杜邦 (DD) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. My name is Chris, and I will be your conference operator for today. (Operator Instructions)

女士們、先生們，早安，謝謝你們的支持。我叫克里斯，今天我將擔任您的會議主持人。（操作員指示）

And I would now like to turn the conference over to VP for Investor Relations, Ann Giancristoforo. You may begin.

現在，我想將會議交給投資者關係副總裁 Ann Giancristoforo。你可以開始了。

Good morning, and thank you for joining us for DuPont's second-quarter 2025 financial results conference call. Joining me today are Ed Breen, Executive Chairman; Lori Koch, Chief Executive Officer; Jon Kemp, current Electronics Business President and CEO elect of the future Qnity Electronics Company; and Antonella Franzen, Chief Financial Officer.

早安，感謝您參加杜邦 2025 年第二季財務業績電話會議。今天與我一起出席的還有執行董事長 Ed Breen、執行長 Lori Koch、現任電子業務總裁兼未來 Qnity 電子公司候任執行長 Jon Kemp 以及財務長 Antonella Franzen。

We have prepared slides to supplement our remarks, which are posted on DuPont's website under the Investor Relations tab and through the webcast link. Please read the forward-looking statement disclaimer contained in the slides.

我們準備了幻燈片來補充我們的評論，這些幻燈片發佈在杜邦網站的「投資者關係」標籤下並透過網路廣播連結發布。請閱讀幻燈片中包含的前瞻性聲明免責聲明。

During this call, we will make forward-looking statements regarding our expectations or predictions about the future. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements.

在本次電話會議中，我們將就我們對未來的預期或預測做出前瞻性陳述。由於這些聲明是基於目前的假設和涉及風險和不確定性的因素，我們的實際表現和結果可能與我們的前瞻性聲明有重大差異。

Our Form 10-K is updated by our current and periodic reports, includes detailed discussion of principal risks and uncertainties which may cause such differences. Unless otherwise specified, all historical financial measures presented today are on a continuing operations basis and exclude significant items.

我們的 10-K 表格由我們的當前和定期報告更新，其中包括可能導致此類差異的主要風險和不確定性的詳細討論。除非另有說明，否則今天呈現的所有歷史財務指標均以持續經營為基礎，且不包括重大項目。

We will also refer to other non-GAAP measures. A reconciliation to the most directly comparable GAAP financial measure is included in our press release and presentation materials and has been posted to DuPont's Investor Relations website.

我們也將參考其他非公認會計準則指標。我們的新聞稿和簡報資料中包含了與最直接可比較的 GAAP 財務指標的對賬，並已發佈到杜邦的投資者關係網站。

I'll now turn the call over to Lori, who will begin on slide 3.

我現在將電話轉給 Lori，她將從第 3 張投影片開始發言。

Good morning and thanks, everyone, for joining our second-quarter call. Earlier today, we reported another solid quarter ahead of our previously communicated guidance. Second-quarter sales of $3.3 billion grew 2% on an organic basis.

早安，感謝大家參加我們的第二季電話會議。今天早些時候，我們報告本季業績再創佳績，超出了我們先前公佈的預期。第二季銷售額為 33 億美元，有機成長 2%。

Operating EBITDA of $859 million increased 8% year over year, resulting in operating EBITDA margin of 26.4%, an increase of 120 basis points from the prior year. Adjusted EPS of $1.12 was up 15% year over year. As a result of our strong second-quarter financial performance, we are raising our full-year earnings guidance. Antonella will provide further details shortly.

營業 EBITDA 為 8.59 億美元，年增 8%，營業 EBITDA 利潤率為 26.4%，比前一年增加 120 個基點。調整後每股收益為 1.12 美元，年增 15%。由於我們第二季度的財務表現強勁，我們上調了全年獲利預期。安東內拉將很快提供更多詳細資訊。

The second quarter saw continued strength in Electronics driven by AI technology demand in both Interconnect Solutions and Semi and strong volume growth in Healthcare & Water. This momentum is continuing into the third quarter with order patterns remaining strong through July.

第二季度，電子產品持續保持強勁成長勢頭，這得益於互連解決方案和半導體領域對人工智慧技術的需求，以及醫療保健和水務領域的銷售強勁成長。這一勢頭持續到了第三季度，整個七月份訂單模式依然保持強勁。

Weakness in construction continue to impact our diversified industrial business during the quarter. I also wanted to highlight that yesterday, jointly with Chemours and Corteva, we announced a settlement with the state of New Jersey to comprehensively resolve all current and future environmental claims, including PFAS across the four current and former operating sites and statewide for PFAS claims.

本季度，建築業的疲軟持續影響我們多元化的工業業務。我還想強調的是，昨天，我們與科慕和科迪華聯合宣布與新澤西州達成和解，全面解決所有當前和未來的環境索​​賠，包括四個現有和以前的運營地點的 PFAS 索賠以及全州範圍內的 PFAS 索賠。

The settlement will be payable over a 25-year period, and our portion of the total settlement is $177 million on an NPV basis. Importantly, this settlement also includes AFFF, which was less than 1% of the total settlement amount. The settlement is subject to final court approval.

和解金將在 25 年內支付，以淨現值計算，我們在總和解金中所佔份額為 1.77 億美元。重要的是，此次和解還包括水成膜泡棉 (AFFF)，其金額不到和解總金額的 1%。和解協議尚需獲得法院的最終批准。

Regarding our separation milestones, progress on the intended spinoff of Qnity Electronics continues, and we remain on track for a November 1 separation date. In June, we completed the composition of the Qnity Board, adding two new members that bring a depth of experience and knowledge of the semiconductor sector that complements the existing diverse set of skills. The Qnity Board will be comprised of ten members, including Jon Kemp.

關於我們的分離里程碑，Qnity Electronics 的預期分拆工作仍在繼續推進，我們仍有望在 11 月 1 日分離。6 月份，我們完成了 Qnity 董事會的組成，增加了兩名新成員，他們帶來了半導體領域的豐富經驗和知識，並補充了現有的多樣化技能。Qnity 董事會將由十名成員組成，其中包括 Jon Kemp。

We filed a first amendment to the Form-10 registration statement with the SEC in June, which included additional pro-forma financial information. This will continue to be an iterative process with the SEC as we progress towards separation.

我們於 6 月向美國證券交易委員會提交了 Form-10 註冊聲明的第一次修訂，其中包括額外的備考財務資訊。隨著我們逐步實現分離，這將繼續成為與美國證券交易委員會 (SEC) 的一個反覆過程。

Turning to slide 4. We are pleased to announce that we will be holding an Investor Day on September 18 for DuPont and Qnity focused on introducing both portfolios and their respective strategies for driving value creation. I continue to be excited about what lies ahead for both future independent companies and the investment potential for each, for the new DuPont as a leading advanced solutions provider and Qnity as a pure-play technology solutions leader within the semiconductor value chain.

翻到幻燈片 4。我們很高興地宣布，我們將於 9 月 18 日為杜邦和 Qnity 舉辦投資者日，重點介紹兩家公司的投資組合及其各自的價值創造策略。我對未來兩家獨立公司的前景和各自的投資潛力感到興奮，對新杜邦作為領先的先進解決方案提供商和 Qnity 作為半導體價值鏈中純技術解決方案領導者感到興奮。

As we look forward to the new DuPont, we've assembled a highly experienced senior leadership team consisting of a healthy mix between in-house and external talent who bring great experience in driving growth and margin expansion.

在我們展望新杜邦之際，我們組建了一支經驗豐富的高階領導團隊，該團隊由內部和外部人才組成，他們在推動成長和利潤擴大方面擁有豐富的經驗。

To highlight a few of our new leaders, Jeroen Bloemhard currently leads our Healthcare & Water Technologies business. Jeroen has both internal and external experience in complex global markets with a strong focus on commercial excellence as well as a growth mindset.

為了突出我們的幾位新領導人，Jeroen Bloemhard 目前領導我們的醫療保健和水技術業務。Jeroen 在複雜的全球市場中擁有內部和外部經驗，高度注重商業卓越以及成長心態。

Beth Ferreira recently joined our team to lead our Diversified Industrial Business. Beth brings deep experience and global perspective in the industrial space with key roles at ITW and IMI where she successfully led transformation efforts, drove operational efficiencies, and fostered a customer-centered culture.

Beth Ferreira 最近加入了我們的團隊，領導我們的多元化工業業務。Beth 在工業領域擁有豐富的經驗和全球視野，曾在 ITW 和 IMI 擔任重要職務，成功領導了轉型工作，提高了營運效率，並培養了以客戶為中心的文化。

David Koch just recently joined us from Danaher and will be our Chief Operations and Engineering Officer. Dave brings extensive knowledge and operational excellence with a proven track record of driving performance improvement and implementing business systems.

David Koch 最近從丹納赫加入我們，並將擔任我們的首席營運和工程長。Dave 擁有豐富的知識和卓越的營運能力，在推動績效改善和實施業務系統方面擁有良好的記錄。

The new DuPont will have a more focused portfolio highlighted by high growth Healthcare & Water end markets. With a continued emphasis on innovation and customer relationships, we are well positioned to accelerate growth through a more agile and focused organization.

新的杜邦將擁有更專注的產品組合，重點關注高成長的醫療保健和水終端市場。透過持續重視創新和客戶關係，我們有能力透過更靈活、更專注的組織來加速成長。

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

說完這些，我現在將電話轉給喬恩。

Thanks, Lori, and good morning, everyone. As we approach our November 1 spinoff, Qnity is poised to emerge as a premier pure-play technology solutions partner to the semiconductor value chain with a leading portfolio, a focused business model, and global and local scale, I could not be more excited about Qnity's future. Established with decades of innovation, quality, consistency, and technical know-how, we are a trusted partner to the world's leading semiconductor customers and electronics industry OEM.

謝謝，洛瑞，大家早安。隨著我們 11 月 1 日分拆的臨近，Qnity 預計將成為半導體價值鏈中首屈一指的純技術解決方案合作夥伴，擁有領先的產品組合、專注的業務模式以及全球和本地規模，我對 Qnity 的未來感到無比興奮。我們憑藉數十年的創新、品質、一致性和技術專業知識，成為全球領先的半導體客戶和電子行業 OEM 值得信賴的合作夥伴。

Our broad and uniquely positioned portfolio brings end-to-end solutions and competitive advantages that span the entire electronics value chain, enabling AI applications as well as high-performance computing and advanced connectivity. Qnity is well positioned for growth, powered by a large and expanding addressable market and multiple industry tailwinds. I am equally excited about our upcoming Investor Day. At that event, I will share more about our portfolio and strategy, unique competitive advantages, and innovation engine to drive long-term growth.

我們廣泛且獨特的產品組合帶來涵蓋整個電子價值鏈的端到端解決方案和競爭優勢，支援人工智慧應用以及高效能運算和先進的連接。由於龐大且不斷擴大的潛在市場和多個行業順風，Qnity 已做好充分的成長準備。我同樣對即將到來的投資者日感到興奮。在那次活動中，我將更多地分享我們的產品組合和策略、獨特的競爭優勢以及推動長期成長的創新引擎。

I will now turn the call over to Antonella to cover the financials and outlook.

現在我將把電話轉給安東內拉，讓她介紹一下財務和前景。

Thanks, Jon, and good morning, everyone. I am pleased with another quarter of organic growth and margin improvement as continued volume growth across many key end markets and operational focus by our team drove strong financial performance in the quarter, including solid cash conversion.

謝謝，喬恩，大家早安。我很高興看到本季又實現了有機成長和利潤率提高，因為許多主要終端市場的銷售持續成長以及我們團隊的營運重點推動了本季強勁的財務業績，包括穩健的現金轉換。

Beginning with the second-quarter financial highlights on slide 5. Net sales of $3.3 billion increased 3% versus the year ago period on 2% organic sales growth. Organic sales growth consisted of a 4% increase in volume, partially offset by a 2% decline in price. Currency was the 1% benefit in the quarter.

從幻燈片 5 上的第二季財務亮點開始。淨銷售額為 33 億美元，較去年同期成長 3%，有機銷售額成長 2%。有機銷售成長包括銷售 4% 的成長，但部分被價格 2% 的下降所抵銷。貨幣是本季 1% 的收益。

From a segment view, both segments saw organic sales growth with Electronics Co and Industrial Co up 6% and 1% respectively. Organic growth during the quarter was led by high single digit growth in Interconnect Solutions and Healthcare & Water Technologies, along with mid-single digit strengths in Semi.

從分部來看，兩個分部的有機銷售額均實現成長，其中電子公司和工業公司分別成長 6% 和 1%。本季的有機成長主要得益於互連解決方案和醫療保健與水技術部門的高個位數成長，以及半導體部門的中等個位數成長。

From a regional perspective, Asia Pacific delivered 4% organic sales growth year over year. Organic sales were up 2% in Europe and 1% in North America. Second-quarter operating EBITDA of $859 million increased 8% versus the year ago period, as organic growth and productivity benefits were partially offset by growth investments. Operating EBITDA margin during the quarter of 26.4% increased 120 basis points year over year.

從地區來看，亞太地區有機銷售額較去年同期成長4%。歐洲有機銷售額成長 2%，北美有機銷售額成長 1%。第二季營業 EBITDA 為 8.59 億美元，較去年同期成長 8%，因為有機成長和生產力效益被成長投資部分抵銷。本季營業 EBITDA 利潤率為 26.4%，年增 120 個基點。

Turning to free cash flow, we delivered transaction-adjusted free cash flow of $433 million and related conversion of 93% in the quarter. This was in line with our expected acceleration.

談到自由現金流，本季我們實現了 4.33 億美元的交易調整後自由現金流和 93% 的相關轉換率。這與我們預期的加速一致。

Turning to slide 6, adjusted EPS for the quarter of $1.12 per share increased 15% from $0.97 in the year ago period. Higher segment earnings of $0.11 drove the year-over-year increase, along with a lower tax rate, which resulted in a $0.04 benefit.

轉到投影片 6，本季調整後的每股盈餘為 1.12 美元，較去年同期的 0.97 美元成長 15%。更高的 0.11 美元分部收益推動了同比增長，同時較低的稅率帶來了 0.04 美元的收益。

Turning to segment results, beginning with Electronics Co on slide 7. Second-quarter net sales of $1.2 billion increased 6% versus a year ago period on both a reported and organic basis due to an 8% increase in volume, partially offset by a 2% decrease in price. Currency was about flat during the quarter.

轉向分部業績，從幻燈片 7 上的電子公司開始。第二季淨銷售額為 12 億美元，較去年同期報告和有機增長 6%，原因是銷量增長 8%，但價格下降 2% 部分抵消了這一增長。本季貨幣基本持平。

At the line of business level, organic sales for semiconductor technologies were up mid-single digits on continued strong end market demand driven by advanced nodes and AI technology applications. Semi-demand was better than expected, driven by tiny shifts of about $15 million from the third quarter into the second quarter, primarily in China.

在業務層面，由於先進節點和人工智慧技術應用推動終端市場需求持續強勁，半導體技術的有機銷售額成長了中等個位數。半導體需求優於預期，主要是因為從第三季到第二季大約有 1500 萬美元的小幅轉移，主要來自中國。

Interconnect Solutions also posted another strong quarter with organic sales up high single digits, reflecting continued demand from AI-driven technology ramps and benefits from content and share gains across advanced packaging and thermal management solutions.

Interconnect Solutions 也公佈了另一個強勁的季度業績，有機銷售額實現了高個位數成長，這反映了人工智慧驅動的技術成長所帶來的持續需求，以及先進封裝和熱管理解決方案的內容和份額成長帶來的好處。

Operating EBITDA for Electronics Co of $373 million was up 14% versus the year ago period, as organic growth and lower legal costs were partially offset by growth investments to support advanced new transitions and AI technology ramps. Operating EBITDA margin during the quarter was 31.9%, up 220 basis points versus the year ago period.

電子公司的營業 EBITDA 為 3.73 億美元，較去年同期成長 14%，因為有機成長和較低的法律成本被支援先進的新轉型和人工智慧技術提升的成長投資部分抵消。本季營業 EBITDA 利潤率為 31.9%，較去年同期上升 220 個基點。

Turning to slide 8. Industrial Co's second-quarter net sales of $2.1 billion were up 1% versus the year ago period on both a reported and organic basis as 2% volume growth was partially offset by a 1% decline in price. Currency was about flat during the quarter.

翻到幻燈片 8。工業公司第二季淨銷售額為 21 億美元，較去年同期報告和有機成長 1%，因為 2% 的銷售成長被 1% 的價格下降部分抵銷。本季貨幣基本持平。

For the second quarter, Healthcare & Water sales were up high single digits on an organic basis versus the year ago period with strong growth in both businesses. Diversified industrial sales were down low single digits on an organic basis, due primarily to softness in construction markets.

第二季度，醫療保健和水務業務的銷售額與去年同期相比有機成長了高個位數，兩項業務均實現強勁成長。多元化工業銷售額有機下降個位數，主要原因是建築市場疲軟。

Operating EBITDA for Industrial Co during the quarter of $509 million was up 3% versus the year ago period on organic growth and productivity gains. Operating EBITDA margin during the quarter was 24.4%, up 50 basis points from the year ago period.

本季工業公司的營業 EBITDA 為 5.09 億美元，由於有機成長和生產力提高，比去年同期成長 3%。本季營業 EBITDA 利潤率為 24.4%，較去年同期上升 50 個基點。

Turning to slide 9, which outlines our latest view on 2025 financial guidance. From a top-line perspective, the midpoint of our full-year total company net sales guidance of $12.85 billion remains unchanged as currency benefits are offset by volume softness, primarily due to a delayed recovery in construction end markets. We are raising the midpoint of our full-year operating EBITBA and adjusted EPS guidance to $3.36 billion and $4.40 per share, respectively, driven by our stronger second-quarter performance which more than offsets the net impact of tariffs now incorporated into the outlook.

翻到第 9 張投影片，其中概述了我們對 2025 年財務指導的最新看法。從營收角度來看，我們全年公司淨銷售額預期的中點 128.5 億美元保持不變，因為貨幣收益被銷量疲軟所抵消，這主要是由於建築終端市場復甦延遲。我們將全年營業 EBITBA 和調整後 EPS 指引的中點分別上調至 33.6 億美元和每股 4.40 美元，這得益於我們第二季度業績的強勁增長，這足以抵消目前納入展望的關稅淨影響。

The net tariff impact assumed in the second half of 2025 is currently estimated as a $20 million headwind, or $0.04 per share, equally split between the third and fourth quarter. Our updated guidance assumes no earnings benefit related to currency fluctuations versus the prior guide, given our geographic cost base.

目前估計，2025 年下半年的淨關稅影響為 2,000 萬美元的逆風，即每股 0.04 美元，在第三季和第四季平均分攤。考慮到我們的地理成本基礎，我們更新後的指南假設與先前的指南相比，貨幣波動不會帶來收益效益。

For the third quarter, we estimate net sales of about $3.32 billion, operating EBITDA of about $875 million, and adjusted EPS of $1.15 per share, which includes a $0.02 headwind related to tariffs and a $0.05 year-over-year headwind related to tax.

對於第三季度，我們預計淨銷售額約為 33.2 億美元，營業 EBITDA 約為 8.75 億美元，調整後每股收益為 1.15 美元，其中包括與關稅相關的 0.02 美元的不利因素和與稅收相關的 0.05 美元的同比不利因素。

Our third-quarter guidance assumes about 3% organic sales growth versus the prior year, led by continued growth in healthcare, water, and electronics end markets, partially offset by continued weakness in construction end markets. Overall, another solid quarter and strong first half of the year. I want to thank our employees for delivering these results and for their ongoing support of the separation process.

我們對第三季的預期是，有機銷售額將比上年增長 3% 左右，這主要得益於醫療保健、水和電子終端市場的持續增長，但建築終端市場的持續疲軟將部分抵消這一增長。整體而言，本季業績穩健，上半年表現強勁。我要感謝我們的員工所取得的這些成果以及他們對分離過程的持續支持。

With that, we are pleased to take your questions and let me turn it back to the operator to open the Q&A.

我們很高興回答您的問題，然後讓我將問題交還給操作員以開始問答環節。

(Operator Instructions) Scott Davis, Melius Research.

（操作員指示） Scott Davis，Melius Research。

I just wanted to drill in a little bit on industrials because in three months it's going to be a standalone. The 1% price, would I assume that's mostly just due to the tie back weakness and some price you have to kind of give up in that business when material costs are down?

我只是想對工業進行一些深入研究，因為三個月後它將成為獨立的。1% 的價格，我是否認為這主要是由於回扣弱點以及當材料成本下降時您必須放棄某些價格？

Yeah, morning, Scott. No, it's more related to the price that we took through the inflationary period and having to give back a little bit as the raw material environment resolved. So it really was more in the Diversified Industrial space, there really wasn't anything in the Tyvek or healthcare space. So we look to reduce that price headwind as we go through this year, just as we lap some of the concessions that started in 2024.

是的，早上好，史考特。不，這與我們在通貨膨脹時期採取的價格有關，隨著原材料環境的解決，我們不得不稍微回落一點。因此，它實際上更多地存在於多元化工業領域，而 Tyvek 或醫療保健領域實際上並不存在任何東西。因此，我們希望在今年內減少價格阻力，就像我們兌現 2024 年開始的一些優惠政策一樣。

Okay. And will there be an effort to capture price to offset the tariff impacts then as well, Lori?

好的。那麼，是否也會採取一些措施來控制價格以抵消關稅的影響呢，Lori？

We do have some, but the majority of the reductions is related to supply chain moves, so we're able to move products around to avoid the tariffs. There is a little bit of surcharges that we put in to offset, but the majority of the benefits reducing the gross headwind down to the $20 million net headwind is from supply chain moves.

我們確實有一些，但大部分的減稅都與供應鏈轉移有關，所以我們能夠轉移產品以避免關稅。我們收取了少量附加費來抵消損失，但將總逆風減少至 2000 萬美元淨逆風的大部分收益來自於供應鏈的變動。

Jeff Sprague, Vertical Research Partners.

傑夫·斯普拉格（Jeff Sprague），Vertical Research Partners。

On the settlement, obviously nice to see that done. Very interesting comment, right, that AFFF was 1% of the settlement amount. You've made a longtime argument, right, that you shouldn't really be embroiled in AFFF to a significant degree. But I just wonder how we should read that across. One could maybe guess that New Jersey was so big and complicated and there was so much going on that AFFF considerations were really way down the pecking order, but perhaps not. I would just -- I'd love your thoughts on how to read that 1% across to other outstanding AFFF open issues that you're dealing with.

關於和解，顯然很高興看到事情得到解決。非常有趣的評論，對吧，AFFF 佔和解金額的 1%。您長期以來一直主張，您不應該過度捲入 AFFF 事件。但我只是想知道我們該如何理解這一點。人們也許會猜測新澤西州太大、太複雜，而且有太多事情要做，因此水成泡沫 (AFFF) 的考慮真的排在很後面，但也許並非如此。我只是——我很想聽聽您的想法，如何將這 1% 應用於您正在處理的其他未解決的 AFFF 問題。

Yeah, we were definitely happy to announce the settlement and get another one behind us. And the real important piece for us was that it's paid over a 25-year period, so that the cash flows related to the settlement will be material to the overall DuPont cash flows at any period. But to your question, the settlement amount that was related to AFFF is in line with where we said the original water district settlement case would be with about 3% to 7% of the total headwind belonging to DuPont.

是的，我們非常高興宣布達成和解並取得另一項成果。對我們來說真正重要的是，這筆款項將在 25 年內支付，因此與和解相關的現金流在任何時期對杜邦公司的整體現金流都具有重大意義。但對於您的問題，與 AFFF 相關的和解金額與我們所說的原始水區和解案一致，其中約有 3% 至 7% 的總逆風屬於杜邦。

So if you take our portion that's related to AFFF and compare it to the 3M announcement earlier in New Jersey, it's in that 5% range, so right in the middle of that 3% to 7%. So that was really important for us to get out there to kind of give an indication of where future settlements in states where we didn't have a site could land with respect to the overall landscape.

因此，如果您將我們與 AFFF 相關的部分與 3M 早些時候在新澤西州發布的公告進行比較，您會發現它處於 5% 的範圍內，正好處於 3% 到 7% 的中間。因此，對我們來說，走出去指明在那些我們尚未設立定居點的州，未來定居點在整體景觀方面可以落在哪裡，這一點非常重要。

And Jeff, we have one more state where we have a site where we've done significant remediation and we continue to. So at some point, you'll probably see something there that'll be North Carolina, but every other state is AFFF and should fall, as Lori said, and as this one did in between that 3% to 7%.

傑夫，我們在另一個州對一個場地進行了重大修復，並且我們將繼續進行。因此，在某個時候，您可能會看到北卡羅來納州的情況，但其他每個州都是 AFFF，應該會下降，正如 Lori 所說的那樣，就像這個州在 3% 到 7% 之間一樣。

And then remember, the 3% to 7% were a third of the 3% to 7% at DuPont. And one of the other things we liked about this, what Lori mentioned, it was over 25 years, so I think there's opportunities to structure things like that for the others.

然後請記住，3% 到 7% 是杜邦 3% 到 7% 的三分之一。我們喜歡這個的另一個原因是，正如 Lori 所提到的，它已經超過 25 年了，所以我認為有機會為其他人建立類似的東西。

No, yeah, that's great to hear. And then, just back to the brighter side of Industrial Co. Just looking at Healthcare & Water, were they up collectively high single digits or both individually were up high single digits? But really my real question is just -- I would assume we're kind of through the inventory liquidations that have been weighing on those end markets, but can you give some color on that? Have we recoupled the end demand? Anything else going on in the channel there, and just how you see the back half playing out in those businesses?

不，是的，聽到這個消息真是太好了。然後，回到工業公司的光明面。只看醫療保健和水務，它們是否整體上漲了高個位數，還是單獨上漲了高個位數？但實際上我真正的問題是——我認為我們已經度過了那些終端市場承受壓力的庫存清算階段，您能對此做出一些解釋嗎？我們是否已經重新耦合了最終需求？該頻道還有其他進展嗎？您如何看待這些業務的後半部表現？

Yeah, no, they were both up nicely. So Healthcare was a little bit ahead of Water with respect to growth, but both up nicely. And as you had mentioned, they're decoupling from the lapping of the destock that happened in both RO on the water side and then in medical packaging on the Tyvek side. So really starting to get to a nice position. As we look to the back half of the year, we'll continue to expect outsized growth versus the rest of the portfolio in Healthcare & Water.

是的，不，他們都很好。因此，醫療保健行業在成長方面略微領先於水務行業，但兩者都表現良好。正如您所提到的，他們正在擺脫水側 RO 和 Tyvek 側醫療包裝中發生的庫存重疊。因此確實開始達到一個很好的位置。展望下半年，我們仍預期醫療保健和水務領域將比其他投資組合大幅成長。

Really a lot of opportunities on the water side, just given the secular trends around access to clean water and desalination, and on the healthcare side just with the aging population. And we've also been pretty clear that we'll look to add to those pieces of the portfolio as we go forward from an M&A perspective. So really starting to try to bolster that piece today. It's about 40% of the portfolio. We'll look to increase that as we can advance some of our M&A activities.

考慮到獲取清潔水和海水淡化的長期趨勢，水資源方面確實存在許多機會，而隨著人口老化，醫療保健方面也存在許多機會。我們也非常明確地表示，從併購的角度來看，我們將在未來擴大投資組合。所以今天真的開始嘗試加強這一點。約佔投資組合的40%。隨著我們能夠推進一些併購活動，我們將尋求增加這個數字。

We've had some people play in healthcare. I mentioned uncertainty about Medicaid, Medicare reimbursements and the like. You're not seeing any of that sort of pressure in your business?

我們有一些人從事醫療保健行業。我提到了醫療補助、醫療保險報銷等方面的不確定性。您在業務中沒有感受到任何此類壓力嗎？

Steve Tusa, JP Morgan.

摩根大通的史蒂夫·圖薩。

Just on the electronics trends that are going on out there, there's just a lot of mixed messages. How do you see this cycle in totality? Are you guys at kind of like a normalized run rate of growth? Are we still -- like, are we at a bottom in some of the consumer markets, and therefore things can accelerate? Like what is the, do you think, the broad messaging on the Electronics side?

就目前電子產品的發展趨勢而言，存在著許多混雜的資訊。您如何看待整個週期？你們的成長率是否達到正常水準了？我們是否仍然——例如，我們是否處於某些消費市場的底部，因此事情可以加速發展？您認為電子方面的廣泛資訊是什麼？

Thanks, Steve. Great question. And I know there's been a lot of discussion already over the last couple of weeks as lots of industry players have reported already. What I would say is that we continue to be in a fairly mixed environment. Really, all of the growth so far for the last several quarters is really coming from AI-driven applications across advanced nodes, advanced packaging, and data center. Most of the rest of the electronics economy kind of remains relatively weak.

謝謝，史蒂夫。好問題。我知道，正如許多業內人士所報道的那樣，過去幾週已經有很多討論。我想說的是，我們仍然處於一個相當混合的環境。實際上，過去幾季迄今為止的所有成長實際上都來自於先進節點、先進封裝和資料中心的人工智慧驅動的應用。其餘大部分電子經濟領域仍相對疲軟。

I think we're starting to see the green shoots of stabilization and recovery on the lagging edge parts of the market, and we expect kind of slow improvement as we move through the back half of the year for the more industrial-focused lagging edge semiconductor nodes.

我認為，我們開始看到市場落後部分出現穩定和復甦的跡象，我們預計，隨著下半年工業領域落後半導體節點的出現，市場將出現緩慢的改善。

And then we still have a relatively weak consumer environment where consumer devices are expected to be up kind of low single digit. So we're really happy with the growth that we've seen and the position of our portfolio with advanced technologies and data centers and advanced packaging. But as we go forward and we start to see broader recovery, I think there's plenty of opportunity to see continued improvement.

而我們的消費環境仍然相對疲軟，預計消費設備的增幅將達到較低的個位數。因此，我們對所看到的成長以及我們的產品組合在先進技術、資料中心和先進封裝方面的地位感到非常高興。但隨著我們不斷前進並開始看到更廣泛的復甦，我認為有足夠的機會看到持續的改善。

And then just one follow up to that. If you -- I guess there was some news around some changes in the way that they're assembling and manufacturing some of these chips with, I guess, direct to the board type of process. I'm certainly not an expert on this. I'm not sure if you guys have heard about that or looked at it and what that would mean for your content in general on some of these new chips if they change that process.

然後只需跟進一次。如果你——我想有一些關於他們組裝和製造這些晶片的方式的一些變化的消息，我想，是直接針對電路板的工藝。我當然不是這方面的專家。我不確定你們是否聽說過或看過這個消息，以及如果他們改變這個過程，這對這些新晶片上的內容總體上意味著什麼。

Yeah. Steve, look. I think that's -- those types -- we've said for a long time that we see convergence across the technology roadmaps between the chip fabrication and the semi roadmaps as well as the printed circuit board roadmaps, and that kind of converges mostly in the advanced packaging space. But because we have a really nice position on both ends of that spectrum, we're able to sit down at the table with our customers and understand their end-to-end manufacturing process, their system integration, and really work with them to solve problems.

是的。史蒂夫，看。我認為——這些類型——我們很久以前就說過，我們看到晶片製造和半導體路線圖以及印刷電路板路線圖之間的技術路線圖趨同，而且這種趨同主要集中在先進封裝領域。但因為我們在這個範圍的兩端都佔據著非常有利的地位，所以我們能夠與客戶坐在一起，了解他們的端到端製造流程、系統集成，並真正與他們合作解決問題。

And to your point, we're seeing an increased number of engagements broadly with all of the industry leaders to help solve those challenges across both sides of our portfolio.

正如您所說，我們看到與所有行業領導者的廣泛合作不斷增加，以幫助解決我們投資組合雙方面臨的挑戰。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great, thank you. John, if I could just ask that question slightly differently. When I take a step back and I look at the environment heading into 2026, I think most people are aware of the kind of the node transitions. But when you think about your portfolio and where you stand and what you're seeing in terms of second half growth rates and where you think you could ultimately be, could you just quickly comment on what you're seeing across semi-advanced packaging and ICS in terms of data center HPC and hyper scalers? It seems like there's some divergent growth rates, but things should ultimately be moving in the right direction over the next 12 months. So I'd love to hear your thoughts on that. Thank you.

太好了，謝謝。約翰，如果我可以稍微換個方式問這個問題的話。當我退一步看看2026年的環境時，我想大多數人都意識到了節點轉變的類型。但是，當您考慮您的投資組合、您的立場、您對下半年成長率的看法以及您認為最終可能達到的水平時，您能否快速評論一下您在資料中心 HPC 和超大規模方面對半先進封裝和 ICS 的看法？看起來成長率有些不同，但未來 12 個月內事情最終應該會朝著正確的方向發展。所以我很想聽聽你對此的看法。謝謝。

Yeah, Chris, thanks for the question. I think you're absolutely right. The hyper scaler, for the most part, seem to continue to be very robust in their investments and continuing to put in capacity and we see ongoing node migrations to support those investments from our customers.

是的，克里斯，謝謝你的提問。我認為你完全正確。在大多數情況下，超大規模企業似乎繼續保持強勁的投資勢頭並持續投入產能，我們看到正在進行的節點遷移以支持客戶的這些投資。

We're really excited as we get into the second half of the year on the node migrations, particularly at N2, as well as some of the HBM, whether that's 3E or 4 on the DRAM side. We're really well positioned with content gains on both N2 and on the HBM side, so we see that as a net positive as those more advanced nodes start to scale.

隨著節點遷移進入下半年，我們感到非常興奮，特別是 N2，以及一些 HBM，無論是 DRAM 方面的 3E 還是 4。我們在 N2 和 HBM 方面的內容增益方面都處於非常有利的位置，因此，隨著這些更先進的節點開始擴展，我們認為這是一個淨收益。

And then to the comments I made earlier, as we start to see a broader market recovery both in the more industrial parts of the market and the consumer parts of the market, as we start to see some of those refresh cycles kick up, obviously, that will be a nice plug as well. And as it gets into more of 2026, stay tuned for that. As we mentioned, we'll be doing Investor Day in mid-September, and we'll provide a lot more color on the trends that we're seeing in the second half of the year and heading into next year.

然後回到我之前的評論，當我們開始看到更廣泛的市場復甦時，無論是在工業市場部分還是消費市場部分，當我們開始看到一些更新周期啟動時，顯然，這也將是一個很好的插件。隨著 2026 年的臨近，敬請期待。正如我們所提到的，我們將在 9 月中旬舉辦投資者日，我們將提供更多關於今年下半年和明年的趨勢的資訊。

John McNulty, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John McNulty。

Wanted to dig into Healthcare & Water a little bit more. The high single digit growth certainly looks like it did better than what we saw from most in Water and actually most in Healthcare as well. I guess, can you speak to the drivers that you're seeing there? Which of them are kind of industry or end market driven and which ones are maybe some of your own initiatives that may be helping to accelerate the growth? Thanks.

想要更深入了解醫療保健和水資源。高個位數的成長看起來確實比我們在水務領域以及醫療保健領域看到的大多數成長都要好。我想，您可以和您在那裡看到的司機交談嗎？其中哪些是由產業或終端市場驅動的？哪些可能是您自己的一些舉措，可能有助於加速成長？謝謝。

Thanks. So a little bit was the recovery. So this was probably the last quarter that we would see the outsize number because of the lapping of the destock last year on the RO side and on the medical packaging side and then also on the Liveo side. So on the biopharma side, we're seeing nice growth there.

謝謝。所以恢復了一點點。因此，這可能是我們看到如此龐大數字的最後一個季度，因為去年 RO 方面、醫療包裝方面以及 Liveo 方面的庫存都出現了重疊。因此，在生物製藥方面，我們看到了良好的成長。

But underlying, it's really just goes back to the trends and we're really well positioned to take advantage of those. So we've got really great customer relationships and we're leading positions and really all the end markets that we compete in.

但從根本上來說，這實際上只是回歸趨勢，而我們確實處於有利地位來利用這些趨勢。因此，我們與客戶建立了非常好的關係，並且在我們參與競爭的所有終端市場中都佔據領先地位。

We've done a really nice job on the water side to really shore up our position in China. So we had mentioned that last year we saw a bit of a destock, especially within the distributor channel that led to negative growth in 2024 and we quickly corrected that and got us back on track to see really nice share regain within the China on the RO side. So it's really just being well positioned in a nicely growing market. And as I had mentioned, we'll continue to try to add to that portfolio so that we can continue to drive outsized growth for the new DuPont.

我們在水運方面做得非常出色，鞏固了我們在中國的地位。因此，我們提到，去年我們看到了一些去庫存現象，特別是在分銷商渠道，這導致了 2024 年的負增長，我們很快糾正了這一問題，並讓我們回到正軌，看到中國 RO 方面的份額真正恢復正常。因此，它實際上只是在一個成長良好的市場中佔據了有利地位。正如我所提到的，我們將繼續嘗試擴大該產品組合，以便我們可以繼續推動新杜邦的超額成長。

Got it. Okay, thanks. Thanks for the color on that. And then maybe just the second question, just, look, splitting up a company has a lot of things to do, as I'm sure you're all seeing. I guess where does M&A and building up a list of assets for potential acquisition and the team to evaluate them, where does that fit kind of in your to-do list and how should we be thinking about that and how are the Boards thinking about that when the assets actually do split come November?

知道了。好的，謝謝。謝謝你的色彩。然後也許只是第二個問題，你看，拆分一家公司有很多事情要做，我相信你們都看到了。我想，併購和建立潛在收購資產清單以及評估這些資產的團隊，這在您的待辦事項清單中處於什麼位置，我們應該如何考慮這個問題，當 11 月份資產實際分割時，董事會是如何考慮這個問題的？

Yes. So obviously, the first priority for us is getting Qnity separated, so we're well on track with that separation. We'll have to go live internally on October 1, and then obviously the formal separation on November 1. But our strategy organization and a lot of -- my time and Antonella's time is spent looking at making sure we've got the right pipeline from an M&A perspective to be proactive when we have the opportunity.

是的。因此，顯然，我們的首要任務是分開 Qnity，因此我們的分離工作進展順利。我們必須在 10 月 1 日內部上線，然後顯然在 11 月 1 日正式分開。但是我們的策略組織以及我和安東內拉的大量時間都花在確保我們從併購角度擁有正確的管道上，以便在有機會時採取主動行動。

So we spend a lot of time discussing this with the Board around where the key components are. There's a lot of fragmentation left within the healthcare space that we'll look to continue to take advantage of. Obviously, we completed Spectrum and Donatelle the past couple of years that really gave us nice positions in the med device space, and we'll look to add on there, and the same in water.

因此，我們花了很多時間與董事會討論關鍵組成部分在哪裡。醫療保健領域仍然存在許多碎片化問題，我們將尋求繼續利用這些碎片化問題。顯然，我們在過去幾年裡完成了 Spectrum 和 Donatelle 的收購，這確實讓我們在醫療設備領域佔據了良好的地位，我們希望在這些領域繼續發展，在水領域也是如此。

So making the decision earlier this year to keep water in the portfolio was the right one and we'll continue to add to it. So it's a key focus of our strategy team. They're not really involved in the separation work that goes on, so they can obviously dedicate their full time to looking and scouting out new opportunities for us.

因此，今年稍早做出的將水保留在投資組合中的決定是正確的，我們將繼續增加水的投資組合。所以這是我們戰略團隊關注的重點。他們實際上並沒有參與正在進行的分離工作，因此他們顯然可以全心全意地為我們尋找和探索新的機會。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

John, just Interconnect Solutions. Organic sales growth did slow versus Q1 or the rate of growth did slow. Can you talk to why that occurred?

約翰，只是互連解決方案。與第一季相比，有機銷售額成長確實有所放緩，或者成長率確實有所放緩。你能解釋為什麼會發生這種情況嗎？

Yeah. I think it's really just the year-over-year comp. So first quarter of 2024, we were still kind of in the midst. The recovery hadn't really started yet, and so first quarter of 2024 was a pretty easy comp. And we started to see acceleration in growth in the recovery, especially on the AI and advanced packaging side. Really starting in the second quarter and then continuing through the back half of 2024.

是的。我認為這實際上只是同比數據。因此，到 2024 年第一季度，我們仍處於這一階段。復甦尚未真正開始，因此 2024 年第一季的業績相當容易比較。我們開始看到復甦過程中的成長加速，特別是在人工智慧和先進封裝方面。實際上從第二季開始，一直持續到 2024 年下半年。

So the ICS has now posted several really strong quarters on the back of some great wins and share gains in both advanced packaging and data centers, and we expect that momentum to continue into the back half of the year.

因此，在先進封裝和資料中心領域取得巨大勝利和份額成長的推動下，ICS 現在已經取得了幾個非常強勁的季度業績，我們預計這種勢頭將持續到今年下半年。

Perfect. And Lori, in the PFAS news yesterday, you're agreeing to buy rights and insurance proceeds from Chemours. Can you discuss why you're doing that and what that means for potential future support from DuPont to Chemours? Thank you.

完美的。洛里，在昨天的 PFAS 新聞中，您同意從科慕公司購買權利和保險收益。您能否討論一下這樣做的原因以及這對杜邦公司未來對科慕的潛在支持意味著什麼？謝謝。

Yeah. So together with Corteva, we did that to ensure that Chemours had the ample liquidity to be able to make the payments over the next five years, and I think they were making statements that it covered them through 2030, so they should be in a really nice position to be able to make those payments as they come due. And I think reiterating what we had said earlier, just the 25-year payment schedule was really key to that announcement and sets a precedent, hopefully, for future announcements.

是的。因此，我們與科迪華一起這樣做，以確保科慕擁有充足的流動資金，能夠在未來五年內支付款項，而且我認為他們聲明說這筆款項將覆蓋到 2030 年，因此他們應該處於非常有利的地位，能夠在到期時支付這些款項。我認為，重申我們之前所說的，25 年的付款計劃是該公告的關鍵，並希望為未來的公告樹立先例。

So that was really the reason behind it. We obviously had the MOU broadly governing the payments between the three parties, and I think it's been working really well for us.

這就是背後的真正原因。我們顯然有一份諒解備忘錄來廣泛管理三方之間的付款，我認為它對我們來說非常有效。

Yeah, and we're also highly confident we're going to recover the insurance money, so it's not a freebie. We'll get paid back on that.

是的，我們也非常有信心收回保險金，所以這不是免費的。我們將獲得回報。

Joshua Spector, UBS.

瑞銀的 Joshua Spector。

I wanted to ask a question for John about the mix in electronics. I think one of the learnings from us from the Form 10 filings was the greater share of China exposure within Qnity. It's about 34%, almost double where some of the peers are, and I think some of the commentary in the industry is higher exposure to leading edge nodes, which helps drive above average growth. Can you just square that view versus higher exposure in China and why that is, I guess, good exposure in your opinion? Thanks.

我想向約翰詢問一個關於電子混合的問題。我認為我們從 10 號表格文件中得到的一個教訓是 Qnity 在中國的投資份額更大。這個數字大約是 34%，幾乎是一些同行的兩倍，我認為業內的一些評論是，對前沿節點的曝光率更高，這有助於推動高於平均水平的增長。您能否將這種觀點與在中國更高的曝光率進行比較？為什麼您認為這是一種好的曝光率？謝謝。

Yeah, thanks, Josh. So when you look about China for Qnity, last year and I think this is what's in the Form 10, we had about $1.4 billion. It's just over 30 -- it's about a third of our total sales. When you look at that, more than half of that is really coming from the ICS part of the portfolio and the PCB and assembly. And that's just a function of where that part of the market is and the preponderance of printed circuit board and assembly manufacturing in the world is taking place in China.

是的，謝謝，喬希。因此，當您查看去年中國的數量時，我認為這是表格 10 中的內容，我們有大約 14 億美元。數量剛好超過 30——約占我們總銷售額的三分之一。如果你看一下，你會發現其中一半以上實際上來自產品組合中的 ICS 部分以及 PCB 和組裝。這只是該部分市場所在地的函數，世界上大部分印刷電路板和組裝製造都發生在中國。

And so it's somewhat natural that our position with the technology leaders in that space would give us some outside sales in China. And then on the semi side, it's about -- nominally it's about $650 million. A part of that is going to multinational companies who are manufacturing in China, and then we've seen the startup of a lot of new fabs in China over the last couple of years. And we're well positioned in the startup environment because of the quality and the reputation of our materials. So that's what's fueled a lot of the growth that we've seen specifically in China.

因此，我們在該領域的技術領先地位自然會為我們帶來一些在中國的外部銷售。然後在半導體方面，名義上約為 6.5 億美元。其中一部分流向了在中國進行生產的跨國公司，我們看到過去幾年中國開設了許多新工廠。由於我們材料的品質和聲譽，我們在初創環境中佔據了有利地位。這就是我們所看到的中國經濟大幅成長的動力。

As we look forward, we've said -- over the last couple of quarters, we've said we expect a normalization of growth in China. I would expect that to come down to be kind of -- if you take 2024 and the acceleration out, typically we would expect to be about 30% of sales in China, and I think that's kind of where we'll normalize too. That's pretty consistent with others in the industry.

展望未來，我們曾說過──在過去的幾個季度裡，我們預期中國經濟將正常化。我預計最終結果會是這樣的——如果除去 2024 年和加速因素，我們通常預計中國市場的銷售額將達到 30% 左右，我認為這也是我們正常化的水平。這與業內其他人的情況非常一致。

And I think China is a large and growing market in electronics and we're well positioned to win in China. And we'll particularly in -- like I said, in some of the circuit board and assembly technologies, where we've got local teams on the ground there and we're doing a lot of local-for-local type strategies. As supply chain shift, based on geopolitical or other requirements, we've got a really good global position and we'll shift with our customers as those supply chains evolve over time.

我認為中國是一個龐大且不斷成長的電子產品市場，我們在中國市場佔有有利地位。就像我說的，特別是在一些電路板和組裝技術領域，我們在當地設有團隊，並且正在實施許多本地化策略。隨著供應鏈根據地緣政治或其他要求而轉變，我們已擁有非常好的全球地位，並且隨著供應鏈的不斷發展，我們將與客戶一起轉變。

Thanks, that's very helpful. I want to ask separately just if you can comment at all on if there is a process on aramids divestments. And if so, I guess how you're thinking about in the context of an Investor Day in 1.5 months. Is there a goal to maybe have a firm view of if that's in or not the portfolio before that happens to make an easier communication story for you on the RemainCo DuPont? Or is this just ongoing and we'll see where it ends up?

謝謝，這非常有幫助。我想單獨問一下您是否可以評論芳綸資產剝離是否有流程。如果是這樣，我猜你會在一個半月後的投資人日背景下思考這個問題。是否有一個目標，即在那之前可能對該資產是否在投資組合中有一個堅定的看法，以便讓您更輕鬆地就 RemainCo DuPont 進行溝通？或者這只是一個持續的過程，我們會看到它最終會如何結束？

I mean, no comment. Our focus right now obviously, as I mentioned, is getting Qnity out the door on November 1, so no comment on the aramid speculation. We have been pretty clear though that we'll look to shift the focus of the portfolio towards the Healthcare & Water and that we have incremental portfolio work that we would probably be doing for new DuPont. So I'll kind of leave it at that, so no incremental comments to the news out there.

我的意思是，沒有評論。正如我所提到的，我們現在的重點顯然是讓 Qnity 在 11 月 1 日上市，因此對於芳綸的猜測不予置評。不過，我們已經非常明確地表示，我們將尋求將投資組合的重點轉向醫療保健和水務領域，並且我們可能會為新杜邦公司開展增量投資組合工作。所以我就不多說了，對外面的新聞不做任何評論。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Let me ask this may be a different way. The agreement with Chemours and Corteva has a minimum EBITDA requirement. So if you do decide to further focus RemainCo, how much EBITDA would you divest about going below the minimum requirement? Or does the lower leverage that you're going to have to RemainCo signal that you're going to do acquisitions first that might give you some headroom on that EBITDA requirement?

讓我問一下這可能是另一種方式。與科慕和科迪華達成的協議有最低 EBITDA 要求。因此，如果您決定進一步關注 RemainCo，您會放棄多少 EBITDA 以達到低於最低要求的水平？或者，您對 RemainCo 所必須的較低槓桿是否表明您將首先進行收購，這可能會為您帶來一些 EBITDA 要求的空間？

Yes. So we'll reset the minimum EBITDA between Qnity and New DuPont at separation, and that'll kind of set the new minimum floor for each of those entities. So there will be a cushion in each side if there wanted to be incremental divestment to be made to be able to [move] the portfolio.

是的。因此，我們將在分離時重新設定 Qnity 和 New DuPont 之間的最低 EBITDA，這將為每個實體設定新的最低底線。因此，如果希望逐步撤資以轉移投資組合，雙方都會有一定的緩衝。

So there is room there at the outset. Obviously, the intent, I think, on both organizations if there were divestments would be to redeploy the proceeds and M&A to continue to grow, so that you don't run into problems with the Corteva side that agreement, but there will be some cushion at the outset. So today, our combined EBITDA is over, so each of them will have an over.

所以一開始那裡就有空間。顯然，我認為，如果進行資產剝離，這兩個組織的目的都是重新部署收益和併購以繼續增長，這樣你就不會在與 Corteva 的協議中遇到問題，但一開始會有一些緩衝。所以今天，我們的合併 EBITDA 已經結束，所以他們每個人都會有一個結束。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

You had pretty robust margin performance in Industrials and posting pretty strong incremental margins despite price down. And can you help us think about the margin progression for the second half, given you've lapped the bulk of destocking and maybe have some additional mixed normalization there?

儘管價格下跌，但工業利潤率表現相當強勁，且利潤增量仍然相當強勁。鑑於您已經完成了大部分去庫存化，並且可能還有一些額外的混合正常化，您能否幫助我們考慮下半年的利潤率成長？

Yes. We have had very strong margin performance, and I would say better margin performance than we initially anticipated at the beginning of the year. And quite honestly, when you look at our updated guidance and you kind of take a look at where we're at, I would say on an overall basis, although we expect about 70 basis points of margin expansion from an underlying basis, so when you kind of put to the side the impact of tariffs and the impact of FX, it's actually more of a 100 basis points of margin expansion. So we're definitely doing better than we had originally anticipated.

是的。我們的利潤率表現非常強勁，我想說利潤率表現比我們年初預期的要好。坦白說，當您查看我們更新後的指引並了解我們所處的位置時，我會說，從總體上看，雖然我們預計利潤率將從基礎基礎上擴大約 70 個基點，但當您將關稅和外匯的影響放在一邊時，利潤率實際上會擴大 100 個基點。因此，我們做得肯定比最初預期的要好。

And to your point, focusing on Industrials Co explicitly, although our organic growth has been relatively low, the team is very focused on productivity, which is clearly helping drive the incremental margins and particularly in the second quarter, I would say very strong incrementals in that 70% range and we'll continue to post nice margins on the industrial side.

正如您所說，我們特別關注工業公司，儘管我們的有機成長率相對較低，但團隊非常注重生產力，這顯然有助於推動利潤率的增量，特別是在第二季度，我認為增量非常強勁，達到 70% 左右，我們將繼續在工業方面實現良好的利潤率。

Yeah, that's helpful. And then just to follow up on Industrials Co on pricing, just to clarify, we should expect less of a drag from pricing the second half? And now that this will be a standalone business, how should we think about pricing across sub-businesses in a more normalized environment?

是的，這很有幫助。然後只是為了跟進工業公司的定價問題，只是為了澄清一下，我們應該預期下半年定價的拖累會減少嗎？現在這將是一個獨立的業務，我們應該如何在更規範化的環境中考慮跨子業務的定價？

Yes. So as Lori mentioned earlier, so one, yes, we will continue to see pricing be less of a component of that in terms of price going down. As Lori mentioned earlier, where we have been seeing some of the pricing is on the Diversified Industrial side because when you take a look back at the last couple of years, we had some really strong pricing that, clearly, more than offset the impact of some of the increased costs that we had.

是的。正如 Lori 之前提到的，是的，就價格下降而言，我們將繼續看到定價在其中所佔的比重越來越小。正如 Lori 之前提到的，我們看到部分定價是在多元化工業方面，因為當你回顧過去幾年時，我們有一些非常強勁的定價，顯然，這些定價足以抵消部分成本增加的影響。

So we always take a look at the trade-off between volume and price, and you always got to look at each business individually when you're doing that from a line of business level. And what's most important at the end is that we continue to grow the business from an organic perspective and continue to have healthy margins.

因此，我們總是會考慮數量和價格之間的權衡，當你從業務線層面這樣做時，你總是需要單獨地看待每個業務。最後最重要的是，我們要繼續從有機角度發展業務，並繼續保持健康的利潤率。

Michael Sison, Wells Fargo.

富國銀行的麥可·西森。

Just for Industrial Co, volumes and EBITDA performance this year has been much more stable than my traditional chemical coverage. Anything else to point out to folks as you look to maybe shift that SIC code to industrials or manufacturing versus chemicals that you might highlight at your Analyst Day? But just give us maybe your preview of the case there, given the results this year?

就工業公司而言，今年的銷售量和 EBITDA 表現比我傳統的化學品報道穩定得多。當您考慮將 SIC 代碼從化學品轉移到工業或製造業時，還有什麼需要向大家指出的嗎？您會在分析師日上重點介紹這些程式碼嗎？但是，考慮到今年的結果，您能否向我們預測該案的情況？

Yeah. I think when you kind of take a look at our portfolio, it's pretty clear that Industrial Co is an industrial company and not a chemical company, and I think that kind of shows through clearly within our performance.

是的。我認為，當你看一下我們的投資組合時，就會很清楚地發現，工業公司是一家工業公司，而不是化學公司，我認為這在我們的業績中得到了清晰的體現。

So when you take a look at the composition of Industrial Co and 40% of it being in Healthcare & Water, and then even when you look at the Diversified side, although there are a couple of different components within that piece of portfolio, it's clearly much more akin to an Industrial portfolio, and I think that that's very clear. We are continuing to progress down the path relative to the GICS code. It will be looked at and we'll see ultimately where we land, but I think that there is no question that we're an industrial company.

因此，當您查看工業公司的組成時，會發現其中 40% 屬於醫療保健和水務，然後，即使您查看多元化方面，儘管該投資組合中有幾個不同的組成部分，但它顯然更類似於工業投資組合，我認為這非常清楚。我們正繼續沿著與 GICS 程式碼相關的路徑前進。我們將對其進行審查並最終確定最終目標，但我認為毫無疑問我們是一家工業公司。

Great. And a quick follow up for Electronics Co. Can you remind us kind of where we're at in terms of how much the portfolio is in advanced nodes and how much AI will continue to drive the growth there down the road?

偉大的。另外，請快速跟進電子公司的業務。您能否提醒我們，就產品組合在高階節點方面所佔比例以及人工智慧將在多大程度上繼續推動未來成長而言，我們現在處於什麼位置？

Yeah. Michael, so for advanced nodes, we have about 35% of our semiconductor exposure is in advanced nodes, which compares to about kind of 20% of the total industry, so nice outsized outperformance there which is kind of contributing to us growing better than the market.

是的。邁克爾，對於先進節點，我們在半導體領域的投資約有 35% 是在先進節點，而整個行業的這一比例約為 20%，因此該領域的表現非常出色，這有助於我們的成長優於市場。

On the AI side, what we've said before is AI high performance computing and data center is about 15% of our portfolio, and it's growing nicely in the second quarter. For example, we saw growth rates above 20% in that AI data center space. So really pleased by the performance there.

在人工智慧方面，我們之前說過，人工智慧高效能運算和資料中心約占我們投資組合的 15%，並且在第二季度成長良好。例如，我們看到人工智慧資料中心領域的成長率超過 20%。我對那裡的表演非常滿意。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

So the Chinese investigation into Tyvek was dismissed. I was curious if you have any further dialogue with the Chinese? And are there any other investigations that they may or may not be undertaking?

因此中國對Tyvek的調查被駁回。我很好奇您是否與中國人有進一步的對話？他們是否正在進行或不進行其他調查？

No. So we were happy to see it suspended and closed. And so when it first came out, news that we quickly said was related to Tyvek and Tyvek only and now it's been suspended, so we were happy with that conclusion.

不。因此我們很高興看到它被暫停和關閉。因此，當該消息首次發佈時，我們很快就說該消息僅與 Tyvek 有關，現在該消息已被暫停，所以我們對這個結論感到滿意。

All right, terrific. And then the adjustment downward of the tariff impact from $60 million to $20 million, can you provide any more context on the $20 million? And could that -- obviously, things are changing on a daily basis, but any context you can provide around the expectations for the $20 million?

好的，太棒了。然後將關稅影響從 6000 萬美元下調至 2000 萬美元，您能否提供有關 2000 萬美元的更多背景資訊？顯然，事情每天都在發生變化，但您能否提供有關 2000 萬美元預期的任何背景資訊？

Yes. So to your point, it does tend to change on a day-to-day basis. But based upon where we're at, I would tell you that what we included in our guidance is based on the 90-day pause that went into effect in May, and we are assuming that that kind of holds through through the remainder of the year.

是的。所以正如你所說，它確實每天都在改變。但根據我們目前的狀況，我想告訴大家，我們在指導中包含的內容是基於 5 月生效的 90 天暫停期，我們假設這種情況將持續到今年剩餘時間。

There have been a couple other changes, particularly related to tariffs on the EU and India that we've put into our number. I think the latest news that potentially came out Sunday night into Monday is not necessarily included in the $20 million. We continue to watch it closely, as do all other companies, and continue to work our mitigating actions as we move forward.

還有一些其他變化，特別是與歐盟和印度的關稅有關的變化，我們已將這些變化納入我們的數據中。我認為週日晚上到週一可能發布的最新消息不一定包括在 2000 萬美元之內。我們和所有其他公司一樣，將繼續密切關注此事，並在推進過程中繼續採取緩解措施。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Just wanted to revisit Electronics Co and the margins and maybe some thoughts into the 3Q on the margins. You had volume of 8%. It sounds like that had some favorable mix to it as well, but price was down [2]. And you've still got EBITDA margins of 220 basis points, which is obviously a robust increase. There was also a call out of lower legal costs. So could you just help us understand which parts of that are sustainable into where the margin in 3Q should be, and how you're able to offset that negative price? Thank you.

只是想重新審視電子公司和利潤率，也許對第三季的利潤率有一些想法。您的音量為 8%。聽起來這也有一些有利因素，但價格下跌了[2]。而且您的 EBITDA 利潤率仍然達到 220 個基點，這顯然是一個強勁的成長。還有人呼籲降低法律費用。那麼，您能否幫助我們了解哪些部分是可持續的，從而影響第三季的利潤率，以及如何抵消負價格？謝謝。

Yeah, thanks. Thanks, [Mitch]. Now the price decline that we saw, it's really more of a mixed issue with the strong growth that we had in ICS. ICS typically has a slightly lower margin than our semi-business. So as the ICS business as a percentage of the sales is a little bit higher, it brings the margin down just a little bit, but not too much, still pretty healthy levels as it relates to the overall margin potential, very similar to what Antonella commented on earlier.

是的，謝謝。謝謝，[米奇]。現在我們看到的價格下跌，這實際上是一個混合問題，與 ICS 的強勁成長有關。ICS 的利潤率通常比我們的半業務略低。因此，由於 ICS 業務佔銷售額的百分比略高，因此利潤率會略有下降，但不會下降太多，仍然處於相當健康的水平，因為它與整體利潤潛力有關，這與 Antonella 先前評論的非常相似。

The teams continue to do a really nice job of balancing the volume and price equation and then driving underlying productivity. Obviously, as we get more volume, we do see nice incremental as we put more volume through the plant sites and then the teams continue to drive additional productivity on top of that, giving us opportunities to continue to invest in our technology roadmaps to really sustain and fuel the organic growth of the business. So I feel good about where margins are at, and I think they're in a quite healthy place for us as we look to the second half of the year.

這些團隊繼續出色地平衡了產量和價格，並推動了潛在的生產力。顯然，隨著產量的增加，我們確實看到了良好的增量，因為我們透過工廠投入了更多的產量，然後團隊繼續在此基礎上提高生產力，這讓我們有機會繼續投資於我們的技術路線圖，以真正維持和推動業務的有機成長。因此，我對目前的利潤率感到滿意，我認為，展望下半年，利潤率對我們來說處於相當健康的水平。

Okay, thank you. And Antonella, if I could ask you on Sundry expense. There's been a pretty big swing in it year-to-date of about $137 million. How much of that is stuff that sort of was one-time items and was excluded versus stuff that is actually in the numbers? And where do you think that they'll wind up being for the full year to just sort itself out through the course of the year? And is there some way we can tease it out of the guidance that's on, I think, it's slide 14 that you have, the below the line stuff?

好的，謝謝。安東內拉，我可以問你關於雜費的問題嗎？今年迄今為止，該金額出現了相當大的波動，約為 1.37 億美元。其中有多少是一次性物品並被排除在外，有多少是實際包含在數字中的東西？您認為他們全年會處於什麼狀態，以便在今年內自行解決問題？我們有什麼辦法可以從上面的指導中提取出它嗎？我想，這是您投影片 14 的以下內容？

Yeah. So when you look at our Sundry expense, one of the big things in there is the market to market on the swap. So that's really what's driving the number within that line item, and that is excluded from our underlying results that we report on.

是的。因此，當您查看我們的雜項費用時，其中最重要的一項就是掉期市場的市場對市場。因此，這才是真正推動該項目數字的因素，而這不包括在我們報告的基礎結果中。

Arun Viswanathan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Arun Viswanathan。

Hi, this is Adam on for Arun. Thanks for taking my question and congratulations on a great quarter. You guys have already spoken at length about the reasons for the cancellation of the Water spin previously, but looking past the Qnity spin in November, are you looking at the Water business as core to the new DuPont, or do you think you could potentially revisit that in the future?

大家好，我是 Adam，代表 Arun。感謝您回答我的問題，並祝賀您本季取得優異成績。你們之前已經詳細討論過取消水務分拆的原因，但回顧 11 月份的 Qnity 分拆，您是否將水務業務視為新杜邦的核心，或者您認為未來可能會重新審視這一業務？

No, thanks for the question. Yeah, we definitely see it as part of the new DuPont. So the decision to keep and shore up the growth portfolio in the new DuPont was the right one. So we've got roundly 40% of our revenue today in Healthcare & Water, and we'll look to add to that to bolster it and get it increased in the future. So no intent to do anything but grow and invest in the business.

不，謝謝你的提問。是的，我們確實將其視為新杜邦的一部分。因此，保留並鞏固新杜邦的成長投資組合的決定是正確的。因此，我們目前約有 40% 的收入來自醫療保健和水務，我們希望進一步增加這筆收入以鞏固和提高未來收入。因此，除了發展和投資業務之外，沒有其他打算。

Great, thanks for that. And if I could slip in one more, just to dig a little bit more into the tariff comments. You mentioned that you're taking a lot of mitigating factors. Is that mostly from moving volumes around your network, changes in procurement? I think you also mentioned local-for-local strategy, or is it a combination of all that? Any additional color on that would be helpful, thanks.

太好了，謝謝。如果我可以再插播一點的話，我只是想更深入地探討一下關稅評論。您提到您正在採取許多減輕處罰的因素。這主要是由於您的網路內移動量或採購變化所致嗎？我想您也提到了在地化策略，或者是所有這些的結合？任何額外的顏色都會有幫助，謝謝。

Yes. So I would say about more than 90% of it is really related to supply chain movements. And then, as Lori mentioned earlier, there is a small piece related to surcharges.

是的。所以我想說其中 90% 以上確實與供應鏈流動有關。然後，正如 Lori 之前提到的，有一小部分與附加費有關。

And with that, ladies and gentlemen, this does conclude our Q&A session, so I'll turn things back over to Ann for concluding remarks.

女士們、先生們，我們的問答環節到此結束，我將把時間交還給安，請她做總結發言。

Great. Thank you, everyone, for joining our call. For your reference, a copy of our transcript will be posted to DuPont's website. This officially concludes today's call. Thank you.

偉大的。感謝大家參加我們的電話會議。為了供您參考，我們的成績單副本將發佈到杜邦的網站上。今天的電話會議正式結束。謝謝。

All right, ladies and gentlemen, this does conclude your call. You may now disconnect your lines and thank you again for joining us today.

好的，女士們、先生們，你們的通話到此結束。現在您可以斷開線路了，再次感謝您今天的加入我們。