杜邦 (DD) 2026 Q3 法說會逐字稿

Thank you for standing by, and welcome to the DuPont third quarter 2026 financial results conference call. (Operator Instructions)

感謝各位稍候，歡迎參加杜邦 2026 年第三季財務業績電話會議。（接線員指示）

I would now like to turn the call over to Ann Giancristoforo, Vice President of Investor Relations. Please go ahead.

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

Good morning, and thank you for joining us for DuPont's third 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. Please read the forward-looking statement disclaimer contained in the slide. During this call, we will make forward-looking statements regarding our expectations or predictions about the future.

各位早安，感謝各位參加杜邦 2026 年第三季財務業績電話會議。今天與我一同出席的有執行長 Lori Koch，以及財務長 Antonella Franzen。我們已準備投影片以補充我們的說明，投影片已張貼於杜邦網站「投資人關係」分頁下，並可透過網路直播連結取得。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前瞻性陳述。

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.

由於這些陳述係基於目前的假設與因素，且涉及風險與不確定性，我們的實際表現與結果可能與前瞻性陳述存在重大差異。我們的 Form 10-K（並由我們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。

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. 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.

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為基礎，並排除重大項目。我們亦將提及其他非 GAAP 衡量指標。與最直接可比之 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，並已張貼於杜邦投資人關係網站。

Consistent with our prior earnings calls, we 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.

延續我們先前的法說會作法，我們將就本期結果相較於前一年備考（pro forma）基礎提供評論；該備考基礎已就分拆後的公司成本、利息費用及所得稅率進行調整。此作法與我們在 2025 年投資人日所提供的方法論與財務指標一致。

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 third quarter financial results, which again exceeded our previously communicated guidance, demonstrating the strength of our portfolio and the consistent execution of our team.

各位早安，感謝大家參加本次電話會議。今天稍早，我們公布了第三季財務業績，再次超越我們先前對外溝通的指引，展現我們投資組合的實力以及團隊一貫的執行力。

Broad-based sales growth, combined with a continued focus on productivity, enabled organic growth of 5%, 90 basis points of margin expansion, 31% adjusted EPS growth and robust free cash flow conversion in the quarter. As a result of our performance, we are again raising our full year 2026 financial guidance for organic sales growth, operating EBITDA and adjusted EPS, all at or above the high end of our previously communicated range. Antonella will provide further details shortly.

廣泛的銷售成長，加上持續聚焦生產力，使本季達成 5% 的有機成長、毛利率擴張 90 個基點、調整後 EPS 成長 31%，並實現強勁的自由現金流轉換。基於我們的表現，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，且均位於或高於先前所溝通區間的高端。Antonella 稍後將提供更多細節。

We also continue to execute our capital allocation priorities. We completed the previously announced $250 million ASR and substantially completed an additional $100 million of open market repurchases in the quarter.

我們也持續執行資本配置的優先事項。本季我們完成先前宣布的 2.5 億美元加速股票回購（ASR），並且基本完成額外 1 億美元的公開市場回購。

We also announced our intention to repurchase another $250 million of shares in the fourth quarter. This underscores our confidence in DuPont's long-term growth potential and reinforces our focus on allocating capital where we see compelling return opportunities, including investing in our own shares. Overall, this was another solid quarter of strong execution.

我們也宣布有意在第四季再回購 2.5 億美元的股票。這凸顯我們對杜邦長期成長潛力的信心，並強化我們將資本配置於具吸引力報酬機會的聚焦，包括投資於自家股票。整體而言，這又是一個執行強勁且穩健的季度。

We delivered strong organic growth, expanded margins generate robust free cash flow and return meaningful capital to shareholders, all while continuing to advance our strategic priorities. Moving to our strategic priorities on slide 4.

我們實現強勁的有機成長、擴大利潤率、創造充沛的自由現金流並向股東回饋可觀資本，同時持續推進我們的策略優先事項。接下來請看第 4 頁投影片的策略優先事項。

We continue to strengthen the operating framework that connects our culture, planning and execution. Our focus remains on accountability, productivity and performance excellence with the objective of building a more consistent and sustainable growth engine. Innovation excellence continues to strengthen DuPont's ability to turn (inaudible) in technology and application expertise into opportunities for sustainable growth.

我們持續強化連結企業文化、規劃與執行的營運架構。我們仍聚焦於責任承擔、生產力與卓越績效，目標是打造更一致且可持續的成長引擎。創新卓越持續強化杜邦將（聽不清）在技術與應用專業上的優勢轉化為可持續成長機會的能力。

We are enhancing the quality of our innovation portfolio through more rigorous portfolio management, stronger visibility to accretive growth opportunities and differential resource allocation. In the past quarter, we substantially increased our front-end innovation pipeline and increased the grow versus renewed ratio of our innovation portfolio by about 5%, ensuring that our vitality mix remains strong in the mid-30% range.

我們透過更嚴謹的組合管理、更清晰可見的增值型成長機會，以及差異化的資源配置，提升創新組合的品質。在過去一季，我們大幅擴增前端創新管線，並將創新組合中「成長」相對於「更新」的比率提高約 5%，確保我們的活力組合（vitality mix）在 30% 中段區間維持強勁。

The results are increasingly visible across our growth markets. In Water Technologies, we expanded our bioprocessing portfolio with a new purification technology aimed at the fast-growing peptide therapeutics market, including GLP-1 drug. This product helps pharmaceutical manufacturers achieve the purity, yield and scale needed to meet rising demand for these therapies.

成果在我們的成長市場中愈發清晰可見。在水處理技術方面，我們以一項新的純化技術擴充生物製程產品組合，鎖定快速成長的胜肽治療市場（包括 GLP-1 藥物）。該產品可協助製藥製造商達到所需的純度、產率與規模，以滿足這些療法日益上升的需求。

In addition, we launched Tyvek with Renewable Attribution in the quarter, which provides customers with a solution that maintains the superior performance they know while supporting progress on sustainable material sourcing and carbon footprint reduction.

此外，我們於本季推出具「再生屬性」（Renewable Attribution）的 Tyvek，為客戶提供一項解決方案，在維持其熟悉的卓越性能同時，支持永續材料來源與降低碳足跡的進展。

Commercially, we continue to see strong order patterns with the total company order book follow the up double digits year over year. In addition, we are strengthening the connection across innovation, marketing and sales into a more systemic growth engine, enabling better win rates, faster activation of sales place, stronger launch readiness and more disciplined execution from opportunity creation through conversion.

在商業面，我們持續看到強勁的訂單型態，整體公司訂單簿年增達雙位數。此外，我們正強化創新、行銷與銷售之間的連結，打造更系統化的成長引擎，以提升贏單率、更快啟動銷售布局、強化上市準備度，並在從機會創造到轉換的全流程中更有紀律地執行。

The focus on this connection is driving key customer wins. Our adhesive business recently secured a customer win with BETATECH, an advanced thermal material that maintains optimal battery temperatures and helps automakers enhance vehicle performance, reliability and circularity.

對此連結的聚焦正帶動關鍵客戶贏單。我們的黏著劑業務近期以 BETATECH 先進導熱材料取得客戶訂單；該材料可維持電池最佳溫度，並協助車廠提升車輛性能、可靠性與循環性。

Our Vespel custom engineered seal were recently selected for their exceptional durability, wear resistance and thermal stability, enabling safe, reliable fuel transfer during launch operations and showcasing our ability to solve complex aerospace challenges.

我們的 Vespel 客製化工程密封件近期因其卓越的耐久性、耐磨性與熱穩定性而獲選，可在發射作業期間實現安全可靠的燃料輸送，並展現我們解決複雜航太挑戰的能力。

In addition, we were recently awarded the largest containerized desalination project in EMEA, where our ultrafiltration modules provide greater efficiencies from a cost and space perspective, increasing the amount of clean drinking water that can be produced in each container. Operational excellence continues to deliver measurable results.

此外，我們近期在 EMEA 地區獲得迄今規模最大的貨櫃式海水淡化專案；我們的超濾模組在成本與空間面提供更高效率，提升每個貨櫃可產出的潔淨飲用水量。營運卓越持續帶來可衡量的成果。

We completed more than 20 Kaizen events during the quarter across our businesses and functions with a continued focus on safety, quality, delivery, inventory and costs. We are seeing the results of this work in our key performance indicators, delivering over 2% net productivity in the quarter, which was also a key component of our margin expansion.

本季我們在各事業與職能部門完成超過 20 場 Kaizen（改善）活動，持續聚焦於安全、品質、交付、庫存與成本。我們在關鍵績效指標中看到這些工作的成果，本季實現超過 2% 的淨生產力提升，這也是利潤率擴張的重要組成。

Additionally, our OTIF improved by more than 100 basis points, marking the third consecutive quarter of improvement. More broadly, the adoption of AI tools continues to accelerate as we work to connect our business system framework to AI-enabled tool sets. We are seeing faster and better decision-making from our teams on the factory floor where we are starting to realize material benefits in the areas of planning and quality.

此外，我們的 OTIF（準時且完整交付）改善超過 100 個基點，為連續第三季改善。更廣泛而言，隨著我們致力於將商業系統架構與 AI 賦能工具組相連結，AI 工具的採用持續加速。我們看到團隊在工廠現場做出更快且更佳的決策，並開始在規劃與品質等領域實現實質效益。

Our 2026 financial performance continues to demonstrate the strength and quality of our portfolio, positioning us above the high end of all of the medium-term targets we established at Investor Day. We have a strong foundation for consistent, profitable growth supported by attractive end market exposure, continued operating leverage and robust cash generation.

我們 2026 年的財務表現持續展現投資組合的實力與品質，使我們在投資人日所設定的所有中期目標上均高於高端水準。我們具備穩固基礎以實現一致且具獲利性的成長，並由具吸引力的終端市場曝險、持續的營運槓桿以及強勁的現金創造所支撐。

We will enter 2027 with confidence in our ability to execute and the significant opportunity we have to drive earnings growth and create long-term shareholder value.

我們將滿懷信心地邁入2027年，相信我們具備落實執行的能力，並擁有推動獲利成長、創造長期股東價值的重大機會。

With that, I will 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，由她更詳細說明財務表現與展望。

Thanks, Lori, and good morning, everyone.

謝謝你，Lori，各位早安。

Strong operational execution and broad-based growth drove another quarter of results ahead of our financial guidance. Organic growth and disciplined productivity translated into strong operating leverage and meaningful margin expansion. Additionally, our businesses continue to convert earnings into cash at a high rate, giving us significant financial flexibility. Beginning with our third quarter financial highlights on slide 5.

強勁的營運執行與廣泛的成長動能，推動本季業績再次優於我們的財務指引。有機成長與嚴謹的生產力提升，帶來強勁的營運槓桿與顯著的利潤率擴張。此外，我們的各項業務持續以高比率將獲利轉化為現金，賦予我們顯著的財務彈性。先從投影片5的第三季財務重點開始。

Net sales of $1.9 billion were up 4% versus the year ago period on 5% organic sales growth, partially offset by a 1% headwind from currency. Top line growth was broad-based, led by continued strength in Healthcare and Aerospace as well as year-over-year growth in Building Technologies on gains in North America and Asia.

淨銷售額19億美元，較去年同期成長4%，其中有機銷售成長5%，部分被匯率帶來的1%不利影響所抵銷。營收成長面向廣泛，主要由醫療保健與航太持續強勁所帶動，建築科技亦在北美與亞洲成長的推動下實現年增。

From a segment view, during the quarter, organic sales grew 4% in Healthcare & Water Technologies and 5% in Diversified Industrial. Third quarter operating EBITDA of $469 million increased 8% versus the year ago period on organic sales growth and productivity. This resulted in operating EBITDA margin of 25.1% in the quarter, an increase of 90 basis points year over year.

從事業部角度來看，本季醫療保健與水技術的有機銷售成長4%，多元工業的有機銷售成長5%。第三季營運EBITDA為4.69億美元，受惠於有機銷售成長與生產力提升，較去年同期增加8%。因此，本季營運EBITDA利潤率為25.1%，年增90個基點。

Turning to cash flow. We delivered transaction-adjusted free cash flow of $341 million and related conversion of 121%, underpinned by earnings growth and net working capital productivity. Based on our year-to-date results, we now expect our full year free cash flow conversion to be approximately 100%, nicely ahead of our 90% target.

接著看現金流。我們實現交易調整後自由現金流3.41億美元，相關轉換率為121%，主要由獲利成長與淨營運資金生產力所支撐。根據年初至今的表現，我們目前預期全年自由現金流轉換率約為100%，明顯優於我們90%的目標。

Turning to slide 6. Adjusted EPS for the quarter of $2.09 was up 31% versus the year ago period. Stronger operations benefits from higher cash capital allocation and actions taken to lower the tax rate drove 24% of the increase. Turning to our segment results on slide 7.

請看投影片6。本季調整後每股盈餘（EPS）為2.09美元，較去年同期成長31%。更強的營運表現、較高的現金資本配置效益，以及為降低稅率所採取的措施，共同貢獻了增幅中的24%。接著看投影片7的事業部表現。

Healthcare & Water Technologies third quarter net sales of $865 million were up 4% versus the year ago period on 4% organic growth. For the third quarter, Healthcare sales were up mid-single digits percent on an organic basis versus the year ago period. Organic growth was led by double-digit gains in personal protection and medical packaging.

醫療保健與水技術事業部第三季淨銷售額為8.65億美元，受4%的有機成長帶動，較去年同期成長4%。第三季醫療保健銷售以有機口徑計算，較去年同期成長中個位數百分比。有機成長主要由個人防護與醫療包裝的雙位數增長所帶動。

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

水業務銷售以有機口徑計算成長低個位數百分比，主要受工業用水走強，以及半導體與特殊市場的雙位數增長所帶動，但部分被中東地區持續的干擾所抵銷。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 $263 million was up 7% versus the year ago period on organic growth and productivity gains. Strong operating leverage resulted in operating EBITDA margin of 30.4%, an increase of 80 basis points year over year. Turning to Diversified Industrials.

該事業部本季營運EBITDA為2.63億美元，受有機成長與生產力提升帶動，較去年同期增加7%。強勁的營運槓桿使營運EBITDA利潤率達30.4%，年增80個基點。接著看多元工業事業部。

Third quarter net sales of $1 billion increased 4% versus the year ago period on 5% organic sales growth, partially offset by a 1% headwind from currency. At the line of business level, organic sales for Building Technologies were up mid-single digits percent on growth in North America and Asia. Growth in North America was broad-based led by share gains and building envelope for residential markets.

第三季淨銷售額10億美元，較去年同期成長4%；其中有機銷售成長5%，部分被匯率帶來的1%不利影響所抵銷。以業務線層級來看，建築科技的有機銷售成長中個位數百分比，主要來自北美與亞洲的成長。北美的成長面向廣泛，主要由市占提升以及住宅市場的建築外殼（building envelope）業務所帶動。

Industrial Technologies organic sales were up mid-single digits percent on double-digit gains in aerospace and electric vehicle battery applications. Operating EBITDA for Diversified Industrials of $242 million was up 11% versus the year ago period on organic growth and productivity.

工業科技的有機銷售成長中個位數百分比，主要受航太與電動車電池應用的雙位數增長所帶動。多元工業事業部營運EBITDA為2.42億美元，受有機成長與生產力提升帶動，較去年同期增加11%。

This translated to operating EBITDA margin in the quarter of 24.1%, an increase of 140 basis points versus the year ago period. Turning to slide 8. We are again raising our full year 2026 financial guidance with all metrics at or above the high end of our previously communicated range.

因此，本季營運EBITDA利潤率為24.1%，較去年同期提升140個基點。請看投影片8。我們再次上調2026全年財務指引，所有指標均達到或高於先前所溝通區間的高端。

For the full year 2026 our net sales guidance now assumes organic growth to be approximately 4.5%, reflecting our performance to date and continued strength across most of our key end markets. We now expect sales to be about $7.19 billion, an increase of $15 million from the midpoint of our prior guidance and at the top end of our prior guidance range.

就2026全年而言，我們的淨銷售指引目前假設有機成長約為4.5%，反映我們迄今的表現，以及多數關鍵終端市場持續強勁。我們目前預期銷售額約為71.9億美元，較先前指引中點增加1,500萬美元，並位於先前指引區間的上緣。

While we have the orders in hand for our large water projects in the Middle East, given the continued disruptions, our guidance now assumes these projects will be pushed into 2027. Continued strength in our other markets allowed us to raise our guidance to the high end of our previous range.

雖然我們已取得中東大型水務專案的訂單，但鑑於干擾仍在持續，我們的指引目前假設這些專案將延後至2027年。其他市場的持續強勁，使我們得以上調指引至先前區間的高端。

Operating EBITDA is now expected to be $1.785 billion, an increase of $25 million from the midpoint of our prior guidance, reflecting our stronger third quarter results as well as increased productivity benefits as we exit the year. Our operating EBITDA growth represents about 40% incrementals and translates into margin of 24.8%, an 80 basis point improvement year over year. We continue to expect to fully offset higher input costs through pricing actions already taken.

目前預期營運EBITDA為17.85億美元，較先前指引中點增加2,500萬美元，反映第三季更強勁的業績，以及在年底前逐步展現的更高生產力效益。我們的營運EBITDA成長相當於約40%的增量利潤（incrementals），並對應24.8%的利潤率，較去年同期改善80個基點。我們仍預期可透過已採取的定價措施，完全抵銷較高的投入成本。

Our adjusted EPS at the midpoint of $7.50 is a $0.25 increase versus our prior guidance and represents a 22% increase compared to the prior year pro forma. Underlying business performance, coupled with the benefits from capital deployment, are driving the year-over-year increase.

以中點7.50美元計算，我們的調整後EPS較先前指引上調0.25美元，並較前一年備考（pro forma）成長22%。基礎業務表現，加上資本部署所帶來的效益，共同推動年增。

For the fourth quarter, our estimated net sales of $1.825 billion assumes organic growth of about 8% year over year, driven by continued strength in Healthcare, Aerospace and Industrial, Water end markets as well as pricing actions taken to offset higher input costs. As a reminder, our fourth quarter 2025 net sales included a headwind of $30 million or 2% from the order timing shift into the third quarter 2025 due to separation-related activities. Currency is expected to be neutral in the quarter.

就第四季而言，我們估計淨銷售額為18.25億美元，假設有機成長約為年增8%，主要由醫療保健、航太與工業、水務終端市場的持續強勁，以及為抵銷較高投入成本所採取的定價措施所帶動。提醒一下，我們2025年第四季淨銷售額包含3,000萬美元（或2%）的不利影響，係因分拆相關活動導致訂單時點移轉至2025年第三季。預期本季匯率影響為中性。

Operating EBITDA is expected to be $455 million, resulting in operating EBITDA margin of 24.9%. Adjusted EPS is expected to be in the range of $1.90 to $1.95 per share, representing an increase of 17% to 19% compared to the prior year pro forma.

預期營運EBITDA為4.55億美元，對應營運EBITDA利潤率24.9%。調整後EPS預期介於每股1.90至1.95美元，較前一年備考增加17%至19%。

For the Healthcare & Water segment, we expect fourth quarter organic sales growth in the high single digits percent range, led by strength in personal protection, medical devices and industrial water market. For the Diversified Industrial segment, we expect fourth quarter organic sales growth in the high single-digit percent range on continued strength in aerospace and electric vehicle battery applications. Before I close, I want to recognize and thank our teams around the world.

就醫療保健與水事業部而言，我們預期第四季有機銷售成長落在高個位數百分比區間，主要由個人防護、醫療器材與工業用水市場的強勁表現所帶動。就多元工業事業部而言，我們預期第四季有機銷售成長亦落在高個位數百分比區間，受惠於航太與電動車電池應用持續強勁。在我結束之前，我想表揚並感謝我們全球各地的團隊。

Our strong performance this year is a direct reflection of their dedication, exceptional execution and commitment to our customers. We have built strong momentum through the first nine months, and we remain focused on carrying that momentum through the balance of the year. With leading positions in attractive markets, a strong execution mindset, and an exceptional team, I'm confident in our ability to finish the year strong.

我們今年的強勁表現，直接反映了他們的投入、卓越的執行力以及對客戶的承諾。我們在前九個月建立了強勁動能，並將持續專注於在今年剩餘時間延續這股動能。憑藉在具吸引力市場中的領先地位、強烈的執行思維，以及一支卓越的團隊，我對我們有能力以強勢表現完成今年充滿信心。

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來開啟問答環節。

(Operator Instructions) Jeff Sprague, Vertical Research Partners.

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

(inaudible) see the volume and the internal initiatives all come in to --

(聽不清) 看到出貨量以及內部倡議都納入到——

Jeff, it's really hard to hear you.

Jeff，我們真的很難聽清楚你在說什麼。

How about that? Any better?

這樣呢？有比較好嗎？

Much better.

好多了。

Okay. Sorry about that. I wanted to see if we could unpack a little bit just the impact of the internal initiatives on what's going on with margins relative to the volume lift you must be getting? And I'm sure you're -- you view yourself as relatively early in these internal initiatives. But maybe you could just give us a little perspective on the runway you have there.

好的。抱歉。我想請你們再多拆解一下：相較於你們應該因出貨量提升而獲得的效益，內部倡議對目前毛利率/利潤率變化的影響到底是什麼？而且我確定你們——你們也認為自己在這些內部倡議上仍屬於相對早期。但也許你們可以給我們一些你們在這方面還有多大發揮空間的觀點。

Yes. Thanks, Jeff. Yes, we are seeing a lot of momentum on the productivity side that was a big piece of the improvement that we saw in overall EBITDA margins in the quarter of about 90 basis points on a pro forma basis. So off to a really great start. We've mentioned that we're targeting a net 3% productivity in the COGS, meaning that we would drive a net 3% reduction there outside, obviously, volume increases.

是的，謝謝你，Jeff。是的，我們在生產力端看到很強的動能，這是本季我們看到整體 EBITDA 利潤率改善的一大部分；以擬制（pro forma）基礎計算，本季約提升了 90 個基點。所以起步非常好。我們也提過，我們的目標是在 COGS（銷貨成本）上達成淨 3% 的生產力提升，也就是在不考慮（顯然的）出貨量增加因素下，推動那部分淨降低 3%。

So we're well on our way. In the quarter, we were a little over 2% net productivity, which drove about 100 basis points of the EBITDA margin lift that we saw in the quarter, which was slightly offset by some growth investments that we continue to make within the organization. So really nice improvement.

所以我們進展順利。本季我們的淨生產力提升略高於 2%，這帶動了本季我們看到的 EBITDA 利潤率提升約 100 個基點；但其中有一小部分被我們持續在組織內進行的成長投資所抵銷。所以改善非常不錯。

It's really coming from many different levers, not only improvements in cost support quality and volume variance with being able to get more production off of the fixed asset base, but also on the procurement side, especially in a tough market where obviously there's a lot of oil and gas headwinds, we are driving procurement savings as well.

這其實來自許多不同的槓桿：不僅是在成本支撐、品質與產量差異（volume variance）方面的改善，透過在既有固定資產基礎上提升產出；同時在採購端也有貢獻，尤其在市場艱困、油氣產業逆風明顯的情況下，我們也在推動採購節省。

And then from a top line perspective, really nice improvement in OTIF and defect rates. So we've made steady progress in OTIF. We target -- 95% is our ultimate target on a delivery to request date, not a delivery to promise, so even a higher bar for us, and we're in the low 80s now. So lots of room for improvement, but we've also made a fair band improvement. So we're really happy with the progress.

此外，從營收端來看，OTIF 與不良率也有很好的改善。我們在 OTIF 上持續穩步進展。我們的最終目標是 95%，以「依客戶要求日期交付」（delivery to request date）為準，而不是「依承諾日期交付」（delivery to promise），所以對我們而言門檻更高；目前我們在 80% 出頭。所以仍有很大改善空間，但我們也已經有相當幅度的提升。因此我們對進展非常滿意。

Great. And then maybe just a more near-term question. Just the water-related projects in the Middle East that were a question mark. So how much revenue was that, that you pushed out of your '26 plan into next year? $25 million or so?

很好。接著可能是一個更短期的問題。就是中東與水相關的專案，之前還有不確定性。所以你們把多少營收從你們的『26 年計畫』延後到明年？大概 2,500 萬美元左右嗎？

We actually pushed out about $15 million, Jeff.

Jeff，我們實際上延後了大約 1,500 萬美元。

$15 million. Great.

1,500 萬美元。很好。

Scott Davis, Melius Research.

Melius Research 的 Scott Davis。

Congrats on a good couple -- several quarters in a row here of improvement. But look, I wanted to move over a little bit on the innovation side. Jeff took my question on quality and delivery, which I think is really important for you guys.

恭喜你們連續好幾季都有改善。不過我想把話題稍微轉到創新面。Jeff 已經問了我原本想問的品質與交付問題，我認為那對你們非常重要。

But on the innovation side, it seems like something that's getting some traction. Is it possible to kind of, I don't know measure it, I mean, I guess, when you talk about Vitality Index, sometimes that can mean different things to different people because you could just be adjusting a product a little bit.

但在創新方面，看起來似乎開始有一些進展。能不能某種程度上量化一下？我的意思是，當你們談到 Vitality Index（活力指數）時，有時不同的人會有不同解讀，因為你可能只是對產品做了小幅調整。

But are you seeing more of an impact on your growth or your margins on the new product flow? And that sometimes can answer that question a bit.

但你們是否看到新產品導入（new product flow）對成長或利潤率帶來更明顯的影響？這有時也能在一定程度上回答前面那個問題。

Yes, I would say it's both. So on the growth side, in our Vitality Index, which last year was about 35%, we're targeting a similar number for this year. The current mix is about 60% replace, 40% growth.

是的，我會說兩者都有。在成長方面，我們的 Vitality Index 去年大約是 35%，今年我們的目標是相近的數字。目前的組合大約是 60% 屬於替換（replace）、40% 屬於成長（growth）。

So to your point, we need to continue to drive improvement to be able to see more roundly a 50-50 mix between grower and replace. So in the quarter, as we mentioned on the call, we were able to move our R&D investment more into the growth space, ultimately then leading to more growth coming out of the innovation engine.

所以如你所說，我們需要持續推動改善，才能更全面地看到成長與替換更接近 50/50 的組合。因此在本季，如同我們在電話會議中提到的，我們已能把研發投資更多轉向成長領域，最終帶動更多成長從創新引擎中產出。

So we're seeing nice progress. We have a lot of work going on in the front-end space to be able to continue to see that improvement to get to a targeted 50-50. We've used a lot of AI pools.

所以我們看到不錯的進展。我們在前端（front-end）領域有很多工作在進行，以便持續改善並達到目標的 50/50。我們使用了很多 AI 資源池（AI pools）。

We have AI agents running in two of our businesses to be able to speed up the front end. So what used to take us about three months to move something from stage 0 into stage 1 is now taking about five days because of the improvement that we've driven on using AI and to be able to feed at that front end.

我們在兩個事業部部署了 AI 代理（AI agents）來加速前端流程。因此，過去我們把某個專案從第 0 階段推進到第 1 階段大約需要三個月，現在因為我們在使用 AI 以及在前端導入資料餵入（feed）方面所推動的改善，縮短到大約五天。

So it's both a growth and a margin improvement story. On the last year's basis, we saw about 150 basis points of margin lift from the investment that we're making in replace. The replace is not only to keep our product relevant and differentiated in the market. It also helps us on the productivity side to be able to input lower raw material costs and be able to get those (inaudible). So that's primarily what we see on the replace side.

所以這同時是一個成長與利潤率改善的故事。以去年為基礎，我們看到因為在替換（replace）上的投資，利潤率約提升了 150 個基點。替換不只是為了讓我們的產品在市場上保持相關性與差異化。它也在生產力端幫助我們，讓我們能導入較低的原物料成本，並取得那些（聽不清）。所以這主要就是我們在替換端看到的效益。

Okay. That's super helpful. And has that -- have you had to change the entire organization around how you really deliver that product flow, getting closer to the customer or closer to the facilities. I mean, what -- I mean, DuPont, I think, historically, always centralized a lot of its R&D. Have you guys culturally and physically change that?

了解。這非常有幫助。那麼在這方面——你們是否必須改變整個組織，來調整你們真正交付產品導入流程的方式，例如更貼近客戶或更貼近工廠？我的意思是——我想杜邦（DuPont）在歷史上一直把很多研發集中化。你們在文化上與實體配置上有做出改變嗎？

Yes. So there's no -- there's really no centralized R&D anymore. It all fits within the businesses and under the businesses. P&L and responsibility. So that was one big change that we made several years ago that we've continued to keep in place because they obviously know what the customer wants, which sees our innovation engine.

是的。所以現在已經——基本上不再有集中式研發了。研發全部都納入各事業部之內，並隸屬於各事業部。由各事業部的損益（P&L）與責任來承擔。這是我們幾年前做的一項重大改變，而且我們持續維持這個做法，因為他們顯然最了解客戶想要什麼，而這也驅動了我們的創新引擎。

So that's been a nice piece of it. Another piece is really just around the discipline that we've introduced into the system. So we've got all the data in one place where we can see where we're making our investments and making sure that we're differentially investing.

所以這一直是其中一個很不錯的部分。另一個部分其實就是我們在系統中導入的紀律性。因此我們把所有資料集中在同一個地方，讓我們能看見投資投向何處，並確保我們是在做差異化投資。

We spend about 2.5% of sales in total on R&D, and that's differentially applied to the different businesses to make sure that we're investing more heavily and those that have higher growth entitlement. So we've been able to look (inaudible) investing our resources, making sure that we're investing them back to the 80/20 work that applies to R&D investment as well, making sure that the R&D is being invested into the [AV ] and making sure that we grow the [AV] so that we can see overall lift improvement with respect to growth.

我們在研發（R&D）上的總投入約占銷售額的2.5%，並且會依不同事業差異化配置，以確保我們對具備較高成長權利（growth entitlement）的業務加大投資力度。因此我們能夠檢視（聽不清）我們如何投入資源，確保把資源回投到同樣適用於研發投資的80/20工作上，確保研發投入到[AV]，並確保我們把[AV]做大，從而在成長方面看到整體的提升改善。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

So I just wanted to first touch on the revenue beat this quarter. I think it was a little over $30 million higher than what the guide was for the quarter. I'm just wondering, how much of that came from additional price that you put through versus just the volume recovery that you're seeing across on the end markets that you highlighted earlier?

我想先談一下本季營收超預期的部分。我認為比本季指引高了略多於3,000萬美元。我想請教，其中有多少是來自你們額外調漲的價格，多少則是來自你們先前提到的終端市場需求回升所帶動的量的復甦？

Joe, its Antonella. So about -- of the $30 million or so, about $10 million came from incremental price that got put into place in the quarter and the other $20 million was more from volume.

Joe，我是Antonella。所以大約——在那約3,000萬美元之中，約1,000萬美元來自本季落地的增量價格，另外2,000萬美元更多是來自出貨量。

Okay. Got it. That's helpful, Antonella. And then just a quick question. Obviously, nice to see the -- how aggressive you guys are being from a share buyback perspective, as we think out beyond the fourth quarter, I mean, should we start penciling in at $250 million buyback?

好的，了解。這很有幫助，Antonella。接著再問一個簡短問題。很高興看到你們在庫藏股回購方面的積極程度；當我們往第四季之後看時，我是說，我們是否應該開始把每季2.5億美元的回購額納入模型？

Just how are you guys thinking about that versus your other M&A priorities because I know you still want to change the mix of your business to be more health care and waterfall focused.

你們如何在回購與其他併購（M&A）優先事項之間做取捨？因為我知道你們仍希望調整業務組合，使其更偏向醫療保健以及waterfall相關的重點。

So Joe, I would say we do have a lot of financial flexibility given where we are. We have a nice position of cash on the balance sheet. And our net debt-to-EBITDA is at like 1.1 times. So we have a lot of balance sheet flexibility as well.

所以Joe，我會說以我們目前的狀況來看，我們確實有很大的財務彈性。我們的資產負債表上有相當不錯的現金部位。而且我們的淨負債對EBITDA比率大約在1.1倍左右。因此我們在資產負債表方面也有很大的彈性。

I view the buybacks as us being more opportunistic versus saying that we have an automatic $250 a quarter. So again, we have the flexibility. So given any timing of potential M&A, we'll determine how much we are doing relative to share buybacks.

我把回購視為我們更偏向機會式的操作，而不是說每季自動就會有2.5億美元。所以再次強調，我們有彈性。因此，視潛在併購（M&A）的時點而定，我們會決定相對於庫藏股回購要做多少。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

I had actually two for the D&I side. So maybe the first one just on -- on the construction piece, you seem to be doing a lot better than some of the other players in that end market. I guess can you speak to the drivers behind that? It sounds like some of it is around maybe a better approach from a building envelope side.

我其實有兩個問題是關於D&I這一塊。第一個是關於建築這部分：你們在該終端市場的表現似乎比其他一些同業好很多。能否談談背後的驅動因素？聽起來其中一部分可能與你們在建築外殼（building envelope）方面採取了更好的方法有關。

Just curious if that's the heavier weighting or if it's more about the specific end markets that you're maybe having access to, whether it's data centers or fabs or what have you, I guess, maybe just unpack some of the growth that you're seeing in that business for us, that would be great.

我想了解這是否是較高權重的因素，或是更多與你們能接觸到的特定終端市場有關，例如資料中心或晶圓廠（fabs）等；也請你們幫我們拆解一下你們在該業務看到的成長動能，會很有幫助。

Sure. So let me -- there's a couple of things. Let me talk about here. So when you take a look at our Building Technologies business, I would first say the team has done a really good job in what has been a relatively tough market, I would say, over the last five years at this point. So we are definitely outperforming the overall market based upon the weightings of where we play would suggest that the overall market is down low single digits, and our business has performed really well.

當然。讓我——這裡有幾件事。我來談一下。當你看我們的建築科技（Building Technologies）業務時，我首先要說的是，在過去五年相對艱困的市場環境下，團隊做得非常好。因此，基於我們所參與領域的權重來看，整體市場大概是小幅個位數下滑，而我們的業務表現非常好，確實是跑贏大盤。

I would bifurcate that between volume and price. So from a volume perspective, I would say we're expected to be relatively flat, and that's compared to a down market. And then we are getting pricing as well, which is really helping to drive the organic growth up. But where that's coming from the outperformance relative to the market is really in two factors. We have some share gains, and we also have some favorable mix as well.

我會把它拆成量與價兩部分。就量而言，我會說我們預期大致持平，而這是在市場下滑的背景下。同時我們也取得了價格提升，這對推升有機成長非常有幫助。但相對於市場的超額表現，主要來自兩個因素。我們有一些市占率提升，同時也有一些有利的產品組合（mix）。

And just to unpack that a little bit more for you, when you think about the national builders and the large regional builders, we do see more conversions to our house wrap to Tyvek, that's clearly benefiting for us. And then also, we've talked before that we do have a nice presence in the multifamily. So within multifamily, increased penetration in that area typically brings, I would say, a broader bundle sale as well. So that's helping to drive the revenue as well.

再為你多拆解一點：當你想到全國型建商與大型區域型建商時，我們確實看到更多從一般房屋包覆材料轉換到我們的Tyvek，這顯然對我們有利。另外我們之前也提過，我們在多戶住宅（multifamily）領域有不錯的布局。因此在多戶住宅中，提高滲透率通常也會帶來更廣泛的套裝式銷售（bundle sale）。這也在推動營收成長。

Got it. No, that's really helpful color on it. And then I guess the second piece would be more on the industrial side. It's -- the last couple of quarters, you've highlighted aerospace as a big crown jewel. I guess, can you help us to sell that business?

了解。不，這些補充說明非常有幫助。第二個部分我想更多是關於工業端。過去幾季你們一直強調航太是很重要的皇冠上的明珠。我想請你們幫我們推介一下這個業務？

And maybe think about the backlog that you see and how that may be playing out as we look out, say, into 2027?

也請談談你們看到的在手訂單（backlog），以及當我們往外看、例如到2027年時，這可能會如何展開？

Yes. So aerospace has done quite well for us. It's about $300 million or 3% of revenue or so, but really growing in the double-digit range and the backlog that we have is quite sizable as well. So this is one of our businesses across the whole portfolio, where we do have more visibility than others. So we generally can start each quarter with full order book and start each year with a pretty good sign of where we'll land.

是的，所以航太對我們來說表現相當好。它大約是3億美元、約占營收的3%左右，但成長率確實在兩位數區間，而且我們的在手訂單也相當可觀。因此，這是我們整體投資組合中少數幾個相較其他業務擁有更高能見度的業務之一。所以一般而言，我們每一季開始時通常就有滿滿的訂單簿（order book），每一年開始時也能相當清楚地掌握我們大概會落在什麼水準。

So we had highlighted on the call that a nice win we had with our Vespel business. We've got really great relationships with all the large OEMs. And on the Tedlar side, the same thing. So Vespel is more within the engine, Tedlar is more within the body of the plane, and both of them are seeing a similar amount of both low double-digit growth, and we continue to see that level of growth for the foreseeable future.

我們在電話會議中提到，我們的Vespel業務拿下了一個很不錯的案子。我們與所有大型OEM都維持非常好的關係；在Tedlar這邊也是一樣。Vespel較多應用在引擎內部，Tedlar較多應用在機身部分，而兩者都呈現相近的成長幅度，約為低兩位數成長；在可預見的未來，我們也持續看到這樣的成長水準。

Chigusa Katoku, JPMorgan.

Chigusa Katoku，摩根大通（JPMorgan）。

So my first question on the Diversified Industrial margins, I think they were especially stronger than what I had expected. Understanding you're driving a lot of good productivity. Just curious to know what drove the outperformance? And then I think it's just expected to step down sequentially in the fourth quarter. So what's driving that too?

我的第一個問題是關於多元工業（Diversified Industrial）的利潤率，我認為它們明顯比我預期的更強。我理解你們推動了很多良好的生產力提升。我想了解是什麼驅動了超預期的表現？另外，我認為第四季預期會季比下滑。那又是什麼因素在驅動？

Yes. We've seen really nice margin improvement within DI every quarter this year. So part of it is a little bit of favorable mix. Obviously, the conversation you just had with the with the low double-digit growth within aerospace that does have a really nice margin portfolio for us to be able to drive improvement. And the other piece is just the focus on productivity in 80/20 that we're feeling within that business.

是的。我們今年每一季都看到 DI 的利潤率有相當不錯的改善。其中一部分來自較有利的產品組合。顯然，你剛才提到航太領域的低雙位數成長，而那對我們而言是一個利潤率非常好的產品組合，有助於推動改善。另外一部分則是我們在該業務中感受到、對 80/20 生產力提升的專注。

And so we've called out a few times the opportunities that we have from an 80/20 perspective that we've been piloting within best businesses within DI. So we continue to believe that we'll see a few million dollars of benefit this year from the 80/20 work and then a runway to tens of millions on the initial scope that we first put in place, which is about $700 million of revenue.

因此，我們也多次點出，從 80/20 的角度來看，我們在 DI 內部的最佳業務中已經在試點一些機會。所以我們仍然相信，今年 80/20 的工作將帶來數百萬美元的效益；而在我們最初設定的範圍內（約 7 億美元營收），後續還有延伸到數千萬美元的成長跑道。

We've since expanded that 80/20 work the moly coat business, which is about a $200 million business, and we see a few million dollars of opportunity there on the pricing side where we put the 80/20 methodology should work. So just really nice improvement, really nice focus on productivity. We've had some businesses that have had assets that have run sold out and driven cycle improvement within capacity release that have helped the margin profile as well.

此後我們也把 80/20 的工作擴大到 moly coat 業務，該業務規模約 2 億美元；我們看到在定價端有數百萬美元的機會，導入 80/20 方法論後應該能發揮效果。所以整體來看是非常不錯的改善、也非常聚焦在生產力。我們有些業務的資產一直滿載、甚至售罄，並透過釋放產能帶動週期改善，也同樣有助於利潤率結構。

Okay. And then as a follow-up on the pricing side, I think you just earlier mentioned about $10 million of incremental price this quarter. So I guess, a few bps was pricing closer to maybe 3% this quarter. Are you offsetting inflation on a dollar per dollar basis or maybe better? And then how should we think about it heading into next quarter?

好的。那接著在定價方面追問一下，我記得你稍早提到本季約有 1,000 萬美元的增量價格。所以我想，若換算成幾個基點，定價可能更接近本季約 3%。你們是以一美元對一美元的方式抵消通膨，還是做得更好？另外，展望下一季我們應該如何看待？

Yes. So we are offsetting inflation on a dollar basis. I would say, for the full year versus the $90 million of pricing we had previously discussed, that's now closer to $110 million. So you could expect that the fourth quarter pricing will be pretty similar to the third quarter pricing that you're seeing as well. And again, obviously, the team continues and will continue to, if prices continue to move to take action to make sure that we continue to offset any incremental costs.

是的。我們確實是以美元對美元的方式抵消通膨。我會說，就全年而言，相較於我們先前討論的 9,000 萬美元定價，現在更接近 1.1 億美元。因此你可以預期第四季的定價會與你目前看到的第三季定價相當接近。而且同樣地，顯然團隊會持續、也將繼續在價格若持續變動時採取行動，以確保我們能持續抵消任何新增成本。

Chris Parkinson, Wolfe Research.

Chris Parkinson，Wolfe Research。

Just wanted to drill down a little bit more into Healthcare Tech. You've been consistently citing basically broad-based strength across the portfolio. But for intermediate and long term, do you see any further divergence between the personal protection market versus more of the med packaging?

我想再更深入一點談 Healthcare Tech。你們一直提到整體產品組合呈現廣泛的強勁表現。但就中期與長期而言，你們是否看到個人防護市場與醫療包裝之間會出現更進一步的分化？

It seems like there's some some newer products in there that could actually affect the growth rate. Just trying to get to the heart of the longer-term growth algo within that business by subsegment?

看起來其中有一些較新的產品，可能會影響成長率。我只是想更了解該業務在各子分項下的長期成長算法（growth algo）的核心？

Yes. So we can -- there is a bit of a bifurcation underneath the Tyvek business in general, which is what you're referring to. So we've got -- and broadly in healthcare, there's five (inaudible) which is about $1 billion and the remaining $800 million or $900 million or so is the med device businesses with Liveo and Spectrum.

是的。我們可以——你所指的 Tyvek 業務整體之下，確實存在一些分化。所以我們有——而且在醫療保健領域廣泛來看，有五個（聽不清）約 10 億美元，其餘約 8 億到 9 億美元左右則是醫療器材業務，包括 Liveo 和 Spectrum。

So on the Tyvek side, the med packaging is about half of the revenue and the garment is about the other half. So garments will generally grow alongside industrial production, give or take, so in the 2% to 3% range and engine med packaging will more be along the surgical procedures, which are in the mid-single-digit range. And so we've got a nice opportunity to continue to drive expansion in both.

就 Tyvek 這一塊而言，醫療包裝約占一半營收，防護服（garment）約占另一半。防護服通常會隨著工業生產同步成長、上下略有差異，大約在 2% 到 3% 的區間；而醫療包裝則更會跟隨手術量的趨勢，約在中個位數成長。因此我們在兩者上都有很好的機會持續推動擴張。

So we talked about Tyvek with Renewable Attribution on the call that will give us more profile that is in line with the sustainability initiatives of our customers. And on the garment side, we've talked in previous calls about the Apex garments, which are coming out that provide more comfort and flexibility and breathability that will allow us to be competitive within the garment space.

所以我們在電話會議上談到具備 Renewable Attribution 的 Tyvek，這將使我們的產品特性更符合客戶的永續倡議。而在防護服端，我們在先前的電話會議也談過即將推出的 Apex 防護服，能提供更高的舒適性、彈性與透氣性，讓我們在防護服市場更具競爭力。

But overall, the net high back should be butting up against 4% from a volume perspective and then we obviously expect to drive above-market growth just based on the investments that we're making in the business but they'll generally be about 2% to 3% alongside industrial production for garments and then in the 5%-ish range for the med packaging side.

但整體而言，從量的角度來看，淨回升應該會接近 4%；然後我們顯然也預期，基於我們在該業務的投資，能推動高於市場的成長。不過一般來說，防護服會大致跟隨工業生產約 2% 到 3%，而醫療包裝端則約在 5% 左右。

That's very helpful. And just as a follow-up, Lori, we're exactly one year more or less away, following the Qnity (inaudible). I think everybody always focuses on the company that's been put out and the opportunities for independents. I'd love to give you the opportunity to say, what have you been doing differently? What are you satisfied with year one in terms of the more nimble industrial portfolio?

這非常有幫助。另外再追問一下，Lori，距離 Qnity（聽不清）之後，差不多正好一年左右。我想大家總是聚焦在被分拆出去的公司，以及獨立運作的機會。我也想給你一個機會談談：你們做了哪些不同的事？在第一年、就更靈活的工業產品組合而言，你對哪些成果感到滿意？

And what should we be looking forward to for '27 and '28?

以及我們在 '27 與 '28 應該期待什麼？

Yes. So it has been a year, November 1, and -- both of us (inaudible) really a great start. So Qnity continues to produce really, really strong top line growth. They're squarely in the AI data center trade, and they have a lot of runway on the multiple side. So they should be up with Entegris in my opinion. So they've got a lot of room for opportunity to drive.

是的。確實已經一年了，11 月 1 日——而且我們兩位（聽不清）真的是一個很棒的開始。所以 Qnity 持續展現非常、非常強勁的營收成長。他們正好站在 AI 資料中心這個趨勢上，而且在估值倍數面還有很大的上行空間。所以依我看，他們的表現應該可以跟 Entegris 一樣。因此他們還有很大的機會空間可以去推動。

On the DuPont side, I'm super proud about what we've driven out of the gate as well. So we are at the top end or above our medium-term targets that we just put out a year ago on all metrics on growth, on margin expansion, on EPS and on free cash flow generation. So off to a really great start. And what makes me the most proudest is a nice mix of both the top and the bottom line. So if is driving growth.

在杜邦這邊，我也非常以我們一開始就推動出的成果為傲。所以在成長、利潤率擴張、EPS 以及自由現金流產生等所有指標上，我們都位於或高於一年前剛提出的中期目標區間上緣。因此開局非常好。而最讓我自豪的是，上下線（營收與獲利）都有很好的組合表現。所以如果是在推動成長。

It's really focusing on our innovation excellence and in our growth rooms and our commercial excellence opportunities that you're seeing play out, especially in a pretty choppy market. So you consider that we've got 4.5% organic growth this year. We still have about 40% of our portfolio that's down on the construction side and the automotive side.

這主要是聚焦在我們的創新卓越，以及在成長領域（growth rooms）與商業卓越機會上的投入，而你也看到這些正在發酵，尤其是在相當波動的市場中。所以你想想，我們今年有 4.5% 的有機成長。我們的產品組合中仍有約 40% 受到建築端與汽車端下滑的影響。

So when you look at those two markets, low single-digit declines in both. And we're still posting 4.5% growth speaks to the quality of our portfolio on the group side. And then on the productivity perspective, I would say we're a little ahead of where I would have expected to be. So we said 50 to 70 basis points or so a year of annual lift, and we're sitting at 80 with a headwind of about 40 from price cost. So really nice strong performance out of the gate.

因此當你看這兩個市場，兩者都是低個位數下滑。而我們仍能繳出 4.5% 的成長，這反映出我們在集團端產品組合的品質。另外從生產力角度來看，我會說我們比我原先預期的進度稍微超前一些。我們說每年大約提升 50 到 70 個基點，而我們目前在 80 個基點，同時還有約 40 個基點來自價格/成本的逆風。所以開局表現非常強勁。

So I'm just really proud of the team. I see a lot of momentum going forward. We've got a very energized quite (inaudible) team to be honest. So I'm really happy with where we're sitting.

所以我真的為團隊感到非常自豪。我看到未來有很強的動能。老實說，我們有一支非常有活力、相當（聽不清） 的團隊。所以我對我們目前所處的位置非常滿意。

John Roberts, Mizuho.

John Roberts，瑞穗。

Nice quarter and nice guidance. How does the bolt-on pipeline look in both the Water and Healthcare areas? Is the increased buyback a sign that it's thin right now and are higher interest rates affecting deal activity?

這一季表現不錯，指引也很好。在水務與醫療保健兩個領域，補強型併購（bolt-on）的案源管線看起來如何？提高回購是否代表目前管線偏薄？以及較高的利率是否正在影響交易活動？

No. I mean the pipeline remains robust. And so we've got enough cash to be able to do both. So we've -- since we came out of the gate, we've announced the intent to buy back about 7% of our shares. So a nice improvement there, and it still leaves us with about $1.5 billion of firepower to be able to do some accretive growth M&A.

不是。我的意思是，管線仍然很強勁。而且我們有足夠的現金可以兩者兼顧。所以我們——自一開始啟動以來，就已宣布意圖回購約7%的股份。這是很不錯的提升，同時仍讓我們保有約15億美元的火力，去做一些具增益性的成長型併購（M&A）。

So we've just been really diligent about what we're going after. We've got a defined set of financial parameters that we're operating within, and we have assets that can check those boxes. We're just being prudent and playing the process along the way.

所以我們一直非常嚴謹地看待我們要追逐的標的。我們有一套明確的財務參數作為運作範圍，而且我們也有能符合這些條件的資產。我們只是保持審慎，並在過程中按部就班地推進。

So I still -- I still am looking for some M&A opportunities, but we're not going to make a (inaudible) decision and do a deal just to do a deal, (inaudible) going to make one that's right down the middle of the fairway. And you can see really good returns on our end. In the meantime, trading below 12% for the high-quality portfolio that we have tells me I should be buying back my shares whenever I can.

所以我仍然——我仍在尋找一些併購機會，但我們不會做出（聽不清）的決定，也不會為了做交易而做交易，（聽不清）我們只會做一筆完全合適、正中球道的交易。而且你可以看到我們端能取得非常好的報酬。同時，以我們這個高品質投資組合而言，股價交易水準低於12%告訴我，只要有機會我就應該回購自家股票。

Okay. And then back to Building Solutions, have raw materials stabilized in that segment now?

好的。那回到建築解決方案（Building Solutions），該事業部的原物料現在已經穩定了嗎？

Yes. I mean, overall, like obviously, we continue to look at both where the price of oil is as well as the price of natural gas as we have some production in Europe as well. And as you saw in our results this quarter, as things move, we will act and we will move as well, and we have clearly offset all of our inflationary costs.

是的。我的意思是，整體而言，顯然我們持續關注油價以及天然氣價格，因為我們在歐洲也有部分生產。而且如你在本季業績所看到的，當情勢變動時，我們會採取行動、也會跟著調整；我們已經明確地把所有通膨成本都抵銷掉了。

Josh Spector, UBS.

Josh Spector，瑞銀（UBS）。

I wanted to follow up on some of the productivity comments. So I think you said 2% net productivity achieved in the quarter that delivered something like 90 basis points margin improvement, maybe more. What does the 3% net productivity mean as it relates to your algo?

我想追問一下你們對生產力的評論。我記得你說本季達成2%的淨生產力，帶來大約90個基點的毛利率改善，可能還更多。那麼3%的淨生產力，對你們的演算法（algo）而言代表什麼？

Does that mean you should be delivered greater than 50 to 70 basis points of margin improvement as you look over the next couple of years? Or are you reinvesting that some place within the business that we should see that offset?

這是否意味著，展望未來幾年，你們應該能帶來大於50到70個基點的利潤率改善？還是你們會把其中一部分再投資到業務中的某些地方，因而我們會看到被抵銷？

Yes. I think you guys got to make sure you don't double count because we're talking about net productivity within COGS. So we will take those costs out. Some of those costs helped to offset inflationary pressures in other areas of the P&L because that 3% is net in COGS. So it will take care of inflation in that space.

是的。我想你們得確保不要重複計算，因為我們談的是銷貨成本（COGS）內的淨生產力。所以我們會把那些成本拿掉。其中一些成本有助於抵銷損益表（P&L）其他部分的通膨壓力，因為那3%是在COGS裡的淨值，所以會處理該區塊的通膨。

But you obviously have some inflation in SG&A. And then to your point, there are some investments as well. So for example, if you look at our third quarter performance and our overall 90 basis points of margin expansion we had, about 120 basis points of that was driven by the combination of growth and productivity benefits, offset by oil and gas inflation.

但你們顯然在銷售、一般及行政費用（SG&A）方面仍有一些通膨。而且如你所說，也有一些投資。

And then we had a little other positives from some FX moves in there that got us to the 90 basis points overall. So just to keep in mind, as Lori mentioned earlier, that net productivity target does include the benefit of volume. So you just got to put that into the equation as well.

另外，我們還有一些來自匯率（FX）變動的其他正面因素，使整體達到90個基點。所以要記得，如Lori先前提到的，那個淨生產力目標也包含了量的效益。因此你也必須把這點納入計算。

Yes. And the oil and gas inflation was just a margin headwind. So we are full on a cost dollar basis. It's just that the math suggests the margins (inaudible).

是的。而油氣通膨只是利潤率的逆風。所以以成本金額（cost dollar）來看，我們是完全到位的。只是數學計算顯示利潤率（聽不清）。

Okay. No, I appreciate that. That's very helpful. I do want to follow up quickly just on Water organic. Kind of looking at your reporting this year, the Middle East each quarter has been like a low single-digit headwind.

好的。不，我很感謝。這非常有幫助。我也想快速追問一下水務（Water）的有機成長。從你們今年的揭露來看，中東每一季都像是低個位數的逆風。

If things stay as they are, is the base business going enough that you could see mid-single-digit growth return next year, assuming the Middle East stays as it is, understanding that's a pretty big assumption?

如果情況維持現狀，假設中東仍是現在這樣（我知道這是很大的假設），那麼基礎業務的成長力道是否足以讓你們明年回到中個位數成長？

Yes. So I mean if you look at our full year expectations for water right now, there's about 1% organic growth baked into our guide with the push that we made on the Middle East projects. And if you take out the Middle East from those numbers, we would be up more in the mid-single-digit range alongside where the GWI, the Global Water Index fit.

是的。所以如果你看我們目前對水務的全年預期，在我們的指引中已納入約1%的有機成長，反映我們在中東專案上的推進。如果把中東從這些數字中剔除，我們的成長會更接近中個位數區間，與GWI（全球水務指數，Global Water Index）所反映的水準一致。

And so assuming no material improvement or deceleration in the Middle East for next year, then you would expect us to again be in line with where the Global Water Index is, which has generally been in the 4% to 4.5% range. So we've got really nice performance outside the Middle East that's been able to give us overall low single-digit growth.

因此，假設明年中東沒有實質改善或加速惡化，那你會預期我們再次與全球水務指數的水準一致，而該指數一般約在4%到4.5%的區間。所以我們在中東以外的表現非常不錯，讓我們整體仍能維持低個位數成長。

But obviously, we've been impacted by that. But we haven't lost -- I mean the -- it's one business. And though it's just a matter of when the stabilization happens in the region so that we can ship the materials, but the business (inaudible).

但顯然我們確實受到那邊的影響。但我們並沒有失去——我的意思是——那是一個業務。而且這只是區域何時能穩定下來、讓我們可以出貨材料的問題，但業務（聽不清）。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Lori, a little bit more on that question. Looking into 2027, early look, what's in your control? What's not in your control? And what could that mean for EBITDA growth? I see consensus is up 5% year over year. I think you can (inaudible), but any early thoughts on 2027?

Lori，就那個問題再多問一點。展望2027年，先初步看一下，哪些是在你們可控範圍內？哪些是不在你們可控範圍內？那對EBITDA成長可能意味著什麼？我看到市場共識是年增5%。我想你可以（聽不清），但對2027年有任何初步想法嗎？

Yes. So we'll give full color on 2027 on the next call. But as of right now, if we look at it strictly from an end market perspective, let's leave the Middle East conversation that we just had to decide, we see a similar end market performance with a slight improvement in automotive. So this year, automotive is down 1.5% to 2%. I think the initial expectation for next year is to be up slightly.

是的。我們會在下一次電話會議上提供2027年的完整說明。但就目前而言，如果我們純粹從終端市場的角度來看——先把我們剛剛談到的中東議題放一邊——我們看到終端市場表現相近，而汽車領域略有改善。所以今年汽車市場下滑1.5%到2%。我認為明年的初步預期是會小幅成長。

But every other end market, we're generally thinking would be consistent. So nice mid-single-digit growth in health care markets, nice mid-single-digit growth in Water ex the Middle East situation, a similar environment within the construction space and generally a similar environment in the in the 3% to 4% range for industrial production.

但其他所有終端市場，我們整體上認為將會保持一致。因此，醫療保健市場可望有不錯的中個位數成長；水務（不含中東情勢影響）也有不錯的中個位數成長；建築領域的環境相近；而工業生產整體也大致處於 3% 到 4% 的區間。

So given that top line algorithm, we should -- and the productivity initiatives that we still have in place, then you would continue to expect to us to be able to compound some margin expansion on top of a top line opportunity that's pretty similar to this year. But we'll give full color as we get into '27.

因此，基於這個營收端的演算法（成長框架），再加上我們仍在推進的生產力提升措施，你們應可繼續預期：在與今年相當的營收機會之上，我們仍能疊加一些利潤率擴張。不過，等我們進入 2027 年時，我們會提供更完整的說明。

Very helpful. And just on pricing, how much pricing is being carried over to next year? I know most of this is surcharges, but how much pricing tailwind could you get for benefit from 2027?

非常有幫助。另外就定價而言，有多少定價會延續到明年？我知道大多數是附加費（surcharges），但到 2027 年你們能從定價順風中獲得多少好處？

Yes. So we started predominantly our pricing actions in May of this year. So it was in the middle of the second quarter. So clearly, you'll have a full carryover effect into Q1 and part of that into the second quarter as well.

是的。我們主要是在今年 5 月開始採取定價行動。也就是在第二季中段。因此很明顯地，第一季會有完整的延續效應，第二季也會有一部分延續。

Matthew DeYoe, Bank of America.

美國銀行（Bank of America）的 Matthew DeYoe。

Kind of build a little bit on Dave's question. How -- are there any opportunities to move some of these price surcharges to more structural price increases as inflation stays probably stickier for longer than maybe we had been thinking about? And I might have missed this, so I apologize. But on the net productivity benefits of 2%, I think that was consolidated, do you know how much of this went into D&I versus Healthcare & Water?

我想在 Dave 的問題上再延伸一下。隨著通膨可能比我們原先想的更久、更具黏性，是否有機會把部分這些價格附加費轉為更結構性的漲價？另外我可能漏聽了，先致歉。關於 2% 的淨生產力效益，我想那是合併口徑；你知道其中有多少分配到 D&I，相對於 Healthcare & Water 嗎？

Yes. So I mean maybe to your first question first on the pricing side. So we'll obviously look to see how the market plays out and that we can remain competitive and favorable. We have a really good track record of maintaining price whenever there's been increases and then we've been able to hold the increases. So we'll look to see what the competitive landscape looks like.

是的。我先回答你第一個、關於定價的問題。我們當然會觀察市場如何發展，以確保我們能維持競爭力並處於有利位置。我們在過去每次提價時，都有非常好的紀錄能夠維持價格，並且能把漲幅守住。因此我們會再看看競爭態勢會是什麼樣子。

As of right now, as Antonella had mentioned that we would expect the flip of the second half price improvement that we saw from the oil and gas perspective to be in the first half of this year. And then we'll see how the remaining half plays out, assuming the Middle East and oil and gas, say, generally where they are today.

就目前而言，如同 Antonella 提到的，我們預期從油氣角度來看、下半年看到的價格改善，會在今年上半年出現反轉（對調）。接著我們會觀察剩下的一半會如何發展，前提是假設中東與油氣情勢大致維持在今天的水準。

To your second question. So related to the productivity and where it went in the quarter, I would say both businesses had net productivity above the 2% mark in the quarter.

至於你的第二個問題。關於本季生產力以及其落點，我會說兩個事業在本季的淨生產力都高於 2%。

Vincent Andrews, Morgan Stanley.

摩根士丹利（Morgan Stanley）的 Vincent Andrews。

This is Turner Hinrichs on for Vincent. Do you mind giving us a little early color about how you're thinking about 2027 relative to the algorithm? What might take us to the higher and low end of 3% to 4% organic growth? And any puts or takes on margins in particular?

我是 Turner Hinrichs，代 Vincent 提問。你們介意先給我們一些早期的看法，談談你們如何看待 2027 年相對於這個演算法（成長框架）嗎？哪些因素可能讓我們落在 3% 到 4% 有機成長的高端或低端？另外，利潤率方面是否有任何正負向因素？

Yes. So I mean I think if we look at strictly an end market perspective, generally, 2027 feels similar to 2026 with the exception of we're not quite sure, obviously, what the Middle East does. So we're making the assumption that it stays the way it is today from both the pricing stays in place and the water impact doesn't improve.

好的。如果我們純粹從終端市場角度來看，整體而言，2027 年的感覺與 2026 年相似；唯一的例外是，我們當然不確定中東會如何發展。因此我們的假設是：它會維持今天的狀態——包括定價仍然維持，以及水務端的影響不會改善。

We don't see a big bump coming back next year with respect to the projects that were pushed, but we also don't see the growth segment that existed as well. So we'll see like -- the only material change we see in end markets is maybe a slight improvement in auto builds from being down 1.5% to 2% this year to being slightly up.

就那些被延後的專案而言，我們不認為明年會出現明顯的回補反彈，但我們也不認為先前存在的那個成長區段會再出現。因此我們會再觀察——我們在終端市場看到唯一較具實質性的變化，可能是汽車產量從今年下滑 1.5% 到 2%，轉為明年小幅成長。

But where we see the outperformance this year, we expect to see it next year with the EV battery side within automotive, aerospace continuing to do quite well. Healthcare is continuing to do quite well. And on the productivity side, we still have runway to the targets that we set with respect to that 3%. So we did -- we did a little over 2% this year. So really nice improvement that we've got runway to continue to see improvement in that area.

但今年我們看到的超越表現，我們預期明年也會延續：汽車領域中的電動車電池端、航太持續表現相當不錯。醫療保健也持續表現良好。而在生產力方面，距離我們設定的 3% 目標仍有空間可跑。今年我們做到略高於 2%。因此這是非常好的改善，而且我們仍有跑道可以在這個領域持續看到進一步改善。

Patrick Cunningham, Citigroup.

花旗集團（Citigroup）的 Patrick Cunningham。

I was hoping you could provide an update on the water side in terms of what you're seeing in terms of semiconductors? What are you seeing in terms of growth from that business? And what are your expectations for volume and mix lift into 2027?

我希望你們能就水務端提供一個更新，特別是你們在半導體方面看到的情況？你們在該業務看到的成長如何？以及你們對 2027 年的出貨量與組合（mix）提升有何預期？

Yes. So we saw really nice performance on the semiconductor side in the water business. So it's about 20% of the ion exchange, which is about half of the portfolio, and we saw it up in in the 20% range in the quarter. So obviously, driven by the AI data center lift that's going on. So really nice performance there.

好的。我們在水務業務的半導體端看到非常不錯的表現。它約占離子交換（ion exchange）的 20%，而離子交換約占整體產品組合的一半；本季我們看到其成長在 20% 左右。很明顯是由目前 AI 資料中心帶動的需求提升所驅動。因此那邊的表現非常好。

In general, outside the desalination situation in Middle East, all of our end markets are doing quite well in water. So you've got the wastewater treatment side doing quite well. You've got the specialty side in food and beverage and biopharma filtration, doing quite well. And then obviously, the piece that we mentioned at the top end would be on the microelectronics side.

整體而言，除了中東的海水淡化情況之外，我們在水務的所有終端市場表現都相當不錯。你會看到廢水處理端表現很好。食品飲料與生物製藥過濾等特殊應用端也表現很好。然後當然，我們在一開始提到的那一塊，就是微電子端。

Great. And you talked a little bit about this on the call, but I was hoping you could elaborate and provide some examples, some of the AI-enabled tool set both in terms of manufacturing productivity and on the commercial side? And where you're already seeing returns? How much do you expect to do in terms of further technology investment there?

很好。你們在電話會議中稍微談到一些，但我希望你們能再多闡述並提供一些例子：AI 賦能（AI-enabled）的工具組在製造生產力與商業端各是如何應用？以及你們已經在哪些地方看到回報？你們預期在這方面還會投入多少進一步的技術投資？

Yes. So if I think about it in the three main buckets of innovation, commercial and productivity, we've got really nice opportunities to drive really strong returns in all three. So on the innovation side, we talked about the focus right now being on improving the front end.

好的。如果我把它分成創新、商業與生產力三大主軸來看，我們在這三個面向都有非常好的機會去驅動很強的報酬。在創新方面，我們談到目前的重點是改善前端（front end）。

So not only improving the dollar amount that sits in the front end, but also significantly reducing the time to be able to advance projects into stage 1. So we've taken two businesses where we piloted AI agents that we've created that have improved what used to be a front-end process of about three months, to roundly five days.

也就是不僅提升前端所承載的金額規模，同時也大幅縮短把專案推進到第一階段（stage 1）所需的時間。我們在兩個事業中試點了我們所建立的 AI 代理（AI agents），把過去約三個月的前端流程，縮短到大約五天。

So really nice improvement there and being able to speak to the speed at which we go to market. On the commercial side, we've been using sales plays that are enabled by AI tools to be able to shorten the development of the sales play opportunity. And we first piloted it in garments, and we saw around $5 million or $6 million of this on the top line within the Tyvek garment space from the AI-enabled sales opportunity.

因此這是非常好的改善，也能反映我們進入市場的速度。在商業端，我們一直在使用由 AI 工具賦能的銷售打法（sales plays），以縮短銷售打法機會的開發時間。我們最先在防護服（garments）領域試點，並在 Tyvek 防護服領域，透過 AI 賦能的銷售機會，於營收端帶來約 500 萬到 600 萬美元的貢獻。

We're also using on the customer service side to be able to create a much broader portfolio of touch list -- touchless order opportunities on the customer service side to driving productivity. And then finally, at the plant level, we've been investing on the reliability maintenance side and tools that allow us to be able to assign the right level of resources to the different maintenance opportunities that exist so that we can see overall lower maintenance costs.

我們也在客戶服務端運用這些工具，以便在客戶服務端建立更廣泛的免接觸清單——免接觸下單機會組合，從而提升生產力。最後，在工廠層級，我們一直在可靠性維護以及相關工具方面投資，讓我們能夠針對現有的各種維護機會配置適當層級的資源，從而在整體上看到更低的維護成本。

And we've also been implementing some AI tools on the visual management side, especially within the Tyvek business from an inspection perspective. So taking what used to be a visual inspection process done by an operator and moving that to a digital tool so that we can reduce our labor costs. So nice lift across all three phases of our overall business system when you think about the frameworks of operations, commercial and innovation.

我們也在視覺化管理方面導入一些 AI 工具，特別是在 Tyvek 業務中、從檢測角度來看。也就是把過去由操作員進行的目視檢查流程，轉移到數位工具上，以便降低我們的人力成本。因此，當你以營運、商業與創新這三大框架來看我們整體業務系統時，三個階段都帶來了不錯的提升。

So I'm really excited about the opportunity every exempt worker within the company has access to copilot and the usage is really, really high. We've been piloting some co-work opportunities within some places in the business, and we've also implemented the copilot for the sales force to be able to drive productivity there.

所以我對這個機會非常興奮：公司內每一位免時薪（exempt）的員工都能使用 Copilot，而且使用率真的非常、非常高。我們已在業務中的一些領域試行若干協作（co-work）機會，也為銷售團隊導入 Copilot，以提升那邊的生產力。

Abigail Eberts, Wells Fargo.

Abigail Eberts，富國銀行。

Congrats on the quarter. Just a question on your geographic distribution for your auto business. I know you mentioned you expect very modest growth next year. S&P has global builds up less than 1% but that isn't unanimous across regions. They are expecting some declines in certain areas. So just wondering where your exposure lies?

恭喜本季表現。我想問一下你們汽車業務的地理分布。我知道你們提到明年預期成長非常溫和。S&P 預估全球整車產量增幅不到 1%，但各地區並不一致。他們預期某些地區會下滑。所以想請問你們的曝險主要在哪些地區？

Yes, it's not materially different from the global auto builds. With the one exception that within China, our presence right now is more with the multinational players than it is with the local players from a China perspective. So we're more exposed to North America and the Western OEMs than we are within China to like the BYDs and the Geelys and the others.

是的，這與全球整車產量的分布並沒有實質差異。唯一的例外是，在中國，我們目前的布局更多是在跨國車廠，而不是中國本土車廠。因此，相較於在中國對比亞迪、吉利以及其他本土品牌的曝險，我們對北美與西方 OEM 的曝險更高。

But on the EV battery side, which is where a lot of our opportunity is sitting, that is pretty broad-based. And so we've seen about a 60% lift in our EV battery sales this year, which is driving really nice performance for us, and we would expect to continue to see real nice growth there, like sizably outpacing the EV battery car build numbers as well.

但在電動車電池端——這也是我們許多機會所在——布局相當廣泛。因此，我們今年的電動車電池銷售約提升了 60%，帶動了非常不錯的表現；我們也預期那裡會持續有相當亮眼的成長，甚至會大幅超越電動車電池車款的產量增幅。

Arun Viswanathan, RBC Capital.

Arun Viswanathan，RBC Capital。

I just wanted to get maybe some initial thoughts on '27, if possible. You got a pretty good '26 on both pricing and volume growth in the mid-single-digit range. I know you've hide a lot of those reasons on the call already and objectives. But just wondering, given the backdrop of uncertainty and recent inflation, do you still see mid-single-digit growth across both verticals likely? Or how should that play out as you move through '27?

如果可以的話，我想先聽聽你們對 2027 年的一些初步看法。你們在 2026 年的定價與銷量成長都相當不錯，落在中個位數成長區間。我知道你們在電話會議中已經談到很多原因與目標。但想請問，在不確定性背景與近期通膨之下，你們是否仍認為兩大垂直領域都有可能維持中個位數成長？或者當你們邁向 2027 年時，應該如何看待這個走勢？

So I would say, I think we've talked about the end market expectations into '27 a couple of times on the call. So just to reiterate, we'll give our formal guidance on our Q4 earnings call.

我會說，我想我們在本次電話會議中已經提到過幾次，對 2027 年的終端市場預期。所以再重申一次：我們會在第四季財報電話會議上提供正式指引。

When you look at things from a market perspective going into 2027 and you put aside the Middle East, we expect the underlying markets to perform similarly to what we saw this year with the only exception really being auto builds that were down this year that are expected to have a little bit of growth next year. So we will provide explicit commentary by each of the businesses as we get into the next quarter call.

從市場角度看 2027 年、並先把中東因素放一邊，我們預期基礎市場的表現會與今年相近；唯一真正的例外是汽車產量——今年下滑、而明年預期會有些許成長。我們會在下一季的電話會議中，針對各個事業提供更明確的評論。

Alexey Yefremov, Barclays.

Alexey Yefremov，巴克萊。

I seem to recall you changed your sales incentives to commission-based pay. I wonder how that is going?

我記得你們把銷售獎酬改成以佣金為基礎的薪酬制度。我想知道進展如何？

Yes. So it's changing in January. So we've been putting the process in place and communicating with the sales organization about the change throughout 2026. And we piloted it a little bit on the variable compensation side so we gave them targets that will determine their individual performance factor on the variable compensation side today, which is the stip that everybody gets within the organization.

是的，將在一月開始變更。因此，我們在 2026 年期間一直在建立流程，並就這項變更與銷售組織溝通。我們也在變動薪酬方面做了一些試行：我們給他們設定目標，這些目標將決定他們目前在變動薪酬端的個人績效係數；而變動薪酬目前是組織內每個人都會拿到的固定津貼（stip）。

So we will officially move January 1 with a few exceptions in Europe, where we have to wait a year just given the works council requirements. But the initial feedback is a lot of excitement around the opportunity for the sales force to be able to have more control over their overall compensation, which ultimately would be to higher growth for us when those two pan out together. So we're excited about the change and the opportunity that it will bring.

因此，我們將在 1 月 1 日正式推行，但歐洲有少數例外，因為受工會／員工代表委員會（works council）要求影響，我們必須等一年。不過初步回饋是，銷售團隊對於能更掌控自身整體薪酬的機會感到非常興奮；而當這兩者相互配合時，最終也會帶動我們更高的成長。所以我們對這項變更以及它將帶來的機會感到期待。

And a follow-up on Healthcare. Just wonder how your medical device end market is doing relative to packaging and protection?

另外追問一下醫療保健（Healthcare）。想請問你們的醫療器材終端市場，相較於包裝與防護（packaging and protection）表現如何？

Yes, they're all nicely growing in the same general facility. So we saw a really nice performance in 2026 across the Healthcare space.

是的，它們都在同樣的大致幅度下穩健成長。因此，我們在 2026 年的醫療保健領域看到非常不錯的表現。

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

問答環節到此結束。我現在把電話交回給 Ann 作結語。

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.

感謝各位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（DuPont）網站上。今天的電話會議到此結束。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。