杜邦 (DD) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the DuPont first-quarter 2026 earnings call. (Operator Instructions)

感謝您的等候。我叫 Bailey，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加杜邦 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Ann Giancristoforo, VP of Investor Relations. You may begin.

現在我想將電話交給投資人關係副總裁 Ann Giancristoforo。您可以開始了。

Good morning, and thank you for joining us for DuPont's first-quarter 2026 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.

各位早安，感謝各位參加杜邦 2026 年第一季財務結果電話會議。今天與我一同出席的有執行長 Lori Koch，以及財務長 Antonella Franzen。我們已準備投影片以補充我們的說明，投影片已發布於杜邦網站「投資人關係」分頁以及網路直播連結中。

Please read the forward-looking statement disclaimer contained in the slides. 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.

請閱讀投影片中所載之前瞻性陳述免責聲明。在本次電話會議中，我們將就對未來的預期或預測發表之前瞻性陳述。由於這些陳述係基於目前的假設及涉及風險與不確定性的因素，我們的實際表現與結果可能與之前瞻性陳述存在重大差異。

Our Form 10-K, as updated by our current and periodic reports, includes detailed discussions 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 Form 10-K（並由目前及定期報告更新）包含對主要風險與不確定性的詳細討論，這些因素可能導致上述差異。除非另有說明，今日所呈現之所有歷史財務衡量指標均以持續營運基礎編製，並排除重大項目。

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.

我們也將提及其他非 GAAP 衡量指標。與其最直接可比之 GAAP 財務衡量指標的調節表已載於我們的新聞稿與簡報資料中，並已發布於杜邦投資人關係網站。

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

接下來我將把電話交給 Lori，她將從第 3 頁投影片開始。

Good morning, and thanks, everyone, for joining our call. Earlier today, we reported our first quarter financial results, which exceeded our previously communicated guidance. Through disciplined commercial and operational execution, we delivered organic sales growth of 2%, 130 basis points of pro-forma margin expansion and double-digit adjusted EPS growth.

各位早安，感謝大家參加本次電話會議。今天稍早，我們公布了第一季財務結果，表現優於我們先前對外溝通的指引。透過嚴謹的商業與營運執行，我們實現 2% 的有機銷售成長、備考（pro-forma）毛利率擴張 130 個基點，以及兩位數的調整後 EPS 成長。

Free cash flow generation and conversion were solid in the quarter. As a result of our first quarter performance, along with price increases due to the Middle East conflict, we are raising our full year 2026 financial guidance. Antonella will provide further details shortly.

本季自由現金流的創造與轉換表現穩健。基於第一季的表現，以及中東衝突帶來的漲價因素，我們上調 2026 全年財務指引。Antonella 稍後將提供更多細節。

We also announced that we expect to launch a $275 million accelerated share repurchase under our existing program, a clear example of how we continue to advance our strategic priority of driving disciplined capital allocation by returning cash to shareholders.

我們也宣布，預計將在既有計畫下啟動 2.75 億美元的加速庫藏股回購（accelerated share repurchase），這清楚展現我們持續推進策略重點：透過回饋現金給股東，落實嚴謹的資本配置。

On the next slide, I will cover the progress we are making on driving growth and continuous improvement. We completed the previously announced divestiture of the Aramids business on April 1. We are confident in Arclin ability to continue to drive growth and opportunity for the employees and customers of the combined businesses.

在下一頁投影片，我將說明我們在推動成長與持續改善方面的進展。我們已於 4 月 1 日完成先前宣布的芳綸（Aramids）事業出售。我們對 Arclin 持續推動成長、並為合併後事業的員工與客戶創造機會的能力充滿信心。

We also recently issued our 2026 sustainability report and announced our new 2035 sustainability goals. The progress we made in 2025 highlights the power of our innovation engine, creating sustainably advanced solutions that help our customers succeed. We continue to reduce our environmental footprint and increase the use of renewable energy sources across our operations while maintaining a strong focus on execution and discipline.

我們也在近期發布 2026 年永續報告，並公布新的 2035 年永續目標。我們在 2025 年取得的進展凸顯了創新引擎的力量，能創造永續先進解決方案，協助客戶成功。我們持續降低環境足跡，並在各項營運中提高再生能源使用，同時維持對執行力與紀律的高度聚焦。

Safety and culture continue to differentiate DuPont with record safety performance and high employee engagement, reinforcing the connection between what we do every day and the value we create for our customers.

安全與文化持續成為杜邦的差異化優勢；我們創下安全績效新高，員工敬業度亦維持高檔，強化了我們每日所做之事與為客戶創造價值之間的連結。

Our 2035 goals reinforce our commitment to delivering value by embedding sustainability directly into our business strategy. These goals focus on three impact areas. Sustainable innovation, resilient operations and people, partners and communities. They are designed to drive growth through innovation, operational excellence and accountability across our value chain while also advancing progress in areas such as climate action, circularity, safety and responsible sourcing.

我們的 2035 年目標強化了我們的承諾：將永續性直接嵌入企業策略，以此交付價值。這些目標聚焦三大影響領域：永續創新、韌性營運，以及人才、夥伴與社區。其設計旨在透過創新、營運卓越與價值鏈的問責機制來推動成長，同時也推進氣候行動、循環經濟、安全與負責任採購等領域的進展。

Moving to slide 4. We continue to advance our strategic priorities and are seeing direct impacts from the implementation of our business system. We strengthened our performance-based culture with a clear emphasis on growth and continuous improvement, reinforced by the launch of our refreshed core values. This is enabling greater consistency across the businesses as we drive excellence in innovation, commercial execution and operations.

接著看第 4 頁。我們持續推進策略重點，並看到導入我們的業務系統所帶來的直接影響。隨著我們推出更新後的核心價值觀，我們進一步強化以績效為導向的文化，並明確聚焦成長與持續改善。這使我們在推動創新、商業執行與營運卓越時，能在各事業之間建立更高的一致性。

Starting with innovation. It remains at the core of our value proposition. Our 2025 vitality index was 35%, above the benchmark we previously outlined, reflecting the strength and relevance of our product portfolio. During the quarter, we delivered a steady cadence of new product introductions and customer wins across health care, water and diversified industrial end markets.

先從創新談起。創新仍是我們價值主張的核心。我們 2025 年活力指數（vitality index）為 35%，高於我們先前提出的基準，反映出產品組合的強勁與高度相關性。本季我們持續穩定推出新產品並取得客戶採用，涵蓋醫療保健、水務與多元工業等終端市場。

Recent launches include upgraded FilmTec nanofiltration elements designed to help municipalities and drinking water utilities produce high-quality water with lower energy consumption and reduced operating costs. These innovations are being enabled not only by strong R&D execution, but also by continuing investments in digital and AI capabilities.

近期推出的產品包括升級版 FilmTec 奈米過濾元件，旨在協助市政與飲用水公用事業以更低能耗與更低營運成本產出高品質用水。這些創新不僅仰賴強勁的研發執行，也得益於我們持續投資數位與 AI 能力。

Last week, we announced that we are collaborating with Uncountable, an AI-driven platform for end-to-end product and application development, focused on accelerating development, improving cycle times and sharpening how we translate ideas into differentiated solutions for customers.

上週，我們宣布與 Uncountable 合作；Uncountable 是一個以 AI 驅動、涵蓋端到端產品與應用開發的平台，合作重點在於加速開發、縮短週期時間，並強化我們將想法轉化為具差異化客戶解決方案的能力。

This collaboration streamlines and accelerates the work we have been doing on connected lab infrastructure and digital innovation. From a commercial standpoint, we are making steady progress in demand generation and pipeline discipline.

這項合作可精簡並加速我們在互聯實驗室基礎設施與數位創新方面既有的工作。從商業面來看，我們在需求創造與商機管線（pipeline）紀律方面持續穩步推進。

Across the businesses, we are advancing targeted sales plays that bring together our technologies and application expertise to address specific end markets where we see attractive growth and differentiated value. We continue to standardize how opportunities are identified, reviewed and advanced, supported by a clear cadence, better data quality and stronger collaboration between commercial, technical and operations teams.

在各事業中，我們正推動具針對性的銷售策略（sales plays），整合我們的技術與應用專業，以切入我們認為具吸引力成長與差異化價值的特定終端市場。我們持續標準化商機的辨識、審查與推進方式，並以明確的節奏、更佳的資料品質，以及商務、技術與營運團隊之間更強的協作作為支撐。

These efforts are driving better visibility, improved conversion and stronger alignment between our commercial team and customers' highest value needs, improving the quality and durability of our pipeline.

這些努力帶來更佳的可視性、更高的轉換率，並使我們的商務團隊與客戶最高價值需求之間的對齊更為緊密，進而提升管線的品質與持久性。

On operational excellence, our teams remain intensely focused on the fundamentals. Safety, quality, delivery, inventory and productivity. During the quarter, we delivered meaningful improvements in asset reliability and equipment effectiveness across our key facilities, which supported better on-time delivery and stronger operational throughput.

在營運卓越方面，我們的團隊仍高度聚焦基本功：安全、品質、交付、庫存與生產力。本季我們在關鍵廠區的資產可靠度與設備效能方面取得顯著改善，支撐了更佳的準時交付與更強的營運產出。

At the same time, we continue to drive productivity through focused maintenance and reliability initiatives, lean execution and Kaizen activity across our sites. I am personally excited as we recently kicked off our annual CEO Kaizen event, in which myself and the executive leadership team will each participate in events focused on strengthening our value creation processes across the company.

同時，我們透過聚焦的維修與可靠度計畫、精實執行，以及各據點的改善（Kaizen）活動，持續提升生產力。我個人也非常振奮，因為我們近期啟動年度 CEO Kaizen 活動；我與高階管理團隊將各自參與相關活動，重點在於強化全公司價值創造流程。

We are also advancing how we operate by pairing process discipline with digital and AI capabilities. Over the last several quarters, we have expanded the use of data-enabled tools to improve maintenance, planning, accelerate defect detection, and optimize asset performance. These capabilities are allowing our teams to convert operational data into actionable insights faster, improving reliability, reducing variability and reinforcing safe operations, all while delivering cost and productivity benefits.

我們也透過將流程紀律與數位及 AI 能力結合，持續提升營運方式。過去幾季，我們擴大使用資料驅動工具，以改善維修保養與規劃、加速瑕疵偵測並最佳化資產績效。這些能力讓團隊能更快將營運資料轉化為可執行洞見，提升可靠度、降低變異並強化安全營運，同時帶來成本與生產力效益。

Importantly, this operational rigor positions us well as we navigate a dynamic external environment. While we are mindful of potential macro and geopolitical headwinds, our focus on productivity, automation and structural improvement is creating resilience in the businesses. We are building a strong pipeline of Kaizen events and improvement projects for the balance of the year aimed at sustaining momentum in growth and productivity.

重要的是，這種營運嚴謹度使我們在面對多變的外部環境時具備良好定位。儘管我們留意潛在的總體經濟與地緣政治逆風，但我們對生產力、自動化與結構性改善的聚焦，正在為各事業建立韌性。我們正建立一條強勁的 Kaizen 活動與改善專案管線，涵蓋今年剩餘期間，目標在於延續成長與生產力的動能。

Our first quarter results demonstrate that we are off to a great start. Our April sales were in line with our expectations, and we continue to see strong order growth trends across the majority of our businesses. Our teams continue to focus on driving growth and operational discipline, and our strategic priorities position us well for long-term value creation.

第一季結果顯示我們已取得良好開局。4 月銷售符合我們的預期，且我們在多數事業中持續看到強勁的訂單成長趨勢。我們的團隊將持續聚焦推動成長與營運紀律，而我們的策略重點也使我們在長期價值創造方面具備良好定位。

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

接下來，我將把電話交給 Antonella，由她更詳細說明財務表現與展望。

Thanks, Lori, and good morning, everyone. The first quarter marked a strong operational start to the year, with results exceeding our financial guidance. Favorable top line mix and effective productivity actions drove strong operating EBITDA performance and meaningful margin expansion in the quarter.

謝謝你，Lori，各位早安。第一季在營運面為全年帶來強勁開局，結果優於我們的財務指引。有利的營收組合與有效的生產力措施，推動本季營運 EBITDA 表現強勁，並帶來顯著的利潤率擴張。

Throughout today's call, I will provide comments on our results against our prior-year reported financials, as well as on a pro-forma basis, which adjusts for our post-separation corporate costs, interest expense and income tax rate. This is consistent with the methodology and financial metrics that we provided at our 2025 Investor Day.

在今天的電話會議中，我將就我們相較於前一年度已報告財務數字的結果，以及備考（pro-forma）基礎下的結果提供說明；備考數字會調整分拆後的公司層級成本、利息費用與所得稅率。這與我們在 2025 年投資人日所提供的方法與財務指標一致。

Beginning with our first quarter financial highlights on slide 5. Net sales of $1.7 billion were up 4% versus the year-ago period on 2% organic sales growth and a 2% benefit from currency. Organic sales growth was led by strength in health care and aerospace, partially offset by continued softness in construction markets and logistics disruptions due to the conflict in the Middle East.

先看第 5 頁的第一季財務重點。淨銷售額 17 億美元，較去年同期成長 4%，其中有機銷售成長 2%，匯率帶來 2% 的正面貢獻。有機銷售成長主要由醫療保健與航太的強勁表現帶動，但部分被建築市場持續疲弱以及中東衝突造成的物流中斷所抵銷。

These disruptions primarily impacted sales in our Water business in the quarter. From a segment view, during the quarter, organic sales grew 3% in Healthcare & Water Technologies with organic sales growth about flat in Diversified Industrials.

這些中斷在本季主要影響了我們水務事業的銷售。從事業部角度來看，本季 Healthcare & Water Technologies 的有機銷售成長 3%，而 Diversified Industrials 的有機銷售成長約持平。

First quarter operating EBITDA of $414 million increased 15% versus the year-ago period on organic sales growth, favorable mix and productivity. This resulted in operating EBITDA margin of 24.6% in the quarter, an increase of 230 basis points year-over-year. On a pro-forma basis, operating EBITDA increased 10%, with margins expanding 130 basis points year-over-year.

第一季營運 EBITDA 為 4.14 億美元，受惠於有機銷售成長、有利的產品組合與生產力提升，較去年同期成長 15%。因此，本季營運 EBITDA 利潤率為 24.6%，年增 230 個基點。以備考（pro-forma）基礎計算，營運 EBITDA 成長 10%，利潤率年增 130 個基點。

Turning to cash flow. We delivered transaction-adjusted free cash flow of $147 million and related conversion of 65%, a solid start to the year.

接著談現金流。我們實現交易調整後自由現金流 1.47 億美元，相關轉換率為 65%，為今年打下穩健開局。

Turning to slide 6. On a reported basis, adjusted EPS for the quarter of $0.55 increased 53% year-over-year. On a pro-forma basis, adjusted EPS for the quarter was up 20% versus the year-ago period. The increase was primarily driven by higher segment earnings of $0.06 with an additional $0.03 benefit coming from a lower tax rate, share count and exchange gains and losses.

請看第 6 頁。以公告基礎計算，本季調整後每股盈餘（EPS）為 0.55 美元，年增 53%。以備考基礎計算，本季調整後 EPS 較去年同期成長 20%。增幅主要來自各事業部獲利提高貢獻 0.06 美元，另有 0.03 美元的助益來自較低的稅率、股數以及匯兌損益。

Turning to slide 7. Healthcare & Water Technologies first quarter net sales of $806 million were up 6% versus the year-ago period on 3% organic growth and a 3% benefit from currency. For the first quarter, health care sales were up high single digits percent on an organic basis versus the year-ago period. Organic growth was broad-based, led by continued strength in medical packaging and biopharma.

請看第 7 頁。醫療保健與水技術（Healthcare & Water Technologies）第一季淨銷售額為 8.06 億美元，受 3% 有機成長及 3% 匯率助益帶動，較去年同期成長 6%。第一季醫療保健銷售以有機基礎計算較去年同期成長高個位數百分比。有機成長面向廣泛，主要由醫療包裝與生物製藥持續強勁所帶動。

Water sales were down low to mid-single digits percent on an organic basis as strength in industrial water and microelectronics markets were more than offset by logistics disruptions in the Middle East. Operating EBITDA for the segment during the quarter of $244 million was up 9% versus the year-ago period on organic growth, favorable mix and productivity gains. This resulted in operating EBITDA margin of 30.3% in the quarter, an increase of 110 basis points year-over-year.

水業務以有機基礎計算下滑低至中個位數百分比，工業用水與微電子市場的強勁表現，被中東物流中斷所抵銷。本季該事業部營運 EBITDA 為 2.44 億美元，受有機成長、有利的產品組合與生產力提升帶動，較去年同期成長 9%。因此，本季營運 EBITDA 利潤率為 30.3%，年增 110 個基點。

Turning to Diversified Industrials on slide 8. First quarter net sales of $875 million increased 3% versus the year ago period on a 3% benefit from currency. Organic sales growth was about flat in the quarter. At the line of business level, organic sales for building technologies were down low single-digits percent on continued weakness in construction markets.

接著看第 8 頁的多元工業（Diversified Industrials）。第一季淨銷售額為 8.75 億美元，受 3% 匯率助益帶動，較去年同期成長 3%。本季有機銷售成長約持平。以業務線來看，建築技術（building technologies）的有機銷售在建築市場持續疲弱下，下滑低個位數百分比。

Industrial technologies organic sales were up low single-digits percent as continued strength in aerospace and growth in automotive were partially offset by declines in the printing and packaging businesses. Operating EBITDA for Diversified Industrials of $200 million was up 8% versus the year-ago period on favorable mix and productivity. Operating EBITDA margin during the quarter was 22.9%, expanding 110 basis points versus the year-ago period.

工業技術（industrial technologies）有機銷售成長低個位數百分比，航太持續強勁與汽車成長，部分被印刷與包裝業務下滑所抵銷。多元工業的營運 EBITDA 為 2.00 億美元，受有利的產品組合與生產力提升帶動，較去年同期成長 8%。本季營運 EBITDA 利潤率為 22.9%，較去年同期擴張 110 個基點。

Turning to slide 9. We are raising our full year 2026 financial guidance, given our strong start to the year as well as now including the interest income benefit from the Aramids transaction. For the second quarter, we estimate net sales of about $1.8 billion, operating EBITDA of about $430 million and adjusted EPS of $0.59 per share.

請看第 9 頁。鑑於我們今年強勁開局，以及目前已納入 Aramids 交易帶來的利息收入助益，我們上調 2026 全年財務指引。第二季方面，我們預估淨銷售額約 18 億美元、營運 EBITDA 約 4.30 億美元，調整後 EPS 為每股 0.59 美元。

Our second quarter net sales guidance assumes about 3% organic growth year-over-year. Currency is expected to be a slight tailwind in the quarter.

我們第二季淨銷售額指引假設年增約 3% 的有機成長。預期匯率在本季將帶來些微順風。

For the Healthcare & Water segment, we expect second quarter organic sales growth in the mid-single digits percent range, led by strength in medical device, biopharma and industrial water markets. For the Diversified Industrial segment, we expect second quarter organic sales growth in the low single-digits percent range on continued strength in aerospace and growth in printing and packaging, partially offset by continued softness in construction markets.

就醫療保健與水事業部而言，我們預期第二季有機銷售成長落在中個位數百分比區間，主要由醫療器材、生物製藥與工業用水市場的強勁表現帶動。就多元工業事業部而言，我們預期第二季有機銷售成長落在低個位數百分比區間，受惠於航太持續強勁以及印刷與包裝成長，但部分被建築市場持續疲弱所抵銷。

For the first half, our estimated net sales of about $3.5 billion assumes growth of about 4% year-over-year. This translates into operating EBITDA of about $844 million, a year-over-year increase of about 8% on a reported basis and 7% on a pro-forma basis, resulting in strong operating leverage and an incremental margin greater than 40%.

上半年方面，我們預估淨銷售額約 35 億美元，假設年增約 4%。這對應的營運 EBITDA 約 8.44 億美元，以公告基礎計算年增約 8%，以備考基礎計算年增 7%，帶來強勁的營運槓桿與超過 40% 的增量利潤率。

Our first half net sales and operating EBITDA guidance, both represent approximately 48% of our total expected full year results at the midpoint. This is in line with our historical sales and earnings cadence. For the full year 2026, at the midpoint, we now expect net sales of about $7.185 billion, a net increase of $80 million versus our prior guide.

我們上半年淨銷售額與營運 EBITDA 指引，在中位數水準皆約占我們預期全年總結果的 48%。這與我們歷史上的銷售與獲利節奏一致。就 2026 全年而言，在中位數水準下，我們目前預期淨銷售額約 71.85 億美元，較先前指引淨增加 8,000 萬美元。

Our full year net sales guidance now assumes about 4% organic growth, including about 1% from pricing actions taken to fully offset higher input costs due to the Middle East conflict. A stronger US dollar has also reduced our expected full year currency benefit to less than 1%.

我們最新的全年淨銷售額指引假設約 4% 的有機成長，其中包含約 1% 來自定價措施，以完全抵銷因中東衝突導致的投入成本上升。美元走強也使我們對全年匯率助益的預期降至低於 1%。

Operating EBITDA at the midpoint is now expected to be about $1.745 billion, primarily reflecting our stronger first quarter results, partially offset by currency headwinds. Our adjusted EPS range is now expected to be $2.35 to $2.40 per share, a $0.10 increase versus our prior guidance.

營運 EBITDA 在中位數水準下目前預期約 17.45 億美元，主要反映第一季更強勁的表現，但部分被匯率逆風所抵銷。我們目前預期調整後 EPS 區間為每股 2.35 至 2.40 美元，較先前指引上調 0.10 美元。

Our EPS guidance now includes benefits from higher interest income due to the Aramids transaction as well as a lower tax rate, which we now expect to be in the 24% to 25% range. At the midpoint, our adjusted EPS is about a 40% increase on a reported basis and a 15% increase on a pro-forma basis.

我們的 EPS 指引目前已納入 Aramids 交易帶來較高利息收入的助益，以及較低的稅率；我們目前預期稅率落在 24% 至 25% 區間。在中位數水準下，我們的調整後 EPS 以公告基礎計算約成長 40%，以備考基礎計算約成長 15%。

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

接下來我們很高興回答各位的提問，我把時間交還給接線員，開始問答環節。

(Operator Instructions) Scott Davis, Melius Research.

（接線員指示）Scott Davis，Melius Research。

Congrats on second, kind of, clean quarter in a row, numbers look pretty good overall. But a couple of kind of big picture questions. I mean, you guys have been implementing 80/20. Where are we in that process? And what kind of impact has that had on your top line?

恭喜連續第二個季度（算是）表現乾淨利落，整體數字看起來相當不錯。不過我有幾個比較宏觀的問題。你們一直在推行 80/20。目前進展到哪個階段？對你們的營收端（top line）帶來了什麼樣的影響？

Yes. So we are well into the process within the Diversified Industrials portfolio. So we selected four businesses to start, and we're about two-third through the initial study. We didn't have any impact in the full year guide on either top line or margin with respect to any implementation, but we would expect over time to see nice margin appreciation with minimal top line impact as we look to improve the margin profile of the businesses and scope.

是的。我們在多元工業投資組合內已經相當深入地推進這個流程。我們先選了四個業務作為起點，目前初步研究大約完成了三分之二。我們在全年指引中，並未把任何實施所帶來的營收端或利潤率影響納入考量；但我們預期隨著時間推進，在我們致力改善各業務與範疇的利潤結構之下，利潤率會有不錯的提升，而對營收端的影響則相對有限。

Okay. Fair enough. And then -- well, I'm going to move on to stranded costs. Where are we with stranded costs in the quarter and for the year? I can't recall what you expected?

好的，可以理解。接著我想談談擱置成本（stranded costs）。本季以及全年在擱置成本方面的狀況如何？我有點記不清你們原先的預期。

Yes. So Scott, we had estimated overall, there's about $30 million of stranded costs, which we committed to taking out within the first two years. So this year, we'll have a nice start on that. So for the full year, we'll have approximately like $10 million out. But from a run rate basis, we'll be actually halfway there. So I would tell you, we're right on cadence with where we expect to be. And again, we expect to have that out in the first two years.

是的。Scott，我們先前估計整體約有 3,000 萬美元的擱置成本，我們承諾會在前兩年內移除。今年我們會有一個不錯的起步。就全年而言，我們大約會移除約 1,000 萬美元；但以運行率（run rate）來看，我們實際上會完成一半。因此我會說，我們的進度節奏與預期一致。而且我們仍預期在前兩年內把這些成本移除。

John McNulty, BMO Capital Markets.

John McNulty，BMO Capital Markets。

So I wanted to dig into the water business a little bit more. And especially just given some of the headwinds that you're seeing around the Middle East logistics. I guess a couple of things on it. Can you help us to think about the cost of navigating around some of these issues? Can you speak to also the customer base?

我想更深入了解一下水業務，特別是考量你們在中東物流方面看到的一些逆風。我想問幾點：你們能否協助我們思考，為了繞開這些問題所需付出的成本？也能談談客戶基礎嗎？

And if there's been any -- I know there's been some desalination impact in the region. I guess, any of your customers that may not be coming up, say, when things resume or the strait reopens, et cetera. Can you just help us to think about that?

另外，如果有的話——我知道該地區的海水淡化受到一些影響。我想問的是，是否有任何客戶在情況恢復、例如海峽重新開放等之後，可能不會再回來下單之類的？能否協助我們理解這一點？

Yes, thank you. So in the quarter, we had about $10 million of sales that weren't able to ship out of the Middle East. And so if you look at the results for water, we were down kind of low to mid-single digits. If you isolate out that impact of $10 million, we would have been about flat to slightly down. Those materials have already shipped in April, and so we continue to be on track with respect to our Q2 expectations.

好的，謝謝。本季我們約有 1,000 萬美元的銷售無法自中東出貨。因此如果你看水業務的結果，我們大約下滑低至中個位數。若把這 1,000 萬美元的影響排除，我們大致會是持平到小幅下滑。這些物料已在 4 月出貨，因此就第二季的預期而言，我們仍持續按計畫推進。

We didn't bake in a ton of disruption in Q2 with respect to the Middle East for the water business. We will, on a full year basis, continue to expect to be up mid-single digits for water. It's about flat in the first half and then up in the second half, really driven by the timing of some large projects. And so large projects last year were the reverse of this year where they were stronger in the first half than the second half. But the underlying kind of consumables or recurring revenue business is growing nicely each quarter.

我們在第二季對水業務的中東干擾並沒有納入太多假設。就全年而言，我們仍預期水業務將成長中個位數百分比：上半年大致持平、下半年成長，主要由部分大型專案的時點所驅動。去年大型專案的節奏與今年相反，去年上半年強於下半年。但底層的耗材或經常性收入業務，每一季都在穩健成長。

With respect to the impact from our customer base, nothing as of this point. So there have been a little bit of disruption in our site in Saudi Arabia, but nothing that we can't navigate around. We do have some large projects in the second half in the Middle East around the desal, as you had mentioned. Right now, we continue to expect them to be on track, but we'll have to watch as the broader situation evolves.

就我們客戶基礎所帶來的影響而言，截至目前沒有。沙烏地阿拉伯的據點確實出現了一些干擾，但都在我們可因應的範圍內。正如你提到的，我們在中東下半年有一些大型專案，主要圍繞海水淡化（desal）。目前我們仍預期這些專案會按計畫推進，但也必須隨著整體情勢的演變持續觀察。

Got it. Okay. No, great results in a really tough environment. I guess, our second question would just be around the operational side. So the margin is clearly coming in really strong at this point. I guess, how much of that is mix versus some of the operational improvements you were speaking to? And if it's more leaning toward the latter? It seems like you're -- if anything, you're solidly ahead of kind of the 150 to 200 basis points target that you had set for the next three years, I guess any thoughts or comments around that?

了解。好的。在非常艱難的環境下仍交出很好的成果。我想我們第二個問題會聚焦在營運面。此刻毛利率（/利潤率）顯然表現非常強勁。我想問其中有多少來自產品組合（mix），又有多少來自你先前提到的一些營運改善？如果更偏向後者？看起來你們——如果有的話——已經明顯領先你們為未來三年設定的150到200個基點目標；對此你們有什麼想法或評論嗎？

Yes. So first quarter margins were very strong, as you mentioned. And I would say we got a benefit of both actually. So mix was quite positive in the quarter. That added about 50 basis points of margin. But I would also say net productivity was about another 70 basis points of margin. So again, really strong performance as we move forward. When you take a look at our full year guidance that we have, margins continue to be strong. And even when you go to the first half to the second half, there's another incremental 40 basis points of margin expansion. So to your point, I would say we are well on our way to our three year targets that we laid out at our Investor Day.

是的。如你所提到的，第一季的利潤率非常強勁。我會說兩者其實都有貢獻。這一季的產品組合相當正面，約帶來50個基點的利潤率提升。但我也會說，淨生產力（net productivity）另外貢獻了約70個基點的利潤率。因此，隨著我們往前推進，表現確實非常強勁。再看我們目前給出的全年指引，利潤率仍然維持強勁。即使從上半年到下半年，利潤率還會再額外擴張40個基點。所以如你所說，我會說我們正穩步朝著在投資人日所提出的三年目標前進。

Christopher Parkinson, Wolfe Research.

Christopher Parkinson，Wolfe Research。

Just as it relates to your health care exposure, obviously, it seems like you're building a decent amount of momentum there. You addressed this at your Analyst Day, but I'd love to hear your updated thoughts. Just in terms of your balance between PP, biopharma, med device and some of the larger secular trends that's going on. And do you feel you're underexposed to anything within that spectrum, no pun intended, and is there anything that you think you'd like to add to the portfolio to really round it out?

就你們在醫療保健領域的曝險而言，顯然看起來你們正在累積相當不錯的動能。你們在分析師日已談到這點，但我想聽聽你們最新的看法。就PP、生物製藥（biopharma）、醫療器材（med device）以及一些正在發生的較大型長期趨勢之間的平衡而言，你們怎麼看？在這個光譜（spectrum）中——無意雙關——你們是否覺得在某些部分曝險不足？以及是否有任何你們想納入投資組合、讓版圖更完整的項目？

So our overall health care segment is about $2 billion in sales. So it's about $1.2 billion of Tyvek sales and the remainder being the Spectrum, Liveo sales. And underneath Tyvek, about half of that is health care packaging and the rest primarily are the garment. So we like our exposure as we sit today, we're nicely positioned in the med device profile between both Spectrum on the CDMO side and then also on the Tyvek health care side with packaging needs.

我們整體醫療保健事業約有20億美元的銷售額。其中約12億美元來自Tyvek銷售，其餘則是Spectrum、Liveo的銷售。在Tyvek之下，大約一半是醫療保健包裝，其餘主要是防護服（garment）。以目前的狀態來看，我們喜歡我們的曝險配置；在醫療器材輪廓上，我們的定位相當不錯——一方面是Spectrum在CDMO端，另一方面也包括Tyvek醫療保健端的包裝需求。

So we've got an intent to continue to add to that piece of the portfolio. We've got a nice robust pipeline of assets that are both accretive to growth and also affordable. So there are assets that we would like to add, whether it's around the packaging side to have a broader med packaging offering or whether on the CDMO side to continue to round out our sales into that space.

因此，我們有意圖持續在投資組合中增加這一塊。我們有一個相當強健的資產管線，這些資產不僅能增厚成長（accretive to growth），也具備可負擔性。因此，不論是在包裝端、以提供更廣泛的醫療包裝產品組合，或是在CDMO端、持續完善我們在該領域的銷售布局，都是我們希望納入的資產方向。

With respect to our appetite for M&A, we obviously closed the Aramids transaction on April 1. So we got about $1.2 billion of gross proceeds, about $1.1 billion net proceeds. We will continue to be balanced. We announced the $275 million ASR this morning. And we also continue to be prudent. So we're not going to lever up to do a deal. We targeted 2 times leverage. We're a little below that today.

就我們對併購（M&A）的胃納而言，我們已在4月1日完成Aramids交易。因此我們取得約12億美元的總收益（gross proceeds），約11億美元的淨收益（net proceeds）。我們會持續保持平衡。我們今天早上宣布了2.75億美元的ASR（加速股票回購）。同時我們也會維持審慎，因此不會為了做一筆交易而提高槓桿。我們的目標是2倍槓桿，目前略低於該水準。

So between the dry powder we have on the balance sheet as well as the remaining proceeds from the Aramids divestiture, it puts us in good position to also take advantage of potentially an accretive growth deal for us.

因此，結合我們資產負債表上的可用資金（dry powder）以及Aramids剝離（divestiture）剩餘的收益，讓我們也處於良好位置，能把握對我們而言可能具增厚成長效果的交易機會。

Got it. And just as a quick follow-up, just kind of a broader question on pricing in terms of the second quarter and also the second half environment. Just how are you thinking about this by segment in terms of what you're seeing in your inputs, transportation, logistics costs? Just obviously, a lot of moving parts. I'd love to just hear your thoughts on strategy and how quickly you believe the organization can pivot?

了解。再快速追問一下，這是一個更廣泛的問題：關於第二季以及下半年環境中的定價。你們按事業部別如何思考？就你們看到的投入成本、運輸、物流成本而言，顯然有很多變動因素。我想聽聽你們對策略的看法，以及你們認為組織能多快做出調整（pivot）。

Yes. So I would say the organization has done a great job pivoting as all this has started. So we already have surcharges as well as certain price increases in place to cover these incremental costs. So overall, our expectation is around incremental cost of around $90 million, which we expect to fully cover from a top line perspective related to price and surcharges.

是的。我會說，隨著這一切開始發生，組織在調整上做得非常好。我們已經推出附加費（surcharges）以及部分漲價措施，以涵蓋這些新增成本。整體而言，我們預期新增成本約為9,000萬美元，而我們預計可透過價格與附加費在營收端（top line）完全覆蓋。

As you would expect, it's starting in Q2, so we don't have a full run rate in the second quarter, but the second half will have a full run rate. Just to put a little bit of numbers around it, the second quarter is around $25 million or so of price on the top line to cover those costs.

如你所預期，這從第二季開始，因此第二季不會有完整的運行率（run rate），但下半年會有完整的運行率。為了提供一些數字概念，第二季在營收端用以覆蓋這些成本的價格因素約為2,500萬美元左右。

Chigusa Katoku, JPMorgan.

Chigusa Katoku，JPMorgan。

Congrats on a great quarter in a challenging operating environment. So I just wanted to follow up on the price-cost. So margins were really strong this quarter. If my math is correct, it looks like it's going to step down to around 24% in the second quarter. So if you could just help me understand the puts and takes around this.

在充滿挑戰的營運環境下，恭喜繳出很棒的一季。我想追問一下價格與成本（price-cost）。本季利潤率非常強勁。如果我算得沒錯，看起來第二季會下滑到約24%。你能否幫我理解其中的增減因素（puts and takes）？

I think that you plan to institute price increases on April 1. You had inventory, so I think meaningful raw material inflation is supposed to come -- be felt around maybe late 2Q, but any moving pieces here? And what's impacting the softer margins in the second quarter?

我認為你們計畫在4月1日實施漲價。你們有庫存，所以我想顯著的原物料通膨應該會在第二季後段左右才會——才會反映出來，但這裡是否還有其他變動因素？以及是什麼導致第二季利潤率較疲弱？

Yes. So when you go from the first quarter to the second quarter, two things to keep in mind, price-cost, to your point, we have pricing actions. We'll have costs in the P&L. That's about a 30 basis points margin headwind. And there's about 40 basis points of a margin headwind from Q1 to Q2 related to mix.

是的。當你從第一季走到第二季，有兩點要記住。就你提到的價格與成本而言，我們有定價行動；成本也會反映在損益表（P&L）中。這大約帶來30個基點的利潤率逆風。另外，從Q1到Q2還有約40個基點的利潤率逆風，與產品組合（mix）相關。

So that's your Q1 to, kind of, Q2 walk relative to where we're at, but underlying performance continues to remain very strong. When we talk about kind of what's embedded in terms of the full year, and the timing of that, so we did have some that started in April, I'll tell you, a majority of increases related to surcharges and price increases started on May 1 because there is some customer notification time that's needed relative to that.

因此，這就是我們從Q1到、某種程度上Q2的利潤率變動拆解；但基本面表現仍然非常強勁。當我們談到全年所內含的內容以及其時點時，我們確實有一部分在4月開始。不過我可以告訴你，與附加費與漲價相關的大多數調整是從5月1日開始，因為就此需要一些客戶通知時間。

Obviously, every product that we have in inventory has different terms associated with it. So keep in mind that these increased costs started at the latter end of the first quarter. So we definitely have some impact related to that in the second quarter. And as I mentioned, when you take the difference between price on the top line and costs on the bottom line, it's about 30 basis points of a headwind in the quarter.

顯然，我們庫存中的每一項產品都有不同的條款。也請記住，這些成本上升是在第一季後段開始出現的。因此第二季我們確實會受到一些影響。正如我提到的，當你看營收端的價格與成本端的成本之差，該季約為30個基點的逆風。

Okay. Great. So is my understanding correct that the majority of increases started in May versus April. So you haven't been seeing the order trends. I guess, maybe put it differently, after you started some price increases in April, how have order trends been compared to March?

好的，很好。所以我的理解是否正確：大多數的調漲是從5月開始，而不是4月。那麼你們尚未看到訂單趨勢的變化？或者換個方式問，在你們4月開始部分漲價之後，訂單趨勢相較於3月如何？

Yes. So as Lori mentioned, I would say our order trends in April were actually -- we had very similar demand as we have been seeing and nice increases overall on a year-over-year basis. So order trends are doing well.

是的。正如Lori提到的，我會說我們4月的訂單趨勢其實——需求與我們先前看到的非常相近，而且整體年增也有不錯的提升。因此訂單趨勢表現良好。

John Roberts, Mizuho.

John Roberts，Mizuho。

I think you noted a strength in automotive during the quarter. Maybe you could comment a little bit on where that came from and how sustainable that might be since I think the auto outlook is not that rosy right now.

我想你們提到本季汽車領域表現強勁。也許你們可以評論一下這股強勁來自哪裡，以及其可持續性如何，因為我認為目前汽車產業展望並不那麼樂觀。

Yes. So we've got automotive -- it's primarily within the industrial technologies line of business within Diversified. So we've got the predominant exposure is within adhesives, but we also have positions with Molykote and MultiBase. So our outperformance amid a tough market, as you had mentioned, is really based on the battery adhesive volumes that we have. So we've got about roundly $300 million of sales that go into EVs.

是的。我們的汽車業務——主要是在多元化（Diversified）事業中的工業技術（industrial technologies）產品線。我們最主要的曝險在黏著劑（adhesives），但我們也在Molykote與MultiBase有布局。正如你提到的，在艱難市場中我們能優於市場，主要是因為我們的電池黏著劑出貨量。因此，我們約有3億美元的銷售是供應到電動車（EV）。

A piece of that is battery, which is all incremental growth for us, and it's growing nicely in the year, well above kind of where the 20%-ish EV growth expectations are because it's new volume for us and new wins. So we continue to be positioned nicely and realize the pipeline that's been building over the last couple of years, frankly, as we got qualifications with the large OEMs.

其中一部分是電池相關，對我們而言完全是新增成長，而且今年成長表現不錯，遠高於市場對電動車約20%左右的成長預期，因為這對我們來說是新產能/新出貨量以及新案子（new wins）。因此我們仍維持良好定位，並且坦白說，隨著我們取得大型OEM的認證（qualifications），我們也正在實現過去幾年累積起來的案源管線（pipeline）。

And then just a clarification. When you talk about desalination, is that municipal to you? Or is that industrial to you?

然後再澄清一下。當你談到海水淡化時，對你而言那是市政端嗎？還是工業端？

It's primarily industrial. -- Primarily RO as well. It's the reverse osmosis component of water.

主要是工業端。——也主要是 RO。也就是水處理中的逆滲透部分。

Josh Spector, UBS.

Josh Spector，瑞銀（UBS）。

I wanted to follow up on just the Middle East impacts around water. I think on some of the pre-close conversations, there was messaging that there were maybe $25 million a month in sales into and out of the Middle East, and there was an inability to get material out, I guess, while the strait is closed.

我想追問一下中東地區對水務相關業務的影響。我記得在一些交易完成前的溝通中，有提到每月大約有 2,500 萬美元的銷售進出中東，而在海峽關閉期間，似乎無法把物料運出去。

Just based on your comments about not really baking in much in terms of the outlook, have you found alternative routes for those materials? I guess, it sounds like you've mitigated that, but I'm not 100% clear. So can you expand on that a bit more?

根據你剛才提到在展望中其實沒有把太多影響納入，你們是否已為這些物料找到替代運輸路線？聽起來你們已經緩解了，但我不是 100% 確定。能否再多展開說明一下？

Sure. So let me size up our total exposure related to the Middle East. So in total, it's around $300 million, about 4% of our top line. Half of that is related to sales into the Middle East and the other half is related to things that are sourced from the Middle East. So when you kind of do the math around that and one month of the strait being closed, that's kind of where the $25 million came from.

當然。我先量化一下我們與中東相關的總曝險。整體大約是 3 億美元，約占我們營收的 4%。其中一半與銷售到中東有關，另一半與從中東採購的項目有關。所以你把這些數字算一下，再假設海峽關閉一個月，2,500 萬美元大概就是這樣來的。

As we mentioned earlier, there was about a $10 million impact to the top line in the first quarter related to products that we weren't able to get out. So that clearly tells you we have been able to mitigate quite a bit of that and obviously have taken that into consideration relative to our Q2 guide.

如我們先前提到的，第一季在營收端大約有 1,000 萬美元的影響，主要是因為有些產品我們無法運出去。這也很清楚地顯示，我們已經緩解了相當大一部分影響，當然也已把這點納入我們對第二季的指引。

But I guess if I take that then in those comments, it seems like half of it is still impacting, maybe a little bit less. So is there something to the tune of $30 million to $40 million in sales and maybe a third of that in terms of EBITDA impact in 2Q to assume that the impacts linger? Or does that lessen through the quarter and therefore, this whole math becomes somewhat not necessary?

但如果照你剛才的說法來看，似乎仍有一半在影響，或許略少一些。所以在第二季是否可以假設大約有 3,000 萬到 4,000 萬美元的銷售影響，且 EBITDA 影響大概是其中三分之一，表示影響會延續？還是說影響會在季度內逐步減輕，因此這整套推算其實不太需要？

All that math is not necessary. I would say that the teams have done a great job to find alternative routes in order to get some products out and to make sure that we have the necessary raw materials in order to be able to produce at the site as well. So again, the teams have stepped in very quickly to find alternatives related to that. We were able to have minimal disruption as it first occurred and clearly have plans in place as we move forward.

那整套推算都不需要。我會說團隊做得非常好，已找到替代路線把部分產品運出去，也確保我們有必要的原料，讓工廠端能夠持續生產。所以團隊反應非常快，針對這件事找到了替代方案。事件剛發生時我們就把干擾降到最低，而且很明確地，我們也已為後續推進做好規劃。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Lori, just on construction, can you talk about the weakness in those markets? And how much is it down for you guys in Q1 and your expectations for the first half of the year?

Lori，關於建築端，你能談談這些市場的疲弱嗎？第一季你們這邊下滑了多少？以及你對上半年有什麼預期？

Yes. So we continue to expect overall construction markets to be about flat on a full year basis. We do have about 1% price in that space that will give us some slight organic growth, but it's really kind of slightly down in the first half and then slightly up in the second half. So in the first quarter, we were down low single digits.

可以。我們仍預期整體建築市場以全年來看大致持平。在那個領域我們大約有 1% 的價格因素，會帶來些微的有機成長，但整體來說是上半年略為下滑、下半年略為回升。第一季我們是低個位數下滑。

Our performance was in line with the market where the resi, primarily North America resi continues to be weak, and then you're seeing about flattish in the commercial and do-it-yourself space once you back out the data center volume that happens in commercial. Our commercial is more on the health care, education, retail side.

我們的表現與市場一致：住宅端（主要是北美住宅）仍然疲弱；商用與 DIY（自己動手）領域在扣除商用端資料中心的量之後，大致持平。我們的商用業務更多是在醫療、教育、零售等領域。

Very good. And just on the Middle East conflict, are there any opportunities longer term from you being a more US supplier, reliable supplier at lower cost overall down the road?

很好。再問一下中東衝突，長期來看，因為你們是更偏美國的供應商、可靠供應商，且整體成本更低，未來是否會有任何機會？

Yes. I mean, I think there's always opportunities that we're looking for to be able to continue to expand both our share and our TAM. Not only are we well positioned from a share perspective, we're also well positioned with where our asset base sits, which has enabled us to navigate quite a few disruptions over the past couple of years.

是的。我認為我們一直在尋找機會，以持續擴大市占以及我們的 TAM（可服務總市場）。我們不僅在市占角度具備良好定位，我們的資產布局所在位置也很有利，這讓我們在過去幾年能夠應對不少干擾。

So starting back with tariffs, we were able to move product around our supply chain to mitigate the headwind there. And then now with the Middle East tariffs, we've been able to move volume around to be able to mitigate the impact that was felt initially within our KSA plant in Saudi Arabia.

例如從關稅開始，我們能在供應鏈中調度產品，以緩解那方面的逆風。現在面對中東的關稅，我們也能調整出貨量配置，以減輕最初在沙烏地阿拉伯 KSA 工廠所感受到的影響。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行（Bank of America）。

So health care sales seem to be like accelerating quite a bit. I wanted to just dig in a little bit more on comps versus market versus owned portfolio position for 1Q. And as we look, I guess, to the guidance a bit, you're looking for 4% on the year, 1% from price. I think 1Q is probably closer to 1.5%. And so I kind of bridge this like 1.5%-ish from 1Q to 3% for the back half. It seems like maybe normalization of water, but can you fill in the gaps and maybe how that also relates to how health care should trend from here?

醫療保健的銷售看起來加速得很明顯。我想更深入了解一下第一季在可比基期、相對市場表現、以及自有產品組合定位方面的情況。再看一下指引，你們全年看 4%，其中 1% 來自價格。我認為第一季可能更接近 1.5%。所以我把它從第一季約 1.5% 銜接到下半年 3% 來看，似乎可能是水務業務正常化所致，但你能補上中間的缺口嗎？以及這也如何影響醫療保健接下來的走勢？

Yes. So we had a very strong quarter with health care in Q1, where our results were up high single digits organically. That was really nice volume and some nice price as well. And we continue to expect health care to be up mid-single digits as the year progresses and land at maybe mid- to high single digits on a full year basis.

是的。第一季我們的醫療保健表現非常強勁，有機成長達到高個位數。那主要來自很不錯的量，以及一些不錯的價格。我們仍預期隨著年度推進，醫療保健將維持中個位數成長，全年可能落在中到高個位數。

So we have really nice positions, I had mentioned, on the health care packaging side and see nice growth in procedures that influenced both the med packaging as well as the Spectrum side. Liveo, which is our biopharma business, saw really, really nice results in Q1. So there's a nice recovery in demand there that will continue to see nice results.

我們在醫療保健包材端有非常好的布局；手術量的成長也帶動了醫療包材以及 Spectrum 端的表現。Liveo（我們的生物製藥業務）在第一季也有非常、非常好的結果。那裡的需求正在明顯復甦，預期會持續帶來不錯的表現。

And then maybe just quick on water. I had mentioned that it was down in the first quarter. That was really more around the $10 million of volume that didn't ship as well as the timing of large projects. So we'll be about flat overall in water in the first half, and then we think up kind of high single digits in the second half really around the project timing volume to land at mid-single digits for the full year.

再快速補充一下水務。我提到第一季是下滑的，主要是因為有約 1,000 萬美元的出貨量沒有出貨，以及大型專案時點的影響。因此上半年水務整體大致持平；下半年我們認為會有高個位數成長，主要是專案時點帶來的量，全年落在中個位數成長。

The only thing I would add to that is just around the water business, although it's relatively flat first half, high single digits in the second half, if you adjust for the timing of the projects and normalize that, you're more going from like a 4% growth to a 5% growth.

我唯一想補充的是水務業務：雖然上半年相對持平、下半年高個位數，但如果把專案時點因素調整掉並做正常化，你其實更像是從約 4% 成長走到約 5% 成長。

Okay. And then quickly, so Tyvek's been able to absorb a fair amount of raw material pressure in a short time. And I'm looking at, obviously, some of your suppliers talking about another $0.20 per pound for May. And I don't know, we'll see if they can get it, right?

好的。再快速問一下，Tyvek 在短時間內似乎吸收了相當多的原料壓力。我看到你們的一些供應商在談 5 月每磅再漲 0.20 美元。我不知道——我們看看他們能不能真的漲成，對吧？

But I'm wondering is there kind of an ongoing propensity to be able to push surcharges in a world where this gets increasingly sketchy? I'm thinking almost maybe a little bit more on the building products side because I feel like health care would probably be less elastic, but maybe that's not the case.

但我想問的是，在這種情況越來越不明朗的環境下，你們是否仍有持續推動附加費（surcharge）的傾向或能力？我想可能更偏建材端，因為我覺得醫療保健的需求彈性可能比較小，但也許不是這樣。

Yes. I mean we had nice success with both mix of prices and surcharges that we already put in place, whether it was April 1 or May 1. And so I think if you can provide the documentation to your customers around what we're seeing with respect to input costs, as we had mentioned, they're most felt on the HDPE side, as you had mentioned within Tyvek and then with the -- side in water and shelter. But there's other pieces that we've seen as well.

是的。我們在價格組合與已經實施的附加費方面都取得了不錯的成效，不管是 4 月 1 日或 5 月 1 日生效的措施。我認為只要能向客戶提供文件，說明我們在投入成本上看到的變化——如我們提到的，最明顯的是 HDPE 端，正如你所說在 Tyvek 之內，另外在水務與 shelter（防護/庇護）端也有影響。但我們也看到其他一些項目。

So I think there's -- we haven't received an abnormal amount of pushback. Obviously, there's always a discussion that needs to be had, but we're not looking to profit. We're looking to just cover it, and the conversation has been constructive.

所以我認為——我們沒有收到異常多的反彈。當然，總是需要討論，但我們不是要從中獲利；我們只是要把成本補回來，而這些對話一直都很具建設性。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

You called out some weakness in packaging. We've been hearing sort of mixed things about the packaging arena. So maybe you could just talk about what you're seeing there, what the outlook is for the remainder of the year? And I would assume there's also some inflation there that you need to push through.

你提到包裝端有些疲弱。我們聽到對包裝領域的說法有點分歧。所以你能談談你們看到的情況、以及對今年剩餘時間的展望嗎？我也假設那裡同樣有一些通膨需要轉嫁。

Yes. So our impact in the packaging business weakness in the first quarter was really more around the inks business that's in scope, it's really around home and office printing. It was a tough comp from a strong first quarter of last year. I think on a full year basis, we see the overall printing and packaging businesses normalizing, being up kind of low single digits.

是的。我們第一季在包裝業務的疲弱影響，主要其實來自納入範圍內的油墨（inks）業務，主要是家用與辦公列印。去年第一季基期很強，因此可比很具挑戰。我認為以全年來看，我們看到整體列印與包裝業務會回歸正常，成長大概是低個位數。

Okay. And I think the answer to this is there's nothing. But is there any, at all, update to PFAS or anything that's going on with the personal injury litigation?

好的。我想這個問題的答案是沒有任何進展。但關於 PFAS 或任何與人身傷害訴訟相關的事項，是否有任何更新？

Happily, no. No updates.

很高興地說，沒有。沒有更新。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗。

You previously noted, I think, free cash flow greater than 90% for 2026. Is that still the case? And how should we think about working capital dynamics given the higher input costs potentially impacting cash generation cadence for the year?

你們先前提到，我想是 2026 年自由現金流超過 90%。現在仍然如此嗎？另外，考量到較高的投入成本可能影響全年現金產生的節奏，我們應該如何看待營運資金的動態？

Yes. So first off, yes, free cash flow generation is still expected to be greater than 90% for the year. As I mentioned in our prepared remarks, our first quarter conversion was around 65%. So we did have a good start to the year. As you would expect, we tend to have a stronger free cash flow conversion in the second half of the year than the first half of the year, predominantly in the third quarter as we have our interest payments twice a year in Q2 and in Q4.

是的。首先，是的，今年自由現金流的產生仍預期會超過 90%。如我在事先準備的發言中提到，我們第一季的轉換率約為 65%。所以今年開局不錯。正如你所預期的，我們通常下半年的自由現金流轉換率會比上半年更強，主要是在第三季，因為我們一年付兩次利息，分別在第二季與第四季。

Clearly, the increased cost in materials will increase your inventory dollar value, but the teams, I would say, are doing a good job relative to our inventory days outstanding and kind of taking those numbers down on a year-over-year basis.

顯然，材料成本上升會提高你們的庫存金額，但我想團隊在庫存周轉天數方面做得很好，並且在年對年基礎上持續把這些數字降下來。

So we do have that embedded within our free cash flow conversion. So I would say we are managing working capital very well, and the teams are also focused not only on inventory but as well as DSO in terms of collections, which will put us in a good spot to achieve our free cash flow conversion for the year.

因此，這些都已反映在我們的自由現金流轉換之中。我會說我們在營運資金管理上做得非常好，團隊除了關注庫存之外，也同樣關注應收帳款周轉天數（DSO）的收款表現，這將使我們處於有利位置，以達成今年的自由現金流轉換目標。

Great. And then I think this is the first time you kind of explicitly called out microelectronics within water. So can you help us size the business there? What sort of growth rates we should expect? And any color on market penetration, new technology, new wins?

很好。接著我想這是你們第一次在水務業務中明確提到微電子。你能幫我們估算一下那邊的業務規模嗎？我們應該期待什麼樣的成長率？以及在市場滲透、新技術、新案子/新贏單方面，有沒有任何補充說明？

Yes. So microelectronics is primarily within ion exchange. So it's about 20% of ion exchange. We saw nice volume in the first quarter, as you would expect, just around the broader data center, AI trend. So we continue to expect to perform nicely there with that business.

是的。微電子主要是在離子交換業務之內。因此它約占離子交換的 20%。第一季我們看到不錯的出貨量，這也符合你對更廣泛的資料中心、AI 趨勢的預期。所以我們仍預期該業務會有不錯的表現。

Mike Sison, Wells Fargo.

Mike Sison，富國銀行。

This is Abigail on for Mike. I wanted to confirm your assumptions underpinning your full year '26 guidance. So when are you assuming the conflict in the Middle East resolves, if at all? And if it stretches to the end of the year, does that mean you're going to have to raise prices of more than 1% to offset incremental raw material inflation? Do you think you'd see any demand destruction if it stretches that long? Any color you can give would be helpful.

我是代替 Mike 的 Abigail。我想確認一下支撐你們 2026 全年指引的假設。所以你們假設中東衝突何時解決（如果會解決的話）？如果延續到年底，是否代表你們必須把漲價幅度提高到超過 1%，以抵消額外的原物料通膨？如果拖這麼久，你們認為會看到任何需求被破壞（需求下滑）嗎？你能提供的任何說明都會很有幫助。

Yes. So I would say our overall full year guidance anticipates that the current situation continues through the remainder of the year. So current oil prices, current natural gas prices, our assumption is that continues all year long. That is covered by the pricing actions that we have already put in place. Clearly, if this were to escalate or get even worse from where we are today, that would obviously have some impact on the assumptions that we've made, but we're not planning on it going away.

是的。我會說，我們整體的全年指引是預期目前情勢會持續到今年剩餘時間。因此，以目前的油價、目前的天然氣價格來看，我們的假設是全年都會維持這樣。這已由我們先前採取的定價措施所涵蓋。顯然，如果情勢升級或比我們今天所處的狀況更糟，這當然會對我們所做的假設造成一些影響，但我們並未規劃它會消失。

Also, I would tell you that if things were to escalate from where we are today, the teams would obviously see what other actions that we could take in order to mitigate any disruptions.

另外我也想說，如果情勢從今天的狀況進一步升級，團隊顯然會評估我們還能採取哪些其他行動，以減輕任何干擾。

Got it. And then just pivoting back to health care, can you just talk about some of the underlying demand trends that are driving growth across the medical packaging and devices spaces?

了解。那再把話題轉回醫療保健，你能談談推動醫療包裝與醫療器材領域成長的一些底層需求趨勢嗎？

Yes, a lot of it is around the aging population and health care access. So that's one of the key global megatrend drivers for both the med packaging and the health care needs. A lot of our exposure on the med packaging side is to the higher-end, Class 3 devices.

是的，其中很大一部分與人口老化以及醫療可近性有關。因此，這是推動醫療包裝與醫療需求的關鍵全球大趨勢之一。我們在醫療包裝端的曝險很大一部分是在較高階的第三類（Class 3）器材。

And on the med device side with Spectrum, it's really around cardiovascular and higher-end growth, not elective surgery-type application. So really with the aging population and the access to health care is what's driving that megatrend.

而在 Spectrum 的醫療器材端，主要聚焦在心血管以及較高階的成長領域，而不是選擇性手術類型的應用。因此，真正驅動這個大趨勢的是人口老化與醫療可近性。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC 資本市場。

Sorry, I was on mute. Apologies for that. I guess just one final question for me was, given that you've had many years of portfolio transformation here, would you expect -- and maybe you can just provide us an update on the 80/20 strategy within Diversified Industrials, and if there's any further portfolio reconfiguration that we can expect?

抱歉，我剛剛在靜音。為此致歉。我想我最後一個問題是，鑑於你們在這裡已經進行了多年的投資組合轉型，你們是否預期——也許你們可以更新一下多元工業（Diversified Industrials）內的 80/20 策略進展，以及我們是否還能期待進一步的投資組合重新配置？

Yes. So the 80/20 work within Diversified is really to look at enhancing margin profile. So we had targeted four businesses to start and have been working through a really robust process on making sure that we're looking at the tail spend, looking where we're investing, making sure that we're investing for growth in pockets of where there's opportunity across those businesses.

是的。多元事業內的 80/20 工作，主要是著眼於提升利潤率結構。我們一開始鎖定了四個業務，並一直在推進一個非常嚴謹的流程，確保我們在檢視尾端支出（tail spend）、檢視投資方向，並確保我們把投資放在這些業務中有機會的成長區塊，以推動成長。

I would say more broadly with respect to the portfolio, we're excited about the portfolio that we have. It's nicely balanced between Healthcare & Water and Diversified Industrials. We're about 50-50 today. We've mentioned that over the medium term, we would like to get to more two-third, one-third with respect to growth above market. So moving more of the company more towards that Healthcare & Water space. But as of now, we're happy with the portfolio, but we'll always be looking, as I had mentioned, to do some M&A. We've got dry powder and cash from Aramids to be able to potentially take advantage of some good opportunities.

更廣泛地談到投資組合，我們對目前的組合感到振奮。它在醫療保健與水務（Healthcare & Water）以及多元工業之間取得良好平衡；目前大約是 50/50。我們也提到，中期而言，我們希望在高於市場的成長方面，能達到更接近三分之二、三分之一的配置，也就是讓公司更多往醫療保健與水務領域傾斜。但就目前而言，我們對投資組合感到滿意；不過我們也會一如我提到的，持續尋找進行一些併購（M&A）的機會。我們有充足的火力（dry powder），以及來自 Aramids 的現金，能夠在出現好機會時加以把握。

Okay. And sorry, just one more. Given the $275 million ASR, is that really the last kind of accelerated repurchase activity that we should expect? Or maybe you can just comment on your outlook for further buybacks or, yes, capital return?

好的。抱歉再問一個。鑑於 2.75 億美元的 ASR，這是否真的是我們可以預期的最後一筆加速回購活動？或者你能談談你們對後續回購或資本回饋的展望嗎？

Yes. I would say, overall, we're always looking to see what's going to bring the best return to our shareholders. So we already had completed, as we announced in the last quarter, the $500 million ASR. We now announced this morning an additional $275 million ASR. As Lori mentioned, we do have a lot of flexibility relative to the cash in the door related to the Aramids transaction as well as the balance sheet we have.

是的。我會說，整體而言，我們一直在評估什麼能為股東帶來最佳回報。因此，我們已經完成了——如我們在上一季宣布的——5 億美元 ASR。我們今天早上又宣布額外 2.75 億美元 ASR。如 Lori 提到的，無論是與 Aramids 交易相關的到帳現金，或是我們的資產負債表狀況，我們都具備很大的彈性。

So we will continue to evaluate. As a reminder, we do have a $2 billion program, of which we've used the $500 million and now the $275 million. So we'll continue to evaluate our opportunities, and we'll act on what brings our shareholders the most amount of value.

因此我們會持續評估。提醒一下，我們有一個 20 億美元的計畫，其中我們已使用了 5 億美元，現在再加上這 2.75 億美元。所以我們會持續評估各種機會，並採取能為股東帶來最大價值的行動。

I will now hand the call back over to Ann Giancristoforo for closing remarks.

我現在把電話交回給 Ann Giancristoforo 作結語。

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.

很好。謝謝各位參與我們的電話會議。供各位參考，我們的逐字稿副本將會張貼在杜邦（DuPont）網站上。今天的電話會議到此結束。

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

謝謝。今天的電話會議到此結束。您現在可以斷線。