杜邦 (DD) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin and I will be your conference operator today. At this time, I would like to welcome everyone to DuPont's third-quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，早安，感謝各位的耐心等待。我叫凱爾文，今天將由我擔任你們的會議接線生。此時此刻，我謹代表杜邦公司歡迎各位參加2025年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Ann Giancristoforo. Please go ahead.

現在我想把電話交給安‧詹克里斯多福羅。請繼續。

Good morning, and thank you for joining us for DuPont's third-quarter 2025 Financial Results Conference Call. Joining me today are Lori Koch, Chief Executive Officer; and Antonella Franzen, Chief Financial Officer. 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.

早安，感謝各位參加杜邦公司2025年第三季財務業績電話會議。今天與我一同出席的有執行長 Lori Koch 和財務長 Antonella Franzen。我們準備了幻燈片來補充我們的發言，這些幻燈片已發佈在杜邦公司網站的「投資者關係」標籤下，也可透過網路直播連結查看。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. Our Form 10-K, as 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. We will also refer to other non-GAAP measures.

在本次電話會議中，我們將就我們對未來的預期或預測發表前瞻性聲明。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。我們的 10-K 表格（已透過我們目前的定期報告更新）詳細討論了可能導致此類差異的主要風險和不確定性。除非另有說明，今天列出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。我們也會參考其他非GAAP指標。

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.

與最直接可比較的 GAAP 財務指標的調整表已包含在我們的新聞稿和簡報資料中，並已發佈在杜邦公司的投資者關係網站上。

As a quick reminder on the basis of presentation for our third quarter financial results, our total company net sales, operating EBITDA and adjusted EPS include segment results for ElectronicsCo and IndustrialsCo, excluding results for the previously announced divestiture of the Armed business, which is now reported as discontinued operations.

為便於理解我們第三季度財務業績的表述，在此簡要說明一下，我們公司的總淨銷售額、運營 EBITDA 和調整後每股收益包括 ElectronicsCo 和 IndustrialsCo 的分部業績，但不包括之前宣布剝離的 Armed 業務的業績，該業務現在已作為終止經營業務進行報告。

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

現在我將把電話交給洛里，她將從第 3 張幻燈片開始。

Good morning, and thanks, everyone, for joining our third quarter call. Earlier today, we reported another solid quarter ahead of our previously communicated guidance. Third quarter sales of $3.1 billion grew 6% on an organic basis. Operating EBITDA of $840 million increased 6% year-over-year, resulting in an operating EBITDA margin of 27.3%. As a result of our strong third quarter financial performance, and our expected operational improvement, we are raising our full year earnings guidance for the new DuPont.

早安，感謝各位參加我們的第三季電話會議。今天早些時候，我們公佈了又一個穩健的季度業績，超出了先前公佈的預期。第三季銷售額達 31 億美元，年增 6%。營業 EBITDA 為 8.4 億美元，較去年同期成長 6%，營業 EBITDA 利潤率為 27.3%。由於我們第三季強勁的財務業績以及預期的營運改善，我們提高了對新杜邦公司全年獲利的預期。

Antonella will provide further details shortly. Third quarter saw organic growth across all businesses with continued strong volume growth in health care and water coupled with strength in electronics driven by AI technology demand in both interconnect solutions and semi.

安東內拉稍後將提供更多細節。第三季所有業務均實現有機成長，其中醫療保健和水務業務的銷售持續強勁成長，電子業務也因互連解決方案和半導體領域的人工智慧技術需求而表現強勁。

Today, we also announced capital allocation updates for the new DuPont both in the form of a quarterly dividend and a new share repurchase authorization. We declared our initial quarterly dividend under New DuPont in the amount of $0.20 per share in line with our targeted 35% to 45% payout ratio. The Board of Directors also approved a $2 billion share repurchase authorization under which we expect to quickly launch an ASR in the amount of $500 million. Both of these actions underpin our commitment to a disciplined capital allocation model and are a testament to our financial strength and dedication to delivering value. Earlier this week, we announced the successful completion of the unit separation as a premier pure-play technology solutions partner to the semiconductor value chain.

今天，我們也宣布了新杜邦公司的資本配置更新，包括季度分紅和新的股票回購授權。我們宣布，根據新杜邦公司的規定，首次發放季度股息，每股0.20美元，符合我們35%至45%的目標股利。董事會還批准了一項 20 億美元的股票回購授權，根據該授權，我們預計將迅速啟動 5 億美元的加速股票回購計畫。這兩項舉措都反映了我們對嚴謹的資本配置模式的承諾，也證明了我們的財務實力和創造價值的決心。本週早些時候，我們宣布成功完成業務拆分，成為半導體價值鏈中首屈一指的純粹技術解決方案合作夥伴。

Unity is well positioned to deliver growth and value creation for its shareholders.

Unity 擁有良好的發展前景，能夠為股東帶來成長和價值創造。

Turning to slide 4. As part of Investor Day, I outlined a clear strategy for the New DuPont to drive value creation for all our stakeholders. Our strategy is focused around driving above-market organic growth, building a robust business system, deploying a balanced capital allocation model and consistently delivering results. We are already seeing progress against these value creation drivers. We have successfully repositioned ourselves and have a streamlined portfolio of leading businesses, the majority of which are aligned to secular end markets, which will enable strong organic growth.

翻到第4張投影片。在投資者日活動中，我概述了新杜邦公司為所有利害關係人創造價值的明確策略。我們的策略重點是推動高於市場平均的內生成長，建立穩健的業務體系，部署均衡的資本配置模式，並持續取得成果。我們已經看到在這些價值創造驅動因素方面取得了進展。我們已成功重新定位自身，並擁有精簡的領先業務組合，其中大多數業務都與長期終端市場相契合，這將實現強勁的內生成長。

We saw nice growth in the third quarter, and we continue to expect 2% organic growth for the full year. Our innovation engine continues to deliver. We announced the launch of our latest technology in Tibet Garment branded Tyvek Apex. This latest technology for PPE provides enhanced readability while maintaining the same level of protection and durability. The launch clearly demonstrates how we collaborate with customers and deploy our application development expertise to meet their needs.

第三季我們看到了良好的成長，我們仍然預計全年將實現 2% 的有機成長。我們的創新引擎持續發揮作用。我們宣佈在西藏服裝品牌 Tyvek Apex 上推出我們的最​​新技術。這項最新的個人防護裝備技術在保持相同防護等級和耐用性的同時，提高了可讀性。此次發布清楚地展示了我們如何與客戶合作，並運用我們的應用程式開發專業知識來滿足他們的需求。

As I noted at Investor Day, we are driving towards building a robust business system starting from a strong jump-off point with a full suite of tools that are being actively deployed. This quarter, we introduced a core set of enhanced KPIs that are focused on driving improvement for our shareholders, customers and employees. These KPIs were embedded in a refreshed set of management standards, which has added more visibility, rigor and structure to ensure we achieve our business objectives. On commercial excellence, we have advanced the framework across commercial enablement, sales effectiveness and strategic marketing. A key priority was focused on pipeline discipline.

正如我在投資者日上所指出的，我們正努力建立一個強大的業務系統，從一個強大的起點開始，並積極部署一整套工具。本季度，我們推出了一套核心的、經過改進的關鍵績效指標，旨在為我們的股東、客戶和員工帶來更好的結果。這些關鍵績效指標被納入一套更新的管理標準中，從而提高了透明度、嚴謹性和結構性，以確保我們實現業務目標。在商業卓越方面，我們已在商業賦能、銷售效率和策略行銷方面推進了框架建設。重點工作之一是加強管道管理。

We have designed a more transparent, data-driven process, which links demand generation, opportunity qualification and conversion metrics to deliver against our growth target.

我們設計了一個更透明、數據驅動的流程，將需求產生、機會評估和轉換指標連結起來，以實現我們的成長目標。

Specifically, within our water business, we have taken a regional approach to the rollout and have improved pipeline rigor in North America and Europe, leading to sizable improvement in our opportunity funnel. We plan to launch in Asia later this quarter. We also continue to drive enhancements in operational excellence. During the quarter, we rolled out an updated set of KPIs aligned with our focus on safety, quality, delivery and cost. We also refreshed our toolkit around OEE and reliability which is driving reductions in unplanned downtime and improving our maintenance spend and rent time.

具體來說，在我們的水務業務中，我們採取了區域性推廣方式，並提高了北美和歐洲的管道建設嚴謹性，從而顯著改善了我們的機會管道。我們計劃在本季稍後在亞洲推出產品。我們將持續致力於提升營運效率。本季度，我們推出了一套更新的KPI，以符合我們對安全、品質、交付和成本的關注。我們還更新了 OEE 和可靠性方面的工具包，從而減少了計劃外停機時間，並改善了我們的維護支出和租賃時間。

On capital allocation, I highlighted earlier the dividend and share repurchase authorization that was approved by our Board. In addition, we also announced in late September that we signed an agreement to acquire manufacturing capacity to expand our reverse osmosis footprint in China. This aligns with our local-for-local strategy and increases our capacity to meet growing demand for industrial water purification and reuse in the region.

關於資本配置，我之前重點介紹了董事會批准的股利和股票回購授權。此外，我們在 9 月下旬也宣布，我們已簽署協議收購生產能力，以擴大我們在中國逆滲透業務的規模。這符合我們在地化策略，並提高了我們滿足該地區日益增長的工業水淨化和再利用需求的能力。

With this backdrop, I remain confident in delivering the medium-term targets for '26 through '28 that we outlined for you at Investor Day. 3% to 4% organic growth 150 to 200 basis points of margin expansion, 8% to 10% EPS growth and generating strong free cash flow conversion at greater than 90%.

在此背景下，我仍然有信心實現我們在投資者日上向各位概述的2026年至2028年中期目標，包括3%至4%的內生增長、150至200個基點的利潤率提升、8%至10%的每股收益增長以及超過90%的強勁自由現金流轉化率。

With that, I'll now turn the call over to Antonella to cover the financials and outlook.

接下來，我將把電話交給安東內拉，讓她來介紹財務狀況和前景。

Thanks, Lori, and good morning, everyone. We delivered another quarter of year-over-year growth in organic sales and operating EBITDA on volume strength across many key end markets. Operational focus by our teams drove solid financial performance in the quarter, including strong cash conversion beginning with third quarter financial highlights on slide 5. Net sales of $3.1 billion increased 7% versus the year ago period on 6% organic sales growth and a 1% benefit from currency. Organic sales growth consisted of a 7% increase in volume, partially offset by a 1% decline in price.

謝謝Lori，大家早安。在許多主要終端市場銷售強勁成長的推動下，我們的有機銷售額和營運 EBITDA 連續第二季實現了同比增長。團隊的營運重點推動了本季穩健的財務業績，包括強勁的現金轉化，第三季財務亮點請見幻燈片 5。淨銷售額達 31 億美元，較上年同期成長 7%，其中有機銷售額成長 6%，匯率收益成長 1%。有機銷售成長包括銷售成長 7%，但部分被價格下降 1% 所抵銷。

Organic sales included a $70 million benefit from order timing shifts into the third quarter from the fourth quarter due to system cutover activities in advance of the separation. Excluding this, organic sales growth would have been 4% in the quarter.

由於在分拆之前進行系統切換活動，訂單時間從第四季度轉移到了第三季度，這帶來了 7000 萬美元的有機銷售額收益。剔除此因素後，該季度有機銷售成長率將達到 4%。

From a segment view, both segments saw organic sales growth with IndustrialsCo and ElectronicsCo, up 4% and 10%, respectively. All businesses had organic growth during the quarter, led by low teens growth in Interconnect Solutions high single-digit growth in both health care and Water Technologies in semi and low single-digit growth in diversified industrial. We saw organic growth across all regions with North America and Asia Pacific, up 7% and Europe up 6% year-over-year. Third quarter operating EBITDA of $840 million increased 6% versus the year ago period as organic growth and productivity benefits were partially offset by growth investments and unfavorable mix. Operating EBITDA margin during the quarter of 27.3% was down approximately 30 basis points year-over-year due to unfavorable mix in ElectronicsCo.

從業務板塊來看，兩個板塊的有機銷售額均實現成長，其中工業板塊和電子板塊分別成長了 4% 和 10%。本季所有業務均實現了有機成長，其中互連解決方案業務實現了兩位數左右的成長，醫療保健和水技術業務在半導體領域實現了高個位數的成長，多元化工業領域實現了低個位數的成長。我們看到所有地區都實現了有機成長，其中北美和亞太地區年增 7%，歐洲年增 6%。第三季營運 EBITDA 為 8.4 億美元，較上年同期成長 6%，有機成長和生產力提升的部分收益被成長投資和不利的產品組合所抵銷。由於電子公司業務組合不利，本季營業 EBITDA 利潤率為 27.3%，年減約 30 個基點。

Turning to cash flow. We delivered transaction-adjusted free cash flow of $576 million and related conversion of 126%. This was in line with our expected acceleration this quarter.

接下來談談現金流。我們實現了經交易調整後的自由現金流 5.76 億美元，相關轉換率為 126%。這與我們預期的本季加速成長相符。

Turning to slide 6. Adjusted EPS for the quarter of $1.09 per share was flat with the year ago period. Higher segment earnings of $0.09 was primarily offset by a headwind from a higher tax rate year-over-year. Our base tax rate during the quarter was 24.6%, the prior year base tax rate, which included discrete benefits was 19.5%.

翻到第6張投影片。本季調整後每股收益為 1.09 美元，與去年同期持平。部門獲利成長 0.09 美元，但主要被同比稅率上升帶來的不利影響所抵消。本季我們的基本稅率為 24.6%，上一年度的基本稅率（包括特殊福利）為 19.5%。

Turning to slide 7. IndustrialsCo. third quarter net sales of $1.8 billion were up 5% versus the year ago period on 4% organic growth and a 1% benefit from currency. Organic growth included a benefit of approximately $30 million in order timing shift. Excluding this benefit, organic sales growth was 2% in the quarter, in line with our expectations.

翻到第7張投影片。IndustrialsCo. 第三季淨銷售額為 18 億美元，比去年同期成長 5%，其中有機成長 4%，匯率收益 1%。有機成長包括訂單時間調整帶來的約 3,000 萬美元收益。剔除此利好因素，本季有機銷售額成長2%，符合我們的預期。

For the third quarter, health care and water sales were up high single digits on an organic basis versus the year ago period. Organic growth was led by continued strength in medical packaging, biopharma, reverse osmosis and ion exchange. Diversified Industrial sales were up low single digits on an organic basis as growth in Industrial Technologies was partially offset by continued softness in construction markets. Operating EBITDA for IndustrialsCo during the quarter of $465 million was up 4% versus the year ago period on organic growth and productivity gains, partially offset by growth investments.

第三季度，醫療保健和水務銷售額與去年同期相比實現了接近兩位數的有機成長。有機成長主要得益於醫療包裝、生物製藥、逆滲透和離子交換領域的持續強勁表現。多元化工業銷售額以有機成長計算僅實現個位數低成長，工業技術業務的成長部分被建築市場的持續疲軟所抵消。IndustrialsCo 本季的營業 EBITDA 為 4.65 億美元，較上年同期成長 4%，主要得益於內生成長和生產力提高，但部分被成長投資所抵銷。

Operating EBITDA margin during the quarter was 25.9% flat with the prior year, absorbing a margin headwind from currency. Sequentially, operating EBITDA margin improved 30 basis points.

本季營業 EBITDA 利潤率為 25.9%，與去年同期持平，抵銷了匯率帶來的利潤率不利影響。環比來看，營業 EBITDA 利潤率提高了 30 個基點。

Turning to ElectronicsCo on slide 8. Third quarter net sales of $1.3 billion increased 11% versus the year ago period on 10% organic growth and a 1% benefit from currency. Organic growth included a benefit of approximately $40 million in order timing shifts. Excluding this benefit, organic sales growth was 7% in the quarter. At the line of business level, organic sales for semiconductor technologies were up high single digits on continued strong end market demand driven by advanced node and AI technology applications.

翻到第 8 張投影片，來看 ElectronicsCo。第三季淨銷售額為 13 億美元，年增 11%，其中有機成長 10%，匯率收益 1%。有機成長包括訂單時間調整帶來的約 4,000 萬美元收益。剔除此利好因素，本季有機銷售額成長7%。從業務線層面來看，受先進節點和人工智慧技術應用推動的終端市場需求持續強勁，半導體技術的有機銷售額實現了接近兩位數的成長。

Interconnect Solutions also posted another strong quarter with organic sales up low teens, reflecting continued demand from AI-driven technology ramps and benefits from content and share gains across advanced packaging and thermal management solutions. Operating EBITDA for ElectronicsCo of $403 million was up 6% versus the year ago period as organic growth was partially offset by growth investments to support advanced node transitions and AI technology ramps.

互連解決方案也取得了又一個強勁的季度業績，有機銷售額增長了兩位數，這反映了人工智慧驅動的技術提升帶來的持續需求，以及先進封裝和熱管理解決方案的內容和市場份額增長帶來的益處。電子公司 (ElectronicsCo) 的營運 EBITDA 為 4.03 億美元，比去年同期成長 6%，有機成長部分被支援先進節點過渡和人工智慧技術加速發展的成長投資所抵消。

Operating EBITDA margin during the quarter was 31.6%, down 140 basis points versus the year ago period primarily due to unfavorable mix and currency headwinds. As a reminder, community management will host a call later today to provide a business update. Earlier this week, we announced the successful completion of the unity separation. In connection with this transaction, we received approximately $4.2 billion of cash in the form of a midnight dividend from Unity, which will be used to reduce DuPont's debt and achieve the targeted capital structure that we outlined at Investor Day.

本季營業 EBITDA 利潤率為 31.6%，較去年同期下降 140 個基點，主要原因是產品組合不利和匯率波動。再次提醒大家，社區管理團隊將於今天稍晚召開電話會議，提供業務最新進展。本週早些時候，我們宣布成功完成統一分離。就此交易而言，我們從 Unity 收到了約 42 億美元的現金，以午夜股息的形式發放，這些資金將用於減少杜邦的債務，並實現我們在投資者日上概述的目標資本結構。

Turning to slide 9, which outlines our latest view on 2025 financial guidance. As a reminder, we provided an updated view of our full year 2025 expectations, reflecting the separation of unity and the presentation of the Aramis business as discontinued operations, As part of our Investor Day in mid-September. Also in the fourth quarter, we will be reporting under a new segment structure of health care and water technologies and diversified industrial. In the appendix to the slide deck, we have included preliminary recasted quarterly segment information for your reference. From a top line perspective, our expectation of organic sales growth for the full year remains in line with the guidance we provided at Investor Day.

接下來請看第 9 張投影片，其中概述了我們對 2025 年財務指導的最新看法。提醒各位，我們在 9 月中旬的投資者日上更新了我們對 2025 年全年的預期，反映了業務分離以及將 Aramis 業務作為終止經營業務的安排。此外，在第四季度，我們將按照新的業務板塊結構進行報告，包括醫療保健和水技術以及多元化工業。在投影片附錄中，我們附上了初步修訂的季度分部信息，供您參考。從總體上看，我們對全年有機銷售成長的預期與我們在投資者日上提供的指導意見一致。

We expect organic sales to be up 2% year-over-year on strong demand in health care and water partially offset by ongoing weakness in construction end markets.

我們預計，在醫療保健和水務行業強勁需求的推動下，有機銷售額將同比增長 2%，但建築終端市場的持續疲軟將部分抵消這一增長。

Our current full year sales guidance of $6.84 billion reflects slightly lower currency benefits from our prior expectations. We are raising our full year operating EBITDA guidance to $1.6 billion, driven by our stronger third quarter performance, underlying operational improvements across the businesses and lower corporate costs. We expect full year adjusted EPS to be $1.66 per share an increase of about 16% year-over-year. Our full year base tax rate is expected to be about 28%, including about 200 basis points of headwind related to total company interest expense that cannot be reflected as discontinued operations. We continue to expect that our go-forward tax rate will be in the 25% to 26% range consistent with the guidance provided at Investor Day.

我們目前全年銷售額預期為 68.4 億美元，反映出匯率收益比我們先前的預期略有下降。受第三季業績強勁成長、各業務營運基本面改善以及企業成本降低的推動，我們將全年營運 EBITDA 預期上調至 16 億美元。我們預計全年調整後每股收益為 1.66 美元，年增約 16%。我們全年的基本稅率預計約為 28%，其中包括約 200 個基點的不利因素，這些不利因素與公司總利息支出有關，而這些支出無法反映為終止經營業務。我們仍然預計，未來的稅率將在 25% 至 26% 的範圍內，這與投資者日上提供的指導意見一致。

For the fourth quarter, we estimate net sales of about $1.685 billion, operating EBITDA of about $385 million and adjusted EPS of $0.43 per share. Our fourth quarter guidance assumes about 1% organic growth when normalizing for the third quarter timing shift.

我們預計第四季淨銷售額約為 16.85 億美元，營業 EBITDA 約為 3.85 億美元，調整後每股收益為 0.43 美元。考慮到第三季時間調整的影響，我們預期第四季有機成長率約為 1%。

On a reported basis, we expect a fourth quarter organic sales decline of about 1% versus prior year. As you will recall, we provided full year 2025 pro forma estimates as part of our Investor Day to serve as a baseline for our medium-term targets. Our stronger underlying performance translates into revised full year 2025 pro forma estimates for operating EBITDA of $1.63 billion and adjusted EPS of $2.02 per share compared to the $1.62 billion and $2 per share. Our lower corporate costs are accelerating our run rate towards our expected $95 million public company corporate cost structure.

據報告顯示，我們預計第四季有機銷售額將比去年同期下降約 1%。您應該還記得，我們​​在投資者日活動中提供了 2025 年全年預測數據，作為我們中期目標的基準。我們更強勁的基本面表現轉化為 2025 年全年營運 EBITDA 和調整後每股收益 2.02 美元的修訂預測，而先前預測分別為 16.2 億美元和 2 美元。我們降低的公司成本正在加速實現我們預期的9,500萬美元上市公司公司成本結構目標。

I want to thank our employees for remaining focused on delivering these results and for driving the successful completion of the unity separation.

我要感謝我們的員工，感謝他們始終專注於取得這些成果，並推動了統一分拆的成功完成。

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

接下來，我們很樂意回答您的問題，現在我把麥克風交還給接線員，讓她開始問答環節。

(Operator Instructions)

（操作說明）

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

I wanted to kind of focus more on just sort of the end market trends and there's some color on page 12 that helps. But first, this timing benefit, is this something you did or kind of pushed on behalf of your customers, so they wouldn't somehow be disrupted? Maybe just give us a little sense of like what was behind that, if you don't mind.

我更想關注終端市場趨勢，第 12 頁的一些細節對此有所幫助。但首先，這種時間上的優勢，是您為了客戶而採取或推動的，以避免他們受到任何干擾嗎？如果你不介意的話，能不能稍微解釋一下背後的原因？

Yes. So Jeff, kind of the way to think about it is as you would expect, the separation that we did really touched every legal entity within the organization. So in essence, we had like repipe everything in all of our financial systems to do that. So our customers were notified that we would be in a blackout period in early October as we did this after quarter end. And therefore, we had some orders that were originally set to go out in the October time frame that our customers accelerated into the third quarter given we were going to be in a blackout period.

是的。所以傑夫，你可以這樣理解：正如你所預料的那樣，我們進行的拆分實際上影響了組織內的每一個法律實體。所以從本質上講，我們必須重新改造所有金融體系才能做到這一點。因此，我們通知客戶，由於我們在季度末之後進行了這項操作，我們將在 10 月初進入一段服務中斷期。因此，我們有一些原定於 10 月發貨的訂單，由於我們將進入停工期，客戶將發貨時間提前到了第三季。

So it was completely customer driven. Again, no changes related to our expectations of what we expected from an organic growth perspective in the second half, but it clearly created a higher organic growth in the third quarter and a lower organic growth in the fourth quarter.

所以，這完全是由顧客驅動的。同樣，我們對下半年有機成長的預期沒有改變，但顯然第三季有機成長更高，第四季有機成長更低。

Yes. And then I think you probably intentionally didn't say anything about 2026 today. But -- maybe give us some initial thoughts on sort of these exit rates that we're looking at here in Q4, again outlined on page 12, what might be sort of the pluses and minuses as we shift into next year, particularly interested in what you're seeing in the health care and water businesses, especially.

是的。所以我覺得你今天可能故意沒提2026年的事。但是——或許您可以就我們目前在第四季度看到的這些退出率（同樣在第 12 頁概述）給我們一些初步的想法，以及隨著我們進入明年，可能會有哪些利弊，尤其想了解您在醫療保健和水務行業看到的情況。

So we're exiting the second half at about 2% organic growth in line with where we are for the full year. So from an end market perspective, we would expect health care and water to be right in line with what we gave in our medium-term targets, which is about 5% organic growth on average. And then on the diversified side, in the 2% that we'll report for the second half, shelter is still down. So it's going to be down about 1% in the second half, but full year, it's about 4%. So given that, that's about 25% of our revenues, if that were just even to normalize to flat, that would be a nice lift as we head into 2026.

因此，我們下半年的有機成長率約為 2%，與全年的成長率基本一致。因此，從終端市場的角度來看，我們預計醫療保健和水務產業將與我們給出的中期目標完全一致，即平均實現約 5% 的有機成長。然後，在多元化方面，我們將在下半年報告的 2% 的成長中，住房需求仍然下降。所以下半年會下降約 1%，但全年會下降約 4%。因此，考慮到這大約占我們收入的 25%，如果能夠恢復正常水平，那麼在我們邁向 2026 年之際，這將是一個不錯的提升。

So no material changes. We put the targets out just six weeks ago. We mentioned that in order to be able to deliver against expectations, we can't start in a hole, so we would expect our medium-term targets to be something that we would consistently deliver. We'll obviously be paying close attention to the construction market, though, and see how they play out.

因此，沒有實質變化。我們六週前才公佈目標。我們曾說過，為了能夠達到預期目標，我們不能從糟糕的起點開始，所以我們希望我們的中期目標能夠是我們能夠持續實現的。當然，我們也會密切關注建築市場，看看市場走向如何。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Echo what Jeff said. Congrats, you guys have done a lot of wood shop in the last few years, particularly the last few months. There's kind of a lot of moving parts in my head spinning a little bit. But if we could just start with a little bit of minutia. -- what's your plan with the balance sheet?

附和傑夫的話。恭喜，你們在過去幾年，特別是最近幾個月，做了很多木工。我腦子裡有很多事情正在飛速運轉。但如果我們可以先從一些細節問題著手──你們對資產負債表有什麼計畫？

I think you're something like 0.8x pro forma leverage, I know you still have some liability issues you got to manage. But what is kind of the plan and target there? And will there be -- I saw the buyback announcement, but will there be other deals like spectrum, things like that, that you guys would be potentially looking at in '26?

我認為你的預期槓桿比率大概是 0.8 倍，我知道你還有一些負債問題需要處理。但那裡的具體計畫和目標是什麼？我看到了回購公告，但你們在 2026 年是否還會考慮其他交易，例如頻譜之類的？

Yes. So let me start with -- from a balance sheet perspective. So we would expect our pro forma debt to be around $3.25 billion, and we would expect to have $1 billion of cash on the balance sheet. So our starting point net debt-to-EBITDA leverage is around 1.7x. Our target is to stay below 2x from that perspective in terms of where we expect to be on the balance sheet.

是的。那麼，就讓我從資產負債表的角度開始吧。因此，我們預計我們的備考債務約為 32.5 億美元，預計資產負債表上將有 10 億美元的現金。因此，我們目前的淨債務與 EBITDA 比率約為 1.7 倍。從這個角度來看，我們的目標是將該比率維持在 2 倍以下，這也是我們預期資產負債表上的目標。

As you saw this morning, we did announce the $2 billion share repurchase authorization, and we expect to, I would say, imminently start an ASR in the size of about $500 million that we will do. And then clearly, as we progress during the year, as we mentioned at Investor Day, we would have a balanced approach. We would continue to look at share buybacks. We will continue to look at M&A activity. But we're clearly in a very good spot from a balance sheet perspective quite honestly, Scott, to be able to do both.

正如您今天早上看到的，我們宣布了 20 億美元的股票回購授權，我認為，我們預計很快就會啟動規模約 5 億美元的股票回購計畫。然後很明顯，隨著這一年的發展，正如我們在投資者日上提到的那樣，我們將採取平衡的方法。我們將繼續考慮股票回購。我們將持續關注併購活動。但坦白說，史考特，從資產負債表的角度來看，我們顯然處於一個非常有利的位置，能夠同時做到這兩點。

We have a really strong balance sheet going in. We have the Aramis proceeds that will be coming in, in the first quarter as well. And as we talked about at the Investor Day, over the next three years, even accounting for dividend payments and share creep, we would have about another $500 million a year that is deployable in free cash flow.

我們目前的資產負債表非常穩健。我們還有來自 Aramis 的收益，也將在第一季到達。正如我們在投資者日上所討論的那樣，在接下來的三年裡，即使考慮到股息支付和股價上漲，我們每年也將有大約 5 億美元的自由現金流可供支配。

Yes. And on the opportunities you had mentioned spectrum. So we did actually complete a small tuck-in acquisition in the water space recently. So we bought RO capacity in China that really helps with our footprint there and enabling us to be local for local given that China is the largest RO footprint for us. So we'll continue to be opportunistic we're looking in all spaces in the health care with respect to not only additional spectrum like assets in the CDMO space but also potentially in Med packaging and other areas that have nice secular growth.

是的。還有您提到的各種機會。所以，我們最近確實完成了一筆水務領域的小規模收購。因此，我們在中國購買了逆滲透產能，這確實有助於我們擴大在中國的業務規模，並使我們能夠為當地客戶提供服務，因為中國是我們最大的逆滲透產能所在地。因此，我們將繼續抓住機會，在醫療保健領域的各個方面進行考察，不僅包括CDMO領域的其他資產，還包括醫療包裝和其他具有良好長期成長潛力的領域。

And then we'll also be opportunistic as we can in additional water opportunity. So we've got a really rich pipeline. And as Antonella mentioned, the strong balance sheet to be able to be proactive with it and will be prudent. So we'll have a profile on a return that we want to deliver. So we would get to ROIC greater than WACC by year five and a nice path line to it to a net synergy number that is in line with our affordability range.

然後，我們也會盡可能抓住其他水資源取得的機會。所以我們擁有非常豐富的資源儲備。正如安東內拉所提到的，強勁的資產負債表能夠使公司積極主動地應對挑戰，並且會保持謹慎。因此，我們將制定一個我們希望實現的回報計劃。因此，到第五年，我們的 ROIC 將大於 WACC，並且能夠很好地實現淨協同效應，達到我們可承受的範圍。

Okay. That's helpful. And then at Investor Day, you talked a little bit about a renewed focus on lean and operational excellence. I think you made higher in that regard on chief operation, I think, title, whatever you to. But can you just talk about what you're trying to achieve on that front? I don't have a great sense of where you are today and as it relates to lean. In the in your current portfolio? Just talk a little bit about the opportunity and what you're planning for here.

好的。那很有幫助。然後在投資者日上，您談到了重新關注精益化和卓越營運。我認為你在那方面做得更好，像是營運長的頭銜，或是其他什麼職位。但您能否談談您在這方面想要達成的目標？我不太了解你目前所處的位置，以及這與精實生產的關係。您目前的投資組合中有哪些？簡單談談這個機會以及你在這裡的計劃。

Yes. So we picked up Dave Cook from Danaher. So he was the op leader for Paul, and we're fortunate to get him into our organization, and he's made an impact already in just the couple of months that he's been here. So we started down the path a few years ago on an OpEx framework that deployed lean tools as well as some six-sigma tools and with a continuous improvement mindset. So we're going to take that baseline that we have and kind of put it on steroids and make sure that it influences truly the way that we work.

是的。於是我們從丹納赫公司接手了戴夫·庫克。所以他是保羅的行動負責人，我們很幸運能把他招募到我們的組織，他來到這裡僅僅幾個月就產生了影響。幾年前，我們開始走上這條道路，採用卓越營運框架，部署精實工具和一些六西格瑪工具，並秉持持續改善的理念。所以，我們將以現有的基準為基礎，並加以強化，確保它真正影響我們的工作方式。

And so we've rolled out enhanced management standards, which really will dictate how we monitor the performance in our business and solve problems in our businesses to make sure that we have a continuous improvement mindset.

因此，我們推出了更完善的管理標準，這將真正決定我們如何監控業務績效和解決業務問題，以確保我們擁有持續改進的思維模式。

So we've identified eight core KPIs four of them are shareholder or financial related, two of them are customer-related and to of them are employee related, and they will form the basis of our monthly business reviews and allow us to be able to understand performance and understand improvement opportunity. So it's really a cultural change around a continuous improvement mindset, looking for net productivity opportunities year in, year out.

因此，我們確定了八項核心 KPI，其中四項與股東或財務相關，兩項與客戶相關，兩項與員工相關，它們將構成我們每月業務審查的基礎，使我們能夠了解績效並了解改進機會。所以這其實是一種圍繞著持續改善思維的文化變革，年復一年地尋求提高淨生產力的機會。

Steve Tusa, J.P. Morgan.

史蒂夫圖薩，摩根大通。

This is (inaudible), on for Steve. Just following up on the 80/20 initiatives that you talked about at Investor Day on the flip side, there's probably some opportunity to prune the portfolio on the edges, but if you can talk about any opportunities you're seeing there would be great.

這是（聽不清楚），請史蒂夫接聽。關於您在投資者日上提到的 80/20 策略，另一方面，或許有機會對投資組合進行一些精簡，如果您能談談您看到的任何機會，那就太好了。

Yes. Thanks. So we had mentioned at Investor Day, to as part of the team refresh we brought in Beth Forero, who had a background at ITW who was well versed within the 80/20 framework. And so she's actively deploying that toolkit across the diversified industrials businesses to see opportunities for us to improve margins across that side of the portfolio. I think as far as pruning, we had mentioned that we have a goal to be able to continue to work the portfolio towards more secular based end markets.

是的。謝謝。因此，我們在投資者日上提到，作為團隊更新的一部分，我們引進了 Beth Forero，她曾在 ITW 工作，精通 80/20 框架。因此，她積極地在多元化的工業業務中運用這套工具，以尋找機會來提高投資組合中這部分業務的利潤率。我認為就精簡而言，我們曾經提到過，我們的目標是繼續調整投資組合，使其更加面向長期市場。

And so today, we're about 50-50 with respect to health care and water in the diversified businesses and ideally we would be more like two-third, one-third. So I don't really want to comment on what businesses those would entail, but the goal is to continue to get more into the secular base, mid-single-digit growth.

因此，目前我們在多元化業務中，醫療保健和水務方面的比例約為 50/50，而理想情況下，我們應該達到三分之二或三分之一。所以我不太想評論這些業務具體包含哪些內容，但目標是繼續朝著長期穩定、個位數中段的成長目標邁進。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Maybe just a quick one on the pro forma EBITDA forecast, inched up a little bit, not a huge amount, but it's a pretty brief amount of time. And I think you attributed it to stronger underlying business performance. I guess where is the area that you're being surprised on? And is it on the volume front? Or is it more on the cost and efficiency side, would you say?

或許可以簡單看一下備考 EBITDA 預測，略有上升，雖然幅度不大，但時間很短。我認為你將其歸因於更強的業務基本面表現。我猜你感到意外的地點在哪裡？銷量方面呢？還是您認為更多的是從成本和效率來考慮？

I would say it's more on the margin side. So what you see us kind of putting through in the pro formas is really how we exceeded or how we raised our guidance this year related to the segment performance that we had. So you see that kind of flowing through the pro forma -- so it's from the margin perspective and better operational performance that we had.

我覺得這比較是邊緣性的。所以，您在預測報表中看到的，實際上是我們如何超越或提高了今年與我們所取得的業務部門績效相關的預期。所以你可以看到這種趨勢貫穿了預測財務報表——這是從利潤率和我們更好的營運績效的角度來看的。

Got it. Okay. And then with regard to M&A, I mean, you made the reverse osmosis asset acquisition. So clearly, some things out there on your radar that you're opportunistically going after. I guess can you give us a little bit more color as to what you see in the pipeline if there are a lot of targets out there at this point if it's a little bit scarce, I guess, how you're thinking about that?

知道了。好的。至於併購方面，我的意思是，你們完成了逆滲透資產收購。很明顯，你注意著一些事情，並伺機而動。我想請您詳細介紹一下您目前看到的最新進展。目前有很多目標項目，但如果目標項目比較少，您是怎麼看待這個問題的？

Yes. So we have a robust pipeline. I would say it is deeper on the health care side than it is on the water side, just given the fragmentation that exists in health care and the consolidation that exists in water. So water there still opportunities probably to go beyond the water filtration assets that we have today and to potentially other areas within the water value chain. And on the health care side, it is pretty deep, just given, as I had mentioned, the fragmentation that exists on the CDMO side.

是的。所以我們擁有強大的生產流程。我認為，醫療保健領域的問題比水資源領域的問題更嚴重，因為醫療保健領域有片段化現象，而水資源領域則有整合現象。所以，在水資源領域，我們仍然有機會超越我們今天擁有的水過濾資產，並有可能擴展到水價值鏈中的其他領域。而在醫療保健方面，情況則相當複雜，正如我之前提到的，CDMO 方面存在著碎片化現象。

So there's lots of players the majority of them on both sides actually are owned by private equity, so that gives us the opportunity to be able to transact at some point versus having to try to take something loose from a strategic. And so it's deep and we're actively pursuing opportunities and reviewing opportunities with our strategy in M&A.

因此，雙方的大多數參與者實際上都由私募股權擁有，這給了我們機會在某個時候進行交易，而不是試圖從策略上獲取一些東西。因此，我們在併購領域投入巨大，並且正在積極尋求機會，並根據我們的策略審查併購機會。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great. So when you take a step back as an independent company and you look at your strategy and margins and market performance, whether it's this quarter or what you are forecasting on a preliminary basis for '26. What do you think -- the Street is missing the most about the independent company's outlook? And what are you the most enthusiastic about now that you have full independence.

偉大的。因此，當你作為一家獨立公司退後一步，審視你的策略、利潤率和市場表現時，無論是本季還是你對 2026 年的初步預測。你認為華爾街對這家獨立公司的前景最缺乏的是什麼？現在你完全獨立了，你最熱衷的是什麼？

Well, I think if I speak in that today and now I think -- the Street is confused on our number, just given where the free market trading is. So there was a lot of noise, obviously, around the numbers with arms coming out as a disc ops and maybe consensus not getting fully reset. But we had a beat and raise. We beat our Q3 numbers and New DuPont raised our side of the numbers as well. So I think that's one kind of short-term confusion.

嗯，我覺得如果我今天就這麼說，而且我認為——鑑於自由市場交易的現狀，華爾街對我們的數字感到困惑。所以很明顯，圍繞著這些數字有很多噪音，因為軍火商像光碟操作員一樣出現，而且共識可能沒有完全重置。但我們打了個節拍，然後又加了一把。我們第三季業績超乎預期，杜邦公司也提高了這邊的業績預期。所以我認為這是一種短期混亂。

I think longer-term, it's just a view on who we are. And so I think there's still a view that potentially we're a chemical company versus we have significantly transformed the portfolio to a multi-industrial and we've got the financial performance that is right in line with the multi-industrial. And so we would expect that we would continue to re-rate up towards more of that multi-industrial multiple. So I think that's one of the biggest confusing points is that we have a much more streamlined, simplified portfolio and a refresh team to be able to continue to deliver.

我認為從長遠來看，這只是我們對自身身分的一種看法。因此，我認為仍然有人認為我們可能是一家化學公司，但我們已經將業務組合大幅轉型為多元化工業公司，而我們的財務表現也與多元化工業公司完全一致。因此，我們預期估值將繼續上調，並向更多元化的產業估值倍數靠攏。所以我認為最令人困惑的一點是，我們擁有一個更精簡、簡化的產品組合和一個煥然一新的團隊，以便能夠繼續交付成果。

Got it. And just very quickly as a follow-up. On the water portfolio, you have a pretty well-rounded enhanced lineup of everything from Ultra to RO and everything else within the filtration side. Do you have the willingness or desire to get further into metering or anything else kind of as a tangential kind of growth theme in terms of how that market is evolving over the next 3, 5, 10 years. Just I'd love to hear about your strategy broader than it's been over the last, let's say, five or so.

知道了。再快速補充一下。在水處理產品組合方面，我們擁有相當全面的增強型產品線，涵蓋了從 Ultra 到 RO 以及過濾方面的所有其他產品。您是否願意或渴望進一步涉足計量或其他任何與市場發展相關的成長領域，以應對未來 3 年、5 年、10 年的發展趨勢？我只是想了解你們的戰略，比過去五年左右的戰略更全面一些。

Yes. We do have a strategy to go beyond just the water filtration. We're obviously the largest player in all the key technologies. So to get larger there via acquisition could be tricky from a regulatory perspective. I would say metering is not one that we're actively looking at just given the valuation are quite high.

是的。我們確實有一項策略，旨在超越單純的水過濾。我們顯然是所有關鍵技術領域最大的參與者。因此，從監管角度來看，透過收購擴大規模可能會很棘手。我認為，鑑於估值相當高，我們目前並沒有積極考慮計量方案。

But we are looking at opportunities more potentially here in systems plays or potentially other areas of filtration beyond just generally water. So we do have, within our ion exchange resins business, some water filtration around food and beverage and microelectronics and dairy. So potentially, are there some opportunities there that kind of take us beyond traditional industrial wastewater purification and desalination.

但我們正在考慮在系統應用或其他過濾領域（不僅限於水過濾）尋找更多機會。因此，在我們的離子交換樹脂業務中，我們確實有一些用於食品飲料、微電子和乳製品行業的水過濾應用。所以，是否存在一些機會，可以讓我們超越傳統的工業廢水淨化和海水淡化？

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

First, I just wanted to try to ask on the cash and the balance sheet comments. I think some of our math was that your upcoming cash might be closer to $1.5 billion to $2 billion before buybacks just given where cash sits today in fourth quarter free cash flow. I don't know if that's wrong from the math or if the $1 billion in cash is a target. So just curious, can you help bridge us for the moving pieces between 3Q and year-end, please?

首先，我想就現金和資產負債表方面的問題問一下。我認為我們之前的計算結果是，考慮到目前第四季自由現金流的狀況，在股票回購之前，你即將到來的現金可能接近 15 億至 20 億美元。我不知道這是數學上的錯誤，還是那10億美元的現金是目標金額。所以，我很好奇，您能否幫我們連結第三季到年底這段時間的各種變動？

Yes. So you have to keep in mind a couple of things. So on the cash on the balance sheet at the end of Q3 is the cash position for both the new DuPont as well as community. So there is some cash that will go over to unity as part of the separation. So again, on a pro forma basis, we expect to be at around $1 billion is what the new DuPont will have as a cash position, which, quite honestly, is a pretty healthy spot to be in as we move forward given the size of the organization.

是的。所以你需要記住幾件事。因此，第三季末資產負債表上的現金餘額既包括杜邦新業務的現金，也包括社區的現金。因此，作為分離的一部分，將會有一部分資金流向團結組織。所以，再次按備考基準來看，我們預計新杜邦公司的現金儲備將達到 10 億美元左右，坦白說，考慮到公司的規模，這對於我們未來的發展來說是一個相當健康的狀況。

And is that before or after the ASR.

那是在ASR之前還是之後？

That would be before the ASR. That is our pro forma cash that we expect to keep. The other thing to keep in mind is as we get towards the end of the year between the timing of when certain separation costs would be paid. We obviously said we're going to move pretty imminently on the ASR. So clearly, that's before we get to year-end in terms of doing that.

那是在ASR出現之前的事了。這是我們預計能夠保留的預估現金流。另一件需要記住的事情是，隨著年底臨近，某些離職補償金的支付時間也隨之而來。我們之前已經說過，我們很快就會推進 ASR 專案。所以很明顯，就這項工作而言，那是在年底之前的事。

So there will be some cash out the door related to that we'll have before year-end. There's also timing of separation costs. So there is the potential that by end of year, we may have a little bit of commercial paper that's on hand. But clearly, as we mentioned before, we do have a nice amount of proceeds coming in the door in Q1 of '26 related to the Arabic divestiture.

因此，在年底前，我們將有一些與此相關的現金支出。此外，分離成本的發生時間也需要考慮。因此，到年底，我們有可能手邊會有一些商業票據。但很顯然，正如我們之前提到的，2026 年第一季度，我們將從阿拉伯資產剝離中獲得一筆可觀的收入。

And if I could just follow up quickly on margins. I mean, you reiterated your improvement plan over the next few years. I guess, assuming that the macro demand is a bit softer next year, do you see a bigger opportunity to pull forward some productivity and get more margin expansion? Or Is that more of a volume-dependent type profile where you need to get a stronger macro to achieve that?

如果我能盡快跟進利潤率就好了。我的意思是，你重申了未來幾年的改善計畫。我想，假設明年宏觀需求略顯疲軟，您是否認為會有更大的機會提前提高生產力並擴大利潤率？或者說，這更像是一種音量相關的配置，需要更強大的巨集才能達到這種效果？

I mean as we did our walk that we talked about on Investor Day, we did have a portion of the margin expansion that would be coming from our revenue growth. And as Lori mentioned earlier, I would keep in mind that when you look at our health care and water business, as we exit this year and go into next year, we are still in a very good position to be able to grow at mid-single-digit growth. And you really only need a little bit of growth, I would say, on the diversified industrial side of the house to kind of get to, I would call it, the low end of our organic revenue growth CAGR as we move forward. So that was a piece of it. So we feel really good that we're positioned to do that.

我的意思是，正如我們在投資者日上談到的那樣，我們進行了一次考察，其中一部分利潤率的擴張將來自我們的收入成長。正如 Lori 之前提到的，我想提醒大家，當我們審視我們的醫療保健和水務業務時，展望今年和明年，我們仍然處於非常有利的地位，能夠實現中等個位數的增長。我認為，在多元化工業領域，你只需要一點成長，就能達到我們有機收入成長複合年增長率的低​​端水準。這是其中的一部分。所以，我們感覺自己已經做好了充分的準備，能夠做到這一點。

In addition, we had about 40 basis points of margin expansion over the 3-year period coming from the removal of our stranded costs. Clearly, that's 100% in our control. And as I mentioned at the Investor Day, the plan would be to get that out by the end of year to so you'd have that margin improvement in the first two years of the plan. And then you heard Lori talk a little bit earlier about our lean initiatives and how we're operating as a new company going forward. So we do have another additional up to 50 basis points coming from productivity, greater than inflation.

此外，由於剔除了擱淺成本，我們在三年期間的利潤率提高了約 40 個基點。顯然，這完全在我們掌控之中。正如我在投資者日上提到的，計劃是在年底前推出這項計劃，這樣就能在計劃實施的前兩年實現利潤率的提高。然後，你們剛才也聽到 Lori 談到了我們的精益舉措以及我們作為一家新公司未來的運作方式。因此，生產力還能帶來額外高達 50 個基點的成長，高於通貨膨脹率。

And I would say the teams are doing a really good job relative to that. We even saw underlying margin improvement this quarter, and we would expect to continue to see that as we go forward.

我認為各隊在這方面做得非常好。本季我們甚至看到了潛在利潤率的改善，我們預計未來將繼續看到這種改善。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

Where are we on the discussions with MSCI on reclassification? And Will we get a pro forma balance sheet at some point? Or just wait until we get the year-end balance sheet for new DuPont.

我們與MSCI就重新分類問題的討論進度如何？我們會在某個時候拿到模擬資產負債表嗎？或者等到我們拿到杜邦公司年底的資產負債表再說。

Yes. So a couple of things. Let me take the good old Dick question first because it's one of my favorite topics. So I would say we are continuing to make progress towards an industry classification change. As I'm sure you've seen, unity got their semiconductor classification, which we obviously positioned for.

是的。有兩件事。讓我先回答一下關於迪克的老問題，因為這是我最喜歡的話題之一。所以我認為，我們在產業分類變革方面正持續取得進展。正如你所看到的，Unity 獲得了半導體行業的分類，這顯然是我們為此所做的準備。

So that has worked out well. I would say the way that S&P and the MSCI work, they do kind of wait for your publicly filed information. So I think they'll see clearly the new DuPont as we get to this upcoming 10-K filing. But we will continue to push on that. I would say the one thing that I would always recall is that the fact that really our valuation is really going to dependent more so on our consistent performance more than any classification, but I would tell you that I'm on a personal mission related to our GICS code to ultimately as that appropriately reflects the DuPont portfolio that we have today.

所以效果很好。我認為，標普和MSCI的運作方式是，他們會等待你公開揭露的資訊。所以我認為，隨著即將提交的 10-K 文件，他們會清楚地看到杜邦公司的新面貌。但我們會繼續推進這項工作。我想說的是，我始終銘記的一點是，我們的估值實際上更多地取決於我們持續的業績，而不是任何分類。但我必須告訴你們，我個人正在努力改進我們的 GICS 程式碼，使其最終能夠適當地反映我們今天所擁有的杜邦投資組合。

In terms of pro forma, on Monday, this past Monday, we did file an 8-K that did show pro forma information. So some of that is actually already out today and already out as of now. And then clearly, as we get to the end of the year, all of our financials will clearly show both electronics and ARM as discontinued operations so you'll have a nice 10-K with historical periods, all recasted for the new DuPont as we go forward.

就備考情況而言，就在上週一，我們提交了一份 8-K 表格，其中顯示了備考資訊。所以其中一些內容實際上今天就已經發布了，現在就已經發布了。然後很明顯，到了年底，我們所有的財務報表都會清楚地顯示電子業務和 ARM 業務均為終止經營業務，因此您將獲得一份包含歷史時期的 10-K 表格，所有內容都將根據新的杜邦公司進行重新調整。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

This is [Ryan] on for Aleksey. I just want to echo some of the earlier comments, my congratulations in getting everything done. The earlier part of the call kind of focused a lot on maybe where you could go with the portfolio, but I was hoping to kind of focus on what you currently have and especially in the health care business, there's a lot of talk in the slide deck about medical packaging and biopharma this year. But maybe we could get some additional color kind of on what's going on in medical device space.

這是瑞安替阿列克謝上場。我只想附和一下前面的一些評論，祝賀你們圓滿完成所有工作。電話會議的前半部分主要集中在投資組合的未來發展方向上，但我希望重點關注您目前擁有的資產，尤其是在醫療保健業務方面，今年的幻燈片中有很多關於醫療包裝和生物製藥的討論。但或許我們可以更詳細地了解醫療器材領域正在發生的事情。

Yes. So we're really excited about all aspects of the portfolio, but the health care and water with the mid-single-digit growth are areas that will continue to differentially invest. And so we saw nice growth across the broader health care business. And so we kind of said mid- to high single-digit growth on a full year basis for health care and water combined. The health care business would be north of that average.

是的。因此，我們對投資組合的各個方面都感到非常興奮，但醫療保健和水務領域由於實現了中等個位數的成長，我們將繼續進行差異化投資。因此，我們看到整個醫療保健產業都實現了良好的成長。因此，我們預計醫療保健和水務行業全年合計將實現中高個位數成長。醫療保健行業的水平將高於平均水平。

And so it was really a combination of nice performance across Livio, which is our biopharma business. And so I think as you've seen across many of the peers that have exposure in biopharm, this was a nice year with like kind of completion of the destock and a return to a really nice growth. We saw really nice growth in the Med packaging and then to your question specifically on health care and the med device space, we're seeing nice growth, too, as we exit the year. And so we actually just announced that we are bringing in a new leader for the health care business to lead the spectrum and Livio businesses. He joined us from a long history of running other types of CDMO.

因此，這實際上是 Livio（我們的生物製藥業務）整體良好表現的綜合結果。所以，我認為正如你在許多涉足生物製藥領域的同行身上看到的那樣，今年是個不錯的年份，庫存基本上完成，並恢復了非常好的增長。我們在醫療包裝領域看到了非常不錯的成長，至於您具體提到的醫療保健和醫療器材領域，隨著年底的臨近，我們也看到了不錯的成長。因此，我們剛剛宣布，我們將為醫療保健業務引入一位新的領導者，以領導 Spectrum 和 Livio 業務。在他加入我們之前，曾長期經營其他類型的CDMO公司。

So he starts Monday, and we're really excited to have and joined the portfolio as well. So we look for nice growth from that business and then ideally being able to be opportunistic and add to it as we go forward.

他週一開始上班，我們也非常高興他能加入我們的作品集。因此，我們希望這項業務能夠實現良好的成長，並且理想情況下，我們能夠抓住機會，在未來的發展中不斷擴大規模。

Great. That's helpful. And then just on the construction market, you and a number of players in the space have just kind of been talking about softer market conditions. So just kind of wondering what your outlook is? I know it's still early kind of getting into '26, but just maybe if you can give some high-level commentary about how you're thinking about it.

偉大的。那很有幫助。再說建築市場方面，你和該領域的許多參與者一直在談論市場狀況疲軟的問題。所以，我只是想知道你的看法是什麼？我知道現在才剛到 2026 年還為時過早，但或許您可以就您對此的看法做一些高層次的評論。

Yes. So a little bit of reminders of kind of where we've been related to our shelter business that is what's tied to the construction market. So when we look actually at 2024, I would say we were in a relatively good position. We actually held flat with the market. And as you know, I would say, over the last at least four years, we've all been in that second half of the year recovery and then it kind of gets pumped into the next year.

是的。所以，這裡簡單回顧一下我們與庇護所業務相關的發展歷程，也就是與建築市場相關的部分。所以當我們展望 2024 年時，我認為我們處於相對有利的地位。實際上，我們採取了與市場持平的策略。如你所知，我想說，至少在過去的四年裡，我們都經歷了下半年的經濟復甦，然後這種復甦勢頭又延續到了下一年。

And those were the early thoughts, I would tell you, as you start to read different reports that are out there related to the construction market that the second half of next year would start to get better. As Lori mentioned earlier, we do expect the shelter business to be down around 4% organically this year. So we do feel we're at a relatively low level at this point. So we really aren't going to be expecting a significant amount of growth next year. But quite honestly, even getting to flat actually has a nice impact on our overall organic growth. So we do expect a little bit of growth in shelter next year, again, though off of a pretty low bottom here.

我告訴你，最初的想法是，當你開始閱讀與建築市場相關的各種報告時，你會發現明年下半年情況會開始好轉。正如 Lori 之前提到的，我們預計今年動物收容所業務的自然成長率將下降約 4%。所以，我們感覺目前我們的水平還比較低。因此，我們預計明年不會有顯著的成長。但說實話，即使只是達到平穩水平，實際上也對我們的整體自然成長產生了積極的影響。因此，我們預計明年住房市場會略有成長，儘管目前的市場底部相當低。

Matt DeYoe, Bank of America.

馬特·德約，美國銀行。

Congrats on the formal separations, but it's been a long road. I think if we look under the surface at new pro forma IndustrialsCo. I think the comment was industrial -- organic sales were plus 4% ex and then 2% ex the pull forward. Can you just parse that out a little bit on a segment basis -- just trying to get a sense for like volume and price in health care and water versus diversified IndustrialsCo. Just trying to get a little bit more granularity on what the pro forma business is doing here.

恭喜你們正式分居，但這真是一段漫長的路。我認為如果我們深入了解一下新的模擬工業公司（IndustrialsCo.）的情況。我認為這篇評論是關於工業方面的——有機銷售額增長了 4%（不包括提前確認的銷售額），然後增長了 2%。您能否按細分市場稍微分析一下——只是想了解一下醫療保健和水務行業的銷售和價格與多元化工業公司相比的情況。我只是想更詳細地了解這家預估公司在這裡的具體業務。

Yes. So on a reported basis, health care and water were up high single digits. I would say if you kind of adjusted that for the full forward impact, we were at mid-single digits. And diversified industrials was up on a reported basis organically in the low single digits. And I would say, if you adjust for the pull forward, it would have been pretty relatively flat.

是的。因此，據報告顯示，醫療保健和水務支出均實現了接近兩位數的成長。如果考慮到所有前鋒的影響，我認為我們的差距應該在個位數左右。據報道，多元化工業板塊的有機成長幅度在低個位數。而且我認為，如果考慮到前拉力，它應該會相當平坦。

All right. And then you had said Shelter was minus 4% on the year. As we just look at like 3Q into 4Q, I can't -- I'm not sure if you said it or not, but like where is where is that construction business comping? Is it like minus 2%, minus 3% in this quarter in 3Q or maybe a little bit more out there.

好的。然後你又說 Shelter 的年跌幅是 4%。如果我們只看第三季到第四季的情況，我無法——我不確定你有沒有說過，但是建築業務的業績在哪裡？第三季是負2%還是負3%，或者可能還要更低？

Yes. I would say in the third quarter, relative to the pull forward we had, it was like down around 2%. And we do expect as we get into the fourth quarter, we're down more in that 3% to 4% range. But I would say when you look at the overall 4% for the year, we were down more in the first half of the year than we are in the second half of the year.

是的。我覺得第三季相對於我們之前的拉開差距，下降了大約 2%。我們預計，進入第四季後，降幅將進一步擴大到 3% 到 4% 的範圍內。但我想說，如果從全年整體的 4% 來看，我們上半年的降幅比下半年還要大。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Congrats. This is (inaudible), on for Vincent. I was just wondering if you could provide some color on your confidence in the 3% to 4% top line algorithm for 2026.

恭喜。這是（聽不清楚），給文森。我只是想了解一下，您能否就您對 2026 年 3% 至 4% 的營收成長演算法的信心做一些說明。

Yes. So as we had mentioned, we don't expect to start in the hole to be able to achieve our medium-term targets of 3% to 4% over the '26 to '28 time frame. So if we look at our performance in the second half of 2025, which can be an indicator of what you might be seeing as beginning 2026, our health care and water business is performing in line with our medium-term targets. So with that being around the 5%, about half our company, you get 2.5% organic growth straight from that. And as we had mentioned, the shelter business which is about 25% of portfolio in the second half is down about 2.5%.

是的。正如我們之前提到的，我們並不指望從虧損開始就能實現 2026 年至 2028 年期間 3% 至 4% 的中期目標。因此，如果我們看一下 2025 年下半年的業績（這可以作為 2026 年初的指標），我們的醫療保健和水務業務的業績符合其中期目標。因此，這部分佔比約為 5%，約占我們公司的一半，由此可獲得 2.5% 的自然成長。正如我們之前提到的，下半年佔投資組合約 25% 的住房業務下降了約 2.5%。

We don't expect it to continue to be down next year, but we're not really expecting any material growth, but just the absence of a negative brings an opportunity incrementally from the second half.

我們預計明年不會繼續下降，但我們也不指望會有任何實質成長，只是沒有出現負成長，從下半年開始就會逐漸帶來一些機會。

And as we look at the rest of the industrial tech portfolio, which makes up about 30%, we would expect to see sort of a minimum low single-digit growth, we had mentioned the whole portfolio should be at average 2% for the industrial technology side. So if you take that piece, you can generally roundly get to your medium-term targets at the midpoint range with really just the big inflection point being cooptation of the shelter market and no longer being a drag on the total organic growth.

當我們審視佔比約 30% 的工業技術投資組合的其他部分時，我們預計其最低成長率將達到個位數低段，我們之前提到過，整個投資組合中工業技術部分的平均成長率應為 2%。因此，如果你接受這個因素，你通常可以大致達到你的中期目標，而真正的重大轉折點在於控制住房市場，不再拖累整體的有機成長。

Great. Great. Appreciate the color. And I wanted to circle back as well on the building and construction discussion, specifically on E&C margins. How are they -- how much are they holding the segment margin back at this point given the weakened demand environment?

偉大的。偉大的。欣賞這種顏色。我還想再回到建築施工的話題上來，特別是關於工程和施工利潤率。鑑於當前疲軟的需求環境，它們對業務利潤率的影響有多大？

And how much lift could there be if conditions begin to improve? And would this be in addition to the 150 to 200 basis point improvement that you all are targeting for 2028 overall?

如果情況開始好轉，升力會有多大？這是否是在你們為 2028 年設定的總體目標——提高 150 至 200 個基點——之外的額外目標？

Yes. I would actually say, I believe you mentioned the construction markets of the shelter business. I would say, overall, actually, the business has actually been doing pretty well from a margin perspective. So I would do a nice shout out and kudos to the team that despite the fact that volume has been down, they have been significantly driving productivity, watching costs, making sure that we are positioned for the current market environment that we're in. So that should set us up nicely for when we get back to being in growth mode in the construction.

是的。實際上，我想說的是，我相信你提到了庇護所產業的建築市場。總的來說，從利潤率的角度來看，這家公司實際上經營得相當不錯。因此，我要向團隊致以誠摯的讚揚和敬意，儘管銷量有所下降，但他們仍然顯著提高了生產力，控制了成本，確保我們能夠適應當前的市場環境。這樣一來，當我們重新進入建築業的成長階段時，我們就能做好充分的準備了。

Patrick Cunningham, Citigroup.

派崔克‧坎寧安，花旗集團。

This is [Rachel Lee], on for Patrick. Can you expand more on the strategic rationale for the ARO acquisition in China. Understand it enables you to be more local for local, but can you touch more on the technology value add perspective? And specifically what you're seeing in terms of water market growth in China.

這位是瑞秋李，她將代替派崔克發言。您能否詳細說明收購ARO在中國的戰略理由？我知道這能讓你更好地服務本地市場，但你能否更詳細地談談科技帶來的價值提升？具體來說，就是你在中國水市場成長所看到的。

Yes. So the acquisition was more one of a capacity add. So on the ion exchange side, we've got different plants across the globe, so we're able to be local for local. On the RO side, prior to this acquisition, we really had membrane capacity really only at one spot for the most part in the US and nothing outside the US.

是的。所以這次收購更多的是為了增加產能。所以在離子交換方面，我們在全球各地都有不同的工廠，因此我們能夠做到因地制宜。在逆滲透方面，在此次收購之前，我們的膜產能實際上主要集中在美國的一個地方，而在美國以外的地方則沒有任何產能。

of any materiality. And we have started to build fabrication capabilities outside the US through contract manufacturers, and we had established capabilities within the Asia Pacific region. But it was really important that we also get membrane capacity in Asia just given that it's about one-third of our sales and there's growing local for local preferences in the region. So it really doesn't give us any additional technology.

任何實質的。我們已開始透過合約製造商在美國以外建立製造能力，並且我們在亞太地區已經建立了相應的能力。但考慮到亞洲的銷售額約占我們總銷售額的三分之一，而且該地區對本地產品的偏好日益增長，因此在亞洲獲得膜產能對我們來說也至關重要。所以它實際上並沒有為我們帶來任何額外的技術。

We've got the leading technologies that we'll continue to protect here in the US operations. It just gives us more local production capabilities for membrane within the China region.

我們擁有領先的技術，我們將繼續保護這些技術在我們美國業務中的應用。這使得我們在中國地區擁有了更多膜材料的在地化生產能力。

Got it. That's very helpful. And then going to diversified industrials side, it seems like organic sales grew better than expectations due to Industrial Technologies. Can you touch more on maybe how auto, aerospace or other businesses performed better than prior expectations?

知道了。那很有幫助。從多元化工業領域來看，由於工業技術業務的成長，有機銷售額的成長似乎比預期好。您能否詳細談談汽車、航空航太或其他產業是如何超越預期表現的？

Yes. So on the diversified side, we had a little bit better performance than we had expected. A lot of that was related to the timing shift though. So from a full year perspective on an organic basis, we continue to expect to be at 2% and it really hasn't materially changed across any of the lines of business or reporting units. But to your question, we did see nice improvement on the kind of general next-gen mobility space, which would include both the automotive and the aerospace side.

是的。因此，在多元化投資方面，我們的表現比預期好一些。但這很大程度與時間調整有關。因此，從全年有機成長的角度來看，我們仍然預期成長率為 2%，而且在任何業務線或報告部門中，這一比例實際上都沒有發生實質變化。但就您的問題而言，我們確實看到了下一代出行領域（包括汽車和航空航太領域）的良好進步。

So we had mentioned at Investor Day, I believe that we are starting to feel a little bit of momentum building in the auto space, and we saw that play out in Q3. And so the revisions that have been happening in the last few months have been improving with respect to auto builds. And so we're cautiously optimistic that we keep on pace there.

正如我們在投資者日上提到的，我認為我們開始感受到汽車領域正在積聚一些勢頭，而我們在第三季度也看到了這一點。因此，過去幾個月進行的修訂在自動建置方面有所改進。因此，我們謹慎樂觀地認為，我們能夠保持目前的進度。

And the improvement that we've been seeing more importantly, has been in the US and North America markets, which is where we're outsized exposure is versus China. So we'll remain optimistic on the automotive piece and then the EV piece that we've talked about to PAUSE continue to perform really well. So we've got share gains realized and more opportunities coming in the pipeline with one opportunities with the EV battery space.

更重要的是，我們看到的改善主要發生在美國和北美市場，而我們在這些市場的投資規模遠大於中國。因此，我們對汽車產業保持樂觀，而我們之前討論過的電動車產業（PAUSE）也將繼續表現出色。因此，我們已經實現了市場份額的成長，並且還有更多機會正在醞釀中，其中一個機會來自電動車電池領域。

Mike Sison, Wells Fargo.

麥克西森，富國銀行。

Just curious, I think the case to change the get code is pretty straightforward. But if it doesn't change as Steve in Chemicals, why do you think that is? And then if you are stuck with us, who do you think would be good comps relative to your performance for investors to look at? Is it like an Ecolab Linde or Sherwin just curious if that sort of scenario unfolds.

我只是好奇，我覺得修改 GET 程式碼的理由很簡單。但如果它不像化學系的史蒂夫那樣改變，你認為這是為什麼？如果你非要和我們合作，你認為相對於你的業績，哪些公司可以作為投資人參考的比較對象？它是不是像藝康、林德或宣偉？我只是好奇這種情況是否會發生。

Yes. So I would say it's not a straightforward process. One might think that it should be, but it's clearly not in terms of having the classification change. So as I mentioned earlier, we will continue down that path. At the end of the day, our performance will drive our valuation, and that's what we're focused on.

是的。所以我覺得這不是一個簡單的過程。人們可能會認為應該如此，但顯然並非如此，因為分類並沒有改變。正如我之前提到的，我們將繼續沿著這條路走下去。歸根究底，我們的業績將決定我們的估值，而這正是我們所關注的。

So as an organization, nothing will change in terms of our strategy, how we're expected to perform and what we would do relative to peers, quite honestly, none of the chemical peers would be our peers that we should be compared to. I mean we just had very different portfolios. So there is no comparison to the others that are listed within specialty chemicals. We will continue to say for no matter who's following us and reporting on us that at the end of the day, you really got to look at the multi-industrial peers to kind of compare our performance.

因此，就組織而言，我們的策略、預期表現以及相對於同儕而言，都不會發生任何變化。坦白說，沒有哪家化工產業的同行是我們應該與之比較的同行。我的意思是，我們的投資組合非常不同。因此，它與其他特種化學品沒有可比性。我們將繼續強調，無論誰在關注我們、報導我們，最終，你真的需要看看多元化產業的同行，才能比較我們的業績。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

You commented on maybe some details on your health care portfolio. Could you also comment on the water side you guys recently completed that acquisition in China. What else are you guys looking at? And I guess, how are you prioritizing capital allocation towards this business?

您或許可以就您的醫療保健投資組合中的一些細節發表一些評論。您能否也談談貴公司最近在中國完成的水務業務收購？你們還在關注什麼？那麼，你們是如何優先分配資金用於這項業務的呢？

Yes. So on the water space, we'll look to see if we can be opportunistic to add to our water filtration capabilities. But as I mentioned, they might be a little bit more minimal because of the consolidation that exists in the space as well as our market leadership that have across the core technology. So we'll look more broadly into potentially systems plays or some services place. I had mentioned that steering probably would be off the table just given the high valuations that come along with those assets, and we'll continue to be prudent to ensure that we can get a return that's in line with our expectations.

是的。因此，在水處理領域，我們將尋找機會來增強我們的水過濾能力。但正如我所提到的，由於該領域的整合以及我們在核心技術領域的市場領導地位，它們可能會更加精簡一些。因此，我們將更廣泛地研究潛在的系統性策略或一些服務領域。我之前提到過，鑑於這些資產的估值很高，轉向策略可能不在考慮範圍內，我們將繼續保持謹慎，以確保獲得符合我們預期的回報。

But I think that the pipeline is rich on both sides, the health care and water will differentially invest in those businesses, both from an R&D and a capital perspective to ensure that we're getting outsized returns and we'll bias our M&A activity towards those businesses as well.

但我認為，醫療保健和水務產業都將從研發和資本角度對這些企業進行差異化投資，以確保我們獲得超額回報，我們也會在併購活動中專注於這些企業。

There are no further questions at this time. And with that, I will turn the call back to Ann Giancristoforo for closing remarks. Please go ahead.

目前沒有其他問題了。接下來，我將把電話轉回給安‧詹克里斯多福羅，請她作總結發言。請繼續。

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

偉大的。感謝各位參加我們的電話會議。供您參考，我們的成績單副本將發佈在杜邦公司的網站上。今天的電話會議到此結束。

Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。