陶氏化學 (DOW) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Dow second-quarter 2026 earnings conference call.

各位好，歡迎參加陶氏公司（Dow）2026 年第二季財報電話會議。

(Operator Instructions)

（接線員指示）

As a reminder, this conference is being recorded. I will now turn it over to Dow Investor Relations Vice President, Andrew Riker. Mr. Riker, you may begin.

提醒各位，本次會議將被錄音。現在我將把電話交給陶氏投資人關係副總裁 Andrew Riker。Riker 先生，您可以開始了。

Good morning. Thank you for joining today. The accompanying slides are provided through this webcast and posted on our website. I'm Andrew Riker, Dow's Investor Relations Vice President. Leading today's call are Karen S. Carter, Chief Executive Officer; and Jeff Tate, Chief Financial Officer.

早安。感謝各位今天加入。隨附簡報已透過本次網路直播提供，並已張貼於我們的網站。我是 Andrew Riker，陶氏投資人關係副總裁。今天的電話會議由執行長 Karen S. Carter 與財務長 Jeff Tate 主持。

Please note, our comments contain forward-looking statements and are subject to the related cautionary statement contained in the earnings news release and slides. Please refer to our public filings for further information about principal risks and uncertainties. Unless otherwise specified, all financials, where applicable, exclude significant items.

請注意，我們的評論包含前瞻性陳述，並受財報新聞稿與簡報中相關警示聲明之約束。請參閱我們的公開申報文件，以取得有關主要風險與不確定性的更多資訊。除非另有說明，所有財務數據（如適用）均排除重大項目。

We will also refer to non-GAAP measures. A reconciliation of the directly comparable GAAP financial measure and other associated disclosures are contained in the earnings news release that is posted on our website.

我們也將提及非 GAAP 衡量指標。與其直接可比的 GAAP 財務衡量指標之調節表及其他相關揭露，已載於張貼於我們網站的財報新聞稿中。

On slide 2 is our agenda for today's call. Karen will begin with an overview of the actions we are taking to create long-term value over the cycle as well as details on our second-quarter performance. Following that, Jeff will share more about each of our operating segments as well as our outlook for the third-quarter.

投影片 2 為今天電話會議的議程。Karen 將先概述我們為在景氣循環中創造長期價值所採取的行動，以及第二季表現的細節。接著，Jeff 將進一步說明各營運事業部門的情況，以及我們對第三季的展望。

Karen will also share some timely updates about how we're advancing our priorities while also remaining focused on our actions to improve earnings and cash flow. And Jeff will share some insights about our continued commitment to financial discipline and our balanced capital allocation approach.

Karen 也將分享一些即時更新，說明我們如何推進優先事項，同時持續聚焦於提升獲利與現金流的行動。而 Jeff 將分享我們持續承諾財務紀律與均衡資本配置方法的一些觀點。

And as always, we'll leave plenty of time for your questions at the end. With that, let me turn the call over to Karen.

一如往常，我們會在最後預留充足時間回答各位的問題。接下來，我把電話交給 Karen。

Good morning, and thank you for joining us. As I assumed the role of CEO this month, I couldn't help but reflect on the many fundamentals that have made Dow successful throughout our nearly 130-year history, many of which are still true today. We have a strong portfolio, a world-scale global asset base, deep customer relationships, and exceptional talent. So before reviewing our near-term performance and outlook, I want to reiterate how we are using these strengths to continue building a more competitive company that consistently delivers long-term value.

早安，感謝各位加入。我在本月接任執行長一職時，不禁回顧陶氏近 130 年歷史中使公司成功的許多基本面，其中許多至今仍然適用。我們擁有強健的產品組合、世界級的全球資產基礎、深厚的客戶關係，以及卓越的人才。因此，在檢視我們的短期表現與展望之前，我想再次強調我們如何運用這些優勢，持續打造更具競爭力、並能穩定交付長期價值的公司。

We have laid out our top priorities on slide 3. We will stay focused on the areas we can control while acting decisively in response to those we cannot. This means we will set our sights on these key priorities, holding ourselves accountable to deliver on our commitment, and ensuring we are consistently grounded and creating value.

我們已在投影片 3 列出最重要的優先事項。我們將持續聚焦於可控的領域，同時對不可控因素做出果斷回應。這意味著我們將鎖定這些關鍵優先事項，對履行承諾自我負責，並確保我們始終腳踏實地、持續創造價值。

First, we will drive focused growth and innovation in the high-value markets where Dow can win and create differentiated value with our customers. We will prioritize targeted innovation, technology and commercial excellence to strengthen our competitive position, deepen customer relationships, and accelerate growth where we have the greatest opportunity to lead.

第一，我們將在陶氏能夠勝出、並能與客戶共同創造差異化價值的高價值市場，推動聚焦式成長與創新。我們將優先投入目標式創新、技術與商業卓越，以強化競爭地位、深化客戶關係，並在我們最有機會領先的領域加速成長。

Second, we're enhancing our portfolio competitiveness. This means operating with a best owner mindset across our portfolio, investing in leading businesses, technologies, and low-cost positions, while also taking action where we are no longer competitive.

第二，我們正在提升產品組合的競爭力。這表示我們將以「最佳擁有者」的思維經營整體產品組合，投資於領先的事業、技術與低成本優勢地位，同時也會在我們不再具競爭力的領域採取行動。

And third, we will continue to hold ourselves accountable for taking a balanced approach to capital allocation. This includes using consistent principles to strengthen our balance sheet, driving a focus on cash flow, and ensuring maximum financial flexibility. Jeff and I will share additional details later on today's call and in the coming months on each of these priorities. But first, let's turn to slide 4.

第三，我們將持續對採取均衡的資本配置方法自我負責。這包括運用一致的原則強化資產負債表、聚焦現金流，並確保最大的財務彈性。Jeff 與我將在今天的電話會議稍後，以及未來幾個月，就這些優先事項分享更多細節。但首先，讓我們看投影片 4。

We delivered solid results in the second-quarter. This reflects our industry leadership as we translated improved market fundamentals and disciplined execution into meaningful earnings growth, margin expansion, and cash generation. Net sales were $12.1 billion, reflecting a 20% increase versus the year ago period and operating EBITDA was $2.3 billion. We demonstrated meaningful progress toward ensuring lasting competitiveness, delivering more than $300 million of benefits in the quarter through our targeted self-help actions. This includes, first and foremost, the completion of our $1 billion 2025 cost savings program.

我們在第二季交出穩健的成果。這反映出我們的產業領導地位：我們將市場基本面改善與紀律執行，轉化為顯著的獲利成長、利潤率擴張與現金創造。淨銷售額為 121 億美元，較去年同期成長 20%，營運 EBITDA 為 23 億美元。透過我們聚焦的自助措施（self-help actions），本季帶來超過 3 億美元的效益，展現我們在確保長期競爭力方面的實質進展。其中最重要的是，我們完成了 2025 年 10 億美元的成本節省計畫。

Additionally, Transform to Outperform is beginning to deliver meaningful impact. And we shut down our upstream siloxanes unit in Barry, United Kingdom. We also announced new product and innovation capabilities across our silicones franchise. This allows us to capitalize on higher-value downstream opportunities and grow in attractive end markets like consumer and mobility applications where Dow is providing a wide range of enhanced solutions.

此外，「Transform to Outperform」計畫也開始帶來顯著影響。我們也關閉了位於英國巴里（Barry）的上游矽氧烷（siloxanes）裝置。同時，我們宣布在矽酮（silicones）事業平台新增產品與創新能力。這使我們能把握下游更高價值的機會，並在具吸引力的終端市場（如消費與移動應用）成長；陶氏在這些領域提供多元的強化解決方案。

The key takeaway is this. Team Dow is executing with discipline. We are doing so in an uncertain environment and taking bold actions within our control to deliver lasting competitiveness for Dow and improved value creation. We advanced meaningful self-help actions, and we have a clear path to creating long-term value with greater earnings durability and stronger cash flow through the cycle.

重點結論是：陶氏團隊正以紀律執行。我們在不確定的環境中如此行動，並在可控範圍內採取大膽措施，以為陶氏帶來持久的競爭力並提升價值創造。我們推進了具實質意義的自助措施，且已清楚規劃路徑，透過更具韌性的獲利能力與在景氣循環中更強的現金流，創造長期價值。

Now I will hand it over to Jeff to cover our operating segments and third-quarter outlook.

現在我把電話交給 Jeff，請他說明我們的營運事業部門與第三季展望。

Thank you, and good morning to everyone joining today. As Karen mentioned, and before I get into segment results, Dow's second-quarter earnings reflect pricing leadership, better integrated margins, improved cash flow, and the benefits of our self-help initiatives. This all showed up in the bottom line. And as a result, we adjusted our expected performance-based compensation compared to recent years.

謝謝，並向今天加入的各位道早安。如 Karen 所提，在我進入各事業部門結果之前，陶氏第二季獲利反映了定價領導力、更佳的一體化利潤率、改善的現金流，以及我們自助計畫的效益。這些都反映在最終盈餘表現上。因此，相較於近年，我們調整了預期的績效型薪酬。

Now turning to our Packaging & Specialty Plastics segment on slide 5. Net sales were $6.4 billion, up 27% versus the year-ago period. Operating EBIT was approximately $1.3 billion, reflecting an increase over the same period last year. This was primarily driven by higher polyethylene pricing, which lifted local price by more than 40%. Benefits from these higher prices in the Packaging & Specialty Plastics business were seen broadly across all regions and all applications.

接著看投影片 5 的包裝與特用塑膠（Packaging & Specialty Plastics）事業部門。淨銷售額為 64 億美元，較去年同期成長 27%。營運 EBIT 約為 13 億美元，較去年同期增加。這主要由聚乙烯價格上升所帶動，使當地價格提高超過 40%。包裝與特用塑膠業務受惠於較高價格的效益，廣泛體現在所有地區與所有應用領域。

This more than offset lower polyethylene volumes, which declined in Europe, the Middle East, Africa, and India, as well as Asia Pacific, while growing in the resilient Americas. The hydrocarbons and energy business reported higher net sales, driven by increased olefins pricing which more than offset lower volumes from planned maintenance on the US Gulf Coast. Importantly, while operating rates in the hydrocarbons and energy business declined to 84% because of planned maintenance activity, we also successfully restarted our lowest-cost, most flexible European cracker in Terneuzen to match market conditions and optimize margins.

這些效益遠超過聚乙烯銷量下滑的影響；銷量在歐洲、中東、非洲與印度，以及亞太地區下降，但在具韌性的美洲地區成長。碳氫化合物與能源業務的淨銷售額較高，主要由烯烴價格上升所帶動，且其增幅足以抵銷美國墨西哥灣沿岸計畫性歲修所造成的較低銷量。值得注意的是，雖然碳氫化合物與能源業務因計畫性維修使開工率降至 84%，我們也成功重啟位於 Terneuzen 的歐洲最低成本、最具彈性的裂解裝置，以配合市場狀況並最佳化利潤率。

Turning to Industrial Intermediates & Infrastructure on slide 6. The segment delivered a strong year-over-year improvement in the second-quarter. Net sales were up 14% versus the year-ago period, driven by a 15% increase in local price. This reflects gains across both businesses in all regions. Operating EBIT improved to $246 million, up from the same quarter last year, supported by higher margins, our self-help initiatives and lower plant maintenance activity.

接著看投影片 6 的工業中間體與基礎建設（Industrial Intermediates & Infrastructure）事業部門。該部門在第二季年對年呈現強勁改善。淨銷售額較去年同期成長 14%，主要由當地價格上升 15% 所帶動。這反映兩項業務在所有地區均有成長。營運 EBIT 改善至 2.46 億美元，較去年同季增加，主要受惠於較高利潤率、我們的自助措施，以及較低的工廠維修活動。

Polyurethanes and construction chemicals benefited from local price gains. And our industrial solutions business delivered improved sales continuing to benefit from the start-up of our Constellation growth investments, which serve attractive end markets such as home care, pharma, and energy.

聚氨酯與建築化學品受惠於當地價格上漲。此外，我們的工業解決方案業務實現銷售改善，持續受惠於我們 Constellation 成長投資的投產啟動，這些投資服務於家居清潔、製藥與能源等具吸引力的終端市場。

We also generated incremental earnings this quarter from the sale of non-core land in Taiwan, where we had previously shut down production. This action aligns directly to our efforts to actively optimize our portfolio with the best owner mindset.

本季我們也因出售台灣的非核心土地而帶來額外收益，該地點我們先前已關閉生產。此舉與我們以「最佳所有者」思維主動優化投資組合的努力直接一致。

Moving to Performance Materials & Coatings on slide 7. The segment delivered solid top line growth with net sales up 11% versus the year ago period. This improvement was supported by increased volume and price. Volume gains were led by continued growth in downstream silicones, as well as improvement in acrylic monomers and architectural coatings. In addition, the consumer solutions business benefited from gains in attractive end markets, including consumer, electronics, and home care applications.

接著看投影片 7 的「高性能材料與塗料」。該事業部實現穩健的營收成長，淨銷售額較去年同期成長 11%。此改善由銷量與價格上升所支撐。銷量增長主要來自下游矽酮的持續成長，以及丙烯酸單體與建築塗料的改善。此外，消費者解決方案業務亦受惠於具吸引力終端市場的成長，包括消費性、電子與家居清潔等應用。

Operating EBIT was $133 million, which is down year-over-year. This is largely due to higher costs, including planned maintenance activity and the shutdown of our Barry siloxanes unit, which offset the price and volume gains as well as our self-help actions. So if we step back and look across the entire company, Dow continues to lead by remaining agile and close to our customers and capitalizing on our competitive advantages regardless of external factors.

營運 EBIT 為 1.33 億美元，較去年同期下降。主要原因是成本上升，包括計畫性維修活動以及我們 Barry 矽氧烷裝置的關停，抵銷了價格與銷量增長以及我們的自助改善行動所帶來的效益。因此，若我們退一步檢視全公司，陶氏仍透過保持敏捷、貼近客戶，並不受外部因素影響地發揮競爭優勢而持續領先。

Turning next to slide 8. I'll share some context around the regional and macroeconomic conditions that are most impactful to Dow. First, we are benefiting from some key market-driven tailwinds. For example, packaging remains resilient globally, and data center demand is outpacing supply. In addition, our teams are winning even in areas where the market is still challenged and less trusted.

接著看投影片 8。我將分享一些對陶氏影響最大的區域與總體經濟狀況背景。首先，我們正受惠於一些關鍵的市場驅動順風。例如，包裝在全球仍具韌性，而資料中心需求正超越供給。此外，即使在市場仍具挑戰、信心較弱的領域，我們的團隊也持續勝出。

For example, we are gaining market share through our silicones business with electronics for mobility applications as adoption for EVs grows across both Europe and Asia. This is also true in our Coatings business in North America, where we continue to earn a seat at the design table with customers serving high-value markets and applications.

例如，隨著電動車在歐洲與亞洲的採用率提升，我們透過矽酮業務在行動/移動（mobility）電子應用上取得市占率。在北美的塗料業務亦是如此；我們持續在設計端與客戶共同參與，服務高價值市場與應用。

And looking around the globe, in the Americas, consumers have remained steady, economic activity is constructive, and spending has held up, even as the US housing market is still soft under the weight of affordability concerns and high mortgage rates. In the Middle East, geopolitical tensions remain elevated and logistics are still constrained.

放眼全球，在美洲，消費者表現維持穩定，經濟活動具建設性，支出也維持韌性；儘管美國房市仍因可負擔性疑慮與高房貸利率而疲弱。在中東，地緣政治緊張情勢仍處高檔，物流仍受限制。

In addition to this, traffic through the Strait of Hormuz remains below historical levels, continuing to disrupt global supply chains. The geopolitical impacts on energy and feedstocks continue to support higher risk premiums, and we are seeing renewed value placed on supply security, including both reliability and logistics.

此外，荷姆茲海峽的通行量仍低於歷史水準，持續擾亂全球供應鏈。地緣政治對能源與原料的影響持續支撐較高的風險溢價，我們也看到市場重新重視供應安全，包括可靠性與物流兩方面。

In Europe, deeper structural pressures like high operating and labour costs persist. But with that, some constructive dynamics are beginning to emerge, including government support and trade protection measures. This includes recently announced support for EU anti-dumping and anti-subsidy actions, each of which support a more balanced environment for European-produced products, including polyols that have been impacted by anti-competitive imports.

在歐洲，高營運與勞動成本等更深層的結構性壓力仍然存在。但同時，一些正向動能開始浮現，包括政府支持與貿易保護措施。其中包括近期宣布支持歐盟的反傾銷與反補貼行動，這些措施有助於為歐洲生產的產品建立更平衡的環境，包括受反競爭性進口影響的多元醇（polyols）。

And across Asia Pacific, we continue to see mixed signals. Regional consumer demand remains soft with weakened retail sales in May, but industrial production and manufacturing activity have recently accelerated. In the energy space, refinery operations are normalizing in China, improving energy availability across the region. So globally, a supportive but higher-cost feedstock environment paired with resilience but uneven demand leads us to expect a more measured but still solid third-quarter.

而在亞太地區，我們仍看到訊號分歧。區域消費需求仍偏弱，5 月零售銷售走弱，但工業生產與製造活動近期加速。在能源方面，中國煉油廠運作正回歸常態，提升區域能源供應可得性。因此在全球層面，原料環境具支撐但成本較高，加上需求具韌性但不均衡，使我們預期第三季將更為審慎，但仍屬穩健。

So let's look at the specifics on slide 9. Given the uncertainty across so many of our markets to date, especially with the ongoing conflict in the Middle East, projecting the quarter ahead is difficult. If we become aware of any meaningful changes as the quarter unfolds, we will provide timely updates as appropriate and as you've come to expect from us.

接著看投影片 9 的細節。鑑於迄今我們許多市場的不確定性，尤其是中東持續衝突，使得預測下一季相當困難。若在季度進行期間我們察覺任何重大變化，我們將在適當時機提供即時更新，正如各位對我們一貫的期待。

Our expectation for third-quarter EBITDA is approximately $1.7 billion. This sequential decline accounts for anticipated margin compression from the recent North American polyethylene price settlement in June as well as the normal patterns that typically follow high seasonal demand in the second-quarter. We expect $130 million in sequential tailwinds from our self-help efforts, including Transform to Outperform and the initial uplift from our Barry shutdown. These benefits across the enterprise will more than offset headwinds associated with plant maintenance and non-repeating benefit of a land sale in the second-quarter.

我們對第三季 EBITDA 的預期約為 17 億美元。此一環比下降反映：6 月北美聚乙烯價格結算後預期的利差壓縮，以及通常在第二季旺季需求高峰後出現的正常季節性走勢。我們預期自助改善措施將帶來 1.3 億美元的環比順風，包括「Transform to Outperform」以及 Barry 關停的初步效益提升。這些全公司層面的效益將足以抵銷與工廠維修相關的不利因素，以及第二季土地出售的一次性收益不再重複所帶來的影響。

Turning to our operating segments. In Packaging & Specialty Plastics, we expect the averaging effect of the June price decline to work its way through the third-quarter but are not assuming any further price movement. On top of that, we expect the benefits from Transform to Outperform to more than offset higher planned maintenance activity, mostly at our US Gulf Coast assets.

接著看各營運事業部。在「包裝與特用塑膠」方面，我們預期 6 月價格下跌的平均化效應將在第三季逐步反映，但不假設價格會有進一步變動。此外，我們預期「Transform to Outperform」帶來的效益將足以抵銷較高的計畫性維修活動，維修主要集中在我們美國墨西哥灣沿岸資產。

For Industrial Intermediates & Infrastructure, we expect to see normal seasonal declines in building and construction, along with some expected margin pressure in Europe. With that, our continued implementation of self-help actions should provide a partial offset.

在「工業中間體與基礎設施」方面，我們預期建築與施工將出現正常的季節性下滑，同時歐洲可能面臨部分利差壓力。即便如此，我們持續推動的自助改善行動應可提供部分抵銷。

And in Performance Materials & Coatings, we anticipate that declines will be driven by typical seasonal slowdown in coatings demand as well as the planned PDH turnaround in the quarter. Self-help actions including the benefit from the Barry shutdown are expected to help offset some of the pressure in the quarter.

在「高性能材料與塗料」方面，我們預期下滑將主要由塗料需求的典型季節性放緩，以及本季規劃的 PDH 裝置歲修所驅動。自助改善行動（包括 Barry 關停帶來的效益）預期可協助抵銷本季部分壓力。

Overall, Dow's third-quarter outlook demonstrates that even as we navigate a dynamic macro environment, our disciplined execution continues to build, supporting improved earnings over time.

整體而言，陶氏的第三季展望顯示，即使我們在動態的總體環境中前行，嚴謹的執行力仍持續累積，並在時間推移下支撐獲利改善。

With that, I will turn the call back over to Karen to share some details about each of our near-term priorities, which aim to ensure long-term value creation.

接下來我把電話交回給 Karen，請她分享我們各項近期優先事項的細節，這些事項旨在確保長期價值創造。

Thank you, Jeff. As I outlined at the top of the call, our priorities are helping to enable a stronger and more resilient Dow with an enhanced ability to outperform across market cycles. Slide 10 outlines our first priority focused growth and innovation, where we will prioritize our resources in attractive end markets and win with our customers.

謝謝你，Jeff。如我在電話會議一開始所概述，我們的優先事項在於協助打造更強健、更具韌性的陶氏，並提升我們在不同景氣循環中超越市場的能力。投影片 10 說明我們的第一項優先事項：聚焦成長與創新；我們將把資源優先投入具吸引力的終端市場，並與客戶共同取勝。

For example, rapid data center growth is creating new demand for solutions that address thermal management, water usage, energy demand, and noise abatement needs. Dow is partnering with hyperscale’s and leaders in this industry, leveraging our closed-loop liquid cooling solutions, advanced thermal fluids carbon mitigation technologies and acoustic materials.

例如，資料中心的快速成長正在創造新需求，需以解決方案因應熱管理、用水、能源需求與降噪等需求。陶氏正與超大規模（hyperscale）業者及本產業領導者合作，運用我們的閉環液冷解決方案、先進熱傳流體、碳減量技術與聲學材料。

Last quarter, we launched the Dow Coolant Care Network, expanding our offering to support this fast-growing market. Our new integrated service model helps customers improve cooling system reliability, reduce operational risk, and maximize uptime, all of which are critical to data center growth.

上季我們推出 Dow Coolant Care Network，擴大我們的產品與服務，以支援這個快速成長的市場。我們新的整合式服務模式可協助客戶提升冷卻系統可靠性、降低營運風險並最大化正常運行時間（uptime），而這些都是資料中心成長的關鍵。

Separately, we progressed long-term agreements with both P&G and Univar, locking in durable, high-quality demands for low carbon products across key markets like beauty and personal care, health care, food, pharmaceutical and a variety of industrial performance market. This is another example of how we are translating innovation into commercial value, while securing growth in attractive end markets.

另外，我們也推進與 P&G 及 Univar 的長期協議，在美容與個人護理、醫療保健、食品、製藥以及多元工業性能市場等關鍵市場，鎖定對低碳產品具持久性且高品質的需求。這是我們如何將創新轉化為商業價值、同時在具吸引力的終端市場確保成長的另一個例子。

And lastly, in the second-quarter, we announced that we are expanding our product and innovation capabilities in specialty silicones that allow us to meet growing global demand in mobility, electronics and health care applications. By expanding these capabilities, we are better able to meet increasing consumer demand, strengthen global supply chain capabilities and enable customers to move faster from innovation to commercialization.

最後，在第二季，我們宣布將擴充特用矽酮的產品與創新能力，以滿足行動/移動、電子與醫療保健應用中不斷成長的全球需求。透過擴充這些能力，我們將更能滿足日益增加的消費者需求、強化全球供應鏈能力，並協助客戶更快地將創新推進至商業化。

Next, on slide 11. Our second priority focuses on enhancing the competitiveness of our portfolio. To start, aligned to our previously announced European asset actions, we shut down our upstream, higher-cost siloxane unit in Barry, United Kingdom. As a reminder, this represents approximately 25% of European siloxane industry capacity. Doing this further reshapes our Performance Materials & Coatings portfolio, it increases our focus on downstream differentiated product offering, while, importantly, maintaining integration in our silicones value chain. We expect this action to deliver $60 million of EBITDA uplift in the second half of this year.

接下來，看第 11 張投影片。我們的第二項優先事項聚焦於提升我們投資組合的競爭力。首先，配合我們先前已宣布的歐洲資產行動，我們已關閉位於英國巴里（Barry）的上游、高成本矽氧烷（siloxane）裝置。提醒一下，這約占歐洲矽氧烷產業產能的 25%。此舉將進一步重塑我們的高性能材料與塗料（Performance Materials & Coatings）投資組合，提升我們對下游差異化產品供應的聚焦，同時更重要的是，維持我們在矽酮（silicones）價值鏈中的一體化整合。我們預期此項行動將在今年下半年帶來 6,000 萬美元的 EBITDA 提升。

Additionally, in our Packaging & Specialty Plastics operating segment, we restarted our lowest-cost and most flexible European cracker in Terneuzen in the Netherlands that has been idled since mid-2025. Relatedly, the shutdown of our Bohlen cracker remains on track for completion in 2027. At the same time, the Alberta project is progressing as planned, where our focus remains on disciplined completion and maximizing returns.

此外，在我們的包裝與特用塑膠（Packaging & Specialty Plastics）營運部門，我們已重啟位於荷蘭特爾訥曾（Terneuzen）的歐洲裂解爐（cracker）—這是我們成本最低且最具彈性的裝置，自 2025 年年中以來一直停運。相關地，我們位於博倫（Bohlen）的裂解爐關停計畫仍按進度推進，預計於 2027 年完成。同時，阿爾伯塔（Alberta）專案也依計畫推進，我們的重點仍是有紀律地完成並將報酬最大化。

Taken all together, these actions will further improve our position on the cracker while maintaining important flexibility across our global asset base. Next, I'll turn the call back over to Jeff to share some details on our third priority balanced capital allocation, and how strengthening our financial position remains a critical priority for Dow's management team now and well into the future.

綜合而言，這些行動將在維持我們全球資產基礎重要彈性的同時，進一步改善我們在裂解爐方面的競爭地位。接下來，我把電話交回給 Jeff，請他分享我們第三項優先事項—均衡的資本配置—的細節，以及強化我們的財務狀況如何在現在並在可預見的未來，仍是陶氏（Dow）管理團隊的關鍵優先事項。

Thank you, Karen. On slide 12, our approach to financial discipline is consistent, and our outlook for the year puts us in a stronger position than when we entered 2026. We continue to take actions that enhance Dow's balance sheet and financial performance. This includes meaningful improvement in our leverage metrics and overall credit profile. In addition, we are maintaining approximately $14 billion of total available liquidity, giving us the flexibility to invest through the cycle while protecting our balance sheet.

謝謝你，Karen。在第 12 張投影片，我們對財務紀律的做法一貫一致，而我們對今年的展望使我們相較於進入 2026 年時處於更強勢的位置。我們持續採取行動以強化陶氏的資產負債表與財務表現。這包括我們槓桿指標與整體信用概況的顯著改善。此外，我們維持約 140 億美元的可用總流動性，使我們能在景氣循環中保持投資彈性，同時保護資產負債表。

And importantly, our approach to balanced capital allocation remains consistent with the framework we've shared over the last several years. With improved earnings and cash conversion, we will prioritize any excess cash towards deleveraging. In addition to that, we have no substantive debt maturities due until 2029, and we recently extended our revolving credit facility out to 2031.

而且很重要的是，我們對均衡資本配置的做法，仍與過去幾年我們所分享的框架一致。隨著獲利改善與現金轉換提升，我們將優先把任何超額現金用於去槓桿。除此之外，我們在 2029 年之前沒有實質性的到期債務，且我們近期已將循環信用額度（revolving credit facility）延長至 2031 年。

Throughout this year, we will also continue to implement smart trade-off decisions to improve working capital. We currently expect a minimum release of more than $500 million in the second half of the year.

在今年期間，我們也將持續做出明智的取捨決策以改善營運資金。我們目前預期今年下半年至少可釋放超過 5 億美元。

Furthermore, on the cash front, we received approximately $1 billion in compensation from the Nova litigation in the first-quarter and the remaining approximately $300 million early in the third-quarter. We also continue to make progress with our partner, Aramco, related to Sadara, all aimed at ensuring long-term success that optimizes each shareholders' value.

此外，在現金方面，我們在第一季自 Nova 訴訟案收到約 10 億美元的賠償，並於第三季初收到剩餘約 3 億美元。我們也持續與合作夥伴沙烏地阿美（Aramco）就 Sadara 相關事項取得進展，目標皆在確保長期成功，並使各股東價值最佳化。

So before I turn the call back to Karen, I want to reiterate that each of the three priorities she and I covered over the past several minutes outline a clear path to enhance competitiveness. We'll get there through focused growth and innovation and decisive portfolio execution. And our commitment to a balanced capital allocation approach remains consistent.

因此，在我把電話交回給 Karen 之前，我想重申：她和我在過去幾分鐘所涵蓋的三項優先事項，勾勒出一條清晰的路徑以提升競爭力。我們將透過聚焦成長與創新，以及果斷的投資組合執行來達成。而我們對均衡資本配置方法的承諾也將維持一致。

Next, Karen will share more about how our near-term self-help actions are underpinning each of these priorities.

接下來，Karen 將進一步分享我們近期的自助（self-help）行動如何支撐上述每一項優先事項。

Turning to slide 13. The actions outlined here demonstrate the tangible progress we are making against our self-help commitment, which we expect will generate a total of more than $1.3 billion in benefits this year, reflecting an increase of $200 million from our prior target.

轉到第 13 張投影片。此處所列的行動展現了我們在自助承諾上的具體進展；我們預期今年將帶來合計超過 13 億美元的效益，較先前目標增加 2 億美元。

First, we have materially completed the remaining cost savings associated with the $1 billion program that we announced in January 2025. In addition, we continue to execute several strategic moves that will uniquely position Dow to win, including capitalizing on our recently completed incremental growth investments and advancing our previously announced European asset shutdowns, as I mentioned earlier on the call.

首先，我們已實質完成 2025 年 1 月宣布的 10 億美元計畫所對應的剩餘成本節省。此外，我們持續推進多項策略性舉措，將使陶氏具備獨特的致勝定位，包括把握我們近期完成的增量成長投資，以及推動先前已宣布的歐洲資產關停，如我先前在電話會議中提到的。

And moving to Transform to Outperform. We expect this work will deliver an upsized benefit of approximately $700 million this year, clearly demonstrating the early value we are capturing. Importantly, we remain confident in the $2 billion total opportunity that these efforts will deliver by the end of next year. We are seeing significant early results from the productivity work aligned to Transform to Outperform, which, as a reminder, represents two-thirds of the total expected benefits. For example, we have implemented approximately 55% of the total Dow role reduction which are expected to contribute more than $200 million of EBITDA uplift in the second half of this year.

接著談「Transform to Outperform」。我們預期這項工作今年將帶來約 7 億美元的擴大效益，清楚展現我們正在捕捉的早期價值。重要的是，我們仍對這些努力在明年年底前可帶來合計 20 億美元的總機會充滿信心。我們已看到與「Transform to Outperform」一致的生產力工作出現顯著的早期成果；提醒一下，這部分占預期總效益的三分之二。例如，我們已完成約 55% 的陶氏職務縮減，預期在今年下半年將貢獻超過 2 億美元的 EBITDA 提升。

Additionally, we have completed our site transformation playbook at six of our largest sites, which is expected to deliver approximately $50 million alone in the second half of this year. The actions we are taking include improving production yields, driving maintenance productivity and energy efficiency, and optimizing third-party spending.

此外，我們已在六個最大據點完成據點轉型作戰手冊（site transformation playbook），預期僅今年下半年就可帶來約 5,000 萬美元效益。我們採取的行動包括提升生產良率、推動維修生產力與能源效率，以及最佳化第三方支出。

On the growth side, which represents one-third of the expected benefits from Transform to Outperform, we are seeing initial results from accelerated commercial and market-focused strategy. Targeted growth platforms delivered increased profitability during the quarter, supported by strategic opportunity management, strong commercial execution and the deployment of digital pricing and demand planning capability. We remain encouraged by these early wins and the value they are generating for Dow. These examples give us confidence in the magnitude of the opportunities and in our ability to deliver against them.

在成長面向（占「Transform to Outperform」預期效益的三分之一），我們已從加速的商務與市場聚焦策略看到初步成果。在策略性機會管理、強勁的商務執行，以及數位化定價與需求規劃能力的導入支持下，目標成長平台在本季帶來更高的獲利能力。我們對這些早期勝利及其為陶氏創造的價值仍感到鼓舞。這些例子讓我們對機會的規模以及我們的交付能力更具信心。

Next, I'll close on slide 14, which highlights what this quarter really demonstrates about Dow. This is a dynamic period. The geopolitical and macro backdrops remain volatile and demand signals are mixed. We are not waiting for conditions to turn in our favour. We are leading with deliberate actions and controlling what we can control, and that rigor is clear in our second-quarter results.

接下來，我將在第 14 張投影片作結，該投影片凸顯本季真正展現了陶氏的哪些特質。這是一個充滿變動的時期。地緣政治與總體環境仍然波動，需求訊號也好壞參半。我們不會等待情勢轉向對我們有利。我們以審慎而明確的行動領先，掌控我們能掌控的事項，而這份嚴謹也清楚反映在我們第二季的業績中。

Our self-help is delivering. Teams across the company are redesigning how work gets done, modernizing how we serve our customers and improving decision-making to drive both growth and productivity. This mindset will guide where we go from here, and it comes down to the three priorities we outlined today.

我們的自助正在奏效。公司各團隊正在重新設計工作完成方式、現代化我們服務客戶的方式，並改善決策以同時推動成長與生產力。這種思維將引導我們接下來的方向，而其核心正是我們今天所概述的三項優先事項。

On focused growth and innovation, we are putting our capital and our talent behind attractive end markets where we can win with our customers. We are driving actions across our global portfolio to strengthen Dow's world-scale, low-cost footprint in every region and across each of our operating segments.

在聚焦成長與創新方面，我們正把資本與人才投入到具吸引力、且我們能與客戶共同取勝的終端市場。我們正推動全球投資組合的各項行動，以強化陶氏在各地區、以及各營運部門的世界級規模與低成本布局。

And lastly, we are enhancing our balance sheet and financial flexibility. This includes a consistent and unwavering approach to balanced capital allocation, while also maintaining ample liquidity and prioritizing deleveraging with any excess cash. Taken together, these priorities are designed to enhance Dow's lasting competitive advantage.

最後，我們正在強化資產負債表與財務彈性。這包括對均衡資本配置採取一致且堅定不移的做法，同時維持充足流動性，並以任何超額現金優先去槓桿。綜合而言，這些優先事項旨在提升陶氏長期且持久的競爭優勢。

And importantly, our self-help is not simply a onetime event. It is a mindset and a discipline fundamentally resetting how we run our company, how we serve our customers and how we deliver lasting value. This discipline, combined with the strength of our portfolio and our people, is exactly why Dow is a compelling investment opportunity.

而且很重要的是，我們的自助並非一次性的事件。它是一種思維與紀律，從根本上重塑我們如何經營公司、如何服務客戶，以及如何交付長期價值。這份紀律，加上我們投資組合與人才的實力，正是陶氏成為具吸引力投資機會的原因。

Now I'll turn the call back to Andrew to get us started with the Q&A.

現在我把電話交回給 Andrew，讓我們開始問答環節。

Thank you, Karen. Now let's move on to your questions. I would like to remind you that our forward-looking statements apply to both our prepared remarks and the following Q&A. Operator, please provide the Q&A instruction.

謝謝你，Karen。現在我們進入各位的提問。我想提醒各位，我們的前瞻性陳述同時適用於我們事先準備的發言以及接下來的問答。接線員，請提供問答說明。

(Operator Instructions)

(接線員說明)

Hassan Ahmed, Alembic Global.

Hassan Ahmed，Alembic Global。

Look, a two-part question, primarily on polyethylene. So the first part of it is that you guys obviously talked about flat polyethylene pricing for your Q3 guidance. So the first part of the question is, how are you sort of factoring in the recent rally that we've seen in crude oil prices and obviously the continued sort of blockage of the Strait of Hormuz and the like, how that factors into the pricing assumption?

我有一個兩部分的問題，主要關於聚乙烯。第一部分是，你們在第三季指引中顯然提到聚乙烯價格持平。所以第一個問題是，你們如何把我們近期看到的原油價格反彈，以及顯然持續的荷姆茲海峽封鎖等因素，納入價格假設之中？

And then the second part just around inventories. A lot of the energy industry executives are talking about sort of energy inventories being at critical levels. As I take a look at China, it seems China through the -- through Q2 at least, produced less, call it, polyethylene, and other commodity chemical products, yet exported more.

第二部分是關於庫存。許多能源產業高層都在談能源庫存處於關鍵水位。我看中國的情況，至少到第二季為止，中國生產的聚乙烯以及其他大宗化學品似乎更少，但出口卻更多。

So it means, at least to me, that there's been a fairly substantial destock over there. So how should that be factored in? Could we expect maybe potentially a restock going forward?

所以至少在我看來，那邊出現了相當大幅度的去庫存。那麼這應該如何納入考量？我們是否可能預期接下來會出現補庫存？

Yes. Just a couple of things on that. Let's start with kind of the guide and what we have in the guide and then I'll talk about where we go from here in terms of the current conditions. And so we try to take a pretty balanced view on the $1.7 billion guide. And just to be clear, what's in that in relation to polyethylene margins, that guide assumes $0.10 per pound decline in global integrated margins compared to the second-quarter. So what that includes is the $0.15 down June settlement, and then that works its way through the third-quarter. And as Jeff articulated earlier on the call, that also assumes no additional quarterly price movement.

是的。關於這點我先說幾件事。我們先從指引以及指引中包含的內容談起，然後我再談談就目前狀況而言我們接下來怎麼看。因此，對於17億美元的指引，我們試著採取相當均衡的觀點。先說清楚，關於聚乙烯利差（margin）的部分，該指引假設全球一體化利差相較第二季下滑每磅0.10美元。其中包含6月結算價下調0.15美元，並在第三季逐步反映。而且如 Jeff 先前在電話會議中所說，這也假設沒有額外的季度價格變動。

Now to your point, a lot of things have changed. If you look at this week, oil is up $10 just the beginning of the week to now. Key feedstocks are also on the rise. Polyethylene prices are also up, particularly in China, and you mentioned this, their inventories are declining and so that is reflected also in our order books.

但如你所說，很多事情都改變了。如果看本週，原油從週初到現在上漲了10美元。主要原料也在上漲。聚乙烯價格也在上升，尤其是在中國；你也提到他們的庫存正在下降，這也反映在我們的訂單簿上。

Just the last few days, we've released an increase in our order loading. And so when we saw those market dynamics changing, we announced our $0.05 per pound in North America. If you look at the oil dynamics from now the Strait of Hormuz basically being blocked again, we saw yesterday the attack in the Red Sea, those dynamics, plus resilient demand in polyethylene and all the other things I've mentioned, really do set the ground for our price increases going up from here.

就在過去幾天，我們提高了訂單裝載量。因此，當我們看到這些市場動態改變時，我們宣布北美每磅上調0.05美元。如果你看目前的油市動態，荷姆茲海峽基本上再次被封鎖；我們昨天也看到紅海的攻擊事件。這些動態，加上聚乙烯需求具韌性以及我提到的其他因素，確實為我們接下來的漲價奠定了基礎。

So if they do occur, that would be an upside to the $1.7 billion guide. But what I would say is that things continue to be volatile. We're going to work on maximizing the quarter, as we always do. And if things change materially, we'll be sort of back to you and update you on that.

因此，如果漲價確實發生，這將成為17億美元指引的上行因素。但我要說的是，情勢仍然波動。我們會一如既往努力把本季的表現做到最好。如果情況出現重大變化，我們會再與各位溝通並更新。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，Morgan Stanley。

Karen, thank you for the capital allocation discussion. Just wanted to follow up a little bit on that, particularly as it relates to Alberta. Do you have any just sort of site level update on that project's progression?

Karen，謝謝你對資本配置的說明。我想就此再追問一下，特別是與阿爾伯塔（Alberta）相關的部分。你們能否就該專案的進展，提供一些場址層級的最新狀況？

And then secondarily, given obviously, there's been a change in the global landscape, and clearly, North America is more attractive today, it's always attractive, it's probably more attractive today than it was prior to the conflict, is there any incremental opportunity to bring a partner on that project or to do anything creative with it?

其次，鑑於全球局勢顯然已經改變，而且北美今天顯然更具吸引力——一直都很有吸引力，但可能比衝突之前更有吸引力——那麼在該專案上，是否有任何額外機會引入合作夥伴，或做一些更具創意的安排？

So our focus right now on Alberta is really disciplined execution and finishing the project, and then also maintaining our accountability on the returns that we've committed to. So where we sit today is that about 60% of the CapEx has been met. The project is progressing as planned. We have about 40% less to spend. Most of that is on labour.

我們目前在阿爾伯塔的重點，是真正嚴謹地執行並完成專案，同時也維持我們對已承諾報酬的責任。就目前而言，資本支出（CapEx）約已完成60%。專案正按計畫推進。我們還有約40%尚待支出。其中大部分是勞務成本。

The other thing I would just reiterate is that the incentives remain intact, and most of the critical labour contracts have been awarded. And so again, we're squarely focused on giving that project over the goal line. We've looked at potential partners before, I think we talked about it on this call and we remain open to that. But they must be financially accretive and meet our return threshold.

另外我想再重申，相關激勵措施仍然有效，而且大多數關鍵勞務合約都已授出。因此，我們仍然專注於把該專案推過終點線。我們之前也評估過潛在合作夥伴，我想我們在這通電話會議中也談過，我們仍對此持開放態度。但前提是必須能在財務上增厚（accretive），並符合我們的報酬門檻。

So in summary, what we're really focused on now is getting the project over the goal line, of course, safely, but also on the revised time line so that we can get both the growth and the returns on investment.

總結來說，我們現在真正聚焦的是把專案推過終點線，當然要以安全為前提，同時也要依照修訂後的時程，讓我們能同時取得成長與投資報酬。

Frank Mitsch, Fermium Research.

Frank Mitsch，Fermium Research。

Congrats on posting $2 billion-plus. I'm a little bit puzzled with respect to P&SP. When you offered the guide back on April 23, you offered $1.75 billion EBITDA. Jeff gave an update in raising the total EBITDA from $2 billion to $2.2 billion. So I assume that that increased the P&SP.

恭喜你們繳出超過20億美元的成績。我對 P&SP 有點困惑。你們在4月23日提出指引時，給的是17.5億美元 EBITDA。Jeff 更新時把總 EBITDA 從20億美元上調到22億美元。所以我推測那也提高了 P&SP。

So can you talk about why P&SP came in below the expectations that you had laid out back in April and then upgraded back in June?

所以你們能否談談，為什麼 P&SP 的結果低於你們在4月提出、並在6月上調後所預期的水準？

So I'll make a couple of comments, and then, Jeff, if you have something else that you want to add here. There's a couple of things. First, the $0.15 price decline in June was not incorporated and to the numbers that Jeff was talking about, particularly on second-quarter, but also going into the third-quarter. The other thing is that we not only have planned maintenance, but we also had a couple of UPE that impacted the actual numbers in the second-quarter. But Jeff, anything else you want to add to that?

我先做幾點說明，然後 Jeff 如果還有要補充的也請加入。有幾個因素。第一，6月價格下滑0.15美元並未納入 Jeff 所談的數字中，特別是第二季的部分，但也影響到進入第三季的情況。第二，我們不僅有計畫性維修，第二季也發生了幾起 UPE（非計畫性事件），影響了實際數字。不過 Jeff，你還有什麼要補充嗎？

Yes. The only thing I would add, Frank, is that you're spot-on in terms of P&SP, but the offset that we saw occurred in II&I that brought us in pretty close to our overall updated guide number that I updated in June, where we saw margin increases there due to some of the supply disruptions that occurred as well as some of the feedstock constraints. And we also had a land sale that I mentioned in my prepared remarks in second-quarter, that was approximately $50 million.

是的。Frank，我唯一要補充的是，你對 P&SP 的理解完全正確，但我們看到的抵銷發生在 II&I，使我們的整體表現非常接近我在6月更新的整體指引數字；我們在那裡看到利差上升，原因是部分供應中斷以及一些原料限制。另外，我在事先準備的發言中也提到，第二季我們有一筆土地出售，約為5,000萬美元。

So with the lower than expected on P&SP, which was offset by the better-than-expected II&I, we still came in very close to the updated guide number that we have for the second-quarter.

因此，雖然 P&SP 低於預期，但被優於預期的 II&I 所抵銷，我們第二季的結果仍非常接近我們更新後的指引數字。

Just maybe one other thing before we go to the next question, I think it's important to mention is also that our self-help continues to over-deliver. So if you look through the first half, we committed to $100 million, we've delivered $190 million, and that's why we're really confident in upsizing, particularly the Transform to Outperform portion of our self-help actions, which as we articulated before, will now deliver $700 million versus the $500 million guide.

在我們進入下一個問題之前，或許還有一點我認為很重要需要提到：我們的自助措施（self-help）持續超額達成。因此，如果你回顧上半年，我們承諾了1億美元，但實際交付了1.9億美元；這也是為什麼我們對於擴大規模很有信心，特別是我們自助行動中的「Transform to Outperform」部分——如同我們先前所闡述的，現在將帶來7億美元的成果，而非原先指引的5億美元。

So that's the other thing, Jeff, that I would just mention, that's helping us to not only achieve in the second-quarter, but will also help to maximize EBITDA for the rest of the year.

所以，Jeff，我還想補充的另一點是：這不僅幫助我們在第二季達成目標，也將有助於在今年剩餘期間最大化EBITDA。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通（JPMorgan）。

Your Transform to Outperform program is in full swing. But when I look at your SG&A expenses, they're up about $200 million year-over-year and $100 million sequentially. And as a percentage of sales, they've lifted about 1-percentage-point. Is the 535 number that you reported a normal number or an abnormal number?

你們的「Transform to Outperform」計畫正全面推進。但當我看你們的SG&A費用時，年增約2億美元、季增約1億美元。而且以銷售額百分比來看，上升了大約1個百分點。你們所報告的535這個數字，是正常水準還是異常水準？

And second, for Jeff on the prioritization of where cash flows are going, does it make any sense to take some amount of cash flow and offset dilution from share issuance because of the high cost of equity and your share price is low relative to its history and so the cash flow outflow is not really that much?

第二個問題是關於現金流去向的優先順序：Jeff，考量到股權資金成本很高、且你們股價相對歷史水準偏低，是否有意義拿出部分現金流，透過抵銷因發行股份造成的稀釋？因為現金流的流出其實不算太多？

Jeff, this is Jeff. I'll take both parts of those questions here. First, starting with the SAR component. First of all, our SAR continues to be top quartile if we look across our peer group. We're close to 6%, which is best-in-class.

Jeff，我是Jeff。我來回答這兩個部分。首先從SAR這個項目開始。首先，我們的SAR若與同業相比仍維持在前四分位。我們接近6%，屬於同級最佳（best-in-class）。

But we had a couple of things that occurred in the second-quarter related specifically to SAR, got our onetime significant items associated with some costs related to Transform to Outperform which you will see reflect in SAR area, as well as our increased performance-based compensation, which I mentioned in the prepared remarks. So those were two sizable items that we had in the quarter that overshadow the continued improvement that we see through our self-help actions, not only from Transform to Outperform, but also from the 2025 cost-out program that we materially completed during the course of second-quarter.

但第二季在SAR方面發生了幾件事，特別與SAR直接相關：我們有一次性重大項目，與「Transform to Outperform」相關的一些成本，你會看到反映在SAR區塊；另外還有我們提高的績效型薪酬，我在事先準備的講稿中也提到過。因此，這兩個在本季相當顯著的項目，掩蓋了我們透過自助行動所看到的持續改善——不僅來自「Transform to Outperform」，也來自我們在第二季期間實質完成的2025降本計畫。

So as we ramp those self-help actions into the second half of the year, you will continue to see those SAR numbers come down from what you saw and the second-quarter's results.

因此，隨著我們在下半年加速推進這些自助行動，你將會持續看到SAR數字從你在第二季結果中看到的水準往下走。

Moving to your comments around capital allocation and the uses of cash. A couple of comments I would make there. One of the things that we are going to continue to stay committed to, Jeff, is our investment-grade credit profile. So as we look at our prioritization here, our intent is to continue to pay down some of the debt that especially we've accumulated over the past 12 months ago, which is a little over $1 billion. And so that will be the first priority, which will give us the opportunity to increase our financial flexibility, manage our liability profile and obviously strengthen our balance sheet as we work our way through the economic cycle.

接著談你對資本配置與現金用途的評論。我有幾點想說。其中一件我們會持續堅守的事情，Jeff，是維持我們投資級（investment-grade）的信用體質。因此，在我們的優先順序上，我們的意圖是持續償還部分債務，特別是過去12個月累積的債務，略高於10億美元。所以這會是第一優先，讓我們有機會提升財務彈性、管理負債結構，並且在經濟循環中強化資產負債表。

And we actually paid off approximately $80 million of debt during the course of second-quarter. So we're continuing to make progress with the excess cash that we have to continue to deliver. And we'll continue to look at opportunities for share buybacks in the future, but the expectation is that we would not have those during the course of 2026.

而且我們在第二季期間實際償還了約8,000萬美元的債務。因此，我們正持續運用手上的超額現金推進並交付成果。我們也會持續評估未來進行庫藏股回購的機會，但預期在2026年期間不會進行。

Yes. Maybe just to add on to that, I do want to just address the head count directly because, to Jeff's point, you can't yet see it in the SAR number. But we committed as part of this that we would have 4,500 Dow role reductions as part of the program. 55% those have been implemented. And so you will see a $200 million EBITDA uplift in the second half based on that action.

是的。我再補充一點，我確實想直接回應人力編制（head count），因為如Jeff所說，你目前還無法在SAR數字中看到。但作為這個計畫的一部分，我們承諾將減少4,500個Dow職位；其中55%已經完成實施。因此，基於這項行動，你將在下半年看到EBITDA提升2億美元。

So to your point, it is in full swing. It's not just about Dow role reductions. There's a number of actions that are in flight pertaining to both growth and productivity. The other one I just mentioned is that we are executing our site transformation playbook. We've done so across six of our largest sites. We plan to do it across 18. And that effort will also deliver about a $50 million EBITDA uplift in the second half as well.

所以如你所說，確實正在全面推進。而且不只是Dow職位縮減。我們有多項同時進行的行動，涵蓋成長與生產力兩方面。我剛才提到的另一項是：我們正在執行工廠據點轉型（site transformation）作戰手冊。我們已在六個最大據點推行。我們計畫推行到18個據點。而這項工作在下半年也將帶來約5,000萬美元的EBITDA提升。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場（BMO Capital Markets）。

Just wanted to unpack II&I a bit more because it certainly seemed like you had a really chunky jump, and I understand some of it is on the asset sale, but it does seem still a bit stronger than what we were expecting. So I guess, can you help us to think about what drove some of the strength there and the sustainability of that?

我想再更深入拆解一下II&I，因為看起來你們有一個相當大幅的跳升；我理解其中一部分來自資產出售，但整體看起來仍比我們預期更強。所以，你能否協助我們理解，這部分強勁表現是由哪些因素驅動，以及其可持續性如何？

And then also, I mean, I think you spoke to some of the data center growth and opportunities. I guess can you help us scale that in terms of how big that is now, the type of growth that you're seeing and how we should be thinking about that going forward?

另外，我想你們也談到一些資料中心的成長與機會。你能否幫我們量化一下：目前規模有多大、你們看到的成長型態是什麼，以及我們未來應該如何看待？

Sure. So on II&I, the jump in second-quarter was driven primarily by higher margins, and that was resulting from supply reductions that we saw in the Americas impacting our peers, so MDI and PO specifically.

當然。就II&I而言，第二季的跳升主要是由更高的利潤率所驅動；而這源自我們在美洲看到的供給縮減，影響了同業，特別是MDI與PO。

You asked about the durability. The fundamentals, and particularly in building and construction, are still pretty weak overall. And so I would say that as we expect, particularly going into the third-quarter, and this is part of our 3Q guide, that those supply disruptions start to dissipate, so you'll start to see normalization on those margins.

你問到耐久性。基本面，特別是在建築與施工領域，整體仍相當疲弱。因此我會說，隨著我們預期（尤其進入第三季，這也反映在我們的3Q指引中）這些供給中斷開始消退，你將會看到利潤率開始回歸常態。

But to your point around data centers, I mean, this is a great new story for our DIS business, which, of course, is part of II&I. And they also helped deliver that sequential jump in earnings. I mean we are seeing higher integrated margins across all product lines in DIS. Data centers remains a really strong source of growth for our thermal cooling solutions in particular. We're also seeing growth in home care solutions, in cleaning, laundry detergent.

但就你提到的資料中心而言，這對我們的DIS業務來說是一個很好的新故事，而DIS當然也屬於II&I的一部分。它們也協助帶動獲利的季對季跳升。我們在DIS的所有產品線都看到更高的整合利潤率。資料中心仍是我們熱管理冷卻解決方案（尤其是熱冷卻方案）非常強勁的成長來源。我們也看到居家照護解決方案的成長，包括清潔、洗衣精等。

Of course, we announced investments last year in our Constellations capacity, that's directly impacting that. We're also seeing growth in peg and surfactants, which also impact cleaning and laundry detergent applications.

當然，我們去年宣布對Constitellations產能的投資，正直接帶來影響。我們也看到peg與界面活性劑的成長，這些同樣會影響清潔與洗衣精的應用。

The other thing I'd say about data centers is not just products that we're selling into it, but one of the things that we launched in second-quarter is something called our Dow Coolant Care Network, that's servicing data centers in terms of their thermal management needs. These data centers are pretty hot, so managing the heat is one of the critical issues that they have. And so we're pretty excited about what this new integrated service model is going to bring to us in terms of additional margins but also additional revenue.

關於資料中心，我還想補充的是，不只是我們銷售進去的產品；我們在第二季推出了一項名為Dow Coolant Care Network的服務，為資料中心提供熱管理需求的維護服務。這些資料中心溫度相當高，因此散熱管理是他們的關鍵議題之一。因此，我們對這個新的整合式服務模式能為我們帶來的額外利潤率，以及額外營收，都感到相當振奮。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Karen, Jeff, just on your US polyethylene exports, can you talk to how much your production was exported in Q2? What do you expect for Q3? And how the decline in US polyethylene export prices are manifesting themselves in your Q3 guide of down, I think, $0.10 for global integrated margins?

Karen、Jeff，關於你們的美國聚乙烯出口，能否談談你們在第二季有多少產量用於出口？你們對第三季的預期是什麼？以及美國聚乙烯出口價格下滑，如何反映在你們第三季指引中（我想你們提到全球一體化利差下滑約每磅0.10美元）？

Go back to, again, just what we have in the guide for the quarter because I just want to be really clear on what's happening there. So this $0.10 decline in integrated margin is a global number. That does incorporate the $0.15 per pound down in North America in June. And again, that works its way through. And so there's no further price movement that we have as far as that $1.7 billion guide for third-quarter.

我們回到指引本身，再次說明一下，因為我想把那裡發生的事情講得非常清楚。所以，這每磅0.10美元的一體化利差下滑是全球口徑的數字。其中已經納入了北美在6月每磅下跌0.15美元的影響。而且同樣地，這會逐步反映出來。因此，就我們第三季17億美元的指引而言，我們沒有再假設任何進一步的價格變動。

So let me just talk a little bit about industry inventories and our view on what happened at the end of second-quarter and how that's going to impact third-quarter. So you did see another slight build in June on the back of the build that happened in May. But a really important point is that DDI actually declined in June following the May spike. And so that actually reflected recovering sales volume in the period. You saw both exports as well as domestic sales rise.

我再稍微談一下產業庫存，以及我們對第二季末發生情況的看法，還有這將如何影響第三季。你確實看到6月在5月庫存增加的基礎上又有小幅增加。但非常重要的一點是，DDI在5月飆升之後，6月其實是下降的。因此，這實際上反映了該期間銷售量正在回升。你看到出口以及國內銷售都在上升。

I mentioned earlier on the call that our order books already here in July have picked up. We are starting to see more orders coming in from China. And so we fully expect to sell the products that we were able to produce.

我在電話會議前面提到，我們7月的訂單簿已經回升。我們開始看到來自中國的訂單增加。因此，我們完全預期能把我們所能生產的產品賣出去。

We also have -- we're continuing to have a big cracker outage -- not outage, but cracker turnaround that's happening in the third-quarter. So some of that inventory that we built was also in advance of that turnaround. That started in the second-quarter but will end here in third-quarter. So we are pretty optimistic about our ability to sell the demand that we have and inventory. And the $0.05 per pound, as I indicated before, the dynamics are there for us to get that. And so that's where we're squarely focused.

另外，我們也有——我們仍在進行一次大型裂解爐停工——不是故障停工，而是裂解爐歲修，發生在第三季。所以我們建立的一部分庫存，也是為了在歲修前提前備貨。這在第二季就開始了，但會在第三季結束。因此，對於我們銷售現有需求與庫存的能力，我們相當樂觀。至於每磅0.05美元，如我先前所說，相關動態條件具備，讓我們有機會達成。所以這就是我們目前專注的重點。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗。

This is Alex on for Patrick. Just a couple of questions on silicones maybe. Can you just help us understand what prompted the additional round of investments globally on the specialty side? And what sort of return should we expect on some of those investments in US and Asia?

我是代替Patrick的Alex。有幾個關於矽酮（silicones）方面的問題。你能否協助我們理解，是什麼促使你們在全球特用化學品端追加一輪投資？以及對於在美國與亞洲的部分投資，我們應該期待什麼樣的報酬率？

So we continue to see really strong downstream demand on silicones. It's one of the reasons we took the action in Europe, to rightsized our high-cost upstream siloxanes capacity to really liberate more investment for the downstream silicon. I mean we are seeing double-digit growth in EVs, also in consumer electronics and industrial electronics. Data centers, of course, is also a really bright spot for us in siloxanes -- and so -- in silicones. So as we continue to focus on those downstream markets, which, by the way, are growing above GDP, we expect to see 20% or higher returns on that volume that we are selling.

我們持續看到矽酮下游需求非常強勁。這也是我們在歐洲採取行動的原因之一：將高成本的上游矽氧烷（siloxanes）產能調整到合適規模，以便釋放更多資金投入下游矽酮業務。我們在電動車領域看到兩位數成長，在消費性電子與工業電子也同樣如此。當然，資料中心也是我們在矽氧烷——也就是在矽酮——業務上的一個非常亮點。因此，當我們持續聚焦這些下游市場（順帶一提，這些市場的成長高於GDP），我們預期在所銷售的這些量上可看到20%或更高的報酬率。

So the other point I just want to make is on the siloxanes capacity that we shut down in Europe, about 25% of the regional capacity, which is going to deliver $60 million in EBITDA uplift in the second half. But again, I just want to reiterate that that was an action for us to further reshape that business so that we can continue to focus more on high-value markets downstream that are not only growing above GDP, but where we are also taking share. So think about it in the context of about 20% or higher returns.

另外我想補充的是，關於我們在歐洲關停的矽氧烷產能，約占該區域產能的25%，這將在下半年帶來6,000萬美元的EBITDA提升。但我想再次強調，這項行動是為了進一步重塑該業務，使我們能更專注於下游高價值市場；這些市場不僅成長高於GDP，而且我們也正在取得市占。所以可以用約20%或更高的報酬率來理解。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行。

So I wanted to just ask a little bit on Transform to Outperform and kind of the aggregate cost initiatives in general. So to Jeff's point earlier, I kind of would have expected a little bit more traction on SG&A and R&D. And this isn't necessarily a 2Q question. But as we grade your progress, like where do we see it? Are any of these line items going to drop on absolute terms?

我想問一下關於「Transform to Outperform」以及整體成本措施的問題。就Jeff先前的觀點而言，我原本預期在SG&A與研發費用上會看到更明顯的進展。這不一定是針對第二季的問題。但當我們評估你們的進度時，應該在哪裡看到成效？這些費用科目中，有任何會在絕對金額上下降嗎？

And as a follow-up, say, slide 13. If I choose 2025 EBITDA, just like $3.2 billion as a base, are you basically saying that by '28, EBITDA should be greater than $6 billion, all else equal, if we assume 2025 economics? Or are there other headwinds there? Is there inflation? Do you need volume growth to hit some of that, or just a better macro, which is kind of often the case when we hear about cost cuts and ability to capture stuff? So can you expand on that?

另外追問一下，例如第13頁投影片。如果我以2025年EBITDA（例如32億美元）作為基準，你們是否基本上是在說：在其他條件不變下，假設2025年的經濟條件，到2028年EBITDA應該會高於60億美元？還是說還有其他逆風？是否有通膨因素？你們需要靠量的成長才能達到其中一部分，還是需要更好的總體環境——這通常也是我們在聽到成本削減與可捕捉效益時常見的情況？能否再多展開說明？

Absolutely. Let me walk through the $3 billion in self-help actions that we committed to, and then I'll ask Jeff to maybe talk a little bit about where you'll see it show up. So as you indicated, we ended last year around $3.3 billion. Our commitment is another $3 billion in self-help actions. We should -- these are largely independent of the macro. And so $1 billion from our -- from the cost-out program that we announced in 2025, that's materially complete. So that's the $1 billion.

當然可以。我先說明我們承諾的30億美元自助（self-help）行動，然後我會請Jeff再談談你們會在哪些地方看到它反映出來。如你所提到的，我們去年年底大約在33億美元左右。我們的承諾是再增加30億美元的自助行動。這些措施在很大程度上與總體環境無關。其中10億美元來自我們在2025年宣布的成本削減計畫，該計畫已大致完成。所以那就是這10億美元。

The second thing we announced were active actions both from a growth perspective, which we're largely seeing the benefit of that, that's both in polyethylene and then our Constellation capacity, those projects are complete. The other part of the asset actions were the three European asset shutdowns that we announced in the middle of last year. The siloxanes capacity that I talked about that we just shut down in the second-quarter in Barry UK is the first of those three actions. The other two actions, [CAV] off of the cracker in Bohlen, we are on track to continue to shut those down at the end of next year.

第二項我們宣布的是一些積極行動，從成長角度來看，我們已在很大程度上看到其效益，這包括聚乙烯以及我們的Constellation產能；這些專案都已完成。資產行動的另一部分，是我們在去年年中宣布的三項歐洲資產關停。我剛提到、我們在第二季於英國Barry剛關停的矽氧烷產能，是這三項行動中的第一項。另外兩項行動，位於Bohlen裂解爐下游的[CAV]，我們正按計畫在明年年底前持續推進關停。

And then the third one is Transform to Outperform. And just as a reminder, two-thirds of that is coming from productivity, one-third of that is coming from growth, and that's the $2 billion that we're committed to delivering by 2028. So as I indicated before, we're actually outpacing the original time line that we anticipated, delivered $190 million in the first half. We will deliver $700 million of benefit by the end of this year, which is $200 million better than we originally anticipated in-year benefit.

第三項就是「Transform to Outperform」。提醒一下，其中三分之二來自生產力提升，三分之一來自成長，這是我們承諾在2028年前交付的20億美元。如我先前所說，我們實際上正超前原先預期的時程，上半年已實現1.9億美元。到今年年底我們將交付7億美元的效益，較我們原先預期的當年效益高出2億美元。

So overall, self-help, largely independent from the market macro, all to deliver by 2029 if you include the European asset actions. So that's three plus three, which is six, a little north of six, which gets us in this free cash flow breakeven range, which I will tell you that the Dow management team is squarely focused on. But Jeff, do you want to talk a little bit about where we should start to see it?

總體而言，自助措施在很大程度上不受市場總體環境影響；若把歐洲資產行動也納入，將在2029年前全部交付完成。所以是三加三等於六，略高於六，這讓我們進入自由現金流損益兩平的區間；我可以告訴你，道瓊管理團隊正全力聚焦在這件事上。不過Jeff，你要不要談談我們應該從哪些地方開始看到它反映出來？

Yes. One of the things, Matthew, that we will be reporting each and every quarter in our Qs as well as 8-K at year-end will be the headcount movement that we're seeing through our transformation efforts. And that's one of the things we have not done previously, but we will start to provide that level of transparency so you can start to see at least on the productivity side specific to the headcount progress that we're making each and every quarter, how that is progressing. And then that will start to reflect itself not only in our SAR lines as we move forward, but also in other areas of the P&L, especially on cost of goods sold.

是的。Matthew，我們將在每一季的季報（Qs）以及年終的 8-K 中持續揭露的一項內容，是我們在轉型工作推動下所看到的人力編制（headcount）變動。這是我們過去未曾做過的，但我們將開始提供這種程度的透明度，讓你至少能在生產力面向、就人力編制進展而言，看到我們每一季所取得的具體進度，以及其推進情況。接著，隨著我們往前推進，這不僅會反映在我們的 SAR 各項線別上，也會反映在損益表（P&L）的其他領域，尤其是銷貨成本（cost of goods sold）。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Maybe a two-part question for me on the subject of operating rates. Can you talk about what you're baking into your guide for US Gulf Coast operations in the third-quarter relative to where you ran in the second-quarter? And then a similar question as it relates to your overseas assets. I think in recent months, there's been talk about various parts of Asia in particular being constrained for feedstock and so forth.

我這邊關於開工率（operating rates）想問一個兩段式問題。你能談談你們在第三季對美國墨西哥灣沿岸（US Gulf Coast）營運的指引中，納入了相對於第二季實際運行水準的哪些假設嗎？然後，針對你們海外資產也有一個類似的問題。我想近幾個月來，市場一直在談，特別是亞洲的某些地區在原料（feedstock）等方面受到限制。

Maybe you can talk a little bit about how your JVs are able to run nowadays and whether we would foresee any variance there in the third-quarter versus the second-quarter.

也許你可以稍微談談你們的合資企業（JVs）目前的運行狀況，以及我們是否會預期第三季相較第二季會有任何差異。

So operating rates should run above 90%. That's where we expect them to run as we get into the third-quarter. Again, we have one of our crackers that are down in a planned maintenance turnaround. Once that gets that up though, we'll be in above 90% range on operating rates.

所以開工率應該會維持在 90% 以上。這是我們進入第三季時預期的運行水準。再說一次，我們有一座裂解爐（cracker）正在進行計畫性維修停工（planned maintenance turnaround）。一旦那座裝置恢復運轉，我們的開工率就會回到 90% 以上的區間。

In terms of our JV in Thailand, that too, the margins there have improved. We expect that to continue into third-quarter. They're able to get the feedstock that they need, so we're not seeing any constraints there as we move forward as well into third-quarter.

至於我們在泰國的合資企業（JV），那邊的利差/利潤也有所改善。我們預期這種情況會延續到第三季。他們能取得所需的原料，因此我們在往前推進、進入第三季時也沒有看到任何限制。

Abigail Eberts, Wells Fargo.

Abigail Eberts，Wells Fargo。

One more on MDI since you kind of covered it in the last comment. But are you facing any issues with carbon monoxide or chlorine supply? And then also oil prices coming back up, do you expect to give back some of that margin benefit you saw from lower benzene prices this quarter?

再問一題關於 MDI，因為你在上一則回覆中有稍微提到。你們在一氧化碳（carbon monoxide）或氯（chlorine）供應方面有遇到任何問題嗎？另外，油價回升，你們是否預期本季因苯（benzene）價格較低而帶來的部分利潤改善會被回吐？

No, we're not having any issues on your first question. Again, things continue to be quite volatile. We are seeing benzene -- of course, that's related to oil, that's starting to come back up. And so we could see some margin come back into third-quarter that we do not have baked into our third-quarter guide. And as I indicated before, we're going to focus on maximizing the quarter just as we did in second-quarter. And if things materialize greatly differently than the $1.7 billion, then we'll come back to you with more information.

沒有，你第一個問題所提到的部分我們沒有遇到任何問題。再說一次，整體情況仍然相當波動。我們確實看到苯——當然它與油價相關——開始回升。因此，我們可能會在第三季看到一些利潤回升，而這部分並未納入我們第三季的指引假設中。如同我先前所說，我們會像第二季一樣，專注把單季表現做到最大化。如果實際情況與 17 億美元出現顯著差異，我們會再提供更多資訊。

Josh Spector, UBS.

Josh Spector，UBS。

I want to do another follow-up on the III side of things. Just when you were talking about the delta versus expectations, you were talking a lot about volumes and some of the success you had there. But your reported III volumes are down about a couple of percent year-on-year. So I mean, it looks like more of the benefit was spread-related. And I guess within the quarter -- or maybe a couple of hundred million better, about half of that seems like that's kind of the one-time with the land sale.

我想再就 II&I 這一塊追問一下。你在談到相對於預期的差異（delta versus expectations）時，提到很多是量（volumes）以及你們在那方面的一些成果。但你們公布的 II&I 出貨量年對年大約下滑了幾個百分點。所以我的意思是，看起來更多的受益其實是來自利差（spread）相關。而且我想在單季內——或是大概好個兩三億美元，其中約一半看起來像是一次性的土地出售（land sale）。

And the other half, like are you assuming that you hold on to more of that? Is there something structural you would talk about that's helped III from the spread side here that we should be maintaining? Or is this more just a reflection that the markets still are tighter? What is your view there?

那另一半呢，你們是預期能保留更多嗎？在利差面向，是否有什麼結構性因素能解釋 II&I 的改善，且我們應該可以持續維持？還是這比較只是反映市場仍然偏緊？你們怎麼看？

On the volume side, it's really Sadara. That's the gap that you're seeing that asset continues to be down. And so that's negatively impacting our volumes in the II&I segment, particularly on polyurethanes. But as we look at the third-quarter guide, we are assuming lower margins overall, really driven by typical lower seasonal demand, but then also downward pressure -- pricing pressure in Europe.

在量的部分，主要是 Sadara。那就是你看到的缺口，該資產仍然處於停滯/低運轉狀態。因此這對我們 II&I 事業部門的出貨量造成負面影響，特別是在聚氨酯（polyurethanes）。但就第三季指引來看，我們假設整體利潤率較低，主要是受到典型的季節性需求走弱所驅動，同時也有——歐洲的下行壓力——價格壓力。

To the point that, again, we're in a really volatile environment, so we could see some of that margin come back in, in Europe, which would give us some upside to that $1.7 billion. And then you mentioned the land sale that's also serving us a potential tailwind -- headwind in third-quarter.

回到剛才的重點，再說一次，我們處在非常波動的環境中，因此我們可能會看到歐洲那邊部分利潤回升，這會讓 17 億美元有上行空間。另外你提到的土地出售，在第三季也可能對我們形成一個潛在的順風——逆風。

So let's see what happens. Again, we're also seeing some normalization on the MDI and PO that we said was impacting peers before, but we do have a bit of a tailwind baked into the $1.7 billion guide on that. If it takes the peers longer to get back up, then that Q could be a positive for us versus the guide.

所以就讓我們看看會怎麼發展。再說一次，我們也看到 MDI 與 PO 出現一些常態化（normalization），這是我們先前說過會影響同業的因素；但在 17 億美元的指引中，我們確實把這部分的一點順風納入了假設。如果同業需要更久時間才能恢復，那麼該季（Q）對我們而言相較指引可能會是正面因素。

Duffy Fischer, Goldman Sachs.

Duffy Fischer，Goldman Sachs。

Yes. I just wanted to go back, if we could, to polyethylene. I was surprised your volumes were down, and maybe that's because Terneuzen year-over-year was a benefit last year and isn't this year in the turnaround and stuff like that. But how much volume did you sell relative to what you had available in Q2? Are you constrained on volume to sell more?

是的。我想回到聚乙烯（polyethylene）這一塊。我對你們出貨量下滑感到意外；也許是因為 Terneuzen 去年年對年有貢獻，但今年因為歲修（turnaround）等因素沒有。但在第二季，你們實際銷售的量相對於你們可供銷售的量是多少？你們在銷售更多量方面是否受到限制？

And then as we go from Q2 to Q3, you've got one more turnaround in Q3, but you anniversary Terneuzen and you get one turnaround back. So do you have more volume available to sell in Q3 than you do in Q2?

另外，從第二季到第三季，你們第三季還有一次歲修，但同時 Terneuzen 也進入年對年比較基期（anniversary），而且你們也會有一個歲修裝置回來。所以第三季你們可供銷售的量是否會比第二季更多？

So when you look at the volumes, we had planned maintenance. So again, I mentioned the cracker turnaround, and so that did constrain some of the volume that we had to sell. But the other thing that's just really important to highlight is that we were maximizing margins in the second-quarter. So there was some volume that we just decided not to sell into in order to make sure that we restore the margins to where the levels they need to be.

所以當你看出貨量時，我們確實有計畫性維修。因此，如我提到的裂解爐歲修，確實限制了我們可供銷售的一部分量。但另一個非常重要、需要強調的是，我們在第二季是在最大化利潤率。因此，有一些量我們選擇不去銷售，以確保我們把利潤率恢復到它們需要達到的水準。

You mentioned that we did restart Terneuzen 3, I'll just make a comment on that and then turn it over to Jeff for any additional comments. Terneuzen 3 is our lowest cost, most flexible cracker in Europe. It is a first-quartile cracker in that region. And so that's also going to provide some financial benefit for us as we get into the second half.

你提到我們已重啟 Terneuzen 3，我先就此做個說明，然後再交給 Jeff 補充其他評論。Terneuzen 3 是我們在歐洲成本最低、彈性最高的裂解爐。在該區域它屬於第一四分位（first-quartile）的裂解爐。因此，當我們進入下半年時，這也將為我們帶來一些財務上的效益。

Just a reminder that as naphtha has gone up again over the last week, that's in direct correlation with oil, propane has also gone up, but it's gone up less. So this is a dynamic that we were seeing in second-quarter where you've got the pro-naph spread that's widening. And we have 2x more flexibility in terms of what we can crack in Europe versus our closest peers. So having that first-quartile cracker back up, Terneuzen 3 in Europe, is really beneficial for us, particularly given the current market dynamics. But Jeff, anything else from your side?

提醒一下，過去一週石腦油（naphtha）又上漲了，這與油價呈直接相關；丙烷（propane）也上漲了，但漲幅較小。因此，這就是我們在第二季看到的一種動態：丙烷-石腦油價差（pro-naph spread）正在擴大。而在歐洲，就我們可裂解的原料選擇彈性而言，我們比最接近的同業高出 2 倍。所以，在目前的市場動態下，讓歐洲的第一四分位裂解爐 Terneuzen 3 恢復運轉，對我們非常有利。不過 Jeff，你那邊還有其他補充嗎？

Yes, Duffy, the only thing that I would add is that the turnaround we have in the US Gulf Coast that Karen mentioned in the second-quarter also goes over into the third-quarter. So as planned, and so it will wrap up during the course of this quarter. So you have a little bit of that overlay from 2Q to 3Q related to the Gulf Coast cracker turnaround.

是的，Duffy，我唯一想補充的是，Karen 在第二季提到的美國墨西哥灣沿岸檢修（turnaround）也會延續到第三季。因此按計畫，會在本季期間完成收尾。所以你會看到與墨西哥灣沿岸裂解裝置檢修相關、從第二季延伸到第三季的一點重疊影響。

John Roberts, Mizuho.

John Roberts，瑞穗（Mizuho）。

Did any empty or ballast ships for chemicals or refined products enter the Persian Gulf yet? And is that something we need to focus on? Do we need to have empty ships coming in before we can ramp capacity back up for refined products and chemicals in the Persian Gulf?

目前是否已有任何空船或壓艙船（ballast）載運化學品或成品油進入波斯灣？這是否是我們需要關注的重點？在我們能把波斯灣的成品油與化學品產能拉升回來之前，是否需要先有空船進來？

Yes. I don't have any in-cell or information on that particularly. I can tell you from a Dow perspective, we have been tracking that for our own shipments, and we're not aware of any of our shipments that are there. But that's a tough question for me to opine on that. But Andrew, do you have a thought here?

是的。我手上沒有特別針對這點的即時資訊或內部資料。我可以從陶氏（Dow）的角度告訴你，我們一直在追蹤自家出貨的情況，而我們並不知道有任何我們的貨運在那裡。但這題對我來說很難下定論。不過 Andrew，你這邊有什麼看法嗎？

Yes, John, we've been tracking it. I think what we're looking at right now just most closely is how the supply chain logistics network actually normalizes. And we've talked a lot about this, you will need vessels to come back through. We've talked about this probably over the last three to four months, that there's going to have to be a clearing of everything in the region, and then that will naturally start letting other vessels come back in and refill. So that needs to transpire. And then as that plays out, we'll give you our latest thinking.

有的，John，我們一直在追蹤。我想我們目前最密切關注的是供應鏈物流網路究竟如何恢復正常。我們談過很多次，你需要船舶重新通行回來。過去三到四個月我們大概也提過，該區域的所有積壓狀況必須先清理完，之後其他船舶才會自然開始回流並補位。所以這件事需要發生。然後隨著情勢演進，我們會提供你最新的看法。

But I think right now, we're still expecting it's going to be a little bumpy to see what happens. And I think that's what you're seeing a little bit in the third-quarter when you're seeing pricing and maybe some of the Asian movements right now where things have gotten into pretty low levels. But we'll stay close on it and give you updates as we get more information.

但我想就目前而言，我們仍預期接下來會有些顛簸，還要觀察會發生什麼。我想你在第三季看到的某些情況也是如此，例如定價以及目前一些亞洲的流向，很多東西已經降到相當低的水準。不過我們會持續密切追蹤，並在取得更多資訊後向各位更新。

We are seeing customers really focus on supply reliability is where our global asset footprint has really been a benefit to us because we've been able to meet the demand across all of our businesses. So that's a benefit for us as well.

我們看到客戶非常重視供應可靠性；而我們的全球資產布局確實成為我們的優勢，因為我們能在所有事業中滿足需求。因此這對我們也是一項利多。

Matthew Blair, Tudor Pickering.

Matthew Blair，Tudor Pickering。

Can I get your general thoughts on US ethane going forward? And in particular, there's some new Permian natural gas pipes that are either recently started up or in the pipeline. Do you think those pipes will help improve pricing, help raise pricing for US ethane on the Gulf Coast going forward?

能否請你談談對美國乙烷（ethane）未來走勢的整體看法？特別是二疊紀（Permian）有一些新的天然氣管線，最近已投產或正在規劃中。你認為這些管線是否會改善定價、並在未來推升墨西哥灣沿岸的美國乙烷價格？

Our view is that pricing will stay low. I mean there's ample supply. Again, this is a benefit where you've got oil going up, but natural gas and ethane in the US are staying relatively low. And that's really because you've got ample supply.

我們的看法是價格會維持在低檔。我的意思是，供給相當充裕。再說一次，這是一項優勢：油價上漲，但美國的天然氣與乙烷價格仍相對偏低。這主要是因為供給充足。

And so you're right, there's some growing infrastructure that -- you've got in gas plants, pipelines, fractionators, et cetera. But all of that is really meeting the supply needs of domestic crackers and some export demand. But our view is that those prices stay low as we move forward, which again is a benefit because we have so many of our assets that are in the feedstock-advantaged regions, actually over 60%, which is providing, again, that margin uplift that you saw in the second-quarter.

所以你說得沒錯，確實有一些持續成長的基礎設施——包括天然氣處理廠、管線、分餾設備（fractionators）等等。但這些基本上是在滿足國內裂解裝置的供應需求，以及部分出口需求。不過我們的看法是，隨著時間推進，這些價格仍會維持低檔；這同樣是一項利多，因為我們有非常多資產位於具原料成本優勢的地區，實際上超過 60%，這也再次帶來你在第二季看到的利潤率提升。

And even with the $1.7 billion guide, which is incorporated into that, that's 2x what we were able to deliver in the first-quarter. So that's our view.

即便以 17 億美元的指引來看——這已經包含在其中——那也是我們第一季所能交付的兩倍。這就是我們的看法。

I'm sorry, go ahead.

抱歉，你請說。

Just wanted to close out the call and say thank you, and we really appreciate all of your questions today and look forward to answering more. If there's one message to take away, it's really this, that we're continuing to execute with discipline in a really uncertain environment. I talked about at the beginning of the week to now you're seeing $10 in oil increase, but then also what's happening in the Red Sea and in other places.

我只是想做個結尾並說聲謝謝，我們非常感謝各位今天的提問，也期待回答更多問題。如果要帶走一個重點訊息，就是：在高度不確定的環境中，我們仍持續以紀律執行。我在本週一開始時提到，到現在你看到油價上漲了 10 美元，同時也看到紅海以及其他地區正在發生的事情。

But what I really want you to know is that we're not only going to maximize the quarter, but we're going to take action to manage what's in our control and ensure lasting competitiveness for the company. We also have a really clear path to creating long-term value for our investors but also for our customers as well as our colleagues.

但我真正想讓各位知道的是，我們不僅會把本季的表現最大化，也會採取行動去管理我們可控的事項，並確保公司具備長期競爭力。我們也有一條非常清晰的路徑，為投資人、客戶以及同仁創造長期價值。

And the actions that we are taking today are not just short term, but they're also longer term and positioning us to deliver greater earnings durability, stronger cash flow, which we are squarely focused on and then improving shareholder returns through the cycle.

而我們今天採取的行動不只是短期措施，也同時著眼於更長期，讓我們能交付更具韌性的獲利能力、更強勁的現金流——這是我們高度聚焦的重點——並在景氣循環中提升股東報酬。

So I wanted to thank you for your continued interest and support of our company. Jeff and I both look forward to continuing to engage with you. Thanks for joining the call today.

因此我要感謝各位持續對本公司的關注與支持。Jeff 和我都期待能持續與各位交流互動。感謝各位今天參與本次電話會議。

Thank you, everyone, for joining our call. For your reference, a copy of our transcript will be posted on Dow's website within 48 hours. This concludes our call.

感謝各位參與我們的電話會議。供各位參考，我們的逐字稿副本將於 48 小時內張貼在陶氏（Dow）網站上。本次電話會議到此結束。

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

今天的電話會議到此結束。您現在可以掛線。