杜邦 (DD) 2026 Q2 法說會逐字稿

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

您好，感謝各位稍候。我是 Lacey，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加杜邦 2026 年第二季財報電話會議。(接線員指示)

Thank you. I would now like to turn the call over to Ann Giancristoforo, Investor Relations. Please go ahead.

謝謝。現在我想把電話交給投資人關係部的 Ann Giancristoforo。請開始。

Good morning, and thank you for joining us for DuPont's second-quarter 2026 financial results conference call. Joining me today are Lori Koch, Chief Executive Officer; and Antonella Franzen, Chief Financial Officer.

各位早安，感謝各位參加杜邦 2026 年第二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。

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

我們已準備投影片以補充說明，投影片已發布於杜邦官網「投資人關係」分頁以及網路直播連結中。請閱讀投影片中所載之前瞻性陳述的免責聲明。

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與涉及風險及不確定性的因素，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。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。我們也將提及其他非 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.

與最直接可比較之 GAAP 財務衡量指標的調節表已納入我們的新聞稿與簡報資料，並已發布於杜邦投資人關係網站。

As a reminder, on the basis of presentation, our share and per share information has been retroactively adjusted for the reverse stock split that was completed in June 2026.

提醒各位，依據呈列基礎，我們的股數與每股資訊已就 2026 年 6 月完成的反向股票分割（reverse stock split）進行追溯調整。

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

接下來我把電話交給 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 second quarter financial results, which again exceeded our previously communicated guidance. Through our ongoing focus on excellence and productivity, we delivered organic sales growth of 4%, 80 basis points of margin expansion, double-digit adjusted EPS growth and robust free cash flow conversion in the quarter.

各位早安，感謝大家參加本次電話會議。今天稍早，我們公布了第二季財務結果，再次超越我們先前對外溝通的指引。透過持續聚焦卓越與生產力，我們在本季實現有機銷售成長 4%、毛利率擴張 80 個基點、調整後 EPS 兩位數成長，以及強勁的自由現金流轉換。

As a result of our second quarter performance, we are again raising our full year 2026 financial guidance for organic sales growth operating EBITDA and adjusted EPS. And we expect our free cash flow conversion to be ahead of our 90% target. Antonella will provide further details shortly.

基於第二季的表現，我們再次上調 2026 全年財務指引，包括有機銷售成長、營運 EBITDA 與調整後 EPS。同時，我們預期自由現金流轉換率將高於 90% 的目標。Antonella 稍後會提供更多細節。

Additionally, we announced that in the third quarter, we expect to launch a $250 million share repurchase, which highlights our continued focus on driving a disciplined capital allocation model. We also completed the previously communicated reverse stock split, which aim to align our key performance metrics with those of our industrial peer set.

此外，我們宣布預計在第三季啟動 2.5 億美元的庫藏股回購，凸顯我們持續推動嚴謹資本配置模式的重點。我們也完成了先前已對外溝通的反向股票分割，旨在使我們的關鍵績效指標與工業類同業組合更一致。

In addition, effective in July, our GICS code classification has been changed to industrial, an important milestone that recognizes the significant transformation of DuPont over the past several years. This new classification better reflects our industrial portfolio and the long-term value creation opportunities we see ahead.

另外，自 7 月起，我們的 GICS 產業分類代碼已變更為工業類，這是一項重要里程碑，反映杜邦過去數年來的重大轉型。此一新分類更能反映我們的工業產品組合，以及我們所看到的長期價值創造機會。

Moving to slide 4. We continue to make strong progress advancing our strategic priorities through a more robust and disciplined business system with a clear focus on organic growth, accountability, execution and continuous improvement across the company.

接著看第 4 頁投影片。我們持續透過更健全且更具紀律的營運系統推進策略優先事項，並明確聚焦於有機成長、責任歸屬、執行力與全公司持續改善。

The objective is straightforward: reinforce the operating culture required to deliver sustainable performance while building repeatable capabilities that drive growth, margin expansion and shareholder value over time. What is important is that these are not isolated initiatives, innovation, commercial excellence, operational excellence and 80/20 are increasingly connected through one operating system that helps us prioritize the highest value opportunities, execute with greater rigor and scale what works across the organization.

目標很直接：強化達成永續績效所需的營運文化，同時建立可重複的能力，長期推動成長、利潤率擴張與股東價值。重要的是，這些並非各自獨立的倡議；創新卓越、商業卓越、營運卓越與 80/20 正透過單一營運系統日益緊密連結，協助我們優先聚焦最高價值機會、更嚴謹地執行，並在組織內擴大複製有效做法。

Innovation excellence remains central to our value prop for both customers and shareholders. Our pipeline continues to deliver new wins across high-growth and emerging applications through differentiated products and application development. We are using the business system to sharpen the focus of our innovation pipeline, improve how we manage differentiated opportunities and support the continued expansion of our AI-ready labs initiative, leading to faster development cycles and a more robust front-end pipeline.

創新卓越仍是我們對客戶與股東價值主張的核心。我們的研發/產品管線持續透過差異化產品與應用開發，在高成長與新興應用領域取得新案。我們正運用營運系統來強化創新管線的聚焦度，改善差異化機會的管理方式，並支持 AI-ready labs（AI 就緒實驗室）計畫的持續擴展，帶來更快的開發週期與更強健的前端管線。

You can see that in the quality and relevance of launches coming through the pipeline. In Water, we launched an integrated end-to-end solution for direct lithium extraction including membranes and ion exchange resins, designed to improve lithium recovery and purity. In Healthcare, we continued the expansion of our [Olivia] portfolio to better serve the high-growth biopharma market. And in Diversified Industrials, we are bringing forward new solutions for electric vehicles and battery energy storage systems.

您可以從管線中推出的產品之品質與相關性看出這點。在水處理領域，我們推出用於直接鋰萃取（direct lithium extraction）的整合式端到端解決方案，包含膜與離子交換樹脂，旨在提升鋰回收率與純度。在醫療保健領域，我們持續擴展 [Olivia] 產品組合，以更好地服務高成長的生物製藥市場。在多元工業領域，我們正推出用於電動車與電池儲能系統的新解決方案。

Commercially, we are putting more rigor and scale behind growth. We have continued to see improvement in overall order trends, and we are rapidly scaling sales place using AI to accelerate our impact. Here, we are moving from process deployment to operating discipline and the early demand generation momentum is encouraging. We have won about 150 opportunities, which represents a nearly 30% win rate.

在商業面，我們以更高的嚴謹度與規模推動成長。我們持續看到整體訂單趨勢改善，並正快速擴大銷售端運用 AI 以加速影響力。在此，我們正從流程部署轉向營運紀律，而早期的需求創造動能令人鼓舞。我們已贏得約 150 個機會，勝率接近 30%。

This sits firmly ahead of our historical percentage as well as above industry benchmarks. Overall, we are building a more systemic commercial engine, clear targeting stronger data quality, accelerate demand generation and more disciplined execution from opportunity creation through conversion, leading to a strong pipeline.

這明顯高於我們的歷史水準，也高於產業基準。整體而言，我們正在打造更系統化的商業引擎：更清晰的目標鎖定、更強的資料品質、加速需求創造，以及從機會創造到轉換更具紀律的執行，進而形成強勁的管線。

OpEx continues to be a key driver of value creation at DuPont. We are building a more disciplined operating culture that is translating into measurable improvements across productivity, quality, customer delivery and costs. In the quarter, we delivered a more than 100 basis point improvement in OTIF and net productivity with a continued reduction in cost support quality.

營運卓越（OpEx）仍是杜邦價值創造的關鍵驅動力。我們正在建立更具紀律的營運文化，並轉化為在生產力、品質、客戶交付與成本方面可衡量的改善。本季我們實現 OTIF（準時且足量交付）提升超過 100 個基點，淨生產力亦有所改善，同時持續降低成本並支撐品質。

Looking ahead, we see additional opportunities through both AI and automation, where early pilots in reliability, maintenance and quality are identifying significant improvement potential. Ultimately, OpEx is not simply a cost initiative. It's a growth enabler that improves customer experience, strengthens margins and enhances our competitive position over time.

展望未來，我們在 AI 與自動化方面也看到更多機會；目前在可靠度、維護與品質的早期試點已辨識出顯著的改善潛力。最終，OpEx 不僅僅是一項成本倡議。它是成長的推動者，可改善客戶體驗、強化利潤率，並隨時間提升我們的競爭地位。

Lastly, our 80/20 work is increasing focus and simplifying complexity across the organization. We are developing a much clear understanding of where value is created, concentrating resources behind those opportunities and simplifying activities that consume resources without generating comparable returns. I noted earlier that we began by piloting the approach in four of our diversified industrials businesses.

最後，我們的 80/20 工作正在提升聚焦度並簡化全組織的複雜性。我們正在更清楚地理解價值如何被創造，將資源集中於這些機會，並簡化那些消耗資源卻無法帶來相當回報的活動。我先前提到，我們先在多元工業的四個事業中試行此方法。

This work has identified meaningful opportunities to create value, which we have already begun to execute. The examples are clear. The team identified an opportunity to reallocate commercial, tech service and marketing resources towards geographies and market segments with the greatest growth potential, while simplifying the approach to smaller markets through stronger channel partnerships.

這項工作已辨識出具意義的價值創造機會，而我們也已開始執行。例子很明確。團隊發現可將商務、技術服務與行銷資源重新配置至成長潛力最大的地區與市場區隔，同時透過更強的通路夥伴關係，簡化對較小市場的策略。

Additionally, the team identified productivity initiatives to reduce manufacturing complexity, better sequence production and focus on the highest value product families to improve yields, asset utilization and capacity within the existing footprint. The comments read across all of this work is focused, disciplined and repeatability.

此外，團隊也辨識出生產力倡議，以降低製造複雜度、更妥善地安排生產順序，並聚焦於最高價值的產品家族，以在既有據點內提升良率、資產使用率與產能。貫穿所有這些工作的核心重點是：聚焦、紀律，以及可重複性。

We are advancing innovation in the markets where application expertise is most differentiated, strengthening commercial execution with data, AI and more targeted [sales leads], improving operational performance through Kaizen, productivity, quality and OTIF and using 80/20 to simplify and concentrate resources where they create the most value.

我們正在於應用專業最具差異化的市場推進創新，透過數據、AI 與更精準的[銷售線索]強化商業執行力，藉由 Kaizen、產能提升、品質與 OTIF 改善營運績效，並運用 80/20 原則簡化作業、集中資源於能創造最大價值之處。

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

接下來，我將把電話會議交給 Antonella，請她更詳細說明財務表現與展望。

Thanks, Lori. And good morning, everyone. Strong execution and market-driven growth in the second quarter delivered results ahead of our financial guidance. Organic growth and a continued focus on productivity drove solid operating EBITDA leverage, meaningful margin expansion and robust free cash flow generation in the quarter.

謝謝你，Lori。各位早安。第二季在強勁執行力與市場驅動成長的帶動下，成果優於我們的財務指引。有機成長與持續聚焦生產力，推動本季營運 EBITDA 槓桿表現穩健、利潤率顯著擴張，並帶來強勁的自由現金流創造。

Consistent with our first quarter call, I will provide comments on our results versus the prior year pro forma, 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. In addition, all share and per share amounts have been retroactively adjusted as a result of the reverse stock split.

與我們第一季電話會議一致，我將就我們相較於前一年備考（pro forma）基礎的結果提供評論；該備考數字已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論與財務衡量指標一致。此外，所有股數與每股金額已因反向股票分割而追溯調整。

Beginning with our second quarter financial highlights on slide 5. Net sales of $1.8 billion were up 4% versus the year ago period on 4% organic sales growth. Top line growth was broad-based, led by continued strength in health care, aerospace and industrial water and semiconductor markets. In addition, we saw year-over-year growth in our Building Technologies business on strength in residential and nonresidential end markets.

先從投影片 5 的第二季財務重點開始。淨銷售額 18 億美元，較去年同期成長 4%，其中有機銷售成長 4%。營收成長面向廣泛，主要由醫療保健、航太、工業用水與半導體市場的持續強勁所帶動。此外，我們的建築科技業務亦在住宅與非住宅終端市場走強的帶動下，實現年對年成長。

From a segment view, during the quarter, organic sales grew 4% in Healthcare & Water Technologies and 3% in Diversified Industrials. Second quarter operating EBITDA of $448 million increased 8% versus the year ago period on organic sales growth and productivity. This resulted in operating EBITDA margin of 24.6% in the quarter, an increase of 80 basis points year-over-year, including a 30-basis-point headwind from price cost dynamics. Turning to cash flow.

從事業部角度來看，本季 Healthcare & Water Technologies 的有機銷售成長 4%，Diversified Industrials 成長 3%。第二季營運 EBITDA 為 4.48 億美元，受有機銷售成長與生產力提升帶動，較去年同期增加 8%。因此，本季營運 EBITDA 利潤率為 24.6%，年對年提升 80 個基點，其中包含價格與成本動態帶來的 30 個基點不利因素。接著看現金流。

We delivered transaction-adjusted free cash flow of $326 million and related conversion of 127%, underpinned by earnings growth and net working capital productivity. Given our strength in the quarter, we expect our full year free cash flow conversion to be ahead of our 90% target.

我們實現交易調整後自由現金流 3.26 億美元，相關轉換率為 127%，主要由獲利成長與淨營運資金生產力所支撐。鑑於本季表現強勁，我們預期全年自由現金流轉換率將優於 90% 的目標。

Turning to slide 6. Adjusted EPS for the quarter of $1.88 was up 21% versus the year ago period. The increase was driven by stronger operations of $0.17 and a $0.15 benefit from below the line items.

請看投影片 6。本季調整後 EPS 為 1.88 美元，較去年同期成長 21%。增幅主要來自營運改善貢獻 0.17 美元，以及損益表下方項目帶來的 0.15 美元利多。

Turning to our segment results on slide 7. Healthcare & Water Technologies second quarter net sales of $856 million were up 5% versus the year ago period on 4% organic growth and a 1% benefit from currency. For the second quarter, Healthcare sales were up mid-single digits percent on an organic basis versus the year ago period. Organic growth was broad-based led by double-digit gains in personal protection and biopharma markets.

接著看投影片 7 的事業部表現。Healthcare & Water Technologies 第二季淨銷售額為 8.56 億美元，較去年同期成長 5%，其中有機成長 4%，匯率帶來 1% 的正面貢獻。第二季醫療保健銷售以有機基礎計算，較去年同期成長中個位數百分比。有機成長面向廣泛，主要由個人防護與生物製藥市場的雙位數成長所帶動。

Water sales were up low single-digits percent on an organic basis on double-digit gains in industrial water and semiconductor markets partially offset by weakness in the Middle East. Outside of the Middle East, organic sales increased mid-single digits percent in the quarter.

水務銷售以有機基礎計算成長低個位數百分比，工業用水與半導體市場的雙位數成長，部分被中東地區疲弱所抵銷。若排除中東，本季有機銷售成長為中個位數百分比。

Operating EBITDA for the segment during the quarter of $258 million was up 4% versus the year ago period on organic growth and productivity gains, partially offset by growth investments. Operating EBITDA margin of 30.1% decreased 30 basis points year-over-year as organic growth and productivity were more than offset by less favorable mix and growth investments.

本季該事業部營運 EBITDA 為 2.58 億美元，受有機成長與生產力提升帶動，較去年同期成長 4%，但部分被成長投資所抵銷。營運 EBITDA 利潤率為 30.1%，年對年下降 30 個基點，原因是有機成長與生產力提升的正面影響，超過了較不利的產品組合與成長投資的抵銷。

Turning to Diversified Industrials. Second quarter net sales of $963 million increased 3% versus the year ago period on 3% organic sales growth. At the line of business level, organic sales for Building Technologies were up low single-digits percent on growth in residential and nonresidential construction markets, led by Asia Pacific.

接著看 Diversified Industrials。第二季淨銷售額為 9.63 億美元，受 3% 有機銷售成長帶動，較去年同期增加 3%。以業務線層級來看，Building Technologies 的有機銷售成長低個位數百分比，受住宅與非住宅建築市場成長帶動，其中以亞太地區領先。

Industrial Technologies organic sales were up mid-single digits percent on double-digit gains in aerospace and electric vehicle battery applications as well as mid-single-digit growth in printing applications. Operating EBITDA for Diversified Industrials of $213 million was up 7% versus the year ago period on organic growth, favorable mix and productivity. This translated to operating EBITDA margin in the quarter of 22.1%, an increase of 70 basis points versus the year ago period.

Industrial Technologies 的有機銷售成長中個位數百分比，主要來自航太與電動車電池應用的雙位數成長，以及印刷應用的中個位數成長。Diversified Industrials 的營運 EBITDA 為 2.13 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 7%。因此，本季營運 EBITDA 利潤率為 22.1%，較去年同期提升 70 個基點。

Turning to slide 8. We are again raising our full year 2026 financial guidance given our outperformance in the quarter as well as benefits from capital deployment. For the full year 2026, our net sales guidance now assumes organic growth to be slightly ahead of 4% on continued strength across most of our key end markets. We have adjusted our midpoint to $7.175 billion due to a lower expected currency benefit as the US dollar continues to strengthen.

請看投影片 8。鑑於本季表現超出預期以及資本部署帶來的效益，我們再次上調 2026 全年財務指引。就 2026 全年而言，我們的淨銷售指引目前假設有機成長將略高於 4%，主要反映我們多數關鍵終端市場的持續強勁。由於美元持續走強、預期匯率正面貢獻降低，我們將中位數調整為 71.75 億美元。

Operating EBITDA at the midpoint has now increased to $1.760 billion, reflecting our stronger second quarter results and more than offsetting headwinds from currency. Operating EBITDA margins of 24.5% includes a 30 basis point headwind from oil and gas inflation. Our adjusted EPS at the midpoint of $7.24 is a $0.15 increase versus our prior guidance and represents an 18% increase compared to the prior year pro forma.

營運 EBITDA 的中位數現已提高至 17.60 億美元，反映第二季更強勁的結果，且足以抵銷匯率帶來的不利因素。營運 EBITDA 利潤率 24.5% 包含油氣通膨帶來的 30 個基點不利因素。調整後 EPS 的中位數為 7.24 美元，較先前指引提高 0.15 美元，並較前一年備考基礎成長 18%。

For the second half, at the midpoint, our estimated net sales of $3.675 billion assumes organic growth of about 6% year-over-year, driven by continued strength in healthcare, industrial water and aerospace end markets as well as carry forward pricing from actions already taken.

就下半年而言，以中位數計，我們預估淨銷售額為 36.75 億美元，假設年對年有機成長約 6%，主要由醫療保健、工業用水與航太終端市場的持續強勁，以及已採取行動所帶來的價格延續效應所驅動。

Operating EBITDA is expected to be $900 million, resulting in operating EBITDA margin of 24.5%, including a 50 basis point headwind from oil and gas inflation. Adjusted EPS at the midpoint is expected to be $3.73 per share.

預期營運 EBITDA 為 9.00 億美元，對應營運 EBITDA 利潤率 24.5%，其中包含油氣通膨帶來的 50 個基點不利因素。調整後 EPS 的中位數預期為每股 3.73 美元。

As a reminder, our third quarter 2025 benefited from a timing shift of approximately $30 million of sales due to system cutover activity in advance of the Qnity separation which was a 2% organic growth shift from the fourth quarter to the third quarter. Our third quarter expectations include a sequential $50 million sales lift from Q2 related to pricing actions already taken and operating EBITDA at the same level as the second quarter.

提醒一下，我們 2025 年第三季因 Qnity 分拆前的系統切換作業而受惠於約 3,000 萬美元的銷售時點移轉，亦即有機成長有 2% 從第四季移轉至第三季。我們對第三季的預期包含：相較第二季，因既有定價措施帶來的銷售額季增 5,000 萬美元，以及營運 EBITDA 與第二季持平。

Therefore, for the third quarter 2026, we estimate net sales of $1.835 billion, operating EBITDA of $448 million and operating EBITDA margins of 24.4% including a 50 basis point headwind from oil and gas inflation.

因此，對 2026 年第三季，我們預估淨銷售額為 18.35 億美元、營運 EBITDA 為 4.48 億美元，營運 EBITDA 利潤率為 24.4%，其中包含油氣通膨帶來的 50 個基點不利因素。

Adjusted EPS is expected to be in the range of $1.80 to $1.90 per share. Our third quarter net sales guidance assumes about 5% organic growth year-over-year when adjusted for the prior year timing shift and about 3% organic growth year-over-year as reported. Currency is expected to be about a 1% headwind in the quarter.

調整後 EPS 預期區間為每股 1.80 至 1.90 美元。我們的第三季淨銷售指引在調整前一年時點移轉後，假設年對年有機成長約 5%；按報告口徑則假設年對年有機成長約 3%。預期匯率在本季約帶來 1% 的不利影響。

For the Healthcare & Water segment, we expect third 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 Industrials segment, we expect third quarter organic sales growth in the low single-digit percent range, on continued strength in aerospace and electric vehicle battery applications.

就醫療保健與水務（Healthcare & Water）事業部門而言，我們預期第三季有機銷售成長將落在中個位數百分比區間，主要由醫療器材、生物製藥與工業水務市場的強勁表現帶動。就多元工業（Diversified Industrials）事業部門而言，我們預期第三季有機銷售成長將落在低個位數百分比區間，並在航太與電動車電池應用持續強勁的帶動下成長。

Before I close, I want to take a moment to thank our teams around the world. The strong results we've delivered to date are a direct reflection of their hard work, dedication and focus on serving our customers every day. We're proud of what we've accomplished together and even more excited about the momentum we're carrying into the second half of the year.

在我結束之前，我想花點時間感謝我們遍布全球的團隊。我們迄今交出的強勁成果，直接反映了他們每天為服務客戶所付出的辛勤努力、投入與專注。我們為共同完成的成就感到自豪，也對我們帶入下半年持續延續的動能更加振奮。

With strong positions in attractive markets, a continued focus on execution and the talent of our people, we have a lot to look forward to as we finish the year strong.

憑藉在具吸引力市場中的強勢地位、對執行力的持續聚焦，以及我們人才的實力，我們在以強勁表現完成今年之際，有許多值得期待的地方。

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，我把時間交還給主持人以開始問答環節。

(Operator Instructions) Jeff Sprague, Vertical Research Partners.

（接線員指示）Jeff Sprague，Vertical Research Partners。

Two unrelated questions for me. First, Lori, where you kind of began today with the innovation and commercial and the like. Can you just give us something to anchor on in terms of thinking about contribution to sales or product vitality? And on the cost of poor quality and OTIF also, I'm just wondering if you could kind of anchor us on kind of your start point there where you're at on that progression.

我有兩個不相關的問題。第一個，Lori，你今天一開始談到創新、商業化等等。你能否提供一個可作為參考的基準，讓我們思考其對銷售貢獻或產品活力（product vitality）的影響？另外，關於不良品質成本（cost of poor quality）與OTIF（準時足量交付），我也想請你提供一個基準，說明你們目前在那個改善進程中的起點與現況大概在哪裡。

Yes. Of course, I can. So on all of the fronts across the business system, I'm really happy with the results that we've driven so far across all the different frameworks, whether it's innovation, commercial or operational excellence. But to your question on the innovation, we have a really strong foundation that we're starting from with a vitality index of about 35%, and we'll continue to build on that.

可以。當然可以。就整個業務系統的各個面向而言，我對我們迄今在不同框架下所推動的成果感到非常滿意，無論是創新、商業化或營運卓越。但就你問到的創新而言，我們有一個非常扎實的起點：產品活力指數（vitality index）約為35%，我們會在此基礎上持續提升。

And our focus is on maintaining that strong balance as well as shifting the mix more towards growth versus replace that comprise that 35% vitality index. So we've seen benefits with respect to an improved front-end pipeline on the innovation front, also a reduction in the cycle speed with respect to getting new products to market and generating in the front-end pipeline. So will not quite sizing what the upside is with respect to innovation.

我們的重點是在維持這個強勁平衡的同時，將組合進一步朝向「成長」而非「替換」的方向調整，而這些共同構成了35%的活力指數。因此，在創新方面，我們已看到效益，包括前端管線（front-end pipeline）的改善，以及新產品上市週期縮短，並在前端管線的產出上有所提升。因此，我們目前還無法精確量化創新帶來的上行空間有多大。

We're firmly committed to the minimum 3% or 4% organic sales growth that we had put out at Investor Day where, in fact, if you look at our full year numbers running either in line or ahead on all of the metrics, whether it's organic gross margin expansion or EPS growth with respect to those targets. So really nice lift and a lot of that's really coming from the implementation of the business system.

我們堅定承諾達成在投資人日所提出的至少3%或4%的有機銷售成長；事實上，若看我們全年目前的表現，在所有指標上不是符合就是領先，包括有機毛利率擴張或EPS成長等目標。因此帶來非常不錯的提升，而其中很大一部分確實來自於業務系統的導入。

On the -- one quick comment on the 80/20 work as well. So we've been engaged on a study with four of our businesses in the Diversified Industrials with respect to implementation of 80/20, we're through that initial exercise with respect to framing the opportunities and we're actually executing those opportunities now, and we have a few million of benefit in the second half from an EBITDA perspective around just simplifying the portfolios, driving yield, optimizing mix, making sure that the resources are targeted the highest growth opportunity. So nice performance there.

另外也快速補充一下80/20的工作。我們已在多元工業事業部門的四個業務中，針對80/20導入進行研究；我們已完成初步的機會盤點與框架建立，現在正開始執行這些機會，並預期下半年在EBITDA角度可帶來數百萬美元的效益，主要來自於簡化產品組合、提升良率、優化組合，並確保資源聚焦在最高成長機會上。因此這部分表現不錯。

On the cost of quality to your question about the improvement that we're seeing, we're below benchmark. I think benchmarks were at around 5% of sales. We're at about 4% of sales with respect to cost of poor quality, and we look to drive that lower as we implement the OpEx framework.

就你問到的品質成本改善而言，我們目前低於同業基準。我認為同業基準大約在銷售額的5%左右。就不良品質成本而言，我們約為銷售額的4%，並且會隨著我們導入營運卓越（OpEx）框架而進一步降低。

Great. And then maybe just for Antonella. On the oil and gas margin-related headwinds you shared with us for the quarter, the outlook in the year. Do those all roughly reflect price cost dollar neutrality? Or are you kind of above -- ahead or behind on an actual dollar versus cost basis?

很好。接著可能想請教Antonella。關於你們本季以及全年展望中提到的油氣業務毛利相關逆風，那些大致上是否都反映了價格/成本在美元金額上的中性（dollar neutrality）？還是說，以實際美元相對成本的角度，你們目前是超前或落後？

It's price/cost to dollar neutrality. So as we said on the last call as well, there's about $90 million of pricing that's in there on a full year basis. We have a little bit of that in Q2. As you would expect, the majority of that is sitting in the second half of the year, and that keeps us price/cost neutral from a dollar basis.

是的，價格/成本在美元金額上是中性的。因此，正如我們在上次電話會議也提到的，全年基礎下大約包含9,000萬美元的定價（pricing）。第二季會有一小部分反映。如你所預期，大部分會落在下半年，這使我們在美元基礎下維持價格/成本中性。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

I wanted to follow up a little bit on Jeff's question and there's a lot of changes going on at DuPont and net productivity goals is not something that we talked about in the old days. But can you talk about where you are today, kind of where you want to be and kind of a realistic time frame of where you can get to kind of best-in-class levels?

我想稍微延伸Jeff的問題。杜邦目前有很多變革在進行，而「淨生產力目標」（net productivity goals）並不是我們過去常談的事情。你能談談你們今天的位置、大概想達到什麼水準，以及在多長的合理時間內可以達到同業最佳（best-in-class）的水準嗎？

Yes. So our target for net productivity is 3%. So 3% of COGS annual reduction on a net basis. So that's a sizable improvement from where we've been in the past where the number was kind of fought at best. So we're making nice progress in the quarter.

可以。我們的淨生產力目標是3%。也就是以淨額計算，每年COGS（銷貨成本）降低3%。相較於過去我們的表現，這是一個相當大的改善；過去這個數字充其量只能說是勉強維持。因此我們在本季取得了不錯的進展。

We saw about 200 basis points of a reduction on a COGS basis that contribute about 100 basis points of margin expansion as a percent of revenue. So a nice improvement. I think to get to like the 3% net productivity kind of for curriculum that we're driving across the organization that's probably within the next 18 months to be able to get to that 3% run rate across the organization.

我們看到以COGS為基礎約下降200個基點，對營收百分比的毛利率擴張貢獻約100個基點。因此改善幅度不錯。我認為，要在全組織推動的這套「課程/方法論」（curriculum）下達到3%的淨生產力，可能在未來18個月內就能讓全組織達到3%的運行率（run rate）。

Okay. That's helpful. And then when you're making these kind of operational changes and obviously trying to drive cultural change, there's a certain component that you probably need to change compensation plans and such to re-center around these new targets and goals. Are you -- have you done that already? Or is that in process? Kind of where do we stand in that perspective?

好的，這很有幫助。另外，當你們進行這類營運變革、並且顯然也在推動文化變革時，有一部分可能需要調整薪酬方案等，以重新聚焦在這些新目標與新指標上。你們已經做了嗎？還是在進行中？就這個面向而言，目前進度如何？

Yes. So on our compensation, we've changed this year with respect to the level at which we compensate for the short-term incentive or the cash bonus for every year. So in the past, it was done at the segment level, so it would have been Healthcare & Water or Diversified. This year, we're doing it at the line of business level. So there are six lines of businesses, three under each segment and we're using that as the center point for the business performance to really drive enhanced accountability at that level.

是的。在薪酬方面，我們今年已調整短期激勵（short-term incentive）或年度現金獎金的核算層級。過去是以事業部門（segment）層級核算，也就是醫療保健與水務或多元工業。今年我們改為以業務線（line of business）層級核算。因此共有六條業務線，每個事業部門各三條；我們以此作為衡量業務績效的核心，以在該層級推動更強的責任歸屬（accountability）。

As we look into 2027, we are changing the compensation method for our sales force. And so we're in the midst of that right now of moving them to commission based. So today, we've got pockets of commission-based sales across the organization. But in general, the sales force is paid on the same bonus structures what the rest of the organization is. So in order to be able to really drive that growth and drive that hunter mindset and business development experts across the organization is really important to then incent the sales force to drive growth. So that change will be happening in 2027 for those individuals.

展望2027年，我們將改變銷售團隊的薪酬方式。因此我們目前正在推進，將其轉為佣金制（commission based）。目前在組織內已有部分採佣金制的銷售團隊。但整體而言，銷售團隊的獎金結構與組織其他人員相同。因此，為了真正推動成長、培養「獵人型」心態（hunter mindset）以及在全組織建立業務開發專家（business development experts），就必須以激勵機制促使銷售團隊推動成長。因此，這項變更將在2027年對這些人員實施。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

So I wanted to start with the Middle East. I think last quarter, you guys were calling out some logistics constraints and then and delayed shipments also in project timing that was supposed to come through in the second half of the year. Can you just give us an update on where those projects stand and like whether you've seen any type of alleviation on the constraints that you saw last quarter?

所以我想先從中東談起。我記得上季你們提到一些物流限制，另外也有延遲出貨，以及原本應該在下半年落地的專案時程延後。你們能否更新一下這些專案目前的進度，以及相較於上季看到的限制，是否有任何緩解？

Yes. So the $10 million shift that went from Q1 to Q2 happened. So that happened in April -- here kind of been behind us by the time we get the Q1 call. We're still in the same bucket with respect to expectations for Middle East in the second half. So we see improved performance in the Middle East in the second half versus the first half, really driven by projects that are already on the books.

是的。所以，從第一季移轉到第二季的1,000萬美元已經發生了。也就是在4月發生——到我們進行第一季電話會議時，這件事基本上已經過去了。就中東下半年的預期而言，我們仍然維持相同的看法。因此，我們預期中東下半年的表現會優於上半年，主要是由已在手的專案所帶動。

And so we've got a few large projects in the Middle East and kind of in line with the expectations that we see for more global large projects second half versus first half. So we still got visibility to those. They're still on our books. We have continued to expect that most of that revenue hits in the fourth quarter versus the third quarter.

而且我們在中東有幾個大型專案，這也符合我們對於全球大型專案在下半年相較上半年更強的預期。所以我們對這些專案仍有能見度。它們仍在我們的在手訂單中。我們也持續預期其中大部分營收會在第四季入帳，而不是第三季。

So if you look at kind of the trajectory of organic growth that Antonella called out 3Q, 4Q and you take out the timing shift with respect to last year, we'll see about 5% organic growth in Q3 and then 7% in Q4. Really that step-up is really around these projects, across the globe beyond just the Middle East in the Water business.

所以如果你看Antonella提到的有機成長軌跡——第三季、第四季——並且把相較去年所產生的時點移轉因素剔除，我們預期第三季約有5%的有機成長，第四季約7%。這個加速主要就是來自這些專案，而且不僅限於中東，而是全球範圍內水務業務的專案所帶動。

Got it. That's helpful, Lori. And I guess, just maybe on margins for a second. Your Healthcare & Water Technologies segment saw 30 basis points of margin contraction despite the solid growth. I know that you guys were expecting some type of mix normalization.

了解。這很有幫助，Lori。另外我想再問一下毛利率。你們的醫療保健與水務科技部門在成長不錯的情況下，利潤率仍收縮了30個基點。我知道你們原本預期會有某種產品組合回歸常態。

I think you also called out growth investments. Can you just maybe unpack the specific mix dynamics as well as the investments that you're making in these segments?

我想你們也提到成長投資。能否請你們拆解一下，具體的組合變化動能，以及你們在這些部門所做的投資？

Joe, it's Antonella. Yes, so what we talked about in our first quarter, we had a much heavier component related to our health care sales in Q1 relative to the second quarter. So that was the mix shift that we had talked about last quarter. So we're just seeing the opposite side of that now.

Joe，我是Antonella。是的，我們在第一季時談到，第一季的醫療保健銷售占比相較第二季高很多。這就是我們上季提到的組合移轉。所以現在我們只是看到它的反向影響。

Overall, underlying margins in the Healthcare & Water business are very strong. We are making investments there. We're seeing the impact of those investments in our top line growth.

整體而言，醫療保健與水務業務的基礎利潤率非常強勁。我們也在那裡進行投資。我們在營收成長上也看到了這些投資帶來的影響。

Yes. One of the areas that we'll highlight with respect to the return on the investments. We've invested in additional sales resources within our Tyvek business to be able to continue to fill up to fill up the assets. One of the large opportunities that we've seen is around sales plays in the garment space.

是的。就投資報酬而言，我們想特別強調的一個領域是：我們在Tyvek業務中增加了銷售資源，以便能夠持續把產能利用率填滿、把資產填滿。我們看到的一個大型機會是在服裝領域的銷售策略（sales plays）。

So we introduced sales plays in the garment space towards the tail end of last year. Called out nice performance in the prepared remarks with respect to building a robust pipeline, and we actually see about $5 million or $6 million of incremental garment sales in the full year 2026 expectation. So really already seeing nice contributions from those additional resources that we added.

因此我們在去年年底左右在服裝領域導入了銷售策略。我們在事先準備的發言中也提到，在建立強健的商機管線方面表現不錯；而且我們在2026年全年展望中，實際上看到約500萬到600萬美元的服裝增量銷售。所以我們已經看到新增資源帶來不錯的貢獻。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Maybe the first one on the Diversified side. So I guess when I look at the second half outlook for growth versus the second quarter, it looks like things accelerate a bit. I guess, can you help unpack that, what may be driving that? And then also thoughts on the incremental operating leverage that you have, especially with some of the 80/20 starting to kick in, how should we be thinking about that in the back half?

第一個問題可能是關於多元化（Diversified）那一塊。我想當我看下半年相較第二季的成長展望時，看起來成長會加速一些。你能否協助拆解一下，可能是哪些因素在驅動？另外，關於你們的增量營運槓桿，特別是80/20開始發揮作用之後，我們應該如何看待下半年的表現？

So overall, when you take a look at things from the growth side, I would say when you look at the first half versus the second half, what you're really seeing, if you kind of take Q2 as your starting point, it's really just the incremental pricing that's in the second half of the year. So as I noted earlier, we do have a majority of the pricing related to the oil and gas headwinds in the second half of the year. That adds about 2 points of pricing in the second half.

整體而言，從成長面來看，我會說當你比較上半年與下半年時，你真正看到的是——如果以第二季作為起點——主要就是下半年額外的價格因素。如我先前提到的，我們與油氣逆風相關的大部分定價會落在下半年。這會在下半年增加約2個百分點的價格貢獻。

So again, if you look where we landed in Q2 of around 4% organic growth, we have the extra 2 points of pricing that kind of gets you to the 6% organic growth that we see in the second half of the year. So no significant uplift needed there to achieve that target.

所以同樣地，如果你看我們第二季約4%的有機成長，再加上下半年額外2個百分點的定價，就能達到我們在下半年看到的6%有機成長。因此要達成該目標並不需要顯著的額外拉升。

When you look at the incrementals in the second half of the year, if you're kind of looking at things on a year-over-year basis and you adjust for the price/cost dynamic, our incrementals are around 40%.

當你看下半年的增量（incrementals）時，如果以年對年角度來看並且調整價格/成本動態，我們的增量約在40%左右。

Got it. Okay. And then on the 80/20 program, I know it's a little bit on the early side. But I think the idea, at least when you set out was to significantly improve the profitability, but there might be a bit of a drag on the top line over time. I guess, is that still how you're thinking about it? Or are you starting to see any potential positive offsets that may help that top line to maybe come in a little more robust than where you originally expected.

了解。好的。那再談80/20計畫，我知道現在可能還算早期。但我想你們當初提出時的想法，至少是要大幅提升獲利能力，但長期可能會對營收端造成一些拖累。我想問這仍然是你們目前的看法嗎？或者你們是否開始看到一些可能的正向抵銷因素，讓營收端可能比你們原先預期更強一些？

Yes. So we do see opportunities on both fronts. So the initial kind of few million dollars that I had mentioned that we expect in 2026 from the 80/20 work is really going to be more around the margin side. So kind of relooking at our ore design and our op model and driving some yield improvement and making sure that we've got the resources focused on the 80% and moving away from 20% to be able to drive margin improvement.

是的。所以我們在兩個面向都看到機會。我先前提到、我們預期2026年從80/20工作中取得的最初幾百萬美元，主要會更多體現在利潤率端。也就是重新檢視我們的組織設計與營運模式，推動良率提升，並確保資源聚焦在那80%，並從20%移開，以帶動利潤率改善。

With respect to growth, there's also opportunities that we see around upgrading our market expertise, driving enhanced commercial excellence as well as further business development work that should drive growth. And so that will be a little bit longer in realization versus profitability work, but we don't see a material headwind to the top line.

就成長而言，我們也看到一些機會，包括提升我們的市場專業能力、推動更強的商業卓越（commercial excellence），以及進一步的業務開發工作，這些都應該能帶動成長。因此，相較於獲利改善工作，這些成長機會的實現會需要更長時間，但我們不認為營收端會有實質性的逆風。

In fact, over time, ideally a benefit to the top line with respect to being able to really focus our researches on the value creation opportunity that resides in the 80s and doubling down on that. But right now, we don't see a material on that to the top line. It's more of an improvement on the bottom line from the 80/20 work.

事實上，隨著時間推進，理想情況下，透過把資源真正聚焦在80%所蘊含的價值創造機會並加碼投入，反而會對營收端帶來助益。但就目前而言，我們不認為營收端會有實質性的影響。80/20工作帶來的更多是損益底線（bottom line）的改善。

Chigusa Katoku, JPMorgan.

Chigusa Katoku，摩根大通。

I just wanted to follow up a little bit on the water business. I think it came in at plus low single digit this quarter. Just curious specifically in water, how you expect it to phase in the third and fourth quarter? And do you still expect high single digit in the back half and mid-single for the full year in Water?

我想針對水務業務再追問一下。我認為本季水務大約是低個位數成長。我想特別請教在水務方面，你們預期第三季與第四季的節奏會如何分布？另外，你們是否仍預期下半年為高個位數成長、全年水務為中個位數成長？

Yes. So we've -- our expectations now for the full year are more in the low to mid-single-digit range, really with the slight revision being driven just by what's going on in the Middle East, nothing structurally changing in the business in the long term. So we still do expect to ramp first half, second half. So for the second half, we do see on average, kind of that high single-digit growth leading to that low to mid-single digit for the year.

是的。因此，我們——目前對全年預期更偏向低到中個位數的區間，這次小幅修正主要是受到中東局勢影響所致，從長期來看，業務本身並沒有任何結構性改變。所以我們仍然預期上半年、下半年會逐步拉升。因此就下半年而言，我們確實看到平均大約是高個位數成長，從而帶動全年落在低到中個位數成長。

I think it's important to note while we tempered down the Water expectations, we tempered up the Healthcare expectations, and we still see the same growth profile for the overall Healthcare & Water segment. We actually slightly raised the organic growth for the full year for the company from -- we were at 4% heading into the quarter and now we're slightly above 4%, really just dropping that outperformance that we saw in Q2 to the year.

我認為需要強調的是，雖然我們下調了水務的預期，但我們上調了醫療保健的預期，而整體「醫療保健與水務」事業群的成長輪廓仍然相同。我們其實把公司全年有機成長率從——原本在進入本季時的4%——小幅上調到略高於4%，主要是把我們在第二季看到的超預期表現攤回到全年。

Okay. That's really helpful. And then just looking at the margins, I think historically, your margins ramp in the second half versus the first half. Understanding this year, you have the oil inflation impact. But is there anything else that's going into the deceleration in margins in the second half mix or anything of that sort?

好的。這非常有幫助。接著看毛利率，我想歷史上你們的毛利率在下半年相較上半年會走高。理解今年你們受到油價通膨的影響。但除此之外，下半年毛利率放緩是否還有其他因素，例如產品組合（mix）或類似原因？

Yes. Actually, if you kind of take a look at our margin profile and you put the price cost aside, if you look at our business segment margins, they're actually increasing an incremental like 50 basis points in the second half of the year versus the first half of the year. So we still have very nice margin momentum going into the year. And quite honestly, we had really strong margins last year second half as well.

是的。其實如果你看我們的毛利率輪廓，並把價格/成本因素先放一邊，單看各事業部門的利潤率，下半年相較上半年其實還會再增加大約50個基點。所以我們在今年下半年仍有非常不錯的利潤率動能。而且坦白說，我們去年下半年的利潤率也非常強勁。

So I think that, that shows the continued margin expansion profile that we have team is continuing to do a really good job related to that and to some of the points that Lori made, it's really being driven by our productivity as well as nice leverage on the growth.

所以我認為，這顯示我們持續的利潤率擴張態勢；團隊在這方面持續做得非常好。

Christopher Parkinson, Wolfe Research.

Christopher Parkinson，Wolfe Research。

This is Harris Fein on for Chris. My first one, can you just give us an update on the M&A pipeline? It seems like you have capacity for both buybacks and midsized M&A. I guess what are you seeing out there in terms of CDMO opportunities?

我是代替Chris提問的Harris Fein。第一個問題，能否請你們更新一下併購（M&A）案源管線的狀況？看起來你們同時有能力進行庫藏股回購以及中型規模的併購。我想問的是，就CDMO機會而言，你們在市場上看到了什麼？

Yes. So we continue to have a nice M&A pipeline, and we're also taking a nice balanced approach to capital allocation. So to your point, we announced the $250 million share repurchase that we executed in the quarter, we still have sizable proceeds to be able to do M&A as well. So we still have well over $1 billion to be able to go out and do some M&A.

好的。我們的併購案源管線仍然相當不錯，同時在資本配置上也採取良好且平衡的做法。如你所說，我們宣布並在本季執行了2.5億美元的股票回購；同時我們仍有相當可觀的資金可用於併購。因此我們仍有超過10億美元的資金可以用來進行併購。

So we continue to see a robust pipeline on both the Water side and the Healthcare side. on the Healthcare side, the opportunity to span both the packaging front as well as the CDMO front, to your point. So we continue to do the work. We're going to be diligent about the returns that we expect with respect to the valuation. So we'll look to say kind of on a gross basis in a mid-teen valuation giving that down into a lower teens on a net basis post synergies.

因此，我們在水務端與醫療保健端都持續看到強勁的案源管線。醫療保健端方面，如你提到的，機會涵蓋包裝端以及CDMO端。所以我們會持續推進相關工作。我們也會在估值方面，對我們所期待的報酬率保持嚴謹。因此我們會以大致「毛」估值在十幾倍中段（mid-teens）為目標，並在協同效益後把「淨」估值降到十幾倍低段（lower teens）。

So we've got an expectation as well that whatever asset that we acquire would be incremental to our overall growth algorithm as well. So I'm optimistic we're doing a lot of work, but we'll be prudent with respect to the returns that we expect on a deal.

同時我們也期待，無論收購哪一項資產，都能對我們整體的成長演算法帶來增量貢獻。所以我保持樂觀——我們正在做大量工作——但在交易的預期報酬方面，我們會保持審慎。

Got it. And for my second one, just on pricing. With the ramp that you're seeing in the second half, just any thoughts on how sticky that might be depending, obviously, on how the situation in the Middle East plays out as we look ahead to '27.

了解。第二個問題是關於定價。隨著你們看到下半年逐步拉升，對於這些定價能有多「黏著」（sticky），你們有什麼看法？當然這也取決於中東局勢的發展，並且我們往前看到2027年。

Yes. I mean we'll always look at our pricing opportunities and the elasticity within each one of the lines of businesses as we move forward. For this year, as we noted, pricing in totality related to oil and gas is about 1 point for the full year. It's about 2 percentage points in the second half of the year.

是的。我的意思是，往後我們一向都會檢視各條業務線的定價機會以及需求彈性。就今年而言，如我們所提到的，與油氣相關的整體定價對全年約貢獻1個百分點。在下半年約是2個百分點。

There is some other pricing that we also have that's in the top line as well. That's outside of oil and gas, and we'll clearly continue to look at that as we move forward going into '27 and beyond.

此外，我們在營收端也還有一些其他定價因素。那部分不屬於油氣，我們也會在邁向2027年及之後持續關注並評估。

John Roberts, Mizuho.

John Roberts，Mizuho。

Congrats on the reclassification. Could you talk a little bit about the Middle East reverse osmosis headwinds? Is that primarily logistic constraints or has something structurally changed there?

恭喜完成重新分類。能否談談中東反滲透（RO）方面的逆風？這主要是物流限制，還是那邊有什麼結構性改變？

No, there's no structural in it's primarily just the conflict that tackling in the Middle East. And so a lot of the desalination volumes that are a big chunk of roar obviously in the Middle East in those projects. are moving around a bit. They're not getting pulled. They're just moving around a bit with respect to when we expect those to hit.

沒有，沒有任何結構性因素；主要就是中東的衝突所造成的影響。因此，許多淡化（海水淡化）相關的出貨量——顯然在中東那些專案中占了很大一部分——在時點上有些移動。它們並沒有被取消。只是就我們預期何時入帳/反映而言，時程上有些調整。

So structurally no change in our expectations for nice mid-single-digit growth out of the Water business. There's just a little noise this year, ideally some resolution coming with respect to what's going on in the Middle East so that we can return to a more normal growth profile.

所以從結構面來看，我們對水務業務能有不錯的中個位數成長的預期沒有改變。只是今年有一些雜訊；理想情況下，希望中東局勢能有所解決，讓我們回到更正常的成長輪廓。

I think it's important to note, though, that the water business continues to perform very well outside the Middle East conflict. And so we -- we've seen really nice robust growth. The ex the Middle East in the second quarter, our organic growth was up in the mid-single digits. So the rest of the world is performing quite well. In the Middle East, coming about 10% also.

不過我認為也要強調，除了中東衝突之外，水務業務的表現仍然非常好。因此我們——看到非常不錯且強勁的成長。第二季若排除中東，我們的有機成長率上升到中個位數。所以世界其他地區的表現相當好。中東那邊也大約有10%的成長。

And then the new lithium water opportunity, does that require incremental CapEx here to build out that business? Or are these existing products and services that you can actually just grow in your existing within your existing footprint?

另外，新的鋰水務機會，是否需要額外的資本支出（CapEx）來擴建這項業務？還是說這些其實是既有的產品與服務，你們可以在現有產能/據點（footprint）內直接擴張？

Yes, no capital required. We introduced a new suite of products recently that we announced. And so we had to do some application development enhancement within an existing product portfolio across both RO and on exchange. So a nice opportunity for us. We saw the DOE market around $200 million, and we're well positioned to be able to take advantage of the growth in that space.

是的，不需要資本投入。我們最近推出並公告了一套新的產品組合。因此我們只需要在既有產品組合內，針對反滲透（RO）與離子交換（ion exchange）兩個領域做一些應用開發與強化。對我們來說是個不錯的機會。我們看到DOE市場規模約2億美元，而我們也具備良好定位，能把握該領域的成長。

Josh Spector, UBS.

Josh Spector，UBS。

I just wanted to ask on the updated organic growth outlook. I mean it's a small tweak up, but it's still a tweak up. Your comments on pricing sound exactly the same as last quarter. So does that mean volumes are coming in a little bit better overall? And just curious where you'd attribute that to? It sounds like health care, but I don't know if Diversified Industrials is playing a role in that at all or not?

我想問一下更新後的有機成長展望。我的意思是，這只是小幅上修，但畢竟仍是上修。你們對定價的評論聽起來和上季完全一樣。所以這是否代表整體出貨量/銷量（volumes）表現稍微更好一些？也想請教你們會把這歸因於哪些因素？聽起來像是醫療保健，但我不確定多元工業（Diversified Industrials）是否也有貢獻？

Yes. As Lori mentioned earlier, health care is driving that, and you did see really nice growth in Diversified industrials as well, which we've also added that to the full year as well. So both of those two areas are helping to offset the little bit of weakness that we're seeing in Water related to the Middle East.

是的。如 Lori 先前提到的，醫療保健正在帶動這一點，而且你也確實看到多元化工業（Diversified industrials）有相當不錯的成長，我們也已把這點納入全年展望。因此，這兩個領域都有助於抵消我們在水務（Water）業務上看到、與中東相關的些許疲弱。

Yes. I mean in DI, we have a very strong order book on the industrial side within DI. So we cited that kind of all year and it continues to drive kind of low double-digit order gains across that portfolio. And we're seeing nice positions within shelter as well. So while shelters still continued to be about net neutral on a full year basis from an end market perspective to see outperformance in the space on the resi side. So even though it's a little tempered, we're seeing outperformance there. And so incrementally, optimistic on the shelter business.

是的。我的意思是，在 DI 方面，我們在 DI 內的工業端有非常強勁的訂單簿。所以我們全年都一直提到這點，而它也持續推動該投資組合的訂單以低雙位數成長。我們在 shelter 方面也看到不錯的布局。因此，雖然從終端市場角度來看，shelter 全年仍大致呈現淨中性，但在住宅端（resi side）我們看到該領域的表現優於市場。所以即使稍微受到抑制，我們仍看到那裡的超額表現。因此，對 shelter 業務逐步轉為樂觀。

And maybe just one more comment on the Diversified side, optimistic on the EV battery space. And so we saw a really nice growth in the EV battery space in 2Q, especially in the European markets, we're really seeing that pipeline come to fruition there and driving nice results for us.

另外也許再補充一點在多元化（Diversified）這邊，我們對電動車（EV）電池領域感到樂觀。因此我們在第二季（2Q）看到 EV 電池領域有非常不錯的成長，特別是在歐洲市場，我們確實看到那個案源管線開始開花結果，並為我們帶來良好成果。

Let me follow up on that specifically then. And just -- I mean, how big is that EV battery? And is that primarily adhesives? Are there other separator or thermal materials that you guys are selling?

那我就針對這點具體追問一下。也就是說——EV 電池這塊有多大？那主要是黏著劑（adhesives）嗎？你們還有在賣其他隔膜（separator）或熱管理材料（thermal materials）嗎？

Yes, it's primarily adhesives. So the EV battery space alone today is around $70 million of revenue. We see it going nicely into the triple digit in '26 and '27. And broadly, the whole EV opportunity for us is a few hundred million.

是的，主要是黏著劑。所以就 EV 電池這個領域本身而言，目前大約是 7,000 萬美元的營收。我們預期在 2026、2027 年會很不錯地進入三位數（破億美元）。而更廣泛來看，整體 EV 對我們而言的機會是數億美元。

So of our whole $900 million automotive portfolio that EV portion is nicely butting up to almost 50% of it. And so we had a lot of wins in the pipeline on the battery space across all the regions, and we're seeing those come to realization as those automotive OEMs start to introduce the newer models.

以我們整體 9 億美元的汽車產品組合來看，EV 那一部分正穩健地逼近其中將近 50%。因此我們在各區域的電池領域管線中有很多贏單（wins），而隨著那些汽車 OEM 開始導入較新的車型，我們也看到這些逐步落地實現。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Lori, just on construction, you noted some improvement in those markets. Is that mainly data centers or other areas or expanding as well?

Lori，關於建築（construction），你提到這些市場有些改善。那主要是資料中心（data centers）還是其他領域？或也有擴散到其他方面？

No, not data centers. It's more on the HHEP, so kind of the health care education, retail market. And so there's a lot of growth in the health care space with respect to new hospital builds. I think in the education space, there's a lot of investments still going on at the university level that's driving our optimism there. So we've got a tiny little bit in data centers that we're looking hard to be able to see how we can continue to grow that. But a lot of our growth is outside data centers in the nonres space.

不是，不是資料中心。更多是在 HHEP，也就是醫療保健、教育、零售市場。因此在醫療保健領域，與新醫院興建相關的成長很多。我認為在教育領域，大學層級仍有大量投資在進行，這也推動我們對那邊的樂觀。所以我們在資料中心方面有一點點布局，我們也在仔細研究如何能持續成長。但我們的多數成長是在資料中心以外的非住宅（nonres）領域。

Very good. And just back on pricing of the $90 million you're targeting for this year, if we do see raws go back to pre-conflict levels. How much of that should you or credo retain?

很好。再回到你們今年目標的 9,000 萬美元定價（pricing），如果我們確實看到原物料（raws）回到衝突前（pre-conflict）的水準，那其中有多少你們或 credo 應該能保留？

So obviously, we'll take a look at that if and when it happens. I know there was a period of time like earlier in the quarter where everybody saw kind of that was behind us, but it quickly all came back. So obviously, we're watching it closely day-by-day and week-by-week basis, and we'll stay close with our customers relative to that. As I mentioned earlier, that $90 million of pricing is related to the oil and gas headwinds.

所以很明顯，如果、以及當它發生時，我們會再評估。我知道在本季稍早有一段時間，大家都覺得那已經過去了，但很快又都回來了。所以我們顯然會以每日、每週的節奏密切關注，並就此與客戶保持緊密溝通。如我先前提到的，那 9,000 萬美元的定價是與油氣（oil and gas）逆風相關。

We clearly do have pricing in other areas of our portfolio as well. That's really related to the value of our products, which clearly, we will continue to look at and continue to have the ability to have pricing to be part of our growth as we move forward.

我們在投資組合的其他領域也確實有定價。那更多是與我們產品的價值相關，而這點很明顯我們會持續檢視，並在往前推進時，持續具備把定價作為成長一部分的能力。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行。

R&D expense continues to be managed lower. Like where is the right landing zone? And how have you shifted the framework for R&D spend and hurdle rates maybe, I don't know, Lori, if you want to tap on your experience here at the pump or maybe comparing where you are now to the DuPont of old.

研發（R&D）費用持續被管理得更低。那合理的落點（landing zone）在哪裡？以及你們如何調整研發支出的框架與門檻報酬率（hurdle rates）？我不確定，Lori，你是否想結合你在「pump」那邊的經驗談談，或是比較你們現在與過去的杜邦（DuPont）。

Yes. So we target R&D expense at about 2.5% of sales. I think we're still generally in that pull park. So anything that you're seeing with respect to moves are really more around changes in how we allocate the space, the R&D labs operate in versus any kind of fundamental change in our level of investments in R&D and application development across the organization.

是的。我們把研發費用目標設定在約占銷售額的 2.5%。我認為我們整體仍大致在那個區間（ballpark）。所以你看到的任何變動，更多是我們如何分配研發實驗室運作空間的調整，而不是我們在全公司研發與應用開發（application development）投資水準上的任何根本性改變。

My focus now is making sure that, that 2.5% is spread in a differential manner across the businesses. And so we've got opportunity to better do differential management with respect to R&D and making sure that we're getting more of the R&D into the areas that drive the outsized growth. And so that's where we're focused now with respect to the portfolio, making sure that we're driving a really robust front-end work to be able to speed up the development cycle and get those new introductions to market more quickly.

我現在的重點是確保這 2.5% 能以差異化的方式分配到各個事業。因此我們有機會在研發上做更好的差異化管理，並確保把更多研發投入到能帶來超額成長的領域。所以就投資組合而言，我們目前的重點在這裡：確保我們推動非常強健的前端工作（front-end work），以加速開發週期，並讓新產品導入（new introductions）更快上市。

I would say with respect to the DuPont of the past, we're materially different with respect to where we're placing our bets. And so all of our bets are primarily within the application development space. They are working with our customers, understanding their key technological challenges and making sure that we're addressing those. They're not kind of presupposing large opportunities that don't exist today and doubling down on that. So all of the investment is really aimed at customer pipeline and working side-by-side with our customers to be able to solve their challenges.

我會說，相較於過去的杜邦，我們在下注方向上有實質不同。因此我們所有的下注主要都在應用開發領域。也就是與客戶合作、理解他們關鍵的技術挑戰，並確保我們正在解決這些問題。而不是先假設一些今天並不存在的巨大機會，然後在那上面加碼。所以所有投資的目標，都是針對客戶管線（customer pipeline），並與客戶並肩合作來解決他們的挑戰。

And then just quickly for the second quarter, can you give us a quick breakdown on where price versus volumes fell across the two segments?

另外很快問一下第二季，你能否簡要拆解一下兩個事業部中，價格（price）與銷量（volumes）各自的表現？

So overall, I would say, of our corporate set organic growth, there was about 1 point of price. And I would say that was pretty equally split between the two segments.

整體而言，我會說在我們公司層級的有機成長（organic growth）中，大約有 1 個百分點來自價格。而我會說這在兩個事業部之間分配得相當平均。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

I wanted to ask on the cash flow. Obviously, very strong performance looked across all the buckets of working capital, it looked like it was very well done. So just curious how you're thinking about that into the back half of the year. Is there any reversal of that? Or where you think overall conversion might be for the full year?

我想問現金流（cash flow）。很明顯，在營運資金（working capital）的各個項目上表現非常強，看起來執行得很好。所以我想了解你們如何看待下半年（back half of the year）。這會有任何回轉（reversal）嗎？或者你們認為全年整體轉換率（conversion）會是多少？

Yes. So starting with the second part of your question first. So I would clearly expect that on a full year basis, we're much closer to 100% than we are to the 90% in terms of conversion. To your point, a lot of that is working capital. We have a large focus on that in the organization, whether that's in our DSO or DPO or our inventory days that's what helped drive the Q2 free cash flow conversion.

是的。我先回答你問題的第二部分。我很明確地預期，以全年來看，我們的轉換率會更接近 100%，而不是 90%。如你所說，其中很大一部分來自營運資金。我們在組織內非常聚焦這點，不論是應收帳款週轉天數（DSO）、應付帳款週轉天數（DPO）或存貨天數（inventory days），這些都幫助推動第二季自由現金流（free cash flow）轉換率。

I mean, typically, when you look at our free cash flow, the first quarter is usually the lowest quarter. Things typically get better in the second quarter. We also have our interest payment in the second quarter. And typically, the second half is better than the first half. Sometimes there's some timing of certain tax payments and things like that, that skew it, but that's the overall kind of, I would call it, seasonality of our cash flow. So we expect to have a really strong cash flow year.

我的意思是，一般來說，當你看我們的自由現金流時，第一季通常是最低的一季。第二季通常會改善。我們也會在第二季支付利息。而且通常下半年會比上半年更好。有時候某些稅款支付等事項的時間點會造成偏移，但整體而言，這就是我所稱的我們現金流的季節性。因此，我們預期今年將會是現金流非常強勁的一年。

Certainly, looks like as a follow-up, on slide 4 in the commercial bucket there, with the AI initiatives, you talked about the 50 sales plays, 150 opportunities and the 30%-win rate. I guess my question would just be, is AI making that win rate? I mean, clearly, you were going out on commercial exercises in the past. But is the win rate now higher with AI? Or is it about the same? Or what are you seeing there?

當然，作為追問，在第4頁商業板塊那裡，關於AI計畫，你提到了50個銷售打法、150個機會以及30%的勝率。我想我的問題是，AI是否正在推動那個勝率？我的意思是，很明顯你們過去也一直在做商業拓展。但現在有了AI，勝率是否更高？還是差不多？或者你們在那裡看到的是什麼？

So the win rate of the 30% that we mentioned on the AI sales place, those were primarily in the garment business. Our typical win rates were in the high teens. So you can see kind of the outperformance. I wouldn't say the win rate was serving by the AI work. It was -- the AI work really just helped our speed to market.

所以我們提到的AI銷售打法30%的勝率，主要是在成衣業務中取得的。我們典型的勝率大約在十幾個百分點的高段。所以你可以看到某種程度的超額表現。我不會說勝率是由AI工作所帶動的。AI工作真正幫助的是我們的上市速度。

And so in the past, when we would have run a sales play to say, a couple of months to be able to get ready to launch. Now we did it in four weeks. And so the AI is really helping on the pace. I would say the win rate piece is enabled by the enhanced commercial organization are putting in place across the garment business. So really more of the mindset of a hunter mentality and being able to go out and get a better sales performance.

因此過去我們要跑一個銷售打法，可能需要幾個月才能準備好推出。現在我們在四週內就完成了。所以AI確實是在節奏上提供幫助。我會說，勝率這一塊是由我們正在成衣業務全面建置的強化商業組織所促成的。所以更像是一種獵人心態，並且能夠走出去取得更好的銷售表現。

I had mentioned we got about $5 million or $6 million in incremental garment sales alone from the sales plays that we launched.

我提到過，僅從我們推出的那些銷售打法來看，成衣的增量銷售額就約有500萬到600萬美元。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗。

This is [Rachel] on for Patrick. On the Industrial Technology side, can you just expand maybe on which parts of the portfolio is maybe accelerating higher than others? And what sort of order book to bill you have there?

我是代替Patrick的[Rachel]。在工業技術方面，你能否再多談談投資組合中哪些部分的加速幅度可能高於其他部分？以及你們那邊的訂單簿對出貨（book-to-bill）比率大概是多少？

Yes, I'd say we saw a really nice performance from an organic growth perspective on both the building technology side as well as the industrial technology side. So in building technologies, we were up low single digits. That's our construction-type business. We did see growth across residential and nonresidential is really what drove it to one of the points that Lori had mentioned earlier, I would say we're clearly outperforming in the residential space, given the market, I would say, would be down, and we had some growth in that area. We're a bit more in line, I would say, on the nonresidential as well as the repair and remodel side of the house.

是的，我想從有機成長的角度來看，無論是建築技術端還是工業技術端，我們都看到非常不錯的表現。在建築技術方面，我們成長了低個位數。那是我們偏建築施工類型的業務。我們確實看到住宅與非住宅領域的成長，這也是推動表現的主因；呼應Lori先前提到的一點，我會說，考量到市場本身可能是下滑的，我們在住宅領域顯然是跑贏市場的，並且在那一塊仍有成長。至於非住宅以及房屋維修與翻新（repair and remodel）方面，我會說我們的表現則比較接近市場水準。

And then when you look at industrial technologies had a really nice quarter, organic growth in the mid-single digits. The order book is doing well. We're seeing the nice inflection there. We're starting to see that short cycle come back. And we do expect to see -- to continue to see the growth that we saw in the second quarter kind of progress into the second half of the year.

再來看工業技術，本季表現也非常不錯，有機成長達到中個位數。訂單簿表現良好。我們看到那裡出現不錯的拐點。我們開始看到短週期業務回溫。而且我們確實預期——將持續看到第二季所呈現的成長，在今年下半年延續推進。

Got it. That's very helpful. And could you just talk about the level of spending driven demand in water and just expand on whether that growth profile has changed over the last year given the acceleration in AI and events nodes.

了解。這非常有幫助。另外，你能否談談水務領域由支出所驅動的需求水準，並進一步說明在AI與（先進）製程節點加速的背景下，過去一年這個成長輪廓是否有所改變？

Yes. So on the water side, it's really providing ultra-pure water to the chip manufacturer. So that's where we saw the nice growth. I would say it was kind of up in the 20%-plus range where we've kind of seen the past several quarters, and we expect it to continue to grow. So as you know, obviously, the AI revolution continues to take hold. We've got participation in the water business with respect to the ultra-pure water opportunity.

是的。在水務方面，主要是為晶片製造商提供超純水。因此我們在那裡看到了不錯的成長。我會說大約是在20%以上的區間，這也是我們過去幾個季度一直看到的水準，而且我們預期會持續成長。如你所知，AI革命顯然仍在持續發酵。就超純水的機會而言，我們在水務業務中也有參與。

Abigail Evertz, Wells Fargo.

Abigail Evertz，富國銀行。

One more on residential construction. Can you just speak to what drove that above market growth there?

再問一個關於住宅建築的問題。你能否談談是什麼驅動了你們在那裡高於市場的成長？

Yes. For us, it was predominantly in the multifamily space that we're -- we have a nice position in. We saw some nice growth there within the quarter. I would say single-family homes continues to be, I would say, very soft in the space, but we did see some really good activity in the multifamily that was driving our residential space.

是的。對我們而言，主要是在多戶住宅（multifamily）領域——我們在那裡有不錯的布局。我們在本季看到那一塊有相當不錯的成長。我會說，獨棟住宅（single-family homes）在這個領域仍然非常疲弱，但我們確實看到多戶住宅有一些非常好的活動，帶動了我們的住宅業務表現。

That will conclude our question-and-answer session. I will now turn the call back over to Ann Giancristoforo for closing remarks.

問答環節到此結束。我現在把電話交回給Ann Giancristoforo作結語。

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

很好。感謝各位今天參加我們的電話會議。供各位參考，我們的逐字稿副本將會張貼在杜邦的網站上。今天的電話會議到此結束。

Ladies and gentlemen, thank you all for joining. You may now disconnect.

各位女士、先生，感謝大家參與。您現在可以掛線。