the overall orders in the market are. So we feel great about our position from a competitive standpoint. But there are some things in -- particularly in Brazil that are having growers make those decisions closer to planning time.

好的，謝謝你的問題。確實，去年此時我們的在手訂單非常、非常強。而以今天來看，就整體市場的下單量而言，我們仍然領先市場。所以從競爭角度來看，我們對自身的定位感到非常好。但也有一些因素——特別是在巴西——使得種植戶更接近播種時間才做決策。

One, credit is tough; two, get some impact from fuel and fertilizer prices. And so it's putting some stress on margins. So we feel confident in our order book, we feel confident in our share position. And our product portfolio is as good as it's ever been in Brazil for both summer and for safrinha.

第一，信貸很吃緊；第二，燃料與肥料價格也帶來一些影響。因此對利潤率造成壓力。我們對訂單簿有信心，對市占率位置也有信心。而且我們在巴西的產品組合，無論是夏季作物或二季作（safrinha），都處於歷來最佳水準。

So I guess in terms of how we think about wrapping up those orders, what comes into the fourth quarter and then having that summer crop planted and that safrinha on the books, we feel like we're in a very strong competitive position. But I do have to be very transparent. Credit is tight for the Brazilian farmer right now. And so we're just going to have to continue to manage them side by side.

所以我想，就我們如何看待把這些訂單在第四季收尾、並讓夏季作物完成播種、同時把二季作（safrinha）訂單落在訂單簿上而言，我們覺得自己處於非常強的競爭位置。但我也必須非常坦白。巴西農民目前的信貸確實偏緊。因此我們只能持續並行管理這些情況。

Joshua Spector, UBS.

Joshua Spector，瑞銀（UBS）。

Thanks. Good morning. This is Lucas Beaumont on for Josh. I just wanted to follow up on your comments around sort of the split in the second half between 3Q and 4Q. So pointing to sort of the third quarter of 2026, you've kind of indicated a loss in the third quarter of about $190 million, which would then stead imply about $690 million in EBITDA growth in the fourth quarter.

謝謝。早安。我是代替 Josh 的 Lucas Beaumont。我想跟進你們先前關於下半年在第三季與第四季之間分配的評論。你們提到 2026 年第三季大約會虧損 1.90 億美元，這樣推算第四季 EBITDA 似乎意味著約 6.90 億美元的成長。

That balance there is just sort of much more fourth quarter lighter than what we've seen over the past four to five years. So could you just expand for some of the drivers there of the timing shift? And how you sort of see the upside and downside risks? And just to pair that relative to your confidence in the second half overall.

這樣的平衡看起來比過去四到五年更偏向第四季。所以能否請你們多談談造成時點移動的驅動因素？以及你們如何看待上行與下行風險？並把這點與你們對整體下半年的信心一起說明。

Yes, sure. I'll take that question. So if you step back and you look at where our second half guide is in aggregate, then I'll go through between the Q3 and Q4 timing. We do have it flat versus 2025, which is around $500 million. And if you recall, our second half in 2025 was up 16% versus 2024.

好的，當然。我來回答這個問題。如果你先退一步看我們下半年指引的整體水準，接著我再說明第三季與第四季之間的時點。我們的下半年整體是相較 2025 年持平，大約 5 億美元。而如果你還記得，2025 年下半年相較 2024 年成長了 16%。

So we are comparing against a pretty strong half at about $500 million. So when you look at overall, $4.2 billion is our full year guide, $500 million in the second half. It is by far a very small half for us. When you look at where we're seeing the year-over-year changes, we do have some unfavorable price and costs built into the second half. Unfavorable costs, mainly that residual dyssynergy number that we talked about, the $25 million, a little bit due to logistics and freight costs.

所以我們是在跟一個相當強勁的半年、約 5 億美元做比較。整體來看，我們全年指引是 42 億美元，下半年 5 億美元。對我們而言，下半年確實是非常小的一個半年。就年對年的變動而言，我們在下半年納入了一些不利的價格與成本因素。不利的成本主要是我們先前提到的剩餘「去協同效應」（dyssynergy）金額 2,500 萬美元，另外也有一點來自物流與運費成本。

We're offsetting that by volume in both businesses and slight favorable currency. So the other thing I would like to point out is when you look at our guide today, our second half is about 12% of our full year guide, and that's very much in line with the past four years or so, which was about 13%. So when you stay at a very high level, I think our first, second half is very well balanced between our assumptions.

我們會以兩個業務的銷量成長以及些微有利的匯率來抵銷。另外我也想指出，依照我們目前的指引，下半年約占全年指引的 12%，這與過去約四年的水準非常一致（約 13%）。所以如果你從很高的層級來看，我認為我們對上下半年的假設是相當平衡的。

But then the timing between Q3 and Q4, we did say Q3 is probably more likely to be that around $100 million loss where it was a couple of years ago. I would say that or a lower number is a little bit more common than what we had last year because we had some favorable timing of safrinha into Q3, so on and so forth.

但就第三季與第四季之間的時點而言，我們確實說過第三季更可能接近幾年前那種約 1 億美元的虧損，而不是像去年那樣。我會說那樣的水準或更低，其實比去年更常見，因為去年有一些二季作（safrinha）有利的時點落在第三季，等等因素。

So I would say it's very typical look at our the way that the split of the business will be. And I'd also say that some of those additional costs, like the net dyssynergies or whatever, some of that will be weighted in Q3. So just to summarize, when you look at second half, we feel it's balanced. It is a small half $5 million here, there's a 1% growth. And then we do feel like that timing between Q3 and Q4 will be more like it was a couple of years ago.

所以我會說，這樣的分拆方式非常符合我們業務一貫的樣貌。我也會說，一些額外成本，例如淨去協同效應（net dyssynergies）之類，其中一部分會較偏向在第三季反映。總結來說，當你看下半年，我們覺得它是平衡的。它是一個規模很小的半年，這裡 500 萬美元、那裡 1% 的成長。而我們也認為第三季與第四季之間的時點分配，會更像幾年前的情況。

Ben Theurer, Barclays.

Ben Theurer，巴克萊。

Yeah, good morning, Jack, team. Thank you very much for taking my question. Just picking up on that, I wanted to dig a little bit deeper into some of the productivity savings and just lower cost that you've highlighted. I mean, first half clearly was a big driver here. You've just talked about the second half.

是的，早安，Jack、團隊。非常感謝讓我提問。延續剛才的話題，我想更深入探討你們所強調的一些生產力節省以及較低成本。我的意思是，上半年顯然是這裡的一個主要驅動因素。你們剛剛談到了下半年。

But as we look at the setup where you stand right now and as you think about the next coming years, where do you believe on a separate basis are the big advantages between what is Vylor and what is then the new Corteva for incremental productivity savings and/or lower input cost to further drive margin expansion?

但當我們看你們目前所處的狀態，並思考未來幾年時，你們認為在「增量」生產力節省和／或降低投入成本、以進一步推動利潤率擴張方面，Vylor 與新的 Corteva 各自最大的優勢分別是什麼？

So if you step back and you think about our last three year guide during our last Investor Day, we had articulated about $1 billion of growth productivity cost benefits and net about $700 million. Some of that was due to commodities. So you see the commodities come down. We saw that in the first couple of years. That's probably one element you won't see us in our next three year plan.

如果你退一步回顧我們在上一次投資人日所提供的三年指引，我們曾闡述約 10 億美元的成長型生產力成本效益，淨額約 7 億美元。其中一部分來自大宗商品。所以你看到大宗商品價格下滑。我們在前一兩年就看到了。這可能是你在我們下一個三年計畫中不會再看到的一個要素。

But what you will see is a continuation of really productivity in both businesses. So we're seeing it in Seed. We continue to see it in CP. I think you've seen that we've announced some additional footprint actions and restructuring and so on and so forth, particularly in CP. So you'll see those benefits continue in the next three year plan.

但你會看到的是兩個業務都將持續推進真正的生產力提升。所以我們在種子業務看到了。我們也持續在 CP 看到。我想你也看到我們已宣布一些額外的據點調整與重組等行動，特別是在 CP。因此，你會在下一個三年計畫中看到這些效益持續延續。

Ben, maybe just a couple of other comments. So we think that the separation is going to afford both companies with the opportunity to take our cost and productivity work to the next level. And the proof point, I think, is just look at the annual dyssynergy number, we thought it was going to be $100 million, which would have been on the low side of any separation that we've studied. And now we're saying it's closer to the $25 million range.

Ben，我再補充幾點。我們認為分拆將讓兩家公司都有機會把成本與生產力的工作提升到下一個層級。我認為一個佐證是：看看年度「反協同」(dyssynergy) 的數字，我們原本以為會是 1 億美元——這在我們研究過的任何分拆案中都算偏低。而現在我們說更接近 2,500 萬美元的區間。

The reason that is, is because we've been able to kind of find the integration costs and at the same time, kind of work through those. So I think you have to tune into September to kind of hear the rest of the story. But we would expect that what we've been able to do at Corteva, both companies will be able to kind of continue this journey, and there will be new and different opportunities for us.

原因在於，我們能夠找出整合成本，同時也把這些問題逐步處理掉。所以我想你得等到 9 月再來聽完整的後續。但我們預期，我們在 Corteva 已經做到的事情，兩家公司都能持續走這段旅程，而且我們也會有新的、不同的機會。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗。

Hi, good morning. This is Rachel on for Patrick. How should we think about your normalized free cash flow levels maybe next year compared to be $2.1 billion to $2.3 billion framework you laid out at the last Investor Day. Are there any offsets separation-related costs that we should be mindful of? Thank you.

嗨，早安。我是 Rachel，代 Patrick 提問。我們應該如何看待你們明年可能的常態化自由現金流量水準，相較於你們在上次投資人日提出的 21 億至 23 億美元架構？是否有任何與分拆相關的成本抵銷項是我們需要留意的？謝謝。

Thanks for the question. And we would expect that our -- if you looked at what our company would have on a combined basis, we'd be well within those targets that we set kind of the 45% to 50% of EBITDA for free cash flow. For this year, obviously, a little bit, if you look at our first half and you look at operating cash flow, we are down a couple billion dollars, the most of that being the $1.1 billion that we contributed to the pension plan, the Bayer agreement, restructuring and so on. If you back out those kind of unusual items, this year probably would have been around the 46% range. So well within our typical range that we communicated.

謝謝你的問題。我們預期，如果你看公司在合併基礎下的表現，我們會完全落在我們所設定的目標範圍內，也就是自由現金流量約為 EBITDA 的 45% 到 50%。今年當然有些影響；如果你看上半年以及營運現金流，我們少了幾十億美元，其中大部分是我們對退休金計畫提撥的 11 億美元、拜耳協議、重組等等。如果把這些較不尋常的項目剔除，今年大概會在 46% 左右。因此仍然完全在我們先前溝通的典型區間內。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC 資本市場。

Great. Thanks for taking my question. Hope you guys are well. And congrats on all the progress towards the spin. I guess my question is just could you just provide us maybe an updated view on some broad strokes for fiscal '27, I know that, obviously, you did have an operating plan at your Investor Day that you presented a few years ago. But -- are many of those assumptions still valid? I imagine they are, but maybe if there's any updates you could provide at this point, that would be helpful.

很好。謝謝讓我提問。希望大家都一切順利。也恭喜你們在分拆進程上取得的所有進展。我想問的是：你們能否就 2027 財年的一些大方向提供更新的看法？我知道你們在幾年前的投資人日曾提出一個營運計畫。但是——那些假設是否仍然多數有效？我想應該是，但如果你們此刻能提供任何更新，會很有幫助。

Yes, sure. So I think we're still operating in the same environment that we had communicated. So if you look at the agricultural backdrop, there's puts and takes, but we referenced in some of the prepared remarks, we're still seeing very strong global demand for grains and oilseeds. Crop prices are actually a little bit up year-over-year.

好的，當然。我認為我們仍然在先前所溝通的同一個環境中運作。所以如果你看農業背景，有利有弊，但我們在事先準備的發言中也提到，我們仍看到全球對穀物與油籽的需求非常強勁。作物價格其實年增略有上升。

Yes, we have to watch farmer margins. Judd called out the Brazilian farmer. They are wrestling with higher interest rates, some currency issues. But overall, I'd say the agricultural complex is more or less what we expected to see when we put the original 2024 plan in place. Then if you look at the two halves of the company, I think, again, we've communicated this already today, we're seeing growth where we wanted to see it, which is on our growth platforms.

是的，我們必須關注農民利潤率。Judd 特別提到巴西農民。他們正面臨較高利率與一些匯率問題的壓力。但整體而言，我會說農業產業鏈大致上符合我們在制定原始 2024 計畫時所預期會看到的情況。接著如果你看公司的兩個部分，我想同樣地——我們今天也已經溝通過——我們在希望看到成長的地方看到了成長，也就是在我們的成長平台上。

Crop Protection, new products. Biologicals, those are the areas that I think we wanted to see growth, and we're starting to -- again, we're seeing continued really good performance in most of those areas. And then in Seed, it's been the story of entering the licensing business. And that's several years ahead of plan. So overall, the operating environment that we originally communicated through 2027 feels on balance that things are where we expected them to be from an external perspective.

作物保護，新產品。生物製劑，這些是我認為我們希望看到成長的領域，而我們也開始——再次強調——在多數這些領域持續看到非常好的表現。而在種子方面，故事則是進入授權業務。而這比計畫提前了好幾年。所以整體而言，從外部角度看，我們最初溝通到 2027 年的營運環境，整體平衡下來，感覺各項情勢大致符合我們的預期。

Internally, I think we're performing better than that. David said, we're a little ahead on cost and productivity. I already mentioned, we're a little ahead in licensing. And our new products are really being well received in the marketplace. So I'd say on balance, the company is slightly ahead in the backdrop of the market is more or less what we would have expected.

在內部方面，我認為我們的表現比那更好。David 說，我們在成本與生產力方面略為超前。我也提到，我們在授權方面略為超前。而我們的新產品在市場上也獲得非常好的反應。所以整體而言，在市場背景大致符合預期的情況下，公司表現略為超前。

Edlain Rodriguez, Mizuho.

Edlain Rodriguez，瑞穗。

Thank you. Good morning, everyone. This is on Crop Protection. In Latin America, we're definitely seeing the pressure is not abating at all. the competitive pressure pricing. Is the high single-digit price decline in the new normal? Or do you expect pressure to moderate as we get into next year because maybe farm economics gets better? What are you thinking in terms of pricing pressure in Latin America?

謝謝。各位早安。這題是關於作物保護。在拉丁美洲，我們確實看到壓力完全沒有緩解，競爭壓力與定價壓力都在。新的常態會是價格出現高個位數的下滑嗎？還是你們預期隨著進入明年、也許農場經濟變好，壓力會趨於緩和？你們對拉丁美洲的定價壓力有何看法？

Good morning. Edlain, so we don't think that the high single-digit pricing pressure is the new normal in Brazil. In fact, I'd say the market, when we look at, as I mentioned, the imports into the country, the channel, I should say, we had very good volumes in the first half of the year, there is growing demand for crop protection in the market. There's growing acres, but there's also increasing in disease and pest pressure.

早安。Edlain，所以我們不認為巴西的高個位數定價壓力會成為新的常態。事實上，我會說，市場——如我提到的，當我們看進口到該國的情況、以及通路（我應該說）——我們在上半年有非常好的出貨量，市場對作物保護的需求正在成長。耕作面積在增加，同時病害與蟲害壓力也在上升。

So the fundamentals of Brazil sometimes are hard to kind of pinpoint specifically, but it is a well-supplied market, but it is a market that is growing. I think when you look at Corteva specifically, our portfolio, and I've already alluded to this, there were some portfolio specific items that we simply had a few products. One was a pre-emergent herbicide that a couple of years ago came off patent. We were really anticipating that we were going to see generic pressure. And we went really to work on our cost structure. And what we found is that we had to, of course, lower our prices because there's generics in the marketplace.

因此，巴西的基本面有時很難精準界定，但它是一個供應充足的市場，同時也是一個正在成長的市場。我認為，當你特別看科迪華（Corteva）時，我們的產品組合——我之前也提到過——有一些產品組合層面的特定因素，我們確實有少數產品受到影響。其中一個是一款苗前除草劑，幾年前專利到期。我們早就預期會看到學名藥（仿製品）帶來的競爭壓力。因此我們在成本結構上做了大量工作。我們發現，當然必須降價，因為市場上出現了學名藥。

But if you look at our margins, we've been able to maintain margins and share. And that's the playbook that we have to use as a company, right? We don't want to play in the generics part of the market. But when our technology comes off patent, we are prepared to play. And that's exactly what we've been able to do.

但如果你看我們的毛利率，我們仍然能夠維持毛利率與市占率。而這就是我們作為一家公司的作戰手冊，對吧？我們不想在市場的學名藥那一端競爭。但當我們的技術專利到期時，我們已準備好參與競爭。而這正是我們一直能做到的。

So I actually think that when you start thinking about -- when you look at our Crop Protection pricing, but you look at our margins, that's the full story that you have to consider here because this is going to be part of the playbook. And so when you fast forward that, we mentioned we like our portfolio we have one of the best new pipelines coming into the market. We've got seven new actives in the next decade. So Visa will be next. These will have pricing premiums based on the market that we can see.

所以我其實認為，當你開始思考——當你看我們的作物保護定價，同時也看我們的毛利率時，這才是你在此需要考量的完整故事，因為這將會是作戰手冊的一部分。因此把時間快轉來看，我們提到我們喜歡目前的產品組合，我們有業界最好的新產品研發管線之一即將進入市場。未來十年我們將有七個新的有效成分（actives）。所以下一個會是 Visa。基於我們所看到的市場情況，這些產品將具備溢價定價。

But the market is dynamic. Farmers are under some more pressure than other parts of the world. But they are using the product. The underlying demand is quite strong. And the channel is healthy right now, but we wouldn't say it's oversupplied. Now it's ready for the next season, so it needs to go to ground now. But all indications are that we're going to have a very solid volume market in Brazil. and we are going to continue to see some pricing. The one thing I would say is that we're not expecting price recovery in Brazil in 2026.

但市場是動態的。農民所承受的壓力比世界其他地區更大一些。但他們仍在使用產品。底層需求相當強勁。而目前通路是健康的，但我們不會說供應過剩。現在已為下一季做好準備，因此現在需要把產品下到田裡。但所有跡象都顯示，巴西將會是一個出貨量非常穩健的市場，而且我們將持續看到一定的定價表現。我想說的一點是，我們不預期巴西在 2026 年會出現價格回升。

But we can still compete quite nicely with our portfolio and our production base, of course, and how we go to market.

但我們仍然可以憑藉我們的產品組合與生產基地，當然還有我們的市場進入策略，在競爭中表現得相當出色。

We have reached the end of our Q&A session. I will now turn the call back to Chuck Magro for closing remarks.

我們的問答環節到此結束。接下來我將把電話交回給 Chuck Magro 作結語。

Thank you. I'd like to just take a minute to thank Robert King for his Crop Protection leadership over the past four years. It's remarkable he's been with us four years. Robert has led, of course, the Crop Protection business over that time. And he's also led the company's charge in safety and operational excellence. And I think when I look at Corteva today, especially the Crop Protection business, we are a much better company because of his leadership. And so this will be Robert's last earnings call. We certainly wish him the very best in his next chapter. And I just wanted to make those final comments before I turn it back over to Kim.

謝謝。我想花一點時間感謝 Robert King 在過去四年對作物保護業務的領導。他加入我們已經四年了，這很了不起。當然，Robert 在這段期間領導了作物保護業務。他也帶領公司在安全與營運卓越方面的推進。我認為，當我看今天的科迪華，特別是作物保護業務，我們因為他的領導而成為一家更好的公司。因此，這將是 Robert 最後一次參加財報電話會議。我們衷心祝福他在下一個篇章一切順利。在我把電話交回給 Kim 之前，我想先做以上最後的補充。

Great. So thanks again for everyone joining the call and for your interest in Corteva. And we hope you have a safe and wonderful day.

很好。再次感謝各位參加本次電話會議並關注科迪華。也祝大家平安並度過美好的一天。

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。